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The Financial Situation
HERE has been in some quarters another of those said of programs of action may have great political
now rather familiar revivals of hope of a con- significance but very little economic importance, unservative turn in the management of national affairs. less assurance is given of changes in policies.
Vague, and at times fairly definite, rumors and reVague Assurances Useless
ports of "assurances" allegedly given privately by
The time'slong past when assurances aboutemotional
the Administration to sundry representatives of business have again been in active circulation. The reactions of the President and his advisers, or declaraannouncement about the middle of the week that the tions relating to the future, couched in vague, amPresident intended to deliver another of his messages biguous terms,can serve any better than defense of
directly to the people by means of the radio to-morrow existing policies to create confidence in the mind" of
evening tended to stimulate hope in some breasts business men. Analysis of the causes of the situation
that the Chief Executive had chosen the occasion for in which we now find ourselves and of the conditions
the purpose of giving public utterance to at least that have led tolwidespread demand from all manner
some of the assuring words which he has recently, ac- of business organizations, and, unless we are misinformed,from numerousleadersin industry,tradeand
cording to some reports, been speaking in private.
The securities market felt a substantial impetus finance, that something be done to enable the busiduring the week from this reversal of feeling, which ness man to proceedwith reasonable confidence with
his normal activities,
was, we believe, largely
quickly reveal what is reconfined to the more specVictims of Pretense
quired of the President
ulatively inclined groups
Those assembled at the opening exercises
to-morrow evening, or any
in the financial community
of Columbia University on Wednesday heard
some cutting words from Professor Haig
other time, if the desired
where sentiment is always
about the scholar who "presumes to demonobjective is to be attained.
mercurial. Much the same
strate scientifically what he knows he cannot
It also shows quite concluso demonstrate."
was true of the dollar in
The rebuke is deserved and the comment
sively how unlikely it is
the foreign exchange martimely. There have been numerous occasions
that any such assurances
kets, those who had preof late when it was difficult to believe that
learned professors in Government employ
will be forthcoming.
viously entered into exwere strictly practising that "intellectual
No thoughtful business
tended short dollar comintegrity" upon which Professor Haig rightly
man is likely to be able to
places so much importance.
mitments being reported to
We have often wondered if they realize
summon much real confihave concluded it was wise
the heinousness of their sin who make use
dence so long,for example,
to cover at this time. The
of their academic standing and their dialectic
skill to gain the support of the untutored
as the Treasury situation •
Government bond market
for programs and policies which their very
remains what it now is.
was hardly impressive,taklearning must have warned them are without
As long as enormous defiwarrant either in logic or experience.
ing the week as a whole, but
The academic profession will for years to
cits continue without any
with the conversion operacome bear the shame which has been visited
evidence of bonafide effort
tions of the Treasury
upon it by those who have been willing to be
used by political leaders to combat the into reduce them or to plan
now in the past, the confluence of those of their colleagues who comfor their later elimination
tinued softness in the price
bine sanity and intellectual integrity with
learning.
the prudent business execof Government obligations
The American people seem to be particuutive must hesitate. This
appeared to slip more into
larly susceptible to the influence of facile
is true whether these defithe background. Superfispeakers and writers from the academic
world. The condemnation must, therefore,
cits are financed through
cially speaking it must
be the more severe when the scholar either
the banks, as heretofore,
therefore be recorded that
pretends to knowledge he does not possess or
through the issue'of fiat curstoops to the degrading task of using pseudothe gloom and pessimism
scientific demonstrations for political ends.
rency by a governmentthat have been so noticeally owned and operated
able in financial circles for a
good while past have become noticeably moderated. central banking agency, or for that matter by the
sale of Government obligations to long-term investors.
Basis Unknown
In the latter case, the Government would be directly
Precisely what basis this reversal of feeling, so far absorbing practically all, if not actually all, the
as it exists, has in actual fact nobody seems to know. savings of the nation and wasting them in riotous exWe doubt whether it has much foundation. Almost periment, while in the others it would, what is worse,
identical reports and closely similar optimism have be finding the funds for its program by the direct
for brief periods made their appearance from time or indirect manufacture of them. Even the very
to time for the past year. The Green Bay speech of existence of such deficits is quite enough to give
the President during the past summer cut one of business serious concern. When, as is the case at
them short. Of course we, no more than anybody present, there is no evidence whatever of any deterelse, have any way of knowing what the President will mination to work constructively and vigorously to—
—
say to-morrow evening. But unless he is now pre- ward eliminating them at the earliest feasible mopared to reverse the position he assumed in Wisconsin ment,there can in the nature of the case be but small
last summer, and moreover unless he is ready to developmentofconfidenceinthe businesscommunity.
alter in very fundamental ways his chosen policies
Other Sources of Trouble
and his established programs of action, it does not
seem to us that it can make a great deal of difference
But the financial position of the Government is not
what he says. What is being done and what is the only source of trouble by any means. As a
being planned are the matters of moment. What is matter of fact this phase of the situation cannot be
T
1908
Financial Chronicle
isolated and considered without regard for many, if
not most,of the other branches of the New Deal. Not
only are such programs as those being carried forward in the name of relief objectionable in their own
right, but they are responsible in large part for the
enormous Treasury deficits which must somehow be
reduced and, as soon as possible, eliminated. Relief
payments, direct and indirect, could without question be substantially reduced by the simple process of
being more careful in making them. If those to
whom such aid is not due were eliminated from the
relief rolls, and if payments in general were reduced,
as they should be, to amounts just sufficient to prevent actual physical suffering on the part of those
who must be provided for in this way, very substantial savings could be effected. There is, however, no gainsaying the fact that until such time as
business itself can absorb the larger part of the unemployed, relief under one name or another must be
continued in amounts sufficient to be a heavy burden upon the Treasury.
But industry cannot, as some seem to suppose,
re-employ large numbers of people by merely recognizing the desirability of so doing. It must somehow,somewhere,find the financial means with which
to do so, and it cannot find these funds until it is
able to sell its goods and to plan its future with
reasonable assurance. Neither of these things can it
do so long as it must operate under such restrictions
as those imposed by the Securities Act of 1933, the
so-called codes of fair competition under the
National Recovery Administration, and sundry
other Government agencies and instrumentalities.
It will be thus incapacitated as long as it must suffer
the competition and prospect of competition from
such Government agencies as the Surplus Relief
Corporation and the Tennessee Valley'Authority.
While the Agricultural Adjustment Administration
and the Commodity Credit Corporation render the
markets for raw materials burdensome and utterly independable and join hands with the weather in converting judgments as-to future supplies into a gamble,
men will have difficulty in finding work. So long as
silence at Washington and the very nature of official
policies and programs make it impossible for any
man to do more than guess what the dollar may be
worth sixty days hence, doubt and hesitancy will
•
continue.
Sept. 29
1934
are well calculated to aggravate the condition here
complained of, if indeed they are not at bottom the
cause of much of it.
Obviously, what business needs is convincing evidence that the Administration has abandoned the
fallacious theories upon which such programs as
these rest, and that it will henceforth not only decline to extend them but will endeavor earnestly to
remove the burdens already laid upon the back of
business. But any such action on its part would be
patent repudiation of its own acts in the midst of a
political campaign, a procedure which would bewithout precedent. However desirable from the
economic and social point of view, a course of this
sort would be politically imaginable only if the
course of the campaign seemed to be such as to call
for desperate measures. We earnestly wish that we
could find in the present campaign any substantial
evidence of this state of political affairs.
The truth, unpalatable though it may be, is that
the opposition has for the most part been extraordinarily inept and ineffective. It has been equivocal where it ought to have been forthright. It has
been vague where it ought to have been concrete and
specific. It has been declaiming in hackneyed phrase
about rights, when the rank and file are chiefly interested in bread or money with which to buy it.
It has failed, when the task ought not to have been
difficult, to show that not economic well being, not
a more abundant life, but ultimate penury and bankruptcy are the fruits of New Deal policies, that not
security but only the opposite can be afforded in
this manner. The unfortunate result is that no
such pressure as ought to exist bears down upon the
Government to alter its course.
Recent Rebellion
It is evident, of course, and the fact is encouraging
as far as it goes, that the business community has
within recent weeks aroused itself in noteworthy
fashion to the real meaning and inevitable effects
of what has been going on in Washington. Nor is
there any apparent reason to doubt that the President has been personally impressed, as is reported,
by a number of forceful business men who have
earnestly discussed the situation with him recently.
Yet it is well to be realistic in these matters. The
course of events in Washington is certain to be governed in present circumstances chiefly by political
considerations, and the best available information
Disturbing Labor Questions
concerning the trend of political developments is
ABOR itself with Governmental aid and comfort not such as to warrant optimism. We emphasize the
is also making it impossible for industry and point for the reason that it carries its own plain
trade to re-employ those who formerly earned their lesson as to what should be done to save ourselves.
own livelihood in the business community. Em- Clear-headed leaders free from New Era taint must
ployers have had many reminders of late in the form be found and brought forward who can convince the
of utterly unwarranted demands from their em- rank and file unversed in the intricate field of
ployees, frequent interruptions of operations, and economics that the New Deal is not bringing, will
equivocal and vacillating Governmental labor poli- not and cannot result in the greatest good but only
cies that they have and, in existing circumstances, in disaster for the greatest number.
To pass from these general considerations to the
can have little or no assurance that their direct
labor costs and their indirect expenses chargeable specific evidence at hand, let it be carefully noted
to labor troubles can be held to reasonable propor- that the developments of the past week hardly inditions. The textile strike shows that contracts, even cate any intention on the part of the Administration
when the Government is in effect a party to them, to reverse its policies. Time alone will tell with
mean little or nothing to the unions. Both the atti- exactitude the full significance of the reorganization
tude of the Administration in the textile strike and of the National Recovery Administration which has
the Houde Engineering decision make it clear followed the retirement of General Johnson, but
enough that the Government is hardly to be counted since he has always been supposed to favor Governupon to lend its aid in relieving this almost im- ment interference with and control of business
possible situation. Indeed, Administration policies through the codes in much less degree than do those
L
Volume 139
Financial Chronicle
who have succeeded in unseating him, the whole
affair can hardly be construed as a "turn to the
right," whatever else may be thought of it. It is
probable that the National Recovery Administration will henceforth be less in the limelight, but the
evidence certainly suggests that the deadening hand
of Government will be felt in greater, not less, degree
in the future.
United States Treasury Obligations
HE announcement of the Treasury concerning
the status of bonds guaranteed by the Government, accompanied by an opinion of the AttorneyGeneral to the effect that payment by the Government in case of default by the issuing corporation
is not dependent upon action by the holder against
the corporation, while scarcely changing the standing of these issues in the minds of investors, again
emphasizes the fact that these indirect obligations
of the Government are officially considered the
equivalent of direct obligations, and suggests that
effort is likely to be made next winter to give them
a status at the Reserve banks equal to the direct
obligations. On Thursday both the Secretary of the
Treasury and the President devoted time liberally
to conferences with representatives of the Federal
Reserve System and the Reconstruction Finance
Corporation in an endeavor to stimulate the rate at
which the Reserve banks and the Government are
lending funds for various purposes.
T
Uncertainty Continues
HE Agricultural Adjustment Administration
continued vigorously during the week with its
plans for maintaining its control over farm production. On Tuesday a processing tax was laid on
peanuts. The Commodity Credit Corporation has
extended its more liberal lending policy to include
corn. The vague discussion by the Secretary of the
Treasury about refunding its December maturities
into long-term bonds can hardly be taken very
seriously in view of the condition of the market, nor
is anyone likely to be convinced by the half-hearted
assurances of official spokesmen about the temporary nature of emergency measures. The truth
of the matter is that there can be no assurance of
conservatism in the future so long as present programs continue in operation. This is particularly
true in matters that have to do with currency and
credit, since ever-mounting deficits overload the
bond market and constantly exert pressure upon the
Administration to resort to other and treacherous
methods of finding funds.
T
The Federal Reserve Bank Statement
HANGES of importance are lacking this week in
the condition statement of the 12 Federal
Reserve banks combined. The Treasury deposited
only a very small amount of gold certificates with
the Reserve banks, notwithstanding an increase of
$4,000,000 in the monetary gold stocks. With this
aspect of the monetary situation unchanged, interest
centers' chiefly upon a modest decline in circulation
and upon other Treasury activities that find their
due reflection in the weekly statements. Treasury
deposits on general account with the Reserve banks
were diminished to $154,512,000 on Sept. 26 from
$210,462,000 on Sept. 19. The credit position otherwise being approximately stable, the Treasury's use
of such deposits permitted an increase of about $80,-
C
1909
000,000 in member bank deposits with the system on
reserve account, the total of such member bank deposits advancing to $3,969,517,000 on Sept. 26 from
$3,889,365,000 on Sept. 19. This means that excess
reserves over requirements advanced approximately
to $1,800,000,000, which is an enormous and dangerously swollen figure even though it is somewhat less
than the record level of about $2,000,000,000 achieved
some weeks ago.
The gold certificate holdings of the Reserve banks,
which now represent the sole interest of these institutions in the monetary gold of the country, increased to ,958,007,000 on Sept. 26 from ,957,624,000 on Sept. 19. There was a sharper increase
in "other cash," and as a result the total reserves
advanced to $5,216,956,000 from $5,210,739,000.
Borrowings of member banks from the system decreased slightly, the discount falling to $20,314,000
from $21,965,000. Industrial advances reflected one
of their largest gains since this item first appeared two
months ago, the aggregate mounting to $1,961,000
on Sept. 26 from $1,494,000 on Sept. 19. Open
market bankers' bill holdings of the Reserve banks
increased to $5,812,000 from $5,202,000, while holdings of United States Government securities were
substantially unchanged at $2,430,133,000, with the
various classifications of such holdings also stable.
Federal Reserve notes in actual circulation decreased
to $3,134,973,000 on Sept. 26 from $3,146,596,000
on Sept. 19, and there was likewise a small decline
in the net circulation of Federal Reserve bank notes,
which dropped to $30,479,000 from $30,633,000.
Total deposits with the system reflected a modest
advance to $4,309,689,000 from $4,294,929,000.
The relatively small changes in reserves, deposits
and circulation were reflected by an advance to
70.1% of the ratio of total reserves to deposit and
Federal Reserve note liabilities combined, the figure
a week earlier having been 70%.
Corporate Dividend Declarations
IVIDEND actions the current week were featured by reductions on the part of three of the
larger utilities. Two subsidiaries of American Telephone & Telegraph Co., Bell Telephone of Pennsylvania and New Jersey Bell Telephone Co. reduced
the quarterly payments due at this time; the former
declared $1.50 per share on its common stock, payable Sept. 29, as against $2 quarterly previously,
and the latter declared $1.25 per share on its capital
stock as compared with $1.50 per share in the two
preceding quarters. American Light & Traction Co.
declared a dividend of 30c. per share on the common
stock, payable Nov. 1, as against 40c. per share quarterly from November 1933 to August 1934.
D
Foreign Trade in August
HE foreign trade of the United States shows
little evidence of improvement. Merchandise
exports in August were somewhat higher than in
July. The value last month was $171,965,000. Imports were again considerably lower, the value be-
T
An Added Service for Margin Purpose!
The low prices since July 1 1933 on New York
Stock and New York Curb Exchanges securities
will be given in the "Chronicle" regularly commencing with the issue of Oct. 13th.
1910
Financial Chronicle
ing $119,515,000. Taking into consideration the
constantly higher range of prices for practically all
commodities, exports in August make only a moderate gain, while the loss in imports is even more accentuated than the month's record shows. Price
figures of the Department of Labor of the National
Government show that August prices were 2.4%
higher than those for July and July's 1% above
those for June.
August exports exceeded those for July (which
amounted to $161,655,000) by 6.4%, while imports
in August were below those for July (the latter
amounting to $127,229,000), by 6.0%. Exports in
August 1933, were $131,473,000 and imports $154,918,000. Merchandise imports have not been so low
in value as in August this year since May 1933, and
in the early months of that year, when all trade records were turned topsy-turvy by the banking conditions then existing, foreign trade movements both
in exports and imports were greatly curtailed. The
excess in merchandise exports over imports last
month was $52,450,000; in July it was $34,426,000,
while for August last year there was an adverse
trade balance, imports exceeding exports by $23,445,000. A small adverse trade balance also appeared in June 1933. This occurrence is very infrequent.
For the eight months of this year merchandise exports amounted to $1,369,673,000, and imports $1,110,074,000, the excess value of exports being $259,599,000. In the corresponding period of 1933, exports were valued at $944,911,000 and imports $889,990,000. At that time exports exceeded imports by
$54,921,000. It has been a great many years since
the foreign trade of the United States was as low
as it was in 1933.
The foreign movement of cotton did not help the
export trade last month. Shipments of that important staple have dwindled to the lowest volume
since August 1931. For no month since that time
have cotton exports been as low as last month. Exports of cotton in August, the first month of the
new crop year, sometimes exceed those of July.
Cotton exports last month were 286,394 bales. Shipments in July were 323,128 bales while in August
1933, the foreign movement amounted to 545,806
bales.
The value of cotton shipments last month was
$17,803,562, against $20,340,685 in July and $28,172,582 in August 1933. The effect of the higher
prices for cotton on the export record is indicated
in the above figures. In bales cotton exports in
August declined the equivalent of 11.4%. Exports
other than cotton last month amounted to $154,161,000 compared with $141,314,000 for July, a gain
of 9.0%. The Department of Commerce announced
that the reduction in imports last month was mainly
due to smaller shipments of coffee and crude
rubber, which are two of the chief commodities of
importation. The movement into this country last
month was also reduced in newsprint, tin, inedible
oils and fats and raw hides and skins.
Gold exports were higher in August than for any
month in nearly a year. The amount was $14,556,000. Gold imports were only slightly below
those for July, the value being $51,781,000. For the
eight months of the current year gold exports were
$27,882,000 while imports amounted to $956,628,000,
the excess of gold imports being $928,746,000. In
the same time last year, gold exports were $260,-
Sept. 29 1934
552,000 and imports $186,095,000, exports exceeding
imports by $74,457,000. Foreign countries are beginning to take advantage of the generosity of their
dear Uncle Sam by sending him their spare silver
bullion. Imports last month amounted to $21,929,000, the largest in a great many years, while exports were $1,741,000, a nominal movement. These
values, both of gold and silver, are involved to such
an extent by the higher basis on which calculations
are now made, that some material allowances are
necessary.
The New York Stock Market
LTHOUGH a number of important developments
became known this week, stock prices remained very close to former levels throughout the
trading on the New York Stock Exchange, making
it seem almost as though the share market is immune
for the time being to external influences. There is,
indeed, a general atmosphere of expectation in the
securities markets, which is related definitely to
the financial and monetary policies of the Administration. Until more is disclosed in this direction,
investors and traders apparently are determined to
remain on the sidelines. Announcement over the
last week-end that the textile strike was settled had
no visible effect on the stock and bond markets when
trading was resumed Monday. When the Federal
Reserve Board announced on Thursday that margin
requirements under the new Federal regulations
would be entirely in accordance with prevailing
practices, there was again a notable lack of response.
Nor did the disclosure that the Federal Reserve Advisory Council advised an early return to the gold
standard have any visible effect on the markets.
Stock trading on the New York Stock Exchange
started in desultory fashion, Monday, with prices
of most issues moderately lower, while larger declines appeared in some of the speculative precious
metal issues. The turnover in that session hardly
exceeded 500,000 shares. Activity increased somewhat on Tuesday to 841,000 shares, and the price
trend likewise improved, with numerous gains of a
point or two recorded. Movements on Wednesday
were irregular, and the volume of trading declined
a little. Many issues showed small losses, but such
prominent groups as the steel, merchandising and
metal stocks were steady. Conditions on Thursday were unchanged, save that the firmness of
special groups was extended to the market as a
whole. Overnight announcement of the reasonable
margin requirements and the further declaration
that other regulations will not be made closely
effective until Oct. 15 were accepted calmly yesterday. There was a slight and irregular downward
movement from which many issues were exempt.
Turnover yesterday again dipped close to the 500,000
share mark.
As in previous weeks, trends in United States
Government securities were observed with the
closest attention for possible clues as to monetary
and fiscal policies of the Treasury. Books were
closed on Monday for exchange of called Fourth
1
Liberty 44% bonds for new 2 % four-year notes
/
1
2
under the current refinancing of the Treasury, but
exchanges of the called bonds for 31
4% 10- to 12year bonds remain feasible. This further step in
the Treasury plans caused no great enthusiasm, and
the general tendency has been soft in the market for
Treasury obligations. Lasses were very small, how-
A
Volumo 1.19
Financial Chronicle
ever, possibly because of the support which the
Treasury now regularly extends to the market for
its own securities. In other sections of the listed
bond market former quotations were not altered to
any appreciable degree. The dollar was persistently
firm in the foreign exchange market, but this performance was not of much influence in the securities
markets. Commodity prices fluctuated without
great net change. The leading business indices were
similarly inconclusive. Steel-making operations, as
estimated for this week by the American Iron & Steel
Institute, were at 24.2% of capacity as against
22.3% last week. The Edison Electric Institute reports output of electric power at 1,630,947,000 kilowatt hours for the week to Sept. 22, against 1,633,683,000 kilowatt hours in the previous week. Car
loadings of revenue freight were 643,120 cars in the
week to Sept. 22, or a decline of 0.4% from the preceding week, the American Railway Association
reports.
As indicating the course of the commodity markets, the September option for wheat in Chicago
/
closed yesterday at 104%c. as against 1041 8c. the
close on Friday of last week. September corn at
Chicago closed yesterday at 78 c. as against 77%c.
/
1
4
the close on Friday of last week. September oats
/
at Chicago closed yesterday at 5434c. as against
/
5414c. the close on Friday of last week. The spot
price for cotton here in New York closed yesterday
at 12.55c. as against 13.00c. the close on Friday of
last week. The spot price for rubber yesterday was
14.68c. as against 15.38c. the close on Friday of last
week. Domestic copper closed yesterday at 9c., the
same as on Friday of previous weeks.
In London, the price of bar silver yesterday was
22 7/16 pence per ounce as against 21% pence per
ounce on Friday of last week. In the matter of the
foreign exchanges, cable transfers on London closed
yesterday at $4.97 as against $4.99% the close on
Friday of last week, while cable transfers on Paris
/
1
2
/
closed yesterday at 6.641 2c. as against 6.67 c. on
Friday of last week.
On the New York Stock Exchange 14 stocks
reached new high levels for the year, while 25
stocks touched new low levels. On the New York
Curb Exchange 15 stocks touched new high levels,
while 24 stocks touched new low levels. Call
loans on the New York Stock Exchange remained
unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 283,510
shares; on Monday they were 514,310 shares; on
Tuesday, 841,885 shares; on Wednesday, 796,430
shares; on Thursday, 798,580 shares, and on Friday,
512,230 shares. On the New York Curb Exchange
the sales last Saturday were 64,185 shares; on Monday, 115,510 shares; on Tuesday, 153,403 shares; on
Wednesday, 151,730 shares; on Thursday, 141,990
shares, and on Friday, 120,316 shares.
The stock market, with the exception of Tuesday,
was irregular and inactive the present week. However, the gains made on the above-mentioned day
were, for the most part, maintained, and prices
closed yesterday at higher levels than on Friday a
week ago. General Electric closed yesterday at 18%
against 18% on Friday of last week; Consolidated
/
/
Gas of N. Y. at 2934 against 2718; Columbia Gas &
4
at 91/ against 8%; Public Service of N. J. at
Elec.
/
1
4
32 against 30%; J. I. Case Threshing Machine at
/
431 8 against 41; International Harvester at 30
1911
/
/
against 2834; Sears, Roebuck & Co. at 3934 against
39; Montgomery Ward & Co. at 26% against 25%;
/
Woolworth at 49 against 4814; American Tel. & Tel.
/,
at 111 against 11178 and American Can at 98%
against 99.
Allied Chemical & Dye closed yesterday at 126
against 121% on Friday of last week; E. I. du Pont
/
/
de Nemours at 9034 against 8834; National Cash
/
4
Register A at 13 against 133 ; International Nickel
at 25 against 25; National Dairy Products at 16%
against 16½; Texas Gulf Sulphur at 36% against
%
35%; National Biscuit at 283 against 30; Continental Can at 83% against 81%; Eastman Kodak
/
at 9934 against 97%; Standard Brands at 19%
/
against 19; Westinghouse Elec. & Mfg. at 3178
against 31%; Columbian Carbon at 67% against
14;
65%; Lorillard at 1778 against 17/ United States
/
/
Industrial Alcohol at 36 against 353 2; Canada Dry
at 15% ex-div. against 15; Schenley Distillers at
231 8 against 22%, and National Distillers at 19%
/
against 1978
/.
The steel stocks continued their gains of the previous week. United States Steel closed yesterday at
33% against 32% on Friday of last week; Bethlehem
/
Steel at 2812 against 28%; Republic Steel at 131 8
/
against 13, and Youngstown Sheet & Tube at 16%
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1
4
against 16 . In the motor group, Auburn Auto
closed yesterday at 25% against 25 on Friday of last
week; General Motors at 29% against 29%; Chrysler at 33% against 33%, and Hupp Motors at 2%
against 2%. In the rubber group, Goodyear Tire &
/
Rubber closed yesterday at 21% against 2178 on
/
1
4
Friday of last week; B. F. Goodrich at 10 against
/.
10, and United States Rubber at 16% against 1614
The railroad shares also were higher than a week
ago. Pennsylvania RR. closed yesterday at 23%
against 22% on Friday of last week; Atchison To/
peka & Santa Fe at 50% against 5014; New York
Central at 22% against 21%; Union Pacific at 101%
/
1
4
against 100; Southern Pacific at 18% against 18 ;
Southern Railway at 1614 against 16%, and North/
ern Pacific at 19
/ against 18. Among the oil
1
4
stocks, Standard Oil of N. J. closed yesterday at
/
1
4
43% against 43 on Friday of last week; Shell
Union Oil at 63 against 6%, and Atlantic Refining
4
at 2478 against 24. In the copper group, Anaconda
/
Copper closed yesterday at 11% against 11% on
Friday of last week; Kennecott Copper at 18%
against 191 American Smelting & Refining at 34%
/g;
against 34%,and Phelps Dodge at 14% against 14%.
European Stock Markets
TTLE activity was reported this week on the
leading stock markets of Europe, and price
trends were irregular in all instances. The London
Stock Exchange had a good tone in the early sessions of the week, but liquidation on a fairly extensive scale made for uncertainty in the later dealings. Alternate upward and downward movements
occurred on the Paris Bourse and the Berlin Boerse,
with prices late yesterday not far from where they
started on Monday morning. Evidence of a normal
autumn revival of trade is awaited in all the large
L
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Stock and New York Curb Exchanges securities
will be given in the "Chronicle" regularly commencing with the issue of Oct. 13th.
1912
Financial Chronicle
industrial countries, but the indications remain inconclusive. In London some concern was expressed
regarding the unfavorable trend of British foreign
trade in August. At Geneva this matter received
even more attention as experts of the League of Nations pointed out that international trade is suffering severely from the restrictions now in force almost all over the world. The international monetary situation again received much study in all
European markets this week, partly because of indications that the nations in the gold bloc are
planning increased economic and financial collaboration. For the time being, however, no additional
monetary measures are anticipated in any large
country.
The London Stock Exchange was cheerful in the
opening session of the week, with a good demand in
evidence for many industrial stocks. Advances in
speculative issues were general, but they were curtailed to a degree toward the close of the session by
profit-taking. 'British funds were in good request
and some issues mounted to high records. International securities likewise improved, mainly as a result of the ending of the textile strike in the United
States. In Tuesday's dealings some selling developed in British funds, but a late rally brought
quotations back close to previous figures. Industrial
issues resumed their advance, with some demand apparent also for home rail stocks and various commodity issues, such as oil shares. The international
group of securities eased slightly. Wednesday's session was dull, with trends irregular. British funds
showed fractional recessions, while gains and losses
were equally prominent in the industrial section.
Home rail stocks dipped at first because of rumors
of a widespread coal strike, but improvement followed late in the day when favorable traffic figures
appeared. International securities were firm, with
German bonds in best demand. There was little
business Thursday, save in South African gold mining shares, which improved on Cape buying. British
funds were steady, but the industrial section again
reflected some uncertainty, while international
issues were generally lower. In a dull session yesterday, British funds receded slightly, but other sections of the market were steady.
Optimism prevailed in Paris, Monday, as reports
indicated that the French Treasury's bond offering would meet with an ample measure of success.
Prices of rentes were marked upward in the initial
session of the week, and most French bank, utility
and industrial issues likewise showed gains. International issues listed at Paris were uncertain and
mostly lower. The general tendency of the market
was reversed Tuesday, quite contrary to expectations. It had been hoped that Premier Doumergue's
appeal for constitutional reforms would occasion
improvement, but liquidation developed in all sections of the market and even rentes sagged. Rallying tendencies were in evidence on Wednesday and
small advances were registered. Rentes were weak
at first, but the success of the Treasury's financing
caused buying and final quotations were close to
previous levels. Changes in other departments were
inconsequential. Offerings increased on Thursday,
especially in rentes, and quotations dipped rather
sharply. Much of the selling originated in Brussels,
some reports said, and there were rumors of a devaluation of the belga. Gold mining stocks were
•
Sept. 29
1934
the only issues that improved in this session. The
Paris market steadied yesterday, and changes at the
close were unimportant, while dealings were slow
throughout.
The Berlin Boerse was firm at the opening, Monday, owing to improved Government revenues, but
the market turned irregular in the course of the
session and scattered gains and losses were recorded
at the close. Reichsbank shares dropped 2 points
and many heavy industrial stocks also sold lower,
but various specialties improved. Sentiment was
pessimistic on Tuesday and rather large recessions
appeared in many parts of the list. Reichsbank
shares again were a weak spot, but losses were
general and even the bond market was affected. In
quiet trading on Wednesday some improvement was
noted. Reichsbank shares gained 2 points, with.
similar advances recorded in some of the heavy industrial stocks. Fixed-interest issues were quiet
and unchanged. Slight further gains appeared on
Thursday, but dealings were very quiet and apparently confined to professional traders. Reichsbank
stock moved up 2 points, but changes elsewhere were
chiefly fractional. The upward tendency on the
Boerse was maintained yesterday, but the advances
were chiefly fractional.
Gold Bloc Trade:Union
OME of the statesmen who are gathered at Geneva
for the current sessions of the League of Nations Assembly devoted a good deal of time this week
to study of international trade problems. The most
interesting and significant occurrence was a special
meeting of representatives of the so-called gold bloc
of countries for the purpose of discussing a system
of preferential trade treaties designed to establish
their economies on a common basis. It is proposed
by this means to augment the present co-operation
for defense of their currencies through an increase
of trade among the countries concerned. Henri
Jaspar, Foreign Minister of Belgium,first broached
this matter in a recent visit to Paris, and M. Jaspar took the initiative for the meeting last Monday
of the gold bloc States, which was attended by delegates from France, Belgium, Holland, Italy and
Luxemburg. A Swiss representative joined the conference on Tuesday,but Poland, which also is usually
placed among the gold bloc, apparently neglected to
send a delegate.
It was indicated after the initial meeting that
modification of trade barriers by the countries in
the gold bloc was regarded as the best means of improving the economic relations existing among them.
At the conclusion of the conference an official statement was issued to the effect that the six attending
countries were pledged to maintain the gold standard in the interests of "the economic and financial
restoration of the world." Maintenance of present
parities was held to be one of the essential conditions of restoration. Agreement was reached for the
formation of a commission to examine financial and
economic problems common to the gold bloc, and
M. Jaspar was empowered to organize the commission. It was emphasized that any stimulation of
trade relations would be undertaken without neglecting the interests of other countries and the
necessity for more extended collaboration on an
international basis. This point was again made clear
in a statement that the initiative of the gold bloc
S
Volume 139
Financial Chronicle
"is directed against no nation." The delegates
realized, it was added, that the principal goal must
be an increase of international exchanges.
The French viewpoint on such arrangements was
revealed in broad terms by Lucien Lamoureux, the
French Minister of Commerce, even before the
formal conferences of the gold bloc. In an address
before the Geneva Chamber of Commerce, last
Saturday, M. Lamoureux declared that France is
seeking to hold firm and resist shock, but that she
would soon be forced to adopt more vigorous
measures. "France does not reject the idea of an
economic bloc among the countries faithful to the
gold standard," he continued. "She is ready to open
negotiations toward that end and is convinced that
no effort should be neglected which might bring
about even a slight improvemnt in existing conditions. But as long as we are facing the present
monetary disorder France's interest will be to maintain quotas, and we hope to be able to increase these
quotas in exchange for benefits accorded by other
countries to French production." In London the
view prevailed that collaboration among the countries in the gold bloc probably would result in closer
co-operation between Great Britain and the United
States, at least so far as currency is concerned.
International trade problems were discussed on a
wider basis by the Second, or Technical, Committee
of the League, last Saturday, when a report was
submitted by Wilhelm Montes, of Latvia. In this
report the nations of the world were urged to take
mutual measures for combating the depression.
World industrial production increased about 12%
in 1933 over 1932, but the value of world trade continued to decline while the volume of goods showed
only a very slight gain, it was pointed out. "Economic and financial relations between countries remain strained," according to M. Montes. "Foreign
exchange markets are apprehensive of further disorganization, while international movements of
capital are paralyzed. New impediments to international trade are still further restricting the exchange
of commodities in many areas. This contrast between domestic recovery and international stagnation is due, all agree, to the measures adopted by
various governments for the restriction of trade,
measures originally designed to lessen the impact
of the depression upon countries for whose affairs
those governments are responsible. But these endeavors have had for their result not the prosperity
anticipated, but price disequilibrium which is proving exceedingly difficult to adjust." It was added
that no country can successfully pursue an economic
policy without regard to the policies of other
countries, unless the very object of the policy is
complete isolation.
German Exchange Agreements
IFFICULTIES encountered in all quarters as a
result of the German exchange restrictions and
trade controls were reflected this week by tentative
arrangements for a transfer pact between Great
Britain and Germany and a further agreement of
the same nature between Holland and the Reich.
The British Government announced on Monday that
tentative arrangements, applicable until the end of
October, had been reached in Berlin by Sir Frederick
Leith-Ross, financial adviser to the London Government. Germany gave assurances that imports of
British goods would be covered by exchange certifi-
D
1913
cates payable through a special account in the Bank
of England, to an extent corresponding to current
British shipments to the Reich. These temporary
results were not considered satisfactory in London,
where it was said on Wednesday that the situation
is far from hopeful, since the German Government
appears unwilling to provide any stable basis for
business relations over a long period. Sir Frederick
returned to London yesterday and the Cabinet will
debate next week whether he is to proceed again to
Berlin for further conversations. The German and
Netherlands Governments signed a clearing treaty
last Saturday, to cover not only direct trade payments between Germany and Holland but also those
occasioned by German trade with Dutch colonies.
All such payments are to be made in the future exclusively through clearing accounts.
International Disarmament
T T HAS been evident for many months that plans
for general disarmament by the leading Powers
of the world, as discussed in the early sessions of
the General Disarmament Conference, are doomed
to failure. There are now indications that some of
the foremost European statesmen hope to salvage
what they can from the wreck of the protracted
Conference through the regional security pacts now
under discussion and subsequent international supervision of the manufacture and accumulation of arms.
In a Geneva report of Tuesday to the New York
"Times" it is remarked that widespread disarmament is, indeed, a dead issue, owing chiefly to French
fears of Germany. This is admitted by every serious
diplomat in Geneva, and even Arthur Henderson,
President of the General Disarmament Conference,
sadly realizes the truth of the statement, according
to the correspondent of the New York "Times." Resumption of disarmament negotiations has been
postponed until the end of November in order to
provide time for progress toward interlocking security pacts and international supervision of armaments manufacture,it is indicated. French political
influence remains dominant on the Continent, and
French statesmen are said to have every intention of
obtaining security by means of a number of mutual
assistance treaties in which Germany is to be included if that country decides to join. There has already been much discussion of the "Eastern Locarno" pact, and this is to be followed by a Mediterranean pact, an Austrian pact and a Baltic pact.
"All this obviously is no concern of the disarmament conference and must be negotiated outside it,"
the "Times" dispatch adds. "At the same time it is
desirable to keep the conference alive because alongside the diplomatic negotiations there is useful work
for it. The old grandiose idea of disarmament must
be discarded because nobody dares disarm, but it is
argued that much can be done in the way of supervising, controlling and eventually in practice restricting armaments. Nobody wants an armaments
race; the whole world is too poor." Plans now being made for the General Disarmament Conference,
therefore, call for a number of small but efficient
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Financial Chronicle
technical committees, which will observe armaments
trends through inspection of national budgets and
attempt to initiate legislation for control of all arms
manufactures. The naval aspect of the armaments
problem arouses little hopefulness in Geneva, where
it is realized that there is now even some doubt as
to whether the 1935 naval conference will be held.
Naval agreements between two or three nations are
regarded as more likely than any general pact for
limitation of warships. The Soviet Russian Government, newly elected to membership in the League
of Nations, attempted to introduce some realism on
the armaments problem in the formal discussion of
that body, Wednesday. Foreign Commissar Maxim
Litvinoff suggested that the League Assembly call
for an end of the General Disarmament Conference
and a report from its President, Arthur Henderson,
upon its work and the causes of its practical failure.
Russian delegates made it plain that they desire to
turn the Conference from its desultory course and
transform it into "something useful," such as a small
permanent disarmament commission. But much opposition instantly developed among other delegations to the frank discussion desired by the Russians.
League Assembly
EBATE on the numberless issues before the
League of Nations was carried on this week
chiefly within the various subcommittees that formulate tentative decisions and refer them eventually to
the Assembly or the Council. The Assembly held its
final meeting Thursday, when numerous reports and
resolutions were adopted, but these reflected merely
the activities of the several committees. The racial
minorities question, which was raised in an acute
form two weeks ago by Poland, dropped into the
background late last week when the Poles receded
from their stand for universalization of pacts for the
protection of minorities. It was quickly raised
again in a different manner by Hungarian delegates,
-who protested against Rumanian treatment of the
Hungarian minority in that country. A technical
committee heard last Saturday an extended report
of the Commission for Refugees, which was established to aid Jews who fled from Nazi persecutions
in Germany. About 25,000 refugees found a livelihood in other countries as a consequence of the Commission's activities, the report indicated.
The League received on Tuesday a request from
Afghanistan for membership, and various committees promptly acted to expedite the entry of that
country, which was formally ratified by the Assembly Thursday. Swiss delegates requested permission to present to the World Court claims of
Swiss citizens amounting to 50,000,000 gold francs
for damages suffered during the World War and still
uncollected. A report on slavery was considered
Wednesday, but attracted little interest. There was
general concern, however, regarding the findings of
one committee, which reported that 45 of the 57
member States of the League are in arrears on the
payment of their maintenance dues. The arrears
total 37,488,783 gold francs and it was admitted that
League finances are becoming a matter of serious
concern. The Saar plebiscite question was debated
in the League Council Thursday, when Foreign Minister Louis Barthou,of France,declared that France
has the right to intervene in the Saar and intends to
do so if the situation becomes critical. The Austrian problem, also delicate, was touched upon the
D
Sept. 29
1934
same day, when a joint declaration was issued by
Great Britain, France and Italy regarding the necessity for keeping Austria independent.
French Political Reforms
REMIER GASTON DOUMERGUE laid before
the French people, on Monday, a modest plan
for political reforms by means of which it is hoped
to allay some of the discontent now prevalent in
that country. The reforms now proposed provide
chiefly for increased authority of the Premier and
the Cabinet. It is quite likely, Paris reports state,
that additional suggestions for overcoming the
current dissatisfaction in France will be made by
the Premier before Parliament assembles next
month. Premier Doumergue was acclaimed by all
parties when he took office last winter, after the
sanguinary riots in Paris and other cities, but his
popularity has waned rapidly and severe attacks
are sure to develop when the national legislature
meets again. The program announced this week
calls for constitutional reforms and a much greater
measure of authority over the Chamber of Deputies
than is now enjoyed by the Premier. The Constitution should provide the Premier with authority, it
was contended, and in the event of disagreement
between the Cabinet and the Parliament, the Premier
should have the right to appeal to the country without having to go through the present cumbersome
formalities. The right to propose expenditures
should be granted solely to the Government, according to M. Doumergue, who also declared that the
status of civil servants should be defined in constitutional law. In general, the Premier advocated
measures that would provide the French Cabinet
with the degree of stability enjoyed by the British
Cabinet.
The Premier enlarged at some lengths on his desire to bring the French political system into closer
conformity with British practices. The British
parliamentary and civil service systems were proposed as models for what M. Doumergue wishes'to
achieve. The French Finance Minister, he remarked,
should have an equal assurance with his British
colleague that his budget will not be changed and unbalanced by Parliament, while the civil service
should not take an active part in politics. Separation of political power and the judiciary also was
held necessary, in order to insure impartial justice.
M. Doumergue assailed in scathing terms the Communists and Socialists of France, who have formed
what they call a "united front" for the purpose of
combating Fascist tendencies. Advocates of the
devaluation of the franc likewise were denounced
severely by the Premier, who painted a black picture
of the results of devaluation to zero. Subsequent
press comment in France indicates that the plans
of the Premier are not viewed with much sympathy
by the French people, who have a deep-seated fear
of entrusting any single person with a great degree
of power. Although it is generally agreed that
something must be done, there are indications that
the Premier's speech has ended the political truce
and has merely provided another great question
around which the political struggle will surge when
Parliament meets. The paramount issues heretofore have been the economic crisis, the high cost of
living and the future status of the franc.
There are, fortunately, ample indications that the
present coalition Cabinet is quite determined to pre-
P
Volume 139
Financial Chronicle
vent any tampering with French currency. Premier
Doumergue's statements are highly reassuring in
this respect, and they were augmented, Wednesday,
by uncompromising declarations by the Finance
Minister, Louis Germain-Martin. In a formal statement to a commission of the Chamber of Deputies,
M. Germain-Martin said that as far as he was concerned there could be no question of the devaluation
of the franc. "In France in her present position
there can be no monetary problem," the Finance Minister remarked. "The only, problem of that kind
could be economic difficulties, that might disturb
the monetary situation." Rather than permit or in
any way prepare for devaluation, he would resign,
the Minister added. Members of the commission
criticized the budget proposals of the Finance Minister and contended that the results would show a
deficit. M. Germain-Martin admitted that no Minister could be absolutely sure of his estimates, but
he insisted that the budget, as presented, was sincere
and compiled in good faith.
P
needed relief and reconstruction, and it is evident
that Japanese industrial production will be curtailed severely for some time to come as energies are
concentrated on the rebuilding of thousands of
ruined homes and factories. Tokio reports state that
the storm was the worst experienced in Japan for
35 years, while the havoc that it wrought was completed in many places by accompanying floods. The
great industrial centers of Osaka, Kioto and Kobe
were in the center of the storm area, and these cities
reported the greatest loss of life and property damage. The death list exceeded 2,000 early this week,
with the task of tabulation far from complete.
Thousands of small fishing boats and other craft
were caught in the storm and many still are unreported. Industrial damage was calculated tentatively at 300,000,000 yen, with scores of factories
destroyed while machinery worth millions of yen
was ruined in others by inrushing sea water. Approximately 40,000 buildings were destroyed or
damaged and 200,000 persons rendered homeless.
The army and navy services were hastily called
upon to distribute supplies to the homeless and to
aid in caring for more than 13,000 injured persons.
Damage in the agricultural sections likewise was
very heavy, but the silk crop was not affected seriously. A check indicated that no Americans were
injured or suffered any great loss.
Discount Rates of Foreign Central Banks
HERE have been no changes during the week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are shown
in the table which folio ws:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
Country
Austria-Belgium _ __
Bulgaria-Chile
Colombia-Czechoslovakia____
Danzig_ ___
Denmark_ _
England__
Estonia-__
Finland__
France___
Germany_ _
Greece
Holland
Rate in
Effect
Date
SeDt28 Established
Predour
Rate
434
234
7
434
4
June 27 1934
Aug. 28 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
3
8
534
5
334'
4
214
2
535
455
234
4
7
24
Jan. 25 1933
Sept. 21 1934
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept.30 1932
Oct. 13 1933
Sept. 18 1933
434
3
3
25.5
614
5
3
5
734
3
Country
Hungary__
India
Ireland_
Italy
Japan
Java
Jugoslavia _
Lithuania—
Norway_
Poland
Portugal
Rumania _ _
South Africa
Spain
Sweden__
Switzerland
Rate in
Effect
Date
Sept 28 Established
M I
:MM M M
MM
VCOMM.i.VOCOM,0‘00VONG4
Chinese:Eastern Railway
ROSPECTS have brightened measurably in the
last few days for an amicable adjustment of
the dispute between Japan and Soviet Russia over
"incidents" on the 'Chinese Eastern Railway and for
a successful issue of the negotiations for sale of the
Russian interest in that 1,000 mile line to the
Japanese puppet-State of Manchukuo. Recent bandit attacks on the railway and other service-interrupting incidents were followed by rather drastic
action on the part of Japanese and Manchukuoan
authorities, who arrested 89 Soviet Russian officials
of the railway. This resulted in a good deal of
acrimonious political correspondence between Moscow and Tokio, and for a time there were even
thoughts in some quarters that the dispute might be
made the occasion for armed conflict. Somewhat
more than a month ago it appeared, however, that
Russian and Japanese views on a suitable sale price
of the line had been narrowed to a difference of
only 40,000,000 Japanese yen, Japan offering 120,000,000 yen plus 30,000,000 yen compensation to
Russian employees, while Russia held out for 160,000,000 yen plus the 30,000,000 yen retirement pay.
The tart diplomatic exchanges were discontinued
late in August, and it is now reported from Tokio
that the sale negotiations have reached the point of
a tentative agreement for Manchukuoan acquisition
of the line at a price of 170,000,000 yen, which is,
presumably, an aggregate figure. The Japanese
press reports, a dispatch to the New York "Herald
Tribune" says, that Russia will recognize Manchukuo after the sale arrangements are completed. If
the railway sale arrangements are confirmed, it
will signify the elimination of one of the great issues between Russia and Japan. In a sense it will
also be an assurance of peace, since Japan would
hardly be paying for a railway that she could easily
seize in the event of war.
1915
PreMous
Rate
Oct. 17 1932 5
Feb. 16 1934 4
June 30 1932 334
Dee. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
July 16 1934 7
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Jan. 22 1931
„.
Foreign Money Rates
IN LONDON open market discounts for short bills
1. on Friday were /
3 as against %@11-16% on
4%,
Friday of last week, and %@13-16% for three
months' bills, as against /@11-16% on Friday of
last week. Money on call in London yesterday was
U7o- At Paris the open market rate remains at
2%% and in Switzerland at 13/2%.
Bank of England Statement
HE statement of the Bank of England for the
week ended Sept. 26 shows a gain of £92,212 in
gold holdings which brings the total to a new high of
£192,525,928, in comparison with £191,766,643 a
year ago. As the gain in gold was attended by an
expansion of £648,000 in circulation, reserves fell off
Japan Swept by Typhoon
£556,000. Public deposits increased £17,359,000
N EXCEPTIONALLY violent and destructive while other deposits decreased £18,530,397. Of the
typhoon swept across the richest industrial latter amount £17,797,320 wasfrom bankers'accounts
areas of Japan late last week, leaving thousands of and £733,077 from other accounts. The reserve ratio
dead and untold damage in its wake. The storm remained at 48.18% the same as a week ago which
losses are catastrophic, with damage reported from compares with 51.34% last year. Loans on Govern30 of the 46 prefectures in the country. The re- ment securities fell off £45,000 and those on otner
sources of the nation have been mobilized for much- securities £564,595. The latter consists of
discounts
A
T
1916
Financial Chronicle
and advances which rose £1,065,701 and securities
which decreased £1,630,296. The discount rate is
unchanged at 2%. Below are tabulated the different
items with comparisons for other years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Sept. 26
1934
Circulation
Public deposits
Other deposits
Bankers' accounts_
Other accounts- - Govt. securities
Other securities
Disct. & advances_
Securities
Reserve notes & coin
Coin and bullion._
Propor. or res. to liab.
Bank rate
Sept. 27
1933
Sept. 28
1932
Sert. 30
1931
Oct. 1
1930
Z
Z
Z
Z
Z
377,028,000 370.753,450 359,784,231 357.208.682 359,386.483
37,858,000 16.488.040 23.417.643 30,089,090 21.645,391
118.807,780 141,290.594 114,023.631 115.20.969 96.107,065
82,039,899 97,334,183 80,626.458 62.642,289 61,317,731
36,767,881 43,956,411 33,397,175 52,564.680 34,789.325
81,634.164 73.825.963 69.918,094 68,975,906 44,536.247
17.801,208 21.176.349 30.141.762 40,649.328 34,074.346
7,203,539 9.190,293 12,069.350 14.773,558 11,916,677
10,597,669 11,986,053 18.072,412 25.875,770 22,157,669
75.498,000 81.013,193 55,613.149 53.951,012 57.416,844
192,525,928 191.766,643 140,397,380 136,159.694 156,803,327
48.18%
51.347
40.46%
37.13%
48.76%
2%,
2,,..
I
24
7.
2°Z.
ISM
Sept. 29 1934
REICHSBANK S COMPARATIVE STATEMENT
.
Changes
for Week
Assets—
Gold and bullion
Of which depos. abroad
Reserve In foreign curt_
Bilis of exch. and checks
Silver and other coin
Notes on other Ger. bks.
Advances
Investments
Other assets
Llabifittes—
Notes in circulation__ _
Other daily matur. oblig
Other liabilities
Propor, of gold & torn
curr. to note circula'n
Sept.22 1934 Sept. 23 1933 Sept. 23 1932
Retchsmarks
Retchsmarks Reich:marks Retchsrnarks
+20,000
74,993,000 354.220,000 781.599.000
No change
20,851,000
73.578.000
63.351.000
+53.000
3,875,000
47,758,000 146,241.000
—45,092,000 3,383,859,000 2.962,115.000 2,639,675.000
+39,720,000
93,098,000 268,496.000 266.429.000
+3,473.000
12.087,000
16,883,000
14,238,000
—3,415,000
66,787,000 102,525,000
95,084,000
—1,418,000 753,878,000 319.832.000 362,359,000
—598,000 597,280,000 536,588,000 794,804.000
—93,519,0003,568,751,0003,307,951,0003.504.592.000
+89.024,000 701,249,000 407,864.000 357.960,000
—2,762,000 205,551,000 231,068,000 725,741.000
+0.06%
2.21°7,
12 2%
26.5%
New York Money Market
HERE was little activity in the New York
money market this week, as conditions in this
department of finance continue to reflect the stagBank of France Statement
HE weekly statement of the Bank of France nation prevalent elsewhere. No relaxation of the
reveals a further gain in gold holdings, the downward pressure upon money rates appears likely
increase this time being 51,129,912 francs. The under the official easy money policy, and it was preBank's gold now aggregates 82,204,579,830 francs, dicted Thursday by the Savings Bank Association
which compares with 82,204,446,560 francs a year of New York that savings institutions in this city
/
1
2
ago and 82,621,794,767 francs two years ago. A soon will reduce returns to their depositors to 2 %
decrease is recorded in credit balances abroad of from the ruling rate of 3%. The Treasury sold com1,000,000 francs, in French commercial bills dis- petitively on Monday another issue of $75,000,000
counted of 53,000,000 francs, in bills bought abroad discount bills, due in 182 days, and the average disof 29,000,000 francs and in advances against securi- count was 0.29%,as against 0.28% on a similar issue
ties of 25,000,000 francs. The proportion of gold on sold a week earlier. Call money on the New York
hand to sight liabilities stands now at 80.77%, Stock Exchange remained at 1% all week, the rate
compared with 79.59% last year and 76.87% the applying both to renewals and new loans. In the
previous year. Notes in circulation show a decline unofficial street market transactions were reported
4%. Time money was unchanged, as
of 381,000,000 francs, bringing the total of notes every day at 3
well. Brokers' loans on stock and bond collateral
outstanding down to 80,059,752,560 francs. Circulation a year ago stood at 81,016,349,895 francs and declined $5,000,000 in the week to Wednesday night,
the year before at 80,200,291, 100 francs. Creditor according to the usual compilation of the Federal
current accounts register an increase of 322,000,000 Reserve Bank of New York. The total of such loans
francs. A comparison of the various items for three in the tabulation is now $740,000,000.
years appears below:
New York Money Rates
BANK OF FRANCE'S COMPARATIVE STATEMENT
EALING in detail with call loan rates on the
Changes
Stock Exchange from day to day, 1% remained
for Week
Sept. 21 1934 Sept. 22 1933 Sept. 23 1932
the ruling quotation all through the week for both
Francs
Francs
Francs .
Francs
Gold holdings
+51.129.912 82.204,579,830 82,204.446,560 82,621.794,767
new loans and renewals. The market in time money
Credit bals. abroad—1,000.000
9,277,647 I,287.036.629 2,911,834,381
a French commercial
has been extremely quiet this week, no transactions
bills discounted. _
—53,000,000 3,220,750,210 3.185,216.981 3,622,438,541
b Bills bought abr'd
978.005.414 1,345.849.167 2.081.336.660
—29,000,000
Adv. against securs_
having been reported. Rates are nominal at 4@1%
3
—25.000.000 3,104,945.978 2,737,979,732 2,752,065,602
Note circalation__ _ _ —381,000,000 80.059,752.560 81.016,349,895 80.200,291,100
Credit current accts. +322,000,000 21,721.882,725 22,266,926,811 27,281,084.882
for two to five months and 1®134% for six months.
Propor'n of gold on
hand to sicht nab_
+0.10%
80.77%
79.59°7.
7687'Y.
There has been a fairly good demand for prime coraa Includes bills purchased in France. b Includes bills discounted abroad.
niercial paper thi3 week, particularly on Friday, when
4% for
the market became quite active. Rates are 3
Bank of Germany Statement
extra choice names running from four to six months
HE Bank of Germany in its statement for the
and 1% for names less known.
third quarter of September shows a slight inBankers' Acceptances
crease in gold and bullion of 20,000 marks. The
total of gold is now 74,993,000 marks, in comparison
HE market for prime bankers' acceptances has
with 354,220,000 marks last year and 781,599,000
shown little activity during the present week,
marks the previous year. Reserve in foreign cur- particularly on Thursday and Friday, when transrency, silver and other coin, notes on other German actions were down to the minimum. Rates are unbanks and other daily maturing obligations record changed. Quotations of the American Acceptance
increases of 53,000 marks, 39,720,000 marks, 3,473,- Council for bills up to and including 90 days are
000 marks and 89,224,000 marks respectively. Notes X.% bid and 3-16% asked; for four months, %%
in circulation reveal a contraction of 93,519,000 bid and 34% asked; for five and six months, q%
marks, bringing the total of the item down to 3,568,- and 3
A% asked. The bill buying rate of the New
751,000 marks. A year ago circulation aggregated York Reserve Bank is M% for bills running from
3,307,951,000 marks and the year before 3,504,592,- 1 to 90 days and proportionately higher for longer
000 marks. The Bank's ratio is now 2.21%, in maturities. The Federal Reserve banks' holdings of
comparison with 12.2% last year and 26.5% the acceptances increased from $5,202,000 to $5,812,000.
previous year. A decrease appears in bills of ex- Their holdings of acceptances for foreign correchange and checks of 45,092,000 marks, in advances spondents also increased from $686,000 to $756,000.
of 3,415,000 maiks, in investments of 1,418,000 Open market rates for acceptances are nominal in so
marks, in other assets of 598,000 marks and in other far as the dealers are concerned, as they continue
liabilities of 2,762,000 marks. Below we furnish a to fix their own rates. The nominal rates for open
comparison of the different items for three years:
market acceptances are as follows:
T
T
D
T
T
1917
Financial Chronicle
circles both here and abroad to a change in policy
of the British exchange control, and it was asserted
Prime eligible bills
that the control had begun to buy dollars. Ever
-90 Days- -60 Days- -30 Darr
Bid Asked since the Michigan bank troubles and even earlier,
Bid Asked
Bid Asked
sts
he
Prime eligible bills
the British control endeavored to straighten out
FOR DELIVERY WITHIN THIRTY DAYS
14% bid
discrepancies in exchange rates by sterling-franc
Eligible member banks
35% bid
Eligible non-member banks
operations. If it is now operating in the sterlingDiscount Rates of the Federal Reserve Banks dollar market, as seems extremely likely, this is the
of March 1933. The
HERE have been no changes this week in the first time since the bank holiday
action of the market at present, surely if the British
rediscount rates of the Federal Reserve banks.
so operating, indicates that the London
The following is the schedule of rates now in effect control is
authorities have for one reason or another, whether
for the various classes of paper at the different
or not encouraged by Washington, come to the
Reserve banks:
conclusion that there will be no further data deDISCOUNT RATES OF FEDERAL RESERVE BANKS
valuation in the immediate future. Foreign exchange
Role in
traders in New York seem to regard the report
Previous
Date
Effect on
Federal Reserve Bank
Rate
Established
Sept. 28
relating to the attitude of the London authorities
24
Feb. 8 1934
2
Boston
2
Feb. 2 1934
13.4
on exchange as one of the most significant developNew York
3
Nov. 16 1933
Philadelphia
23.4
Feb. 3 1934
2
24
Cleveland
ments which has occurred in the market since the
34
Feb. 9 1934
3
Richmond
34
Feb. 10 1934
3
Atlanta
American return to gold.
3
Oct. 21 1933
23.4
Chicago
2t4
3
Feb. 8 1934
St. Louis
Various authorities see in the present trend of
3
334
Mar. 16 1934
Minneapolis
Feb. 9 1934
3
34
Kansas City
sterling-dollar exchange, preparations for a de fin',
3
34
Feb. 8 1934
Dallas
2
24
Feb. 16 1934
San Francisco
if not de i.101, stabilization of the dollar-sterling rate.
Indications are that the Britisil authorities are buildCourse of Sterling Exchange
ing up an open long position in dollars, a course
TERLING exchange is easier in terms of dollars which would not be reasonable if London entertained
and also in terms of French francs, or gold. It a real fear of another advance in the gold price here.
would seem that the London authorities have decided If it is planned by London to drop to $4.86, old dollar
to work toward stabilization of sterling in terms of parity, then the two countries will have to agree on
the dollar and that they may be shaping a policy a new par gold relationship based upon the American
to allow sterling to drift downward until it reaches gold price of $35 per ounce. This would suggest a
old dollar parity of .8665. Markets in New York, price of approximately 144s. for gold in London, as
London and Paris are filled with rumors as to the compared with the old gold price of around 84s.9lAd.probable course of exchange and as to the causes of 84s. 11d, paid by the Bank of England. If such is to
the present weakness in sterling and French francs, be the policy, sterling would have to drop still further
but none of the rumors can be verified. Cer- in terms of francs, guilders and other gold bloc curtainly no official pronouncements have issued rencies. Market rumors must be recognized as such.
from either London or Washington which might. There are no official utterances to substantiate these
serve as a guide for foreign exchange transactions. rumors. In certain well-informed quarters it is
The range for sterling this week has been between asserted that the drop in sterling has no relation to
$4.96 and $4.99Y, compared with a range of between British control operations and that there has been no
1
/
$4.983/ and $5.011 1 last week. The range for cable excessive purchase of dollars for official account.
transfers has been between $4.96M and $4.99%, It is maintained that the present weakness as dis% played previous to Thursday was due to a large
compared with a range of between 4.99 and 5.013
a week earlier.
commercial deal involving purchases of Virginia
The following tables give the-mean London check tobacco for British account. The amount involved
rate on Paris from day to day, the London open is represented as in the neighborhood of $25,000,000.
market gold price and the price paid for gold by the Certain it is that even a transaction of very much
United States:
smaller amount would be enough to cause wide flucMEAN LONDON CHECK RATE ON PARIS
tuations in exchange under present abnormal eco74.034
74.812 Wednesday, Sept 28
Saturday, Sept.22
27
74.578
74.78 Thursday, Sept.
Monday, Sept. 24
nomic conditions.
Sept.28
Firday,
74.82
74.71
Tuesday, Sept.25
Under the conditions of sterling exchange prevailLONDON OPEN MARKET GOLD PRICE
ing prior to September, 1931, the London check rate
140s. 10d. Wednesday, Sept. 28_ _ _141s. 3d.
Saturday, Sept. 22
140s. lid. Thursday, Sept. 27_ _ _141s. 4%d.
Monday, Sept. 24
on Paris habitually fluctuated between 121 francs
141s. 214d. Friday,
Sept. 28 _ _ _141s Md.
Tuesday, Sept. 25
and 124 francs to the pound. This rate has steadily
PRICE PAID FOR GOLD BY THE UNITED STATES
(FEDERAL RESERVE BANK)
fallen. Some weeks ago it was thought that the
35.00 Wednesday, Sept. 28
35.00
Saturday, Sept.22
British control had pegged the rate around 77 francs.
35 00
35.00 Thursday, Sept.27
Monday, Sept 24
Sept.28
35.00
35.00 Friday,
Tuesday, Sept.25
The rate averaged around 76.50 in June and July,
The volume of commercial transactions in foreign but around the middle of August it was allowed to
exchange is actually small in comparison with recent decline, since then the exchange control exerted
years and certainly is less important than prior to very little effort to maintain the pound in terms of
the abandonment of gold by Great Britain in Septem- francs. It would now seem that the rate is gradber 1931. It can never be positively asserted what ually moving below 74 francs to the pound.
Some London authorities assert that the present
part is played in the foreign exchange market by the
British Exchange Equalization Fund or by banks weakness in the pound is due to the fact that Great
acting for the United States Treasury. Reports Britain's foreign trade returns continue to show an
relating to these operations are at best only shrewd unfavorable balance. They assert that at least the
conjectures. The strength shown by the dollar in rising excess of imports over exports is largely
Monday's trading and in all later operations through- responsible. Sir Robert Kindersley, of Lazard's, in
out the week was ascribed in foreign exchange his annual review of the British overseas investVolume 139
SPOT DELIVERY
-180 Days- -150 Days- -120 Days
Bid Ade,
Bid Asked
Bid Asked
T
S
1918
Financial Chronicle
Sept. 29 1934
ments contributed to the quarterly journal of the gold movement at the Port of New York for the
Royal Economic Society makes the following onser- week ended beptember 26, as reported by the Federal
vation: "Moreover, although Britain's fiscal policy Reserve Bank of New York, was as follows:
and the abandonment of the gold standard were GOLD MOVEMENT AT NEW YORK, SEPT. 20-SEPT. 28, INCL.
Imports
Exports
effective in eliminating the adverse balances of 1931
$11,000 from Guatemala
None
and 1932, the improvement in domestic trade has
Net Change in Gold Earmarked for Foreign Account
necessitated larger imports of raw materials, with
Decrease: $380,000
the result that the balance of payments has probably
The above figures are for the week ended Wednesresumed its adverse tendency. While for the moment day evening. On Thursday there were no imports
this is being met by an increase of foreign and or exports of gold, or change in gold held earmarked
dominion sight deposits in London, there is never- for foreign account. On Friday there
were no imports
theless a certain danger that a persistently adverse or exports of gold or change in gold
held earmarked
balance may create conditions favoring repatriation for foreign account.
of long-term capital in addition to the normal reducCanadian exchange continues firm in terms of the
tion in total investment through sinking fund and United States dollar, with Montreal funds
at a
maturity payments." If Sir Robert is correct in his premium. On Saturday last Montreal
funds were
diagnosis the present weakness in sterling must at a premium 3 %, on Monday at from
3 5-16%
8
continue until an increase of exports and decrease to 3 11-16%, on Tuesday at from 3 3-16%
to 35 %,
A
of imports, or at any rate a decline in the unfavorable on Wednesday at from 3 1-16%
to 3 3-16%, on
trade balance restores equilibrium.
Thursday at from 23/2% to 3%, and on Friday at
In commenting upon the sharp drop in sterling from 23/2% to 3 11-16%.
in Tuesday's market, the "Wall Street Journal" said:
Referring to day-to-day rates, sterling exchange
"For months the argument has been advanced that on Saturday last was dull and steady.
Bankers'
the uncertainty regarding the future of the dollar sight was
$4.9932@$4.99%; cable transfers, $4.985
has been a major factor in holding back business @$4.99%. On Monday exchange was dull A
and
recovery. Although no official word is no forth- steady. The range was $4.98 7-16@ .983
4 for
coming, sentiment in the financial community is bankers' sight and $4.983/2@$4.987 for
A
cable transgrowing that another change in the gold price is fers. On Tuesday sterling was off sharply.
Bankers'
not likely for the immediate future. Most economists sight was $4.965 @$4.973/; cable
4
2
transfers $4.967
4
and business men are of the opinion that stability @$4.97%. On Wednesday the pound
continued to
of money will contribute much toward a restoration display ease. The range was 84.96@$4.97%
for
of confidence and a revival of business."
bankers' sight and $4.963j@ .973/ for cable transFunds continue in great abundance in London. fers. On Thursday sterling was steady. Bankers'
It will be recalled that last week the London banks sight was $4.96@$4.9631; cable transfers $4.963/
/
8®
withdrew support from the bill market, so that rates $4.97. On Friday sterling was higher, the range was
immediately moved lower. On Tuesday of this week $4.96N@S4.9734 for bankers' sight and $4.9634et,
the London clearing banks changed their course in $4.97% for cable transfers. Closing quotations on
this respect and raised their buying rate X% on Friday were $4.96% for demand and $4.97 for cable
i
all maturities of Treasury bills. This had the effect transfers. Commercial sight bills finished at 8
4.9634;
of firming the London open market rates, so that 60-day bills at 84.96; 90-day bills at
$4.9532; docunow two-months' bills are 4%, three-months' bills ments for payment (60 days) at $4.96 and seven-day
3
4% to 13-16%, four-months' bills %% to 15-16%, grain bills at $4.9631. Cotton and grain for pay3
and six-months' bills 15-16% to 1%. Even these ment closed at $4.9634.
low rates are due to the support of the London
Continental and Other Foreign Exchanges
clearing banks, working in harmony with the known
wishes of the Bank of England. For more than two
XCHANGE on the Continental countries is
years it has been necessary for the great banks to
easier owing to the sharp run-up in the dollar,
support the bill market owing to the superabundance as outlined above in the resume of sterling exchange.
of funds in the city.
European bear speculators against the dollar who
This week all the gold available in the market have been operating for some weeks chiefly through
again appears to have been taken for unknown Paris have been severely caught and are not likely to
destinations, which generally means for account of resume these operations in the weeks immediately
foreign gold hoarders. On Saturday last there was ahead. The French franc continues to be quoted
available and so taken in the open market £87,000, well above dollar parity, but is far below the export
on Monday £228,000, on Tuesday £621,000, on point for gold from New York to Paris. The present
Wednesday £426,000, on Thursday £400,000, and comparative weakness in francs, as measured by
on Friday £337,000. On Thursday the Bank of dollars, gives no indication, however, of a counter
England bought £23,670 gold bars, The Bank of movement of gold from Paris to New York. Such a
England statement for the week ended September 26 possibility is quite remote unless untoward politica;
shows an increase in gold holdings of £92,212, the conditions should develope in Europe. The gold
total bullion now standing at £192,525,928, which bloc countries are undoubtedly alarmed at the current
compares with £191,766,643 a year ago, and with developments in the sterling-dollar market and fear
the minimum of £150,000,000 recommended by the that their adherence to gold at present gold parities
Cunliffe committee. At the Port of New York the may be somewhat jeopardized. The consensus of
gold movement for the week ended September 26, opinion in European markets is that the dollar is
as reported by the Federal Reserve Bank of New undervalued, while in London certainly it is believed
York, consisted of imports of $11,000 from Guate- that the European gold units are overvalued.
mala. There were no gold exports. The Reserve
The threatening outlook for the gold currencies
Bank reported a decrease of $380,000 in gold ear- which now appears to have been brought about by
marked for foreign account. In tabular form the the changed relationship of sterling and the dollar is
E
Volume 139
largely responsible for a plan just initiated by the
Belgian Minister of Foreign Affairs, M. Henri Jasper,
who has proposed that delegates of the gold countries
meet to discuss plans for closer trade co-operation.
Tentative meetings of gold bloc delegates now at
Geneva have been held for the discussion of these and
other plans for their defense against countries not on
gold. A United Press dispatch on Wednesday stated
that the first official meeting of the gold standard
bloc of European nations would be held in Brussels
about Oct. 20.
Despite the agitation for devaluation of the franc
which is voiced in Paris by M. Paul Reynaud,
former finance minister, official quarters deny that
any steps will be taken in this direction. On Monday
Premier Doumergue outlined plans to effect changes
in the Government which would give the Premier
unprecedented power and prevent frequent ministry
upheavals. He upheld French adherence to the gold
standard and declared that devaluation would mean
"certain ruin to France's woolen sock"
-the people's
savings. In reply to a direct question in the Chamber
of Deputies M. Germain-Martin, Finance' Minister,
said that so far as he was concerned there could be
no question of devaluation in France. "In France
in her present position there can be no monetary
problem. The only problem of that kind could be
economic difficulties that might disturb the monetary
situation." The Finance Minister added that he was
ready to make a formal declaration that "rather than
permit or in any way prepare for the possibility of
devaluation" he would hand in his resignation.
The Bank of France statement for the week ended
Sept. 21 shows a further increase in gold holdings of
51,129,912 francs. This makes the 29th successive
weekly increase, bringing the total for the period to
8,276,380,384 francs. Total gold holdings now stand
at 82,204,579,830 francs, which compares with
82,204,446,560 francs a year ago, and with 28,935,000,000 francs when the unit was stabilized in June
1928. The bank's ratio is at the high figure of
80.77%, which compares with 80.67% on Sept. 14,
with 79.59% a year ago, and with legal requirement
of 35%.
German marks present no new features of importance from those of recent weeks. The mark is lower
in terms of the dollar than it has been in several
weeks, but this is due entirely to the decline of sterling and the European units in terms of the dollar.
The mark quotations are nominal and represent a
scarcity value insomuch as the amount of free marks
which the Reichsbank will allow the European
markets is strictly limited by the arbitrary decrees
of the Reichbank's exchange control. There can be
no question that economic, financial, and political
uneasiness tends to increase in Germany, for reasons
set forth in various items in our news columns.
The following table shows the relation of the leading European currencies still on gold to the United
States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Range
Old Dollar New Dollar
Parity
Parity
This Week
6.63
3.92
6.6434 to 6.67%
23.54
13.90
23.55 to 23.77
8.91
5.26
8.65 to 8.683i
40.33
23.82
40.23 to 40.52
32.67
19.30
32.9134 to 33.05
40.20
68.06
68.33 to 68.63
The London check rate on Paris closed on Friday
at 74.90, against 74.87 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.64/, against 6.674 on Friday of last
week; cable transfers at 6.64, against 6.673/i and
1919
Financial Chronicle
commercial sight bills at 6.623', against 6.653/2.
Antwerp belgas finished at 23.54 for bankers' sight
bills and at 23.55 for cable transfers, against 23.77
and 23.78. Final quotations for Berlin marks were
40.51 for bankers'sight bills and 40.52 for cable transfers, in comparison with 40.45 and 40.46. Italian
lire closed at 8.643/2 for bankers' sight bills and at
8.65 for cable transfers, against 8.67 and 8.68.
Austrian schillings closed at 19.15, against 19.18;
exchange on Czechoslovakia at 4.21, against 4.22;
on Bucharest at 1.013/, against 1.03; on Poland at
2
.203/2,
19.10, against 19.173/ and on Finland at 2
against 2.213/ Greek exchange closed at 0.94% for
2
.
bankers' sight bills and at 0.953 for cable transfers,
4
against 0.9534 and 0.959.
••••••••
XCHANGE on the countries neutral during the
war presents much the same trends as have been
apparent for many weeks. Swiss francs and Dutch
guilders, while ruling well above dollar parity, are
easier on average than last week owing to the changed
relationship of franc-sterling-dollar exchange. The
Swiss and Dutch units continue exceptionally firm
in terms of French francs, so that Paris has lost
considerable gold to both these countries in recent
weeks. The gold holdings of the Bank of The Netherlands on Sept. 17 were approximately 867,000,000
guilders, as against 827,000,000 guilders a year
earlier. Against this increase in gold the outstanding
note issue is only approximately 887,000,000 guilders,
as compared with 902,000,000 guilders a year earlier.
The Scandinavian currencies appear easier in terms
of dollars owing to the relationship of these currencies
to the sterling bloc.
Bankers'sight on Amsterdam finished on Friday at
68.32, against 68.61 on Friday of last week; cable
transfers at 68.33, against 68.62 and commercial
sight bills at 68.29, against 68.59. Swiss francs closed
at 32.89 for checks and at 32.90 for cable transfers,
against 33.033/2 and 33.04. Copenhagen checks
finished at 22.19 and cable transfers at 22.20, against
22.29 and 22.30. Checks on Sweden closed at 25.62
and cable transfers at 25.63, against 25.75 and 25.76;
while checks on Norway finished at 24.96 and cable
transfers at 24.97, against 25.09 and 25.10. Spanish
pesetas closed at 13.77 for bankers' sight bills and at
13.78 for cable transfers, against 13.83 and 13.84.
-4--
E
XCHANGE on the South American countries,
as noted here on several occasions recently, is
fairly active, especially as respects other markets
than New York. Almost all the South American
exchanges are now more free than they have been in
several years, with exchange control almost altogether abandoned. The South American countries
are prospering in their foreign trade owing to the
great demand and increased prices for their raw
materials. At the same time the policy of keeping
down their imports, especially of high-priced manufactured and luxury products, continues to enable
these countries greatly to strengthen their trade
position. However, all dispatches from the more
important centers indicate a considerable relaxation
of restrictions on imports.
Argentine paper pesos closed on Friday, official
quotations, at 33.13 for bankers' sight bills, against
333/i on Friday of last week; cable transfers at 3334,
against 333 . The unofficial or free market close
A
was 26.25, against 26.70. Brazilian milreis, official
E
1920
Financial Chronicle
Sept. 29 1934
rates, are quoted 8.26 for bankers' sight bills and 83
A
Gold Bullion in European Banks
for cable transfers, against 83 and 8.33. The unA
HE following table indicates the amount of gold
3
official or free market close was 7%, against VA.
bullion (converted into pounds sterling at par
Chilean exchange is nominally quoted 109/, against of exchange) in the principal European
8
banks as of
103. Peru is nominal at 22.90, against 22.90.
Sept. 27 1934, together with comparisons as of the
corresponding dates in the previous four years:
XCHANGE on the Far Eastern countries pre1934
1933
1932
1931
1930
sents mixed trends. Japanese yen are held in Banks ofE
.6
£
£
£
line with sterling exchange as a fixed policy of the England_ __ 192,525,928 191,766,643 140,397,380 136.159.694 156,803,327
France a___ 657,636.639
Japanese exchange control. Should the pound go Germany b. 2,707,100 655.435,372 660.974.358 474.769.362 387,450,129
13,772,050
35.912,300
60,061,900 116,452.300
Spain
90,601,000
90,402,000
90,279,000 91,054,000
98,996.000
lower in terms of gold, there can be hardly any Italy
88,577,000
75,960.000
62.190,000
58.220,000
56,525.000
Netherlands
72.011,000
69,081.000
86.223.000
58.594,000
32,549,000
question but that the Japanese control will see to it Nat. Belg.. 75.715,01.10 77.170.000 74,140.000 46.456.000 34,564.000
Switzerland
65,475,000
61.581,000
89,165.000
_.
that the yen follows suit. It may also be taken for Sweden._.. 15,506,000 14,018,000 11,443.000 36,808.000 25,585 000
12,750.000
13.459,000
Den tut
t
7,397.000
7.397.000
7,400,000
9,536.000
9,568,000
8,579,000
6.570.000
7,911,000
8,128.000
granted that there can be neither de facto nor de jure Nor ay
8.139,000
Teki eek 1.254,738,667 1.263.153,065 1.266,035.038 992,538,956
j
stabilization of sterling-dollar exchange without r . eek 1,253..138.515 1.263,001.631 1.265.028.152 982 775.281 940.088,756
039,850,029
taking Japan into consideration, by reason of the
are the gold holdbigs of the Bank of Prance as reported In the new form
, nt buCi t liwoirlensh:fptrheseengtaynk is
rge iuno n
:1:
CriTA3y 5 exclusive of gold b ld
51
7
strong competitive position of Japan with relation
otear
to Great Britain in Far Eastern and other markets.
President Roosevelt and the United State
The Chinese silver units are firm in consequenc
Chamber of Commerce
of the upward movement of world-silver prices, or
The questions which the directors of the Chamber
which the United States silver policy is held solely
responsible. Recently press dispatches from Shanghai of Commerce of the United States addressed to
state that the Chinese Government has instructed its President Roosevelt this week mark a situation
Ambassador at Washington to convey to the Wash- which, as far as we recall, has no very close parallel
ington Administration China's concern over the in the relations between business and politics in
price advances in silver. Whether such a step was this country. Resolutions without number, some of
really taken has not been officially disclosed. The them embodying protests and others voicing apChinese Legation at Washington declined to com- peals, have been adopted by many trade and indusment on the Shanghai dispatches. The Indian rupee, trial organizations and forwarded to Washington,
of course, follows the pound, to which it is legally but not until now has an organization which represents comprehensively the business and industry of
attached at the fixed rate of is. 6d. per rupee.
Closing quotations for yen checks yesterday were the nation asked the President directly to say, pre29.20, against 29.83 on Friday of last week. Hong cisely and without evasion, what his policy at cerKong closed at 40%@40 13-16, against 39Y4® tain fundamental points is to be. It is no "sore39 13-16; Shanghai at 36%, against 36@36.05; head" complaint that the directors of the Chamber
Manila at 49.95, against 49.90; Singapore at 58.50, make, nor does the complaint come from quarters
5
against 58.75; Bombay at 3732, against 37/s and in which the Administration's policy has from the
beginning been more or less systematically opposed.
Calcutta at 373/2, against 37%.
The President is reminded that "for the last eighteen
Foreign Exchange Rates
months" the Chamber has "wholeheartedly supFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
ported" him and his Administration "in the effort
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
SEPT. 22 1934 TO SEPT. 28 1934, INCLUSIVE
toward business recovery." To-day, however, the
Noon Buying Rate fo Cable Transfers in New York
directors "are conscious of a general state of apCountry and Monetary
Value in United Stales Money
Unit
prehension among the business men of the country."
Sept. 22 Sept. 24 Sept. 25 Sept. 26 Sept. 27 Sept. 28
It is their belief "that recovery cannot be accomEUROPEIs
5
Austria.schilling
190241 .190241 .189841* .189933* .189608* .189641*
plished unless men are put at work and the wheels
Belgium. belga
237596j .237550 .237041 .236907 .235969 .235266
Bulgaria, ley
012666 .012725* .012800* .012600* .012500• .0125254
.
of industry begin to turn much more generally and
Czechoslovakia, krone .042164 .042168 .042108 .042096 .042090 .042050
Denmark, krone
.223033 .222650 .221933 .221866 .221508 .222118
rapidly than at present." "Continuous employEngland, pound
4.975416
sterling
4 995250 4.985500 4.969821 4.968333 4.961416 .021991
ment," they declare, "cannot be furnished by the
Finland, markka
022085 .022104 .022016 .022004 .021940 .066436
France. franc
066750 .066732 .066572 .066585 .066547 .404864
Government"; it "must be afforded by business and
Germany, reichsmark .404300 .403946 .402485 .402950 .403400 .009522
Greece. drachma
.009556 .009547 .009525 .009541 .009522 .683476
industry and cannot be brought about without a
Holland, guilder
.686153 .686142 .684625 .684611 .684167
Hungary. pengo
.300450• .300375* .299875* .299250• .299875* .299875*
restoration of confidence."
Italy, lire
086821 .086790 .086616 .086556 .086563 .086440
Norway, krone
.251008 .259566 .249783 .249633 .249254 .249941
The lack of confidence which is halting recovery
Poland, zloty
191475 .191450 .191175 .191025 .190850 .190800
Portugal, escudo
.045600 .045554 .045466 .045366 .045270 .043395
Rumania,leu
is ascribed by the directors of the Chamber to five
.010150 .010150 .010120 .010100 .010033 .010040
.138292 .138321 .138000 .137932 .137914 .137753
Spain, peseta
Sweden. krona
.257508 .257083 .256291 .256125 .255758 .256441
principal causes. The first is "the enormous exSwitzerland, trans_ .330346 .330271 .329585 .329510 .329432 .328911
Yugoslavia, dinar-----023156 .023150 .023125 .023150 .023100 .023120
penditures by the Federal Government, with rapidly
i ASIAChinaincreasing taxes, and uncertainty as to when and
(yuan) dol'r .357083 .357083 .359166 .359166 .362916 .365416
Chefoo
L Hattow(yuan)dol'r .357083 .357083 .359166 .359166 .362916 .365418 how the budget will be balanced." The second is
Shanglial(yuan)clorr .356250 .356250 .358750 .358437 .361875 .384375
3 Tientsin (yuan)dol'r .357083 .357083 .359166 .359166 .362916 .365416
the increased control or management of private
Hongkong. dollar._ .394062 .393687 .395937 .395312 .400000 .403437
India, rupee
.375750 .375110 .374135 .373250 .373210 .373640
business by Government bureaus and officials, a
Japan. yen
297860 .297550 .296387 .295806 .295505 .292640
Singapore (S. S.) dol'r .585000 .584375 .583125 .582375 .582125 .583250
policy which "all history records as destructive of
A USTRA LA9IA- ,
Australia, pound
3 966250* 3.948333.3.949687°3.944062* 3.926250.3.945000'
nations." The third is the "increasing activity by
New Zealand, pound. 3.990312•3.970000.3.973125.3.968750.3.947500*3.969843.
0
AFRICA
the Federal Government in establishing or subsidizSouth Africa, pound.- 4.940312'4.930000* 4.915625•4.910625•4.907500.4.920125•
NORTH AMER.ing enterprises in competition with private busi1.033020 1.035520 1.033515 1.031647 11.027708 1.027786
Canada, dollar
.999150 .999150 .999150 .999150 .999150 .999150
Cuba, peso
ness," and the fourth the "increasing strikes and
Mexico, peso (silver) .277575 1 .277575 .277575 .277575 .277575 .277575
Newfoundland, dollar 1.031125 1.032750 1.030937 1.028828 1.025125 1.025125
SOUTH AMER.
violent labor disturbance, fostered and encouraged
.333033* .332400* .331316* .331166* .330733 .331733*
Argentina, peso
.082275* .082275* .082275* .082275* .082900 .081925*
Brasil, mlirels
by the radicals of labor organizations." The fifth
.102750* .102750* .102600* .101975. .103350 .103400*
Cline. peso
.810750* .810400• .809500• .808875* .808375 .807500*
Uruguay. peso
cause is "utterances by those who assume to speak
578000* .578000* .578000* .578000* .578000* .578000*
Colombia, peso
for the Administration which destroy confidence in
• Nominal rates; firm rates not available.
T
E
Volume 139
Financial Chronicle
1921
the security of property and investments and fill intention in the matter, devaluation has ceased or
the minds of our citizens with grave apprehension whether the process may not at any moment be refor the stability of our Government and its finan- sumed. There has been talk about eventually
balancing the budget, but there is nothing to show
cial in tegrity."
On the basis of this indictment, the most devas- that balancing will be attempted in 1935 or 1936 or
tating that American business has ever lodged any other year, and in the meantime Government
against an Administration, the directors of the spending makes the likelihood of balance more and
Chamber ask six questions regarding which it be- more remote. The National Industrial Recovery Act
lieves that the President should "make a definite has been touted as a temporary measure designed to
statement" respecting the Administration's "policy bridge the period between acute depression and a
and program." "When and how is it proposed to time when something approaching "self-government"
balance the Federal budget?" Is it the intention could safely be restored to business, but not so
"further to reduce the value of the dollar," and, if much as one substantial step in the direction of reit is, "to what figure and what shall be the content laxing the Government hold has been taken; on the
of the dollar so reduced"? Will the Administration contrary, interference and restriction have steadily
"at the earliest opportune moment" join with other increased. Government spokesmen have talked about
nations "in an effort to agree upon a plan for the preserving profits and reasonable competition, but
international stabilization of exchange"? Will the profits are precarious when nobody knows what the
Administration work for recovery "by the encourage- Administration intends to do, and there is more
ment of business initiative, with a minimum of Gov- direct Government competition with private busiernment interference and control, and will it dis- ness to-day than there has ever been and the competicontinue its activities in competition with private tion is increasing. Public spending, huge as it was
enterprise"? What is the Administration's agri- at first, was to be reduced because the unemploycultural policy, and, finally, is it the Administra- ment total was to fall, but there is almost as much
tion's policy "to continue the construction and de- unemployment as ever, with the prospect of a larger
velopment of public works not now needed"?
total, both absolutely and relatively, than the
Such questions as these are neither captious nor country has ever known. With the Administration
incidental. The directors of the Chamber of Com- moving about in a fog and smoke and at the same
merce do not interrogate Mr. Roosevelt regarding time doing or saying things that arouse increasing
just how he intends to "modify" or "reorganize" the apprehension, it would be little short of a miracle
National Recovery Administration, or just how if prosperity returned.
much more money he expects to spend for unemThe first intimation of the Administration's reployment relief of various kinds, or what he is go- action to the Chamber's inquiries is not encouraging.
ing to do about cotton control or processing taxes, According to the Washington correspondent of the
or how many more boards and commissions he pro- New York "Times," Mr. Roosevelt made it clear, at
poses to create to deal with strikes and labor con- the press conference which he held on Wednesday
troversies. They pass over altogether such other- immediately after his return to Washington from
wise important questions as railroad consolidation Hyde Park, that the questionnaire would be "disor public ownership, Treasury control of banking regarded." The Chamber of Commerce of the United
and credit, and the reciprocal tariff policy which States, he indicated, "was only one of hundreds of
Secretary Hull is laboring to put into effect. The similar national organizations which might also exquestions asked strike at the heart of the recovery pect replies to questionnaires if a precedent were
program and the situation which it has created. Are set now," and he even went so far as to find in the
we really to have a balanced budget, or are we to questions a reminder of the old gag about the lawyer
go on spending recklessly money we haven't got and who demanded of an accused witness a yes or no anpiling up a debt which invites currency inflation? swer to the question "Have you stopped beating
Are we to have a stable dollar and, if other nations your wife?" It will be most unfortunate if this is
can be brought to agree, an international stabiliza- to be the President's attitude. The directors of the
tion of exchange, or is the dollar still to be played Chamber of Commerce, we may be sure, were not
with? Will the Federal Government take its hands trifling, and it was not their purpose to embarrass
off business, get out of business on its own account, the President. Their questions, framed plainly but
and leave the initiative to business men, or are busi- with all respect, asked for information at points on
ness and industry to continue to be badgered and which the country is entitled to be informed, and it
bossed from Washington in accordance with the is mere quibbling to maintain that, since other busidestructive notions of the "brain trust"? What kind ness bodies may also ask questions, the President
of an agricultural system is the Administration try- must perforce answer them all. A refusal to answer
ing to set up with its array of restrictions, taxes and can lead, to only one of two conclusions: either that
bribes, and is the country to be mulcted in billions the President does not know what he expects or
for roads, parks, buildings and competitive power hopes to do in the matters about which the Chamber
projects which it does not need and cannot in any inquires, and hence is reluctant to admit his uncase afford, on the theory that business will be certainty, or else that he proposes to continue the
helped and unemployment relieved?
policies which the Chamber has condemned, be the
It will be noted that the questions of the Chamber, consequences what they may.
together with the criticisms out of which they
It will be the more unfortunate if Mr. Roosevelt
spring, ask for a "definite statement" of policy. In sidesteps the issue which has been presented to him,
so doing they point to a cardinal weakness in the because the resignation of General Johnson gave
Administration's attitude toward some of the most him an obvious opportunity to tell the country what
fundamental features of its own program. The he has in mind regarding the future of the National
dollar has been devalued, but the country does not Recovery Administration. There would be occasion
know whether, as far as the Administration has an for national thanksgiving if, with the General no
•
1922
Financial Chronicle
longer in a position to "crack down" as the spirit
moved him, the country were assured that the National Recovery Administration would at the earliest practicable date be relegated.to history and
American industry and business be allowed to resume their normal freedom; but we cannot expect
anything nearly so beneficent as that. What is to
be looked for, apparently, is a series of orders and
decrees, such as those which were announced on Friday,"reorganizing" the National Recovery Administration, possibly with some mitigation of its rigors
and some correction of its mechanical defects, but
hardly with any of its essential principles and
features discarded. The process, if that is what it
is to be, will not meet any of the criticisms voiced
by the Chamber of'Commerce, nor will it be one in
which the country will be likely to take much interest. Whether General Johnson is to be replaced
by another single dictator or by a three-, four- or
five-membered board is of no special importance if
the Government control of business which the National Recovery Administration embodies is to go
on. The report of the Winant Commission on the
textile situation, with more boards but the same
principles, seems to indicate that more machinery,
but no real change of policy, is about all that the
Administration has in mind or really wants. If that
is the case, the questions of the Chamber of Commerce will stand as an indictment of the recovery
program,and to that indictment the Administration
will eventually have to plead.
Federal Home Loan Bank Board
Makes Announcement
Says It Will Insure Individual Accounts Up to $5,000
in Any Insured Institution
In making public the complete rules and regulations for the Federal Savings and Loan Insurance
Corporation, the Federal Home Loan Bank Board
has just announced that insurance of long-term savings invested in many thrift institutions of the
building and loan type is expected to take effect
within a short time. Under these regulations, the
Corporation will fully insure up to $5,000 the
account which any individual or other investor may
have in any insured institution.
All Federal Savings and Loan Associations must
make immediate application for insurance, and over
500 such associations have been chartered through
conversion or as new thrift institutions. In addition, some 7,000 State-chartered institutions of the
building and loan type, holding the accounts of
approximately eight million investors, are expected
to be eligible for insurance, and may apply for it at
their own option.
The way in which such insurance will protect
the investor's savings is described by the Board as
follows: Should an insured institution default,
each of its investors is promptly given the option of
either transferring his insured account to another
insured institution which is not in default, or of
obtaining reimbursement in full from the Federal
Savings and Loan Insurance Corporation. Should
he prefer such reimbursement, he would at once receive 10% of his insured account in cash, an additional 45% in the Corporation's negotiable noninterest-bearing debentures maturing and payable
in cash within one year, and the remaining 45% in
such debentures due and payable in cash within
three years.
Sept. 29 1934
The Board emphasizes the fact that the total
insurance which any investor may have in a single
insured institution is $5,000, regardless of the number of accounts or different types of shares which
he may own in that association. If his net credits
exceed $5,000, his insurance is limited to $5,000, and
the remainder of his account would be uninsured.
However, if he holds several different accounts in a
single institution, aggregating more than $5,000, he
is insured 'up to the full withdrawal value of all such
accounts.
Upon the approval of an application for insurance, the Federal Savings and Loan Insurance Corporation will promptly notify the applicant and
thereafter, upon receipt of the initial premium
charge for insurance, the Corporation will issue a
certificate to the applicant stating that it has become an insured institution, the insurance becoming
effective immediately.
Until an adequate reserve has been built up, each
institution whose application for insurance is approved will pay to the Corporation an annual premium of Y of 1% of the aggregate of all accounts
4
of its insured members plus its creditor obligations.
Half of the premium must be paid when the application is approved, and the remainder six months
later. The subsequent annual premium charges may
likewise be paid in two equal instalments.
Detailed regulations have been formulated to
liquidate insured institutions, should this become
necessary, in order to protect their assets and to
safeguard the Corporation's own resources. Provisions are likewise made for the termination of
insurance, at the instance of either the insured institution or the Corporation, under conditions
which safeguard investors holding insured accounts.
Motor Truck Transportation and
the Railroads
Economic Limit of Motor Truck Haul 125 to 150
Miles
The potential carrying capacity of all motor
trucks, including those within city limits, is at
present 5.2% of the carrying capacity of railroad
cars. The estimated total ton-miles produced by
trucks outside city limits is 12% of the actual production of ton-miles by the railroads.
While the number of trucks and their transportation product are increasing more rapidly than railroad-produced ton-miles, it does not now appear that
direct transportation on the rural highways will increase in a degree that will be competitively injurious to railroads. The economic factors place a
fairly uniform, definite limit on the zones within
which the truck can operate economically.
Moreover, the railroads themselves are becoming
active in utilizing trucks for supplementary service,
and where such service itself is profitable the net
income goes to the railroads. With respect to the
economic limits of the truck, it might be stated that
the truck haul of 125 to 150 miles is the normal outside limit, and that the typical truck haul is from
50 to 75 miles. It is, of course, unsafe to generalize,
since the economic limit depends, in part, upon the
commodity and the local conditions, including the
character and the adequacy of railroad service, and
what rates the traffic will bear.
One Tran Equals 140 Trucks
It is easy to see why the trucks cannot compete
successfully with railroads for mass movements of
Volume 139
Financial Chronicle
1923
freight outside of terminal districts. The average cluding the tax, would be P.60. If the fleet of trucks
freight train in 1933 carrier 699 tons of freight. To were spaced a (truck) length apart, they would
carry that train load in motor trucks of five tons occupy more than three-quarters of a mile of
capacity, fully,loaded, would require 140 trucks, and highway.
However, the comparison, impressive as it is, does
at least 140 truck drivers.
The freight train normally has a crew of five to not entirely reflect the facts, since the average train
six men. For each man on the freight train there load considered is for trains in both directions—
were 117 to 140 tons; for each truck driver there heavy traffic and light traffic—while for truck
would be but five. The fuel consumed by the freight operation a full load is assumed for each truck.
In the heavy traffic direction alone the average
train was about 240 pounds per train-mile, and the
cost at $1.96 per ton was 24c. For the 140 trucks freight train has at least 1,200 tons of freight, which
the total gasoline consumption would be at least 36 would require the use of 240 five-ton trucks and an
gallons per mile, and the cost at 10c. per gallon, ex- equal number of truck drivers.
Regulations Issued by the Federal Reserve Board Governing Margin Requirements
Under Securities Exchange Act of 1934
Under regulations issued on Sept. 27 by the Federal Reserve Board, from 25% to 45% of the current market value
of a security will be the margin requirement for trading
accounts, this, it is noted, conforming to the standard prescribed in the Securities Exchange Act of 1934. In making
public the regulations, which we give further below, the
Board on Sept. 27 gave out the following statement:
The Federal Reserve Board, acting in accordance with the requirements
of the Securities Exchange Act of 1934, has prescribed the margins to be
required by brokers and dealers from customers borrowing for the purpose of
purchasing or carrying securities.
The margin requirements which the Board has prescribed are those laid
down as a standard in the Act, which gives the Board authority to impose
lower or higher margins in accordance with prevailing conditions. Under
the standard adopted a broker or dealer may lend to a customer on many
securities as much as 75% of their current market value, while on other
securities, in particular on those that have had a rapid rise in value since
July 11933. the percentage that may be lent is smaller, but in no case less
than 55%.
Rules prescribed for margin requirements constitute a part of Regulation
issued by the Federal heserve Board, which also deals with other matters
relating to the extension or maintenance of credit by brokers, dealers and
members of securities exchanges for the purpose of purchasing or carrying
securities. Most of the rules in this regulation are for the purpose of preventing the circumvention of the margin requirements, and no restrictions
are placed on loans for industrial, agricultural, or commercial purposes.
The regulation becomes effective Oct. 1 1934. In order, however, that
persons affected might have additional time to familiarize themselves with
its provisions, the Securities and Exchange Commission at the request of
the Federal Reserve Board has made broad use of its power to exempt
securities from the pertinent sections of the Securities Exchange Act. The
exemption granted is for the period from Oct. 1 to Oct. 15.
Regulation T does not prescribe a specific margin that must be maintained after a loan has been granted, but imposes restrictions on the operations which the customer may carry on in his account if his margin falls
below the standard prescribed for initial extension of credit.
Under the law the Board has authority to prescribe regulations, including
margin requirements, applicable to loans made by banks for the purpose of
purchasing or carrying securities. This authority is additional to other
statutes for credit supervision. The Board is studying the present statute
in connection with these other statutes and in due time will issue the required regulation as to bank loans made to purchase or carry securities.
With respect to the new regulations, the Washington correspondent of the New York "Journal of Commerce" commented in part as follows on Sept. 27:
Based on statistics gathered officially, it appears that the average requirement upon brokerage house customers will be 28% as compared with the
average of 25% now demanded under the rules of stock exchanges. The
New York Stock Exchange requirements for the posting of margins average
23.1% on accounts of $5,000 or more and 33.2% on smaller accounts.
No Rules on Short Sales
No rules were issued to-day governing short sales, it being recognized
that the New York Stock Exchange already requires the posting of ten points
a considerable amount in the face of low values. However, when the
Securities and Exchange Commission issues Its rules governing the practice
of short selling, the Federal Reserve Board will accompany the findings
with its decision as to the appropriate margining of such accounts.
Stress was laid by officials here on the fact that there need be no wholesale liquidation of securities because of undermargining. In the first place
the market is given more than two weeks within which to digest the voluminous rules. In the second place, the application of these rules, based on
market conditions as they existed at the end of July, when appropriate
statistics were gathered, would throw into the class of undermargined accounts only 2% more than existed at that time.
An examination of the status of some 200,000 accounts covering about
$2,500,000.000 of securities, shows that the margin basis averages 28%.
Since the market has sagged somewhat since the end of July, it is thought
probable that the percentage now is even less than that referred to above.
In terms of market value as of the end of July. two out of every three
stocks would be subject to 25% of margin, one out of every four,from 25%•
to 45% and one out of 12, 45% according to the new regulations.
Pointing out that the Federal Reserve Board sought to
avoid any possibility of forcing liquidation by stressing that
it was imposing no.specific margin that must be maintained
after a loan had been granted, the Washington account
Sept. 27 to the New York "Herald Tribune" said:
The marginal requirement applies only to the initial purchase. The
government will not take the position of ordering an account to be sold out.
As has been the case previously, the rules of the local stock exchanges and
the judgment of the broker will determine the question of whether an
account is to be sold out.
In the case of accounts now existing in under-margined condition or hereafter falling into such a condition the Federal Reserve Board regulations
merely impose restrictions on the operations in these accounts. The owner
of the account will not be able to withdraw money or securities from the
account unless he substitutes securities of the same market and loan value.
On new purchases for the account the new margin requirements must be
met, but there is no other restriction on such additional purchases.
Sliding Scale Is Fixed
Phe Federal margin requirements prescribed to-day are based on a sliding
scale. The maximum loans on registered securities shall be whichever is the
higher of.
"(1) 55% of the current market value of the security; or
"(2) 100% of the lowest market value of the security computed at the
lowest market price therefor during the period of 36 calendar months immediately prior to the first day of the current month, but not more than 75%
of the current market value, provided, that until July 1 1936. for the purpose of this regulation, the lowest price at which a security has sold on or
after July 1 1933. but prior to the first day of the current month, shall be
considered as the lowest market price of such security during the preceding
36 calendar months; and provided, that the lowest market price which could
be used under the provisions of this regulation during any calendar month
may be used during the first seven calendar days of the succeeding calendar
month."
The effect of this provision is to allow loans varying from 55% to 75%
of the current market value of purchased securities. The margins required
may thus be anywhere between 25 and 45% of the market value.
The full text of the Securities Exchange Act was given in
our issue of June 9 1934, page 3841.
The regulations of the Federal Reserve Board, issued
Sept. 27, follow in full:
REGULATION T, SERIES OF 1934
Extension and maintenance of credit by brokers, dealers and members
of National securities exchanges.
SECTION 1—SCOPE AND EFFECTIVE DATE OF REGULATION
This regulation is issued pursuant to the requirements of Sections 7 and
8 (A) of the Securities Exchange Act of 1934 for the purpose of preventing
the excessive use of credit for the purchasing or carrying of securities,
and applies to the extension and maintenance of credit by members of
national securities exchanges and by brokers and dealers transacting a
business in securities through the medium of such members.
This regulation shall not be construed as applying to the extension or
maintenance of credit on registered securities for any purpose other than
the purpose of purchasing or carrying securities or of evading or circumventing the provisions of this regulation.
This regulation shall become effective on Oct. 1 1934.
Such further regulations as the board deems necessary or appropriate to
carry put the provisions of Sections 7 and 8(A) of the Securities Exchange
Act of 1934 will be issued from time to time.
SECTION 2—DEFINITIONS
For the purposes of this regulation—
(A) The terms "person," "member," "broker," "dealer," "buy."
"purchase," "sale," "sell," "security," "equity security," and "bank"
shall have the meanings given in Section 3 (A) of the Securities Exchange
Act of 1934, which is printed in the appendix to this regulation.
(B) The term "creditor" means any member of a national securities
exchange or any broker or dealer who transacts a business in securities
through the medium of any such member.
(C) The term "account" means any account (whether a "combined
account" or a "special account" or any other account) representing any
financial relationship between any creditor and any customer or any
group of customers acting jointly.
(D) The term "combined account" means the combination of all accounts
(except "special accounts")—between any creditor and any customer,
or any group of customers acting jointly, to or for whom such creditor is
extending or maintaining any credit, directly or indirectly, on registered
securities (other than exempted securities) for the purpose of purchasing
or carrying securities.
Exemptions Are Explained
(E) The term "special account" means any account recorded separately
in conformity with Sections 3 (B), 3 (C). 3 (I)), 5 (B). 6 or 7 (A), of this
regulation; and, when so recorded, such accounts shall be excluded, for the
purposes of this regulation, from all calculations involving "combined
accounts."
(F) Tee term "exempted security" or "exempted securities" shall include securities which are direct obligations of or obligations guaranteed
as to principal or interest by the United States; such securities issued or
guaranteed by corporations in which the United States has a direct or indirect interest as shall be designated for exemption by the Secretary of the
Treasury as necessary or appropriate in the public interest or for the protection of investors; securities which are direct obligations of or obligations
guaranteed as to principal or interest by a State or any political subdivision
thereof or any agency or instrumentality of a State or any political subdivision thereof, or any municipal corporate Instrumentality of one or more
1924
Financial Chronicle
States; and such other securities as the securities and exchange commission
may, by such rules and regulations as it deems necessary or appropriate in
the public interest or for the protection of investors, either unconditionally
or upon specified terms and conditions or for stated periods, exempt from
the operation of any one or more provisions of Section 7 and(or) (8 A)
of the Securities Exchange Act of 1934, which by their terms do not apply
to an "exempted security" or to "exempted securities."
Registered Security Defined
(G) The term "registered security" means any security which is registered on a national securities exchange, or which, in consequence of its
having unlisted trading privileges on a national securities exchange, must,
wider the provisions of Section 12 (I) of the Securities Exchange Act of
1934, be considered a "security registered on a national securities exchange."
(I) The term "maximum loan value" of a security means the maximum
amount of credit which, at any given time, may be extended by any creditor
on such security, in conformhy witb Section 3. The"maximum loan value"
of the securities in an account at any given time, is the sum of the maximum loan values at such time of the individual securities in such account,
including securities bought for the account of the customer but not yet
debited to his account, but excluding securities sold for the account of the
customer for which payment has not yet been credited to his account and
excluding contracts for the purchase or sale of unissued securhies.
(1) The term "unrestricted account" means an account in which, at any
given time, the adjusted debit balance equals or is less than the maximum
loan value at such time of the securities in the account; and any account
which is an unrestricted account at the beginning of business on any given
day may,for the purposes of this regulation, be considered an unrestricted
account throughout such day.
Sept. 29
1934
shall be regarded as not more than the current market value ofsuch security:
Provided, however, that nothing in this regulation shall be construed as
preventing any exchange or any creditor from requiring margin on, or
assigning lower loan values to exempted securities.
(F) Adjusted Debit Balance
For the purpose of this regulation, the adjusted.debit balance of an
account shall be calculated by taking the sum of the following items:
(1) The net debit balance, if any, of the account;
(2) Any amount to be paid for securities (other than unissued securities)
bought for the account of the customer but not yet debited to his account;
(3) The current market value of any securities sold short on the account
(other than unissued securities) plus the margin customarily required by the
creditor on such short commitments;
(4) The amount of any margin customarily required by the creditor on
every future commitment in unissued securities, in commodities or in foreign
exchange, and(or) in connection with the creditor's endorsement or guarantee of any put, call, or other option (plus) any unrealized loss on each such
commitment and(or)(minus) any unrealized gain on each such commitment
not exceeding the margin thereon; (and)
(5) In the case of a guarantor's account, the aggregate of the amounts.
required to make each account guaranteed by such guarantor and unrestricted account: Provided, that in the case of no such guaranteed account
shall the amount exceed that to which the guarantee is limited;
And deducting therefrom the sum of the following items:
(6) The net credit balance, if any, of the account;
(7) Any amount to be received for securities (other than unissued securities), sold for the account of the customer but for which payment has not
yet been credited to his account and
(8) Any amount needed but not yet received by the creditor to provide
Restricted Accounts
any margin required by this regulation: Provided, that (1) a demand for
(J) The term "restricted account" means an account in which, at the
such margin shall have been made in, or confirmed by, a letter or telegram
beginning of business on any given day, the adjusted debit balance exwhich the creditor shall have sent to the customer at his last known address
ceeds the maximum loan value at such time of the securities in the account;
and (2) the time within which the creditor is required by this regulation to
provided, however, that, if during the course of a day, as a result of the
obtain such margin has not expired.
deposit of cash and (or) securities or the sale or substitution of securities by
For the purposes of this regulation, the adjusted debit balance of every
or on behalf of the customer the maximum loan value of the securities in the
account in which any credit is extended or maintained for the purpose of
account becomes equal to or greater than the adjusted debit balance, such
purchasing or carrying securities shall be computed in accordance with the
account may be deemed an unrestricted account throughout such day.
above rules, regardless of whether it be a combined account or a special
(K) The term "initial extension of credit" means any new extension
account.
of credit in an account or any increase in the amount of credit outstanding
In case a customer has more than.one account (other than special acin an account.
counts), with a creditor, his adjusted debit balance and the maximum loan
(L) The term "net withdrawal" means any payment or delivery from
value of the securities in his account shall be calculated, for the purposes of
an account of money and (or) registered and (or) exempted securities
this regulation, on the basis of his combined account, taking into conhaving an aggregate current market value exceeding that of any money
sideration all accounts between such customer and such creditor except.
and (or) registered and (or) exempted securities paid or delivered into the
special accounts.
account on the same day.
In computing the adjusted debit balance of each special account, there
(M) The term "customer" means any person to or for whom, or any
shall be taken into consideration only the items involved in that particular
group of persons to or for whose joint account, a creditor is extending or
account.
maintaining any credit, and includes any partner in a firm to whom such
(G) Current Market Value
firm is extending credit for the purpose of purchasing or carrying securities:
For the purpose of ascertaining the current market value of a security
provided, however, that a partner shall not be deemed to be a customer of
at the time of and in connection with a purchase or sale ofsuch security, the
his firm within the meaning of this regulation with reference to his financial
price at which such security is purchased or sold (whether or not as part of a
relations to thefirm as reflected in his capital and ordinary drawing accounts.
substitution of securities or other transaction) shall be used in computing
the current market value of such security within the meaning of this
SECTION 3—MARGIN REQUIREMENTS
regulation.
(A) General Rule
For the purpose of ascertaining the current market value of any security
7 No creditor shall make any initial extension of credit to any customer
In an account, at any time other than the time of its purchase or sale, the
on any registered security (other than an exempted security) for the purpose
creditor shall have the option of using as the price of such security either
of purchasing or carrying any security in an amount which causes the total
the closing sale or the closing bid price for such security on the preceding
credit extended on such registered security to exceed the maximum loan
business day, as shown by any regularly published reporting or quotation
value of such registered security. Except as specifically provided elseservice used by such creditor (except that such bid price shall not be deemed
where in this section, the maximum loan value of any registered security
to be the current market value of a security sold short).
(other than an exempted security) shall be whichever is the higher of:
In the absence of any such closing sale price, the creditor shall have the
(I) Fifty-five per cent of the current market value of the security; or
option of using either any such bid price on such preceding business day
(2) One hundred per cent of the lowest market value of the security
(except that such bid price shall not be deemed to be the current market price
computed at the lowest market price therefor during the period of thirtyof a security sold short) or the price at which the last sale was recorded, if
six calendar months immediately prior to the first day of the current
such sale occurred during the current or preceding calendar month,as shown
month, but not more than 75 per cent of the current market value: proby any regularly published reporting or quotation service used by such
vided, that until July 11936, for the purpose of this regulation, the lowest
creditor.
price at which a security has sold on or after July 1 1933, but prior to the
In the event that none of the prices above described is available, the
first day of the current month, shall be considered as the lowest market
creditor may use any reasonable estimate of the market price of such
price of such security during the preceding thirty-six calendar months; and
security.
provided, that the lowest market price which could be used under the pro(H) Lowest Market Price
visions of this regulation during any calendar month may be used during the
The lowest market price of a registered security during a specified time
first seven calendar days of the succeeding calendar month.
means the lowest price at which such security has sold during such time on
the national securities exchanges on which it is or has been registered (in(B) Extensions of Credit to Other Members, Brokers and Dealers
cluding such exchanges during that part of the specified time which preceded
In a special account recorded separately, any creditor may extend credit
their respective registrations as national securities exchanges under the
on any registered security to any other member, broker or dealer in an
Securities Exchange Act of 1934):
amount not greater than the maximum loan value of such security, which
Provided, that, if such security is a stock upon which there has been
shall be (except in the case of an exempted security) 80 per cent of the
any stock dividend amounting to more than 10% in any one calendar year,
current market value ofsuch security:
or any reduction or increase in the number of snares by calling in the outProvided, that (1) such other member, broker or dealer is subject to
standing shares and issuing in substitution therefor a smaller or larger
the provisions of this regulation or has places of business only in foreign
number of snares, any prices established before such dividend or change in
countries, (2) such credit is extended or maintained solely for the purpose
number of shares snail be adjusted therefor.
of enabling such member, broker or dealer to carry accounts for his cusA creditor using a figure published as such lowest market price In any
tomers other than his partners. and (3) any credit extended or maintained
record published or approved by any National Securities Exchange may rely
by such creditor to or for such other member, broker or dealer for the
on such figure for the purpose of this regulation.
purpose of purchasing or carrying securities for his account or for the
account of his firm or any of his partners shall not be included in such
SECTION 4—EXTENSION AND MAINTENANCE OF CREDIT
special account and shall be subject to the other provisions of this section.
(A) Statutory Provision
Under the provisions of subsection (C) of Section 7 of the Securities
(C) Extension of Credit to Distributers, Syndicates, &c.
Exchange Act of 1934. it is unlawful for any member of a national securities
In a special account recorded separately, any creditor may extend
exchange or any broker or dealer who transacts a business in securities
credit on any registered security in an amount not greater than the maximum
through the medium of any such member,directly or indirectly to extend or
loan value thereof, which shall be (except in the case of an exempted
maintain credit or arrange for the extension or maintenance of credit to or
security) 80 per cent of the current market value of such security:
for any customer on any registered security (other than an exempted
(1) To any dealer, for the purpose of financing the distribution of an
security) in contravention of the regulations of the Federal Reserve Board.
issue of securities at wholesale or retail; or
(B) General Rule
(2) To any group, joint account or syndicate, for the purpose of underwriting or distributing an issue of securities.
A creditor may permit credit to be maintained in any account in accordance with the provisions of this section. regardless of reductions in the
(D) Arbitrage Accounts
customer's equity resulting from changes in market prices and(or) from
If such transactions are recorded separately in a special account and
charges to the account of the customer permitted under Section 8(b) of this
are not used for the purpose of evading or circumventing the provisions
regulation.
of this regulation, any bona fide arbitrage transactions in securities and
(C) Transactions in Unrestricted Accounts
any credit extended or maintained to or for a customer for the purpose of
A creditor shall not permit any customer to make in an unrestricted
financing such transactions shall be exempt from the other provisions of this
account any transaction or combination of transactions which would cause
regulation: provided, that the customer shall maintain a margin equal to
such account to become a restricted account, unless he demands, in accord2% of any net debit balance in such account, unless the account contains
ance with Section 4 (e) of this regulation, additional margin in an amount
no securities except exempted securities.
sufficient to make such account an unrestricted account.
(E) Exempted Securities
(D) Transactions in Restricted Accounts
In an account which contains both exempted securities and registered
A creditor shall not permit a customer to make in a restricted account
non-exempted securities, the maximum loan value of an exempted security
any transaction which, in combination with any other transactions made on
Volume 139
Financial Chronicle
the same to-day and together with demands for additional margin in connection therewith, results in any increase of the excess of the adjusted debit
balance of the account over the maximum loan value of the securities in
the account, or results in any net withdrawal of cash and(or) securities:
Provided, however, that a creditor may permit a customer to make any
transaction or combination of transactions which causes the account to
become an unrestricted account; and provided, tnat any substitution of
securities consisting of a sale of securities in the account and the purchase
of other securities, if completed within a period of two successive business
days, may be considered, for the purposes of this section, as a single transaction occurring on the day on which the purchase occurs
(E) Time When Margin Must Be Obtained
Whenever the creditor is required to demand additional margin in order
to comply with this regulation, he shall demand the required amount of
margin as promptly as possible and shall obtain such margin as promptly
as possible in view of the established usages of the trade and the circumstances of the case and in all events before the expiration ofthree full business
days (exclusive of Saturdays. Sundays and holidays) from the date of the
purchase or other transaction on account of which such margin is required.
unless, within such time such account is brought into conformity with this
regulation by some other method:
Provided that, in exceptional cases, any regularly constituted committee
of a national securities exchange having jurisdiction over the business conduct of its members of which exchange the creditor is a member or through
which his transactions are effected, may grant a further extension oftime not
exceeding ten days. on application of the creditor, if such committee is
satisfied that the creditor is acting in good faith and that the circumstances
warrant such action:
Provided, however, that if the account be a restricted account (1) in the
case of a withdrawal of cash, the necessary amount of securities must be
deposited on the same day;(2) in the case of a withdrawal of securities, the
necessary amount of cash must be deposited on the same day; and (3) in
the case of a substitution ofsecurities (not involving a sale ofsecurities in the
account and the purchase of other securities) the securities substituted must
be deposited on the same day that the securities for which they are substituted are withdrawn.
(F) Time When Payment or Margin is Deemed to Be Received
For the purposes of this regulation, any creditor who shall in good
faith accept any check or draft drawn on a bank which in the ordinary
course of business is payable on presentation, or any order on a savings
account with passbook attached, shall be deemed to have received payment
of the amount of such check, draft, or order within the meaning of this
regulation at the time sucd check, draft or order is received; and any
creditor who shall in good faith ship securities with sight draft attached
shall be deemed to have received payment of the amount of such sight
draft at tne time of the shipment of the securities to wnicn such sight draft
is attached.
Provided, that,if such check, draft, order or sight draft is not paid on the
day of presentation, the creditor shall, before the expiration of three full
business days from the receipt of notice of such non-payment, obtain actual
payment, cancel the sale, resell the securities for the account of the customer, or obtain the deposit of additional securities having a loan value
sufficient to provide the margin needed.
Foreign Currency Provision
Any member, broker or dealer who snail receive payment of any amount
in any foreign currency capable of being converted without restriction into
United States currency, shall be deemed,for the purposes of this regulation,
to have received payment of an amount equal to the value of the foreign
currency so paid, computed at the buying rate for cable transfers of such
foreign currency on the preceding business day as determined and certified
by the Federal Reserve Bank of New York and published by the Secretary
of the Treasury pursuant to the provisions of Section 522 of Title 4 of the
Tariff Act of 1930.
Any person who shall deposit with a creditor any such foreign currency
may, for the purpose of determining the adjusted debit balance in an
account of such person, be credited with the value of such foreign currency
computed as hereinabove prescribed.
In the case of any special account which grows out ofregular correspondent
relationships between a creditor and a customer who is not located in the
same city and who is a member, broker, or dealer, securities which are in
transit from such customer to the creditor for the purpose of increasing the
customer's margin may, for the purposes of this regulation, be deemed to
have been received by the creditor at the time he receives and accepts in
good faith a telegram or letter from the customer stating thatsuch securities
have been shipped to the creditor.
1925
A bona fide cash transaction is one in which a creditor sells a security
to a customer or purchases a security for a customer upon an agreement made
in good faith, and not to evade or circumvent the provisions of this regulation, that the customer will promptly make full cash payment for the
security so sold or purchased.
Every creditor shall record separately in a special account all such
bona fide cash transactions in connection with which be extends credit and
shall record the full details of each such cash transactions, including the
name and address of the customer, a description of the security involved.
the terms and date of sale and the date and manner of payment.
No extension of credit which is incidental to any such bona fide cash
transaction shall constitute a violation of this regulation, (1) if payment
for such securities is actually received, or the creditor is deemed to have
received payment for the purpose of this regulation, at or within the time
specified above,or (2) if the creditor cancels the sale or resells the securities
for the account of the customer within two days after the time when payment should have been received under this subsection:
Provided, however, that, in exceptional cases, any regularly constituted
committee of a national securities exchange having jurisdiction over the
business conduct of its members,of which exchange the creditor is a member
or through which nis transactions are affected, may, on application of the
creditor, grant a further extension of time not exceeding thirty-five days or
authorize the creditor to extend credit on such security subject to the provisions of this regulation, if such committee is satisfied, that the creditor
is acting in good faith and that the circumstances warrant such action.
SECTION 7—ACCOUNTS EXISTING ON OCT. 1 1934
(A) Old Accounts
A creditor may designate any account maintained by him at the opening
of business on Oct. 1 1934, as an old account by making an appropriate
entry in the record ofsuch account prior to Nov. 15 1934,and such creditor
may carry such account separately as a special account and maintain credit
and permit transactions therein:
Provided, That, in order to prevent the circumvention of this regulation such transactions and the maintenance of such credit shall be subject
to the provisions of Section 4 of this regulation.
Provided, That the creditor shall not at any time permit the customer
to make any transaction or combination of transactions in such old account
which would increase the adjusted debit balance of such account above the
amount existing at the timesuch transaction,or combination oftransactions.
is instituted:
Provided, however, that if such account is an unrestricted account on
Oct. 15 1934, the creditor, at any time prior to Nov. 15 1934, may permit
the customer to withdraw therefrom such amount of money and (or)
securities as will not make such account a restricted account. Any account
not so designated as an old account prior to Nov. 15 1934, shall be subject
to all the provisions of this regulation.
(B) New Accounts
Notwithstanding any other provision of this regulation, a creditor may
at any time permit a customer having an old account, recorded separately
as above provided, to establish and maintain one or more new accounts,
which new accounts shall be subject to all the applicable provisions of this
regulation, except that they shall not be affected by the status of or 'Lanaactions in the old account.
(C) Consolidation of Old Accounts With New Accounts
At any time prior to July 1 1937, a creditor may permit or require any
customer to consolidate his old account with any of his new accounts
and thereafter the consolidated account shall be considered a new account
within the meaning of this regulation:
Provided, that all ,uch accounts shall be consolidated, liquidated or
otherwise disposed of on or before July 1 1937.
SECTION 8—ADMINISTRATIVE ADJUSTMENTS AND DETAILS
(A) Borrowing and Lending Securities
Neither the bona fide deposit of cash,in order to borrow securities for the
purpose of making delivery of such securities in the case of short sales, delayed deliveries and other similar transactions, nor the bona fide lending of
securities for such purposes shall be considered an extension or maintenance
of credit 'within the meaning of this regulation.
(B) Interest, Commissions, &c.
Interest on credit maintained in an account, commissions on transactions
in an account,sale or transfer taxes on transactions in an account,premiums
on securities borrowed in connection with short sales or to effect delivery,
dividends,interest, rights or other distributions due on borrowed securities,
and any service charges which the creditor may impose, may be debited to
such account in accordance with the usual practice and shall be taken into
consideration in calculating the net balance ofsuch account; but the debiting
SECTIONS 5—EXTENSION OR MAINTENANCE OF CREDIT
WITHOUT COLLATERAL OR ON COLLATERAL OTHER
of any such item to an account shall not be considered a violation of this
regulation whether or not such account is a restricted account and whether
THAN EXEMPTED OR REGISTERED SECURITIES
or not the debiting of such item causes an unrestricted account to become
(A) General Rule
a restricted account.
provisions of Subsection (c) of Section 7 of the Securities
Under the
(C) Declaration as to Purpose of Loan
Exchange Act of 1934, it is unlawful for any member of a national securities
Every extension of credit on a registered security (other than an exempted
exchange or any broker or dealer who transacts a business in securities
security) shall be deemed, for the purposes of this regulation, to be for the
through the medium of any such member, directly or indirectly to extend
purpose of purchasing or carrying securities, unless the customer shall file
or maintain credit or arrange for the extension or maintenance of credit
with the creditor a written declaration signed by the customer which shall
to or for any custmoer without collateral or on any collateral otner tnan
state the use to be made of such credit and which shall state specifically
exempted and (or) registered securities except as expressly permitted by
that such credit is not for the purpose of purchasing or carrying securities
this regulation.
or of evading or circumventing the provisions of this regulation.
(B) Credit Not for Purchasing or Carrying Securities
In any case in which a creditor Is required to comply with the provisions
separately, a creditor may. notwithstanding
In a special account recorded
of this regulation, if an extension of credit is for the purpose of purchasing
any other provision of this regulation, extend credit to any customer, withor Carrying securities he may rely upon a written declaration of the customer
out collateral or on any collateral other than non-exempted registered
such as that required above, unless he knows the statement to be false or
securities, for any bona fide commercial, industrial or other purpose except
has information which would put a prudent man upon inquiry and if investhe purpose of purchasing or carrying securities or of evading or circumtigated with reasonable diligence would lead to the discovery of the falsity
venting the provisions of this regulation.
of the statement.
(D) Guaranteed Accounts
(C) Additional Collateral for Maintenance of Existing Credits
Notwithstanding the definitions of the terms "unrestricted account" and
As security for the maintenance of credits initially extended prior to
"restricted account," a creditor may regard as an unrestricted account any
Oct. 11934, or extended in conformity with this regulation, for the purpose
account which is guaranteed in writing for an amount sufficient to makesuch
of purchasing or carrying securities, a creditor may until July 1 1937,
account an unrestricted account by a person who has an account with such
accept or retain as collateral, in addition to exempted securities and recreditor containing securities of sufficient loan value to make such guargistered securities, any collateral whatsoever:
anteed account an unrestricted account in addition to providing the margin
Provided, that collateral other than exempted or registered securities (1)
required by this regulation on the guarantor's account.
shall not be the basis of any additional extension of credit, and (2) shall be
(E) Transfer of Accounts
given no value in determining the maximum loan value of the securities
In the event of the transfer of an account from one creditor to another,
in the account.
such account may be treated for the purposes of this regulation as if it had
SECTION 6—CASH TRANSACTIONS
been maintained by the transferee from the date of its origin.
Notwithstanding any other provision of this regulation, a creditor may,
(F) Credit for Clearance of Securities
subject to the conditions specified in this sectoin, make extensions of credit
The extension or maintenance of any credit which is maintained for only
for limited periods not exceeding seven days and effect other transactions
a fraction of a day (that is, for only a part of the time between the beginning
which are incidental to bona fide cash transactions.
1926
Financial Chronicle
of business and midnight on the same day) shall be disregarded for the putposes of this regulation, if it is incidental to the clearance of transactions in
securities directly between members or through an agency organized or
employed by the members of a national securities exchange for the purpose
of effecting such clearances.
(G) Innocent Mistakes
If any failure to comply with this regulation results from an innocent
mistake made in good faith in executing a transaction, recording, determining, or calculating any loan, balance, market price, loan value, or other
administrative adjustment or detail, the creditor shall not be deemed guilty
of a violation of this regulation:
•Provided, that (1) the mistake is corrected promptly, (2) any additional
margin required is obtained within the time allowed by this regulation from
the date of the discovery of the mistake.
(H) Transactions Outside United States
In view of the provisions of Section 30 (b) of the Securities Exchange
Act of 1934, nothing in this regulation shall apply to any creditor in so far
as he transacts a business in securities without the jurisdiction of the
United States, unless he transacts such business In contravention of such
rules and regulations as the securities and exchange commission may prescribe as necessary or appropriate to prevent the evasion of the Securities
Exchange Act of 1934.
SECTION 9—REPORTS
Every member of a national securities exchange and every broker or
dealer who transacts a business in securities through the medium of any
such member,shall, in the manner and form to be prescribed by the Federal
Reserve Board, make such periodic, special. and (or) other reports as the
Federal Reserve Board may require from time to time.
SECTION 10—BORROWINGS BY MEMBERS, BROKERS AND
DEALERS
(A) General Rule
Under the provisions of Section 8 of the Securities Exchange Act of 1934
it is unlawful for any member of a national securities exchange, or any
broker or dealer who transacts a business In securities through the medium
of any such member, directly or Indirectly, to borrow in the ordinary course
of business as a broker or dealer on any registered security (other than an
exempted security) except:
(1) From or through a member bank of the Federal Reserve System, or
(2) From any non-member bank which shall have filed with the Federal
Reserve Board an aggreement which is still in force and which is in tne
form prescribed by this regulation, or
(3) To the extent to which, under the provisions of this regulation, the
Federal Reserve Board permits loans between such members and (or)
brokers and (or) dealers, or to meet emergency needs.
(B) Borrowing From Non-Member Banks
Each non-member bank which has filed an agreement in the form prescribed by this regulation will be given a certificate evidencing that fact.
Interested persons may obtain from the Federal Reserve agent at any
Federal Reserve Bank the names of banks which have filed such agreemeats and information as to whether in each case the agreement is still
In force.
(C) Borrowing From Other Members, Brokers and Dealers
A creditor may borrow from another creditor in the ordinary course of
business as a broker or dealer on any registered security to the extent and
subject to the terms upon which the latter may extend credit to him in
accordance with the provisions of this regulation and subject to such rules
and regulations as the Securities Exchange Commission may prescribe
under the provisions of Section 8 (c) of the Securities Exchange Act of
1934.
(D) Emergency Loans
Notwitnstanding any other provision of this regulation, any member
of a national securities exchange, or any group of such members, may,
with the approval of any regularly constituted committee of a national
securities exchange having jurisdiction over the business conduct of such
members, make loans to meet the emergency needs of any other such member or oi a broker or dealer transacting business through the medium of
any such member, and all such loans, woether made prior or subsequent
to the effective date of this regulation, may be maintained, renewed, and
(or) extended until the Federal Reserve Board shall determine that the
emergency justifying such loan has ceased to exist; provided, that any such
committee approving the making, renewal, or extension of such loan, made
after the effective date of this regulation, shall, within ten days, make a
written report of all facts relative thereto to the Federal Reserve agent of
the district in which such Exchange is located.
Any member of a national securities exchange and any broker or dealer
who transacts a business in securities through the medium of any such
member may borrow in accordance with the provisions of this section for the
purpose of meeting his emergency needs.
SECTION 11—QUALIFICATION OF NON-MEMBER BANKS TO
LEND TO MEMBERS, BROKERS AND DEALERS
(A) Form of Agreement
In order to qualify, pursuant to the provisions of sub-section (a) of
Section 8 of the Securities Excnange Act of 1934, as a bank from which it is
lawful for any member of a national securities exchange or any broker or
dealer who transacts a business in securities through the medium of any such
member,to borrow, in the ordinary course of business as a broker or dealer,
on registered securities (other than exempted securities) a bank which is not
a member of the Federal Reserve System and which is not included In the
classes of banks referred to in sub-section (b) of this section,shall file, in the
manner hereinafter prescribed, an agreement on F. R. B.form T-1, which
form Is hereby made a part of this regulation.
The execution of such agreement shall be authorized by the adoption by
the board of directors or other governing body of the bank of a resolution
in the form contained in F. It. B. form T-1 and the agreement when filed
shall be accompanied by a copy of such resolution certified by the secretary
or other duly authorized officer of the bank in the manner provided for in
F. R. B.form T-1.
(B) Banks In Territories or Insular P
ions, Branches of
Foreign Banks
In order to qualify, pursuant to the provisions of sub-section (a) of
Section 8 of the Securities Exchange Act of 1934, a bank which is not a
member of the Federal Reserve System and which has its principal place of
business in a territory or insular possession of the United States (including
the Philippine Islands and the Canal Zone) or which is not a member of the
Federal Reserve System and which has its principal place of business in a
foreign country and has a brancn or agency in the United States, shall file
In lieu of the agreement on F. It. B. Form T-1 an agreement on F. R. B.
Form T-2, which form is hereby made a part of this regulation.
Sept. 29 1934
Such agreement when filed shall be accompanied by proof of the authorization of its execution in the manner provided on F. R. B. Form T-2.
(C) Method and Evidence of Filing
Duplicate originals of F. R. B. Form T-1, when properly executed, shall
be delivered to the Federal Reserve agent at the Federal Reserve Bank of the
district in which is situated the qualifying bank's principal place of business
and such delivery shall constitute filing with the Federal Reserve Board.
A certificate evidencing such filing will thereupon be delivered to the
qualifying bank by the Federal Reserve agent.
Duplicate originals of F. R. B. Form T-2, when properly executed, shall
be delivered to the Federal Reserve agent at the Federal Reserve Bank of
New York or the Federal Reserve agent at the Federal Reserve Bank of San
Francisco and delivery to either such Federal Reserve agent shall constitute
filing with the Federal Reserve Board.
The Federal Reserve agent to whom such delivery is made shall thereupon
send a certificate evidencing such filing to the qualifying bank and to each
branch or agency of the qualifying bank which is listed in F. R. B.Form T-2,
and shall at the same time send appropriate notice of such filing to the
Federal Reserve agent at the Federal Reserve Bank In each Federal Reserve
district in which is situated one or more of such branches or agencies.
(D) Termination of Agreements
Any agreement of F. R. B. Form T-1 or F. R. B. Form T-2 filed with
the Federal Reserve Board shall be subject to termination at any time
by order of the board, after appropriate notice and opportunity for hearing,
because of any failure by the bank filing such agreement to comply with the
provisions thereof or with the provisions of the Securities Exchange Act of
1934, the Federal Reserve Act, as amended, or the Banking Act of 1933,
which are applicable to member banks and which relate to the use of credit
to finance transactions in securities, or with such rules and regulations as
may be prescribed pursuant to such provisions of law or for the purpose of
preventing evasions thereof.
For any willful violation of such agreement, the offending bank will be
subject to the penalties prescribed by the Secui Ides Exchange Act of 1934
for violation of rules and regulations prescribed thereunder.
(E) Forms Available
Copies of F. R. B. Form T-1 and F. R. B. Form T-2 may be obtained
from the Federal Reserve agents at the Federal Reserve Banks.
SECTION 12--t-ADDITIONAL REQUIREMENTS BY EXCHANGES
AND CREDITORS
Nothing in this regulation shall be construed as preventing an exchange
from adopting and enforcing any rule or regulation requiring its members
to secure or maintain higher margins or otherwise restricting the amount
of credit which may be extended by such members.
Nothing in this regulation shall be construed as modifying the right of
any creditor to require additional security for the maintenance of any credit
or as restricting the right of any creditor to refuse to extend credit or to sell
any securities or property held as collateral for any loan or credit extended by
him.
HOLC 23 % Bonds, Series B, Listed on New York
4
Stock Exchange
The Committee on Stock List of the New York Stock
Exchange directed on Sept. 24 that the 2%% bonds, series B,
dated Aug. 1 1934, and due Aug. 1 1949, of the Home
Owners' Loan Corporation be admitted to the list. The
listing of the bonds was requested on Sept. 22 by the Federal
Reserve Bank of New York. It was stated that this request
was made in accordance with instructions received from the
Treasury Department. Previous reference to the listing of
bonds of the HOLC on the Stock Exchange was referred
to in our issue of May 26, page 3525.
National Association of Manufacturers Points Out
Responsibilities of New Congress—Proposes Questionnaire for Submission to Congressional Candidates Incident to Effective Industrial Recovery
It is pointed out by the National Association of Manufacturers that the new Congress must decide "whether we
are to plunge further into State capitalism or begin to work
our way back to firmer foundations." The Aspociation proposes a list of 12 questions to be submitted to Congressional
candidates "as a means of assisting the electorate to a better
understanding of how deeply their future welfare, dependent
upon a prosperous industry, is involved in voting."
President Bardo of the Association refers to the questionnaire as "a non-partisan effort directed solely towards the
essentials of industrial recovery." The questions follow:
1. Do you believe Congress should resume its full legislative and deliberate Powers?
2. Do you favor reducing government control of the management of
private business?
3. Will you work and vote for an early return to balanced governmental
budgets?
4. Do you believe that employees should be free to join or not to join
legitimate labor organization of any sort without coercion from any source?
5. Should an individual be free to sell his own labor individually or collectively, as he and his employer may agree to their mutual satisfaction?
6. Do you believe where collective bargaining exists there shouldLbe
corresponding collective responsibility for Its exercise?
7. Do you believe in maintaining the constitutional division of power
between the Federal and State governments?
8. Do you favor awarding governmental contracts to the lowest resPonslble bidder, in accordance with law, instead of using contracts to compel
acceptance by bidder of governmental policies not specifically provided
by law?
9. Do you believe that the powers of taxation should be used solely for
securing revenue for the legitimate functions of government?
10. Do you favor government competition with private business?
11. Do you believe that government operations should be placed on a
comparable accounting basis, particularly where the Government competes
with private business?
1927
Financial Chronicle
Volume 139
1969, gained 2% points to close at 60; Norfolk Southern 5s,
1961, closed at 18 compared with 16% last week.
Utility bonds of all classes showed further recovery during the week. From the most speculative issues, like American Electric Power 6s, 1957, which advanced 1 point to 14%
for the week, through successively better grades to the
highest, represented by Buffalo General Electric 5s, 1939,
The Course of the Bond Market
which gained % point to close at 107%, advances of modBond prices have made moderate progress this week, erate proportions were shown. In the intermediate groups,
although the gains were not as large as those of last week. West Penn Electric 5s, 2030, advanced 4% points to close
Rails and utilities were again the leaders, with industrial at 65%; Penn-Ohio Edison 6s, 1950, closed at 66, a gain of
of Oklahoma 5s1 1957, were up 4%
Issues for the most part marking time. Credit conditions 3%, and Public Service
points, selling at 86. Stability or strength in such special
remain unchanged. Member bank reserve balances rose by
classifications as New York tractions and California and
$81,000,000, which more than canceled last week's decrease. Pacific Northwest utilities was especially noticeable.
United States Government bonds have receded slightly
Paralleling the trend of the stock market, medium-grade
during the week. Secretary of the Treasury Morgenthau industrial bonds showed price improvement tendencies dur/
announced that if market conditions were favorable a long- ing the week. American Rolling Mill 5s, 1938, advanced 24
term issue would be floated to cover the Dec. 15 financing, point to 103%; Goodrich 6s, 1945, gained 2% to close at
4s, 1948, showed a gain of 1%,
4
when $993,000,000 of 21 % certificates mature. About $400,- 83%; National Dairy 5Y
closing at 98%; Wheeling Steel 4%s, 1953, at 81 were up
000,000 of the called Liberty bonds have not as yet been
offered for exchange into the new issue. The Treasury 1% points. There has been apparent, in addition, some
expects to be called upon to pay about $250,000,000 of this firming of prices among those high-grade industrials which
in cash on Oct. 15, for which it has ample funds, its cash
showed minor recessions in the last few weeks.
balance amounting to about $2,100,000,000.
Foreign bonds were strong, the averages reaching new
High-grade railroad bonds were firm and slightly higher. high levels for the year. Japanese issues, both the GovBangor & Aroostook 1st 5s, 1943, at 108% were up 1% ernment and the various utility issues traded in here, were
points; Texas & Pacific 1st 5s, 2000, closed at 107 compared
particularly strong. Some recovery was seen in German and
with 106% last week. Medium-grade rail issues showed
Italian issues. Latin American bonds experienced some
somewhat larger gains. Louisville & Nashville ref. 4%s, recession, of fractional proportions in the case of Argen2003, closed at 93, up 2 points since last Friday; New York
tine, but more severe for Chilean bonds.
Central cony. 6s, 1944, advanced % point to 113. Higher
Municipal bonds showed a generally firmer tone. There
prices were general throughout the lower-grade railroad
was an increase in inquiries regarding these issues, parissues. Baltimore & Ohio cony. 4%s, 1960, advanced 2%
ticularly the shorter maturities.
points to 56%; Missouri Pacific ref. 5s, 1977, closed at 26%
Moody's computed bond prices and bond yield averages
compared with 25 last week; Louisiana & Arkansas 1st 5s. are given in the following tables:
12. Do you believe in creating by law, through such measures as compulsory unemployment insurance, old age pensions, etc., a private right
to publicly controlled funds, thus reducing the efforts of individuals to
provide for themselves and increasing their unwillingness to rely on the
government for support, thereby aggravating the very evils which such
legislation is intended to relieve?
MOODY'S BOND YIELD AVERAGES t
(Based on Individual Closing Prices)
MOODY'S BOND PRICES
(Based on Average Yields)
00WWWWWWWWW
Aaa 1
Aa
A
Baa
120 Domestic
Corporate* by Groups
RR.
P. U. 'Indus.
0000=0WWWWWWW0M0000C 0C=
0 00000000000000
0
000 0000
0
66
6 ;;,4,6*..664.6t%46s4.6g8.400%0
..443 WO
=
120 Domestic Corporate*
by Ratings
6.6666666io66664.66662giob!
- 6 ....6i4bi4eQ66La..-667-41.6i4g.goi4.6266,bobia6666:1.6 w m wwwwwwdaosocoocam
aa wwww...w.-wwww
ac0-4.-,
s.-4,
4atoowwmompetm.-
120
U. S.
Govt. DomesBonds
tie
Corp.'
••
commeommeocwmcaommeoccomopmcH
.oceo
4,Dmommeowwwwoccocescopowcmcommccopecocwommww otecoocho,
ocpappooc
•
"a 0, 0,0....0.0..4o,-wwaa.r.o.coary.qwwwwwwwwoommwoow-i-ioococa
1934
Daily
Averages
AU
120
1934
Daily DomesAverages
120 Domestic Corporate
by Ratings
Aaa
Aa
A
Baa
120 Domestic
Corporate by Groups
RR.
For.
P. U. Indus. signs
6
,
.
8b.;-• k6666.6i466. 6666:446
J..100WWW0.4WOWWWW0WW-.4.-...00
WWWW
;.
94.88
94.88
94.73
94.58
94.58
94.29
93.99
93.55
92.97
92.10
91.96
92.25
92.25
92.82
92.97
93.40
93.99
94.29
94.29
94.58
94.73
94.73
•
77.00
76.89
78.89
76.57
76.46
76.35
76.14
75.50
74.98
74.36
74.25
74.57
74.67
75.40
75.40
75.82
76.03
76.35
76.35
76.57
76.78
78.78
0000000000000000000000
00
..00
,
00b.INWWWWWWW.
0.
94.43
94.58
94.29
94.14
94.14
93.99
93.55
93.28
92.82
92.25
92.25
92.53
92.68
92.82
92.82
93.40
93.70
93.55
93.70
93.85
93.85
93.99
10.4,
.400,
10,WWWWWW0000
e."""'WWW.."WW.410,00
"........
105.37
105.54
105.54
105.54
105.37
105.37
105.20
105.03
104.85
104.51
104.33
104.51
104.51
105.20
105.37
105.89
106.42
1013.42
106.60
106.60
106.78
106.98
d.
106.78
•
•
0
.
.P.WWWWWWWWW00
0.0&&&&&&&&
0
D
WWWW
WW...4W0W010020
WOWg000.
0
000...0000
4...C.0.0.000000...00r.-.WWWWWW0,0.0.10.00WWW000.0,0.
0.000WWWWWWW
4.53
6.96
5.37
5.08
6.48
5.11
4.43
3.96
4.53
6.97
5.38
5.08
6.49
5.10
4.42
3.95
7.00
4.53
5.38
6.49
5.09
5.12
4.42
3.96
7.01
4.53
5.40
5.10
6.52
5.13
4.42
3.96
7.06
4.53
5.42
5.10
6.53
5.13
4.43
3.97
7.12
4.53
5.42
5.12
5.14
6.59
4.43
3.97
s.oq 3.97 4.44 6.17 6.56 5.14 5.43 4.53 7.13
7.14
4.54
5.46
5.17
6.62
5.19
4.45
3.97
5.06
4.55
7.18
5.50
5.21
6.67
5.22
4.46
3.99
5.09
7.19
4.56
5.52
5.27
5.26
6.73
4.48
3.99
5.12
4.58
7.20
5.51
5.28
6.74
5.26
4.49
4.00
5.12
7.21
4.55
5.49
5.26
5.24
6.71
4.48
3.98
5.10
4.54
7.24
5.49
5.26
6.70
5.23
4.48
3.97
5.10
7.24
4.51
5.46
5.22
5.22
6.63
4.44
3.96
5.06
4.50
7.25
5.47
5.21
6.63
5.22
4.43
3.96
5.06
4.49
7.25
5.43
5.18
6.59
5.18
4.40
3.95
5.03
7.27
4.48
5.41
5.14
6.57
5.16
4.37
3.93
5.01
7.29
4.48
5.40
5.12
6.54
5.17
4.37
5.00
3.93
7.30
4.48
5.39
5.12
6.54
5.16
4.36
3.93
5.00
4.48
7.30
5.39
5.10
6.52
5.15
4.36
3.92
4.99
4.46
7.31
5.39
5.09
6.50
5.15
4.35
5.. 4.98 3.93
4.46
7.32
5.39
5.09
5.14
6.50
4.34
3.93
4.98
Stock E xehang e Close d.
7.30
4.46
5.37
5.08
6.47
5.13
4.35
3.92
4.97
104.8.
94.14 77.11 94.88
Weekly
7.31
4.46
5.37
5.08
6.47
5.12
4.36
3.93
106.60 94.29 77.11 94.88
104.8.
Aug.31.. 4.97
4.48
7.34
5.38
5.03
6.44
5.12
4.34
3.94
24._ 4.98
106.96 94.29 77.44 95.63
104.5
4.48
7.33
5.39
5.05
6.50
5.10
4.34
3.93
4.97
106.96 94.58 76.78 95.33
104.5
7.30
4.46
5.39
5.13
5.11
6.57
4.34
3.94
106.96 94.43 76.03 94.14
10_ _ 4.99
104.8
105.2
107.85 96.08 77.77 96.70
3__ 4.90 3.89 4.29 5.00 6.41 4.98 5.30 4.44 7.37
4.46
7.47
5.33
4.91
6.37
5.00
4.32
3.91
107.31 96.08 78.21 97.47
104.8
July 27_ 4.90
7.36
4.37
5.17
4.77
6.08
4.88
4.26
3.86
108.39 97.94 81.54 99.68
106.4
20.- 4.77
7.37
4.36
5.18
4.72
6.00
4.88
4.26
3.87
106.6
13._ 4.75
108.39 97.94 82.50 100.49
7.45
4.39
5.22
4.78
4.94
8.04
4.29
3.90
4.79
107.85 97.00 82.02 99.52
106.0
7.46
4.39
5.22
4.77
6.04
4.93
4.28
3.91
108.03 97.16 82.02 99.68
June 29-- 4.79
106.0
7.49
4.39
5.22
4.77
6.05
4.93
4.28
3.92
4.80
108.03 97.16 81.90 99.68
22106.0
4.40
7.53
6.24
4.74
8.02
4.93
4.29
3.91
4.79
15107.85 97.16 82.26 100.17
105.8
7.35
4.43
5.27
4.80
6.08
4.98
4.33
3.93
4.83
107.14 96.39 81.54 99.20
105.3
4.46
7.29
5.31
4.84
6.15
5.02
4.35
3.96
4.87
106.78 95.78 80.72 98.57
104.8
104.8
may 25-- 4.86 3.98 4.35 4.99 6.12 4.83 5.30 4.46 7.25
106.78 96.23 81.07 98.73
4.47
7.20
5.25
4.81
6.04
4.96
4.36
4.00
106.60 96.70 82.02 99.04
104.6
. 4.84
IS7.14
4.48
5.28
4.82
6.07
4.95
4.37
4.02
11._ 4.85
106.42 96.85 81.66 98.88
104.8
4.47
7.16
5.24
4.77
5.96
4.94
4.37
4.04
4.83
106.42 97.00 81.78 99.68
104.6
7.28
4.48
5.24
4.75
5.92
4.40
4.92
4.04
Apr. 27-. 4.82
105.89 97.31 83.48 100.00
104.5
7.21
4.49
5.25
4.73
5.91
4.92
4.40
4.05
105.89 97.31 83.60 100.33
104.3
20._ 4.82
7.20
4.53
5.30
4.76
5.98
4.42
4.96
4.07
4.86
13105.54 96.70 82.74 99.84
103.6
7.22
4.58
5.40
4.81
8.11
5.02
4.47
4.11
102.8
6-- 4.93
104.68 95.78 81.18 99.04
d.
Mar.30- Stock E gehang e Close d.
7.34
4.64
5.48
4.91
6.24
5.11
4.54
4.15
101.8
23__ 5.01
103.48 94.43 79.68 97.47
7.23
4.60
5.43
4.85
6.16
5.06
4.50
4.11
102.4
16._ 4.96
104.16 95.18 80.60 98.41
7.25
4.66
5.53
4.91
6.31
5.13
4.56
4.13
101.4
103.15 94.14 78.88 97.47
9- _ 5.03
4.72
7.38
5.57
4.97
6.33
4.64
5.20
4.16
100.4
5.08
101.81 93.11 78.66 96.54
7.49
4.70
5.54
4.93
6.24
5.19
4.63
4.16
100.8
Feb. 23.. 5.06
101.97 93.26 79.68 97.16
7.52
4.70
5.54
4.92
6.18
5.19
4.18
4.66
100.8
16._ 5.05
101.47 93.26 80.37 97.31
7.55
4.75
5.61
5.05
6.31
5.27
4.75
4.22
5.14
100.00 92.10 78.88 95.33
100.0
7-57
4.77
5.64
5.05
6.30
5.29
4.77
4.24
5.15
99.68 91.81 78.99 95.33
99.6
7.97
4.82
5.88
5.23
6.62
5.47
4.85
4.30
Jan. 26._ 5.31
98.8
98.41 89.31 75.50 92.68
8.05
4.83
6.01
5.32
5.57
4.93
6.73
4.30
19._ 5.38
98.7
97.16 87.96 74.36 91.39
8.33
4.87
6.35
5.54
7.12
5.81
5.04
4.38
98.0
12._ 5.59
95.48 84.85 70.52 88.36
8.53
4.94
6.74
5.74
7.56
5.19
6.04
4.43
97.0
5.81
93.26 82.02 66.55 85.74
4.35
6.96
5.17
4.72
5.90
4.87
4.25
3.86
Low 1934 4.75
106.7
108.57 98.09 83.72 100.49
4.97
8.65
6.74
5.75
6.06
7.58
5.20
4.43
High 1934 5.81
96.5
93.11 81.78 66.38 85.61
7.23
4.60
5.43
4.83
5.04
4.49
6.16
4.11
Low 1933 4.96
99.0
100.33 89.31 77.66 93.26
6.35 11.19
7.17
7.22
9.44
6.98
4.91
5.96
78.4
82.99 71.87 53.16 69.59
Bigh1933 6.75
Yr. Ago4.94
9.43
6.50
5.72
7.60
4.39
5.84
5.03
97.0
5ep.28'33 5.72
95.63 84.47 66.21 85.99
2 Yrs.Apo
5.89 10.00
5.60
6.51
RR R
7.57
6.35
7557
5.46
55 47
7S44
50 45
4.62
Sep.28'32 6.00
• These prices are computed from average yields on the basis of one "Ideal" bond (491% coupon, maturing in 31 years) and do not purport to show either the average
the relative movement of
level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehens ve way the relative leve s and of Feb. 6 1932. page 907.
yield averages, the latter being the truer picture of the bond market. For hfoody's index of bond prices by months back to 1928, see the Issue the issue of Feb. 10 1934,
published in
**Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used In computing these indexes was
page 920. if Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Sept.28-- 102.63
27-- 102.69
26-- 102.74
25-- 102.82
24-- 102.82
22-- 102.80
Sept.21-- 102.73
20-- 102.85
19-- 102.35
18-- 102.34
17-- 102.15
15_ 102.34
14-- 102.58
13-- 102.92
12-- 102.55
11-- 102.91
10-- 103.48
8-- 103.57
7-- 103.72
6..- 103.85
5._ 103.79
4._ 104.24
3-- Stook E
1_ 104.54
Weekly
Aug.31- 104.56
24-- 104.90
17-- 105.29
10-- 105.24
3-- 105.97
July 27-- 106.06
20-- 106.79
13-- 106.74
6-- 106.31
June 29-- 106.04
22-- 105.79
15-- 106.00
8-- 105.52
1.- 105.27
May 25-- 105.13
18-- 105.05
11-- 105.11
4-- 104.75
Apr. 27.- 104.21
20.. 103.65
13-- 104.35
6-- 104.03
Mar.30-- Stock E
23-- 103.32
16-- 103.52
0- 103.06
2-- 101.88
Feb. 23-- 102.34
16-- 102.21
9-- 101.69
2._ 101.77
Jan. 26-- 100.41
19-- 100.36
12-- 99.71
5.. 100.42
High 1934 106.81
Low 1934 99.06
High 1933 103.82
Low 1933 98.20
Yr. AgoSeP.28'33 103.13
2 Yrs.Ago
Ran 9559 101 54
103.65
103.65
103.65
103.65
103.65
103.61
103.65
103.48
103.32
103.11
102.81
103.32
103.41
103.92
104.11
104.31
104.51
104.51
104.51
104.5
104.81
104.81
Sept.28.27-26_ _
25..
24__
22_
Sept.21
20..
19..
18-_
17__
15__
14__
13._
12__
11_ _
10- _
8__
5.00,
4.99.
5.00
5.018
5.02
5.023
1928
Financial Chronicle
Sept. 29 1934
Cotton Movement and Crop of 1933-34.
Our statement of the commercial cotton crop of the
If we now add the shipments from Tennessee and elseUnited States for the year ended July 31 1934 will be found where direct to manufacturer
s, and Southern consumption,
below. It was considerably smaller than the crop in any we have the following as the
crop statement for the four
previous year back to 1922-23 as was the actual growth, due years:
chiefly to the reduction in acreage. The commercial crop
Year Ended July 31reached 13,298,291 bales, against 15,171,822 bales last year,
1933-34
1932-33
1931-32
1930-31
15,128,617 bales two years ago, 13,868,804 bales three years Receipts at ports
bales 7,511,837 8,959,255 9,851,709 8,584,178
ago and 19,281,999 bales, the record crop raised in 1926-27. Shipments from Tennessee, gar., direct 1,079,556 754,609
to mills
705,640 1,009,040
Exports from the United States were 7,732,240 bales, against
Total
8,591,393 9,713,864
8,611,238 bales in 1932-33, 8,844,382 bales in 1931-32, Southern mill takings not incl. above 04,706,898 a5.457,958 10.557.349 9.573,218
4,571,268 4,295,586
6,933,804 bales in 1930-31 and 8,249,527 bales in 1928-29.
Total cotton cm° for rear
13.298291 15171 522 15 1251517 12 MIR R114
U. S. Spinners' takings were 6,148,740 bales, against 6,800,a These are Southern mill takings. Southern consumption was
77,192 bales lees
029 bales. The whole movement for the 12 months is given than that amount. or 5.380.766.
S These are Southern mill takings. Southern consumption was
145.190 hales 111
in the following pages, with such suggestions and explana- excess of that amount or 4.852,088 bales.
tions as the peculiar features of the year appear to require.
The results of these figures is a total crop of 13,298,291
The first table shows the export movement for the past year
bales (weighing 6,963,805,787 pounds) for the year ended
(1933-34) in detail, and the totals for each year back to
July 31 1934, against a crop of 15,171,822 bales (weighing
1920-21. The second table indicates the stock at each port
7,888,823,674 pounds) for the year ended July 31 1933.
July 31 1934, 1933, 1932 and 1931, and the third table
shows receipts at ports for each of the past four years.
Northern and Southern Spinners' Takings in 1933-34
have been as follows:
From
Ports of
Exports for Year Ended July 31 1934 to-.
Great
Britain 1Franee
Germany
Japan ,e
Russia China
Italy
Other I Total
Texas
671.403581.481 769,315470,734
1,631,711 776,2994,900,943
Louisiana a 330.713139,053 305,627167.15 58,959 308.039 172,9251,482,471
Georgia_
105,668
18,688
Alabama_ _
57, 5 1 12,372 99.230 17,789
93
24,031 12,417i 223,792
Florida _ _
50,2061 1,129 72,686 7,730
38,249
6,289, 176,198
Mississippi
733
12,0851
4.084
169
128: 17,199
So. Caro
69.8871
65,697
66
2,1871 127,837
No.Caro_
13,252
2,450 15,702
Virginia._ _
9,626 3,124
8,601
474
798
903 23,526
New York_
9,186
7,311
263
401
1,750
9,661
28,572
Boston_
129
329
633
10,596
11,687
Baltimore _
Philadefla.
9
San Fran__
2,793
575
2,175 ---49.579
1,727 56,849
Los Angeles
7,331 1,20
10,440
---173,371
2,763 195,110
Seattle_ _
316
316
To_Canada
5254,686 8254,686
Total. 1,317,189740,164 1,439,126666,169 58,9591 .246,216 1264,4177,732,240
2
For'n cot'n
1
exported
11,294 11,294
Total al11,317,189740,164 1,439,126666,169 58,9592.246,216 1275.711 7,743,534
Total in
1932
-33.1,547,240886,756 1,951,852828,683 34,0002,049,1971320.5028,618,230
1931-32_ 1,372.578 483,648 1,637.530690,289
3,416.111 1269,0048,869.160
1930-31_ 1,090.171 937.5751,730,728 495.551 29:279 1.662,320 996.769 6,942.393
1929-30_
129,021 1,240,267 917,3966,850,841
1928-29_ 1,856,617801.790 1,941,793 724,406339,457 . .
1927-28_ 1,446,849896,554 2,169,612697,989413,210 1,085,656 1143,385 7,853,255
1926-27. 2,582,439 10247622,952.846 787.056 506,958 1,835,387 1550,956 11240404
1925-26_ 2,290,989 917.268 1,736,812745,868 245,588 1,199,151 11l0,3408,246.016
1924-25_ 2,546,272900,759 1,887,316 733,824 241,598 921,048 1032,767 8,263.584
1923-24_ 1,719,135720,028 1,309,782 553.061 184,711 573,780 774,0835.835,480
1922-23_ 1,285,926 632,9381 995.593488,380
647,835 817,1594,867,831
1921-22_ 1,778.885771,794 i,471,717517,345
913.479 884.549 6,337,769
1920-21_ 1,751,784 584,390 1,346.722 510.258
737,317 875,854 5,806.325
a Includes 118,454 bales exported from Lake Charles, La. b These are shipments by rail to Canada; In addition, 21.524 bales went to Canada by water, making
total takings of the Dominion 276,210 bales.
Total crop of the United States as before stated
bales 13,298.291
Stock on hand at commencement of year (Aug. 1 1933)
At Northern ports
170,013
At Southern ports
2,911,437- 3,081,450
Total supply during year ended July 31 1934
16,379,741
Of this supply there has been exported to foreign
ports during the year
07,477.554
Sent to Canada direct from the West
254.686
Burnt, North and South_c
60,000
Stock on hand end of year (July 311934)
At Northern ports
74,716
At Southern ports
2.364,045- 2,438.761-10,231,001
Total takings by spinners in the United States for
year ended July 31 1934
6,148,740
Consumption by Southern spinners (included in
above total)
4,852,088
Excess of Soutifn mill consumption over takings
*145,190
-*4,706,898
Total taken by Northern spinners
1,441,842
a Not including Canada by rail. c This is an estimate of the Census.
d Exclusive of foreign cotton. *These are U. S. Census figures.
1933-34
Takings and ConsumptionBales
North Takings
1,441,842
South-Consumption
4,852,088
Excess of consumption
over takings
*145,190--4,706,898
Total
Stocks
Ports of
July 31 1934 July311933 July311932 July311931
Texas
Louisiana
Georgia
Alabama
Florida
Mississippi.
South Carolina
North Carolina
Virginia
New York
Boston
Baltimore
Philadelphia
Ban Francisco
Los Angeles
Seattle.
Tacoma
Portland, Ore
Ports of
-
1,770,346
783,733
105.494
127,213
39,225
1,627,386
975,506
203,478
160,727
16,994
1,169,856
579,654
343,422
208,729
17,948
35,057
16,097
12,600
58.946
9,181
1,200
5,389
33,398
15,596
24.400
145,714
17,910
1,000
5,389
97.445
7,094
43.953
202.739
14,184
1.000
5,389
153.990
3,799
56,100
227,770
2,880
500
5.293
35,662
12,032
2,438.761
Total
1,428,671
619,041
103,419
97,995
17,503
3,081.450
17.000
3,355,895
2,786.941
Receipts for Year Ending
July 31 1934 July 31 1933 July 31 1932 July31 1931
Texas
Louisiana
Georgia
Alabama
Florida
Mississippi
South Carolina
North Carolina
Virginia
'
New York_a
Boston.°
Baltimore.°
Pailadelphla_a
San Francisco
Los Angeles
Seattle
Tacoma
Portland, Ore
4,996.509
1,650,373
224,950
208,481
162.691
17,199
142,323
27,123
45,320
141
5,614,667
2,171,756
225,680
387,570
185,482
18,316
218,279
62,385
55,055
6,224,382
2,251,425
390.906
568,155
125,183
2.011
140,770
60,817
61,224
36.727
614
19.451
933
25,826
77
4,997.800
1,530,259
783.391
602,511
85,924
1 327
301,853
73,727
150,950
1,175
6,590
28,659
12
Total
7,511.837 8,959,255 9,851,709 8.564.178
a These figures are only the portion of the receipts at these ports which arrived
by rail overland from Tennessee, dm.
1931-32
Bales
1,078,013
5,457,958
4,571.268
66,148,740 a6,800,029
c5,649.281
Exports
Total, except to Canada by rail
To Canada by rail
7,477.554
254,686
8,445,092
166,146
8,663,842
180.540
Total exports
Burnt during year
7,732,240
60,000
8,611,238
35.000
8,844.382
66.000
Total distributed
13,940,980
Add-Stock increase (+) or decrease
(-),together with cotton imported -642,689
15,446,267
14,559.663
Total crop
•
1932-33
Bales
1,342,071
13.298,291
-274,445
+568.954
15,171,822
15,128,617
a Exclusive of 46,964 bales of foreign cotton consumed in the South and
85,430 bales in rest of country. b Exclusive of 52,593 bales of foreign cotton
consumed in the South and 94,266 bales in rest of country. c Exclusive
of 43,045 bales of foreign cotton consumed in the South and 79.032 bales
In the rest of the country. *,These are U. S. Census figures.
COTTON PRODUCTION AND CONSUMPTION IN
THE UNITED STATES AND IN EUROPE
United States-The cotton industry during the crop
year of 1933-34 was marked by a falling rate of consumption
in the United States as compared with the previous year's
showing, except in the case of a few months in the forepart
of the year, where the comparison was with the low consumption months immediately preceding the bank holiday
of 1933, and it was marked by the first thorough-going and
co-operative effort to restrict the cotton output by limitation of acreage. Thus the year under review was, on the
one hand, notably successful from the production end, but
on the other, somewhat less than a glowing success from the
consumption side. Probably the measures adopted to reduce the crop and the accompanying rise in prices had
something to do with the falling trend line of consumption.
Taking up first the production phase, one can say that,
as in the previous year, the Department of Agriculture
went wide of the mark in its early estimates of the sin
of the crop. The substantial margin of error may well have
been due to the fact that the Department hoped for .. oo
t
much from the Administration's acreage reduction program.
Outwardly, this policy seemed destined to enjoy large
success. Where, at the outset of the season, as of July 1
1933, the'Department's estimate was that 40,929,000 acres
were being furrowed by the cotton plow, it figured later
Volume 139
Financial Chronicle
1929
100% in fertilizer
that the response to the plow-under campaign and the power. That the increase of more than
in the seven months ended
abandonment of already planted acreage due to other sales in 10 cotton-raising States
estimate to a subcauses brought about a shrinkage in the acreage cultivated February 1934 did not lift the cotton
stantially higher figure than for the corresponding date a
to 29,978,000. The Agricultural Adjustment Administration
prolonged and inclaimed that, owing to its efforts, the acreage under plow year ago can be laid at the door of the
was reduced tensive drought. For, in spite of the steep increase in
was cut 10,399,331 and the probable outturn
fertilizer sales, the indicated yield on Sept. 1 1934 was
by 4,000,000 bales.
of
through a cut in acreage declared to be 162.6 pounds an acre by the Department
The drive for a smaller crop
Agriculture, compared with 197.8 pounds on Sept. 1 1933.
went awry because of a distinct improvement in the yield
as of Sept. 1 last at
per acre. As many had foretold, farmers were able to The 1934 cotton crop was estimated
and to 9,252,000 bales, against 13,047,262 bales actually produced
cultivate a fewer number of acres more intensively
compensate for the slash in acreage by increased yield. In in 1933.
The Department of Agriculture said on May 22 1934
its December crop report the Department of Agriculture
that reductions from the full yield of cotton per acre in
said that the yield per acre was 208.5 pounds, the highest
compared with
average since 1914, except for that for the phenomenal year 1933 for various causes were only 28.6%,
acre of 173.3 42.7% in 1932, 27.8% in 1931, 47.1% in 1930 and 43.8%
1931. This figure compared with a yield per
9.1% for the
pounds in the previous year and a 10-year average of 167.42 in 1929. The loss from boll weevil was but
in 1931,
splendid condition of the cotton belt proper, against 15.2% in 1932, 8.3%
pounds. The net effect of the
in 1930 and 13.3% in 1929. Deficient moisture, or
crop was to cause the Department to raise its estimate of 5.0%
6.8% reducthe probable crop month by month. While private fore- drought, was reported as being responsible for
pre- tion in yield, against 8.0% in 1932 and 8.3% in 1931, and
casters, with their eye on the drop in acreage, were
2.6%, against
dicting a crop of about 11,000,000 bales in early August the loss from excessive moisture was put at
came out on the 8th 3.9% in 1932 and 2.6% in 1931.
1933, the Department of Agriculture
with an estimate that production promised to be about
The Declining Consumption of American Cotton
12,314,000 bales. A month later it had to revise this total
Perhaps the most discouraging aspect of the cotton year
up to 12,414,000 bales, and in October it jacked up the for the United States was the circumstance that, while
estimate to 12,885,000 bales. In November a further world mill consumption of all cottons, as figured by the
increase to 13,100,000 bales was made in the Government International Federation of Master Cotton Spinners and
report, and, finally, in December 1933, the amount of the Manufacturers Association at Manchester, was 762,000
crop was placed at 13,177,000 bales of 500 pounds each, more bales in the year ended July 31 1934, the consumption
compared with 13,001,508 bales in the preceding year and of American cotton was 628,000 bales less. The actual
17,095,594 bales two seasons before. (The revised figures figure for world consumption of American cotton (excluding
showed a crop of 13,047,262 bales.)
linters) was 13,539,000 bales, against 14,167,000 bales in
At this point we make our usual distinction, in dealing the previous year, while the total world cotton mill conwith the size of the crop, between the commercial crop, sumption for the year was 25,094,000 bales, against 24,as compiled by us, and the actual growth of cotton for the 332,000. In comparison with the poorer showing the
year. The figures on actual growth are taken by the American staple made, the consumption of East Indian
census from ginning returns, while our figures consist only cotton was 570,000 bales higher, of Egyptian cotton 172,000
of that portion of the crop which finds its way to market. bales higher, and of sundries 648,000 bales higher. The
Thus, for the year ended July 31 1934, according to our decrease in the use of American cotton was about two-thirds
computations, the commercial crop amounted to 13,298,291 accounted for by the falling off in consumption in the
bales, a decrease of 1,873,531 bales from the previous year's domestic market. Where in the previous year the con;
total. It compares with a total of 15,128,617 bales for sumption in the whole United States, running bales (in1931-32. The showing of the commercial crop in the year cluding foreign cotton but excluding linters), was 6,137,395
under review was a reversion to the experience of 1931-32, bales, the total for the year ended July 31 last was 5,700,558
when farmers held a considerable amount of their cotton bales. In the previous crop year the usage of cotton in
off of the market because of the low price prevailing during this country had been on a steadily increasing scale, culthe picking and ginning season. In 1931-32 the actual minating in the record-breaking volume of 697,261 bales
growth of cotton was 18,162,975 bales of 500 pounds, in June 1933. By June 1934, however, the consumption
including linters, or approximately 3,000,000 bales more had shrunk to a trifle less than half of the figure for the
than the amount which found its way to market in that corresponding month in the previous year, the comparison
season. In 1932-33 the actual growth was 13,913,392 being 363,414 with 697,261 bales. As the previous cotton
bales, including 911,884 bales of linters, compared with a year ended consumption was so large as to make for hopes
15,171,822-bale commercial crop, and in 1933-34 the growth that the cotton industry was showing the way out of the
was 12,659,953 in running bales and 13,847,440 in 500- depression and that the demand was on a permanently
pound bales, including 800,178 bales of linters, compared higher plane. The stepping down of production in the
with a commercial crop, by our compilation, of 13,298,291 cotton textile field, winding up finally in a strike at mills
bales. The reason for the withholding by farmers of so in the North and South, dimmed considerably the outlook
large a portion of their 1933-34 crop, in the face of the for cotton consumption. The following series of tables
further rise in the price of cotton to a level double that show the consumption of cotton in the United States for
of the previous season's low, was, of course, the providing each month of the last six years.
by the Government of credit facilities on a basis of 10 cents
SOUTH COMPARED WITH NORTH-LINT
a pound to farmers to enable them to store their cotton in COTTON CONSUMPTION OF
AND LINTERS.
anticipation of still higher prices to come.
1933-34. 1932-33. 1931-32. 1930-31. 1929-30. 1928-29.
The fact that the 1933 crop was about equal to that of
Running Bales.
1932, even though the acreage cultivated was 10,000,000 South
4,914,681 5,427.920 4,225,642 4.461.338 5.083.252 5.761.519
1,543,862 1.470.517 1,277,693 1.515.753 1,827.758 2.208,815
less, was due to the enlargement of the yield per acre from North
Excess of South 2170819 3957403 2 947 949 2.945.585 3.255.494 3.552.704
173.3 pounds to 208.5 pounds. The 1932 yield was the
lowest in recent years, and it was attributable, in a large
-RUNNING BALES.
COTTON CONSUMED IN COTTON-GROWING STATES
degree, to the under-fertilization of the soil. Fertilizing
Foreign Cotton Included.
in the 1933 season,
material was just as sparingly used
1928.•
1929.*
1930.*
1931.•
1932.•
1933.
but perhaps it was better distributed over the 10,000,000
403,431
428.771
284,035
acres which were cultivated. The comparative figures August
fewer
341,765
338,750
464,343
381.012
423.189
313.912
377,531
409,011
401,373
471,357
488,660
on fertilizer tag sales, tabulated by H. G. Hester of the September..
351.849
378.144
414,490
405,157
October
469.503
424,437
833.278
420,263
355,347
379,272
November
New Orleans Cotton Exchange, show, however, 918,250 December
404,807
353,072
321,515
344.206
371,318
282.941
1929.
1930.
1931.
1934, against
1932.
1933.
1934.
tons for the seven months ended February
508.221
450,620
355,419
358,048
396,998
406.343
January
451,562
381,365
341.439
369,805
466,050 in the corresponding period of the previous season, February
366,601
376.211
479,328
393,906
383,766
398,205
413,292
429,441
477,940
471,001 two seasons ago and 972,080 three seasons ago. March
412,232
390.062
310,946
388.895
406,678
April
504,513
370.087
361,680
287,657
513,954
416,911
The increase in the 10 States included in the compilation May
431,450
320,190
356,674
275,832
565,951
292,621
409,141
302,650
353.944
289,557
239,069
483,846
previous year's amount was 452,200 tons. The July
over the
4,550,848 5,086,573 4,033,351 4,147,573 4,749.179 5,392.265
more extensive use of fertilizer in the latest report was made
Total
369.254
334,073
313.765
192.291
341.347
363,833
possible by the rise in the price of cotton, which increased Linters
,
flre.• total 4 C114 RR1 5 427 020 /1 99n R.19 41 441 2118 5083.282 5.76L519
the providing of credit
the cotton farmer's income, and
•Includes revisions made subsequent to the publication or the monthly figures.
facilities by the Government, which helped his spending
1930
Financial Chronicle
COTTON CONSUMED IN OTHER STATES
-RUNNING BALES.
Foreign Cotton Included.
1933.
January
February
March
April
May
June
July
1932.
41
1931..
1930..
1929.•
1928.•
124,227
98,113
98,716
96,096
65,452
1934.
101,691
101,679
114,249
106,025
102,854
70.793
69,815
August
September
October
November
December
65,747
83,731
87.403
82,171
69.121
1933.
73,184
71,398
81,891
81,484
106,607
131,310
118,795
83,265
86,804
82,879
69,881
71,195
1932.
76,678
84,638
90,702
55,535
44,715
46,874
39499
68,591
79,478
91,435
82,037
84.003
1931.
94,698
91.937
106,743
118,829
103,683
97,227
98,940
129.983
122,645
151,099
116.716
99,613
1930.
125,540
113,031
113.740
119,879
103,197
85,046
76,372
122.909
111,295
144.881
141,670
128,494
1929.
160.065
143.158
152,341
153,862
164,137
137.964
138,024
COTTON EXPORTED FROM THE UNITED STATES
Total
Linters
1,149,710 1,050,822
832,665 1,115,401 1,356,681 1,698.800
394,152
419,695
445,028
400,352
471.097
510,015
Grand total_ 1,543,862 1.470.517 1.277,693 1.515,753 1,827,758 2.208.815
•Includes revisions made subsequent to the publication of the monthly figures.
COTTON CONSUMED IN WHOLE UNITED STATES
RUNNING BALES.
Foreign Cotton Included.
1933.
August
September......
October
November
December
January
February
March
April
May
June
July
Total
Linters
1932..
1931.•
1930.•
1929.41
1928..
588,570
499,486
503,873
475,368
348,393
1934.
508,034
477,890
543,690
512,703
519,765
363,414
359,372
404,497
492,742
501,893
502,434
440,439
1933.
470,182
441,203
495,183
470,359
620,561
697,261
600,641
425,030
464,335
461,023
425,228
415,401
1932.
434,726
451,239
488.907
388,481
332,372
322,708
278,568
352.826
393,390
443,284
415.315
405.518
1931.
450,117
433,376
490.509
508,691
465.363
453,901
450,884
558,754
545,834
639,759
541,153
452,685
1930.
576,160
494,396
507.646
531.911
473.284
405,236
379,022
526,340
492.307
816,238
611,173
533.301
1929.
8138,288
594,720
831.669
831.802
688,650
589,414
547,165
5,700,558 6,137,395 4,866.016 5,262.974 6,105.840 7,091,065
757,985
761,042
637,319
714.117
805,170
879,269
Grand total- 8,458,543 6,898.437 5,503.335 5.977,091 6.911.010 7.970.334
•Includes revisions made anbeenueet 10 the publication of the monthly Minn..
YEARLY PRODUCTION OF COTTON IN UNITED STATES
ACTUAL GROWTH.
Growth
Year.
Running Bales
Counting Round
as Half Bales.
Equivalent
500-lb.
Bales.
Linters
Equivalent
500-lb.
Bales.
Total AU
Equivalent
500-lb.
Bales,
1933
12,859,953
13.047,262
.800.178
13.847,440
1932
12,709,647
13,001,508
911,884
13,913,392
1931
16.628,874
17,095,594
1,087,381
18,162,975
1930
13.755,518
13,931,597
986.430
14,918,027
1929
14,547,791
14.824,881
1,241.355
16,086,216
1928
14,296,549
14,477,874
1,282,061
15,759,935
1927
12,783,112
12,956,043
1,016,375
13,972,418
1926
17,755,070
17,977,374
1,157,861
19.135,235
1925
16,122.516
16,103,679
1,114,877
17,218,556
1924
13,639.399
13,627.936
897.375
14,525,311
1923
10,170,694
10,139,671
668.600
10,808,271
1922
9,729,306
9,762,069
807,779
10,389,839
1921
7.977.778
7,953,841
397,752
8.351,393
1920
13,270.970
13,439,803
440,313
13,879,916
1919
11,325,532
11,420.763
807,989
12,028,732
1918
11,906,480
12,040,532
929,516
12,970,048
1917
11,248,242
11,302,375
1,125,719
12,428,094
1916
11,363,915
11,449,930
1.330,714
12,780,844
1915
11,088,173
11,191,820
931,141
12,122,961
1914
15,905,840
16,134,930
856.900
16,991.830
1913
13,982,811
14,156,486
638.881
14,795,367
1912
13,488,539
13,703,421
609,594
14,313,015
1911
15,553,073 ` 15,692,701
557,575
16,250,276
1910
11,568,334
11,608,616
397,072
12,005,688
1909
10.072,731
10,004,949
310,433
10,315,382
1908
13,086,005
13.241,799
345,507
13.587,306
1907
11,057,822
11,107,179
268.282
11,375,481
1906
12,983,201
13,273,809
321,689
13,595,498
1905
10,495.105
10,575,017
229,539
10,804,556
1904
13,451,337
13.438,012
241,942
13,879.954
1903
9,819,989
9,851,129
194,486
10,045,615
1902
10,588,250
10,630,945
196.223
10,827,168
1901
9,582,520
9,509,745
166,026
9,675.771
1900
10,102.102
10,123,027
143.500
10,266,527
•These &Ns rimninz bales for this year.
PRODUCTION OF LINT COTTON BY STATES
-UNITED STATES
CENSUS GINNING RETURNS.
Gross Bales of
500 Lbs.
1933-34. 1932-33. 1931-32. 1930-31. 1929-30. 1928-29
1927-28.
Alabama
972,591 948,8541,419,689 1,473,2871,341,5 1 1,109.126 1,192,392
Arizona
96.12
69,193 115.061 155,409 152,839 149,458 91,656
Arkansas
1,049,77 1,326.556 1,906,738 874,356 1,434,861 1,245.982 999,983
California__ 217.051 129,371 176,561 263,768 258,559 172,230 91,177
Florida
24.26'
15,151
43,164
50.306
28,578
19,203
18,496
Georgia
1 104 50 854,357 1,392,88. 1,592,5391,342,64 1,029,499 1,100,040
Louisiana_ _ _ - 476.641 610,509 899,922 714,529 808,82. 690.958 548,026
Mississippi _ _ _ 1,159,2U 1,179,781 1,761,203 1.464,311 1,915,4 1 1,474,875 1,355,252
Missouri
244,542 306,835 288,991 150,955 219,932 146,909 114,584
New Mexico_
89.980 69,868 98,124 98,462 88.4 I
83,544 65,294
North Caron
686.930 683,359 756,294 774,734 747,208 836.474 861,468
Oklahoma. -1.265.746 1,083.713 1,261,123 853,5841.142,666 1,204.6251,037,141
.
South Carotin
735,089 716.2251,004,730 1,000,892 830,055 726,039 730,013
Tennessee__ 444,556 480,353 594,512 376,912 515,774 429.284 359,059
Texas
4 431,9514,501,8005,322,4534,039,1363,941,6265.109,9394.356,277
Virginia
31,165 42.423 41,952 47.527 43,711
30,609
Allotherstatesj 13,842 i4.418
11,944
6,467
8,359
6.018
8,576
TntAl
12047 2A21ann1 AnAl 17110/1 And 120.51 A071143124 AR1 14477 A74 122AA MR
The improved showing of American cotton in the export
field in the 1932-33 and 1931-32 seasons, when 8,611,238
and 8,844,382 bales, respectively, were shipped to foreign
countries, did not carry through the latest season. Exports
declined in spite of the fact that the dollar was at a discount
throughout the year, amounting at the worst to about
40%. The reduction in the gold content of the dollar was
supposed to aid American cotton growers through stimulating exports of the staple. The purported benefits of devaluation were lost, however, when the price of cotton ran on up
to a level more than 100% in excess of that prevailing in
March 1933. Suffice it to say that American exports of
cotton in the year ended July 31 1934 were 7,732,240 bales,
representing a decline of 878,998 bales in the year.
Exports of American cotton were lower to all of the principal foreign consuming countries with the sole exception of
Sept. 29 1934
Japan and China, whose takings rose to 2,246,216 bales
from 2,049,197 in the previous year. The Far East was the
biggest foreign customer of the American cotton planter in
1933-34. In the second place, by a margin narrower than
before, was Germany, with 1,439,126 bales, compared with
1,951,852 in the year before, and third-place Great Britain
imported 1,317,189 bales, compared with 1,547,240. Exports to France dropped from 886,756 to 740,164 and the
total to Italy was 666,169 bales, against 828,683. Exports
to every one of the leading countries for the last several
years are recorded in the following table:
To-
1933-34
1932-33
1931-1932
1930-31
1929-30
Bales
1,439,126
1,317,189
1,886,482
740,164
866.189
58,959
276,210
274,049
379,734
123.747
124,666
51,746
70,709
Germany
Great Britain
Japan
France
Italy
Russia
Canada
Spain
China
Belgium
Holland
Portugal
3weden
Mexico
Denmark
India
Norway
3reece
gew Zealand
Vries.
Australia
3ther countries
Bales.
1,951,852
1,547,240
1,741,250
886,756
828,883
34,000
189,862
314,092
307,947
200,504
142,290
67,515
58,528
43,278
39,578
56,768
9,247
2,389
4
1,464
25
188,166
Bales.
1,637,530
1,372,578
2,321,995
483,648
690,289
Bales.
1,730,728
1,090,171
1,233,711
937,575
495.551
29.279
204.081
248,883
4213.609
151.258
135.628
42,223
48,371
16,512
33,916
89.865
6,227
100
Bales.
1,799.088
1,271,921
1,021,107
826,349
866.819
129,021
195,314
254,198
219.160
182.802
137.595
48,905
43,917
10,957
19,107
100
5.858
225
358
588
15
7,274
48,628
17,638
8,395
815
245
518
267,051
Total exports
7.732.240
8.611.238
198.807
306.657
1.094,116
145,868
156,480
60,777
56,875
2,042
36.791
221,807
8,448
2,943
520
461
8
45,742
8.844.282
11,116
11_022 11 04
1
11R40 1138
The Egyptian cotton crop statement bears out the evidence from other quarters that the production curtailment
program in the United States is making it possible for other
countries to claim the market which this country is quitting.
Egypt's cotton crop was a great deal larger, and its exports
were appreciably higher. Total exports to all foreign nations
were 1,216,342 bales, as against 850,442 bales in the previous
year and 1,009,493 two years ago. Egyptian exports of
cotton were higher all round, with the single and unimportant
exception of Greece. The prospect in the United States is
for a 1934-35 cotton crop of slightly more than 9,000,000
bales out of a world crop of 22,367,000 bales, giving the
United States approximately 40% of the total, where previously the figure had been around 50% or better of the
world aggregate. The indicated production in 1934-35 in
foreign countries (New York Cotton Exchange Service
estimate) is for 13,225,000 bales of 478 pounds, compared
with an average from 1924-25 to 1928-29 of 10,322,000 bales.
China particularly is making steady forward strides in the
size of its crop, with the 1934-35 estimate 2,200,000 bales,
against the five-year average through 1928-29 of 1,533,000
bales. The detailed figures on the Egyptian crop for the
last four seasons are given in the subjoined table.
ANNUAL STATEMENT OF THE EGYPTIAN COTTON CROP.
Season
1933-34.
Years Ending July 31Total receipts
weight)
(interior
Season
1932-33.
Season
1931-32.
Season
1930-31.
8,438,185
4.947,520
6,871,724
7,551,931
Bales.
259,505
190,169
Bales.
186.828
134,491
Bales.
213,872
156,757
Bales.
156,244
131,369
449,674
301.319
370,629
287,613
142,293
54,138
2,777
05,894
39,571
14,528
29,016
24.452
146,032
3,712
5,599
2,680
130,492
39,552
2,604
62,066
30,791
7,444
20.423
11,363
110,700
1,994
4,773
3,383
98,819
44,818
1,394
78,326
32,286
24,465
20,853
10,223
105,808
602
5.612
1,240
123,133
50,010
1,502
67,545
43,940
7,270
20,780
11,233
82,828
1,084
9.286
1,225
2,880
4,990
1.485
2,792
44,231
1,540
55,538
1.180
476,554
net
nantara
ExportsTo Liverpool
To Manchester
Total to Great Britain
To France
To Spain
To Portugal
To Italy
To Switzerland
To Austria and Hungary
To Czechoslovakia
To Poland
To Germany
To Holland
To Belgium
To Greece, Turkey & Black Sea_
To Russia Esthorda. Latvia and
Finland
To Sweden and Denmark
Total to Continent
568.540
429,862
470,017
To United States and Canada--
72,479
40.807
48,619
23,506
To India
32,298
17.708
50,103
81.048
To Japan and China
93,351
60,746
70,125
55,133
1,210,342
850,442
1,009,493
923,852
Equal to cantata (int. net weight) 8,978,605
6,284,780
7,450,724
9.801,880
Total to all ports
Japanese cotton imports and consumption alike were materially higher in the crop year just closed than in the previous
one. Imports were 13,105,335 piculs, against 11,481,493
in the preceding year, or, in bales, 3,499,125, against 3,065,558. Japanese cotton imports were higher from all of her
principal sources of supply, China excepted. From the
!hilted States the cotton imports were 7,222,489 piculs.
against 6,275,953; from India, 4,278,921 pin's, against
3,908,003, and from all other countries, 1,132,745 piculs,
against 811,573. Japanese consumption of cotton was
3,252,000 bales, up 352,000 in the year. While the consumption was the biggest yet for Japan, it was still about 247,125
bales less than imports, if the figures can be said to be comparable, since the former is in bales regardless of weight and
the latter is in bales of 500 pounds.
Volume
1.39
Financial Chronicle
For a time during the crop year under review Japanese
purchases of Indian cotton ceased altogether in retaliation
against the increased duty levied on imports of Japanese
textiles. But these difficulties were resolved in January
1934, when an agreement was reached between the two countries providing for specific quotas on imports of cotton piece
goods from Japan to former lower import duties in return
for definite Japanese imports of British Indian cotton, the
agreement to stay in force until March 31 1937. Yet
Japanese importations of Indian cotton were substantially
higher in the year, rising from 3,047,472 piculs, to 3,908,003,
even though for a time Indian cotton was being boycotted.
Toward the close of the crop year the price differential favored Indian cotton over American, and Japanese buyers
took advantage of this situation.
Total Indian exports of cotton increased approximately
20% in the year, or from 2,604,240 bales of 400 pounds to
3,106,404 bales. Exports were larger to all of the principal
destinations, but the total was still far from equalling the
figure for the good years in the last decade. In the 1923-29
season,for example, exports came to 3,917,233 bales. Indian
cotton shipments to Great Britain were at a new high for the
last 13 years, totaling 367,688 bales, against 227,165 in the
previous year and a low of 70,629 in the 1921-22 year. The
forwardings to Japan totaled 1,719,471, against 1,551,414
bales in 192-33. The table appended herewith shows the
volume of Indian exports for more than a decade.
COTTON IMPORTED INTO JAPAN
Years Ended June 301933-34
1932-33.
1931-32. 1930-31.
Mule
Pietas.
Mule.
Pict;le.
Imported into Japan from
India
4,278,921 3,908,003 3,047,472 4,810.137
United States
7,222.489 6,275,953 8,918,167 4,105,363
China
471.180
485.964
498,734
687.245
All other countries
1,132,745
478,249
811,573
309.259
Total imports into Japan
13.105,335 11.481,493 12.942,622 9.912,004
Equivalent in 500-1b. bales
3,499,125 3,055.558 3,455.680 2,646,221
EXPORTS FROM ALL INDIA TO
Season Ended July 311933-34
1932-33
1931-32
1930-31
1929-30
1928-29
1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
1921-22
bales of 400 lbs.
Great
Britain
367,688
227,165
•128,363
264,510
289,184
229,969
220.757
72,301
172,517
199.618
287,345
223.948
70,629
Cellaneat
Japan &
Chtna
1,019,245
825,661
478,592
1,145,514
1,611,990
1,500,022
1,327,833
882,296
1,090,050
1,284,390
1,563,226
1,113,612
963,178
1,719,471
1.551,414
1,151,349
2.309,642
1,947,058
2.187,292
1,576,652
1,882,361
2,512,534
2.415,772
1,592.013
2,243,119
2,216,732
TOULi
3.106.404
2.604,240
1.758,304
3,719.666
3,848,232
3.917.283
3,125,242
2,836.958
3.775.101
3.899.780
3.442.584
3,580.679
3.250.539
World Consumption of Cotton
We have already stated that according to the Manchester
Federation of Cotton Spinners the consumption of American
cotton in the year ending July 31 1934, was 13,539,000 bales
as against 14,167,000 bales in the previous year, a decrease
of 628,000 bales, and have shown that the greater part of
this decrease was in the consumption of American cotton
by the United States. The Manchester Federation also gives
the figures for cotton mill consumption of all descriptions of
the staple and the figures in that respect are shown in the
table we now subjoin.
WORLD CONSUMPTION OF COTTON OF ALL KINDS AS COMPILED BY INTERNATIONAL FEDERATION AT MANCHESTER.
Bales Irrespective
of Weight-
1933-34
1932-33.
Amer.cotton in II. S.
Rest of world
Bales
5,554,000
7.985,000
Bales.
6,003.000
8.164,000
Total American_.
Emit Indian cotton
Egyptian cotton..-..
Sun&los
13,539.000
4,770.000
1,108,000
5.677.000
14.167,000
4,200.000
936.000
5,029.000
All kinds of cotton
1931-32.
Bales.
4,747,000
7.572,000
1930-31.
Bales.
5.091,000
5.817.000
12,319.000 10.908.000
4,789,000
5,863,000
980,000
853,000
4.235,000
4,864,000
25,094.000 24.332.000 22.323.000 22.488.000
-The figures In this table relate to lint cotton only, and do not
Note.
Include linters.
WORLD'S COTTON MILL CONSUMPTION-IN BALES, REGARDLESS OF WEIGHT.
1933-34
1932-33. 1931-32. 1930-31. 1929-30.
EuropeBales
Bales.
Bales.
Bales.
Saks.
Great Britain__ - 2,470,000 2.248.000 2.386.000 1.964,000 2.465.000
Germany
1,524,000 1,212.000 1,196.000 1.086,000 1.323.000
France
1,134,000 1.099.000
892.000 1,122.000 1,171,000
Russia
1.885,000 1,613,000 1,520.000 1,821.000 2,109.000
Italy
874.000
861.000
794.000
783.000 1,001,000
Czechoslovakia... 294.000
287,000
344,000
397.000
461.000
Belgium
279.000
303,000
303.000
358.000
461.000
Spain
406.000
396.000
403.000
393.000
412.000
Poland
279.000
194.000
257,000
223,000
225.000
Switzerland
96,000
88,000
88.000
92.000
101,000
Holland
179.000
156,000
154.000
198.000
206.000
Austria
121.000
81.000
104.000
97.000
117.000
Sweden
121.000
101,000
110.000
78,000
98.000
74.000
71,000
Portugal
53.000
85.000
92.000
Finland
96,000
31.000
32,000
34.000
30.000
81,000
Hungary
77.000
61.000
57.000
51.000
Denmark
35.000
29.000
25.000
24.000
22.000
Norway
12,000
11.000
9.000
8,000
9.000
Total Europe.. 9,910.000 8.919,000 8,688.000 8.820.000 10.354,000
Asia
2.514.000 2.636.000 2.700.000 2.513.000 2.419.000
India
Japan
3,252,000 2.900.000 2.769.000 2,565.000 2,997.000
China
2.383.000 2.584,000 2.254.000 2.329,000 2.297.000
Total Asia
8,149,000 8.120.000 7.723,000 7.407,000 7.713.000
America
5,670,000 6.109,000 4.847.000 5,246.000 6.060.000
229,000
Canada
174.000
195,000
202.000
200,000
195.000
Mexico
166.000
160,000
146.000
215.000
453,000
513.000
Brazil
465.000
392.000
414.000
Total America_ 6,607.000 6.902,000 5.667.000 5.988.000 6.889,000
428,000
Sundries
391,000
265.000
270,000
253.000
25.094.000 24.332.000 22.323,000
Total all
1.87
--3.000 25.209.000
1931
The compilation by the International Federation at Manchester reveals that the trends in cotton consumption showed
divergent trends in the United States, on the one hand, and
the rest of the world, on the other. Consumption of all
cottons in Europe was larger by nearly 1,000,000 bales, the
total rising to 9,910,000 from 8,919,000 bales; that in Asia
was up to 8,149,000 from 8,120,000, and in the United
States the consumption is figured to be 5,670,000 bales,
against 6,109,000 in the year before. Canadian and Mexican
consumption was higher, as was that in Brazil, making the
total American figure 6,607,000 bales, against 6,902,000.
The slump in consumption in this country can be laid to the
phenomenally large consumption in 1932-33, which was
stimulated by the first outcroppings of business recovery,
by currency devaluation and the threat of inflation and
by the swing of the Administration toward crop control and
processing taxes.
ACTIVITIES OF THE FEDERAL GOVERNMENT
AND ITS AGENCIES
The cotton situation in the season of 1933-34 was made
exceptional for at least three reasons, two of them having
to do with government activity toward cotton production
and the third with a drought which cut into an output already
severely reduced. The government's policy was one of
operating to bring about an improvement in the condition
of the cotton farmer by raising prices. The price lifting
schemes adopted by the government during the year were
not new. They had their beginnings in the previous season,
or even a few seasons before, but refinements were introduced into their workings in such a way as to increase the
dominance of the government over cotton growing and to
make the farmer used to looking to Washington for "benefits"
and instructions as to what he could and could not do with
his acreage. It was in cotton raising, indeed, that the New
Deal extended its firmest roots, in comparison with which
the much attacked National Recovery Administration was
but a tender and delicate plant.
As the 1933-34 crop year opened the price of cotton stood
at 10.40c. a pound for middling upland spot in New York, a
price that was 1.35 cents below the high of a couple of weeks
before, but a price, nevertheless, that compared with one
of 6.05c, as the previous season started and with the record
low of 5.00c. on June 9 1932. Cotton prices had had such a
remarkable recovery because of developments in fields other
than crop condition and consumption. The price rebound
from 6c to 10c. took place from March to July 1933, and it
was due to governmental actions of a sort that had never
before been employed in this country to stimulate the price
of agricultural products.
The Roosevelt Administration set its course with respect
to cotton (among other farm produce) within two months
after it took over control of the governmental machinery.
It was these policies which had begun to work as the crop
year under review got under way. In the first place, the
Administration had decided by mid-April to cast the dollar
adrift from gold. The first part of this decision was made
in the previous month, when the Administration declined
to restore the normal working of the gold standard with the
passing of the banking holiday. The decision was made
complete in its first phase when the frail threads tying the
dollar to gold were severed in April. By this willingness to
suffer the dollar to depart from the strict ways of the gold
standard when, by all of the usual standards of judgment,
there was no need for it, the markets realized that the
possibility of inflation resulting either directly or indirectly
from governmental action was not a remote one. Nowhere
were the widening discount of the dollar in terms of the
old parity and the threat of inflation more productive of
prompt and decisive results than in the price of cotton, for
cotton is the chief export commodity and as such is designed
to profit most materially from any shrinkage in the gold
value of the dollar. The departure from gold was by no
means the last of the endeavors of the Administration to
achieve a rise in farm prices by monetary action. But the
further developments along this line, and there were several
in the crop year 1933-34, were a variation on a theme which
appeared in the previous season.
So it was with governmental administration and supervision of cotton growing. The principles followed were laid
down in bold outline in the preceding year and were but
filled in as to detail and perfection of procedure. It will be
sufficient to recall that on March 16, President Roosevelt,
in office 12 days, sent to Congress a special message asking
that farm relief legislation be passed. The obedient House
Committee on Agriculture reported the Bill favorably on
March 20 1933 and the House passed the Bill, 315 to 98,
two days later. The Senate was less prompt in acceding
to the President's bidding, and it was not until the end of
April that the Farm Relief Bill, by then expanded to include
the Thomas inflationary amendments, won the Senate's
approval. Meanwhile, on March 27, President Roosevelt
had by executive order reorganized the agricultural credit
agencies of the United States, including specifically the
wmding up of the operations of the Federal Farm Board,
and the decks were cleared for action on the Roosevelt farm
relief program when the President signed the Farm Relief
Bill, with the Thomas inflationary riders, on May 12. The
Administration now had the power to influence cotton prices,
on the one hand, by depreciating the dollar and, on the
other, by retiring acreage from cotton cultivation, the funds
1932
Financial Chronicle
necessary for this land retirement being raised by a processing tax on cotton. The forces of business recovery were
by then working in favor of cotton price betterment, with
consumption rising rapidly after the stagnation in trade and
finance incident to the banking holiday, but this did not
stay the Administration's hand in the application of those
new powers given to it by Congress. In addition to the
positive steps toward cotton price raising represented by
crop reduction and dollar depreciation, the Administration
went further and on May 12 gave one of the many assurances
which were to follow that government holdings of cotton
would not be dumped on the market. The remaining cotton
in the possession of the Cotton Stabilization Corporation
abroad was to be sold to the highest bidder, the domestic
stocks of the corporation were being turned over to the
Red Cross, and the 1,557,000 bales held by subsidiary corporations was to be acquired by the Secretary of Agriculture
and held for disposal by those planters who consented to cut
their acreage as provided by the Farm Relief Act.
That, briefly, was the situation at the opening of the
1933-34 season. In the first five months of the Roosevelt
tenure of office, owing to the combination of natural and
artificial forces brought to bear on cotton, the spot price in
New York had mounted from 6.35c. (March 3) to 10.00c.
(July 31). The course of events thenceforth fall handily
into the categories of Agricultural Adjustment Administration, inflation and drought. It is proposed to discuss
them in that order.
By Aug. 1 the AAA had its campaign pretty well launched.
The Department of Agriculture estimate of Aug.8 said that
indications were that the growing crop would amount to
12,314,000 bales, or more than 1,000,000 bales above
general expectations. It compared with a crop of 13,047,262
bales in the previous season, and its size was generally
considered disappointing in view of the claim then advanced
that 10,304,000 acres would be plowed under. Favored with
fair growing conditions and able to devote their time to a
smaller acreage, the farmers were able to build the condition
of the crop up to 74.2% as of Aug. 1, the highest level since
1915 with the exception of the 74.9% figure in 1931. It
compared with 65.6% on the corresponding date in 1932
and a 10
-year average of 67.9%. The acreage reduction
drive so well met the Administration's wishes as to cause
the announcement on July 14 that processing taxes would
be levied on cotton and on competing products. The campaign had been spurred on by President Roosevelt, who
sent, in a letter to Secretary of Agriculture Wallace on July 8,
an appeal to the cotton growers of the country to join in the
acreage reduction program as a "patriotic duty." The
response to this appeal led Secretary Wallace to say that the
voluntary cut in acreage would reduce the potential crop by
about 3,500,000 bales. The processing tax yield was estimated at $125,000,000, and Mr. Wallace said that he
expected that at least $100,000,000 would be paid to cotton
farmers in 16 States in the next six weeks to reimburse them
for cutting acreage by 25 to 50%. The cotton processing
tax of 4.2c. a pound became effective on Aug. 1.
With the crop production put over, the Administration
did not, however, relax its efforts. It devoted its energies to
finding ways and means of getting money out to the cotton
planters immediately. One of these ways was to lend cotton
producers 10c. a pound on their present crop on the condition that they make the prescribed reductions in acreage
for the 1934and 1935 crops. The 10c.figure was below the New
York market at the time the announcement of the loan plan was
made on Sept. 22, but it was 115 points above the price at
which cotton sold several days earlier. "Considered the most
definite step taken by the Administration to stimulate commodity prices to their pre-war level," said a press dispatch
at the time, "the offer involves potential loans of $400,000,000 should all farmers still in possession of their 1933 cotton
take advantage of it." The planters were required to consent
to reduce 1934 planting by 40% under the acreage of the
last five years and to cut 1935 planting by 25%, making for a
1934 crop of 25,000,000 acres, against 41,000,000 in 1933.
The loans were to bear 4% interest. It was provided that the
loans could be called and payment required if the market on
middling %-ineh cotton was 15 cents or over on the average
spot market price. If the price was less than 15 cents, the
loans were to run until June 1 1934. Storage charges, interest
charges and commissions would be payable from the proceeds derived from tht3 sale of the cotton and would have
preference over the principal obligation.
As evidence of the care with which the Administration
sought to make the loan terms as little onerous as possible,
it was decided that the government would stand the loss if
the price of cotton dropped below 10 cents a pound on the
farm in spite of the proposed 40% reduction in acreage
placed under the cotton plow. Since the Reconstruction
Finance Corporation could not make these loans without
recourse to the borrower in case of loss, the Administration
was in a momentary dilemma. Henry Morgenthau Jr.,
as head of the Farm Credit Administration could not guarantee repayment of the cotton loans to the RFC as all of the
assets of the former would be involved. It was decided then
to form a private corporation. Announcement of the plan
came on Sept. 25, but it was not until Oct. 17 that the new
company, known as the Commodity Credit Corporation,
was organized. Chartered in Delaware, the corporation had
$3,000,000 of capital, which was subscribed by the Secretary
Sept. 29 1934
of Agriculture, Mr. Wallace, and the Governor of the FCA,
Mr. Morgenthau, with funds allotted by President Roosevelt
from sums provided by the Bankhead Amendment to the
NRA. An initial loan of $250,000,000 from the RFC was
arranged. The corporation was to extend loans, according
to the revised plan, until July 31 1934, but it had the option
to call the note at any time when the price of middling
Vs-inch spot cotton on the New Orleans market, as determined by the Bureau of Agricultural Economics, was at or
above 15c. a pound. The cotton eligible for loans was that
part of the 1933 crop owned by producers. The amount lent
on cotton of less than'A-inch and low middling or better
as to grade was 8c. a pound. Secretary Wallace asserted that
the 10c. a pound loan plan was different from the old Federal
Farm Board pegging because it was tied in with the acreage
reduction idea. 'In simple language," he said, "it is a plan
to get the southern cotton grower a price for cotton before
it leaves his hands. I doubt if it will be necessary to lend a
large sum of money."
On Oct. 16, the day before the CCC was formed, the
AAA said that approximately $90,000,000 of the $111,000,000
or so to be passed out to cotton growers in the 1933 production reduction scheme was in their hands and that the
remainder of the checks was being distributed. By that
time, though, the Administration was so strongly committed
to the policy of raising prices of agricultural produce to
pre-war levels that the public appetite for action was not
easily whetted. In the first seven months of the Roosevelt
Administration the price of cotton had gone up more than
50%, or from a few points more than 6c. a pound to a few
points less than 10c. a pound. Consumption was running
far ahead of the previous year's figures, and the crop curtailment drive appeared to be meeting with some success,
at least of a negative sort, that is, by preventing production
from rising appreciably above the preceding crop's total.
Yet the pressure on the Administration for still higher prices
for the staple did not subside. Thus, on Oct. 18, at New
Orleans, the American Cotton Co-operative Association,
demanded that the Administration supply a 150. a pound
price for cotton in conformity with its pledge to restore
pre-war prices. The association called upon other interested
groups throughout the country to join with it in this demand.
It is extremely important that this background of concerted
pressure on an Administration sensitive to public demand
be borne in mind when the many governmentally inspired
measures of the crop year are being considered, For it was
precisely this uniting of vocal forces by the agriculturists
at this particular juncture which was directly responsible
for the Administration's taking a more aggressively inflationary attitude by invading other world markets to buy
gold so as to raise the price of gold in relation to the dollar.
In the third week of October 1933 the Administration still
subscribed to the theory that all a nation needed to do to
raise commodity prices was to reduce the gold content of
the currency.
The first plan perfected by the AAA for handling the 1934
crop acreage reduction plan was described by Secretary
Wallace on Nov. 29 1933. He said that the plan to offer
contracts to cotton producers in 800 cotton counties by
Jan. 1 1934 would be in the final stage in early December
and signatures would be sought then. The goal was an
acreage reduction in 1934 of not less than 35% and not more
than 40% below the average and in 1935 of not less than
25%. As the authorities then viewed the outlook, they
estimated that exports of cotton would increase from 8,000,000 to 10,000,000 bales and that, with domestic consumption
higher, the carryover might possibly be reduced to 9,000,000
bales on July 31 1934. Chester C. Davis, Administrator of
the AAA, said that the campaign to sign the 1934-35 cotton
adjustment contracts would begin on Jan. 1 1934, and he
declared that he would join with Mr. Wallace in asking the
Governors of the 16 cotton States to issue proclamations
designating the first week of the New Year for all agencies
in the South to share in an intensive drive to get farmers'
signatures to production adjustment contracts that would
restrict 1934 cotton planting to 25,000,000 acres. The 1934
program would call for the payment to cotton producers
of the South of approximately $125,000,000. "In spite of
the plowing up of more than 10,000,000 acres last summer,"
said Mr. Davis, "there is still a surplus of cotton. This
program is directed to the elmination of this surplus. If all
cotton farmers participate in and actually restrict planting
next year to 25,000,000 acres, there is a definite prospect
of a more nearly balanced cotton situation at the beginning
of the crop year next Aug. 1."
Under the plan then announced, the rate of rental payment for each acre rented to the Secretary of Agriculture was
3V cents a pound on the average yield of lint cotton an
acre for the farm in the years 1928-32, inclusive, with a
maximum rental of $18 an acre. The first of the two equal
instalments of the rental payments would be made between
March 1 and April 30 1934 and the second between Aug. 1
and Sept. 30 1934. Between Dec. 1 1934 and Jan. 1 1935
the parity payment of not less than 1 cent a pound on the
"farm allotment" would be made. The contract defined the
"farm allotment" as "40% of that figure expressed in
pounds which results from multiplying the annual average
number of acres planted in cotton on this farm during the
years 1928-32, inclusive, by the average yield (expressed in
pounds) per acre during said years."
Volume 139
Financial Chronicle
Almost simultaneously (the announcement having been
made on Dec. 12) the Finance Director of the AAA said that
a cotton pool was being created to liquidate the 2,400,000
bales of government-held cotton covered by options to
producers. This was part of the plan to advance option
holders 4c. a pound on their options, equal to $20 a bale.
Oscar Johnston, Manager of the Pool, said on Jan. 24 1934
that farmers holding options on 2,429,000 bales of government-owned cotton had, as of Jan. 22, assigned 1,712,442
bales to the AAA pool and had elected to have 298,000 bales
sold. To cover the orders of sale, he had sold 298,000 bales
of cotton futures contracts on the New York and New Orleans
exchanges. He seized that opportunity to say again that the
market need not fear dumping of cotton by the government
"I wish to reiterate a statement made many times," said he,
"that it is the purpose of this Administration to continue
handling cotton in such a manner as not to disturb or unduly
upset the market. When these option transactions are
concluded, the government will be out of the cotton business,
owning neither actual cotton nor cotton futures and only
interested to the extent of the 10-cent advance made against
the cotton which will belong to the pool and which will be
marketed for the benefit of the pool members." He estimated
on Jan. 10 1934 that government loans at the rate of 10c. a
pound and totaling between $108,000,000 and $112,000,000
had been advanced on 2,000,000 bales of producers' cotton.
It was in January 1934, while the AAA was engaged in its
effort to obtain the pledges necessary to insure the success
of its 1934 crop reduction plan, that the first strong indications appeared of probable success for the Bankhead plan
of supplanting voluntary acreage curtailment with strict
governmental control of the crop. For by Jan. 26 1934 the
scheme advocated by the Bankhead brothers of Alabama
had so much support inside and outside Congress that
Secretary of Agriculture Wallace decided to send out a
questionnaire to cotton farmers to sound them out on the
question of compulsory control of cotton production. In
his questionnaire the Secretary did not mention the Bankhead Bill by name, with its intention of controlling baleage
on pain of a confiscatory tax on surplus over the allotted
output, but it was obvious that he had this proposed legislation in mind. The questionnaires were mailed to 30,000
crop reporters contacting cotton farmers frequently durring
the year, to 6,000 local committeemen engaged in signing
cotton farmers to the voluntary control program and to
1,000 county agents in the cotton growing States.
"The government," said Secretary of Agriculture Wallace
in a letter accompanying the questionnaire, "itself is not
proposing compulsion, but wishes to ascertain the sen iment
of the South. The fact that we are seeking to find out what
the people of the South think of the proposal to compel
by some means the reduction of cotton production in no
sense is a movement to abandon the voluntary principle of
the present Act as it is working out in the cotton adjustment
campaign now under way." He spoke of the apparent acceptance of the voluntary control idea by a majority of the producers, but he admitted that there were those who felt
that the program in effect was weak because it had no control
over new lands not eligible to participate, because it did not
have any means of preventing intensive cultivation by
those sharing in the plan and because, finally, there was no
compulsion exercisable over those who could but would not
co-operate. "With another 12,000,000 or 13,000,000 bale
crop," said Senator Bankhead, "it is generally believed
that the price for this year's crop will be 7 or 8c. a pound at
best. If my bill limiting the sale of new cotton to 9,000,000
bales is passed, it is generally accepted that the price will
exceed 15c." As if in admission of the fact that the voluntary
plan was not being well received, the AAA announced on
Jan. 30 that it was extending from Jan. 31 to Feb. 15 1934
the campaign for signatures to the cotton acreage adjustment contracts. On Feb. 15 1934, however, Rexford G.
Tugwell, Acting Secretary of Agriculture, was able to
announce that a sufficient number of contracts had been
signed in the 1934 cotton adjustment program to warrant the
Secretary of Agriculture in declaring the program effective.
Cully A. Cobb, Chief of the Cotton Production Section of the
AAA, said on Feb. 17 1934 that approximately 13,000,000
acres had been rented in adjustment contracts examined to
date and that there were enough contracts in sight to bring
the total reduction to 15,000,000 or more acres.
The ink was scarcely dry on Mr. Tugwell's announcement
that the 1934 program was in effect when the plan for voluntary participation was dealt a body blow. The plan owed
its demise to the fact that President Roosevelt took up the
cudgels for the side opposite to that favored by his Secretary
of Agriculture and came out publicly in support of the
compulsory crop reduction proposal. He approved the aim
of the pending Bankhead Bill in a letter to Senator Ellison
D. Smith and Representative Marion Jones, and the argument which won him over (as on so many other occasions)
was that vocal public opinion favored it. "As you know,"
wrote President Roosevelt in his letter, "I have watched the
cotton problem with the deepest attention during all these
montys. I believe that the gains which have been made—
and they are very substantial—must be consolidated and,
in so far as possible, made permanent. To do this, however,
reasonable assurance of crop limitation must be obtained.
"In this objective, the great majority of cotton farmers
are in agreement. I am told that the recent poll by the
1933
Department of Agriculture shows that at least 95% of the
replies are in favor of some form of control.
"My study of the various methods suggested leads me to
believe that the Bankhead Bills in principle best cover the
situation. I hope that in he continuing emergency your
committee can take action."
The die, of course, was then cast. "The immediate effect
of the letter," observed the Associated Press on the same
day, "apparently was to change the attitude of the House
Agriculture Committee from one of indifference, if not of
hostility, toward the Bankhead measure, to one of receptivity."
By March 2 1934, on a vote of 14 to 6, the House Agriculture Committee had the Bankhead bill ready to report
favorably. The bill would limit the sales of tax exempt
cotton to 10,000,000 bales for the current crop year, and in
the following year the Secretary of Agriculture was to
establish the quota. The tax for production in excess of
allowables was to be 50% of the average central market
price a pound. The Secretary of Agriculture would be
authorized to purchase cotton produced in excess of quotas
at a price not to exceed 55% of the central market price,
with the cotton so purchased to be disposed of for charitable
purposes and to be used also for development of new uses.
No tax was to be collected on the ginning of cotton which
was to be stored for a year. The President was authorized
to extend the bill by proclamation through the crop year
1936-37 if he should find that "the economic emergency in
cotton production and marketing will continue or is likely
to continue."
It was not until March 29 1934, and then only by a narrow
squeak, that the Bankhead Bill passed the Senate. The vote
was 46 to 39, and several of the Senators who voted in favor
of the measure said that they harbored doubts as to its
constitutionality and cast their votes as they did only with
misgivings. The Bill got by the Senate only in a form considerably altered from that submitted to it by the House.
The Senate version limited the life of the Bill to one year,
made the period on which allotments were to be based 10
years instead of five, provided that any person who raised
only six bales was exempt from the tax, levied the tax at the
gin instead of at the time the cotton was sold and raised the
ad valorem tax from 50 to 75% and made violations of the
Act punishable only by a $100 fine, with no imprisonment.
The Bankhead Bill was placed on the statute book on
April 21. In its final form the life of the Bill was for the
crop years 1934-35, but could be extended a year by Presidential proclamation. The maximum amount of cotton that
could be marketed tax free was 10,000,000 bales, and the
tax was finally set at 50%, payable at ginning time, except
in case the cotton was to be stored by the producer. The six
bale exemption was eliminated, and the penal provisions
were stiffened, the fine being set at a maximum of $1,000
and the maximum imprisonment at six months. The Act
provided that no State which produced as much as 250,000
bales in any year during the base period should be given
an allotment of less than 200,000 bales. This provision
applied only to Missouri and California. The AAA added
the following statement about the Act's provisions: "The
Act provides that not to exceed 10% of the allotment to
each State will be reserved for special allotments to individual
producers and that not less than 90% of each State's allotment will then be prorated to- the counties within the State
on the same basis as the State allotments are made. If,
however, it is found that the production of cotton in a county
was so reduced by drought, flood, or other natural causes
as to result in an abnormally low production in certain years
of the base period, then the years in which normal production
was so reduced by these causes will be excluded from the
period used in computing the average for the county." On
signing the Bill, Mr. Roosevelt said: "I am advised that the
overwhelming majority of the South's cotton producers
desire the enactment of legislation now embodied in the
Bankhead Bill. It aims to prevent that very small majority
which has refused to co-operate with their neighbors and the
government from impairing the effectiveness of the current
cotton program, which now includes 92% of the cotton
acreage." He said that there was nothing new in the sentiment behind the Bankhead Bill, and he pointed out that
methods to adjust cotton production were made during the
days of the Confederacy and that the feeling was strong for
some such plan in 1905, 1915, 1921 and 1927.
The AAA said on May 26 1924 that the figure of 11.34c. a
pound, the average price of lint cotton at 10 spot cotton
markets, had been arrived at as the base for determining the
rate of tax on cotton under the Bankhead Act ginned in
excess of the total of 10,000,000 bales of tax-exempt cotton
allotted to producing States. The rate of tax was fixed by
the Act at 50% of the proclaimed price, but in no event
was it to be less than Sc. a pound. The United States was
committed to, and operating under, the Bankhead Act by
then, the Act which Secretary Wallace, on April 21 1934,
was quoted as saying was abhorrent. He professed to be
unable to see how it could be made to work. This was the
Act which was to cut production to 10,000,000 bales and so
raise the price to 15c. a pound or above. But not even this
Act, and the effects of the drought and the winning of the
Administration over to an inflationary silver program, could
raise the price of spot cotton to 15c. a pound by the end of
the crop year or soon thereafter. For it began to appear that
1934
Financial Chronicle
Sept. 29 1934
the price of the staple had already advanced so far as to tration took charge of the Federal governmental machinery.
outstrip by some degree the expansion in purchasing power, But he would claim much who would contend that dollar
thereby causing consumption of cotton goods to decline devaluation had most to do with the upward swing in the
appreciably, and also to stimulate elsewhere the use of foreign price of cotton, when the AAA program, fortified by the
stringent Bankhead Bill, and the drought also were maniat the expense of American cotton.
And the end was not yet. On Aug. 15 1934 the goal of 15c. festly conspiring to spur cotton prices to higher levels.
cotton set for the Bankhead Bill was still more than 1 M Nevertheless, dollar cheapening was often charged with
cents short of realization, and at this point the government responsibility for day-to-day movements in the cotton market.
was urged to do something more to help out the cotton In bold outline the course of dollar depreciation was as follows:
The Administration placed an embargo on exports of gold
growers. On that day Senator Bankhead asked President
Roosevelt to peg the price of cotton at 13 cents a pound during the banking holiday in March 1933, and directly
through government loans and to suspend the processing after the holiday was over it allowed outward movements of
taxes temporarily during the marketing season. Regarding gold only under license. In mid-April 1933 the Administhe suspension of the processing tax, the Senator said: "I tration definitely decided to shelve the gold standard and
think it would have a good effect, phychologically, and I thenceforth forbade exports of the metal to preserve the
think it would help to raise prices. I am not sure of that, dollar's parity. In two weeks after gold was abandoned on
but I think it would. I am for the processing tax. There is April 18 1933 the price of spot cotton in New York shot
no question about that, but in my opinion we do not need upward 140 points, and in another four weeks the price
the processing tax now as much as before." Also on Aug. 15 had climbed another 135 points. It is impossible to isolate
1934 the Under-Secretary of Agriculture, Rexford Guy one cause from another in determining the one most responTugwell, addressing an audience of cotton raisers at Clemson sible for the sensational spurt which cotton had in those days
College, said that the emergency cotton control program when the country was getting its first taste of currency
must be transformed into "something of a permanent depreciation. But it is probably safe to say that the falling
policy" in time to influence planting next spring. He said dollar conjured up in the minds of cotton traders the spectre
that the cotton surplus had been reduced about 6,000,000 of inflation, turning them to buying the staple for speculative
bales in two crop years and that future plans must be based reasons and as a hedge against the currency. Now, as the
on "our decision as to the size of the annual production which 1933-34 crop year began,spot cotton in New York was quoted
we can expect to dispose of at home and abroad without disas- at 10.40c.a pound. A price rise in commodities resulting from
trously depressing prices." The proposal that the processing fears of inflation of the currency must be fed by fresh evidence
tax be suspended, at least temporarily, brought a statement of the monetary unit's deterioration. By mid-October the
from Secretary Wallace on the following day to the effect price of spot cotton in New York had fallen to 8.95 cents
that no such suggestion was being considered. What he said after having been up to 11.75 cents in July. To keep the
was at least consistent with an announcement from the price on the upward grade the Administration, in the person
AAA on July 31, saying that the cotton processing tax of President Roosevelt, announced on Oct. 22 1933 a plan
would continue to be in effect for the 1934-35 cotton market- for raising the price of gold in this country. In a twinlding
ing year. This fact was made known to dispel the uncer- cotton shot up to 9.90c., after which it receded to about
tainties that had come up regarding the tax. "In view of the 9.50 cents. The Administration, seeing that it was getting
requirements of the Agricultural Adjustment Act," the little action from the mere posting of a price for newly mined
announcement set forth, "the Administration feels warranted gold in this country, decided to enter foreign markets to bid
in assuring industry that no redetermination of the rate of up the price of gold and did so on Nov. 2. Thereat cotton
the raw cotton processing tax is at present contemplated." rose comfortably above the 10c. level again. The next
By looking a bit farther beyond the close of the crop inflationary fillip given to the markets came in January
year more especially under consideration, one can find the 1934 at the time of the delivery of the President's regular
disposal made by the Administration of the demands that message and budget message to the Congress on Jan. 3 and
it lend anywhere from 13 to 20 cents a pound on farmers' 4. These messages outlined a monetary program and a
cotton. The President announced on Aug. 21 1934 that the plan for borrowing $6,000,000,000 in the next six months.
CCC was prepared to lend up to 12 cents a pound to farmers In a special message on Jan. 15 1934, Mr. Roosevelt asked
on their cotton. "To enable the cotton farmers to market for legislation authorizing him to revalue the dollar at 50
their cotton more nearly as it is required for consumption," to 60 cents of the old parity and to establish a $2,000,000,000
he said, "I have requested the RFC to make funds available stabilization fund with part of the profit on devaluation of
to the CCC that will enable it to increase its lending from the dollar. By the time the President got around to cutting
10 to 12 cents a pound on cotton classing low middling or the gold content of the dollar on Jan. 31 1934 the price of
better, which is and has been continuously in the possession spot cotton in New York was up to 11.75c.
The next occasion when "inflation" was an issue before
of the producer. While the CCC is still carrying for the producers about 1,000,000 bales of last year's crop and the the public was in April 1934 when a great pother was being
Cotton Producers Pool approximately 2,000,000 bales ad- raised in Congress over silver. The President at first gave
ditional, it is worth noting that the still large surplus of the impression that he was opposed to any extreme silver
cotton will, in all probability, show this year a reduction of bill, and from April 16 to April 19 1934, and thereabouts,
about 4,500,000 bales from last year." The President's the Washington press dispatches frequently referred to the
statement was supplemented on Aug. 24 1934 by one from disfavor with which Mr. 'Roosevelt regarded the Dies Silver
Oscar Johnston, Manager of the Pool, explaining the way Bill (among others), which would authorize the Secretaries
the 12-cent a pound loans would work. The members at of the Treasury, Commerce and Agriculture to negotiate
that time, he said, owed to the Pool 10 cents a pound, or $50 with foreign buyers with a view to selling agricultural surplus
a bale, plus carrying charges of 30 cents a bale a month products at the world market price and to accept silver in
since Feb. 1 1934. Up to Oct. 1 1934 this carrying charge payment therefor. The President was opposed, in fact,
would amount to $2.40 a bale. The Pool Manager would it was made clear, to any further new silver legislation at
borrow from the CCC an additional 2 cents a pound and that session of Congress, and he insisted that he had in the
from this $10 a bale would deduct the $2.40 for expenses, Thomas Amendment to the Agricultural Adjustment Act
leaving a balance of $7.60 a bale to be distributed to members all the permissive powers necessary to make silver a monetary
who had authorized such action. As of Aug. 24 1934, ac- commodity. A cotton review for April had the following to
cording to Mr. Johnston, there were about 1,950,000 bales say about silver: "Another bearish factor (on the price of
of cotton in the pool held by approximately 450,000 cotton cotton) was the break in silver prices reflecting the Adminisproducers. If they all applied for the additional 2-cent tration's determined opposition to the demands for immediate
advance, it would mean a distribution of around $14,820,000 remonetization of the white metal and the growing belief
to the group. To make doubly certain that none of this that the government's general attitude with reference to
cotton reached the market Mr. Johnston said that the inflationary measures is undergoing a distinct turn to more
Federal Surplus Relief Corporation would purchase cotton conservative views." But if April was a month when the
for relief purposes from any Pool member who wished to fortunes of silver seemed low, May was a month when they
were raised high; for in the latter month the Administration
cash his certificates.
On this phase of the farm relief policy there remains to swung around to the silverite point of view. Finally, on
be pointed out now only that, stung by the criticisms of May 22 1934, the President sent to Congress a message in
former President Herbert Hoover, and of Owen D. Young, which he recommended legislation promising "ultimately"
the Administration prepared, on Sept. 5 1934, to put it up to build up the government's-monetary stocks of silver to a
to the farmers once again to decide whether or not they point where they would equal one-fourth of the value of the
wanted crop production control. Secretary Wallace said that metallic reserves. The Bill passed both houses without
six regional conferences would be held during the following difficulty. In May 1934 the price of cotton forged ahead to
week so that local farm leaders could be consulted on the 11.70c. on May 17, up 95 points in the month, and closed
at 11.55c. When the Administration announced that it was
manner of conducting the referendum.
In the campaign to raise cotton prices the AAA program "nationalizing" all of the silver in the country as of Aug. 9
was not the only string in the Administration's bow. It 1934, the cotton market on that day ended 14 to 19 points
sought to achieve its aims by cheapening the dollar vis-a-vis higher, with one commentator remarking: "On the 9th inst.
foreign currencies on advice given by an agricultural econo- the market was very active, with large quantities of cotton
mist suddenly risen to prominence. The calculation was that changing hands through the day. A substantial demand
commodity prices would move in inverse ratio to the fall in the for cotton developed on the news that the government had
dollar. At most it could be hoped that the prices of com- nationalized silver."
The drought is mentioned here in this consideration of the
modities in foreign trade would show anything like the rise
in prices sought, and it was supposed that cotton was a crop year in good part because of the attitude of the Adminisstaple which would respond most readily and sensitively to tration toward it. While the effects of the drought were more
the dollar depreciation. Cotton has, in fact, gone up in devastating on the cereal crops, it was also an influence in
price a bit more than 100% since the Roosevelt Adminis- keeping down cotton output. Yet, in spite of the failure of
1935
Financial Chronicle
Volume 139
In the following table we also show the price of printing
the indicated crop to live up to the maximum tax free crop
the season:
allowed by the Bankhead Act, the AAA did not modify its cloth, 28-inch, 64 x 60, at Fall River each day of
restrictions on growing regulations, or on the processing DAILY PRICES OF PRINTING CLOTHS (28-Inch 64 x 60) AT FALL RIVER
1933-1934.
FOR SEASON
tax, or elsewhere. The drought was called by J. B.. Kincer
of the Weather Bureau on Aug. 11 1934 as the worst in the
Aug. Sept. Oct., Nov. Dec. Jan. Feb. Mar. Apr. May June July
Month
weather history of the United States in a growing season. ch Year 1933. 1933. 1933: 1933, 1933. 1034. 1934, 1934. 1934. 1934 1934. 1934.
He said that other years, especially 1894-95, 1901, 1910,
1914 and 1930, were exceedingly dry, but never before in the
1____ 534 4% Sun. 454 434 Hol. 434 534 Sun. 434 454 Sun.
434 4% 434
2_ 5% Hol. 414 4% 414 4% 4% 534 5
70 years that accurate records have been kept has there been
4% Sun. 454
3.... 554 Sun. 4% 4% Sun. 434 4% 534 5
4% 4% Hol.
such generally deficient rainfall as in April, May, June and
4.--- 534 Hol. 4% 4% 434 434 Sun. Sun. 5
4%
July 1934. The Department of Agriculture at Washington, 5.- 554 4% 4% Sun. 434 4% 4% 534 5 Sun. 454 454
454 454
6...__ Sun. 434 4% 4% 434 4% 434 534 5
in its report on cotton acreage, condition and production as
454 434 4%
sq 5
7____ 5% 4% 434 Hol. 4.4 Sun. 5
5% Sun. 434 434 Sun.
5
drought: "During
of Aug. 1 1934, had this to say about the
8.- 5% 4% Sun. 4% 44 454
434 4% 4%
5345
4%
9.5% 444%
July unusually hot, dry weather prevailed in a large part of 10._ __ 554 Sun. 434 434 Bun. 4% 5
534 5
434 Sun. 434
4% 5
particularly severe in 11____ 5% 434 4% 434 434 434 Sun. Sun. 5
434 434 454
the crop because of drought and was
434
5
434 454
434
parts of Louisiana. 12._ 534 4% Hol. Sun. 414 434 Hol. 534 5 Sun. 454 4%
Oklahoma, Texas, western Arkansas and
434
434 534 534
434 4% 454
434 434 431
Should the drought continue in these States further decline 13.- Sun. 4% 434 454 434 Sun. 534 554 5
14_ _.- 534
1 1934 said: lb__ si 434 Sun. 414 434 434 534 54 Sum 434 434 Bun.
in prospects will result." The report as of Sept.
434 434 4%
434 474 53.4 514 5
5% 4%
"Arkansas and Oklahoma show sharp declines because of 16.- 634 Sun. 434 434 Sun. 434 5% 534 5 4% Bun. 4%
434 454
17__
434 434 Sun. Sun. 474 434 434 414
weeks 18_ _ __ 5
434 4% 454
further damage from drought during the first three
434 434 4% 414
434 434
19_ __ 534 434
of August." The drought laid no handicap on cotton pro- 20._ Sun. 4% 431 Sun. 434 474 534 534 4% Sum 454 414
534 534
434 414
States 21____ 534 434 434 454 434 Run. 534 534 474 434 434 414
duction in the eastern States, but its blight in other
4% 454 Sun.
4% 434
22____ 534 474
can be traced in the condition of the crop as of Sept. 1 23__ 5% 4% Sun. 4% Hol. 4% Hol. 54 Sun. 434 434 474
434 a% ssi 474
434
434 434 Bun. 434
1934. The condition of the crop for the country as a whole 24._ 534 Sun. 434 44 Sun. 434 53.4 5
454
4%
434
25._
on that date was 53.8% of normal, against 67.5% in 1933 26_ 5 4% 434 Sun. Hol. 4% Sun. Sun. 434 454 4% 4%
4%
414 434
434 434 57.4 5
434
53.4
434 Sun. 434 474
and the 1923-32 average of 57.7%. The condition in Missouri 27.__ Sun. 434 434 4% 434 434 534 5
414 434 434 4%
4% 434 434 Sun. 534 5
was 61%, against 78% in 1933; in Mississippi, 61%, against 28-- 534 434 Sun. 434 4% 434
Sun. 454 434 Bun.
5
434
65%; Louisiana, 50%, against 55%; Texas, 44%, against 29._ 5
1101. 434 Hol. 434 434
414 414 Hol. Hot. 434
30_ _ _ _ 5
414
454
Hol.
414
Alm
68%; Oklahoma, 30%, against 72%, and Arkansas, 43%,
against 66%. For the country the Sept. 1 1934 report
We likewise subjoin the following compilation to show the
estimated that the production would be 9,252,000 bales of
series of years. Like
500 pounds gross weight, compared with 10,460,251 bales range of prices of printing cloths for a and lowest quotations
the table above it sets
of 478 pounds net weight allowed by the Bankhead Act. for 64 squares 28-inch out the highest
printing cloths at Fall River and covers
Partly to cope with crop conditions caused by.the drought,
39 seasons-1895-96 to 1933-34, inclusive.
Secretary of Agriculture Henry A. Wallace anounced on each of the lastLow.
High.
:
h
II ts Low.
High. Low.
Sept. 5 1934 the formation of a National pool to facilitate
.
Cu. Cts
5.25 3.60
sales and purchases of surplus tax-exemption certificates 1933-34---- 554 44 1920-21-_-_14.00 4.62 1907-08.-- 5.25 3.38
26,
issued under the Bankhead Cotton Control Act. He fixed 1932-33-. 534 211 1919-20____17.50 11.00 1908-07-- 3.81 3.37
1931-32____ 334
1918-19----13.00 6.75 1905-06-4c. a pound as the price for which the tags should be sold 1930-31.- 434 3% 1917-18----14.00 7.25 1904-05-- 3.50 2.82
t
i 434 1916-17.-- 8.00 4.25 1903 04---- 4.12 3.00
1929-30.- 5
throughout the Cotton Belt. Referring to the fact that the 1928-29-- 6
5% 1915-18-- 4.25 3.25 1902-03____ 3.37 3.00
crop promised to be smaller than the law allowed, Secretary 1927-28-- 7
sg 1914-15- 3.50 2.88 1901 -02- - - 3.25 2.37
3.62
5
11926-27---- 8
Wallace said: "Unless there is considerable improvement in 1925-26-- 7. 5. 1913-14.--- 4.00 3.75 1900-01---_ 3.25 2.37
1899-00____ 3.50 2.75
1912-13.--- 4.06
the crop, there will be an excess of tax-exemption certificates 1924-25-- 7.75 8.75 1911-12-- 4.00 3.12 1898-99-- 2.75 1.94
1.94
3.88
3 24-- 8.75 6.88
192 in some sections and a shortage in others. It will be the 1922-23-- 8.75 6.88 1910-11__ 4.25 3.62 1897-98.... 2.62 2.44
3.62 1896-97__-_ 2.62
1909-10____
purpose of the pool to equalize those differences in such a 1921-22.... 7.12 4.75 1908-09-- 3.62 3.00 1895-96-- 3.06 2.44
manner that producers who have an excess of certificates may
obtain as fair a return as possible for them while producers Record of Middling Upland Spot Prices of Cotton in
Liverpool.
lacking the necessary tax-exemption certificates may be able
to purchase them at an equitable price."
The following table shows the price of middling upland
The following table shows the spot price of cotton for each spot cotton in Liverpool for each day of the past season:
day of the season of 1933-34 compiled from records of the
DAILY CLOSING PRICE OF MIDDLING UPLAND IN LIVERPOOL.
New York Cotton Exchange:
To indicate how the prices for 1933-34 compare with those
for earlier years, we have compiled from our records the following, which shows the highest, lowest and average prices of
middling uplands in the New York market for each season:
Nigh.
1933-34
1932-33
1931-32
1930-31
1929-30
1928-29
1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1918-14
1912-13
1911-12
1410.
c.
13.35
11.75
8.15
13.15
19.56
21.65
23.90
19.20
24.75
31.50
37.65
31.30
23.75
40.00
43.75
38.20
' 36.00
27.65
13.45
10.60
14.50
13.40
13.40
e.
8.65
5.70
5.00
8.25
12.45
17.65
17.00
12.15
17.85
22.15
23.50
20.35
12.80
10.85
28.85
25.00
21.20
13.36
9.20
7.25
11.90
10.75
9,20
Average
C.
11.09
7.37
6.34
10.38
16.60
19.73
20.42
15.15
20.38
24.74
31.11
26.30
18.92
17.95
38.25
31.04
29.65
19.12
11.98
8.97
18.30
12.30
10.83
High.
C.
10.75
1910-11
16.45
1909-10
13.15
1908-09
13.55
1907-08
13.50
1906-07
12.60
1905-06
11.65
1904-05
17.25
1903-04
13.50
1902-03
1901-02
9%
12
1900-01
1899-1900._10%
634
1898-99
1897-98
834
1896-97
8%
9%
1895-96
1894-95
734
1893-94
,
8 11
10
1892-93
1891-92
8119
1890-91
1234
121(
1889-90
1888-89
Wu
Low.
e.
12.30
12.40
9.00
9.90
9.60
9.85
6.85
9.50
8.30
71,14
811
6%
511,
5119
The
719
51 •
6,11,
719
6119
8
1034
954
Atorage•
c.
15.50
15.37
10.42
11.30
11.48
11.20
9 13
12.58
10 26
91,
9K
94
1,
13,
619
7,1t.
84
,
6 1,
7119
819
734
94
11gui
10 to
,
30
II
A it5
s
a
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Sun
5.53
5.47
5.44
5.49
5.44
5.50
Sun
5.42
5.41
5.37
5.41
5.44
5.41
Sun
5.41
5.30
5.48
5.48
5.51
5.54
Sun
5.53
5.48
5.53
5.54
5.54
5.61
Sun
5.53
5 del
5.15
5.17
Sun
5.16
5.19
5.21
5.21
5.25
5.20
Sun
5.25
5.33
5.33
5.32
5.25
5.26
Sun
5.25
5.22
5.24
5.24
5.25
Hol
Sun
Hol
Hol
5.32
5.37
5.33
Hol
Hol
5.39
5.46
5.54
5.64
5.66
Sun
5.75
5.75
5.75
5.88
5.88
5.87
Sun
5.94
6.02
5.95
5.97
6.05
8.09
Sun
6.02
6.01
6.02
5,99
6.07
6.02
Sun
6.04
6.17
am.
Ale
6.23
6.29
6.34
Sun
6.55
6.51
5.65
6.60
6.80
6.70
Sun
6.75
6.79
6.64
6.61
6.68
6.77
Sun
6.66
6.59
6.62
6.66
6.67
6.63
Sun
6.58
6.45
6.49
6.52
6.55
6.71
Sun
6.60
6.62
6.61
6.57
6.65
6.61
Sun
6.57
6.62
6.60
6.61
6.81
6.58
Sun
6.57
6.48
6.54
5.43
6.46
6.46
Sun
6.54
6.50
6.48
6.35
Hol
74ne
gp
Sun 9.75 10.20 Hol 11.75 12.20 Sun 10.75 11.80 Sun
9.90 9.75 10.18 10.50 11.80 12.50 12.15 11.00 11.95 12.10
9.80 9.80 Sun 10.45 11.95 12.40 12.20 11.00 Sun 12.30
9.90 9.75 10.05 10.65 Sun Sun 12.25 11.30 11.85 Rol
9.70 Sun 10.20 10.55 11.95 12.45 12.30 11.20 12.10 12.30
9.50 9.55 10.15 10.75 12.15 12.35 12.30 Sun 12.10 12.15
9.50 Hol 10.15 Sun 12.25 12.30 12.25 11.45 12.20 12.10
Sun 9.90 10.10 10.85 12.45 12.45 Sun 11.65 12.15 Sun
9.65 10.05 10.20 10.95 12.55 12.40 12.15 11.50 12.25 12.45
9.55 10.05 Sun 11.05 12.65 12.35 12.25 11.55 Sun 12.70
9.55 10.05 10.20 11.10 Sun Sun 12.15 11.45 12.15 13.00
Rol Sun 10.15 11.05 Hol 12.50 12.10 11.45 12.30 12.85
9.35 10.10 10.20 11.25 12.45 12.45 12.05 Sun 12.30 13 15
9.40 10.25 10.15 Sun 12.40 12.45 12.10 11.40 12.15 13.05
Bun 10.25 10.20 11.65 12.45 12.45 Sun 11.45 12 15 Sun
8,95 10.40 10.10 11.60 12.55 12.35 11.80 11.55 12.15 13.25
9.45 10.20 Sun 11.55 12.55 12.35 11.80 11.70 Sun 13.30
9.35 10.15 10.05 11.50 Sun Sun 11.80 11:60 12.15 13.35
9.35 Sun 10.15 11.65 12.40 12.20 11.75 11.65 12.35 13.25
9.40 10.25 10.05 11.60 12.30 12.30 11,80 Bun 12.20 13.00
9.40 10.25 10.00 Sun 12.40 12.15 11.75 11.55 12.20 13.15
Sun 10.15 10.25 11.50 Hol 12.15 Sun 11.50 12.10 Sun
9.50 10.00 Hol 11.50 12.40 12.10 11.65 11.50 12.15 13.10
9.70 10.10 Sun 11.45 12.40 12 25 11.35 11.40 Sun 12.85
9.90 10.10 Hol 11.45 Bun Sun 11.10 11.50 12.35 12.85
9.80 Sun 10.15 11.35 12.10 12.20 10.90 11.60 12.45 12.80
9.85 9.90 10.30 11.50 12.15 12.05 11.15 Sun 12.35 12.95
9.75 10.05 10.35 Sun 12.i5 12.00 11.15 11.60 12.45 13.00
12.20 Bun 11.60 12.35 Sun
Sun 10.10 10.30 11.70
Hol 10.95 Hol 12.45 13.20
9.70 Hol Hol 11.70
Hol
Bun 11.75
9.75
11.55
13.15
5.60
Rol
Sun
Hol
5.51
5.34
5.45
5.38
5.32
Bun
5.28
5.36
5.33
5.49
5.47
5.48
Sun
5.54
5.54
5.67
5.58
6.42
5.51
Sun
5.59
5.55
5.61
5.58
5.60
5.56
.W,
.
W$Wn74..U,MODo.,MM,MMopt..MM.=
*MV
M
mt4M4006MM02MMMMMMm06MWMMClimMMMNMMwM
10.40 9.45
10.45 Hol
10.30 Sun
10,15 Hol
10.05 9.10
Sun 9,30
9.90 9.20
9.60 9.00
9.85 8.85
9.65 Sun
9.30 9.05
9.20 9.05
Sun 9.35
9.00 9.55
8.85 9.60
8.65 0.70
9.30 Sun
9.25 10.15
9,35 10.45
Sun 10.05
9.35 9.65
940 9.80
9.30 10.15
9.30 Sun
9.55 10.05
9.60 10.05
Sun 10.00
9.65 9.90
9.65 9.90
9.55 9.95
9.45
6.17
6.31
6.28
6.25
Rol
Sun
Hol
6.15
5.99
6.03
5.90
5.65
Sun
5.62
5.57
5.52
5.46
5.66
5.56
Sun
5.65
5.59
5.71
5.54
5.53
5.67
Bun
5.67
5.69
5.69
mviMmicoMMuimiMmM0MMMMgMuiMMMidig44.6.6
1
2
3
4
5
8
7
8
9
10
11
12
13
14
16
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
1
2
3
4
wmm..,..p.MMO.-.N_Ot•...-.MM..MOMMO:M...N0.0
VIVVV5MNNMMM5MNN....0.-4000.._,*..
Month and Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. June. July.
1933. 1933. 1933. 1933. 1933. 1934. 1934. 1934. 1934. 1934. 1934. 1934.
Year.
Month and Aug. Sept. Od. Nov. Dec. Jan. Feb. Mar. Apr. May. June My
Year.
1933. 1933. 1933. 1933, 1933. 1934. 1934, 1934, 1934, 1934. 1934. 1934.
1
DAILY PRICES OF MIDDLING UPLAND SPOT COTTON IN NEW YORK
FOR SEASON OF 1933-1934.
5.85
5.91
5.97
5.93
6.09
Sun
6.06
6.12
6.16
6.13
6.15
6.13
Sun
6.11
6.06
6.14
6.18
5.23
Hot
Sun
Hol
6.17
8.22
6.20
Hol
Hol
Sun
6.17
6.24
6.32
6.28
6.41
Sun
6.41
6.44
6.51
6.51
6.56
6.58
Sun
6.70
6.61
8.75
8.68
6.61
6.68
Sun
6.64
6.67
6.74
6.65
6.69
6.71
Sun
6.75
6.80
6.78
6.76
6.84
6.79
ft RA
Sun
6.70
6.66
6.76
6.81
6.66
6.60
Sun
6.63
6.85
6.89
7.04
6.99
7.13
Sun
7.13
7.14
Hol
7.20
7.17
7.08
Sun
7.07
7.03
6.93
6.88
6.97
7.07
Sun
7.05
71W
CARRY-OVER OF COTTON REDUCED
As the outlets for cotton have been in excess of the new
growth, the carry-over of cotton into the new season has
been subEitantially reduced. Including linters the carryover of American cotton, July 31 1934 stands at 10,681,520
against 11,813,820 bales July 311933, 13,228,809 bales on
July 311932, but comparing with 9,263,876 bales on July 31
1931;6,888,584 bales July 31 1930; 4,918,523 bales on July 31
1929 and 5,526,486 bales on July 31 1928. Full details
appear in the table which we now append.
CARRY-OVER OF AMERICAN COTTON AT END OF SEASON
Lint
July 31
1934
July 31
1933
July 31
1932
July 31
1931
Bales
Bales
Bales
Bales
921,428
In U. B. consuming establishments... 1,174,394 1,299.150 1,164,011
5,525,009 5,704,245 6,661,027 4,491,068
In U. S. public storage, Sc
357,000
263,000
391,000
317,000
At Liverpool
69,000
89,000
63.000
45,000
At Manchester
691.000
592,000
822,000
651,000
At Continental ports
78.000
180.000
300.000
126,000
Afloat for Europe
Mills other than In United States (b)._ 1,144,000 1,266,000 1,395,000 954.000
3.50.000
500,000
450,000
400,000
Japan and China ports and afloat v
950.000 1.080,000 1.760,000 850.000
Elsewhere in United States (a)
Total lint cotton
10,332,403 11,375,395 12.604.038 8,761.496
Financial Chronicle
1936
CARRY-OVER OF AMERICAN COTTON AT END OF SEASON (Concluded).
July 31
1934
Linters
July 31
1933
July 31
1932
July 31
1931
Total linters
nrnrir1 tnia.1
Bales
237,309
34,649
77,159
Bales
321,694
31,731
85,000
Bales
301,689
53,082
270,000
Bales
253.667
48,713
200,000
349,117
In D. S. consuming establishments__
In U. S. public storage, dre
Elsewhere in United States (a)
438,425
624,771
502.380
in 651 c20 11 515 520 13 228 MA 9.263.876
'Estimated. a As estimated by United States Census. t. Taken from the
compilations of the International Federation of Master Cotton Spinners and Manufacturers' Associations.
The foregoing figures deal solely with American-grown
cotton. But there are also considerable stocks of foreign
cotton-East Indian, Egyptian, Peruvian, ezc. To make
the survey entirely complete these stocks of foreign cotton
must obviously also be taken into account. Such stocks
constitute a supply additional to the carry-over of American cotton. From the statistics compiled by the International Federation of Master Cotton Spinners and Manufacturers' Associations it appears that the mill stocks of
foreign cotton during the late season were increased 540,000
bales. We bring the figures together in the following table,
and they show that there were 3,012,000 bales of foreign
cotton on hand in the mills throughout the world on July 31
1934, against 2,472,000 bales July 31 1933; 1,924,000 bales,
July 31 1932; 2,447,000 bales, July 311931; 2,513,000 bales,
July 31 1930; 2,734,000 bales on July 31 1929,and 2,675,000
bales on July 31 1928.
STOCKS OF FOREIGN COTTON AT MILLS.
MUI Stocks.
July 31
1934.
July 31
1933.
Bales.
Bales.
East Indian Cotton250,000
363,000
European mills
1,282,000 1.249,000
Asiatic mills
9,000
6,000
Canada,United States,Oa.
3,000
1,000
Elsewhere
Egyptian Cotton
205,000
182,000
European mills
30,000
37,000
Asiatic mills..
27,000
18,000
Canada,United States, As.
4,000
4,000
Elsewhere
',Sundry Cotton
544,000
303,000
European mills
363,000
283,000
Asiatic mills
87,000
Canada,United States, As.
105,000
72,000
57,000
Elsewhere
Grand tntal
July 31
1932.
July 31
1931.
July 31
1930.
Bales.
Bales.
Bales.
418,000
365,000
155.000
860.000 1.177,000 1,192,000
17,000
21.000
15,000
3,000
9,000
36,000
166,000
39.000
23.000
1,000
143.000
43.000
30,000
2,000
316,000
232,000
70,000
44,000
316,000
202.000
100,000
43,000
153,000
15,000
65,000
4,000
203,000
281,000
92.000
33,000
3 012 non 2 472 000 1.924.000 2.447.000 2.513.000
In addition, however, to the mill stocks of foreign cotton
there are also considerable stocks of foreign cotton at the
different ports in Europe, Asia and Africa. Here there
has been a substantial increase the past season. Figures
regarding these stocks of foreign cotton at the different
ports in Europe, Asia and Africa are furnished every week
by us in our weekly statement of the visible supply of cotton
throughout the world, and from the statement for the end of
July we reproduce the following comparative table concerning these stocks for the past five years. It will be observed
that the port stocks of foreign cotton altogether were 2,185,000 bales July 31 1934, against 1,790,000 bales July 31 1933;
1,893,000 bales July 31 1932; 2,124,000 bales July 31 1931;
and 2,313,000 bales July 31 1930.
STOCKS OF FOREIGN COTTON AT PORTS.
July 1934. July 1933. July 1932. July 1931. July 1930.
East India, Brazil, tte.Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, Ac., afloat.
Stock in Alexandria, Egypt
Stock in Bombay, India_
Bales.
556,000
Bales.
331,000
Bales.
327,000
Bales.
417,000
Bales.
461,000
42,000
136,000
91.000
177,000
220,000
963,000
67,000
62,000
46,000
76,000
101.000
58,000
100,000 • 91,000
310,000
504.000
815,000
805,000
108,000
99,000
81,000
106.000
594.000
719,000
66.000
124,000
142,000
86,000
476,000
958,000
Total East India. A0)_ 2.185.000 1.790.000 1.893,000 2.124.000 2.313,000
It thus appears that in addition to the carry-over of
10,681,520 bales of American cotton on July 31 1934 there
were 3,012,000 bales of foreign cotton at the mills throughout the world and 2,185,000 bales of foreign cotton at the
ports, making the grand total of the carry-over of cotton of
all kinds 15,878,520 bales. This compares with 16,075,820
bales July 311933; 17,945,809 bales July 31 1932; 13,834,876
bales on July 31 1931; 11,714,584 bales on July 31 1930;
9,624,523 bales on July 31 1929; 10,135,486 bales on July 31
1928, and 12,086,588 bales on July 31 1927. In tabular
form the comparisons are as follows:
CARRY-OVER OF COTTON OF ALL KINDS
/fay 31
1934
July 31
1933
July 31
1932
July 31
1931
July 31
1930
Bales
Bates
SummaryBales
Bales
Bases
Carry-over of American__ 10,681,520 11,813,820 13,228,809 9,263,876 6,888.584
Carry-over of foreign
3,012,000 2,472,000 1,924,000 2,447,000 2,513,000
At mills
2,185,000 1,790,000 1,893,000 2,124,000 2,313,000
At ports, Arc
r1r.mi
tiltfil
a all
15.875 520 111 075 520 17.045 809 13.834.876 11.714.584
THE COTTON TRADE OF THE UNITED STATES
Many surprises are revealed in the study of cotton textile
events since the enactment of Code No. 1 on July 17 1933.
Over-production, so long the menace has not been overcome.
During December 1933, an administrative order called upon
the industry, with some few exemptions, to curtail 25%.
Again during the months of June, July and August 1934, a
similar administrative order was issued. Despite this cur-.
Sept. 29 1934
tailment,stocks of goods on hand increased during the summer
months.
A strike of threatening proportions started in the industry
at the first of October. Ordinarily the prospect of widespread closing of mills would have caused concern among
buyers-resulted in a purchasing movement of considerable
proportions. Except for the fact that certain classes of
industrial users ordered out goods being held for them
and asked for anticipation of deliveries not yet due-the
general industry met this labor crisis hardly worried, if at all.
It may be still too soon to judge regarding certain phases
of the code. One of the demands of the U. T. W. in their
strike is for a 30-hour week. This demand was never taken
seriously. It did give rise, however, to the question of
whether or not a 40-hour week was more than the industry
required-and whether it might be wiser if this were
shortened to a maximum of 36 hours.
Since the code went into effect, cotton mills have not
averaged 80 hours weekly for machinery, which is the permissible limit under the code. The exact figures might show
that even a 72
-hour maximum for productive machinery
has not yet been averaged over a period of fourteen months.
It is true that a number of mills had been operating at
110, 120 and even 144 hours a week before the New Deal
governed. The introduction of a 40-hour week for labor and
80
-hour week for machinery was expected to effect an automatic check on output.
On retrospect one sees shortcomings in this logic. It is
now realized that the majority of mills were not running at
these very extreme stretches. Very likely the print cloth
group averaged more hours per week than plants in any other
classification. To place a restriction of a 40-hour week, two
shifts, would bring print cloth production down. Not
enough thought, however, was given to the fact that the code
would practically place the entire industry on a two shift
basis. Many mills which never had a night organization
which had never operated more than 48 to 60 hours a week
(depending upon what state they were in)
-were working on
an 80-hour schedule, shortly after the code became a reality.
Arguments that a considerable number of mills would not
be able to add an extra shift, because they could not afford
or would not spend the money on increased housing facilities
in their villages were found to be fallacious when it was realized that workers with cars would drive twenty to thirty
miles or more to work in a mill.
Leaders of the industry are still at sea on the subject of
production control. They feel that they have an important
instrument in the support of the NRA, through the curtailment order to meet emergency conditions, if action
could be obtained promptly.
Another obstacle to clear vision, has been the fact that we
have gone through two fairly violent speculative periods in
connection with the code era.
Prior to July 1933,the market experienced one of the heaviest buying sessions that it had ever known. There was
almost a pell-mell rush to buy goods and have them shipped
to avoid paying the excess labor charges that were to be assessed after the effective date for the code. The result was
that by the first of September 1933 the country had been
heavily overbought. During August, September and October
department stores carried on a strenuous promotional campaign, urging buying ahead, anticipating requirements far
in advance, while prices were still on the old basis. The
efforts of the departments stores were met with exceptional
response. Business in various staple cotton textiles had,
readily, during these months, reached a peak for a long time.
Two developments interfered with retail business in
domestics, such as sheets and pillow cases, during the first
seven months of 1934. First, mills, in their excitement
following the heavy buying in connection with the code,
jacked prices to unduly high levels. It was similar to
the regular experiences in the cotton textile industry-it
rarely has known a happy medium-usually prices are depressed to outrageous depths, or, when the opportunity
presents, mills keep shoving the market up, beyond all
reason, and without any regard as to the likely eventual
effects on retail volume.
There is no doubt that the high prices had a lot to do with
retarding retail sales during 1934. Another condition which
undoubtedly had a great deal of influence was the fact that
so many families had so completely anticipated requirements
that the market naturally was restricted, regardless of price.
Just as sheets and pillow cases enjoyed a most active
period in their career during the summer and early fall of
1933, just so they went through the most trying months of
their history during the first half of 1934. There were months
when big mills frankly admitted they hardly shipped a case
of goods-something which had never happened before.
Interestingly enough the huge purchases by the Federal
Emergency Relief were the primary cause for an improvement
in the sheet and pillow case situation during August of 1934.
By way of reflecting market opinion for the balance of
the coming cotton season, it is well to bear in mind that
leading manufacturers are expecting domestic consumption
to show a decline from the figures recorded for the 1933-34
season. The trade is convinced that textile prices have run
ahead of general buying power and that this is bound to keep
unit volume from rising.
In the primary markets, the aggregate of sales during
the first three months of 1934 were very heavy. At that.
Volume 139
Financial Chronicle
1937 1
time the trade was being stimulated by[the scare of a shorter volume. Ginghams were important during the Summer;
week—either through legislation or through executive NRA they were a fundamental influence on Fall dress fabrics
order. So definitely did Washington manifest itself at business, and they are outstanding in advance ordersfor1935.
Where there are sharp losses to cotton consumption on
various times during the first three months of the year that
big buyers felt there was no question of what would happen some items, these are offset at least to an extent in other
—and placed orders for tremendous quantities of merchan- directions. We refer now to the situation in blankets.
dise. Between the pre-code speculative movement and the Cotton blankets and the part-wool blankets (of which cotton
shorter week scare of early 1934,there is no telling how heavily is the major content) occupy positions that are vital for the
over-bought the big chain stores and the large mail order coming season. The price of raw wool advanced so sharply
houses became. This situation was a matter for alarm for that the market for all wool blankets is regarded as having
many weeks. By their own purchases the chains and mail been severely restricted.
We are now undergoing some important changes in the
order houses have been known to force the market up.
With these big factors removed from the list of immediate bedspread division of the industry. For several years, the
potential customers, the market was bound to suffer. That so-called cotton Colonial coverlet was most important. Durwas not all. Time and again these big houses asked for ing the past year Candlewicks came into the picture very
deferment of deliveries during the spring and summer strongly. Now, however, we find the rayon bedspread
which had been cast into the discard for several years, again
months of 1934.
Another depressing effect from this heavy inventory situa- emerging to a position of prominence.
The Japanese scare received a great deal of attention
tion made itself felt during the summer months. Toward
the end of 1933 everybody had been encouraged to build during the past year, particularly during 1934. Japan had
up stocks of merchandise. Organizations which had been practically taken our export business away from us. . The
buying hand-to-mouth for a number of years had strained Philippines, our greatest foreign market, where we enjoyed
a point to pull up inventory. It was smart to show heavy preferential tariff treatment, was taken from under our very
inventory in financial statements as of the end of December. noses by the Japs. Pleas to Washington to help preserve our
During the summer of 1934 the general position seemed to export cotton goods business met with little or no encouragehave been reversed. Banks were urging liquidation of ment for many months. Recently, the Administration has
stocks—the policy advocated was to turn into cash a good undertaken to negotiate reciprocal trade agreements with
part of the paper profits. Thus with the big distributors other nations. The first of these, with Cuba, was a keen
pressing for business, the smaller independent stores met disappointment to the cotton goods exporters, but it is hoped
with the keenest competition which they had known in that others about to be considered will result more helpfully
for the industry.
some time.
Japan, not satisfied with taking our foreign markets, made
Just a few words about the processing tax. No doubt
this added considerable wealth among the farmers of the a play for our domestic business. Complaints were heard
South—but its effect on the textile industry could not during recent months of substantial imports of bleached
have been beneficial. In the industry this has been con- =slips from Japan—considerably under our prices. We
sidered one of the most harmful, one of the most unjustifi- hear that Japan has been offering 25-inch ginghams here at
able, discriminatory sales taxes that could have been con- ridiculous figures; that she has quoted on woven slack suitings
ceived. Originally the law intended that a compensating at under our domestic market.
The heavy colored goods, which form an important part of
tax be placed on all articles made of fibers which compete
with cotton—meaning jute, rayon, silk, wool and so forth. the cotton textile business, had had a difficult experience in
Evidently difficulties were experienced in trying to figure recent months. Items like denims, which go into overalls,
out this preliminary of compensating taxes on competing have not been in active demand in quite a while. These
fibers. The Government collected $140,000,000 from the like other articles have suffered from the wreckless overcotton textile industry in processing taxes and in floor buying earlier in the year. No doubt the fact that overall
taxes for the 12-months' period ended Aug. 1 of this year. prices have been considerably higher than during the previous
During this time certain Jute bags were taxed, but only for year, has also interferred greatly with their sales at retail.
History will analyze with interest some of the performances
a short time. There was a tax on certain paper bags but
only for a short time. Despite numerous hearings, rayon of our Federal Emergency Relief Administration. When
went without assessment during all this period. The cotton they first intimated what their requirements might be, the
industry felt it had been discriminated against unfairly, trade feared to repeat the figures, lest the people laugh.
but protests were all in vain. Even now despite the fact However, the Federal Relief has made it clear that it was
that there does not exist any compensating taxes on com- in no jesting mood. It came into our market and bought
peting fibers as dictated by the law, the Department of sixty million yards of 64 x 60 printed cloth, to make about
Agriculture has made it clear that there is no likelihood six million comforts. The comfort code authority protested
this action inasmuch as the Government planned to make
the processing tax will be removed or modified.
One of the fields showing great progress, and yet still in up these comforts in outside factories utilizing the unemits infancy, is that of the slack suitings. Men have grown ployed for the purpose. The comfort group explained to
accustomed to the use of these cotton trouserings for the the Government that six million comforts constituted four
spring and summer. Originally used only in the South, and one-half years supply of that particular type of bed
these slacks were worn a great deal throughout the East • covering. Furthermore they pointed out that the American
and in other sections of the country this year. Mills and Red Cross had bought a quarter million comfortables a year
converters have perfected the art of cleverly imitating higher- previous—and had not been able to give all these away. The
priced materials in these cottons. They produce cottons Federal Relief bought twenty million yards of tickings for
which are finer in appearance than some of the expensive mattresses. This was the biggest purchase of tickings in
woolen flannels. In the real cheap trouserings, clever history. Even during the war, figures such as these were
printed effects have broadened the market for these goods never heard. The Government said it wanted seventy milmaterially. Prospects for the 1934-35 season are that the lion yards of wide sheetings for the Federal Relief, but recently bids for 40,000,000 yards were rejected. There
yardage in these lines will show further gains over last year.
Some of the griefs predicted a year ago have never come :was difficulty getting all the tickings and the sheetings which
to pass. We refer particularly to predictions that costs of It needed, as mills were not able to make delivery of such
certain cotton garments, particularly the cotton wash huge quantities within the 90 days specified.
To say that all of this Government buying for the CCC
dresses, would be so high in price that their sale would be
tremendously hurt. The NRA was responsible for stimu- and for the Federal Emergency Relief was an importantfactor
lating managerial efficiency in the cotton garment industry in. taking the cloth market "out of dumps," is putting it
to such a great extent, that manufacturers were surprised mildly. Commitments for large quantities of work garments
when they found they could produce in 40 hours even more of various kinds, by the CCC, were more than welcome to
garments than they had been turning out previously in the cotton garment industry. Even with this stimulus,
48 and 52 hours, and sometimes even with less help. many of the large factories producing articles such as overThe result was that prices of cotton garments first jumped alls, work shirts and cotton pants were unable to keep busy
to a high point—before these feats in efficiency were accom- —and some had accumulated larger stocks than what they
plished—and then came down to more reasonable quotations. customarily had at this time of the year.
Among the items finding an expanding market,is corduroy.
It is a very interesting observation that during the past
season department stores maintained a good business in their This is surprising, as prices on these goods have advanced
ready-to-wear—and yet showed very important increases to such a point since the NRA, that predictions were freely
in their yards goods divisions. It is conservative to say that made that corduroy garments would meet with such sales
the past season was the best for the piece goods departments resistance that volume would necessarily be greatly reduced.
of the country in many years. Indications are that this However,corduroys have been steadily gaining in popularity,
trend toward home sewing, which made such a startling with boys, for work purposes, and in the colleges. Even
with prices dangerously above those of the previous year,
revival in 1934, will be carried to new heights in 1935.
Important among the observations of the year, and also corduroy pants have had an excellent sale. Buying of the
in the prognostications, is the resumption by ginghams of a fabric had been later than usual, with the result that when
several of the important corduroy mills closed down on
place of importance.
About twelve to fifteen years ago there were more looms account of the strike, garment manufacturers found it neceson ginghams than on any other type of dress fabric. Their sary to scurry around to get merchandise.
One of the articles where cotton lost out, was in the sopopularity waned until they almost disappeared from the
market. Several times in recent years the style favored called suede cloth jacket. For several years, these particular
goods of this character but each time the promise fell short suedes, being a heavy napped flannel with a suede finish,
of materialization. Now, however, ginghams have returned had netted a sizable yardage,for windbreakers. Last year,
on a substantial scale—not to the extent that we have known however, they were replaced to a very great extent by the
them in the past—but sufficiently to assure a worth-while wool melton jacket. The story is that these melton fabrics
1938
Financial Chronicle
-so low relatively, that it
were available at very low prices
didn't pay to bother with the cotton suedes. Several mills
which had previously made large quantities of these cotton
suedes had to find other goods for the looms which were
involved. The present indication is that the meltons will
continue to replace the cotton suedes for the coming year.
Cottons scored an interesting point, during the past year,
in the burst into popularity of the so-called waffle coatings.
Women were making these up into coats of all lengths. During the spring, garments of these waffle coatings were seen
everywhere in the South, and they were beginning to find a
good market in other sections of the country. These came
in the 54-inch width, the same as the woolen coatings, and
also in the 36-inch. In the wider fabrics the supply was
limited. For a while it was not possible to get enough of
these goods. Incidentally, this was all additional yardage
for department stores, inasmuch as the sale of these cotton
coatings did not interfere with any of the other cottons.
The coating vogue became quite important and whereas,
originally, production was only on the plain white, variations
in colored yarns were offered later. Some of the garment
manufacturers even brought out coats made of heavy
drapery materials, all considered to fit in with this particular trend.
Generally, the heavier type of fabrics were the outstanding items in the wash fabrics during the past season. For
example, the piques enjoyed an exceptionally good demand,
in both the plain and in the fancy weaves. Gabardines,
which had been among the missing classifications for many
years, became quite important. The fact that sports apparel
seemed to be dominating the women's wear situation, had
far-reaching results in the fabric world. Mills and converters
that anticipated doing their usual good business in lightweight
goods, such as voiles, had very disappointing experiences.
During the extremely hot weather, voiles are always wanted,
but when this period comes late, the chances for profit have
been passed. Materials such as the organdies and Swisses
sold well right through the season, but it was in the heavier
groups, as in the piques, where the best volume was reported.
Cotton wash fabrics business promises to be very big
again in 1935, for several reasons. First and foremost,
the style still favors cottons. Mills and converters were
equal to the opportunities offered during the past few years,
and the types of materials as well as the designing made a
strong appeal with the consuming public. Second, and
equally as important, new finishes have been perfected and
utilized on a broader scale, whereby women are able to use
cottons in a practical way for almost any purpose. For
example, the new permanent finishes to-day are really permanent, not, as in years gone by, permanent until the first
washing. These new finishes can produce exact replicas
of linens, so that cottons (often more attractive in appearance than the real linens) are available for less than the price
of the flaxen fabrics. This year, linens were very big, and
materials closely resembling them shared in the business.
Linens occupy a foremost position in the prospects for the
coming year.
Also worthy of mention is the so-called anti-crease finish,
which is claimed to give properties of animal fibers to cloths
made from cotton. It means that a cotton voile or other
cotton fabric can be treated so it will resist creasing as much
as a woolen material.
One of the processes which may have done more than any
other for expanding the use of cotton cloths is that of Sanforizing, a patented means for shrinkage control. Cottons
won their place in the pants business due largely to Sanforizing, and many millions of yards were added to consumption
in this field as a result. This year Sanforizing was beginning to make a place for itself in women's wear.
The rayon division of the fine cotton fabrics industry
didn't seem to average so well this year. These rayon weaving mills enjoyed a spell of active business toward the end of
1933. It came at a time when the cotton mills were finding
trade very poor. As a matter of fact, rayon weavers resented
being included in the order compelling 25% curtailment of
production for last December. Reversely, the rayon plants
were among the first to feel the lull which hit the entire
industry early this spring. Silks, dropping to the lowest
prices in their entire history, hurt the sale of rayons very
materially. Also, cottons undoubtedly coming into their
own, were given preference over rayons in many instances.
-and the tremendous promotional
Silks are still doing well
campaign which the silk interests are putting over now, is
expected to help retain some of the recently acquired market
advantages.
There was a tendency, at least for a while, for greater
attention to fabrics made of cotton waste. This was the
result of exemptions from the processing tax. In items like
osnaburgs, where waste has ordinarily been used to a degree,
the inclination was for some mills to use all waste, or more
waste than formerly. This resulted in a considerable spread
in prices before the confusion could be straightened out.
Likewise, a number of mills experimented with other fabrics
of waste,for various purposes. The demand for cotton waste
became so active for a while, that it brought relatively
attractive prices.
Very likely, the experiences of the past several months are
going to militate against the continued operation of quite a
few looms and spindles which had been idle for some time,
but which had been started up again with the coming of the
Sept. 29 1934
National Recovery, Administration. A year ago, it will be
recalled, some mills which were ready to close, or to scrap
old machinery, decided that the NRA would give them a
better chance than previously. While the speculative buying was on, this was so, but as the market has since worked
out, the place for all of this old equipment becomes more
clearly questionable.
Incidentally, this has been a good year for manufacturers
of cotton mill machinery. True, under the code, the building of new plants has been discouraged-and it is necessary
to obtain permits from the Code Authority for expansion of
capacity. On the other hand, the Code Authority has
encouraged the replacement of obsolete machinery with
modern production facilities-and this is what has been
going on on a large scale. It is part of the whole stepping-up
process
-overcoming the limitations in hours. While on the
one hand, the Code has held production from increasing by
ruling against new mills, &c., on the other hand, capacity
has undoubtedly been enhanced through the substitution
of the latest high-speed weaving, as well as spinning and
preparatory equipment, for the antedated paraphernalia.
-there has been quite a bit of "balancing"
Another thing
going on. The Code permits "balancing." This means that
a mill which needs more spindles to take care of its weaving,
is allowed to add them; also, where looms are not sufficient
to use up the yarn production of a mill, it can "balance"
of course, only after consultation wth the Code Authority.
This is another of the reasons why discussions which
endeavor to compare productive capacity to-day, under 80
hour week, with the pre-code 55 to 144 hours per week,
usually are not conclusive.
The cotton textile industry proved it had exceptional
means for meeting various emergencies arising with the NRA.
Among the Worth Street cotton textile merchants, one of
the most outstanding jobs in industrial history was performed
by the Industrial Recovery Committee of the Cotton Textile
Merchants Association. This is the committee which figured
-and did this
out the so-called NRA excess labor charges
work so well,so fairly,that, with some few exceptions,buyers
paid considerable additional surcharges on goods delivered
after the prescribed period had ended. This is the committee
which also worked out details in connection with the process
tax, and whose efforts clarified some of the jumbled ideas
which the AAA had about cotton textiles.
While an adjustment of the textile strike has been effected
(the Executive Committee of the United Textile Workers
having on Sept. 22 accepted the proposals of the President
for the working out of the disputes), the question of taking
back strikers without discrimination has hampered return
to normal conditions, particularly in the South.
FAIRCHILD COTTON AND COTTON GOODS INDEX PRICES.
Date.
1933.
Week Ended
Aug. 4
Aig. 11
Aug. 18
Aug. 25
Sept 1
Sept. 8
Sept. 15
Sept;22
Sept.29
Oct 6
Oct. 13
Oct. 20
Oct. 27
Nov. 3
Nov. 10
Nov. 17
Nov.24
Dec. 1
Dec. 8
Dec. 15
Dec. 22
Dec. 29
Spot
Cotton.
Average
Gray
Goods.
Average
Finished
Goods.
Composite
Cotton
Goods.
10.30
9.73
9.04
9.39
9.56
9.21
9.24
9.97
10.01
9.79
9.51
9.32
9.69
9.75
9.86
10.21
10.15
10.07
10.14
10.18
10.11
10.28
9.579
9.743
9.359
9.240
8.993
8.685
8.6.39
8.851
8.748
8.708
8.590
8.458
8.398
8.385
8.337
8.276
8.257
8.215
8.192
8.186
8.193
8.229
17.497
18.768
18.712
18.406
17.760
17.495
17.440
17.250
17.250
17.138
17.110
16.847
16.760
16.638
16.611
16.473
16.319
16.333
16.333
16.361
16.278
16.278
12.217
12.751
12.477
12.296
11.915
11.622
11.573
11.651
11.582
11.518
11.430
11.254
11.181
11.136
11.095
11.008
10.944
10.921
10.906
10.911
10.888
10.912
10.54
10.96
11.54
11.47
11.70
12.22
12.50
12.42
12.25
12.39
12.43
12.21
12.14
12.22
12.16
11.84
11.32
11.03
11.47
11.53
11.52
11.83
12.06
12.22
12.19
12.35
12.20
12.73
13.20
12.95
13.14
13.52
13.47
13.38
13.32
13.31
13.20
12.93
8.296
8.443
8.779
8.781
8.858
8.982
9.076
9.163
9.125
9.066
9.031
8.962
8.962
8.923
8.910
8.760
8.601
8.410
8.438
8.396
8.326
8.285
8.312
8.432
8.438
8.417
8.424
8.537
8.784
8.785
8.806
8.979
9.064
9.090
9.125
9.201
9.296
9.360
16.514
16.569
17.042
17.083
17.139
17.457
17.640
17.512
17.512
17.512
17.250
17.250
16.944
16.889
16.667
16.58.1
16.167
16.139
15.982
16.982
15.645
15.645
15.812
16.764
18.626
15.570
15.514
15.542
15.667
15.792
15.751
16.010
16.597
16.472
16.500
16.819
16.889
16.889
11.036
11.152
11.533
11.549
11.618
11.794
11.898
11.946
11.921
11.881
11.771
11.725
11.623
11.578
11.495
11.368
11.123
10.986
10.936
10.925
10.766
10.738
10.745
10.876
10.834
10.801
10.787
10.872
11.078
11.121
11.121
11.324
11.575
11.550
11.583
11.741
11.827
11.870
1934
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar.23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug. 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept.14
Sept. 21
Volume 139
Financial Chronicle
1939
agreed rates he would become liable to fines not exceeding £10.
With the passing of the bill by Parliament, the question
then arose as to what wage rates should be legalized.
The operatives' leaders were determined that the employers should agree to the legalization of the existing official
rates. On the other hand, the employers put forward a
new basis. This provided for payment at the rate of is. 7d.
per 100,000 picks. The employers contended that this would
do away with many of the anomalies which have existed
for years. The new system, however, meant reductions in
wages varying, according to the operatives, of from 10%
to 40%. The trade union leaders are opposed to the introduction of any wage basis which will result in a reduction
in earnings. They state that wages are already low enough
and now accuse the employers of trying to force further wage
cuts. The position at the moment is one of stalemate. The
Parliamentary bill is ready to be operated, but both sides
have failed to agree on the wage rates to be legalized.
An important development during the year was the scheme
of the operatives to set up a Cotton Control Board with
legal powers to enforce agreements and penalize firms that
broke them. The employers, however, have rejected this
proposal, and although the operatives are bringing it forward at the annual Trades Union Congress, to be held in
September,it is probable that nothing more will be heard of it.
The spinning section of the industry has continued to
experience very difficult times. For the bigger period of
Seven ;limns Ended July 31
the year the mills have been working short time, and so
Sq. Yds.
24.347,571
1933
1,237,785.000
far as finance is concerned the majority of firms have
1934
22.755,238
1.138,425,000
increased their adverse balances.
These figures are the latest available, and considering
Price-Fixing Agreements
the world upset caused by exchange restrictions, quotas,
The feature of the year in this section of the industry
Japanese competition, &c., they are not entirely unsatisfac- has been the various price-fixing agreements. The first
tory. It is interesting to note that so far this year in- move was•made by spinners of coarse American yarns who
creased shipments have been made to Canada, South Africa, are commonly referred to as Royton spinners, the mills
Cuba, Burma, Sweden, Chile, Greece and Ireland, but these being situated in and near the town of Royton.
increases have been counterbalanced by smaller shipments
The first agreement came into operation in July 1933, and
to West Africa, Morocco, Colombia, China, Turkey, Egypt, was on a purely voluntary basis. Spinners pledged themHong Kong, Australia and Madras.
selves to agree to fixed prices. This agreement was
Conditions in the Lancashire cotton industry recorded a officially renewed in September, but later on certain diffiwelcome improvement in June of last year. The larger culties arose and the agreement broke down. This was due
demand was maintained, and for the last six months of 1933
large group of mills not being prepared to adhere
a larger business was done than in the preceding half-year, to onerules. A price war followed, but this quickly brought
to the
with the result that at the end of 1913 the position of
their senses again. Chiefly as a result of
spinners and manufacturers generally was distinctly better. spinners to by Frank Platt, the managing director of the
efforts made
India has continued to be the principal market, with Bombay
Cotton Corporation, they were all brought into
as the chief center. Shipments to India, however, during Lancashire official legal agreement was signed by all firms
line and an
1933 were on a smaller scale than in 1932.
In August. The agreement covers 31 spinning mills and
It cannot be said that the prices ruling for piece goods
practically 100% of the section. It is the first
have given satisfaction to manufacturers. Many makers represents history of the English cotton industry that a
time in the
have been forced to accept low rates in order to keep
of this kind has been in operation. It
machinery running. They have been faced with the ques- legal agreementselling prices and conditions of sale, and
fixes minimum
tion of Japanese competition, and rather than lose a hold
4
to price-cutting. Any member
on a particular market they have been forced to sell goods will thereby put an end
breaking the agreement will be liable to substantial monein the hope that times would improve. They realized that
be enforced by a board and an executive
once the business had slipped away and had been captured tary fines. It will independent chartered accountant will
committee and an
by Japan, they would have very little chance of entering
investigate all complaints as to selling below
that market again. Manufacturers and merchants, there- be appointed to
the fixed prices. An arbitration board will also be set up
fore, could not be blamed for shipping goods at the lowest
to which will be referred all questions of quality and the
prices possible.
board's decisions will be final and binding. The spinning
members who have signed the agreement include the LancaThe Labor Situation
of proOn the other hand, one of the reasons for the low prices shire Cotton Corporation and all the leading groups cover
agreement will
has been the undercutting in selling rates. This was brought ducers of coarse American yarns. The
binding
about by the adoption of the more-looms-to-a-weaver system. all yarns up to 26's American. Any resolution is
upon all members if supported by two-thirds of the mills.
The scheme actually started in January of last year with
cotton
an agreement between the weavers' trade union and the This agreement is of paramount importance to the
Industry as a whole and it marks a vital stepping stone in
Cotton Manufacturers Association.
The system was only adapted to certain styles of fabrics. the fight of the cotton industry to rebuild itself. Coming
FederaSome manufacturers, however, took advantage of the large as it did at a time when the Master Cotton Spinners'
for reoramount of unemployment and paid lower rates of wages tion will shortly place proposals before the trade
effect
than officially agreed. These producers started to pay six- ganizing the industry it should have a very favorable
loom rates to four-loom weavers, which, in effect, meant a upon spinners in other sections.
Price-fixing agreements on a voluntary basis have also
substantial reduction in wages. It only needed one firm
to start the ball rolling. Other manufacturers, in order to been adopted by spinners of medium American mule yarns,
safeguard their interests, followed suit until a substantial fine American numbers, ring spinners and doublers. In
number were paying unofficial wage rates. Matters reached the Egyptian section spinners agreed to specified margins
a climax in the middle of last summer. The relations be- for yarns as long ago as September last year, and in October
tween the employers and the operatives became strained it was announced that over 90% of members were in
owing to the failure of both sides to arrive at an agreement favor of a common price basis.
These agreements have been loyally observed, and it is
which would deal with the very awkward state of affairs.
The operatives' leaders refused to discuss any extension of hoped that very soon spinners in other sections will follow
-looms-to-a-weaver system until all employers had the lead of the Royton group and make agreements legally
the more
binding.
reverted back to the official wage rates.
German Debts
The Ministry of Labor investigated the position, and it
A disconcerting feature in the Egyptian spinning section
very soon became apparent that if the trouble was to be
righted it would have to be done by Government action. has been the trouble with German importers regarding the
The leaders of the employers and operatives got together non-payment of debts to Lancashire mills. This question
and decided that the best way to deal with the position came to a head in August when a powerful Lancashire
would be to ask the Government to pass a bill in Parlia- deputation went to Germany in an attempt to obtain some
ment compelling all employers to pay fixed rates of wages. satisfaction. In the meantime an Anglo-German trade
The Minister of Labor then drew up the Cotton Manufac- agreement was drawn up, but Lancashire was disappointed
turing Industry (Temporary Provisions) Bill, and it be- that this did not include payment for outstanding debts.
came law by the end of May this year. The chief pro- The matter is still unsettled, but at the time of writing the
visions of the bill provide that if it majority of employers leaders of the Lancashire cotton industry, including Sir
and operatives in the weaving section apply for an order George Holden, managing director, Combined Egyptian
to enforce an agreement, the Minister of Labor would ap- Mills, are in Germany holding discussions with German
point a board to consider the application, and if they are Government officials and German importers and manufacsatisfied that the applicants represented a majority of turers with a view to attempting to arrange a satisfactory
employers and operatives, an order would be made enforc- agreement. The debts are owing for Egyptian yarns deliving the wage rates. If any employer failed to pay the ered during the past few months. It is realized that the
THE COTTON TRADE IN EUROPE.
Considering the many adverse trade developments ithich
have prevailed throughout the world during the past 12
months, the English cotton industry can be considered rather
fortunate in about holding its own as compared with the
preceding year. So far as exports of cotton piece goods are
concerned, the total quantity shipped abroad shows very
little difference. It is true the total exports of cloth for
the 12 months ended July 1934 are slightly lower than in
the previous 12 months, but they show an improvement of
nearly 200,000,000 square yards as compared with 1930-31.
This does not imply, of course, that business has been
satisfactory, for spinners and manufacturers have again
been compelled to sell at comparatively low prices and producing firms have been fortunate if they have not sustained
financial losses. It is probable that unemployment and
short-time working has been more prevalent on the Continent than in England. All European countries have had to
face Japanese competition, and at meetings of the International Cotton Federation the leaders of the European
industries have been compelled to protest against the manner in which Japan has been dumping cloths in the markets
of the world.
The cloth exports from the United Kingdom for the first
seven months of the present year are rather lower than
in the same period a year ago, as the following table will
show:
1940
Financial Chronicle
German importers are in a tight corner owing to the exchange difficulties. This is no concern of Lancashire spinners, however, but at the same time they are quite prepared to adopt a very conciliatory attitude and take payment for these debts by instalments. It is expected that a
settlement will be arrived at before very long.
Indo-Japanese Cotton Pact
Following prolonged negotiations in India between Japanese and Indian textile industrialists it was announced in
January that an official agreement between the two countries had been arrived at on the question of Japanese cloth
exports to India.
Under the agreement Japan is allowed to export into
India 125,000,000 yards of piece goods without any obligation to buy Indian raw cotton, but Japan must buy 1,000,000
bales of cotton in exchange for 325,000,000 yards of cloth.
The maximum importation of Japanese cloth is 400,000,000
yards and Japan has then to purchase 1,500,000 bales of
cotton. In exchange for this quota system the Indian Government reduced the duty on Japanese cotton piece goods
from 75% to 50%. This agreement will operate for three
years.
Anglo-Indian Discussions
At the same time that the Indian and Japanese textile
Interests were holding discussions, representatives of the
Lancashire cotton industry were also in India. Nothing
tangible resulted from the talks with the Japanese textile
interests, and it was announced that the negotiations would
be continued in England. The Lancashire delegation
arrived back from India in November, and the most important achievement was the assurance received from the
Government of India that a new trade agreement respecting cotton piece goods and artificial silk would be negotiated. The British mission recommended the immediate
appointment of a delegation to go to India to conduct the
negotiations. The report also stressed the importance of
Lancashire using larger quantities of Indian cotton and
made practicable suggestions to the Indian Cotton Enquiry
Committee which has been set up in Manchester and has
carried on an extensive campaign to persuade Lancashire
mills to use more Indian cotton. Probably the chief result
of the British delegation's visit to India was fostering the
spirit of good will between the Indian mill owners and
Lancashire.
Lancashire and Indian Cotton
One result of the visit of the Lancashire textile deputation
to India to discuss Japanese competition was the movement
to encourage the use of Indian cotton in Lancashire mills.
There has, of course, been an increasing tendency for
Lancashire to use cotton other than that grown in the
United States.
One reason for this is that prices for Egyptian, East
Indian and other growths have been on a relatively cheaper
basis than prices for American.
In order to encourage the spirit of good will which is
now stated to exist between the leaders in India and
Lancashire a special committee called the Indian Cotton
Enquiry Committee was set up to extend the use of Indian
cotton. Experiments have been carried out for the past 12
months regarding the spinning of Indian cotton and the
manufacture of yarn into cloth. Leading Lancashire spinners have been in India discussing the question with the
Indian Government and the principal cotton-growing organizations. The Committee arranged for a very extensive
exhibition of cloths made from Indian cotton, and the traders are optimistic enough to believe that as time goes OD
more and more Indian cotton will be used in Lancashire
In the first instance it is, of course, a political question.
for the main argument that Japan put up to India when
discussing India as a market for cotton fabrics was the
fact that Japan used more Indian cotton than any other
country. Lancashire spinners have always been reluctant
to spin Indian cotton owing to prejudice following its use
many years ago. This prejudice, however, is gradually
dying down, and it is expected that larger quantities of
cotton grown in India will be used in Lancashire during
the next few years.
Anglo-Japanese Talks
The agitation against Japanese competition resulted in
the President of the Board of Trade inviting a Japanese
delegation of cotton interests to this country. Lancashire
at the time doubted the wisdom of this move. It seemed
fantastic to expect that the Japanese would willingly reduce
her export trade in cotton piece goods at the request of
Great Britain. Lancashire had plenty of evidence to prove
that Japan adopts unscrupulous methods in trade. The
Japanese have been said to have copied registered designs
and labels of British firms that enabled them in their dealings with buyers in foreign countries to pirate Lancashire
firms and trade marks with impunity.
-There are many instances in which the Japanese, not
only in countries abroad, but in England, have actually
dumped goods. Not only is this done with regard to
piece goods, but with regard to other manufactured articles.
Japanese rayon piece goods have been dumped in England at a price 30% cheaper than any English firm could
produce at. Shirts, collars and ties have also been offered
at slaughtered prices. Shirts have been offered at is.
each, and umbrellas at 10s. 9d. a dozen, and yet the
Sept. 29 1934
representatives of Japan made public statements to the
effect that "Japan had no deliberate intention to menace
any nation industrially." This was said by G. Okada, the
head of the Japanese textile delegation to England. How
the Japanese are able to undercut European spinners and
manufacturers in price was explained by one of the heads
of the Japanese textile delegation. He stated that the Japanese operative worked 467 hours per month, whereas the
Lancashire operative works only 192 hours per month.
/
Spinners in Japan receive 10%d. a day and weavers 914d. a
day. In England the spinners receive 5s. 3d. and a weaver
5s. 9d. It was written by the London correspondent of a
leading Japanese newspaper: "Manchester was found to
be the very epitome of the British nation which now suffers
in every quarter. Everything seen and heard here echoed
the painful groans of the British nation. We found issuing
from the numberless smoke stacks the index of industrial
activity. There were more plants simply standing idle like
black ghosts, silent and tired, than there were in operation.
Fifty per cent. of the spindles in Lancashire now lie motionless and covered with dust. On the way to the factory districts I met female mill hands walking about the streets.
They wore cheap cloth caps and on their feet were wooden
shoes. The pale-faced throng made a strange procession.
Lancashire industrialists, Lancashire factories and Lancashire workers are all sick and tired."
The deputation representing Japanese textile interests
arrived in England, however, in September last year with
a view to attempting to arrange an agreement regarding
mutual interests in the export of cotton piece goods. This
conference broke down in March when it was officially
announced that it had been impossible to find a basis for
discussion. It appeared that the Japanese wished to confine the talks on Japanese competition to markets within
the British Empire. They were not prepared to enter into
any agreement regarding all foreign markets. Lancashire
understood that the Japanese were prepared to consider discussing world markets, and it was on this understanding
that the negotiations were started. All efforts to persuade
the Japanese to discuss competition in world markets proved
unavailing. The British statement contained an offer to
Japan to first select any particular region for discussion,
and they put forward the following areas: Africa, Asia,
Near Middle East, Europe, South America or Central
America. The markets within the British and Japanese
Empires would be regarded as separate groups to be discussed when progress had been made regarding other areas.
The discussions of each of the regions would be without
prejudice to the principle of both the British and Japanese
delegations in reaching decisions on the negotiations as a
whole and the freedom of the Japanese and United Kingdom
Governments to negotiate with other countries on tariff
questions would not be affected. The Japanese, however,
replied that they could not agree to any imposition of a
restriction of exports of Japanese textiles only without any
obligation on Great Britain. They regarded this as being
very one-sided. The Japanese were only prepared to consider an agreement in connection with the markets of Great
Britain and the Colonies, which were within the influence
of Great Britain. The conference, therefore, concluded
owing to the refusal of the Japanese to discuss competition
In world markets. Throughout they insisted on the talks
being confined to Great Britain and the Crown Colonies.
The Japanese delegation remained in London until March,
and they then sailed for Japan. Nothing more has been
heard of any official negotiations between Great Britain
and Japan on the question of competition, and judging from
the attitude of the Japanese textile industrialists it seems
highly improbable that any agreement will be reached for a
long time to come. The breakdown in these talks was
naturally a great disappointment to the leaders of the
Lancashire cotton trade.
British Quota System for Colonies
The climax of these discussions was reached in May
when the British Government announced that a quota system for Japanese imports into me Crown Colonies would
immediately apply. The quotas took effect in all the British
Colonies with the exception of East and West Africa. With
regard to West Africa it was stated that these Colonies
would be released from their obligations under the AngloJapanese treaty when it expired in May and the whole
position of Japanese competition would then be considered.
The position in East Africa was entirely different. The
situation there was governed by the two facts that it was a
mandated territory and owing to a customs union it was
Impossible for the British Government to apply quotas.
Lancashire hoped, however, that a way round this obstacle
would be found.
The application of the quotas was forced upon Great
Britain by the Japanese. They were continuing to extend
their exports into British markets to the detriment of
Lancashire, and the British Government came to the conclusion that they could not be justified any longer in
postponing, in the hope of agreement, such action as was
open to them with a view to safeguarding the trade of
Great Britain.
The basis for the quotas, as far as possible, was the average of the different Colonies' imports in the years 1927
to 1931.
It was estimated that under the quota system the Japanese trade with the British Colonies will be decreased by
Volume 139
1941
Financial Chronicle
100,000,000 yards per annum, and Lancashire is expected
of
to obtain a substantial part of this business. Much,
course, depends upon the purchasing power of the natives
and whether they will be able to buy the 100,000,000 yards
of cloth from Lancashire at slightly higher prices.
Scheme to Believe Depression
Following a long series of meetings over a period of
months, the official employers' organization in the spinning
section, the Federation of Master Cotton Spinners Associations, drew up proposals for relieving the depression in the
spinning industry. The scheme provides for the establishment of a new organization with legally enforcable powers
for scrapping or putting into cold storage surplus spindles.
A special committee has been dealing with this question of
redundant machinery and its report has been completed
and it will be put before the industry at an early date.
The reorganization scheme also includes methods to regulate
the production of yarn by a quota system and to prevent
sales below cost price.
The money to destroy spindles or lay them up will be
raised by a levy on all spinners, and the Government will
be asked to make this proposal compulsory by passing the
necessary legislation in Parliament.
It is also proposed to set up a new Cotton Spinners' Association, which will operate for a period of five years. This
Association will deal with the general scheme of reorganization. The proposals have been sent out to all spinners in
Great Britain and Ireland asking for comment. Criticism
has been received and the Federation officials are now busy
incorporating the constructive criticism in the main body
of the scheme. It is expected that it will again go before
the trade in about a month's time.
It is considered unlikely that the proposals will receive
the unanimous support of the industry. Many spinners,
probably between 10% and 20% of the industry, are opposed
to any form of control or interference by the Government.
It is understood, however, that if a sufficiently large majority in favor of the proposals is obtained the industry
will go ahead and ask the Government to make the trade's
decisions enforcable by law.
The special Conciliation Committee which was formed
under the Midland Hotel Agreement has held several meetings and has been successful in settling individual disputes.
This Committee has an independent chairman and was
appointed to prevent strikes and lockouts. Its work so
far has certainly been successful, but only minor disputes
have been considered. The system has still to prove whether
It !an prevent a county strike or lockout.
average dividend of 2.06% in 1933, as compared with 2.29%
in 1932. Of these 56 companies, 43 paid no dividend. The
results of 122 mills which were recapitalized having a paidup capital of £21,560,624 paid an average dividend in 1933
of 1.24%, as against 1.28% the previous year. Of these 122
companies 105 made no dividend payment.
Taking all firms which have issued reports a total of
101 companies paid an average dividend of 1.37%, as against
1.47% in 1932. Of these companies 164 failed to pay any
dividend. The total paid-up share capital amounts to L28,381,363, and the amount paid in dividends was £207,404,
which is equal to 0.73% of the paid-up capital. These mills
control 20,102,754 spindles and 22,379 looms.
Profits and Losses
Out of 133 mills only 23 made profits totaling to £57,411
and 110 mills reported losses amounting to £493,562.
With regard to the balance sheets, records of 192 mills
show that 50 have credit balances of £717,053 and 142 mills
have debit balances totaling £6,538,743.
Of the companies whose reports it is possible to compare
with last year's trading, out of 114 mills, 17 made profits
amounting to 140,522 and 97 have announcEd losses of
£446,151. Of these 114 companies, in 1932 a total of 19
made profits amounting to £45,373 and 95 made losses of
£487,651. This statement shows that whereas in the aggregate these identical companies made smaller losses in 1933,
they also announced slightly smaller profits.
Mill Calls on Shares
Fewer calls on unpaid mill share capital were made during the year. Whereas in 1932, 24 mills called up £663,083,
this year 13 made calls amounting to £264,143.
British Exports
The following table gives particulars of foreign trade in
yarn and cloth for the 12 months ended July 1934, with the
comparison for preceding years:
1930-31
1931-32
1932-33 3
1933-34
Yarn,lbs
Cloth, sq. yds
127,349.200
149,728,700
128,247,800
137,648.800
1.931.986,500 2,089.698,300 2,037.244.600 1,746,739.000
The following table of the index number of raw cotton,
yarn and cloth in the Manchester market illustrates the
fluctuations in prices which have taken place during the
12 months ended July 1934:
JUly 31 1914_
1933—
July 28
Aug. 25
Sept.29
Oct. 27
Nov.24
Dec. 29
1934—
Jan. 26
Feb. 23
Mar. 29
Apr. 27
May 24
June 29
July 27
American American
Yarn
og
l 0n
C00
100
97
83
84
83
76
80
101
94
94
94
94
95
Cloth
100
Egyptian
Cotton
100
Egyptian
Yarn
100
Aoeraee
100
106
103
102
102
104
106
100
88
87
83
82
91
100
95
95
98
100
100
101
93
92
92
91
93
Australian Tariffs
A first-class storm was raised throughout Great Britain
101
102
100
110
103
91
In August this year by the decision of the Australian Com107
105
107
114
109
100
105
105
103
monwealth Government to increase tariffs on certain styles
114
106
95
99
102
9.5
111
101
88
of Lancashire cotton piece goods. These particular goods
102
102
99
112
103
93
105
were only a small part of the annual imports into Aus103
98
115
106
103
107
100
105
118
108
105
tralia, but Lancashire felt that a vital principle was at
stake and there was a fear that further increases in tariffs
Cotton Growing in British Empire
would be made as the years go on. Protests were immediThe total number of bales and the value of the cotton
ately lodged in London and a powerful Lancashire deputaAssociation during
tion held interviews with S. M. Bruce, the Australian High marketed by the British Cotton Growing
the past six years is as follows:
Commissioner.
•
Bales
Lancashire made out a good case against any tariff in- 1928
4,160,049
124,182
3,683,567
crease, the chief point being that it was in direct contra- 1929
124,790
1,785,979
89,350
1930
vention to the Ottawa pact.
1,338.657
121,362
1931
The public of Lancashire lost no time in making its voice 1932
1,976,243
149,855
1,595,630
110,570
felt. Different sections of the community met and passed 1933
resolutions in favor of boycotting all Australian produce.
There was comparatively little falling off in the total
This movement evidently disturbed greatly the Australians, production in the British Empire, but owing to the depresespecially as a general election will be held in that country sion in trade the demand for cotton grown in the British
In September and one of the issues at stake is the question Empire has not been satisfactory. The Association is conof protection and free trade within the Empire. This rela- tinuing to influence Lancashire spinners to purchase Emtively harmless proposal, therefore, has resulted in a first- pire cotton.
class political controversy.
The total amount of cotton grown in new fields in the
Empire, reckoning each bale as 400 pounds, last year was
Yarn and Cloth. Trade
Regarding the amount of business done during the past 518,800 bales, valued at £6,540,800. This comparatively low
12 months, India has again been the principal market. value was, of course, due to the fall in prices. The quantity,
Most of the demand has centered on light bleaching cloths, however, showed an improvement on 1932 and was a record,
prints and fancies, and business has been fairly well main- and but for the falling off of 100,000 bales in the Sudan,
tained. China has fallen very low down the scale so far the result would have been very much better. At the annual
as cloth trade is concerned, and only a comparatively small meeting of the Association, Lord Derby, the Chairman,
turnover has been done for this outlet, which was once stated that with any luck at all Sudan, Uganda, Tanganyika
and Nyasaland could produce 1,000,000 bales, which was
second only to India.
Australia has made further strides and is now one of the an important quantity compared with Lancashire's normal
principal markets for British fabrics. Egypt and the Near consumption.
The British Cotton Growing Association accounts for the
East have also given fair support and business has been
on an encouraging scale. South America would have been year showed a net profit of £22,619, which increased the
a much better market if it had not been for the exchange total excess of income over expenditure to £475,896. In
restrictions. As it is the turnover for that outlet has given May of this year the Association passed a resolution reducsatisfaction generally. Business with the Continent has ing the capital from £139,228 to £43,788. This was done
been interfered with by exchange restrictions, quotas, &c. by returning 4s. per share on the 477,197 fully-paid 5s.
The home trade has been fairly active, and it is in this shares, and the shares, therefore, are now is. fully paid.
section that most of the profits have been earned by manu- The reason for the return of capital was the fact that the
Association has sufficient funds on hand to carry out its
facturers.
I have made an analysis of the financial returns of spin- work.
The Empire Cotton Growing Corporation continues to do
ning mills which are publicly announced. The net result
good work. The Corporation chiefly obtains its funds for
is slightly worse than in the previous year.
carrying out research work by spinners paying a levy of id.
Dividends
per bale of cotton used. The Corporation's annual expendiFifty-six spinning mills which were not recapitalized or ture is some £150,000 a year, of which over £90,000 is exreconstructed with a paid-up capital of £3,922,226 paid an pended abroad and over £30,000 on research work. Its
L 1942
Financial Chronicle
annual investment income is approximately £125,000, while
the 1d. levy produced between £8,000 and £12,000 a year.
The British Cotton Growing Association has devoted much
of its time to promoting the use of Indian cotton in Lancashire. The Association has demonstrated that satisfactory
yarns and cloths can be made from both the improved and
indigenous types of Indian cotton. The Association has appointed a special commissioner, who will visit India to hold
ccgiversations with Indian cotton growers. One of the difficulties experienced by Lancashire spinners in the past
who have been desirous of using Indian cotton has been the
shortage of stocks of suitable types in this country, and in
order to encourage spinners, the Association has purchased
a quantity of Indian cotton, which will be stocked in Lancashire. This cotton is now being sold in small lots in order
that users may have an opportunity of making practical
tests and ascertaining how the cotton can be used to the
best advantage.
Spindles and Looms
According to the International Cotton Federation, the
estimated number of spinning spindles in Great Britain on
Jan. 31 1934 totaled 47,952,000, as compared with 49,001,000
on July 31 1933. This is the lowest spindleage total in
Great Britain since the year 1906. The peak figure was
reached in 1917, when there were nearly 60,000,000 spindles
in Lancashire. With regard to looms, it is estimated that
there are now 560,000 in Lancashire, which is the lowest
figure since 1887. The peak was reached in 1917, when
there were nearly 800,000 looms. In 12 months it is estimated that Lancashire's spindleage has decreased by 8%
and looms by 6%. The number of firms is now estimated
at 1,500 as compared with 1,800 in 1919. This is the lowest
total of firms for over 50 years.
Artificial Silk (Rayon) Trade
Lancashire is a growing center for the production of artificial silk fabrics. An increasing trade is being done with
many of the outlets abroad, and at the time of writing the
exports of cotton and artificial silk mixed piece goods show
an improvement as compared with the previous year. India
Is the principal market, so far as yardage is concerned,
but Australia takes a good second place in yardage and
easily heads the table in values. The Irish Free State is a
good market, followed by South Africa, Canada, Holland,
Denmark, New Zealand, the Continent and South America.
Manufacturers generally are realizing the importance of
artificial silk, and it is in this direction that many producers are making important progress. The home trade
section in the art silk business was seriously disturbed during the early summer, when the Government announced that
the excise duty on artificial silk goods, amounting to is.
per pound, would be reduced to 6d. All the leading artificial silk producers immediately reduced their prices by 64.,
and this caused consternation and chaos throughout the
whole trade. Financial losses were incurred by all con.
cerned. Representations were made to the Government on
the matter, but the step once having been taken the Government could not very well make any change.
The excise duty is now 6d. per pound, and the trade has
petitioned the Government not to make any alterations
unless good notice is given and at the same time to make
any change by gradual stages. The threat to cancel cloth
contracts was immediately countered by the official employers' organization threatening to proceed through the
courts to recover any money. This had a good effect upon
the trade and contracts have been taken up. Firms which
had stocks of artificial silk cloths and yarns, however, suffered severe financial blows.
Prospects in Lancashire
The outlook for the Lancashire cotton industry cannot
be considered bright. The trade depression has again been
severe, and spinners, manufacturers and merchanting firms
have found it a great struggle to prevent financial losses.
World trade in cotton piece goods has, of course, been restricted owing to adverse circumstances in practically all
countries. It seems that all nations are doing their level
best to keep out foreign goods. Lancashire, as a great exporting county, has probably felt this development more
than any other cotton industry in the world.
It would appear that there is little likelihood of any real
trade revival taking place until the purchasing power of
the people in the East and Far East has improved. Even
should this development take place, and Lancashire still
expects that some move will be made in this direction following President Roosevelt's attempts in America to improve raw commodity price levels, it is likely that the
different countries will take advantage of the situation
and attempt to build up their own spinning and manufacturing industries.
Lancashire, however, is not despondent. The leaders of
the English industry are grappling with the problem of
trade depression. Price-fixing agreements in the spinning
section have now been adopted, and at the time of writing
the Master Cotton Spinners' Federation has announced that
they will shortly publish one of the most comprehensive
schemes for bringing about the rehabilitation of the industry. It remains to be seen, however, whether the different
proposals will be adopted by the trade.
Lancashire has made up its mind that her future business
in cotton piece goods will probably never reach the level
of the pre-war year of 1913, when the exports of cotton
Sept. 29 1934
cloth totaled to the huge amount of 7,000 million yards a
year. Lancashire would be content with a trade of 3,000
million yards a year. This would be sufficient to keep the
present spindles and looms working, for during the past 20
years a large amount of machinery has been scrapped.
Although there are many difficulties facing the industry,
traders are quietly confident that the position will improve.
Attempts are being made to fix selling prices. This should
put an end to losses by spinning firms. It is not outside
the bounds of possibility that the manufacturing section
will also band together and refuse to sell at unremunerative
rates.
European Continent.
As in the English cotton industry, unsatisfactory conditions have prevailed in the spinning and manufacturing
trades on the Continent. Exchange restrictions and quota
systems have continued to affect the interchange of goods
between one nation and another, and without any exception
all countries have been compelled to work their spindles
and looms to some degree of short time. The general prospects cannot be considered encouraging. An expansion in
the world turnover in cotton cloths is dependent upon so
many factors which are beyond the control of spinning
and weaving employers.
AusTatA.—Production in the Austrian cotton spinning
Industry has been below the full capacity of the machinery.
Foreign sales of yarns have declined. The manufacturing
firms have been working at about 70% of capacity. Internal
competition has throughout the 12 months affected prices
for all classes of goods, and many makers have been compelled to produce at a loss. The trade outlook is not satisfactory, for there appears to be no prospect of facilitating
the free export of goods.
BEterum.—Unfavorable conditions have prevailed in the
Belgian cotton spinning and manufacturing industry. Production of yarn has decreased, and exports of yarn and
cloth have also shown a decline. Prices throughout the
year have been poor. The leaders of the Belgian cotton
industry have lately been considering proposals for reorganizing the trade on similar lines to the schemes being
considered by the Lancashire cotton industry. The annual
report of the Belgian Cotton Association showed that two
years ago there were in Belgium 2,200,000 spindles, of which
500,000 were working double shifts. At the present time
there are 2,100,000 spindles working at an average capacity
of 65%. The leaders of the trade, however, are now considering proposals to scrap redundant machinery and also
to increase the consumption in the home market and overseas outlets.
FRANcE.—Short-time working has also been in force in
the French cotton spinning industry. Demand throughout
the 12 months has been unsatisfactory, and prices have
been comparatively poor. It is estimated that production
has been at the rate of about 75% of capacity. Any improvement in trade is dependent upon world factors.
GEEmANY.—The spinning and weaving sections of the cotton industry at the beginning of the year experienced a
more active demand, and sales of yarn and cloth showed an
increase over the last six months of 1933. This improved
demand was maintained for the first quarter of the present
year, but producers reported, especially in the spinning section, that prices remained unsatisfactory. Conditions, however have been complicated by the financial restrictions regarding the export of credit, with the result that German
spinners have found it increasingly difficult to obtain supplies of raw material. A rationing scheme is being adopted,
and it is reported that spinners are now only being allowed
to purchase 75% of the former quantity of cotton used.
The first quarter of the present year witnessed an improvement in the manufacturing section, but although production
Increased there was no improvement in prices.
HoLLArm.—It is reported that production in yarns has
been fairly well maintained, but prices have been poor.
Most of the mills have been producing at a loss. In the
weaving section demand for the home market has been
smaller and export conditions have also been bad. This
has been due to the high value of the Dutch currency,
which causes the cost of production in Holland to be higher
than most of the other Continental countries. There is still
a large amount of unemployment throughout the cotton
Industry.
ITALY.—Italian cotton manufacturers have also experienced difficulty in exporting cotton piece goods owing to
the prevailing restrictions. Trouble has also been met with
In obtaining credits regularly in many countries.
PoLAND.—In the first part of the present year there was
a slight improvement in the Polish cotton trade. The spinning section was more active than manufacturing, and
owing to low costs of production, exports increased during
the first quarter of the year.
SPAIN.—Conditions in the Spanish cotton spinning and
manufacturing industry have also been difficult, and shorttime working has been in force in both the spinning and
weaving sections.
We are indebted to a special and well-informed European
correspondent for the foregoing review of the spinning in..
dustry in Great Britain and on the Continent in 1933-34.
Taken in conjunction with our remarks on the situation in
the United States, presented further above, It covers quite
fully the countries of the world that take chief rank in
cotton manufacturing.
1943
Financial Chronicle
Volume 139
Movement of Cotton at Interior Towns
The following table shows the movement to the interior
towns of the South during the last two seasons:
Year Ending July 311934.
Year Ending July 31 1933.
1933,
1934.
Spindles.
1931.
1932.
1929.
1930.
11,611,354 11,840,336 12,570,952 13,564,356 14,901,970 15.971,318
19.326,462 19,052,330 19,137,558 19,108,856 19,122,896 18,848,216
North
South
30.937.816 30.892.666 31.703.510 32.673.212 34.024.866 34.819.534
Total
Towns.
ShipReceipts. Ments.
Shiprunts.
Stocks.
46,379
17,238
54,336
76,907
204,271
27,698
79,136
55,695
20,855
165,485
53,406
150,888
68,243
4,924
25,990
187,739
128,284
38,323
27,231
14,485
121,130
186,736
17,898
167,336
43,593
11,100
42.524
37,975
199,135
33,239
7,269
5,747
34,796
25,865
16,894
10,728
21.426
9.575
1,866
44.004
8,243
25,469
3,436
2,856
45,565
203,610
90,464
15,101
33,043
8,837
28,486
15,496
5,093
36.014
17,022
3,031
6,069
8.940
5
18,124
41.351 747,120 761,941
87,484 185,528 169,303
280,095 2,149,477 2.136.399
91,148
1,975
91,036
25,827
1,361
24,893
21,127
3,155
19,209
4.034 102,791 103,074
57,779
2,179
55,159
10,258
9,884
2,158
15,810
14,723
477
44,964
8,328
48,559
82,438
78,666
5,927
16,669
93.308
297,568
145
1,083
2,220
9,184
994
2,295
1,491
11,364
2,446
Stocks.
Ala., Birmingham___
36,975
35.922
Eufaula
11,303
12,975
Mongomery
34,079
45,449
Selma
40,753
44,658
Ark., Blytheville
128,075 108,598
Forest City
21,327
21,317
Helena
56,466
46,505
Hope
50,045
50,956
Jonesboro
31,056
28,274
Little Rock
119,183 132,992
Newport
31,329
30,249
Pine Bluff
110,880 117.844
Walnut Ridge
53,564
50,966
Ga., Albany
19,375
14,212
Athens
32,958
26,080
Atlanta
153,906 185,999
Augusta
163,855 143,512
Columbus
31,890
34,880
Macon
20,345
23,302
Rome
12,618
12,880
La.,Shreveport
58,093
70,147
Miss., Clarksdale_ _
131,447 132,126
Columbus
21,263
16,561
Greenwood
147,634 154,630
Jackson
31,029
38,204
Natchez
4,742
4,002
Vicksburg
22,419
24,890
Yazoo City
27,354
29,081
Mo.,St. Louis
279.222 267,529
N. C., Greensboro_ _ _
9,047
8,256
Oklahoma
Fifteen (15) towns* 810,280 785,598
S. C., Greenville
187,180 193,004
Tenn., Memphis
1,902,963 1,920,436
Texas., Abilene
73,557
71,727
Austin
19,932
19,654
Brenham
27,736
26,801
Dallas
100,586 105,736
Paris
55,114
53,929
Robstown
7,521
7,658
San Antonio
11,788
12,802
Texarkana
34,836
37,872
Waco
94,022
90.541
8,322
4,075
23,426
21,960
36,371
10,738
11,465
10,486
4,648
30,195
9,323
18,505
6,034
8,019
52,443
171,517
110,807
12,111
30,086
8,575
16,432
14,817
9,795
29,018
9,847
3,774
3.598
7,213
11.698
18,915
Receipts.
43,766
17,054
41,611
62,434
191,706
23,788
70,196
56,896
21,403
165,874
51,096
140,424
67,244
4,570
30,690
236,737
161,085
37,634
23,285
13,396
83,157
139,237
17,128
138,720
40,597
9,858
38,575
32,533
198,344
30,845
Total, 56 tOW119
5,208.697 5.247.804 1.152.737 5.718.015 5.825.160 1.191.844
•Includes the combined totals of 15 towns in Oklahoma
COTTON CONSUMPTION IN THE SOUTH
Through the courtesy of the Census Office, we are again
able to present the following table, showing separately the
quantity of linters and of foreign cotton consumed in each
of the Southern States during the last two seasons in running bales:
COTTON CONSUMPTION IN SOUTHERN STATES
-YEARS ENDING
JULY 31.
[Quantities are given In running bales, counting round as half bales, except foreign
cotton, which is in 500-1b. bales.]
American Cotton.
Foreign Cotton.
Lint.
1933-34
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton States
Linters.
1932-33 1933-34 1932-33 1933-34 1932-33
581,449 659,862 3,407 2,938 3,467 1,125
1 049.007 1,094,284 10,727 11,965 10,738 10,511
1,305,690 1,450,157 15,955 19,094 29,621 21,515
1,095,862 1,314,386 2,449 2.666 4,247 9,600
•
120.887 152,152
•
1,384
1,054
•
•
137,382 144,547
•
207,978 224,221 321,295 305.473 3,136 3,159
Total
4 498,255 5,039,609 353,833 342,136 52,593 46,964
• Now Included In "all other" as large proportion represents the operations of
single establishments.
As showing the dominance of the South in cotton manufacturing, as in cotton raising, we add the following table to
indicate the number of cotton spindles in each of the leading
Southern States with the amount of cotton consumed by the
mills therein. We no longer make an independent investigation of cotton consumption in the South, as was our practice
up to the season of 1921-22, but now adapt the Census
returns to our requirements. The table is as follows:
World Consumption and Production
To complete our narrative of the world's progress in cotton
production and manufacture, we now add our customary
tables running back for a long series of years. Official data
are used wherever possible. The compilation appended embraces substantially the entire distribution or consumption
(expressed in bales of 500 lbs. each net) of the commercial
cotton crops of the world, and the portion taken by each
country. The figures include linters as well as lint cotton.
THE WORLD'S ANNUAL COTTON CONSUMPTION.
1933-34.
Countries.
Bales of 500 Lbs.-Net
Great Britain
Continent
1931-32.
1932-33
1930-31.
2,606,000 2,373,000 2,500.000 2.035,000 2.578,000
7,563,000 6,771,600 6,376,000 6,821,000 7.822.000
10,169,000 9,144,000 8,876,000 8,856,000 10,400.000
Total Europe
United States
-North- _ _ x1,544,000 x1,465,000 x1,279,000 11,512,000 x1.827.000
South_ _ _ _ x4,915,000 x5.428.000 x4,227,000 x4,469,000 x5.091.000
Total United States..._ 6,459,000 6,893,000 5,506,000 5,981,000 6,918,000
2,089,000 2,201,000 2,272,000 2,079,000 1,975,000
East Indies
3,036.000 2,727,000 2,571.000 2,283,000 2,679.000
Japan
206,000
207,000
199,000
176,000
234.000
Canada
146.000
215,000
160,000
196,000
167,000
Mexico
5,555,000 5.271,000 5.202,000 4.715,000 5,075,000
3,269,000 3.410,000 2,908,000 2,891,000 2,868,000
Total India, dm
Other countries
9c Ac9 nnn 921 715 Ann 22 402 AM
Total world
22 443 000 25.261.000
S As the weight of the ba es in the United States has been Increasing and the gross
weight In 1926-27 averaged 516.44, we began in that year to take that as the exact
equivalent of 500 lbs. net, and have continued this practice since then, though the
bales have Increased In weight since then.
WORLD'S COMMERCIAL CROPS OF COTTON (IN BALES OF 500 LBS. NET
1930-31. 1929-30.
1932-33. 1931-32.
Countries1933-34
Rates.
Bales.
(Amount comingforward.)
Bales
Bales.
Bales.
United States
13,298,000 15,172,000 15,129,000_13.869,000 14,631,000
3,849,000 3,787,000 4,905,000 .5,017,000
East Inclies.a
4,576,000
1,686,000
984.000 1,374,000 1,564.000 1.676,000
Egypt
Brazil, 3(c d
5,500.000 5,000,000 4,600,000 4,300.000 4.450,000
-Total
25,060,000 25.005.000 24,890,000 24,638,000 25.774,000
Consumption 52 weeks
25,452.000 24,718,000 22,492,000 22,443,000 25,261.000
513.000
Surplus from year's crop 1392,000
287,000 2.398,000 2,195.000
Visible and invisible stocs:
Aug. 1, beginning year_14,056,000 13,769.000 11,371,000 9,176,000 8,663.000
Aug. 1,ending year_ -__13,664,000 14,056,000 13.769,000 11,371,000 9,176,000
a Includes India's exports to Europe, America and Japan and mill consumption
In India, increased or decreased by excess or loss of stock at Bombay.
d Receipts Into Europe, &c., from Brazil, Smyrna, Peru, West Indies, &e. and
Japan and China cotton used in Japanese and Chinese mills.
k Deficiency in the year's new supply.
We now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual consumption already presented, and the total of all. These figures
are not the takings of the mills, but are meant to show the
actual consumption, and are in all cases expressed in bales
of 500 lbs. net. The figures in the table cover the years from
1908-09 to 1933-34, inclusive, and are given in thousands of
bales. The figures for 1913-14 to 1933-34, inclusive, cover
the 12 months ended July 31; all earlier years are for the
period Sept. 1 to Aug. 31:
WORLD'S COTTON CONSUMPTION
United States
Europe.
500-10. bates
000s omitted
Urea!
Brit'n
3.720
3,170
3,776
4.160
4.400
4.300
1908-09
1909-10
1910-11
1911-12
1912-13
1913-14
Continent.
5,720
5.460
5,460
5,720
6.000
6,000
AU
East
Indies Japan Others
TOtat
9,440
8,635
9,236
9,880
1(1.400
10,300
North
2,448
2,266
2,230
2.590
2,682
2.701
South
2,469
2.267
2,255
2,620
2.849
2.979
Southern States.
Running
in July.
1,924,152
3,390,608
6,140,404
5,789,142
645,168
652,892
784,096
Totals 1933-34
1932-33
1931-32
1930-31
1929-30
1928-29
1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
1921-22
•
1920-21
1919-20
1918-19
1917-18
1916-17
1914-15
1907-08
1902-03
11207-011
04,--O-4,00W0ON,-.0C7tWW0
DW00010000 CO
0000421N000020N
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton-growing States
..3-40:44.o.00-4.4-4commc=ocmcs,
m0"...7=0W001.307-7-7:DW
qww.....wq,0-4g.w,Icava.owow
5,..,N000woo,Iwo
Alice.
Consumption
Bales.
1.755,048
2,980,798
5,241,794
5,414,320
541.900
631,796
582,286
588,323
1,070,472
1.351.266
1,102,558
122,271
137,382
532,409
17,127,942
17,694,344
15,220.742
16,779,228
17,268,344
18,004,436
17,602,480
17,655,378
16.920,526
16,577,760
15.469,864
15,872,395
15,580,000
15,130,755
14,792,436
14,243,813
14,111,621
13,937,167
12,737,498
9,864,198
6,714,589
4,904,681
5,428,709
4,325,207
4,463,401
5.080,871
5,761,519
5,429,435
5,493,929
4,795,534
4,459,956
4,050,844
4,489,150
3,977,849
3,168.105
3.724,222
3,504,191
4,323,826
4,378,298
3,164,896
2,234,395
2,049,902
2 R74 7R1
1 997 020
The following indicates the aggregate number of spindles
in the North and the South separately for each of the last
six annual dates:
Total.
Total
4,912
4,533
4,485
5,210
5,531
5.680
881
1.653
1.517 1.055
1,494 1,087
1,807 1,357
1.643 1.352
1.680 1,522
.6 sere 3,922 5.727 9,649 2.486 2,572 5.058 1.599 1.209
Number of Spindles.
1929-30.
278
449
448
512
618
676
17.164
16.189
16,750
18.566
19.544
19,858
497 18.012
854 18,747
1,53
,
764 20.344
1.747
1,775
99) 18,925
17.100
1.650
575 15,689
1.700
1.763
922 17.777
-- 1.643 1.696
809 18,097
3.037 5,808
3,871 7.110
4,237 7,431
4,183 7,174
3,393 5.912
3,627 6.562
--2,941 3,725
1.649
1,723
1;723
1.631
1,602
1,531
1914-15
3.900 5.000 8.901
4.000 5,00( 9,000
1915-16
1916-17
3,000 4,000 7,000
1917-18 -- 2.900 3,00C, 5.900
1918-19 ___ 2,500 3,400 5,900
1919-20
3.200 3,800 7.000
---Av.6 y'rs 3,250 4,033 7.283
2.769
3,239
3,194
2.991
2.519
2.935
1920-21
1921-22
1922-23
1923-24
1924-25
1925-26
_
_
___
__.
2,100
2.800
2.750
2,750
3.150
3,000
4,400
4,800
6,000
5,300
5.950
6.600
6,500
7,600
7.75q
8.050
9.100
9,600
2,091
2.328
2,689
2.098
2.330
2.498
3,117
3.898
4,379
3,922
4,362
4,683
5,208
6,226
7,068
6,020
6,892
7,178
1,800
1.800
1.700
1,500
1,800
1,60(
1,705
1,965
2.100
1.800
2,040
2.400
1,430 16.643
2.090 19,681
2,341 20,959
2,270 19,640
2,215 21.847
2.600 23,379
Av.6 y'rs
1926-27-1927-28 _
1928-29 _ _
1929-30* -i930-3l
1931-32...
2.758
3,080
2.960
2,945
2,578
2,035
2,500
5.342
7.000
7.750
8,083
7,822
6,821
6.376
8.100
10,080
10,710
11,028
10.400
8,856
8.876
2.339
2.500
2,160
2,200
1,827
1,512
1,279
4,06)
5.500
5,430
5,770
5.091
4,469
4,227
6.399
8,000
7,590
7,970
6,918
5,981
5,506
1,700
2,100
1,700
1,622
1,975
2,079
2,272
2.002
2,450
2.275
2,488
2,679
2,283
2,283
2,118 20.358
2,570 21.200
2.750 25.025
3,099 26,207
3.289 25,261
3,244 22,443
3,267 22,492
_
AV.6 y're 2,683 7.309 9,992 1,913 5.081 6.994 1,958 2,410 3.037 24,439
1932-33 ___ 2,373 6,771 9,144 1,465 5,428 6,893 2,201 2,727 3.753 24,718
2,606 7,563 10,169 1,544 4,915 6,459 2,089 3,036 3,699 25,452
1933-34_ _
•Figures are sub eel to correction.
Another general table which we have compiled of late
years is needed in connection with the foregoing to furnish
a comprehensive idea of the extent and the expansion of this
industry. It discloses the world's cotton supply and the
sources of it. The special points we have sought to illustrate by the statements are, first, the relative contribution
to the world's raw material by the United States and by
1944
Financial Chronicle
other sources, and second, to follow its distribution. Figures
for 1908-09 to 1912-13 are for the year ending Aug. 31, since
then for the years ending July 31. The figures are all intended to be in bales of 500 pounds net.
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
Plasm.
and
Commercial Crops.
Balance of SuPinto
500-lb. Invisible
End of Year.
Total
Bales.
Supply
A aual
BeginUnited
All
Consump
,sing of
States.
Others.
Total.
tton.
Year.
Visible. Invisible.
1908-09_ 4,855,093
1909-10. 5,676,52h
1910-1L 4,732,491
1911-12_ 4,844,744
1912-13.. 5,808,927
1913-14. 6.462,899
Average
8 years
13,496,751 4,489,169 17,985.920
10.224,923 5,021.605 15,246,528
11,804.749 5.057.988 16.862.737
15,683,945 4,845,970 20.529,915
13,943,220 5,254,759 l 9,197,979
14.494.762 6.419,898 20,914.660
17,164,487 1,875,140 3.801,386
16,188,563 1,367,624 3,364,867
16.750.484 1.537,249 3,307.495
18,565,732 2,095,478 4,713.449
19,544,007 3.015,211 4,447.688
19,858,176 2.877.300 4,642,083
13.274,725 5,181,565 18,456.290 18.011,904'
1914-15_ 7,519,383 14,766,467 4,812,487
1915-16- 8,351,668 12.633,960 4,737,207
1916-17_ 5,379,082 12,670,099 5,353,238
1917-18_ 4,477.49(. 11,547,650 5,238,010
1918-19. 4.163.478 11,410.192 5.551,767
1919-20. 5,336,3311 11,814,453 6,396.919
Average
8 years
19,578,954
17.371,160
18,023.337
16,785.660
16,961,951
18.211.372
18,746,669 1,496,284 3,855,384
20,343,752 3,045.485 2,333,597
18,924,923 2,585,490 1,892,008
1,7099,678 2,795,980 1,367,498
15,689,107 4,277,017 1,049,313
17,777,662 4,530,450 1,239.590
12,473.804 5,348,271 17,822,075 48,096.961
1920-21- 5,770,040 11.173.918 6,680,000 17.853,918 16.643.830 5,795,209 1,184.839
1921-22_ 6,9803348 11,152,720 8,650,000 19,802,720 19,680.976 3.600.000 3.501.792
1922-23_ 7,101,792 10.960.777 9,000,000 19,960,777 20,959,774 1,953.000 4,149,795
1923-24_ 8,102,795 10,964,000 8,710,000 19,674,000 19.640,000 1.990.000 4.146,795
1924-25_ 6,136,795 14.392.000 8,250,000 22,642,000 21,847,000 2,150,000 4,781,795
1925-2 6.931,795 15,112.000 9.000,000 24,112,000 23.379.000 2.850,000 4,814.795
6Average
8 years
12,292.56h 8.381.666 20.674.235 20.358.430
1926-27_ 7,664,000 19.282,000 8,540,000 27.822.000 25,200.000 4.593,000 5,693,000
1927-28_ 10286 000 14.373,000 9.425.000 23.798.000 25,025,0003,860.980 5,298.020
1928-29_ 9.059.000 15,858.000 9,753.000 25.811.000 26.207.000 3.470,344 5.192.458
1929-30 9.663.000 4.631.000 11.143.000 25.774.000 45.261.000 4 734.207 4.441.703
1930-31_ 9,176.000 13.880,000 10769000 24.638.000 22.443,000 6,291.202 5.079,798
1931-32- 11371000 15,129,000 9.761.000 24,890,000 22.492.000 6,662,778 7,206,222
iverage
6 years
15.524.000 9,899.000 15,423,000 24,438.000
1932 33. 13769000 15,172.000 8,833.000 25,005,000 24.718.000 6.325,398 7,730.602
1933-34.. 14058,000 13,298,000 11,762,000 25,060,000 25,452,000 5,714,982 7,949,018
To Illustrate the preceding, take the last season, 1933-34, and the results would
be to follows:
Supply--Visible and Invlsible stock beginning of year
bales.14,056,000
Total crop during year
25,060,000
Total supply—bales 01 500 pounds
Distrtbutton—Total consumption. &c
Leaving visible stock
Leaving invisible stock
39,118,000
25,452,000
5,714,982
7,949,018
Total visible and invisible stock at end of year
13,664.000
There has been a small decrease the past season in the
world's spindleage, the largest decline having taken place
in Great Britain. Small increases are recorded for the
United States, Continent, East Indies and Japan while
decreases are recorded for China and Canada. The following
table shows the number of spindles in all the countries of
the world for each of the last five years:
NUMBER OF SPINDLES IN THE WORLD
1934
Great Britain
Continent
Total Europe
United States—
North
South
Total U. S
East Indies
Japan
China
Total India, &c
Canada
Mexico. So. Am.,&a.
Total other
Tcr..1
world
1933
1932
1931
1930
45,893,000 49.001,000 51,908,000 54,246,000 55,207.000
50,294,000 49,008,000 49,534,000 48,466,000 48,693.000
96,187,000 98,009,000 101,442,000 102,712,000 103,900,000
11,611,000 11,842.000 12,571,000 13,567,000 14.903,000
19,327,000 19,052,000 19,138,000 19,109,000 19,122,000
30,938.000 30,894,000 31,709,000 32,676,000 34,025,000
9,572,000 9,506,000 9,312 000 9,125,000 8.907,000
9,115,000 8,209,000 7,798,000
7,312.000 7,072,000
4,680,000 4,585,000 4,285.000 4,054,000 3,829.000
23,367,000 22,300,000 21,395,000 20,491,000 19,808,000
1,187,000 1,240,000 1,234,000
1,276,000
1,277,000
5,203,000 5,181,000 5,236.000 5,123,000
5,104.000
6,390,000
6,421,000
100 209 Mil 157 091
nnn
6,470.000
101
fl It
6,399,000
6,381,000
11(1/1 1119 972 (11111 IRA Ill Mil
In the above all figures except those for the United States
have in the more recent years been taken from the returns
compiled by the International Federation of Master Cotton
Spinners' and Manufacturers' Associations.
Details of Crop of the United States
We now proceed to give the details of the crop of the
United States for two years:
LOUISIANA
j933..34_..__..__.
1932-33
----Exported from New Orleans:
To foreign ports
*1,482,471
*1,874,200
To coastwise ports
c259.597
c421.683
Inland by rail, &c
88,311
48.359
Manufactured
28,879
35,884
Burnt
Stock at close of year
0619,041-2,478,299 0783,733-3.163,859
Deduct—
Received from Mobile
4.021
2,131
Received from Galveston
10,524
5.215
Received from Houston ._
27,421
6,333
Received from Texas City-6
408
Received from Norfolk_ _
1,358
Received from Los Angeles_
66
235
Received from Corp. Christi
175
Received from San Francisco
100
Received from New York.. _
500
Received from Pensacola__ _
297
Received from Lake Charles
Stock at beginning of year. _-_ 783,733— 827,926
975,506-- 992,103
Movement for year.. bales
1,650,373
2.171,756
* Includes 118.454 bales exported from Lake Charles, La., in 1933-34
and 159,946 bales in 1932-33. a Includes 19,764 balesstock at Lake Charles,
La., on July 31 1934 and 51,930 bales on July 311933. c Includes
coastwise from Lake Charles in 1933-34 and 20,214 bales in 1932-33. 17,980
Sept. 29 1934
TEXAS
1933-34---
1932-33
Reported from Houston (Port):
To Mexico
16.183
Other foreign ports
2,340,630
2,568.323
Coastwise and inland ports_ 223,009
212.631
Local consumption
10,617
11,550
Burnt
Reported from Galveston:
To Mexico
7.519
Other foreign ports
2,030,442
2,016.850
Coastwise and inland ports.. 171,266
134,242
Local consumption
100
150
Burnt
420
Exported from Texas City:
To Mexico
Other foreign ports
118,901
166,006
Coastwise and inland ports.. 87.517
87,130
Exported from Corp. Christi:
To Mexico
To other foreign ports
387.617
313.752
Coastwise and inland
43,187
18,947
Exported from Beaumont, El
Paso, Eagle Pass, dcc.:
To Mexico
To other foreign ports
23,353
17.409
Coastwise and inland
Local consumption
4,577
Stock at close of year:
At Houston
844.810
1,156.132
At Galveston
511.493
434.997
At Corpus Christi
64,288
148.266
At Texas City
5,148
12.896
At Beaumont
932-- 6,848,307
,
18,055-7,341,038
Deduct—
Received at Houston from
other ports
2,738
6,854
Received at Galveston from
other ports
78,714
92,131
Received at Texas City from
other ports
Stock at beginning of year:
At Houston
.156.132
1,075.164
At Corpus Christi, &c
148,286
74.957
At Galveston, Texas City &
Beaumont
465,948-1.851,798
477,285--1,726,371
Movement for year.. _bales..
4.996,509
5,814,887
ALABAMA
Exported from Mobile:
To foreign ports
Coastwise.inland, &c
Local consumption
Stock at close of year
Deduct—
Receipts from Florida,
Pacific Coast, &c
Stock at beginning of year- _ _
—1933-34
1932-33
223,792
7.625
6.532
97,995— 335.944
383,519
29.738
8,402
127.213— 548,872
250
127.213— 127.463
575
180,727-- 161,302
208.481
387,570
Movement for year—bales..
MISSISSIPPI
1933-34—
17,199
Exports
1932 33
18,318
17.199
18,318
* FLORIDA
1933-34Exported from Pensacola,Panama City and JacksonvWe:
To foreign ports
176.198
To coastwise, inland, &c__ _
8,238
Stock at close of year
17.503— 201.939
Deduct—
Received at Jacksonville from
Savannah
23
Stock at beginning of year__
39,225— 39.248
Movement for year.
1932 33
163,010
252
39,225-- 202,487
11
16,994--
17,005
162,691
185,482
--s
* These figures represent this year, as heretofore, only the shipments
from the Florida outporls. Florida cotton has also gone inland to Savannah,
&c., but we have followed our usual custom of counting that cotton at the
outports where it first appears.
GEORGIA
1933-34
Exported from Savannah:
To foreign ports
180,673
To coastwise ports,inland,Stc 10,830
Local consumption
279
Exports from Brunswick:
To foreign ports
36,670
To coastwise ports
Stock at close of year:
At Brunswick
At Savannah
103,419— 331,871
Deduct—
Received from Brunswick,&c..
1,427
At Brunswick
At Savannah
105,494— 106,921
Movement for year.. _bales_
224.950
1932 33
285.404
19.905
238
38.246
105.494— 429.285
127
203,478-- 203,605
225.680
SOUTH CAROLINA
Exported from Charleston,&c.:
To foreign ports
To coastwise ports ml.. &c.,
Coastwise
Inland & local consumption:
Inland
Local consumption
Stock at close of year
Deduct—
From Galveston, &c
Stock at beginning of year..
Movement for year.. bales_
1933-34
1932-33
127,837
252.195
635
3,512
12,192
29,134
35.057— 175,721
33.398-- 318,239
33,398—
2,515
97.445--
33,398
142,323
NORTH CAROLINA
933-34Exported from Wilmington:
To foreign ports
15,702
To coastwise ports
Inland by rail
5.864
Local consumption
5.471
Coastwise from Wash.,&c_ _
2,685
Stock at close of year
16,097- 45,819
Deduct—
Received from other ports_ _
3.100
Stock at beginning of year.
15.598-- 18,896
_
Movement for year.. bales..
27,123
99,960
218,279
—1932-3334.708
1.529
22.061
8.070
3,781
15,598-16,266
7,094--
85,745
23.360
62,385
1945
Financial Chronicle
Volume 139
VIRGINIA
1933-34Exported from Norfolk:
To foreign ports
To coastwise ports
Shipped inland
Local consumption
Exported from Newport News,
Stc., to foreign ports
Stock end of year. Norfolk_ _ _
Deduct
Received from Wilmington,dtc
Received from other No. Caro.
Received from Houston and
New Orleans
Stock at beginning of year _ _ _
.bales.
Movement for year..
72,405
2,685
24.400--
1932-33
42,277
17.475
20.613
224
23,526
15,236
20,563
480
12,600-
TENNESSEE, Am.
-1933-34--To manufacturers direct, net
1.079.556
overland
To New York, Boston, 8tc,
36,868
by rail
24,400- 104,989
3,781
27,085
2,200
4.3.953-
49,934
55,055
45.320
1932-33
754,609
20,065
Total marketed from Tennes774,674
1,116,424
see. /cc
Total product detailed in foregoing States for year ended
July 31 1934
Mill takings in South,not included
8,591.393
4,706.898
Total crop for United States for year ended July 31 1934 bales 13.298,291
a These are Southern mill takings. Southern consumption was 145.190
bales more than that amount, or 4.852.088 bales.
THE UNITED STATES
COMPLETE DETAILED STATEMENT SHOWING EXPORTS OF COTTON FROM
BY PORTS AND COUNTRIES OF DESTINATION
Exports from
Season of 1933-34
Country and Port of
Destination
Oatresion
(8)
Corpus Other
Houston Christi Texas
New
Orleans
(c)
Pensacola,
(d)
Jack(8)
motile Bruns- Charlestrick ton and
and
Panama Sayan- Igii- NorLake
nah mington folk
Charles Mobile CM/
Neto
York
f
()
BosSan
ton
and Gulp Fran- Los
Phila. port ciwo Angeles Seattle
Total
3.131
2igland
4.354
Hull
6,887 ____ 878.347
1
7
18,163 215,295 1.698 28,288 32,138 59,888 29,888 378. 5,8i5 ____ 10,695 -___
193,240 191,142 76,388
Liverpool
6,475 3,611 ____ 1,390 ____431,101
99,072 3,844 29.623 17,721 46,283 30.299
79,399
80,911 23,201 8,959
Manchester
256
131 _-__
---London
6,731
3,270
135
'ranee-Bordeaux
------------501
--------63
loo
___
300
21,887 27738
44,296
42,672 8,512 2,8417
Dunkirk
704 --__ 603.299
733 ---200 ____
--------3,124
86,579 22.020 9,416 1,129
196,306 211.779 45.411 25.898
Havre
6,163
Marseilles
2,808
__ ____
2,175
iermany
_-_- 10.446 --__ 1.367.208
25.974 93,833 70,924 nom 68,397 6,624 4.609 ---- 3,934 ------------69.11
259,284 406,100 27,196 47,217 270,672
13remen
150
____
758 5,397 1,662 8.171 10,552 1,977 2,702
8,223
___
793
27,415
1,310
Hamburg
____ ____ 124,686
8
5 9 --------58 ____
705
24.535 3,069 2,659 1,085 5,331
38.351 0,810 3,835
37,639
folland-Rotterdam
22,620
____ --.._
70 --914 --------68
606
947
450 1,782
9,428
110
2,719
310
5,216
lelgium-Antwerp._
01.127
926 -----------------------------47,868
375
954
11,829 11,868 1.925
29.090
30.739 8,836 4,585
Ghent
____ ____
____ __ ____ ___ ____ ____
____
____
--.___
1,213
518
267
21,545
24,325
Jenmark-Copenh'n
411
Alborg
709
---500
208
Ville
69
Vardenburg60
305.
200
8
Torway-Bergen10C
100
Dramen
7.981
954
206
4,249
___
2,578
Oslo
------------314 ---------------------------281
160
____
18.278
350
454
24.718
22,703
lwedeo-Gothenburg
289
Malmo
3,191
---- ---Norrkoping
35(
-----------------------------------------------Stockholm
1,251
Warberg
14:
'oland
.
---- ---- 230 501
____ ___- ---41.234 1.392 3.781 3,298 4,173 2,(192 ____ 2,037 --------------------263.08.
90,139 5.535 5,397
71,376
Gdynia
--------311
160
____
16,565
.--- 1.488
92,978 19,034 6,584
Ipalm-Barcelona___ 125,969
---1
-------------------------------- -------------------184
Gijon
85:
---- ___
-_- -_ -__ ____ ____ ____
466
1,387
Bilbao
591
Corunna
51
Porto Cortez
2.871
____
____
2,152
600
Malaga
1
904 --------8253,86
2,139
Passages
102
482
Santander
4,46:
_
____
1.872
2,114
'ortugal-Lisbon
37.021
Oporto
106 ____ ____ ____ ..... ____ __-___ ____ __._ ____ -- lo,251
4,517
iK) 1,822
3,567
Lexioes
58,951
tussle-Leningrad_
141
---- ---'russia-Danzig_
------ --3,031
------------------------------------------------2,488
550
taly-Plume
169
401 -__
474
66
1.0
6.
7.
102,332 145,031 17434 5277 106.909 21
Genoa
--------------------------------------15,59
8.834
128
3,929
Naples
0.
------------------------------------ 1 6 45
800
iii 17,133 ____
44,177 1,000
40.359
Trieste
500
-..,_
1,200
--------500 . .
3'17
---- ---- ---- ---- ---- ---- ----- ----------------------------138.87
400
Leghorn
-------34,768
_-_-__ 3.870
571
__
58,866 2,338
38.460
Venice
-------------------- -------- ------------3.83
3,832
Mastro
1,04.
---- -_
---_ --____
100
____ ____ __ ._- ____
__
150
444
350
---Plnland-Abo
2,401
--- -----__ --- ____ -___ ____ ---2,400
Montylota
101
Wosa
261
____ _-__
____ ____ „.... ---- ____ --._
266
3reece-Patms
30(
____
___
____ ____ ___--___ ---50
250
Piraeus
241
------------------------------- --------------60
199
Salontca
421
1.atvia-R1S1
121
rugoslavla-Suir k...
1,451
____ ____
_
___
__
___
____ ____ ____ --- ____ __-102
Estonia-Revel
798 1.150 --------47,342 164,277 ____ 1,866,48:
____
4
1.350589.308 617,397 130,780 6,635 225,066 17.761 19,531 27.7 9 18,688
'span
,
____ 2,237 9,094 ____ 379.73
------------600 -386_
57,132 8,080 4,500 10,500
130,235 144,962 10,075 2.319
:.lhina
316 a276,211
215
259
____
500
919
--------------------2.00110.
6,610
318
:lanada
2.
---------------- -------------------------------Martinique
.
N Ind.
Nassau
11
15
___
__-_-__ --- -___ ---- _--- ------- -----_____
'uerto Rico
71
-----------------------------------------------an Juan
(
"lanai
Zone-Cristobal7
8.
---------------------------------------------82
Colon
54
----------------------------------------------60
J
- uba-Havana
3(
--- -------Manzanillo
-----------200
100
-Manila_
30,
--------------------------------'hilip. 1,1.
.
londuras--Tela.
338
____ 2,793
----
----
------
------------
------------
2-,Eai
.
I.0001
lalvador-S. Salvador
-------1,154
---- ------------------------------------- ---1,150
Jruguay-San Felipe
384
---92
__
6renezuela-Maracalbo
--------------- ---104
--------------------_
3uatencala-----.
_-__ ____
1,191
1,870
___ ____ ---- -----------4,481
Colombia___
------------------------------------------------7641
Poi to
04
____
--__ _-____
____-_ ____
3razil-Para2 ____
84
.30tombia-Bogota 1.551
____ ____
769
__
____
467
____
___ ____ ___ ____
___
Buena Ventura...
104
__ --Call
-------- -----------------------874
-------875-------____ -___ ___------ -__
Porto Barrios
504
---- ----- ---- ---- ---- ---_ -----Law
31
Cartagena
- - 44
---------------- ------------------------------46
--- ____
____ ...... ___ ___
Panama City
1,151
-Aladellon
____
____
2,293
---- ---1.495
- ---- ---Ecuador-Guayaquil
201
.-_
---)olivia
2,409
609--------------------5,211
:Zile-Arica
-------------------------------------- 1
60
------------- ---___ ---- ---Africa
----louth
-------------------- ---- -----950 2,448 ____
17.631
_
____
196
7,449
2,039
50
4,506
---',sidle
kfrica-CapeTown_121
124
--------------------------------------__ ____ ___
11
_kustralla5
316 7,732,24,
2.030,4422.340,630 387,617 142.254 1,364,017 118,454 223,792 176,198 217,343 143.539 23.526 28.572 11,696 17.19956.849 195.110
a Includes 254,686 bales shipped by rail. 8 ncludes from Texas City to Bremen, 44.570; to Havre, 21.355; to Dunkirk, 2,707; to Ghent. 3,451; to Gdnyla. 5.08T;
to Liverpool, 14.743: to Manchester, 5.416: to Barcelona. 6,584: to Copenhagen. 518 to Gothenburg, 454; to Rotterdam, 3,385; to Oslo, 206; to Genoa, 3,977; to Leixoes.
1.822: to Japen, 3.119; to Oporto. 899; to Trieste, 419; to Antwerp, 15; to China, 179: from Beaumont to Havre, 4,543; to Ghent, 1.134; to Manchester, 3,543; to Bremen,
to Antwerp. 95.
2 647; to Liverpool, 3.420: to Genoa, 1,300; to Saionica, 50; to Japan, 3,516; to China, 2.140; to Rotterdam. 450: to Gdnyla, 315; to Dunkirk. 200;Rotterdam. 452;
e Fvoin Pensacola to Liverpool. 8.798: to Manchester, 10.130; to Bremen. 44,297: to Japan, 16,549; to China, 4,300; to Gdnyla, 829: to Trieste, 800; to
'
to Genoa. 6,168: to Antwerp. 447: to Ghert. 504: to Venice. 571; to Naples, 200; to Havre, 242; to Hamburg, 322; from Panama City to Liverpool, 22,532: to Manchester.
to Havre, 887; to Antwerp, 400; to China. 6.200; to Ghent, 350; to Japan, 11,100; to Gdnyla. 2.669;
4999; to Bremen, 17.526; to Hamburg, 1.340: to Rotterdam, 268; 100; to
Manchester, 2.592:40 Rotterdam, 365; to Antwerp, 100; to Nassau. 5; to Ghent, 100; to Japan.
fi:om Jacksonville to Liverpool. 1,155; to Bremen, 9,101; to Gdnyla.
100. d From Savannah to Bremen, 66.126: to Hamburg. 8.171: to Japan, 18.688; to Liverpool, 98,039. to Manchester, 36,262; to Rotterdam, 5,331: to Gdnyla, 4,173;
Genoa, 1,070; to Ltgbon, 325: to Ghent, 360; to Bergen. 100; to Dunkirk, 100; to Leghorn, 572; to Barcelona, 160; from Brunswick to Bremen, 5.878;
to Antwerp. 608: to
to Liverpool, 20,746: to Manchester, 10,0211 to Ghent. 25. •Prom Charleston to Antwerp, 914; to Liverpool, 29.588; to Manchester, 30,299; to Bremen, 56.916; to Hamburg, 8,781; to Rotterdam, 705: to Gdnyia. 142; to Ghent, 426: to Genoa. 66: from Wilmington to Bremen, 11,481; to Ghent, 500; to Hamburg, 1,771; to Gdnyia..1.950.
f Includes from Philadelphia to Great Britain, 9.
Total
Financial Chronicle
1946
Overland Crop Movement
The following shows the details of the overland movement
for the past three years:
Amounl Shipped
-1933
-34
Bales
318,873
118,299
1,322
14,430
10,567
96,333
11,101
a763,988
1932-33
Bales
199,135
188,689
470
18,816
12.891
121,171
8.452
446,171
1931-32
Bales
152.149
201,081
660
9,009
16.356
158,413
5,814
364,985
Total gross overland
1,334.913
975,795
20,069
28,832
31,129
43,646
11,097
8.925
29,134
30,131
18,227
26,836
19,184
36.164
72,988
18,097
9,203
8,535
8,170
3,633
17
255.347
221,186
202,827
1,079,556
754,609
705,640
Weight of Bales
The weight of bales the past season was somewhat heavier
than in the previous season, the average for 1933-34 having
been 523.66 pounds per bale against 519.97 pounds per bale
in 1932-33,518.85 pounds per bale in 1931-32, 520.11 pounds
per bale in 1930-31, 522.14 pounds per bale in 1929-30,
520.26 pounds per bale in 1928-29, 516.14 pounds in 1927-28,
514.71 pounds in 1926-27 and 511.95 in 1925-26. The crop
was of good grade, averaging better than Middling. The
average weight of bales and the gross weight of the crop we
have made up as follows for 1933-34 and give 1932-33 for
comparison:
908,467
Deduct Shipments
Overland to New York, Boston. eze
36,868
Between interior towns
5,598
Texas inland and local mills
91.295
New Orleans inland and local mills
66.132
Mobile inland and local mills
10.120
Savannah inland and local mills
4,258
Charleston inland and local mills
12,192
North Carolina ports inland and local mills___ _
11,335
Virginia ports inland and local mills
17,031
Jacksonville inland and local consumption.
--518
Sept. 29 1934
Via St Louis
Via Mounds. dui
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes East
Via other routes West
Total to be deducted
Leaving total net overland*
Year Ended July 31 1934
* This total includes shipments to Canada by rail, which in 1933-34 amounted to
254,686 bales. a 70,000 added for adjustments.
Below we give the total crop each year since 1896-97. All
years prior to 1913-14 cover the period Sept. 1 to Aug. 31.
The year 1912-13 consequently includes August 1913,which
is also a part of 1913-14.
Years
Bales
193344
193243
193142
1930-31
1929-30
1928-29
1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
1921-22
13,298,291
15,171,822
15,128,612
13,868,804
14.630.742
15,858.313
14.372,877
19,281,999
15,452,267
14,715,639
11,326,790
11,248,224
11.494.720
I
Years
1920-21
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
Bales
Years
11.355,180
12.217.552
11,602.634
11,911,896
12.975,569
12,953.450
15.067.247
14.884,801
14,128,902
16,043.316
12,132.332
10,650,961
13.828,846
1907-08
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1899-00
1898-99
1897-98
1896-97
•
Bales
11.581,829
13,5.50,760
11,319.860
13,556,841
10,123.686
10,758,326
10,701,453
10,425,141
9,439,559
11,235,383
11,180,960
8,714,011
Movement
Through
Texas
Louisiana
Alabama_a
Georgia_ b
South Carolina
Virginia
North Carolina
Tennessee, Am
Number of
Bales
Weight in
Pounds
Year Ended July 31 1933
Aver. Number of
Weight
Bales
Weight in
Pounds
Aver.
Weight
4,996,509 2,669,434,898 534.26 5,614,667 2,982,617,511 533.00
1,650,373 868,129,205 526.02 2,171,756 1,145,384,114 527.40
225,680 114,871,120 509.00
405,886 206,190,088 508.00
387,641 199,352,137 514.27
411,162 208,286,448 506.68
142,323
72,157,761 507.00
218,279 110,230,895605.00
45,320
22,660,000 500.00
55,055
27,527,500 500.00
27,123
13,181,778 486.00
62,385
29,944,800 480.00
5,822,322'3,004,018,887 515.86 6,232,632 3,178,642,320 510.00
Total crop__
13,298,291 6,963,805,787 523.66 15.171.822 7,888,823,674 519.97
a Including Mississippi. b Including Florida.
The relation of the gross weights this year to previous
years may be seen from the following comparison:
No. of Bales
Weight, Pounds
Average
Weight
per Bale
13,298,291
15,171,822
15,128,617
13,868,804
14,630,742
15,858,313
14,372,877
19,281,999
15,452,267
14,715,639
11,326,790
11,248,224
11,494,720
11,355,180
12,217,552
11,602,634
6,963,805,787
7,888,823,674
7,849,588,255
7,213,364,418
7,638,942,458
8,250.547,617
7,418,414,991
9,924,773,826
7,910,892,917
7,523,144,619
5,735,826,695
5,741,884,193
5,831,095,010
5,836,947,956
6,210,271,326
5,925,386,182
523.66
519.97
518.85
520.11
522.14
520.26
516.14
514.71
511.95
511.23
506.39
510,47
507.28
514.08
508.33
510.69
Crop
Season of
1933-34
1932-33
1931-32
1930-31
1929-30
1928-29
1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME
was rather warm, with the temperature up to 81 degrees and
Friday Night, Sept. 28 1934.
the humidity high. To-day it was fair and warm here, with
There was a moderate increase in business activity during temperatures ranging from 55 to 68 degrees. The forecast
the week. Unfavorable weather hurt retail business, but was for fair and warmer to-night; Saturday, showers in
sales were of good volume, particularly of women's dresses afternoon or night, and warmer. Overnight at Boston it
of wool and silk. There was a more active fall demand for was 54 to 78 degrees; Baltimore, 58 to 86; Pittsburgh, 44 to
shoes, and sales of millinery were larger than last season. 72; Portland, Me., 52 to 72; Chicago, 48 to 60; Cincinnati,
Wholesale buying fell off somewhat, owing to the steadier 44 to 66; Cleveland, 46 to 58; Detroit, 46 to 58; Charleston,
movement of merchandise in retail channels. Industrial in- 72 to 84; Milwaukee, 50 to 60; Dallas, 74 to 84; Savannah,
dices showed little trend either way, but made a good show- 72 to 92; Kansas City, Mo., 52 to 64; Springfield, Mo., 54
ing as compared with the same time last year. Steel opera- to 68; St. Louis, 50 to 66; Oklahoma City, 62 to 74; Denver,
tions showed a further gain, as did orders, shipments and 40 to 70; Salt Lake City, 38 to 56; Los Angeles, 62 to 80;
production of lumber. The oil flow showed a decrease, San Francisco, 58 to 80; Seattle, 52 to 60; Montreal, 46 to
but it is still above the Federal allowable. Coal output 74, and Winnipeg, 28 to 56.
showed little change from a week ago, but it is larger than
for the same time in 1933. Car loadings, however, showed Number of Freight Cars and Locomotives in Need of
a decrease and continued below the figure of last year.
Repairs Continue to Decrease
There were fewer commercial failures. Sales of automoClass I railroads on Sept. 1 had 293,173 freight cars in
biles were of good volume, and the production was kept at need of repair or 15.3% of the number on line, according to
a high rate. Wholesale food prices reached the highest the American Railway Association.
level since early in 1931. Commodity markets showed mixed
This was a decrease of 6,607 cars below the number in need of such repair
Aug. 1,
trends. Cotton declined under the influence of larger gin- onFreight at which time there were 299,780 or 15.5%•
cars in need of heavy repairs on Sept. 1 totaled 229,576, or 12%.
ning figures than had been expected. Trading was not a decrease of 3,671 cars compared with the number in need of such repairs
large. The settlement of the textile strike checked buying. on Aug. 1, while freight cars in need oflight repairs totaled 63,597 or 3.3%,
Grains were weaker, with demand lacking. Flour was a decrease of 2,936 compared with Aug. 1.
Locomotives in need of classified repairs on Sept. 1 totaled 10,771 or
quiet but firm. Hides were quite active and firmer. Wool 22.4% of the number online. Tnis was a decrease of 18 compared with the
continued quiet, but sentiment was better. Metals were number in need of such repairs on Aug. 1, at which time there were 10.789
22.3%.
steadier, but demand was not large. August lead production orClass I railroads on Sept. 1 had 5,201
serviceable locomotives in storage
dropped moderately under July, but held slightly above compared with 4,974 on Aug. 1.
August. August imports of iron and steel gained 83% over
July, but were 31% less than in August 1933. Illinois indus- Freight Cars and Locomotives on Order Continue to
Show Large Increase Over 1933
trial employment gained 1%, and payrolls increased 0.3%
Class I railroads of the United States on Sept. 1 had 8,372
from July 15 to Aug. 15. The first snow of the season fell
In Chicago on the 27th inst., and a blizzard occurred in new freight cars on order, according to reports just received
California on the 24th inst., causing extensive property by the American Railway Association and made public
damage and many casualties. Winter began in Western Sept. 29. On the same day last year, 1,129 new freight cars
Canada, with snow blanketing parts of Alberta and Sas- were on order and on the same date two years ago, there
katchewan. In Manitoba a rain and sleet predominated. were 1,423.
The railroads on Sept. 1 this year also had 35 new steam locomotives on
Heavy property damage was done by hurricanes, torrential
order and 106 electric locomotives. New steam locomotives on order on
rains and lightning storms in southern and western parts Sept. 1 1933, totaled one and on the same date in 1932, there were five.
of Mexico last Saturday. Heavy rains fell here late last No figures are available to show the number of new electric locomotives on
week, hut the weather was generally'fair, with somewhat order in previous years.
In the first eight months of 1934,the railroads installed 14,970 new freight
lower temperatures of late. In the middle of the week it cars. In the same period last year, 1,838 new cars were placed in service
1947
Financial Chronicle
Volume 139
and for the same period two years ago,the total number installed was 2,477.
Six new steam locomotives and ten new electric locomotives were installed in service in the first eight months this year. The railroads in the
first eight months of 1933 installed one new steam locomotive, and 35 in
the corresponding period in 1932.
Freight cars or locomotives leased or otherwise acquired are not included
In the above figures.
The first 16 major railroads to report for the week ended
Sept.22 1934 loaded a total of 275,788 cars of revenue freight
on their own lines, compared with 281,262 cars in the
preceding week and 282,937 ears in the seven days ended
Sept. 23 1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars)
Number of Surplus Freight Cars in Good Repair Higher
Class I railroads on Aug. 31 had 359,330 surplus freight
cars in g3od repair and immediately available for service,
the American Railway Association announced on Sept. 27.
This was an increase of 6,874 cars compared with Aug.
14, at which time there were 352,456 surplus freight cars.
Surplus coal cars on Aug. 31 totaled 118,618, an increase
of 1,035 cars above the previous period, while surplus box
cars totaled 209,145, an increase of 5,756 compared with
Aug. 14.
Reports also showed 6,660 surplus stock cars, a decrease
of 2,303 compared with Aug. 14, while surplus refrigerator
cars totaled 11,890, an increase of 1,606 for the same period.
Moody's Daily Index of Staple Commodity Prices
Declines Gradually Throughout Week
The decline in primary commodity prices, which began
after the year's high was reached on Aug. 29, was resumed
again during the current week. Moody's Daily Index of
Staple Commodity Prices declined 4 points to 148.9, which
incidentally was the high mark reached in July last year.
Six of the fifteen commodities comprising the Index advanced, as against seven declines, but the gains were chiefly
fractional. Sugar registered the most important of the advances, followed by wheat, corn, silver, wool tops, and silk.
Important declines were suffered by hogs, cotton and rubber,
with hides, steel scrap, lead, and cocoa following. Copper
and coffee were unchanged, the former now having undergone no change since the establishment of the "B1Ue Eagle"
price on June 12.
The movement of the Index number during the week, with
comparisons, follows:
Pri.,_ _ _Sept.21
Sat., __Sept. 22
Mon., Sept.24
Tues., Sent. 25
Wed., Sept. 26
Thurs.,Sept.27
Fri., Sept. 28
151.3
not compiled
150.3
150.7
149.7
149.7
148.9
2 Weeks Ago, Sept. 14
Month Ago, Aug. 28
Year Ago,
Sept. 28
1933 High, July 18
Low,
Feb. 4
1934 High, Aug. 29
Low,
Jan. 2
150.8
155.3
131.4
148.9
78.7
156.2
126.0
Return to Eastern Standard Time at 2 A. M., Sunday,
September 30
-Announcements by New York and
Chicago Federal Reserve Banks
The Federal Reserve Banks of New York issued the following announcement OD Sept. 24 with regard to the return
to Eastern Standard Time at 2 a. m. to-morrow (Sunday)
Sept. 30, when clocks will be turned back one hour:
FEDERAL RESERVE BANK OF NEW YORK
[Circular No. 1422, Sept. 24 19341
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. 30 1934. Thereafter this Bank, including its Buffalo Branch.
will operate on Eastern Standard Time.
GEORGE L. HARRISON, Governor.
The following notice was issued on Sept. 24 by the Chicago
Federal Reserve Bank:
Effective Sept. 30, 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.rn.
daily except Saturday, when they are from 9 a. m. to 12 m.
Daylight Saving Time has been in effect since April 29;
items bearing OD the same were given in our issues of Apr.28,
page 2836, and April 21, page 2663.
Revenue Freight Car Loadings for Latest Week
Continue Below Corresponding Week of 1933.
Loadings of revenue freight for the week ended Sept. 22
1934 totaled 643,120 ears. This was a decrease of 2,866
cars or 0.4% from the preceding week and a falling off of
16,746 cars or 2.5% from the total for the like week of 1933.
The comparison with the corresponding week of 1932,
however, is more favorable, the latest week's total loadings
being 47,516 cars or 8.0% higher. For the week ended
Sept. 15 loadings were 2.1% lower than in the corresponding
week of 1933 but 10.0% higher than the like week of 1932.
Loadings for the week ended Sept. 8 showed a loss of 2.6%
when compared with 1933, but a gain of 12.2% when the
comparison is with the same week of 1932.
Loaded on Own Lines
Weeks Ended
Reed from Connections
Weeks Ended
Sept.22 Sept. 15 Sept. 23 Sept. 22 Sept. 15 Sept.23
1934
1933
1934
1933
1934
1934
Atch. Top. & Santa Fe Ry
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chic. Milw. St. Paul dr Pay. Ry_
YChicago & North Western Ry.
GulfCoast Lines
Internat. Great Northern RR
Missouri-Kansas
-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chic. & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
Total
22.132
21,245
16,838
20,381
16,002
2,034
3,606
5,040
15,594
39.810
5,018
17,781
54,290
4,656
26,086
5,275
22,847
21,519
17,007
21.201
16,655
2,068
2,993
5,302
16,443
41,925
5,063
18,022
54,453
4,485
25,892
5,387
21,255 4,976 5.298 4,798
23,223 9,053 9,810 8.913
16.307 7,578 7,337 6,634
18,523 7,191 7.149 6,522
15,101 9,587 9,451 8,919
1,636
1,216 1,199 1,389
2,974 1,901 1,796 1,644
5.943 3,036 2,880 2,656
15,150 7,836 7.764 7,277
43,816 52,340 55,253 54,115
4,686 7.893 7,829 7,997
21,137 3,236 3,766 4,304
59,126 32,982 32,741 35,212
4,277 4,061 4,018 4,123
24,180
5,603 7,040 6,874 6,548
275,788 281.262 282,937 159,926 163,163 161,051
x Not reported. y Excluding ore.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Sept. 22 1934 Sept. 15 1934 Sept. 23 1933
Total
22,790
30,102
14,141
23,781
29,657
14,719
21,838
28,597
13.518
67,033
Chicago Rock Island & Pacific Ry__
Illinois Central System
•
St. Louis-San Francisco Ry
68,157
63.953
'The American Railway Association in reviewing the week
ended Sept. 15 stated that loading of revenue freight totaled
645,986 cars, an increase of 83,256 cars above the preceding
week when loadings were reduced owing to the Labor Day
holiday. It was, however, 14,100 cars under the corresponding week in 1933 but an increase of 58,740 cars above the
corresponding week in 1932.
Miscellaneous freight loading for the week ended Sept. 15 totaled 238,624
cars, an increase of 33,089 cars above the preceding week, 4,697 cars above
the corresponding week in 1933, and 20,794 cars above the corresponding
week in 1932.
Loading of merchandise less than carload lot freight totaled 163,916 cars,
an increase of 22,543 cars above the preceding week this year, butta decrease
of 8,868 cars below the corresponding week in 1933, and 13,032 cars below
the same week in 1932.
Grain and grain products loading for the week totaled 37,765 cars, an
increase of 5,852 cars above the preceding week, 6.211 cars above the
corresponding week in 1933. and 1,875 cars above the same week in 1932.
In the Western Districts alone, grain and grain products loading for the
week ended Sept. 15 totaled 25.375 cars, an increase of 4.744 cars above the
same week in 1933.
Forest products loading totaled 22,606 cars, an increase of 3.182 cars
above the preceding week, but a decrease of 3,031 cars below the same
week in 1933. It was, however, an increase of 4.556 cars above the same
week in 1932.
Ore loading amounted to 25,604 cars, an increase of 2,349 cars above
the preceding week, but a decrease of 17.303 cars below the corresponding
week in 1933. It was, however, an increase of 19,046 cars above the
corresponding week in 1932.
Coal loading amounted to 117.050 cars, an increase of 16,781 cars above
the preceding week, but a decrease of 9,505 cars below the corresponding
week in 1933. It was, however, an Increase of 10,258 cars above the same
week in 1932.
Coke loading amounted to 5,253 cars, an increase to 126 cars above the
preceding week, but a decrease of 1,399 cars below the same week in 1933.
It was, however, an increase of 1,781 cars above the same week in 1932.
Live stock loading amounted to 35,168 cars, a decrease of 666 cars below
the preceding week, but increases of 15,098 cars above the same week in
1933, and 13.462 cars above the same week in 1932. In the Western
Districts alone, loading of live stock for the week ended Sept. 15 totaled
30,218 cars, an increase of 14,792 cars above the same week in 1933.
The Eastern, Allegheny and Pocahontas Districts reported reductions
for the week ended Sept. 15,compared with the corresponding week in 1933.
but the Southern, Northwestern, Centraiwestern and Southwestern
Districts reported increases. All districts, however, reported increases
compared with the corresponding week in 1932 except the Southern which
showed a reduction of a few cars.
Loading of revenue freight in 1934 compared with the two previous
years follows.
1934
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Five weeks in June
Four weeks In July
Four weeks In August
Week ended Sept. 1
Week ended Sept. 8
Week ended Sept. 15
Total
1933
2,177,562
2,308.869
3,059.217
2.334,831
2,441,653
3,078,199
2,346.297
2,419,908
645,780
562,730
645,986
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
2,926,247
2,498,390
2.531.141
673.778
577,933
660,086
2,260,771
2,243,221
2,825,796
2,229,173
2,088,088.
2,454,769
1,932,704
2,064,798
561,325.
501,537
587,246
22_021 nft9
20 9RA A9R
10 7FA 4211
1932
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
Sept. 15 1934. During this period a total of 74 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
Financial Chronicle
1948
increases were the Atchison Topeka & Santa Fe Ry. System,
the Southern Pacific Co. (Pacific Lines), the Union Pacific
System, the Chicago Milwaukee St. Paul & Pacific Ry., the
Sept. 29 1934
Illinois Central System, the Chicago & North Western RR.,
the Chicago Burlington & Quincy RR., the Chicago Rock
Island & Pacific Ry. and the Missouri Pacific Ry.
-WEEK ENDED SEPT. 15
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)
1934
1933
1932
1934
971
2,807
7,323
1.034
3,238
9,496
636
1,248
2,780
7,955
1,038
2,941
10,606
703
1,006
2.790
7,628
686
2.346
10,297
695
307
4,374
8.898
2,304
1.870
10.034
951
239
4.603
10,194
2,278
2,123
10.
802
966
25,503
27,269
25,448
28,738
31,295
4,943
9,284
12,823
190
1.562
7.070
1.836
20,565
2,094
331
386
6,362
9,910
14,637
170
1,721
8,514
696
23,335
1,584
487
498
5,424
8,452
10,961
170
1.402
7,440
1,721
20,064
2,017
423
279
6,439
5,678
12,767
1,695
1.042
6,175
57
27,840
1,857
40
200
6,944
5.659
13,325
2,012
1,003
6,712
52
27,176
2,158
23
269
61,084
67,914
58,353
63,790
65.333
555
1,399
7,418
38
428
181
1,805
3.051
6,595
3,365
5.063
4.485
4,222
1,198
5.387
2,968
554
1,306
8,257
25
223
237
1,593
3.020
6,843
4,390
4,718
4,350
3.788
653
5,205
3.984
1,000
2,301
11,442
55
91
1,869
885
4,942
7,331
191
7,829
4,016
4,220
892
6,874
2,148
289
1,671
10,842
76
100
2,073
720
5,369
8,163
216
7,715
3,911
5,285
1,098
6.581
2,679
48,158
49,146
45,416
56.086
57,488
:Band total Eastern District.-- 134,745
144,329
129,217
148.814
154,116
358
26,936
3,094
239
5,583
21
338
120
866
1,287
54.453
12,560
4,990
22
3,314
390
30,628
3,850
234
6,014
3
328
103
1,023
1,313
61,886
12,562
7,549
72
3,309
a
25.650
1.175
151
5.855
1
224
115
965
1,279
53,308
11,531
3,124
54
2,891
565
13,690
1.424
7
9,754
58
21
16
2,335
927
32,741
14,715
2,574
0
4.966
708
15,470
1,827
4
10,421
45
16
21
2,271
1.367
36.996
14.543
3,802
0
4,867
114,181
129.284
106,323
83.793
92,361
21,519
18.022
828
3,778
22,799
21,019
724
3,131
20,791
16.240
752
3.049
9,810
3,766
1.128
751
8,348
3,860
1,081
511
.
44,147
47,873
40,832
15,455
13,800
7,819
1,099
278
100
47
1,421
297
382
6.689
18,436
162
7,082
1,152
369
154
43
1.138
435
287
6,331
18,645
158
6,517
932
381
152
52
1,471
508
329
6.180
19.108
186
4,744
1,271
681
395
87
1,265
662
1,822
3,163
11,101
732
3,924
1,384
682
218
83
839
728
1,855
2.898
11,037
690
Total
Group B-Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western..
Pittsburgh & Shawmut
Pittsburgh Shawmut & North
Total
Group C.-Ann Arbor
Chicago Indianapolis & Louisv_
C. C. C.& St. Louis
Central Indiana '•
Detroit & Mackinac
Detroit & Toledo Shore Line....
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N. Y. Chicago & St. Louis.--Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia.Wabash
Wheeling & Lake Erie
Total
Allegheny Districttkron Canton & Youngstown..
Baltimore & Ohio
3essmer & Lake Erie
Buffalo Creek & Gauley
Dentral RR.of New Jersey.. - _
Dornwall
Dumberland & Pennsylvania-:Agonier Valley
ong Island
'Tenn.
-Reading Seashore Lines
'enasylvania System
leading Co
inlon (Pittsburgh)
Aest Virginia Northern
1Western Maryland
Total
Pocahontas DistrictDbesapeake & Ohio
iorfolk & Western
.forfolk & Portsmouth Belt Line
tirginia
Total
Southern DistrictGroup AMantic Coast Line
3Inchfleld
)harleston & Western Carolina_
/urham & Southern
htinesville Midland
Torfolk Southern
ledniont & Northern
tichmond Fred. & Potomac.-outhern Air Line
outhern System
Mato's-Salem Southbound_ --
Total Loans Received
from Connections
Total Revenue
Freight Loaded
Railroads
1934
1933
1-4 .9,
-..COMALONCOMMICOCCOI,
01 0Cg.)030C100CD4.000.30
4
st.
t,
Eastern DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y. N.11.& Hartford
Rutland
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
Group B
Alabama Tennessee & Northern
Atlanta Birmingham & Coast-Atl. & W.P.W.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 tic Ohio
Nashville Chattanooga & St. L.
Tennessee Central
1933
1932
161
628
565
3.283
258
457
796
323
1,234
20,454
17,108
195
167
1,910
2,705
347
243
657
584
3,306
269
350
754
382
1,358
19,484
18,830
134
186
1,872
2,544
292
231
577
661
3,401
315
300
912
283
1,520
22.054
16,975
142
208
1.888
2.507
288
1934
215
458
969
2,436
282
395
1,250
353
702
9,954
4,128
481
273
1,347
2,433
674
1933
140
395
928
2,059
234
263
1,229
287
692
8,481
3,414
226
334
1,387
1,944
677
50,591
51,245
52,262
26.350
22,690
Grand total Southern District__
87.321
87,039
88.078
52.273
47.624
Northwestern District
Belt By, of Chicago
Chicago & North Western
Chicago Great Western
Chicago Mllw. St. P.& Pacific_
Chicago St. P. Minn.& Omaha_
Duluth Missabe & Northern__
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming.._....
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle-.
909
18.024
3,096
21,201
3,907
8,652
1,220
3,697
360
16,000
712
1,765
2.375
6,390
10,266
222
1,666
759
17,766
2,362
18,057
3.569
12,557
972
4,724
302
16,075
521
3,142
1,874
5,861
9.894
232
934
1.242
14,895
2,386
17,951
3,504
2,322
293
3.065
308
10.204
530
a
1.881
5.092
9.269
a
1.226
1,739
9,451
2.844
7,149
3,814
114
314
3,865
97
2,889
389
81
1,778
2,319
2,753
140
1,188
1,656
8,457
2.463
6,271
2,973
85
396
4,107
142
2,234
309
106
1,305
2,055
2.270
186
1,267
100,462
99,601
74,168
40.924
36,282
22,847
2,827
238
17,007
1.724
13,457
2,585
1,162
3,075
705
1,398
2,005
702
121
18,945
200
318
14,281
373
1.784
21,149
2,890
199
15,662
1.614
11,414
2,666
975
3,151
572
918
2,310
724
164
18,820
234
310
12.295
413
1,623
21.189
3,179
132
15,761
a
13,083
2,505
950
2.799
662
1,196
a
533
149
16,858
235
288
12.770
498
1,376
5,298
1,871
20
7,337
684
6,860
1,883
1,119
2,785
14
938
882
221
75
3,328
181
1.144
8,311
13
2.246
4.602
1,594
25
6.463
663
5.825
1.906
1,070
2,132
13
838
952
237
22
3.171
376
922
7,706
8
2,470
105,754
98,003
94.163
45,210
40,795
160
184
245
2,068
2,993
139
1,575
1,578
127
297
837
217
5,302
16,443
50
127
9,275
2,488
6,947
5,222
3,083
21
190
275
150
2.008
2.939
185
1,600
1,199
167
373
907
198
5,605
15,292
48
70
8,432
2,213
6,365
3,866
2,078
17
123
249
198
1,741
2,281
172
1,590
1,357
a
133
682
114
5,338
15.767
40
95
9,793
3,223
5,767
3,866
1,917
21
3,420
253
185
1,199
1,896
937
1,685
761
316
758
234
213
2,880
7.764
33
174
3,847
1,670
2,185
3.314
c17,062
41
3,673
261
135
1,230
1,469
950
1,609
880
280
643
212
349
2,718
7,196
21
113
3,272
1,257
2.459
2,981
c14,942
28
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland_ __ _
Chicago Rock Island et Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Ft. Worth & Denver City
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & WesternUnion Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Ft. Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas...-.
-Kansas-Texas Lines__
Missouri
Missouri Pacific
Natchez & Southern
Quanah Acme dr Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific*
Terminal RR.of St. Louis
Weatherford M. W.& N. W_-.
50.827
46,678
54,465
59,376
54,177
Total
24,334
35,816
25,924
35,794
36.730
Seashore RE.. formerly
b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey &
'Previous figures. a Not available
includes total number of
this igure
part of Pennsylvania RR.. and Atlantic City RR., formerly part of Reading Co. c Since and including the week o Aug. 11 1934
own lines.
cars received from connections regardless of destination instead of only cars received from connections and unloaded on
Total
Retail Prices of Food Up Further During Two Weeks
Ended Sept. 11-Index of United States Department of Labor at Highest Level Since October 1931
Commissioner Lubin of the Bureau of Labor Statistics,
United States Department of Labor, announced Sept. 25
that retail food prices advanced 1.3% during the two weeks'
period ending Sept. 11. "This rise places the current index
at 161.8 or at the highest point since October 1931," he
said. The index two weeks ago was 115.3, four weeks ago
111.8, and a year ago was 107.0, said an announcement
issued by the Department of Labor. The announcement
quoted Mr. Lubin at further saying:
The accumulated rise In retail food prices has amounted to 29.2% since
the low point. April 15 1933. Food prices are 9.2% higher than Sept. 12
1933, and 16.5% higher than two years ago, when the indexes were 107.0
and 100.3, respectively. Prices are 27.4% below the level of Sept. 15
1929, when the index was 160.8.
The Bureau's retail price index includes 42 articles of food of which 23
showed increases, eight decreases and 11 remained unchanged. The more
important Items showing increased prices were cornmeal, flour, rolled
?ats, cheese, fresh milk, bacon, ham, chuck roast, plate beef, lamb, rib
roast, round steak, sirloin steak, canned corn and peas, lard, oleomargarine
and fresh eggs. Weakening prices were shown for wheat cereal, butter,
Pork chops,cabbage, onions, oranges, prunes and canned tomatoes. Bread,
corn flakes, macaroni, rice, evaporated milk, coffee, pork and beans,
white potatoes, raisins, salmon and sugar showed no change.
Lard showed an advance of approximately 10%, bacon rose 7.8%, and
oleomargarine 6%.
Of the special groups of food items, meats showed the greatest increase.
rising 3.5%. The index for this group, 133.8, shows an increase of 28.1%
were
over Sept. 12 1933, and 12.2% over two years ago, when the Indexes
104.4 and 119.2.
of
Cereal products, with a current index of 151.0, registered an increase
27.2% over
3. of 1%. This index is 8.1% above that of Sept. 12 1933, and
September two years ago, when the indexes stood at 140.2 and 119.2.
of
Dairy products showed a weakening in prices and declined by 0.2
12 of
1%, the index falling from 105.6 to 105.4 As compared with Sept.
last year, this group has advanced by 7.8% and shows a gain of 12.8%
weakening of
over two years ago. The decline for this group is due to the
butter prices.
dairy products.
The group covering foods other than meats, cereals and
fruits, vegetables
and in which is Included such items as sugar, coffee, eggs,
index, 108.8.
and tea, advanced in average price by 1.5%. The present
below Sept. 12 1933.
is 15.1% above that of Sept. 15 1932, but 0.8 of 1%
respectively.
when the indexes were 94.5 and 109.4,
showed advances in
Of the 51 cities covered by the Bureau's study, 48
Denver.
average prices ranging from 0.1 of 1% in Boston to 3.6% in
INDEX NUMBERS OF RETAIL PRICES OF FOOD
(1913=100.0)
Sept. 11 Aug. 26 Aug. 14 July 31 July 17 Sept. 12 Sept. 15
1934
1932
1933
1934
1934
1934
1934
151.6
105.4
133.8
108.8
11R R
150.8
105.6
129.2
107.2
115 R
149.6
103.4
121.1
103.7
ills
149.0
101.6
120.2
101.9
1101
147.7
100.8
120.5
101.4
lfal o
140.2
97.6
104.4
109.4
loin
119.2
93.5
119.2
94.5
inn q
CIIANGES IN RETAIL FOOD PRICES
-BY CITIES
Per Cent Change on
Sept. 11 1934
Compared with
City
Per Cent Change on
Sept. 11 1934
Compared with
City
Sept. 15 Sept. 12 Aug. 28
1932
1934
1933
Sept. 15 Sept. 12 Aug. 28
1932
1933
1934
Atlanta
Baltimore
Birmingham_
Boston
Bridgeport
Buffalo
Butte
Charleston
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
Indbumpolis _
Jacksonville
Kansas City
Little Rock
Los Angeles..._
Louisville
Manchester
Memphis
Milwaukee
+16.4
+17 6
+19.0
+13.5
+13.6
+16.4
+13.2
+10.0
+9.2
+18.5
+20.0
+22.0
+21.5
+16.2
+25.7
+16.6
+23.0
+15.7
+16.4
+19.7
+21.4
+12.1
+21.3
+13.9
+20.0
+16.4
+8.9
+12.5
+13.6
+6.8
+7.6
+7.9
+13.1
+6.0
+8.1
+9.3
+8.4
+9.1
+10.5
+9.1
+8.8
+10.1
+14.5
+5.2
+9.5
+11.7
+14.7
+1.5
+6.2
+7.7
+13.4
+8.2
+1.1
+1.0
+2.7
+0.1
+1.1
+0.8
+2.0
+2.1
+0.3
0.0
+1.3
+0.2
+0.3
+3.6
+0.2
+2.6
+2.6
+1.2
+2.5
+1.8
+1.6
+3.1
+0.6
-0.2
+1.6
-0.2
Minneapolis
Mobile
Newark
New Haven___.
New Orleans
New York
Norfolk
Omaha
Peoria
Philadelphia _
Pittsburgh
Portland. Me
Portland, Ore._
Providence
Richmond
Rochester
St. Louis
St. Paul
Salt Lake City_
San Francisco
Savannah
Scranton
Seattle
Springfield, Ill.
Wash'ton, D.C.
United States
+22.8
+16.0
+10.4
+15.4
+15.4
+10.8
+11.0
+22.4
+19.6
+18.0
+14.9
+14.4
+10.6
+15.6
+20.3
+18.7
+21.4
+22.8
+17.2
+11.0
+15,9
+14.4
+11.2
+17.9
+16.4
+16.5
+15.4
+8.0
+9.0
+9.8 '
+8.3
+7.6
+12.3
+16.1
+11.5
+12.1
+9.1
+9.7
+8.5
+8.4
+11.8
+8.9
+10.2
+14.0
+11.2
+6.2
+8.0
+6.8
+4.3
+9.3
+10.9
+9.2
+1.0
+1.0
+0.4
+2.2
+2.5
+0.8
+3.5
+1.8
+0.8
+2.0
+0.2
+0.9
+1.5
+2.4
+2.9
+1.2
+1.0
+0.6
+1.1
+0.6
+2.8
+2.4
+1.0
+1.5
+2.3
+1.3
BY COMMODITIES
Per Cent Change on
Sept. 11 1934
Compared with
Per Cent Change on
Sept. 11 1934
Compared with
Commodities
Commodities
Sept. 15 Sept. 12 Aug. 28
1932
1934
1933
Sept. 15 Sept. 12 Aug.28
1934
1933
1932
Bread, white__
Cornflakes
Corn meal
Flour, wheat..
Macaroni
RIM
Rolled oats...
Wheat cereal
Butter
Cheese
Milk evapor'd
Milk, fresh
Bacon, sliced__
Chuck roast___
Ham, sliced
Bens
Lamb,leg of..
Plate beef
Pork chops
Rib roast
Round steak...
Sirloin steak
Bananas
+25.4
-1.2
+21.1
+64.5
+4.6
+27.7
-5.4
+7.6
+22.3
+7.5
+1.5
+8.5
+47.2
+2.8
+21.6
+6.8
+9.0
+5.4
+36.1
0.0
+2.0
+1.2
+6.3
+9.1
-4.6
+15.0
+4.1
+1.3
+25.8
+9.4
+2.1
+17.9
+3.8
-10.5
+4.5
+49.8
+19.6
+32.1
+23.0
+14.3
+19.2
+49.3
+16.3
+17.6
+15.6
-6.0
0.0
0.0
+2.2
+2.0
0.0
0.0
+1.4
-0.4
-2.1
+0.4
0.0
+0.9
+7.8
+6.4
+3.9
+2.4
+1.6
+8.3
-0.3
+4.7
+3.4
+3.0
+3.1
Beans. navy...
Cabbage
Coffee
Corn, canned..
Eggs, fresh_
Lard. Pure
Onions
Oleomargarine._
Oranges
Peas. canned __ _
Pork and beans.
Potatoes, white
Prunes
Raisins
Salmon,red
Sugar
Tea
Tomatoes,can'd
Vegetable lard
substitute _
Peaches, canned
Pears, canned
+20.0
+26.9
-8.0
+10.6
+16.3
+58.2
+40.0
-2.1
+21.7
+34.6
-4.3
+40.0
+26,4
-14.9
+3.9
+11.8
+3.1
+13.2
-4.8
-8.3
+3.7
+9.5
+21.2
+50.0
+7.7
+4.4
+28.9
+28.6
-1.5
-323
+13.9
+3.2
+4.9
0.0
+9.2
+7.3
+6.0
-0.5
+0.6
0.0
0.0
-1.7
0.0
0.0
0.0
+0.3
-1.0
+0.5
+0.5
+11.2
+6.3
+0.5
+1.1
+0.9
_
+3.4
-5.7
0.0
+0.9
+4.3
+9.9
First Decline in Six Weeks Noted in Wholesale Commodity Price Index of United States Department
of Labor for Week Ended Sept. 15
After six weeks of continuous rise the Bureau of Labor
Statistics' index of wholesale commodity prices recorded a
decline during the week ending Sept. 15, Commissioner
Lubin, of the U. S. Department of Labor, Bureau of Labor
Statistics, announced Sept. 20. "The average level declined by 0.4%," Mr. Lubin said. "The index is now
77.5% of the 1926 average, the same as for the week ending
Sept. 1." Ho added:
The decline was confined to farm products, foods and building materials.
Slight increases took place in hides and leather, fuel and lighting materials,
chemicals and drugs, housefurnishing goods, and miscellaneous commodities. Textile products and metals and metal products remained Unchanged.
Current prices as compared with a month ago showed an increase of 1.8%.
As compared with the corresponding week a year ago, when the index was
70.5%, the Index Is up by 10%. It Is 183.% above two years ago, when
the index was 65.4. The increase since the low of 1933, the week of March 4
when the index was 59.6, is 30%.
Foods, with a general delino of 1.3%. showed the greatest decrease for
the week. Important food items responsible were butter, sweet potatoes,
bacon, fresh pork, veal, coffee and lard. Oatmeal, flour, white potatoes,
cured and fresh beef, ham, mass pork, eggs, popper and raw sugar showed
Date and Low
of 1934
P.C.of
Inc.
28.4
21.5
0.7
0.0
4.3
3.1
0.5
4.4
1.6
7.3
P.C.of
Inc.
Date and Low
of 1933
Feb. 4
Mar. 4
Mar. 11
Mar. 4
Mar. 4
June 10
Feb. 18
Apr. 15
May 6
Apr. 8
40.2
.53.4
67.5
50.6
60.8
76.7
69.6
71.2
71.7
57.6
83.3
42.7
25.6
39.5
24.2
12.0
23.4
7.4
15.8
22.7
All commoditIes
Jan. 6
Jan. 6
Aug. 18
Sept. 15
Mar. 31
Jan. 6
Jan. 6
Jan. 6
Jan. 27
Jan. 6
57.4
62.7
84.2
70.6
72.4
83.3
85.5
73.3
81.7
65.9
78.5
Jan. 6
77.6
1.2
Apr. 22 65.5
19.8
77.5
Farm products
Foods
Hides & leather products.
Textile products
Fuel & lighting materials_
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods...
Miscellaneous
All commodities other than
farm products and foods
.lan.
6
71.0
0.2
Mar. 4 59.6
30.0
73.7
76.2
84.8
70.6
75.5
85.9
85.9
76.5
83.0
70.7
A drop of nearly 6%% in livestock and poultry counter-balanced a rise of
4% for grain and 0.8 of 1% for other farm products and caused the group
to decline 0.8 of 1%. The farm products' index, 73.7. compared with
55.9 for a year ago, shows an increase of 32%.
Declines in prices of lumber were chiefly responsible for the drop of %
of 1% in the cost of building materials. The subgroup of paint and paint
materials and other building materials also showed slight recessions, while
brick and tile, cement, structural steel and plumbing and heating remained
unchanged.
Chemicals and drugs, as a whole, showed an increase of 0.3 of 1%,due to
advances in chemicals, drugs and pharmaceuticals and fertilizer materials.
Mixed fertilizers remained unchanged. The group of hides and leather
products increased slightly because of advancing prices of hides and skins.
Fuel and lighting materials. housefurnishing goods and miscellaneous commodities all registered increases of 0.1 of 1%.
Textile products remained at the low point for the year. A slight Increase in prices of cotton goods offset a decrease in silk and rayon. No
change was shown in the average price of metals and metal products.
All commodity groups have shown a material price advance since the
low point of 1933. Farm products recorded a rise of83%,foods an advance
of 43% and textiles. 393i %. The smallest rise occurred in chemicals and
drugs and amounted to slightly more than 7%. As compared with the
1934 low point all groups except textile products show advances, ranging
from 0.5 of 1% for building materials to 28% for farm products.
The index number of the Bureau of Labor Statistics is
composed of 784 price series, weighted according to their
relative importance in the country's markets and based on
average prices for the year 1926 as 100.0. The accompanying statement shows index numbers of the main groups
of commodities for the past five weeks and for the weeks of
Sept. 16 1933, and Sept. 17 1932.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF SEPT. 15;
SEPT. 8, SEPT. 1, AUG. 25 AND AUG. 18 1934. AND SEPT. 16 1933.
AND SEPT. 17 1932. (1926=100.0)
.
Commodity
Croups
• Sept. 15 Sept. 8 Sept. 1 Aug.25 Aug. 18 Sept. 16 Sept.17
1932
1933
1934
1934
1934
1934
1934
Farm products
Foods
Hides di leather products_
Textile products
Fuel Ai lighting materials_
Metals it.: metal products_
Building materials
Chemicals and drugs___.
Housefurnishing goods
Miscellaneous
All commodities other
than farm products and
foods
All commodities
73.7
76.2
84.8
70.6
75.5
85.9
85.9
76.5
83.0
70.7
77.8
73.5
76.6
84.5
71.3
75.1
85.9
86.3
76.3
82.9
70.3
71.8
75.5
84.6
71.1
75.2
85.9
86.4
76.0
82.9
70.1
68.9
74.1
84.2
71.1
75.2
85.9
86.4
75.9
82.9
70.3
55.9
65.1
92.0
75.5
72.5
81.7
82.0
72.1
78.7
64.8
78.4
78.5
77.5
;-.00.4.00NN
Prices used in constructing the weighted index numbers of the Bureau
are based upon reports from all types of retail food dealers in 51 cities and
cover quotations on 42 important items. The index is based on average
prices of 1913 as 100.0.
The following tables show comparisons of the current index with the indexes for the past five oi-weekly periods, one year ago and two years ago,
the percent change that has taken place in each city and in the individual
food items during the past two weeks and since a year ago and two years
ago.
Sept. 15
1934
Commodity
Croups
78.4
78.4
76.1
0
The announcement of the Department of Labor continued:
increases. The present index for the foods group is 76.2% of the 1926
average and 17% above a year ago, when the index was 65.1.
.40,4WM-4-4W-4,
, ,
0N000004 -.14.
.
000004.00N0
No change in average prices was shown in Cincinnati. Lower prices were
registered in Manchester, N. II., and Milwaukee, Wis., each showing a
decline of 0.2 of 1%. The increase in Washington. D. C., was 2.3%•
As compared with Sept. 12 1933, all of the cities showed rising prices.
The 1.5% recorded in Los Angeles was the smallest advance. Omaha, with
an advance of 16.1%, registered the greatest increase for any city covered
by the Bureau. Comparing present prices with those of two years ago
increases ranged from 25.7% in Detroit to 9.2% in Chicago. The two-year
increase in Washington, D. C., has been 16.4%.
Cereals
Daily products
Meats
Other foods
All fondA _ _ _
1949
Financial Chronicle
Volume 139
77.5
76.9
76.1
70.5
65.4
"Annalist" Weekly Index of Wholesale Commodity
Prices Shows Third Consecutive Decrease During
Week of Sept. 25-Monthly Average for September
Above August
Fr
' Commodity prices declined for the third successive week,
the "Annalist" Weekly Index of Wholesale Commodity
Prices dropping 0.4 point to 119.7 on Sept. 25 from 120.1,
Sept. 18. The monthly average for September,the "Annalist"
said, reflecting the sharp rite in August, stood at 120.3,
compared with 117.7 in August and 114.4 in July. The
"Annalist" presented its weekly and monthly indexes as
follows:
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES
[Unadjusted for Seasonal Variation (1013=100)1
Sept. 25 1934 Sept. 18 1934 Sept. 26 1933
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
z All commodities/ nn old dollar ha.ala
111.1
119.9
•113.1
163.8
109.8
113.1
98.6
81.4
119.7
70.3
111.1
121.5
x113.7
163.8
109.9
113.1
98.6
81.4
120.1
70.3
90.3
105.6
124.1
145.8
105.2
109.3
97.0
85.2
106.0
69.4
• Preliminary. x Revised. z Based on exchange quotations for France, SwItzerf
and, Holland and Belgium.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES
[Monthly averages of weekly figures, unadjusted for seasonal variation (1913=100)1
Sept. 1934
Farm products
Food products
Textlle_products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
r 511 ...nron,nditi55 on Old dollar halo
Aug. 1934
Sept. 1933
111.5
121.8
•113.6
163.6
109.9
113.1
98.6
81.5
120.3
70 5
107.2
117.6
x114.1
103.8
110.1
113.2
98.7
82.5
117.7
690
89.3
105.7
122.8
139.2
104.8
108.4
97.0
86.0
104.8
705
• Preliminary. x Revised. z Based on exchange quotations for France, Switzerand, Holland and Belgium.
1950
Financial Chronicle
Wholesale Commodity Prices Up Slightly During Week
of Sept. 22 According to National Fertilizer Association
Wholesale commodity prices, according to the index of
the National Fertilizer Association, advanced slightly during
the week ended Sept. 22. As was the case during the preceding week the gain was due principally to increases for
prices of foods. The general index advanced two points
moving up from 76.4 to 76.6. (The three year average
1926-1928 equals 100.) During the preceding week the
index advanced four points; two weeks ago it advanced one
point, and three weeks ago it advanced nine points. The
latest index number, 76.6, compares with 75.0 a month ago
and 69.4 a year ago. Under date of Sept. 24 the Association
further announced:
During the latest week six of the 14 groups in the index were affected by
price changes. Four groups advanced and two declined. Foods, grains,
feeds and livestock, fats and oils, and miscellaneous commodities advanced.
Textiles and metals each declined one point.
Prices for 26 individual commodities advanced while the prices for 28
declined during the latest week. For the most part the commodities that
advanced showed larger gains than the losses in the prices for declining
commodities. During the preceding week there were 24 advances and 30
declines. Two weeks ago there were 26 advances and 22 declines. Wheat
declined from two to three cents a bushel during the latest week. Corn
declined about one cent a bushel. Cotton declined about one-fifth of a
cent a pound to slightly below 13 cents a pound. Cattle prices advanced
materially. Heavy hog prices moved up slightly. The list of advancing
commodities included lard, butter, cottonseed oil, peanut oil, corn oil,
pork, sweet potatoes, dried beans, canned tomatoes, raisins, apples, lambs,
cotton sheeting, cotton yarns, silk, silver and hides. Declining commodities
included burlap, linseed oil, eggs, ham,flour, oats, barley, zinc, tin, coffee,
middlings and rubber.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1925 2
-19 8=100)
Per Cent
Each Group
Bears to the
Total Index
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3
Latest
Week
PreSept. 22 ceding
1934
Week
Group
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
,Automoblies
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
inn n
Month
Apo
Year
Apo
78.7
71.9
76.3
71.5
68.3
88.3
80.9
81.8
86.0
58.1
93.4
64.9
76.4
99.8
73.8
69.9
75.4
72.1
68.3
88.7
81.6
81.8
85.8
59.6
93.4
65.5
76.3
99.8
71.1
68.2
54.8
66.4
89.7
84.4
74.5
78.8
81.6
48.8
87.0
63.8
70.2
90.3
75 R
All sprnnna rnmhInnel
79.3
71.9
76.6
71.4
68.4
88.3
80.9
81.7
86.0
59.7
93.4
64.9
76.4
99.8
754
75 11
5114
Wholesale Trade Increase More Than Seasonal During
August in Chicago Federal Reserve District
Department Store Sales Also Higher-Decline
Noted in Distribution of Automobiles
"Following two months of diminishing activity," states
the Federal Reserve Bank of Chicago, "most reporting
groups of wholesale trade in the Seventh (Chicago) district
experienced greater than seasonal impnvement in sales
during August." In its Sept. 30 "Business Conditions
Report" the Bank also has the bllowing to say as to wholesale trade in its district:
The grocery trade expanded 16% over the preceding month, dry goods
49%. and drugs 20%, as against gains in the 1924-33 average for the
period of but 1, 18, and 4%. Furthermore, these current increases were
larger than in August of any of the 10 years. A gain of 6% in the wholesale hardware trade compared with an average decline for August of 2%
from the preceding month. The electrical supply trade furnished an
exception to the general trend of sales by declining 9% from July, whereas
the seasonal average shows an increase of 1% for the month. In the
comparison with August a year ago the gain shown in the table for the
grocery trade compared with practically no change in volume in the yearly
comparison for July, that in dry goods followed two successive months
of declines from last year, the gain in hardware was greater and that in
drugs about the same as a month previous, while the small increase in
the electrical supply trade followed 15 months of substantial gains in the
comparison.
WHOLESALE TRADE IN AUGUST 1934
Sept. 29 1934
with sales by Indianapolis, Chicago, and Milwaukee firms gaining 37, 28.
and 21%, respectively; stores in smaller cities had an aggregate sales
volume 38% in excess of that for July. Stocks on hand Aug. 31 showed
little change over the end of July or the corresponding date a year previous.
DEPARTMENT STORE TRADE IN AUGUST 1934
Per Cent Change
August 1934
from
August 1933
Locality.
Net
Sales,
Stocks.
+14.7
+19.4
+35.2
+8.3
+5.9
-0.8
+22.9
+38.6
+2.1
+10.5
Ratio of August
Colleaions
to Accounts
Outstanding
End of July
Net
Sales,
Chicago
Detroit
India na Polls
Milwaukee
Other cities
Seventh District
Stocks End
of Month.
Net
Sales.
1934.
1933,
+1.8
+22.2
+1.7
-2.3
+8.3
-5.0
+3.9
+8.5
+7.1
+2.1
+13.0
+37.7
+15.6
+13.7
+29.3
28.8
38.3
36.4
34.8
29.0
25.2
30.6
35.7
31.8
26.6
+6.0
+0.1
+20.4
32.9
28.8
The Bank's report has the follow rig to say regarding automobile production and distribution in the Midwest:
Substantial recessions took place during August in Midwest distribution
of automobiles to dealers and to users. The decline of 9% in sales at
wholesale followed an even sharper drop in July from June, while the
15% decrease in retail sales was only a little less than that shown in the
preceding month. Wholesale distribution lacked 18% of equaling that of
August a year ago, and sales by dealers were 20% smaller In number
the latter representing the first decline since January in the yearly comparison. Stocks of new cars again were reduced during August, but continued to total substantially larger than last year. Used car sales, though
somewhat less in number in August than a month previous, did not record
the heavy drop shown in new car sales; stocks, on the other hand,increased
slightly at the end of August over July, in contrast to the recession in new
car stocks.
Liquor Sales Hold August Level of Department Store
Sales Same as Last Year, According to Federal
Reserve Bank of New York-Total Sales in Metropolitan Area in New York 7% Higher During First
Part of September
For the month of August, reports the New York Federal
Reserve Bank, "total sales of the reporting department
stores in the Second (New York) district were at approximately the same level as a year ago, and exclusive of liquor
sales were 2% below last year." The Bank notes that "in
this connection it should be noted that comparison is with
a month that, seasonal factors considered, showed the best
retail sales record of 1933." The Bank also has the following
to say in its "Monthly Review" of Oct. 1:
The Westchester and Stamford department stores reported a substantial
gain in sales over last year, and the Bridgeport and Southern New York
State stores showed small increases, while sales of the New York City,
Rochester, and Northern New York State department stores were at
approximately the same level as last year. Deaprtment stores in the
remaining localities reported smaller sales this year than a year ago. Sales
of the leading apparel stores in this district were 6;i% higher than last yea..
Department store stocks of merchandise on hand, at retail valuation,
were smaller than a year previous for the first time since July 1933, while
apparel store stocks remained considerably larger. Collections continued
larger than a year ago for the department stores, but were slightly smaller
for the apparel stores.
Percentage Change
from a Year Ago
Net Sales
Locali1V-
August
New York
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
Northern New York State
Southern New York State_
Hudson River Valley District
Capital District
Westchester and Stamford
All department stores
Apparel stores
+0.3
-4.2
+0.8
+1.5
+1.2
-0.6
+3.0
-7.3
-3.4
+7.8
Feb. to
August
Stock
on Hand
End of
Month
+7.1
+8.4
+10.7
+6.0
+4.1
+13.1
+8.3
+1.4
+10.7
+6.2
+7.7
-5.2
-7.4
-3.0
-9.3
-0.6
-5.0
-6.7
P. C. of Accounts
Outstanding
July 31 Collected
in August
1933
1934
38.9
37.9
38.4
25.0
33.9
32.4
30.3
41.4
42.1
40.8
29.7
35.4
35.8
28.6
36.2
3877
36.8
+19.5
36.1
August sales and stocks and the principal departments
are compared with those of a year previous in the following
table:
+6.6
+7.0
+13.7
Net Sales
Percentage Change
August 1934
Compared with
August 1933
Per Cent Change
From Same Month Last Year.
Commodity.
P.C.Change
1st 8 Moo.
1934 from
Same
Period 1933
Ratio of
Accts. Outstanding to
ColAccts. OWstanding. lections. Net Sales.
Stock on Hand
Percentage Change
Aug. 311934
Compared with
Aug. 31 1933
+24.3
+10.0
+8.8
+8.7
+3.2
+1.8
+0.2
-0.3
-0.5
-1.2
-1.7
-4.4
-5.4
-9.0
-12.9
-13.3
-17.7
-19.8
+14.2
-18.0
+11.8
-19.9
-0.8
-16.0
-4.0
-1.3
+5.4
-18.3
-0.3
-10.8
+3.5
+7.6
+8.9
-5.1
-0.4
-19.5
-7.9
-6.3
In stating that department store trade in the Chicago
district expanded 313/2% during August over July, an
increase considerably larger than average for the period,
the Chicago Reserve Bank says that "nevertheless, sales
exceeded by only 6% those of the corresponding month of
1933 when a similar heavy gain in sales was recorded."
The Bank continues:
Woolen goods
Shoes
Silks and velvets
Women's and mimes' ready-to-wear
Women's ready-to-wear accessories
Luggage and other leather goods
Toys and sporting goods
Silverware and jewelry
Hosiery
Musical instruments and radio
Men's furnishings
Books and stationery
Toilet articles and drugs
Furniture
Home furnishings
Men's and boys' wear
Cotton goods
Linens and handkerchiefs
Miscellaneous
It will be noted in the table that sales by Milwaukee stores totaled
slightly less than in the month last year. and that the increases for Chicago
and Indianapolis were small. In the comparison with the preceding
month, Detroit among the larger cities had the greatest expansion-41%-
As to sales of department stores in the metropolitan area.
of New York during the forepart of September, the Bank
says:
Groceries
Hardware
Dry goods
Drugs
Electrical supplies
-5.6
+1.9
-8.3
-9.6
-0.2
+15.1
+18.8
+9.5
+1.4
+11.1
90.4
204.9
199.5
188.2
195.5
Financial Chronicle
Volume 139
During the first half of September total sales of the reporting department stores in the metropolitan area of New York were 7% higher than
in the corresponding period a year ago, the most favorable year to year
comparison since. March. The comparison is with a month in 1933 in
which retail trade was not very good, but it appears that September business
this year is at least showing the usual seasonal expansion. Excluding
sales of liquor horn this year's figures, the increase over a year ago amounted
to 5%.
Increase of 4% Reported by New York Federal Reserve
Bank in Sales of Chain Stores During August Over
August 1933
According to the Oct. 1 "Monthly Review" of the Federal
Reserve Bank of New York, total sales of reporting chain
stores during August were 4% higher than a year ago,
"a more favorable year to year comparison than occurred
in the preceding month." The following is also from the
review:
Larger increases than in July were shown by the 10-cent, variety, and
candy chain store systems; in the case of the candy chains the comparison
with a year ago was the most favorable since March. Grocery chain
store sales were at approximately the same level as last year. following two
months in which decreases occurred, and the decline in sales of shoe chain
systems was slightly less than that reported in the previous month. Drug
chain sales, however, were lower than a year ago for the first time since
February.
All groups of chain store systems with the exception of the candy chains
reported fewer stores in operation in August this year than a year ago.
As a result, the increase in sales per store for all reporting chains was
slightly larger than the increase in total sales.
•
Percentage Change August 1934
Compared with August 1933
Type of Store
Total Sales
+1.3
+3.1
+0.3
--2.6
+12.7
+19.4
+4.2
+5.1
Wholesale Trade During August in New York Federal
Reserve District Reported 6% Above Year Ago
2%
In its Oct. 1 "Monthly Review" the Federal Reserve
Bank of New York reports that "total August sales of the
reporting wholesale firms in the Second (New York) district
averaged approximately 63/2% higher than a year ago,
following two months in which decreases were shown."
The Bank continues:
For the first time in a year sales of silk goods, reported on a yardage
basis by the National Federation of Textiles, showed an increase over
a year previous. Wholesale grocers reported the most substantial gain
in sales since April; total sales were 18% above a year ago, and exclusive
of liquor sales the increase amounted to 7%. Sales of the hardware, drug,
shoe, cotton goods, and men's clothing concerns presented considerably
more favorable yearly comparisons than in the two preceding months.
Sales of the stationery, paper, and diamond concerns, on the other hand,
showed the least favorable comparisons in a number of months, due partly
to the fact that sales reached relatively high levels in August 1933.
Sizable increases over last year in the amount of merchandise on hand
again were reported by the silk goods, drug, and diamond firms, and
jewelry concerns registered the first increase in stocks since July 1930.
while grocery firms showed the first decrease in over a year, and stocks
held by hardware dealers were also somewhat smaller than in August 1933.
Collections of accounts outstanding at the end of the previous month
continued higher than a year ago in neatly all reporting lines.
Commodity.
Percentage
Change
August 1934
Compared with
August 1933
Net
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
+18.2
-2.7
+8.7
+6.4
+12.0* +23.4*
-5.8
+1.1 +24.2
+4.9
-3.9
-6.8
-1.1
-21.6
+9.6
-11.2
+5.3
P.C.ofchargeAcc'ts
Outetanding
July 31
Collected in
August
1933.
Weekly Vectric Output Continues Below
Corresponding Week of 1933
According to the weekly report issued by the Edison
Electric Institute, the production of electricity by the electric
light and power industry of the United States for the week
ended Sept. 22 was 1,630,947,000 kwh., a decline of 0.5%
from the corresponding week in 1933, when output totaled
1,638,757,000 kwh. Production for the seven days ended
Sept. 15 1934 amounted to 1,633,683,000 kwh. as compared
with 1,663,212,000 kwh. for the week ended Sept. 16 1933,
a falling off of 1.8%. The Institute's statement follows:
86.9
44.0
31.9
44.3
98.4
45.1
40.5
58.0
23.4
41.2
46.1 .
47.5
23.4 {
24.2
46.2
50.0
46.0
25.3
PER CENT INCREASES (1934 OVER 1933)
Major Geographic
Divisions
Week Ended
Sept 22 1934
Week Ended
Sept 15 1934
Week Ended
Sept. 8 1934
Week Ended
Sept. 1 1934
New England
Middle Atlantic
Central Industrial_ _ _ _
West Central
Southern States
Rocky Mountain
Pacific Coast
x8.8
2.9
x1.9
3.9
16.2
x11.8
10.5
x11.6
0.5
x3.9
0.6
x4.4
x8.0
9.2
x6.6
0.9
x3.9
2.5
11.2
x9.2
10.8
13.1
x0.2
x4.1
6.9
3.8
x2.4
7.7
x0.5
x1.8
x1.1
x0.6
Total United States_
x Decrease from 1933.
Arranged in tabular form the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS
(In Kilowatt-hours--000 Omitted)
1934
Chain Store Sales Continue Expansion During August
Sales results of the chain stores for August revealed a
continued healthy state of trade throughout the field, and
a resumption of the upward business curve in several major
divisions, according to the current survey of "Chain Store
Age."
Substantial gains as compared with both the preceding month and with
the corresponding month of 1933 were reported by drug, shoe and apparel
chains, the survey points out. Sales of grocery chains, although little
changed from the July totals, made a better comparison with a year ago
than in the previous month. Business of the five-and-ten-cent store companies held to recent satisfactory levels.
Viewed as a whole, the level of business activity in the field, as measured
by the "Chain Store Age" index, advanced to 91.9 of the 1929-1931 average from an adjusted figure of 91.4 for July. While small, the gain is quite
gratifying considering the adverse factors at work in many important locali-
1931
1932
1933
%Inc.
1934
Over
1933
Week of
Week ofWeek ofWeek ofMay 5 1.632,766 May 6 1,435,707 May 7 1,429,032 May 9 1,637,296 +13.7
May 12 1,643.433 May 13 1,468,035 May 14 1,436.928 May 16 1.654.303 +11.9
May 19 1,649,770 May 20 1,483,000 May 21 1,435,731 May 23 1,664,783 +11.2
May 26 1,654,903 May 27 1.493.923 May 28 1,425,151 May 30 1,601.833 +10.8
June 2 1,575,828 June 3 1,461,488 June 4 1,381.452 June 6 1,593,662 +7.8
June 9 1,654,916 June 10 1,541,713 June 11 1,435,471 June 13 1,621,451 +7.3
June 16 1,665,358 June 17 1,578,101 June 18 1,441,532 June 20 1.609.931 +5.5
Jane 23 1,674,566 June 24 1,598,136 June 25 1,440,541 June 27 1.634.935 +4.8
June 30 1,688,211 July 1 1,655,843 July 2 1.456,961 July 4 1.607.238 +2.0
July 7 1,555,844 July 8 1,538,500 July 9 1,341,730 July 11 1,603,713 +1.1
July 14 1.647.680 July 15 1,648,339 July 16 1,415,704 July 18 1,644,638 -0.0
July 21 1,663,771 July 22 1,654.424 July 23 1,433,993 July 25 1,650.545 +0.6
July 28 1,683,542 July 29 1,661,504 July 30 1,440,386 Aug. 1 1,644,089 +1.3
Aug. 4 1,657,638 Aug. 5 1,650,013 Aug. 6 1,426,986 Aug. 8 1,642,858 +0.5
Aug. 11 1,659,043 Aug. 12 1,627.339 Aug. 13 1,415.122 Aug. 15 1,629,011 +1.9
Aug. 18 1,674,345 Aug. 19 1,650,205 Aug. 20 1,431,910 Aug. 22 1,643,229 +1.2
Aug. 25 1,648,107 Aug. 26 1,630,394 Aug. 27 1,436.440 Aug. 29 1,637,533 -1-1.1
Sept. 1 1,626,881 Sept. 2 1,637,317 Sept 3 1,464,700 Sept. 5 1.635,623 -0.6
Sept. 8 1,564,867 Sept. 9 1,582,742 Sept. 10 1,423,977 Sept. 12 1,582.267 -1.1
Sept. 15 1,633,683 Sept. 16 1,663,212 Sept. 17 1,476,442 Sept. 19 1,662,660 -1.8
Sept. 22 1,630,947 Sept. 23 1,638,757 Sept. 24 1,490,883 Sept. 26 1,660,204 -OA
Sept. 29
Sept. 30 1,652,811 Oct. 1 1.499,459 Oct. 3 1,645,587
Oct. 6
oet 7 1.646.136 Oct. 8 1.506.219 Oct. 10 1.653.369
1934.
Weighted average
+6.7
53.5
60.1
* Quantity figures reported by the National Federation of Textiles. Inc., not
included in weighted average for total wholesale trade.
ties during the greater part of the month. A year ago the index figure
dropped from 87.1 in July to 86.0 in August.
Total average daily sales of 18 chains regularly reviewed amounted to
approximately $4.763,000 in August this year, as compared with a revised
figure of $4,736,000 in July. August sales were 6.8% greater than for the
same month last year, as compared with an increase of 4.8% in July over
July 1933. All five divisions enjoyed a sales expansion in August over
July, a performance which in many instances was counter to seasonal
trend.
The August index for the five leading grocery chains was 85.0, practically
unchanged from the July level. Compared with the respective months of
1933, the August volume this year represented an increase of 8% as against
an increase of 3.5% shown in July.
The index of sales for six chains comprising the five-and-ten-cent department store group advanced to 98.0 in August from a revised figure of
97.7 in July. For the drug group the August index was 101.4 as compared
with 100.0 in July and 95.0 in August 1933.
The index for two shoe chains was 89.8 in August. against 82.0 in July
and 86.4 in August last year, while the index for three apparel chains in
August was 97.2 as against 88.2 in July.
Sales per Store
+0.1
+3.0
-2.9
-9.3
+12.3
+27.6
0.9
Total
No. of Stores
1.2
-0.1
-3.2
-6.9
-0.3
+6.9
Grocery
Ten-cent
Drug
Shoe
Variety
Candy
1951
DATA FOR RECENT MONTHS
Month of-
1934
1933
January _ _
February___
March
April
May
June
July
August
September
October
November
December_
7,131,158,000
6,608,356,000
7,198,232,000
6,978,419,000
7,249,732,000
7,056,116,000
7,116,261,000
6,480,897,000
5,835,263,000
6,182,281,000
6.024,855,000
6,532,686,000
6,809,440,000
7,058,600,000
7,218,678,000
6,931,652,000
7,094,412,000
6.831,573,000
7,009,164,000
1931
1932
7,011,736,000
6,494,091,000
6,771,684,000
6,294,302.000
6.219,554,000
6,130,077,000
6,112,175,000
6,310,667,000
6,317,733,000
6,633,865.000
6,507,804,000
6,638,424,000
7,435,782,000
6,678,915,000
7,370,687,000
7,184,514,000
7,180,210,000
7,070.729,000
7,286,576,000
7,166,086.000
7.099.421.000
7.331,380,000
6,971,644,000
7,288,025,000
1934
Over
1933
10.0%
13.2%
16.4%
15.8%
11.0%
3.6%
0.8%
___.
_ _ __
Total
RA 0110 Anl 000 77 669 119 nnn RA nAl 060 000
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%.
Valuation
of
Construction
Contracts
Awarded
in
August
The volume of construction contracts placed during August
was slightly higher than that reported for July and 13%
greater than the total shown for August 1933 according to
F. W. Dodge Corp. Out of the August 1934 volume of
$120,244,500 a total of $51,046,800 was reported for nonresidential building types; $41,905,900 for public works;
$18,641,000 for residential buildings; and $8,650,800 for
public utilities. The August totals for non-residential build-
Financial Chronicle
ing and public works classifications were larger than in
August 1933 while for residential building and public utilities
the respective totals were smaller than a year ago. For both
residential and non-residential building the August totals
were smaller than those reported for July. Commenting
on the situation in residential building the Dodge bulletin
says:
The decrease in residential building awards from August 1933 marks the
fourth month of consecutive losses from a year ago, declines from last
year starting with the record for May 1934.
For the first eight months of 1934 residential contracts awarded in the
37 Eastern States totaled $170,233,500 as against $158,672,100 for the
corresponding period of 1933. Although this Indicates a gain of something
more than 6% of greater immediate significance is the fact that for the
month of August of this year the residential total was 15% behind the
volume of August 1933. On this showing it is dubious whether the residential total for all of 1934 can materially exceed the total for 1933 or that
it can attain the volume of $280 millions reported for the 37 Eastern States
for 1932. Contracts for residential building for the first eight months of
the current year are running behind 1933 totals in the following major
geographic areas: New England, Upstate New York, Pittsburgh, Central
Northwest, St. Louis and Kansas City.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
No. of
New Floor
Projects. Space (Sq. Ft.)
14,259,000
120,244.500
6,369,100
6,336,600
236,400
21,883,500
32,707,900
51.397,500
8,186
12.942.100
105,988,900
24,404
24,073
13.110
Total construction
$18,641,000
51,046.800
50,556,700
4,001
2,777
1,408
First Eight Months
-Residential building
1934
Non-residential building
Public works and utilities
6,030,200
8,996.200
232,600
7,625
-Residential building
1933
Non-residents' building
Public works and utilities
43,036.200
57.935.900
1,960.500
170,233,500
390,129.800
533,699,500
61,587
1,093.962,800
47,295.400
45,349.600
2.793,000
158,672.100
257.084,700
204,899,900
56,238
Total construction
102,922,600
29,570
19,593
7,075
Total construction
-Residential building
1933
Non-residential building
Public works and utilities
95.438.000
620.656.700
NEW CONTEMPLATED WORK REP0RTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1934.
No. of
Projects.
Total construction
F First Eight Months
Residential building
Non-residential building
Public works and utilities
Total construction
1933.
No. of
Projects.
Valuation.
Valuation.
4,122
3,717
1,745
$22,868,700
56,364.500
206,771,400
4,334
3,614
2,528
$43,274.800
127,452,700
294,271,400
9,584
$286,004,600
10,476
$464,998,900
29,774
31.278
15.481
8393.912.000
817.646,700
1,514,379,700
34,005
25,434
12,197
$351,633,600
625.296.400
1,167,838,200
76.533
$2,725,938,400
71,636
$2,144,768,200
Building Operations in United States During August
Decrease in Value of New Buildings Noted as
with July, Although Number Increased
Compared
Commission Lubin of the Bureau of Labor Statistics,
United States Department of Labor, has announced that
"there was an increase of 11.0% in the number, but a
decrease of 0.9 of 1% in the value, of buildings for which
permits were issued in August as compared with July,
according to reports from 752 identical cities having a
population of 10,000 or over." Continuing, Mr. Lubin
stated:
These permits cover building construction only. The data do not
include such other types of construction as road building, river, harbor,
flood control work, &c. Included with the building permit figures are the
number and cost of public buildings for which contracts are awarded by
Federal and State Governments in cities having a population of 10,000
or over. In July the value of such public building was $2,800,476, in
August $2.591,971.
The percent of change in building construction, July to August 1934,
Is as follows:
Number
Estimated Cost
Type of Building+11.1
+1.5
New residential
+14.2
+1.1
New non-residential
+10.3
-4.6
Additions, alterations, repairs
Total
+11.0
-0.9
The dwelling units for which permits were issued in August will provide
for 2,539 families, a decrease of 2.1% as compared with July.
Comparing August 1934 with the corresponding month of the previous
year, there was an increase of 3.8% in the number and an increase of
20.1% in the estimated cost of buildings for which permits were issued.
The following shows the percent of change in building construction, August
1933 and August 1934:
Type of BuildingNew residential
New non-residential
Additions, alterations, repairs
Total
Number
-20.1
-6.8
+9.3
+3.8
Estimated Cost
-21.2
+58.4
+17.4
+20.1
The number of family dwelling units provided decreased 11.1%, comparing August 1934 with August of the previous year.
Permits were issued during August for the following important building
projects. In Newton, Mass., for a school building to cost $275,000; in
TABLE 1-ESTIMATED COST OF NEW BUILDINGS IN 752 IDENTICAL
CITIES, AS SHOWN BY PERMITS ISSUED IN JULY AND AUGUST
1934, BY GEOGRAPHIC DIVISIONS
New Residential Buildings
Geographic Division
Cities
Estimated
Cost
July 1934
Total_ _,
Percent of change_
August 1934
July 1934
August 1934
$1,362,776
3,466,213
965,344
457,665
961.573
88,909
467,374
173,283
849,331
$1,277.763
3,045,194
1,206,686
677,518
935,517
93,952
647,270
122,536
920,104
279
1,045
215
157
268
59
220
46
304
286
771
288
218
278
48
284
36
330
$8,792,468
$8,926,540
+1.5
2,593
2,539
-2.1
Cities
,
New Non-residential
Buildings,
Estimated
Cost
J2dy 1934
New England
112
Middle Atlantic
176
173
East North Central
West North Central. 66
3outh Atlantic
71
East South Central
28
West South Central_ 46
23
Mountain
57
Pacific
Total
,,propnt elf ehanye
Families Provided for in
New Dwellings
752
New England
Middle Atlantic
East North Central
West North Central.
South Atlantic
East South Central
West South Central_
Mountain
Pacific
Valuation.
3.198
3,134
1,293
Total construction
Month of August
Residential building
Non-residential building
Public works and utilities
the Borough of Manhattan for apartment houses to cost over $500,000,
and an institutional building to cost $3,000.000; in Indianapolis, Ind.,
for a public building to cost $1,000,000; in Toledo. Ohio, an amusement
building to cost $340,000; Sacramento, Calif., for a bridge to cost $900,000:
in Stockton, Calif., for a deep-water terminal to cost over $600,000, and
In Columbia, S. C., for an office building to cost over $400,000. In
Mobile, Ala., a contract was awarded by the Treasury Department for a
Federal court house to cost nearly $400,000.
Geographic Division
Month of August
-Residential building
1934
Non-residential building
Public works and utilities
Sept. 29 1934
CnbDo461:
, , 10,11-..1.—,
,
00.-. 000000
1952
752
$5,008,282
6,527,229
3,689,240
905,654
1,103,344
530,770
500,261
585,595
1,633,455
August 1934
Total Construction
(Including Alterations
and Repairs),
Estimated Cost
July 1934
$1,856,290
6,868,073
3,604,423
1,298.637
2,473,814
846,233
709,324
381,886
2,672,003
$8,228,636
15,888,664
6,901,425
2,158,951
3,992,603
1,026,308
1,819,954
1,124,621
4,356,734
August 1934
$4,848,887
15,757,612
6,908,541
2,749,312
5,408,403
1,357.871
2,112,267
769,445
5,197.954
$20,483,830 $20,710,683 $45,497,896 $45,110,292
4-1 1
--n n
-NUMBER AND ESTIMATED COST OF TOTAL BUILDING
TABLE 2
CONSTRUCTION IN 121 LEADING CITIES OF THE UNITED STATES
FOR WHICH PERMITS WERE ISSUED IN AUGUST 1934
City and State
No. of
Buildtags
116
Akron. Ohio
173
Albany, N. Y
Allentown, Pa
28
87
Altoona, Pa
263
Atlanta, Ga
Baltimore, Md____ 790
19
Bayonne, N. J.__ _
87
__
Berkeley,
Binghamton, N. Y. 218
Calif_Birmingham, Ala__ 223
Boston, Mass
587
49
Bridgeport, Conn__
201
Buffalo, N. Y
69
Cambridge. Mass
30
Camden. N. J
60
Canton, Ohio
22
Charlotte, N. C___
Chattanooga, Tenn. 264
233
Chicago, III
354
Cincinnati, Ohio
Cleveland, Ohio_
286
Columbus, Ohio... 114
209
Dallas, Tex
66
Dayton, Ohio
274
Denver, Colo
85
Des Moines, Iowa__
Detroit, Mich
538
Duluth, Minn
110
East St. Louis, III
24
23
Elizabeth, N. J
El Paso, Tex
61
49
Erie, Pa
114
Evansville, Ind
Fall River, Mass
41
Flint, Mich
373
47
Fort Wayne, Ind
82
Tort Worth, Tex..
12
3ary, Ind
3Iendale, Calif....
73
Tarrisburg, Pa....
18
lartford, Conn____
123
Touston, Tex
217
iuntington. W.Va.
12
48
odianapolls, Ind..
acksonville, Fla
406
50
'ersey City. N. J._
27
Cansas City, Kan
Camas City, Mo...
47
47
Cnoxville, Tenn.__
..akewood; Ohio...
26
52
.ansing, Mich
28
,awrence, Mass.__
120
Ai:coin, Neb
107
Attle Rock, Ark
346
.ong Beach, Calif
,os Angeles, Calif__ 1,296
Amisville, Ky
73
44
cwell, Mass
,yen, Mass
62
ianchester, N. H.
73
A...,nh la 'Tann
145
Estimated
Cost
City and State
$104,876 Miami, Fla
124,373 Milwaukee, Wis.__
49,500 Minneapolis, Minn_
13.388 Nashville, Tenn.__
119,354 Newark. N. J
627,780 New Bedford, Mass
28,278 New Haven, Conn_
72,271 New Orleans, La_ _
55,156 N. Y. City, N. Y
53.220 Niagara Falls, N. Y
688,251 Norfolk, Va
35.753 Oakland, Calif
156.609 OklahomaCity.Okla
41.481 Omaha, Neb
12,040 Pasadena, Calif17,695 Paterson, N. J
20,620 Pawtucket, R. I...
44,497 Peoria. III
628.988 Philadelphia. Pa--_
358.760 Pittsburgh, Pa---396.431 Portland, Ore
147,800 Providence, R.I
102,339 Quincy, Mass
37,848 Reading, Pa
206.795 Richmond, Va
284,845 Rochester, N. Y
803,301 Rockford, Ill
40,890 Sacramento, Calif__
15,682 Saginaw, Mich_ .- _
19.350 St. Joseph, Mo _ -__
34,201 St. Louis, Mo
39,414 St. Paul, Minn..._.
55,703 Salt Lake City, Utah
10,046 San Antonio, Tex.._
89,941 San Diego, Calif. _
.
52,141 San Francisco, Calif
97,730 Schenectady, N. V.
12,275 Scranton, Pa
72,391 Seattle, Wash
14,640 Shreveport, La
152.010 Sioux City, lowa
345,850 Somerville, Mass._
11,580 South Bend, Ind...
1,077,056 Spokane, Wash.._.
147,972 Springfield, Maas__
30.655 Syracuse, N. Y---10,145 Tacoma, Wash__
145,300 Tampa, Fla
103,854 Toledo, Ohio
35,005 Trenton, N. J
26,480 Tulsa, Okla
34.850 Utica, N. Y
28.683 Washington, D. C.
21,795 Waterbury, Conn__
127.829 Wichita, Kan
910,553 Wilkes-Barre. Pa_
251,367 Wilmington, Del.__
21,545 Worcester, Mass.__
37,598 Yonkers, N. Y....
58,445 Youngstown, Ohio_
05 500
No. of
Buildings
383
214
274
72
92
45
62
94
3.301
83
48
310
71
74
246
98
51
52
322
188
303
358
88
65
129
147
20
70
78
17
368
303
79
140
153
217
87
95
336
201
39
36
60
148
48
56
100
186
09
33
66
17
430
34
55
67
45
108
48
84
Estimated
Cost
$282,251
238,538
235,190
74,897
163.807
84.175
60.800
78,724
9,874.527
74.387
747,905
162,058
51,442
60,734
102.857
85,953
29.815
43.290
747,630
202,793
162,201
185,800
31,740
21.930
110,259
75.458
24,090
945,670
60,476
24,805
431,653
379,322
49,176
156,671
87.757
592,992
67,872
50,692
146,575
141,658
40,150
26,820
14,000
57.454
41,380
123,535
37,267
46,030
378,875
29,544
97,530
20,830
1,247,678
46,800
50,206
22,663
74,900
108,102
96,815
27,471
Industrial Situation in Illinois During August Reviewed by Industry by Illinois Department of
Labor-Both Employment and Payrolls Increased
During Month
In his review of the industrial situation in Illinois by industry, Paul R. Kerschbaum, Acting Chief of the Division of
Statistics and Research of the Illinios Department of Labor,
stated that "advances of 1.0% in employment and 0.3 of 1%
in payrolls in August 1934, were disclosed by the combined
reports of 4,500 manufacturing and non-manufacturing establishments in Illinois. Theses reporting firms," Mr. Kersch-
Volume
139
Financial Chronicle
baum said, "employed 453,211 wage earners in August and
paid_out a total of $9,751,048 weekly in wages." Under
date of Sept. 23, Mr. Kerschbaum further reported:
Although an improvement in both employment and payrolls is usually
expected in August, the increase reported was less than the average JulyAugust gains of 1.3% in employment and 2.8% in payrolls disclosed by
the records of the Illinois Department of Labor which begin wito 1923.
Comparisons with indexes of the last three years show that employment
for all industries combined was 5.4% above that for August 1933. and
26.4% above the August 1932 level. Payrolls, likewise, were above levels
established in August 1933 and August 1932. Tne August 1934 index of
payrolls was 10.5% higher than that of a year ago and 35.4% above the
Index of August 1932. Both employment and payrolls were below the
levels established in August 1931.
_Two thousand one hundred and eleven manufacturing firms showed gains
of 1.9% in employment anf 1.2% in payrolls. The employment increase
of 1.9% exceed the 11-year average July-August gain for the manufacturing
industries of 1.6%, but the payroll gain of 1.2% was considerably less than
the average gain of 3.1% shown for this period by the records of the Illinois
Department of Labor. Indexes disclose that employment in the manufacturing industries in Illinois in August was 7.4% higher than it was a
year ago, 36.3% above August 1932 and 4.0% higher than in August 1931.
Payrolls indexes disclose sharper gains in August of 14.1% over the index
for August 1933. and 56.8% over the index for August 1932, but a loss of
8.1% from the level of August 1931.
In the non-manufacturing industries, 2,389 establishments reported
losses of0.4 of 1% in employment and 1.0% in payrollsfrom July to August.
Employment in these industries was only 2.4% higher than it was a year ago,
although it was 11.0% above the level of August 1932. Payrolls were
5.3% above August 1933. and exceeded August 1932, payrolls by•10.3%.
Both employment and payrolls indexes were considerably below those of
August 1931.
In 3,187 establishments reporting actual man-hours data for 306,632
wage earners in August, the total actual hours worked increased 4.4%.
Actual man-hours worked by males increased moderately but the increase
in hours worked by females was much sharper. 1,713 manufacturing plants
increased total actual man-hours 3.7% from July to August and 1,474
non-manufacturing firms increased such hours 5.6%. The average actual
man-hours worked per employee, per week, in all establishments reporting
hours data increased from 36.1 in July to 36.4 in August, or 0.8 of 1%.
In reporting manufacturing plants such hours increased from 34.7 to 35.0,
or 0.9 of I% and in the non-manufacturing industries they increased from
38.7 to 39.1. or 1.0%.
According to reports from 4.114 establishments reporting data separately
by sex, the increase in employment and payrolls was restricted to female
workers. The employment of females in all industries combined advanced
3.6% from July to August, while that of males declined 0.1 of 1%. Payrolls, likewise, disclosed an increase to women workers of 4.4%, while the
amount paid to male wage earners declined 0.7 of 1%. In 2,065 manufacturing establishments the employment of females advanced 6.1% and
that of males increased 0.3 of 1%. Payrolls, however, were 6.9% higher
for females. but 0.2 of 1% lower for males than they were one month ago.
In the 2,049 non-manufacturing firms reporting separate data for men
and women, the employment of women wage earners increased 0.1 of 1%,
while that of men declined 0.9 of 1%. Payrolls disclosed a greater variation, women wage earners receiving 1.7% more and men workers receiving
1.6% less than in July 1934.
Ofthe nine main manufacturing groups of industries,five, wood products,
printing and paper goods, textiles, clothing and milinery and foods, reported
gains in both employment and payrolls from July to August. In each of
these industry groups the increases recorded in August were sharper than
seasonal expectations alone would seem to warrant. This is especially true
in the textiles and foods groups where the averages show mixed movements
from July to August, and in the clothing and millinery group which shows,
on the average, no change in employment but a sharp increase in payrolls
during this period. Two groups, metals, machinery and conveyances, and
furs and leather goods, disclosed declines in both employment and payrolls
contrary to increases ordinarily expected in August. Mixed movements
were in evidence in the stone, clay and glass, and chemicals, oils and paints
groups; an employment increase was accompanied by a payrolls decline
in the former, while in the latter group the reverse was true.
Furniture and cabinet work, and pianos and musical instruments industries were primarily responsible for gains of 5.8% in employment and
11.5% in payrolls in the wood products group. Miscellaneous wood products industries reported sharp declines in both the number of persons employed and in the amount paid to them in wages.
Gains of 3.8% in employment and 3.7% in payrolls were reported by.
establishments in the printing and paper goods industry group. The main
contributors to these increases were the job printing, newspapers and
periodicals and edition book binding industries. Paper boxes, bags and
tubes, and miscellaneous paper goods establishments reduced employment
but added to payrolls.
The knit goods industry, which expanded employment and payrolls
sharply and thread and twine establishments, which advanced payrolls
moderately, caused the increases of 2.9% in employment and 3.4% In payrolls in the textile group. All other industries represented in the group,
and particularly cotton and woolen goods establishments, contributed
declines in both employment and total wage payments.
Sharp advances of 8.3% in the number of wage earners employed and
16.9% in the amount paid to them in wages, were reported by establishment
In the clothing and millinery group. Men's shirts and furnishings, and
women's clothing, underwear and hats were primarily responsible for these
gains. The important men's clothing industry reduced employment slightly
but increased payrolls.
Fruit and vegetable canning, miscellaneous groceries, slaughtering and
meat packing, confectionery, and beverages industries were the most important contributors to the increases of 10.0% in employment and 5.1%
in payrolls reported for the foods group of industries.
The miscellaneous stone and minerals industry which expanded both
employment and payrolls sharply, and the brick, tile and pottery establishments were responsible for the increase of 0.4 of 1% in employment in the
stone, clay and glass group. Line, cement and plaster, and glass industries
were largely responsible for the payroll decline of 2.7%.
In the chemicals, oils and paints group every industry except mineral
and vegetable oils contributed to the August loss of 2.2% in employment.
The gain of 0.1 of 1% in payrolls was caused by the drugs and chemicals
Industries.
The August declines of 2.6% in employment and 2.9% in payrolls in the
metals, machinery and conveyances group of industries compare unfavorably with the average July-August gains of 2.1% in employment and 4.4%
in payrolls shown by the records of the Illinois Department of Labor. Iron
and steel, cooking and heating apparatus, and cars and locomotives industries were mainly responsible for these decreases. Tools and cutlery,
1953
agricultural implements, and watches and jewelry industries contributed
important gains in both employment and payrolls.
Losses in the furs and fur goods, and boots and shoes industries were
responsible for the declines of 1.1% in employment and 7.0% in payrolls
reported by thefurs and leather goods group. Increased activity wasshown
by all other reporting industries in the group.
Of the five main non-manufacturing groups, two, wholesale and retail
trade, and building and contracting, contributed to the employment and
payroll declines reported for non-manufacturing industries. Public utilities
industries reduced employment slightly but expanded payrolls, and the
services group increased employment but decreased payrolls. Reporting
coal mines increased both employment and total wage payments.
Declines of 1.0% in employment and 3.4% in payrolls were reported by
establishments in the wholesale and retail trade group. Every reporting
industry except miscellaneous wholesale contributed to the employment
decline, and all except milk distributing shared in the reduction in total
wage payments.
Every industry represented contributed to the decline of 8.5% in payrolls
disclosed by the building and contracting group,and all except miscellaneous
contracting establishments shared in the employment loss of 6.5%.
In August, the public utilities group of industries reduced employment
0.1 of 1% but expanded payrolls 1.1%. Water, gas,light and power, and
telephone companies increased both employment and total wage payments
while street and electric railways, and railway car repair shops showed
reduced activity.
An increase of 0.4 of 1% in employment was accompanied by a decline of
3.3% in payrolls in the services group of industries. Hotels and restaurants, which added persons to the payrolls while reducing the total amount
expended in wages, were primarily responsible.
Twenty-seven repotting coal mines increased employment 7.6% and
expanded total payrolls 9.0%. Increased activity in coal mines is usually
expected at this season of the year.
During August. reports of 86 wage rate increases, affecting 11.801
workers, or 2.6% of all employees reported during the month, were received
by the Illinois Department of Labor. These increases ranged from 1 to 20%.
Nine establishments reported decreases in wage rates affecting 87 persons.
Wage rate decreases were restricted to the wholesale and retail trade, and
services groups.
Weekly earnings throughout Illinois, for both sexes combined, averaged
$21.52; $23.51 for males and $14.68 for females. For the manufacturing
industries weekly earnings averaged $20.34; $22.22 for men and $13.56 for
women. Average weekly earnings in the non-manufacturing industries for
both sexes combined were $23.42: $26.75 for males and $16.18 for females.
Manufacturing Activity Declined During August Contrary to Seasonal Trend-Report of National
Industrial Conference Board
Contrary to the usual slight pick-up in August which
generally occurs after the seasonal declines of the early
summer months, the trend of manufacturing activity was
downward in August of this year, according to data from
25 manufacturing industries that report to the National Industrial Conference Board. The number of wage-earners
employed in August was 1.6% less than in July. Total
man-hours worked declined 3.4% and payrolls, 3.3%. In
a report issued by the Conference Board it is also stated:
Average hourly earnings were 58.8 cents in August, as compared with
58.7 cents in July, an increase of 0.2%. The number of hours worked per
week averaged 33.5 in August and 34.1 in July, a decrease of 1.8%. The
reduction in the average work-week resulted in lowering the average weekly
pay per wage-earner from $19.92 in July to $19.59 in August. or 1.7%. and
an increase of 0.6% in the cost of living during the same period decreased
the purchasing power of the weekly pay envelope, so that real weekly
earnings fell off 2.3%.
The decline in manufacturing activity, as measured by total man-hours
worked, was most marked in the foundries and automobile industry, in
which the decrease amounted to 12.0% and 10.8%. respectively. Declines
were noted in 19 of the 25industries and in 10 of these the declines were more
than 3.5%. In six industries,on the othe rhand,total man-hours increased
from July to August, namely in the northern cotton industry. 5.6%;
hosiery industry.5.4%; meat packing,4.7%;wool industry.2.4%;furniture,
1.4%; and agricultural implement industry. 1.1%•
A comparison of conditions in these 25 industries with those existing a
year ago shows that 5.2% more persons were employed whose earnings Per
hour averaged 16.0% higher and whose earnings per week averaged 1.3%
higher than a year ago. The increase in the cost of living during the
year's interval, however, more than nullified the increase in actual weekly
earnings. Real weekly earnings were 2.1% below those of a year ago.
Total payroll disbursements were 6.4% larger in August of this year than
in the same month last year. The average work-week fell off 12.3%
and total man-hours worked declined 7.8%•
Lumber Shipments Increase Over Preceding Two Weeks
New business booked at the lumber mills during the week
ended Sept. 22 1934, was lowest of any week since July
except for week ended Sept. 1; shipments were heavier than
during the two preceding weeks, but lower than any August
week; production was slightly below that of the preceding
week, according to telegraphic reports from regional associations to the National Lumber Manufacturers Association
covering the operations of leading hardwood and softwood
mills. Reports for the week ended Sept. 22 were from 1,362
mills whose production was 187,304,000 feet; shipments
191,528,000 feet; orders received, 177,460,000 feet. Revised
figures for the preceding week were mills, 1,387; production,
200,101,000 feet; shipments, 187,590,000 feet; orders,
184,046,000 feet. The Association further reported in part:
Southern Pine, Western and Northern Pines and Southern Cypress, also
Northern and Northeastern Nardwoods reported orders above production,
but total orders were 5% below output. Softwood orders were 5% below
production; hardwood orders 10% below hardwood output. Southern Pine,
Western Pine and California Redwood reported orders above those of corresponding week of last year. Total orders as reported by identical mills
were 1% below those of the same week of 1933., softwoods recording gain
of 3% but hardwoods loss of 33%. Production was 3% below that of the
corresponding 1933 week; shipments were about the same as last year.
1954
Financial Chronicle
Unfilled orders on Sept. 22 as reported by 1,658 mills totaled 766,312.000
feet and gross stocks, 5,608,935.000 feet. Six hundred eighteen mills
showed unfilled orders the equivalent of 22 days' average production on
Sept. 22 1934, as compared with 19 days' on Sept. 23 1933.
Forest products carloadings totaled 22,606 cars during the week ended
Sept. 15 1934. This was an increase of 3,182 cars over the preceding holiday
week; 3,031 cars below the same week in 1933 and 4,556 cars above similar
week et 1932.
Lumber orders reported for the week ended Sept. 22 1934 by 948 softwood mills totaled 161.1)45,000 feet; or 5% below the production of the
same mills. Shipments as reported for the same week were 175,862,000
feet, or 4% above production. Production was 169,087,000 feet.
Reports from 454 hardwood mills give new business as 16,415,000 feet,
or 10% below production. Shipments as reported for the same week were
15,666,000 feet, or 14% below production. Production was 18,217,000 feet.
Unfilled Orders and Stocks
Reports from 1,658 mills on Sept. 22 1934. give unfilled orders of 766.212,000 feet and gross stocks of 5.608,935,000 feet. The 618 identical mills
report unfilled orders as 540,631,000 feet on Sept. 22 1934, or the equivalent
of 22 days' average production, as compared with 469,959.000 feet, or the
equivalent of 19 days' average production on similar date a year ago.
Identical Mill Reports
Last week's production of 443 identical softwood mills was 153.399,000
feet, and a year ago it was 151.255,000 feet; shipments were respectively
153.660,000 feet and 146,726.000; and orders received 146,091,000 feet and
141,830,000 feet. In the case of hardwoods. 258 identical mills reported
production last week and a year ago 15,027,000 feet and 22,388,000;
shipments 12,388,000 feet and 19,549,000 and orders 12.916,000 feet and
19,290,000 feet.
United States Department of Labor Reports Increases
in Employment and Payrolls from July to August
10 of 18 Non-Manufacturing Industries Show InEmployment
creased
Increases of 1.0% in factory employment and 3.0% in
factory payrolls were shown in August as compared with
July, according to the Bureau of Labor Statistics of the
United States Department of Labor. Employment and payrolls in manufacturing industries normally increase in August
reflecting seasonal activity in certain industries and a recovery from July shutdowns. During the preceding 15year period, 1919-33, inclusive, for which data are available
in the Bureau of Labor Statistics, increases in employment
from July to August have been shown in each year except
1930 and.payrolls have increased in every instance with the
exception of August 1930 and 1931. In an announcement
issued by the Department of Labor it was further reported:
The Bureau of Labor Statistics' general index of factory employment for
August 1934 is 79.4 (preliminary) and the payroll index is 62.2(preliminary).
The August 1934 index of factory employment is 3.9% higher than the
August 1933 index (76.4), and the payroll index is 9.5% above the level
of that for the same month last year (56.8). .
The base now used in computing these indexes is the average for the
three-year period, 1923-25. taken as 100. (Prior to March 1934, the
indexes of factory employment and payrolls published by the Bureau were
computed by weighting each of the separate 89 industries surveyed instead
of using group weights and this series did not include the canning and
preserving industry. The former series had not been adjusted to conform
.with the trends shown by biennial Census reports and was based on the
12
-month average of 1926 as 100. Computed on the old basis, the August
employment index is 73.6 and the payrolls index is 55.8.)
The indexes of factory employment and payrolls are computed from
reports supplied by representative establishments in 90 important manufacturing industries of the country. In August, reports were received from
establishments employing 3,749.639 wage earners, whose weekly earnings
during the pay period ending nearest Aug. 15 totaled 870,842,025. More
than 50% of the wage earners in all manufacturing industries of the country
are covered in these monthly employment surveys.
Fifty-two of the 90 manufacturing industries surveyed reported gains in
employment and 51 industries reported increases in payrolls.
The most pronounced gains in employment from July to August were
seasonal in nature and appeared in the following industries: canning and
preserving, 61.1%; beet sugar, 34.6%; cottonseed oil-cake-meal. 32.0%;
millinery,30.7%;and women's clothing, 22.8%. Other substantial seasonal
increases were reported in men's clothing, 8.6%; fur-felt hats and confectionery, 7.7% each; radios and phonographs, 6.1%; fertilizers. 5.8%;
and men's furnishings, 5.3%. The silver and plated ware industry reported
an increase of 13.1% in employment from July to August, the slaughtering
and meat packing industry reported a gain of 8.6%;the locomotive industry
reported an increase of 8.3%, and the cigar and cigarette industry reported an increase of 7.4%. The jewelry and the cane sugar refining industries reported gains in number of workers of6.3% each and the druggists'
preparations industry reported a gain of 5.1%. Among the remaining
34 industries reporting increased employment, increases ranging from 1.5%
to 3.8% were reported in the following important industries: shirts and collars, 3.8%; cast-iron pipe, 3.7%; boots and shoes. 3.3%; shipbuilding,
2.8%; smelting and refining copper, lead and zinc, 2.7%; rayon. 2.5%;
printing, book and job, 1.6%; and furniture and petroleum refining, 1.5%
each.
The most pronounced decrease in employment from July to August
(10.5%) was in the aircraft industry. The textile machinery industry
reported an employment decline of 6.7% over the month interval, the
electric and steam car building industry a loss of 6.2%. and the automobile
Industry a loss of 6.0%. Decreases ranging from 4.3 to 5.9% were reported in the machine tool, rubber tires, rubber goods other than tires
and shoes, plumbers' supplies, marble-slate-granite, cement, steam railroad repair shop and wirework industries. The cotton goods and the
blast furnacas, steel works, and rolling mills industries reported losses in
employment of 3.8% each. Other industries in which decreases in employment over the month interval ranged from 3 to 3.6% were:agricultural
implements, stamped and enameled ware, leather, tools, and brass, bronze,
and copper products. In the remaining 19 industries in which decreased
employment was reported, declines in industries of major importance were
paint and varnish, 2.9%; woolen and worsted goods, 2.7%;ice cream, 2.3%;
millwork, 2.1%; beverages and glass, 1.6% each; chemicals, 1.3%; and
foundry and machine shop products, 0.7%.
Comparing the level of employment and payrolls in the 90 separate industries in August 1934 with August 1933, 52 industries show increased
Sept. 29 1934
employment over the year interval and 60 industries show increased pay
rolls.
In the following are presented the indexes of employment and payrolls
for August 1934. July 1934, and August 1933 for each of the manufacturing
Industries covered by the Bureau of Labor Statistics. The indexes are not
adjusted for seasonal variations.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES
(3
-year verage 1923-25=100.0)
Manufacturing Industries
Employment
August July
1933
1934
Payroll Totals
August August July
1934
1933
1934
August
1934
General index
76.4
78.6 *79.4
56.8
60.4 *62.2
Iron and steel and their products,
not including machinery
.
68.4
70.3
68.6
50.0
47.6
45.5
Blast furnaces, steel works, and
rolling mills
69.8
72.4
69.7
53.1
47.9
44.0
Bolts, nuts, washers and rivets_ 84.2
79.8
77.7
53.4
55.4 53.3
Cast-iron pipe
44.1
51.9
53.8
23.3
27.4
29.2
Cutlery (not incl. silver and
plated cutlery) and edge tools 68.8
75.4
77.7
46.8
53.4
53.0
Forgings, iron and steel
46.8
51.5
51.9
31.9
34.3
34.7
Hardware
63.0
51.8
51.3
44.2
34.8
37.9
Plumbers' supplies
68.9
64.0
80.5
39.1
38.4
34.0
Steam and hot-water heating
apparatus and steam fittings_ 57.8
48.3
48.8
33.7
31.2
30.3
Stoves
80.4
88.6
87.7
53.8
56.5
57.7
Structural Jr ornamental metal
work
49.3
59.0
59.0 29.7
40.6
41.8
Tin cans and other tinware_ _
89.8
99.6
99.1
80.8
94.5
93.5
Tools (got including edge tools,
machine tools. files and saws) 54.9
59.3
57.4
41.7
49.0
49.0
Wirework
117.8 123.8 116.3 103.4
98.0
90.1
Machinery, not including transportation equipment
64.5
78.6
78.6 43.5
58.1
57.8
Agricultural implements
43.5
89.3
66.8
37.0
70.2
68.3
Cash registers, adding machines
and calculating machines_ _ _ _ 86.4 104.6 105.7
62.0
86.3
84.0
Electrical machinery, apparatus
and supplies
55.0
65.1
65.3
37.5
49.8
50.2
Engines, turbines, tractors and
water wheels
43.5
71.4
71.8
24.0
45.6
47.0
Foundry & machine-shop prod_ 59.4
69.5
69.0
39.9
51.1
50.3
Machine tools
44.0
69.1
66.1
30.8
51.5
49.0
Radios and phonographs
158.7 205.0 217.5
84.2 114.4 123.1
Tegtile machinery and parts_ _ _ 75.9
71.3
66.5
61.7
56.1
49.3
Typewriters and parts
66.5
78.1
80.1
48.9
68.9
70.6
Transportation equipment
61.8
87.8
83.3
49.7
65.4
69.9
Aircraft
313.2 372.5 333.4 282.4 324.9 301.8
Automobiles
68.7
98.4
92.5
55.7
70.7
76.5
Cars, electric dr steam railroad_ 29.4
51.3
48.1
24.2
46.3
47.0
Locomotives
35.5
17.5
38.5
5.9
16.4
17.7
Shipbuilding
57.5
40.0
69.2
55.6
71.2
56.4
lailroad repair shops
54.2
58.3
55.2
45.9
51.1
48.5
Electric railroad
64.7
66.3
66.0
53.4
58.8
58.5
Steam railroad
54.4
53.3
45.5
57.7
50.6
47.9
ion-ferrous metals di their prods_ 69.2
73.2
73.5
48.3
54.1
53.8
Aluminum manufactures
80.3
68.9
50.4
69.1
47.0
59.2
Brass, bronze dz copper prods
54.4
78.2
51.2
52.9
75.0
72.7
Clocks and watches and timerecording devices
50.3
68.9
55.8
54.3
39.2
68.2
Jewelry
58.5
49.7
40.8
61.8
45.2
65.7
Lighting equipment
55.5
48.2
42.0
61.7
49.2
61.9
Silverware and plated ware.._ _ 49.9
48.3
43.6
61.3
69.3 32.9
Smelting and refining-copper,
55.1
lead and zinc
68.6
43.2
42.8
33.8
70.5
Stamped and enameled ware_ _ _ 89.3
72.9
70.8
62.3
90.3
87.1
timber and allied products
31.6
50.4
33.5
32.4
48.8
49.0
Furniture
68.7
43.9
62.0
39.3
62.9
42.7
.umber-Millwork
39.8
23.8
37.0
23.1
36.2
23.1
33.6
Sawmills
22.1
20.1
33.8
20.9
33.9
Turpentine and rosin
38.3
50.3
98.3
89.4
51.3
97.3
tone, clay, and glass products
33.9
53.1
52.8
54.2
36.1
34.9
Brick, tile and terra cotta
17.4
31.7
31.8
35.6
17.0
16.8
Cement
53.1
32.0
58.4
39.1
55.0
35.4
Glass
77.8
89.1
87.6
59.6
69.5
68.2
Marble, granite, slate and other
33.1
31.3
37.8
24.0
21.5
products
20.1
84.1
83.4
65.1
42.9
38.4
Pottery
37.8
97.8
85.9 assa
'extiles and their products
74.1
62.5 *68.1
99.3 287.0 •85.6
Fabrics
79.2
64.4 *64.7
71.3
137.4
65.5
Carpets and rugs
58.7
48.4
47.9
92.2
101.6
88.7
Cotton goods
82.2
86.1
63.3
92.4
76.2
77.4
Cotton small wares
74.8
59.2
60.8
99.4 100.6
Dyeing and finishing textiles_ 107.7
83.0
70.6
78.9
90.1
76.9
Hats, fur-felt
82.8
83.5
83.2
90.8
105.2 101.9 102.6
Knit goods
91.7
86.0
89.4
89.8
Silk and rayon goods
73.4
73.9
70.7
55.9
59.7
98.9 870.1 *68.2
Woolen and worsted goods
73.8 a50.1 *48.1
90.3
79.8
Wearing apparel
90.1
59.5
55.3
70.6
88.6
Clothing, men's
81.4
88.4 58.7
65.6
54.5
98.8
Clothing, women's
89.6 110.0
85.2
60.9
56.9
Corsets and allied garments_ 89.9
86.8
87.8
75.8
78.4
69.4
Men's furnishings
111.0
89.5
94.3
62.9
79.1
56.7
Millinery
80.7
59.4
50.1
65.4
37.7
68.5
107.1
Shirts and collars
93.7
97.3
90.7
82.2
88.1
eather and its manufactures_ __ _ 92.9
89.4
91.1
78.7
78.2
77.2
Boots and shoes
93.2
89.0
79.1
91.9
76.2
77.7
Leather
92.2
91.5
78.1
79.2
88.4
78.13
ood and kindred products
105.4 110.1 122.1
95.6 105.1
82.1
Baking
102.7 116.3 115.8
98.2
97.8
83.1
Beverages
162.7 188.9 185.8 153.8 193.5 185.0
Butter
81.9
86.9
85.5
61.3
86.6
62.7
Canning and preserving
141.6 120.6 194.3 104.0 103.8 195.4
Confectionery
83.2
66.4
71.5
63.4
55.4
60.8
Flour
66.2
77.5
49.3
65.0
78.2
84.8
Ice cream
73.0
90.8
88.7
56.2
72.6
68.8
Slaughtering and meat packing_ 94.2 103.5 112.4
72.1
91.4
99.0
Sugar, beet
73.9
54.5
73.4
55.6
40.7
58.7
Sugar refining, cane
81.9
82.3
135.9
87.5
74.0
69.7
obacco manufactures
62.2
61.1
47.3
65.1
49.3
44.5
Chewing and smoking tobacco
and snuff
75.8
72.9
88.0
67.0
73.6
68.6
Cigars and cigarettes
60.4
59.6
64.0
41.6
44.8
47.1
aper and printing
88.7
93.4
93.8
71.0
77.3
78.4
Boxes, paper
85.2
83.1
84.1 71.1
71.6
74.5
Paper and pulp
97.8 104.8 104.8
78.8
78.2
77.1
Printing and publishing:
Book and Job
79.1
83.7
60.6
70.3
85.0
71.6
Newspapers and periodicals_ 90.8
98.8
84.9
84.8
96.6
76.4
hemicals and allied products,
99.1 105.3 *108.9
and petroleum refining
77.9 a88.7 *89.9
Other than petroleum refining. 99.1 alO3.S *105.3
76.6 a86.6 *87.7
Chemicals
96.8 112.3 110.9
96.5
81.0
98.6
Cottonseed-oil, cake di meal 80.2
71.5
54.8
53.7
72.4
68.4
Druggsts's preparations
88.7
89.9
93.8
98.6
88.1
81.0
Explosives
79.9
72.9
92.0
90.5
60.3
71.0
Fertilizers
64.2 a71.0 *75.1
46.4 256.9 *58.0
Paints and varnishes
93.5 2101.2 *98.2
7e.9
69.8 278.8
Rayon and allied products
316.1 296.8 304.2 197.8 208.6 213.2
Soap
88.1
84.3
98.6
96.8
75.3
97.7
Petroleum refining
97.2
98.9 111.7 113.4
95.7
82.2
ubber products
58.8
88.6
83.9
61.9
80.7
81.9
Rubber boots and shoes
50.5
49.4
53.4
55.2
53.1
50.3
Rubber goods, other than boots,
89.4
shoes tires and inner tubes
87.5
94.1
131.5 122.1 115.9
Rubber tires and inner tubes
77.4
73.9
78.0
49.9
53.3
55.0
•Preliminary. a Revised.
As to employment conditions in non-manufacturing industries during August, the announcement said:
Non-Manufacturing Industries
Gains in employment from July to August were shown in 10 of the 18
non-manufacturing industries surveyed monthly by the U. S. Bureau of
Labor Statistics and increases in weekly payrolls were reported in seven
industries. The most pronounced gains in employment and payrolls over the
month interval were in the metalliferous mining industry in which increases
of 7.0% in employment and 7.5% in payrolls were reported. These gains
wereldue somewhat to resumption of operations in a number of plants
which were shut down in July, although increased employment was general
throughout the industry. Employment in the building construction industry increased 1.7% and payrolls increased 1.5% • These increases
represent changes in employment and payrolls in private building construction only and do not include employees engaged on construction
projects financed by Public Works funds. The crude petroleum producing
industry reported a gain of 1.4% in employment over the month interval
coupled with an increase of 2.0% in payrolls. The gains in employment
in the remaining seven industries reporting increases were as follows;
electric light and power and manufactured gas, 0.7%; wholesale trade,
0.3% real estate, 0.3%; banks, 0.2%; bituminous coal mining, 0.2; insurance, 0.1%; telephone and telegraph, less than 0.1 of 1%.
The most pronounced decrease in employment from July to August was
shown in the anthracite mining industry (7.8%) and was due largely to
labor troubles. Reports from brokerage concerns continued to show declines
in employment and payrolls, employment in August being 1.9% below the
level of the preceding month. Employment in retail trade, based on reports
received from 54,137 retail trade establishments employing 767,944 workers
in August showed a decline of 1.7% over the month interval. The decrease
in employment in the general merchandise group (composed of department
stores, variety stores, general merchandise stores and mail order houses)
was 2.3%. The remaining 49,454 retail establishments showed a falling off
of 1.3% from July to August. The laundry and dyeing and cleaning industries reported seasonal losses of 1.0% and 2.4%, respectively, and the
quarrying and non-metallic mining industries reported a decrease of 1.5%
in employment from July to August. The decreases in employment in the
remaining two industries, electric railroad and motor-bus operation and
maintenance and hotels were 0.4% and 0.1%. respectively.
The 18 non-manufacturing industries surveyed, with indexes of employ ment and payrolls for August 1934. where available, and percentages of
change from July 1934 and August 1933 are presented in the table below.
The 12
-month average for the year 1929 is used as the index base, or 100,
In computing the index numbers of the non-manufacturing industries, as
information for earlier years is not available from the Bureau's records.
LNDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANUFACTURING INDUSTRIES IN AUGUST 1934 AND COMPARISON WITH
JULY 1934 AND AUGUST 1933
(Average 1929=100)
Employment
Index
Aug.
1934
July
1934
Aug.
1933
Seven additional packing companies on Sept. 26 announced
wage increases which correspond to the 8% raise put into
effect by the four largest concerns, as mentioned above.
Six of these firms are in St. Louis. They are the Krey
Packing Co., Heil Packing Co., Sieloff Packing Co., Laclede
Packing Co., J. H. Belz Provision Co. and the Sartorius
Provision Co. The seventh firm, located in Alton, Ill., is the
Luer Packing Co. All these wage increases become effective
Oct. 1.
Automobile Sales in August Show Decrease in
Comparison with July
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 reporte I to the Bureau of the Census,
consisted of 234,809 vehicles, of which 183,500 were passenger
cars, 51,309 trucks, as compared with 266,576 vehicles in
July 1934, 232,855 vehicles in August 1933 and 90,325
vehicles in August 1932.
The table below is based on data received from 114 manufacturers in the United States, 29 making passenger cars
and 85 making trucks (10 of the 29 passenger car manufacturers also making trucks). Of the 119 manufacturers
reporting prior to June 1934, 5 have gone out of business.
Figures for taxicabs include only those built specifically for
that purpose; figures for trucks include ambulances, funeral
ears, fire apparatus, street sweepers and buses. Canadian
figures are supplied by the Dominion Bureau of Statistics.
Payroll
Index
Aug.
1934
NUMBER OF VEHICLES.
July
1934
Aug.
1933
-7.6
49.5
Anthracite mining
-6.1 -14.8
39.7
+3.8
Bituminous coal mining
77.1
+1.4 +16.4
50.4
+0.2 +12.4
Metalliferous mining
42.7
27.0
+7.5 +23.3
+7.0 +16.0
Quarrying and non-metallic
54.7
34.0
-1.5
-2.8 +13.7
+6.0
mining
Crude petroleum producing
61.2
+1.4 +36.0
82.7
+2.0 +44.0
+4.3
Telephone and telegraph_ _ _ 71.0
+2.3 +12.0
74.0
+
•
Electric light and power and
manufactured gas
79.9
+9.6
+0.7
85.6
-1.5 +12.7
Electric railroad and motor+4.7
-0.4
bus over. & maintenance._ 72.8
1.6
62.8 +7.9
1.8
66.4 +0.3
84.3
Wholesale trade
+5.8
+9.2
+4.7
67.3
--1.7
Retail trade
+7.3
-3.2
81.8
-1.6 +19.4
Hotels (cash payments only): 86.2
64.5
-0.1 +11.8
+3.2
Laundries
-2.4 +10.4
66.6
83.7
Dyeing and cleaning
56.7
+2.3
-3.8 +13.4
-2.4
78.6
Banks
+3.5
+4.2
+0.3
+0.2
Brokerage
-2.6 -25.1
-1.9 -27.1
+1.4
Insurance
-1.5
+0.1
+4.4
Real estate
+7.3
+0.3
+8.6
+0.3
-6.4
Building construction y
+1.5
-0.6
+1.7
•Leas than 0.1 of 1%. a The addit onal value of board, room, and tips cannot be
computed. y Preliminary. z Not available.
Four Packing Companies Raise Wages 8%, Affecting
100,000 Employees
-Wage Scale 36% Above Early
1933 and Five Cents an Hour Above 1929 Rate
Seven Smaller Firms Announce Similar Increase
The four largest meat packing companies on Sept. 24
announced wage increases exceeding $10,000,000 annually
and affecting more than 100,000 employees. The new
pay scale, which amounts to an 8% increase in hourly
wages, will become effective Oct. 1. The companies increasing their payroll expenditures are Armour & Co.,
Swift & Co., Cudahy Packing Co., and Wilson & Co. The
new rates will represent 36% more in wages than those
effective before the passage of the National Industrial
Recovery Act. The companies increased payrolls 18% on
Aug. 1 1933, equalizing salaries under a shorter working
week. An additional increase of 10% became effective last
December. The new rate will be about five cents an hour
above that prevailing in 1929. A dispatch from Chicago to
the New York "Times" on Sept. 24 added the following
details of the announcement:
J. C. Hormel, President of George A. Hormel & Co.,at Austin, Minn.,
announced an 8% increase in wages amounting to about $275.000 yearly.
The move follows requests made by plant conference boards for the
increase, but whether it met their full demands or represented a compromise figure could not be learned. The boards are established at all
points in which the companies operate and are composed of employees,
50% of whom are elected by the management and 50% by the employees
themselves.
Swift's increased labor costs will amount to about $5,000.000 shared
by 40.000 employees. Armour estimates a figure of $3,000,000 shared
by 30,000 workers. Cudahy's increase will amount to $1,000,000 yearly,
while Wilson failed to make an estimate.
With the new rates in effect employees will be receiving about 36%
more in wages than those in effect before the advent of the NRA. On
Aug. 1 1933 the companies increased payrolls 18%, equalizing salaries
under a shorter working week. The following December an additional
increase of 10% was placed in effect, now followed by 8%. The new
rate will be about five cents an hour over that prevailing in 1929, and
the average weekly wages $21.82. Average employment for all manufacturing industries was 81%. payrolls 65%. and average weekly wages
$19.51.
Credit for the wage scale must be attributed to the success of the employee representation, or plant conference boards, officials declared.
P. C. change from
P. C. Change from
Group
1955
Financial Chronicle
Volume 139
Canada.
Untied qtm..‘
Year and
Month.
Total.
1934
January
February
March
April
May
June
July
August
156,907
231,707
331,263
..
354,745
331,652
308,065
•266,576
234,809
Passenger
Trucks.
Cars.
113,331 43,255
187,639 44.041
274,722 56,525
289,030 65,714
273,765 57,887
261,852 46,213
223,868 *42,708
183,500 51,309
Total(8 mos.) 2,215,724 1,807,707 407,652
Taxitabs.&
321
27
16
1
____
____
____
____
PassersTotal. get Cars. Trucks.
6,904
8,571
14,180
18,363
20,161
13,905
11,114
9,904
365 103.102
4,946
7.101
12,272
15,451
16.504
10.810
8,407
7,325
1.958
1.470
1.908
2,912
3,657
3.095
2,707
2,579
82,816 20.286
.
18,992
15,319
17,803
26.677
33,760
42,130
38.092
41,441
5
152
660
411
54
35
4
68
3,358
3,298
6,632
8.255
9,396
7,323
6.540
6.079
2,921
3.025
5,927
6,957
8,024
6,005
5.322
4,919
437
273
705
1,298
1.372
1.318
1.218
1.160
Total(8 mos.) 1,452,326 1,216,723 234,214
1,389
50,881
43,100
7.781
34,424
29,813
18,318
29,776
9
63
1,611
1,299
5,808
3,682
2,291
3,262
4.358
2,723
1,503
2,171
1,450
959
788
1,091
Total (year). 1,920,057 1,569,141 346,545
4,371
65,924
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
3,112
4,494
6,604
5,660
7,269
6,308
6.773
3,166
619
983
1.714
1,150
952
804
699
901
901,384 168,961
571
51,208
43,386
7,822
13
5
239
291
2,342
2,923
2,204
2,139
1.741
2,361
1,669
1,561
601
562
535
578
1933January
February
March
April
May
June
July
August
September
October
November
December
1932
January
February
March
April
May
June
July
August
128,825
105.447
115,272
176,432
214,411
249,727
229,357
232,855
191,800
134,683
60,683
80,565
119,344
117,418
118.959
148,326
184,295
183,106
109,143
90,325
Total(8 mos.) 1,070,916
September
October
November
December
84,150
48,702
59.557
107,353
109,828
89,976
96,809
149,344
180,597
207,562
191,261
191,346
157,367
104,807
40,754
49,490
98,706
94,085
99,325
120,906
157,683
160,103
94,678
75,898
64,735
35,102
47,293
85,858
19,402
13.595
12,025
21,204
53.855 12,069
Total (year). 1.370,678 1,134.372 235,187 1.119 60.816 50,718 10,098
a Includes on y factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire. •Revised.
Business in Canada During Third Quarter Showed
Marked Increased Over Same Period Year Ago
According to Bank of Montreal
In stating that Canadian business in general has been characterized by steadiness, the Bank of Montreal said that "the
third quarter of 1934 is drawing to a close with most economic indices higher than during the second and first quarters, and showing marked advances all along the line as compared with the similar period of 1933." In its "Business
Summary," dated Sept. 22, the bank continued, in part:
Car loadings continue to mount, being now well in excess not only of last
year but of 1932 also. Foreign trade recorded expansion again in August,
1956
Financial Chronicle
and for now more than a year has shown a continuous increase when Compared with the figures of the previous year.
The first official crop forecast of the year, issued on Sept 11, contained
few surprises, but it enables the agricultural situation, on which the general
tone of business so greatly depends in the autumn and winter, to be appraised
with increased confidence. For wheat, the yield of the present harvest is
placed at 277,304,000 bushels (265,000,000 bushels in the Prairie Provinces),
which is slightly higher than last year. The crop, however, will come on
the market at prices from 20% to 25% above last year's levels, with corresponding increase in the farmers' purchasing power. Still more important
from the general standpoint is the prospect of increased sales out of the
accumulated surpluses held for export. Increased remittances into the
country as well as heavier movements of grain in Eastern Canada, may
reasonably be anticipated. In the coarse grains, a heavier export business
at higher prices is likewise expected, though low yields set a definite limit.
Progressive increase in volume and value of Canada's external trade supplies an encouraging feature in the business situation. In August this trade
amounted to $99,344,000, imports accounting for $43,507,000 and exports
for $55,837,000, the increase over last year being $15,462,500, or 15.6%.
General prices, after slight weakness in July, became firmer in August,
the official index number moving up from 72.0 to 72.3 (1926 equals 100),
chiefly as a result of gains in wheat and grain prices, which offset easier
quotations for textiles, lumber and some of the metals. Canadian farm
products advanced from 60.0 to 61.6. Producers' goods were up, but consumers' goods remained steady. Raw materials rose from 64.7 to 85.2, while
manufactured goods advanced fractionally.
Farm Price Index of Bureau of Agricultural Economics
Revised-20 Additional Products Included
Revision of the index numbers of the price of farm products based on prices gathered by the Bureau since 1910,
with the inclusion of 20 products not previously covered,
has been completed by the Bureau of Agricultural Economics, United States Department of Agriculture, it was
announced Sept. 21. This revision, it was stated, presents
two new price series, one for dairy products and the other
for tobacco, and also adds a group of truck crops. The
weights for marketings are changed from a base of 19181923 to a 1924-1929 base. The announcement of Sept. 21,
issued by the Department of Agriculture, added:
This revision was begun in 1931, utilizing the 1930 census data and
other information gathered by the crop estimating service. The new index
covers 84 major farm products and 18 commercial truck crops, whereas
the previous series included only 27 major farm products.
This revision does not change the individual price series now in use for
"basic" commodities and does not change "parity prices" of these
products. The revision of the dairy products prices was completed before
the Agricultural Adjustment Act became law and has been used in computing "parity" prices for that group.
The revised index numbers of all groups of farm prices combined ranges
from 2 points lower than the old index in 1915 to 10 points above for the
year 1928. The new index for March 1933 is 55, compared with 50 for
the old index number and for August 1934 the new is 96 compared with 87
for the old. The index for cotton and meat animals remains practically
unchanged; grains are slightly higher. The old fruits and vegetables index
is replaced by separate index numbers, one for fruits and another for truck
crops. The revised index numbers for chicken and egg prices are from
2 to 3 points higher. Potatoes, sweet potatoes, and dry beans have been
added to the miscellaneous group in which tobacco, hay, and potatoes are
the most important commodities.
The most significant changes in the index relate to dairy products. For
many years it has been recognized that this index number aeries needed
revision. New data have been gathered by the crop estimating service, so
that the new index now includes four prbducts sold by farmers, namely,
wholesale milk, butterfat, retail milk, and butter. The old index included only wholesale milk and butter. The addition of these prices to
the index lowers the series 2 points in 1920 and raises it a maximum of 11
points in 1932.
The combined index numbers are more representative of prices of all farm
products in that the index numbers for each group of commodities are
weighted in proportion to the contribution the group makes to total cash
farm income, whereas formerly the general series was computed from the
weighted aggregate value for the 27 commodities used in the series. For
example, the fruits included in the fruit series constitute about two-thirds
of the fruit sold by farmers, whereas the cotton and cottonseed index
represents all of the farm sales of these products.
The new series of index numbers, by months, has been computed by the
Bureau since 1910, and is available on request.
Sept. 29 1934
stated in a wireless account from Rome, Sept. 20, which continued:
The men will receive 12% higher pay than women, who heretofore have
been almost exclusively employed to tend looms. The agreement places no
limit on the number of looms assigned to each worker.
It is said the accord was reached amicably, with the Ministry of Corporations acting as mediator.
Increased Activity in Greek Cotton Industry Reported
Increased activity in Greece's cotton industry is reported
to the United States Commerce Department by Commercial
Attache K. L. Rankin, Athens. The report, made public by
the Commerce Department on Sept. 19, states that the increased demand for locally-made cotton goods since the imposition of import quota restrictions and the depreciation of
the drachma in 1932 gave a new impetus to this important
industrial branch, which now occupies a foremost position
among Greek industries in general. The following is also
from the report:
Although cotton yarn and cotton fabrics production during the first quarter of 1934 showed a moderate decline as compared with last year, the total
output for the year ended July 31 is estimated to have been 10% in excees
of the preceding 12 months.
Imports of ginned cotton in the 12 months ended July 31 last totaled
16,610,000 pounds, of which 7,545,000 pounds came from the United States,
6,769,000 pounds from India, 1,409,000 pounds from Egypt, and 321,000
pounds from Turkey. Except for better grades of American and Egyptian
cotton required for the finer types of yarn, other cotton imports are governed largely by price ccnsiderations, a factor which explains the increased
shipments of Indian cotton. Estimates of domestic cotton production as of
Aug. 20 1934 indicate a total crop of about 23,000,000 pounds, an increase
of 20% over 1933.
About 70% of domestic cotton and all imported cotton are utilized by
local mills.
Rayon Exports by Germany Drop as Domestic Consumption Increases
The steadily increasing demand in Germany for substitutes for imported raw materials has given a marked stimulus to the domestic rayon industry, according to reports received in the United States Commerce Department's Textile
Division. Many rayon plants, it is pointed out, which had
been shut down, have been reopened and the entire industry
is reported to be fully employed. An announcement, issued
Sept. 21 by the Commerce Department, continued:
The increased domestic consumption of rayon has resulted in a rapid
shrinkage of exports during the current year, the reports show. On the
other hand, notwithstanding the operation of a quota system since the end
of 1933, rayon imports have increased.
During the find seven months of this year Germany exported 3,800,000
kilos of rayon as compared with 4,240,000 kilos in the corresponding period
of 1933. Imports during the 1934 period totaled 5,600,000 kilos as against
5,440,000 kilos in the January-July period of last year.
Petroleum and Its Products—Administrator Ickes
Answers Critics of Administration—Government
Loses Eason Suit—Texas Agency Wins Broader
Powers—October Allowable Cut—Crude Oil Production Dips
Charging that "hot oil" production could be stopped
within 48 hours with the proper co-operation from the
industry, Administrator Ickes said that much of the illegal
oil is handled by the same factors who complain of the
ineffectiveness of the oil code, in a bitter attack upon critics
of the Federal oil program in Washington early this week.
Referring to the plans suggested by many of the industry's
leaders before the Congressional sub-committee in Washington last week, at which strong support for the plan
of utilizing inter-State compacts to deal with the "hot oil"
situation developed, Mr. Ickes contended that production
Increase of 6% Over Year Ago Noted in Sugar Dis- control had been sought in the past through inter-State
tribution in United States During August.
compacts and output agreements "but both of them have
Distribution of sugar in the United States during the been dismal failures."
month of August 1934 approximated 559,258 long tons,
In hearings last Saturday, W. S. Faiish, Chairman of the
raw sugar value, as compared with 526,820 tons during the board of Standard Oil of New Jersey, testified that he
same month in 1933, an increase of 32,438 tons, or a little believed that the oil code should be allowed to die with
over 6%,according to a preliminary calculation by Lambarn the expiration of the Recovery Act next summer. In their
stead, Mr. Farish suggested use of the injunction and States'
& Co. The firm, under date of Sept. 22, announced:
Distribution of sugar during the first eight months of 1934, January
police power to curb over-production.
through August, amounted to 3,928,801 long tons, raw sugar value, as
He also offered his support of the inter-State compact
compared with 4,034,761 tons during the same period last year, a deplan, suggesting in addition that agreements for co-operative
crease of 105,960 tons, or approximately 2.6%.
Beet sugar distribution totaled 1,040.619 long tons, raw value, as comdevelopments of oil fields be authorized, imports be limited,
pared with 831,718 tons during the similar period last year, an increase
inter-State shipments of "hot oil" be prohibited and "vigorof 208.901 tons, or 25.1%. Cane sugar distribution aggregated 2.888,182
tons, a decrease of 314,861 tons, or 9.8%.
ous enforcement of conservation and tax measures" be
instituted.
Regulation by Federal agencies of production within
30% Employment of-Men in Textile Mills Ordered in
Italy—Pay to Be 12% Higher Than That for States was opposed by Mr. Parish, who pointed out that
Women
this method is too open to court attack. The chief criticism
An agreement reached between employers and workers to of the code advanced by him was the fact that it was not
decrease unemployment in Italy's textile industry provides being enforced. Rules and regulations adhered to by
that at least 30% of those employed shall be men, it was many factors are being openly ignored by others, he said.
Volume 13J1
Financial Chronicle
Hearings were suspended until after the November
elections by Chairman Cole (Dem., Maryland) to give the
Committee members adequate time to study the testimony
offered during the week's sessions. When the inquiry is
renewed the Committee will start its hearings in the three
major oil-producing sections of the nation, obtaining firsthand information from oil men in open sessions.
Ruling that the "orderly development" clause of the
oil code was unconstitutional, Federal Judge Vaught denied
the appeal of the Government for an injunction to restrain
the Eason Oil Co. of Enid, Olda., from proceeding with
drilling activities in the Crescent pool in Oklahoma alleged
to be in violation of the code in a decision rendered last
Saturday in Oklahoma City. The Government announced
that it would appeal the decision.
"This Court is of the opinion that that portion of the
code involved in this case was not even authorized or contemplated by the Act of Congress and would be clearly
unconstitutional if it had been, and is therefore merely an
unauthorized order of the Secretary of the Interior," Judge
Vaught ruled.
"If Congress can regulate and control the production of
gas and oil wholly within a State, it can regulate and control
any other private intra-State business, and the rights of
the State heretofore recognized by the Constitution and
by our highest court will be entirely destroyed."
In commenting upon the decision of the court in the
Eason case, Administrator Ickes said "it is interesting you
can always find a judge who says you must not conserve
natural resources, even though future generations may
suffer. I think we were well within the law in issuing
those regulations."
Passage of the measure extending the authority of the
Texas Railroad Commission to require permits for all
shipments of gasoline and other crude oil products, and
giving it the right to examine the books and records of
refineries in the closing hours of the special session of the
Legislature Tuesday night, was hailed by its proponents as
providing further powerful aid to the Commission in its
fight against "hot oil" production and shipments.
Early indications that the substantial opposition to the bill
had gained enough strength to block its passage in the
special session were not substantiated although many Texas
oil men were bitterly opposed to the act.
The Railroad Commission issued October proration orders
late Tuesday and surprised the trade by cutting daily average
production to 929,552 barrels, compared with current output
of approximately 1,014,000 barrels, exclusive of "hot oil."
Compared with the Federal October allowable, the new total
is off 26,508 barrels.
No consideration was given by the Commission to the bid
for 40,000,000 barrels of crude and 10,000,000 barrels of
refined productions by A. A. Johnson, buyer's agent of
Dallas, at its recent proration hearing. The Federal allowable schedule for October also ignored Mr. Johnson's bid.
October production for the East Texas field was set at
400,000 barrels daily, off 30,300; for Yates field, 37,170
barrels, off 9,330 and in the Van field 34,200 barrels, off
8,550. The remainder of the reductions were spread among
the eight other major developments in Texas.
The principal reason for the reduction in the October
allowable, the Commission explained, was to encourage the
development of new pools. New pools in Texas, it is pointed
out, are not subject to proration by the Commission until
they reach production of 10,000 barrels daily.
Agents of the Department of the Interior investigating
violations of Federal oil regulations in the East Texas area
have gathered sufficient evidence to warrant prosecution and
this evidence should be submitted to the grand jury which
will convene in Tyler Monday, according to a wire sent Administrator Ickes by the Texas Petroleum Council Friday.
"Government inaction cannot be excused by any claimed
lack of evidence," the group's advisory committee said.
"We request the right to put evidence which we have at our
disposal in use before this grand jury next Monday.
"The situation is critical and urgent," the council's wire
continued. "The sentiment is crystalizing among the oil
industry based on the lack of Federal activity that if the
Department of the Interior cannot enforce laws of undoubted
validity with respect to inter-State oil, it would be useless to
vest the Federal government with control over both interState and intra-State oil."
Unofficial reports place production of "hot oil" in the
East Texas area at approximately 110,000 barrels daily
1957
during the past week. In addition to weakening the National crude oil price structure, gasoline refined from this
illegal source has nullified practically of the gain derived
from the purchase plan sponsored by the major units in an
effort to absorb surplus stocks of motor fuel, oil men contend.
Administrator Ickes on Monday authorized a reduction of
15,900 barrels daily in the National allowable production of
crude oil for October. The new allowable was set at 2,325,800 barrels daily, compared with 2,341,700 barrels in September and is effective Oct. 1.
The announcement attributed the decrease in the allowable
to the normal seasonal decline in motor fuel demand and the
necessity to cut excessive gasoline inventories which are said
to be still far above a sound working level.
Most of the cut was borne by four States. Texas output
was reduced 12,300 barrels daily; California, 4,700 barrels;
Oklahoma, 3,600 barrels and Michigan, 300 barrels. Arkansas was allotted a daily increase of 900 barrels, Kansas,
3,000 barrels and Louisiana, 1,100 barrels. Allocations in
other oil States remained unchanged.
Although National daily average production last week was
off 40,100 barrels, the 2,448,000-total was far in excess of the
September allowable of 2,341,700 ordered by the Oil Administration, and was higher than the like 1933 week when output
was 2,487,000 barrels, the American Petroleum Institute
reported.
Oklahoma and California were successful in bringing production down during the week but were unable to out their
output below their Federal allowables, cuts of 26,050 and
23,100 barrels, respectively, being reported by these two
States. Texas production mounted 4,850 barrels and was
far above its September quota.
Administrator Ickes announced plans for the development
of two pools in Kansas and one in Texas Friday. He
ordered that not more than 5 wells be drilled during 1934 in
the Thode pool in Rice County, Kansas, and drilling must
be limited to 1 well in each 10-acre tract. The administrator
placed no restriction on the number or location of wells to
be drilled in the Geneseo pool, also in Rice County.
The orders, effective until the expiration of the NIRA,
provided also that only 12 12 wells may be drilled in the Angelita pool in San Patricio County, Texas, this year and that
there shall be not more than one well to every 20 acres.
Interpretations of the ruling issued May 21, last, by Administrator Ickes which ordered retroactive restoration of
1929 wage differentials to oil workers as of Sept. 2 1933, will
be issued, it was announced. Mr. Ickes refused to rescind
the order but granted an extension of the date for final compliance to Oct. 19. Bitter opposition against the ruling
which many small oil companies contend is ruinous has developed in the industry. Mr. Ickes pointed out that special
cases calling for extra consideration may be submitted to the
oil administration.
Domestic and foreign stocks of crude oil dipped 439,000
barrels in the week ended Sept. 22 to 332,975,000 barrels, the
Bureau of Mines reported.
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A. P. I. degrees are now shown)
$1.00
$2.55 Eldorado, Ark., 40
Bradford, Pa
1.08
1.32 Rusk, ex.. 40 and over
Corning, Pa
.87
1.13 Darst Creek
IlUnois
1.02
1.08 Midland District, Mich
Western Kentucky
1.35
Mid-Cont., Okla., 40 and above-- 1.08 Sunburst, Mont
.81 Santa Fe Springs. Calif, 40 and over 1.34
Hutchinson, Tex., 40 and over
1.01
1.03 Huntington, Calif.. 26
Spindietop. Tex., 40 and over
2.10
.75 Petrolls, Canada
Winkler, Tex
.70
Smackover, Ark.. 24 and over
REFINED PRODUCTS—NEW ENGLAND GASOLINE PRICES
CUT—CIIICAGO BULK MARKET EASES—FUEL OIL PRICES
REDUCED—MOTOR FUEL STOCKS DIP—NRA CODE LOSES
DT PRICE DISPUTE
•
Gasoline prices in the New England marketing area broke
again during the past•week, service station prices in Boston
being reduced 3 cents a gallon by all marketers to 9 cents,
less State taxes. In Augusta, Me., and Manchester, N. H.,
a further cut of % cent a gallon was instituted. Cuts of
1% cents and 1 cent, respectively, were posted in these two
cities in the recent price cutting wave.
Local bulk and retail markets showed no changes. In the
Brooklyn retail market, however, price-cutting was spreading, and many distributors were selling gasoline at 15% cents
a gallon, against the market level at 17% cents. Weakness
in the up-State New York markets developed late in the week
and downward adjustments were made in several cities.
Further reductions in several grades of fuel oil were made
in the Atlantic Seaboard area during the past week as price
weakness spread. The Tide Water Oil Co. reduced Nos. 2
1958
Financial Chronicle
Sept. 29 1934
and 4 fuel oils % cent a gallon to 43% cents tank car or barge
Sept. 26
-All marketers reduce gasoline service station prices in Boston
3
at New York,4%cents at Baltimore,Providence and Boston 3 cents a gallon to 9 cents, less State taxes.
Sept. 26
-Retail gasoline prices in Augusta, Me., and Manchester, N.II.,
and 5 cents at Portland, Me., effective Sept. 25.
are cut 34 cent a gallon.
Standard Oil of New Jersey, which reduced several grades
Gasoline, Service Station, Tax Included
of fuel oil % cent a gallon last week, followed the schedule New York
$ 175
Cleveland
8.169
Minneapolis
$ 18
Atlanta
22
Denver
.15
New Orleans
.21
posted by Tidewater on Nos. 2 and 4 fuel oil and in addition Boston
14
Detroit
175
Philadelphia
.18
185
Houston
185
.18
San Francisco
reduced distillate fuel oil, gas oil, medium and heavy heating Buffalo
Chicago
173
Jacksonville
17
St. Louis
zo
Los Angeles
oil %cent to 43% cents at shore plants here, tank car or barge. Cincinnati
18
18
Other companies were expected to swing into line with
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
North Texas_$.03 -.03I4 I New Orleans.$.0434-.0434
the new price lists. On Wednesday Standard of Jersey New York: --$.05-.0534 Los Angeles..
(Bayonne)
.0334-.0351
.0434-0534 I Tulsa
reduced light heating oil % cent a gallon to 53% cents, at
Fuel Oil, F.O.B. Refinery or Terminal
Baltimore, Norfolk and Charlestown, S. C., the same as N. Y.(Bayonne):
California 27 Pins B
Gulf Coast C
8.85
Bunker C
81.30
81.05-1.20 Pulls,, bunker C.._ 1.30
at New York.
Diesel 28-30 D._ _ 1.95 New Orleans C. .95-1.10
.
Stimulated by good demand for low octane fuel at a 4
-cent
Gas Oil, F.O.B. Refinery or Terminal
a gallon level, the Chicago bulk gasoline market opened the N. Y.(Bayonne):
!Chicago:
8.02-.0234
ITuisa
27 plus
$ 0434-.05 I 32-36 GO__ _ 3.02-.0234
week in a fairly strong position only to ease off again under
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
the pressure of low-priced offers, mainly originating in East
Standard Oil N. J.:
New York:
N. Y.(Bayonne):
Texas. Despite the fact that the plan for absorbing the
Motor, U. S
5.063
4
Colonial-Beacon .5.0634
Shell East'n Pet-$.0631
62-63
0634
.0634 Chicago
.0434-.0434
distress stocks held in all markets east of the Rocky Mountains z Stand.octane Y.- 0634 z Texas
Oil N.
y Gulf
0634 New Orleans
.0434
Republic Oil
0634
.0634 Los Angeles, ex.0434-.04 Si
is well under way, the market broke somewhat later in •Tide Water Oil Co. 07
Richfield Oil (Cal.)
Sinclair Refining_ .0634 Gulf ports
0544-.0534
Warner-Quinlan Co. 07
the week.
Tulsa
.0434
x Richfield "Golden."
By Wednesday, the general market level was 33% to 4 cents mom. a "Mobligas." z "Fire Chief", $0.07. * Tydol, $0.07. y "Good Gulf,"
a gallon but stocks of alleged illegal gasoline were reported
freely offered as low as 23% to 23 cents a gallon. By Friday Production of Portland Cement During August 4.4%
%
the open market range broke to 33% to 33% cents a gallon
Lower Than Same Month of 1933
-Shipments
38.4% Higher
while sub-market offerings of low-octane material were availThe United States Bureau of Mines, Department of the
able at 23% cents a gallon.
Motor fuel stocks, including unfinished gasoline contained Interior, in its monthly cement statement reported that
in naptha distillates, dipped 1,055,000 barrels last week to the Portland cement industry in August 1934 produced
53,624,000 barrels, the American Petroleum Institute re- 7,863,000 barrels, shipped 8,297,000 barrels from the mills,
ported. Reporting refineries showed a slight dip in opera- and had in stock at the end of the month 21,419,000 barrels.
tions, running at 68.6% of capacity, against 69.4% in the Production of Portland cement in August 1934 showed a
decrease of 4.4% and shipments an increase of 38.4%,
previous week.
Total stocks of distress gasoline held in markets east of the as compared with August 1933. Portland cement stocks at
Rocky Mountain area total approximately 1,425,000 barrels mills were 3.0% lower than a year ago.
In the following statement of relation of production to
according to the special program sub-committee of the
Planning and Co-ordination. The price scale at which such capacity the total output of finished cement is compared
stocks would be absorbed in the purchasing plan developed with the estimated capacity of 163 plants at the close of
in co-operation with the major units in the industry was August 1934 and of 164 plants at the close of August 1933.
posted Friday. Leeway of 75,000 barrels was left as a
RATIO OF PRODUCTION TO CAPACITY
safety-step, which brought the approximate total to 1,500,000
Aug. 1933 Aug. 1934 July 1934 June 1934 May 1934
barrels.
34.5%
37.5%
39.8%
35.7%
The volume of distress stocks of gasoline in each area was The month ended- 35.9%
The 12 months
26.8%
26.5%
27.1%
26.7%
26.9%
estimated as follows:
Barrels
500,000 N. Louisiana-Ark
-Kansas
50,000 Okla.
15,000
575,000
Total
50,000 Safety allowable
45,000
Total
40,000
Barrels
50,000
100,000
1,425,000
75,000
DtUrIcl.
1,500,000
Prices to be paid for the various grades of gasoline were
listed as follows:
East Texas (spot only).
Term contracts, beg. Oct. 1
New York (F.0. B. Gulf Port)
Pennsylvania
Michigan
North Loulslana-Ark
Okla.
-Kansas (office: Tulsa)
North Texas (office)
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN AUGUST 1933 AND 1934 (IN THOUSANDS OF BARRELS)
Grade
-Octane Rating
62 and Under
63 and Above
4 cents
4 cents
5 cents
534 cents
5 cents
534 cents
5 cents
534 cents
6 cents
634 cents
534 cents
534 cents
4.96 cents
5.46 cents
4.8 cents
5.3 cents
Production.
1933,
Eastern Pa., N. J. & Md
New York & Maine
Ohio, Western Pa. & W. Va
Michigan
Wis., III., Ind. & Ky
Va., Tenn., Ala., Ga.. Fla. & La.
East. Mo.,Iowa, Minn.& B. Dak.
W.Mo., Neb., Kans..Okla.&Ark
Texas
CoM., Mont., Utah, Wyo.dadaho
California
Oregon and Washington
1,669
706
941
585
1,332
525
976
577
153
89
590
80
1934.
1,666
732
937
506
819
703
666
507
267
292
652
116
Stocks at End
of Month.
Ailments.
1933.
912
402
531
408
1,077
322
916
256
198
153
712
107
1934.
1933.
1,763
719
790
476
1,046
678
944
462
292
190
769
168
,mowcoo.o>0.-smo
East Texas
North Texas
West Texas
Gulf Coast
Pennsylvania
Michigan
Kentucky-West Virginia
1934.
4,183
1,692
3,275
1,704
2,284
1,451
2,573
1,599
603
528
1,166
361
pcp..wocoo...0
2:4.1Diableco.exi.z.co
go.-ai,w.a.coww
...bacommo,iwooa.1
Total
8.223 7.863 5 004 5 297 22075 21.419
A decision handed down by Supreme Court Justice Edward
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
N. Smith in Watertown, N. Y., Tuesday, ruled that the
CEMENT,BY MONTHS,IN 1933 AND 1934 (IN THOUS.OF BARRELS.)
NBA had no jurisdiction over intra-State commerce in a
Production.
Stocks at End of
suit involving two Jefferson County gasoline retailers. The
Shirnents•
Month.
Month.
Independent Retail Petroleum Products sought to restrain
1933.
1934.
1933.
1934.
1933.
1934.
the Consumers Co-operative Gas & Oil Co., Inc., from
2,958
3,779
2,502
3,778
19,547
underselling it, contending that the latter had repeatedly January
February
2,777
4,168
2,278
2,952
20,762
March
3,684
5,257
3.510
4,618
21,422
violated the marketing provisions of the NRA oil code.
April
4,183
6,544
4.949
6,492
21,557
The Department of Justice has filed three suits in equity May
6.262
8,554
6,709
8,784
21,301
June
7,804
8,786
7,979
8,539
21,600
to restrain the tankers "Papoose" and "Republic" from un- July
8,609
8,134
8,697
7,893
a21,852
August
8,223
7.863
5,994
8,297
21,419
loading their cargo of alleged "hot" gasoline on the Pacific. September
5,638
6,517
5.037
6,750
Coast, two in Seattle, Wash., and the third in Boise, Idaho, October
November
4,672
4,463
-General Cummings has announced.
Attorney
December
3,526
3.738
However, under the terms of a consent decree entered at
Total
63.373
64.086
Boise, permitting the consignees of the cargo to distribute
a Revised.
it in keeping with an agreement between the consignees and byNote-The statistics given above are compiled from reports for August, received
the Bureau of Mines, from all manufacturing plants except three, for which
the Petroleum Administration by which the latter will estimates have been included in lieu of actual returns.
determine the quantities to be distributed and the methods
of distribution, it has been found necessary to dismiss the Crude Oil Output Off 40,100 Barrels During Week
Ended Sept. 22-Exceeds Federal Quota by 106,300
Seattle actions.
Barrels-Stocks of Gas and Fuel Oil Continue
Price changes follow:
Higher
-Tide Water Oil Co. reduced Nos. 2 and 4 fuel oil 3.1 cent a
Sept. 24
gallon to 434 cents at New York, 434 cents at Baltimore. Providence and
The American Petroleum Institute in its weekly report
Boston and .5 cents at Portland. Me.,tank car or barge,effective Sept. 25.
estimated that the daily average gross crude oil production for
-Standard Oil of New Jersey meets Tide Water fuel oil price
Sept. 25
cut and in addition cuts distillate fuel oil, gas oil, medium and heavy heatthe week ended Sept. 22 1934 was 2,448,000 barrels. This
ing oil 34 cent to 444 cents a gallon. tank car or barge, New York.
was a decrease of 40,100 barrels from the total output of the
-Standard Oil of New Jersey reduces light beating oil 34 cent a
Sept. 26
previous week but exceeded the Federal allowable figures
gallon to 531 cents, tank car or barge, at Baltimore. Norfolk and Charlestown, S. C.. the same as New York.
which became effective Sept. 1 by 106,300 barrels. Daily
Financial Chronicle
Volume 139
average production for the four weeks ended Sept. 22 1934
averaged 2,440,700 barrels. The daily average output for
the week ended Sept. 23 1933 totaled 2,487,000 barrels.
Further details as reported by the Institute follow:
Imports of crude and refined oil at principal United States ports totaled
719,000 barrels for the week ended Sept. 22, a daily average of 102,714
barrels, against a daily average of 198.000 barrels in the preceding week
and a daily average of 130,036 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled 292.000
barrels for the week ended Sept. 22, a daily average of 41,714 barrels,
against a daily average of 30.571 barrels in the preceding week and a daily
average of 65.357 barrels over the last four weeks.
Reports received for the week ended Sept. 22 from refining companies
owning 89.7% of the 3.760,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,316,000 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, 26,581,000 barrels of
finished gasoline: 5,321,000 barrels of unfinished gasoline and 116,147.000
barrels of gas and fuel oil. Gasoline at Bulk Terminals, in transit and in
pipe lines amounted to 17,462,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 500,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Average
Federal
Actual Production
Agency
4 Weeks
Allowable Week End. Week End. Ended
Effective
Sept.22
Sept. 22
Sept. 15
Sept. I
1934
1934
1934
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
502,400
464,050
126,600 125,500
56,350
60,600
27,750
155,400
52,500
423,800
47,550
57,150
129,400
129,500
968,400 1,015,450
1,010,600
23,850
74,100
24,100
73,350
North Louisiana
Coastal Louisiana
Total Louisiana
476,350
126,400
59,100
60,450
27,800
155,200
52,700
425,100
47,250
58,450
461.000
120,700
57,500
60.750
27,400
154,900
52,300
420,250
47,550
57,750
Week
Ended
Sept. 23
1933
578,550
127,150
43,700
53,100
21,850
128,600
46,100
470,600
73,500
44,700
130,100
111,550
1,008,500
993,700
24,150
73,900
25,700
48,500
87,200
97,950
97,450
98,050
74,200
Arkansas
Eastern (not incl. Mich.)._
Michigan
29,300
97,300
29,300
31,250
103,500
31,750
31,300
103,700
31,050
31,300
104,400
31,100
32,650
94,600
28,750
Wyoming
Montana
Colorado
33,900
8,800
3,000
38,650
10,500
3,250
36,700
10,300
3,400
37,950
10,400
3,450
45,700
52,400
50,400
51,800
45,800
457,000
46,850
466,100
45,400
489,200
1959
In his statement yesterday Mr. Houston said:
"Re-employment in the durable goods industries is still the keystone of
recovery. The Durable Goods Industries Committee will continue to analyze
the conditions interfering with such re-employment, including governmental
regulation of industry and the supply of capital to private business upon
which these industries must rely for support; also proposed plans for industrial reform and social changes of such a character as to discourage new
enterprise."
Mr. Houston said his Committee had met last Saturday morning and organized with himself as Chairman; James W. Hook, of the Geometrical Tool Co.,
New Haven, Conn., as Vice-Chairman, and Harry S. Kimball, of the Fabricated Metal Products Industry, Washington, D. 0., as Treasurer.
Members of the Committee
Besides Mr. Houston, Mr. Hook and Mr. Kimball, the Durable Goods Industries Committee includes the following:
C. R. Messinger, Oliver Farm Equipment, Chicago.
S. F. Voorhees, Voorhees, Guillin & Walker, architects, New York.
Robert W. Irwin, Robert NV. Irwin Co., Grand Rapids, Mich.
George P. Torrence, Link Belt Co., Chicago.
F. R. Headley, Farrel-Birmingham Co., Ansonia, Conn.
Lewis H. Brown, Johns-Manville Corp., New York.
C. C. Sheppard, Louisiana Central Lumber Co., Clarks, La.
H. Gerrish Smith, National Council of American Shipbuilders, New York.
Walter J. Kohler, Kohler Co., Kohler, Wis.
F. A. Lorenz Jr., American Steel Foundries, Chicago.
J. S. Tritle, Westinghouse Electric & Mfg. Co., East Pittsburgh.
Charles It. Hook, American Rolling Mill Co., Middletown, Ohio.
Robert R. Fauntleroy, Moline Malleable Iron Co., St. Charles, Ill.
Copper Demand Light on Uncertainty over NRA Policy
-Lead and Zinc Lower
"Metal and Mineral Markets," in its issue of Sept. 27, said:
Though industrial news was more encouraging last week,
the imminence of copper meetings to review conditions in
that industry, and the knowledge that a revision of NRA is
about to take place, caused consumers of non-ferrous metals
to hold down purchases to a low level. Price reductions were
named during the week in both lead and zinc, with copper
unchanged. Tin scarcely moved, so far as the price was concerned. Silver made a new high for the movement in London,
chiefly on the decline in sterling. Leading interests raised
the price of palladium $1 per ounce. Arsenic was openly
/
1
2
quoted at 3 c. per pound, a reduction of one-half cent. The
decline was caused chiefly by increased competition arising
from foreign sources. The gain in steel operations brought
out a little better feeling in tungsten, manganese, and
46,400
479,600
Total Rocky Mtn.States
31,000
6.950
2,450
40,400
chrome ores.
Domestic Copper Dull
41,900
The tonnage of copper sold in the domestic market last week just about
475,100
reflected the general uncertainty over what the last quarter of the year has
in store for the industry. Sales amounted to about 500 tons. The price
Total United States _ _ _ 2,341,700 2.448,000 2,488,100 2.440,700 2,487,000
.
structure was held to be reasonably firm on the basis of 9c., Valley, notNote.
-The figures indicated above do not include any estimate of any oil which
withstanding the doubt that has come over consumers as to the future price
might have been surreptitiously produced.
policy under NRA. Those in close touch with the situation believe that comCRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
modities such as oil and copper will not be disturbed under the new plan of
GAS AND FUEL OIL STOCKS, WEEK ENDED SEPT. 22 1934
the Administration. However, buyers of copper did not feel like stocking
(Figures in thousands of barrels of 42 gallons each)
up with metal under present circumstances.
Abroad, the market for copper held about steady, some fair business being
Daily Refining
Stocks
Crude Runs Stocks a Stocks
Capacity of Plants
of
of b Stocks
of
to Stills
transacted during the week at prices ranging from 6.80c. to 6.90c. c.i.f.,
District
Gas
FinUnof
European ports. A steadying influence abroad was the feeling that producers
PatenReyor ing
Daily P. C. !shed finished Other
and
will soon come together to consider curtailment of production and marketing
dal
Aver- Oper- Gass- Gaso- Motor Fuel
Total P. C. age
Rate
Wed line
line
Fuel
under the changed conditions that have resulted from the severe import
Oil
restrictions imposed by Germany, and to some extent France and Italy. In
East Coast._
582
582 100.0
494 84.9 13,725
794
215 14,227
the meantime, it looks as if foreign producers are speeding up operations
Appalachian.
150
140 93.3
99 70.7 1,443
279
125 1,561
Ind.,111.,KY.
446
422 94.6
so that they may come to the bargaining table with demands for large quotas.
329 78.0 6,620 1,053
45 5,057
Okla., Kan.,
Domestic producers have been asked to meet to-day (Thursday) by W. A.
Mo
461
386 83.7
226 58.5 4,205
474
685 3,705
Janssen, Deputy Administrator, to discuss the immediate outlook and conInland Texas
351
167 47.6
93 55.7 1,092
247
635 1,580
Texas Gulf....
566
sider, if necessary, curtailment in production. It will be brought out that
552 97.5
479 86.8 3,234 1,238
170 11,039
La. Gulf
168
162 96.4
99 61.1 1,394
168
15 2,639
the 45,000 tons purchased for September delivery may not be absorbed under
-Ark.
92
No. La.
77 83.7
46 59.7
259
80
20
598
present conditions, and consumers will have to be reassured as to the price
Rocky Mtn_
96
64 66.7
588
141
38 59.4
40
576
situation before they can be expected to enter the market on a large scale
California
848
822 96.9
413 50.2 11,483
847 2,310 75,165
for last-quarter requirements. Copper sold for October-December shipment
Totals week:
to date totals just a little over 12,000 tons. This can be viewed as either
Sept. 22 1934 3,760 3.374 89.7 2,316 68.6 c44,043 5,321 4,260 116,147
bearish or bullish, depending on the point of view. Some operators believe
Sent. 15 1934 3.760 3.374 89.7 2.340 89.4 d44.770 5.629 4.280 115002
that domestic stocks of copper will increase in September, but that the
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
adverse trend in the statistics here can be only temporary.
Includes unb ended natural gasoline at ref neriee and plants also blended motor
fuel at plants. c Includes 26,581,000 barrels at refineries and 17,462,000 barrels
at bulk term nals in transit and pipe lines. d Includes 27,893,000 barrels at reLead Reduced to 3.60c., New York
fineries and 16,877,000 barrels at bulk terminals, in transit and pipe lines.
The August refined-lead statistics were better than expected, yet the market remained unsettled and the price was lowered on two occasions. On
Durable Goods Group to Study Problems Affecting
Sept. 21, In the face of slow business, American Smelting & Refining anHeavy Industries
-New Committee Has 19 Members nounced a five-point reduction in price, establishing the settling basis of
that company at 3.61c., New York. The St. Louis quotation declined on
-No Platform for Industry Adopted
that day to 3.50c. These prices prevailed until Sept. 25, when another fiveThe formation of a new Durable Goods Industries Com- point decline took place, all sellers moving down to 3.60c., New York, and
mittee as an organization which will collect information re- 3.45c., St. Louis.
Business booked caused little comment until yesterday, when buyers came
garding business recovery in the heavy industries, with a
Into the market
some large quantities. One sale involved 2,000 tons.
view to lowering the unemployment in this group, was an- This activity at for lower levels resulted in transactions for the week of
the
nounced on Sept. 18 by George H. Houston, Chairman of the more than 8,000 tons and served to bring out a better undertone. Asked for
Committee and President of the Baldwin Locomotive Works. a reason for the buying of lead on the 3.60c. basis, both consumers ancl
cheap" and the metal might easily profit
producers replied that
The Committee is composed of 19 members of various indus- on any improvement in "lead is business situation.
the general
tries. Mr. Houston, in announcing plans of his organization,
during August was 112,318 tons, against 123,176
Wor18 production of lead
denied newspaper reports that leaders in the durable goods tons in July and 98,988 tons in August last year, the American Bureau of
Metal Statistics reports. The daily rate of production for August was 3,623
Industries, at a meeting in Hot Springs, Va., had adopted a tons, against an average for the first eight months of 4,000 tons monthly.
New Mexico
California
platform for industry. He added that no report will be
Issued until the Committee "has had an opportunity to collect the facts, discuss them and arrive at a conclusion with
respect to any of the problems affecting the durable goods
Industry." Further details of the group's program were
noted, as follows, in the New York "Times" of Sept. 19:
Zinc dells at 3.95c.
Zinc was in relatively light demand last week. The rather narrow condition of the market found expression in a sale of 100 tons of metal at 3.95c.,.
St. Louis, as early as last Thursday. Although zinc was available at that
figure throughout the week, most sellers, up until yesterday, held at 4c.
Price of the metal was established at the lower level early yesterday, when,
offers on that basis were made in several directions, attracting orders for a
1960
Financial Chronicle
moderate tonnage. This weakness in zinc that developed during the sevenday period was attributed largely to the situation that has prevailed in the
Tri-State district. Stocks of concentrate there reached last week a new
high figure for the year; production totaled about 9,000 tons, a tonnage
held to be materially higher than conditions warrant. Sales of metal during
the last calendar week were about 1,800 tons.
Tin Quiet
A moderate business was transacted with consumers in the domestic tin
market on Tuesday, but during the remainder of the week trading was about
at a standstill. Prices moved through a narrow range, in sympathy with
similar changes in the London market. Tin-plate operations moved up
slightly, standing at 45%.
Chinese tin, 99%, was quoted nominally as follows: Sept. 20, 50.800c.;
Sept. 21, 50.850c.; Sept. 22, 90.850c.; Sept. 24, 50.960c. ; Sept. 25,
50.750c. ; Sept. 26, 50.800c.
Reports on Foundry Operations in Philadelphia
Federal Reserve District by University of Pennsylvania-Marked Increase Noted During August
There was a marked increase in foundry operations during
August according to reports received by the Industrial
Research Department of the University of Pennsylvania
from foundries operating in the Philadelphia Federal Reserve
District. The tonnage of gray iron castings produced by
these firms increased 18%, malleable iron castings 37%,
and steel castings 13%. The Research Department, in its
monthly report of foundry operations in the Philadelphia
District, added:
Shipments of iron and steel castings also increased keeping pace with the
increase in production and eliminating some inventories of finished castings
which had apparently been accumulated in July. The iron foundries
maintained their volume of unfilled orders despite the Increase in shipments
but the steel foundries reported a reduction of 22% in the tonnage of orders
unfilled.
IRON FOUNDRIES
No. of
Firms ' August
Report1934
Mg
(Short Tons)
Capacity
Production
Gray Iron
Jobbing
For further manufacture__
.
Malleable Iron
Shipments
Unfilled orders
Raw Stock
Pig Iron
Scrap
Coke
Per Cent
Change
from
July 1934
Per Cent
Change
from
Aug. 1933
__
4
30
19
12,022
2,754
2,483
2.161
322
271
2,848
731
0.0
+19.8
+18.2
+19.8
+8.8
+36.5
+18.3
+0.1
0.0
+3.7
+11.0
+19.1
-23.7
-35.2
+6.0
--5.3
27
26
26
3,486
1,469
376
-7.5
-1.6
-8.1
+26.9
-26.0
-12.5
31
31
30
GRAY IRON FOUNDRIES
The production of gray iron castings during Augus tin 30 foundries wris
18.2% more than in the previous month. This increase was largely seasonal
In character. Although in the corresponding period of 1930 and 1931
there were decreases of 5 and 12%, the same period of the other years since
1926 had increases ranging from 4 to 26%•
Both classes of production experienced the increase. The tonnage of
castings for jobbing work was approximately 20% more than in July and
19% more than in August of last year. The volume of castings used for
further manufacture increased about 9% during August but its total was
nearly 24% less than that produced a year ago.
The chart [this we omit. Ed.1 comparing the production of castings
in a group of Philadelphia foundries with that of foundries located
in the balance of this Federal Reserve District shows that the major part
of the increase this month was in the Philadelphia firms. The curve
representing activity in the plants operating in l'hiladelpnia reached its
highest point since the spurt of last October. Nearly all of the firms shared
In this increase. The group of foundries operating in the balance of the
District, however, had but a slight increase over the rate of operations
during July which were the lowest of any month of this year. Increases in
activity reported by approximately half of this group of firms were nearly
balanced by decreases experienced by the other firms.
Shipments of iron castings kept pace with production, the tonnage of
'shipments during August being 18.3% more than in July. In the face of
increasing production and shipments it is encouraging that the volume of
unfilled orders did not show any decrease during the month. All raw
stocks on hand at the end of August were less than those of a month ago.
Compared with the inventories of the end of August 1933. stocks of pig
Iron showed a substantial increase while those of scrap and coke declined.
MALLEABLE IRON FOUNDRIES
The tonnage of malleable iron castings produced during August was
36.5% more than in July. In spite of this marked increase from the slump
in July, the output of malleable iron castings in August was less than in
any other month of this year except July and 35.2% less than in the same
month of last year.
STEEL FOUNDRIES
..
8
7
8,630
3,030
2.863
167
3,098
3,087
6
6
6
263
6,855
129
ta±±±
8
8
I
Capacity
Production
1 Jobbing
F For further manufacture
Shipments
Unfilled orders
I Raw Stock
Pig iron
Scrap
Coke
Per Cent
Change
from
July 1934
+I
No. of
Firms
August
Report1934
Ing
(Short Tons)
Per Cent
Change
from
Aug: 1933
0.0
+93.1
+97.3
+41.1
+92.1
+79.9
451.6
+115.1
+27.7
The output of steel castings in eight foundries during August was 12.6%
more than in the previous month. Nearly all of the firms participated In
the increased activity which affected both the production of castings for
jobbing work and the output of castings used for further manufacture
within the foundries The chart of the monthly production of steel castings,
[this we omit, Ed.]shows that in spite of the substantial increase in August
the total production was below that of May and June of this year.
The tonnage of deliveries was 34.4% more in August than in July. This
large increase in shipments helps to correct the situation existing in July
Sept. 29 1934
when production outran deliveries. The increase in unfilled orders reported
at the end of July was largely a technical increase caused by the production
of castings to order but whose delivery was delayed. Partly because such
orders were filled during August, the tonnage of unfilled orders at the end
of the month was 21.7% less than at the beginning of the month. In spite
of this decline, however, the volume of unfilled orders was 80% more than
at the end of August 1933.
Stocks of pig iron and scrap decreased during August but the amount of
coke on hand increased. The tonnages of all raw materials in stock were
more than those of a year ago.
2% Increase Reported by United States Department of
Labor in Wholesale Commodity Prices from July
to August
Wholesale commodity prices increased by 2% from July
to August, according to the Bureau of Labor Statistics of
the United States Department of Labor. The Bureau's index advanced to 76.4% of the 1926 average as compared with
74.8% for July, said an announcement issued Sept. 21 by the
Department of Labor. The August index stands at the highest point reached during the year, and is the highest level
attained since February 1931. The announcement of Sept. 21
continued:
The upward trend in prices was for the most part confined to three of the
10 major groups of commodities carried in the Bureau's index. Nearly twothirds of the 204 items showing advances were in the farm products, foods,
and fuel and lighting materials groups. Of the 784 items included in the
Index, 456 remained unchanged. Declining prices were reported for 124
Items. Changes in prices by groups are as follows:
Group
Farm products
Foods
Hides and leather products
Textile products
Fuels and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
House furnishing goods
Miscellaneous
'meal
Increases
Decreases
No Change
43
78
26
10
6
14
9
17
11
15
21
3
14
24
10
12
8
7
33
26
65
11
110
48
70
54
32
904
194.
4All
6
1
Raw materials, including farm products, raw silk, crude rubber and other
similar commodities registered an advance of approximately 5% and are
18% above the August 1933 level. Semi-manufactured articles, including
such items as leather, rayon, iron and steel bars, wood pulp and other similar
goods declined by 0.1 of 1%. The present index, 72.6, compares with 72.7
for July and 71.7 for a year ago.
Finished products, among which are included more than 500 manufactured
articles, rose 11
/
4
% over the July level and are nearly 8% above a year
ago. The combined index for all commodities, exclusive of farm products
rnd processed foods, declined approximately 0.1 of 1% between July and
August, but was higher than a year ago by 51%. The non-agricultural com/
2
modities group, which includes all commodities except farm products, advanced 1.2% in the general average, to a point 8% higher than a year ago.
The index as a whole, after a steady rise for the past four months, registered an advance of nearly 10% over August 1933, when the level was
69.5% of the 1926 average. The increase since August 1932, when the
Index was 65.2, amounts to 17%. As compared with August 1930, when
the level was 84.3, present prices are lower by 9 1/3%; as compared with
August 1929, when the index was 96.3, they are down by 201 2%. The
/
general level in. August was 27%% above the low point of 1933 (February),
when the index was 59.8.
The greatest advance from July to August was recorded by the farm products group, with the average rising over 8%. Important items in this
group contributing to this movement were hogs, with a 30% increase; eggs,
24%%; calves, 16%; hay, 15%%; grains and live poultry, 15%; seeds,
14%; dried beans, 13%; tobacco, 7%; cows, 51%, and cotton, 41%.
/
2
/
2
Fresh apples, on the other hand, declined 22 1
/2%; lemons, 18%; wool, 7%,
and oranges, 4 1
/2%. The present level of farm product prices is approximately 21% above that of a year ago. It is 42% higher than in August
1932. As compared with August 1929, however, farm products are down
by 35%.
The foods group advanced 4.7% to 73.9% of the 1926 average, showing
on advance of 14% over August 1933, when the index was 64.8. It is 191/2%
over August 1932, when the index registered 61.8. The wholesale food
price index, however, is 151
/
2
% lower than in August 1930, and 281
/2%
below that of August 1929, when the indexes were 87.6 and 103.5. Imgroup were reported in August for butter,
portant price advances in this
cheese, rye and wheat flour, hominy grits, corn meal, canned and dried
fruits, canned corn and string beans, fresh and cured beef, bacon, ham.
fresh pork, veal, lard, coffee, raw sugar, edible tallow and vegetable oils.
Lower average lrices were reported for canned tomatoes, lamb, mutton,
canned salmon, cocoa beans .and powdered cocoa.
Continued advances in prices of anthracite and bituminous coal, gas, electricity, and certain petroleum products were responsible for the 1% increase in the fuel and lighting materials group. Coke remained unchanged
at the July level. The index for this group, 74.6, compared with 65.5 for
August 1933 shows an increase of 14% during the year.
An advance of 17% in cattle feed and 6% in crude rubber caused the
miscellaneous commodity group to show an increase ef 0.4 of 1%. The
Index for miscellaneous commodities, 70.2, compares with 69.9 for July
1934, and 65.4 for August 1933. The advance during the year has been
slightly more than 7%. Strengthening prices for chemicals and mixed fertilizers offset weakening prices for drugs and pharmaceuticals and fertilizer
materials, resulting in the group of chemicals and drugs showing an increase of 0.4 of 1%. Present prices are 3 1
/2% above August 1933. Prices
of furniture increased durirg August, while furnishings decreased. The
index for the housefurnishing goods group as a whole advanced 0.2 of 1%,
/ over August of last year.
4
%
and placed present prices 51
The 14% decline in average prices of hides and skins, and smaller defor boots and shoes and leather, accounted for the decline of nearly
creases
2% in the hides and leather products group. The present index, 83.8, is
81 lower than August 1933, when the index was 91.7.
/
2
%
Declining prices of lumber, structural steel and other building materials
caused the building materials group to show an average decrease of 1.4%.
The index for paint and paint materials averaged higher than in July, while
brick and tile, cement, and plumbing and heating fixtures remained at the
/
2
% than in
previous level. Building material prices are higher by 51
August 1933. The present index, 85.8, compares with 81.3 for a year ago.
Present prices are on the average 23% higher than two years ago and 10%
lower than the general average for August 1929.
Continued weakening prices in the subgroups of clothing, knit goods, silk
and rayon, and woolen and worsted goods, classified under textile products,
caused the index for the group as a whole to move downward 1%. Cotton
goods showed a general advance of 1%%. Other textile products, including
raw jute, twine, and similar items, increased 0.1 of 1%. The present level
of the textile products group is 5% below that of last August.
Lower prices for iron and steel products more than counterbalanced the
slightly higher prices for non-ferr3us metals and caused the metals and
metal products group to decrease 0.1 of 1%. The subgroups of agricultural
implements, motor vehicles and plumbing and heating fixtures remained
%
/ above that for August
2
unchanged. The index for the group, 86.7, is 61
1933, when the average was 81.2.
Bureau of Labor Statistics' index number, which includes 784 price
The
series, weighted according to their relative importance in the country's
markets, is based on the average prices in 1926 as 100.0.
Index numbers for groups and subgroups of commodities for August 1934,
In comparison with July 1934 and August of each of the past five years, are
-contained in the accompanying table:
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1.92100.0)
Aug. Aug. Aug. Aug. Aug.
1933 1932 1931 1930 1929
Groups and Sub-groups.
Aug.
1934
July
1934
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
•
Cereal products
Fruits and vegetables
Meats
Other foods
Hideo and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals and metal producta
Agricultural Implements
Iron and steel
Motor vehicles
7
Non-ferrous metals
Plumbing and heating
Building materials
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals_ _ ..
Fertilizer materials]
Mixed fertilizers
Housefurnishing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes
Cattle feed
Paper and pulp
Rubber. crude
Other miscellaneous
Raw materials
Semi-manufactured articles
Finished products
Non-agricultural commodities
All commodities other than farm
products and foods
69.8
86.0
56.2
73.1
73.9
77.3
91.0
65.6
69.4
63.9
83.8
97.9
57.4
71.3
86.8
70.8
79.5
86.4
59.3
24.4
78.9
69.7
74.6
79.9
96.2
85.6
•
*
51.6
86.7
92.0
86.6
94.6
68.9
75.0
85.8
91.3
93.9
81.8
79.9
75.0
92.0
90.0
75.7
79.2
72.7
64.8
73.0
81.8
84.6
78.9
70.2
44.7
104.0
82.4
31.7
81.0
71.6
72.6
79.2
77.8
64.5 57.6 49.1 63.5 84.9
74.8 64.6 38.2 44.8 80.4
48.8 45.9 52.8 67.0 84.6
70.5 62.5 50.8 67.3 86.7
70.6 64.8 61.8 74.6 87.6
74.8 65.7 60.2 82.2 97.7
88.9 84.8 66.0 70.9 79.9
68.2 71.1 55.6 73.4 88.6
63.4 51.0 61.9 76.0 93.1
64.5 62.6 62.1 69.6 78.1
86.3 91.7 69.7 88.7 99.0
98.0 96.1 84.4 93.5 100.6
66.6 91.5 39.3 69.1 91.2
75.1 82.5 60.0 90.3 99.9
86.8 81.2 82.3 101.4 105.4
71.5 74.6 62.7 65.5 78.0
81.9 74.4 61.0 75.9 86.3
85.1 93.5 52.6 64.0 81.1
59.5 69.4 48.5 59.2 78.2
24.5 34.6 29.5 43.7 52.6
80.7 78.9 53.4 67.4 77.8
69.6 77.8 67.4 74.4 83.1
73.9 65.5 72.1 66.5 77.9
78.6 79.2 86.0 92.2 88.0
95.7 83.6 81.3 83.7 88.6
85.6 77.4 76.7 81.6 83.8
92.4 88.8 104.4 98.4 97.3
99.2 99.5 107.0 103.2 99.8
51.3 40.9 48.9 37.5 60.9
86.8 81.2 80.1 83.9 89.6
92.0 83.2 84.9 94.3 94.5
86.7 78.6 78.7 82.4 88.0
94.6 90.4 95.3 94.7 98.2
68.8 68.2 48.5 60.1 74.5
75.0 70.3 67.1 83.8 83.5
87.0 81.3 69.6 77.6 87.7
91.3 81.5 75.2 82.9 88.6
93.9 90.3 79.0 75.8 91.7
85.3 79.4 55.5 66.9 81.7
79.8 77.5 87.2 78.4 90.0
75.0 70.3 67.1 83.8 83.5
92.5 81.7 81.7 81.7 84.3
90.9 85.0 78.3 83.7 91.8
75.4 73.1 73.3 76.9 87.9
78.5 79.6 79.7 80.5 92.6
73.0 57.6 57.0 61.9 67.4
67.6 69.0 66.4 74.4 83.3
72.8 64.4 68.3 78.7 92.7
81.6 77.6 73.6 84.9 92.9
84.8 78.6 74.8 81.7 92.0
78.6 76.8 72.6 88.6 93.9
69.9 65.4 64.6 68.3 76.1
44.6 43.2 40.1 46.0 50.1
88.8 78.0 47.4 50.8 104.8
82.4 81.0 76.3 80.6 85.4
7.9 11.2 20.3
29.9 14.9
82.3 77.8 84.2 86.4 93.2
68.3 60.6 55.7 64.1 81.8
72.7 71.7 57.9 68.3 78.7
78.2 73.4 70.7 76.4 86.2
76.9 72.0 68.5 73.9 84.1
All commodities
* Data not yet available.
1961
Financial Chronicle
Volume 139
107.5
99.3
112.8
106.8
103.5
104.1
90.3
109.5
116.0
94.7
109.5
106.1
117.2
111.5
106.2
89.8
89.3
98.2
87.9
80.1
86.8
94.2
82.2
90.0
90.5
84.6
92.8
94.4
70.3
100.5
99.0
95.1
106.6
105.5
94.3
95.2
93.3
92.0
93.5
95.8
94.3
99.6
97.3
93.6
98.4
71.1
90.5
98.2
94.3
93.3
95.5
82.8
54.5
124.7
88.9
42.6
98.7
99.2
93.5
95.2
93.9
78.3
78.4
74.1
70.1
74.2
83.6
91.4
76.4
74.3
69.5
65.2
72.1
84.3
96.3
ceded from $9.58 to $9.50 a gross ton. This decline, however, is out of
keeping with steel works operations, ingot output having advanced from
21 to 233'%.
The trend of production, in contrast with recent weeks, is now uniformly
upward and some of the gains have been substantial. At Chicago output
rose four and one-half points to 26%%;in the Wheeling district the increase
was five points to 26%. and at Cleveland three points to 24%. Other
gains were two points to 15% at Pittsburgh, two points to 18% in the
Philadelphia districe, and one point to 26% in the Valleys. Detroit continues to lead the country with an unchanged rate of 76%.
The upturn in operations came at a time when pressure against prices
had become severe. In a few cases producers actually filed lower Prices,
but later withdrew them when they realized that, under the revised code,
the reductions would have to stand until the first quarter of next year.
Once prices are cut the die is cast under the code provision barring advances, and hence sellers cannot hope to improve their position on an
upswing of demand.
The filing of lower prices on cold-rolled strip by three Detroit companies,
although partly due to the constant pressure of the automobile industry
for reductions, was more particularly the result of a special competitive
condition. Because of the extras on certain widths of strip, consumers in
growing number bought sheets and slit them. Now that the reduced base
prices have been withdrawn, this situation will probably be met by a complete revision of the present extra card.
Another petition for a Detroit base on various steel products has been
filed with the steel institute, this time by the National Automobile Chamber of Commerce. Actually, the attitude of the automobile manufacturers
toward Detroit basing is divided, those with plants in Detroit favoring it
and those outside opposing it.
Structural steel awards of 6,030 tons compare with 17,650 tons in the
previous week and 8,900 tons two weeks ago. New projects of 33.265
tons, including 23,000 tons for highway bridges in Missouri. are the third
largest this year. The Great Plains shelter belt, for which bids on 25.000
tons of fencing were to be taken next month, has been pushed into the
background by a ruling of Comptroller McCarl forbidding the use of more
that $1,000,000 for the project.
The Administration's home modernization program has not yet affected
the iron and steel industry, but an analysis of a representative group of
loans made to date indicates that nearly 30% of the expenditures will be
for heating and plumbing.
Most railroads have clamped down on their pruchases, but the Chicago
& North Western has asked for a PWA loan of $5,650,000 o finance repairs to 160 locomotives, modernization of38 steel coaches, air conditioning
of 45 passenger service cars, and general maintenance work.
Export inquiries include 5.000 to 6,000 tons of oil country goods and
8.000 to 26,000 tons of galvanized locust barriers for the Argentine Government and 14,000 tons of plates and astructural shapes for an Argenitne
refinery.
The "Iron Age" composite prices for pig iron and finished steel are unchanged at $17.90 a ton and 2.124c. a lb.
THE "IRON AGE" COMPOSITE PRICES
Finished Steel
Based on steel bars, beams, tank plates,
Sept. 25 1934, 2.124o. a lb.
wire, rails, black pipe, sh eta and hotOne week ago
2.124e.
One month ago
2 1240. rolled strips. These products make
One year ago
1 972e. 85% of the United States output.
Low.
High.
2.008c. Jan. 3
1934
2.1990. Apr. 24
1.8670. Apr. 18
1933
2.015c. Oct. 3
1.9260. Feb. 2
1932
1 9770. Oct. 4
1.9450. Dec. 29
2.0370. Jan. 13
1931
2.018e. Dec. 9
1930
2.2730. Jan. 7
2.273e. Oct. 29
2.3170. Apr. 2
1929
2.217c. July 17
2.2860. Dec. 11
1928
2.2120. Nov. 1
2.4020. Jan. 4
1927
Pig Iron
Based on average of basis iron at Valley
Sept. 25 1934, $17.90 a Gross Ton
One week ago
$17.90 furnace foundry irons at Chicago,
One month ago
17.90 Philadelphia, Buffalo, Valley, and
Birmingham.
One year ago
16.71
Low
High
816.90 Jan. 27
1934
$17.90 May 1
13.56 Jan. 3
1933
18.90 Dec. 5
13.56 Dec. 6
1932
14.81 Jan. 5
14.79 Dec. 15
1931
15.90 Jan. 6
15.90 Dec. 16
1930
18.21 Jan. 7
18.21 Dee. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
Based on Nov. 1 heavy melting steel
Sept. 25 1934, $9.50 a Gross Ton
Quotations at Pittsburgh, Philadelphia
One week ago
$9.68
One month ago
9.92 I and Chicago.
One year ago
11.04
Low
High
29.50 Sept.25
$13.00 Mar. 13
1934
6.75 Jan. 3
1933
12.25 Aug. 8
6.42 July 5
1932
8.50 Jan. 12
8.50 Dec. 29
1931
11.33 Jan. 6
11.25 Dec. 9
1930
15.00 Feb. 18
14.08 Dec. 3
1929
17.58 Jan. 29
13.08 July 2
1928
16.50 Dec. 31
13.08 Nov.22
1927
15.25 Jan. 11
0
Steel Output Rises to 2347 as Demand Increases
Scrap Continues Decline
A further rise in steel demand, accompanied by a two and
one-half point gain in production, has bouyed up the hopes
of the trade and stiffened resistence to pressure against
prices, the "Iron Age" of Sept. 27 said. Part of. the increase
Is attributable to larger releases from the automobile indusThe American Iron and Steel Institute on Sept. 24 antry, but much of it is due to heavier replenishment buying.
nounced that telegraphic reports which it had received
Further acceleration of purchases for stock replacement is
indicated that the operating rate of steel companies having
now looked for, since many steel consumers are believed to
capacity of the industry will be 24.2%
their inventories to fall below normal levels. 98.7% of the steel
have allowed
of the capacity for the current week, compared with 22.3%
The "Age" further stated:
last week and 19.1% one month ago. This represents an
While extensive forward contracting seems to be barred by the provisions
increase of 1.9 points, or 8.5%, over the estimate for the
of the revised code banning price advances during a quarter, sales of a few
products have been stimulated of late by the desire to escape increased
week of Sept. 17. Weekly indicated rates of steel operations
extras which go into effect Oct. 1. The shadow of possible freaight rate
since Oct. 23 1933 follow:
Increases is also commencing to influence the attitude of the trade. In
the case of pig iron, the higher rates, If granted, will increase the costs of
assembling raw materials $1 a ton, according to estimates by Mid-Western
producers. Moves in opposition to the rate advance have been taken by
three important Ohio steel companies, which have asked to be heard in the
Commerce Commission hearings which begin Oct. 1.
t. Among other factors encouraging freer buying is the lingering fear of
eventual currency inflation, although generally speaking the tone of business is more confident and leas uncertain, influenced no doubt by the ending of the textile strike.
A continued negative market factor is scrap, which, though increasingly
sluggish, has given further ground, the "Iron Age" composite having re-
1933
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov.27
Dec 4
Dee. 11
Dee. 18
Dec. 25
1934
Jan. 1
Jan. 8
1934
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar.26
29.3% Apr. 2
30.7% Apr. 9
31.6%
26.1%
25.2%
27.1%
26.9%
26.8%
28.3%
31.5%
34.2%
31.6%
34.2%
32.5%
34.4%
37.5%
39.9%
43.6%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
1934
50.3% July 16
54.0% July 23
55.7% July 30
56.9% Aug. 6
56.6% Aug. 13
54.2% Aug. 20
56.1% Aug. 27
57.4% Sept. 4
56.9% Sept. 10
56.1% Sept. 17
44.7% Sept. 24
23.0%
27.5%
28.8%
27.7%
26.1%
25.8%
22.3%
21.3%
19.1%
18.4%
20.9%
22.3%
24.2%
1962
Financial Chronicle
U. S. Steel is estimated at better than 21%, against 20% in the week
before and 19% two weeks ago. Leading independents are credited with
a rate of 24%, compared with a fraction under 22% in the preceding week
and about 21%% two weeks ago.
The following table gives the percentage of production of ingots for the
nearest corresponding week of previous years, together with the approximate change from the week immediately preceding.
Years
1933
1932
1931
1930
1929
1928
1027
Industry.
U. S. Steel
37 -1
17%+3%
32 -1%
66 +1
8534-2Ii
85 +6
84
42 +1
174+1%
27%-1
56 +4
79 -2
85 +4
65344-115
62
Sept. 8
19350
-1-2
-1-2
Calendar Year to Date
Sept. 16
1933
1934
1933
1929
-a
Baum. coal
Weekly total 6,900,000 5,956,000 7,195,000 248,784,000 224,531,000 366,218.000
,
Daily avge_ _ 1,150.000 1,191,000 1,199,000 1,143,000 1,028,000 1,675,000
Pa. anthra.-b
Weekly total 957,000 852.000 1,251,000 41,769,000 33,140,000 48,931,000
Dally avge_ _ 159.500 170,400 208,500
192,900
153,100
226,000
Beehive coke
Weekly total
14,300
10,900
17.000
631,300
584,700 4,887,500
Daily avge__
2.383
1,817
2.833
2.857
22.115
2,646
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local seta], and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (NET TONS)
1Yeek Ended
Monthly Production
Stale
Sept. 8
1934
Sept. 1
1934
Alabama
166,000
Arkansas az Okla
56,000
Colorado
122,000
Illinois
725,000
Indiana
243,000
Iowa
50,000
Kan. & Missouri
90,000
Ky.-Eastern_ _ _
. 560,000
Western__ - _ 138,000
Maryland
23,000
Michigan
3.000
Montana
33.000
New Mexico
23,000
North Dakota
26,000
Ohio
301.000
Pennsylvania
1,410,000
Tennessee
61,000
Texas
12,000
Utah
38,000
Virginia
140,000
Washington
22,000
W. Va.--South'n a 1,292,000
Northern b_. 330,000
Wyoming
91,000
Other States
3,000
Tot, bittun. coal 5,956,000
Fenn. anthracite_ 852,000
Independents
40
174+23'4
29 -1
60 +2
82 -2%
85 +5
Week Ended
Sept. 15
1934c
Total coal
§§ §§§§§§§§§§1§§§§§§§§§§§t§§
Steel ingot production for the week ended Sept. 24, is
placed at about 23% of capacity, according to the "Wall
Street Journal" of Sept. 26. This compares with a shade
over 21% in the previous week and a little under 20% two
weeks ago. The "Journal" further stated:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
am
comoomma..ammmmw t
OQlO.COm
-.PP°.5.5°Pl
S.
-c.c°"'.zeP9°4!'PP P.
.
)
Slightly better demand from miscellaneous manufacturing sources and
larger structural awards last week lifted the steel works operating rate 2
points to 22%.
While buying is not brisk, steelmakers consider it as an indication of the
widespread depletion of stocks, and of moderate seasonal expansion in
some consuming industries.
Uncertainty over the iron and steel price structure became more pronounced last week, with open discussions regarding possibilities of adjustments, many users apparently withholding commitments pending further
clarification.
Generally, iron and steel prices were advanced 83 to 88 a ton in the
second quarter, but before they became effective reductions in July narrowed
the increase to $2 to $4. Prices have not been tested by any broad buying
movement for several months.
A Cleveland steelworks sent to the Industry's code authority last week a
reduction of $2.25 a ton on pig iron, and a Detroit producer filed a $5 cut
on cold-rolled strip, both of which were withdrawn before becoming effective. Coupled with the former was a report that an automobile manufacturer was negotiating for 40,000 tons of pig iron. A filing of a $5 reduction in nails by a southern producer also has been held in abeyance. Prices
of semi-finished steel at Pittsburgh are reported to be insecure. Nuts and
bolts are down approximately 20%•
Specifications for a little material for new automobile models are coming
out, but fill-in requirements for completing present models are larger. The
Industry apparently will stagger the introduction of new models, and one
large interest probably will not have its complete line on display until
April. Ford is to curtail steel production shortly, having built up stocks
estimated at 125,000 tons. Output of automobiles last week. 38,000 cars.
was 5,000 less than in the preceding week.
Structural shape awards for the week-20,028 tons
-were nearly three
times as large as in the preceding week. Inquiries are expected out soon for
45,000 tons of structural material for new bridges and other improvements
In Allegheny County (Pittsburgh).
In addition to 165,000 tons of wire, estimated to be required for the
western tree belt, planned by the plains shelter belt administration,55,000,000 fence posts will be needed, which if made of steel will take 192,500
tons. The army's ordnance division has been granted $2,300,000 by
Public Works Administration for purchasing machine tools and inquiries
are expected shortly. Pipe manufacturers find considerable demand
developing from the government's home rehabilitation plans, and see
indications of increased buying of oil country pipe in October.
Illinois Central is issuing specifications for a streamlined train, and the
Chicago Milwaukee St. Paul & Pacific Is reported to have contracted for
two streamlined locomotives, which with a Baltimore & Ohio locomotive.
will be the first of this type designed to match the speed of other streamlined trains. Streamlined passenger cars for the Milwaukee line are to be
built in its own shops.
The Argentine government is inquiring for 8,000 to 15,000 tons of
galvanized sheets for locust prevention, and 6,000 tons of seamless steel
pipe for its oil fields. Standard Oil is to purchase upward of 10,000 tons of
steel for rebuilding its Argentine refineries, recently damaged by fire.
Due to the low rate of pig iron production for several months, Lake
Superior iron ore shipments are slowing up, and leading producers now do
not expect much more than 22,000,000 tons for the season, compared with
21,600,000 tons last year.
Steelworks operations in the Pittsburgh district last week advanced
3 points to 16%; Wheeling 3 to 26; Cleveland, 10 to 28; Buffalo, 3 to 21:
Birmingham, 2 to 25; Youngstown, 2 to 26; New England, 3 to 28; Eastern
Pennsylvania, 1 to 17. Chicago was off 2 to 22, while Detroit remained 77.
"Steel's" iron and steel composite is down 1 cent to $32.13; the finished
steel index unchanged at $54, and the iron and steel scrap figure off 4 cents
to $9.33.
Sept. 29 1934
Production of Coal Exceeds Previous Week but Is Lower
Than Corresponding Week of 1933
The total production of bituminous coal during the week
ended Sept. 15 according to the weekly report issued by the
United States Bureau of Mines, Department of the Interior,
amounted to 6,900,000 net tons. This represents an increase
of 944,000 tons or 15.8% over the preceding week in which
the Labor Day Holiday was observed, but compares with
7,195,000 net tons produced during the week ended Sept. 16
1933.
Anthracite production in Pennsylvania during the week
ended Sept. 15 totaled 957,000 net tons. This is likewise an
.
-Increase over the holiday week preceding-production during
that week totaling only 852,000 tons
-but is less by 294,000
tons than the output for the corresponding week in 1933.
Production of soft coal during the month of August 1934
totaled 27,462,000 net tons. This compares with 25,280,000
net tons produced during July and 33,910,000 tons produced
during August 1933.
Hard coal production for the month of August 1934
amounted to 3,584,000 net tons as against 3,443,000 net
tons produced in July and 4,396,000 tons in August 1933.
During the calendar year to Sept. 15 1934 bituminous
production totaled 248,784,000 net tons as against 224,531,000 net tons during the calendar year to Sept. 16 1933.
Output of anthracite coal during the same periods amounted
to 41,769,000 tons and 33,140,000 tons respectively. The
Bureau's statement follows:
ma
"Steel" of Cleveland, in its summary of the iron and steel
markets, on Sept. 24 stated:
Sept. 9
1933
August
1934
188,000
53,000
102,000
563,000
226,000
26,000
80,000
632,000
130,000
21,000
3,000
33,000
20,000
26,000
396.000
c1652000
65,000
13,000
54,000
161,000
24,000
1,425,000
c506,000
68,000
2,000
733,000
190,000
327,000
2,950,000
1,070,000
212,000
373,000
2,568,000
526,000
105,000
17,000
150.000
90,000
116,000
1,570,000
7.0.50,000
290,000
60,000
155,000
683.000
130,000
6,030,000
1.725,000
334,000
8,000
July
1934
August
1933
723,000
956,000
102,000
261,000
213,000
374,000
2.420,000 2,818,000
845,000 1,160,000
174,000
211,000
303,000
452,000
2,240.000 3,265,000
405,000
665,000
96.000
154,000
14,000
11,000
112,000
159,000
78,000
93,000
86,000
70,000
1,545.000 2,291,000
6,850,000 c8,778.000
420,000
236,000
52,000
52,000
169,000
112,000
615,000 • 938,000
117,000
95.000
5.920,000 7,886,000
1,765,000 c2,700,000
290,000
264,000
11,000
15,000
d6510000 27,462,000 25,280,000 d33910000
1,019,000 3,584,000 3,443,000 4,396,000
6.808.000 7.853.000 7.529.000 31.0411.000 28.723.000 38.306.000
a Includes operations on the N. dr W.,C. de 0., Virginian, K. di M.and B. C.& G.
b Rest of State, including the Panhand e and Grant, Minera and Tucker counties.
c Revised figures. d Original estimates. No revision will be made In the national
total until receipt of final operators' reports from all districts.
Current Events and Discussions
The Week with the Federal Reserve Banks
The daily average volume of Federal Reserve bank credit
outstanding during the week ended September 26,as reported
by the Federal Reserve banks, was $2,464,000,000,a decrease
of $9,000,000 compared with the preceding week and an
increase of $72,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On September 26 total Reserve bank credit amounted to $2.463.000.000,
decrease of $3,000.000 for the week. This decrease corresponds with
decreases of $63,000,000 in Treasury cash and deposits with Federal
Reserve banks. $9,000,000 in money in circulation, and $10,000,000 in
nonmember deposits and other Federal Reserve accounts and an increase
of $4,000,000 in monetary gold stock, offset in part by an increase of
$81.000.000 in member bank reserve balances and a decrease of $3,000,000
in Treasury and National bank currency.
a
Bills discounted decreased $2,000,000 at the Federal Reserve Bank or
New York and at all Federal Reserve banks. There was practically no
change in holdings of bills bought in open market and United States
Government securities.
The statement in full for the week ended Sept. 26 in comparison with the preceding week and with the corresponding
date of last year will be found on pages 2006 and 2007.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Sept. 26 1934 were as follows:
Bills discounted
Bills bought
U.S. Government securities
Other Reserve bank credit
increase (+) or Decrease (-)
Since
Sept. 26 1934 Sept. 19 1934 Sept. 27 1933
3
$
$
20,000,000 -2,000,000 -113.000,000
-1.000,000
6,000,000
+1,000.000
+156,000,000
2 430,000,000
-1,000,000
7,000,000
-1,000,000
•
Increase (±) or Decrease (—)
Since
Sept. 26 1934 Sept. 19 1934 Sept, 27 1933
$
$
6
+42000,000
TOTAL RESERVE BANK CREDIT2,463,000,000 —3,000,000
7 976,000,000
+4,000,000 +3,939,000,000
Monetary gold stock
—3,000,000 +130,000,000
Treasury and Netlonel Bank cturency2,409,000,000
+95,000,000
5 403,000,000
—9,000,000
Money In circulation
3,970,000,000 +81,000,000 +1,374,000,000
Member bank reserve balances
Treasury cash and deposits with Fed3,061,000,000 —63,000,000 +2,731,000,000
eral Reserve banks
Non-Member deposits and other Fed—88,000,000
415,000,000 —10,000,000
eral Reserve accounts
Returns of
1963
Financial Chronicle
Volume 139
Member Banks in New York City and
Chicago—Brokers Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week show a decrease
of $5,000,000, the total of these loans on Sept. 26 1934
standing at $740,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $604,000,000 to $603,000,000, loans "for account of
out-of-town banks"from $140,000,000 to $136,000,000, while
loans"for the accountof others"remained even at$1,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Sept. 26 1934 Sept. 19 1934 Sept. 27 1933
Loans and Investments—total
7 077,000,000 7.065,000.000 6,698,000,000
Loans—total
3,022,000,000 3.027,000,000 3,344,000,000
1 416,000,000 1,419,000,000 1,731,000,000
1,606,000,000 1.608,000,000 1,613,000,000
On securities
All other
4,055,000,000 4,038,000,000 3,354,000,000
Investments—total
2 813,000,000 2,826,000,000 2,297,000,000
1 242,000,000 1,212,000,000 1,057,000,000
U. S. Government securities
Other securities
_1,448.000.000 1,348,000,000
40,000,000
37,000,000
Reserve with Federal Reserve Bank
Cash in vault
881,000.000
39,000,000
6 291,000,000 6,168,000,000 5,244,000,000
660,000,000 659,000,000 763,000,000
599,000,000 599,000,000 388,000,000
Net demand deposits
Time deposits
Government deposits
•
Due from banks
Due to banks
57,000,000
59,000,000
69,000,000
1 556,000,000 1,575,000,000 1,122,000,000
Borrowings from Federal Reserve Bank
Loans on secur. to brokers & dealers:
603,000,000
For own account
For account of out-of-town banks_ _ _ 136,000,000
1,000,000
For account of others
604,000,000
140,000,000
1,000,000
697.000.000
102,000,000
7,000,000
740,000,000
745,000,000
806,000,000
Total
On demand
On time
Loans and Investments—total
450,000,000 450,000,000 531,000,000
290,000.000 295,000,000 275,000,000
Chicago
1,495,000,000 1,499,000,000 1,215,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
558,000,000
555,000,000
701,000,000
235,000,000
323,000,000
237,000,000
318,000,000
342,000,000
359,000,000
937,000,000
944,000,000
514,000,000
642,000,000
295,000,000
644,000,000
300,000,000
299,000,000
215,000,000
492,000,000
36,000,000
470,000,000
36,000,000
Holdings of United States Government securities increased $29,000,000
at reporting member banks in the Chicago district, 813.000,000 in the
New York district, $8,000,000 in the Philadelphia district, $6,000,000
in the Minneapolis district, and $58,000,000 at all reporting member banks,
and declined $7,000,000 in the Cleveland district. Holdings of other
securities declined 829.000,000 in the New York district and $24,000.000
at all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,169,000,000 and net
demand, time and Government deposits of $1,281,000,000 on Sept. 19,
compared with 81,164,000,0004 and 81,285,000,000, respectively. on
Sept. 12.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together with changes for the week and the year ended Sept. 19 1934,follows.
* Revisel.
Sept. 19 1934
Loans and investments--total_17,756.000,000
Loans—total
On securities
All other
Increase (+) or Decrease (—)
Since
Sept. 12 1934
Sept. 20 1933
—22,000,000 +1,164,000,000
7,799,000,000
--56,000,000
--761,000,000
3,095,000,000
4,704,000,000
--67,000,000
+11,000,000
--608,000,000
—153,000,000
9,957,000,000
+34,000,000 +1,925,000,000
U. S. Government securities__ 6,631,000,000
3,326,000,000
Other securities
+58,000,000 +1,545.000,000
—24,000,000 +380,000,000
2,891,000,000
253,000,000
—48,000,000 +1,008,000,000
—1,000,000
+64,000,000
12,943,000,000
4,478,000,000
1,091,000,000
—98,000,000 +2.424,000,000
—18,000,000
—24,000,000
+226,000.000
l',74,,g000;200
+317,000,000
—5,000,000 +1,182,000.000
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. R.banks ____
7,000,000
41.000.000
—13,000,000
Canadian Paper Currency to Be Issued in Smaller Size.
From the Toronto "Globe" we take the following from
Ottawa Sept. 19:
Canada's new bank notes, which will be issued in about four months,
will be smaller than the present bills, but slightly shorter and wider than
United States money. It is reported they will be 6 inches long and 234
inches wide. The present notes are 73% by 34 inches, and the United
States notes are 6 5-16 by 2 11-16 inches.
The notes are now being printed and will be issued when the Bank of
Canada starts operations.
It is reported they will bear the pictures of the King and Queen and
the Prince of Wales.
Proposed Merger of Future Silver Markets of Montreal
and Toronto Stock Exchanges Considered At Meeting in New York City—Opening of Montreal Silver
Exchange Deferred Until Oct. 3
Plans for the merger of the proposed future silver markets
of the Montreal Stock Exchange and the Toronto Stock
Exchange were considered in New York this week by representatives of the two bodies at meetings held at the WaldorfAstoria. At the conclusion of the session on Sept. 26, the
following statement was issued in behalf of D. S. McMaster
for the Montreal Exchange, and G. W. Nicholson for the
Toronto Exchange:
374.000,000
32,000,000
In view of the state of negotiations between representatives of the Toronto
Stock Exchange and the Montreal Stock Exchange, sponsors of the establishment in their respective cities of silver trading facilities, the opening of
the Montreal Silver Exchange has been set for Wednesday, Oct. 3, instead
of Oct. 1. as previously announced.
It was stated in the New York "Herald Tribune" of Sept.
28 that the officials of the Toronto and Montreal stock
exchanges, who have been in New York discussing the
1,479,000,000 1,458,000.000 1.031,000,000
Net demand deposits
plans returned to Canada on Sept. 27 without making an
360,000,000 361,000.000 347,000,000
Time deposits
32,000,000
32,000,000
61,000,000
Government deposits
official announcement on a program. However, said the
152,000,000
167,000,000 199,000,000
Due from banks
paper from which we quote, it was indicated that an agree422,000.000 423,000,000 268,000,000
Due to banks
ment had been reached and that the delay in announcement
Borrowings from Federal Reserve Bank_
was because the officials were returning home to place the
details before the Governors of the two exchanges.
Complete Returns of the Member Banks of the Federal
Items regarding the Montreal Silver Exchange appeared
Reserve System for the Preceding Week
in our issues of Sept. 1, page 1329; Sept. 15, page 1635; and
As explained above, the statements of the New York and Sept. 22, page 1783.
Chicago member banks are now given out on Thursday,
In the New York "Journal of Commerce" of Sept. 27,
simultaneously with the figures for the Reserve banks them- following a reference to
the meeting in New York of the
selves and covering the same week, instead of being held Canadian groups said:
statistics
until the following Monday, before which time the
Meanwhile some ten commodity and stock exchange houses of New York
covering the entire body of reporting member banks in 91 announced the securing of membership on the Toronto Stock Exchange
silver trading branch, with some members announcing securing seats on
cities cannot be got ready.
both Toronto and Montreal exchanges.
In the following will be found the comments of the Federal
New York was chosen as the place for the Canadian meetings because it
Reserve Board respecting the returns of the entire body of Is a neutral place and because of the availability of advice in silver trading
from members of Commodity Exchange at New York, it was said by a
reporting member banks of the Federal Reserve System for
Commodity Exchange official. It is felt certain here that some sort of
the week ended with the close of business on Sept. 19.
merger will be effected.
Reserve with Federal Reserve Bank_
Cash In vault
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Sept. 19 shows decreases for the
week of $98,000,000 in net demand deposits. $18,000,000 in time deposits,
$48.000,000 in reserve balances with Federal Reserve banks, 867,000,000
In loans on securities and $22,000,000 in total loans and investments.
Loans on securities declined $58,000,000 at reporting member banks in
the New York district and $67,000,000 at all reporting member banks.
"All other" loans declined $7,000,000 in the New York district, and increased 17,000,000 in the San Francisco district, $6,000,000 in the Chicago
district, and $11,000,000 at all reporting banks.
The same paper in its Sept. 26 issue had the following to
say:
Trading in silver futures on the Toronto Stock Exchange could be started
within 48 hours, it was stated by J. Chester Cuppia Vice-President of
Commodity Exchange, New York, who, with Julius Baer, counsel, went to
Toronto last week to assist the Toronto Stock Mcchange officials in planning
for such trading. The by-laws and governing rules on silver trading are
already in the hands of the printer, stated Mr. Cuppia, who returned
this week from Ontario's leading city.
1964
Financial Chronicle
However, the Toronto officials are in no great rush to ring the trading
gong, going about the introduction of such dealings in a conservative manner, he said. Toronto is not being rushed oy the announcement from the
Montreal Stock Exchange that trading is to start there on Oct. 1. Mr.
Cuppia admitted that many New Yorkers have expressed a desire to see
the Toronto and Montreal silver efforts consolidated, it being felt here that
divided silver markets will prove ineffectiNe.
Buffalo Clearing House Association Reduces Premium
on Canadian Silver, Nickel and Copper
The Buffalo "Courier Express" reports that the Buffalo
Clearing House Association on Sept. 20 announced a reduction of the premium being paid on Canadian silver, nickel
and copper coins. The effective date was Sept. 21; the paper
from which we quote also said:
The buying rate on these coins will be 1H% under the Dominion's prevailing paper rate. At present Canadian coins are brought by local banks
at H% less than the amount paid for Canadian paper currency, checks,
drafts, 5rc.
The Association pointed out that a revision in shipping rates has raised
the cost of transportation of coins to Canada after being bought here.
Application of the new ruling is only when banks buy Dominion coins
from customers. In sales by banks coins will still be offered at the same
rate as on other types of currency, which rate is a 33i% premium.
German Reichsbank Omits Dividend
Berlin press advices Sept. 22 stated that for the first
time since the old paper mark was inflated to enormous
volume in 1923, the Reichsbank has omitted its 6% interim
dividend on the ground that many shares are held abroad
and that would necessitate transfer of much needed foreign
exchange. From the New York "Sun" we quote the following further advices from Berlin Sept. 22:
A 6% distribution would require only 9,000,000 marks. The records
.
show that in 1923 the stockholders of the Reichsbank received a dividend
of 1 % Plus 1,000,000.000 paper marks a share. In the three following
years 10% was paid and since then 12% yearly.
Germany Orders Insurance Payments Abroad Be Made
in Marks—Decrees No Foreign Exchange Available
After Sept. 30
In Associated Press advices from Berlin, Sept. 14, it is
noted that Germany that day ordered her insurance companies and policy holders to make payments abroad in
marks only. No foreign exchange will be available after
Sept. 30, the Economics Minister decreed, for payment of
insurance premiums or interest in foreign countries. The
advices, appearing in the New York "Herald Tribune" of
Sept. 15 added:
German policies henceforth may promise payment only in marks, the
decree provided, while existing foreign currency contracts in German
policies must be changed to the marks basis. Dollar contracts will be
adapted on the basis of 2.50 marks to the dollar. it was set forth. Minister
of Agriculture Walter Darre's farm organization, pursuing its fats conservation program, ordered German farmers not to buy margerine, but to use
their own butter instead.
Germany Curbs Dividend Transfer
A London "Times" account from Berlin Sept. 21 is taken
as follows from the New York "Times":
The Reichsbank has decided in pursuance of its drastic foreign exchange
policy not to transfer in foreign currency the dividend on Reichsbank shares
owned abroad.
Germany Bans High Prices for Foreign Products
A London "Times" dispatch from Berlin Sept. 25, is
taken as follows from the New York "Times":
Dr. Hjalmar Schacht, the Minister of Economics, has issued an order
forbidding the sale of foreign products at unreasonably high prices. The
raw material and foreign exchange situation, he declared, has led to the
sale of foreign articles above the world market price.
In the future no higher price is to be demanded for foreign goods than
the prices generally prevailing In foreign markets at the time, together
with the costs of transportation to Germany and the profit usual in the
trade. Severe penalties are threatened for deliberate or even careless infractions of this order.
"Germany only wants foreign goods if' they are obtainable at a price
consistent with the price in foreign markets," Dr. Schacht said.
Certain proprietary articles and specialties, such as English jams, potted
meats and biscuits, are rapidly becoming unobtainable as the existing stocks
are sold out.
100,000 Visitors at Leipzig (Germany) Trade Fair—
Number of Foreign Buyers Increased 10% Over
1933
The Leipzig Trade Fair, held in Germany from Aug. 26
to 30, inclusive, comprised 4,696 exhibits, an increase of
7% over the last fall Fair, said an announeemt issued by
the Leipzig Trade Fair, Inc. The Fair was attended by
over 4,000 foreign buyers, an increase of 10% as compared
with 1933, while the total number of visitors approached
100,000. The following is also from the announcement:
A gratifying increase was observed in the exhibits of textiles, building
materials, household furnishings, the arts crafts and ceramics. The
sales in all divisions are reported satisfactory, with a significant rise in
foreign orders. This famous Fair is the great clearing house for extending
German trade with foreign countries, and is now approaching its 1500th
session.
Sept. 29 1934
A previous reference to the Fair was made in our issue
of July 21, page 360.
Nazi Regime Seeks to Unite All Churches in Germany
in One Organization Under Control of Reich—
Bishop Mueller Installed as First Primate—Opposition Spreads Among Clergy
Bishop Ludwig Mueller of Germany on Sept. 23 was Installed as the first Primate of the German Protestant
Church. The importance of this ceremony is that it culminated a drive by the officials of the Reich to organize all
Evangelical Churches in the country into one body under
Nazi control. Press reports from Berlin on Sept. 23 said that
while Bishop Mueller was taking his oath of office hundreds
of Protestant pastors throughout Germany were reading a
wanifesto signed by Dr. Karl Koch, of the opposition clergy,
which declared that Bishop Mueller and his followers were
no longer worthy members of the German Protestant Church,
since they had sought to set up their rule by coercion of
conscience.
Dr. Mueller, in an address at Hanover, on Sept. 19, said
that the time has come when every German must take his
place in the Nazi ranks, regardless of whether or not he
approved of National Sacialism. He added that the final
goal is "one State, one people, and one church."
A Berlin dispatch of Sept. 23 to the New York "Herald
Tribune" described the situation, in part, as follows:
These opposition preachers, according to Dr. August Jaeger, Nazi Commissar for the Evangelical Church, number one-third of all the Protestant
pastors in Germany.
Pastor Niemoeller, among others, read an opposition manifesto in his
church this morning. The document began by quoting a speech delivered by
Dr. Jaeger on Sept. 8 in Stuttgart, in which he said: "Creeds are capable
of undergoing change. As our distant goal there stand before us the overcoming of confession and the elimination of religious divisions from the
German people. We see one national church at the end of this development. This cannot be dictated but must come of itself."
The oppoeition manifesto charged: "With this statement Dr. Jaeger has
said that ecclesiastical creeds must be eliminated in favor of national ones,
and that a Nordic-Christian mixed religion should take the place of the
Christian faith. Thus the Reich Church goverrment abandons the faith
and church of the Reformation."
The declaration then went on:
"We resent the heresy which strives for a German national church with a
pseudo-Germanic wrapper. We do this because Primate Ludwig Mueller
and his legal administrator, Dr. Jaeger, as well as all who follow them,
have separated from the Christian community. They have left the ground
of the Christian Church and renounced all their rights in it. The Christian
Church must be recognized and complete in its separation.
"The Reich church regime has succeeded, by its illegal intervention in
removing from office, despite the loyal resistance of their congregations,
all the legal church leaders and bishops, apart horn Bavaria and Hanover,
and depriving the congregations of their rights and setting up a regime of
force. An attempt will now be made to complete this work still more
strongly than hitherto by the preaching of other gospels.
"In view of the danger which already has led in many places to an Intelel able coercion of conscience and to falsification of ecclesiastical preachings,
the brothers of the Council of the Confessional Synod of the German Evangelical Church consider it a task imposed on them by God to fight, unterrified
and persistently, that our Evangelical doctrines may continue to receive the
good message.
"Therefore, we demand that the ministers, elders and members of our
congregations devote all their powers to uniting their congregations, so that
the Church of the Gospel may be preserved for our people. Only a church
founded on God's Word, according to the Creed of the Reformation as
represented in the Confessional Synod, is the legal German Evangelical
Church."
Secretary Hull Signs Multilateral Agreement Restraining Use of Most
-Favored-Nation Clause to Obtain
Benefits of Certain Conventions—Pact Is Subject
to Ratification by Senate
Secretary of State Hull on Sept. 20 signed a multilateral
agreement providing that the various parties thereto would
undertake to refrain in invoking in their relations with one
another the obligations of the most-favored-nation clause to
obtain the benefits of certain other types of multilateral conventions. The United States is the first country to sign the
agreement, which must be ratified by the Senate before it
can become effective. The pact was formulated in accordance with a resolution adopted by the Seventh International
Conference of American States, at Montevideo, on Dec. 24
1933, and a resolution of the Governing Board of the PanAmerican Union of June 27 1934.
The new agreement was designed to encourage the use of
multilateral conventions by reserving their advantage for
countries which are willing to support them and which are
willing to deny similar economic advantages to countries refusing support which rely for benefits upon most-favorednation clauses in bilateral treaties.
A Washington dispatch of Sept. 20 to the New York "Journal of Commerce" added the following regarding the agreement:
The multilateral economic conventions contemplated, as stated in Article I
of the agreement, "are those of general applicability, which include a trade
area of substantial size, which have as their objective the liberalization and
Financial Chronicle
Volume 139
promotion of international trade or other international economic intercourse,
and which are open to adoption by all countries." Any high contracting
party may, however, under Article II, "demand from a State with which it
maintains a treaty containing the most favored nation clause the fulfilment
of that clause in so far as such high contracting party accords in fact to
such State the benefits which it claims."
Under Article III any State may sign the agreement ad referendum, in
which case the agreement shall not take effect with respect to such State
until after its deposit of an instrument of ratification with the Pan-American
Union. In the case of any signing party which does not sign the agreement
ad referendum, the agreement shall take effect on the date of signature by
such a party.
Germany Informally Suggests Reciprocal Trade Agreement to State Department—Would Purchase Raw
Materials from United States in Return for Finished Products
The German Government has unofficially discussed with
the State Department the possibility of concluding a reciprocal trade agreement, according to reports from Washington,
Sept. 16. Secretary of State Hull indicated at a press conference, on Sept. 17, however, that the Department was not
considering initiating such negotiations with Germany at the
present time. Washington dispatches said that Germany
suggested that her heavy industries would buy large quantities of cotton, as well as copper, gasoline and other products,
In the United States, shipping here in return machinery, potash, chemicals, dyes and medical instruments. A Washingt-n dispatch of Sept. 16 to the New York "Times" commented
on these suggestions, in part, as follows:
With less than $100,000,000 in gold reportedly on hand for foreign trade,
Germany is said to be in a position where she cannot buy unless she can sell.
Large stocks of cotton and wool on hand are being rapidly depleted, and
textile mills in Saxony, Berlin and in the region of Bremen are said to be
facing the possibility of being unable to meet demands for prime necessities
unless some such arrangement can be made.
Rebuff Is Reported
While neither the German Embassy nor the State Department will comment on the German suggestion nor give it official recognition, it is reported
that the State Department is rebuffing attempts to discuss the situation
officially or to make any reciprocal agreement.
Besides the political difficulties of the situation and the difficulty of
reaching any agreement while Germany is in default on interest payments
on Dawes and Young Plan bonds, it is understood that the State Department
has two reasons for not wanting to make an agreement.
The first is that because of Government restriction of cotton growing and
the drought, the United States has no very large surplus of cotton which it
is necessary to unload. The second lies in the fact that, with the depression,
importation of machinery and manufactured products would glut an already
oversupplied domestic market.
In authoritative circles friendly to Germany, it is claimed, however, that,
since the Reich has until recently imported from the United States, roughly,
twice as much as she has sent us, a pickup of almost paralyzed business
would be to our advantage.
Holland and Germany in Transfer Pact—All Trade
Payments Between Two Countries to Be Made
Through Clearing Accounts
Negotiations between delegates of the German and Dutch
Goveraments for an agreement for mutual transfer payments
have reached a successful conclusion with the signature of a
clearing treaty, it was indicated in advices from The Hague,
Holland, Sept. 22, to the New York "Times," which further
reported:
The treaty will go into effect only after the exchange of ratifications, but
will apply provisionally as from Monday, Sept. 24, for Dutch overseas territories as far as exports are concerned.
According to the treaty, trade payments between Germany and Rolland,
including Dutch overseas territories, will be made in the future exclusively
through clearing accounts. Not only payments arising from the exportation
of goods, but also paymeats connected with expenses incurred in the GermanDutch exchange of commodities will be settled through such accounts.
Protection of the interests of Dutch transit trade also is provided for in
the treaty.
Special governmental committees have been appointed to deal with questions arising from the treaty. Of sums deposited in the Netherlands Bank
by Dutch traders, a percentage will be placed at the disposal of the Reichsbank at all times. An agreement also was reached for a settlement of the
separate account of the Netherlands Bank with the Reichsbank.
Anglo-German Pact on Trade Arranged—Germany
to Pay Through Bank of England
A temporary arrangement for trade between Great Britain
and Germany was announced on Sept. 24 as the outcome of
negotiations in Berlin conducted by Sir Frederick LeithRoss, financial adviser to the British Government. In making this known, a London cablegram, Sept. 24, to the New
York "Times" added:
It is to apply until the end of October or until a permanmt agreement is
reached.
It gives assurance by Germany that exchange certificates authorizing payment through a special account in the Bank of England will be issued for
import into Germany of British goods to an extent corresponding to the
present volume of imports into Germany.
It adds, however, that transfer payments to Great Britain will still be
dependent upon the unsold balance of the account not exceeding 5,000,000
reichsmarks. The opinion in London is that the interim agreement will not
Improve the real trading position.
1965
On Sept. 17, before the departure of Sir Frederick for
Berlin to initiate discussions regarding the effect on British
trade of the new German machinery for the control of imports, he faced a "united front" of British exporters of cotton, woolen and worsted yarns and coal, demanding that
Germany must pay her debts in full. Advices to this effect
are from a London account to the "Times," which also said:
A deputation, held to be the largest and most influential ever witnessed
at Whitehall, represented 11 trade and industrial organizations.
Germany's restrictions on foreign exchange have left large debts owed to
British exporters. Sir Frederick to-night estimated the figure approximately at £1,750,000, a great deal of which, he said, was owed to cotton
spinners. The spinners have refused further exports until the old debts are
negotiated.
The importance the British Government attaches to the "united front"
was emphasized by the presence of prominent officials of the Board of Trade,
Treasury, Foreign Office, Department of Overseas Trade and the Department
of Mines.
"Our policy will be chiefly dependent on the German attitude, and our
plans are to await Germany's proposals," Sir Frederick said.
United States and Soviet Union Resume Debt Negotiations in Washington
Secretary of State Hull announced on Sept. 21 that the
United States and Soviet Russia had resumed negotiations
for a settlement of approximately $500,000,000 in American
claims against the Soviet Union. Formal talks between
Mr. Hull and Ambassador Troyanovsky will be continued
in Washington, he added. It was reported from Washington
that Mr. Troyanovsky had sought resumption of negotiations on instructions from Moscow. After leaving the State
Department Sept. 21, the Ambassador said he was "a little
more hopeful" of a successful outcome on the problems
between the two Governments. A State Department announcement on Sept. 21 said:
The conversations between Secretary Hull, Assistant Secretary Moore,
Mr. Robert F. Kelley and Ambassador Troyanovsky relative to the financial
and commercial relations between the two countries were resumed to-day
under somewhat more favorable auspices than when the conversations were
discontinued some days ago.
The talks between Mr. Troyanovsky and Secretary Hull
will be temporarily suspended next week, according to an
announcement on Sept. 27, which said that the Soviet Ambassador would return to Moscow on Oct. 3 to consult with
his Foreign Office regarding the negotiations.
A Washington dispatch of Sept. 21 to the New York
"Times" summarized the recent history of the debt discussions as follows:
Political factors have played a large role on both sides during the debt
discussions. In I\loscow, considerable resentment was aroused by toe
passage of tno Johnson Act and.by Attorney-General Cummings's subsequent ruling that tho Soviet Union was in default under this Act as long as
no settlement was made of the debt claims.
This ruling moved the Export-Import Bank to announce that it would
furnish no credits for trade deals with the Soviet Government, although
that was the purpose for which the bank was formed.
Although details of the negotiations have not been made public, Soviet
representatives are reported to have insisted on an outright loan of $100,000,000 for 20 years by this Government to the Soviet Government. In
addition they have proposed that credits totaling $100,000,000 be advanced
to American exporters by the Export-Import Bank for periods up to five
years to finance purchases in this country.
The Soviet negotiators insisted that these conditions be met before
any discussion of the amount of American claims, and there the negotiations
broke down. It is presumed that the Soviet Government is now willing
to abandon the demand for an outright governmental loan.
Country's Foreign Trade in August—Imports and
Exports
The Bureau of Statistics of the Department of Commerce
at Washington on Sept. 26 issued its statement on the
foreign trade of the United States for August and the eight
months ended with August, with comparisons by months
back to 1929. The report is as follows:
United States exports increased in August. For the first time since
July 1929 the value was higher than in the corresponding month of each
of the three preceding years. The increase of $10,200,000 in the value of
exports was largely accounted for by the seasonal gains in shipments of
tobacco, fruits, and grains and a larger movement of lumber, iron and steel
mill products, machinery, and fertilizers. Shipments of aircraft and parts
were sharply higher.
Imports declined. The decrease of $7,700,000 in value was mainly by
reason of smaller shipments of tin, crude rubber, expressed inedible oils and
fats, raw hides and skins, burlaps, newsprint
,and coffee.
Exports, including re-exports of foreign merchandise, were valued at
$171,965,000 in comparison with $161,655,000 in July. General imports,
which include goods entered for consumption immediately upon arrival,
plus goods entered for storage in bonded warehouses, were valued at
$119,515,000 as compared with $127,229,000 in July. The export surplus
of merchandise totalled $52,450,000, an exceedingly large figure considering
the size of the current values of foreign trade.
Imports for consumption, which include goods entered immediately upon
arrival plus withdrawals from bonded warehouses, declined for the third
successive month. In August tho value was $117,288,000 as compared
with $124,010,000 in July. Goods entered into bonded warehouses increased
to a value of $20,503,000 from a value'of $19.156,000 in July, whilewithdrawals from bonded warehouses increased from a value of $15,937,000 in
July to $18,276,000 in August.
Ordinarily total exports advance about 4.5% In value from July to August,
while general imports increase 4.3%. Thus the gain of 6.3% in the value
1966
Financial Chronicle
of exports in August was slightly in excess of the usual seasonal movement.
The decrease of 6.1% in the value of imports, however, was contrary to the
usual seasonal swing. On a 1923-25 base the seasonally adjusted index of
export values was 49% compared with 48 in July. The seasonally adjusted
Index of imports on a 1923-25 base, reached the lowest point since May
1933. It was 39% as against 43 in July.
; Compared with August of 1933, 1932 and 1931, the value of exports in
August 1934 was respectively 31.58. and 4% larger. Imports during August
of this year, on the other hand, were 23% smaller in value than in the
corresponding month of 1933, 31% larger than in 1932 and 28% smaller
than in August of 1931.
The average unit value (price) of exports averaged about 14% higher
and of imports about 9% higher than in August 1933. In terms of actual
quantities, exports were approximately 15% larger than in August 1933.
Imports, on a quantity basis, were about 30% smaller than in August 1933,
the peak of the inward rush of goods which followed the suspension of gold
payments.
Sept. 29 1934
TOTAL VALUES OF DOMESTIC EXPORTS AND IMPORTS FOR
CONSUMPTION OF THE UNITED STATES.
Merchandise-Domestic Exports and Imports for Consumption by Months.
1934.
Domestic ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
8 months end. Aug.._ 1,347,107
TOTAL VALUES OF EXPORTS INCLUDING RE-EXPORTS AND
GENERAL IMPORTS
(Preliminary figures for 1934 corrected to Sept. 25 1934)
Merchandise
8 Months Ending Aug
August
1934.
1934.
1,000
Dollars.
171,965
119.515
Exports
Imports
1933.
1933.
1.000
Dollars.
131,473
154,918
1,000
Dollars.
1,369,673
1,110,074
Increase
(+)
Decrease(-)
1,000
1,000
Dollars. Dollars.
944,911 +424,762
889,990 +220,084
52.450
259,599
Wwroacia rtf Irnnet,fia
1934.
1933.
1932.
1931.
1930.
1.000
1,000
1,000
1.000
Dollars. Dollars. Dollars. Dollars.
172.220 120,589 150.022 249.598
162,729 101,515 153,972 224,346
190,899 108,015 154,876 235.899
179,451 105,217 135.095 215,077
160,201 114,203 131,899 203,970
170,553 119,790 114,148 187,077
161.655 144,109 106,830 180,772
171,965 131,473 108,599 164,808
160,119 132,037 180,228
193,069 153.090 204,905
184,256 138,834 193.540
192,638 131,614 184,070
1929.
1,000
Dollars.
410,849
348,852
369,549
331.732
320 035
294,701
266,762
297.765
312,207
326,896
288,978
274,856
1,000
Dollars.
488.023
441,751
489,851
425,264
385,013
393.186
402,861
380,564
437,163
528,514
442,254
426,551
135,513
132,656
157,908
146.523
154.647
136.082
127.229
119,515
96,006
83.748
94,860
88,412
108.869
122,197
142,980
154,918
146.643
150,867
128,541
133,518
135.520
130,999
131,189
126,522
112,276
110,280
79,421
91,102
98,411
105.499
104,468
97,087
183,148
174.946
210.202
185,706
179,694
173,455
174.460
166,679
170,384
168,708
149,480
153,773
310,968 368.897
281,707 369.442
300,460 383.818
307,824 410,666
284,683 400,149
250,343 353,403
220,558 352,980
218,417 369,358
226,352 351,304
247,367 391,063
203.593 338,472
208,636 309,809
8 months end. Aug... 1,110,074 889,990 91,7,309 1,448,290 2,174,960 3.008,713
1,449,559 1,322,774 2,090,635 3,060,908 4,399,361
12 months end. Dec__
Gold and SII•er.
8 Months Ending Aug.
August
1934.
1933.
1934.
1,000
Dollars.
1,000
Dollars.
1,000
Dollars.
14,556
51,781
81,473
1.085
Id
Ex Ira:
Im .rts
.cess of exports
'gess of imports
ocrrts
•rt8
cess of exports
naam nfimnesrta
27,882
956,628
80,388
1,000
Dollars.
260,552
186,095
1,000
Dollars.
-232,670
+770,533
74,457
7,015
11,602
15252
11,254
43,750
12,386
43,565
4507
1,741
21,929
22400
21 170
-1,132
+185
Silver.
Gold.
1,000 1.000
Dollars. Dollars.
4,715
14
51 21,521
44 28,123
37 16,741
1,780 22,925
6,586 4,380
114 85.375
14,558 81,473
58,282
34,046
2,957
10,815
1932.
NN
1933.
cowpwp5.3co-4.
ID;;..laoopiaboi.61
ExportsJanuary
zebruary
darch
April
day
rune
fuly
August
ieptember
)ctober
qovember
3ecember
1931.
1934.
1933.
1932.
1931.
1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars Dollars. Dollars.
859 1,551 1,611 3,571
54
14
734
209
942 1,638
26
665
269
967 2,323
193 1,617 3,249
27 1,425
235 1,865 2,099
628 1,638
40 2,404
343 1.268 1.895
1,009
1,789 2.572
828 2,305
39 1,741 7,015
433 2,024
28,708
...... 3.321
868 2,183
398,604
..... 2,281 1,316 2,158
4,994
......
464
875
872
32,651
____
590 1,260 2,168
8 mos.end.Aug. 27,882 260,552 809,379 1,837 11,254 12.386 9,531 19,104
19,041 13,850 26,485
366,652 809,528 466,794
12 mos. end Dec.
Importsanuary
'ebruary
4ari%
Lull
4ay
one
uly
Lugust
epteinber
ctober
Tovember
1ecember
1,947 128,479 34,913
452.622 30,397 37,644
237,380 14,948 19.238
54,785 6,769 19,271
35,362 1,785 16,715
70,291 1,136 20,070
52,460 1.497 20,037
51.781 1,085 24,170
1,545 27.957
1,696 20.67.4
2.174 21,756
1,687100.872
34.426 3,593 1,763
16.156 2.128
855
25,671 1,823 1,693
49,543 1,955 1,520
50,258 4.435 5,275
63,887 5,431 15,472
20,512 2,458 5.386
57,539 21,929 11,602
49.269
---- 3,494
60,919
___ 4,106
94,430
__-_ 4,083
89,509
____ 4,977
2,097
2,009
1,809
1,890
1.547
1,401
1,288
1.554
2,052
1,305
1,494
1,203
2,896
1,877
1,821
2,439
2,636
2,364
1,863
2,685
2.355
2,573
2,138
3,215
8 mos.end.Aug. 956,628 186,095 192,057 317.992 43,750 43,565 13,595 18,381
193,197 363,315 612,119
60,225 19,650 28.664
12 mos.end. Dec.
1929.
1,000
1,000
Dollars. Dollars.
404,321 480,382
342.901 434,535
363,079 481,682
326,536 418,050
321,460 377,076
289,869 386,804
262,071 393,794
293,903 374,533
307,932 431,801
322,676 522,378
285.396 435.480
270,029 420,578
927,790 1.030,202 1.628,070 2.604,140 3,346,856
552850
183,284 316,705
177,483 283,713
205,690 304,435
182.867 305,970
176,443 282,474
174,516 314,277
174,559 218.089
168,735 216,920
174,740 227,767
171,589 245,443
152,802 196,917
149.516 201,367
358,872
364,188
371,215
396,825
381,114
350,347
347,133
372,757
356,512
396,227
332,635
302,692
010 AM 1 AAR 577 9.949 5022 042 451
Hungary Pays Additional 10% of Feb. 1 and Aug. 1 1934
Coupons of State Loan of 1924-50% Previously
Paid-Rulings on Bonds by New York Stock Exchange
Speyer & Co., as American fiscal agents, have been
requested by the trustees of the State loan of the Kingdom
of Hungary 1924, to announce that the Hungarian Government has provided foriegn currencies for payment of a sum
equal to 10% of the unpaid part of the coupons which matured in February and August 1934(whereof 50% has already
been paid) in full settlement of the balances due on those
coupons. The firm, on Sept. 25, said:
As directed by the trustees, Speyer & Co. are prepared to make the abovementioned payments on partly paid coupons, due Feb. 1 and Aug. 1 1934,
of the above dollar bonds, and coupon holders desiring to accept such payment must surrender their coupons for final cancellation, on or after Oct. 1
1934, but not later than April 1 1935, accompanied by appropriate letter of
transmittal.
The following rulings on the bonds by the New York
Stock Exchange were issued on Sept. 27 by Ashbel Green,
Secretary:
NEW YORK STOCK EXCHANGE
Committee on Securities
Sept. 27 1934
Notice having been received that payment of $1.875 on the Feb. 11934,
coupon (50% paid) and $1.875 on the Aug. 1 1934, coupon (50% paid),
per 461,000 bond, win be nlado on and after Oct. 1 1934, but not later
than April 11935. on surrender of said coupons from Kingdom of Hungary,
state loan of 1924 (American issue) 7;2% sinking fund gold bonds, due 1944.
The Committee on Securities rules that beginning Oct. 1 1934, the said
bonds may be dealt in as follows:
(a) "with Feb. 1 1934 (50% paid), Aug. 1 1934 (50% paid) and subsequent coupons attached";
ith Fen. 1 1935. and subsequent coupons attached."
(b)
That bids and offers shall be considered as being for ponds under option
(a) above, unless otherwise specified at the time of transaction; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
928,746
37,225
on
Increase
(+)
Decrease(-)
1933.
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
1934.
1 071 2R4
1930.
54,921
8 months end. Aug__ 1,369,673 944,911 1,055.4411,661,547 2,640,243 3.408,513
1,674,994 1,611,016 2,424,289 3,843,181 5,240.995
12 months end. Dec.._
General Imports
January
February
March
April
May
June
July
August
ieptember
Dctober
November
December
1931.
02 SAC
Exports and Imports of Merchandise. by Months.
Exports,Including
Re-exportsJanuary
February
March..
April
May
June
July
August
September
October
November
December
1932.
Importsfor Consump don
128,737
January
92,718 134,311
February
125,010
84,164 129,804
March
153,075
91,893 130,584
April
141,158
88,107 123,176
May
146,865 109,141 112,611
June
135,120 123,931 112,509
July
124,010 141.018
79,934
August
117,288 152,714
93,375
3eptember.
147,599 102,933
3ctober
149,288 104,662
November__ .
125,269 105,295
December_
127.170
95,898
8 months end. AIM
Excess of exports
1933.
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars.
169,577 118,559 146,908 245,727
159,594
99,423 151,048 220,660
187,379 106,293 151,403 231,081
176,513 103,265 132,268 210,061
157,165 111.845 128,553 199,225
167,935 117.517 109,478 182,797
159,111 141,573 104,276 177,025
169,832 129,315 106,270 161,494
157,490 129,538 177,382
190,842 151,035 201,390
181,291 136,402 190,339
189,808 128,975 180,801
Tax-Exempt Stock Transfers to Be Accompanied by
Form of Certification in New York State
The New York Stock Exchange on Sept. 24 advised its
members that Frank S. McCaffrey, Director of the Stock
Transfer Bureau of the Department of Taxation and Finance
of New York State, had stated that deliveries or transfers of
stock by a broker to a customer, for whom and upon whose
order he has purchased stock, are exempt from tax but must
be accompanied by a form of certification which the Department of Taxation and Finance has drawn up. Mr. McCaffrey pointed out that his office had never hitherto set up
such a certification and then detailed the form which it to be
followed in such transactions in the future. The text of the
communication from the Stock Exchange is given below:
NEW YORK STOCK EXCHANGE
Office of the Secretary
Sept. 24 1934.
To the Members:
The following communication, dated Sept. 20 1934, has been received from
Frank S. McCaffrey, Director, Stock Transfer Tax Bureau, Department of
Taxation and Finance of the State of New York:
"Under Sections 270 and 270-A of the stock transfer tax law deliveries or
transfers of stock to a broker for sale, and deliveries or transfers by a broker
to a customer for whom and upon whose order he has purchased stock, are
exempt from tax. We require on such transactions that a certification be
imprinted on the certificates setting forth why a tax was not paid.
"In an opinion of the Attorney-General, dated June 6 1930, he held that
transfers of stock from one broker to another, upon specific direction of the
customer in each particular case to hold suah stock for the purpose of sale,
were not taxable transfers if accompanied by a certificate setting forth the
facts in each instance. This office has never set up a certification to be
used under such circumstance.
Volume 139
Financial Chronicle
"This letter is to advise you that when transactions of that nature occur
wherein stock is transferred from one broker to another under this exempt
provision, the following certification must accompany each certificate so
transferred, and may be a rubber stamp imprint thereon:
"
'We hereby certify that the transfer of
of the
within shares, represents a transfer from one brokerage firm to a new brokerage firm, of stock held for the purpose of sale or in connection with the
purchase thereof, which stock is transferred pursuant to an express written
request now in our possession from the customer for whom the stock was
held and is not for the purpose of the broker for whom it was held.'
I/
•
(Broker's signature.)
ASHBEL GREEN, Secretary.
Remaining Outstanding Bonds of $30,000,000, 30
-Year
532% Gold Bond Loan Called for Redemption by
Sweden
The National debt office of the Kingdom of Sweden
(Riksgaldskontoret) has announced that it will redeem on
Nov. 1 all of the remaining outstanding bonds of the $30,000,000, 30-year 532% gold bonds floated in the United States
in 1924 by a group headed by the National City Co. of New
York. Early this year $16,791,000 of the $30,000,000 bond
issue were converted into kroner bonds. The bonds have
ranged between a low of 102 and a high of 1093 during the
%
current year, it was stated. An announcement issued in the
matter said:
The bonds will be redeemed at 100% of the principal and the holders are
requested to present them together with all coupons appertaining thereto
maturing after Nov. 1 1934, at the head office of the National City Bank of
New York,fiscal agent of the loan. After this redemption date the bonds will
cease to bear interest. The National debt office of the Kingdom of Sweden
has offered to purchase such bonds through the National City Bank on and
after Oct. 1, at the face amount thereof in dollars with interest up to Nov. 1
1934, the date of redemption.
Payment to be Made Shortly on August Coupons on
Bonds of Roumania Monopolies Institute Stabilization and Development Loan of 1929
The Roumanian Legation in Washington is notifying
holders of Kingdom of Roumania Monopolies Institute 7%
guaranteed external sinking fund gold bonds stabilization and
development loan of 1929 dollar bonds, that the funds destined for the payment of the last August coupons, in accordance with the plan agreed upon in Paris on July 26, have been
deposited with the paying agents in all the countries where
such payments are to be made. It was stated that payments
will be made as soon as certain technical arrangements, which
are now under consideration, have been concluded.
A further announcement stating the date of payment and
the details of the plan will be made shortly, the Legation said.
Irish Free State Draws Part of External Loan Sinking
Fund 5% Gold Bonds Due Nov. 1 1960 for Redemption
The National City Bank of New York, as American fiscal
agent has announced that it is notifying holders of Irish Free
State (Saorstat Eireann) External Loan Sinking Fund 5%
gold bonds, due Nov. 1 1960, that there has been drawn by
lot for redemption by operation of the sinking fund,on Nov. 1
1934, at a price equivalent to 100% of the principal amount,
$18,000 aggregate principal amount of these bonds. Holders
of these bonds, the announcement said, are requested to surrender same with all unrnatured interest coupons attached
thereto, at the head office of The National City Bank of
New York, 55 Wall Street, New York.
$2,577,300 of Italian External Loan Sinking Fund 7%
Gold Bonds Drawn for Redemption Through
Sinking Fund
Announcement has been made by J. P. Morgan & Co., as
sinking fund administrator, that it is notifying holders of
Kingdom of Italy external loan sinking fund 7% gold bonds,
due Dec. 1 1951, that $2,577,300 principal amount of the
bonds have been drawn by lot for redemption at par on Dec. 1
1934, out of sinking fund moneys available. Bonds which
have been drawn will be redeemed and paid upon presentation and surrender at the office of the sinking fund adminstrator on and after Dec. 1, after which date interest on the
drawn bonds will cease.
French Government Announces Terms of Payment of
Oct. 1 Coupons of 532% Gold Bonds of April, 1937
The French Government announces to-day (Sept. 29)
that Oct. 1 coupons of the 5Y% gold bonds of April 1 1937,
payable at the office of J. P. Morgan & Co. in New York
City, are also payable at the Caisse Centrale due Tresor
Public in Paris at the rate of 25.5171122 francs to the dollar.
It also stated that these coupons until further notice are
payable at the option of the holder at the office of J. P.
Morgan & Co. in United States currency at the dollar
1967
equivalent of 25.5171122 francs per dollar of face value upon
the basis of the exchange rate on Paris at the time of presentation.
New York Stock Exchange Names 10 "Outsiders" to
Attend Meetings of Governing Committee—A. A.
Berle Jr. and Fred I. Kent Among Those Named
as Advisory Group
The Governing Committee of the New York Stock Exchange, in accordance with a resolution adopted July 5, has
invited 10 men, non-members of the Exchange, to attend
meetings of the Governing Committee until the first regular
meeting in July 1935, and to serve upon such special and
standing committees as the Governing Committee may designate. The group will serve in an advisory capacity. Five of
the group are partners of member firms of the Stock Exchange. They are:
Gayer G. Dominick, partner of Dominick & Dominick.
Donald G. Geddes, partner of Clark, Dodge & Co.
John M. Hancock, partner of Lehman Brothers.
Robert Abercrombie Lovett, partner of Brown Brothers Harriman & Co.
Joseph R. Swan, partner of Edward B. Smith & Co., and formerly President of The Guaranty Co.
The others named by the Governing Committee follow:
Adolf A. Berle Jr., Chamberlain of the City of New York.
George H. Houston, President of The Baldwin Locomotive Works and
Chairman of the Durable Goods Industries Committee.
Fred I. Kent, formetly Foreign Exchange Comptroller of the Federal
Reseeve Bank of New York.
Roy B. White, President of The Western Union Telegraph Co.
Frederick E. Williamson,President of the New York Central Railroad Co.
In its issue of Sept. 27 the "Wall Street Journal" stated:
In selecting members of the advisory committee who are not affiliated
with Stock Exchange circles, the Exchange has gone far afield to secure a
personnel representative of many different lines of activity. Fred I. Kent.
banker, and an important figure vOth the American Bankers' Assoclation,
formerly was vice-President of the Bankers Trust Co. He is also a student
of note in the field of international affairs. As Comptroller of foreign exchange with the New York Federal Reserve Bank, he was virtually in control
of foreign exchange operations for a time.
Adolf A. Berle Jr., before accepting the position as City Chamberlain, was
a prominent figure in the Roosevelt advisory group affiliated with the
Reconstruction Finance Corporation.
Roy B. White and Frederick E. Williamson are essentially railroad executives. Prior to becoming President of Western Union Telegraph Co., Mr.
White was President of Central Railroad of New Jersey. Mr. Williamson
has been with the New York Central for many years, having left for several
years to become President of the Chicago, Burlington & Quincy Railroad.
George H. Houston, prominent industrialist, and head of the Durable
Goods Committee, also is President of Baldwin Locomotive Works.
The resolution adopted July 5 (referred to in our issue of
July 7, page 45) provided for the appointment of not more
than 10 persons, either members of the Exchange or of firms
registered thereon, or non-members. The special group is
appointed for a one-year period and its members are permitted to participate in the deliberations of the Governing
Committee, or other committees on which they may serve,
but have no vote.
Ruling of Attorney General Cummings on Guaranty
By Government of Bonds of HOLC and Federal
Farm Mortgage Corporation—Letter of Secretary
Morgenthau
A ruling by U. S. Attorney General Cummings defining
the unconditional guarantee by the Federal Government of
bonds of the Home Owners'Loan Corporation and the Federal
Farm Mortgage Corporation was made public this week by the
Tresury Department. The latter's action, it was indicated in
Washington advices Sept. 25 to the New York "Times" was
prompted as a result of the concern of Treasury officials over
a spread of several points in the market for United States
Government bonds and those of the FFMC and the HOLC.
The Treasury, under the ruling takes the view that the
guarantee applicable to the Corporation bonds is not merely
a guarantee of collection but is an actual guarantee of payment.
The Attorney General's ruling was embodied in letters
addressed by secretary of the Treasury Morgenthau to John
H. Fahey chairman of the Federal Home Loan Bank Board,
and W. I. Myers, governor of the Farm Credit Administration. As given in a dispatch from Washington Sept. 25 to
the New York "Herald Tribune" the letter to Mr. Fahey
reads as follows:
September 10, 1934.
My Dear Mr. Fahey—Reference is made to your inquiry respecting
the government guarantee of the bonds of the Home Owner's Loan Corp.,
issued under the amendment of April 17, 1934, to the home owners loan act
of 1933.
Section 4(C)of the act, as so amended, provides.
"Such bonds shall be fully and unconditionally guaranteed both as to
Interest and principal by the United States, and such guaranty shall be
expressed on the face thereof' . . .
"The bonds Issued pursuant thereto recite upon their face, over the signature of the Secretary of the Treasury, that this bond is fully and unconditionally guaranteed both as to interest and principal by the United States."
The Treasury takes the view that this guaranty is a guaranty of payment
—not merely of collection—with the effect that should your corporation
1968
Financial Chronicle
fail to pay upon demand, when due, the principal of, or Interest on these
bonds, the United States would be obligated to make such payments immediately without requiring the respective holders first to proceed against
your corporation.
Cites Attorney General's Ruling
The Attorney General in an opinion to the Secretary of the Treasury.
dated Sept. 14, 1934, has confirmed the correctness of this view. The
opinion reads in part as follows.
"The guaranty being stated by the statute as full and unconditional,
there is no occasion to consider whether a condition should be implied. The
separate provision that the Secretary of the Treasury shall pay if the
corporation is unable to pay upon demand is no part of the guaranty, but
merely a provision for carrying it out in the only reasonably conceivable
contingency that would require such action.
"Considering the foregoing, it is my opinion that if . . . the corporation should fail, upon demand by a bona fide and accredited holder,
to pay either principal or interest when due, the United States would
thereupon become obligated to make such payment and its obligation would
not be conditioned upon the institution of any proceeding by the bondholder against the corporation."
Very truly yours,
H. MORGENTHAU,JR..
Secretary of the Treasury.
JOHN H. FAHEY, Chairman,
Federal Home Loan Bank Board,
Washington, D. C.
Trading in United States Government Bonds Five
Times Greater Than Trading in All Securities on
New York Stock Exchange
Trading in United States Government bonds is still the
most active for any group of securities in the country,
C. J. Devine & Co., Inc., specialists in Government bonds,
point out in a study of the market situation made public
Sept. 24. Some evidence of the activity of the over-thecounter Government bond market is furnished by the firm's
estimate of a turnover of $50,000,000,000 during the first
eight months of 1934, which is more than five times greater
than the dollar value of all stocks and bonds traded on the
New York Stock Exchange during the same period.
The over-the-counter turnover in Government bonds for
the eight-month period, based upon the volume of the 10
leading firms, which handle about 90% of the total, is,
it is stated, approximately equal to the estimated 850,000,000,000 turnover for the full year 1933, which was the
record year for all time.
During the same eight-month period the dollar value of
all securities traded on the New York Stock Exchange
aggregated ,574,000,000, of which 85,958,000,000 represented the value of stocks and $2,616,000,000 the par
value of all bonds. Further evidence of the size of the
over-the-counter dealings in Governments is furnished by
the fact that on some exceptionally active days the turnover
will MA a billion dollars.
iA
Regulations Issued by Federal Reserve Board Governing Margin Requirements Under Securities
Exchange Act—Notice of New York Federal Reserve
Bank and Securities and Exchange Commission
Regarding Postponement of Effective Date—Provisions In Effect Oct. 1
Incident to the issuance on Sept. 27 by the Federal Recerve Board of regulations governing margin requirements
under the Securities Exchange Act of 1934, J. H. Case,
Federal Reserve Agent of the Federal Reserve Bank of New
York, has issued a circular to members of national securities
exchanges, brokers:and dealers in securities and banking
institutions in the local Reserve District, in which he directs
attention to the following statement prefacing the regulations:
In order that persons affected by Regulation T of the Federal Reserve
Board might have additional time after Oct. 1 1934 within which to familiarize themselves with this regulation, the Securities and Exchange Commission has exempted, until midnight of Oct. 14 1934,from the operation
of Sections 7 (a). 7 (c), 7 (d), 8 (a) and 12 (a) of the Securities Exchange
Act of 1934 and all regulations promulgated thereunder, all securities,
whether registered or not, except securities as to which the Commission
has refused to grant or has denied registration.
Attention is also directed to the following statement on
the cover page of the Regulation T:
Inquiries Regarding These Regulations
It is suggested that all inquiries as to these regulations be addressed first
to the securities exchange of which the persons making the inquiries are
members or the facilities of which are used for their transactions.
In the event the exchange officials desire information as to such questions,
they should make inquiry of the Federal Reserve Agent at the Federal
Reserve bank of their district.
In turn the Federal Reserve Agent may make inquiry of the Board as to
any question that needs the Board's determination.
All answers made by the Board to such inquiries will be distributed to all
exchanges through the Federal Reserve Agents.
The Securities Exchange Commission in making public
its rule suspending the operation of the margin requirements
until Oct. 15, pointed out that other provisions of the
Securities Exchange Act will go into effect Oct. 1. As to
this the Commission said:
The effect of this exemption should be carefully noted. It temporarily
releases all securities whether registered or not, except those to which the
Sept. 29 1934
Commission has refused to grant or has denied registration,from the blanket
prohibition against trading in securities not registered or exempted from
registration. It further suspends for the same period as to these securities
the margin provisions of the Securities Exchange Act, and the restrictions
on borrowing by brokers or dealers.
All other provisions of the Act will become operative on Oct. 1 1934 as to
all securities exempted by this regulation. Particular attention is directed
to the following sections which will go into effect on that date.
Section 8 (d), which prevents lending of customers' securities without
the written consent of the customer;
Section 9, which penalizes manipulation of security prices.
Section 11 (b), which restricts the activities of specialists.
Section 11 (d), which outlaws extensions of credit on a newly-issued
security by a broker who, as a dealer, participated in the distribution of
the security, and required brokers to disclose to the customers the capacity
in which they execute customers' orders.
Section 16 (b), which gives issuers a right of action against their directors
or officers or owners of more than 10% of any equity security of any issuer,
for any profits made by purchase and sale or sale and purchase within a
period of six months of any equity security of the issuer.
Section 16 (c), which penalizes short selling of any equity security by
any officer or director of its issuer or any owner of more than 10% of any
equity security of the same issuer; and
Section 18, which grants to purchasers who have relied on statements
filed with the Commission civil remedies against those responsible for any
misinformation therein.
The Commissions ruling of Sept. 28 reads as follows:
Rule AN-3 providing period of adjustment.
Whereas it is necessary and appropriate in the puolic interest, and for
the protection of investors, to provide a period of adjustment, and immediately after Oct. 1, 1934, in order to permit the compilation of accurate
rec.°.ds and the dissemination to members of exchanges and the public of
information relating to all securities which are registered on national securities exchanges, exempted securities and securities listed or admitted to
unlisted hailing privileges on exempted exchanges, so that members of
exchanges, brokers and dealers will know whether or not they are dealing in
such securities, and will not unwittingly incur penalities attached to participation in transactions in securities not so registered, exempted, or listed or
admitted to unlisted trading privileges on exempted exchanges, and also
in order to provide a period of time for members of exchanges and the public
to familiarize themselves with the rules and regulations of the Securities
and Exchange Commission and the Federal Reserve Board, and whereas
the Federal Reserve Board has expressly requested such a period of adjustment to permit brokers, dealers, margin clerks and other employees of such
brokers and dealers to conform their conduct to the regulations of the
FRB, and generally in order that the ousiness world may accommodate
its course of dealing to the requirements of law with a minimum of friction
and inconvenience, the Securities and Exchange Commission has determined
that, until midnight of the 14th of October, it is desirable in the public
Interest that trading in all securities, whether registered or not, except those
securities which the commission has refused to grant or has denied registration, be continued without restriztion except for such undesirable practices
as have been specifically declared to be unlaw NI by the Securities Exchange
Act. To that end the commission promulgates Rule AN-3.
hule AN-3. All securities, whether registered or not, shall, in the absence of the commission's refusal to grant or of its denial of registration,
be exempt until midnight of Oct. 14, 1934, from the operation of Sections
7 (a), (c), (d), 8 (a), and 12 (a) of the SEA of 1934, and all regulations
promulgated thereunder.
Filing of Registration Statements Under Securities Act
The Securities and Exchange Commission announced on
Sept. 24 the filing for registration under the Securities Act
of 1933 of 11 additional security issues, Nos. 1113-1122, and
No. 107, which is a refiling of a statement previously withdrawn. The proposed issues total slightly over $7,000,000.
The issues, said the Commission, may be grouped as follows:
Commercial-industrial istues
Investment trust issues
Reorganization issues
$1,997,875
1,616,730
8,477,600
Registration statements (1113-1122) are listed as follows
General Industries Corp., Ltd. (2.1113, Form 0-1), Los Angeles, Calif.,
proposing to offer Producing Landowners' Oil Royalty Interests totaling
$125,000. The interests are in a 820-acre tract in the Carwile farm lease,
West Wheeler County Pool, Wheeler County, Tex. The smallest interest to
be created is 1/500 interest in the aggregate interest, equivalent to 1/1,600
Interest in the total 820-acre tract. (One-fifth royalty acre interest of the
whole tract.) One-fifth royalty acre (1/1,600) interests are to be offered
for $250 each and in multiples thereof. Operating companies are the Texas
Corp. and the Mid-Continent Petroleum Co. E. 0. Webb, Los Angeles, is
President of the issuing company.
Hamilton Realty Corp. (2-1114, Form E-1), 1250 Broadway, New York
City, N. Y., proposing an issue of $500,000 in 5% 10-year first mortgage
bonds, in a reorganization plan for the acquisition of the Hamilton Hotel,
Washington, D. C. The bonds are to constitute a first mortgage on the
Hamilton Hotel. Issuer is to acquire the hotel for $800,000 in cash and the
$500,000 in bonds. The bonds, or proceeds thereof, are to be distributed to
the Hamilton Hotel Corp. for its bondholders, who have deposited their
bonds with a committee now holding all the stock of the Hamilton Hotel
Corp. Officers of the issuing corporation are Diederich A. Christoffers,
President; Francis P. Varmaelen, Vice-President, and Hubert A. OonnellYe
Secretary-Treasurer, all of New York City.
Petroleum Producers, Inc. (2-1115, Form A-1), proposing a $532,600
Issue of class A common stock of $1 par value. Issuer was incorporated in
Delaware, May 10 1934, and intends to acquire land and equipment for the
production of oil and gas. Property rights are owned in Michigan. A total
of 875,000 shares, paying an Sc. non-cumulative dividend, are to be offered
as follows: First 100,000 shares at $1 ; next 75.000 shares at $1.25; next
75,000 shares at $1.50; next 75,000 shares at $1.75; next 45,000 shares at
$2. Five thousand shares are to be given to the dealers. Miller4furray g Co..
New York, in lieu of selling expenses, and these will be offered by the dealers
at $1 per share. Among the officers of the issuing company are Granville
C. Berlin, President, and Andrew F. Kralik, Secretary-Treasurer, both of
Detroit, Mich.
Keystone-Westmoreland Corp. (2-1116, Form A-1), incorporated Aug. 21
1934, in Greensburg, Pa., to deal in stocks, bonds, mortgages, &c. (but not
to underwrite issues). The company proposes to issue common and class A
stock totaling $160,000. A total of 10,000 common shares of $1 par value,
Volume 139
and 1,400 class A shares of $100 par value are to be offered at par. Gibson
C. Hurts is President, and George W. Maxwell, Secretary-Treasurer of the
company, both of Greenaburg, Pa.
Sigua Manganese Corp. (2-1117, Form A-1), New York, N. Y., a Delaware
corporation, organized May 31 1934, to develop and mine manganese claims
and to conduct a general manganese mining and sales business in Cuba. A
$250,000 issue of common stock is proposed, 25,000 $10 par shares to be
offered at par. The company's officers are Luis Bathe, Santiago, Cuba
President; W. Albanos, Holguin, Cuba, Vice-President, and E. Mora, New
York City. Secretary-Treasurer.
Chester Imes (2-1118, Form 13 1), Oklahoma City, Okla., offering fractional oil royalty interests in a 100-acre tract known as the Gypsum-Campion
lease, Cheeeent Pool, Logan County, Okla. Aggregate amount of the interrots to be offered is $163,375, covering 378 1/960ths (63 acres) of.the tract.
smallest fractional interest to be created is a/960th of the aggregate interest.
Offering prices for the interests will vary from $437.50 for 1/960th interest
(1,/6 acre) to $2,625 for 1/160th interest (1 acre). Operator of the tract
is Gypsy Oil Co., Tulsa, Okla. Product is purchased by Carter Oil Co.,
Tulsa, Okla. (oil), and Eason Oil Co., Enid, Okla. (gas).
Annuities, Inc. (2.1119, Form A-1). Washington, D. C., a Maryland corpoiation, organized May 17 1934, as a general finance, loan and investment
business to deal and invest in real estate first mortgages, building and loan
association securities, and Government obligations, and to act as agent or
broker for fire and life insurance companies. Common stock amounting to
$525,000 Is to be Issued, 5,000 shares of $100 par value to be offered at
5105 a share. Officers of the company are Ralph S. Scott, Cabin John, Md.,
President; Win. E. Stockett Jr., Washington, D. C., Vice-President, and
Frank Joy Hopkins, Takoma Park, Md., Secretary.
Group Securities, Inc. (2-1120, Form A-1), Jersey City, N. J., an investment company organized by Fenner & Beane (formerly Fenner, Beane &
tingerleider) and Distributors Group, Inc., and incorporated Dec. 5 1933 in
Delaware. An issue of $1,616,730 of capital stock is proposed, 1,601,0oo
management shares to be offered at $1 per share plus management costs and
1,000 shares of each of 17 classes of stock at prices ranging from 67c. to
$1.25 per share. Principal officers are Hugh W Long, New York, Chairman
of the Board; John Sherman Myers, New York, President; T. F. Chalker,
Jersey City, N. J., Treasurer, and Leslie L. Vivian, New York, Secretary.
Amador Mother Lode Mining Co. (2-1121, Form A-1), Reno, Nev., a gold
and silver mining company organized July 2 1934. An issue of $200,000 in
treasury common stock is proposed, 1,000,000 shares, of 5c. par value, to be
issued at an opening price of 15c., subsequently to be varied as exploration
and development work warrants. Amoag the officers of the company are
0. E. Chaney, Reno, Nev., President; E. A. Stent, Jackson, Calif., VicePresident; Thomas lledgepath, Jackson, Calif., Treasurer, and Fred W.
McKechnie Jr., Reno, Nev., Secretary.
Manufacturers Finance Co. (2-1122, Form E-.1.), Baltimore, Md., dealers
in open accounts, acceptances, drafts and other commercial paper, proposing
an issue of $2,977,500 of 3%-year 5% collateral trust notes, series A, to
refund present 10-year 6% collateral trust gold notes, series A, outstanding
issue maturing April 1 1935, together with $22,500 in new notes to be
sold for cash. The offer of exchange, to be at par dollar for dollar, will
be made on or after Oct. 1 1934, up to April 1 1935. Thereafter the unexchanged balance of the proposed issue will be off( red to the public. Amorg
the of'leers of the company are V. 0. Dunnington, President; H. L. Benson,
Treasurer, and W. D. Foeke, Secretary, all of Baltimore, Md.
Paradise Odd Mines Co. (2-107, Form A-1), Denver, Colo., proposing an
issue of $50,000 in common shares under a declaration of trust. A total of
5.000,000 shares are to be offered at lc. per share. The company is in the
business of acquiring mining properties and in carrying on mining for
precious metals. Officers are 0. D. Clarke Jr., President, and F. B. Searle,
Secretary, both of Denver, Colo. Application for registration of this issue,
previously filed and withdrawn, is now refiled.
In making public the above the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of the
issue or that the registration statement itself is correct.
The last previous list of registration statements was given
in our issue of Sept. 22, page 1788.
Hope that Requirements for Registration Under Securities Act Will Be Revised—Views of Directors
of United States Chamber of Commerce on this
Act and Securities Exchange Act
The hope that the requirements for the registration of
securities under the Securities Act of 1933 will be carefully
revised, is expressed by the Board of Directors of the Chamber of Commerce of the United States. The directors also
urge that the temporary requirements under the Securities
Exchange Act for the listing of securities "be continued for
a sufficient period to determine the best methods of assuring
that public good and not injury will result." The Board's
views on the administration of the Stock Exchange and
Securities Acts as contained in Washington adviees to the
New York "Herald Tribune" follow:
To the Board of Directors:
It is recommended that business men and their organizations extend
all possible co-operation to the Securities and Exchange Commission in
the development of its administration of the Securities Exchange Act and
the amended Securities Act of 1933. The announced intent of the commission to avoid disruption of legitimate business practices and discouragement
of the marketing of desirable securities is to be commended.
The Securities Exchange Act presents so many complexities that a
policy of making haste slowly will permit orderly adjustments to new
attention not only
rules and regulations. These must be devised with
the efficient operation of the
to the requirements of the low but also to
organized security markets. The temporary requizements for the listsufficient period to determine
ing of securities should be continued for a
and not injury will result.
the nest methods of assuring that public good
and to deal
Much inquiry will be needed to perfect these requirements
unlisted securities, over-the-counter
with intricate problems presented by
trading and other matters.
Clear Securities Rules Held Needed
of
The Securities Act of 1933 has been the source unnecessary difficulties.
administration of its provisions offer
The recent amendments and the new
1969
Financial Chronicle
opportunity for policies that will remove some of the discouragements
to the flotation of legitimate issues needed to enable industry and commerce to increase employment and overcome the depression.
It is to be hoped that the requirements for registration of securities
under that Act will be carefully re.isecl. Much information heretofore
required has been archaic, unavailable or unimportant for the main purpose of the Act, and the expense and annoyance have been improvident
and harmful. New importance attaches to the rulings to be adopted
since the law now permits complete reliance upon them in defense of unfounded attacks upon a business. There is need for clear and simple
rulings to provide reasonable standards with which to operate.
So much depends upon able administration of both Acts, and correction of unjudicious features, that a co-operative attitude upon the part
of both the commmlssion and competent business will be in the public
Interest and will assist in producing a stimulus, instead of impediment,
to recovery efforts.
Fifty Registration Statements Filed Under Federal
Securities Act During August—Valued at $92,191,269-793 Statements Filed with FTC to End
of August
Fifty registration statements filed with the Federal Trade
Commission under the Seeurities Act of 1933 became effective
during the month of August 1934, that Commission announced Sept. 20. Securities proposed to be issued by the
registrants of these 50 statements total in value $92,191,258.62, the Commission said. These figures compare with 42
statements becoming effective during July 1934, with a value
of $113,081,101.38. The figures in the August statement include all issues becoming effective during that month, including certificates of deposit and reorganization issues.
The Commission further announced:
The August effectives include 25 industrial or commercial Issues having
a value of $35,328,530.96.
There were 7 financial statements becoming effective during August vrlth
a value of $11,019,760.
Reorganization statements becoming effective during the month numbered
18 with a value of $45,842,967.66.
The amount of fees paid into the Federal Treasury by registrants of the
50 statements becoming effective during August was $9,461.93.
August was the last month of the administration of the Securities Act of
1933 by the Federal Trade Commission. At the beginning of September,
administration of that act was transferred to the Securities and Exchange
Commission. During the nearly 14 months of administration of the Securities Act of 1933 by the Federal Trade Commission, the total number of
registration statements filed with the Commission and becoming effective
was 793. They involved security issues having a total value of $1,161,375,431.58, and the total amount of fees paid into the Federal Treasury by
the registrants was $120,863.85.
0
SUMMARY OF DATA - AUG. 31 1934
Amount
of
Offering
No. of
Statemeats
Amount
of
Fees
In usfrials—
To July 31
Suspensions
322
a6
28,941.63
263.511.254.92
911,200.00
et to July 31
For month of August
316
25
341
28,941.63
3.632.44
32,574.07
262,600.054.92
35.328.530.96
297.928.585.88
Financials—
To July 31
For month of August
195
7
67.050.93
1,101.98
668,223.766.07
11.019.760.00
Type of Issuers
202
68,161.91
679,243.526.07
Reorganizations—
To July 31
Suspensions
233
DI
15,400.16
138,502.518.64
142,166.67
Net to July 31
For month of August
232
18
15,400.16
4,727.51
138.360.351.97
45,842,967.66
250
20,127.67
184.203.319.63
743
111,401.72
9,461.93
1,069.184,172.96
92,191,258.62
Totals—
To July 31
For month of August
so
120,863.65 1,161,375,431.58
793
Grand total
a Includes three stop orders and three withdrawals suspending statements effective prior to July 31 1934.
b Represents one withdrawal of statement effective prior to July 31 1934.
The figures of registrations in July were given in our issue
of Aug. 25, page 1171.
Loans by Non-member Banks to Members of Stock
Exchanges and Security Dealers—Provision Embodied in Regulations of Federal Reserve Board
In the regulations issued on Sept.28 by the Federal Reserve
Board governing margin requirements under the Securities
Exchange Act of 1934 provision is made whereby non-member
banks may loan to brokers. As to this it was noted in the
Washington advices to the New York "Journal of Commerce":
The law does not permit brokers to borrow on registered securities from
other than member banks and such other banks as agree to comply with ita
provisions and those of the two laws named above. The regulations provide
for uch agreements to be entered into by non-member institutions.
Incident to the Board's regulations, J. H. Case, Reserve
Agent of the Federal Reserve Bank of New York in a circular
(No:1425) dated Sept. 28, addressed to banking institutions
in the New York Reserve District, says in part:
I am sending this present. circular to banking institutions in this district
to call their attention to Section 11 of Regulation T regarding qualification
or non-member banking institutions to lend to members of national securities exchanges and brokers and dealers in securities. I enclose three copies
1970
Financial Chronicle
of F.R.B. Form T-1, which, as explained in Section 11 of Regulation T,is
the form of agreement that should be executed and delivered to me in
duplicate by any banking institution having its principal office in this
district which is not a member of the Federal Reserve System and which
desires to qualify, pursuant to the provisions of sub-section (a) of Section 8
of the Securities Exchange Act of 1934, as a bank from which it is lawful for
any member of a national securities exchange or any broker or dealer who
transacts business in securities through the medium of any such member,
to borrow in the ordinary course of business as a broker or dealer on registered securities (other than exempted securities).
Copies of F.R.B. Form T-2,for use by banking institutions of the classes
referred to in sub-section (b) of Section 11 of Regulation T,are also available
at this bank and will be furnished upon request.
Each non-member banking institution desiring to qualify, pursuant to the
provisions of sub-sectIon (a) of Section 8 of the Securities Exchange Act of
1934 and Section 11 of Regulation T of the Federal Reserve Board,should,
as promptly as possible and in any event prior to Oct. 15 1934, file with me
in duplicate original an agreement on F.R.B Form T-1 (or on F.R B.
Form T-2 in the case of any banking institution of a class referred to In subsection (b) of Section 11 of Regulation T) accompanied by proof of the
authorization of the execution of such agreement in the manner provided
in such form.
The regulations are given in full elsewhere in this issue
to-day.
New Underwriting and Investment Firm of
Lazard Freres & Co., Inc., Opens
Lazard Freres & Co., Inc., formed to engage in underwriting and to conduct a general investment securities
business, began functioning on Sept. 25 at 15 Nassau Street,
New York City. Its formation, announced on Aug. 2,
is an outgrowth of the old international banking firm of
Lazard Freres. The officers of the new company include
Frank Altschul, Chairman of the board of directors; Stanley
A. Russell, President; John D. Harrison, Vice-President;
Lester W. Perrin, Secretary and Treasurer, and Arvid E.
Taube and Randolph P. Compton, Assistant Vice-Presidents.
All of the partners of Lazard Freres, together with certain
officers of the corporation, will constitute the board of
directors of Lazard Freres & Co. It was stated that there
will be no change in the partnership of Lazard Freres.
It will maintain its traditional relationships with associated
firms in Paris and London and will continue its present
business as members of the New York Stock Exchange.
The formation of the new company was referred to in
our issue of Aug. 4, page 683. It is understood that its
capital will be made up of $5,000,000 of preferred stock,
and 6,000 shares of non-par common stock.
President Russell, commenting on the new undertaking,
said:
It is my firm belief that the business of underwriting, distributing and
dealing in sound corporate and municipal bonds is an essential phase of
our National economy and, despite existing uncertainties, presents unusual opportunities for constructive effort on the part of investment
bankers. This conviction, shared by all my associates, has led to the
formation of Lazard Freres & Co., Inc., with a background of investment
experience covering more than 50 years in this country and Europe. With
faith in the continued growth and development of this country we believe
that corporations and municipalities, in the future as in the past, will
require capital for expansion as well as refunding purposes, and that there
will be a demand for sound securities on the part of institutions and investors.
The attitude towards honest business displayed by the recently-appointed Securities and Exchange Commission has encouraged us in the
belief that the time is opportune for entering the underwriting and general
investment field. Those in the financial community who have had occasion to follow the developing policies of the new Commission have been
much heartened by the clear indication it has given of its understanding
of the problem presented by the capital issue market. As and when
the requirements of business and industry demand an increased volume
of corporate underwritings we share the hope that regulatory measures,
which in great part have much merit, may be so modified as to afford a
maximum of protection to the investor and a minimum of interference
with proper and conservative business. In the development of such
business, it is our hope that Lazard Freres & Co., Inc., may play an appropriate part.
SEC Issues Regulations Regarding Reports to Be Made
bY Corporation Officers Dealing in Own Stock and
Those Engaged in Arbitrage Transactions—New
York Stock Exchange Sends New Rules to Heads
of Companies Having Listed Securities
The Committee on Stock List of the New York Stock
Exchange on Sept. 21 transmitted to the heads of all corporations having securities listed on the Exchange a copy
of a communication from the Securities and Exchange Commission, together with Release No. 9 of the SEC, amending
Rule NA 1 of the Rules and Regulations of Aug. 13 1934,
and promulgating two new rules covering transactions by
officers of corporations in securities and arbitrage transactions. The new . rules are concerned principally with
forms to be used in reporting the transactions mentioned.
The Stock Exchange points out that the rule regarding
arbitrage provides that if such transactions are conducted
in equity securities of a corporation having a registered
equity security by directors or officers of the registered
company, "such directors or officers shall account to the
company for the profits arising from such transactions."
Sept. 29 1934
This ruling was referred to in our issue of Sept.22, page 1788.
The communication from the SEC states that with regard
to monthly reports provided for in Section 16-A of the
Securities and Exchange Act, no reports are to be made
except when there has been a change in ownership during a
month subsequent to October, 1934. The SEC also says
that a report must be made following the registration of a
security, if such registration is not a temporary registration
of a security already listed.
The text of the letter from the Stock Exchange is given
below: '
Sept. 21 1934.
To the Presidents of AU Corporations
Having Securities Listed Upon the
New York Stock Exchange
At the request of the Stedurities and Exchange Conunission, we are
transmitting to you copy of their letter to the New York Stock Exchange
of Sept. 18 1934 and of Release No.9, which amends Rule NA 1 of the Rules
and Regulations of Aug. 13 1934 and promulgates two new rules, known
as NB 1 and ND 1. Copies of Forms 5 and 6 will be furnished to you by
the Exchange upon request.
In addition to the explanatory matter contained in the letter to the Exchange from the Commission, dated Sept. 18 1934. it seems advisable to
anticipate possible questions by the following further comments:
Attention is called to the new sub-sections(b).(c)and (d) of Rule NA 1.
Rule NA 1 (b) has no bearing upon securities temporarily registered.
Rule NA 1 (c) provides that persons who, subsequent to temporary
registration of an equity security, newly acquire the reporting status as
officers, directors or large equity security holders (as defined by the Act)
must make initial reports upon Form 6 at the time of acquiring this status,
if this occurs on or after Nov. 1 1934, even in the event of securities temporarily registered under Rule JE 1, although persons who were officers,
directors or large equity security holders at the time of such temporary
registration are not required to file reports initially, but only in the event
of changes in ownership in November or succeeding months.
In the case of new and permanent registrations. Form 5 is used if the
person had acquired the reporting status prior to such registration, and
must be filed on or before the tenth day of the following calendar month,
and Form 6 is used by persons newly acquiring the reporting status for
such new and permanent registrations after Oct. 11934,such reports to be
filed on or before the tenth day following the day on which such persons
acquired the reporting status.
Those persons making reports which show sales or purchases will be
interested in Rule NB 1.
Arbitrageurs will be interested in Rule ND 1. Particular attention is
called to the fact that under Section 16 (d) it is provided that Section 16
as a whole shall not apply to foreign or domestic arbitrage transactions
unless made in contravention of such rules and regulations as the Commission may adopt, and that in this Rule ND 1 it is provided that, if such
arbitrage transactions are conducted in equity securities of a corporation
having a registered equity security by directors or officers of the registered company, such directors or officers shall account to the company for
the profits arising from such transactions.
Large equity security holders (as defined) are under Rule ND 1 exempted
from the provisions of Section 16 (d) in regard to the prohibition of short
sales when conducted in connection with arbitrage transactions.
Yours very truly,
COMMITTEE ON STOCK LIST,
J. M. B. HOXSEY,
Executive Assistant.
We also quote the text of the communiCation from the
SEC, together with that of Release No. 9, mentioned in
the communication:
SECURITIES AND EXCHANGE COMMISSION
Washington
Sept. 18 1934.
New York Stock Exchange,
11 Wall Street, New York, N. V.
Gentlemen—Enclosed you will find a copy of Release No. 9, including an
amendment to Rule NA 1, regarding reports to honied under Section 16-(a)
of the Securities and Exchange Act, and two additional rules. NB 1 and
ND 1, concerning, respectively, transactions originating prior to Oct. 1
1934 and arbitrage transactions.
Owing to the large number of questions which have arisen regarding the
application of Section 16 and the rules thereunder, it is suggested that you
communicate to your listed companies the following explanation of some
of the problems which seem to have been especially subject to misunderstanding.
With regard to the monthly reports provided for in Section 16-(a), no
reports are to be made except when there has been a change in ownership
during a month subsequent to October, 1934. Every change of ownership must be reported even if, as a result of balancing purchases and sales,
there has been no net change in holdings over the month. These reports
of changes are to be filed on Form 4 directly by officers and directors and
by any person who, at any time during such month, has been directly or
indirectly the beneficial owner of more than 10 per centum of any class of
any equity security (other than an exempted security) registered upon a
National securities exchange, even though no such stock is held at the end
of the month.
In addition to the monthly reports above discussed, a report must be
made following the registration of a security, if such registration is not a
temporary registration of a security already listed. In the case of securities
temporarily registered, directors, officers and principal security holders
need make no report at the time of registration.
A third type of report required under Section 16 is called for in the case
where a person becomes a director, officer, or holder of more than 10% of
an equity security on or after Nov. 1 1934 (or at any time on or after
Oct. I 1934, if the registration is not the temporary registration of a security already listed). In this third type of case, a report must be filed on
Form 6, unless, by virtue of being already a member of the class of persons
required to make reports with respect to the same security, the holder files
a statement on Form 4 for the same month.
A corporation holding more than 10% of one of its own classes of equity
securities, either as treasury stock or in the name of an officer, must make
reports required by Rule NA 1. An officer holding in his name but for the
benefit of the corporation need not report such holding.
The word "person" in the foregoing paragraphs should be construed to
cover any individual or corporation, including any holding company,
holding stock of the registered company.
Volume 139
Financial Chronicle
If the company where stock is registered has a class of equity stock which
Is not listed or registered, officers and directors must report any changes of
their holdings in the unregistered stock just as they would report such
changes in the registered stock.
A person who is not an officer or director of a listed company need not
report his holdings and transactions in any unregistered equity security
unless he is the holder of more than 10 per cent of a registered equity securaty (other than an exempted security), in which case his holdings and transactions in all of the equity securities of the listed company in which he is a
principal stockholder are to be reported. If. however, such stockholder
holds more than 10 per centum in the unregistered equity security of a
listed company and less than 10 per centum in the listed and registered
security, no report is necessary.
All of these reports should be made by the director, officer, or stockholder and not by the corporation. They are to be made directly to the
exchange and to the Commission.
Note that the definition of "equity security" contained in the Act is
broader than that which is ordinarily attributed to the term. It means
any stock or similar security, whether preferred or otherwise,or any security,
even though it might be a first mortgage bond, which is convertible into
an equity security, or which carries any warrant or right to subscribe to
or purchase an equity security. It also includes any warrant or right
which is detached from other securities, but which conveys the right to
subscribe to or purchase an equity security. The Commission may make
rules covering other securities which will define them as "equity securities."
To avoid confusion, it should be noted that, although the Act provides
that, in applications for registration other than temporary registration of
securities already listed, the corporations should report each security
holder of record holding more than 10 per centum of any class of any equity
security of the issuer (other than an exempted security); nevertheless, the
obligation to make individual reports by large stockholders, as distinguished
from officers and directors, depends upon the beneficial ownership, directly
or indirectly, of such equity stock, and not upon the matter of record.
If an equity security is listed upon more than one exchange, a separate
report should be filed with each exchange and a duplicate original of each
such separate report with the Commission.
Work is now in progress in developing a definition of "beneficial owner,"
as used in Section 16 and Rule NA 1. We would appreciate your informing
us of any particular problems that you have met bearing on this matter,
in order that they may be considered in the drafting of possible regulations.
Very truly yours,
BALDWIN B. BANE,
Executive Administrator,
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Release No. 9
Sept. 18 1934.
Rule NA 1, as promulgated Aug. 13 1934, is hereby amended to read
as follows:
Rule NA 1. Reports Under Section 16-(a). (a) All equity securities
temporarily registered pursuant to Rule JE 1 shall be exempted securities
for purposes of allprovisions of Section 16-1a) up to and including Oct. 31
1934. Thereafter, so long as such temporary registration remains effective, such securities shall be exempted securities for purposes of that provision of Section 16 (a) which requires the filing of a statement of ownership
at the time of the registration of an equity security. None of the reports
Provided for in Section 16-(a) need be made except as provided in the Rules
and Regulations. This Rule shall not affect the applicability of Section 16-(b) or (c).
(b) In the case of an equity security (other than an exempted security)
which is registered pursuant to Section 12-(b) or(c)—but not in the case of
an equity security which is temporarily registered pursuant to Rule JE 1—
every person who at the time such registration becomes effective is directly
or indirectly the beneficial owner of more than 10 per cent of any class of
such security or a director or an officer of the issuer of such security, shall
file with the exchange a statement on Form 5 (and a duplicate original
thereof with the Commission) of the amount of all equity securities of such
issuer, whether registered or not, so beneficially owned by him at the time
such registration became effective, and of all changes in such ownership
that have occurred thereafter during the calendar month in which such
registration became effective. Such statement must be received by the
Commission and the exchange on or before the tenth day of the following
calendar month. Ifsuch person files a statement pursuant to paragraph (d)
of this Rule for the same calendar month in respect of the same securities, •
he need not file an additional statement pursuant to this paragraph.
(c) Every person who, on or after Nov. 1 1934. in the case of an equity
security temporarily registered pursuant to Rule JE 1, or on or after Oct. 1
1934, in thecase of an equity security registered pursuant to Section 12-(b)
or (c). becomes directly or indirectly the beneficial owner of more than 10
per cent of any class of such security (other than an exempted security),
or becomes a director or an officer of the issuer of such security, shall file
with the exchange a statement on Form 6 (and a duplicate original thereof
with the Commission) of the amount of all equity securities of such issue:.
whether registered or not, so beneficially owned by him immediately after
becoming such beneficial owner, director or officer. Such statement must
be received by the Commission and the exchange on or before the tenth day
following the day on which such person has become such beneficial owner,
director or officer. If such person at the time of becoming such beneficial
owner is already a director or officer of such issuer, or at the time of becoming such director is already such beneficial owner or officer, or at the time
of becoming such officer is already such beneficial owner or director, he
need not file the statement required by this paragraph, provided that prior
to such tenth day and during the calendar month in which he has become
such beneficial owner, director or officer, there has been a change in his
beneficial ownership which will require him to file a statement pursuant
to paragraph (d) of this Rule, with respect to the same securities.
(d) For every month subsequent to October: 1934, every person who at
any time during such month has been directly or indirectly the beneficial
owner of more than 10 per cent of any class of any equity security (other
than an exempted security), which is registered on a National securities
exchange, or a director or an officer of the issuer of such security, shall, if
there has been any change during such month in his ownership of any equity
security of such issuer, whether registered or not, file with the exchange a
statement on Form 4 (and a duplicate original thereof with the Commission)
indicating his ownership at the close of the calendar month and such changes
in his ownership as have occurred during such calendar month. Such
statements must be received by the Commission and the exchange on or
before the tenth day of the month following that which they cover.
Rule NB 1. Exemption of Certain Transactions Originating Prior to
Oct. 11934,from Section 16-(b). A purchase which is effected before Oct. 1
1934 followed by a sale after Oct. 11934, within six months ofsuch purchase,
or a sale which is effected before Oct. 1 1934 followed by a purchase alto:
Oct. 1 1934, within six months of such gale, shall be exempt from the provisions of Section 16-(b),
1971
Rule ND 1. Arbitrage Transactions Under Section 16. It shall be unlawful for any director or officer of an issuer of an equity security which is
registered on a National securities exchange to effect any foreign or domestic arbitrage transaction in any equity security of such issuer, whether
registered or not, unless he shall include such transaction in the statements
required by Section 16-(a) and Rule NA 1, and shall account to such issuer
for the profits arising from such transaction, as provided in Section 16-(b).
The provisions of Section 16-(c) shall not apply to such arbitrage transactions. The provisions of Rule NA I and of Section 16 shall not apply to
any bona fide foreign or domestic arbitrage transaction in so far as it is
effected by any person other than such director or officer of the issuer of
such security.
Officers Elected to Unit of Savings Bank Association
of State of New York—G. S. Downing Named
Chairman of Group Five.
George S. Downing, President of the Jamaica Savings
Bank, Jamaica, Queens, was elected Chairman of Group
Five Division of the Savings Bank Association of the State
of New York at the Group's annual meeting. Mr. Downing
was previously Vice-President of the Bank of the Manhattan Co., New York City, and prior to that time Treasurer
of the Long Island Bond & Mortgage Guarantee Co.
Ray C. Shepherd of the Dime Savings Bank, Brooklyn,
was made Secretary-Treasurer of the Group. Members
were elected to the Executive Committee as follows: David
Leaman, President of the Brooklyn Savings Bank, Chairman; Richard J. Wulff, President, Fulton Savings Bank,
Brook:yn, and Frank S. Harlow, Secretary of the Greenpoint
Savings Bank, Brook_yn.
New York Stock Exchange Firms of Russell, Miller &
Co. and A. 0. Slaughter, Anderson & Fox to Consolidate Under Title of Slaughter & Russell
The brokerage houses of Russell, Miller & Co. and A. 0.
Slaughter, Anderson & Fox will be consolidated as of Monday, Oct. 1, according to a joint announcement by the two
firms on Sept. 20. The name of the new firm, which will
continue to operate offices in New York, Chicago, and on the
coast, will be "Slaughter & Russell."
Pacific Coast offices will be maintained in San Francisco,
Los Angeles, Oakland, Del Monte, Hollywood, Portland and
Seattle.
Slaughter & Russell will hold two memberships on both
the New York Stock Exchange and the Chicago Board of
Trade and also memberships on a large number of other
principal security and commodity exchanges of the United
States and Canada. The San Francisco "Chronicle" of
Sept. 20, in noting the union of the firms, furthermore said:
rhe new partnership will be composed of the following members of the
two merging firms, the partners of Slaughter & Russell being Benjamin F.
Pepper, Henry P. Russell. Kingman Douglass. Walter G. Van Pelt. Samuel
W. Atkins, member of the New York Stock Exchange; Harry B. Butcher,
Joseph Clendenin Jr., Robert de Vecchi, Dean Dillman, Reginald 0. Dunhill. Lawrence W. Fox Jr., Raymond F. McNally, Lawrence McK. Miller,
Eric L. Pedley, C. R. Coster Steers, member of the New York Stock Exchange; Kenneth Walsh, William G. Devereux, limited partner, and Rothwell M. Sheriff, limited partner.
Brokerage Firm of Filer & Co. Files Voluntary Petition
in Bankruptcy—Suspended by New York Stock
and New York Curb Exchanges
On Sept. 27 Allen L. Lindley, Vice-President of the New
York Stock Exchange, made the following announcement to
the members from the rostrum of the Exchange:
"The Committee on Business Conduct was advised this morning by Filer
& Co. that this firm had to-day (Sept. 27) filed a voluntary petition in
bankruptcy. Accordingly, Wilfred H. Fritts, the Board member of the
firm, has been suspended pursuant to Section 2, Article XVI, of the Constitution of the Exchange.
"We have also been advised by Filer & Co.that no losses will be sustained
by the public because no customers are involved."
Shortly after the Stock Exchange suspension, the New
York Curb Exchange took similar action, suspending the firm
from associate membership.
Members of the failed firm, which has offices at 39 Broadway, this city, are Leo J. Filer, Albert Kasten and William
H. Fritts. The special partners are J. Man tteimer and
Aletta E. Filer. In the petition, which was filed before
Judge Knox in the Federal Court, assets were estimated at
$76,511, including the membership on the Stock Exchange,
while liabilities were estimated at $154,461. The firm
operated as specialists on the floor of the Stock Exchange
and had no customers, so that the public is not involved.
From the New York "Times" of yesterday (Sept. 28) we
quote the following:
Among the stocks in which the firm acted as specialists were Belding
Heminway, Calumet and Hecla, Eastman Kodak, Fox Film, Houston Oil,
Philip Morris, Goodyear. National Power and Light, Wilcox Oil, Youngstown Sheet and Tube. Phoenix Hosiery and New York Dock. The firm
became a member of the Stock Exchange on Sept. 29 1928.
The petition in bankruptcy, filed by Messrs. Filer, Kastan & Fritts, set
forth that Jacob Manhelmer, a limited partner. had a State Supreme Court
action asking for dissolution of the firm and the appointment of himself as
1972
Financial Chronicle
receiver. Judge Knox, at the request of the petitioners, restrained any
action in that case temporarily and appointed Edwin M. Otterbourg to
•
act as receiver under a $5.000 bond.
The New York "Herald Tribune" of Sept. 28, in its
account of the failure, had the following to say in part:
At the office of the firm it was said that no statement would be made for
the present. The Stock Exchange lists Filer & Co. as being "at" Ira
Haupt & Co., and it is understood that the clearing of the insolvent firm
was done oy the Haupt organization. Although the Stock Exchange did
not make the information public and the firms themselves would make no
comment,it is reliably understood that the commission business was handled
through the Haupt firm, which therefore assumed responsibility for the
amounts, which resulted in "no losses being sustained by the public."
Ira Haupt & Co. are in no way connected with the insolvency of the Alm
firm.
In the petition of bankruptcy, filed in Federal Court before Judge John
C. Knox yesterday (Sept. 27) assets were estimated at $76,511, including
the Exchange membership of Mr. Fritts. accounts receivable, furniture,
fixtures and cash in banks. Liabilities, the petition says, total $154461,
with no indebtedness due to customers The liabilities include indebtedness of $32,305 to Ira Haupt& Co..and $28,564 to Bernard L. Mensch,both
secured by liens on the sale of the firm's Exchange membership.
New York Banks Ceasing to Act as Postal Depositaries
—Unable to Employ Funds Profitably
Because of their inability to employ postal savings funds
profitably a number of New York banking institutions have
ceased to act as depositaries for such funds. The banks, it
is pointed out, are unwilling to pay the postal system 23/2%
on deposits on which they can obtain only a fraction of that
amount. According to the New York "Sun" of Sept. 20,
the names of the local banks were contained in a long list of
banks throughout the country that had severed their relations
with the postal system in the week ended Sept. 15. The
"Sun" in part also stated:
The New York banks that have decided to quit trying to make ends meet
on the reception of postal deposits and their reinvestment, are the Bank of
New York & Trust Co., Irving Trust Co., Chemical Bank & Trust CO,
Bank of the Manhattan Co. and New York Trust Co. It is expected that
the list will be swelled rapidly and that if conditions under which deposits
are received and reinvested do not change, practically all in the city will
cease to be depositaries.
The banks to-day were Inclined to anticipate criticism to the effect that
they had gladly accepted postal deposits when there was a good profit
in them but were throwing out the business just as soon as it became
unprofitable. The answer was that these postal deposits have been carried
by the banks at a loss for more than a year. One bank said it had been
losing on the deal for nearly two years.
In normal times it is customary for the system to place 85% of its deposits
with commercial banks, but recently many banks in all parts of the country
have been either refusing to take new deposits from the system or have
actually been turning back the funds to the system. It is now estimated
that not more than 66% of the system's deposits are with the commercial
banks.
Normally $10.000.000 to $20,000.000 of postal savings funds are in
custody of the Treasury but now the amount is much greater. It has been
estimated that in the second quarter of this year the banks refused $187,000.000 of new deposits.
It is expected that the Treasury will be called upon to take into its custody
hundreds of millions of dollars of postal deposits now held in commercial
banks. If the commercial banks had been willing to tie these postal funds
up in long term Government bonds, there would have been a profit in
continuing to take them. That, however, is not the commercial bank's
Idea of proper liquidity for demand deposits. If the Treasury adheres to
the same standards followed by the banks, the burden of carrying an unprofitable block of deposits will fall back on the Government instead of on
the commercial banks.
Other New York banks, including Central Hanover Bank & Trust Co.,
Guaranty Trust Co. and Bankers Trust Co., ceased to act as depositaries.
many weeks ago.
,
236% Interest Rate on Savings Deposits Predicted by
H. T. Kinsey, President of New York State Savings
Bank Association
The prediction was made by Henry T. Kinsey, President
of the Williamsburgh Savings Bank of Brooklyn, N. Y., in
an address to the State Savings Bank Association in convention at Norwich, Conn., on Sept. 20, that by Jan. 1
interest on savings accounts in the metropolitan savings
banks would be 2M%. This rate, he said, would enable
banks to recuperate and it would place banks on their feet
again. Mr. Kinsey is also President of the State Savings
Bank Association of New York. The Hartford "Courant,"
from which we take the foregoing, also stated:
The convention adopted a motion authorizing the President of the
Association to co-operate with neighboring States in efforts to improve
the mortgage situation.
Meeting of Reserve City Bankers Association—Central
Bank Not Discussed—To Devote Efforts Towards
Use of Bank Credit to Combat Unemployment
It was made known on Sept. 23 by Lyman E. Wakefield,
President of the Reserve City Bankers Association, that
the Association will not make recommendations to Congress
regarding banking legislation. The Chicago "Journal of
Commerce" of Sept. 24, thus quoting Mr. Wakefield, also
reported him as saying that the purpose of the meeting held
this week was to determine if the field is open to the preparation of new reports similar to that on insurance of bank
deposits which the organization issued early this year.
Sept. 29 1934
In addition to serving as President of the Association,
Mr. Wakefield is Chairmar of its Special Policy Committee, which met in Chicago on Sept. 23 and 24. In
indicating that the Central Bank issue was not considered
at the meeting the "Journal of Commerce" (Chicago) had
the following to say in its Sept. 24 issue:
Central Bank Not Discussed
The question of the possible organization of a Government-controlled
Central Bank to supplant the Federal Reserve System was not discussed
at the first meeting yesterday and will not be in subsequent sessions,
Mr. Wakefield stated. He added that this subject, which is causing concern in banking circles, will not be covered by reports or recommendations
of the committee. The committee has "no ideas or commitments" regarding formation of a Central Bank, he said.
Concerning the demand from some quarters for more liberal loaning
policies by commercial banks, Mr. Wakefield said. "No ballyhoo method
of credit expansion which creates undue losses can be indulged in without
banks finding the means of making those who deal with them bear the
burden.
"No burden of tax or other expenditure can be imposed on banks unless
banks find a means of collecting the cost from those who deal with them."
He explained that the purpose of the Association is to make factual and
technical studies on trends in banking.
"Our interest is the interest of those who deal with banks because the
future of banking is dependent on the ability of banks properly to serve
the public. It should be remembered that no laws or statutes that control transactions in banks can be made which do not directly affect those
who deal with them."
Eighteen bankers from various parts of the country were present at
yesterday's meeting. Those from Chicago were John H. Hogan, VicePresident, Continental Illinois National Bank & Trust Co.: Harold V.
Amberg and Walter Lichtenstein, Vice-Presidents, First National Bank.
and Laurence B. Robbins, Vice-President, Northern Trust Co.
From the same paper Sept. 25 we take the following:
Mr. Wakefield said the Association would devote efforts toward convincing people with credit lines already established that through employment of bank funds in their business they can create work and increase
payrolls.
Large Loans Recovery Factor
It is the large prospective borrowers and the potential effect of their
activities on the business situation and not small loans to individuals and
little concerns which are the main factors in recovery, he stated.
The group has the "greatest sympathy with the present rehabilitation
program," he declared. Other members stated that banks in various
sections of the country are making many loans under the Federal housing
program and that bankers are co-operating fully in the plan.
Mr. Wakefield said the committee reached the conclusion that means
can be worked out through co-operation of the Government and banks
by which small loans of secondary grade can be accomplished.
The group, he stated, sees no reason for uneasiness concerning the
in
credit of the Federal Government, which he declared was "the best
the world." . . .
The Association has retained Professor Herbert Reed of Cornell University to make a study of the present banking situation. From the
same faculty as Professor Warren, advocate of dollar devaluation, Professor
Reed is a student of the Federal Reserve System and a member of the
New York State Banking Depa:tment.
The next gathering of the special committee will be held in Washington
late in October at the time of the American Bankers Association annual
convention.
Mr. Wakefield is President of the First National Bank
& Trust Co. of Minneapolis.
Proposal for Central Bank and Its Significance—
Guaranty Trust Co. of New York, in Pointing
Out Dangers, Says That in Addition to Extending
Government Control Over Banking, It Would
Put Entire Ecconomic Life of Country Under Public
Regulation
The Guaranty Trust Co. of New York points out that
among the legislative proposals that are likely to be brought
before the next Congress, none is of more interest or of more
vital importance than the plan for a governmentally-controlled Central Bank. The proposal for a Central Bank and
its significance is discussed by the company in "The Guaranty Survey," its review of business and financial conditions
in the United States and abroad, published Sept. 24. According to "The Survey," "the most ominous possibilities of such
a proposal lle not in the fact that it would extend the control
of the Government over the business of banking, but that it
would alter the nature of the banking process in such a
way as to place the entire economic life of the country under
the regulation of public officials. Continuing,"The Survey"
says:
Inflationary Aspects
The nature of the plan .cannot be fully understood except in its relation
to the general recovery program of the Administration. The program of
public loans and expenditures involves borrowing on a huge scale by the
Government, mainly from the banks. This borrowing has already proceeded
to a point where about one-third of total bank portfolios consist of Government bonds and where member banks of the Federal Reserve System alone
hold more than one-third of the total public debt. It is recognized that,
it this borrowing continues, it will become increasingly difficult for the
Government to float bonds at reasonable rates of interest. With the Central
Bank completely under the control of the Government, this limit could be
greatly extended; and, if the Central Bank should be relieved of reserve
requirements, there would be no limit at all. The Central Bank, under these
circumstances, could simply issue notes in exchange for Government bonds.
For all practical purposes this would be equivalent to a direct issue of greenbacks by the Government. To the extent that such a policy was pursued.
the Central Bank would be merely an instrumentality of roundabout inflation.
The problem of putting the funds to work, however, would remain to be
solved. It has already been demonstrated that the borrowing and lending
Volume 139
Financial Chronicle
process of the Government does not make it possible for individual banks to
increase their loans to business. It has, in fact, had the opposite effect.
Member banks on Sept. 19 had excess reserves estimated at $1,750,000,000,
and to increase those reserves further will not make them more effective as
long as the demand for credit extension is lacking. In order to force credit
expansion, therefore, the Government would have to go much further than
merely to assume control of the central banking mechanism. It would find
Itself obliged either to lend directly to business or to seize control of the
entire banking system.
Dangers of Political Management
When it is proposed' to place the dictatorial authority over credit in the
the Government, a new set of complications arises. Politically
hands of
appointed banking officials would be answerable to the government that
employed them, and it happens only too frequently that the principal objective of a government is to get itself re-elected. Party membership would
tend to become a matter of business policy rather than of honest political
conviction. Losses due to bad management would be recouped from the
public treasury, and ultimately from the taxpayers. That a governmentally.
controlled banking system could be administered with greater financial
wisdom, greater fairness and impartiality, and greater courage to make unpopular decisions than a privately controlled system is hardly conceivable.
It has happened more than once that a Central Bank has failed to take
steps toward credit restriction at a time when such a policy was urgently
required, apparently because the banking authorities realized that restric
tion might precipitate unpleasant developments and that they would be
blamed for those developments. It is reasonable to believe that public
officials responsible to a political administration would be far more susceptible to such influences.
The Central Bank plan, instead of removing the banking system further
from political control and restoring a greater measure of self-regulation to
the bankers of the country, would put the entire banking structure into
politics to an extent never before contemplated in the United States. Enough
has already been said to show that the consequences of such a policy would
not be confined to the banking system itself. Banking is the nerve center
of business. Government control of the supply of credit would sooner or
later involve efforts at Government control of prices, production, and business policies in general. The entire industrial and commercial structure of
the nation would be affected. The system of free enterprise under which
the United States has developed would tend to disappear. Private property
in productive goods would be placed in jeopardy. It is doubtful whether the
proponents of the plan realize how strongly it would tend to create a drift
toward socialism.
The Government has already extended Its control over banking very drastically, partly, at least, as a result of a temporary emergency. Its aim now
should be to withdraw that control as quickly as possible, in so far SIB it
tends to make banking operations subject to political influences.
This should not be interpreted to mean either that the Government should
refrain from regulating banks or that no further changes in the banking
system are needed. Certain changes are very much needed, but they do not
consist in placing the entire business of banking under political control.
They consist, rather, in providing the sort of regulation by which sound
banking can flourish under the management of experienced and competent
bank officials.
The principal steps necessary to create the sort of banking system that
the country really needs are relatively simple. First and most important,
there should be one Federal systtm with compulsory membership for all commercial banks. Bank charters should be granted only upon proof of public
necessity. Uneconomic banks should be eliminated. Banks should be per.
mated to have branches within trade areas as defined by the respective
Federal Reserve banks, but in the development of the branch system the
sound unit banks should be protected.
The general supervision of the banks and the banking systern should be
vested in the Federal Reserve banks. The Federal Reserve banks should
have, among other powers, that to compel the discontinuance of unsound
practices, to prohibit the payment of dividends, and to close banks.
The unsound plan for a permanent guaranty of bank deposits should be
abandoned at the earliest possible moment.
All changes should be based on the principle of securing sound and conservative bank management, not on that of extending the powers of the
Government into a highly technical field in which it. is not equipped to
operate successfully.
RFC to Purchase Preferred Stock and Capital Notes in
Trust Companies to Facilitate Mortgage Financing
—Details Announced by Jesse H. Jones, Chairman.
Plans to facilitate mortgage financing whereby the Reconstruction Finance Corp. will purchase preferred stock and
capital notes in trust companies specializing in mortgage
loans, were announced on Sept. 27 by Jesse H. Jones, Chairman of the Corporation. "The RFC", Mr. Jones said, "is
prepared to buy preferred stock and capital notes in the trust
companies, and wants to encourage the organization of trust
companies that will engage especially in the mortage loan
business." Mr. Jones said that the purposes of the plan are:
First, to provide mortgage money for new construction with a view to
increasing employment and stimulating structural material markets.
Second. to enable distressed owners of mortgages, whether whole mortgages, split mortgages, or mortgage certificates, to borrow reasonably upon
these mortgages at fair interest rates, and not be forced to sell at sacrifice
prices.
Third, to enable borrowers to refinance mortgages where the value and-or
income of the mortgaged property, and the ability of the borrower to meet
interest and principal payments, will support the mortgage.
Fourth. to assist in the preservation and reorganization of distressed
properties for the protection of mortgage bonds or certificates, including
second mortgages and equities where the holder has a real chance of saving
his property.
"The organization or expansion of'such trust companies"
Mr. Jones said, "by people who understand the mortage
business and are able and willing to co-operate in the recovery
program by the investment of their funds in the common
stock of these companies, and the devotion of the time and
effort necessary to provide good management, will do much
in promoting better conditions." He continued:
The formation and expansion of mortgage companies eligible to borrow
under section 5of the R. F. C. Act,and national mortgage associations under
1973
the National Housing Act title III, will also be of assistance in the general
plan, particularly in those states where proper legislation for the formation
of Trust Companies has not been enacted.
The primary purpose is to re-establish, by private capital and private
enterprise, a sound mortgage market with the assistance and co-operation
of the REID through the purchase of preferred stock and capital notes; and
additional lending where necessary.
The common stock in such trust companies in which the RFC buys the
preferred stock or capital notes will be permitted to pay,if earned,the same
dividend rate per dollar invested as the preferred stock and capital notes
pay, and after payment of stock and capital note dividends and interest,
and setting up all necessary and proper reserves, one-half of the remaining
net earnings shall be used to retire the preferred stock or capital notes; and
the other one-half added to surplus and reserves.
The preferred stock and capital note dividend and interest rates to these
trust companies will be the same as to banks.
Many mortgages that can be made by such trust companies can be insured by the Mutual Mortgage Insurance Nund, operated by the Federal
Housing Administrator, and to that extent will complement the activities of
the Federal Housing Administration.
There are many kinds of properties, mortgages upon which cannot, under
thelaw,be insured by the FHA;such for instance as mortgages on apartment
houses of over $16,000, office buildings, hotels, factories, warehouses, and
the like, but buildings for these purposes are necessary and mortgages can
be made upon them on a perfectly sound basis. Mortgage money of this
character will not only be helpful in the recovery program, out provide
sound investments for those wishing to invest in this character ofsecurities.
Our nation's greatest single asset is real estate, and Just because a few
nig centers were overbuilt and many of the buildingsimprovidently financed,
Is no reason why real estate, or real estate securities,should be forever condemned. Real estate in some form, constitutes the savings and investthents
of a very large percentage of our citizenship. and these investments should
be preserved as far as it is possible to preserve them without loss to the
government.
This movement has the hearty endorsement of President Roosevelt and
if taken advantage of by patriotic people of means who are able to furnish
the common capital of such trust companies and provide capable management, considerable employment will be created and business generally
stimulated, to say nothing of the people who will be directly helped by such
loans.
More than a year ago the RFC agreed to purchase 550,000,000 of capital
notes in the Savings Banks Trust Company of New York City to enable the
associated savings banks of New York State to provide their institutions
with liquidity, and get needed funds to meet withdrawals without directly
borrowing. We also agreed to lend to a mortgage company, created and
owned by the savings banks of New York ;Rate, as much as $86.000.000.
if needed,to be secured by first mortgates.
I am glad to be able to say that none of the $50,000,000 capital note
commitment has been called for, and less than $15,000,000 in loans, more
than two thirds of which have already been repaid, rhe fact that these
funds have been available to these institutions went a long way in making
it unnecessary for them to actually use the money.
It is the desire of President Roosevelt and the Directors of the RFC,in
this further way, to assist business temporarily, by Providing mortgage
money where it can be done on a sound basis and without mist to the taxPayerThe RFC has,from time to time, offered to lend large sums in New York
City to gunned borrowers of substantial capital, for the aid and protection
of distressed mortgage certificate holders, but little has been accomplished,
and it Is hoped that those who have oeen interested in these offers,and others
of means,including oanks and insurance companies, will take advantage of
this opportunity to establish sound and properly managed mortgage trust
companies, with government co-operation,for the purposes outlined herein.
Washington advices, Sept. 27, to the New York "Herald
Tribune" of Sept. 28, had the following to say as to the plan:
The Corporation's new activities will supplement the work of the Federal
Housing Administration. ro some extent the trust companies receiving
capital from the Corporation will finance types of mortgages not covered
by the Housing Act. Other mortgages handled by these trust companies will
be eligibile for Government insurance under that law.
The pouring out ofgovernment funds for mortgage financing will represent
another effort to start the laggard durable goods industries in motion. By
making it less difficult to obtain money for real estate mortgages, it is
thought that an impetus will oe given to the construction industries.
No specific amount has been allotted for the purpose by the Corporation.
It is understood that a large amount will be available if needed.
Sept. 15 Financing of United States Treasury—$844,000,000 of Fourth Liberty 43.i% Bonds Tendered
Treasury Notes and 33(%
in Exchange for 2
Treasury Bonds—Books on Latter Issue Still Open
Following the closing of the books on Sept. 24 for the
Treasury Department's Sept. 15 offering of 23/2% Treasury
notes of Series D-1938, offered only in exchange for called
Fourth Liberty Loan 43.% bonds, preliminary reports from
the Federal Reserve banks that day showed that $536,000,000
of the Liberty Loan bonds had been exchanged for the new
notes. That the books for the 23/2% notes, dated Sept. 15
1934 and maturing Sept. 15 1938, would close on Sept. 24
was indicated in our issue of Sept. 22, page 1794. It was
also made known on Sept. 24 that $248,000,000 of the
Fourth Liberties had been tendered in exchange for the
3% Treasury bonds of 1944 to 1946, dated Apr. 16 1934,
maturing Apr. 15 1946, also embraced in the Treasury's
i%
Sept. 15 financing. The books for the 3Y bonds, which
are identical with and form part of a series first issued on
Apr. 15 1934, have not yet been closed. The total face value
of the Fourth Liberty bonds, called for redemption on Oct. 15
1934, is slightly less than $1,250,000,000.
An issue of 13/2% Treasury notes of Series D-1936 were
also offered on Sept. 15 by the Treasury in exchange only for
$524,748,000 of 13'% Treasury certificates of indebtedness,
which matured on Sept. 15. As noted in our item of last week
a total of $514,126,000 of the certificates of indebtedness were
1974
Financial Chronicle
tendered and allotted for the 1
notes. The Treasury's
financing was referred to in our issue of Sept. 15, pages
1631 to 1634.
$75,023,000 Accepted of $194,266,000 Tenders Received
to Offering of $75,000,000 or Thereabouts of 182Day Treasury Bills Dated Sept. 26 1934—Average
Rate 0.29%
Announcement was made on Sept. 24 by the Secretary of
the Treasury, Henry Morganthau, Jr., that tenders totaling
$194,266,000 were received to the offering of $75,000,000
or thereabouts of 182-day Treasury bills dated Sept. 26 1934
and maturing March 27 1935. Secretary Morganthau said
that bids of $75,023,000 have been accepted.
The offering was announced.by Secretary Morgenthau on
Sept. 20,as noted in our issue of Sept. 22, page 1794. Tenders
thereto were received at the Federal Reserve banks and the
branches thereof up to 2 p. m., Eastern Standard Time,
Sept. 24. In his announcement of Sept. 24 the Secretary
of the Treasury stated:
Except for one bid of $55.000 at 99.935. the accepted bids ranged in
price from 99.879, equivalent to a rate of about 0.24% per annum, to
99.843. equivalent to a rate of about 0.31% per annum,on a bank discount
basis. Only part of the amount bid for at the latter price was accepted.
The average price of Treasury bills to be issued is 99.855 and the average
rate is about 0.29% per annum on a bank discount basis.
The average rate of 0.29% compares with rates at which
recent offerings of similar securities sold of 0.28% (bills
dated Sept. 19); 0.23% (bills dated Sept. 12); 0.18% (bills
dated Sept. 5), and 0.22% (bills dated Aug. 29).
$8,843,000 of Government securities Purchased by
Treasury Department During Week of Sept. 24
Government securities in amount of $8,843,000 were purchased in the open market, for the investment account of
the various Government agencies, by the Treasury Department during the week of Sept. 24, it is indicated in a statement issued Sept. 24 by the Treasury. During the previous
week ended Sept. 17 the Department made purchases in
amount of $11,657,000. Since the inauguration of the
Treasury's support to the Government bond market last
November, reference to which was made in our issue of
Nov. 25, page 3769, the weekly purchases have been as
follows:
Nov. 25 1933
$8.748,000 Apr. 28 1934
84,885,000
Dec. 2 1933
2,545,000 May 5 1934
5,001,500
Dec. 9 1933
7.079,000 May 12 1934
500,000
Dec. 16 1933
16,600,000 May 19 1934
4,000,000
Dec. 23 1933
16,510.000 May 26 1934
5.000,000
Dec. 30 1933
11,950,000 June 2 1934
Jan, 6 1934
44,713.000 June 9 1934
Jan. 13 1934
33.868,000 June IC 1934
Jan. 20 1934
17.032.000 June 23 1934
Jan. 27 1934
2,800,000 June 30 1934
500,000
Feb. 5 1934
7.900.000 July 7 1934
Feb. 13 1934
022,528,000 July 14 1934
3.828,000
Feb. 17 1934
7.089.000 July 23 1934
400,000
Feb. 24 1934
1,861,000 July 30 1934
Mar. 3 1934
10.208.100 Aug. 6 1934
Mar. 10 1934
8,900.000 "Aug. 13 1934
45,098,100
Mar. 17 1934
7,909,000 Aug. 20 1934
1,250,000
Mar. 24 1934
37,744,000 Aug. 27 1934
10.708,000
Mar, 31 1934
Sept. 3 1934
17.746,000
Apr. 7 1934
42,369.400 Sept. 10 1934
18,652,000
Apr. 14 1934
20,580.000 Sept. 17 1934
11,657,000
Apr. 21 1934
30.500.000 Sept. 24 1934
8,843.000
• In addition to this amount, $638.400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
"In addition 822.000.000 of securities of HOLC purchased direct.
Sept. 29 1934
proclamation, which was referred to in our issue of Dec. 23,
page 4440, authorized the Department to buy at least
24,000,000 ounces annually. Of the amount purchased
during the week of Sept. 21, 95,966.10 fine ounces were
received at the San Francisco Mint and 7,075 fine ounces
at the mint at Denver. During the previous week ended
Sept. 14 the Department purchased 353,004.29 fine ounces.
The total receipts by the mints since the issuance of the
proclamation follow(we omit the fractional part of the ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
• Corrected figure.
Ounces
1,157
547
477
94,921
117,554
375.995
232.630
322,627
271,800
126.604
832,808
369,844
354,711
569,274
10.032
753,938
436,043
647.224
600,631
Week Ended—
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
July 27
Aug 3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
Sept. 7
Sept. 14
Sept. 21
Ounces
503.309
885,056
295,511
200,897
206.790
380.532
64,047
*1,218,247
230.491
115.217
292,719
118.307
254,458
649,757
378,504
11,574
264,307
353,004
103,041
The Treasury's statement of Sept. 24 contained a figure of
total receipts since the issuance of the Dec. 21 proclamation
and up to Sept. 21 of 12,432,000 fine ounces.
Silver Transferred to United States Under Nationalization Order-8,436,920 Fine Ounces During Week
of Sept. 21
During the week of Sept. 21 a total of 8,435,920 fine
ounces of silver were transferred to the United States under
the Executive Order of Aug. 9, nationalizing the metal.
A statement issued Sept. 24 by the Treasury Department
showed that receipts since the order was issued and up to
Sept. 21 total 88,419,281 fine ounces. The order of Aug. 9
was given in our issue of Aug. 11, page 858. The stateMent by the Treasury of Sept. 24 shows that the silver was
received at the various mints and assay offices during the
week of Sept. 21 as follows:
Philadelphia
New York
San Francisco
Denver
Fine Ounces
Fine Ounces
302,489 New Orleans
796
7,616,225 Seattle
5,121
234.668
276,621
Total for week end. Sept.21 8,435,920
Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended—
Aug. 17 1934
Aug. 24 1934
Aug. 31 1934
Sept. 7 1934
Fine Ounces
Week Ended—
33,465,091 Sept. 14 1934
26,088,019 Sept. 21 1934
12,301.731
4,144,157
lotal
Fine Ounces
3,984,363
8,435.920
88,419,281
Monthly Report Issued by Treasury Department Showing Financial Position of Government Agencies
Financed Wholly or in Part from Government
Funds
A report issued, Sept. 23, by Secretary of the Treasury
Morgenthau, shows in the case of agencies financed wholly
from Government funds a proprietary interest of the United
States as of July 31 1934, of $3,133,000,000 as compared
with $3,238,000,000 on June 30, a decrease of $105,000,000.
In press accounts from Washington it is noted that in the
Receipts of Hoarded Gold During Week of Sept. 19, case of wholly-owned Government agencies the proprietary
interest represents the excess of assets over liabilities.
$781,124—$29,404 Coin and $751,720 Certificates
The Government's proprietary interest in agencies financed
Figures issued by the Treasury Department on Sept. 24
indicate that gold coin and certificates amounting to $781,- partly from private funds as of July 31 1934, was $968,123.64 was received during the week of Sept. 19 by the 000,000, as compared with $930,000,000 on June 30, an
Federal Reserve banks and the Treasurer's office. Total increase of $38,000,000. With respect to the partly-owned
receipts since Dec. 28 1933, the date of the issuance of the Government agencies the Government's proprietary interest
order requiring all gold to be returned to the Treasury, and is the excess of assets over liabilities, less the privately owned
up to Sept. 19, amount to $101,642,042.94. The figures interest in the assets. It consists of the Government's share
show that of the amount received during the week ended of the capital stock and surplus of these agencies.
The report just issued is the second of its kind to be made
Sept. 19, $29,403.64 was gold coin and $751,720 gold certiavailable by the Treasury, the earlier one, made public
ficates. The total receipts are shown as follows:
Received by Federal Reserve Banks:
Aug. 29 having been given in these columns Sept. 1, page
Gold Coin
Gold Cerlificores
Week ended Sept. 19
629,403.64
1739.420.00
1336. With regard to the report, which shows an increase of
Received previously
29,034.165.30 69,849,860.00
$100,000,000 in loans by the Corporations, we quote the
Total to Sept. 19 1934
329,063,568.94 $70,589,280.00
Received by Treasurer's office:
following from the Washington account, Sept. 23, to the
Week ended Sept. 19
$12,300.00
New York "Times":
Received previously
8251,894.00
1,725,000.00
Total to Sept. 19 1934
8251,894.00 11.737,300.00
Note.
--Cold bars deposited with New York Assay Office to the amount of $200,572.69 previously reported.
Treasury Purchases of Silver Totaled 103,041.10 Fine
Ounces During Week of Sept. 21
According to figures issued Sept. 24 by the Treasury Department, 103,041.10 fine ounces of silver were received by
the various United States mints during the week ended
Sept. 21 from purchases made by the Treasury in accordance
with the President's proclamation of Dec. 21 1933. The
The total loans by the Government corporations on July 31 were $3,173973,245 and by the others, 33,470,480,291, or a grand total of $6,644,433,536. as compared with $8.544,000,000 on June 30.
The principal increase was $189,000,000 in loans by the Home Owners
Loan Corporation, which carried the total for that agency to $1,003,295.359.
On the other hand. Reconstruction Finance Corporation loans (these
Including disbursements for the purchase of preferred stock and capital
notes of banks) at 32,543.000.000 showed a shrinkage through repayments
of 1124,000.000.
The statement to-day was a supplement to one which Secretary Morgenthau issued on Aug. 28, covering the period to June 30, in which he endeavored to show that the Government possessed heavy assets which assured
return to the Treasury of large sums that would go far to cut down the
Increase in the public debt.
Financial Chronicle
Volume 139
Changes in Proprietary Interest
Investment by the corporations and agencies in Government securities
over the month showed relatively little change, dropping from 3361,000,000
on June 30 to $358.204,599 on July 31. The heaviest investments were
for the Federal Deposit Insurance Corporation, which held $228,000.000
of the total at the end of June and $227,782,343, July 31.
To-day's report showed that in agencies financed wholly by Government
funds the proprietary interest of the United States as of July 31 was $3,133.000,000. a decrease of $105,000,000 during the month. Proprietary interest
was explained as representing the excess of assets over liabilities.
As for the agencies financed partly from Government funds and partly
from private funds, the Government's proprietary interest on July 31 was
$968,000,000, an increase of $38,000,000 for the month. In the latter
agencies the Government's proprietary interest represents the excess of
assets over liabilities, less the privately owned interest in the assets
Summation for Month
A detailed summary of assets and liabilities of all of the corporations and
agencies placed the excess of assets over liabilities of corporations wholly
financed by the Government at $3.133,113,427 and those of agencies
financed partly by Government funds and partly by private at $1.251,419,526, as compared with $3,238,000,000 and $1,209,000.000. respectively,
on June 30, or a grand total of $4,384,533,053, as against $4,447,000,000 on
June 30, a decrease of $62,466,947.
The greatest excess of assets over liabilities for an individual corporation
was $2,327,580,720 for the RFC in July, as compared with $2,452,000,000
In June.
Total assets of corporations wholly owned by the Government and those
in which the Government has an interest along with private capital were
$8.407,269,960 as compared with $7.775,000,000 in June
The sharpest increases were in those of the Federal Farm Mortgage
Corporation, which rose from $558,000,000 to $790,000,000: the HOW,
from $849,000,000 to $1,076,000,000, and the Federal Land banks, from
$1,955,000,000 to $2,164,000,000. All of these are agencies partly financed
by the Government and partly by private funds.
The following tabulation, made public by Secretary
Morgenthau shows in millions of dollars a comparison of
proprietary interest as between July 31 1934, and June 30
1934:
Proprietary Interests Owned
by the United States
July 31 1934
June 30 1934
Increase 1+)
Or
Decrease (--)
I. Financed Wholly from Government Funds
Reconstruction Finance Corporation 82,328,000,000 82,452,000,000 —8124,000,000
Commodity Credit Corporation_ _ _ _
163,000,000
206,000,000 —43,000,000
Export-Import banks
14,000,000
14,000.000
Public Works Administration
155,000,000
136,000,000 +19,000,000
Regional Agricul. Credit corporations
52,000.000
51,000,000
+1,000,000
Production Credit corporations
110,000,000
106,000,000
+4,000,000
Other (including crop loans)
311,000,000
273,000,000 +38.000,000
Total Group I
83,133,000,000 $3,238,000,000 —$105,090,000
II, Financed Partly from Government Funds and Partly from Private Funds
Federal Land banks
162,000,000
161,000,000
+1,000,000
Federal Intermediate Credit banks
100,000,000
85,000,000 +15,000,000
Federal Farm Mortgage Corporation
196,000,000
197,000,000
--1,000,000
Banks for Co-operatives
112,000,000
111,000,000
+1,000,000
Home Loan banks
82,000,000
81,000,000
+1,000,000
Home Owners' Loan Corporation_
164,000,000
144,000,000 +20,000,000
Federal Savings & Loan associations_
2,000,000
1,000,000
+1,000,000
Federal Deposit Insurance Corp__ _ _
150,000,000
150,000,000
Total Group II
Grand total
8968,000,000 $930,000,000 +838,000,000
$4,101,000,000 84,168,000,000 --867.000,000
New Offering of $75,000,000 or Thereabouts of 182
-Day
Treasury Bills—To Be Dated Oct. 3 1934
Tenders to a new offering of $75,000,000 or thereabouts of
182-day Treasury bills will be received at the Federal Reserve
Banks, or the branches thereof, up to 2 p. m., Eastern Standard Time, Monday, Oct. 1, Henry Morgenthau, Jr., Secretary of the Treasury, announced Sept. 27. The tenders,
it was noted, will not be received at the Treasury Department, Washington. The new bills will be dated Oct. 3 1934
and will mature on Apr. 3 1935, and on the maturity date
the face amount will be payable without interest. The bills
will be sold on a discount basis to the highest bidders, and the
accepted bids will be used in part to retire an issue of similar
securities in amount of $50,096,000 which mature on Oct. 3.
In his announcement of Sept. 27 of the offering, Secretary
Morgenthau said:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, $100,000, $500,000, and $1.000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on the
basis of 100. with not more than three decimal places, e.g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank or
trust company.
Inunedlately after the closing hour for receipt of tenders on Oct. 1 1934,
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 othet immediately available funds on
Oct. 3 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof, will also be exempt, from all
1975
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.
Attitude of Federal Reserve Board Toward Views of
Federal Advisory Council on Gold Standard and
Monetary Issues—Board Holds Matters Are Not
Within Jurisdiction of Council
The Federal Reserve Board, through J. J."Thomas, ViceGovernor, in reply to the statement of the Federal Advisory
Board urging a return to the gold standard and the discontinuation of monetary experiment, has informed Walter
Lichtenstein, Secretary of the Council, that the Board considers these matters outside the jurisdiction of the Council.
The Board's attitude is set forth in a resolution adopted by
it and incorporated in the letter. The following is the letter
of Mr. Thomas to Mr. Lichtenstein, dated Sept. 27:
I return herewith your letter of Sept. 25 1934 and the copy attached
thereto of a statement prepared by the Federal Advisory Council. Your
letter and the statement referred to were received yesterday afternoon and
brought immediately to the attention of the Board. Thereupon the Board
adopted unanimously the following ieaolution:
Resolved, That the letter of Sept. 25 1934, received this afternoon by
Vice-Governor Thomas from Walter Lichtenstein, Secretary of the Federal
Advisory Council, and the copy of a statement of the Federal Advisory
Council referred to therein, be returned to the Secretary of the Federal
Advisory Council, with the comment that the Board considers that the
matter contained in the statement referred to does not come within the
jurisdiction of the Federal Reserve Council and with the request that in
this connection the attention of the Federal Advisory Council be called to
the fact that the second paragraph of Section 12 of the Federal Reserve Act
reads as follows;
The Federal Advisory Council shall have power, by itself or through its
officers, (1) to confer directly with the Federal Reserve Board on general
business condition: (2) to make oral or written representations concerning
matters within the jurisdiction of said board:(3) to call for information and
to make recommendations in regard to discount rates, rediscount business,
note issues, reserve conditions in the various districts, the purchase and
sale of gold or securities by Reserve banks, open market operations by said
banks,and the general affairs of the Reserve Banking System.
The Board requests that the attention of the Federal Advisory Council be
called to the fact that there was no discussion of the subject matter of the
statement by the Council during its meeting with the Board on Sept. 17
and 18 1934, and that no intimation thereof was given to the Board by the
Council at any time prior to the receipt of your letter.
Very truly yours,
(Signed) J. J. THOMAS, Vice-Governor.
The Council's statement embodying its views on the urgency of the return to the gold standard is given in another
item in this issue.
President Roosevelt Declares Distribution Facilities
Have Failed to Keep Pace with Production—Unemployment Insurance Urged by Secretary Perkins
Before Boston Conference on Distribution
The United States has made great progress in the field
of production but its distribution facilities have fallen behind,President Roosevelt said in a statement read on Sept.24
at the opening session of the sixth annual Boston Conference
on Distribution at Boston, Mass. He added that the recovery program recognizes the principle that "continued
prosperity is contingent to a large degree upon increased
efficiency in moving the essentials of life from the producer
to the consumer."
Secretary of Labor Perkins, who spoke before the meeting
on Sept. 24, said that proposed legislation on National
unemployment insurance should be on a compulsory rather
than a voluntary basis, and on such broad lines as to insure
the fullest c3-operation between the States and the Federal
Government.
The message from President Roosevelt follows:
All of us are aware of the great progress that has been made in the field
of production. Our distribution facilities, however, have lagged behind
and your Government is now giving serious thought to this important
subject.
Distribution affects the well-being of all our people and the recovery
program recognizes and accepts the principle that continued Prosperity it'
contingent to a large degree upon increased efficiency in moving the essentials of life from the producer to the consumer.
"It is highly appropriate and indeed gratifying that manufactums,
retailers, bankers, economists, marketing authorities and others should
at this time convene in common effort to improve in the Interests of the
whole country, our system of distribution.
Miss Perkins said that insurance against unemployment is
just as important as accident insurance. She estimated that
in July about 17,000,000 persons were receiving relief and
that in 18 months beginning January 1933 public unemployment relief expenditures totaled $1,340,000,000. We
quote, in part, from her speech, as given in a dispatch from
Boston on Sept. 24 to the New York "Journal of Commerce":
Secretary Perkins said that much can be learned from a study of what
has been done in other countries in this direction. The immense and still
inadequate "dole" which "we have had to establish," she said, "has cost
us far more and given our people far less security than the British Unemployment Insurance system." Britain's Unemployment Insurance is again
on a basis that is actuarily sound and it appears very evident that the
payment of unemployment benefits has had a definite stabilizing effect on
British industry, Miss Perkins said.
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Financial Chronicle
The studies of various State commissions," she continued "and the observations of many business leaders, have led to the belief that if we had
had some such system in operation in this country a few years ago, it would
have acted as a brake to check the rapid and devastating loss of home
markets."
President Roosevelt Names Two Groups to Handle
Administrative Duties and Matters of Policy in
Reorganized NRA—White House States President
Will Retain Final Control
President Roosevelt, in pursuance of his program for reorganizing the National Recovery Administration, on Sept.
27 issued Executive Orders creating the National Industrial
Recovery Board and the Industrial Policy Committee. The
first organization is composed of five members who on Oct. 15
will take over the administrative duties formerly handled by
General Hugh S. Johnson. Its members are S. Clay Williams, former President of the Reynolds Tobacco Co.;
Arthur D. Whiteside, President of Dun & Bradstreet, Inc.;
Sidney Hillman, President of the Amalgamated Clothing
Workers; Leon C. Marshall, former college professor and
labor specialist and Walter H. Hamilton, Professor of Constitutional Law at Yale University. Yesterday (Sept. 28)
the Board reported to the President that it had organized
with Mr. Williams as Chairman.
The second group created by the President is the Industrial
Policy Committee, composed of Secretary of the Interior
Ickes, Secretary of Labor Perkins, Agricultural Adjustment
Administrator Chester C. Davis, Federal Emergency Relief
Administrator Harry L. Hopkins, and Donald R. Richberg,
General Consul of the NRA. Mr. Richberg will head this
Committee.
The third agency contemplated by the President will act
as the judicial branch of the reorganized NRA. Its members have not as yet been named.
It was stated at the White House on Sept. 27 that President Roosevelt will exercise final control over all policies and
administrative acts of the NRA, and recommendations of
the Board and Committee will need his personal approval
to become effective.
General Johnson Resigns as Recovery Administrator—
Letter to President Roosevelt Says Position Will Be
"Superfluous" Under Reorganized NRA —Will
Leave Post Oct. 15—President Commends General's
Accomplishments
President Roosevelt on Sept. 25 accepted the resignation
of General Hugh S. Johnson as National Recovery Administrator, and on the following day announced in Washington
that he planned the immediate consideration of plans for
reorganizing the National Recovery Administration. The
impending resignation of General Johnson had been forecast for some time, despite repeated denials that this action
would be taken. It was stated that the Administrator will
leave his post on Oct. 15, using the intervening period to
prepare a final report for the President. In his letter of
resignation General Johnson said that the reorganization
of the NRA is "becoming momentarily more urgent." He
added that he was resigning from a "job which as reorganized seems altogether superfluous." General Johnson said
this step was also taken because of important private considerations.
President Roosevelt, in accepting the resignation, declared
that it will always be remembered that under General Johnson the NRA, in slightly more than a year, has "accomplished long overdue reforms in our social and business
structures." The President listed among the achievements
to General Johnson's credit the elimination of child labor,
"the recognition of the principle of fair wages and of collective bargaining, and the first efforts to eliminate unfair
practices within business."
General Johnson's letter of resignation follows:
New York City, Sept. 24 1934.
The President, Hyde Park, N. Y.
Dear Mr. President: The reorganization of NRA, which has been the
subject of so many conferences and memoranda between us, is becoming momentarily more urgent. We are in agreement upon the general form of
reorganization, and I do hope you will now also see eye-to-eye with me on
the subject of my resigning from a job which as reorganized seems altogether
superfluous.
Added to this are private considerations which are becoming more and
were poignant. I therefore urge again your acceptance of my resignation.
Our cordial and warm relations over so long a time make it unnecessary
to say that you will continue to have any loyalty and, when circumstances
permit, my services in the new duties you have in mind.
While I feel that my executive responsibility should cease at once, may I
suggest that this resignation be effective Oct. 15 in order to give me time
to make such study of records as will enable me to make my final report.
Sincerely,
HUGH S. JOHNSON.
Sept. 29 1934
The following is President Roosevelt's reply:
Hyde Park, N. Y,Sept. 25 1934.
Dear Hugh: It is because you and I have felt for some time that NRA
has fulfilled its first phase and calls for revision of its organization that I
am accepting your resignation, to take effect Oct. 15, as you suggest, in
order that you may study the records preliminary to the making of your
final report.
I repeat what I have so often said to you—that I am happy not only in
our friendship and your loyalty, but that in a time of great stress and fear
your courage, enthusiasm and energy were a very potent factor in restarting
a stalled machine. More than that, it will always be remembered that under
you the NRA, in only a little over a year, accomplished long overdue reforms in our social and business structures. The elimination of child labor,
the recognition of the principles of a fair wage and of collective bargaining,
and the first efforts to eliminate unfair practices within business—these,
among many others, are chalked up to your credit.
I hope much that during these next few months you will get a thoroughly
deserved rest, and that then you will be able to help me further in new
duties and new tasks of public service.
I shall see you in Washington very soon.
Faithfully yours,
FRANKLIN D. ROOSEVELT.
Hon. Hugh S. Johnson,
National Recovery Administration,
Washington, D. 0.
Gerard Swope, President of the General Electric Co., conferred with President Roosevelt at Hyde Park, N. Y., on
Sept. 24, and it was later rumored that he might play an important part incident to the reorganization of the NRA.
Similar rumors have also been heard regarding Bernard M.
Baruch and Raymond Moley. A dispatch from Hyde Park
to the New York "Times" on Sept. 25 reviewed recent conferences between the President and General Johnson as
follows:
No immediate meeting between the President and General Johnson marked
the resignation, but on last Saturday Mr. Roosevelt held a long conversation with Bernard M. Baruch, with whom General Johnson has been assock
ated for many years. Mr. Baruch was credited with having recommended
General Johnson to Mr. Roosevelt while the latter still was President-elect
as the best organizer to put into effect the NRA, then only an idea.
General Johnson was at Hyde Park a fortnight ago to confer during an
overnight visit with the President on plans for a reorganized NRA and to
present the final rough draft of his own proposals.
When he left the summer White House it was officially announced that
he had been instructed to return to Washington and work out the details of
this reorganization.
Although Donald R. Richberg, now on leave from the position of general
counsel for the NRA to act as Director of the Executive Council, originally
was instructed to work out the reorganization plans, President Roosevelt
gave to General Johnson much credit for the proposed program, under which
the NRA will be divided roughly into three divisions, dealing respectively
with legislative or policy-making functions, administration and the judicial
phase of settling disputes under industrial codes.
We also quote from Associated Press Washington advices
of Sept. 25 regarding comments on General Johnson's resignation:
The opinion was expressed openly in the capital to-night that neither
General Johnson's letter of resignation nor Mr. Roosevelt's acceptance had
touched upon the real reason behind the former's quitting of his post. As
to this reason, officials closest to the disagreement between the President
and his recovery chief refrained even from private comment.
There was some talk that the recently accentuated issues of riC•t and
left tendencies would appear to be deep in the background.
Secretary Ickes, a Liberal who has spoken quickly on other issues, had
only this to say to-night about General Johnson's resignation.,
"I don't think the question of liberalism enters into it at all."
One of the few others who cared to comment was Senator Nye, North
Dakota Republican independent, who engaged in a bitter fight with General Johnson over NRA policies during the last Congress.
"This is what should have happened nine or ten months ago," Mr. Nye
declared. "I hope it is not too late to salvage some of the better features
of the program which have been jeopardized by the Johnson kind of administration."
Jouett Shouse, head of American Liberty League, Inc., which has accentuated the issue of property rights under some present constitutional
Interpretations, told reporters:
"I have no comment. Nor will the League have anything to say now
or later."
Donald Richberg, Executive Director of the National Emergency Council,
who was in sharp disagreement with General Johnson over the reorganization of NRA, told newsmen:
"I have nothing to say."
Radio Address of President Rooseveltrtol Conference
on Current Problems
As we note in another item in this issue, President Roosevelt delivered a radio address from Washington on Sept. 28
to the New York "Herald Tribune's" fourth annual Conference on Current Problems, at the Waldorf-Astoria Hotel.
In this talk the President said he believed the outstanding
achievement of the last two years had been the fact that the
American people were taking a greater interest in, and had
acquired a better understanding of, current problems than
had been the case during the present generation. This was
most heartening, he added, for those who believe in the
republican form of Government as carried into effect by
majcrity rule. The "Herald Tribune"from which we quote,
gave the President's address as follows:
I wish that I could have attended in person all of the sessions of the Conference on Current Problems because of the wide field of human endeavor
which it has covered and because of the distinguished group of speakers
to whom you have listened. The world as a whole is making progress in
Volume 139
Financial Chronicle
meeting current problems, because the world as a whole realizes that the
problems are new and as such must be met with new answers.
Lauds New Interest in Public Life
If you were to ask me I would tell you frankly that the greatest achievement of the last two years in the United States has been the fact that the
American people have taken, and are taking, a greater interest in, and have
acquired a better understanding of, current problems affecting their welfare
knd the world's welfare than at any time at least during the present generation. That is a very heartening thought to all of us who believe in the
republican form of government as carried into effect by majority rule.
In every walk of life in every part of the country it has become a normal
and an interesting thin, when two or more persons are gathered together
for them to talk over methods of improving the economic and social lot
of our citizenry.
Yes, more and more people are doing their own thinking. The number
of poll-parrots in our midst is steadily declining---for which we must be
very thankful. More and more men and women are looking up their own
facts and forming their own opinions.
Finda Rumors Weeded Out
And, equally important, we are learning to discriminate between news
and rumor. As a people we put our tongues in our cheeks when a fact or a
series of facts is distorted, no matter what motive is the cause of that
distortion.
We as a people throughout the length and breadth of the land are less
inclined to believe those who would create fear or encourage panic. We as a
people pay small attention to those gossip mongers who invent tales, generally, of course, with a selfish objective behind the tales.
You and I as sensible Americans know of daily instances which mar rather
than help our common efforts for calm discussion of current problems, such
as you have been engaged in for two or three days. Just for example, I cite
one which occurred this very day. A rumor, which, I believe, started in Wall
Street, spread to Chicago, and from there came back to Washington for
verification. This particular rumor happened to be the Immediate retirement of three members of my Cabinet—the Secretary of Agriculture, the
Secretary of Labor and the Secretary of the Treasury. It even went to the
extent of announcing the name of a new Secretary of the Treasury.
It was heard• or read by hundreds all over the country this afternoon.
The origin of the report—because we tried to check it—comes from what
is politely called "an anonymous source." That is not strange or unusual.
I urge that every one of you consider and analyze the source and motive
back of every report and every rumor you read.
Fortunately, and happily, the overwhelming mass of the American people
pay no more attention to that kind of rumor than I do. To-day's story happens to be wholly untrue. But I assure you I do not take the trouble to
issue denials because of my abiding faith in the sense of proportion and
the sense of humor of our reading public.
It is with a very definite sense of gratification and thanks that I tell you
of my conviction that our people have both feet on the ground; that they
are increasingly interested in the truth and increasingly interested in arriving at sound conclusions regarding our national progress in meeting current
problems.
For that reason I am glad to have this opportunity of sending my greetings to a gathering of intelligent men and women, who know how to discriminate in making up their minds about the current problems of American
life. Keep up the good work.
President Roosevelt to Address Nation by Radio Tomorrow Night (Sept. 30)—No Details of Nature of
Speech Made Public
President Roosevelt will address the Nation over the radio
at 10 p. m. to-morrow (Sept. 30), it was announced at the
White House on Sept. 26. No intimation was given regarding
the topic the President will discuss. The speech will be broadcast over Nation-wide hook-ups of the two major broadcasting systems. President Roosevelt made a similar speech
about a year ago and another before he sailed on his Summer
vacation cruise to Hawaii. A Washington dispatch of Sept.
26 to the New York "Journal of Commerce" commented on
the pending address in part as follows:
While it had been anticipated that the President would make a radio
address on the state of the nation, it was not thought likely that this would
come so soon after his return to Washington from Hyde Park.
Reason for Decision
However, it is thought by observers here the Administration has sensed
the growing lack of confidence throughout the country, not only as evidenced by the United States Chamber of Commerce, or the National Association of Manufacturers with its questionnaire to candidates for election to
Congress, but in general reports that are coming to Washington. . . .
It is not expected that the President in his radio speech will answer categorically the questions of the Chamber of Commerce, but rather will report
on what has transpired since his last radio talk and discuss the real objectives of the Administration. The belief of the President that it is not the
overwhelming majority of the farmers or manufacturers or workers who
question the substantial gains made by the Administration, expressed by
him in his last "fireside" talk, is said not to have changed.
1977
close with a radio talk direct from the White House on
Sept. 27.
Mrs. Roosevelt in her speech declared that the field where
the greatest change of standards must come is the field of
business and labor. She said that in the past both capital
and labor leaders accepted "a rather low standard of ethics,"
for which both were to blame. She added, in part:
Now, under the new conditions which are developing, it beoomee more
necessary than ever for labor to have responsible and honest leadership which
is true to labor interests and yet can be counted on for intelligence and
comprehension of the economic probleims of the day in their entirety.
Industrial leaders are surprised that they do not always find immediately
in the labor groups with which they deal this type of leadership, but they
have only to look at their own attitudes in the past to have a complete explanation of any shortcomings which they may find to-day in some of those
with whom they now must work on a co-operative basis. They have been
only too willing in the past to have as labor leaders men of such character
and intelligence as could be under their control. They have more than once
paid labor leaders, perhaps not in cash always, but with a variety of bribes,
in order that what they wished might be done by the labor group in their
employ. It has even been known for an industrial group to pay labor
leaders to call strikes in their own plants. It has also been charged that
through these leaders there has sometimes even been a tie-up with the
underworld and that men whose influence among their co-workers was becoming an anxiety to their employers have been removed from the scene of
action.
This debauching of labor leaders is not conducive to bringing about the
type of leadership which to-day is needed, and it would seem to me that
here there must be a change in standards. If labor as a group is going to
be an important factor in the running of this country it must be not only
intelligent and able to grasp the whole picture, not only as it affects them
but as it affects their country and its relationship to other countries, but
the integrity and loyalty of all labor leaders to their own people and in
their dealings with their employers must be unquestioned.
Mayor LaGuardia rebuked those who indulge in "academic
discussions of the limitations of the Constitution." He declared that no one wishes to change our form of Government,
"but the Constitution must be so construed, and so interpreted, if necessary, by amendments in the manner provided
for in the Constitution itself, to so change our standard of
Government, National, State and Municipal, as to meet the
changed conditions of the day." Dr. Frank discussed Changes
in Government which are in progress under the present Administration, and said that certain fundamental policies now
being carried out will influence the fate of the nation for
many years to come.
Senate Munitions Investigation—Argentina Regards
as Satisfactory Secretary Hull's Note Bearing
Thereon
It is stated that the friendly tone of a note addressed
by Secretary of State Hull to Ambassador Espil, replying
to the Argentine protest against the munitions inquiry at
Washington, has resulted in the decision of the Argentine
Government not to push its protest further. We quote
the foregoing from a Buenos Aires cablegram Sept. 21 to
the New York "Times," which also added in part:
Secretary Hull's note, made public yesterday by Foreign Minister
Saavedra Lamas, pointed out that the Executive branch of the United
States Government had no power over a Congressional committee, but
said the committee had expressed its desire to avoid in all possible ways
offense to other governments or their officials.
"The incident is closed," the correspondent was told to-night by a
source close to the Foreign Office, although it was indicated that no formal
announcement to that effect would be made.
"The Secretary of State's reply is so cordial that the Argentine Government does not desire to make further issue of the matter, especially
as the Senate committee is showing a tendency to prevent a continuance
of the reckless, sensational and unfounded charges."
In addition, Senor Saavedra Lamas told newspapermen at Government
House this afternoon that Secretary Hull's note was "very satisfactory."
He said the Senate committee had "rectified its attitude" and was
"doing what It should have done from the first—exercising diligence and
maintaining the public character of the hearings without making them
a vehicle of defamation."
Ministry Clears Officers
Meanwhile, the War Ministry gave out a report of the Judge Advocate
General's investigation of charges made in the Washington inquiry of
irregularities on the part of Argentine army officers in deailings with
the Curtiss-Wright Corp.
This said that a thorough investigation had shown no basis for charges
against anyone connected with the Argentine army in transactions with
the American airplane company.
Association of American Railroads Formed as Consolidation of Two Railway Groups—Aims Praised by
President Roosevelt—Jesse H. Jones Suggests
Government Representation Among Directors.
Executives of the country's principal railroads, meeting in
"Changing Standards in Various Fields" were discussed Chicago on Sept. 21, announced the formation of the Amerby many prominent persons on Sept. 26 at the opening ses- ican Association of Railroads as a consolidation of the
sion of the Fourth Annual Conference on Current Problems, American Railway Association and the Association of Railsponsored by the New York "Herald Tribune" and held in way Executives into a single organization to deal with all
New York City. Three thousand women from all parts of matters of interest to the carriers. J. J. Pelley, President
the United States beard addresses by such speakers as Mrs. of the New York New Haven & Hartford RR., was named
Franklin D. Roosevelt, Mayor-LaGuardia of New York, Dr. President of the new group, and on Sept. 26 it was announced
Glenn Frank, President of the University of Wisconsin, At- that his annual salary would be $60,000. Mr. Pelley plans
torney-General Cummings and Senator LaFollette of Wis- to resign from his post with the Eastern road, which he had
consin. President Roosevelt brought the Conference to a held since 1920.
Conference on Current Problems—Mrs. F. D. Roosevelt
Sees Need for Revised Code of Ethics for Capital
and Labor—Mayor LaGuardia of New York and
Dr. Glenn Frank Discuss Changing Standards
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Financial Chronicle
The following railroad executives were named Directors
of the organization:
General W. W. Atterbury, President of Pennsylvania RR.
J. J. Bernet, President of Chesapeake & Ohio.
L. W. Baldwin, trustee of Missouri Pacific.
W. R. Cole, President of Louisville & Nashville.
L. A. Downs, President of Illinois Central.
0. R. Gray, President of Union Pacific.
Hale Holden, Cnairman of Southern Pacific.
Fairfax Harrison, President of Southern Ry.
H. A. Scandrett, President of Chicago Milwaukee St. Paul & Pacific.
F. W. Sargent, President of Chicago & North Western.
Daniel Willard, President of Baltimore St Ohio.
F. E. Williamson, President of New York Central.
Ralph Budd, President of Chicago Burlington & Quincy.
President Roosevelt, discussing the formation of the new
organization at his press conference on Sept. 22, informally
indorsed its aims. Jesse H. Jones, Chairman of the Reconstruction Finance Corporation,in a statement issued Sept.24,
called the new association "a step in the right direction,"
and predicted that much good would come from it. He
added that he believed the public would be better satisfied,
however, if the Directors of the organization included representatives for the public and the Government, to be named
by the President of the United States. Mr.Jones'statement
is given below:
The new association of railroads is certainly a step in the right direction
and much good should come from it. Railroad executives are aroused
to the necessity of some radical changes for their common good and I congratulate them for so earnestly undertaking the job. However. I believe the
public would be better served and satisfied if, in addition to the 13 railroad
executives—excellent gentlemen that they are—who comprise the directors
of this new association, there was included representation for the public
and government, to be named by the President of the United States.
Railroads are operated and controlled by executives and directors who,
in the main, have very little actual financial interest in them, but who
have a very direct and altogether proper interest in their own situtitions.
It is for this reason that, in my opinion, the public, and the Government,
should have representation on this board that will in large measure determine
the future of railroads. Public and governmental participation in any
changes that the association might make should facilitate and shorten the
time necessary to put them into effect when brougnt to the Inter-State
Commerce Commission and (or) the Railroad Co-ordinator for approval.
We are all interested in the welfare of the railroads, and since the Government must help them in lean times, direct representation in determining
the factors effecting their requirements should go a long way toward inspiring public confidence, and this I say with all due respect for the railroad
profession and the very fine men who generally, after a life time in railroading, reach the high positions, starting usually at the bottom.
The new association plans to set up seven divisions to
handle the work. These will be law, operations and maintenance, traffic, finance, accounting, taxation and valuation
and planning and research. An official statement described
the purpose of the body as follows:
In order to promote trade and commerce in the public interest, further
improve railroad service and maintain the integrity and credit of the industry, railroad companies of the United States do hereby establish an
authoritative rational organization which shall be adequately qualified and
mpowered in every lawful way to accomplish these ends where concert
ef policy and action are required.
Joseph B. Eastman Hails Formation of American Railroad Association—Declares New Organization Can
Aid Both the Carriers and the Nation
Joseph B. Eastman, Federal Co-ordinator of Transportation, in a statement issued on Sept. 21 said that organization
of the American Railroad Association is a "step in the right
direction, which offers promise of a substantial benefit to the
railroads and also to the country." Formation of the new
body is noted elsewhere in the current issue of the "Chronicle." Mr. Eastman's statement read, in part:
The announcement that the railroad executives of the country have
agreed upon one national railroad authority to deal effectively with all
matters of national interest to the railroads of the United States is gratifying.
For a long time the need for a better central organization of the industry,
which could act authoritatively,somewhat in the capacity of a general staff,
has been evident. There are many matters of common concern to all of the
railroads and to the industry as a whole which emphatically require central
leadership and should be governed by common policies.
Needed collective action has been hampered and the individual companies
have often worked at cross-purposes with each other. The fact that the
railroad executives have now recognized this weakness in their situation and
are endeavoring to correct it augurs well for the future of the industry.
Joseph B. Eastman Declares ICC Should Regulate
All Forms of Transportation—Would Include
Motor Truck Industry
The Interstate Commerce Commission should be granted
authority to regulate all forms of transportation, including
motor trucks, Joseph B. Eastman, Federal Co-ordinator of
Transportation, told the National Association of Motor Bus
Operators at its annual convention in Cleveland on Sept. 21.
Mr. Eastman declared that everyone wants a national transportation system in which "each agency will play the part
which it ought to play and give to the Nation the best opportunity for quick, convenient, safe and cheap interchange and
movement of commodities and people." He said that
members of the motor bus industry had long recognized the
Sept. 29 1934
necessity for adequate public regulation and that motor truck
opinion had been formed too much by those who build trucks
rather than by those who operate them. Stating that he was
not satisfied with mere code regulation, Mr. Eastman added:
It cannot meet the needs of a public regulation, which must protect the
interests, not only of the industry itself, but of many others outside the
industry,including the general public interest.
Secretary of Agriculture Wallace Asked to Present
Data at Hearing on Application of Railroads
for Increased Freight Rates
On Sept. 21 the Interstate Commerce Commission invited
the United States Department of Agriculture to participate
in the hearings called by the Commission to open at Washington Oct. 1 on the request of the railroads for an increase
in freight rates. It is expected that Secretary Wallace
and several of the economists of the Department will present
facts and views pertinent to this case, including a comprehensive review of the agricultural situation. The Department of Agriculture issued the following announcement in
the matter:
Inasmuch as most of the data bearing on the condition of agriculture
emanate from the Department of Agriculture, it is expected that having
this testimony direct from the Department will do away with the necessity
for much duplication of common and factual testimony on the agricultural
situation by farm organizations and other interests. The Department
expects to present the results of such studies as it has available bearing
on the economic effects of freight rate levels. These, it is considered,
include the relation of transportation costs to shifts in production areas,
to changes in the proportions of crops sold commercially and moved by
the several means of transport, to the level of commodity prices and services in general, and to the restoration of balance between various prices
and costs as a factor in general recovery.
Savings Banks Association of Massachusetts Supports
Railroads in "Just and Righteous Efforts" to
Obtain Freight Rate Increases
The Savings Banks Association of Massachusetts, meeting
at Poland Springs, Me., adopted a resolution on Sept. 15
supporting railroad management in "their just and righteous
efforts to secure additional operating revenues, in order
properly to meet the increased operating charges imposed
upon them." The New York "Herald Tribune" in its
advices to this effect added:
It was declared that $1,000,000 a day has been added for the coming
year to the operating expenses of the railroads under circumstances largely
beyond the control of management, through the increased cost of fuel,
materials and supplies, the return of the 10% deduction in payrolls and
the passage of railroad pension legislation. The Association declared
that "it is manifest that these additional operating costs must have compensating operating revenue in order to be met." It was held that the
railroad investor is entitled to a fair return as far as economic possibilities
permit.
United States Chamber of Commerce Sees Need of
Increased Rail Earnings—Urges That Lines Be
Allowed to Build Up Reserves
The railroads of the country must be permitted to earn
a "reasonable return," in order to reduce their indebtedness
and to build up reserves against bad times, the Chamber
of Commerce of the United States declared in the Sept. 15
issue of "The Washington Review." The Chamber also
advocated regulation of competing forms of transportation.
The account from Washington Sept. 15 to the New York
"Times" also said in part:
In pointing out the "shortcomings in the Government's past treatment
of the railroads," the Chamber said that the carriers had not been allowed
to earn "a fair return" since the end of the World War, and were therefore ill prepared to face the depression of the last four years.
In addition. the Chamber said the railroads had been asked "to continue improvement work as an aid to general business and employment.
maintain wage levels, and grant low emergency and relief rates."
The following program was recommended to the Government to deal
with the railroad problem:
"The railroads should be freed from Government interference with
the proper functions of management, including responsibility for operating
costs.
"The Interstate Commerce Commission should give them opportunity
to earn cost of service plus a reasonable return, so that in time of business
activity they will be able to reduce indebtedness and build up adequate
reserves.
"Rate policies, including the long and short haul clause, should permit
greater flexibility in rates to meet requirements of both shippers and carriers.
"Competing forms of transportation should be reasonably regulated
to eliminate cut-throat competition and to enable each typo of transportation to perform the services for which it is best fitted.
"Voluntary consolidation subject to Commission approval, delayed
many years by failure of the Commission to take preliminary steps required by law, should be encouraged where justified through economic
efficiency."
Increase in Freight Rates Sought by Railroads Vital
If They Are to Continue Functioning, According
to J. J. Cornwell of Baltimore & Ohio AR. Co.
In an address before the Railroad Club of Pittsburgh, Pa.,
on Sept. 27, John J. Cornwell, General Counsel of the
Baltimore & Ohio RR. Co., referred to the application of
the railroads for a freight rate increase saying:
Volume 139
Financial Chronicle
The application recently made to the Interstate Commerce Commission
for an Increase in freight rates has been a subject of criticism by some
shippers and newspapers. It is no secret that the application was made
most reluctantly. Undoubtedly there is a question whether or not some
more freight may be diverted from the rails if the increase is granted,
but what else could the railroads do?
The increase in cost of operation of the Class I railroads per annum,
due to the wage restoration and the increase in cost of fuel and supplies
under the National Recovery Administration codes, amounts roundly to
$300,000,000. Without a rate increase or a tremendous and sustained
increase in the volume of business, with these added charges not a dozen
railroads in the United States could earn interest and taxes, after the
payment of operating costs.
The railroads made no complaint when the price of coal was advanced
under the NRA code. In the case of the Baltimore & Ohio the increased
price of fuel meant an additional outlay of $4,000,000 a year. Other
commodities purchased by the railroads advanced in price also.
Must the railroads absorb all this increase? Must all the benefit go
to the producer?
That would not be fair were the carriers in a position to do it. which
they are not. Their very existence is at stake. The proposed increase
is vital to them if they are to continue to function as efficient transportation
agencies and those shippers who oppose a rate increase would be the first
to complain should rail service become inefficient.
Salaries of Railway Officials—Reduction a 34.6%
During Calendar Year 1933, According to ICC
A reduction of' 34.6% in the aggregate compensation
paid to railway officials receiving $10,000 or more annually
is disclosed in a report for the calendar year 1933 issued
by the Interstate Commerce Commission on Sept. 14.
It was noted in Washington advices to the New York
"Times" that railroad officers and their assistants numbering
in all 12,471 received compensation of $62,883,933 last year,
compared with 16,694 officers who in 1929 received $94,601,336, while the aggregate compensation has declined
steadily since 1929, the sharpest reduction, amounting to
nearly $17,000,000, being from 1931 to 1932. From
Washington accounts Sept. 14 to the Baltimore "Sun" we
take the following:
The ranking salaries at the end of 1933. the ICC report brought out
to-day, were $60,000, going to the Presidents of:
The Baltimore & Ohio.
The Delaware Lackawanna & Western.
The Illinois Central System.
The Lehigh Valley.
The Missouri-Kansas-Texas Lines.
The New York Central.
The Norfolk & Western.
The Pennsylvania.
The Reading Co.
The Union Pacific.
Others in $60,000 Class
Others in the $60,000 class were the Chairman of the Southern Pacific
and the Chairman of the Union Pacific. The President of the D. L. & W.
was listed as receiving $2,930 in other compensation, the President of the
Illinois Central. $745 extra, the President of the Lehigh Valley. $2,186
besides his $60,000, and the Presidents of the Pennsylvania, the Reading
and the Union Pacific, $325, $570 and $1,390. respectively.
The President of the Chesapeake & Ohio RR., the report brought out,
also received salaries from the Pere Marquette and the New York Chicago
& St. Louis railroads, beinging the total of $60,000. while the President
of the Atchison Topeka & Santa Fe totaled $55,000, of which $54,000
represented regular salary. Others of the higher salaries listed were those
of Presidents of the following roads:
Chicago Burl. & Quincy
$50,000 Bangor & Aroostook
$45
Chicago & North Western__ 50,000 Kansas City Southern
45,
Chicago Milwaukee & St
Boston & Maine
40,00
Paul
York New Haven &
48.600 New
Northern Pacific
48,000
Hartford
37400
The average salary, the report showed, declined 10.7% in 1933. which.
it was pointed out, was less than the individual salaries because the average
of the group would tend to increase with the discharge of relatively large
numbers of officials in the lower salary brackets.
On the basis of operating revenue, the report stated, the officials and
their assistants received in compensation 1.51% in 1929. This climbed to
a high of 2.24 in 1932. but fell to 2.01 for 1933. For the first four months
of this year it declined again and stood at 1.88%•
Many Policies and Trends at Washington Regarded as
Dangerous and Destructive by Business, Says
President Sharpe of New England Council—Essential That Struggle for Sound Economic Recovery
Be Carried On
"The supreme need of our situation is recovery—a recovery which will enable every man, every institution and every
State to stand upon its own feet," declared Henry D. Sharpe.
President of the New England Council, at the opening session
of the Council's thirty-sixth quarterly meeting. at the Poland
Spring House, at South Poland, Me., on Sept. 21. "I believe."
said Mr. Sharpe, "that until very recently business has been
too backward in giving expression to its views. Measured
against what we have learned in the bard school of business
experience, many of the policies and trends at Washington
seem to us dangerous and destructive. On the other hand, a
large portion of the public does not yet see those things which
are so clearly visible to us. Business would be spineless indeed," he continued. "to stand by in silence, in time of national emergency and not raise its voice in support of what
it believes in and in opposition to what it regards as unsound
and uneconomic."
1979
Pointing out that"New England has proved, time and time
again, that it prefers to look after itself," Mr. Sharpe said
that "the struggle for a sound economic recovery, and for
the preservation of the established order must be carried on
in every community in New England," and that the business
man can play an important part in that struggle. He declared that "if New England is to be the force it should be
in shaping decisions in the months ahead, it must give its
views concrete and repeated expression, not by delegates
adopting resolutions, but rather through the determination
and convictions of individual citizens in every community
and in every walk of life." Mr. Sharpe went on to say:
The formative principle of the New England Council is its aim to stimulate
New England to speak and do for itself. This Council is opposed to acting
or speaking for New England. It strives, instead, to cultivate New England
public opinion and action from the bottom up; not to impose its views on
New England from the top down. New England understands the naturalness of this principle.
We believe that this old and sound New England way must also be recognized by the Government if we are to emerge from the prolonged depression.
This recognition has not been in effect during the past 18 months. The
Government has inaugurated a debased monetary system, even yet not finally
determined; has deprived us of a business system of banking and curreney,
substituting therefor a Government-dominated system deplored by great
students of the subject, and with a political appointee as its Czar, and has
imposed an attempt at a Government-directed control of industry and business, in general, which does not work.
As far as industry and business are concerned, a frank recognition of the
blunders already committed would be positively helpful, supplemented by a
reliance upon the energy, initiative and will to recover of its business people,
this to be absolutely free from domination by unrepresentative and irresponsible Government bureaus. This would spell recovery, and is certainly the
American way, the way of our fathers, and that intended by the Constitution. It has succeeded through and beyond every economic crisis previous
to the present. It is, I believe, a positive necessity for the present and
future crises.
Inquiry into Extent, Causes and Suggested Remedies
for Lack of Confidence in Business—President of
New England Council Makes Public Results of
Opinions Expressed
In a report; presented at the quarterly meeting of the New
England Council, held at South Poland, Me., Sept. 21-22,
Henry D. Sharpe, President of the Council, made public the
results of an inquiry undertaken by him to secure expressions
of opinion concerning the extent, causes and suggested remedies for what seemed then a growing lack of confidence in
business. These views were sought through the means of a
letter addressed on Sept. 1 to each member and director of
the Council. On the basis of the replies the six major causes
of "lack of confidence," listed in order of frequency of. mention, are:
1.
2.
3.
4.
5.
6.
Uncertainty regarding Administration policy toward business.
Government interference with and control of business; regimentation. "
Excessive expenditures, borrowings, unbalanced budget.
Uncertainty regarding monetary policy; fear of inflation.
Experiments and reforms.
Distrust of President's advisers.
The six major suggestions for restoring confidence, listed
in order of frequency of mention, are:
1. Adopt, state clearly, and adhere to a more helpful policy toward
business.
2. Stop Government interference with and regulation of business.
3. Reduce expenditures; balance the budget.
4. Stop experiments and reforms; "turn to the right."
5. Replace present advisers with "conservatives"; with "sound," "practical," "experienced" advisers; with business men.
6. Adopt sound monetary policy.
It is pointed out in the report that neither the expressions
of opinion, nor their compilation, are to be regarded as
official expressions by the New England Council as an organization, nor as constituting, in part or in whole, any
official program of the Council. It is added:
They are exactly what they purport to be, and no more—compilations of
the individual opinions of a representative group of New England business
executives.
Regarding the inquiry, the report says:
The total number of firms, individuals and associations addressed was
1,530. The great majority are business concerns. The number of responses
received and tabulated for this report is 501—a response of 32.7%, which
is a better than average return for this type of inquiry. These responses
represent the views of a much larger number of persons than the number of
returns, as in a great many instances it was learned that the questions were
discussed at meetings of directors and executive committees before the responsible officers wrote their replies.
The sources of these responses, given in the order of numbers received, are
manufacturers (nearly 50% of total responses), bankers (nearly 25% of
total), wholesalers and retailers, hotels, public utilities, publishers, investment houses, insurance interests, agricultural interests, real estate firms,
advertising agencies, construction, organization executives, industrial engineers, railroad officials and other individuals.
Of the total returns, 392, or 78%, reported "lack of confidence" in relation to their own business: 83, or 16.5%, reported no "lack of confidence"
in relation to their own business. The types of business reporting in this
latter group are:
Savings banks, 7; National banks, 5; hotels, 4; insurance companies, 3;
trust companies. 2; paper manufacturers, 9; machinery manufacturers, 2;
publishers. 2 ; department stores, 2 ; insurance agents. 2 ; instrument maker,
cannery, building materials, shoe manufacturing, bakery, sash and blind
manufacturer, paper products, soap, portable buildings, machine tools, print-
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Financial Chronicle
ing machinery, jewelry, poultry food manufacturer, building stone, printing
and publishing, machinery, men's sport clothing, plumbing supplies, corsets,
surgical belts, &c. ; fuses, clocks, bells, dye works, fire clay, refinery, material handling equipment, electrical repairing, chain news, tobacco and
beverage retailers, farmers' co-operative, miller, mill and laundry supplies,
tea importer, wholesale provisions, wholesale hardware, coal retailer, motor
car dealer, gas company, water company, optometrist.
The total number reporting "lack of confidence" in reference to general
business was 470, or 94%. The types of businese represented by the small
minority answering "No" to this question are:
Soap manufacturer, chain shoe store, paper products manufacturer, men's
clothing manufacturer, land and title company, farm organization executive,
lawyer, chain department store, fur goods retailer, plumbing and mill supplier, fire insurance company.
There was noticeable throughout, in reference to causes of and remedies
for "lack of confidence," a substantial degree of failure to distinguish
sharply between causes and remedies in relation to the respondent's own
business and general business.
Secretary Roper Urges Closer Alliance Between Government's Air Services—Other Officials Suggest
Federal Aid for Private Aviation Manufacturers,
in Hearing Before Federal Aviation Commission
A closer alliance between the Army Air Service and the Air
Navigation Division of the Department of Commerce "for
such good reason as would accrue in the event of a National
emergency" was urged on Sept. 24 by Secretary of Commerce
Roper at a public hearing before the Federal Aviation
Commission, which is investigating the American aviation
situation and will report to Congress not later than Feb. 1
with recommendations for a permanent Government air
development program. John H. Geisse, head of the Commerce Department's Manufacturing Inspection Service,
suggested to the Commission that Federal aid be given to
private airplane manufacturers to enable them to produce
planes which might compete with automobiles in the mediumprice field.
Associated Press advices from Washington, Sept. 21,said
that President Roosevelt has approved a report by a committee headed by Newton D. Baker which surveyed army
aviation, and added that the President has authorized the
air corps to prepare a budget calling for the purchase of 700
to 800 airplanes each year until it has 2,300 first-class planes,
as compared with 1,300 to 1,400 at the present time.
A dispatch from Washington to the New York "Times"
on Sept. 24 described testimony before the Commission on
that date as follows:
The day's witnesses were officials of the aeronautics branch Of the
Department of Commerce. Secretary Roper, stressing the international
Importance of aviation development, said.
"Properly maintained air service to foreign countries is bound to result
in a stimulation in trade and commerce between the United States and
such countries as this service will reach. Our transportation becomes thus
a carrier of good-will and friendship, as well as a carrier of passengers, mall
and merchandise."
He said that the Nation needed to be "aeroized" in the same way that
it has been "motorized," and that policy should provide for "co-operative
guidance of the Federal Government along all lines where the industry
cannot perform the service without Government aid."
Futurefor Low-Cost Craft
John H. Geisse, chief of the manufacturing section of the aeronautics
branch, pointed out that of the 11,640 airplanes now being flown in this
country. 504 were in scheduled transportation service, 2,860 were in the
military and naval services and 8,276 were privately owned and operated.
Advocating Federal appropriations for research and experiment to produce
safe, low-cost planes, be cited a survey showing 34,000 persons desirous of
buying such chaft. He predicted the development of "safe and simple"
machines selling at the level of popular low-priced automobiles.
John S. Wynn,chief of the airports section, urged Federal aid for airports
to parallel the Federal highways aid, which is a "50-50" proposition as
between the Government and the States. He suggested an appropriation
of $10,000,000 in 1935 and another $10,000,000 in 1936.
Industrialists Oppose Administration's Monetary Policies at Meeting Sponsored by American Management Association—Col. M. C. Rorty Says Views
Expressed Were Personal
The business executives who are reported to have indicated
their opposition to many of the Administration's policies at
a conference under the auspices of the American Management Association, held at the Lido Country Club, Long
Beach, L. I., Sept. 12 to 14, did so "wholly in a personal
capacity," it was explained in a statement issued Sept. 21 by
Colonel M. C. Rorty, President of the Association. Colonel
"lofty's statement was issued incident to a Washington dispatch of Sept. 20 to the New York "Herald Tribune, which
said that the industrialists had criticized practically every
detail of the Administration's monetary program and had
condemned inflationary measures. Colonel forty said that
this news report was "essentially correct," but be added that
the delegates to the meeting were voting according to their
personal views and were not authorized to express the
opinion of their companies.
Colonel Rorty's statement said:
This point concerns the statement, as published, that "the consensus of
the views of the conference was voted upon the first day by 118 of the con-
Sept. 29 1934
ferees. Of these, 116 approved the statement, two disapproved, and seven
others present refrained from voting."
The facts about the voting are as follows:
In order that a report might be made confidentially to the members of
the American Management Association indicating the feeling of those present
toward a suggested "summary of conclusions" outlining the views of the
conference on monetary inflation, a vote was taken by the raising of hands,
and the result was, as reported, namely, 116 voted in approval, two in disapproval, and seven others present refrained from voting.
The American Management Association cannot state which of those present
voted or how they voted, for the simple reason that no names were taken
and there was not even a separate record of those who were present at the
dinner session, in the course of which the vote was recorded.
It must be understood that the conference was divided into two parts, the
first day given over entirely to discussions of monetary problems and the
remaining time devoted to discussion of tax problems. The vote, as reported,
took place at a dinner held in connection with the first day's session. Furthermore, owing to the lateness of the hour when the vote was taken, many
had left to catch trains, and the actual vote represented only about twothirds of those registered for the conference.
The members and guests present at the conference, so far as they voted
at all, voted wholly in a personal capacity. They did not in any way, by
such vote, represent the organizations with which they were connected, nor
were they authorized to do so.
There is another fact whiA must be understood in connection with the
report of the conference. The American Management Association is a professional society, and is concerned solely with the solution of problems of
industrial and business management. Its Lido meeting was in no sense
called for the purpose of political or other criticism. It reflected simply
an organized professional effort to examine constructively into important
problems which must be faced by management in the present crisis. It is
wholly incorrect to intimate that the men who attend the conference met for
any other purposes.
The summary of conclusions approved by the meeting said,
in part:
The continuance of a heavily unbalanced Federal budget, combined with
the inconvertibility of our money, is probably the major factor in increasing
business uncertainty.
In the light of all past experience, unless tendencies now in motion are
soon checked, ultimate loss of confidence in the Government credit, accompanied by an uncontrollable fear, inflation and even heavier unemployment
and distress, cannot be escaped. We can neither spend nor tax our way
back to prosperity.
The voluntary repudiation of the gold clause in Government bond indentures at a time when our national gold reserves were near the highest in
history has proved to be a serious blow to that security of contractual relations without which it is impossible to conduct business in an orderly fashion
and to plan ahead.
The voluntary reduction of the gold content of our dollar by approximately
41% was unnecessary, was based on a wholly erroneous conception of economic principles relating to money, and has been one of the most important
causes in continuing the breakdown of business confidence.
With respect to the further use of silver, past experience shows that
bimetallism has never proved satisfactory in any country. There is no
economic justification whatever for the enactment of recent measures for
the "rehabilitation" of silver. Nothing but harm can come from introducing this further new element of uncertainty into our currency system.
Secretary Ickes Disapproves Application for $1,000,000
Loan to Build Power Plant for El Paso Area—
State's Market for Power in This Section Problematical
Secretary of the Interior Ickes announced on Sept. 25
that he had disapproved an application for a Federal allotment of $1,000,000 for the construction of a hydro-electric
plant at the site of the Caballo Dam on the Rio Grande.
Mr. Ickes pointed out that the market for electric power in
the El Paso, Tex., area is problematical and that the entire
output from the proposed plant could not be utilized for
several years. The decision was praised in public utility
circles, since it was construed to indicate a possible change
in the Administration's viewpoint regarding the public
ownership and operation of electric utilities in competition
with private interests. The New York "Sun" of Sept. 25
commented on the announcement as follows:
The application came from an irrigation district which purposed to
generate power at the Caballo Dam on the Rio Grande with the aid of
a Government loan and grant. Stone & Webster interests, which control
the El Paso Electric Co.. openly opposed the project and cited engineering
data to prove that it would not be economically wise.
Utility interests concerned with the El Paso market were naturally well
Pleased with the decision, but some encouragement was seen in it also by
executives whose properties are remote from the Southwest. If the Public
Works Administration will take cognizance of the actual and prospective
demand for power, it was held, there need be no fear of many pending
applications for loans to set up competition to private capital.
City of Nome, Alaska, Almost Entirely Destroyed by
Fire—PWA May Aid in Rebuilding City
The City of Nome, Alaska, was almost completely destroyed on Sept. 17 by fire which caused damage estimated
at $2,000,000. As soon as word of the extent of the disaster
was sent to the United States, Government organizations,
the Red Cross and prominent individuals sent relief and
assistance. Harold L. Ickes, Public Works Administrator,
said on Sept. 18 that the Federal Government might be able
to aid in financing a rebuilding program. Two Eskimos
were killed in the fire and several other persons were injured.
An Associated Press dispatch from Nome on Sept. 18 &scribed the damage as follows:
Volume 139
Financial Chronicle
Every building except the Government wireless station, one hotel, a
hospital, a section of waterfront warehouses and a few residences, in smoking ruins.
Eskimos,some of then intoxicated, others frightened, ranged through the
ruins of Alaska's famous city of gold. Many were arrested and placed in
improvised jails to forestall looting.
Hundreds of the 1,500 residents were homeless,foodless and even without
household belongings. The town's food reserve was in ashes, and temperatures dipped near the freezing point. In six weeks or less the Arctic
ice will close in, leaving Nome isolated until next summer, except for airplane and dog-team transportation.
Government forces. the Red Cross and prominent individuals moved
quickly to provide relief. Three Coast Guard cutters of the Bering Sea
patrol were ordered to rush to Nome from Dutch Harbor. Sourdoughs
from the Tundra were called in and asked to bring their food supplies.
Ships from Seattle were ordered laden with necessities and dispatched as
quickly as possible.
Seattle advices (Associated Press), Sept. 22, stated:
The reconstructed city of Nome will be moved back from the waterfront
so its main business agent will no longer be a planked thoroughfare close
to high tide, Grant R. Jackson, Chairman of the Emergency Relief Committee there, has informed the Seattle Chamber of Commerce.
It was the location of Nome on the waterfront that contributed to the
spread of Monday's fire, as the burning planking prevented fire apparatus
moving. Mr. Jackson said the streets would be widened. Danger of
destruction from extraordinarily high tides also would be eliminated.
1981
The American people have been profoundly moved by news of the
catastrophe which has been visited upon the people of Japan. I express
to your Majesty my own sincere sympathy and I request that you convey
to the Japanese people assurance of the sincere sympathy of the Government and people of the United States in this moment of suffering and
distress.
Associated Press advices from Tokio Sept. 23 listed the
damage caused by the typhoon as follows:
Compilations in the office of the Home Ministry to-night showed: Dead,
2,064; injured, 13,335; missing, 258, and buildings destroyed, 32,939.
The deaths in the Osaka Prefecture alone were 1,324.
Home Minister Fumio Goto left for Osaka to-day to investigate conditions
on behalf of the Japanese Cabinet.
Reconstruction work already has begun. Huge quantities of building
materials have been laid down at Osaka, most of them having been shipped
from Tokio.
United States Ambassador and Mrs. Joseph C. Grew, who had sailed
on a steamer the day before the typhoon, arrived in Dairen to-day. Some
concern had been felt for their safety, but the vessel passed through the
fringe of the typhoon and was not damaged.
Return to Gold Standard Urged by Federal Advisory
Council in Statement to Federal Reserve Board—
No Real Recovery Until This Course Is Taken—
See s Monetary Experimentation as Leading to
Disaster
Chicago Fair "Century of Progress" to Close Oct. 31—
Net Operating Profit of $1,735,367 Reported Up
The Federal Advisory Council has placed itself on record
to Aug. 31
as convinced of the necessity of a return to the gold standard
With a 10% liquidating dividend, which is expected to be as essential to recovery. An indication that the Council
paid on Oct. 1 on the gold notes of the "Century of Progress" had taken this stand was contained in an item published
Exposition, the total paid up to that date will average about in our Sept. 22 issue, page 1797, bearing on the meeting
77%, according to an announcement, Sept. 19, by Martin M.
of the Council in Washington last week. Not until Sept. 27
Tveter, Comptroller of the Fair.
was an official copy of the views of the Council made availIt was announced on Aug. 27 that it has been decided to able for publication, this being in the nature of a statement,
permanently close the Chicago Fair—"A Century of Prog- given otit at Chicago by Walter Lichenstein, Secretary of
ress"—on Oct. 31. In the two years of its existence (it was the Council. This statement, addressed to member banks
indicated Aug. 27) nearly 31,000,000 people passed through of the Federal Reserve, said that "the Federal Advisory
the gates. With the payment, on Sept. 1, of the seventh 10% Council at a meeting held in Washington on Sept. 18 1934
allotment on the $10,000,000 gold note issue by which the Fair
agreed unanimously on a statement which the Secretary was
was financed, officials of the exposition made public a finaninstructed to send to the Federal Reserve Board, the Federal
cial statement which showed the total revenue to the Fair
Reserve banks, and to each member of the Federal Reserve
as of Aug. 31 to be $4,179,177.90. Regarding this statement,
System." The Council declared as its conviction that "no
the Chicago "Daily Tribune" of Sept. 2 said:
real or permanent recovery can be had or can be reasonably
The gross revenue included gate receipts of $2,213,915. This gate figure
hoped for until the country has been placed upon a sound
is exclusive of money collected from the sale of advance and season tickets.
financial basis and that such sound basis necessarily implies
About $2,000,000 in income was derived from this source.
With yesterday's bond payment the Fair had paid 70% of all indebteda standard gold dollar." The Council also declares against
ness, a position never before attained by an international exposition.
the use of Government money in competition with private
the present time bonds of the Fair fall into three classifications. In
At
business, and the "steadily mounting Government debt,
round numbers, guaranteed bonds in the sum of $2,000,000 have been paid
In full. Bonds in the sum of $1,000,000 have received 60% of their face
particularly when not accompanied by increasing National
value: the bonds in the sum of 82.000.000 have received 70% of their
income" is regarded as constituting "a dangerous threat to
face value. All have received 6% interest up to date. At the present time
public credit:" the Council likewise warns against the dangers
slightly more than $3,000,000 remains unpaid. With attendance rising
sharply, officials are hopeful of making a 100% payment on all bonds.
in itillation, and asserts that "further monetary experimentaThe gross revenue of the Fair and the concessions, excluding gate receipts,
tion holds out no promise of success and the repetition of
was shown in the financial report to have been $9,406,098.83, including
expedients which have repeatedly failed in this and other
$738,809 received by concessions owned directly by the Exposition.
countries can lead only to disaster." The views of the
Flow Money Was Spent
Advisory Council are set out as follows:
This money was spent in the various divisions of the Fair as shown by
the following table:
Restaurants
Shows and spectacles
Stores
Refreshments
Utilities, buses and boats
Rides and amusements
Games and vending machines
Bank service and miscellaneous
$2,706,394.45
2,164,908.16
1,368,792.48
1,051,072.58
884,000.02
234,537.29
225,101.26
26,389.12
Gross total
$8,661,195.31
The remaining $738,809.70 in the total gross revenue was derived from
concessions owned outright by the Fair. Included in this classification are
the Sky Ride Enchanted Island, Wings of a Century, and others. From this
gross the Fair's income was $1,891,583.38. This is exclusive of gate receipts.
The net operating profit of the Fair to date is 81,735,367.60. This operating profit is only above daily expenses and does not show payment of fixed
charges or payment of indebtedness.
Other Million Spent
The revenue quoted does not include an estimated million dollars spent
within villages or in subconcessIons over which the Fair has no bookkeeping
control and from which the Fair derives no profit.
More than 2,000 Killed in Typhoon in Central Japan—
Property Damage Estimated at $300,000,000—
President Roosevelt Sends Condolences to Japanese
Emporer
More than 2,000 persons were killed and about 13,500
persons were injured or missing on Sept. 21 as the result
of a typhoon which struck the Osaka Prefecture in Japan,
destroying more than 30,000 buildings. Early estimates
of the property damage approximated $300,000,000, and
the typhoon was described as the second greatest disaster
in Japan in recent years. Many of those killed were school
children. President Roosevelt on Sept. 22 sent a telegram
of condolence to Emperor Hirohito of Japan. His message,
as made public by the State Department, read:
The Federal Advisory Council is a statutory body upon which there
is specifically imposed by the Federal Reserve Act the duty (1) to confer
directly with the Federal Reserve Board on general business conditions;
(2) to make oral or written representation concerning matters within the
jurisdiction of said Board; (3) to call for information and to make recommendations in regard to discount rates, rediscount business, note issues,
reserve conditions in the various districts, the purchase and sale of gold or
securities by the Reserve banks, open market operations by said banks,
and the general affairs of the Reserve Banking System."
The Federal Advisory Council, acting under a deep sense of responsibility toward the Federal Reserve System, and conscious of its obligations
to the member banks and the Federal Reserve banks, desires to restate
to the Federal Reserve Board and to those whom the Council represents
those views on the present crisis which it expressed to the Board at its
meeting on Nov. 21 1933.
The Council expresses the view that in the added light of events during
the 10 months which have elapsed since the date of that meeting, certain
economic principles have been demonstrated as fundamental and unchangeable and that our true course lies in frank recognition of these
principles and conformity with them. Further monetary experimentation
holds out no promise of success, and the repetition and expedients which
have repeatedly failed in this and other countries can lead only to disaster.
The Council therefore desires to record its convictions.
1. That no real or permanent recovery can be had or can be reasonably
hoped for until the country has been placed upon a sound financial basis,
and that such sound basis necessarily implies a standard gold dollar of
definitely and permanently fixed gold content, with other forms of currency
redeemable at all times in gold bullion in the amount so fixed.
The Council believes that joint or similar act on by other important
commercial Nations is highly important and that such international action
is extremely improbable on any other than a gold basis.
2. That a currency of fluctuating value will not materially affect the
general price level nor will it adjust the discrepancies between the prices
of different commodities:that prices fluctuate as a result of business activity
alone and are not its cause; that a higher price level is beneficial only if
brought about by increased business activity and accompanied by higher
National income; that higher National income cannot be brought about by
money manipulation, but only through that increased volume of business
and employment which will come in the future, as always in the past,
when private capital is again assured that it can safely and profitably be
put to work.
, The past five years has seen an immense liquidation ofspeculative excesses
which have occurred in finance and industry. The business organism is
again in a position to function normally if it is given assurance of stability.
1982
Financial Chronicle
3. That a well-formulated and definitely stated program for balancing
the National budget within a reasonable period is essential to the restoration
of that confidence among business men and taxpayers which is a prerequisite to the resumption of private enterprise upon any considerable scale.
4. That a serious factor of rapidly increasing importance is the tendency
of business enterprises directly conducted by Government agencies to
reach out further and further into fields heretofore occupied by private
capital, thereby destroying taxable values. The use of Government money
In competition with private business is not only paralyzing to private
initiative but experience has amply demonstrated that it is costly, generally
inefficient, and that its disastrous effects reach far beyond the limits of
the particular industry immediately affected.
5. That steadily mounting Government debt, particularly when not
accompanied by increasing National income, constitutes a dangerous
threat to public credit, the maintenance of which is vital to the country's
welfare. Further debt expansion should be confined to the relief of the
unemployed and those in distress, and to a justifiable program of public
works. Rigid economies should be enforced and candid acknowledgment
should be made of the fact that Government spending cannot of itself
bring about prosperity.
6. That the currency and credit supply now existing and available
are ample for an expansion of business far exceeding any which the country
has yet experienced; that demands for currency inflation and further credit
inflation are without sound basis in fact or in theory and rest upon reasoning
again and again proved, both by logie and by past experience, to be a
tragic illusion.
7. That the threat of inflation is a threat to every prudent man and
woman who, by honest work and intelligent thrift has accumulated a savings
account as a provision against old age and want; to every husband and
father who,through foresight and self-sacrifice, has paid for a life insurance
policy for the protection of his family; to every widow and dependent child
relying for support upon the savings accumulated through the labor of
husband and father; and to every working man and woman in the land who,
if inflation comes, will see the money he receives for his toll shrink and
shrivel in his hands. The history of every country in every age where
inflation has been tried has been the same. It ends in utter disaster for
every class but one—and that class the speculators. Except for disastrous
war and destroying pestilence, no greater calamity could come upon us
than one which would sweep away, as it once did in France, as it recently
did in Germany, and as in the past it has done in our own country, the
accumulated savings of the peopole.
The list of members of the Council was given in our item
of a week ago, page 1797. Mr. Lichtenstein, Secretary, is
Vice-President of the First National Bank of Chicago.
Walter W. Smith, President of the First National Bank of
St. Louis, is President of the Council.
Eugene
R. Black, Former Governor of Federal Reserve
Board, Regards Business on "Upturn"—Would
Cut Down Relief Outlays—Comments on Loans
to Industry
Eugene R. Black, former head of the Federal Reserve
Board and now Governor of the Federal Reserve Bank of
Atlanta and Federal Co-ordinator of Credit, was reported
on Sept. 24 as stating that business is definitely on the
upturn in the United States. Associated Press advices
from Washington on Sept. 24 noted that Mr. Black's
observation came after a partial tour of the country in
which he met with bankers and business men in his home
town and in Birmingham, Nashville, New Orleans and
St. Louis. The Associated Press accounts further reported:
The improvement has been most marked, he said, in the agricultural
field, which has been hit hardest during the depression.
"In most places." he said, "I was told business was better than at any
time during the last five years. In fact," he said, "I was told in Kentucky that if outside newspapers were barred from the State its citizens
would believe the mWenium had come."
Mr. Black declared there was no foundation for reports heard frequently
In Washington to the effect that capital was on strike. He said in all
sections he visited commercial bankers were willing to extend funds where
circumstances warranted. But in this connection he said that some
requirements went beyond the scope permitted by loan regulations of
the commercial bank.
It is to take care of these cases. he said, that direct loans to industry
by the Federal Reserve banks were arranged. To date more than $10.000.000 in new loans has been approved by the various banks, he said,
although only about $1,492,000 has actually been advanced. Some
of these loans made by his own bank do not expire for six years, he said.
In most places he visited he heard the observation that the greatest
deterrent to a further increase in business was the lack of some statement
of reassurance or confidence from President Roosevelt.
Mr. Black plans to visit all sections of the United States in order to
get first-hand knowledge of the businesssituation,and already has scheduled
appearances in Boston, New York, Cleveland and California.
In the St. Louis "Globe Democrat" of Sept. 20 it was
noted that an appeal for business confidence and loosening
up of credit resources was made by Mr. Black on Sept. 19
in an address at the Hotel Jefferson. From the same
paper we also quote:
The total of the reserves he placed at $4,000,000,000 and said it can
well be the base of $80,000,000,000 worth of credit.
"I do not think," he said. "any bank should make an unsound loan.
But I am thinking to-night of the responsibility upon the banks of America
as custodian of this credit base of, say, $50,000,000,000 in the efforts that
are being made for recovery."
Mr. Black told how he had visited industrial centers throughout the
South and East of the country and found business men almost universally
telling of improved conditions yet nourishing fears about the future. . ..
"We haven't," he said, "been singlemindedly back of recovery. I
don't like the term 'New Deal,' but we are living in a new era. The
sooner American business men and bankers are convinced of this the
sooner we will have real progress."
With reference to uncertainty over the monetary policy, Governor
Black said the "dollar was devalued in order to create certainty and it
was devalued at the behest of the moneyed interests of the country to
insure them of certainty."
Sept. 29 1934
"I think." he said, "we ought to have a balanced budget:ICI think
that in so far as possible we should live within our income, but that is
talking about normal times. I think we are pouring out too much for
relief and should cut down as fast as we can. but I do not believe we are
going to have a balanced budget until we have a balanced America."
Governor Black ridiculed the fear the Administration is bent on destruction of "Individual effort" and the profit system.
Impatient in Recovery
Quoting Federal Reserve statistics on the extent and scope of recovery
thus far, Governor Black expressed surprise there had not been complete
recovery.
"I'll tell you why there hasn't been complete recovery," he aid.
"The American business body was galvanized 18 months ago, andi
is still alive, but America had suffered a terrific illness, and you can't
recover from a terrific illness in 18 months. We are long-suffering in
illness, but impatient In recovery."
137 Applications for Industrial Loans Totaling
$7,373,560 Handled by Committee on Industrial
Loans in Boston Federal Reserve District—Status
of Program Indicated Before New England Council
by Edward M. Graham
The first detailed statement of the status in New England
of the Federal Reserve Bank program for making loans to
industry, authorized under the amendment to the Federal
Reserve Act passed by the last session of Congress, was
made at the 36th quarterly meeting of the New England
Council at Poland Spring House at South Poland, Me.,
by Edward M. Graham, President of the Bangor HydroElectric Co., and a member of the Advisory Committee on
Industrial Loans of the Boston Federal Reserve District.
Approximately 1,000 inquiries have already been received
about the Federal Reserve plan for assisting banks to make
capital loans to established enterprises, Mr. Graham said.
He added:
The Committee has handled 137 applications, totaling $7,373,550,
disposing of them as follows;
Applications recommended, 26; amounting to $3,168,500.
Applications in process of analysis, 34; amounting to $1,435,300.
Applications rejected, 66; amount, $2,255,750.
Withdrawn or returned ineligible, 3; amount, $325,000.
Under consideration, 8; amount, $189,000.
The New England Reserve Bank has $20,000,000 to lend to New England
industry.
Pointing out that "bankers need no longer fear to consider requests for loans by reputable concerns requiring
working capital, or to extend sound loans beyond a three
or six-months' period," Mr. Graham explained as follows
the two methods by which such loans are being made:
A loan can be made jointly by the Federal Reserve Bank and a commercial bank for a period not exceeding five years, each advancing part
of the money, or it can be made by a commercial bank with a commitment
from the Federal Reserve Bank that it
discount or purchase the loan
from the commercial bank at any time. In either case the Federal Reserve Bank assumes up to 80% of the risk involved. The result is to
make the loan thoroughly liquid.
The three principal requirements, Mr. Graham said, are:
That "the borrower must already be established in industry
or commerce; he must be unable to get sufficient funds on
a reasonable basis from the usual sources, and a sound
basis for making the loan must exist. Neither the size
of the business nor the nature of its organization makes
any difference. All are treated alike and judged by the
same standards," the speaker said. "Recognizing that
usually the outstanding desire of the business man making
application for industrial loans is for speedy action, the
Advisory Committee on Industrial Loans in New England
makes it a definite policy to act on all applications as quickly
as possible," he declared.
Senator Borah Describes Platform of American Liberty
League as "Important Undertaking"—Criticizes
Organization, However, for Ignoring "Economic
Freedom"
Senator William E. Borah on Sept. 24 declared that the
American Liberty League is an "important undertaking"
but criticized the new organization for ignoring "economic
freedom" in its platform. Speaking at Genesee, Idaho,
Senator Borah said that the League should "broaden the
scope of its crusade" to preserve constitutional rights. He
added, however, that the League appeared to be paying too
much attention to property rights. Declaring that the New
Deal has in many cases withdrawn liberty from the people,
the Senator assailed monopoly which he said is "crushing
small business." He also said that the power to fix prices'
is "the power to destroy not only business but human rights,"
and asked if the League is also interested in this problem.
Associated Press advices of Sept. 24 from Genesee quoted
Senator Borah as follows:
"This move to preserve liberty is an important undertaking," he continued. "With at least 80% of the human family, human rights have
utterly vanished. With these liberyt is dead. In some countries liberty
is denounced by the government. The League, therefore, is not too early
in the field."
Volume 139
Financial Chronicle
Senator Borah again turned his fire on monopoly, a fire he has directed
In a half dozen speeches in southern Idaho in keeping with the intention
he announced in Washington after protesting suspension of the Anti
-Trust
Act under the National Recovery Act.
"What is liberty in this twentieth century?" he asked. "The power to
fix the price of the things I must have in order that I may live and not
die is my master, and the fact I may enjoy free speech and read a free press,
does not assuage the cruelty of that fact nor ameliorate my servitude in
any degree whatever. The power which closes the door of opportunity to
me in the business world leaves me cold to all their panegyrics about liberty.
"The monopoly which crushes my small business, as is now being done
In thousands of cases, and sends my family to the bread line, takes away
all my enthusiasm over the right of trial by jury. The power to exploit
the weaker and the more unfortunate in the economic world brings more
misery to men, women and children than the denial of the right to peaceably assemble and pass resolutions. There is no liberty worthy of the
name without economic freedom and social justice.
"There is a power in this country, and now operating under the sanction
of government, which visits daily every home in the land, presses down upon
the inmates and takes in the way of arbitrary prices what it wills to take.
The power to fix prices is the power to destroy not only business but human
rights. Is the League interested in this problem?
"While keeping the political road open, therefore, and free from arbitrary
power, it is equally if not more vital to keep the economic road open and
free from some economic despot. If a man wants to start a business and
Is willing to wager his energy, his industry and his ability on the question
of success. I say clear the road, clear it not only of bureaucratic control,
but of monopolistic dictation. Otherwise, this talk of liberty is a sham.
"Fix the rules of the game so all in business or in the industrial world
may contend on a fair basis and you will do more to restore liberty, protect womanhood and manhood in this country than any other service you
can render free government. And after you have fixed the rules of the
game, then release the genius of America to its own efforts. After all,
we
must rely upon the combined initiative, energy and independence of the
millions and it is a fatal mistake, either through bureaucratic control or
monopolistic control, to destroy that energy or deaden that initiative.
"It seems, too, that far the most vital problem—the scheme to preserve
liberty—is the restoration of economic liberty. There is positively never a
day but there comes to my desk the story of some small business being
crushed, ruined, through the bureaucratic power of some monopoly.
"And instead of interfering in behalf of the rights of small business,
the Government. like Saul of old, consents to the crime."
Upton Sinclair's EPIC Plan Carried in Platform
Adopted by Democratic State Convention in
California
Upton Sinclair's "EPIC" (end poverty in California)
plan, which won him the Democratic nomination for Governor of California, was endorsed virtually in full in the
platform adopted at Sacramento, Cal., on Sept. 20 by the
Democratic State convention. Conservative opposition was
routed, said Associated Press accounts from Sacramento
which added that the delegates composed of party nominees
chosen in the recent primary election by a vote of 113 to 4
accepted the plan which Republicans and other political
opposition had branded as radically socialistic.
The advices from which we quote also said:
Senator William G. McAdoo and George Creel, war-time director
of
American propaganda and Roosevelt supporter, who was one of Sinclair's
opponents in the primary election, were among those voting for the Sinclair
platform.
At the same time the Socialist Party, of which Mr. Sinclair was a leader
for years, read the Democratic gubernatorial nominee out of their organization,and the Republicans, also in State convention, heard speeches denouncing the Sinclair program as "a spurious utopia."
Intra-party opponents who bad sought to alter Mr. Sinclair's plans in
the formulating of the platform committee were over-ridden 3 to 1 in the
only skirmish of the convention.
Expressing confidence that Democracy would unite behind his leadership
In the State. Mr. Sinclair said unofficially that the "end poverty in
Callfornia" program would be broadened into a movement to "end
poverty in
civilization."
The Democratic platform as reported states the deficit in California will
be Increased in the next biennium from $30,000,000 to $130.000.000.
During his campaign, Mr. Sinclair said, a hundred million dollars will
be required to finance his program designed to end poverty in California.
In order to raise this anticipated deficit the platform states that reforms
In the tax structure of the State must be made. The first step in this
reform is the immediate repeal of the State sales tax.
Other plans include a State income tax on corporations and individuals
and increases in bank and Inheritance taxes.
Mr. Sinclair won his first victory in the first skirmish of the convention.
He proposed the convention authorize Mr. Creel to appoint a platform
committee of seven members with himself as an ex-officio member. A
proposal by John Burnett, of Santa Clara County; to amend the plan by
proposing the delegates select a member from each Congressional district
was defeated by about 3 to 1.
A previous reference to Mr. Sinclair's platform appeared
in our issue of Sept. 8 page 1489.
New York City's Three-Point Relief Plan Opposed
at Meeting Held at New York Chamber of Commerce of Representatives of Civic and Commercial
Organizations -Cent Tax on Transit Fares
-2
Approved
Approval of a 2c. tax on transit fares as a means af raising
emergency funds and decided opposition to the city's threepoint relief program were voiced on Sept. 24 by representatives of more than a score of leading civic and commercial
organizations who met at the Chamber of Commerce of the
State of New York, at 65 Liberty Street,
Jacob H. Haffner, member of the Chamber's Executive
Committee, offered the following resolution, which was overwhelmingly adopted:
1983
"Resolved, That we are opposed to the three-point program adopted by
the Board of Aldermen and the Board of Estimate of the Municipal Assembly,
to wit:
"1. One-tenth of 1% gross receipts tax.
"2. A tax of 15% of Federal income tax, payable to the City of New York.
"3. A municipal lottery.
"And we advocate in lieu thereof a transit rax of 2c. en each fare, for
relief purposes."
The organizations which voted for the resolution included:
Broadway Association,
Bronx Board of Trade,
Central Mercantile Association,
Central Park West Association,
Fifth Avenue Association,
Forty-Second Street Property Owners and Merchants Association,
Greater New York Taxpayers Association,
New York Produce Excharge,
Park Avenue Associatian,
Queens Chamber of Commerce,
Real Estate Board,
Twenty-third Street Association.
Thirty-Fourth Street Midtown Association,
Merchants Association.
New York Board of Trade,
Staten Island Chamber of Commerce,
Society for the Prevention of Crime,
Uptown Chamber of Commerce,
Washington Square Acsociation,
West Side Association of Commerce,
Lexington Avenue Civic Association,
Long Island Chamber of Commerce,
Madison Avenue Association,
Market Men's Association of the Port of New York,
Chamber of Commerce of the State of New York.
The organizations represented which did not vote on the
resolution but did not disapprove of it included:
Citizens Budget Commission,
City Club,
Civic Council of Brooklyn,
Downtown Brooklyn Association,
12th and 19th Wards Real Estate Association,
First Avenue Association,
National Property Owners' League,
Unimproved Property Owners of Kings and Queens.
The meeting delegated Richard W. Lawrence to direct its
opposition to the city's three-point plan at the bearing before
the Mayor at City Hall, on Sept. 25.
Thomas I. Parkinson, President of the Chamber, who presided at the opening of the meeting at the Chamber of Commerce, characterized the city's three-point relief measure as
a "hedge podge" of a bill. He said:
We have come squarely to the point where the program of this city for
emergency taxes for relief purposes must be reasonable, must be practicable,
and must be prompt in its provision for relief needs. Is this bodge podge
which has been suggested and which is on its way to enactment practical and
dependable? It is not going to provide funds Immediately; therefore, its
dependability depends on whether someone will lend money to the city for
relief purposes, depending upon the security of the taxes which that program
w31 provide.
Will anybody lend money on the security of such a hodge podge of taxation, including that gambling project called a lottery? The practicability
question is not all on one side, and we as business men have now the opportunity and the duty to speak forth to Impress his Honor the Mayor if we
can with the desirability of a tax which is legal, practical, and which will
provide the funds, and which is so dependable that its future provision will
provide adequate collateral for loans in advance of its actual collection.
Mr. Parkinson then turned the meeting over to Richard W.
Lawrence, Chairman of the Chamber's Committee on Taxation, who said that if the city's investment in subways was
removed from the municipal debt, New York's credit position
would instantly jump to that of the Federal or State governments. He went on to say:
It seems to me we can very properly present to-morrow to the Mayor, at
his
hearing, the cogent fact that the City of New York can no longer
subsidize subway riders, and that these moneys raised from the vast bulk
of our population will be gladly given, if you please, if they will
only have
the nerve to levy It; because the money will not go to bankers, investors
or operators, but will go back to the stream of our economic life
and relieve
the fellows in sore need of the funds.
I cannot find any popular uprising, except that we happen to be approaching Election Day, which is just a few weeks off, and if it was after
Election,
I think you would find this thing would go through.
That is the logical
means by which the money that is needed can be easily raised—raised
as it
is spent, as it were. The city's credit would be
immediately placed where
it belongs.
Captain William J. Pederick, President of the Fifth Avenue Association, declared that Grover A. Whalen, Chairman
of the Sales Tax Committee of 1,000, in accepting the present
city tax program, had never consulted the business interests
which had named him as their spokesman.
Jere D. Tamblyn, Secretary of the Chamber, acted as Secretary of the Chamber meeting.
Comptroller-General McCarl Rules Against Expenditure of $15,000,000 Allotted by President Roosevelt
for Forest Belt Project—Holds Program Not Direct
and Immediate Relief Measure
Comptroller-General McCarl has issued a ruling prohibiting the use of $15,000,000 in Federal funds which had been
allotted as an initial expenditure in furtherance of President Roosevelt's program for a gigantic forest shelter belt
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in the Great Plains area to combat future drought, it was
revealed on Sept. 21. This was said to be the first occasion
on which Mr. McCarl had prohibited an expenditure directly
desired by the President, who had issued the Executive Order
setting aside the $15,000,000 for the forestation project. It
was planned to build a forest belt 100 miles wide, reaching
from the Canadian border to the Texas Panhandle, at an
ultimate cost of $75,000,000. Mr. McCarl is reported to have
based his refusal to approve the allotment on the ground that
the money was to be taken from the $525,000,000 drought relief fund appropriated during the last session of Congress,
and the proposed project could not be considered as a direct
and immediate relief measure. A Washington dispatch of
Sept. 21 to the New York "Times" gave further details of the
case as follows:
According to some of those affected by the Comptroller's ruling, he reluctantly consented to the use of $1,000,000 of the amount allotted. This is to
be spent for preliminary work such as establishing forest nurseries, collection
of some seed for fall planting, acquisition of trees for spring planting, and
establishing an administrative and scientific organization to get the project
under way.
Congress authorized the $525,000,000 drought relief fund in an amendment to the last deficiency appropriation bill.
In doing so it acceded to Administration suggestions that no part of the
total be earmarked for special use, although the Administration, in requesting the amount appropriated, based its estimate on probable costs of special
undertakings. In these the tree belt was not included.
Mr. McCarl ruled further that before any use was made of such a large
amount of public funds for such a long-range proposition. Congress should
have an opportunity to pass upon the merits of the proposed undertaking.
Ile acted over the protests of some agricultural officials that in such matters
of policy final decisions of the Comptroller should be secondary to a decision
by the Chief Executive.
Thinks Congress Will Approve •
Officials of the Forest Service and Department of Agriculture are confident that Congress will specifically authorize the use of the money allotted
by President Roosevelt. Some observers feel, however, that there may be
serious objection even among agrarian Congress members in the face of the
need of funds for other more immediate uses.
Interested officials admit that the plan's execution will depend upon public sentiment, and they feel certain that favorable sentiment will be reflected
through Senators and Representatives from the plains region in sufficient
degree to assure its success.
President Roosevelt, commenting on the Comptroller-General's ruling at a press conference, on Sept. 22, said that
there was no difference of views between Mr. McCarl and
himself, and added that preliminary work on the forest belt
project was being financed from a temporary fund of
$1,000,000. The President said that at some future date he
might ask for legislation definitely authorizing and financing the forest belt, although much preliminary work remains
to be done.
Conference of Mayors Suggests Permanent Unemployment Relief Program to President Roosevelt—
!. President Described as "Sympathetic" to Proposals
A permanent unemployment relief program was submitted
to President Roosevelt on Sept. 22 by the Executive Committee of the United States Conference of Mayors, which
held a series of meetings in New York City last week. The
suggested plan was based on the assumption of "a new normal level" in employment "preparatory to the creation of a
nation-wide system of unemployment insurance." The Committee which called on the President at his summer home in
Hyde Park, N. Y., was headed by Mayor LaGuardia of New
York, and included Mayors Daniel W. Hoan of Milwaukee,
T. S. Walmsley of New Orleans, Frederick W. Mansfield of
Boston, Watkins Overton of Memphis, Harry L. Davis of
Cleveland, M. C. Ellenstein of Newark, City Manager C. A.
Dykstra of Cincinnati, and Philip Betters, Secretary to the
Conference.
With respect to the program of relief expenditures, Harry
L. Hopkins, Federal Relief Administrator, said on Sept. 21
that States and cities will be required to bear a larger share
of the relief burden, and said that this extra portion to be
contributed by States and cities might amount to $100,000,000
within the next six months.
The program offered by the Conference of Mayors provides
for the establishment of a relief fund which would be expended primarily in the employment of involuntarily unemployed persons on Federal, State and local public works.
The Federal Government would supervise the operation of
the program and would be expected to bear a large share of
its cost. Mayor LaGuardia, commenting on the reception
accorded the plan by the President, said that the latter was
"sympathetic."
A statement embodying the program proposed by the Executive Committee of the United States Conference of
Mayors Association was presented to the President as
follows:
It is the conclusion of the Executive Committee of United States Conference of Mayors, after comparing conditions in the various cities and
Sept. 29 1934
studying all available data, that the country is reaching a new normal level.
Granted an improvement in conditions of to-day, the present number of
unemployed cannot possibly be entirely taken care of by industry, agriculture
and business for some years to come. It, therefore, becomes necessary to
think in terms of a long-time program which will meet what is called "the
unemployment problem."
The unemployed may well be divided, for the purpose of fixing the responsibility of their care, into two classes—those people able to work but unable
to find employment, and those mentally, physically or otherwise unfit for
regular gainful employment. The latter have been and should continue to
be the charges of the State and local communities (except men disabled in
the military or naval service, which always has been a Federal responsibility). The permanently involuntary unemployed, by reason of changed
conditions, must be cared for under an established system, supervised by the
Federal Government. It is recognized that, owing to the great number of
wcrkers who cannot be absorbed, employment must be created and found
for them.
The Proposed Plan
We, therefore, believe that it is necessary to establish a permanent Federal relief fund, preparatory to the creation of a nation-wide system of unemployment insurance. Under this plan insurance benefits would be administered by the Federal Government and all current financial requirements would
be secured from current revenue.
This permanent unemployment work relief fund and program should 1n
elude the following features:
L It should include all workers of all types.
2. The governments, Federal, State and municipal, should draw upon those
benefited from the fund for work on public work relief projects.
3. Such benefited persons should be paid prevailing wage rates up to the
amount of the determined benefits.
4. The United States should be divided into regions for the purpose of
fixing weekly benefits in accordance with the regional costs and standards
of living.
5. General administration and supervision of the plan and fund should be
the responsibility of the Federal Government.
The Immediate Program for the Fall
With regard to the immediate cituation confronting us, it is imperative
that the work relief program of the Federal Government be continued and
expanded if the welfare and morale of our people are to be maintained. We
recognize that work relief must be given immediately to all employable persons now on relief. Our studies force us to the conclusion that the real
purpose of an immediate work relief program will- fail unless there is adequate provision for costa of material as well as labor costs.
We further rcennmend that, where possible, there should be effected closer
co-operation with regard to selection and administration of work projects
between the municipal governments and the relief authorities. In this connection we are of the opinion that many persons could be profitably placed
at work in the field of governmental social services.
This expanded work relief program should be carried out until such time
as the Congress of the United States enacts into law a permanent long-term
program in accordance with our primary recommendation.
Federal Public Works Program
We have from the outset of our conference and still do hold steadfastly
to the belief that the best stimulus to recovery is a Federal public works
program promoted on such a scale as to make an impact upon private industry. Such a program not only lessens the burden of relief but provides the
method by which the cities and States of the nation can be enriched by the
expenditure.
The nation is confronted with a severe shortage in housing, which is being
augmented very rapidly by the failure of building operations in this field.
There is not only need of a general demolition and rebuilding of our slum
areas, but we must also provide for low-cost housing to help those not otherwise able either to acquire or gain possession of a home. In neither field
has private capital in the past or in the present been able to operate. All
other modern nations have been compelled to attack this problem as a social
undertaking. We suggest financing and general supervision of such a
program by the Government as offering one of the best means of employing
labor and stimulating business.
Second in importance is a provision for the financing of self-liquidating
public works. The only obstacle to the promotion of such enterprises in
large numbers by local governments and States is the difficulty of obtaining
Immediately the funds required to commence operations now.
Next in order in the great field of public construction are those public
facilities such as schools, public buildings, and so forth, from which the
locality derives no direct revenue. Finally, we suggest that many localities
are prepared to promote in a major way the abolition of present street
crossings over railroads and inter-urban lines at grade, if only they can be
financed.
Such a public works program as is here outlined can proceed without
straining the credit of the Federal Government or of cities by the initiation
of a fiscal policy which will allow cities to use their full available credit
retources in combination with the financial agencies of the United States.
At the same time such a program will lessen the interest burden now resting
on local governments.
In connection with the unemployment problem, which is, in many respects,
largely an urban problem, we recognize that by providing work and wages
to our unemployed persons we shall expand the markets for our great agricultural population. The only market for our agrarian workers lies in the
direction of increased purchasing power of city groups.
We appreciate the co-operation which the Federal Government has extended to the municipal governments, and we pledge a willingness to cooperate in the development of this program which has for its ultimate goal
the solution of the most serious social problem which has ever confronted
the United States.
No Federal Emergency Relief Funds for Fuel Purchases
the Coming Winter--Costs to Be Met by State
Relief Administrators.
Reversing previous policy the Federal Emergency Relief
Administration announced on Sept. 22 that no funds would
be earmarked this winter for fuel purchases. Associated
Press advices from Washington Sept. 2? further reported:
Accordingly, all State relief administrators in regions where heating
fuel will be required have been asked by Relief Administrator Hopkins
to give "immediate and careful consideration" to fuel needs.
The cost of such fuel needs would be met by the general relief funds
of the several State relief administrations, it was explained, to which the
Federal Government contributes. Last year, coal was made available
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under a plan by which the Federal Government replaced coal distributed
by local dealers on order of local relief authorities.
Horace J. Donnelly, Solicitor of Post Office Department,to Retire Oct.1—Will Engage in Law Practice
Horace J. Donnelly, Solicitor of the Post Office Department from 1925 to 1933 and Special Counsel for the past
year, will retire from the Government service on Oct. 1
to engage in the private practice of law in Washington, D.C.,
it was announced by Postmaster-General Farley on Sept. 28.
The announcement also said:
In association with John A. Nash, Esq., of Chicago. Ill., his firm of
Nash & Donnelly will also maintain law offices in the latter city.
A native of the District of Columbia, Mr. Donnelly enjoys the distinction
of being the only person ever promoted from the ranks to the head of the
Law Department of the postal establishment, an office created by Congress
in 1872. Starting in the lowest grade, he had been promoted successively
through all the other numerouslegal positions therein before reaching the top.
One of the multitude of important duties of particular interest to the
general public imposed upon the Solicitor is the enforcement of the postal
fraud order statutes, and during Judge Donnelly's incumbency he heard
and decided many noted cases of mall fraud,involving millions of dollars.
The Postmaster-General paid high tribute to his efficient and faithful
services.
Death of Robert Fulton Cutting, Financier, Civic
Leader and Philanthropist
Robert Fulton Cutting, New York financier, civic leader
and philanthropist, died on Sept. 21 at his home in Tuxedo
Park, N. Y., after an illness of almost five months. He
was 82 years old. Funeral services were held in New York
City on Sept. 24. Mr. Cutting, who was a lineal descendant
of Robert Fulton, had been prominent in social, political
and religious activities in New York City for almost 50 years.
He was a director of the International Telephone & Telegraph Co., the American Exchange Securities Co., All
America Cables, Inc., the Manhattan Storage Safe Deposit
Co., the Church Properties Fire Insurance Corp. and the
Church Pension Corp. For many years he was President
of Cooper Union and he was also active as a member of the
Chamber of Commerce of the State of New York.
We quote further regarding Mr. Cutting's career from the
New York "Times" of Sept. 22:
Robert Fulton Cutting was known in the '90s and in the early part of
thin century as "the first citizen of New York" and as a man who always
"worked for the people's pocketbook." He fought Tammany and Republican bosses and Interested himself in many civic and charitable causes.
As an economist, a student of political and municipal problems and an
aggressive leader, he became celebrated.
Among the organizations he helped to found or headed were the Citizens
Union,the New York Bureau of Municipal Research,the City and Suburban
Homes Co., Cooper Union, the Association for Improving the Condition
of the Poor and Greenwich House.
Born in New York in June 1852, Mr. Cutting was a descendant of Robert
Fulton. He was the son of Fulton Cutting and Justine Bayard Cutting.
He received his AB from Columbia College in 1871 and his AM there in
1875. In 1904 his alma meter honored him with the degree of LLD.
In 1897 he helped to found the Citizens Union and became its first chairman.
Death of Percy A. Rockefeller
Percy Avery Rockefeller, son of the late William Rockefeller and nephew of John D. Rockefeller, died on Sept. 25
at the Doctor's Hospital in New York City following a brief
illness. He entered the hospital last Friday, Sept. 21,
and was operated on for a stomach ailment on Saturday
morning, from which operation he never recovered.
Mr. Rockefeller was born in New York City on Feb. 27
1878. He attended the Browning School in New York and
was graduated from Yale in the Class of 1900. At the time
of his graduation from Yale, he entered his father's office
with his brother, William G. Rockefeller, who died in 1922.
In the New York "Times" of Sept. 26 it was noted that
Percy A. Rockefeller gradually became an active participant
in many industrial corporations which were outside his
father's interest, although his position on the board of the
National City Bank was virtually inherited. He resigned as
a directors of the bank on April 11 1933, giving ill health
as the reason. The "Times" also in part added:
Aided in Forming Air Reduaion
The major achievement of his business career was, perhaps, his participation in the formation of Air Reduction, Inc. This concern was founded in
1915. with American rights to the Claude process of extracting oxygen and
nitrogen from the air.
The perfection of the chemical process combined with the World War
to make the venture a rapid success, for nitrogen was sorely needed at the
time in munitions manufacture. The company, with an original capitalization of $2,500,000, had a gross income of $20,000,000 in 1930. . . .
One by one he increased thelnumber of firms in which he held the position of director. He invested heavily in the Cuban Dominican Sugar Co.
and suffered a complete loss of his investment. He went into the International Match Co. on the representations of Ivar Kreuger, again losing
when the enterprise collapsed. . . .
Defends His "Short Selling"
He told the Senate Banking and Currency Committee, before which
he was summoned as a witness in the investigation of stock speculation,
1985
that the "tremendous depreciation" since 1929 had cost him a "great many
many millions." Attacked as a short seller, he computed that his short
selling, done, he said, only when he needed money, had netted him $550,000
as against his "tremendous losses."
Mr. Rockefeller married Isabel Stillman, daughter of the
late James Stillman. Mr. Rockefeller was a director in
many corporations and for years had made his office at
25 Broadway, New York City. Among the principal companies of whose directorates he was a member are Air
Reduction Co., Anaconda Copper Mining Co., Bethlehem
Steel Corp., Brooklyn Edison Co., Consolidated Gas Co.,
,
Wagt 3rn Union Telegraph Co. and Westchester Lighting Co.
United States Chamber of Commerce Directors Tell
President Roosevelt Recovery Is Retarded by Lack
of Confidence—Lists Five Major Causes Hindering
Revival—Asks Six Questions
The Board of Directors of the Chamber of Commerce of
the United States on Sept. 24 addressed President Roosevelt
on behalf of organized business in this country, declaring
that there is "a general state of apprehension among the
business men" of the Nation. The Board pointed out that
it has supported the Administration for 18 months in its
recovery program, but asserted that business recovery cannot be accomplished without "a restoration of confidence."
Five major factors in the New Deal policies are acting to
undermine business confidence, the communication stated.
These it listed as follows:
1. The enormous expenditures by the Federal Government, with rapidly
increasing taxes, and uncertainty as to when and how the budget will be
°balanced.
2. Increasing activity in the exercise of control over or management of
private business by Government bureaus and officials, which policy all
history records as destructive of nations.
3. lucreasing activity by the Federal Government in establishing or
subsidizing enterprises in competition with private business.
4. Increasing strikes and violent labor disturbances, fostered and encouraged by radicals in labor organizations.
5. Utterances by those who assume to speak for the Administration
which destroy confidence in the security of property and investments and
fill the minds of our citizens with grave apprehension for the stability of
our Government and its financial integrity.
The business leaders transmitted to the President six questions regarding his future policy, and said that his answers
to these queries would "make much for the restoration of
confidence and the promotion of the general welfare of our
citizens." Four of these questions were concerned with
financial matters, including a balanced budget, the gold
content of the dollar and efforts for an international stabilization of exchange. The other two were concerned with the
Administration's policy toward agriculture and toward public
works construction. These six questions were presented as
follows by the directors of the Chamber:
The board of directors of the Chamber, representing business men
throughout the United States, believes it would make much for the restoration of confidence and the promotion of the general welfare of our citizens
if the administration,speaking through the President, would make a definite
statement as to its policy and progress respecting the following subjects:
1. When and how is it proposed to balance the Federal budget?
2. Is it the intention of the Administration further to reduce the value
of the dollar; if so then to what figure and what shall be the content of the
dollar so reduced?
3. Will the Administration at the earliest opportune moment collaborate
with other nations in an effort to agree upon a plan for the international
stabilization of exchange?
4. Will the efforts of the Administration be directed toward recovery
by the encouragement of business initiative, with a minimum of Government interference and control, and will it discontinue its activities in competition with private enterprises?
5. What Is the Administration's policy toward agriculture?
6. Is it the policy of the Administration to continue the construction
and development of public works not now needed?
Those sponsoring the appeal to the President by the
Chamber included:
President, Henry I. Harriman, Chairman of the board, New England
Power Association.
Honorary Life Vice-President, John Joy Edson, Chairman of the board,
Washington Loan & Trust Co.
Vice-Presidents: Matthew S. Sloan, President and Chairman, Missouri
-Texas Railway Co., New York: T. Guy Woolford. Chairman of
Kansas
board. Retail Credit Co., Atlanta; Fellz M. McWhirter. President, the
Peoples' State Bank, Indianapolis; F. Peavey Heffelfinger, Vice-President
and General Manager, Monarch Elevator Co.. Minneapolis; Witham V.
Hodges, Hodges. Wilson & Rogers, Denver: Paul Shoup, Vice-Chairman,
Southern Pacific Co.. New York.
Senior Council. Richard F. Grant. New York; John W. O'Leary. President, Machinery & Allied Products Co., Chicago; Lewis E. Pierson, Chairman of board, Irving Trust Co., New York; William Butterworth, Chairman of board, Deere & Co., Moline, Ill.; Silas H. Strewn, Winston, Strewn
& Shaw, First National Bank Building, Chicago.
Treasurer, Robert V. Fleming, President. Riggs National Bank, Washington.
Secretary, D. A. Skinner, Washington.
Committee of United States Chamber of Commerce
Opposed to Re-enactment of NIRA—Would Also
Restrict Government's Power Over Codes
Opposition to the re-enactment of the National Industrial
Recovery Act is voiced by a special committee of the Cham-
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Financial Chronicle
ber of Commerce of the United States which was designated
to make a study of the National Recovery Administration.
It was observed in a Washington dispatch Sept. 22 to the
New York "Herald Tribune" that the report is a preliminary one—that account also giving the following extract
from the report:
The committee's detailed study has not yet covered all questions respecting which the committee will present recommendations. Upon
some of the essential questions, however, the committee finds itself reaching
conclusions which may be summarized as follows:
The NIRA should not be re-enacted or extended. In any new legislation
that may be considered, to take effect after the present law has been
allowed to expire, there should be provisions under which the benefits of
the NIRA may be obtained and developed in the public interest, and
the disadvantages may be avoided.
New legislation should be limited in its application to businesses engaged
in, or affecting competition in, inter-State commerce.
Definite exemption should be given from any existing legislation. including anti-trust laws, which might be considered in conflict with the
new legislation.
New legislation should permit each industry to formulate and to put
into effect rules of fair competition and fair trade practices which receive
governmental approval.
The governmental agency should have only the power of approval or
of veto.
Rules of fair competition and trade practices formulated and approved
as above should be enforceable against all concerns in the industry.
There should also be opportunity for members of an industry to enter
into an agreement as to fair competition and trade practices, with governmental approval as above, to be enforceable only against members of the
industry that become parties to the agreement.
The new legislation should give an express right to an industry, or
to the parties in an industry to an agreement, to terminate an approved
code or agreement upon reasonable notice to the governmental authority
and a corresponding right for the governmental authority to terminate
upon reasonable notice.
To labor provisions in new legislation the committee wishes to give
further consideration, believing that experience has now amply demonstrated that these are matters of crucial importance. But the committee
has reached the very earnest conviction that the public interest, as well
as the rights of individual employers and individual employees, require
amendment at the earliest practicable moment of the so-called labor clauses
which by reason of the requirements of Section 7-A of the present law
are imposed upon the members of each industry and each field of business
that has a code.
It should be made unmistakable that the collective bargaining which
is contemplated is bargaining with representatives of all groups of employees that desire to act through spokesmen, and that neither the right
of a minority group to deal collectively nor the direct right of individual
bargaining is precluded. It should be made equally explicit that the right
,
of employees to choose their own representatives is to be free, not merely
of coercion on the part of employers, but from coercion from any other
source. The condition that employment of any person is not to be made
dependent upon membership in one type of employees' organization should
be extended to membership, or non-membership, in any type of labor
organization.
The Committee on National Recovery Administration of the Chamber
of Commerce is composed of the following, in addition to Mr. Whiteside:
William L. Sweet, Chairman. Treasurer, Rumford Chemical Works,
Rumford, R. I.
C. B. Ames, Chairman of the Board, the Texas Co., New York.
Fred H. Clausen, President Van Brunt Mfg. Co., Horicon. Wis.
Goldthwaite H. Dorr, partner Hines. Rearick, Dorr & Hammond,
attorneys, New York.
David F. Edwards, President Saco-Lowell Shops, Boston.
William F. Gephart, Vice-President First National Bank, St. Louis.
J. D. A. Morrow, President Pittsburgh Coal Co., Pittsburgh.
C. C. Sheppard, President Louisiana Central Lumber Co., Clarks, La.
William P. Sidley, Cutting, Moore & Sidley, attorneys, Chicago.
William P. Witherow, President Steel Products Co., Pittsburgh.
George C. Cox Investment Counsel Criticizes New Deal
and Stand of President—Utility Policies Assailed
In a criticism of the New Deal and its policies toward
business and the public utilities, George Clarke Cox, investment counsel, declared (according to the New York "Herald
Tribune" of Sept. 27) that the responsibility for the "confusion and menace" resulting from the New Deal must not
be "placed upon Brain Trusts, but upon the President himself." Mr. Cox's comments were made at a meeting on
Sept. 26 of the American Statistical Society in New York
City. The public utilities, he remarked, had submitted to
rate regulation after they had received certain monopolistic
powers, but they had never foreseen the possibility that they
would be forced to submit to competition by tax-free Government agencies. Further criticism of the Administration's attitude toward utilities was offered by Wendell L.,
Wilkie, President of the Commonwealth & Southern Corp.
who said that if the Southern utilities of the system were
given the same subsidy and primary rights as municipallyowned plants which receive power from the Tennessee Valley
Authority, all the bonds and preferred stocks could be paid
off and domestic rates could be reduced to 75% and industrial rates to 90% of those charged by the TVA. He added
that if this were done,"we could double our net revenues."
The New York "Herald Tribune" of Sept. 27 reported
other details of Mr. Cox's speech as follows:
Mr. Cox declared that "not only has Government begun to compete with
private agencies in the TVA and in the subsidizing of municipal power
plants, but also with business having no monopoly—the latest form being
mattress-making by a Government agency." He said that the most
serious form of competition taken by Government in business is the National Recovery Administration, and "then the debauching of our banks."
Sept. 29 1934
Attacking the New Deal, Mr. Cox said that the "Rooseveltian type of
State is one not known to any natural history of politics." He said that by
the intent or claim of the makers it is not Democracy. Fascism, Communism
nor Socialism.
"At Green Bay the President plumped squarely for a new social order,
no matter what might happen to recovery," he said. "He was defiant and
contemptuous of business. He seems to look upon business men as inevitable ills of life—leprous in character but necessary to the State. There is
no difference of opinion among business men as to what alone will bring
about recovery. If the Administration shall continue to resist, then but
one conclusion may be drawn, namely, that the President does not want
recovery at the expense of his social program."
Mr. Cox declared that many have urged patience, saying that the Supreme Court would overthrow the encroachments of NRA and confiscation of gold. . . .
National Labor Relations Board Suggests Paid Directors for 19 Regional Groups—Report to President Roosevelt Discusses Federal Jurisdiction Over
Labor Disputes When Firms Are Not in Interstate Commerce
The National Labor Relations Board, in a report to
President Roosevelt made public OD Sept. 25, stated that it
plans to make a more effective organization of the 19 regional
labor boards by centralizing the responsibility for the functioning of each board in the person of a full-time, paid
director, selected by and working under the NLRB. The
report, summarizing the activities of the NLRB during the
month ended Sept. 9, was signed by Lloyd K. Garrison,
Chairman. Much of the survey was devoted to the question
of Federal jurisdiction over labor disputes which involvealleged violation of Section 7-A of the National Industrial
Recovery Act by firms not engaged in inter-State commerce.
Mr. Garrison pointed out that this issue has been raised in.
several cases where Blue Eagle insignia have been removed
by the National Recovery Administration because of noncompiance with decisions of the NLRB. The report said
that seven cases were transmitted to the NRA for removal
of the Blue Eagle and added that these cases are now being
studied by the Department of Justice for appropriate action
in case the Blue Eagle is not restored. Some of these casea
do not involve inter-State commerce.
A Washington dispatch of Sept. 25 to the New York
"Journal of Commerce" summarized other important sections of the report as follows:
Mr. Garrison indicated in his report that the functions of the NLRB
and those of the compliance divisoin of NRA and the conciliation service
of the Department of Labor are rapidly being defined in order that there be
no duplication of authority and overlapping of activities.
As a result ofconferences with representatives of NRA,he said,the following understanding has been arrived at with respect to the action to be taken
by NRA upon findings of the NLRB of violations of Section 7-A.
Action On Violations
1. In the normal case where the NLRB has found a violation of Section
7-A and the company within the time allotted to it by the NLRB has not
made such restitution, if any, as the NLRB has recommended, the compliance division of NRA, upon submission of the decision and of the file,
will without delay remove the employer's right to fly the Blue Eagle and will
notify the NLRB accordingly.
2. In the normal case, if, after the employer's Blue Eagle has been
removed because of violation of Section 7-A, the employer petitions for restoration of the Blue Eagle, the petition will be referred to the NLRB for
Investigation and for a recommendation to the compliance division as to the
upon which restoration should be granted.
3. Whenever for any reason the compliance division believes that in a
particular case there is reason not to follow the procedure outlined a joint
conference will be arranged between the compliance division and the NLRB
for a discussion of the matter it being understood that so long as the responsibility for the removal of the Blue Eagle remains with the compliance division discretion with respect to its removal and restoration must remain with.
the division.
Program to Decrease Government Expenditures Urged
by Directors of United States Chamber of Commerce—Committee Proposes Enactment of New
Budget Law
Declaring that "uncertainties concerning the fiscal situation likely to result from the Government's borrowing and
spending activities, with consequent effects upon monetary
and revenue policies, are retarding re-employment and recovery," the directors of the Chamber of Commerce of theUnited States on Sept. 21 urged "a program to decrease expenditures and to shape a definite, early approach to a balanced budget" in an effort to "improve the general outlook
and provide the basis for a decided upturn in business and
employmerft." A dispatch from Washington, Sept. 21, to theNew York "Times" quoted the following from the Board'sstatement:
"Such an upturn," said the formal statement of the Board, "would more
clearly result from the adoption of such a course than from new undertakings.
to spend or even from the completion of the spending program already under
way."
Recalling President Roosevelt's utterances with regard to sound governmental credit and the need tor confidence, the statement went on to say:
"As the President has clearly stated, upon acceptance of the integrity of
the Government credit are likewise dependent the maintenance and development of all recuperative processes. Individual decisions to produce, purchase and process materials and to develop such will halt or not be made ini
Volume 139
Financial Chronicle
the absence of confidence in fiscal policies. The welfare of the laborer,
farmer, investor and employer, and the whole endeavor of private institutions
and of government will be immeasurably improved if the momentous decisions now in the making indicate definite limitations upon Government
spending and borrowing, moderation in taxes, and determination to warrant
general confidence in the fiscal and monetary activities.
"In our judgment, an early consolidation of the financial position of the
Government must be placed at the head of public questions."
On Sept. 23 a special committee of the Chamber advocated
a new law to end the present dual budget for regular and extraordinary expenditures and to put greater budgetary powers in the hands of the President. These suggestions will be
submitted to a national poll of business organizations, said
the advices from Washington to the "Times," which also
stated, in part:
The Chamber of Commerce committee holds that "the present budget
system has not resulted in a well-rounded method of fiscal planning" and
has not "produced satisfactory control of expenditures."
Budget Changes Urged
It asks that a new budget law be enacted by Congress at the next session,
in which:
1. The present system of scheduling expenditures under dual hands, general
and emergency, would be abandoned, and the executive budget statement
expanded so as to include all capital outlays, "indicating class or type and
distinguishing clearly between those of a reimbursable nature and those non.
reimbursable."
2. There would be a recognition of contingent liabilities.
3. Provision would be made for a budget officer of a rank not less than an
Assistant Secretary of an executive department to be appointed by the President "for each spending unit."
4. Revenue schedules would be expanded to give "reasonable" details for
expenditures :n substitution of "the lump sum figures now used."
5. Adequate power would be given to the President to control expendi•
tines, including the right to veto individual items in appropriation bills.
6. The present allotment system would be broadened and strengthened so
as to prevent any unit spending in excess of appropriations, and to reduce
expenditure of a non-mandatory nature wherever possible.
7. Any taxpayer would be authorized to maintain court action "to restrain
an official or agency from spending in excess of appropriations."
8. Distinction would be made between accounting which is a function of
the Administration and auditing proper, "which is essentially of legislative
concern."
Accounting Office Asked
"The functions of the present office of Comptroller-General," the committee says, "should be limited to those of an Auditor-General as legislative
agent, that is, concerned primarily with the property and advisability of
expenditures and fiscal operations rather than their fidelity.
"There should be a general accounting office under the control of tbe
President ; this office should have the responsibility of reorganizing the
occounting system, standardizing accounting and incorporating those modern
features which will afford data indispensable for a satisfactory periodic
check-up and control of fiscal operations.
"Cost accounting should be applied to those governmental operations
whose nature permit and justify it."
Court Decision Declaring Unconstitutional Farm Mortgage Moratorium Act Approved by H. H. Heimann
of National Association of Credit Men—Act Regarded As Running Counter to Principles of Sound
Credit
Commenting upon the decision by Judge W. Calvin Chesnut, of Federal District Court in Baltimore, who decided on
Sept. 19 that the farm mortgage moratorium amenjIment
to the National Bankruptcy Act was unconstitutionalMenry
H. Heimann, Executive Manager of the National Association of Credit Men, stated on Sept. 22 that "the Act is a
fair indication of what will undoubtedly be proposed for
the relief of individuals generally in the next session of
Congress, and in the writer's opinion, runs counter to all
principles of sound credit, and will prove a boomerang to
distressed farmers by effectually damming the reservoirs of
credit." "It was to be expected," Mr. Heimann added, "that
the constitutionality of the Act would be attacked and the
United States Supreme Court will have to decide whether
the constitutional provision giving to Congress power to
enact 'uniform laws on the subject of bankruptcies' is
susceptible of an interpretation favorable to this type of
legislation."
Mr. Heimann, in his comment, also had the following
to say:
This legislation has been justified by its proponents as necessary to afford
complete relief to distressed fanners, and to prevent them from losing their
farms and agricultural equipment ny foreclosure or liquidation in bankruptcy. Its opponents have contended that it will effectually prevent
the reopening of the mortgage money markets in the agricultural sections
of the country.
It would seem obvious that no one will be attracted to making loans on
farm real estate when, by employing the machinery of this Act, not only
can the borrower prevent foreclosure of the mortgage and sales of the
property, but he can discharge the mortgage lien for whatever may be the
appraised value of the property at any time by merely filing a petition
for relief under this amendment.
In such event the mortgagee instead of acquiring the property which is
the collateral for the debt, retains merely a lien upon it, reduced in amount
to the value of the security as appraised by the bankcuptcy court, and the
debtor is given six years within which to pay the interest of only 1%, not
upon the amount of the mortgage debt, but upon the appraised value of
the security.
Judge Chestnut's decision was referred to in our issue of
Sept. 22. page 1801. 4iiv•
1987
AAA to Query Cotton Farmers as to Operation of
Bankhead Act—Replies May Determine Future of
Compulsory Control—AAA Seeks Early Completion of Individual Allotments
The Agricultural Adjustment Administration plans to
circularize 2,000,000 Southern cotton farmers this Fall in
order to determine their opinion of the Bankhead Cotton Control Act and their wishes regarding the future of compulsory
production control, according to an announcement by Secretary of Agriculture Wallace on Sept. 26. Mr. Wallace added
that he was confident that two-thirds of the farmers would
support the compulsory method, although "there is no telling how they will feel about it after what they will go through
during the next few months."
Cully A. Cobb, Chief of the Cotton Production Section of
the AAA, on Sept. 22 telegraphed State allotment committees to redouble their efforts to complete individual allotments so that distribution of the special 10% reserve can be
started. An announcement by the AAA added, in part:
This special reserve, provided for in the Bankhead Act, is 10% of the
total amount of cotton allotted to each State. This reserve is in addition
to the amounts already apportioned to the counties and was designed to
correct inequities arising on individual cases due to special conditions which
are shown to exist on such individual farms. No additional applications
will be required in connection with this reserve as the applications already
submitted or which are being submitted, contain the necessary information
upon which to make the distribution.
This 10%, however, can not be apportioned until all individual applications from all the counties in a State have been received.
A Washington dispatch of Sept. 26 to the New York
"Times" added the following regarding Mr. Wallace's remarks on that date:
When asked about eventualities that might bring about a change in attitude among the cotton farmers, he said:
"Compulsion is always irksome when you get into the details of its
administration and the principle is applied ot the individual. At the
same time, there is a very deep fervor in the South and this may show itself in a determination to have the Bankhead Act continue. But it will be
up to the farmers entirely and they will have every opportunity to express
their views."
The decision to hold a referendum on the program was regarded here as
a further move in the direction of what Secretary Wallace has described as
"economic democracy" as distinguished from "political democracy." Only
by its achievement, he holds, can social justice be done.
Apprehension of some branches of the trade that the United States may
lose its world supremacy in the world cotton market for that staple if the
adjustment program is continued was considered unfounded by Secretary
Wallace.
"It looks as though the exporters were squawking before they are hurt,"
he said.
County Agents Sent Forms by AAA to EnableMembers
of Cotton Producers Pool to Obtain Advance of
Two Cents a Pound
Forms are being mailed to County Agents in the Cotton
Belt to enable 455,000 members of the cotton producers
pool holding certificates covering 1,950,000 bales of cotton
to obtain an additional advance of two cents a pound or to
offer their certificates to the pool for sale, it was announced,
Sept. 21 by Oscar Johnston, manager of the Cotton Producers
Pool of the Agricultural Adjustment Administration. Mr.
Johnston stated that under the procedure that has been
developed, together with the Government's offer to lend
producers 12 cents per pound on low middling cotton at
interior points, it is not believed that the transaction with
reference to the pool cotton will have adverse effect upon
marketing of the 1934 crop or such of the 1933 crop as is
still in the hands of the producers. Mr. Johnston further
stated that, in his opinion, the majority of the certificate
holders will take advantage of the offer of two cents per
pound and retain their interest in the pool, thus obviating the
necessity of the pool manager disposing of a large quantity
of the cotton held in the pool. He stated, however, that there
would be some pool members who would be desirous of
immediately disposing of their certificates at the present
market level, and that it would therefore be necessary for the
pool manager,from time to time, to sell so much'of the cotton
under his control as may be necessary to meet the demands
of certificate holders whose certificates are purchased.
As previously announced, Mr. Johnston pointed out,
arrangements have been completed for the sale of all low
grade, non-tenderable, cotton in the pool to the Federal
Surplus Relief Corporation for use in relief activities, this
being the character of cotton required for the manufacture
of mattresses and for similar purposes. This sale, he stated,
will reduce to that extent the quantity of cotton which it
may become necessary to market. It is not contemplated,
that in addition to this, there will be a very great proportion
of pool cotton offered to the market. Mr. Johnston added:
Should certificates be offered to such an extent as to affect the market
adversely, the pool manager reserves the right to reject the certificates or
withhold purchasing them until market conditions justify accepting them
and selling the cotton.
1988
Financial Chronicle
In announcing that the forms were being mailed to County
Agents for use by holders of the participation trust certificates, Mr. Johnston made the following statement:
The first of these forms, known as Form C-5 F is intended for use by the
holders of pool certificates who desire to sell the certificate to the pool
manager. Those holders who desire to sell will procure this form from their
County Agent . . . and mail it to the pool manager. Upon receipt of
these forms, the pool manager, at his discretion, will purchase the certificates,fixing the purchase price at market quotation on the Cotton Exchange.
during the day indicated in the form offering the certificate. From the
Purchase price, there will be deducted 10 cents per pound, or $60 Per bale.
to cover the obligation of the certificate holder to the pool. There also will
be deducted, six points or 30 cents per bale per month from Feb. 1 1934, to
the month on which the price was fixed to cover carrying charges, and a
check for the balance will be sent to the certificate holder.
To illustrate this, at the present October will be used as the cover month.
At the close of the market Sept. 20. October was quoted at 12.62. Had a
certificate been purchased at that figure the value would accordingly have
been 363.10 per bale. From this would be deducted 10 cents per pound, or
$50 Per bale, and 30 cents per bale per month from Feb. 1 to Oct. 1, a total
of 49 points or $2.40 per bale, a total deduction of $52.40 leaving a net
balance of $10.70 to the certificate holder for his certificate for one bale.
Under this transaction the certificate is surrendered and canceled and the
holder has no further interest in the pool. The pool manager will withdraw
from the pool and dispose of the quantity of cotton covered by the purchase
of the certificate.
The other form, known as C-5 H.is intended for use by those certificate
holders who instead of selling their certificates and terminating their
interest in the pool wish to take advantage of the offer to advance an additional two cents per pound or $10 per bale. This form authorized an
amendment to the contract upon which the pool was established and
requests the pool manager to obtain additional funds necessary to make a
further.advance of $10 per bale to the certificate holder. Certificate holders
who obtain this advance will retain their interest in the pool and will be
given new certificates evidencing this interest which they may thereafter
sell to the pool manager and receive the market value less 12 cents per pound
and carrying charges at the rate of 30 cents per bale per month after Oct. 1
1934.
Mr. Johnston explained that the amount that would be
received by pool members obtaining the two cent advance
would be $7.60 per bale net. The sum of $2.40 is deducted
for carrying charges up to Oct. 1. Those who obtain the
two-cent advance will be entitled to any further advance that
may occur in the market, and will be permitted at a later
date to sell their certificates should the market reach a more
satisfactory level. Mr. Johnston emphasized that, in his
opinion, the majority of pool members would obtain the
two-cent advance and retain their interest with the prospect
of receiving additional benefit of any rise in the market.
The issuance by President Roosevelt of an order authorizing
the Commodity Credit Corporation to guarantee farmers a
minimum of 12 cents a pound for cotton was referred to in
our issue of Aug. 25, page 1174.
Secretary of Commerce Roper Says Administration
Seeks to Safeguard Individual Initiative—Tells
National Exchange Club in Cincinnati It Does
Not Intend Major Portion of Emergency Legislation to Become Permanent
The Administration's Recovery program will safeguard
local and individual initiative, and there is no ground for
concluding that a major part of the emergency legislation
will become permanent, Secretary of Commerce Roper
declared in a speech at Cincinnati on Sept. 25. Addressing
a convention of the National Exchange Club, Mr. Roper
said that the Administration has no intention of bringing
about "complete abolition of 'the old order' of our economic
and social system." Many steps must be taken during
an emergency which become unnecessary when equilibrium
is fully re-established, he added. Associated Press advices
from Cincinnati Sept. 25 quoted further from the Secretary's
speech as follows:
"The fact that some reforms may be initiated along with emergency
acts gives no ground whatever for concluding that all or even a major
part of the emergency acts may become permanent.
"Constructive administrative experience and further developments
will indicate what features should be made permanent and which are to
be utilized only until the emergency has passed."
Secretary Roper only a month ago broadcast to the nation's business
leaders, after consultation with President Roosevelt, a message that the
New Deal was wholeheartedly for preservation of the "profit motive."
He did not specify to-night that Administration policies would be changed
or how.
"Let us make every effort," he said, "to safeguard local and individual
initiative by weaning dependent agencies as soon as possible from the
nursing bottle of Federal aid after the emergencies that bring the National
Government into co-operative relief endeavors have passed.
"One of the vital needs of this year is, therefore, to wean dependent
units from their Federal dependence where it is possible for them to stand
on their own feet."
The New Deal, he said, was designed in purpose and program "to reestablish balance and equilibrium in those segments of our economic and
social system where, over a series of years. business initiative and effort
have found It impossible to accomplish reconstruction alone."
"There are those who assert," he added, "that the New Deal means
the complete abolition of the old order' of our economic and social system.
Nothing could be further from the truth.
"New Deal leaders desire and the New Deal contemplates maintaining
those institutions and methods which have proved to be sound, adequate
and constructive in our program thus far.
Sept. 29 1934
"It would safeguard these institutions by eliminating those deterrent
factors, evils and abuses which contributed predominantly to the economic
collapse from which we have all suffered so severely."
Conceding that the Recovery program had not been perfect "either in
conception or execution," Secretary Roper said:
"Mistakes have been made and methods have been changed and corrected, a process that will continue constructively throughout the tenure
of the present Administration."
$86,220,880 Paid to Producers Participating in Cornhog Adjustment Program—Payments Made to
918,962 Contract Signers
Corn and hog producers have received about two-thirds
of the first instalment of approximately $133,000,000 due on
their adjustment contracts, Dr. A. G. Black, Chief of the
Corn-hog Section of the Agricultural Adjustment Administration, announced Sept. 24 in a preliminary report. Thus
far, Mr.Black said, payments totaling more than 6,220,880
have been made to 918,962 contract signers in 39 States.
Mr. Black's report continued:
Slightly more than three-fourths of the total of 1,200,000 contracts
signed by farmers in the 1934 corn-hog program now have been received
and released for payment by the rental benefit audit section of the AAA.
Through Sept. 20, a total of 133,259 early payment contracts had been
received and released for payment to farmers in 522 counties. and 779,253
regular payment contracts had been approved for payment in 1.822 counties.
About 2,560 of the total of 3,070 counties in the United States are listed as
participating in the 1934 corn-hog program. Contracts were signed in all
of the 48 States.
Mr. Black issued the following showing cumulative payments through Sept. 18 to producers in 39 States:
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana
$183,900.90
17,168.00
329,133.20
737,708.60
141,244.25
2,001.75
12,883.85
119,976.75
68,689.90
34,819.10
4,007,297.20
7,713,894.10
22,753,704.87
5,140,920.45
150,737.55
150,678.60
158,531.10
5,595,710.70
8,497,212.38
100,493.75
Nebraska
Nevada
New Hampshire
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
$8,401,294.05
25,079.85
3,710.00
83.242.10
6,339.80
26,398.60
313,159.45
6,962,520.05
399,711.05
3,427.90
4,436,792.25
362,833.15
943,188.25
62,213.85
3,698.00
638,348.45
289,557.65
76,303.75
2,492,308.55
NRA Considers Proposed Modification of Code for
Motor Vehicle Retailing Trade to Permit Payment of "Liquidated Damages"—San Francisco
Dealer Fights Federal Suit Under Code
The National Recovery Administration is considering a
proposed modification of the code of the motor vehicle retailing trade, it was announced on Sept. 19 in a statement
which said that any objections to the suggested changes
must be submitted to the NRA prior to Oct. 2. The
proposed modification would permit members of the industry
to reach an agreement under which those found guilty of
code violations could be fined, with the proceeds going to
the Code Authority treasurer to be ultimately distributed to
employees directly affected. The National Control Committee of the trade suggested the code amendment.
Opposition to the motor vehicle retailing code was expressed on Sept. 11 before Federal Judge St. Sure in San
Francisco by James W. McAlister, automobile distributor of
used cars, who is being sued by the Government which seeks
to compel him to observe prices fixed by the Code Authority. The San Francisco "Chronicle" of Sept. 12 described this action as follows:
His principal objections to NRA control were that the code was being
secretly violated, without the violators being punished, and that prices
on used cars were set by the National Code Bureau in St. Louis.
"That Bureau," he testified, "lists cars in San Francisco at higher prices
than they are being sold here.
"If there were no code," be added,"a good merchant could take a 'turn
in' at the price his judgment dictated and not at a price set by a committee
sitting 2,000 miles away."
The NRA, he contended, was not fair to the public and was causing him
a loss in business.
Holds Up Turn-Ins
"Under the code," he said, "I cannot even tell a customer where he
may go to sell his car. Furthermore, the public knows the maximum
Price set for 'turn-ins' and can demand that figure, regardless of the
condition of the car—whether it has run 5,000 or 50,000 miles. That is not
fair to the man who takes good care of his car."
McAlister also charged that his competitors' factories had authorized
their distributors to cut prices, while his company insisted he must observe
the code figures.
The distributor was brought into court, when he sent out bulletins to
his dealers and employees, announcing he would not abide by the NRA,
and offering to provide legal defense if the Government moved against
them.
The.NRA announcement of Sept. 19 said, in part:
The modification consists of a new section on "liquidated damages,"
which would permit industry members to enter into an agreement whereby
those found guilty of code violations would be required to pay various
amounts to the Code Authority treasurer. Amounts collected would be
distributed to employees directly affected. Code administration expenses
would be defrayed in the case of labor provision violations with funds
Volume 139
Financial Chronicle
received for violations of other than labor provisions. The balance, if any,
would be distributed semi-annually among members who are parties to
the agreement and who are not code violators.
Clarification of Fair Trade Practices Would Aid Recovery, According to Assistant Secretary of Commerce Dickinson—Co-operation by Business Men
a Vital Factor.
Business should seek to clarify its position with regard
to fair trade practices, John Dickinson, Assistant Secretary
of Commerce, said on Sept. 24 at a celebration of the opening
of "Blue Eagle Week" in Washington. Mr. Dickinson said
that there has been much opposition to price-fixing under
National Recovery Administration codes and that this
opposition is shared by many business men. He added
that raising prices by agreement is no cure for the depression,
but declared that there is much distinction between pricefixing in this sense and many other fair trade practices
which are not price-fixing but are often confused with it
because of hasty analysis. Among other contributions
which Mr. Dickinson said business can make to the recovery
program he listed the analysis of individual industries to
determine what additional burdens they can carry, and the
adoption of a policy to emphasize that the way out of the
depression is through "co-operation, counsel, adjustment
and constructive compromise, rather than through strife,
conflict and a struggle for power."
Other extracts from his speech, as contained in a Washington dispatch of Sept. 24 to the New York "Journal of
Commerce," are given below:
Declaring that the basis of the recovery program is the democratic
principle of decision by consultation and agreement, he held the issue
must be "argued out and not fought out."
"Business and labor alike have too great an interest in preserving the
industrial system to subject it in its present condition to such a strain,"
Mr. Dickinson said.
At the outset the Commerce Department executive having jurisdiction
over the Bureau of Foreign and Domestic Commerce said:
"There is need for clear heads among business men at the present time
because there is very real danger that if they suffer themselves to become
confused regarding the recovery program and mat+ especially NRA. they
may have to pay seriously for the results in waste, strife and lost opportunities for constructive achievement.
"With a program of such magnitude ramifying in so many details into
all branches of our national business life, there is an inevitable tendency
on the part of some business men to take a partial view and fail to see the
woods while looking at the trees. If the business community does this
and each man or group looks at his own particular tree without looking
at the picture as a whole, misunderstanding and strife are inevitable."
Mr. Dickinson explained that "a broader, fuller life for all our people"
means enhanced business activity and increased business prosperity,because
business depends and has always depended in the past on an increased
standard of living for the community as a whole.
Hardwood Manufacturers' Institute Directors Favor
Retention of Cost Protection Feature in Code—
Opponents Plan Appeal to Courts
Directors of the Hardwood Manufacturers Institute, meeting in Memphis, Tenn., on Sept. 6, refused by an overwhelming vote to recommend the abolition of the cost protection
provision of the lumber code. The Institute acts as Code
Authority for 18 States. In denying the petition to void the
cost protection feature of the code, the Institute said that
to do so would wreck the entire pact and would probably
cause the industry to revert to former unregulated wages and
hours. It was reported from Memphis that 18 of the 25
directors favored the retention of the cost protection provision which had been objected to by 491 members of the
Institute. The Memphis "Appeal" of Sept. 7 discussed the
controversy, in part, as follows:
A. B. Knipmcyer, attdrney for the protesting group, said last night that
he intended to move immediately to remove fixed prices from the code, but
declined to say whether he would contest its legality in Federal court or take
an appeal to the Lumber Code Authority.
"The quickest way it can be done, is the way we will do it," he said.
Fared with an overproduction of 66,000,000 feet the southern and Appalachian division during the first seven months of the year, and with a 500,.
000,000-feet carryover, the Institute recommended a cut in the running time
:or October, November and December to 60 hours per month. This compares
with 90 holm, a month during the present quarter.
The Control Committee of the Lumber Code Authority will meet in Washington next week to pass on the production-quota recommendation of the
lnstitale.
Meanwhile, Captain E. A. Selfridge, Assistant NRA Director in charge
of luenuer, took occasion to reiterate yesterday that the NRA was prepared
to "crack down" on all lumbermen who attempt to evade price-fixing so
long as it was in the code.
The NRA public hearing on the petition by 164 Southern
hardwood lumber operators for exemption from the minimum cost protection price schedules established under the
lumber code by an Administrative Order, July 16, was dismissed on Sept. 17 by Deputy Administrator A. C. Dixon
when no representatives of the petitioners appeared. Announcement of this was made by the Lumber Code Authority,
Sept. 17, which also had the following to say:
1989
Previous correspondence between Mr. Dixon and spokesmen for the.
petitioners, read at the opening of the hearing, had indicated that the
Petitioners would not be present, but the Deputy Administrator nevertheless
kept the :learing in session for an hour and 20 minutes in order to accommodate any who might attend.
In dismissing the hearing, Deputy Administrator Dixon announced that
an opportunity would be given for filing briefs on the subject until Oct. 1,
and that if by then no additional testimony is offered in behalf of the petition
for exemption the petition would be denied. He said any briefs filed would
be open to the Lumber Code Authority for reply.
The communications from representatives of the petitioners, addressed sev•eral days ago to the Deputy Administrator, first asked that the hearing be
canceled, and upon being informed that this would not be practicable, in as,
much as notices of the hearing already had been issued, stated that the
petitioners would not attend. Representatives of the Lumber Code Authority
and the Hardwood Manufacturers Institute, of Memphis, Tenn., administrate:e agency of the Authority in the hardwood producing region in which
the petitic.ners operate, were present at the hearing, ready to present the
case for continuing in force the minimum price schedules as vital to the
maintenance of lumber code provisions generally, particularly those governing minimum wages, maximum operating hours and production quotas.
NRA Deprives Six Firms of Privilege of Displaying NRA
Insignia
On Sept. 22 the National Recovery Administration deprived six firms of the privilege of displaying any NRA insignia. Announcement in the matter was made, as follows,
by the NBA:
The Administrator's action in the case of K. 0. Lee & Son Co., Aberdeen,
S. Dak., manufacturers of tools and implements, was taken on recommendations of the National Labor Relations Board, for violations of Section 7-A
of the National Industrial Recovery Act. The other firma were reported by
the NRA Compliance Council to have violated various code provisions.
Hearings in the Lee Co. case were held by the National Labor Relations
Board, which found that there had been discrimination against two employees because of their organizational activity. The company refused to
reinstate them.
The Joliet Mantel & Tile Co., Joliet, Ill. (Joseph M. Ambrose, owner and
manager), was found to have violated the code for the tile contracting Industry by failing to file copies of all bids with the Divisional Code Authority
or its designated agent.
The Augusta (Ga.) Bag & Burlap Co. was found to have violated the
minimum wage and maximum hours provisions of the code for the used
textile bag industry.
A. L. Sereni, Philadelphia, violated the minimum wage and maximum
hours provisions of the canvas goods industry code.
The Hiegel Lumber Co., Conway, Ark., violated the retail lumber code
by selling below cost as defined in the code and below filed prices.
Lawrence and Oscar Hickerson, doing business as Hickerson Bros., Chesterfield, Tenn., violated the minimum wage, maximum hours, and child labor
provisions of the lumber and timber products industry code.
The following telegram was sent by National Recovery Administrator
Hugh S. Johnson to the K. 0. Lee & Son Co., Aberdeen, S. Dak.:
"The National Labor Relations Board has found that you have violated Section 7-A
of the National Industrial Recovery Act by Discriminating against Milton Frantz
and Hans Christianson because of their organizational activity. You have failed
to notify the Board by Sept. 18. as required by the Board, that you offered reinstatement to these employees. The Board has referred the case to the Compliance
Division. On the basis of the recommendations of the Board and of the Compliance Division, you are hereby deprived of your right to display any NRA insignia
n any manner."
Code for Grocery Manufacturing Industry Approved for
NRA—Basic Pact Designed to Cover Many Small
=
--- / 1ustries--Payment of Brokerage to Buyer Constitutes Unfair Competition
The National Recovery Administration on Sept. 21 approved a code of fair competition for the grocery manufacturing industry, to become effective immediately. This
action was described as an important step in the policy of
incorporating all small, related industries under one basic
pact. It is stated that in order to answer the objections of
small industries that they would be oppressed under a "master" code, the new pact provides that each industry coming
under its jurisdiction shall retain its own Code Authority
and shall have the sole authority to administer the code for
its industry. One of the principal provisions of the code is a
section which defines the practice of paying brokerage to any
buyer as an unfair method of competition and a violation of
the pact.
-hour work
The approved code specifies a maximum 40
week and an eight-hour day, with exceptions for certain
managerial and other employees. Other employees are permitted to work overtime at time and one-third wages for six
hours weekly during any eight weeks in each calendar year,
although no.employee is permitted to work more than six
days in any seven-day period.
In an order approving the code, General Hugh S. Johnson,
Recovery Administrator, said:
It is recognized that the policies of the (Recovery) Act can better be
effectuated in the grocery manufacturing and distributing industries If all
such industries are subject to codes of fair competition containing substantially comparable provisions.
Accordingly, all uncodified grocery manufacturing industries which desire
codification are requested to apply for this code, and all codified grocery
manufacturing industries are requested to consult the Administrator with a
view to applying for this code or adopting such modifications of their own
codes as will result in such substantially comparable provisions.
In accordance with the intention of Paragraph 4 in the administrative
order X-16, hearings will be held as to any uncodified grocery manufacturing
1990
Financial Chronicle
Sept. 29 1934
Industry which has not applied for this code within 30 days after
the date
hereof..
tion" against former strikers were being reported, particuWe quote, in part, from a Washington dispatch of Sept. 21 larly from the South, where he said many of the workers
were planning another walkout. He added that he had adto the New York "Journal of Commerce" regarding other imvised the workers to be patient and to await action by the
portant provisions of the new code:
Textile Labor Relations Board, to be appointed by President
Under the terms of the same order, the grocery manufacturing industry is
Roosevelt in accordance with the recommendations of the
defined as follows: "The manufacturing, processing, canning, packing,
bottling and/or importing and sale by the manufacturer, processor, canner,
President's Textile Inquiry Board, headed by Governor
bottler, packer or importer of any one or related group products commonly
known as food and/or grocery products, except those products which are . Winant of New Hampshire.
President Roosevelt on Sept. 26 by Executive Order named
principally sold through other channels than the wholesale and retail grocery
trades."
the members of the new Textile Labor Relations Board. His
The code sets minimum rates of pay for office and clerical workers in
appointees included Judge Walter P. Stacy of North Carolina
accordance with the population of respective cities. In cities of 500,000
as Chairman and James A. Mullenbach of Illinois and Adinhabitants or more, $16 per week is the required 'wage; in cities between
250,000 and 500,000, $15, and $14 per week in other places.
miral Henry A. Wiley, retired, as members. All three men
Other employees shall not be paid less than 40c. per hour. In the South,
were members of the National Steel Labor Relations Board
this figure is reduced to 35c. Employees engaged in "light" work, comappointed last June to settle disputes in the steel Industry.
monly performed by female operatives, may be paid at rates not less than Sc.
per hour below these specified minima. It is specified that female workers
In the same Executive Order the President ordered the inperforming the same work as male employees shall receive the same rates
vestigations of the textile industry recommended by the
of pay as the latter. These rates apply regardless of whether an employee
Winant Board. The first of these is a study of wages and
is working on a time rate, piece work, or other basis, it is said.
In the event the provisions of the approved code tend to reduce the normal
working conditions by the Bureau of Labor Statistics, while
working hours of an employee by not more than 16 2/3%, the wages of such
the second is a survey by the Federal Trade Commission to
employee shall not be reduced below the normal wage paid him during the
determine "whether wage increases based upon reduction in
period Jan. 1 to May 1 1933. It is further stipulated that hourly wage
hours or otherwise can, under prevailing economic condirates shall not be reduced for any reason.
Employees' wages shall be exempt from fines and rebates other than voluntions, be sustained."
tary contributions or those required by law for pension, insurance, &c.
Mr. Gorman on Sept. 27 called upon all workers in the
Collective Bargaining
industry to have confidence in the new board and to withThe approved code grants employees the right to bargain collectively
hold any action toward renewal of the strike. He said the
through representatives of their own choosing, and they "shall be free from
union leaders were sure the new Board would thoroughly
the interference, restraint or coercion of employers of labor, or their agents,
investigate all charges of discrimination. Meanwhile Presiin the designation of such representatives or in self-organization or in other
concerted activities for the purpose of collective bargaining or other mutual
dent Roosevelt on Sept. 27 conferred with representatives
aid or protection." Neither is an employee required to join any company
of the employers regarding their attitude toward the settleunion other than one of his own choosing. Employers are charged to refrain
ment of the strike.
from discharging and re-employing workers in an attempt to evade the
code's labor provisions.
George A. Sloan, President of the Cotton Textile Institute.
said on Sept. 25 that he was unable to announce whether the
New York City to Co-operate with NRA in Maintainmills would accept the report of the Winant Board and coming Prices Fixed Under Ice Code—Action Sets
ply with the President's request that all textile strikers be
Precedent as City Officials Agree to Revoke Li- taken back without
discrimination. Meanwhile, Arthur
senses for Non-Compliance
Besse, President of the National Association of Wool ManuThe National Recovery Administration and officials of facturers, and Peter Van Horn,
Chairman of the Silk Code
New York City on Sept. 27 jointly began the enforcement of a
Authority, said that additional woolen and silk mills had
new scale of prices for ice, as fixed under the code of fair reopened following the
termination of the strike. Earl Concompetition for ice dealers. License Commissioner Paul stantine, Managing Director
of the National Association of
Moss and Market Commissioner William F. Morgan Jr., of Hosiery Manufacturers,
said on Sept. 25 that the problems of
New York City, on Sept. 18 declared that ice dealers who the hosiery and other textile
industries differ from those in
fail to comply with the price provisions of the code will have the cotton textile industry.
He added that union leaders had
their licenses revoked. This action was described as a prece- failed to call off the
strike in the hosiery industry.
dent permitting the city to revoke licenses for non-compliance
The order by Mr. Gorman on Sept. 22, ending the strike,
with codes for any industry. NRA officials in New York on
was contained in a telegram to local unions, which read as
Sept. 19 received from Washington an order establishing a follows:
fixed price for ice in the city, designed to end "ruinous com- To all local unions of United Textile Workers, greetings:
petition." The local authorities will co-operate with Byrnes
By unanimous vote of the Executive Council, your heroic strike ends in
MacDonald of the NRA State Compliance Board. The New complete victory as of to-night. Full report will be mailed at once to all
unions. Our
York "Times" of Sept. 19 listed the new price scale as local officers salute triumph is one of the greatest in all labor history, and
your
you and congratulate you.
follows:
Return to work Monday morning as orderly as you walked out, conscious
This scale sets a price of 50c. a hundred pounds for ice sold retail and a
price of $6 a ton for commercial buyers. The prevailing retail price is
about 60c. per hundred pounds. The minimum price to dealers by manufacturers for a 90-day period is set at $3.20 per ton.
The plan of co-operation decided at the conference calls for investigation
of complaints of ice code price infractions by Compliance Board investigators. If the complaints are proved, Mr. MacDonald will inform Commissioner Morgan, who will notify Commissioner Moss, who has the authority
to revoke the manufacturer's or dealer's license.
It was pointed out to Commissioner Moss that this joint action would set
•a precedent, giving sweeping powers to the NRA agreement by almost automatically revoking licenses for non-compliance with codes. He agreed that
this was so.
"If this same step were to be taken with regard to other businesses and
Industries it would mean that the Commissioner of Buildings could suspend
the elevator licenses in an office building for not complying with the code,"
a reporter pointed out.
"Yee, I suppose it would," agreed the Commissioner.
Textile Workers Return to Mills—Strike Is Ended at
President Roosevelt's Request—Union Leaders
Charge Some Employers with Discrimination in
Rehiring Strikers—President Names New Board
Most of the striking textile workers throughout the country returned to work this week, following an order, Sept. 22,
by the Executive Council of the United Textile Workers of
America, ordering the strike terminated immediately in
accordance with the appeal of President Roosevelt. The
President's request and various other aspects of the textile
strike were described in our issue of Sept. 22, pages 1811-12.
The President had asked strikers to return to their jobs and
had also requested the manufacturers to take back employees
without discrimination. Although most of the mills which
'had been closed by the walkout reopened this week, Francis
J. Gorman, Chairman of the former Strike Committee, said
on Sept 25 that "outrageous cases of wholesale discrimina-
1=,'"
of having won your rights, determined to maintain the same fine discipline
displayed in battle. Now bend all efforts everywhere to complete organization of every worker in the industry. Washington headquarters will be
maintained permanently, and from here we shall at once begin work to see
that the Winant Board recommendations are fulfilled completely. Organization campaign will be directed from this office, and you will receive instructions number one, new series, soon. All strike instructions are hereby
canceled and the strike is declared off.
FRANCIS J. GORMAN, Chairman.
Mr. Gorman on Sept. 22 telegraphed President Roosevelt
notifying him of the order calling off the strike. The President's Assistant Secretary, Marvin H. McIntyre, expressed
the President's gratification in the following telegram:
Hyde Park, N. Y., Sept. 22 1934.
Francis J. Gorman, Washington, D. C.:
The President was glad to learn of the action taken by the Executive
Council of the United Textile Workers of America and the National Strike
Committee and appreciated your wiring him.
M. H. McINTYRE, Assistant Secretary to the President
Union leaders claimed that they had won a victory in the
strike. A Washington dispatch of Sept. 22 to the New York
"Times" outlined some of their assertions as follows:
In its report to the Executive Council recommending termination of the
strike the National Strike Committee said that the textile workers had
gained as much as they could hope for out of the strike, and declared that
continuation was not necessary. The time had come when the strike should
be brought to a claw so that a "triumphant campaign of organization" could
be started.
"Moreover," the report said, "we cannot refuse to co-operate with the
President, as he has asked us to do.
"We have been called upon by the President of the United States to join
with him in effecting stability in our industry, under a program designed
to remedy the abuses against which we struck, and we believe it is our
clear duty to join with the President in this great effort."
The labor leaders declared they had won five "definite things" by the
strike:
"1. An end of the stretch-out.
"2. A method of determining hours on a basis of fact.
"3. A method of determining wages upon a basis of fact.
Volume 139
Financial Chronicle
"4. Practical recognition of our union.
"5. Reform in the whole administration of the labor provisions of the
code, on a scale so sweeping that we must confess ourselves surprised at the
sweeping character of the victory we have won."
They asserted that it was "a simple and cold fact" that the strike had so
changed the connections between NRA and labor as to abolish the control
of labor relations by Code Authorities.
William Green, President of the American Federation of Labor, applauded
the ending of the strike. A short time before the final vote was taken in the
Council he had issued a statement praising the Winant Board report.
"The workers should accept it," he said. "They should respond to the
request of the Board and to the President of the United States to declare
the strike at an end."
Textile Strike and Difficulties of Code System—Views
of Guaranty Trust Co. of New York
Stating that "the general business situation this month has
been dominated by the textile strike," the Guaranty Trust Co.
of New York,in its publication,"The Survey," issued Sept. 24:
adds that "this is true not only because of the intrinsic importance of the strike . . . but also because it is a manifestation of a general labor situation that may cause trouble
In one industry after another until it is corrected." "The
Survey" goes on to say, in part:
It is only necessary to recall the series of strikes or major labor crises of
the last few months in order to understand the concern with which business
men view the outlook for the near future. Under such conditions, even a
prompt settlement of the strike, much as that is desired, would bring only
limited reassurance to business unless the terms of settlement contained, or
were accompanied by, some indication that industry could proceed with a
reasonable degree of immunity from continued threats to orderly progress.
The strike began en Sept. 1, after the National Labor Relations Board
failed to bring about a conference between the union officials and the mill
owners The principal demands of the strikers are for a 30-hour week, as
compared with the present working week of 40 hours; maintenance of pay
at current levels, and recognition of the union for purposes of collective bargaining. The Cotton Textile Institute refused to confer on these demands
on the ground that the propmed strike was against the Textile Code Authority
aid, therefore, against the Federal Government. It pointed out that the code
for the industry was formulated "after a full hearing at which representatives of labor and of consumers were heard. That code, upon approval of
the President, became a law of the land with precisely the same effect as if
It had been enacted by Congress. . . . The Government, the public and
the industry are now confronted with the threat that unless the law is
changed and changed immediately the industry will be closed by strike and
kept closed until these changes are made.
The character of such a strike is clear. If it is to be an approved and
successful weapon for changing the code or forcing governmental action, it
will set a precedent for strikes in every other industry. It will put a
premium on force and violence as instruments of law-making instead of the
orderly processes of the National Recovery Administration. . . . We
are convinced that code amendment under threat of strike would be absolute
destruction of the code system."
Difficulties of the Code System.
This statement of position brings out very clearly the implications of the
NRA principle of giving business agreements the force of law. As long
as code provisions occupy that position, it is of the utmost importance that
they be arrived at by orderly processes. If they are not, the Government
Is placed in the indefensible position of approving and enforcing a rule that
is without ethical or logical validity and that has been imposed by one
group upon another by violent means. Such laws will not long continue to
receive or to merit the respect of the public.
A realization of this situation may have been partly responsible for the
lack of enthusiasm with which the strike call was received by workers in
many localities. Claims regarding the 'amber who ha% e responded are
widely divergent; but impartial estimates indicate that not more than 60%
of the workers in the various branches of the textile industry have left their
work, and many of these have undoubtedly done so under pressure.
The strike has involved more widespread violence than any other labor
disturbance in recent years. In some cases, disorders have resulted from
efforts on the part of armed strikers to prevent workers and mill owners in
ci her localities from operating. In several States the militia has been
called out; in Georgia martial law has been declared, and in Rhode Island
the situation became so serious at one time that the Governor asked the
Legislature for authority to invoke the aid of Federal troops.
Thirteen-Day Cleaners' Strike in Chicago Ended by
Agreement Providing for Unionization of All
Plants and Higher Scale of Prices
A lockout and strike which paralyzed the cleaning and
dyeing business in Chicago for 13 days was ended on Sept. 18
under an agreement providing for a general increase of
prices to the public and the unionization of all the 104 cleaning plants in the city. Representatives of the Chicago Cleaners' & Dyers' Association issued a statement on Sept. 18 in
which they predicted that the new agreement would end
price-cutting and would mean payment of higher wages to
employees. Most of the plants had declared the lockout on
Sept. 5 as a protest against alleged low wages and cut rates
in the minority of plants employing non-union labor. The
Chicago "Tribune" of Sept. 19 described the settlement, in
part, as follows:
The new cleaning prices are 85c, for garments called for and delivered,
and 69c. for cash and carry work. Before the shutdown, members of the
Association charged 75c, for cleaning and delivering a garment, while prices
of some of the cash and carry chain stores ran as low as four garments for a
dollar.
The tie-up began on Sept. 5, when Association members called a lockout
of their employees. They pointed out that they were all paying union wage
scales, two to three times as high as the minimum levels set by the National
Recovery Administration cleaners' and dyers' code, and asserted that they
could no longer meet the price-cutting competition of non-union plants
1991
paying the NRA minimums. On the first day of the lockout the unions in
the industry picketed and closed the plants of five chain store concerns, all
except one of which employed non-union labor.
Before the Association members reopened their plants all of the employers
in the industry signed new labor contracts with the unions yesterday afternoon. The contracts were identical with that negotiated in August between
the Association and the unions.
Convention of Mortgage Bankers Association of
America to Be Held in Chicago Oct. 4 and 5—
Secretary of Agriculture Wallace to Be Speaker
Secretary of Agriculture Henry A. Wallace is scheduled
to address the 21st annual convention of the Mortgage
Bankers Association of America to be held in Chicago Oct.
4 and 5 at the Edgewater Beach Hotel. It was stated that
Secretary Wallace will speak at the session on Oct.4. Others
scheduled to address the convention are Frank C. Walker,
Chairman of the National Emergency Council; Colonel
Frank Knox, publisher of the Chicago "Daily News";
John H. Fahey, Chairman of the Federal Home Loan Bank
Board,and Arthur F. Hall,President of the Lincoln National
Life Insurance Co.
Annual Meeting of American Institute of Accountants
to Be Held in Chicago Oct. 15-18--Examiners to
Attend Conference
The American Institute of Accountants will hold its annual
meeting this year in Chicago, Ill., Oct. 15 to 18. A conference of representatives of State Boards of Accountancy is
scheduled to be held in conjunction with the annual meeting,
and accountancy examiners from all parts of the country
have indicated their intention of attending, the Institute
announced. The conference will be held on the evening of
Oct. 15. The principal topic of discussion will be "Education for Professional Accountants." Maurice E. Peloubet, of
New York, Chairman of the Institute's Board of Examiners,
will preside at the conference, and Warren W. Nissley, of
New York, member of the Board, will deliver the address.
The Board of Examiners of the Institute, by an arrangement
with State Boards of Accountants, prepares and, in some instances, gives tentative grading to the examinations for the
certified public accountant certificate in some 36 States.
United States Building and Loan League to Hold
Annual Convention in New Orleans, La., Oct. 24-26
The outstanding topic scheduled on the program of the
forty-second annual convention of the United States Building and Loan League, it has been announced, is the National
Housing Act. The convention will be held this year at New
Orleans, La., Oct. 24, 25 and 26. In expectation that the
organization of the Federal Savings and Loan Insurance
Corporation will be completed, an announcement issued by
the League stated that "much of the program will be devoted to the ways and means, pros and cons, of insuring the
solvency of shareholders' accounts up to $5,000 under Federal sponsorship." Philip Lieber, President of the League,
said that "the modernization and repaid program, which is
to be undertaken as the first big job of the National Housing
Administrator, will probably be in full swing by the time
of the gathering."
American Petroleum Institute to Hold Annual Meeting
in Dallas, Texas, Nov. 13-15
The fifteenth annual meeting of the American Petroleum
Institute will be held in Dallas, Tex., Nov. 13, 14 and 15, according to tentative plans for the conference announced
Sept. 22 by William R. Boyd. Mr. Boyd made known the
following schedule:
A meeting of the Board of Councillors and a general session of the Institute
will mark the opening day. On Nov. 14 and Nov. 15 meetings of the production, refining and marketing divisions will be held. On the evening of
Nov. 15 the annual dinner of the Institute will be held.
The Board of Directors are scheduled to meet daily from Nov. 12 to
Nov. 15, inclasive, while an Executive Committee meeting will be held
Nov. 15.
45 National Banks Unlicensed Sept. 8—Comptroller of
Currency Approves Reorganization Plans of 3820 Banks Licensed During August
The Comptroller of the Currency, L F. T. O'Connor,
made known on Sept. 23 the names of 38 unlicensed National
banks which had received approved plans for reorganization
as of Sept. 8. These 38 banks, plus 7 which have no approved plans for reorganization, the Comptroller said, are
all that remain of the 1,407 National banks which were not
licensed following the general banking holidays. The deposits involved in these 45 unlicensed National banks represent slightly less than 3% of the total involved in the 1,407.
The list of the 38 banks which have approved plans for
reorganization follows:
Financial Chronicle
1992
UNLICENSED NATIONAL BANKS WITH APPROVED PLANS OF REORGANIZATION AS OF SEPT. 8 1934
Location
Frozen
Deposits
Name of Bank
Alabama
Russellville
California
Glendale
Madera
IllinoisDuQuoin
El Paso
Lanark
Percy
Shawneetown
Indiana
Greenwood
Rensselaer
KansasLynden
Oberlin
Michigan
Crystal Falls
Crystal Falls
Manistique
NebraskaWymore
New Jersey
Fort Lee
Paterson
Pleasantville
West New York__ _
New York
Ozone Pk., N.Y.C.
Phelps
North Carolina
Gastonia
Ohio
Paulding
Oregon
Toledo
Pennsylvania
Bedford
Gratz
Oil City
Pittsburgh
Reading
Reading
Reading
Shenandoah
Shenandoah
South DakotaOarretson
TezasBrownwood
White Deer
West Virginia
Wellsburg
First National Bank
$250,000
First National Bank
First National Bank
906.000
546,000
2,117,000
147,000
434,000
260.000
251,000
First National Bank
Woodford County National Bank
First National Bank
First National Bank
National Bank of
Citizens National Bank
Farmers & Merchants National Bank
103,000
270,000
Crystal Falls National Bank
Iron County National Bank
First National Bank
485,000
808,000
290,000
First National Bank
255,000
First National Bank
Labor National Bank
First National Bank
First National Bank
1,232,000
3,086,000
1.037,000
3,746,000
Ozone Park National Bank
Phelps National Bank
1,087,000
First National Bank
Paulding National Bank
420,000
First National Bank
1,009,000
433,000
5,079,000
3,620,000
7.810,000
3,241,000
6,204,000
1,459.000
1,998,000
First National Bank & Trust Co
First National Bank
Oil City National Bank
National Bank of America at
Farmers National Bank & Trust Co
Penn National Bank & Trust Co
Reading National Bank & Trust Co
Citizens National Bank
First National Bank
First National Bank
235,000
Citizens National Bank
First National Bank
423.000
270,000
Wellsburg National Bank
69
63
55
36
50
$52,896.000
Frozen
Deposits
Month
No. of
National
Banks
Licensed
$68,966,000 June
62,953,000 July
34,739,000 August
31,893,000
37.488.000
Totals
Frozen
Deposits
40
29
20
533,777,000
24,472,000
9,023,000
362
5303 311 OM
The announcement of Sept 9 continued:
This total represents merely 3.5% of the 1,417 National banks (including
10 non-member institutions in the District of Columbia which come directly
under the Comptroller's jurisdiction) which were unlicensed on March 16
1933
-the day following the termination of the general banking holiday.
Moreover. 86% of the National banks which still remained unlicensed at
the end of August had received approved reorganization plans from the
Comptroller's Department, and can reopen just as soon as such plans are
carried out. Unlicensed National banks as of Aug. 31 1934, were divided
as follows: 43 banks, with frozen deposits of $52,450,000 had approved
reorganization plans; 7 banks. with 83,148,000 frozen deposits, had Ws
approved plans of reorganization.
Of the 20 banks licensed by Comptroller O'Connor during August, 14
with S.5.411.000 deposits, were National banks which had been in the
hands of conservators; one non-member bank in the District of Columbia,
with $568,000 deposits, had also been In the hands of a conservator, and 5
with $3.0.14,000 in deposits, were insolvent National banks which had been
in charge of receivers.
Six banks received approved reorganization plans from the Comptroller's
office last month. Of these, four banks, with $3,601.000 deposits, are in
conservatorship; while 2 banks, with $225.000 deposits, are in receivership.
The following compilation shows the banks receiving approvals I& their
reorganization plans during the month of August:
CONSERVATORSHIPS
Name of Bank
Frozen
Deposits
Date
Illinois
Percy
Kansas
Lyndon
First National Bank
Ang
6
$94,000
First National Bank
Aug
6
$259,000
New Jersey
Paterson
Labor National Bank
Aug. 6 $3,052,000
Pennsylvania
Spartanburg
Grange National Bank
Aug
Total 4 banks
6
$196,000
$3,601,000
RECAPITULATION-UNLICENSED NATIONAL BANKS
Frozen
No.
Deposits
Number of banks and deposits on Aug. 1 1134
Number of banks and deposits approved during month of Aug
55
4
•$54,962,000
3,601,000
59
$58,563,000
134,000
58
15
$58,429,000
5,979,000
43
152,450,000
Number of banks and deposits whose plans were withdrawn._
Number of banks and deposits opened during August
Balance Aug. 31 1934
• Adjustments have been made for June 1934 call.
Frozen
Deposits
Date
Pennsylvania
Derry
First National Bank
Aug. 16
Texas
West
National Bank of West
Aug. 20
$74,000
$151,000
$225,000
Total 2 bank
Below is a list of the unlicensed National banks (including the one nonmember institution in the District of Columbia) which were opened during
August:
Location
Colorado
Denver
Lamar
Name of Bank
South Broadway National Bank
Lamar National Bank
Frozen
Deposits
Date
Aug. 17
Aug. 25
$227.000
227.000
5454,000
Dist. of Columbia
Industrial Savings Bank
Washington
Aug. 13
$568,000
Georgia
Fitzgerald
Quitman
Aug. 9
Aug. 25
$347,000
180,000
National Bank of Fitzgeriad
Peoples First National Bank
$527,000
Illinois
Amboy
Pontiac
First National Bank in Amboy
National Bank of Pontiac
Aug. 10
Aug. 30
$596,000
837,000
51,433,000
Kentucky
Clinton
Nebraska
Decatur
Scribner
First National Bank
Aug. 30
$210,000
First National Bank
First National Bank
Aug. 3
Aug. 27
$87,000
423,000
$510,000
Oregon
Condon
First National Bank
Aug. 3
5135,000
PermsylrantaBridgeville
Hamburg
First National Bank
First National Bank & Trust Co
Aug. 24
Aug. 23
$570,000
989,000
658,000
No. of
National
Banks
Licensed
Location
Name of Bank
362,000
Total 38 banks
January
February
March
April
May
Location
1,403,000
554,000
The Comptroller announced on Sept. that during the
month of August, 20 National banks, with frozen deposits
of $9,023,000, were licensed and opened or reopened. This
brought the number of National banks licensed during the
first eight months of 1934 to 362, involving frozen deposits
of $303,311,000, as shown in the following table:
Month
RECEIVERSHIPS
215,000
193,000
First National Bank
Oberlin National Bank
Sept. 29 1934
51,559,000
South Dakota
Pierre
First National Bank
Aug. 24
1Vest Virginia
Williamstown
Farmers & Mechanics National Bank.... Aug. 20
$438,000
$145,000
$5,979,000
Total 15 banks
The five insolvent banks which were opened during the month of August
were as follows:
Location
Name of Bank
Frozen
Deposits
Date
Colorado
La Vets
First National Bank
Aug. 29
$28,000
Georgia
Claxton
The First National Bank of Claxton
Aug
6
575,000
Indiana
Linton
First National Bank
Aug. 29
$836,000
Iowa
Le Mars
First National Bank
Aug. 24
$827,000
Wisconsin
Clintonville
First National Bank
Aug
Total 5 banks
1 $1,278,000
$3,044,000
In our issue of Aug. 11, page 875, we gave a list of those
banks which were licensed and opened during July.
Reopening of Closed Banks for Business and Lifting
of Restrictions
Since the publication in our issue of Sept. 22 (j)age 1815)
with regard to the banking situation in the various States,
the following further action is recorded:
INDIANA
The Citizen's National Bank of Brazil, Ind., of which
J. Harold Bassett is receiver, on Sept. 20 began payment of
an additional dividend of 28% to depositors aggregating
$110,000 and bringing the total paid for the year to 78%,
Advices from Brazil on Sept. 20, in reporting the matter,
added:
The payment is expected to put $110,000 into circulation. Subsequent
dividends will be slower, Mr. Bassett says, because they depend largely on
sales of real estate and settlement of litigation.
Suit has been filed In Federal Court at Terre Haute against the bank and
receiver by Otis and Delpha Nloseman, of Vigo County, for the collection
of $10,000 in Liberty bonds and interest. The plaintiffs charge that these
bonds were in the bank and that they received interest on them up to October
1932, but have not since been paid. The bonds in question were not found
by the receiver nor the conservator that preceded him.
MICHIGAN
The Oscoda State Savings Bank of Oscoda, Mich., which
closed during the Michigan banking holiday in February
1933, will be reopened for regular banking business on Oct.8,
according to the "Michigan Investor" of Sept. 22. It was
stated that the bank has been operated under holiday
restrictions.
Announcement has been made by Fred Cromie,conservator
of the State Savings Bank of Warren, Mich., that final ap-
proval of the plan for reorganization and re3pening of the
institution has been received from the State Banking Commission. In noting this, the "Michigan Investor" of Sept.
'22, further sail that the plan calls for a 40% pay-off with the
.remainder being held in trust for liquidation.
The "Michigan Investor" of Sept. 22 stated that the
Westphalia State Bank, Westphalia, Mich., is in the process
•of reorganization under authority of the State Banking
Department. It is expected the final details will be completed shortly and that the institution will reopen in the near
future, it was said.
The Yale State Bank, Yale, Mich., has been notified that
it is eligible for a license for reopening after an examination
of books and accounts by officials of the State Banking
Department and the Federal Deposit Insurance Corporation,
we learn from the "Michigan Investor" of Sept. 22.
After having been closed since the National banking holiday in March 1933, the Newport State Bank, Newport,
Mich. was reopened on Sept. 24, according to a dispatch
from Monroe, Mich., on that date, printed in the Toledo
"Blade". The advices went on to say:
About $140 000 is available for Newport depositors representing 50%
•of the deposit liability of the mink. There are three trustees who will have
charge of the 50% of deposits segregated in a trust fund. Leo Boudinet of
.Monroe is the President of the bank.
MISSOURI
A 20% dividend, amounting to $257,636, was allowed by
Circuit Judge Hamilton on Sept. 17 to depositors and other
unsecured creditors with claims totaling $1,294,125 against
the Savings Trust Co. of St. Louis, Mo., which was closed
Jan. 12 1933 and is in process of liquidation. The St. Louis
"Globe-Democrat" of Sept. 18, authority for the above,
went on to say:
J. S. Lockett, Special Deputy Commissioner of Finance in charge of the
bank,filed the motion asking for the distribution,stating that cash on hand
amounted to $282,350. In his motion, Mr. Lockett stated that $22,833 in
preferred claims allowed by the court had been paid.
Included in the common claims on which the dividends have been allowed
are $81,596 in savings of school children, which were dented priority by the
court. Mr. Lockett states he has sufficient assets on hand to pay any
claims for prority now pending, which may be approved by the Court, but
be has not kept sufficient assets on hand should the claims of school children
be made preferred claims by a higher court. He states he was advised by
counsel the school children could not legally have their claims given preference.
It is learned from the St. Louis "Globe-Democrat" of
Sept. 24, that announcement was made the previous day by
J. Buckner Fisher, receiver for the Twelfth Street National
Bank of St. Louis, Mo., that checks, representing a dividend
of 20% (and bringing the total paid to 95%)would be distributed to the depositors of the institution beginning Sept. 24.
The paper continued in part:
"Prom records available," said Fisher."it appears that 95% is the largest
dividend in liquidation paid by any suspended bank in St. Louis."
Checks ready for distribution to-day total $149,411.
A dividend of 40% was paid July 6, 1933, and a dividend of 35% was
paid Jan. 23, 1934. The bank suspended business Jan. 16, 1933.
NEW JERSEY
A move to merge two Paterson, N.J., banks, the Securities
Trust Co. and the Merchants Trust Co., so that both institutions, which have been operating under the Altman Act
since January, may operate normally is looked upon favorably in that city, according to Paterson advices to the
Newark 'News" on Sept. 24, from which we also quote the
folllwing:
Details of the plan, which is said to have been acceptable to depositors'
committees at special meetings Friday night, have not been announced.
The plan must await approval of 75% of depositors in each bank, the plan
already has received tue sanction of the New Jersey Department of Banking
and Insurance.
Adoption of the plan, it was pointed out, will result in immediate release
of 20% of each depositors's funds, while the balance will be represented by
3% preferred stock of the merged bank, which will be retired from time to
time until all depositors have been paid in full.
NORTH CAROLINA
According to the Raleigh "News and Observer" of Sept. 22,
the State Commissioner of Banks for North Carolina announced on Sept. 21 that the Watauga County Bank of
Boone, N. C., which had been operating under restrictions
since March 1933, had reopened as of that date on an
unrestricted basis and as a member of the temporary fund of
the Federal Deposit Insurance Corporation.
The following in regard to the affairs of the Caledonian
Savings & Trust Co.of Fayetteville, N.C., was contained in a
dispatch from that city on Sept. 22, printed in the Raleigh
"News and Observer":
The Caledonian Savings & Trust Co. of this city,is now operating without
restrictions. When this State bank reopened after the bank holiday
trustees and °Leers raised a fund of $25,000 to underwrite deopaits in another
bank and other weaknesses. The absolute liquidity of the bank is now
assured without this fund, it has been announced, through collections of
paper and by dividends from the receiver of the Cumberland National Bank.
1993
Financial Chronicle
Volume 139
It is learned from Mount Airy, N. C., advices on Sept. 22,
printed in the Raleigh "News and Observer", that depositors
of the closed bank of Mount Airy last week received checks
aggregating $257,893.34, representing 40% of the deposits of
the institution'when it closed in March 1933. The dispatch
continued:
Incidentally 32 valuable parcels of real estate in and near Mount Airy
and Winston-Salem, are being offered by the bank for sale to make assets.
The property offered for sale includes two bank buildings in this city, the
one of native Mount Airy granite occupying the corner of Main Street at
Franklin being the building in use by the defunct bank at the time its doors
were closed, now used by the Surry Loan & Trust Co.
PENNSYLVANIA
The closed Lehigh National Bank of Philadelphia, Pa.,
on Sept. 21 began payment of a dividend of 34% to its 5,000
depositors, we learn from the Philadelphia "Record" of that
date. The payment, aggregating 1,681, is the first since
the institution closed on Nov.6 1933, it was said.
According to the Philadelphia "Inquirer" of Sept. 22, the
closed Lehigh National Bank of Philadelphia has begun
payment of a 34% to its depositors, who number approximately 5,000. The total disbursement will amount to $81,681, it was said. This institution was placed in receivership
in November 1933.
WISCONSIN
Distribution of approximately $700,000 to its 18,000 depositors was begun by the closed First National Bank of
West Allis, Wis., on Sept. 21,it is learnt from the Milwaukee
"Sentinel" of Sept. 22. The disbursement represents a dividend of 50% on deposits held by the institution when it
closed on Jan. 23, 1933. The paper added, in part:
The dividend, first to be paid by the bank, was made possible, Prank
beGross, Jr., (the receiver) said, by collections and an RFC loan. Gross
came receiver Feo.9, 1934. . . •
claims
Disbursement of checks is being made now to depositors who filed
receive their checks
Prior to Aug. 5. Those who filed after that date will
later, prooably in November, Gross stated.
TENNESSEE
A dispatch from McKenzie, Tenn., on Sept. 20, printed in
the Memphis "Appeal,"reported that depositors of the Commercial Bank of McKenzie, closed since the banking holiday
last year, were that day receiving checks aggregating $72,000
and representing a dividend of 20% from R. McNatt, the
liquidating agent.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made, Sept. 26, for the sale of a New
York Curb Exchange membership at $17,000, unchanged
from the last previous sale.
A membership on the Chicago Board of Trade was sold,
Sept. 19, for $7,000, of $500 below the previous sale.
James Speyer was the guest of honor at a dinner given on
Sept. 24 by trustees and officers of the Central Savings Bank,
New York City, to commemorate his long years of service as
senior trustee of the institution. Mr. Speyer was presented
with an old English silver tray by those who attended the
dinner and August Zinsser, President, expressed appreciation
of Mr. Speyer's services.
Frank K. Houston, First Vice-President of the Chemical
Bank & Trust Co., New York City, returned this week from
a seven week's business trip abroad.
Stockholders of the New Haven Bank, N. B. A., New
Hdven, Conn., announced on Sept. 25, following a special
meeting, a recapitalization in accordance with the plan of the
Federal Government, The First National and the Second
National Banks of New Haven already have voted to make
similar changes. A dispatch from New Haven to the
New York "Times," authority for the above, continuing,
said:
The capital stock will be reduced from $1,600,000 to $800,000 by reduction
of the par value of the shares from $100 to $50. The same number ofshares
will continue outstanding. The capital so released will be transferred to
surplus and undivided profits account.
In addition,$200,000 of 5% cumulative preferred stock will be issued and
offered to the stockholders. Subscriptions for this stock will be made up
to Sept. 29.
George J. Bassett, State Bank Commissioner for Connecticut, was ordered to pay a dividend of 12% to deppsitors in
the savings department of the City Bank & Trust Co. of
Hartford, Conn., by Judge Arthur F. Ells in the Superior
Court Sept. 21. In noting this, the Hartford "Courant"
of Sept. 22 went on to say:
Application for authority to pay the dividend was filed some days ago by
Howard W.Alcorn. receiver, who set out that he had sufficient cash on hand
to pay the 12% dividend amounting to $1,768,215.
1994
Financial Chronicle
Payment of this dividend on and after Oct. 8 will bring up to 50% the
dividends paid on deposits in the City Bank. Previously 38% had been
paid on the $4,885,127 depoists. since the bank was closed In 1932.
Concerning the affairs of the defunct West Orange Trust
Co., West Orange, N. J., the Newark "News" of Sept. 19
had the following to say in part:
The closed West Orange Trust Co. to-day began paying to depositors the
third 5% dividend, an order allowing this having been signed yesterday by
Vice-Chancellor Berry. Eric 0. Kranke, Deputy Banking Commissioner
in charge of the institution, estimates the dividend will total $30,500.
..
At the regular meeting of the board of directors of the First
National Bank of North Bergen, North Bergen, N. J., held
on Sept. 24, the regular quarterly dividend of $1.50 per share
was declared, payable Oct. 1 to stockholders of record
Sept. 29 1934.
Joseph F. Hammond was elected President of the Citizens'
Trust Co. of Paterson, N. J., on Sept. 18 to succeed Henry
F. Bell whose death occurred recently. Mr. Hammond had
been a Vice-President of the institution since May 1 1928
and prior to that was Chief Deputy Commissioner of Banking
and Insurance for New Jersey. At the same meeting, the
directors appointed Benjamin Eastwood, President of the
Benjamin Eastwood Co. of Paterson, First Vice-President
of the trust company, and Charles S. Zabriskie, Second
Vice-President. In noting this, Paterson advices to the
Newark "News" also said in part:
Mr. Hammond was appointed to the Deputy Commissionership by
Governor A. Harry Moore, serving under Commissioner Edward Maxon.
. . . Before being affiliated with the State Department, Mr. Hammond was connected with the Federal Reserve Bank In New York.
The payment of a 5% dividend to depositors of the closed
West Orange Trust Co., of West Orange, N. J., was begun
on Sept. 19, in accordance with an order of Eric K. Kranke,
Deputy State Banking Commissioner, according to West
Orange advices to the New York "Times." The dispatch
•
added:
The sum to be paid is about $30,500. Two previous 5% dividends have
been paid depositors. The bank was capitalized at $125,000. It was closed
Jan. 15 1932.
Elizabeth, N. J., advices on Sept. 20 to the Newark "News"
stated that Nathan R. Leavitt, President of the Central Home
Trust Co. of Elizabeth had announced on Sept. 19 the promotion of four members of the bank's personnel, namely,
William T. Ritchie Jr., Treasurer and Assistant Trust Officer, to serve as Treasurer, Trust Officer and Secretary. Mr.
Ritchie replaces Louis R. Wallack, resigned. W. R. Townsend, Manager of the branch in North Elizabeth, becomes
Assistant Treasurer and Assistant Secretary; John S. Anderson, of the trust department, is advanced to Assistant
Trust Officer, and Paul C. Saxer Jr., Teller at the branch
office, is made Manager of the branch.
The resignation of Edwar- d L. Howe, President of the
Princeton Bank & Trust Co. of Princeton, N. J., becomes
effective Oct. 1, it was announced Sept. 21, according to a
dispatch by the Associated Press from that city on Sept. 22,
which went on to say:
He will retain his Chairmanship of the Board of Directors. Mr. Howe
will be succeeded by his assistant, Harrison M. Thomas, who came here in
November 1933 from Pittsburgh. Mr. Thomas was graduated from Princeton
in 1916.
Announcement was made o- n Sept. 21 by Dr. William D.
Gordon, State Secretary of Banking for Pennsylvania, that
"at least a 10% payment against deposit liability of
$6,196,000" is to be made to depositors of the closed Merlon
Title & Trust Co. of Ardmore, Pa. The Philadelphia "Record" of Sept. 22, in its report of the matter, further said:
The liquidating dividend will be disbursed upon final word from the Reconstruction Finance Corporation, which has approved a loan of $918,450
for the institution, "subject to the physical and legal certification of the
assets."
Delay in approval of an RFC loan, Dr. Gordon explained, involved assets
of the Ardmore Title & Trust Co., which was absorbed by the Merlon bank
late in 1930. The RFC counsel questioned the right of the Banking Secretary, as receiver, to pledge assets of the Ardmore bank as security for the
loan. To meet this objection, the Court and stockholders of the Ardmore
bank had to approve.
Dr. Gordon indicated the amount of the loan as finally granted may be
less than the $918,450.
"The amount of the loan originally authorized," he said, "together with
the cash on hand, will total $972,450, subject, however, to certain deductions, since the date of the application of the loan, which total $128,599.
In addition, there will be deductions for preferred claims totaling $93,100,
which will leave an amount available from the loan of approximately
$760,751.
"The foregoing deductions, however, do not take into consideration the
fact that there may be certain assets which, upon final examination, the RFC
will decline to accept as eligible for the pledge."
The Merlon Title & Trust Co. was closed Oct. 28 1931. So far, its 25,724
depositors have received only 5%, and indications are that when the bank
is fully liquidated they will have received only 30c. on the dollar.
Sept. 29 1934
Two officers of the bank last year were convicted and sentenced for using
the bank's funds for personal speculation.
A Hagerstown, Md., dispatch, on Sept. 16, to the Washington "Post" stated that a 10% dividend to depositors of the
closed People's Banking Co. of Smithsburg, Md., totaling
$35,000, was mailed on that day, after its approval by the
court. The dispatch added:
The courts a year ago ordered the divorcement of the bank from the
Central Trust Co. of Frederick, Md., and returned most of its assets as they
existed at the time of the merger, which was shortly before the Frederick
institution and its branches closed.
Joseph F. Partl, heretofore Vice-President and Trust Officer of the Atlas National Bank of Cincinnati, Ohio, was promoted to the Presidency of the institution on Sept. 17 by the
Board of Directors. He succeeds the late Charles J. Ziegler.
Several other promotions were announced by the directors
following the meeting. Robert J. Ott, previously Cashier
and Assistant Trust Officer, was advanced to Vice-President
and Trust Officer; Edwin F. Tueting, Assistant Cashier, was
promoted to Cashier and Assistant Trust Officer, while Clifford H. Liebing, Receiving Teller, was appointed Assistant
Cashier. The above is obtained from the Cincinnati "Enquirer" of Sept. 18, which further said, in part:
Mr. Partl became connected with the bank 45 years ago. His first position
was that of messenger boy in 1889, when the bank was located at the northeast corner of Ninth and Vine Streets. . . .
Mr. Partl, in addition to his official connection with the bank, is President
of the Biedenbender Co., clothing ritailers.
Regarding the affairs of the defunct Liberty National
Bank of New Albany, Ind., a dispatch from that place on
Sept. 20 to the Indianapolis "News" contained the following:
The Liberty State Bank to-day began the distribution of a $41,000 dividend
among depositors, under the direction of the State as liquidating agent. A
balance of $50,000 is still owing the depositors. The bank was closed in 1931.
/
A third dividend, 171 2%, making in all 50%, has been
ordered paid to depositors of the defunct Albany State Bank
of Albany, Ind., by the Delaware County Circuit Court. In
noting this, a Muncie, Ind., dispatch on Sept. 20 to the Indianapolis "News" furthermore said:
The dividend calls for the distribution of $18,780.32. The bank has made
payments of 20% and 50% on mortgage certificates. The institution failed
three years ago and has been in receivership since.
We learn from the Chicago "Journal of Commerce" of
Sept. 20 that the State Auditor of Illinois recently authorized
the payment of a third dividend of 5% to depositors of the
defunct Des Plaines State Bank, Des Plaines, Ill., amounting
to $49,759. The dividend, When paid, will make a total of
30% returned to the depositors since the bank closed, it is
understood.
The payment, on Sept. 4, of a 5% dividend, involving
$44,325, to depositors of the closed Maywood State Bank
(Cook County), Ill., was reported in the Chicago "News" of
that date. The paper added:
This is the second disbursement since the closing of the bank and was
being made out of funds acquired in the ordinary course of liquidation. A
similar payment had been made previously.
That a dividend of 5%, amounting to $38,800, would be
paid Sept. 24 to depositors of the Manufacturers' State Bank
of East Moline, Ill., which closed in September 1931, was indicated in advices from Rock Island, Ill., on Sept. 21 to the
Chicago "Tribune." The dispatch continued:
Previous payments have amounted to 19%, or $147,697, on general claims.
In addition, $196,374 has been paid on preferred claims. Monday's payment
was authorized by State Auditor Edward J. Barrett.
From the Chicago "Tribune" of Sept. 23, we learn that
five closed banks in Chicago and vicinity(West Irving State
Bank, the Humboldt State Bank, Park Ridge State Bank,
Melrose Park State Bank and the Northbrook State Bank)
planned to pay dividends this week. The paper mentioned
said in part:
Two of the banks will pay approximately 20% dividends, while the other
three payments will be 5%. The total number of checks to be distributed
to depositors in the five banks is 21,643. . . .
Only two of the five dividend payments to be made are the result of
Reconstruction Finance Corporation loans on the assets of the individual
banks. The other three banks have realized the amounts for dividend
payments in the ordinary course of liquidation of assets.
The two institutions obtaining RFC loans to pay dividends are the West
Irving Bank, 6005 Irving Park Boulevard (Chiacgo), which will pay its
first dividend amounting approximately to 20%,the latter part of the week.
and the Northbrook Bank. . .
The Northbrook Bank also will pay a 20% dividend, its first, the 717
checks for which will be In the mall next Friday (Sept. 28). The amount
of the dividend distribution is $26,510.18, of which $23,613.15 consists of
proceeds from an RFC loan. The remainder of the dividend amount was
realized from asset liquidation. The bank has a deposit liability of
$132,550 89
The Humboldt State Bank (Humboldt, Cook County), will pay a 5%
dividend, amounting to 393.892, which will bring its dividend total to 30%
Financial Chronicle
Volume 139
since the bank closed on May 14 1931. Approximately 9,666 checks will
be in the mail for depositors on Wednesday (Sept. 26), it was announced.
,The funds for the dividend payment were realized through liquidation,
although application has been made for an RFC loan on the bank's remaining assets. The book values of the principal classes of assets that remain
are: , Stocks and bonds, $158,266; banking house and other real estate,
$370,000; loans and discounts, $365,000, and real estate loans, $1,055,000.
making a total of$1,948,266. The bank has a deposit liability of $1,500,000
Preferred claims of $72,406 have been paid and a total of $471,000 distributed in dividends.
the 4,400checks for which will be in the mail on
A dividend paymentof5%,
Wednesday (Sept. 26). will raise the Park Ridge State Bank's dividend total
to 25%. The amount of the dividend, which has been realized from liquidation, is $25,899.93. Application has been filed for an RFO loan to pay
additional dividends. The bank closed on Dec. 17 1931. . . .
Toe 4.000 checks for the 5% dividend payment by the Melrose Park
State Bank will be in the mail to-morrow (Sept. 24), it was announced.
The amount of the dividend, which will bring the bank's total to 25%,
will be $33,672.20, which has been realized from liquidation. The principal classes of the bank's remaining assets are: Stocks and bonds, $148.995.28; loans and discounts, $134,241, and real estate loans, $425.015,
making a total book value of assets that remain of $906,843.88.
James J. Halpin, former Vice-President of the First National Bank of East St. Louis, Ill., has been indicted by the
Federal Grand July at Danville, Ill., for alleged embezzlement and misapplication of the bank's funds, it was announced Sept. 7 at East St. Louis by United States District
Attorney Paul F. Jones. The St. Louis "Globe-Democrat" of
Sept. 8, from which the above information is obtained, went
on to say, in part:
The total amount involved, Mr. Jones said, is $2,900, covering a period
from April 1932 to October of the same year. . . .
Since the reorganization of the bank, after the national bank moratorium,
Mr. Halpin has not been connected with it. He had been connected with the
bank since about 1907, filling various minor posts until 1920, when he was
elected Vice-President.
After leaving the bank last year, Mr. Halpin spent some time as a temporary examiner for the Reconstruction Finance Corporation, investigating
banks undergoing reorganization and recapitalization. . . .
The alleged overt acts of Mr. Halpin in no way affect the present bank,
since the old bank passed out of existence when the new one was chartered
by the Comptroller of the Currency.
The following officers nave been elected for the Charlevoix
State Savirgs Bank of Charlevoix, Mich., which is being
reorganized, according to the "Michigan Investor" of
Sept 22: President, Harry A. Craig; Vice-President, Dr.
F. F. McMillan and Cashier, Archie I Livingston.
Officers have been elected, as follows,for the new Saginaw
State Bank, Saginaw, Mich., which is to succeed the People's
American State Bank of that place: F. E. McWhirter, President and Manager of the General Distributing Corp., President; Eric F. Wieneke, President of the E. F. Wieneke Co.,
and Henry T. Robinson, Executive Vice-President of the old
bank, Vice-Presidents. Selection of the Cashier and Executive Officer has been postponed for the time being. The
"Michigan Investor" of Sept. 15, from Which the foregoing is
learned, added:
No exact date for the opening has been set, but President McWhirter explained that it will depend largely upon the length of time required for the
examination for Federal Deposit Insurance Corporation deposit insurance.
Stockholders have approved the new articles of incorporation.
Dividend payments to depositors in three closed Iowa
banks—the New Hartford Savings Bank, New Hartford;
the Farms' Trust & Savings Bank of Stout, and the
Farmers' Savings Bank at Aplington—were announced on
Sept. 17 by J. A. Nelson, bank examiner in charge of the
institutions. The foregoing is learned from a Parkersburg,
Iowa, dispatch on Sept. 18 to the Des Moines "Register,"
from which we quote further as follows:
An intitial 30% payment totaling $16,000 is to be made to depositors of
the New Hartford Savings Bank at New Hartford.
Depositors of the Farmers Trust & savings Bank of Stout, will receive
their third payment of 10%. totaling $10,000.
An 8% payment totaling $8,000 is being distributed to depositors of the
Farmers' Savings Bank of Aplington. Thirty-eight per cent has been paid
by this bank.
Norman R. Dutson was elected a Vice-President of the
Security National Bank Savings & Trust Co. of St. Louis,
Mo., at a meeting of the directors held Sept. 20, according to
the St. Louis "Globe-Democrat" of Sept. 21. Mr. Dutson had
been associated with Smith, Moore & Co., investment bankers, for several years, it is said.
•
The Board of Directors of the Mercantile-Commerce Bank
& Trust Co., St. Louis, Mo., has declared a quarterly dividend
of $1 per share, payable Oct. 1 to stockholders of record
Sept. 20.
Effective Sept. 18 1934, the Bank of Maplewood & Trust
Co., Maplewood, Mo., a member of the Federal Reserve System, was succeeded by the Maplewood Bank & Trust Co.
The new institution is not a member of the Federal Reserve
System.
1995
That liquidation of the Bank of Union, at Monroe, N. C.,
which closed April 22 1930, had been completed by the State
Banking Department, with the net loss on assets revealed as
$231,273, or 20.5% of the total assets of the institution, was
reported in the Raleigh "News and Observer" of Sept. 15.
The paper continued:
The net cost of liquidation was $30,588.17, or 3.4%, Commissioner Gurney
P. Hood reported.
Payment in full was made on bills payable, $130,000; preferred claims,
$24,328.03; accounts payable, $2,162.20, and deposits, $681,704.84.
Assets of the Bank of Union when it closed consisted of $1,022,615.56,
plus the capital stock assessment of $100,000.
The third, and probably last, disbursement by the closed
Lakeland State Bank & Trust Co. of Lakeland, Fla., will be
made to depositors before the first of October, it was announced Sept. 14 at the office of the liquidator, Charles Clements. The amount will be 816%. Other dividends have been
for 10% and 5%,according to Lakeland advices, on Sept. 15,
to the Florida "Times-Union."
The promotion of C. T. Wienke from the office of General
Auditor to a Vice-Presidency of the Security-First National
Bank of Los Angeles, Calif., was announced on Sept. 19 by
G. M. Wallace, President of the institution. In his new
position Mr. Wienke heads both the audit and accounting
departments of the bank, with which he has been affiliated
since 1923, following his location in California. The Los
Angeles "Times" of Sept. 20,from which the above information is obtained, continued:
Mr. Wienke entered the banking profession in 1915 in his native city of
Utica, N. Y., beginning as a clerk in the Citizens Trust Co. He remained
until 1923, rising to the position of Assistant to the President.
Prior to 1915 he was Assistant Superintendent of the Utica Mohawk
Valley Railroad,field Cashier for a construction concern in New York City,
and accountant for a firm of attorneys and estate managers in Utica.
Payment of a 10% dividend to depositors in the savings
department of Tujunga Valley Bank, Tujunga, Calif., which
was closed in 1932, was announced Sept. 26 by G. D. Dorough,
special deputy for F. W. Richardson, State Superintendent
of Banks for California. The Los Angeles "Times" of
Sept. 7, from which this is learned, continuing, said:
This dividend, together with four dividends previously paid, makes a total
of 100% paid, the total distribution being over $70,000. Creditors of the
commercial department of the bank have received to date approximately
$40,000, or 45% of their claims.
That checks from the Comptroller of the Currency at
Washington had just been received by J. C. Yenny, receiver
for the South Gate National Bank, South Gate, Calif., for
distribution to the bank's depositors and creditors, was reported in the Los Angeles "Times" of Sept. 6. The checks
represented a third dividend of 15% of the claims filed, it
was said. We quote further, in part, from the "Times," as
follows:
The current dividend has been made possible through the assistance of the
Reconstruction Finance Corporation in granting a loan to the receiver for a
portion of the required amount necessary to pay it. The bank suspended
business in 1932 and has heretofore paid two dividends aggregating 45%.
It is learned from Los Angeles advices on Sept. 20 to the
"Wall Street Journal" that the Farmers' & Merchants'
National Bank of Los Angeles, Calif., has declared the regular
quarterly dividend of $4.50 a share, payable Oct. 1 to stock
of record Sept. 25. Continuing the dispatch said:
Victor H. Rossetti, President, stated that as of Sept. 18 the total deposits
of the bank aggregated $107,000,000, indicating an increase of $10.000,000
over the similar figures as of June 30,last.
Directors elected, J. W. Schneider. President of J. W. Robinson Co., a
member of the Board to fill a vacancy.
Alfred Ernest Ames, head of the A. E. Ames Co., Ltd.,
investment bankers of Toronto, Canada, died at his home
in that city on Sept. 20. One of the Dominion's leading
financiers, Mr. Ames, who was 68 yereas of age, began his
career in the Owen Sound, Ont., branch of the old Merchants
Bank in 1881, later joining the Imperial Bank of Canada staff
at Toronto. In 1885 he was made accountant of the Ontario
Bank at Peterborough, taking over the managership of the
branch at Mount Forest in 1887. A year later he was made
manager of the Lindsay branch, but he returned to Toronto
in 1889 to found the business that bears his name.
While head of the Bond Dealers' Association of Canada in
1917, Mr. Ames was appointed Chairman of the Dominion
executive committee that handled Canada's Victcry Loan
operations. His positions in the financial world were numerous, including the Presidency of the Home & Foreign
Securities Co., Ltd.; Chairman of the board of Kelvinator
of Canada, Ltd.; Vice-Presidency of F. N. Burt Co., Ltd.,
and directorship of Building Products, Ltd., and the Canada
Life Assurance Co., Ltd.
1996
THE CURB EXCHANGE
Irregular price movements characterized the trading on
the Curb Exchange during the greater part of the present
week, and while there was some improvement apparent on
Wednesday the dealings, as a rule, have been small and
the transactions for the most part have shown little public
participation. During the fore part of the week speculative
interest was directed largely toward the utilities, but later
on mining and metals and specialties were most in demand.
In the latter group, Singer Manufacturing Co. was particularly conspicuous as it broke through to new high
ground for 1934.
Following moderately active trading during the opening
hour on Saturday the market turned dull with turnover
dipping to 64,185 shares, as compared with 153,835 a
year ago. Most of the changes in the general list were
fractional but some of the more active stocks among the
metals, oils and public utilities moved over a wide range.
Profit taking, due to week-end adjustments, was apparent
from time to time and caused some irregularity, particularly in the metal stocks, and small losses were recorded
among the more active issues of the oil group. Gains of
about I -point occurred in American Gas & Electric, Aluminum Co. of America, National BeIlas Hess and Swift & Co.
The best advances were registered by Sherwin Williams,
which moved up 3 points, and Duke Power, which made
a similar gain. Fajardo Sugar broke 5 points on a small
turnover.
Except for a few active shares among the specialties,
curb market stocks were soft on Monday, the recessions
ranging from fractions to a point or more. The settlement
of the textile strike helped the merchandising issues to
some extent, slight advances being recorded by Tubize
Chatillon, Schiff & Co. and Pepperell Manufacturing Co.
Among the active stocks showing recessions of about a
point were Newmont Mining, Dow Chemical and Gulf Oil
of Pennsylvania. Smaller losses were recorded by Aluminum
Co. of America, Pioneer Gold, American Gas & Electric,
Distillers Seagram and Electric Bond & Share.
An improved demand for mining and metal issues and
public utilities helped the curb list on Tuesday and many
prominent stocks were higher by a point or more. In the
public utility section the most active shares were American
Gas & Electric and Electric Bond & Share, both of which
moved smartly forward. Niagara Hudson, on the other
hand, moved against the trend. Newmont Mining and
Lake Shore Mines attracted considerable attention, while
Teck Hughes eased off to some extent. Oil issues were
fairly steady, the leaders of the group including Gulf Oil
of Pennsylvania, Humble Oil and International Petroleum.
Miscellaneous specialties also attracted considerable buying
and some good advances were recorded by such stocks as
Singer Manufacturing Co., United Shoe Machinery, Todd
Shipbuilding, Swift & Co. and Hiram Walker.
Irregular price movements were apparent during most
of the dealings on Wednesday, though many of the closing
quotations were unchanged from the previous day. Singer
Manufacturing Co. was particularly active and surged
forward to a new top for 1934 as it crossed 195. Bell
Telephone of Canada also registered a sharp gain in the
-Proof and Newmont
light trading. Stocks like Parker Rust
Mines firmed up about a point, while Aluminum, Ltd.,
Fajardo Sugar, Georgia Power & Light 1st pref. and General
Tire & Rubber showed advances ranging up to 5 points.
Curb stocks were moderately firm on Thursday, but the
turnover was of small proportions and price changes largely
fractional. Oil shares made moderate advances, the most
active issues including International Petroleum and Humble
Oil. Public utilities ,were steady to firm but showed little
change either way, with the possible exception of American
Gas & Electric, which was slightly higher. The Swift
stocks made small gains and the alcohol shares were without
noteworthy movement.
The trend of the market was again toward lower levels on
Friday, though the changes, on the whole, were small and
without special significance. Oil shares were somewhat erratic, Humble Oil selling off while Gulf Oil of Pennsylvania
was inclined to improve. This was true also of the mining
and metal stocks. Public utilities were generally lower,
though there were occasional advances registered among the
preferred shares. Alcohol issues sold lower, Swift & Co.
Sept. 29 1934
Financial Chronicle
sagged and General Tire & Rubber was down 3M points to
61. As compared with Friday of last week, many of the
market favorites were lower, Aluminum Co. of America
closing on Friday night at 54 against 55 on the preceding
%
%
Friday, Creole Petroleum at 135 against 133 , Glen Alden
%
Coal Co. at 213 against 22,Hudson Bay Mining & Smelt%
ing at 13% against 14%, Hubmle Oil (New) at 413 against
42%, Swift & Co.(M)at 19 against 193', and Wright Hargreaves at 93/i against 9%.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Sept. 28 1934.
Stocks
(Number
of
Shares).
Bonds (Par Value)
Foreign
Foreign
Domestic. Government. Corporate.
Total.
8374,000
128,000
75,000
248.000
242.000
87,000
536.000 52,069,000
32,000 2,236,000
65,000 2,752.000
62,000 3,250.000
71,000 2,657,000
42,000 2,348,000
757,134 513,850,000 $1,154,000
3308,000 815,312.000
64,185'81,659.000
115,510 2,076,000
163,403 2.612.000
151,730 2.940.000
141,990 2,344,000
120,316 2,219,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Jan I to Sept. 28
Week Ended Sept. 28.
Sales at
New York Curb
Exchange.
1934.
1934.
1933.
1933.
1,234,225
757,134
-No. of shares_
Stocks
Bonds
$13,850,000 $12,625,000
Domestic
523,000
1,154,000
Foreign government..
712,000
308.000
Foreign corporate
48,419,084
83,320,326
5741,260,000
29,048,000
20,974,000
5685,378,000
32,087,000
31.381,000
515,312,000 $13,860,000
$791,282,000
5748.846,000
Total
-PER CABLE
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Tues.,
Wed.,
Mon.,
Sept. 25
Sept. 26
Sept. 22
Sept. 24
21 15-16d. 22 1-164. 22 5-164.
Silver, per oz..- 2174d.
Gold,p.fineoz_140s. I04. 140s. lid. 1418.2.34d, 141s. 3d.
8134
81%
813j
CO28018,254%. Holiday
British 354%105%
10534
W. L
Holiday 105%
British 4%11634
1960-90
Holiday 11614
11434
Fri.,
Thurs.,
Sept. 27
Sept. 28
227-164,
22%d.
1418.4
141s. Md.
8113-16 813
10534
10534
11434
11434
The price of silver in New York on the same days has been:.
Silver In N. Y..
(foreign) per
oz.(cts.)_--- 49%
U.S.Treasury.. 50.01
U. S. Treasury
(newly mined) 64%
4934
50.01
4934
50.01
4934
50.01
4934
50.01
50
50.01
6434
6434
6434
6434
6434
COURSE OF BANK CLEARINGS
Bank clearings this week will show a decrease as compared
with a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,.
,
indicate that for the week ended to-day (Saturday, Sept. 29)
bank exchanges for all cities of the United States from whicht
it is possible to obtain weekly returns will be 3.5% below
those for the corresponding week last year. Our preliminary
total stands at $4,344,054,694, against $4,502,250,466 for
the same week in 1933. At this center there is a loss for the.
week ended Friday of 10.0%. Our comparative summary
for the week follows:
Clearings-Returns Si Telegraph
,
Week Ended Sept. 29.
1934
1933
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,054,360,642
184,710.698
220,000,000
136,000,000
59.874,735
57,600,000
86,600,000
70,233,994
58,314,528
46,642,016
38,822,157
26,664,000
$2,283,689,476
160,252,811
190,000,000
159,000,000
47,656,566
46,500,000
80,286,000
69,933,372
46,948.443
44.539,275
32,776.649
18,742,000
-10.0
+15.3
+15.8
-14.5
+25.6
+23.9
+ 7.9
+0.4
+24.2
+4.7
+18.4
+42.2
Twelve cltlea, 5 days
Other cities, 5 days
$3,039,822,770
581,889,478
53,180,324,592 -4.4
473,592,395 +22.9
Total all cities, 5 days
All cities, 1 day
83,621,712,245
722,342,449
$3,653,916,987 -0.9
848,333,479 -14.9
84.244 OM AAA
24 anv van AAA
Total all cities for week
--5 R.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot,
furnish them to-day, inasmuch as the week ends to-day,
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Sept. 22. For
that week there is an increase of 1.8%, the aggregate of'
clearings for the whole country being $4,950,473,083, against
$4,861,414,066 in the same week in 1933.
Outside of this city there is an increase of 12.7%, the bank
clearings at this center having recorded a loss of 4.1%. We•
1997
Financial Chronicle
Volume 139
group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in
the New York Reserve District, including this city, there
is a decrease of 3.9% and in the Boston Reserve District
of 13.5%, but in the Philadelphia Reserve District there is
a gain of 17.9%. In the Cleveland Reserve District the
totals record an improvement of 5.1%, in the Cleveland
Reserve District of 35.3% and in the Richmond Reserve
District of 16.7%. The Chicago Reserve District has managed to enlarge its totals by 9.2%, the St. Louis Reserve
District by 17.0%, and the Minneapolis Reserve District by
18.7%. The Kansas City Reserve District enjoys an expansion of 36.9%, the Dallas Reserve District of 22.8%
and the San Francisco Reserve District of 23.3%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS
Week Ended Sept. 22
Clearings at
1934
$
IS
%
-C h i cago
Seventh Feder at Reserve D strict
53,198
37,315 +42.6
Mich.
-Adrian _ _
305,529
293,882
+4.0
Ann Arbor_ _ _ _
70,454.876
69.545,863
+1.3
Detroit
1,663,204 -7.5
1,538,452
Grand Rapids
778,255 +45.9
1,163,476
Lansing
551,378
425,370 +29.6
Ind.
--Ft. Wayn
12,834,000
9,524,000 +34.8
Indianapolis_ _
448,171 +56.1
699,677
South Bend_
3,330,113
3,014,132 +10.5
Terre Haute_
13,707,253
11,405.933 +20.2
Wis.-Milwaultet
778,491
257,491 +202.3
Iowa-Ced. Rap
5,451,544
6,334,792 -13.9
Des Moines_ _
•
2,794,928
2,299,367 +21.6
Sioux City
bb
b
Waterloo
585,116
382,108 +53.1
Ill.-Bloom'gton •
230,564,616 208,849,008 +10.4
Chicago
520,872
455,075 +14.5
Decatur
2,220,643
2,536,140 -12.4
Peoria
582,621
521,193 +11.8
Rockford _ _ _ _ •
821,055
875,289 -6.1
Springfield _
Inc.or
Dec.
1933
1932
1932
1931
$
$
71,025
371.624
70.612,702
3,388,402
2,857,800
803,479
9,260,000
903,778
2,550,474
11,176,493
650,260
4.425,819
2,071,546
b
876,505
177,860,499
385,307
1,829,552
417,689
1,880,703
169,711
892,591
136,220,824
4,064,139
8,902.726
1,305,736
13,032,000
1,129,879
3,562,098
18,588,953
2.490,040
5,597,540
3,380,337
b
1.138,597
313,230.988
791,205
2,413,269
1,281,531
1,776,698
319,646,588
+9.2
292,393,657
519,968,862
Eighth Feder i 1 Reserve Dis trict-St. Lo
Ind.
b
b
-Evansville •
70,000,000
Mo.-St. Louis_ •
64,000,000
23,733,419
19,032,884
Ky.-Loulsville_ •
19,836,924
14,101,244
Tenn.-Memph
b
b
111.-Jacksonvill
.
475,000
345,000
Quincy
uisb
+9.4
+24.7
+40.7
b
+37.7
b
60,000,000
16,466,263
12,977,297
b
468,712
b
82,100,000
19,752,666
10,333,456
b
684,726
97,479,128 +17.0
89,912,272
112,870,848
Ninth FederaI Reserve Di trict-M in n eapoli 3,305,571
2,415,719
3,025,674 -20.2
Minn.
-Duluth_ .
47,881,673
60,950,783
+8.0
66,137,977
Minneapolis_ _ .
16,476,987
17,501,616 +57.8
St. Paul
.
27,613,903
561,246
488,289 +19.2
S. D.-Aberdee I
581,825
275,334
433,483
332,142 +30.5
Mont.
-Billings .
1,690,494
.
2,690,382
1,868,406 +44.0
Helena
3,704,978
58,896,528
17,939,630
704,041
436,744
2,109,900
70,191,365
83,791,821
Tenth FederaI Reserve Dis trict-K an s as City107,024
109,418
47,945 +128.2
.
Neb.-Fremont.
103,080
b
52,760
.
Hastings
1,514.852
1,853,899
1,687,955
-1 1 9:6"
Lincoln
20,512,325
21,892,096 +38.2
30,251,708
Omaha
1,368,943
1,425,012 +41.6
Kan.
2,017,228
-Topeka _ _
3,384,910
_
2,435,290
1,585,912 +53.6
Wichita
60,398,868
60,157,699 +57.2
Mo.-Kan, City.
82,509,385
.
2,464,210
2,710,373 +19.4
St. Joseph_ _
3,236,101
522,580
405,565 +50.7
Col.
610,990
-Col. Spegs
558,910
398,059 +34.3
534,723
Pueblo
189,302
217,516
2,552,721
30,226,418
2,191.921
4,351,474
77,893,570
3,125,996
873,807
1,075,637
90,310,616 +36.9
90,935,702
122,698,362
-Da IlasEleventh Fed e rat Reserve District
821.119 +25.8
Texas-Austin _
1,033,082
.
35,797,820 +25.6
Dallas
44,971,092
Ft. Worth_ _
4,995,704 +13.6
5,675,302
2,760,000 -15.6
2,329,000
Galveston_
.
La. Shreveport
1,943,989 +47.9
2,876,060
.
621,108
28,907,861
4,836.643
2,359,000
2,314,630
1,468,658
37,504,188
6,480,407
2,316,000
2,749,579
46,318,632 +22.8
39,039,242
50.518,832
Franc! sec.-21,665,256
+13.0
5,662,000
+69.5
492,122
+55.2
16,925,152
+45.9
8,834,311
+25.6
-22.6
2,640,679
2,461,954
-6.8
8,531,462
+29.4
+20.0 107,310,275
1,575,777
+38.5
831.792
+40.1
1,208,097
+32.1
28.739.528
8,832.000
821,025
25,325,854
12,908,189
4,869,186
4,008,239
10,881,181
140,492,656
2,496,786
1,498,101
1,480,000
Total (19 cities 1
1934
Week End. Sept. 22 1934
Inc. or
Dec.
1933
348,958,738
1931
3
362,889,267
5,405,036,387
410,118,964
292,613,776
141,750,946
104,721.699
519,968,862
112,870,848
83,791,821
122,698,362
50,518,832
242,352,745
110 cltieTOts1
Outside N. Y City.
4,408,533,066
1,653,528,278
7,849,332,509
2,567,101,084
non ana ell
III can 0.51
Clarinda.
4,950,473,083
1,944,446,978
22 MM..
2,11 £52 FLA
4,861,414,066 +1.8
1,725,261,616 +12.7
22102., ono
-c K
Total(4 cities)
Total(6 cities)
.
IVeek Ended Sept. 22
Clearings at1934
First Federal
Qe.-Bangor _ __
Portland
Wass.
-Boston._
Fall River__ _ _
Lowell
New Bedford..
Springfield_
Worcester
:3onn.- Hartford
New Haven..
1t.I.-Providence
N.H.-Manchea'r
Total(12 cities)
1933
Inc. or
Dec.
$S
$
%
Reserve Dls trict-Bost o n427,557
514,945 -17.0
1,672,940
1,586,744
+5.4
167,380,293 194,720,953 -70.5
521,094
593,868 -12.3
228,773
281.641 -18.8
492,186
514,064 -4.3
2,083,762
2,280,517 -8.6
1,035,501
1,148,949 -4.7
8,018,569
8,801,975 -8.9
2,795.635
3,191,368 -12.4
6,156,200
7,201,300 -14.5
369,460
349,028
+5.9
191,241,970
221,185,352 -13.5
1932
$
1931
$
309,376
2,004,445
167,353,879
750,237
228,339
447,266
2,392,228
1,498,286
7,350,556
3,397,630
6,748,500
432,611
497,640
2,852,577
324,193,388
781,717
409,493
771,784
3,746,677
2,756,081
11,057,918
6,146,795
9,223,300
451,897
192,913,353
362,889,267
Second Feder at Reserve D strict
-New
-Albany..
5,509,908
8,708,097
N. Y.
821,828
Binghamton...
771,747
Buffalo
25,784,085
26,857,216
Elmira
623,801
478,806
Jamestown_ _ _ _
512,707
441,833
New York _.... _ 3,006,026,105 3,136,152,450
Rochester
5,212,894
5,011,482
Syracuse
2,962,988
2,917,242
-Stamford
Conn.
2.701,916
2,700,202
N. J.
-Montclair
275,349
- - 391,900
Newark
14,715,2.95
13,470,110
Northern N. J_
30,867,462
23,478,412
York--36.7
4,497,946
5,711,150
+6.5
640,359
889,942
-4.0
22,533,654
36,416,368
+30.3
519,454
748,672
+16.0
485,617
691,100
-4.1 2,755,004,788 5,282,231,425
+4.0
5,657,820
7,765,240
+1.6
2.993,519
3,751.886
+0.1
2,144,043
3,089,166
-29.7
339,364
365,700
+9.2
16.882,928
25,278,402
+31.5
21,575,451
38,097,336
Total(12 cities) 3,096.014,338 3,221,379,497
-3.9 2,833,274,943 5,405,036,387
Third Federal Reserve Dist rict-Philad elphia--Altoona
344,995
Pa.
326,229
+5.8
326,643
a 1,343,267
Bethlehem _ _ _ _
b__
22,107,205
299,760
Chester
208,412 +13.8
294,958
Lancaster
850,076
749,528 +13.4
1,008,093
283,000,000 239,000,000 +18.4 257,000,000
Philadelphia
1,102,364
Reading
943,681 +16.8
1,590,706
2,171,129
Scranton
1,805,088 +20.3
2,110,013
Wilkes-Barre_ _
821,044
1,259,626 -34.8
1,690,235
928,076
York
960,743 -3.4
814,952
2,194,000
-Trenton_.
2,241,000 -2.1
N.J.
2,206,000
Total(9 eitles)_
291,711,444
247,494,307 +17.9
679,538
23,906,213
716,207
2,087,708
393,000,000
2,690,398
3,220,173
2,730,208
1,520,732
3,474,000
267,041,600
410.118,964
Fourth Feder at Reserve D istrict-Cloy eland.- Ohio-Akron_ _ .._
cc
____
c
Canton
cc
c
Cincinnati _ _
41,754,018
37,836,178 +iii.i
40,909,000
60,132,565
Cleveland
59,498,625
+1.1
58,388,543
8,808.200
Columbus
7,583,900 +16.1
6,291,500
1,088,638
Mansfield
1,091,510 -0.3
829,930
b
Youngstown
bb
-Pittsburgh _
80,430,600
Pa.
76,808,678
-I-4-.-7
70,662,895
c
c
59,927,205
90,221,742
8,948.900
1,911,334
b
131,604,595
Total(5 eitles)_
192.214,021
+5.1
177,081,868
292,613,776
-Riches ondFifth Federal Reserve Dist net
166,558
W.Va.-Ilunt'ton
116,681 +42.7
Va.-Norfolk
2,330,000
2,381,000 -2.1
40,994,489
Richmond _ _
25,387,930 +61.5
1,039,395
-Charleston
937,968 +10.8
S.C.
52,453,798
Md.-Baltimore _
41,927,076 +25.1
14,066,876
D.C.-Washing'n
11,331.750 +24.1
306,286
1,965,401
28,628,759
752,828
48,227,587
15,937,300
550.407
2,773,667
35,641,620
1,416,871
80,034,216
21,334,165
95,818,161
141.750,946
Sixth Federal Reserve Dist rict-Atlant a
-Knoxville
2,521,246
3,906,610 -35.5
Tenn.
2,225,627
11,862.464
Nashville_ _ _,, _
9,526,354 +24.5
8.608,605
40,700,000
Ga.-Atlanta__ _ _
36,760,209 +10.7
25,400,000
947,842
1,041,704 -9.0
Augusta
1,075,369
*855,000
735,604 +16.2
Macon
467,535
10,859,000
Fla.-Jaclenville_
9,824,000 +10.5
6,552,387
14,167,508
Ala.-Ilirm'ham_
11,174,550 +26.8
8,313,160
1,075,738
1,224,034 -12.1
Mobile
852,961
b
-Jackson
bb
Miss.
121,776
137,194 -11.2
107,861
Vicksburg
26,590,337
19,656,739 +35.3
28,188,621
-New Orrns.
La.
3,298,147
10,440,295
32,400,000
1.255,662
603,813
8,700,426
11,571,907
1,122,847
b
104,973
35,223,629
Total (6 cities)_
Total(10 cities)
111.051,116
109,700,911
182,818.891
82,082,405 +35.3
93,986,998 +16.7
81,792,026
104,721,699
99,873,289
Total (10 cities
) 123,611,502
Total(5 cities)
.
56,884,536
84,166,910 +18.7
Twelfth Fed r at Reserve D istrict-San
23,294,428
Wash -Seattle_
. 26,317,741
5,170,000
Spokane
8,764,000
488,328
Yakima
757,820
_
Ore.
-I ortland_ _
19,445,295
28,378,911
Utah-S. L. Cit,
9,853,270
12,377,263
3
Callf.-L, Beach _
3,337,897
2,582,633
2,349,500
Pasadena_ _ _ _
2,189.045
6,186,280
4,779,092
Sacramento_ _ _
San Prancisco _ 122,663,135 102,216,075
San Jose
1,703,317
2,359,397
.
Santa Barbara _
1,102,248
786,539
Stockton
.
1,481,402
1,121,001
Total (12 citi 9 215,159,875 174,544,742 +23.3 178,138,877 242.352,745
Grand total (110
cities)
+1.8 4,408,533,066 7,849,332,509
.4,950,473,0834.861.414,066
Outside New Yew It 1,944,446,978 1,725,261,616 +12.7 1,653,528,278 2,567.101.084
Week Ended Sept. 20
Clearings at
1934
1933
CanadaToronto
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat_ _ _
Peterborough_ - _
Sherbrooke
Kitchener
Windsor
Prince Albert__ - Moncton
Kingston
Chatham
Sarnia
Sudbury
$
104,309,815
82,037.626
50,664,981
15,265,587
4,284,913
3,845,571
2,132,071
3,821,100
6,097,644
1,576,053
1,346,899
2,343,648
3,974,021
9,553,537
349.977
508,269
1,724,557
644,194
711,949
258,155
499,470
298,840
609,541
735,758
931,084
1,897,102
355,403
661,844
605,617
370,433
393,262
674,627
ooVv,V.p.bla
c.wwo.anDO,*o.coc24.0,qo12.4w:wc,,-4.co,4.4owtwoot.w.o.-omoomw-4ba=0-4
....0wow,owoowownpo.cooe.oco
We now add our detailed statement showing last week's
figures for each city separately for the four years:
114,051,343
Total (32 cities)
303,483,548
Inc. or
I Dec.
1932
1931
0ww,-.c..a.-0..wc000mo4,4,1c00,4>cowow00....4
Federal Reserve Discs.
$
$
$
%
191,241,970
192,913,353
221,185,352 -13 5
let Boston _ 12 citier
3,096,014,338 3,221,379,497 -3.9 2,833,274,943
bid NeW York _ _ 12 "
291,711,444
247,494,307 +17.9
267,041,600
3rd Philadelpla 9 "
192,214,021
177,081,868
182,818,091 +5.1
ith Cleveland_ 5 "
111,051,116
82,082,405 +35.3
95,818,161
5th Richmond _ 6 "
109,700.911
10 "
93,986,998 +16.7
81,792,026
Eith Atlanta.
348,958,738
292,393,657
319,646,588 +9.2
7th Chicago._ .19 "
114,051,343
97,479,128 +17.0
89,912,272
6th St. L43u14_ __ 4 "
99,873,289
84,166,910 +18.7
Dth Minneapolis 6 "
70,191,365
123,611,502
90,310,616 +36.9
90,935,702
10th Kansas City10 "
55,884,536
46,318,632 +22.8
39,039,242
5 "
Iltb Dallas
215,159,875
174,544,742 +23.3
178,138,877
120 San Fran_ _12 "
%
+2.6
-8.5
-31.1
+16.3
+5.1
+3.0
+7.4
-6.6
-0.1
+7.6
+3.8
-6.8
+18.2
+63.0
+4.7
+20.4
+33.4
+8.8
-2.6
-52.5
+20.5
+16.0
-2.1
+37.7
+2.5
-29.0
+46.7
-3.2
+1.7
+10.5
+26.9
8
79,514,837
71,612,700
45,367,738
12,054,335
4,208,678
3,564.388
1,917,996
3,944,879
5,088,893
1,428,243
1,358.791
2,505,558
3,798,600
4,516,648
391,538
355,410
1,617,999
732,341
698,750
602,755
418,436
217,293
554,526
544.337
892,419
2,142,747
261.762
591,230
598,969
369,284
386,003
420,850
8
86,309,302
100,046,614
42,730.653
23,648,590
5,665,362
4,532,488
2,656,437
4,567,884
5,012,760
2,314,501
1,616.251
2,307,087
3,999,397
3,485,658
405,376
354,598
1,606,971
618,277
848,457
595,227
484,186
294,702
803,381
648,243
923.666
2,321,741
318,817
710,010
685,854
388,823
424,777
619,571
324,632.805
-6.5
252,678,933
301,945,661
a Not Included in totals. b No clearings available. c Clearing House not functioning at present.
* Estimated.
1998
Financial Chronicle
THE ENGLISH GOLD AND SILVER MARKETS
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 12 1934:
GOLD
The Bank of England gold reserve against notes amounted to £191,762,212
on the 5th instant, as compared with £191,762,097 on the previous Wednesday.'iring the week the Bank announced the purchase of £59,295 in bar gold.
In the open market business has been on a moderate scale, about £1,750.000 being dealt with during the week. There was a fair general demand
for the amounts offered and prices were maintained at a slight premium
over the gold exchange parities.
Quotations during the week:
Per Ounce Equivalent Value
Fine
of E.Sterling
Sept. 6
12s. 0.95d.
140s. 8d.
Sept. 7
140s. 9Ad.
12s.0.82d.
Sept. 8
140s. 9d.
12s. 0.86d.
Sept. 10
12s.0.65d.
140s. 110.
Sept. 11
125. 1.33d.
140s. 3).d.
Sept. 12
12s. 1.16d.
140s. 534d.
Average
12s. 0.96d.
140s. 7.83(1.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 3rd instant to mid-day on the 10th instant:
Exports
Imports
£35,096
Germany
E558.779 Netherlands
Belgium
56,800
20,992 Belgium
U.S A
278.434
106,348 France
210.751
Venezuela
20.700 Switzerland
British West Africa
5,000
107.102 Palestine
British South Africa
185.140
Newfoundland and Coast
of Labrador
22.075
Australia
113,489
New Zealand
34.884
Canada
683.072
Other countries
43.028
£1.895,609
No gold shipments were reported from Bombay last week.
£586.081
SILVER
There has been little change in prices during the past week but the market
has continued to be active. Further purchases have been made for America
and additional support has been given by the Indisan Bazaars and speculators. Demand has again been met by sales on China account, whilst
there has also been some re-selling by speculators.
News was received that on the 9th instant the Chinese Government
had issued an order imposing restrictions on dealings in foreign exchange,
but whilst this has caused some uncertainty, no effect on the silver market
has yet been apparent. The undertone of the market remains good.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 3rd instant to mid-day on the 10th instant:
Exports
Imports
£282.500
Soviet Union(Russia)
.
£75.198 II S. A
7,000
Belgium
19.294 French Possessions in India
3.410
China
177.814 Bombay (via other porta).1,930
Japan
30.0'13 Sweden
1.471
}longkong
8.592 Norway
Fiji Islands
12.100 Other countries
2.086
Canada
60,773
U. S. A
5.070
Other countries
16.642
£405,506
Quotations during the week:
£298.397
IN NEW YORK
IN LONDON
-Bar Silver Per Or. Std.(Per Ounce .999 Fine)
2 Mos. deity.
Cash deliv.
211c
o
l_.
Sept. 5
4944c.
Sept. 6-21 13-16d.
49%c.
217 d.
Sept. 6
Sept. 7.-21 13-16d.
49 11-16c.
Sept. 8-21Md.
21 1 16d. Sept. 7
Sept. 8
Sept.10-21 13-16d.
493jc.
214 .
49 11-16c.
Sept.11-21Md.
21 13-16d. Sept.10
493.lc.
Sept.11
211d.
Sept.12-21 11-16d.
21.854d.
Average_ _21.792d.
The highest rate of exchange on New York recorded during the period
from the 6th instant to the 12th instant was $5.01 M and thelowest$4.99 M •
INDIAN CURRENCY RETURNS
Aug. 31
Aug. 22
Sept.7
(In Lacs of Rupees)
18,450
18.489
18,437
Notes in circulation
9.915
9,876
Silver coin and bullion in India
9,897
4.155
Gold coin and bullion in India
4,155
4,155
3.151
Securities (Indian Government)
3,151
3,127
1.268
Securities (British Government)
1.268
1,258
The stocks in Shanghai on the 8th instant amounted to about 64.700.000
ounces in sycee, 349.000.000 dollars and 31.200.000 ounces in bar silver as
compared with about 78.400.000 ounces in sycee, 347.000,000 dollars and
30,400.000 ounces in bar silver on the 1st instant.
PRICES ON PARIS BOURSE
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
Sept. 22 Sept.24 Sept. 25 Sept. 26 Sept. 27
1934
1934
1934
1934
1934
Francs Francs Francs Francs Francs
10,400 10,300 10,300 10,200
Bank of France
1,256
1,231
1,250
1,271
Banque de Paris et Pays Bas
140
141
141
143
Banque d'Union Partelenne
221
217
216
216
Canadian Pacific
19,300 19,100 19,100 18,900
Canal de Sues
2,115
2.125
2.140
2,150
Cie Distr. d'Electrieltie
1,430
1,410
1,430
1,430
Cie Generale d'Electricitte
21
2221
Cie Generale Transatlantlque- _
181
182
-iii
183
Citroen B
964
970
970
979
Compton Nationale d'Escompte
110
110
110
110
Coty S A
211
215
217
218
Courrieres
631
639
635
644
Credit Commercial de France_
1,880
1,870
1,970
1,900
Credit Lyonnais
2,410
2,410
2,410 2,410
Eaux Lyonnais
555
555
558
562
Energle Electrum° du Nord
755
761
752
767
Energie Electrique du Littoral
492
488
488
476
Kuhlmann
650
630
Holt840
620
L'Air Liquids
883
885
day
892
875
Lyon (P L M)
1,229
1,229
1,219
1,227
Nord Ity
437
442
437
437
Orleans Ry
51
50
50
50
Pathe Capital
915
901
923
908
Pechiney
72.20
72.00
71.90
71.80
Rentes, Perpetual 3%
80.40
80.50
80.20
80.10
Rent,4%, 1917
80.80
80.60
80.40 80.25
Homes 4%. 1918
87.10
87.00
87.10
Rentes 444%, 1932 A
87.00
87.50
87.75
87.75 87.70
Rentee 4.i4%, 1932 B
109.40 109.10 109.10 108.70
Rentes 5%, 1920
1,550
1,520
1,540
Royal Dutch
1,530
1,095
1,078
1,080
1,064
Saint Gobain 0&0
1.558
1.555
1,555
Schneider & Cie
1,536
53
53
53
Societe Francalse Ford
53
46
44
45
40
Societe Generale Fonder,
2,425
2,420
2,425
2,410
Societe Lyonnais°
507
507
Societe Marseillaise
507
507
Sept. 28
1934
Franck
10,300
"iiii
19,000
1:415
21
"iio
1,1
-01)
2,400
----
'Pubize Artificial Silk pref
Union d'Electrienie
Wagon-Lila
Sept. 29 1934
Sept. 22 Sept. 24 Sept. 25 Sept. 26 Sept. 27 Sept. 28
1934
1934
1934
1934
1934
1934
Francs Francs Francs Francs Francs Francs
104
102
105
102
_
Holt647
646
656
626
__
day
76
75
75
75
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. Sept
22
24
25
26
27
28
Per Cent of Pa
Reichsbank (12%)
148
145
144
146
148
149
Berliner Handele-Ciesellschaft (5%)
96
96
96
96
96
96
Commers-und Privet Bank A 0
67
67
67
67
67
66
Deutsche Bank und Disconto-Gasellachaft_ 73
72
72
72
71
71
Dresdner Bank
75
74
74
74
74
75
Deutsche Retchsbahn (Ger Rys) prei(7%)-112
112
112
112
112
112
Allgemelne Elekonitaets-Oosell(A E (I)..._ 28
28
28
28
28
30
Berliner Kraft u Licht (10%)
149
148
147
147
146
146
Dauer Gas (7%)
127
125
124
124
124
126
Geefuerel (5%)
III
110
109
109
109
111
Hamburg Elektr-Werke (8%)
136
135
135
136
134
135
Siemens & Haste(7%)
146
146
145
146
147
149
to Farbenindustrle(7%)
144
142
142
144
144
145
Salidetturth (734%)
156
154
153 153
Rheinische Braunkohle (12%)
243 240
238
240 239
240
Deutsche Erdoel(4%)
115
114
113
114
113
113
Mannesmann Beaten
75
75
74
75
75
77
HaPag
25
26
26
26
25
25
Norddeutecher Uoyd
29
29
29
29
28
28
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:
Stocks
Shares
$ per Share
10 First National Bank & Trust Co. of Manhasset, Manhasset. N. Y
$410 lot
25 Levgold Realty Corp. (N. Y.)
$100 lot
35 Golden Reward Consol. Gold Min.& Mill. Co.(S. D.), par $10:5 La France
Republic Corp.(Mich.) pref., par 3100; 14 La France Republic Corp.(Mich.)
class A common, no par; 800 Middle Fork Mining Co. (Nev.), par 10c.;
50 Intermittent Vacuum Pre-Cooling Corp. (Del.) common, par $100:
1,000 Morington Mining Co. (Nev.), par $1
$8 lot
25 Timber Point Corp.(N. V.), par $50; 1 Wappoo Country Club. Charleston,
S. C.(S. C.), par $5
$20 lot
10 Bavarian Hop Farms, Inc.(N. Y.), par $100; $2,000 Rip Van Winkle Golf
dc Country Club of PalenvIlle, N. Y., Inc., 2d mtge. 6% coupon bonds,
due Aug. 1 1929; Feb. 1925 & subs, coupons attached; $1,000 promissory
demand note, reduced to $150, dated Nov. 24 1926; $4,000 promissory
demand note, reduced to 33.500. dated Feb. 8 1922
$37 lot
86 2-3 The Jersey Milk Products Co., Inc., common, and 133 preferred
$25 lot
BondsPer Cent
United Hotels Co.of America, Inc.(N. Y.) secured 20
$2,000
-year 5% income
notes, due April 1 1954
$100 lot
By R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
30 National Shawmut Bank, Boston (ex-div.), par $20
18
67 Utilities Associates class A
10 Sierra Pacific Electric Co. preferred, par $100
58)4
I United States Envelope Co. common, par $100
83A
20 United Elastic Corp
8
6 Lynn Gas & Electric Co. (ex-div.), par $25
98%
51 Sproule Shipping Service, Inc
$5 lot
BondsPer Cent
$1,000 City of New Bedford 4s, Jan. 1957 (taxable) registered
100 de int.
$1,000 Portsmouth Great Falls & Conway RR. let 4S4s, June 1937
81,000 M. J. Whittall Associates, Ltd., 58, Dec. 1937, coupon June 1934
and subsequent on
1754 flat
836.000 Boston Securities Co. participation certificate (72 ctn.:. of $500 each.
$144 paid on each certificate)
$1,000 lot
By Crockett & Co., Boston:
Shares
Stocks
11 Northern RR. of New Hampshire, par $100
10 Boston Herald Traveler Corp
22 B. B. & R. Knight Corp., preferred
5 Hodges Carpet Co. common, par $100
per Share
10254
19)4
3)4
34
By Barnes & Lofland, Philadelphia:
Stocks
Shares
per Share
1 Northern Trust Co., par $100
426
2 Continental Passenger Ry. Co., par $50
31
3 West Philadelphia Passenger Ry. Co., par $50
45
2 Philadelphia City Passenger Ry. Co., par $50
40
3 Union Passenger Ry. Co., par $50
50
3 Second dc Third Streets Passenger Ry., Par $50
70
3 Frankford dc Southwark Passenger Ry. Co., par 850
100
24 Fidelity Trust Co., Pittsburgh, Pa., par $100
60
22 Title Guaranty de Trust Co., New York, par $100
5)4
50 Central-Penn National Bank, par $10
225i
7 Chelten Corp.. no par
3
213 Continental-Equitable Title & Trust Co., par $5
$2 lot
50 Ritz
-Carlton Restaurant dc Hotel Co. of Atlantic City, N.J., preferred_
ioo.
BondsPer Cent
$1,000 Electric & Peoples stock trust 4s
22u
By A. J. Wright & Co., Buffalo:
Shares
Stocks
20 Zenda Gold Mims, par $1
$ per Share
134.
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:
-iio
Name of Company.
-iii
71:70
.
80.20
80.30
87.10
87.75
108.80
1,537
---53
_
___ _
.....
Per
When Holders
Share. Payable. ofRecord.
Affiliated Products (monthly)
Sc
Alaska Juneau Gold Mining Co.(quar.)
134
Extra
15c
Allied Chemical & Dye Corp. common (guar.)
$1g
American Brake Shoe & Foundry Co. pref. (qu.) $I
American Can Co. common (guar.)
American Cities Power & Light, class A (quer.)_
734
American Crayon Co..6% preferred (quar.)___ _
5134
Common (quarterly)
$1
American General Ins.(Houston, Tex.)(quar.)_
134
American Home Products Corp. (tno.)
20c
American Ice Co. preferred (guar.)
UM
American Light & Traction Co. common
30c
Preferred (guar.)
37M0
Nov. 1 Oct. 15
Nov. 1 Oct. 10
Nov. 1 Oct. 10
Nov. 1 Oct. 11
Sept. 29 Sept.25
Nov. 15 Oct. 254
Nov. 1 Oct. 15
Nov. 1 Oct. 20
Oct. 1 Sept.20
Sept.30 Sept. 20
Nov. 1 Oct. 15
Oct. 25 Oct. 8
Nov. 1 Oct. 15a
Nov. 1 Oct. 150
Name of Company.
Per
When Holders
Share. Paya:)le. ofRecord.
American National Co. (Toledo)
7% preferred A & B (quar.)
Oct. 1 Oct. 1
$1
American Water Works & Electric Co
Nov. 1 Oct. 5
Arrow-Hart & Hegeman Electric, (quar.)
lOc Oct. 1 Sept.25
Preferred (quarterly)
Oct. 1 Sept. 25
Art Metal Works. Inc., common (quar.)
Oct. 1 Sept. 29
Atlantic City Sewerage (quarterly)
Oct. 1 Oct. 1
Auto City Brewing
.
e25% Oct. 1 Sept. 21
Autoline Oil Co.8% cum. pref. (guar.)
20c Oct. 1 Sept. 25
Avondale Mills A & B (quar.)
250 Oct. 1 Sept. 30
Badger Paint & Hardware Stores, Inc., pref__ _ _
25c Oct. 1 Sept. 25
Belding-Hemingway Co. common
50c Oct. 31 Oct. 6
Bellows & Co.. Inc., class A (guar.)
25c Oct. 10 Oct. 1
Bell Telephone Co. of Pennsylvania (quar.)....
Sept.29 Sept.29
Binghamton Gas Works7% pref. (quar.)
Oct. 1 Sept. 20
Birmingham Electric $7 preferred
Oct. 1 Sept. 22
hIi
$6 preferred
h$1)4 Oct. 1 Sept. 22
Brandtlen & Kluge 7% cony. pref. (guar.)
87lt Oct. 1
Brim Mfg. (quarterly)
Oct. 30 Oct. 16
2
Extra
25c Oct. 30 Oct. 16
British Columbia Electric Power & Gas Co.
6% preferred (quar.)
$134 Oct. 1 Sept. 20
Burkhart (F.) Manufacturing
h$1.10 Oct. 1 Sept. 20
California Oregon Power Co.7% prof. (guar.)-- 8714c Oct. 15 Sept. 29
6% preferred (quar.)
75c Oct. 15 Sept. 29
6% preferred (series 1927)(quar.)
750 Oct. 15 Sept. 29
Cameron Machine 8% pref. (quar.)
$2 Oct. 1 Sept. 20
Campo Corp., common (guar.)
20c Dec. 1 Nov. 15
634% _preferred (quarterly)
Nov. 1 Oct. 15
Canada Life Assurance (Toronto, Ont.)
Oct. 1 Sept.30
Canadian Fairbanks Morse, preferred (quar.)
Oct. 15 Sept. 29
$1
Canadian Industries, Ltd.,7% Pref.(guar.)---- rgl
Oct. 15 Sept. 29
Class A & B common (quar.)
r$ Oct. 31 Sept. 29
Canadian Oil Cos., Ltd., pref. (guar.)
$2 Oct. 1 Sept. 20
Centlivre Brewing A (quar.)
6
Oct. 1 Sept. 15
Central Arizona Lt.& Pr. Co.,$6 pref.(quar.)_ _
Nov. 1 Oct. 15
$7 preferred (quar.)
1
Nov. 1 Oct. 15
Central Foreign Power, 2nd preferred
1
Oct. 2 Sept.21
11
Central Power Co.,7% cum. preferred
h87%c Oct. 15 Sept. 29
6% cumulative preferred
h75c Oct. 15 Sept.29
Chamber of Commerce Bldg.(Ind.), pref.(qu.)_ 4734c Oct. 1 Sept. 20
Champion International (quar.)
Oct. 1 Sept. 25
$1
7% preferred (quarterly)
$1
Oct. 1 Sept.25
Cherry Burrell
Nov. 1 Oct. 15
1
Preferred (quar.)
$1% Nov. I Oct. 15
Chesapeake & Potomac Telephone Co. of Baltimore City cumulative preferred (quar.)
$154 Oct. 15 Sept. 29
Chicago Daily News, Inc., $7 pref. (quar.)
Oct. 1 Sept. 22
Cincinnati Postal Term. & Realty pref. (qu.)_ _ _
Oct. 3 Oct. 15
Citizens Wholesale Supply,7% prof.(quar.)..
7
Oct. 1 Sept.29
6% preferred (quarterly)
75c Oct. 1 Sept. 29
Cleveland Elec. Ilium. Co. common (quar.)50c Oct. 1 Sept. 20
Preferred (quar.)
$1)4 Dec. 1 Nov. 15
Cleveland Ry. Co. common (quar.)
$1)4 Oct. 1 Sept. 25
Certificates of deposit
$1% Oct. 1 Sept. 25
Climax Moly (quarterly)
bc Sept.30 Sept. 15
Quarterly
Sc Dec. 30 Dec. 15
Columbian Vise & Mfg.(guar.)
37%c Oct. 1 Sept. 20
Extra
37)4c Oct. 1 Sept. 20
Commonwealth Life Ins. (Louisville, Ky.)(qu.)
40c Oct.
Sept. 22
Commonwealth Telep.,Mad., Wis.,6% pf.(qu.)
Oct. 15 Sept.30
Consolidated Cigar Corp. prior pref
Nov.
Oct. 15a
Preferred (guar.)
1% Dec
Nov. 15a
Consolidated Lobster (quar.)
10c Oct. 15
Continental Passenger RR.(Philadelphia)
Sept. 29 Sept. 26
Corcoran-Brown Lamp 7% pref. (quar.)
Oct. 1 Sept. 20
Coronet Phosphate (quar.)
Oct. 1 Sept. 25
Curtiss-Wright Export, preferred (quar.)
Oct. 15 Sept.30
Des Moines Gas Co.,8% pref. (quar.)
Oct. 1 Sept.20
7% preferred (quarterly)
Oct. 1 Sept.20
87
Devonian Oil Co.(quarterly)
lbc Oct. 20 Sept.29
Extra
10c Oct. 20 Sept.29
Diamond Match Co. (quar.)
250 Dec 1 Nov. 15
Diamond State Telephone quar.)
50c Sept.29 Sept.29
District Bond Co.(Los Angeles, Calif.) pf.
(qu.) 37)4c Oct. 1 Sept.28
District Corp. of N. Y. (guar.)
$3 Oct. 1 Sept.29
Diversified Trustee Shares, series B
17.51c Oct. 1
Dome Mines, Ltd.(guar.)
50c Oct. 20 Sept.29
Duncan Mills,7% pref.(quar.)
$134 Oct. 1 Sept.20
Duquesne Brewing A. $5 pref.(quar.)
12)4c Oct. 1 Sept. 20
'Eagle Lock (quarterly)
2-c Oct. 1 Sept.21
5
Eastern Gas & Fuel Assoc., 434% pref. (quar.) 51.125 Jan. 1 Dec. 15
6% preferred (quarterly)
$134 Jan. I Dec. 15
East Missouri Power Co., Ltd.
-a.)
7% cumulative preferred (s.
Oct. 1 Sept.20
Electric Houshold Utilities Corp
9g Oct. 25 Oct. 10
Elmira & Williamsport R.R.(s.
$1.15 Nov. 1 Oct. 20
-a.)
Eureka Pipe Line Co
81 Nov. 1 Oct. 15a
Fafnir Bearing (quarterly)
75c Oct. I Sept.25
Fairmont Creamery (Dela.) (quar.)
25c Oct. 1 Sept.20
634% preferred (quar.)
$1% Oct. 1 Sept. 20
Family Loan Society, Inc. (quar.)
25c Oct. 1 Sept. 15
Extra
37)4c Oct. 1 Sept. 15
$334 pectic. preferred (quar.)
8734c Oct. 1 Sept. 15
Farmers & Traders Life Ins.(quar.)
1234 Jan. 1 Dec. 11
Quarterly
2)5 Apr. 1 Mar. 11
Fiberlold Corp. (quarterly)
$1
Oct. 1 Sept.21
7% preferred (quarterly)
$1
Oct. 1 Sept. 21
Fibreboard, 670 Preferred (quar.)
$1
Nov. 1 Oct. 15
Firestone Tire & Rubber Co.,corn.(quar.)
1 c Oct. 20 Oct.
Foreman's Fund, Ins. (quar.)
75c Oct. 15 Oct. 5
Franklin Process (quarterly)
50c Oct. 1 Sept.20
Frick Co.,6% pref. (quar.)
75c Oct. 1 Sept. 18
Fruehauf Trailer Co.,7% pref.(quar.)
87)4c Oct. 1 Sept.20
Gachin Gold Syndicate Units(qu.)
Sept.30 Sept.15
Extra
10c Sept.30 Sept.15
Glen Alden Coal Co.(quarterly)
25c Oct. 20 Oct. 6
Extra
25c Oct. 20 Oct. 6
Gold Dust Corp., corn. (guar.)
30c Nov. 1 Oct. 10
Grace(W. R.) & Co., pref. A (quar.)
$2 Dec. 29 Dec. 27
Great Lakes Engineering (quar.)
10c Nov. 1 Oct. 25
Extra
Sc Nov. 1 Oct. 25
Great Lakes Transit Corp.,7% pref
Oct. 1 Sept.22
Great Western Life Assurance (quar.)
Oct. 1 Sept.20
Group Corp.,6% cum. pref. (quar.)
3734c Oct. 1 Sept.30
Guarantee Co.of North Amer.(Mont.)(qu.)__ _
Oct. 15 Sept.30
Extra
$2% Oct. 15 Sept.30
Gulf Power Co.,$O pref.(guar.)
$1% Oct. 1 Sept.20
Harbauer Co. (quarterly)
25c Oct. 1 Sept.20
Hartford Steam Boiler Inspection & Ins.(qu.)....
40c Oct. 1 Sept.24
Hercules Motors Corp. (quar.)
15c Oct. 3 Sept.28
Hercules Powder Co.. pref. (guar.)
% Nov. 15 Nov. 2
Hershey Chocolate Corp. (quar.)
75c Nov. 15 Oct. 15
14 cony. preferred (quarterly)
$1 Nov. 15 Oct. 15
Heyden Chemical Co.,7% pref.(quar.)
$1% Oct. 1 Sept. 20
Highland Dairy, Ltd.7% pref.(quar.)
Oct. 1 Sept.22
Holly Development Co.(quar.)
lc Oct. 15 Sept.30
Holly Sugar Corp.. preferred
h$334 Nov. 1 Oct. 15
Honolulu Rapid Transit
30c Sept. 29 Sept.22
Hooker Electro Chemical.6% pref
h$1
Sept.29 Sept.21
Horn & Hardart(N.Y.)(quarterly)
40c Nov. 1 Oct. 12
Houdaille Hershey, $234 pref. A
/41% Oct. 15 Oct. 10
Humboldt Malt& Brewing, A pref.(qu.)
2Cic Oct. 1 Sept.15
Ideal Financing Assoc., A (guar.)
12%c Oct. 1 Sept.20
8 preferred (quarterly)
$2 Oct. 1 Sept.20
2 preferred (quarterly)
50c Oct. 1 Sept. 20
Illinois Commercial Telep.,$6 pref
h75c Oct. 15 Sept.30
Illuminating Shares A (quar.)
50c Oct. 1 Sept.20
-a.)
Indiana Pipe Line Co.(s.
15c Nov. 15 Oct. 26
Extra
Sc Nov. 15 Oct. 26
Industrial Cold Storage& Warehouse (s.
-a.) - St Oct. 1 Sept.29
g
sbe
sig
loc
ssc
I?s
I
1999
Financial Chronicle
Volume 139
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
International Printing Ink.corn.(quar.)
25c Nov. I Oct. 15
Preferred (quarterly)
$1% Nov. 1 Oct. 15
International Safety Razor,class A (quar.)
60c Dec. I Nov. 15
Class B (quarterly)
250 Nov. 1 Oct. 15
Investors Mtge.& Guarantee Co.(Conn.)
3734c Sept.29 Sept.25
Sept.29 Sept.25
7% preferred (quarterly)
Investors Royalty, Inc
Sept.29 Sept.20
8% preferred (guar.)
5qc Sept.29 Sept.20
Iowa Power Light.7% Pref.(quar.)
$1% Oct. 1 Sept.20
6% preferred (quarterly)
$1)4 Oct. 1 Sept.20
Jams Investing Corp.(Los Ang., Calif.), cl. A pf. $1
Oct. 1 Sept. 20
Jones (J. E.) Royalty Trust, A partic. trust ctfs_ $3.
Sept.25 Aug. 31
B participating trust certificates
$3.19 Sept.25 Aug. 31
C participating trust certificates
$7.40 Sept.25 Aug. 31
Kansas Power Co., $6 cum. pref. (quar.)
$134 Oct. 1 Sept. 20
$7 cumulative preferred (quar.)
$1% Oct. 1 Sept. 20
Kelly Island Lime & Transport (quar.)
lbc Oct. 1
Kentucky Utilities Co.,6% pref. (quar.)
Oct. 15 Sept.25
Kirkland Lake Gold Mining
Dec. I Nov. 1
Kress (S. H.) (quarterly)
250 Nov. 1 Oct. 10
Special preferred (guar.)
15c Nov. 1 Oct. 10
Semi-annual
1-20 ofl Nov. 1 Oct. 10
Laclede Steel Co., corn. (quar.)
150 Sept.30 Sept.22
Lake Erie Power SZ Light, pref. (quar.)
Oct. 1 Sept. 22
$1
Lane Bryant, Inc., 7% pref. (quar.)
Nov. 1 Oct. 15
$1
Lawrence Gas & Electric (quar.)
Oct. 11 Sept. 29
Lawyers Title Insurance (Richmond, Va.)Oct. 15 Oct. 10
6% preferred (s.
-a.)
Leader Filling Stations Corp., 8% pref. (quar.)
Oct. 1 Sept. 22
Lexington Telep. Co.,634% pref.(quar.)
51% Oct. 15 Sept.30
Liquid Carbone Corp. (quar.)
25c Nov. 1 Oct. 17
Loew's (Marcus) Theatres, Ltd., 7% pref
h$111 Oct. 1 Sept.22
Lord & Taylor. 2d preferred (quar.)
Nov. 1 Oct. 17
Louisiana Power & Light Co.,$6 pref.(quar.)_ $1% Nov. 1 Oct. 17
Louisville Gas & Elec.(Ky.),7% pref.(quar.)
$1% Oct. 15 Sept. 20
6% preferred (quar.)
$1)4 Oct. 15 Sept. 29
5% preferred (quar.)
$1% Oct. 15 Sept. 29
Lowell Gas Light (quar.)
50c Oct. 1 Sept. 18
Lowenstein(M.)& Sons, 1st pref.(quar.)
$151 Jan. 2 Sept.30
Mackay Cos.,took no div. action on 4% cum. pr of. stoc k.
Maine Gas Co,$6 pref. (guar.)
$1% Oct. 15 Sept.25
Manchester Gas, 7% pref. (guar.)
$1% Oct. 1 Sept. 20
Manischewitz (B.) & Co., 7% pref. (quar.)---- $1)4 Oct. 1 Sept.20
Marconi International Marine, corn
w254%
Maritime Telep. & Teleg. (guar.)
15c Oct. 1 Sept.20
7% preferred (quarterly)
17)4c Oct. 1 Sept.20
Massachusetts Utilities Assoc., pref. (quar.)
6234 Oct. 16 Sept.29
Maur Agricultural Co., Ltd. (quar_.)
Oct. 1 Sept.20
1
Merchants Refrigeration Co. of N. Y.(quar.)-250 Sept.29 Sept. 27
25c
Metropolitan Industrial Bankers(Bali.)(quar.)_
Sc Oct. 1 Sept.27
Midcontinent Petroleum Corp
250 Nov. 15 Oct. 15
Oct. 31 Oct. 20
Milwaukee Elec. Ry. & Lt. Co.,6% pref. (qu.) $1
Milwaukee Gas Light Co.,7% pref. A (quar.) _ _
Dec. 1 Nov. 25
Missouri Edison Co. $7 cum. pref.(guar.)
58 1-3c Oct. 1 Sept.30
Missouri Power St Light Co., $6 pref. (quar.).. $134 Oct. 1 Sept. 20
Montana Power Co., $6 pref. (quar.)
$134 Nov. 1 Oct. 10
Montreal Telegraph Co.(quar.)
rS4Jc Oct. 15 Sept. 29
Montreal Tramways Co., corn. (cigar.)
$2% Oct. 15 Oct. 4
Oct. 1 Sept. 24
Morrison Cafeterias Consul. Inc.,7% pref.(qu.) $1
Oct. 1 Sept. 15
Municipal Gas. Texas. $7 pref. (quar.)
$1
Nov. 1 Oct. 16
National Bearing Metals. 7% pref
h3
Oct. 1 Sept. 10
National Finance Corp. of Amer.,6% pref.(qu.)
National Union Fire Insurance Co
Oct. 8 Sept.25
New Brunswick Telephone (quar.)
12 c Oct. 15 Sept.30
New England Equity
Oct. 1 Sept. 25
8% preferred (quarterly)
$2 Oct. 1 Sept. 25
New Jersey Bell Telep. (quar.)
$1% Sept. 29 Sept. 28
New Jersey Zinc (quarterly)
50c Nov. 10 Oct. 20
New York & Richmond Gas,6% pref
hua Oct. 1 Sept. 15
New York Telephone Co.(quar.)
Sept.29 Sept.29
Norfolk & Western Ry., adj. pref. (quar.)
$1 Nov. 15 Oct. 31
North American Edison Co., pref.(guar.)
$1)4 Dec. 1 Nov. 15
North American Finance, A (guar.)
50c Oct. 1 Sept. 25
7% preferred (quarterly)
873ic Oct. 1 Sept. 25
North American Rayon Corp., prior pref. (qu.)
750 Oct. 1 Sept. 27
7% preferred (quar.)
$1)4 Oct. 1 Sept. 27
North & Judd Mfg.(quar.)
25c Sept. 29 Sept. 19
Northampton Brewing, pref. (quar.)
Sc Oct. 25 Oct. 15
Ohio Leather Co.(guar.)
250 Oct. 1 Sept. 20
1st preferred (quar.)
$2 Oct. 1 Sept. 20
2d preferred (quar.)
$1b Oct. 1 Sept. 20
Ohio Loan,8% preferred (guar.)
Oct. 1 Sept.30
Ohio Telep. Service, pref. (quar.)
$1% Oct. 1Sept.24
Okalta Oils, pref
$15 Sept.24 Sept.19
Old Colony Light & Power Assoc.,6% pf.(qu.) $1 34 Oct. 5 Sept.20
Old Joe Distillery. pref. (initial)
10c Oct. 1 Sept.28
Pacific Lighting Co., corn. (quar.)
750 Nov. 15 Oct. 2
0
Pacific Southwest Realty, 634% pref. (quar.)
$144 Oct. 1 Sept.22
534% pref.(quar.)
$1% Oct. 1 Sept.22
Pan American Airways Corp
25c Nov. 1 Oct. 20
Peaslee Gaulbert Corp.. 7% prof
/41% Oct. 1 Sept.22
Penberthy Injector (quarterly)
$234 Sept.30 Sept.25
Extra
$2% Sept.30 Sept.25
Penmans, Ltd.(quar.)
75c Nov. 15 Nov. 5
Preferred (quar.)
$1% Nov. 1 Oct. 22
Penna. Power & Light, $7 pref. (guar.)
$134 Oct. 1 Sept.21
6 pref. (quar.)
$135 Oct. 1Sept.21
5 pref. (guar.)
Si% Oct. 1 Sept.21
Philadelphia Electric. $5 prof. (quar.)
ilif Nov. 1 Oct. 10
Pilgrim Mills, Inc. (guar.)
Sept. 29 Sept. 24
Pittsburgh Brewing Co., pref
50c Oct. 20 Oct. 6
Plume & Atwood Mfg.(quarterly)
50c Oct. 1 Sept.25
Portland & Ogdensburg RR.(quar.)
500 Nov.30 Nov.20
Reading Co., (quarterly)
50c Nov. 8 Oct. 11
Republib Stamping & Enameling Co
25c Oct. 1 Oct. 1
Rhode Island Electrical Protective (quar.)
Oct. 1 Oct. I
Rhode Island Public Service, A (quar.)
$1 1 Nov. 1 Oct. 15
Cumulative preferred (quarterly)
50c Nov. 1 Oct. 15
Richmond Fredericksburg & Potomac RR.Co
7% guaranteed (send-ann1,
.
.
S311 Nov. 1 Oct. 30'
6% guaranteed (semi-ann.
Nov. 1 Oct. 30
Richmond Insurance of N. .(guar.)
10c Nov. 1 Oct. 11
Extra
250 Nov. 1 Oct. 11
Rolls-Royce, Ltd.(interim)
5
St. Croix Paper (quar.)
Oct. 15 Oct. 5
Santa Cruze Portland Cement (guar.)
$1 Oct. 1 Sept. 25
St. Joseph Stockyards (guar.)
75c Sept.30 Sept.20
St. Paul UnioirStockyards (guar.)
50c Oct. 1 Sept.20
San Diego Consol. Gas & El. Co., pref.(quar.)_ 1%% Oct. 15 Sept.29
San Francisco Remedial Loan Assoc. (quar.) _
75c Sept.30 Sept.15
Securities Ins., St. Louis (quar.)
50c Oct. 1 Sept.21
8% pref. (quar.)
$2 Oct. 1 Sept.21
Seeman Bros., Inc., corn. (quar.)
62% Nov. 1 Oct. 15
2nd & 3d Streets Passenger Rs',gtd
Sept.29 Sept. 20
Sharp & Dohme,cum.cony. pref.(guar.)
87)4c Nov. 1 Oct. 17
Shasta Water Co.(quar.)
40c Oct. 1 Sept. 25
Short Term Trust Shares, bearer
$3.26 Oct. 1
South Bleachery & Print Wks.,7% pref.(quar.) $1)1 Oct. 1 Sept. 20
Southern Berkshire Pow.& Elec.(quar.)
50c Sept.29 Sept.20
Southern Counties Gas Co. of Calif.. pf.(quar.) $1
Oct. 15 Sept.29
Southern New England Telep. Co.(quar.)
Oct. 15 Sept.29
$1
South Franklin Process,7% preferred (quar.)_ _ _
Oct. 10 Oct. 1
51
Smyth Mfg. Co.(quar.)
Soc Oct. 1 Sept.25
Standard Fire Ins.(Trenton, N. J.)(quar.)_
40c Oct. 23 Sept.16
Sf
cate Street Investment Corp.(quar.)
40c Oct. 15 Sept. 30
Steel Co.of Canada,corn.(guar.)
4391c Nov. 1 Oct. 8
Preferred (quar.)
Nov. 1 Oct. 8
43
Suburban Electric Security.6% 1st pref
Nov. 1 Oct. 15
Syracuse Lighting,6% pref.(quar.)
Nov. 15 Oct. 20
634% preferred (quar.)
Nov. 15 Oct. 20
$1
8% preferred (quar.)
INov. 15 Oct. 20
$mg
I
2000
Financial Chronicle
Name of Company.
Telautograph Corp.,com.(quar.)
Texas Electric Service. $6 preferred (quar.)___
Thatcher Mfg. Co., cony. pref. (quar.)
Tide Water Oil Co. (quarterly)
Towle Mfg. Co. (quarterly)
Union Bag & Paper Corp
Union Passenger Ry
Union Stockyards (Omaha) (quar.)
Union Traction (Phila.)
United Gas Public Service (Del.),$6 pref. (qu.)_
United Investors Corp.(Des Moines, Ia.) (qu.)_
United Power & Light Corp.(Kan.), pref.(qu.)_
United States Smelting Refining & Mining—
Common
Preferred (guar.)
United Verde Extension Mining Co
Walker Mfg. Co.,$3 preferred (quar.)
Warren Foundry & Pipe Corp
Waterbury, Farrell Foundry & Mach.(quar.)-Weinberger Drug Stores (guar.)
Western Exploration (quar.)
Western Power Corp., 7% cum. pref. (quar.)
Westinghouse Elect. & Mfg., pref. (guar.)
West Penn Electric Co.,7% cum. pref.(quar.)
6% cumulative preferred (quar.)
West Philadelphia Passenger By
West Point Mfg.(quar.)
Extra
Wisconsin Power,64% pref.(quar.)
6% preferred (quarterly)
Wisconsin Telephone Co. (quar.)
7% preferred (quar.)
Worcester Suburban Electric (quar.)
Worthington Ball Co..$2 class A (quar.)
Wresley (A. B.) Co.,7% pref.(quar.)
Per
When Holders
Share. Payable. of Record.
25c
SI4
90c
75c
$1 A
$1
$4
$14
75c
SIM
24c
$14
Nov. 1 Oct. 15
Oct. 1 Sept.20
Nov. 15 Oct. 31
Oct. 8 Sept. 28
Oct. 1 Sept. 22
Oct. 25 Oct. 18a
Sept.29 Sept. 16
Sept.30 Sept. 20
Oct. 15 Sept. 26
Oct. 1 Sept. 22
Oct. 1 Sept. 25
Oct. 1 Sept. 20
$2
87A c
25c
75c
50c
75c
25c
255c
$PA"
874c
14
e
S4 4
Si
Si
Oct. 15 Oct. 5
Oct. 15 Oct. 5
Nov. 1 Oct. 50
Nov. 1 Oct. 20
Nov 1 Oct. 15
Oct. 1 Sept. 26
Oct. 1 Sept. 25
Sept. 20 Sept. 15
Oct. 15 Oct. 1
Oct. 31 Oct. 15
Nov. 15 Oct. 19
Nov. 15 Oct. 19
Sept.29 Sept. 26
Oct. 1 Sept. 21
Oct. 1 Sept. 21
Oct. 1 Sept. 24
Oct. 1 Sept. 24
Sept. 29 Sept. 28
Oct. 31 Sept. 20
Sept. 29 Sept. 20
Oct. 15 Sept. 29
Oct. 1 Sept. 20
Si
h$7,
4
si
50c
$1%
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Name of Company.
Abbott Laboratories (quar)
Extra
Abraham & Straus,corn.(guar.)
Extra
Oreferred (guar.)
Acme Steel Co. (quar.)
Extra
Adams Express Co.,5% cum. pref.(quar.)
Adams Royalty Co
Aetna Ins. Co. (Hartford. Conn.) (quar.)
Aetna Life Insurance Co. (quar.)
Affiliated Products, Inc. (mo.)
Agnew Surpass Shoe Stores. pref. (quar.)
Agricultural insurance Co.(quar.)
Air Reduction Co., Inc. (quar.)
Extra
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quarterly)
$5 preferred (quarterly)
Alabama & Vicksburgh Ry. Co. (semi-ann.)—
-a.)
Albany & Susquehanna (s.
Allemania Fire Ins.(Pitts.,Pa.)(quar.)
Extra
Alles & Fisher. common (mar.)
Allied Chemical & Dye Corp., pref. (quar.)
Allied Laboratories, Inc. (quar.)
$3 A convertible preferred (quar.)
Aloe (A. S.) 7% preferred
Aluminum Co. of America, preferred (quar.)
Aluminum Goods Mfg. Co. (quar.)
Aluminum Mfg.(quar.)_
Quarterly
7% preferred (quar.)
7% preferred Omar.)
Amalgamated Leather Cos., Inc., preferred_
American Agricultural Chemical (Dela.)(quar.)
American Bakeries Corp., $7 pref. (quar.)
American Batik Note Co., pref. (guar.)
American Beverage 7% preferred
American Brake Shoe & Foundry (quar.)
American Can Co.. pref. (quar.)
American Chicle Co.(quar.)
American Cigar Co., pref. (quar.)
American Dairies 7% preferred (guar.)
American Discount(Georgia)(guar.)
Amer. Dist. Telep. Co. of N. J., common (qu.)_
Preferred (guar.)
American Envelope, 7% Pref. (quar.)
American Express Co.(quar.)
American Factors. Ltd.(mo.)
American Felt Co.,6% pref. (quar.)
American Gas & Electric Co., com. (quar.)_
Preferred (quar.)
American Hard Rubber 8% pref. (quar.)
American Hardware Corp.(guar.)
Quarterly
American Hawaiian Steamship Co. (guar.).
American Home Products (monthly)
American Ins. Co.(Newark. N. J.)(s-a)
American Investors of Illinois (guar.)
American Manufacturing Co. preferred (quar.)_
American Optical, 7% pref. (quar.)
American Power & Lt. Co., $6 cum. pref
$5 cum.preferred
American Safety Razor Co.(guar.)
American Screw (quar.)
American Ship Building Co. 7% preferred
American Snuff Co., corn. (guar.)
Preferred (quarterly)
American Steel Foundries, 7% prof
American Stores Co. (quarterly)
American Sugar Refining Co.common (quar.)_ _
Preferred (quar.)
American Superpower Corp. 1st pref. (qu.)_ _ _ _
American Telephone and Telegraph Co. (quar.)
American Thermos Bottle. 7% pref. (quar.)_ _ _ _
American Tobacco Co.,6% pref. (quar.)
American Water Works & Elec. Co. pref.(qu.)_
American Wringer Co. (quarterly)
Anchor Cap Corp., com.(quar.)
564 preferred (quar.)
Angostura-Wuppermann Corp. (quar.)
Apex Electrical Mfg. preferred (quar.)
Appalachian Electric Power Co.,$7 pref.((man)
$6 preferred (guar.)
Anponaug Co.. coin. (quarterly)
Arkansas Power & Light,cum. pref
$7 cum. preferred
Armour & Co. of Del.. 7% pref. (guar.)
Armour (Illinois). $6 pref.. initial (quar.)
Arundel Corp.(quar.)
Associates Investment, corn. (quar.)
Associated Breweries of Can., Ltd.—
Common (quar.)
Preferred (quar.)
Atlantic City Fire Ins. Co. (quar.)
Per
When Holders
Share. Payable. ofRecord.
50c
10c
30c
15c
$14
374c
1234c
$184
Sc
40c
10c
Sc
$184
65c
75c
$14
5184
$134
$134
3%
$4%
25c
10c
10c
$14
10c
87 Ac
h$1q
374c
10c
5Cic
50c
$134
$14
50c
50c
Sly
111
4C
20c
El%
75c
$14
$1
15c
$1
$14
$1 34
111.14
be
$14
25c
65134
$2
25c
25c
20e
25c
43%c
$184
51
37c
31)4c
20c
hS7
75c
$155
50c
50c
50c
$14
$184
$234
8734c
$13.4
$134
624c
15c
514
Sc
S14
$14
50c
h50c
h58c
sm*
.
$114
25c
$1
Oct. 1 Sept. 14
Oct. 1 Sept. 14
Sept. 29 Sept. 21
Sept. 29 Sept. 21
Nov. 1 Oct. 15
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Sept. 29 Sept. 14a
Oct. 1 Sept. 29
Oct. 1 Sept. 17
Oct. 1 Sept. 8
Oct. 1 Sept. 14
Oct. 1 Sept. 15
Oco. 1 Sept. 26
Oct. 15 Sept. 29
Oct. 15 Sept 29
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Nov. 1 Oct. 15
Oct. 1 Sept. 7
Jan. 2 Dec. 15
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 1 Sept. 11
Oct. 1 Sept.26
Oct. 1 Sept. 26
Oct. 1 Sept. 20
Oct. 1 Sept. 15
Oct. 1 Sept. 20
Sept.30 Sept. 15
Dec. 31 Dec. 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
Oct. 1 Sept. 19
Sept.29 Sept.20
Oct. 1 Sept 14
Oct. 1 Sept. ha
Oct. 1 Sept. 20
Sept.29 Sept. 25
Oct. 1 Sept. 14a
Oct. 1 Sept. 12
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 20
Oct. 15 Sept. 15
Oct. 15 Sept. 15
Dec. 1 Nov. 25
Oct. 1 Sept. 21
Oct. 1 Sept.31
Oct. 1 Sept. 15
Oct. 1 Sept. 7
Nov. 1 Oct. 8
Oct. 1 Sept. 25
Oct. 1
Jan. 1
Oct. 1 Sept. 15
Oct. 1 Sept. 14a
Oct. 1 Sept. 17
Oct. 1 Sept. 20
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 6
Oct. 1 Sept. 6
Sept. 29 Sept. 10
Oct. 1 Sept. 29
Nov. 1 Oct. 20
Oct. 1 Sept. 13
Oct. 1 Eept. 13
Sept.29 Sept. 15
Oct. 1 Sept. 15
Oct. 2 Sept. 5
Oct. 2 Sept. 5
Oct. 1 Sept. 15
Oct. 15 Sept. 15
Oct. 1 Sept. 20
Oct. 1 Sept. 10
Oct. 1 Sept. 7
Oct. 1 Sept. 15
Oct. 1 Sept. 18
Oct. 1 Sept. 18
Oct. 1 Sept. 21
Oct. 1 Sept. 20
Oct. 1 Sept. 4
Oct. 1 Sept. 1
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 10
Oct. 1 Sept.21
Oct. 1 Sept. 21
Sept.29 Sept. 19
r25c Oct. 1 Sept.15
$ui Oct. 1 Sept. 15
Sept. 29 Sept. 20
$1
Name of Company.
Sept. 29 1934
When Holders
Per
Share. Payable. ofRecord.
Atlantic Coast Line RR.5% preferred
$235 Nov. 10 Oct. 24
,
Atlantic & Ohio Telegraph (quarterly)
$134 Oct. 1 Sept. 15
Atlantic Steel (quar.)
$1 Sept.29 Sept. 19
Atlas Corp $3 pref. A ((mar.)
75c Dec. 1 Nov. 20
Atlas Thrift Plan Corp. preferred (quar.)
174c Oct. 1 Sept. 25
Attleboro Gas Light (quar.)
25
$4 Oct. 1 Sept. 20
Austin Motors, Ltd. (final)
Bonus
75%
Austin, Nichols & Co., Inc., prior A (quar.)___ _ $14 Nov. 1 Oct. 15
Auto City Brewing
e25% Oct. 1 Sept.20
Automatic Voting Machine Co.(quar.)
124c Oct. 2 Sept. 20
Quarterly
124c Jan. 2 Dec. 20
Quarterly
124c Apr. 2 Mar. 20
Quarterly
124c July 2 June 20
Automobile Insurance Co. of Hartford (quar.)
250 Oct. 1 Sept. 8
Avon Geneseo & Mt. Morris RR.(s-a)
$1.45 Jan. 1 Dec. 26
Axton-Fisher Tobacco Co.. Cl. A com.(qu.)
80c Oct. 1 Sept. 15
_
Class B common (quarterly)
40c Oct. 1 Sept. 15
$155 Oct. 1 Sept.15
Preferred (quarterly)
Babcock & Wilcox
10c Oct. 1 Sept. 20
Backstay Welt Co., com.(special)
350 Oct. 1 Sept. 16
Baldwin Co.6% cum. pref. (quar.)
$1.55 Oct. 15 Sept. 29
Bancohio Corp.(quarterly
18c Oct. 1 Sept. 20
Bangor & Aroostook RR., com. (quar.)
63c Oct. 1 Aug. 31
Preferred (guar.)
$184 Oct. 1 Aug. 31
Bangor Hydro-Electric, corn.(quar.)
30c Nov. 1 Oct. 10
7% preferre I (quar.)
$184 Oct. 1 Sept. 10
6% preferred (guar.)
$134 Oct. 1 Sept. 10
Bankers Trust Co (quarterly)
734% Oct. 1 Sept. 12
Bank of Manhattan Co.(N.Y.)(quar.)
50c Oct. 1 Sept. 20
Bank of New York & Trust Co (quar.)
$34 Oct. 1 Sept. 21
Bank Stock Trust Shares. sec. 0-1, reg. (s-a)
27.12c Oct. 1 Sept. 1
Series 0-2 registered (s-a)
25.47c Oct. 1 Sept. 1
Barber(W. H.)& Co.. pref.(quar.)
51 34 Oct. 1 9ept.20
Preferred (quar.)
51 34 Jan. 1 Dec. 20
Battle Creek Gas Co..6% pref.(guar.)
$11.4 Oct. 1 Sept.20
Bayuk Cigars, Inc., preferred (quar.)
51 31 Oct. 15 Sept. 29
Beatrice Creamery Co., pref. (quar.)
$14 Oct. 1 Sept. 14
Beech Creek RR. (quarterly)
50c Oct. 1 Sept. 15
Beech-Nut Packing Co., common (quar.)
75c Oct. 1 Sept. 12
Extra
250 Oct. 1 Sept. 12
r$134 Oct. 15 Sept. 22
Bell Telephone Co. of Canada (quar.)
Bell Telep. Co. of Penna.. 64% Prot (guar./— $134 Oct. 15 Sept.20
Belt RR. & Stockyards,6% pref. (quar.)
75c Oct. 1 Sept. 20
Bethlehem Steel Corp., 7% cum. pref
3131 Oct. 1 Sept. 7
Bickford's. Inc., corn.(quar.)
15c Oct. 1 Sept. 20
Preferred (quarterly)
6255c Oct. 1 Sept. 20
Bird & Son, Inc. (mar.)
1255c Oct. 1 Sept. 25
Birmingham Fire Ins. of Alabama (quar.)
25c Sept.30
Bishop Oil
Sc Sept. 29 Sept. 15
Block Bros. Tobacco (guar.)
3735c Nov. 15 Nov. 11
Preferred (quar.
$134 Sept.30 Sept.25
Preferred (guar.
$155 Dec. 31 Dec. 24
Bohn Aluminum & Brass Corp., com
75c Oct. 1 Sept. 14
Bon Anal Co., class A (guar.)
31 Oct. 30 Oct. 15
50c Oct. 1 Sept. 24
Class B (quar.)
25c Oct. 1 Sept. 14
Borg-Warner Corp
$184 Oct. 1 Sept. 14
Preferred (guar.)
$2 Sept. 29 Aug. 31
Boston & Albany RR
Boston Elevated Ry. corn. (quar.)
5134 Oct. 1 Sept. 10
$4 Oct. 1 Sept. 20
Boston Insurance(Mass.)(quarterly)
16c Sept.29 Sept.20
Boston Personal Properties Trust (quar.)
1 Sept. 1
$2.125 Oct
Boston & Providence R.R. Co.(quar.)
Boston Warehouse & Storage (quar.)
3184 Sept.30
25c Oct. 25 Oct. 1
Bower Roller Bearing Co. (guar.)
15c Oct. 1 Sept. 29
Bralorne Mines, Ltd. (quar.)
r50c Oct. 15 Sept. 20
Brantford Cordage Co., Ltd.. 1st pref. (quar.)_ _
Brazilian Traction, Light & Power Co.—
$155 Oct. 1 Sept. 15
Preferred (quar.)
60c Sept.29 Sept. 15
Bridgeport Gas Light (quar.)
Sept. 29 Sept. 20
h$1
Bridgeport Machine Co
25c Sept. 29 Sept.20
Briggs & Stratton Corp., corn. (quar.)
10c Sept.29 Sept. 20
Extra
15c Oct. 1 Sept. 15
Brillo Mfg. Co., Inc., corn. (quar.)
50c Oct. 1 Sept. 15
Class A stock (quar.)
$154 Oct. 1 Sept. 15
Bristol Brass 7% preferred (quarterly)
r20 Oct. 1 Sept. 15
British American Oil Co.,Ltd.,registered (quar.)
British Amer. Tobacco Co., ord. bearer (interim) w10d Oct. 6 Sept. 5
wl0d Oct. 6 Sept. 5
Ordinary re rister
xtv2 % Oct. 6 Sept. 5
Preferred, ord. bearer (s-a)
zw2 % Oct. 6 Sept. 5
Preferred, ord. register (s.
-a.)
r3Sc Oct. 15 Sept.29
British Columbia Power Co.,cl. A (quar.)
$184 Oct. 1 Sept. 16
British Columbia Teleg. 6% pref. (quar.)
20c Oct. 1 Sept. 17
Broad Street Investing Co., Inc. (quar.)
$14 Oct. 10 Sept. 30
Brooklyn Borough Gas Co.(quar.)
75c Oct. 1 Sept. 19
6% pectic. cony. preferred (guar.)
64c Oct. 1 Sept. 19
Extra
750 Oct. 15 Oct. 1
Brooklyn-Manhattan Transit Corp., common
$155 Oct. 15 Oct. 1
Preferred ( tu ,rterly)
$155 Jan. 15 Jan. 2
Preferred (quarterly)
$184 Apr. 15 Apr. 1
Preferred (quarterly)
$184 July 15 Any 1
Preferred (quarterly)
Brooklyn & Queens Transit Corp.. $6 pf.A (qu.) $134 Oct. 1 Sept. 15
Brooklyn Union Gas Co.(quar.)
5134 Oct. 1 Sept. 4
25c Oct. 15 Sept. 15
Bruck Silk Mills. Ltd
h50c Oct. 1 Sept. 21
Bucyrus-Erie, 87 preferred
450 Oct. 1 Sept. 20
Bucyrus-Monighan Co..class A (quar.)
Buffalo, Niagara & Eastern Power Corp.—
814 Nov. 1 Oct. 15
$5 1st preferred (quar.)
40c Oct. 1 Sept. 15
Preferred
Buffalo Insurance Co.(N.Y.)(quar.)
$3 Sept.29 Sept. 18
Extra
$1 Sept.29 Sept.18
25c Oct. 1 Sept. 18
Building Products, Ltd., Cl. A & B (quar.)
75c Oct. 1 Sept. 21
Burco. Inc.,$3 cony. pref.,series of 1929(guar.)
$1 Oct. 1 Sept. 15
Burger Brew., pref.(quar.)
24 ann Oct. 10 Sept. 11
Burmah Corp., Ltd., ordinary reg. (final)
234 ann Oct. 17 Sept. 11
American deposit receipts (final)
50c Oct. 1 Sept. 17
Burt (F. N.) & Co. common (quar.)
8134 Oct. 1 Sept. 17
Preferred (quar.)
40c Oct. 2 Sept. 15
Calamba, Sugar Estates (quar.)
350 Oct. 2 Sept. 15
7% preferred (guar.)
$1 Oct. 1 Sept. 15
Extra
Oct. 1 Sept. 15
$1
Calgary Power Co., common (quar.)
$134 Oct. 1 Sept. 5
California Electric Generating pref. (quar.)_
50c Oct. 1 Sept. 21
California Ink Co., Inc. (quar.)
SI Oct. 1 Sept. 15
Cambria Iron Co.(semi-annual)
250 Oct. 1 Sept. 20
Cambridge Investment Corp. A & /1 (semi-ann.)
25c Oct. 15 Oct. 1
Canada Dry Ginger Ale (quar.)
Canada Northern Power Corp., Ltd.—
25c Oct. 25 Sept.29
Common (quarterly)
8.1
Oct. 15 Sept.29
7% cumulative preferred (quar.
Oct. 1 Sept. 15
Is
Canada Packers, Ltd.. 7% pref.(quar.)
$2
Oct. 1 Sept. 15
Canada Permanent Mtge. Corp. quar.)
r$14 Oct. 1 Sept. 15
Canadian Canners, Ltd., 6% 1st preferred
r755c Oct. 1 Sept. 15
Convertible preferred
h75c Sep t.30 Sept.14
Canadian Celanese Ltd.. 7%, cum. pref
$184 Sept.30 Sept. 14
7% cum. preferred (quar.
'
41 Oct. 1 Sept. 15
Canadian Cottons, Ltd. common (guar.)
1 Sept. 15
r$134 Oct
Preferred (quarterly)
25c Oct. 1 Sept. 20
Canadian Foreign Investors Corp. (quar.)
52 Oct. I Sept. 20
$8 preferred (guar.)
r75c Oct. 1 Sept. 15
Canadian General Electric (guar.)
r87 Sic Oct. 1 Sept. 15
Preferred (quarterly)
r5ac Oct. 1 Sept. 20
Canadian Westinghouse (guar.)
h25c Oct. 1 Sept. 15
Canadian Wirebound Boxes, A
50c Oct. 1 Sept. 18
Cannon Mills co. (quarterly)
75c Oct. 1 Sept. 17
Capital Administration Co., pref. A (quar.)
Oct. 2 Sept.20
$1
Carnation Co.,7% pref.(quar.)
513/ Jan. 1 1 'ec. 20
Preferred (guar.)
$1, Apr. 1 Mar. 20
Preferred (guar.)
$14 July 1 Juno 20
Preferred (guar.)
Financial Chronicle
Volume 139
Name of Company.
Carolina Power & Light Co., $7 pref
$6 preferred
Carolina Telephone & Telegraph (quar.)
Case(J.I.) Co.,7% cum.pref
Case, Lockwood & Brainard Co.(quar.)
Celanese Corp.of Amer..7% pref.(qu.)
Central Aguirre Associates, corn. (quar.)
Central Brewing, A (guar.)
Central lianove. Bank & Trust (quar.)
Central Illinois Light Co.,6% pref. (quar.)
7% preferred (quarterly)
centrifugal Pipe (lore. (quar.)
Chain Store Products, preferred (guar.)
Champion Coated Paper. pref.(qua )
,
Special preferred (quar.)
Champion Fiber Co. 1st preferred (guar.)
Chapman Ice Cream (quar.)
Chatham Mfg. Co..7% pref.(quar.)
8% preferred (quarterly)
Chemical Bank & Trust(N. Y.)(quar.)
Chesapeake & Ohio Ry. Co., corn.(quar.)
Chesapeake & Ohio Ry.corn.(quar.)
Preferred (semi-annual)
Chesapeake Corp.(quar.)
Chesebrough Mfg. Co.(quar.)
Extra
Chicago Flexible Shaft (quar.)
Chicago Junction Union Stockyards (quar.)---6% preferred (quarterly)
Chicago Towel Co.. preferred (quar.)
Chickasha Cotton Oil Co., special
Christiana Securities Co.. 7% prof. (quar.)_ _
Chrysler Corp., common (quar.)
Cincinnati Advertising Products (quar.)
Extra
Cincinnati Gas & Electric.5% prof.((Mar.)
Cincinnati Newport & Covington Lt.& Trac.—
Quarterly
$4A preferred (quarterly)
Cinc. Sandusky & Cleve. -RR.8% pf. (5.
-an.)....
Cincinnati & Suburban Bell Telep. Co.,(quar.)_
Cincinnati Union Terminal,4% pref.(quar.)
4% preferred (quar.)
Cincinnati Union Stockyards(emu )
Citizens National Trust & Savings Bank (guar.)
Citizens Water Co.(Wash., Pa.).7% pref.(qu.)
City Investing 7% preferred (quar.)
City Ice & Fuel (quarterly)
Claude Neon Electrical Products Corp.—
Common (quarterly)
Special
Cleveland One. Chicago & St. Louis Ry. Co.—
Preferred (quar.)
Cleveland & Pittsburgh,reg. gtd.(guar.)
Special guaranteed (quar.)
Cleveland Union Stockyards Co.(quar.)
Climax Molybloom Co. (quar.)
Quarterly
Clinton Trust Co.(N. Y.)(quar.)
Clinton Water Works Co.. 7% pref. (guar.)
Clorox Chemical Co.(quar.)
Cluett Peabody & Co., Inc., pref.(quar.)
Coca-Cola Bottling Corp.(Del.) A (quar.)
Coca-Cola Co., common (quar.)
Coca-Cola International Corp. (guar.)
Cohen(Dan)Co.(War.)
Colgate-Palmolive-Peet Co., pref.(quar.)
Collateral Loan('o.lquar.)
Collyer Insulated Wire (quar.)
Colonial Ice $7 preferred
$6 preferred B
Colt's Patent Fire Arms Mfg.(quar.)
Columbia Broadcasting System, Inc.—
Class A & B (quarterly)
Columbia Pictures Corp.. corn. (quar.)
Columbus Ry.,Power & Lt. Co.6% pref.(qu.)
• % preferred (quar.)
Commercial Credit Co., corn. (quar.)
8,cum. preferred (quar.)
7 cum. preferred Mar.)
Class A cony. (guar.)
6A % preferred (quar.)
Commercial Credit Trust 8% pref.(quar.)
Commercial Investment Trust Corp., corn
Common (quarterly)
Convertible preference stock (quar.)
Commercial Nat. Bank .5r Trust(quar.)
Commonwealth Edison Co. (quar.)
Commonwealth & Southern Corp., pref.(quar.)
Commonwealth Utilities. 7% pref. A (quar.)....6% preferred B (quarterly)
Commonwealth Water & Light. $7 pref. (quar.)
$6 preferred (quarterly)
Confederation Life Association (quar.)
Quarterly
Connecticut Electric Service (quar.)
Connecticut Gas & Coke Security $3 pref.(qu.)
Connecticut General Life Ins. Co.(quar.)
Consolidated Chemical Industries (quar.)
Consolidated Dry Goods 7% preferred (s.
-an.)_..
Consolidated Film Industries, pref
Consolidated Gas of Bait, coin. (quar.)
Preferred A (quar.)
Preferred D (quar.)
Preferred E (quar.)
l
Consolidated Gas of .Y.5% pref. (quer.).--Consolidated Investment Trust
Consolidated Oil Corp. common
Consolidated Paper 7% preferred (quar.)
Consolidated Royalty Oil (quar.)
Consumers Gas Co.(Toronto)(quar.)
Consumers Power Co.,$5 pref.(quar.)
$5 preferred (quarterly)
6% preferred (quarterly)
6% preferred (quarterly)
•
preferred (quarterly)
6.6% preferred (quarterly)
77 preferred (quarterly)
7 preferred (quarterly)
6 preferred (monthly)
6 preferred (monthly
• preferred monthly
60 preferred monthly
/
6,6% preferred (monthly)
6.6°! preferred (monthly
6.6 preferred monthly
rr
6.6% prefeed monthly
Continental Assurance (quar.)
Continental Baking, pref. (quar.)
Continental Bank & Trust Co.(quar.)
Continental Can Co
Continental Gas & Electric, pref.(quar,)
Continental Gin, pref. (quar.)
Continental Oil Co
Continental Steel Corp.. ref
Cottrell(C. B.)& Sons Co.,6% pref.(quar.)_ _
Courier Post Co preferred (quar.)
Cream of Wheat Corp. (quar.)
Creamery Package Mfg. Co. common
6% preferred (quar.)
Credit Utility Banking B (quar.)
Per
When Holders
Share. Payable. ofRecord.
h88c
h75c
$2
/ill
3754c
Si
$1
$1
Sc
Si A
$154
45c
$2.80
70c
$3)'
62c
Si
50c
25c
5234
$1 A
11A
50c
$1
25c
25c
1254c
$134
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 24
Oct. 1 Sept.12
Oct. 1 Sept. 20
Oct. 1 Sept.14
Oct. 1 Sept. 18
Sept.30 Sept.15
Oct. 1 Sept.20
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Nov 15 Nov. 5
Sept.30 Sept.20
Oct. 1 Sept. 20
Oct.1 Sept. 20
Oct. 1 Sept. 20
Oct. 15 Sept.25
Oct. 1 Sept.20
Oct. 1 Sept.20
Oct. 1 Sept. 19
Oct. 1 Sept. 7a
Oct. 1 Sept. 7
Jan. 1 Dec. 7
Sept. 7
Oct.
Sept.29 Sept. 4
Sept.29 Sept. 4
Sept.30 Sept.20
Oct. 1 Sept. 15
Oct 1 Sept.15
Sept.29 Sept.19
Oct
1 Sept.10
Oct. 1 Sept. 20
Sept.29 Sept. I
Oct 1 Sept. 25
Oct. 1 Sept.25
Oct. 1 Sept.14
Si A
$1.125
5134
51.13
Si
$1 A
40c
30c
Sim
Si
50c
Oct. 15 Sept.28
Oct. 15 Sept.28
Nov. 1 Oct. 23
Oct. 1 Sept.20
Oct. 1 Sept.20
Jan. 1 Dec. 20
Sept. 29 Sept. 15
Oct. 1 Sept.20
Oct. 1 Sept.20
Oct. 1 Sept. 25
Sept.30 Sept.15
37 Ac
6 c
1A
1
25c Oct. 1 Sept. 20
$1 Oct. 10 Oct. 1
Si)'
87 Ac
50c
125ic
c
5c
50c
$134
50c
SI A
62 c
$1
40c
$114
$2
15c
813 A
h$2 A
25c
50c
25c
$1 A
$1.63
25c
50c
43 c
$14
50a
f25%
50c
$2
$14
1
$15(
$134
$1
$1
SI
75c
75c
20c
37c
h50c
90c
11
$1
50c
14c
1734c
Sc
$2
$1
$1
Si
$1
11.6
$1.65
$1
$1
Sc
50c
50c
50c
55c
55c
55c
55C
50c
28
ef.0
$1
Si
25c
811
$1
$1
50c
30c
Si A
18 Ac
Oct. 31 Oct. 11
Dec. I Nov.10
Dec. 1 Nov. 10
Oct. 1 Sept. 20
Sept.30 Sept.15
Dec. 31 Dec. 15
Oct. 1 Sept. 10
Oct. 15 Oct. 1
Oct. 1 Sept.20
Oct. 1 Sept.20
Oct. 1 Sept. 15
Oct. 1 Sept.12
Oct. 1 Sept. 12
Oct. 1 Sept.15
Oct. I Sept.10
Oct. 1 Sept. 11
Oct. 1 Sept. 25
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Sept.29 Sept. 8
Oct. 1 Sept. 14
Oct. 1 Sept.18
Oct. 1 Sept. 15
Nov, 1 Oct. 15
Sept.29 Sept.10
Sept.29 Sept.10
Sept.29 Sept.10
Sept. 29 Sept. 10
Sept.29 Sept.10
Sept.29 Sept.20
Oct. 1 Sept. 5
Oct. 1 Sept. 5
Oct. 1 Sept. 5
Oct. 1 Sept. 26
Nov. I Oct. 15
Oct. 1 Sept. 7
Oct. 7 Sept.15
Oct. 1 Sept.15
Oct. 1 Sept.30
Oct. 1 Sept.20
Sept.30 Sept.25
Dec. 31 Dec. 25
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 22
Nov. 1 Oct. 15
Oct. 1 Sept. 24
Oct. 1 Sept. 10
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Nov. 1 Sept. 28
Oct. 15 Oct. 1
Oct. 31 Oct. 1
Oct. 1 Sept. 21
Oct. 25 Oct. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Jan. 2 Dec. 15
Oct. 1 Sept. 15
Jan. 2 Dec. 15
Oct. 1 Sept. 15
Jan. 2 Dec. 15
Oct. I Sept. 16
Jan. 2 Dec. 15
Oct. 1 Sept. 15
Nov. 1 Oct. 15
Dec 1 Nov. 15
Jan. 2 Dec. 15
Oct. 1 Sept.15
Nov. 1 Oct. 15
Dec
Nov. 15
Jan. 2 Dec. 15
Sept.29 Sept. 15
Oct. 1 Sept. 17
Oct. 1 Sept.14
Oct. 25 Oct. 15
Oct. 1 Sept. 12
Oct. 1 Sept. 15
Oct. 31 Oct. 1
Oct. 1 Sept.15
Oct. 1 Sept. 20
Oct 1 Sept. 15
Oct. 1 Sept. 24
Oct. 10 Oct. 1
Oct. 10 Oct. 1
Oct. 10 Sept. 25
Name of Company.
2001
When Holders
Per
Share. Payable. ofRecord.
Crown Willamette Paper Co., $7 cum. 1st pref.
hS1 Oct. 1 Sept.13
Crow's Nest Pass Coal Co
$2 Oct. 5 Sept. 20
Crum & Forster (quarterly)
1254c Oct. 15 Oct. 5
8% preferred (quar.)
12 Sept.30 Sept.19
8% preferred (quar.)
12 Dec. 28 Dec. 1$
Cudahy Packing Co. common (quar.)
6214e Oct. 15 Oct. 5
607 preferred (semi-annual)
3°! Nov. 1 Oct. 20
7% preferred (semi-annual)
Nov. 1 Oct. 20
334
Curtis Publishing Co.. 5, „aim. pref
8*134 Oct. 1 Sept.20
Dakota Central Telep. Co.634% Pref. (Iluar.)
Oct. 1 Sept. 26
$1
Danaby Faxon Stores (quar.)
Sept.29 Sept.17
2
Davenport Hosiery Mills, Inc., common
50c Oct. 1 Sept. 15
7% preferred (guar.)
Si)' Oct. 1 Sept. 15
Dayton & Michigan RR.(s.
-a.)
871c Oct. 1 Sept. 15,
8% preferred (quar.)
it Oct. 1 Sept. 15
Dayton Power & Light,6% pref.(mthly)
50c Oct. 1 Sept. 20
Deisel-Wemmer Gilbert Corp. common
1254c Oct. 1 Sept. 20
De Long Hook & Eye Co. (quar.)
'
75c Oct. 1 Sept. 20
Denver Tinton Stockyards (quar.)
50c Oct. 1 Sept.26
Quarterly
50c Jan. 1 Dec. 26
7% preferred (quar.)
$134 Dec. 1 Nov. 20
Deposited Bank Shares,series N.Y.(s.
45ic Oct. 1 Aug. 31
-a.)
Series A (semi-annual)
5A c Oct.
Aug. 31
Deposited Insurance Shares, A stock (s
Nov. 1 Sept. 15
-a)_--- 234
Detroit Edison Co., common (quar.)
Oct. 15 Oct. 1
Detroit Hillsdale & Flo. West. RR. Co
$2 Jan. 5 Dec. 20
Devoe & Reynolds Co.,corn. A & B (quar.)
25c Oct. 1 Sept.20
Common A & B (extra)
25c Oct. 1 Sept. 20
1st & 2d preferred (quarterly)
$1)' Oct. 1 Sept. 20
Diamond Shoe Corp. common (guar.)
15c Oct. 1 Sept. 20
654% preferred (guar.)
$134 Oct. 1 Sept. 20
Diamond State Telep. Co., 654% pref. (quar.)_ $154 Oct. 15 Sept.20
Doctor Pepper Co (quar.)
Nov. 15
1/E Dec.
Dome Mines, Ltd. (quarterly)
50c Oct. 20 Sept.29
Dominguez 011 Fields (monthly)
15c Oct. 1
Dominion Bridge Co.common (quar.)
r50c Nov.15 Oct. 31
Dominion Glass,corn.(quar.)
$134 Oct. 1 Sept. 15
Preferred (quarterly)
Si)' Oct. t Sept. 15
Dominion Rubber. 7% pref. (quar.)
$1)' Sept. 29 Sept.20
Dominion Stores, common (quar.)
r30c Oct. 1 Sept. 15
Dominion Textile Co.. corn (quar.)
r$1 A Oct. 1 Sept. 15
Preferred (guar.)
r$1.A Oct. 15 Sept. 29
Dover & Rockaway RR..6% gtd.(s
Oct. 1 Sept.29
-a)
$3
Dow Drug Co..7% preferred
his)' Oct. 1 Sept. 20
Draper Corp. (quarterly)
60c Oct. 1 Sept. 1
Driver Harris Co., preferred (quar.)
51A Oct. 1 Sept. 20
Duke Power Co., common (quar.)
75c Oct. 1 Sept. 15
Preferred (quarterly)
Oct. 1 Sept. 15
Duplan Silk Corp. preferred (guar.)
Oct. 1 Sept. 18
Duquesne Brewing Co preferred A (guar.)
1234c Oct. 1 Sept. 20
Duquesne Light Co..5% pref.(quar.)
515( Oct. 15 Sept.15
Eagle Warehouse & storage Co. (quar.)
Oct. 1 Sept. 26
$I
Early & Daniel Co., corn. (guar.)
1214c Sept.29 Sept. 19
Preferred (quar.)
$1 4 Sept.29 Sept. 19
Eastern Gas & Fuel Assoc., prior pf.stock (au.). $1.1 5 Oct. I Sept 15
46 preferred (quarterly)
$134 Oct. 1 Sept. 15
Eastern Magnesia Talcum Co., Inc
75c Oct. 1
Eastern New Jersey Power.6% pref.(quar.)__ -- Si
iNct. 1 Sept. 15
Eastern Steamship Lines, 1st pref. (quar.)
5151 Oct. 1 Sept. 14
Preferred (quar.)
8754c Oct. I Sept.14
Eastern Steel Products Co., pref.(quar.)
$134 Oct. 1 Sept. 15
Eastern Township Telep. Co
31Z Oct. 15 Sept.15
Eastman Kodak Co.common (quar.)
Si Oct. I Sept. 5
Preferred (quar.)
1134 Oct. 1 Sept. 5
Economic Investment Trust, Ltd
1834c Oct. I Sept. 20
Ecuadorian Corp.. Ltd.. corn. (quar.)
te/C Oct. 1 Sept. 10
Edmond City Dairy,634% pref. (quar.)
$154 Oct. 3 Sept.15
E.I. Du Pont de Nemours & Co.,Inc.—
Debenture stock (quarterly)
5154 Oct. 25 Oct. 10
Elder Manufacturing (quar.)
25c Oct. 1 Sept. 20
$5 preferred (quar.)
sit' Oct. 1 Sept. 20
8% first preferred (quar.)
52 Oct. 1 Sept. 20
Electric Auto-Lite Co.. 7% pref. (guar.)
Oct. 1 Sept. 15
Si
Electric Bond & Share Co.. $6 pref. (quar.)_
Nov. 1 Oct. 5
Si
55 preferred (guar.)
$134 Nov. 1 Oct. 5
Electric Controller & Manufacturing Co.(quar.)
25c Oct. 1 Sept.20
Electric Storage Battery Co.common (quar.)--- h50c Oct. 1 Sept. 10
Preferred (quar)
h50c Oct. 1 Sept. 10
Elizabethtown C,onsol Gas (quar.)
Oct. 1 Sept. 27
$2
Elizabeth & Trenton RR.(s.
$1 Oct. 1 Sept. 20
-s.)
57 preferred (8.-11.)
,0
Si)' Oct. 1 Sept. 20
El Paso Electric Co.(Del.) pref. A (quar.)
$134 Oct. 15 Sept. 28
Preferred (quar.)
5134 Oct. 15 Sept. 28
El Paso Electric (Texas) 6.7 pref.(quar.)
o
$134 Oct. 15 Sept. 28
Emerson's Bromo Seltzer, 8% pref
50c Oct. 1 Sept:15
Empire & Bay State Teleg..4% guar (quar.).....
Si Dec. 1 Nov. 21
Empire Power Coi.$6 cum. preferred
$154 Oct. I Sept. 15
Empire Trust Co.(quar.)
25c Oct. 1 Sept. 21
Endicott-Johnson Corp..corn.(quar.)
75c Oct. 1 Sept.18
Preferred (quar.)
Si)' Oct. 1 Sept. IS
Escanawba Power & Traction 60 pref (quar.)_ $134 Nov. 1 Oct 28
4
Eureka Standard Consolidated Mining Co
3c Sept.29 Sept. 15
Eureka Vacuum Cleaner (quar.)
1254c Oct. 1 Sept.15
Faber Coe & Gregg (quarterly)
25c Dec. 1 Nov. 15
Quarterly
25c 3-1-35 2-15-35
Fairbanks (E. T.). 7% pref. (s.
$354 Oct. 1 Sept.29
-a.)
Fanny Farmer Candy Shops,Inc.,corn.(quar.)_
25c Oct. 1 Sep..15
Preferred (qua.)
60c Oct. 1 Sept.15
A
e300%
Farmers & Traders Life Insurance Co.(quar.).. 1234 Oct. 1 Sept. 10
Faultless Rubber Co.(quar.)
50c Oct. I Sept.15
Federated Department Stores(quar.)
15c Oct. 1 Sept. 21
Extra
10c Oct. 1 Sept. 21
Ferro Enamel Corp., 5% pref. (semi-ann.)
13 Ac Oct. 1 Sept.29
Fidelity Title & Trust (Conn.)(qudr.)
$134 Sept.29 Sept. 29
Fifth Avenue Bank of N. Y.(quar.)
$6 Oct. 1 Sept. 30
Fifth Ave. Bus Securities Corp. (quar.)
16c Sept. 29 Sept. 14
Filene's(Wm.) Sons Co
20c Sept. 29 Sept. 18
Extra
10c Sept.29 Sept. 18
Preferred (quar.)
5134 Oct. 1 Sept.18
Finance Co. of America at Baltimore—
Class A and B common
10c Oct. 15 Oct. 5
7% preferred and 7% preferred class A
1i/c7 Oct. 15 Oct. 5
Finance Co. of Pennsylvania (quar.)
Oct. 1 Sept. 15
First Bank Stock Corp. (s.
-a.)
1 c Oct. 1 Sept. 20
First National Bank of the City of N. Y.(quar.)
$25 Oct. 1 Sept. 20
First National Corp., of Portland (Ore.)—
Class A $2 cumulative stock
25c Oct. 15 Sept.25
First National Stores, Inc., corn. (quar.)
6234c Oct. 1 Sept. 12
7% preferred (quar.)
Oct. 1 Sept. 12
pref.yred (quar.)
20d Oct. I Sept. 12
First State Pawners Society (quar.)
51
, Sept. 29 Sept.19
Fisher Flouring Mills. 7% pref. (quar.)
Oct. 1 Sept. 15
$1
Fishman (M. H.), preferred (quar.)
$134 Oct. 15 Sept.29
Fisk Rubber. $6 pref.(roar )
$134 Oct. 1 Sept.12
Flour Mills of America 57 pref. A
h52 Oct. 1 Sept. 19
Fortnum & Mason, 7% pref. (semi-ann.)
Oct. 1 Sept.26
Foreign Light & Power Co.,56 1st pref.(quar.)_ 1734 Oct. 1 Sept 20
$1
Fostoria Pressed Steel
20c Sept.29 Sept.25
Franklin Telephone (semi-annual)
Si)' Nov. 1 Oct. 15
Freeport Texas. pi eferred (quar.)
$134 Nov. I Oct. 15
Frieman (A. J.). 67 _pref. (guar.)
0
Oct. 1 Sept. 15
Fulton Trust Co.of New York (quar.)
Oct. 1 Sept. 24
Fundamental Investors, Inc
lc Oct. 1 Sept. 19
aliand Mercantile Laundry Co.(guar.)
87 Ac Oct. 1 Sept.15
Gannett Co., 56 cony. pref. (quar.)
$154 Oct. 1 Sept. 15
Gardner Denver Co common (guar.)
25c Oct. 1 Sept. 20
Garlock Packing Co.. corn. (quar.)
20c Oct. 1 Sept.22
General American Investors, pref.(quar.)
$114 Oct. 1 Sept.20
General Baking,$8 cumul. pref.(guar.)
52 Oct. 1 Sept. 22
General Candy Corp., class A
h25c Oct. I Sept. 25
Financial Chronicle
2002
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
General Cigar Co. preferred (guar.)
$134 Dec. 1 Nov. 22
General Electric Co.. common (guar.)
15e Oct. 25 Sept. 28
Special stock (guar.)
15c Oct. 25 Sept. 28
General Machinery pref.(guar.)
11% Oct. 1 Sept. 19
General Mills, Inc.,6% pref. (guar.)
$134 Oct. 1 Sept.140
Nov. 1 Oct. 8
General Motors Corp., $5 preferred (guar.).$1
General Printing Ink Co., corn. (guar.)
15C Oct. 1 Sept.17
Extra
10c Oct. 1 Sept.17
Preferred (guar.)
$1% Oct. 1 Sept.17
General Railway Signal (guar.)
25c Oct. 1 Sept. 10
Preferred (quarterly)
$134 Oct. 1 Sept. 10
General Shoe Corp.. common & common A
10c Oct. 15 Oct. 15
General Tire & Rubber Co.,6% pref
h$1% Sept.29 Sept. 20
General Water. Gas & Electric, pref. (guar.)
75c Oct. 1 Sept. 15
11% Oct. 1 Sept. 15
Georgia Power Co.. 16 preferred (guar.)
15 preferred (quarterly)
Oct. 1 Sept. 15
1
Georgia RR.& Banking Co.(guar.)
Oct. 15 Oct. 1
32
Gibson Art (guar.)
20c Oct. 1 Sept. 20
Gilbert(A. C.),$334 cumul. pref
58755c Oct. 1 Sept. 21
Gillette Safety Razor, 15 convertible pref. (qu.). 11% Nov. 1 Oct. 1
Glen Falls Insurance (quarterly)
40c Oct. 1 Sept. 15
Glidden Co..corn.(guar.)
25c Oct. 1 Sept. 14
Extra
15c Oct. 1 Sept.14
Preferred (guar.)
11% Oct. 1 Sept.14
Gold and Stock Telegraph (guar.)
$1% Oct. 1 Sept.29
n25c Oct. 1 Sept. 10
Goldblatt Bros.. Inc.. common (guar.)
.
Sept.29 Sept 17
Gold Dust Corp., pref. (guar.)
$1
Oct. 1 Sept. 20
r$1
Goodyear Textile Mills. pref. (guar.)
Oct. 1 Sept. 1
Goodyear Tire & Rubber Co., 1st preferred
GoodyearTire & Rubber Co.of Can.,corn.(qu.) r11% Oct. 1 Sept. 15
Preferred (guar.)
$1% Oct. 1 Sept. 15
Gotham Silk Hosiery Co., Inc.
Nov. 1 Oct. 11
$1
7% cum. preferred (guar.)
Gottfried Baking Co.. Inc.. preferred (quar.)
134% Oct. 1 Sept.20
Ian. 2 Dec. 20
Preferred (guar.)
$2 Sept.29 Sept. 27
Grace(W. R.) & Co., pref. A (guar.)
13 Dec. 29 Dec. 27
6% firm. pref. (5.-a.)
$2 Dec. 20 Dec. 10
Grand Rapids & Indiana Ry. Co.(s.
-a.)
12%c Oct. 1 Sept. 20
Grand Rapids Varnish Corp
Granite City Steel Co.(guar.)
25c Sept.29 Sept. 17
25c Oct. 1 Sept. 12
Grant(W. T.) Co., corn. (guar.)
$1% Oct. 15 Sept. 29
Great Lakes Power Co., ser. A $7 pref
Great Lakes Steamship (guar.)
25c Oct. 1 Sept. 20
Great Western Electro-Chemical, 1st pf. (qu.)- 11% Oct. 1 Sept. 20
x of1%
Great Western Ry. (initial)
Great Western Sugar, corn. (quar.)
60c Oct. 2 Sept. 15
Preferred (quar.)
$134 Oct. 2 Sept. 15
Green & Coats Street Phila . Passenger Ry., pref_ $1% Oct. 6 Sept.22
Green (Daniel) Co.,6% pref.(guar.)
$1% Oct. 1 Sept. 15
Greening (B.) Wire Co., Ltd., pref. (quar.)
1131% Oct. 1 Sept. 15
Greenwich Water & Gas System, pref. (quar.)
$1% Oct. 1 Sept. 20
Greif (L.) & Bros., 7% pref. (guar.)
31% Oct. 1 Sept. 20
Greyhound Corp., 7% cum. pref. A (quar.)
11% Oct. 1 Sept. 21
Grief Bros. Cooperage Corp.. cl. A corn. (guar.)
25c Oct. 1 Sept. 150
Griesdieck West Brewing Co.(quar.)
25c Oct. 1 Sept. 19
Gross (L. N.)7% preferred (guar.)
$134 Oct. 1 Sept. 25
Group No. 1 Oil Corp. (quar.)
$100 Sept.29 Sept. 10
Extra
$100 Sept.29 Sept. 10
Guaranty Trust Co (guar.)
15 Om 1 Sept. 7
Guardian Bank Shares Inv. Trust (semi-ann.)_ _ 37%c Oct. 1 Sept. 15
Guardian Investment Trust (semi-annual)
35c Oct. 1 Sept. 15
Guardian Public Utilities Inv. Trust (s.
40c Oct. 1 Sept. 15
-an.)
Guardian Rail Shares Invest. Trust (semi-ann.)_
40c Oct. 1 Sept. 15
Gulf Coast Water Co.,7% cum. pref. (s.
35c Oct. 1 Sept. 15
-a.)
Gurd (Chas.), 7% pref. (guar.)
$1% Oct. 1 Sept. 15
Hackensack Water Co.class A preferred (guar.)_ 43%c Sept.30 Sept. 17
Hale Bros. Stores. Inc.(guar.)
15e Dec. 1 Nov. 15
Haloid Co. (quarterly)
25c Oct. 1 Sept. 15
Extra
25c Oct. 1 Sept. 15
7% preferred (quarterly)
Oct. 1 Sept. 15
Hamilton United Theaters, Ltd., 7% pref. (qu.)
Sept.29 Aug. 31
liammermill Paper Co., pref. (guar.)
$134 Oct. 1 Sept. 15
Hanes(P. H.) Knitting Mills. 7% pref. (guar.). $134 Oct. 1 Sept.20
%
Hannibal Bridge Co. (guar.)
12 Oct. 20 Oct. 10
Hanover Fire Insurance Co.(guar.)
40c Oct. 1 Sept. 17
Hanover Fire Insurance(N.Y.)(guar.)
45c Oct. 1 Sept. 17
Harbauer Co.. 7% preferred (guar.)
$1% Oct. 1 Sept.21
7% preferred (guar.)
11% Jan. 1 Dec. 21
Harbison Walker Refractories Co. pref. (guar.) 11% Oct. 20 Oct. 1
Hardesty (R.) Mfg.. 7% pref.(guar.)
$1% Dec. 1 Nov. 15
Harris Gas, 7% pref. (guar.)
11% Oct. 16 Sept. 29
Hart & Cooley (guar.)
11.125 Oct. 1 Sept. 24
Hartford Fire Insurance (guar.)
50c Oct. 1 Sept 15
Hartford Gas Co
50c Sept.29 Sept. 17
8% preferred (quar.)
50c Sept.29 Sept. 17
Haverhill Gas Light
45c Oct. 1 Sept. 25
Hawaiian Agricultural (monthly)
20c Sept.30 Sept. 24
Hazel-Atlas Glass Co. (guar.)
$1% Oct. 1 Sept. 15
Heath (D. C.) & Co,Pref.(guar-)
Sept.29 Sept. 27
.
Helme (Geo. W.) Co., corn. (guar.)
Oct. 1 Sept. 10
Preferred (guar.)
$134 Oct. 1 Sept. 10
Hibbard. Spencer, Bartlett & Co.(monthly)
10c Oct. 26 Oct. 19
Monthly
10c Nov. 30 Nov. 23
Monthly
10c Dec. 28 Dec. 21
Hickok Oil Co.,7% pref.(guar.)
$134 Oct. 1 Sept 22
Hollinger Consolidated Gold Mines. Ltd.—
Monthly
1% Oct. 8 Sept. 21
Extra
2% Oct. 8 Sept. 21
Holophane,Inc.. pref.(s-a)
31.06 Oct. 1 Sept. 15
Honolulu Plantation (monthly)
15c Oct. 10 Sept. 29
Horn & Haman Baking (guar.)
$1% Oct. 1 Sept. 20
Household Finance Corp., el. A & B corn. (qu.)
75c Oct. 15 Sept. 29a
Partic. preference (guar.)
87%c Oct. 15 Sept. 29a
Houston Natural Gas preferred (guar.)
87%c Sept.29 Sept. 25
Howes Bros. Co.,7% 1st pref. (guar.)
31% Sept.30 Sept. 20
6% preferred (guar.)
11% Sept.30 Sept. 20
Howe Sound Co.(guar.)
75c Sept.29 Sept. 21
Humble 011 & Refining Co.(guar.)
25c Oct. 1 Sept. 1
Hunt's, Ltd., class A & B (guar.)
12%c Oct. 1 Sept. 18
Huron & Erie Mtge. Corp. (Ont.) (quar.)-- — $1% Oct. 1 Sept. 15
Hutchins Sugar Plantation (monthly)
10c Oct. 5 Sept. 29
Huyiers of Del.. 7% pref., St. & unst. (quar.)
$1 Oct. 1 Sept. 17
HYgrade Sylvania Corp., coin. (quar.)
50c Oct. 1 Sept. 10
Preferred (guar.)
$1, Oct. 1 Sept. 10
4
Ideal Cement (guar.)
25c Oct. 1 Sept. 15
Extra
25c Oct. 1 Sept. 15
Illinois Northern Utilities,$6 preferred (quar.)_ _ $1% Nov. 1 Oct. 15
Junior preferred (guar.)
$1% Nov. 1 Oct. 15
Imperial Chemical Industries. Ltd.—
Am. dep. rec. ord. reg. (interim)
rw2%% Nov. 9 Sept. 19
let. 1
Imperial Life Assurance guar.)
Jan
Quarterly _ .
1
Sept.29 Sept.14
Imperial Tobacco Co. of Can., ord. (guar.)---Sept.29 Sept. 14
Preference (semi-ann.)
Oct. 20 Sept. 20
Incorporated Investors (s.-a.)
Oct. 1 Sept. 24
Independent Pneumatic Tool
5c Oct. 1 Aug. 31
Independent Trust Shares (semi-ann )
Indiana Michigan Electric Co.. 7% pref.(guar.) 11% Oct. 1 Sept. 4
Oct. 1 Sept. 4
$1.
6% preferred (guar.)
Oct. 1 Sept. 5
Indianapolis Power & Light. 6% pref. (quar.)_ _ $1
115 Oct. 1 Sept. 5
634% preferred (guar.)
Indianapolis Water Co.. 5% cum pf. A (quar.)_ $134 Oct. 1 Sept. ha
$1% Oct. 1 Sept. 4
Indian General Service Co.. pref. (guar.)
42c Oct. 1 Sept. 17
Industrial Rayon Corp.(new)
15c Oct. 1 Sept. 20
Inland Investors, Inc. corn.(guar.)
$1% Oct. 1 Sept. 20
Inspiration Hosiery Mills. preferred (quar.)_
30c Sept. 29 Sept. 20
Inter-Island Steam & Navigation Co.(guar.)._
25c Oct. 1 Sept. 22
Interlake Steamship (guar.)
11% Oct. 10 Sept. 22a
International BUSInes. Mach. Corp.(quar.)
,
20c Oct. 1 Sept. 15
International Buttonhole Sewing Machine (qu.)_
Sc Oct. 1 Sept. 17
International Carriers, Ltd.. common
tiq
Name of Company.
International Harvester, corn. (guar.)
International Nickel Co., preferred (guar.)
7% preferred (15 par) (guar.)
International Nickel Co.of Canada, Ltd.—
Common (guar.)
International. Ocean Telegraph Co. (quar.)___.
International Salt Co. (quarterly)
International Shoe Co.. corn. (quar.)
International Silver Co.,7% cumul. pref
Interstate Hosiery Mills (guar.)
Interstate Public Service, $134 cum. pref. (s.
-a.)
Intertype Corp., 1st pref.(guar.)
Investment Foundation Ltd pref. (guar.)
Preferred
Investors Corp. of R. I., 16 1st pref.(quar.)___ _
Iron Fireman Mfg. Co.. corn (quar.)_
Irving Investors Fund, inv. shs. (guar.)
Irving Trust Co.(quar.)
Island Creek Coal Co.. corn.(guar.)
Preferred (guar.)
Jamaica Public Service (quar.)
Preferred and preferred B (guar.)
Jamaica Water Supply 7% %
pref.(semi-ann.)_ _
Jamestown Telep. Corp., 7% 1st pref. (quar.)_
Jefferson Electric (guar.)
Jefferson Standard Life Ins
Jeffrey Mfg.,6% preferred (guar.)
Jersey Central Power & Light Co.
534% cum. pref.(guar.)
6% cum. pref.(guar.)
7% cum. pref.(quar.
Jewel Tea Co., Inc., common (guar.)
Jewel
Johns
-Manville Corp. 7% preferred (quar.)._
Joliet & Chicago RR Co
Joplin Water Works,6% pref. (guar.)
-a.)
Kalamazoo Allegan & Grand Rapids RR.(s.
Kalamazoo Vegetable Parchment Co.(quar.)-Quarterly
Kansas City Power & Light Co.,common (qu.)_
1st pref. B (guar.)
Kansas Electric Power Co.,6% pref.(quar.)
7% preferred (guar.)
6% cum. jr. preferred (guar.)
Kansas Gas 8c Electric. 7% pref. (guar.)
16 preferred (guar.)
Kansas Utilities 7% preferred (guar.)
Katz Drug Co., pref.(guar.)
Kaufmann Dept. Stores, Inc.. pref. (quar.)_ _ _ _
Kaynee Co., preferred (guar.)
KelvInator Corp
Kennecott Copper Corp
Keystone Steel & Wire
Kimberly-Clark Corp., preferred (guar.)
Kings County Lighting Co. common (quar.)
7% preferred (guar.
6% preferred (guar.
5% preferred (guar.
Kings Royalty,8% pref. (guar.)
Klein (Emil D.) Co.. common (guar.)
Kohn's (E.) Sons Co., 1st pref.(guar.)
Koppers Gas & Coke Co., pref. (guar.)
Kresge (S. S.) Co. common (guar.)
Preferred (quar.)
Kroger Grocery & Baking.6% 1st pref. (quar.)..
7% 2d preferred (guar.)
Lackawanna RR.of N.J.,4% gtd.(guar.)
Lambert Co. (guar.)
Landers. Frary & Clark. corn.(guar.)
Common (quar.)
Landis Machine. pref. (guar.)
Lane Co. (guar.)
7% preferred (guar.)
Langendorf United Bakeries A
Lawyers County Trust Co.(guar.)
Lazarus (F. R.) & Co.(gear.)
Extra
Lehigh Portland Cement Co., 7% pref. (quar.)_
Lehman Corp. (quar.)
Life Insurance Co. of Virginia (guar.)
Liggett & Myers Tobacco Co., pref. (quar.)__ _
Lihue Plantation (monthly)
Lincoln Nat. Life Ins.(Ft Wayne)(quar.)
Linde Air Products Co.6% pref.(guar.)
Link Belt Co.. preferred (guar.)
Quarterly
Preferred (guar.)
Little Miami RR special guaranteed(quar.).
Original guaranteed (guar )
-a
Lockhart Power,7% pref. (s. )
Lock Joint Pipe,8% pref. (guar.)
Loew's, Inc., common (guar.)
Long Island Lighting Co.7% cum. pref. A (qu.)_
6% cumulative preferred 13 (guar.)
Loomis Sayies Mutual Fund (quar.)
Loose-Wiles Biscuit Co.. 1st preterred (quar.)_ _
Lord & Taylor common (guar.)
Lorillard (P.) & Co.,corn.(quar.)
Preferred (quar.)
-a.)
xw
London Tin Corp., 734% pref. (s.
xw
Amer. dep. rec. for 734% pref. (s.-a.)
Lone Star Gas Corp.,6% pref.(guar.)
Loudon Packing (guar.)
Extra
Ludlum Steel Co., preferred (quar.)
Lunkenheimer Co.634% preferred (guar.)
7,
634 5 preferred (guar.)
Lycoming Mfg.,8% preferred (guar.)
Lynn Gas & Electric (guar.)
AlacAndrews & Forbes Co. common (quar.)_ _
Preferred (guar.)
Mack Trucks. Inc. (guar.)
Magma Copper Co
Magnin (I.) & Co. (guar.)
Preferred (guar.)
Mahoning Coal RR.,corn.(guar.)
Manufacturers Finance (Balt.), 7% pref. (qu.)_
Manufacturers Trust Co.(guar.)
Mapes Consol. Mfg. Co.(guar.)
Marine Midland Corp. (guar.)
Marion Water Co.,7% pref.(guar.)
Marlin Rockwell Corp
Massachusetts Investment Trust
Massachusetts Lighting (guar.)
8% preferred (quar.)
6% preferred (quar.)
Mathieson Alkali Works, Inc. (guar.)
Preferred (quarterly)
McCall Corp. (guar.)
McClatchy Newspapers. 7% pref. (guar.)
McColl Frontenac 011 Co., preferred (quar.)
McKeesport Tin Plate Co.. corn. (quar.)
McQuay-Norris Mfg., common (guar.)
Mead Johnson Co. (guar.)
Extra
Meadville Conneaut Lake &Linesville RR.
(5.-a)
Medley Scovil (guar.)
Memphis Natural Gas, $7 pref. (guar.)
Memphis Power & Light. 17 pref. (guar.)
$6 preferred (guar.
Merchants Bank (N. .) (quarterly)
Merchants & Miners Transp. Co..corn. (guar.)-
Sept. 29 1934
When Holders
Per
Share. Payable. ofRecord.
15c Oct. 15 Sept.20
$134 Nov. 1 Oct. 2
85.4c Nov. 1 Oct. 2
r15c
$134
3734c
50c
31
50c
8734c
$2
3734c
hl3c
$134
20c
50c
25c
50c
$134
25c
154%
1134
$134
50c
8134
$1%
3134
$134
$134
75c
$m
3134
1134
$2.95
15c
15c
$1
3134
Si
u
5
8144
$I
$$116q
$134
8134
1234c
15c
50c
3134
u
Si
$134
$134
$2
25c
$134
$134
20c
sly
$1
/134
31
75c
3734c
3734c
$134
$151
25c
60c
10c
Sc
8734c
60c
75c
$134
11
30c
$134
$134
10c
3134
50e
$1.10
1334
$2
25c
$134
$134
50c
51%
1234
30c
$134
3%?
35$
4
373.4c
c
$134
134
I
12
$1 Si
5oa
134%
25c
50c
10c
$1 34
3634
21 I/gc
25c
75c
10c
$11'
50c
19c
75c
$2
$134
3734c
$134
50c
4334c
1
1111
75c
75c
25c
23i11
Sept.29 Aug. 30
Oct. 1 Sept.30
Oct. 1 Sept. 15a
Oct. 1 Sept. 15
Oct. 1 Sept. 14
Nov. 15 Nov. 1
Oct. 1 Sept. 15
Oct. 1 Sept. 14
Oct. 15 Sept. 29
Oct. 15 Sept. 29
Oct. 1 Sept. 20
Dec. 1 Nov. 10
Oct. 15 Sept. 29
Oct. 1 Sept. 10
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 1 Sept. 14
Oct. 1 Sept. 14
Nov. 1 Oct. 11
Oct. 1 Sept. 14
Oct. 1 Sept. 15
Oct. 1 Sept. 21
Oct. 1
Oct. 1 Sept.10
Oct. 1 Sept.10
Oct. I Sept.I0
Oct. 15 Oct. 1
Oct. 1 Sept. 17
Oct. 1 Sept. 20
Oct. 15 Oct. 1
Oct. 1 Sept. 15
Sept.30 Sept.20
Dec. 31 Dec. 20
Oct. 29 Oct. 25
Oct. 1 Sept. 14
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. I Sept.et 1158
Oct. 1
Sept. 19
Oct.
1 Sept. 20
Oct.1 Sept. 15
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 1 Sept. 5
Sept.29 Sept. 20
Oct. 10 Oct. 1
Oct. 1 Sept. 12
pt8
ct
0 t . leept: 18
0c .
Oct. 1 Sept. 18
Oct. 1 Sept. 18
Sept.29 Sept. 15
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Oct. 1 Sept. 12
Oct. 1 Sept. 11
Oct. 1 Sept. 11
Oct. 1 Sept. 20
Nov. 1 Oct. 19
Oct. 1 Sept. 8
Oct. 1 Sept. 17
Sept.30 . - Dec. 31
5
Dec. 15 D
Dec.$134
Oct. 1 Sept. 22'
Oct. 1 Sept. 221
Oct. 15 Sept. 30
Oct. 1 Sept. 21
Sept.29 Sept. 19
Sept. 29 Sept. 19
Oct. 1 Sept. 14
Oct. .5 Sept. 21
Oct. 1 Sept. 21
Oct. 1 Sept. 10
Oct. 1 Sept. 25
Nov. 1 Oct 26
Oct. 1 Sept. 20
Oct. 1 Sept. 15
Dec. 1 Nov. 15
Jan. 2 Dec. 15
Dec. 10 Nov. 24
Dec. 10 Nov. 24
Sept.29 Sept. 29
Oct. 1 Sept. 20
Oct. 1 Sept. 14
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 18
Oct. 1 Sept. 17
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 6
Oct. 8 Sept. 6
Sept.29 Sept. 14
S .1
1 0ept.14
Oct. 1
Oct. 1 Sept. 25a
Oct. 1 Sept.21
Tan. 2 Dec. 22
17
5
Oct.0cpt2150 0cpt 2
1 Se
Sept. 29a
Oct. 15 Sept. 29a
Sept.29 Sept. 21
Oct. 15 Sept. 29
Oct. 15 Sept. 30
Nov. 15 Nov. 5
Nov. 1 Oct. 15
Sept. 29 Sept. 20
Oct. 1 Sept. 14
Oct. 1 Sept. 14
Oct. 2 Sept. 14
Oct. 1 Sept. 20
Oct. 1 Sept. 20
Sept. 29 Sept. 15
Sept.29 Sept.20
Oct. 1.5 Sept. 29
Oct. 15 Sept. 29
Oct. 1 Sept. 10
Oct. 1 Sept. 10
O:: 15 Oct. 15
N :1
Nov. 30 Nov. 29
Sept. 29
Oct. 1 Sept. 13
Oct. 1 Sept. 24
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 1 Sept.5
.2
0
Sept.20
s
c.
Oct.
$1
Oct. 1 Sept. 15
$1 14
$14 Oct. 1 Sept. 15
50c Oct. 1 Sept. 20
40c Sept. 29,Sept. 17
Financial Chronicle
Volume 139
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
sla
Merchants National Realty Corp.
6% preferred A & 11 (quar.)
Oct. 1 Sept.25
Merk Corp.,8% preferred (quar.)
Oct. 1 Sept. 17
Mesta Machine Co., common
50c Oct. 1 Sept. 17
Preferred (quarterly)
$134 Oct. 1 Sept. 17
Metal Package (quar.)
$I Oct. 1 Sept. 24
Metal & Thermit Corp. preferred (quar.)
$14 Oct. 1 Sept. 20
Metropolitan Coal Co., pref. (quar.)
$134 Sept.29 Sept. 22
Metropolitan Edison $7 preferred (guar.)
$1, Oct. I Aug. 31
$6 preferred (quar.
Oct. 1 Aug. 31
$5 preferred (quar.
Oct. 1 Aug. 31
Si
Metropolitan Indus. i3ankers, 7% pref. (quar.)_ 1734c Oct. 2 Sept. 26
Meyer-131anke
15c Oct. I Sept. 20
7% preferred (quar.)
$134 Oct. 1 Sept. 20
Minn. Gas Light, 5% part. units,(quar.)
$134 Oct. 1 Sept.20
Minneapolis
-Honeywell Regulator Co..
6% preferred A (guar.)
Oct. 1 Sept.20
Minn. Mining & Mfg.(guar.)
$
ig Oct. I Sept. 22
Mississippi Power Co., $7 preferred (quar.)..
Oct. 1 Sept. 20
$6 preferred (quarterly)
Oct. 1 Sept. 20
Minnesota Power & Light Corp.
6% cum. preferred
Oct. 1 Sept. 11
$6 preferred (quar.)
Oct. 1 Sept. 11
75' preferred (quar.)
Oct. 1 Sept. 11
Mississippi River Power Co., pref. (guar.)
Oct
1 Sept. 15
Mississippi Valley Public Service Co.
6% preferred 13 (guar.)
513-4 Oct. 1 Sept. 21
Mo.River Sioux City Bridge. pref.(guar.)
Oct. 15 Sept.29
Mitchell (J. S.) & Co.. Ltd.,7% Pref.(quar.)_ _ _
75c Oct. 1 Sept. 15
Mock, Judson & Voehringer Co., pref. (guar.)._
$1.34 Oct. 1 Sept. 15
Monarch Knitting, Ltd.. 7% pref.(guar.)
$I Oct. 1 Sept. 15
Monongahela Valley Water Co., 7% pref. (qu.)_ $14 Oct. 15 Oct. 1
Monongahela West Penn Public Service
7% cum. preferred (quar.)
433‘c Sept.30 Sept. 15
Monroe Chemical Co.. pref. (quar.)
8734c Oct. 1 Sept. 15
Montgomery Ward & Co., class A
/41 Oct. 1 Sept. 19
Montreal Lt.. Heat & Pr. Consol., com.(qu.)
r37c Oct.•31 Sept. 30
Moore Corp.Ltd.,7_% pref. A & B (guar.)
$131 Oct. I Sept.20
Moore Dry Goods Co.(quar.)
1 SS Oct. 1 Oct. 1
Quarterly --I134 Jan. 1 Jan. 1
Morris (Philip) & Co., Ltd,. Inc
25c Oct. 15 Oct. 2
Morris (Philip) Consol., Inc., el. A (guar.) _ _ _ _ 43
Oct. 1 Sept. 18
Morris Finance Co., A (guar.)
$134 Sept.29 Sept. 19
Class B (quarterly)
30c Sept. 29 Sept. 19
Preferred (quarterly)
Sept. 29 Sept. 19
Morris 5 & 10c. Stores. 7% pf.(guar.)
Oct. 1 Sept.20
31
Morris Plan Ins. Soc.(Guar.)
Dec. 1 Nov. 26
Motor Finance Corp.,8% preferred (quar.)-- -32 Sept.29 Sept. 22
Mountain Producers Corp. (guar.)
15c Oct. 1 Sept. 15a
Mountain States Telep.& Teleg.(quar.)
112 Oct. 15 Sept. 29
Murphy(G. C.) Co.,cum. pref.(quar.)
$2 Oct. 2 Sent. 22
Mutual Chem.of America, pref.(guar.)
$134 Dec. 28 Dec. 20
Myers (F. E.) & Bro. Co.. com
40c Sept.29 Sept. 15
Preferred (quar.)
$134 Sept.29 Sept. 15
Nashua Gummed & Coated Paper.7% pt.(qu.)
$13 Oct. 1 Sept. 24
,
Nassau & Suffolk Lighting Co.,7% pref. (guar.)
1 O Oct. 1
A
National Automotive Fibers
Oct. 1 Sept. 15
h$1
National Battery Co., pref. (guar.)
55c Oct. I Sept. 17
National Biscuit Co.. corn. (quar.)
50e Oct. 15 Sept. 14
National Breweries, Ltd. (quar.)
r40c Oct. 1 Sept. 15
Preferred (quarterly)
d r44c Oct. 1 Sept. 15
National Candy Co.. corn. (quar.)
25c Oct. 1 Sept. 12
1st and 2d preferred (guar.)
$14' Oct. 1 Sept. 12
National Carbon,8% preferred (quar.)
$2 Nov. I Oct. 19
National Cash Register Co., new common
1234c Oct. 15 Sept. 29
National Casket Co.. common (s.
-a.)
$134 Nov. 15 Oct. 31
National Container Corp., preferred (quar.)Dec. 1 Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Dairy Products common (guar.)
30c Oct. 1 Sept. 4
Preferred A & B (quar.)
$1 X Oct. 1 Sept. 4
National Distillers Products,special
45c Oct. 2
National Enameling & Stamping Co
50c Sept.29 Sept. 17
National Finance Corp.(Bait.), Cl. A & B (qu.)_
20c Oct. 1 Sept. 22
8% preferred (quarterly)
20c Oct. 1 Sept. 22
National Fire Ins. Co.(Hartford)(quar.)
50c Oct. I Sept 18
.
National Fuel Gas Co. (quar.)
25c Oct. 15 Sept. 29
National Grocers Co., Ltd.,7% pref
1413‘ Oct. 1 Sept. 20
National Gypsum,7% pref. (quar.)
$131 Oct. 1 Sept. 15
National Industrial Loan Corp. (quar.)
Sc Sept.31 Aug. 15
National Lead Co.,corn.(quar.)
$134 Sept. 29 Sept. 14
Preferred B (quarterly)
$134 Nov. 1 Oct. 19
National Licorice Co.6% pref.(quar.)
$1 34 Sept. 29 Sept. 17
National Life Assurance Co. of Canada
6234c Oct. 1 Sept.10
National Oil Products
30c Oct. 1 Sept. 20
$7 preferred (quar.)
$134 Oct. 1 Sept. 20
National l'ower & Light $6 pref. (quar.)
$134 Nov. 1 Oct. 5
National Refining Co., 8% cum. pref
h$2 Oct. 1 Sept. 15
National Standard Co.(quar.)
50c Sept.29 Sept. 19
National Sugar Refining Co.of N.J.(quar.)-50c Oct. 1 Sept. 4
National Tea Co., corn. (quar.)
15c Oct. 1 Sept. 14
Natomas Co.(guar.)
15c Oct. 1 Sept. 15
Na-ion-Wide Socurites(Md.)—Voters shares_ _
35c Oct. 1 Sept. 15
Nevada-California Electric Corp., preferred__ $1 Nov. I Sept. 29
Newark & Bloomfield RR.(5.-a.)
$134 Oct. 1 Sept. 22
Newark Telep. Co.(Ohio).6% Pref.(quar.) _
_ $134 Oct. 10 Sept. 29
Newberry (J. J.) Co.,(quar.)
25c Oct. 1 Sept. 17
Newberry (J. J.) Realty Co.
$13' Nov. 1 Oct. 16
634% preferred series A (quar.)
6% preferred series B (quar.)
$134 Nov. 1 Oct. 16
New England Equity (quar.)
40c Oct. 1 Sept. 25
8% preferred (guar.)
$2 Oct. 1 Sept. 25
New England Gas & Elec Assoc. $534 pf. (qu.)
$134 Oct. 1 Aug. 31
New England Power Assoc. $6 pref.(quar.)_ _ _ _
$134 Oct. 1 Sept. 15
50c Oct. 1 Sept. 15
$2 preferred (quar.)
New England Power Co..6% pref. (quar.)
93134 Oct. 1 Sept. 10
New England Telep. & Teleg. (quar.)
$134 Sept. 29 Sept. 7
New Hampshire Fire Insurance (quar.)
40c Oct. 1 Sept. 15
New Hampshire Power,8% pref.(quar.)
$2 Oct. 1 Sept. 15
New Jersey Power & Light, $6 pref. (guar.)._
$134 Oct. 1 Aug. 31
$5 preferred (quarterly)
$1 X Oct. I Aug. 31
New jersey Water Co.,7% pref.(quar.)
$14 Oct. 1 Sept. 20
New London Northern RR.(guar.)
$2 x Oct. 1 Sept. 15
Newport Electric Corp.,6% pref.(quar.)
$134 Oct. 1 Sept. 15
New Rochelle Trust(N.Y.)(quar.)
50c Oct. 1 Sept. 15
New York Lackawanna St Western Ry.5% guaranteed (quar.)
Oct. 1 Sept. 15
New York Power & Lt.,7% pref.(qu.)
Oct. 1 Sept. 15
Oct. 1 Sept. 15
$6 preferred (quarterly)
New York Savings Bank
New York Shipbuilding, pref.(quar.)
Oct. 1 Sept. 20
Participating shares (quar.)
Oct. 1 Sept. 20
Founders shares (quar.)
Oct. 1 Sept. 20
New York Steam,6% preferred (quar.)
Oct. 1 Sept. I 5
$I
7% preferred (quar.)
Oct. 1 Sept 11
$1
New York Telephone Co., 634% pref. (guar.)
Oct. 15 Sept. 20
Si
New York Transit Co. (8.-a.)
1 c Oct. 15 Sept. 21
New York Trust Co.(quar.)
5% Sept. 29 Sept. 22a
Niagara Alkali, preferred (quar.)
$14 Oct. 1 Sept. 15
Niagara Share Corp. of Md., Cl. A pref. (qu.) _
$13.4 Oct. 1 Sept. 14
Niagara Wire Weaving,$3 pref.(quar.)
75c Oct. 2 Sept. 15
Nineteen liund^ed corn class A (quar.)
50c Nov. 15 Nov. I
Noblitt-Sparks Industries, Coln.(guar.)
30c Oct. 1 Sept. 20
North American Co. common (quar.)
1234c Oct. 1 Sept. 5
Common (quar.)
I 1% Oct. 1 Sept. 5
preferred (quer.)
75c Oct. 1 Sept. 5
hS1 Oct. 20 Sept. 29
North American Investors, 6% preferred
534% preferred
h91 2-3 Oct. 20 Sept. 29
North Central Texas Oil Co. preferred (quar.)— 5134 Oct. 1 Sept. 10
Northern Ontario Power Co..Ltd., com.(quar.).
50c Oct. 2 Sept. 29
1 oz. Oct. 25 Sept. 29
65' cum.cony. prof.(guar.)
Northern RR. of N. J., 4% gtd. (quar.)
Dec
Nov.21
114
$1%
3%
$1%
10.
ioe
Name of Company.
2003
When Holders
Per
Share. Payable. ofRecord.
Northern States Power Co..7% cum. pref.(qu.) 14% Oct. 20 Sept. 29
6% cum. preferred (quer.)
134% Oct. 20 Sept. 29
Northland Greyhound Lines, Inc.—
$134 Oct. 1 Sept.20
$634 preferred series I (quar.)
North River Insurance (quar.)
15c Dec. 10 Nov.30
Sc Dec. 10 Nov.30
Extra
Northwestern Bell Telephone (quar.)
$1 Sept.29 Sept.27
% preferred (quar.)
$143 Oct. 15 Sept. 20
Northwestern National Ins. (quar.)
$134 Sept.29 Sept. 17
Norwalk Tire & Rubber Co.(Conn.)—
Preferred (quarterly)
8734c Oct. 1 Sept.21
Norwich Pharmacal Co. (quar.)
$134 Oct. 1 Sept.20
QuArterly
$134 Jan. 1 Dec. 20
Norwich & Worcester RR., 8% pref.(quar.) - _
$2 Oct. 1 Sept. 15
50c Oct. 1 Sept. 20
Novadel-Agene Corp., corn
75e Oct. 1 Sept. 15
Nova Scotia Light & Power (quar.)
h$2 Sept.29 Sept. 15
Nunn Bush & Weldon Shoe, 7% preferred
Oahu Hy. & Land (monthly)
15c Oct. 15 Oct. 10
Oahu Sugar (monthly)
10c Oct. 15 Oct. 5
$2 Oct. 1 Sept. 21
Ogilvie Flour Mills (quar.)
$134 Oct. 15 Sept. 29
Ohio Brass Co., pref. (guar.)
Ohio Edison Co., $5 preferred (quar.)
$134 Oct. 1 Sept. 15
$134 Oct. 1 Sept. 15
$6 preferred (quarterly)
$1.65 Oct. 1 Sept. 15
$6.60 preferred (quarterly)
$I X Oct. 1 Sept. 15
$7 preferred (quarterly)
$1.80 Oct. I Sept. 15
7.20 preferred (quarterly)
$1 Oct. I Sept. 10
Ohio Finance, class A (quar.)
$2 Oct. I Sept. 10
8% preferred (quarterly)
50c Oct. 1 Sept. 15
Ohio Service Holding,$5 pref. (initial)
58 1-3c Oct. 1 Sept. 15
Ohio Public Service Co.. 7% preferred (mo.)_
50c Oct. 1 Sept. 15
6% preferred (monthly)
41 2-3c Oct. 1 Sept. 15
5% preferred (monthly)
Ohio Wax Paper (quar.)
20c Oct. 1 Sept. 20
$2 Nov. 1 Oct. 20
Old Colony Insurance Co. (quarterly)
Sept. 15
$134 Oct.
Old Colony RR. Co.(quar.)
15c Oct. 1 Sept. 15
Old Colony Trust Assoc., 1st ser. tr. shares (qu.)
Omnibus Corp., preferred (guar)
$2 Oct. 1 Sept. 14
20c Oct. 15 Oct. 10
Onomea Sugar (monthly)
$1
Oct. 1 Sept. 15
Ontario Loan St Debenture (quar.)
Oct. 1 Sept. 20
2
Ontario Mfg. Co. common (quar.)
Preferred (quar.)
$1.
1 Oct. 1 Sept. 20
4
Orange & Rockland Electric Co.
$134 Oct. 1 Sept. 25
7% preferred (quar.)
6% preferred (quar.)
$1 34 Oct. 1 Sept. 25
75c Oct. 1 Sept. 20
Orchard Farm Pie A (quar.)
10c Oct. 1 Sept. 21
O'Sullivan Rubber Co., com
Otis Elevator, corn. (quar.)
I5c Oct. 15 Sept. 24
Preferred (quar.)
$134 Oct. 15 Sept. 24
Ottawa Electric Ry
80c Oct. 1 Sept. 15
Ottawa Light Heat & Power Co.(quar.)
$134 Oct. 1 Sept. 15
$1X Oct. 1 Sept. 15
Preferred (quarterly)
Ottawa Traction Co. Ltd
50c Oct. 1 Sept. 15
$1.08 Oct. 1 Sept. 15
Otter Tail Power (Minn.), $6 pref
99c Oct. 1 Sept. 15
$534 preferred
Sc Oct. 1 Sept. 15
Pacific Finance Corp. of Calif. (Del.) (guar.). _
20c Nov. 5 Oct. 15
Preferred A (pus?.
Preferred C (quar.
16 X c Nov. 5 Oct. 15
1735c Nov. 5 Oct. 15
Preferred D (altar.
Pacific Gas& Elec. Co., com. (quar.)
3734c Oct. 15 Sept.29
Pacific Lighting Corp., $6 pref. (quar.)
$135 Oct. 15 Sept.29
Pacific Mutual Life Ins. Co. of Calif.—
40c Oct. 1 Sept. 20
Capital stock (quar.)
Pacific Southern Investors, $3 pref
h75c Oct. 1 Sept. 15
common (quar.)_ _ $134 Sept.29 Sept.20
Pacific Telep. & Teleg. Co..
Preferred (quarterly)
$135 Oct. 15 Sept.29
Packer Corp
25c Oct. 1 Sept. 21
r75c Oct. 1 Sept. 20
Page-Hersey Tubes, Ltd.,corn.(quar.)
Preferred (quarterly)
$131 Oct. 1 Sept. 20
Panama Power & Light.7% pref.(quar.)
$14 Oct. 1 Sept. 14
25c Sept. 29 Sept. 19
Parke, Davis & Co.(quar.)
Extra
10c Sept. 29 Sept. 19
Paul Knitting Mills, pref. (quar.)
$131 Oct. 1 Sept. 20
Penn Central Light & Power Co..$5 pref.(qu.)_ $134 Oct. 1 Sept. 10
70c Oct. 1 Sept. 10
$2.80 preferred (quarterly)
Penn Conley Tank Car Co.,8% pref. (quar.)_ _ _
$2 Sept. 30 Sept. 20
Penney (J. C.) Co., common (quar.)
30c Sept.29 Sept. 18
Preferred (quar.)
$1 34 Sept.29 Sept.18
Penna. Co. for Ins. on Lives & Granting Ann.__
40c Oct. 1 Sept. 20
Pennsylvania Gas & Electric Corp.
7% preferred (quarterly)
5131 Oct. 1 Sept.20
$7 preferred (quarterly)
$1% Oct. 1 Sept.20
Penna. Warehouse & Safe Deposit Co.(Phila.)—
Quarterly
60c Oct. 1 Sept.22
55c Oct. 1 Sept. 20
Pennsylvania Power Co.. $6.60 pref.(mo.)
55c Nov. 1 Oct. 20
$6.60 preferred (monthly)
55c Dec. 1 Nov. 20
$6.60 preferred (monthly)
$134 Dec. 1 Nov. 20
$6.60 preferred (quarterly)
75c Oct. 15 Sept. 29
Pennsylvania Salt Mfg. (guar.)
$134 Oct. 1 Sept. 15
Pennsylvania Telep. Corp., 6% pref. (quar.)._ _
75e Oct. 1 Sept. 15
Pennsylvania Water & Power Co.(quar.)
Preferred (quar.)
$134 Oct. 1 Sept. 15
Penn Water Power,$7 pref.(guar.)
$131 Oct. 1 Sept. 20
Peoples Drug Stores (quarterly)
25c Oct. 1 Sept. 8
6234c Oct. 1 Sept. 15
Peoples Natural Gas Co., 5% pref. (quar.)
Peoria Water Works.7% Prot(guar.)
$134 Oct. 1 Sept. 20
Perfect Circle Co. (quarterly)
50c Oct. 1 Sept. 19
300 Sept. 29 Sept. 20
Perfection Stove Co. common (quar.)
Oct. 1 Sept. 25
Peterborough RR.(semi-ann.)
$1
Peter Paul(guar.)
50c Oct. 1 Sept. 21
Pet Milk Co.,common (quarterly)
25c Oct. 1 Sept.10
Oct. 1 Sept.10
l'referred (quarterly)
$1
Sept.20
Pfaudler Co. (guar.)
$1 Oct.
20c Oct. 2 Oct. 1
Philadelphia Co., corn. (quar.)
Oct. 1
$134 Nov.
6% cum. preferred (send-ann.)
Sept. 1
Philadelphia Co., $5 cum. pref. (quar.)
$1 31 Oct.
Sept. 1
$6 corn, preferred (quar.)
$134 Oct.
Philadelphia Elec. Power Co.8% pref.(quar.)_ _
50c Oct. 1 Sept. 5
Philadelphia & Trenton RR.(quar.)
$234 Oct. 10 Oct. 1
50c Oct. 10 Oct. 1
Phoenix Finance, pref. (quar.)
50c Jan. 10 Ian.1'35
Preferred (guar.)
Phoenix Ins. Co.(Hartford, Conn.)(guar.)
50c Oct. 1 Sept. 15
Pie Bakeries, 7% pref. (quar.)
$131 Oct. 1 Sept. 21
$3 preferred (guar.)
75c Oct. 1 Sept. 21
7% preferred (guar.)
$131 Oct. 1 Sept. 21
r20c Oct. 1 Sept. 1
Pioneer Gold Mines of Brit. Columbia (quar.)_ _
Pioneer Mill Co., Ltd.(monthly)
10c Oct. 1 Sept.21
Pirelli Co. of Italy, Amer. shares
$8.45 Oct. 6 Sept.28
Pittsburgh Bessemer & Lake Erie H.R. (8.-a.)..
75c Oct. 1 Sept. 15
6% preferred (s.
-a.)
$134 Dec. 1 Nov. 15
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_ $131 Oct. 2 Sept. 10
Quarterly
$134 Jan. 1 Dec. 10
7% preferred (quar.)
$134 Oct. 2 Sept. 10
75 preferred (quar.)
7
$134 Ian. 1 Dec. 10
Pittsburgh Plate Glass Co
35e Oct. 1 Sept. 10
1734c Sept.29 Sept. 10
Pittsburgh Thrift Corp. (quar.)
7% preferred (quar.)
$184 Sept.29 Sept.10
Pittsburgh Youngstown & Ashtabula R.R.—
7% preferred (quar )
$131 Dec. 1 Nov.20
Plainfield Union Water (quar.)
$13( Oct. 1 Oct. 1
Planters Nuts & Chocolates(quar.)
$131 Oct. 1 Sept.15
Plymouth 011 (quar.)
25c Sept. 29 Sept. 8
Plymouth Rubber Co., Inc.,7% pref.(quar.)_
$1.4" Oct. 15
Pollock Paper & Box Co., pref. (quar.)
$131 Dec. 15
Ponce Electric. 7% pref. (quar.)
$14" Oct. 1 Sept. 14
Porto Rico Power Co., pref. (quar.)
$131 Oct. 1 Sept. 15
Powdrell & Alexander, Inc., pref. (quar.)
$131 Oct. 1 Sept.20
Dec. I
Powell River, 7% Dreferrod
$I
Power Corp. of Canada. Ltd.. 6% pref. (quar.) r134% Oct. 15 Sepi:29r75c Oct. 15 Sept.29
6% non-cum. part. preferred (quarterly)
25c Oct. 1 Sept. 15
Pratt & Lambert. Inc. (quar.)
3c Oct. 15 Sept. 14
Premier Gold Mining Co.(quar.)
2004
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable. of Record.
Premier Gold Mining (quar.)
r3c Oct. 15 Sept. 14
Procter-Gamble Co.,8% Pref.(guar.)
32 Oct. 15 Sept.25
Providence Gas Co.(guar.)
25c Oct. 1 Sept. 15
Providence & Worcester RR.(quar.)
3234 Oct. 1 Sept. 12
Provincial Paper,7% pref. (quar.)
Oct. 1 Sept. 15
$1
Prudential Investors. Inc.,$6 Pref.(guar)
$134 Oct. 15 Sept.29
Publication Corp.,7% orig. pref. (quar.)
$114 Oct. 1 Sept. 20
Public National Bank& Trust(N.Y.)
3734c Oct. 1 Sept.30
Public Service Co.of Colorado,7% pref.(mo.) _ 58 1-3c Oct. 4 Sept. 15
69' preferred (mo.)
500 Oct. 1 Sept. 15
59' preferred (mo.)
41 2-3c Oct. 1 Sept. 15
Public Service Co.of Oklahoma
7% prior lien stock (quar.)
$15( Oct. 1 Sept.20
69' prior lien stock
$134 Oct. 1 Sept.20
Public Service Corp. of N. J. common (quar.)__
70c Sept.29 Sept. I
81', preferred (quar.)
.
$2 Sept.29 Sept. 1
7 preferred (quar.)
$114 Sept.29 Sept. 1
$ preferred (quar.)
$114 Sept.29 Sept. 1
6% preferred (monthly)
50c Sept.29 Sept. 1
69 preferred (monthly)
7
50c Oct. 31 Oct. 1
Public Service of Northern Illinois
7% preferred (quar.)
3114 Nov. 1 Oct. 15
6% preferred (quar.)
3134 Nov. 1 Oct. 15
Public Service Corp. of Texas, pref
$IbI Oct. 1
Public Service Elec. & Gas Co..$5 pref.(guar.)
$114 Sept.29 Sept. 1
7% preferred (quarterly)
$114 Sept.29 Sept. 1
Quaxer Oats Co. common (guar.)
$1 Oct. 15 Oct. 1
Special
31 Oct. 15 Oct. 1
6% preferred (quar.)
$134 Nov.30 Nov. 1
Queens Borough Gas & Electric Co
6% preferred (quar.)
$134 Oct. 1 Sept.15
Rainier Pulp & Paper,$2 class A
h50c Dec 1 Nov. 10
$2 class A
h50c Mar. 1 Feb. 10
$2 class A
h50c June 1 May 10
Rath Packing Co..corn.(quar.)
50c Oct. 1 Sept.20
Reading Co..2d preferred (quar.)
50c Oct. 11 Sept. 20
Reece Buttonhole Machine (quar.)
20c Oct. 1 Sept. 15
Reece Folding Machine (quar.)
20c Oct. 1 Sept. 15
Reliable Fire Insurance Co.(quar.)
90c Oct. 1 Sept. 16
Reliance Mfg.of Illinois. pref.(quar.)
$114 Oct. 1 Sept.21
Republic Insurance. Texas (quar.)
20c Nov. 10 Oct. 31
RepublicInvestors Fund
lc Oct. 1 Sept.20
Republic Supply Co.(quar.)
25c Oct. 5 Oct. 2
Extra
25c Oct. 5 Oct. 2
Reversible Collar
31 Oct. 1 Sept.20
Reynolds Tobacco Co..corn.& corn.B (quar.)
75c Oct. 1 Sept. 18
Rice-Stix Dry Goods Co., 1st & 2d pref.(quer.). $114 Oct. 1 Sept. 15
Rich's Inc., 614% preferred (guar.)
$114 Sept.29 Sept. 15
Richman Bros. (guar.)
75c Oct. 1 Sept. 22
Richmond Water Works Corp.,6% pref.(quar.) $134 Oct. 1 Sept. 20
Rike-Kumler Co.. 79 cum. pref. (quar.)
$13 Oct. 1 Sept. 22
Riverside Silk Mills, Ltd.. aeries A
hSOc Oct. 1 Sept. 29
Rochester Telep Corp..
% 1st pref.(q
$114 Oct. I Sept. 20
Rockville-Willimantic Lighting Co.
7% preferred (quar.)
$114 Oct. 1 Sept.15
6% preferred (emu%)
$114 Oct. 1 Sept. 15
6-7% preferred (quer.)
3131 Oct. 1 Sept. 15
Ross Gear & Tool Co.,common (quar.)_
30c Oct. 1 Sept. 20
Rossia Insurance Co. of America
20c Oct. 1 Sept. 17
Royal Baking Powder Co.(quar.)
25c Oct. 1 Sept. 4
.6% Pref.(quarterly)
$1% Oct. 1 Sept. 4
S-aa-.A. Corp.(quar.)
1234c Oct. 1 Sept. 22
Sabin Robbins Paper, pref.(quar.)
$114 Oct. 1 Sept.25
Safeway Stores, Inc.. common (quar.)
75c Oct. 1 Sept. 19
7% preferred (quarterly)
$1g Oct. 1 Sept. 19
6% preferred (quarterly)
31% Oct. 1 Sept.19
St. Joseph Ry., Light, Heat & Power
5% preferred (quar.)
31% Oct. 1 Sept. 15
St. Louis National Stockyards (quar.)
$134 Oct. 1 Sept. 15
San Antonio Public Service 7% pref.(quer.).
Oct. 1 Sept. 20
it
8% preferred (quar.)
Oct. 1 Sept. 20
Sayers & Scovill (quar.)
3134 Oct. 1 Sept. 20
6% preferred (quar.)
3114 Oct. 1 Sept. 20
Savannah Electric & Power,8% pref. A (quar.)
$2 Oct. 1 Sept. 10
736% preferred B (quarterly)
,
3174 Oct. 1 Sept. 10
7% preferred 0 (quarterly)
$114 Oct. 1Sept.10
6347 preferred D (quarterly)
$134 Oct. I Sept. 10
6% freferred
h
Oct. 1 Sept. 10
Scott I aper Co.,common (quar.)
4234c Sept.30 Sept.15
Scoville Mfg. Co.(quar.)
25c Oct. 1 Sept. 15
Scranton Electric Co..$6 pref.(quar.)
$134 Oct. 1 Sept. 4
Second International Securities. 6% 1st pref.__
d501c Oct. I ept.25
Security Investment Trust. Inc.(Colo.)
6% 1st preferred (s.
-a.)
Si Oct. 1 Sept.20
Segrave Corp., $7 pref.(quar.)
s1Ii Oct. 1 Sept.20
Selected Industries Inc.
3534 dividend prior stock (attar.)
$114 Oct. 1 Sept. 15
Full paid allotment certificates(quar.)
3134 Oct. 1 ept. 15
Selfridge Provincial Stores, Ltd., ordinary
Nov.30 Nov. 14
234
American deposit receipts for ord. reg
2
Dec. 7 Nov. 14
Shaffer Stores Co.,7% pref.(quar.)
$14 Oct. 1 opt.30
Shawmut Association
tec Oct. 1 Sept. 14
Shattuck (F. G.) Co.(quar.)
tic Oct 10 Sept.20
Shenango Valley Water. 6% pref. (quar.)
3114 Dec. 1 Nov.20
Silver King Coalition Mines
10c Oct. I Sept.20
Silverwood's Dairies 7% preferred
h$1 Oct. 1 Sept. 20
Simon (Wm.) Brewing
2c Oct. 15 Oct. 5
Singer Manufacturing Co.(quar.)
3134 Sept. 29 Sept. 10
Extra
$214 Sept.29 Sept. 10
Sioux City Stockyards Co., prof (guar.)
$1% Nov. 15 Nov. 14
Siscoe Gold Mines. Ltd. (guar.)
3e Sept.30
Extra
2c Sept.30
Slattery (E. T.) Co., pref. (quar.)
sly Oct. 1 Sept.22
Smith (S Morgan) Co.(quar.)
31 Nov. 1
South Carolina Power Co.36 pref.(quar.)
*134 Oct. 1 Sept. 15
Southern Acid & Sulphur,7% pref. (guar.)
$1% Oct. 1 Sept.10
Southern & Atlantic Telegraph Co.(s.
-a.)
6234c Oct. 1 Sept. 15
Southern Calif. Edison Co., Ltd.—
Original pref.(quar.)
433(c Oct. 15 Sept. 20
% preferred series0(quar.)
3434c Oct. 15 Sept. 20
Southern Calif. Gas. pref. & pref. A (guar.)._ 3734c Oct. 15 Sept. 29
Southern Canada Power Co., Ltd.—
697, cumulative participating preferred (qu.)_ _
Oct. 15 Sept. 20
Southern Indiana Gas & Electric Co.
7% preferredec
ruarterly)
% Oct. 1 Sept. 20
6% preferred guar.)
% Oct. 1 Sept. 20
6.6% preferred (quar.)
ect. 1 Sept. 20
Southern By., Mobile & Ohio stk. tr. ctfs. (s-a)_
Oct. I Sept. 15
Southland Royalties (quar.)
Sc Oct. 15 Oct. 1
South Penn Oil Co.(quar.)
30c Sept.29 Sept. 15
South Pittsburgh Water Co.,7% pref.(guar.)._ $134 Oct. 15 Oct. 1
69' preferred (quar.)
$114 Oct. 15 Oct. 1
South Porto Rico Sugar Co., corn.(quar.)
60c Oct. 1 Sept. 12
Preferred (quarterly)
$2 Oct. 1 Sept. 12
Southwestern-Bell TeL Co.,7% pref.(quar.)_ _
3134 Oct. 1 Sept. 20
South western Gas & Elec. Co..7% pref. (quar.) $134 Oct. 1 Sept. 15
8% preferred (quarterly)
$2 Oct. 1 Sept. 15
Southwestern Light & Power Co.—
$6 cumulative preferred (quar.)
50c Oct. 1 Sept. 15
South West Penna. Pipe Line Co.(quar.)
$1 Oct. 1 Sept. 15
Sparta Foundry (quar.)
75c Oct. 1 Sept. 15
Extra
25c Oct. 1 Sept. 15
Spencer Kellogg St Sons, corn
40c opt.29 Sept. 15
Spencer-Trask Fund,Inc.(quar.)
12%c Oct. 1 Sept. 14
Spiegel-May-Stern. $634 preferred
his 34 Oct. 5 Sept. 20
Springfield Fire & Marine Ins. (quar.)
$1.13 Oct. 1 Sept.17
opringfield Gas & El. Co.(Mo.), pt. ser. A (qu.) $1,1 Oct. 1 Sept. 15
Square D Co.. class A preferred (quar.)
27)4c Oc. 1 Sept.20
Standard Brands. Inc., common (quar.)
25c Oct 1 ept. 4
$7 cum,preferred series A (quar.)
$1% Oct. 1 ept. 4
Standard Cap & Seal Corp.. corn. (quar.)
60c Nov. I Oct. 4
s
Name of Company.
Sept. 29 1934
When Holders
Per
Share. Payable. of Record.
Standard Coosa Thatcher (quar.)
121 Oct. 1 Sept. 20
7% preferred (quar.)
$1
Oct. 15 Oct. 15
Standard Fuel. 814% preferred (quar.)
$1
Oct. 1 Sept. 15
Standard Gas & Electric Co.—
$6 cumulative prior preference (quar.)
h45c Oct. 25 Sept. 30
$7 cumulative prior preference (quer.), - -- h5234c Oct. 25 Sept. 30
Standard National Corp.(N. Y.)7% pref. (qu.) 5134 Oct. 2 Sept. 22
Standard Oil Co. of Kansas (Delaware) (quer.).
5Oc Oct. 31 Oct. 1
Standard Oil Co.(Ohio).5% cum. pref.(quer.). $134 Oct. 15 Sept.29
Standard Power & Light, pref
5234c Nov. I Oct. 15
Standard Screw Co.. corn. (quar.)
50c Oct. 1 Sept. 17
Stanley Works (quar.)
25c Oct. 1 Sept. 18
6% preferred (quar.
3734c Nov. 15 Nov. 3
Starrett (L. S.) Co., preferred (quar.)
Starrett
.
$134 Sept 29 Sept.IS
State & City Building Corp.6% pref. (qu.).
5154 Oct. 1 Sept. 20
State Theatre Co., preferred (quar.)
32 Oct. 1 Sept. 21
Stein (A.) & Co., pref.(quar.)
51% Oct. 1 Sept. 14
Stix, Baer & Fuller. pref. (quar.)
433(c Sept.29 Sept.15
Sunshine Mining Co.(quar.)
lOc Sept.29 Sept.15
Superheater Co. (quarterly)
1234c Oct. 15 Oct. 5
Supertest Petroleum Corp., Ltd.(quar.)
25c Oct. 1 Sept. 15
$7 preferred A (guar.)
$134 Oct. 1 Sept. 15
$1 preferred. 325 par, B (quar.)
3734c Oct. 1 Sept. 15
Ordinary (guar.)
Oct. 1 Sept. 15
Common bearer (quar.)
25c Oct. 1
Ordinary bearer (quar.)
25c Oct. 1
Sutherland Paper
10c Nov. 1 Oct. 20
Swift & Co.(guar.)
1234c Oct. 1 Sept. 1
Sylvanite Gold Mines. corn. (quar.)
u5c Sept.30 Sept. 1
Tacony Palmyra Bridge(quar.)
50c Sept.30 Sept. 10
Class A (guar.)
50c Sept.30 Sept. 10
% preferred (quar.)
$136 Nov. 1 Oct. 10
Tamblyn (G.), preferred (quar.)
Oct. 1 Sept.22
$1.
Taunton Gas Light (quar.)
Oct. 1 Sept. 15
$1
Taylor Milling Co.(quar.)
25c Oct. 1 Sept. 12
Teck-Hughes Gold Alines (quar.)
rlOc Nov. 1 Oct. 10
Telephone investment Corp. (monthly)
20c Oct. 1 Sept.20
Tennessee Elect. Pow. Co.,5% prof.(guar.)---- $154 Oct. 1 Sept. 15
% preferred (quar.)
Oct. 1 Sept. 15
$1
797 preferred (quar.)
5134 Oct. 1 Sept. 15
7.2% preferred (quar.)
$1.80 Oct. 1 Sept. 15
697, preferred (monthly)
50c Oct. 1 Sept. 15
7.2% preferred (monthly)
Bee Oct
1 Sept.15
Texas Corp. (quarterly)
25c Oct. 1 Sept. 7
Tex-O-Kan Flour Mills.Pref.(guar.)
5134 Dec. i Nov. 15
Preferred (quarterly)
$134 Mar. 1 Feb, 15
Preferred (quarterly)
5134 June 1 May 15
Texon Oil & Land Co., common
15c Sept. 29 Sept 10
Extra.
15c Sept. 29 Sept. 10
Textile Banking Co.(quar.)
50c Sept.29 Sept.25
Textile Corp.(quarterly)
50c Sept.29 Sept.25
Thatcher Manufacturing Co
25c Dec. 1 Oct. 31
The New York Sun.Inc.,8% 1st pref.(s.-an.)_ _
Oct. I Sept. 29
Thrift Stores, Ltd.,cons.(quar.)
Oct. 1 Sept. 15
7% 2nd preferred (quar.)
r1349' Oct. 1 Sept. 15
6340 1st preferred (guar.)
7
rl % Oct. 1 Sept. 15
Tide Water Associated Oil Co..6% cony. pref.._
;2 Oct. 10 Sept. 28
Time. Inc. (quar.)
50c Oct. 1 Sept.20
Extra
25c Oct. 1 Sept.20
$634 preferred (quar.)
$134 Oct. 1 Sept. 20
Tintic Standard Mining Co.(quar.)
10c Sept. 29 Sept. 15
Tip-Top Tailors,7% preferred
h$1% Oct. 1 Sept. 15
Title Ins. & Trust (Los Angeles) (quar.)
40c Oct. 1 Sept.20
Toledo Edison Co..7% pref.(mo.)
58 1-3c Oct. 1 Sept. 15
69' preferred (monthly)
50c Oct. 1 Sept. 15
59' preferred (monthly)
412-Sc Oct. 1 Sept. 15
Toledo Light& Power Co.,pref.(quar.)
3134 Oct. 1 Sept.15
Toronto Elevators. cony. pref. (quar.)
$134 Oct. 15 Oct. 1
Toronto Mortgage Co.(Ont.)(quar.)
$134 Oct. 1 Sept. 15
Torrington Co
31 Oct. 1 Sept. 14
Travelers Insurance Co.(quar.)
4 Oct. 1 Sept.17
'Fri-Continental Corp.,$6 pref.(quar.)
$134 Oct. 1 Sept. 15
Trico Products Corp.(quar.)
6234c Oct. 1 Sept. 15
Triplex Safety Glass Co., Ltd.—
Amer. dep. rec. for ord. reg. (final)
=25% Oct. 5 Sept. 4
Trumbull Cliffs Furnace Co., pref.(quarterly).- $134 Oct. 1 Sept. 15
Tuckett Tobacco. pref. (quar.)
$134 Oct. 15 Sept. 29
Twin Bell Oil Syndicate (monthly)
$2 Oct. 1 Sept. 29
Twin State Gas & Electric 7% prior lien
3134 Oct. 1 Sept. 15
Underwood-Elliott-Fisher, corn. (quar.)
50c Sept.29 Sept. 12
Preferred (quarterly)
$134 Sept.29 Sept. 12
Union Carbide & Corbon Corp
35e Oct. 1 Sept. 4
Union Electric Light & Power (Ill.).
6% preferred (quar.)
$134 Oct. 1 Sept. 15
Union ?electric Light & Power Co.(Mo.)7% preferred (quarterly)
3134 Oct. 1 Sept. 15
Union Pacific RR., coin
0.
$134 0 t . 9 rit
a
c
Sept
.
Preferred (semi-annual)
Union Twist Drill Co.. corn. (quar.)
25c Sept.29 Sept.20
Preferred (quar.)
$1K Sept.29 Sept.20
United Biscuit Co.of Amer,pref.(quar.)
$1% Nov. I Oct. 16
United Carbon Co.. corn. (quar.)
600 Oct. 1 Sept. 15
United Corp 33 preference (quar.)
75c Oct. 1 Sept. 4
United Dyewood, pref. (quar.)
Si
Oct. 1 Sept. 14
United Fruit Co., coin. (quar.)
75c Oct. 15 Sept. 20
United Gas & Electric Corp. preferred (guar.)...
Sept.291 tlept.15
A ug.31
United GasImprovement(quar.)
5% preferred (quar.)
Sept. 29 Aug. 31
United Gold Equities of Can..standard shs
2%c Oct. 25 Oct. 15
United Light & Rys..7% prior prf. (monthly)..,. 68 1-3c
6.36% prior preferred (monthly)
S . 5
Oct
ct.. 1 Sept. 15
53c 0
6% prior prefermd (monthly)
50c Oct. 1 Sept. 15
United Loan Industrial Bank (quar.)
3114 Oct. 1 Sept. 20
Extra
Oct. 1 Sept. 20
United Milk Products, 33 pref. (quar.)
The Oct. 1 Sept. 20
United N. J. RR.& Canal (quar.)
$2% Oct. 10 Sept. 20
Quarterly
$2% Jan. 1 Dec. 20
United Profit Sharing, pref.(s-a)
50c Oct. 31 Sept. 28
United Public Service (Minn.)
7% preferred A and B (quar.)
$134 Oct. 1 Sept. 20
$6 preferred C & D (quar.)
$134 Oct. 1 Sept. 20
United Securities (quar.)
50c Oct. 15 Sept.27
United Shirt Distributors
734c Oct. 1 Sept. 15
$334 preferred (quar.)
8734c Oct. 1 Sept. 15
United Shoe Machinery Co.(quar.)
6234c Oct. 5 Sept. 18
Preferred (quarterly)
3
734c Oct. 5 Sept. 18
United States Banking Corp (monthly)
40 Oct. 1 Sept. 17
United States Bobbin & Shuttle Co.. 707 pref.._
h$1 Oct. 10 Sept.30
United States Elec. Lt. & Pow. Shares
Voters shares
4-5c Oct. 1 Sept. 15
United States Foil, A & B (quar.)
15c Oct. 1 Sept. 15
Preferred (quarterly)
$134 Oct. 1 Sept. 15
United States Guarantee (quar.)
$4 Sept.29 Sept.22
United States Gypsum Co. common (guar.)._ _ _
25c Oct. 1 Sept. 14
7% preferred (quar.)
si Oct. 1 Sept. 14
U.S. Petroleum Co (quar.)
lc Dec. 10 Dec. 5
U S. Pipe & Foundry Co.,corn.(quar.)
l234c Oct. 20 Sept.29
Common (guar.)
1234c Jan. 20 Dec. 31
Preferred (quar.)
c Oct. 20 Sept.29
Preferred (quar.)
30c .lan. 20 Dec. 31
United States Playing Card (quar.)
25c Oct. 1 Sept. 20
Extra
25c Oct. 1 Sept.20
United States Sugar Corp., pref. (quar.)
3194 Jam 5 Dec. 10
Preferred (quarterly)
$134 Apr. 5 Mar. 10
Preferred (quarterly)
$114 July 5 June 10
Preferred
*154 Feb. 20 Sept. 10
United States Tobacco Co.,common (guar.)._ _ $114 Oct. 1 Sept. 17
Preferred (quar.)
$114 Oct. I Sept. 17
United States Trust Co.(quar.)
$16 Oct. 1 Sept.20
Universal Leaf Tobacco Co., Inc., corn. (quar.). 50c Nov. 1 Oct. 17
Preferred (quar.)
.
$2 Oct. 1 Sept. 12
;la
$1;i
Financial Chronicle
Volume 139
Per
Share
Name of Company
Universal Products Co
Upper Michigan Pow.& Lt.,6% pref. (quar.)_ _
6% preferred (quar.)
Upressit Metal, preferred (quar.)
Utica Chenango & Susq. Val. guar. (semi-ann.)_
Utica Clinton & Binghamton,debenture (s.
-a.)_
Valve Bag,6% preferred
Van de Kamp's Holland Dutch Bakers, Inc.—
$61 preferred (quarterly)
Vermont Lighting Corp., pref.(quar.)
Vermont & Massachusetts RR.(s-a)
Vicksburg, Shreveport & Pacific Ry.
Common (semi-annual)
Preferred (semi-annual)
Virginia Public Service. 7% pref. (quar.)
6% preferred (quarterly)
Vortex Cup Co., common (guar.)
Extra
Class A stock (quarterly)
Vulcan Detinning Co., preferred (quar.)
Wagner Electric Corp. pref. (guar.)
Walgreen Co., pref.(guar.)
Ward Baking Corp., 7% cumul. pref
Warren RR- gtd.(s-a)
Waukesha Motor Co., corn. (quar.)
Weeden & Co. (quar.)
Wesson Oil & Snowdrift Co.,corn.(quar.)
Extra
West Coast Oil, preferred
Western Canadian Collieries
Western Grocers,7% pref.(guar.)
Western Maryland Corp., pref. (quar.)
Westerm Massachusetts Cos.(guar.)
Western New York Water Co..$5 pref.(qu.)_
Western Tablet & Stationery Corp.
7% preferred (guar.)
Westinghouse Air Brake Co. (quar.)
West Jersey & Seashore RR.6% spec. gtd.(s.-a.)
West Kootenay l'ower & Light pref. (guar.)_ _ _ _
Westmoreland. Inc.(quar.)
Westmoreland Water Co.,$6 pref.(guar.)
Weston Electrical Instruments, A (guar.)
Weston(Geo. A.)Co., A (guar.)
West Penn Power, 6% pref. (quar.)
7% preferred (quarterly)
West Penn Electric, class A (quar.)
West Texas Utility, $6 cum. pref (guar.)
Westvaco Chlorine Products, pref. (guar.)
West Virginia Pulp & Paper Co., corn
Weyenberg Shoe Mfg., preferred (guar.)
Whitaker Paper, 7% pref. (guar.)
White Rock Mineral Springs Co.—
Common (guar.)
1st preferred (guar.)
2d preferred (guar.)
When Holders
Payable ofRecord
40c
$1S5
51h
$2
$3
$2X
it $1 X
Sept.29 Sept. 24
Nov. 15
Jan. 1
Oct. 1 Sept. 15
Nov. 1 Oct. 14
Dec. 26 Dec. 26
Oct. 1 Sept. 15
$1% Oct.
$1 X Oct.
$3 Oct.
1 Sept. 10
1 Sept.25
8 Sept. 11
2X% Oct. 1 Sept. 7
2X% Oct. 1 Sept. 7
Oct. 1 Sept. 15
81)4 Oct. 1 Sept. 15
37)4c Oct. 1 Sept. 15
Oct. 1 Sept. 15
62Xc Oct. 1 Sept. 15
Oct. 2(1 Oct. 10
$1,1 Oct. 1 Sept. 20
S1(4 Oct. 1 Sept. 20
50c Oct. 1 Sept. 15
$1 X Oct. 15 Oct. 6
30c Oct. 1 Sept. 15
50c Sept. 29 Sept. 20
12)4c Oct. 1 Sept. 1$
50c Oct. 1 Sept. 15
$1 Oct. 5 Sept. 15
1 X% Oct. 15
518% Oct. 15 Sept. 20
513i Oct. 1 Sept. 20
50c Sept.29 Sept. 18
518% Oct. 1 Sept.21
Oct. 1 Sept. 20
Oct. 31 Sept. 29
Dec. 1 Nov. 15
Oct. 1 Sept. 25
Oct. 1 Sept. 15
Oct. 1 Sept.20
Oct.
Sept.24
Oct.
Sept.20
Nov.
Oct. 5
Nov.
Oct. 5
Oct.
Sept. 17
Oct. 1 Sept. 15
51% Oct. 1 Sept. 15
Hie Oct. 1 Sept. 18
518% )ec. 15 Dec. 5
Si 8% Oct. 1 Sept.20
12)4c
51
51 34.
30c
51(4
50c
25c
$1 X
31 X
51
75c
50c Oct.
18%% Oct.
p$235 Oct.
1 Sept. 21
1 Sept. 21
1 Sept. 21
2005
Per
Share
When
Payable
!MN
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Oct. 15 Oct. 1
Oct. 1 Sept. 20
Sept.30 Sept.20
Oct. 1 Sept. 15
Oct. 1 Sept. 22
Oct. 1 Sept. 20
Oct. 1 Sept.20
Nov. 1 Oct. 15
Oct. 1 Sept. 11
Sept.30 Sept. 15
Sept.30
Sept. 30
Nov. 15 Nov. 5
Oct. 1 Sept. 10
Oct. 1 Sept. 10
Oct. 1 sept. 20
Nov. 1 Oct. 20
Dec. 1 Nov. 20
Oct. 1 Sept.21
Oct. 1 Sept.21
Oct. 1 Sept.21
Oct. 1 Sept. 17
Oct. 1 Sept. 17
Oct. 1 Sept. 15
Name of Company
Whittall Can Co., Ltd., 634% preferred
634% preferred (quar.)
Wichita Water Co., 7% pref. (guar.)
Will & Baumer Candle Co., Inc., pref.(quar.)_ _
Wilcox Rich Co.class A (quar.)
Wilson & Co., 75' preferred
Wilton RR. (semi-annual)
Winn & Lovett Grocery Co.,cl. A (quar.)
Preferred (quarterly)
Winstead Hosiery (quar.)
Wiser Oil Co.(quarterly)
Woodley Petroleum Co
Woodward & Lathrop (guar.)
7% preferred (quar.)
Worcester Salt, pref. (quar.)
Wright
-Hargreaves Mines (quar.)
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Yale & Towne Mfg. Co.(guar.)
Young (J. S.) Co.(quar.)
7% preferred (quarterly)
Young (L. A.) Spring & Wire (quar.)
Extra
Ziegier-Hutter Breweries, Inc. (quar.)
Sly
62 Xc
50c
P4%
$1 X
25c
110%
30c
$14
3
51X
rlOc
r5c
25c
25c
25e
15c
$1 X
$1 X
25c
25c
234c
Holders
of Record
t The Now York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Payanie in common stock. p Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock.
m A quar. diy. on the cony. pref. stock, opt. ser. of 1929, of Commercial
Investment Trust Corp., has been declared in corn, stock of the corp. at
the rate of 5-203 of 1 share of corn, stock per share of cony. pref. stock.
Opt. ser. of 1929, so held, or at the opt, of the holders in cash at the rate
of $1.50 for each share of cony. pref. stock, opt. ser. of 1929, so held.
It Goldhlatt Bros., Inc., declared a reg. quar. dly. of 25c. In cash or, a
opt. of holder, 0.025 of a share of com. stock on each sh. of corn. stk. held.
p White Rock Mineral Springs Co. declared $2.50 per share on 830 shares
—equivalent to 5.50 per share on 4,150 shares of corn. stock for which the
2d preferred may be exchanged, and payable on the equivalent number of
common if so exchanged before the record date.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
U Payable in U. S. funds. o A unit. ta Less depositary expenses.
x Less tax. u A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 26 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY, SEPT. 22 1934
Clearing House
Members
• Surplus and
Undivided
Profits
• Capital
Bank of N 1.' 44 Trust Co
Bank of Manhattan Co.
National City Bank_ ___
Chem Bank & Trust Co.
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Batik 'Cr Co_
First National Bank
Irving Trust Co
Continental Ilk Jr Tr Co
Chase National Bank.__
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co__
Marine Midland Tr Co_
New York Trust Co_ _ _ _
Comm'l Nat Ilk Jr Tr Co
Public Nat Bk & Tr Co_
S
6,000,000
20,000,000
127,500,000
20,000,000
90,000.000
32,935.000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5,000,000
12,500,000
7,000,000
8,250,000
Net Demand
Deposits.
Average
$
3
9,928,100
98,486,000
31,931,700
290,725,000
38,018,700 a936,339,000
48,945,300
322,736,000
177,466,200 b998,687,000
10,297,500
252,281,000
61,312,500
566,467,000
181,299,000
16,170.300
88,495,500
389,050,000
369,651,000
57,693,500
3,507,900
27,775.000
66,520,800 c1.250.229,000
3,251,600
40,651,000
60,009,000 d602.556,000
8,206.000
16,781,000
7,346,200
49.052,000
21,714.5G0
207.714,000
7,564,500
51,370,000
4,932,400
46,630,000
Time
DeposUs.
Average
$
12,204,000
31,712,000
172,948,000
27,027,000
55.371,000
100,846,000
27,957.000
21,499,000
11,759,000
8,850,000
3,292,000
73,258,000
102,000
23,358,000
272,000
4,028,000
19,255,000
1.399,000
34,666,000
Totals
614.955,000 723,312.200 6,698,479,000 629,803,000
• As per official reports: National, Juno 30 1934; St de, June 30 1934; trust companies, June 30 1931.
Includes deposits in foreign branches: (a) $202,726,000;(b) $57,366,000;(c) $68,902,000;(d) $21,927,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not membors of the Now York Clearing House. The
following aro the figures for the week ended Sept. 21:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. SEPT. 21 1934
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan $
22,941,000
Grace National
Trade Bank of N. Y. 3,420,878
Brooklyn—
Vratinnnl
4 QM 11181
Cash
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere
Trust Cos.
$
98,200
116,845
S
1,977,400
864,533
Ofl non
216000
Gross
Deposits
$
$
1,742,200 22,015,200
72,114 3,405,942
R04 000
5 am non
TRUST COMPANIES—AVERAGE FIGURES
Loans
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County._._
United States
Brooklyn—
Brooklyn
Cash
Res. Dep., Dep, Other
N. Y. and Ranks and
Elsewhere
Trust Cos.
Gross
Deposits
$
53,413,700
6,557,682
8,621,759
16,871,700
29,526,800
64,548,441
S
$
.3,147,100 9,111,500
95.435
536,585
.513.858
730,875
.2,561s,000 1,001,600
.4,543,900
384,100
13.505,386 14,659,551
s
$
2,077,600 55,469,400
781.064 6,345,165
62.385 7,874,612
1,057,400 16,680,000
32,379,200
64,252.443
85,371,000
97 14R 021
2,429,000 22,261,000
2 0A7 2nt R 141 11R
370,000 96,258,001]
9R ROT AM
* Includes amount with Federal Reserve as follows: Empire, $2,161,703; Fiduciary. 8259,929; Fulton, $2,405,890; Lawyers County, $3,883,601.
Sept. 26 1934 Sept. 19 1934 Sept. 27 1933
Assets—
Gold certificates on hand and due fr DM
$
$
1,791,976,000 1.719.469.000
U. S. Trea.sury_x
Gold
1,833,000
1.504,000
Redemption fund—F. R. notes_-.-- -56,527.000
58,411.000
Other cash_
s
261,589,000
726,705,000
6.035,000
60,390,000
1,851,891,000 1,777,829,000 1,054,719,000
Total reserves
3,169,000
1,745,000
1,579,000
Redemption fund—F. R. bank notes_ .-Bills discounted:
Secured by U. S. Govt. obligations...
Other bills discounted
2,102,000
9,754,000
2,623,000
11,009,000
14,584,000
27,351.000
11,856,000
13,632,000
41,935,000
2,172,000
138,000
1,934,000
125,000
2,033,000
---
140,957.000
451,030,000
185,768,000
140.958,000
451,177.000
185,620,000
171,705,000
327.773,000
292,465,000
Total U.S. Government securIti 1-.
777,755,000
777,755,000
791,943,000
Total bills and securities
791,921,000
793,446,000
837,088,000
Gold held abroad
Due from foreign banks
F. R. notes ot other banks
Uncollected Items
Bank premises
All other meets
687,000
(1,692,000
106,371,000
11,468,000
38,478,000
922.000
7.714.000
119,524.000
11.468,000
37,646.000
1,429,000
4.546,000
99,050,000
12.818.000
31,297,000
Total bills discounted
131115 bought In open market
Industrial Advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
1,177,000
Other securities
Total assets
_ 2.809,087,0002.750,204.000 2,044,446,000
F. R. notes in actual circulation_ -- --- 047,673,000 651,318,000 632,963,000
F. R. bank notes In actual circulation net
29,463,000
29,751.000 52,924,000
Deposits—Member bank reserve ace t__ 1,672,236,000 1,581,110,000 1,049,401.000
U. S. Treasurer—General account _-- 111,529,000 121.817,000 25,382,000
Foreign bank
4,824,000
2.989,000
2,150,000
Other deposits
28,415,000
115,627,000 120,458,000
Total deposits
Deterred availability Items
Capital paid in
Surplus
Reserve for contingencies
All other liabilities
_ 1,901,542.000 1,826,374,000 1,108,022,000
101,354,000 113,901.000 94,944,000
59,603,000
58,497.000
59,576,000
45,217,000
85,055.000
45,217,0013
4,737,000
1,667,000
4,737,000
10,371,000
19,420,000
19,498,000
_._
Total liabilities
2,809,087,000 2,750,294,000 2,044.446,000
Ratio of total reserves to deposit and
F. R. note Ilabilitie3 combined.. _—
60.6%
71.8%
72.6%
Contingent liability on bills purch ised
Inc foreign correspondents
14,170,000
251,000
406,000
Commitments to make industrial
advances
15.000
15.000
•-other cash" does not include Federal Reserve notes or a bank', own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasuro
under the provisions of the Gold Reserve Act 01 1034.
2006
Financial Chronicle
Sept. 29 1934
Weekly Return of the Federal Reserve Board
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 27,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 26 1934
Sept. 26 1934'Sept. 19 1934 Sept 12 1934 Sept. 5 1934 Aug. 29 1934 Aug. 22 1934 Aug. 15 1934 Aug. 8 1934 Sept. 27 1933
ASSETS.
Gold ctfs. on hand & due from U.
Gold
Redemption fund (F. R. notes)
Other cash •
$
$
3
_ 4,958,007,000 4,957.624,000 4,960.996,000 4,960,078.000 4,979.482.000 4,963,361.000 4,961,374,000 4,929,548,000
22,298,000
236,651,000
Total reserves
23.382.000
229.733.000
23,043,000
228,314,000
23,889.600
209,113,000
24.293,000
235,917,000
24,034,000
228.660,000
24,313,000
224,456,000
$
956,400,000
2,599,676,000
35.723,000
24,357.000
219,961,000 231.762,000
5,216,956.000 5,210.739.000 5,212,353,000 5.193,080,000 5.239,692,000 5,216,055.000 5,210,143,600 5,173,866,000 3.823,561,000
Redemption fund-F. R. bank notes
Mils discounted:
Secured by U. S. Govt. obligations
Other bills discounted
1,829,000
1,995,000
2,226,000
1,898,000
2,112,600
2,336,000
2,006,000
2,347,000
9,497,000
5,137,000
15,177,000
5,357,000
16,608.000
5.624,000
17,716,000
6.180.000
17,457,000
4,146,000
16,861,000
3,437,000
16,379,000
3,820,000
16,387,600
3.628,000
16,922.000
31,219,000
102,014,000
20,314,000
21,965,000
23,340,000
23,637,000
21,007,000
19,816.000
20.207,000
20,550,000
133,233,000
5,812,000
1,961,000
5,202,000
1,494,060
5,202,000
1,281,000
5,219,000
922.000
5,247.000
810,000
5,114,000
298,000
5,198,000
214,000
5.200.000
28,000
6,681,000
-Bonds
U.S. Government securities
Treasury notes
Certificates and bills
395,541,000 396,643,000 467.343.000 467.848,000 467,839.000 467,565.000 467,499.000 467.799,000
1,421,720,000 1.421,710,000 1.324,622,000 1.303,369,000 1.281,420,000 1,271,709.000 1,271,707,000 1,257,759,000
612,872,000 612,369.000 639,341,000 660,592,000 682,543,000 692,250.000 692,251,000 706,202,000
442,011.000
937,374,000
895,010,000
Total U. S. Government securities
Other securities
2,430,133,000 2,430.722,000 2,431,306,000 2.431,809.000 2,431,802,000 2,431,524,000 2,431,457,0u0 2.431.760,000 2,274,395,000
356,000
327,600
356,000
391,000
356.000
1,729,000
428,000
428,000
440.000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other resources
2.458,547,000 2,459,739,000 2,461.485,000 2.461,943,000 2,459.257.000 2,457,180,000 2.457.504.000 2,457.978.000 2,416,038,000
2.426.000
1,819,060
3,126,000
3,127.000
3.127.000
3,775,000
3.141,000
3,125.000
3,124.000
22,735,000
22,488.000
19.700,000
17.539,000
17.834,000
19,323,000
16,727.000
16,703,000
16,519,000
433,443,000 486.940.000 458.386,000 436,531.000 401.225,000 404,761,000 470,989,000 377,518,000 389,001,000
52,821,000
52,821,000
52,820,600
52,803,000
52.775.000
54,554,000
52.775.000
52,774,000
52,753,000
52,937,000
53.642,000
57,121.000
66.582.000
56,824,000
54,681,000
54,759,000
51,917,000
50,878,000
Total bills discounted
Bills bought In open market
Industrial Advances
Total assets
8,241,545,000 8,290.332,000 8,267,217,000 8,233,503,000 8,232,846.000 8,207,734,000 8.265,161,000 8.134.983.000 6,770,430,000
LIABILITIES.
F. It. notes In actual circulation
3,134,973,000 3,146.596,000 3,148,449.000 3.149.659,000 3,103,289,000 3,105,028,000 3,102,373,000 3.095.333,000 2,972,782,000
F. R. bank notes In actual circulation.30,633,000
30,479,000
31,127,000
31,432,000
31,933,000
32,303,000
32,651,000
33,184,000 145,627,000
Deposits- -Member banks reserve account 3,969,517,000 3,889,365,000 3,948,304,000 3,907.169,000 4,126.973,000 4,072,321.000 4.064,270.000
4.059,070,000 2,595,634,000
U. S. Treasurer-General account_a..
154,512,000 210,462.000 138.729,000 162,988,000
29,936,000
56,062,000
57,894,000
43,773.000
24,595.000
Foreign banks
10,578,000
9,740,000
12,028,000
11,710,000
11.238,000
15,197,000
9,513,000
8,147.000
6.978,000
Other deposits
175,920,000 184,524,000 200,998,000 191.180,000 192,686,000 201.775.000 203,261.000 202,280,000 140,886,000
Total depoaLs
4,309,689,000 4,294,929,000 4,300,059,000 4,273.047.000 4.360,833,000 4,327,382,000 4.333,572,600 4.292.923,000 2,807,779.000
Deferred availability Items
Capital paid In
Surplus
Reserve for contingencies.
All other liabilities
430,714,000
146,752,000
138,383,000
22,446,600
28,169,000
Total liabilities
Maturity DIstribution of Bitls and
Short-term Secantles1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61 90 days bills discounted
Over 90 days bills discounted
400.800.000
146,529,000
138,383,000
22,545,000
28,534,000
408,230,000
146.514,000
138.383.000
22,545,000
27.349.000
464.045.000
146.423,000
138,383,000
22.544,000
25,170,000
381.093.000 387,711.000
146.612,000 145,862,000
138,383,000 278,599,000
12,103,000
22,541,000
19,967,000
24,914,000
70.1%
70.0%
70.0%
70.0%
70.2%
70.2%
70.1%
70.0%
753,000
756.000
599,000
686,000
647.000
681,000
579.000
491,000
573,000
357,000
528,000
345.000
642.000
80,000
895.000
3
$
$
$
$
3
$
66.1%
42,407,000
$
21,320,000
725,000
676,000
864,000
52,000
17.667,000
0
1,584,00
811,000
884.000
61,000
13,548,000
4,859.000
719,000
619,000
71.000
13,971,000
3.802,000
1,464.000
882,000
88.000
13,083,000
1,462.000
5.028.000
872.000
105,000
99,041,000
9.969,000
10,979,000
12,317,000
927,000
21,965.000
23,340,000
23,637.000
21.007.000
19,816,000
20,207,000
20.550,000
133,233,000
149,000
3,703,000
349,000
1,611,000
222,000
300,000
4,288,000
392,000
441.000
142.000
928,000
3,691,000
406,000
192,000
765,000
3,856,000
3,594,000
456,000
741,000
456,0 0
0
3,522.000
444.000
539,000
609.000
378,000
3,643 000
423,000
754.01.0
499,000
1,212,000
359.000
3.130,000
1,110,000
2,118,000
565,000
2,888.000
5,202.000
5,202,000
5,219,000
5.247,000
5,114,000
5.198.000
5,200,000
6,681,000
18,000
18,000
82,000
46,000
1,797,000
Total Industrial advances
17,401,000
646,000
651,000
4,598.000
44.000
5,812,000
Total bills bought in open market
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances
15,090,000
990,000
671.600
5,180,000
34,000
20,314,000
Total bills discounted
15,000
20,000
25,000
79,000
1,355,000
3,000
17,000
25,000
80,000
1.156,000
3,000
1,000
9.000
59,000
850.000
2.000
5,000
10,000
793,000
3,000
3,000
9,000
283,000
1,961,000
1,494,000
1.281,000
922.000
810,000
298.000
46,547,000
32,078,000
71,115,000
187,525,000
275,607,000
48,515,000
43,982,000
75,568,000
189,169,000
255,135.000
48,522.000
51,547,000
78,468,000
40,875,000
419,929,000
23.022,000
64.515,000
112.310,000
69,815.000
390.930,000
43,600.000
54,523.000
104,325,000
110,815,000
369.280,000
69,347.000
23.022.000
110,497,000
120,268 000
369.116.000
36,998.000
43,600,000
111,069,000
117,718,000
382,866.000
38,232,000
69,348,000
87,537,000
114.310,006
396,775,000
78,088,000
38.425,000
109,867,000
294,179,000
374,451,000
612,872,000
612,369,000
639,341,000
660.592,000
682,543,000
692,250,000
692,251,000
706,202,000
895,010,000
327,000
356,000
3513,000
356.000
391,000
428,000
393,000
35,000
405,000
35,000
1,650,000
327,000
1-15 days U. B. certificates and bills-16-30 days U. S. certIficates and bills-.
31-60 days U. S. certificates and bills____
61-90 days U. S. certificates and bills_ _
Over 90 days U. S. certificates and bills_
Total municipal warrants
434.944,000
146,554,000
138.383.000
22,453,000
37.031,000
13,767,000
770,000
495,000
5,251,000
31,000
1-15 days bills bought In open market.- _
16-30 days bills bought in open market
31-60 days bills bought in open market.
61-90 days bills bought In open market
Over 00 days bills bought In open market
Total U. S. certificates and bills
453,515,000
146.663,000
138,383,000
22,447,000
26,574,000
8,241,545,000 8,290,332,000 8,267,217,000 8.233,503,000 8.232,846,000 8,207,734,000 8,265,161,000 8.134.983,000 6,770,430,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign corre9ponaents
Comm.tments to make Industrial advances
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
482,972,000
146,671,600
138,383,000
22.447,000
27,701,000
356,000
37,000
42,000
356,000
356.000
391,000
428,000
428.000
440,000
1,729,000
Federal Reserve .Votes
-Issued to I R. Bank by F. It. Agent.... 3,427,582,000 3,435,055,000 3.436.603,000 3,416,357.000 3,392.499,000 3,393.650,000 3.389.813.000 3,388.544,000 3,250,979,000
Held by Federal Reserve Bank
292,609,000 288,459,000 288,154,000 2613,698.000 289,210,000 288.622.000 287.440,000 293,211.000 278,197,000
In actual circulation
3,134,973,000 3,146.596.000 3,148,449,000 3,149.659.000 3.103,249,000 3.105.028.000 3.102.373.000 3.095.333,000 2,972,782,000
Collateral Held bb Agent as Security for
Notes Issued to Rank
Gold ctfs on hand & due from U.S. Trea.s1
By gold and gold certificates
3,175,916,000 3,187,416,000 3,189,656,000 3,145,156.000 3,130,656,000 3.131,656.000 3.125.656.000 3,134,156,000 1 521 091 000
Gold fund-Federal Reserve Board
I 1 191 935 000
By eligible paper
11,788,000
10,662.000
12,852,000
13,120,000
9.623.000
10,685,000
10,250,000
84,057,000
10.263.000
U. S. Gcvernment securities
298,800,000 292,300,000 278,400.000 296.000.000 296,000,000 289.500,000 294.500,000 281,500.000 525,200,000
Total collateral..
3,445.378.000 3,491.504,000 3.480,904.000 3,454.276.000 3.437,341,000 3,430,779.000 3.430,406.000 3.425.919.000 3,322,283,000
•"Other cash" does not include Federal Reserve notes or a tank's own Federal Reserve bank notes.
These are certificates given by the U. S. Treasury for the god taken over from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
59.06 cents, these certificates being worth less to the extent of toe difference. the difference Itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
a Caption changed from "Government" to "U. S Treasurer-General account" and 3100.000,000 Included In Government deposits oa 'May 2 transferred to
b Less than $500,000.
cl000s14i.-
Financial Chronicle
Volume 139
2007
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 26 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
New York
Boston
Total
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louts Minneap. Kan. City Dallas
San Fran.
5
RESOURCES
$
$
3,
$
$
$
$
$
$
3
$
$
Sold certificates on hand and due
from U. S. Treasury
4,958,007.0 338,319,0 1,791,976,0 249,768.0 367,212,0 191,821,0 100.983,0 1,052,277,0 176,644,0 129,835,0 164,648,0 100,822.0 293,702,0
1.504,0 2,887,0 2,674.0
Redemption fund-F. It. notes
1.638,0
1,717.0 3.650,0
1,173,0
22,298.0
789,0
811,0 1,007,0
429,0 4.019,0
58,411,0 36,472,0 11,699,0 9,184,0 13,241,0
dther cash
236,651,0 20,824,0
35,315,0 10,119,0 11,980,0 9,338,0 6,616,0 13,452,0
Total reserves
5,216,956,0 360,781,0 1,851,891,0 289,127,0 381,585,0 202,722,0 117,874,0 1,088,765,0 187,574,0 142,822,0 174,775,0 107,867,0 311,173,0
Ftedem. fund-F. R. bank notes_
1,579,0
250,0
1,829,0
dills discounted:
2,102,0 1,183,0
116,0
Sec. by. U. S. Govt.obligations
127,0
5,137,0 1,275,0
35,0
14,0
92,0
150,0
3,0
30,0
10,0
9,754,0 4,092,0
277,0
Other bills discounted
397,0
7,0
15,177,0
179,0
48,0
73,0
120,0
87,0
143,0
Total bills discounted
Sills bought In open market
industrial advances
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
20.314,0
5,812,0
1,961,0
5,275,0
603.0
136.0
11,856,0
2,172,0
138,0
1,282,0
417,0
3,0
393,0
546,0
95,0
524,0
216,0
405.0
214,0
199,0
329,0
150,0
730,0
105,0
140,0
122,0
196,0
87.0
85,0
343,0
130,0
159,0
135,0
90,0
159,0
76,0
173,0
404,0
395,541,0 23,214.0
1,421,720,0 93,588,0
612,872,0 40.876,0
140,957,0 25,139,0 30,556,0 14,855,0 13,533,0
451,029,0 99,347,0 126,999,0 61,740,0 56.164,0
185,769,0 42,634,0 55,469,0 26,967,0 24,528,0
62,145,0 13,796,0 15,339,0 13,332,0 18,818.0 23,857,0
252,010,0 55,267,0 35,121,0 54,645.0 36,648,0 99,162,0
114,188,0 24,137,0 15,116,0 23,867,0 16,009,0 43.312,0
Total U. S. ovt. securities.. 2,430,133,0 157,678,0
(
'Jther securities
327,0
777,755,0 167.120,0 213,024,0 103,562,0 94,225,0
327,0
428,343,0 93,200,0 65,576,0 91,844,0 71,475,0 166,331,0
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected items
Bank premises
All other resources
791,921,0 173,461,0 214.058,0 104,707,0 94.967.0 429,328,0 93,658,0 66,091,0 92,268.0 71,800,0 166,908,0
175,0
687,0
198.0
69,0
64,0
10,0
241,0
51.0
7,0
129,0
51,0
683,0 1.456,0 1,698,0
6,692.0
1,080,0
3,617,0
325,0 2.685,0
934.0 1,977,0
987,0
106,371.0 34,432,0 40,221,0 39,155,0 12,754,0
57,873,0 20,636,0 13,400.0 26,676,0 16.725,0 22,991,0
11,468,0 4,333,0 6.788,0 3,128,0 2.372,0
1.664,0 3,485,0 1,757,0 4,089,0
7,387,0 3,126,0
38,478,0 5,004,0 1,445,0
1,639,0 2,037,0
1,291,0
990,0
425,0
223,0
930,0
579,0
Total resources
2,458,547,0 159,380.0
1,819,0
137,0
354,0
22,488.0
433,443,0 42,209,0
52,821,0 3,224,0
601,0
53,642,0
8,241,545,0 566.936,0 2,809,087,0 507,238,0 645,728,0 353,118,0 231,148.0 1,588,502,0 306,214,0 225,908.0 299,657,0 199,455,0 508,554,0
LIABILITIES
F. R. notes In actual circulation. 3,134,973,0 261.078,0 647,673,0 241,532,0 309,232,0 158,903,0 129,482,0
F. R. bank notes in act'l circul'n
29.463,0
30.479,0 1,016,0
Deposits:
Member bank reserve account_ 3,969,517,0 233,573,0 1,672.236,0 192,039,0 256,270.0 133,024,0 69,328,0
U. S. Treasurer-Gen. sect_ _. 154,512,0 3,783,0 111,529,0 2,135,0 5,076,0 9,287,0 3,512.0
Foreign bank
2,150,0 1,207,0
9,740,0
1,114,0
836,0
441,0
406,0
Other deposits
175,920,0 1,532,0 115,627,0 5,140,0 5.063,0 1,518,0 3,593,0
Total deposits
Deterred availability Items
Capital paid in
iurplus
Reserve for contingencies
All other liabilities
Total liabilities
4,309.689,0 239,724,0 1,901.542,0 200.521,0 267,523,0 144,270.0 76,839,0
430,714,0 42,915,0 101,354.0 33,126,0 33,887,0 38,526,0 12,412.0
146,752,0 10,761,0
59,603,0 15,248,0 12,972,0 4,992,0 4,370,0
45,217,0 13,352,0 14,090,0 5,171,0 5.145,0
138,383,0 9,610,0
1,053,0
22,446,0
4,737,0 2,500,0 2,300,0
1.155,0 2,485,0
28,109,0
19,498,0
779,0
959,0
724,0
101.0
415,0
770,599.0 135,689,0 105,921,0 113,986,0 50,755,0210,123,0
699,293,0 123.727,0 89,713,0 147,097,0 117,256.0 235.961.0
395,0
083,0 1,165.0
14,007,0 1,426,0
1,214,0
1,462,0
325,0
267,0
824.0
325,0
383,0
3,320,0 13.281,0 6,948,0 2,924,0 1,876,0 15,098,0
718,082,0 138,817,0 98,142,0 151,329,0 120,622,0 252,278,0
59,462,0 21,671,0 13,942,0 25,864.0 18,906.0 23,649,0
12,723,0 4,055,0 3,123,0 4,131,0 4,002,0 10.772,0
20,681.0 4,756,0 3,420,0 3,613,0 3,683,0 9.645 0
2,969,0
1,618,0
619,0 1.133,0
851,0 1,026,0
3,986,0
375,0
354,0
334,0
469,0
115,0
8,241,545,0 566,936,0 2,809,087,0 507,238,0 645,728,0 353,118,0 231,148,0 1,588.502,0 306,214,0 225,908,0 299,657,0 199.455,0 508,554,0
Memoranda
Ratio of total res. to dep. & F. It.
note liabilities combined
Contingent liability on bills purchased for torn correspondent's
Commitments to make industrial
nrIvanonn
70.1
72.0
72.6
65.4
66.2
66.9
57.1
73.1
68.3
753,0
38,0
406,0
55,0
51,0
20,0
19,0
67,0
17,0
n
in, n
-.
07 ft
Al n
1In
700 11
n
1: fl
9
In°
70.0
65.9
12,0
n
15,0
62.9
67.3
15,0
38,C
009 fl
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total
New York
Boston
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Miriam) Kan. City Dallas
San Fran.
Federal Reserve notes:
$
$
Issued to F.11.11k. by F.R.Agt_ 3,427,582.0 283,736,0
Held by Fold Ittserve Bank___ 292,609,0 27,658,0
$
$
$
5
$
749,574,0 259,637,0 324,045,0 168,798,0 149,822,0
101,901,0 18,105,0 14,813,0 9,895,0 20,340,0
$
$
5
$
$
$
803,914,0 141,232,0 109,822,0 119,978.0 56,566.0 255.458,0
33,315,0 5,543,0 3.901,0 5,992,0 5,811,0 45.335,0
In actual circulation
3,134,973,0 261,078,0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from (3.8. Treasury
3,175,916,0 273,117,0
Eligible paper
10,662,0 1,282,0
U. S. Government securities
298,800,0 15,000.0
647,673,0 241,532,0 309,232,0 158,903,0 129.482,0
770,599,0 135,689,0 105,921,0 113,936,0 50,755,0 210.123,0
763,706,0 210,000,0 277,431.0 144,340.0 81,385,0
6,493,0
1,587,0
345,0
211,0
188,0
50,000,0 50,000,0 25,000,0 72,000,0
819,513,0 126,936,0 105,000.0 111,550,0 57,175,0 205,763,0
104,0
135,0
61,0
89,0
150,0
17,0
54,000,0
15,000,0 5,800,0 12,000,0
770,199,0 261,587,0 327,776.0 169.551.0 153573.0
819 663 0 142 071.0 110.817.0 123.611.0 57.264.0 259.867,0
Total collateral
3.485.378.0 239,399.0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted.
Federal Reserve Agent atderal Reserve bank notes:
Issued to F. It. ilk. (outstdg.)Held by Fed'i Reserve Sank__
In actual circulation-net ...
0lat. pledged agst. outst. notes:
Discounted At purchased bills
U. S. Government securities__
fission
Total
s
New York
Phila.
s
s
41,842,0
11.363,0
30,479,0
1,016,0
s
30,123,0 10.203,0
660,0 10.208,0
Chicago
-
$
$
St. Louis Minneap, Kan. City
s
s
Dallas
San Fran.
$
$
29,463,0
47,474,0
5,000,0
5,000.0
$
30,474,0 12,000,0
47.174.0
Total collateral
Cleveland Richmond Atlanta
s
S
1,511,0
495,0
30.474,0 12,000.0
• Does not Include 592,061,000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued .by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT
CLOSE OF
BUSINESS SEPT. 19 1934 (In Millions of Dollars)
Federal Reserve DistrictLoans and Investments-total
Loans-total
On securities
All other
Investments
-total
U.S. Government securities
Other securities
Reserve with F. It. Bank
Cash In vault
Net demand deposits
Time deposits
Government del:melts
Due from banks
Due to banks
Boston
New York
Phila.
s
s
7,970
s
1,070
1,184
658
3.521
492
3,095
4,704
220
438
1,635
1,886
220
272
9,957
547
4,449
578
781
6,631
3,326
375
172
3,007
1,442
295
283
571
210
2,891
253
12,943
4,478
1,091
1,514
3,779
193
67
885
339
90
105
194
1.403
43
6,585
1,087
629
123
1,636
121
13
683
316
61
121
225
141
59
18II
645
228
467
134
7
40
104
80
172
95
Total
$
17,756
$
1,205
7,799
7
7
Cleveland Richmond Atlanta
Chicago
s
s
346
331
1,891
403
161
168
186
217
57
104
s
St. Louis Minneap, Na,,. City Dallas
--
s
s
a
s
SanFra
s
508
365
574
423
1,889
710
211
167
214
190
904
55
113
289
421
72
139
37
130
58
156
50
140
216
688
185
163
1,181
297
198
360
233
985
124
61
105
58
819
362
180
117
142
56
236
124
174
59
603
382
27
6
170
127
23
71
75
508
44
1,698
489
52
224
520
80
8
344
166
30
100
148
53
4
250
123
10
80
115
85
10
459
166
20
195
263
77
9
297
121
60
137
138
144
15
699
943
69
174
198
2008
Financial Chronicle
are ..ft
SO-cam-int
Sept. 29 1934
United States Government Securities
Bankers Acceptances
Tamingrcw-` (1)rxxitirle
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO Orrice-In charge of Fred. H. Gray. Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OPTICE-Edwards & Smith. 1 Drapers' Gardens, London. E.C.
WILLIAM B. DANA COMPANY, Publishers,
37 WALL ST., NEW YORK
U. S. Treasury Bills-Friday, Sept. 28
Rates quoted arc for discount at purchase.
William Street, Corner Spruce, New York.
Bid.
Railroad and Miscellaneous Stocks.
-For review of the
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (Sept. 22 to Sept. 28 inclusive) of shares not represented in our detailed list on the pages which follow:
STOCKS.
Week Ending Sept. 28
Range for Week.
Sales
for
Week.
Lowest.
Range Since Jan. 1.
Highest.
Lowest.
Jan 110
July
Jan 10
May
Jan 123
Aug
Sept 1034 Apr
July 934 Apr
Sept 24
Apr
Jan 10734 July
Sept 10% Sept
July
May 86
July 2434 Apr
June 125
Aug
Jan 434 Feb
Aug 334 Feb
Jan 234 Feb
Sept 52
Feb
Sept 94
Apr
Jan 59
Apr
Sept 51
Jan
Jan 69
Apr
Feb 116
Sept
July 23
Feb
Feb 110
Mar
Sent 16034 Jan
Jan 59
Apr
Mar 147 June
May 49-4 Apr
Jan 110
Aug
-.110, 11
•
Jan 1133.4 July
Jan 734 Feb
Jan 135
Sept 16
Aug 4
034
Sept 95
Jan 55
June 263.6
May 1234
Sept 934
Jan 127
Sept 273-4
Jan 125
Sept 1134
Sept 634
July 17
Sept 13
May 1%
June
Feb
Sept
Jan
June
Mar
Feb
Mar
Sept
Aug
July
Sept
Sept
Feb
Feb
Apr
The Week on the New York Stock Market.
-For
review of New York stock market, see editorial pages.
rRANSACTIONS AT TIIE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad
Stocks.
State,
Number of and Miscell. Municipal &
Shares.
Bonds.
Porn Bonds.
Week Pnded
Sept. 28 1934.
Saturday
Monday
Tuesday
Wednesday _
Thursday
Friday
283,510
514,310
841,885
796,430
798,580
512,230
_
Total
53,849.000
5,169,000
6,710.000
7,060,000
6.176,000
5,738,000
$1,661,000
2,220,000
2,491,000
1,621,000
1.648,000
1,326,000
United
States
Bonds.
Total
Bond
Sales.
$2.331,000
3,901,000
1,489,000
3,138,000
4,147,000
1,547,000
$7,841,000
11,290,000
10,690,000
11,819,000
11,971,000
7,611,000
3,746,945 $34,702,000 510.967,000 516.553,000 $62,222,000
Sales at
New York Stock
Exchange
Week Ended Sep . 28
1934.
Stocks
-No, of shares_
3,746,945
Bonds
Government bonds_ _ _ $16,553,000
State & foreign bonds_
10,967,000
Railroad bonds
34,702,000
Total
Jan. I o Sept. 28.
1933.
1934.
9,153,744
263,494,870
56.102,700
14,293,500
34,112,000
$767,817.700
476,197,000
1,768,093,000
1933.
545,912,738
4811.0
$330,345,500
576,213,000
1,632,887,900
$62,222,000 $54,508,200 $2,921,107,700 $2,539,446,400
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Sept. 28
Maturity.
Int.
Rate.
Sept.15 1936._
Aug. 1 1935..
June 15 1939___
Dec. 15 1934...
Mar. 15 1935._
Sept. 15 1938_
Dee, 15 1935_ _ _
Feb. 1 1938_
Dee. 15 1930_ _
134%
134%
234%
234%
234%
234%
234%
2%%
2% %
Bid.
Asked.
Maturity
Int.
Rate,
Bid.
Asked.
1001,4
101.3,
991,,
100".,
101 1,,
100.1
.,
1021,,
1001,4
1011,4
991.,
100,032
101',
100.11,
1021,,
Apr. 15 1930_ _ _
June 15 1938___
June 15 1935_ _
Feb. 15 1937_ ._
Apr. 15 1937_
Mar. 15 1938__
.
Aug. I 1936_ _ _
Sept. 15 1937_ _
.
214%
2 li %
3%
3%
3%
3%
3%%
334%
1021.32
101,00
102133
1021,22
1021,32
1021.,
1031,4
1031r,
1021.,4
10111.4
1 02.32
10211.4
10220.2
1024,,
103"41
1031.,
101.,, um..,
102.1., 102.
1,4
Asked.
Bid.
Jan
9 1935
Jan. 16 1935
Jan. 23 1935
Jan. 30 1935
Fee. 6 1935
Feb. 13 1935
Feb. 20 1935
Feb. 27 1934
Mar. 6 1935
Mar. 13 1935
Mar. 20 1935
Mar. 27 1935
0.20%
0.20%
0.20%
0.20%
0.20%
0.25%
0.25%
0.25%
0.25%
0.25%
0.30%
Highest.
RailroadsPar Shares. 5 per share. S per share. $ per share.$ per share.
Canada Southern__ _100
10 5134 Sept 26 5134 Sept 26 48% July 56% Apr
S Chic Ind & L pref_100
10 234 Sept 26 234 Sept 26 2% Sept 7
Apr
Chic St Paul & Om_100
10 134 Sept 25 13. Sept 25 1% Sept 6% Apr
Hudson & Manh pt 100
300 10 Sept 27, 1034 Sept 26 9% July 26% Jan
Int Rys of Cent Amer
Preferred
100
80 1234 Sept 261 1234 Sept 26 734 Jan 22% Apr
Market St Ry
10
100
% Sept 26
% Sept 26
34 Sept 2% Mar
N Y & Harlem pref _50
10 112 Sept 27 112 Sept 27 112
Sept 120
Sept
Northern Central _ _ _50
• 10 8334 Sept 281 8334 Sept 28 81
Mar 88
July
Indus. & Miscell.Abrah'm & Straus pf100
10 108 Sept 251108 Sept 25 89
Am Mach & Mets etfs_.
200 8 Sept 271 8 Sept 27 434
Am Rad & St San pf 100
90 122 Sept 271123 Sept 27 11134
Andes Copper Mining_*
100 531 Sept 271 531 Sept 27 531
Art Metal Construct_10
27t 434 Sept 221 5 Sept 25 4
AUG & WI SS L p1100 1,00t 931 Sept 24. 934 Sept 24 934
Bloomingdale 7% p1100
21 102 Sept 24102 Sept 24 88
Boeing Airplane
_• 5,90( 8 Sept 27 9 Sept 22 7
Bon Ami class A
130 83 Sept 24 84 Sept 28 76
Briggs & Stratton_ _ _ _•
400 1834 Sept 24 19 Sept 25 14
Brown Shoe pref.A00
80 120 Sept 22 12034 Sept 27 11834
Burns Bros el A cifs.
100 134 Sept 28 134 Sept 28 1
Class B
110 134 Sept 28 131 Sept 2
1
Class B Mrs
590 1 Sept 28 134 Sept 28
34
City Investing
100
10 44 Sept 27 44 Sept 27 44
Collins & Allman p1100
90 77 Sept 27 78 Sept 26 75
Consol Cigar pf (7)_100
60 55 Sept 28 57 Sept 2 31
Corn Exch Bk Tr Co_20
330 43 Sept 28 4474 Sept 24 4034
Crown W'mette lot pf _•
10 62 Sept 25 62 Sept 25 47
Devoe & Ray lot pf _100
50 113% Sept 22 113% Sept 22 99
Duplan Silk
100 1434 Sept 22 1434 Sept 22 14
Preferred
100
4010034 Sept 25 10034 Sept 25 100
Freeport Texas prof 100
200114 Sept 25 114 Sept 25,11334
Greene Cananea Cop100
10 38 Sept 27 38 Sept 27 18
Reline (G W)pref _100
10 143 Sept 27 143 Sept 27 12334
Indian Refining
10
100 29-4 Sept 241 234 Sept 24 234
Island Creek Coal pf__1
10 110 Sept 25 110 Sept 25 90
Kansas City P &
pref series B____*
5011134 Sept 28 113 Sept 28 9774
Kresge Dept Stores._1
400 434 Sept 25 5 Sept 25 234
Mathieson Alkali Works
preferred
100
10 125 Sept 26 125 Sept 26 110
North German Lloyd__
600 734 Sept 27 734 Sept 27 7%
Norwalk T & R pref _50
310 3534 Sept 24 3834 Sept 26 30
Omnibus Corp pref.100
100 83 Sept 26 83 Sept 26 83
Peoples Drug Stores.*
100 42 Sept 25 42 Sept 25 21
Shell Transp & Trad_a
10 2434 Sept 25 24% Sept 25 21
Silver King Coalition_5
400 1034 Sept 27 1134 Sept 27 83-4
Southern Dairies el A_*
10 534 Sept 25 534 Sept 25
Stand Brands pref _ _100
340 124 Sept 25 125 Sept 22 121%
Stand Oil of Indiana_25 7,900 2534 Sept 24 26 Sept 22 2534
Und'wd-Ell-Fish p1100
130 120 Sept 24 121 Sept 27 102
United Aircraft Corp_5 14,900 831 Sept 22 934 Sept 28 834
Utd Airlines Tr v t c_ _5 8,800 334 Sept 28 494 Sept 22 3304
Utd Amer-Bosch
100 10 Sept 28 10 Sept 28 8
S Distributing p1100
100 6 Sept 27 6 Sept 27 6
S Express
100
100
% Sept 28
% Sept 28
44
• No par value. x Companies reported in receivership.
Oct. 3 1931
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nov.21 1934
Dec. 19 1934
Dec. 26 1934
Jan. 2 1935
Asked.
0.30%
0.30%
0.30%
0.30%
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
0.350
4
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. Bond Prices Sept. 22 Sept. 24 Sept. 25 Sept. 26 Sept. 27 Sept. 28
First Liberty LoanHigh
3%% bonds of 1932-47_ _{Low
.
Close
(First 3)4s)
Total sales in $1,000 units_ _ _
Converted 4% bonds of_1 High
1932-47 (First 4.0
LewClose
Total sales in $1,000 units. _ _
Converted 434% bonds_{ High
of 1932-47 (First 4%s) Low_
Close
Total sales in $1,000 units__ _
Second converted 4)1%1 High
bonds of 1932-47 (First Low_
Second 4)4s)
Close
Total sales in $1,000 units _ _
.
Fourth Liberty Loan
1 High
4%% bonds of 1933-38_ Low_
(Fourth 4%0)
Close
Total sales in 51.000 units...
Fourth Liberty LoanHigh
494% bonds (2d ealled)_{Low_
Close
Total sales in 51,000 units_ _ _
Treasury
{Irish
Low_
43181947-12
Close
Total sales in $1,000 units_ _ _
(high
48, 1944-54
Low_
Close
Total sales in 51,000 units_ __
{High
431a-334s, 1943-45
Low_
Close
Total sales in $1,000 units. __
{ High
3%8, 1946-56
Low.
Close
Total sales in $1,000 units. _ _
1 High
3%s, 1943-47
Low_
Close
Total sales in $1,000 units _ __
1 High
38. 1951-55
Low_
Close
Total sales in $1,000 Milts- _ _
(high
3s, 1946-48
Low_
Close
Total sales in 51.000 units. _1 High
33.45, 1940-43
Low_
Close
Total sales in $1,000 units...
1 High
354s, 1941-43
Low_
Close
Total sales in $1,000 units_ _ _
(High
3%s, 1946-49
Low_
Close
Total sales in $1,000 units..
1 High
3)48, 1941
Low_
Close
Total sales in 51,000 units_ _ _
{High
3%,s, 1944-46
Low_
Close
Total sales in 51.000 units_ _ _
Federal Farm Mortgage 1 High
334s, 1944-64
Low_
Close
Total sales in 51,000 units_ _ _
rederai Farm Mortgage ' High
3s, 1949
Low_
(Close
Total sales in $1,000 units_
Home Owners' Loan
1 High
45, 1951
Low.
Close
Total sales in $1,000 units _ _ _
Home Owners' Loan
1111gb
38. series A, 1952
Low_
Close
Total sales its $1,000 units__
.
Home Owners' Loan
{High
234s, 1939-19
low.
Close
Total sales in $1,000 units. _ _
103.32
103123
103132
7
- -_
16 .;
13
103.22
1031.32
13
_
- -_ -103.32
103',,
103.31
4
1001..,
10010
,
10011
.
38
109",
109,
32
109 33
,
19
103
103
103
103
103
22
103'',,
10314, 103.32 103 a 103 32 1031,32
,
,
103.
1.4 1031122 103.32 1031,32 103"a
47
11
30
23
3
-10- .1;4;
3
103.33
1031°32
56
100,,s2
100,032
100,132
1,350
1010'32
1000°0
10911.,
15
105.14,
1051.22
105"32
5
100,,32
1001032
1001122
11
1032.32
1030,32
10310,,
1031,4
1031.,
17
10011.,
100.1,1
100.1.1
197
10911,4
10911.,
10911,,
8
10511.4
1051.41
1052.,1
96
100.1n
1051.3
10511
,
7
1001.3
1001,3
1001.3
10011,,
48
23
1031,2
103",
103 .32
,
1031.3
103,,
32
6
8
9
101 1h 101,,32 101 1.32
101 11
, 101"31 101 1.22
101 1h 101":2 101"32
16
6
981,32 98
981$
98",
981.32
981.3
981,33 98.1,4
8
131
18
9811
, 981,32 981.32
98.1
, OS'',, 981,32
98.14
98.
11, 931,32
9
212
48
1021.4 1020,, 102'32
10111
, 102
102
1021,, 102
102
ii
2
2
10110
, 102.., 1010,32
101", 10121.4 1012,22
. 101",, 101,732
10114
49
53
3
100
100
99.132
990,
991.,
99,032
100
100
99.
123
3
360
13
1011., 102.3, 102132
lops, 102
101 .32
,
101.13 102
101..32
10
29
82
1001.2 100.1,, 100"32
1001.3 1001,22 1001133
1001.3 1001.12 1001.12
17
186
200
99
99 33
,
982.31
99
99
93.132
99
99 32
,
98.123
10
26
19
97432
96,1 22
97.31
06E3
96":2 910.32
971,4
96,932 062°32
104
44
67
97144
97 32
,
07.,,
9611
, 90 32
,
971,4
97 32
,
96"s2
398
585
294
97 31
,
97132
971,1
96 .2
,
96"32 9611.,
97 12
,
96"32 9611,,
1,181
731
368
-_
-
-
103122 1021.4,
102. 32 10211,,
,
1021.., 10211.4
78
66
25
103;;;
103$,, 103.32
103
103.32
38
26
100"32
1001.33
100.1,2 100.'31
66
178
1091.32 109.1,,
1091.12 109.14,
1091.22 109.14,
50
16
.
1051.44 10511
,
105.1.4 10511
,
10.5.1,4 10511
122
37
100.1s, 100",
1001,4
100.1st 100",
76
48
103 .32 10311
,
,
1033,12
103,132 10314
55
115
101"U 101 1,3
101"3 1011,3
101 1'31 101",
31
86
9811
, egn.
0814,, 98 22
,
98143
94
.
9822
98",
981.3
116
,
10144
1012144
101114,
26
10111,4
1011144
10111s,
29
9911,,
1001.32
100'
032
1001.32
657
982,
32
98.1132
982,32
14
962.32
961$2
96.
022
143
96,122
961,32
96,432
748
96,,32
961.12
96,,
s2
648
9314,
93.22
931.22
210
35
10111,2
101114:
10111.,
263
100.1,,
1001,4
1001,4
1,384
9$ .32
,
981,32
98,1 21
52
96.1 3,
96.14,
96.132
163
961.32
961132
961.32
207
0622,2
961,22
06.14,
1,068
0312,,
031,,
93.1.,
207
1031,4
10311,
165
100.18
100.1.,
45
109.1,1
1091,32
1091,23
is
105,,32
1051.33
105"32
58
1001.22
100.32
1001.32
16
103"32
1031.22
1031.32
12
1011,32
101'a
101.33
15
og
9811,
9833,,
63
9814,,
981132
31
1012.32
101..32
101.132
20
101,1132
1012,22
1011,12
2
09 .21
,
991.23
091,n
28
1012.33
101,111
101,132
3
100'33
100',,
100.22
43
982.33
98,1132
9823,,
51
961113
96.33
96.32
68
96 32
,
95.23
96 23
,
25$
96.2,4
961,4
961,4
387
e310,
93 32
,
931,,
191
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds wore:
2 1st 3%ft
3 4th 434s (tine.dled)
,
7 Treas.4 qa-3).is
5 Treas.3s 1951-55
15 Treasury 334s. 1946-49
1023.22 to 1023,22
1031,, to 10311,
1001,4 to 1001.st
98/s, to 9814,
9911,4 to 99.1s
2009
,
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
,
Or' FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING
NOTICE.
-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
tales in computing the range for the year.
•
HIGH AND LOW SALE PRICES
-PER 'SHARE, NOT PER CENT.
Saturday
Sept. 22
Monday
Sept. 24
Tuesday
Sept. 25
Wednesday
Sept. 26
Thursday
Sept. 27
Friday
Sept. 28
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share $ per share $ per share $ per share $ per share Shares.
Par
Railroads
493 5018 4918 513
4
8 49
514 3034 513
8
4 5012 5212 5013 517 22,700 ttch Topeka & Santa Fe-100
.747 80
7513 7513 *7513 80
8
71312 78
7918 7918 *78
80
700
Preferred
100
303
8 2914 30
2912 314 31
30
32
31
32
3278 32
4,300 Atlantic Coast Line RR
100
1518 154 154 154 15
1618
1514 163
8 1534 163
4 1614 163 15,600 Baltimore & Ohio
3
100
18
1814 1814 *17
18
183
4 177 183
8
19
8 18
19
1914 1,700
100
Preferred
*40
4013 4013 4013 *40
41
.40
4212 4012 4012 *41
42
300 Bangor & Aroostook
50
•1073 110 .1073 110 *1073 110 *1073 110 •1073 110 *1073 110
4
4
4
4
4
4
Preferred
100
8
8
*63
8 9
*712 9
*7
9
*612 9
*612 9
100 Boston & Maine
100
418 418 *4
412 *4
412
4
4
4
4
4
4
900 Brooklyn & Queens Tr_No par
4313 4312 *4112 4413 4412 4412 4214 43
*4112 44
*4113 437
8
800
Preferred
No par
41
8
4114 407 4118 40
403
4 3813 4112 39
40
*3914 40
18.400 Sklyn Manh Translt
No par
*9012 9212 9214 921
4 9113 92
8914 92
9112 9112 *883 92
4
1,400
36 preferred series A_No par
133 134 133 131
8
4
4 133 141
4
8 134 14
1378 1418 14
14
8,300 Canadian Pacific
25
____ 95 •____ 95
*80
95
*80
95
*80
95
.80
95
Caro Clinch dc Ohio etpd_100
*57
60
*56
60
60
60
6112 64
*61
6112 63
63
700 Central RR of New Jersey.100
423 427
8
8 423 43
423 4314 424 431
4
8
433
8 4234 4314 6,900 Chesapeake & Ohio
8 43
25
.13
8 213 *13
3 213 *14 213 *13
8 212 .13
4 212 *13
4 212
:Chic & East [II Ry Co____100
*214 212 *214 21
4 *214 24 *214 234 "214 23
4 *214
100
23
6% preferred
4
218 214 *2
*2
214 *2
218
214
2
2
*218 214
300 Chicago Great Western
100
*414 5
.412 5
412 412 *412 5
44 43
8 *43
4 514
200
100
Preferred
314 33
8
312 31 2
314 314
34 312
33
4 33
4 .312 33
4 1,000 Chic 13111w St P & Ptio__No pa
512 538
54 514
54 54
538 53
4
54 55
8 5,700
8
512 55
100
Preferred
64 638
6
57
8 613
6 12
614 612
8
618 618 8,500 Chicago & North Western 100
63
2 63
1112 1218 1112 12
1112 1112 1114 12
12
1113 2,100
1214 11
100
Preferred
23
8 23
23
8
4
213 212
24 23
212 213
8 *214
213 1,200 /Chicago Rock ICA Pacific 100
238
.4
412 *372 438
37
8 37
8 *378 412 •334 412 *4
412
100
100
7% preferred
*313 34
312 31
4 *312 4
*3
4
.312 4
312 312
300
100
6% preferred
*22
2918 21
21
*23
30
20
21
*3114 26
*24
25
120 Colorado & Southern
100
.1612 19
*1612 19
19
19
1712 173
4 1812 1813 *1612 19
140
4% 1st preferred
100
*143 18
*141 16
8
8
.143 18
8
*14 18 13
*143 18
8
8
143 1418
10
100
4% 21) preferred
*31 2 33
8 *312 34 *312 338
200 Consol RR of Cuba prat
312 3 2 *313 34
,
312 312
100
*5,4 7
*514 7 2 *514 7
,
43
4 514 *5
7
470 Cuba RR 6% pref__._ _100
5,
4 54
40
40
404 40
3813 4114 40
413
4 40
3912 4112 4,100 Delaware & Hudson.
413
100
177 1818 173 1814 1714 183
8
8
8 173 184 1714 184 18
8
183 10.400 Delaware Lack & Western_50
8
614 014
6
*512 614 *5
6
612 *654 613
614 614
600 Deny & Rio Or West prof _WO
1214 1212 12
127
8 12
1234 1213 1234 1218 1318 1213 123
4 4,000 Erle
100
*16
1812 151 16
4
.16
1712 *1618 17
17
17
*1614 18
700
First preferred
100
.9
12
*9
12
9
104 1013 11
*11
12
*978 12
1,000
Second preferre I
100
144 154 1413 1538 144 1513 15
1513 15
1614
1513 157 14,400 Great Northern prof.
8
100
*6
712 *512 712 .512 712
613 612 .58 71
*6
7
100 Gulf Mobile & Northern_100
1414 1414 *143 16
•1414 15
8
*14
16
*14
153 *13
16
100
Preferred
100
*12
7
8
*12
7
8
*12
7
8
*12
7
8
"2
Havana Electric Ry Co AT, par
3
*12
3
4
*512 6
*5
57
8 *5
572 •5
538 *5
57
.5
57
8
Hudson & Manhattan
100
8 1614 173
174 1614 173
17
8 167 173
8
8 1714 181
1714 173 11.600 Illinois Central
4
100
*25
*2312 25
*24
23
25
•24
25
25
25
*2414 28
200
6% prof series A
100
*54
60
56
51
*51
54
*51
60
•55
60
*55
10
60
Lease I lines
100
97
8
*9
97
3 97
8
912 1014 • *83
9,2 91
4 912
220
4 83
4
83
RR Sec ctfs series A 1000
14
4
1412 143
1413 133 nig
8 1418 14'4
14
1414
133 1414
4
3,800 :Interboro RapIdTran v t o 100
*838 87
74 74 *73
4 83
4
8
8 14
812 83
4
814 813 1,000 Kansas City Southern
100
•113 143
4
4 14
1412 *1412 1678 *13
17
*14
167 *13
8
163
8
200
Pre,
erred
100
.11
1218
117
113 *11
8 11
4
113 1218 117 123
4
8
8 12
123
8 2.000 Letilgb Valley
50
41
41
40 4 4114 401 42
4
3
4112 4214 4112 4238 42
42
2,600 Louisville & Nashville__100
33
33
33
3213 324 *30
*32
33
*30
33
33
3312
230 /Manhattan Ry 7% guar 100
21314 264 253 2614 2438 2513 2414 2512 25
4
2514 2412 25
6,800
Mod 5% guar
100
•54 8
*518 8
*518 8
*54 8
518 .518 *5
100 Market St Ry prior pref
74
100
*3
8
13
3
8
3
8
•3
8
12
•3
8
12
*3
8
12
38
3
8
200 :Minneapolis & St Louis_ 101)
.1
112 *1
112 *118
11
; *118
112 *14
1 1 3 *14 1 13
Minn St Paul & SS IMarle_100
*2
3
*2
23
4 .2
27
8 *2
27
8
23
8 23
8
*118 212
100
7.7 preferred
100
.23
8 312 *213 312 *214 313 *214 312 *214 312 *24 312
44 leased line etts
4
100
63
8 612
618 614
6
63
8
8
634 67
8
612 63
64 67
4 6,500 Mo-Kan-Texas RR__No par
1614 157 1.6171
16
8
1514 16
1618 1614 1614 1634 1512 16
4,100
Preferred series A
100
213 212
3
3
.23
8 3
.23
8 3
.24 3
.25
8 3
200 IMissouri Pacific
100
4
4
4
4
418 414
418 414 •44 414
1,100
418 414
Gone preferred
100
*20
26
.20
26
*23
26
26
26 .23
254 *20
10 Nashville Chatt & St Louis 100
257
8
•112 13
4 *13
4
17
8 *13
8
13
4
114
1,
4
1
114
*13
8
13
4
300 Nat Rye of Men 1st 4% pf_100
*12
3
3
*12
3
4
*12
31
*5
8
3
4
100
5
8
21) preferred__ ___
5
8
"2
3
4
_ 100
14 207 2318 2218 234 223 2312 2238 2278 49,800 New York
213 22
3
2114 22
8
s
. _No par
_
•12
1213 124 124 1314 14
*1214 14
1,1334 14
14
1412
800 N Y Chic & Central_St L0308CO
100
19
19 .1812 193
4 187 21
8
203 21
8
22
20
2218 3,200
2214
Preferred series A
100
115 115
11312 115
114 114
115 115
114 114 *11312 115
100 N Y& Harlem
50
1018 10
104 104 10
1034 103 11
1012 1118 1012 107
4
8 8,900 N Y N 11 & Hartford
100
1714 1714 167 1718 1718 18
1713 18
1713 3,600
8
17
17
1814
Cony preferred
100
•33
4 6
*64 6
*613 67
8 *63
8 61
6
6
*53
4 67
8
100 N Y Ontario & Western_ _100
.1
1 1 _ •1
1
1
114
*3
4
1
300 NY Railways prof
4
3
4
3
4
3
4
3
NO par
15
8
15
8 •113 21
*13
8 218
*112 21
•13
4 212 *184 214
100 IlVorfolk Southern
100
168 168 *168 170 .17014 171
•167 170
1693 1693 *166 170
4
4
200 Norfolk & Western
100
95
96
95
•9414 96
96
*9518 96 .954 96
*951e 96
30
Adjust 4% pre(
100
8 177 1814 177 187
1818 193
8
8
183 19'e 187 20
8
8
1938 2013 15,100 Northern Pacific
100
.1.118
314 *112 314
*114
31
*112 31
.112 3
*113 3
Pacific Coast
10
413
•312 678 *33
3 67
8 *4
4
418 418
414 414
42
20
1st preferred
Vo par
*2
412 *213 413 *2
5
.218 31
*2
5
*2
5
2d preferred
No par
223 23
4
223 2314 223 233
8
8
8 2318 233
8 233 24
8
2314 237 14,100 Pennsylvania
8
50
*214 33
8 •214 33
8 •214 318 •214
33
8 •212 338 •212 34
Peoria & Eastern
100
*1513 25
8
17
17
*1614 25
4 •157 26
*1514 19
1612 1613
200 Pere Marquette__
100
*22
3012 *22
30
*22
30
*22
30
*2214 30
*23
30
Prlor preferred
100
•1513 36
*16
36
*1812 311
*1712 36 .1712 36
.1712 36
Preferred
100
•214 23
4 *214 23
4 *214 234 *214 23
4 *23
8 23
8 234 *23
3
Philadelphia Rap Tran Co_50
*512 63
*512 7
*614 612 *512 7
4 *5
63
63
4 *5
7% preferred
50
•10
20
*10
20 .14
20 .10
20
*14
20
*14
20
Pittsburgh & West Virginia 100
*334 44
*384 42
*3914 43
*39
44
*394 423 .384 44
4
Reading
50
*40
42
42 .40
*4013 42
.4013 42
*4013 42
4118 4118
100
1st preferred
50
.37
3713 37
*32
37 .32
37
37
*32
37
*32
37
100
2d preferred
50
*518 7
*54 7
*53
8 7
*54 7
.53
8 7
.54 7
Rutland RR 7% pref
100
14 2
14 2
.134
17
8 .13
4
17
8
13
4
13
4
134
13
4
900 /St Louls-San Francisco 100
.23
8 213 .23
8 213
218 23
8
23
3 212
213 212
212 212
500
let preferred
100
.1212 1412 *1212 1413 1213 1212 .512 1412 *512 1412 *512 1412
10 St Louis Southwestern
100
3
4
3
4
3
3
N
5
8
3
3
5
8
34
5
8
5
8
5
8 8,100 VieflbOard Air Line__ __No par
3
4
114
1 14 .114
11
, *114
112 *1
112
1 14
13
8 .118 112
300
Preferred
100
174 184 1718 183
s 173 19
8
183 1918 1853 193
4
8
4 183 193 34,400 Southern Pacific Co
4
100
1638 1153
4
153 167
4
8 16
4
17
163 1714
1612 173
8 1614 164 17,900 Southern RanWaY
100
203 204 2013 2012 20
8
213
8 21
21
204 22
2014 21
3,000
Preferred_
100
:13
33
.32
34
323 3238 .33
8
3738 *3:313 373 •3312 373
8
8
200
Mobile & Ohio stk tr etre 100
*173 19
•167 193
8
2
17
4 17
*1714 23
1812 1812 .1712 1912
200 Texas & Pacific Ity Co
100
613 612 *6
63
8 .1312 63
4
6
6
6
6
6
6
400 Third Avenue
100
.4
5
*4
*44 5
5
47
8 47
*4
478 *43
100 Twin City Rapid Trans No par
8 44
2213 2213 2213 21
.21
2212 *20
217
8 20
23
2212 *21
140
Preferred
100
98 1021 1014 10213 100 102
100 10014 911 100
4,900 Union Pacific
1017 102
8
100
75
75
75
75
7414 75
75
76
*744 7512 7512 7512 2,300
100
l'referred
212 *214 213 *214 21
•214
*214 21
*214 213 *214
100
/Wabash
238
33
4 334 *314 33
4 *312 4
33
4 314 *312 33
200
4
4 *314 33
100
Preferred A
9
9/
1
4
9
914
913 913
9
94
9
93
4
913 912 2,900 Western Maryland
100
*1018 12
20
*10
•10
13
*1014 1312 *10
1312
1312 *10
100
2d preferred
.338 4
34 33
2
313 38
37
3 34
.312 4
4
4
600 Western Pacific
100
9
94
812 914
8 2 914
,
84 93
8
9
93
8
87
8 84 2,900
100
Preferred
Old ar 11 Asked prices, no sales on thls day.
No account Is taken of such
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
$ per share
4514 Aug 11
704 Jan 5
2412July 31
1314July 26
165813ep1 11
3512July 27
9518 Jan 5
612July 27
312 Aug 6
38 July 26
2814 Mar 27
8218 Jan 4
8July 26
117
70 Jan 6
53 July27
3912 Jan 5
14 Aug 2
3July 23
13
2 July 26
4 July 23
212July 26
3July 26
33
412Juiy 26
814July 26
2 July 24
314July 26
2 July 23
18 Aug 4
15 Aug 13
1418 Sept 28
218 Jan 5
314 Jan 15
35 Aug 6
14 July 26
418July 26
8Sept 17
93
8Sept 17
147
9 Sept 25
1214July 26
5 July 25
12 July 28
3
8July 2
Vs Aug 6
8July 26
133
25 Sept 10
483 Jan 5
4
712Sept 19
512July 26
638July 26
1114 Aug 7
912Ju1y 26
4Sept 18
373
20 Jan 3
54 July 26
478 Jan 16
14 July 30
1 July 26
13 Jan 8
4
218Sept 17
438July 27
1314Sept 17
2 July 26
314July 24
21 Aug 13
1 May 16
38 Jan 5
1838 Aug 6
9 July 26
16 Sept 17
108 Jan 2
9 July 26
14 Sept 17
41JUly27
38July23
118July 23
161 Jan 5
82 Jan 8
1412July 31
2 Jan 4
334 Jan 19
2 Jan 3
204Sept 15
2 Sept 19
12 Aug 7
18 Jan 13
1318 Aug 7
218Sept 14
412 Jan 12
1114July 30
3518 Aug 11
3312 Feb 8
2918 Jan 11
7 July 26
112 Aug 9
2 July 23
8 July 26
%Sept 13
1 Sept 12
147 Aug 6
8
1112 Aug 6
14 July 26
32 Sept15
13'2 July27
4 July 26
13 Jan 10
8
6 Jan 12
90 Aug 8
713 Jun 18
4
lIsJuly27
23sJuly26
718July 26
914 Sept 17
238July27
43 Jan 5
8
Highest.
PER SHARE
Range for Precious
Year 1933
Lowest.
Highest.
$ per share 3 per share $ Per share
7334 Feb 5
343 Feb 8018 July
8
90 July 14
50
Apr 7934 June
544 Feb 16
1612 Feb 59 July
3412 Feb 5
84 Feb 377 July
2
373 Feb 6
912 Apr 3914 July
8
20
Jan 413 Deo
46 18 Feb 1
4
111 June 30
683 Jan 110 Aug
3
1912 Feb 5
6
Apr 30 July
93 July
83 Feb 7
312 Mar
8
8
5814 Apr 26
353 Apr 6018 July
4
214 Feb 41 14 July
447 Aug 27
8
97 July 21
84 Mar 8312 June
1914 Mar 12
712 Apr 204 July
9212June 23
5014 Apr 7912 July
Apr 122 July
92 Feb
39
485
8June 16
243 Feb 4914 Aug
3
7 Feb 17
8 July
12 Apr
12 Apr
812 July
8 Feb 16
512 Feb 1
18 Apr
3
73 July
3
117 Feb 19
212 Apr 144 July
8
Apr
114 July
812 Feb 5
1
14 Feb1814 July
1314 Feb 5
15 Feb 5
18 July
114 Ain
28 Feb 16
2 AV 24 4 July
,
2
Apr
1018 July
614 Feb 7
I912 July
94 Feb 6
312 Apr
15 July
8 Feb 6
24 Apr
4038 Feb 1
1514 Feb 51 July
334 Feb 9
1212 Apr 423 July
4
30 Feb 3
10 Mar 30 July
103 June
8
114 Feb
4
63 Feb 5
16 June
212 Jan
1012 Jan 23
373 Feb 933 July
4
8
7313 Feb 1
333 Feb 5
1714 Feb 48 July
4
1934 July
Feb
1314 Mar 28
2
4
8
4
247 Feb 5
33 Apr 253 July
284 Apr 28
412 Apr 2913 July
23 Apr 21
212 Apr 2314 July
8
3213 Feb 5
43 Apr 3334 July
11 13 July
1614 Feb 20
13 Mar
4
35 4 Feb 21
212 Mar 2312 July
3
234 June
113 Dec
1 12 Jan 23
19 June
1213 Feb 7
613 July
812 Apr 5034 July
3374 Feb 5
50 Apr 26
16 Mar 6018 July
31 Mar 60 July
66 May 2
2414 Feb 6
4 2 Apr 34 July
,
3
418 Feb13 4 Dec
8Sept 10
157
,7
1934 Apr 21
612 Feb' g July
2712 Apr 21 312 Ma
14 July
34
8
2114 Feb b
83 Feb2' July
21 14 Jan 6712 July
8213 Apr 20
Oct
12 Mar 28
35 sem 10
Oct
Jan 20
6
8Sept 10
293
8 June
14 Mar
1214 Apr 24
24 July
8
Is Jan
13 Mar 28
54 July
12 Mar
33 Feb 6
8
812 July
34 Apr
518 Apr 20
212 Dec 1412 July
713 Mar 10
17,8 July
147 Feb 5
5 4 Jan
8
3
1112 Jan 3714 July
8
343 Feb 6
1014 July
14 Apr
6 Feb 5
13 Apr 1514 July
8
93 Feb I
4
13
Jan 57 July
48 Jan 24
Is Mar
312 June
218 Apr 4
13 June
s
la Jan
1 Mar 7
14
Feb 5812 July
4514 Feb 5
24 Jan 273 Aug
8
2674 Apr 24
24 Apr 344 July
4314 Apr 23
4
139 Feb 1 100 Mar 1583 June
4
11 18 Feb 347 July
2413 Feb 5
Apr 56 July
374 Feb 5
18
15 July
712 Dec
1138 Feb 5
313 July
13 Jan 16
4
38 Mar
Vs July
413 Apr 20
12 Apr
187 July 16 11111 Mar 177 July
74 May 8712 Sept
100 .111103 9
94 Apr 3474 July
3614 Apr 20
Jan
7 July
1
63 Mar 14
8
10 July
8
1114 Apr 20
13 Fel
Feb7 July
1
612 Mar 14
3773 Feb 19
133 Jan 42, July
4
4
8 Feb 17
4 Feb0 July
:37 July
38 Apr 24
37 Ma
4
5112 Apr 23
8
Jan 4412 July
412 Fe
3312 July
43 Apr 23
54 July
2 June
6 Apr 25
10 July
3 Dec
16 Apr 24
27 Feb 21
3
612 Apr 35 4 July
2312 Apr 62,2 July
563 Feb 6
8
25
Apr 38 July
4112June 9
39I2June 19
2312 Mar 37 July
1812 July
Jan
15 Feb 7
6
4 8 Feb 6
3
93 July
8
4 Jan
1
Apr
914 July
618 Apr 4
20 Mar 8
538 Mar 22 July
2 Feb 6
3 July
14 Jan
3 Mar
8
44 July
313 Feb 21
11 18 Feb 3814 July
333 Feb 5
4
3612 Feb 5
418 Mar 36 July
49 July
4114 Apr 28
57 Jan
8
Jan 4014 July
8
473 Apr 20
4
15 Apr 43 July
4314 Feb 1
418 Feb
1218 June
814 Jan 12
812 Apr 24
54 Dec
43 June
4
15 June
39 Apr 24
412 Dec
6114 Apr 132 July
1334 April
Apr 7512 July
56
89 July 13
112 Jan
712 July
44 Jan 30
1 1e Apr
8
97s July
83 Apr 26
Feb
16 July
1714 Feb 20
4
1912 July
23 Feb 20
53 Jan
3
812 Mar 29
1
Apr
912 July
16 July
14 Mar
1712Mar 28
!Companies reported in receivership. a Optional sale. c Cash sale. s Sold 15 days.
7 Er-dividend
y Ex-rights.
New York Stock Record-Continued-Page 2
2010
or FOR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 22
Sept. 29 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
Monday I
Sept. 24
Tuesday
Sept. 25
Wednesday
Sept. 26
Thursday
Sept. 27
Friday
Sept. 28
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On Dane of 100-share tots.
Lowest.
Highest,
$ per share $ per share $ per share 6 per share $ per share $ per share Shares.
Industrial & Miscel. Par 5 vet share
$ per share
7'8 712
No pa
8 July 26 1178 Feb 5
714 73,
714 712
712 73
4
4
714 712 16,100 Adame Express
78 73
*794 86
*7912 86
*7912 86
*7912 83
*7912 83
*7912 83
Preferred
101, 7014 Jan 25 84 July 18
26
*254 2612 26
26
2614 26
26
2614 27
2634 2714 2,400 Adams Milne
No par 16 Jan 5 3478 Apr 5
8% 83
8
84 838
4Sept 14 113 Feb 6
7% 7 4
3
712 7% • 758 8
814 814 2,000 Addrese Multigr Corp
10
63
75, Feb 5
43, 4% *4
*33
4 45* *33
4 45* *418 4%
45
*44 412
200 Advance Rumel,
No par
318July 27
95, Feb 6
*54 514
5
5%
47
8 5
5
54
,
5
5
514
514 3,300 Affiliated Products Inc_No par
47
8Sept 25
10214 1025 4023 1021 101 103
4
/
4
*
10234 10338 5100 101
10114 102
5,200 Air Reduction Ino
No par 913
4June 2 10614 Jan 24
33 Apr 26
*112 15
14 14
112 112
112
112 15
112Sept 19
11
/
4
11 17
/
4
8 2,100 Air Way Elec Appliance No par
1858 198 1814 1878 1814 184 1838 193* 18$8 1958
/
1
1938 2018 68,800 Alaska Juneau Gold Min_ _10 165
8SePt 14 23 8 Jan 15
7
412 *4
*4
412 *4
412 *4
412 *4
A P W Paper Co
412 *4
No par
33July 27
7 Apr 24
/
1
4
412
13
4 17
8
11 11
/
4
/
4
13
4 2
11 2
/
4
178 2
11 2
/
4
4,200 Mieghany Corp
No pat
514 Feb 1
1':Sept18
712 712 *714 812 *712 812
74 8
•758 814
712 712
600
Prof A with $30 warr---100
514Sept 12 1618 Apr 10
*614 7
*6
8
800
7
Pref A with 240 warr___100
5 Sept 8 145* Apr 10
714 *612 7
4 *612 714
63
4 63
*658 7
*6
714
7
714 *618 7
900
63
4 63
4 *612 712
Fret A without warr__100
514 Jan 6 148* Apr 9
1612 18
*18
2212 *18
2018 *18
2212 *18
2212
200 Allegheny Steel Co____No par 15 June 16 2318 Feb 23
185* •18
12214 12234 122 123
12112 12512 125 12512 12512 12812 126 129
3,700 Allied Chemical as Dye_No par 11518SePt 17 1603 Feb 17
4
*123 126 *123 126 *12312 126 *1244 126 *124 126
126 126
100 Preferred,
100 122% Jan 16 130 June 22
1238 1212 12
1212 1214 123
4 13
1318 13
135* 1312 133
4 5.500 Allis-Chalmers Mfg____No par 1038July 26 235* Feb 5
*13
1334 *1212 1314 127 13
8
700 Alpha Portland Cement No par 1112July 28 2018 Feb 6
1212 134 125* 125* 1234 1234
334 334
334 418
4
4
4
35* 334
418
4
4
3,200 Amalgam Leather Co
1
2% July 27
711 Mar 12
4
*2512 335* *2518 3338 *23is 3338 .2614 3338 *255 333 *25 8 33
8
7% preferred
8
,
60 25 Jan 6 45 Mar 13
/
1
4
4314 4312 43 44
43 4312 4234 4334 43 43
43 4312 5,800 Amerada Corp
No par 41 Sept 18 555
8June 8
3714 3714 3612 3612 3612 37
/ 373 373
1
4
4
4 3714 3812 3814 3812 2,400 Amer Agri° Chem (Del) No par 2514 Jan 4 413* Aug 22
12
/ 1338 13
1
4
135* 14
14
127 13
8
*1358 1412 135* 135* 2,400 American Bank Note
10 1112Sept 18 2514 Apr 27
434 4312 4312 44
*4212 44
*4212 44
4212 43 *4212 44
270
Preferred
50 40 Jan 4 504 Apr 27
x2112 2212 2112 2214 223 23
2134 22
23
1,600 Am Brake Shoe & Fdy-No par 1912Sept 17 38 Feb 6
2278 23
23
4
*10312 10412 *1013 10412 *1013 104 *10154 10412 *10134 10412 *10134 10412
4
4
100 96 Jan 10 11012 Apr 18
Preferred
974 984 974 994 983
9812 99
4
6812 99
98 109
7,900 American Can
25 9014May 14 10734 Feb 15
*139 145 *139 14212 13814 139 *13812 142 *13814 14212 *139 142
350
Preferred
100 12612 Jan 6 14812July 24
1634 154 167
1718 174 174 174 *165 1718 1,900 American Car & Fdy___No par 12 July 26 33% Feb 5
1614 1614 15
/
1
8
*334 364 *3212 35
35
35
*3218 35
35
37
*3414 39
400
Preferred
100 3214Sept 14 564 Feb 5
*54 6
/
1
*512 6
*512 6
*512 6
American Chain
412 Aug 7 1214 Feb 27
*512 6
No par
*54 53
25 *21
*21
25 *21
25
*2114 25
*2114 25
*2114 25
7% preferred
100 19 Aug 31 40 Apr 24
4158
.58
*59
593
4 59
60
60 60
60 60
6012 61
1,800 American Chicle
No par 4614 Jan 8 62 Sept 1
•24 3
*212 3
*212 3
3
3
100 Amer Colortype Co.. _ _ _10
*212 414 *212 414
218 Aug 6
Ohs Feb 5
2518 26
26
26
253 27
273* 2838 275* 2812 2712 2814 5,200 Am Comm', Alcohol eery-.20 20 4July 26 624 Jan 31
3
838 838
812 83
4
83, 84 *81 88
/
4
818 814 1,600 b American Crystal Sugat___10
7 July 26 1312June 19
8
/ 83s
1
4
*45
65 *55
57
5312 58
*54 60
54
5412 55 55
110
7% preferred..
-100 4612 Jan 4 '2 June 18
/
1
4
218
24 24
2
214 23
8
214 24 24
118June 27
5 Feb 16
24 2,000 Amer Encaustic TIling.N par
53,
5
5
*5
512 *5
500 Amer European See's No par
412Sept 20 1012 Feb 3
53, *43
412 412 *43
4 512
63* 64
63* 7 13.000 Amer & Fr:Wu Power_ No par
412July 26 1334 Feb 6
/
1
63
8 638
65, 74
614 61
/
4
63
4 74
15
16
16
16
1612 1612 173 184 17
4
17
1634 17
1,200
Preferred
No vat 1314July 27 30 Feb 7
814 9
914 94
812 9
9
9
*8% 94
No par
64July 26 1712 Feb 6
83
834 1,100
2nd preferred
13
13 *11% 1314 1234 1314 1312 14
14
No pat 1112July 30 25 Feb 6
1,100
$6 preferred
133* 1312 14
*1138 1112 1112 1112 111 115 *11
/
4
1212 *111 1212 *Illy 1212
/
4
400 Amer Hawaiian S S Co__ /0 1012July 27 225s Feb 16
514
43
4 43
4 *43
4 514 *43
4 54
312July 26 1012 Feb 5
5
5
*5
514 *5
300 Amer Hide & Leatther_No par
2014 2014 20
20
20
20
195* 204 194 1912 194 1918
100 17% Aug 1 424 Mar 15
700
Preferred
*3012 3112 *3012 313
8 303 314 314 3134 32 32
4
*3014 313
4
600 Amer Home Products
1 2618 Jan 5 3638 Apr 26
4
4
*33* 414 *33
4 4
*4
3 4 33
3
4
414
500 American lee
No par
314 Sept 18 10 Feb 5
44 4%
4126
31
*28
31
a2812 2812 a2812 2812 284 284 29
8Sept 27 454 Mar 26
/
1
/
1
2934 1,300
6% non-cum pref
100 287
/
1
64 63
61 64
/
4
63* 74
612 714
634 718
612 63
4 2,900 Amer Internal Corp__ _No pat
434July 26 11 Feb ft
'Sept 21
112 Apr 4
5
8
,
Is
12
12
1*
12
*12
/
1
4
12
12
*12
5* 2,700 Am L France & Foamite No par
*33
*34 4
4
*31
40
Preferred
100
314Sept 26 10 May 22
; 312
34 312 *34 55* *3% 514
1634 164 1618 17
16
1614 1612 1612 1678 1814 18
2.100 American Locomotive_No par 1412Sept 17 388 Feb 6
18
*39
4218 *39
42
*4018 4218 *41
424 42
/ 4212 *42 44
1
4
Preferred
200
100 3512Se94 12 74% Mar 13
14
14
14
1414 1412 1412 1412 1412 145 145
145* 1578 4,800 Amer Mach & Fdry Co_No par 1238July 27 1934 Feb 5
818 84
818 838
8
8
812 83 4,500 Amer Mach & Metals...No par
34 Jan 3 1014May 11
78 8
814 814
17
16
1638 1534 163
17
1658 17
4 157g 1638 154 16
/
1
3,500 Amer Metal Co Ltd___Ns par 15 Sept 6 2758 Feb lb
•63
76 .63
76
*63
73
*70
73
73
100 73 Jan 2 91 Feb 15
73 .73
753
4
100
6% conv preferred
*24
2534 *2412 254 *241 253
25
/
4
25
4124
4
100 Amer News Co Inc__No par 21 Jan 3 343 Mar 13
25 4 *2412 2534
3
35 Sept 17 1214 Feb 6
45* 5
434 518
5
54
54 54 11.500 Amer Power & Light_No par
514 54
518 55*
1334 138
138 1334 1312 1412 1412 15
1512 1512 2,400
No pat 1112Segt 17 29 Feb 6
/
1
4
/ 1512 16
1
4
116 preferred
113 1214 12
1214 12
12
/ 127 1312 13
1
4
8
1312 *124 13
No par 104Sept 17 261 Feb 7
/
1
/
4
4,500
56 preferred
135* 1312 13
13
/ 134 133* 135* 137
1
4
133 137
4
8 1314 1334 31,100 Am Bad & Stand Elan'y No par 10 July 26 175, Feb 1
1612 161 164 161 153 1712 174 17
/
4
/
4
4
/
1
/ 17
1
4
25 1312July 26 284 Feb 19
174 17
/
1
1712 12,700 American Rolling Mill
*5234 54
*5212 54
5258 535* *5258 54 *53
54
533 54
500 American Safety Razor No par 86 Jan 13 58 July 20
*212 2
/ *2/8 2
1
4
/
1
4
7% f eb 19
3
3 18
2,400 American Seating v t e_No par
218July 27
27
8 3
3
3
3
3
238 Jan 30
"4
%
"4
3
7
8
200 Amer Ship & Comm.._No par
34July 24
"4
%
"4
3
4
7
8
3
4
3
4
3
4
*1812 20
*1812 20
*1838 20
20
2112 21
2134 *1918 2114
140 Amer Shipbuilding Co_No par 1758July 27 80 Jan 30
3414 343
4 33 343
4 323 3412 344 35
8
3412 353
34
354 22,700 Amer Smelting & Refg_No par 3014July 26 5114 Feb 15
*11112 112
1113 1113 112 112
4
4
11212 11212 *113 115
113 113
Preferred
100 100 Jan 2 125 June 29
500
*80
9512 *86
951 *8512 944 *84
/
4
94 *88
94
94
96
2nd preferred 6% oum.-100 7114 Jan 2 9812Sept 6
500
*62 63
63 63
65 65
65
65
*6318 65
6412 6412
600 American Snuff
25 483 Jan .5 65 Aug 27
*11912 12214 *11912 12214 *11912 1224 11912 11912 *11812 12214 *11812 12214
Preferred
30
100 106 Feb 25125 June 13
13
1314 1212 13
13
1312 14
14
1334 14
134 1312 2,000 Amer Steel Foundries_No per 1018July 26 204 Feb 5
/
1
4166
67 *66 68 I *67 68
*66
67 .66
67
Preferred
67 68
90
100 5978June 2 81 Jan 30
*4112 42
414 42 *4138 42
/
1
*413 42 *4112 417 *411 42
4
/
4
8
200 American Stores
No par 37 Jan 3 4414 Feb 7
*65
6714 *65 67
65 6612 6714 675*1 67 67
66 67
100 48 Jan 3 72 July 14
800 Amer Sugar Refining
11812 11812 *11812 1204 *1184 12018 *11812 12018
*11614 119 *11614 120
100
Preferred
100 10312 Jan 3 12134 Aug 23
18
1858 18
183
8 18
1914 19
1918 1918 1934 191 1914 5,000 Am Sumatra Tobacco_No par 1334May 10 2114July 20
/
4
11118 11218 109 111
/
1
4
109% 11238 1124 1131 11212 11314 1103 1117 17,200 Amer Telep & Teleg
4July 30 12514 Feb 6
/
4
100 1053
4
8
73
7314 745* 7412 744 7412 7512 76
7314 7312 73
/
1
76
1,600 American Tobacco
25 6514 Jan 6 8238 Feb 6
/
1
7514 7512 744 7512 744 7634 763* 7634 76
/
1
7712 763 774 4,600
Common class B
25 67 Jan 8 844 Feb 5
4
*121 12212 *121 12212 *121 12212 *121 12212 *122 12212 1224 12212
200
Preferred
100 10714 Jan 3 125 Aug 23
*4
418
4
418 *41
*31
438 *4
438
3 July 25 13 Feb 21
tAm Type Founders_ _No par
45* *35
73 Jan 6 283 Feb 21
9
1112 1012 10
/ 11
1
4
113
4
*74 25
11
11
10
/ 107
1
4
8
410
Preferred
100
1614 164 1614 1714 1612 173
173 17
/ 174 1734 17
1
4
1714 13,900 Am Water Wks & Eleo_No pat 1414 Sept 17 275* Feb 7
*6338 70
68 68
*6338 70
70
70 *69
No par 54 Jan 3 80 Feb 5
70
69 69
400
1st preferred
87
95* 93*
9
7 July 31 1718 Feb 5
1,800 American Woolen____No par
914
94 913
914 912
94 914
9
41
42
100 36 Sept 18 8334 Feb 7
4112 4138 41
42
41
41
414 2,700
Preferred
424 4212 41
4 Mar 14
/
1
4
1
1 June 27
*1
118
118 118
llg
118
114 114 *11g 14
118 118 1,100 :Am Writing Paper
Preferred
No par
278July 27 174 Apr 23
*3 2 33
,
4 *35* 3 4 *35* 33
3
4 *312 31
*34 35, *312 35,
9 Feb 16
33*Ju1y 26
43* 458
412 412 *412 5
5
5
*412 5
/ *434 54
1
4
300 Amer Zinc Lead & Smelt.__ I
*39
3978 *38
39
/ 39
1
4
100
Preferred
25 37 Sept 17 5018 Feb 16
39 *35
3978 *35
39
*35
39
14,300 Anaconda Copper Mining_60 10 July 26 175 Apr 11
1114 12
1158 12
1158 1178 115* 12
115 12
1114 12
*1012 1212 103 104 *1012 124 *1012 1214 *1012 1212 *1012 1212
9 Jan 12 13% July 12
/
1
4
8
/
1
100 Anaconda Wire & CableNo par
No par 13I July 24 243* Jan 31
16%
300 Anchor Cap
.16
1612 16
16
*1512 1612 16
16
16
16
*15
*963, 100
*9638 100 *98
99
*98
um cony preferred_No par 84 Feb 5 100 Apr 17
99 .98 99 *98 99
3412 1,200 Archer Daniels Midi1
/
4
1-No par 2614 Jan 9 36 Aug 31
34
34
3314 34
33
3318 34
34
3412 3434 *34
'11614__ _ *11614
7% preferred
100 110 Jan 24 11612Sept 26
-- 11814 - _ 11612 11612 *1161/4 _ *1168 -..4
20
*9214 -.
24 *91 - *9214 94
94
945
700 Armour & Co (Del) pref-100 7614 Jan 2 95 Aug 30
94
95
9412 - -3- *94
94 4
5
312July 26
63 Aug 29
4
6
618
6
618
578 614
14,500 Armour of Illinois new
6
614
5
/ 6
1
4
6
618
No par 4614July 28 643 Aug 29
8
61
62
6134 62
6114 6114 61
611 6134 2,600
/
4
16 Cony pre
61
6112 62
400
100 54 July 26 773 Aug 29
8
*7312 7612 *74
Preferred
*7312 76
753 *75
4
7412 75
7612 75
75
838 Fen 9
5
3 July 27
5
5
55* 54
518 54
/
1
4
/ 514
1
4
54 512 2.700 Arnold Constable Corp
53* 512
*54 6
No par
414 Jan 5 1012 Apr 21
*312 6
"312 6
*612 6
Artloom Corp
*312 558 *34 6
12July 13
34 F bib
-- ___ ___ Associated Apparel Ind No par
714July 26 1814 Feb 6
1
-11518 --14 -jars 1038-lois Ili; -104 - -18 -H.. 1
(
5,800 Associated Dry Goods
11 200
100 46 July 26 774 Apr 20
*50
55 *50
55
*50
6% 1st preferred
544 *51
/
1
55
55
55
54 54
7
100 36 July 26 64 8 Apr 20
7% 2d preferred
*3812 393 *3612 3912 3912 394 *3612 42 *3612 42 *3612 42
4
100
25 2912 Jan 5 404 Apr 25
Associated 011
*35
40
*36
40 *36
40 .36
40
*3612 40 *3612 40
5 Aug 1 16 Apr 12
1,300 At G & W 368 Llnes_No par
*7
12
7
7
•7
12
*7
12
*7
12
*7
12
25 2112July 26 354 Feb 5
2438 24
2412 2438 2474 2412 254 2458 2514 24
24
5,000 Atlantic Refining
/ 25
1
4
No par 351 Jan 8 5512Mar 13
/
4
42
43
427 427
8
8 4212 43
4312 4312 44 444 *4234 433
4 2,100 Atlas Powder
Preferred
100 83 Jan 9 10312 Aug 23
•102 10314 *102 10314 *102 10314 *102 10314 *102 10314 *102 10314
712
712 712 .612 712
*21 85*
/
4
712 712 •7
No par
6I2Sept 20 1614 Mar 14
7
7
300 Atlas Tack Corp
2418 255* 2538 2612 26
3
244 25
244 25
2658 2512 263 15,700 Auburn Automoblle...-No par 1612July 30 67 8 Mar 13
4
8
612Sept 20 165 Mar 5
No par
11% *10
11
10 8 1038 *105* 11
*10
113 *10
8
3
100 Austin Nichols
*9
/ 1014
1
4
334July 26 1034 Jan 31
45* 414
4
414
44 414
4
41 8,300 Aviation Corp of Del(The)
/
4
418 418
4
44
--5
611July 26 16 Feb 5
7
/ 818
1
4
778 814
778 81
/
4
7% 8
8
8%
74 814 5,800 Baldwin Loco Works No par
/
1
4
100 27 July 27 643 Apr 21
*3018 3134 314 3114 314 311 *3118 33
/
1
/
4
800
Preferred
33
3512 *33
355*
60 Bamberger (L)& Co pref_100 8612 Jan 9 100 Aug 20
*100 103
100 100 *99 103 *10012 103 *10018 103 *100 10112
612 Feb 5
212 212 *258 3
412
/ 3
1
4
3
3
214July 24
25
3
800 Barker Brothers_ . ____No par
*212 314
/
4
2014 204 *1918 22
22 22
100 1618 Jan 9 381 Apr 12
*1914 22
70 6li% cony preferred
*201g 2314 *204 234
614 612
64 638
6 6 July27 10 Jan 22
64 612
614 612
614 64 6,600 Barnsdall Corp
63, 612
*26
35 *29
*2812 34
32 32
2934 *2812 35
32
200 Bayuk Cigars Inc
No per 23 May 8 39 Feb 5
32
102 102 *100 105 41100 105
100 89 Jan 15 102 Sept 26
100 100 100 100 41100 102
170
1st preferred
25 1014July 27 193 Apr 28
187 18
8
/ 183 183
1
4
4
4 17
/ 18% 175 1814 18
1
4
1814 2,700 Beatrice Creamery
1814 18
*8114 8518 *8114 8518 *8714
100 55 Jan 13 91 July 6
*83 8718 *83 86
__ 87 87
Preferred
100
66
*66
20 58 Mar 2 67 Apr 3
*633 674 *633 6714 66
4
4
6714 *66 -Beech-Nut Packing Co
6714 .66 6714
100
/
1
81 Jan 3 154 Apr 24
/
4
11
11
1112 1112 1114 115* 1214 1212 124 1318 125k 1318 3,800 Belding Heminway Co_No par
*1173 11912 *11612 11912 *11512 1174 *1143 11714 *11358 117 *111 1143
4
/
1
4
4
Belgian Nat Rye part pref___ 954 Jan 9 127 Sept 8
934July 26 23 8 Feb 1
7
5
1218 125* 114 1214 114 123* 1214 1212 123 127
8 124 124 8,200 Bend's Aviation .
154 15
/ 1512 157
1
4
1512 157
8 1512 16
8 15
/ 154 154 153
1
4
/
1
/
1
4 3,400 Beneficial Indus Loan__No par 124 Jan 31 194 Apr 26
T1-7; -ii 11.4
•Bid and asked prices, no sales on this day
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest
$ per share $ per share
3 Feb 134 July
39 Apr 71 June
8 Apr 215 July
8
61s Apr 1212 June
93 July
134 Feb
55 July 1134 May
474 Feb 112 Sept
4 Feb
4 May
1118 Jan 33 Aug
1
Jan
958 July
78 Apr
84 July
1
Apr 2178 July
11 Apr 21 July
/
4
114 Mar 20 July
5 Mar 26 July
70 4 Feb 152 Dee
3
116 Apr 125 Oct
6 Feb 263 July
8
155 Jan 24 July
4
58 Feb
914 Jul
,
5 Feb 40 July
184 Mar 475 No*
/
1
7% Mar 35 Jul
,
8 Mar 281 July
/
4
34 Apr 49 June
/
1
4
9% Mar 424 July
60 Mar 108 Aug
4912 Feb 1004 Dec
112 Feb 134 July
618 Jan 39 4 July
3
16 Feb 593 July
4
15, Mar 14 July
3 Mar 3112 July
/
1
4
34 Mar 611 July
/
4
2 Feb
618 June
13 Feb 8978 July
1
Jan 165 July
t
21 Jan 04 Sept
4
1
Jan
6 June
3 Apr 13 July
/
1
4
3 Feb 19 June
/
1
4
5s
714 Apr 441 June
/
4
438 Apr 2714 June
618 Apr 35% July
4% Jab 211 July
/
4
2 Mai
/
1
4
16 June
1312 Pet
574 June
245 Dec 424 May
38 Pet 1712 June
25 Feb 57 June
/
1
4
414 FM
MA July
34 June
14 Apr
11 Jan 12 June
/
4
5
/ Jar 391s July
1
4
1734 Jan 63 July
83* Feb 22 July
/
1
4
1
Jan
6 June
318 Feb 23% July
1512 Jan 7578 Nov
17 Jan 304 July
/
1
4 Feb 19 July
/
1
4
978 Apr 41% July
9 Apr 35 July
458 Feb 19 July
514 Mar 317 July
4
2018 Apr 47% MY
/ Mar
1
4
71 July
/
4
14 Apr
4 June
/
1
4
1112 Mar 3684 June
103 Feb 5312 Sept
4
31
Jan 991 Dec
/
4
2012 Jan 73 July
3212 Jan 5114 Sept
10218 Jan 112 July
45 Feb 27 July
375 Mar 86 July
30 Feb 4778 July
2112 Jan 74 July
80 Jan 11214 July
6 Jan 26 July
864 Apr 13434 July
49 Feb 907 July
8
5034 Feb 9434 July
10234 Mar 120 July
21 Dec 25 July
7 Oct 377 July
8
1078 Apr 431 July
/
4
35 Mar 80 June
,
34 Mar 17 Jut)
225* Feb 674 Dec
41 June
3 Feb
8
111 Feb 145 July
2% Feb 1078 July
20 Feb 68 July
6 Feb 22 July
/
1
4
41 Jan 1512 June
/
4
8 Jan 3914 July
624 Jan 90 June
9 4 Mar 2914 July
3
95 Feb 118 Juts
,
41
Jan 90 July
7 Feb 98 July
118 Jan
7 July
2 Mar
912 June
3 Apr
4
5 June
/
1
4
3 Feb 20 July
/
1
4
18 Feb 611 July
/
4
15 Jan 5154 July
6 4 Mar 3512 July
8
412 Mar 26 July
1238 Feb 3212 Nov
9 Feb 3918 July
60 Apr 8318 Sept
113 Feb 343 Dee
4
31
Oct 8414 July
Is Feb 934 July
512 Feb 168s July
3 Apr 178 July
/
1
4
s
9 Apr 60 July
/
1
4
6814 Feb 99 Aug
/
1
4
7 June
/
1
4
% Jan
518 Apr 2414 July
3 Mar 11 July
3 Jan 5212 July
/
1
4
27 Jan 100 JULY
7 Mar 27 June
45 Feb 85 May
45 Jan 704 June
3 Feb 1212 July
/
1
4
0214 Apr 1011 Nov
/
4
618 Feb 2114 July
13% Sept 15 Aug
1 Compan es reported In recelverehlp. b Name changed from Amer. Beet Sum Co. 5 Ez-dividend.
2011
New York Stock Record-Continued-Page 3
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 22
Monday
Sept. 24
Tuesday
Sept. 25
Wednesday Thursday
27
Sept.26I
1
Friday
Sept. 28
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
-share lots
On bests of 100
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1933.
Highest.
Lowest
$ per share $ per share $ per Owe
$ per share $ per share $ per share 8 Per share $ per share $ per share Shares. Indus.& Miscall.(Con) Par Spar share
9 Mar 3318 Aug
No par 26 July 26 3414 Apr 10
1,400 Best & Co
4
333 *3212 34
337 *33
2
3112 3112 3112 3112 3214 32121 33
10% Mar 4914 July
2 2812 2932 18,500 Bethlehem Steel Corp _No par 2514 July 26 4913 Feb 19
81 2852 2912 2512 297
277 2812 2734 2834 2734 293
25% Feb 82 JULY
..100 55 July 26 82 Feb 19
400 7% preferred
61 61
62 62
62 62
62
*59
62
059
*60 62
618 Apr 2912 June
2212 2134 22 i 2214 2212 2212 23 2 223 223
430 Btgelow Sant Carpet Inc No par 1914Sept 17 40 Feb 5
4
,
4
214 2134 22
312 Feb 1914 July
6 Sept 17 1614 Jan 30
No par
900 Blaw Knox Co.
75* 73
78 78
5
5
4
8 8
72 77
2
7 2 73
5
4 *712 8 I *75
6 2 Feb 21 July
3
Bloomingdale Brothers_No par 18 Jan 12 26 Feb 7
17141 12
1714 *12
1714 *12
1714 *12
1714
1714 *12
*12
912 Mar 5812 Des
5 4412Sept 17 6838 Jan 24
4914 4934 4,300 Bohn Aluminum & Br
48
4814 48
50
4914 50
4912 50
4818 49
18 Feb 3712 July
8
25 197 Jan 6 2814 July14
2514 2412 2518 2412 2514 6,200 Borden Co (The)
2414 25% 247 2514 25
25
25
612 Feb 22% Dec
5
.10 1618July 26 28 8 Feb 5
3,600 Borg-Warner Corp__
2238 22 2212 22
22
41 22
2152 2132 2012 2114 2012 213
8 may
8
412 July
3 Feb 9
%July 25
:Botany Cons Mills class-A.50
.
378 2
*38 2
*78 2
*78 2
*% 1
*78 2
s
258 Feb 1458 July
1714 9,600 Brigga Manufacturing_No p . 12 Jan 6 193 Apr 26
8 1618 16121 1612 167
8 1612 1718 17
1612 1618 163
16%
25 Dec 3814 Sept
331s 3312 1,100 Bristol-Myers Co_
26 Jan 4 3712July 18
5
34
3332 34
*3252 3312 3314 33 4 3332 34 I 34
,
60 Dec 8812 June
8Sept 14 8012 Feb 6
800 Brooklyn traion Gaallo par 567
6014 6014
60
60 I 6118 6118 *6018 61
58
58
*58
60
2812 Mar 537 July
s
600 Brown Shoe Co-----No par 45 Sept 15 61 Feb 16
*4712 49 I *47
49
49
49
493
4 50
50
4712 *45
*46
1812 June
134 Mar
8
*438 514 *458 514 *432 514
4 July 23 107 Mar 17
100 Bruna-Balke-Collender.No par
*458 512 *45
8 512
43
4 43
127 June
8
2 Feb
938 Feb 5
312 July 27
10
4
432
600 Bucyrus- Erie Co
412 412
432 *414 432 *412 432 *412 432
43*
234 Feb
19 June
5a
6 July 26 14% Apr 24
5
Preferred
400
4 73
2
,
714 714 *63
718 71
*718 7 2
7% 71.2
712 712
20% Mar 72 June
100 50 July 30 75 Jan 15
60
7% preferred
50
523 *50
4
523 *50
4
5234 50
*50
523 *50
4
523
4
*50
97 July
4
3 Aor
4
73 Apr 25
3 July 26
No par
432 432
412 412 2,500 Budd (E 0) Mfg
414 412
412 432
412
432 412
414
8 Mar 85 July
100 16 July 25 44 Apr 25
230
*2012 22
*2112 2212 22
22% 2112 2212 2112 2218
7% preferred
*2112 23
51 Jan 30
514 July
1
Feb
2 July 26
21
No pa
238 1,300 Budd Wheel.
238 25*
212 212
214 23*
23
2 23
8
232 238
5 June
612 Apr 28
7 Mar
2
278 Jan 9
No par
Buloya Watch
*332 414 *312 414 *312 414 *312 414 *3% 414 *3% 414
212 Feb 1314 July
578July 31 1512 Feb 16
9
93
4 *83
2 912 1,000 Bullard Co_ _. _ __...No par
814 85
2
814 814
83
4 872
*812 9
5 June
If Apr
6 Feb 21
1% Jan 26
No par
100 Burns Bros class A
3
*2
3
3
3
*2
3
*2
3
*2
3
*2
138 Jan 13 June
4 Jan 9 1512 Feb 20
100
220 7% preferred
872 *8
8
912
Ng *7
8
8
8
872 *8
06
614 Feb 20% July
1012July 26 x1938 Feb 1
12% 4,600 Burrougns Add Macb_.No par
* 12
123
1212 1218 1212 1232 121z 12
1232 1232 *12
1
Apr
8 June
3% Feb 9
34Sept 19
*7
3 1
No par
1
% 900 :Bush Term
*72 1
1
1
1
1
1
1
1
912 June
6 Mar 8
1
Ara
3 June 29
100
Debenture
*212 358 *212 312 *212 312 *212 352 *212 Ns
*212 31
8 Deo
41s Dec
4
51 Jan 3 153 Feb 23
20 Bush Term B1 gu prof 001_100
9% *9
912
9
9
9
9
*8
912 *9
912 *9
27 June
8
1 Feb
112 Jan 13
218 Feb 16
112 113 1,800 Butte & Superior Mining...10
112 11
11
112
112 112
112 112
112 112
414 June
12 Mar
314 Aug 8
158July 27
214
.6
2
900 Butte Copper &Able
218 258
2% 218
218 218 *Vs 214 *218 214
114 Apr
712 June
4
43 Feu I
112July 27
No par
*134 18
Buttertck Co
17
4 1% *18
4 2% *13
4 218 *13
*112 21s *13
812 Feb 4314 July
I334July 26 323 Feb 7
4
No par
3,400 Byers Co (A M)
17
17
1714 163 167
4
8 164 1718 163 171
4
4 16
1812 163
3018 Mar 80 July
.100 40 Aug 6 8778 Apr 23
441 *4018 441
70
Preferred_
441 *41
4012 4012 41
4012 4012 *4018 41
4
734 Mar 343 July
4418 Aug 29
4
183 Jan
3814 4,300 California Packing -__No par
3718 3818 37 4 3914 3814 387
387s 38
3
373
4
3812 39
214 June
14 Jan
12July27
13 Jan 23
4
1
100 Callahan Zino-Lead.
8
1
*3
8
1
3
4
*5
5
34
*3
8
3
*5
*5
8
3
4
3
4
3
2 Feb9 June
658 Feo 5
21Ju1y 26
314 314 1,400 Calumet & Heola Cons Cop.25
3% 314
314 314
314 3%
338 35*
318 314
2 Feb1614 July
6 July 27 157k Feb 23
300 Campbell W & C Fdy __No pa?
8
*7
8
71
7% *7
*7
77
*7
7
75* *7
712 Feb4112 July
155 157 x1512 153
8
3,800 Canada Dry Ginger Ale..... _5 1212July 28 2912 Apr 24
8
15
15% 147 1514 1458 1518 16'2 16
14 Feb3512 July
No par 2812 Jan 4 38 Apr 2
600 Cannon Mills
333 *3234 333
32 32
3214 3214 3212 321 *33
32
4
32
414 Oct 1212 July
538 Jan 2 1014 Apr 20
1
100 Capital Adwinia Cl A
*714 8
*714 83
8 75* *712 81
*718 81
0714 73
8
73
2515 Jan 3512 July
4
10 263 Jan 24 39 Apr 20
34
34 *30
Preferred A
33% *30
34 *30
337 *30
*____ 34 *30
30% Feb 10312 July
4 41
100 35 July 26 8638 Fen 6
43
4
42% 4312 43 4514 43
443 13,900 Case (J I) Co
4134 4214 404 421
41 Feb 8614 July
8
140
624 6212
Preferred certificates...100 567 Aug 15 8412 Feb 6
60 60
*60
65
*60
64
62 62
65
*60
612 Mar 2938 July
271
27
27
2758 2712 28
27
27's 264 271
2714 4,700 Caterpillar Tractor...No par 23 Sept 14 33% Apr 21
27
41 Feb 58% July
2214 2112 223
2314 2412 2312 2514 47,900 Celanese Corp of Am_No par 1718 July26 447 Feb 5
2114 2314 2232 2314
2112
57 July
12 Mar
458 Apr 12
July27
1l
No par
*112 2
400 SCelotex Corp
112 11
12 1% *112 134
112 112 *112 2
3
4 8 July
4 Apr 12
% Feb
1 July 27
No par
1% 1%
400
Certificates
*118 112
114 114 *114 112 *1% 112 *118 112
112 Jan 1238 July
612 Jan 88 225* Apr 13
100
104 1014 1032 10
1014 2,700
Preferred
012 1032 10
8
103
9
914 914
Jan 41 July
14
*241 25
400 Central Aguirre Asa°._No par 2338Sept 11 3218 Feb 5
2512 2512 *25
251 *2412 26
2412 25
25
*24
2 Apr11% July
1238 Feb 19
512Sept 1
100 Century Ribbon Mill/1.N° par
7
*632 7
*634__
*632 7
*612 7
6% 612 *6
52 Feb 100 Dec
100 82 Mar 31 95 Jan 2
95
*85 -9
5 *85 95
Preferred
085
95
585 95 *85
*85
95
8
57 Jan 44 Sept
8 3614 3738 3614 3714 36
375* 10,400 Cerro de Pasco Copper_No par 3014May 16 4312July 5
3512 367
*37
3712 355 37
7% July
1
Jan
734 Apr 5
55
314 Jan 2
5
5
300 Certain-Teed Producta_No par
*514 53
4 *5
514 558
5
5
*5
512
4 Mar 3014 July
Apr 5
100 171 Jan 19 35
2912 *23
7% preferred
23
3012 *25
301
3012 *23
30
30's 23
*23
147 Jan 5212 July
4
No par 34 Jan 4 48% Apr 21
384 *3812 3918 39% 391 *38
391
700 Chesapeake Corp
*38
3914 38
38
38
2% Mar 1238 July
97 Feb 5
2
43
4 47g
358July 26
*434 513
700 Chicago Pneumat Tool_No par
*412 5
5%
514 51
5
5
5
511 Feb2514 June
No par 1414July 26 2834 Apr 24
1718 1718 1718 *1714 1812 1714 1712
Cony preferred
4
500
17
17 *1514 163 *16
5 Mar 84 July
10 191 Jan 3 3034 Feb 5
700 Chickasha Cotton Oil
28
*2712 28
2812 2812 2812 2712 281 *2712 28
28
*27
2 Feb10% Ally
8
334July 25 115 Feb 19
No par
5
5
5
5
600 Childs Co
5
5
*5
5%
514 5'4
5
8 Apr 21% July
12
25 1014 Aug 9 1758 Apr 9
15
12
*12
15
*12
15
*12
15
20 Chile Copper Co
*12
13
*12
7I4 Mar 575 Dec
2914 Aug 7 6038 Feb 23
7
k 3214 333
5
4 313 342 3312 3438 335* 3478 3312 3433 68,800 Chrysler Corp
4
33% 33
718 Mar 25 June
19
1872
600 City lee & Fuel
No par 1714 Jan 5 24% Jan 30
19
19
191 *18
1872 187 *18
2
4 19
184 183
45 Apr 72 July
100 67 Jan 3 86 Apr 23
Preferred
130
8O4 07914 80
*7914 80
*7914 80
07914 80
*7914 804 80
3% July
14 Feb
212 Feb 6
48
12July 27
7
2
34
4 22,500 City Stores
No par
12
7
4
3
8
12
12
5
8
4
218 July
18 Mar
114 Feb 6
%July 24
(.88
1
Voting trust oertlfs__No par
12 8,600
12
3
8
3
3
12
58
12
5
8
3
2
%
81* July
55 Feb 6
112 Jan
214 July25
No par
414
*312 41
4% 47
Class A
3
4%
3
3
2,000
212 41
*3
514 July
518 Feb 21
5 Noy
4
July 20
2
*238 3
No par
1,700
Class A If t o
2% 4
28
3
*278 4
0212 4
*212 4
5 Mar 1414 June
834 Jan 5 2134 Mar 5
1432 1432 *12
1478 *1212 1478
No par
*1432 151
300 Clark Equipment
15
1514 1514 15
10 Jan 4112 July
& Co__No par 27 Sept 10 45 Apr 7
29
*25
28
*25
28
*26
29
026
29
*25
Cluett Peabody
29
*25
100 95 Jan 17 115 Apr 23 90 Jan 100 June
Preferred
110 110 *110 112 *110 112 *110 112
30
*110 116 *110 116
7312 Jan 105 July
8July 12
12912 1304 0130 132 *130% 131
131 131
700 Coca-Cola Co (The)___No par 951 Jan 2 1863
4
*13012 1303 12912 130
44 Apr 51 Dee
8Sept 25
*5558 :- 5533 5532 *5512 - 2- *55 2 - 2- *553 56
No par 5018 Jan 11 553
100
Clam A
..
*5538 _ r
,
4
1
7 Mar 22 * JULY
938 Jan 3 1818 Mar 13
1518 1434 15
8
143 1512 5,100 Colgate-Palmollye-Peet No par
4
147 1514 144 1514 145 1518 15
49 Apr 88 Aug
100 6812 Jan 8 95 Aug 23
91
300 6% preferred
90
*9014 91
91
*9012 93
*90
93 *90
93
90
Apr 26 SOPS
3
4,500 Conine & Altman
No par 10 July 26 28% Feb 19
8 1258 1314 1278 13
4 123 127
4
1214 123
4 12% 1214 11% 123
3
31* Jan 2 2I4 Feb 6
04
47
1,200 IColorado Fuel & Iron.No par
275 Dec 17 s July
4 *414 47
414 4%
4
4 12
414 43
*413 41
4
2318 Feb 7112 JULY
66
67
67
6914 67% 68's 3,700 Columbian Carbon v t o No par 58 Jan 8 7714 Apr 23
66
65 6514 6334 65
65
6% Mar 28 Nov
3678 3714 3558 367s 7,700 Columb Pict Corp v t o_No par 2112 JUjy 26 37345ept 27
3414 3738 3634 375
4
333 34% 333 34
4
9 Mar 28% JUJU'
()Wept 17 1914 Feb 6
014 91 39,500 Columbia Gas & Eleo__No par
83
4 94
04 03
812 03
8
91s 93
4
85* 914
50 Dec 88 June
100 52 Jan 5 7834June 21
6312 641
63 63
700
Preferred series A
61% 63
64
64
*604 63
83 83
40 May 7412June
100 41 Jan 9 71 Apr 24
*57
68
057
68
*57
68
*57
68
*56
68
*57 68
5% preferred
4 Feb1914 Dee
8
10 185 Jan 4 3512 Apr 21
28
2734 2814 2712 281
2712 28
5,800 Commercial Credit
2712 2712 2714 275
8 27
1812 Mar 25 Sept
2718 271
40 7% 1st preferred
25 2312 Jan 5 30 Ally 19
28
28 02678 28 •2672 28
28
027
027
*27
16 Feb 3912 Aug
48t
481 *48
4812 *4712 4812 *48
48's 048
Clam A
50 38 Jan 3 50 Mar 9
*48
*4712 4812
18% Mar 25% Sept
26 24 Jan 3 30 Mar 3
230
29
028
29
28
28
28% 2814
Preferred B
*2812 293* 28% 281 028
7
70 Mar 95 8 Sept
105 105
4
10312 1031
110 614% first preferred_ -.100 9112 Jan 3 107 Aug 28
10314 10312 *1003 1031 103 103
104 104
18 Mar 4312 July
par 35 4 Jan 4 61 Aug 16
3
5612 55
5,000 Comm Invest Trust___No
5614 MN 564 56
57
571
571
*5514 5614 55
7
11014 Aug 9 84 Jan 97 Jan
No par 91 Jan 3
Cony preferred
108 108 *10612 10912 *10612 10914 *107 1O9'i 010712 10914
100
0107 108
9 Feb 57 MY
14
4Ju1y 26 3838 Jan 30
19% 2014 2012 2O7o 2018 21
19% 20
2014 2032 20,000 Commercial Solvents No par 153
19% 197
6% June
114 Dec
334 Feb 6
112July 26
112 188
112
132
112 13
No par
112 132
112 152
112 158 55.500 Commonwith & Sou_
I73 Dec 6012 June
8
3512 3614 357 38
3612 3814 35
36
2
*3512 3618 2,900
$6 preferred aeries...No par 21% Jan 2 5234 Apr 23
4
343 35
8
7 8 Jan 275 July
3
29
28
29
2785 2812 28% 2812 7,500 Congoleum-Nairn Inc No par 22 July 26 3114 Feb 16
2712 2734 275* 2784 27
612 Feb 18 June
714 Sept 7 1412 Mar 5
No par
Congress Cigar
*712 858 *712 83
4 *8
*712 9
83
4
*7
'2 9
0712 9
312 Apr 1938 June
5% July 26 133* Mar 17
738 7%
732 73
8
7 4 73
3
4
77
s 814 1,100 Consolidated Clgar____No par
*7
7
54
714 714
31
Apr 65 June
64
100 45% Jan 2 67 Sept 28
64
062 64
6212 64
65
6512 67
130
Prior preferred
*62
64
*62
5 4 May
3
1% Jan
5 4 Feb 15
3
8July 27
I
15
3
33
8
314 332
3 2 35
3
2
312 312 2,000 Consol Film Indus
27
8 3
0234 3
57 Mar 148 May
No par 1048 Jan 2 1712 Feb 15
1414 1414 1432 1414 1432
1432 1432 6,300
Preferred
'1214 1212 1214 1234 13
34 Dec 6418 June
Sept 17 4738 Fen 6
No par 25
2912 3012 2914 3012 2952 3012 47,700 Consolidated Gm Co
2778 28% 27% 30
2712 28
No par 82 Jan 4 95 July 23 81% Dec 99 Jan
4 1,200
Preferred
88% 8838 8712 8814 8812 88% 8812 8812 x87% 8814 8834 883
512 Jan
1% Dec
4% Feb 7
112Sept 18
1% 158 •112' 134
1% 1% *13 158
200 Como! Laundries Corp_No par
0158 13
4 013
8 13
4
4
714 July26 1414 Feb 13
5 Mar 153 July
832
814 812
No par
812 85*
8
812 812 x814 812 10,400 Consol on corn
814 832
951* Mar 108 Oct
100 108 Feb 9 112 July 24
4
8% preferred
0111 1113 *111 111% *111 11134 *111 1113 0111 11134 *111 1115
4
4
14 Mar
314 July
12.Tuly 2
24 Feb 7
3
4
7
8
3
4
7
8
3
4 1,700 Consolidated Textile__No par
1
4
7
8
*3
4
7
8
3
4
3
4
14
1014 July
1% Jan
20
612 Jan 5 1334 Apr 23
814 814 1,100 rsontainer Corp class j;
0758 8
8
8
812 812
814 814
78 8%
5% Apr 18
14 Feb412 June
2% Jan 2
358
No par
338 312 *318 312
Clam B
31s 314 1,700
*3
314
318 338 *3
514 July26 145 Jan 24
3 Mar 1814 July
2 *612 672
67
2 6s
612 63
700 Continental BM class A No par
"6
614 *6
614
6
6 12
31j July
78July 27
238 Feb 7
12 Jan
1
1%
1
118 *1
118
1
No par
1
Clam B
1
118 118
l's 2,800
38 Jan 64 July
8
200
100 4614 Jan 6 64 Feb 9
4
Preferred
8 5012 5012 "503 517 *5114 5178 *5012 517
*5018 517
"5018 52
3514 Feb 7838 Dec
8114 82% 81% 8214 82% 841
8334 841s 7,400 Continental Can Inc
20 6912May 14 8412Sept 27
8112 813
4 8112 82
312 Feb 17% July
7
7
07
7
7
6 July 28 1134 Feb 6
*618 8%
6% 614 *612 81s
758
400 Cont'l Diamond Fibre
5
1012 Mar 3612 Jut/
23% Jan 6 3512 Apr 20
4
28% 2,400 Continental Insurance_ __2.5
27
27
27
271
26
2814 273 28'4 28
2714 271
4 June
1 Mar
34July 24
34
78 4,300 Continental Motors...No par
25* Feb 21
14
5
8
4
3
3
4
7
8
114
7
4
7
4% Mar 1958 Sept
1914 194 1914 1912 z1812 187 20,100 Continental Oil of Del
2
5 1534July 26 2234 Apr 21
1814 1834 1832 191
1814 181
3 Feb 908 Aug
643
633 6412 4,000 Corn Products Refining.......25 6512 Aug 8 841 Jan 26
4
64
45
6012 613
6012 6218 6212 63'4
6114 611
146 146 *14512 148 01451 147
200 Preferred
100 135 Jan 4 14812July 24 117% Mar 14534 Jan
146 146 *14512 147 *146 147
712 June
23 Mar
978 Feo 5
358July 28
512 5
32
532 53
4 *5
534 2,700 Coty Inc
No par
552
538 532
5
0538
558
28 Feb 8912 JULY
3214 3238 3214 32% 32 32
No par 28 Jan 3 35 Jan 31
1,100 Cream of Wheat atts
32% 3214 323 323
3214 321
1414 1,600 Croeley Radio Corp
214 Mar 1454 June
1418 141
14% 1438 14
8 Jan 2 1712June 16
14
No par
14
*1312 1414 14
14
1414 Feb 65 July
2212 2214 2212 2218 2214 2212 2212 2214 2212 1.200 Crown Cork & Seal____No par 1834July 26 8614 Feb 1
4
223 021
*22
241k Feb 88% July
385 387 *387 39%
No par 3512 Jan 2 4114 Apr 20
387 387
8
8
8
500
82.70 preferred
s
*377 397 0377 397 *377 397
812 July
1 Apr
47
658 Apr 27
358July 27
412 45
412 412 *412 434 0412 458
300 Crown Zellerbaok•So-No par
*412 434 0412
9 Mar 3712 July
1934 "183 1912 1.200 Crucible Steel of Amerlea..100 17 July 27 3838 Feb 19
193* 193* 19
4
188 187 19
*173 188 *18
4
16 Feb 603* July
53 *45
53
100 48 Jan 12 71 Apr 19
045
*45 53 *45 53
53
*45
Preferred
54
*45
4 8 June
3
12 Feb
318 Feb 9
1 Jan 2
No par
112 112 *13s lIt
132 112 *112 14
800 Cuba Co(The)
112 112
4
•112 13
118 Jan 1112 May
978 Feb 8
312 Jan 10
71
734 818
78 8
5
75
* 7 4 5,800 Cuban-Amerlean sugar......10
3
712 814
74 74
1
2
8
10 Jan 68 June
100 2018 Jan 9 85 Aug 30
5812 58 58
58
58
5712' 58
600 Preferred
5872 5612 5734 57
*5612
20 4 Feb 6912 June
3
50 37 Jan 2 52% Aug 29
4 484 48% 48
4834 4814 48's 1,600 Cudahy Packing
4
*4858 4912 483 483
49
49
612 Mar 321 June
1884 1912 l8's 1814 18'4 1,400 Curtis Pub Co (The)._ No par 1313 Jan 8 293* Apr 12
1834 *18
1812 1812 1858 18
18
30 Feb 66 June
No par 4312 Jan 3 8534July 17
400
8018 80 81
8014 "7914 8014
8014
Preferred
8014 *79
079
8118 078
112 Feb
43 July
8
514 Jan 31
.1
212 Jan 2
23s 278
23
4 27
238 254 8,000 Canna-Wright
/3
23
4 27
8
212 234
8
212 23
2 Max
8 July
71
4 5,400
71
1
54 Jan 3 1214 Apr 2
73
4 8
Class A
734 77
715 77
4
7% 712
714 73
414 Jan 21 July
3 *1412 15
143g 147 147k
par 11 Jan 4 2112 Feb 21
1434
200 Cutler-Hammer Ino....No
"1312 15 *1312 15 "1312 14
*Bid and asked prises, ,10 sales on this day. I Co s prunes reurvied In receivership. a Optional sale. c Cash sale
r En-411<lend. in Ex-Manta
...
2012
New York Stock Record-Continued-Page 4
Sept. 29 1934
12," FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST, SEE FOURTH PAGE PRECEDING.
_
II
111011 AND LOW SALE PRICES
PER HARR
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
STOCKS
Range Since Jan. 1.
Range for Precious
for
NEW YORK STOCK
Saturday
On bepis of 100-share lots.
Monday
Tuesday
Wednesday
Thursday
Year 1933.
Friday
the
EXCHANGE.
Sept. 22
Sept. 24
Sept. 25
Sept. 26
Sept. 27
Sept. 28
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share 5 per share 5 per share $ per share $ per share 5 per share Shares.
Indus.& MIscell.(Con.) Par $ Per share
$ Per share $ per share S per share
.638 7
.6; 7
*814
7
.614 7
*614 7
Davega Stores Corp
.
64 7
5
6 Jan 10
814 Feb 5
158 Feb
83 July
1714 1712 17; 177
4
8 17
18
1778 1812 173 183
8
8 17; 18
6,000 Deere & Co
No par
1018July 26 344 Feb 1
24; July 49 July
•117 1214 12
8
1214
12
1214
1158 12
12
12
1214 1238 2,400
Preferred
20 1014July 27 1512 Jan 30
614 Feb 18;June
6914, 71
70 70
*6914 7218 '70
7212 693 70
4
*70
724 1.000 Detrolt Edison
100 6312 Jan 5 84 Feb 23
48
Apr 9112 July
*40 i43
*4018 42
40
4012 4012 4012 4012 4118 394 403
4 1,700 Devoe dr ReynaIdri A__No par 29 Jan 6 5518 Apr 25
10 Mar 337 Aug
21;.,21 12 *213 2112 2112 2112 22 22
8
8
2178 2214 217 217
8
8 1,500 Diamond Match
No par 21 Sept 17 2812 Jan 16
1712 Feb 2912 July
*2912 31
*30
31
30
30
31
31
31
31 14 .30
31
600
Participating preferred _ __25 2814 Mar 27 3412 Aug 21
2618 Feb 31 July
4318 .437
8 43
43
4212 43
4212 433 x4058 4238 407 42
8
8
10,000 Dome Mines Ltd
No par 32 Jan 25 4614June 27
12 Feb 3912 Sept
16
167
8 164 1614 165 164 16
8
16
16
1512 1512 1.500 Dominion Stores Ltd No par
16
1412Sept 18 23 Mar 10
1012 Feb 263 July
8
16
1612 153 163
8
4 15; 163
8 153 1618 1578 1612 16
4
1618 4,100 Douglas Aircraft Co Inc No par
1414 Jan 2 2812 Jan 31
1014 Feb 1814 July
*9
10
918 918 .9
912
914 914
912
914 9; .918
400 Dresser(SR) Mfg cony A No par
84 Sept 14 19 Feb 17
63 Feb 18 June
4
.5; 6
.5)2 6
6
6
6
6
*534 6
*53
4 6
300
Convertible class B No par
5 Sept 14 117
8Mar 28
218 Mar 103 June
4
*3
3; *3
33 .
4
318 314
314 314
*312 33
4
312 33
500 Dunhill International
4
1
3 Sept 15 113 Mar 26
4
4 Am 14; July
106 106
10512 10512 .10514 108
10514 10512'105 108 .105 108
60 Duquesne Light 158 pref__100 90 Jan 16 107 Sept 21
85 Nov 10218 June
.434 512
518 518 .5; 53
4 "54 53
4
5; 5;
300 Eastern Rolling Mills_No par
558 5;
418July 25 123 Feb 19
4
118 Mar 10 July
9712 98
98
98
98
9812 9838 99
9912 100
9914 993
4 2,900 Eastman Kodak (N J)..No par 79 Jan 4 101; Aug 25
46
Apr 893 July
4
*140 143 *14018 143 .1404 143
143 143 *14018 143 *141 144
30
6% cum preferred
100 120 Jan 16 147 June 27 110 May 130 Mar
1412 14; 1412 1412A1414 1412 1412 143
4 143 1518 14; 143
4
4 4,100 Eaton Mfg Co
No par 1218July 26 2212 Apr 19
34 Mar 16 July
88
894 883 /28912 L88
3
9112 9014 9114 90
14 15, 00 El du Pont de Nemours_ __20 80 May 16 1034 Feb 10
914 9012 91
2
3218 Mar 963 Dec
8
12412 12412 ;124 124 .124 12412 *124 12412 12412 12412 12414 12414 1,000
6% non-voting deb
100 115 Jan 2 125 July 20
9712 Apr 117 July
09
73
4 *818 10
4 73
912
812 812 *818 113
4 *8; 912
200 Eltingon &Mid
No par
6 Sept 17 1914 Mar 6
2212 2318 217 227
8
8 213 2312 23
4
2334 2314 24
2234 223 16,300 Elec Auto-Lite (The)
8
5 15 July 26 3138 Feb 21
To
Apr 2712 July
9812 9812 9812 9812 '964 9812 963 9812 98
4
99
983 983
4
4
240
Preferred
100 80 Jan 5 101 Apr 6
75
Oct 8812 July
312 312
312 312
312 352
34 33
4
33
4 37
8
34 4
4.500 Electric Boat
3
3 July 26
712 Jan 29
1
Jan
84 July
714 738
7,
2 7;
77
8 8
738 73
4
8
7; 75
8
712 75 10,300 Elec dr Mus Ind Am shares _
918May 8
414 Jan 3
1
Feb
412 Dec
4
438
4
414
414
412 438
412
414 412
414 414 4,700 Electric) Power dr Light No par
312July 26
95 Feb 7
8
3 8 Feb 15; June
,
10
103
8 10
IO't 10
11
103 1114 10
8
107
8 103 103
8
8 3,500
Preferred
No par
4July 26 21 Apr 18
73
712 Apr 3612 June
9
97
8
912 91
918 10
10
10
914 1014 10
10
3,700
$6 preferred
No par
7 July 27 193 Feb 7
4
612 Apr 323 June
4
34 34
*3212 35
34
34
34
34
3412 35
35
35
900 nee Storage Battery _ No par 34 Sept 22 52 Jan 24
21
Feb 54 July
•7
8
1
78
*7
8
78
1
4.7
8
•7
.
8
7
1
8
1
1
200 :Elk Horn Coal Corp No pat
;May 11
17 Feb 21
8
18 Jan
4 June
*13
.112 2
8 2
*112 2
112
11
*112 2
13
8 1;
6% part preferred
20
60
3 4 Fob 23
1 July 26
3
3 Apr
8
6 June
*45
5038 .4512 511 "4512 494 .4738 501 *48
5012 *48
50 2
,
Endicott-Johnson Cow____50 45 Sept 8 63 Feb 16
26 Feb 627 July
8
125 125 .125 125's 12512 12512 1245 125
8
125 125 *12312 12714
120
Preferred
100 120 Jan 3 12712July 26 107 Feb 123
Oct
*27
8 312
23
4 '3
4 23
412 .3
3
*3
312 '3
312
100 Engineets Public gory_ _No par
212 July 27
8; Feb 7
3 4 Dec 143 June
3
4
1114 1112 1214 1212 1318 1312 *133 15
4
1412 1412 15
1512 1,600
$5 cony preferred____No pa
1018July 27 2312 Feb 6
II Dec 47 June
123 123
4
4 1312 1312 133 1318 .1312 151
8
153 15; 1512 15;
8
800
No par
$534 preferred
11 Jan 8 2412 Feb 5
11 Dec 497 June
8
•123 15
4
1412 1412 1518 1518 01512 18
*16
1812 .1512 163
4
200
$6 preferred
No par 13 July 26 2512 Feb 5
12 Dec 55 June
512 512 *54 5 4
,
514 53
4
,
54 5
,
8 5;
518 512
53
900 Equitable Office 1119g_No par
5 July 24 103 Jan 22
8
612 Mar 133 July
13 94
8
9
8; 834
9
9
9
9
.83
4 9
812 854
700 Eureka Vacuum Clean
5
7 July 26 143 Feb 19
8
3
Apr 1814 July
1612 164 1614 1714
184 17; 1814 17; 1814
16
163 17; 16,800 Evans Products Co
4
5
9 Jan 3 274 Apr 27
4 Mar 10 Nov
*33
4 4
*33
4 4
4
.33
4 4
41
*334 414
414 414
140 Exchange Buffet Corp_No par
3 July 27 1012 Apr 2
312 Nov
1111 July
*118
1
1;
1
'118 1;
118
118 'Ds
1; •14 1;
20 Fairbanks Co
25
1 Sept 1
2; Apr 17
7 May
2
2;Jur,
.412 43
4
412 41,
, *412 578 *412 5
*412 5
412 45
8(
140
33 Sept 18 1212 Apr 14
4
Preferred
100
1
Feb
84 June
93
4 934
93 10 - 1014 1014
4
1012 1012 103 103 *1014 103
4
4
8
700 Fairbanks Morse & Co_No par
7 Jan 6 18 Feb 19
212 Mar 1114 June
.11
48
*41
48
'41
48
*41
48 .41
48
*41
48
Preferred
100 30 Jan 10 61 Feb 19
10 Feb4212 Nov
•434 53
8 *44 6
512 512 *5
54 *438 6
'412 6
100 Federal Light & Trao
15
4 July 27 1114 Apr 3
43 Apr 1412 June
4
41
42
41
42
40
4112 4018 4019 4012 4012 *38
42
200
Preferred
No par 344 Jan 12 62 Mar 13
33 Dec5912 July
*45
60
*45
60 .50
50
.50
60 .45
60 .45
60
Federal Min & Smelt Co__100 71 Aug 9 107 Feb 14
15 Mar 103 Sent
33
4 33 .
4
312 37
3 *3
4 33
4
3; 3;
312 33
8 '312 33
400 Federal Motor Truck__No par
4
8July 25
83 Jan 30
27
4
3 Mar 11114 July
4
.218 3
'24 3
*218 3
'24 3
.214 3
*214 3
Federal Screw Works__,Vo par
5; Feb 23
2 Jan 13
;Feb
44 July
112
1 12 .112 17
9
112
13
4 '112
13
4 '1; 13
8 1;
4
15
500 Federal Water Serv A__No par
13*July 27
4 Feb 6
1; Deo
6;June
.22
25
*23
24
23 23
.22
23
23
23
23 12 2312
300 Federated Dept Stores.No par 20 Aug 7 31 Mar 6
712 Feb 30 July
'263 27
4
27
27
27 27 7
8 277 28
8
27; 273
4 2712 28
2,600 Fidel Phen Fire Ins N Y__2.50 233 Jan 5 35 Apr 20
4
1014 Mar 36 July
.818 11
'84 11
.818 11
'"818 11
812 812 '818 11
40 Fifth Ave Bus Sec Corp.No par
7 Feb 15 11 Jan 3
5 Mar
9; Nov
'23
34 .2314 34
*2314 34
*2314 34
*23)4 34
*2314 34
Filene's(Wm)Sons Co_No par 23 July 25 30 June 21
9 Apr 30 July
•102 104 .102 104 *102 104
104 104
105 105 .105 105,
20
634% preferred
2
100 87 Jan 10 106 Aug 9
81
Apr 95 Sept
14
147
8 1312 1418 13; 14
1378 1418 14
14; 14
14
9,400 Firestone Tire & Rubber___10 1312July 26 2514 Feb lb
918 Apr 3112 July
*75
79 .7514 79 '7514 7812 *7514 7812 *76
7812 '754 7812
Preferred series A
100 71 Jan 9 86 Apr 21
42 Mar 75 June
6114 62
63
63
*6312 6412 6312 64
6312 6418 6312 64
2,200 First National Stores__No par 5414 Jan 6 694 July 16
43 Mar 703 July
4
14 0318 34 "3 4 312
03
314
314 3
,
3 2 3,
,
2 *312 33
700 :Follansbee Bros
4
No par
2 July 26 1738 Feb 21
212 Feb
19 June
•15 4 163 .1512 1612 1614 1614 *16
8
3
16; •I6
163 '1512 163
4
100 Food Machinery Corp_No par
4
1012 Jan 9 21 May 4
612 Apr 16 July
•1012 11; *1012 113
4 1112 1112 115 11; 12
8
12
12
12
600 Footer-Wheeler
No par
812July 27 22 Feb 16
412 Feb 23 July
.83
4 9
814 83
812 87
4
8
85
8 914
8; 9
83
4 83
4 1,900. Foundation Co
No par
614July 26 1724 Jan 30
2 Feb 233 July
8
197 197 *19
8
8
20
20
21
.20
203
4 2018 2014 2014 2014
1,000 Fourth Nat Invest w w
1
1712July 26 274 Feb 5
135 Mar 2614 June
3
.11; 124 11; 1214 1112 123
4 1212 125
8 1212 13; 1212 13
4,800 Fox Film clam A
No par
814July 26 1712 Feb 26
Oct 19 Sept
12
2312 2412 25; 253 .25; 2912 .2412 30
8
*244 2912 .2412 2912
1101 Fkln Simon & Co 100 7% pf100 20 Aug 16 63 Feb 7
12
Jan 50 Aug
23
233 245
24
4
8 24
2434 2312 25
2314 24
2314 2312 7,100 Freeport Texas Co
10 2112Sept 20 50; Feb 19
1618 Feb 493 Nov
8
•1618 197 '1612 19; 17
17i2 1712 18
8
17
18
.18
197
40' Fuller (0 A) prior pret_No par
8
14 July 26 3312 Apr 26
9 Jan 31 Jime
7,
*7
2
7
7
712 '7
7
8
73
4 73 .
4
701 $6 2d pre(
714 8
No par
5 July 26 195 Apr 26
8
4
Jan 23 June
•13
8 2
*112 2
1; 1; •1; 13
4 *112 13
4 .112 1;
2001 Gabriel Co (The) cl A No par
118July 25
45 Mar 12
8
1
Feb
514 Aug
12
12
12
12
1112 12
12
12
1238 1212 *1034 1212 1,090 Gamewell Co (The)
No par
1012 Aug 7 20 Feb 19
612 Jan 2072 Aug
74 778
714 7
7,2 712
4
7 4 74
3
7; 73
73
8 712 2,600 Gen Amer Investors_No par
4
8July 27 11 12 Feb 0
53
25 Feb 12 June
8
.6812 78
.71
.71
78
78
.71
78
.71
78
071
78
l'referred
No par 73 Aug 25 87 Mar 13
42 Feb 85 July
324 323
324 32
4 32
334 3214 3312 323 333
4
8 3278 3312 3,700 Gen Amer Trans Corp
5 30 Aug 9 43; Feb 19
133 Feb 4314 July
4
163 163
8
4
16
1612 17
17
1612 1612 163 17
4
163 17
4
3.300 General Asphalt
10 12 July 26 2312 Apr 24
4; Mar 27 July
8
8
8
8
'712 814
814 84
818 814
814 812 2,200 General Baking
5
7;Sept 17 14; Feb 5
1012 Dec 207 July
8
*100 102 '100 102 '100 102 *100 102
102 102
102 102
preferred
$8
70
No par 100 May 8 10812 Feb 7
993 Mar 10814 Sept
4
5,
2 578
54 512
514
512
514 512 0514 512 *514 5 2 2,300 General Bronze
,
5 Sept 18 1018 Mar 9
5
218 Feb 1012 July
212 212 *23
4 24
23
4 27
8 *23
4 3
"23
4 24 '23
4 27
8
300 General Cable
No par
618 Feb 1
26
214July
1 14 Mar 1112 June
5
5
'5
514
514 514 '5 2 7
,
'53
8 7
512 512
Clam A
300
No par
4i July27 12 Feb 1
214 Feb 23 June
•14
*14
17
17
17
17
'17
175
8 17; 17; 17
17
300
7% cum preferred
100 1412 Jan 9 33 Apr 20
612 Mar 46 June
47
47
45 45
47
46
4714 474 473 48
4
4814 49
3,200 General Cigar Inc
No par 27 Jan 2 49 Sept 28
2414 Dee 48;Jum,
*115 116
115 115 '11514
__ .115
*11514*11514
10
7% preferred
-100 97 Jan 8 116 July 24
90 July 112
Jan
1814 18; 18
183
2
8 177 185
2
1812 -- -3- X183 18 4
18 4
8
1
1814 1785
8 41,700 General Electric
No par 164July 26 2514 Feb 5
1012 Feb 304 July
8 1214 12; 124 123 x123 1212 1214 12; 4,300
1278 1212 123 123
8
8
8
Specit.1
10 11; Jan 2 12; Feb 26
1074 Apr 1214 July
29; 29; 2912 29; 293 30
4
29 7 30
8
293 30
4
293 30
4
7,100 General Foods
No par 28 July 26 367 Jan 30
8
21
Feb 397 Sept
8
"
12
3
3
; ; ; ki
53
5
8
3
4
3
4
; 5
8 1,100 Gen'l Gas & Eleo A
No par
13 Feb 0
4
12July 24
12 Deo
8
27 June
•15
1612 .1514 1612 .1412 17
*1514 17
*15; 1614 1614 1614
100
Cony pref series A No par
614 Jan 2 19 Mar 13
34 Apr 1612 June
•16
173 '163 17; *10
4
4
1714 1714 1714
17; 18
*1712 30
40
$7 prof class A
No par 11 July 25 21 Mar 13
63 Dec 1812 June
4
.1712 19
*1814 19
1712 1712 18; 19 I .1812 20 .19
20
50
$8 pref clam A
No par 13 Aug 6 22 Mar 12
5
Apr 20 June
•6214 ___ 6178___ '6212 . _ *613
4 ___ •6218 ___ "617
8 ___ -- -- O
_
Ital Edison Eleo Corpen
__
50 Jan 24 613
49ept 18
244 Jan 553 Nov
4
52 52
52
52
5112 - -12 5334 -5334 5314 51
55 5412 55
2.100 General Mills
No par 51 Sept 20 8412 Jan 15
3512 Mar 71 June
.110 1147 '11012 115
8
11012 1107 11012 11012 *11012 113 .11012 113
8
300
Preferred
100 103 Feb 27 116 Aug I
9212 Mar 10612 Sept
294 29; 283 293
4
4 2814 30
2978 293 304 293 297 83,900 General Motors Corp
293
8
8
8
8
10 2458July 26 42 Feb 5
10 Feb 353 Sept
4
'1013 103 *10112 103
8
1013 1013 102 102
4
4
1023 1023 .10238 1023
8
8
4
300
35 preferred
No par 893 Jan 6 10312July 11
4
654 Mar 95 July
594 123
*94 10
4 10
10
10
10
10
10 '10
127
8
300 Gen Outdoor Adv A_ No par
83 Jan 5 21 Apr 14
4
518 Jan 24 June
033
"33
8 4
3; 3;
3; 33
8
3 8 33
3
8
8 37
8 *3; 37
Common
8
600
No par
3; Aug 30
65 Apr 20
8
212 Mar 1018 June
"18
1812 018
1812 1812 1812 *18
19
018
19
18
80 General Printing Ink
183
4
No par 1012 Jan 3 2512 Apr 23
314 Jan
17 June
.8612 87; '8612 873 .8612 87; 08612 873 .8612 873 *8612 87
4
4
4
$6 preferred
No par 7312 Mar 10 88 Apr 24
31 Mar 82 Aug
.218 212
24 214
2; 21,
214
23
8
212 212
2; 2; 1,600 Gen Public Service__No par
24July 24
5; Feb 7
2
Apr
814 June
2614 2512 2512 255 263 *2518 26)4 .2412 2612 *2412 2512
.25
8
4
300 Gen Railway Signal
No par 2312July 27 453 Mar 3
4
1314 Jan 4912 July
•118
114
114
13
8 •114 1;
112 112
1; 1,100 Gen Realty dc Utilities
114 1; •114
1
1 July 26
33 Jan 30
8
;Feb
43 June
8
.11
127 011
8
1212 .11
1212 '11
13 .11
*1118 1218
13
$6 preferred
No par
10 Sept 14 263 Jan 30
8
512 Jan 22; June
•13
15
*13
16
*13
14
.1312 14; .12
14
16 '11
General Retractorlen___No par
1018 Jan 3 23; Feb 23
212 Feb 19; July
123 .115 1212 12)2 1212 1214 123
•12
8
8
8 12
.1112 12
12
400
Voting trust certifa_No par
14 SePt 18 June
10 July 26 1912 Fel) 21
7
•_
2712 °___ 2712 ._ _ 2712 *_ . 2712 ...
2712 *_ . 2712
Gen Steel Castings pref No par 25 July 31 4812 Mar 15
gag Feb
3812 June
joi8 1118
I; 11
165 11
8
ii.
1118 164 124 iiss 117 10,700 Gillette Safety Rasor_No par
.
8
812 Jan 0 1314July 20
7; Deo 2014 Jan
GI
61
'603 6312 6112 6112 .60
4
6312 63
63
*603 6312
4
300
Cony preferred
No par 47 Jan 11 6512July 6
4512 Dec 75
Jan
3
,2 312
3 2 312
,
32 34
,
3
3; 37
3,700 Glmble Brothers
8
33
4 37
8
37
8 4
No par
258July 27
6; Feb 5
3 Feb
4
753 Ium.
018
•17
20
22
.1912 22 '18
22 .18
22 .18
22
Preferred
100 1614 Jan 8 30 Feb 5
5 14 Mar 33 July
23 23 18 223 23
8
2214 2312 235 234 234 244
8
24
2414 3,200 Glidden Co (The)
No par 15; Jan 4 28; Apr 26
33 Mar 20 July
4
102 102 .102 10212 102 102
10212 10212 1014'102
102 102
380
Prior preferred
100 83 Jan 19 104 July 26
48
Apr 91 12 Aug
5
4 53
5,
8 5,
8
4
5
5 4 512
514
,
5
514
518 514 3,600 Gobel (Adolf)
5
33
4July 26
912 Feb 27
3 Feb
16 July
18
1818
1714 18
1714 174 173 174 175 1818 1712 18
8
8
8,300 Gold Dust Corp v t o___No par 163 Jan 11 23 Apr 23
4
12 Feb 27; July
.110 116 .110 116
110 116 .112 116 .112 116
112 116
$6 cony preferrecl___,Vo par 964 Jan 6 120 Sept 4
9012 Dee 105 July
10
1014 10
1012 10; 107
1012 10
s
1014 103
2 1014 1012 5,400 Goodrich Co(B F)
No par
July 26 18 Feb 19
8
3 Mar 2112 July
'3812 40 .37
39; 38
38
38
39
3812 3812 "3712 39
1,500
Preferred
100 3512July 26 623 Apr 21
4
9
Feb 63 July
2112 22
21
213
4
4 203 2214 21; 223
4 213 223
4
8 2112 217 11.700 Goodyear Tire dr Rubb_No par
8
1812 Aug 6 4I3 Feb 19
914 Feb 4712 July
*68
72 '67
71
70
70
*68
70 .68
70 .66
6812
100
1st preferred
No par 64 Aug 6 8624 Feb 19
273 Mar 8014 July
4
14 514 1,300 Gotham Silk Hose
*54 5
4
54 54
54 514
512 512
5; 5 2
5
,
Ars par
8July 26 113 Feb 5
37
4
612 Oct 1712 June
.4612 58
.4612 58 .4612 58 .4612 58
04612 58
Preferred
*4612 58
100 4912 Jan 22 71 12 Apr 26
41
Apr 73 July
17
8
14
1; 14
14
14
14
13
17
4
8
14
13
4 17
2,900 Graham-Paige Motors
8
1
112July 26
44 Feb I
1
Apr
53 July
8
63
4 6;
61g
612
63
2 64 *64 714
638 6;
65
8 63
4 1,200 Granby Cons M San & Pr__I00
512July 27 133 Feb 16
8
37 Mar 153 June
8
8
.47
4 5
478 5
47
8 512
514 522
5 4 512
,
53
8 512 3,100 Grand Union Colt ctfa
1
4 Jan 8 8 3 Jan 31
4
35 Mar 10; June
8
.29
32
.29
31
31
31
31
030
31
*30
3112
3112
200
Cony pref series
No par 23 Jan 6 411 Apr 24
20 Sept 36; July
*2118 25 .22
25 .22
25
22 22
.2112 25 .2112 25
100 Granite City Steel
No par 223*8e1,1 17 31 18 Apr 25
11 18 Mar 30; July
29)2 2912 2912 2912 2914 2912 2912 293
4 2912 297
g 29
293
4 2,300 Grant (W T)
No par 28 Sept 17 40; Feb 19
15; Feb 3612 Deo
•1O14 103 .1014 103
4
4 104 1014 1012 1012 1012 1012
1012 1012
400 GO Nor Iron Ore Prop_No par
812July 27 154 Fob 19
1518 Feb 163 July
4
2814 29
284 29
283 293
4
4
4 283 29; 29
2912 29
2978 5,300 Great Western Sugar No par 25 May 14 35)4 July 9
64 Jan 414 801,1
•112 114;.112 11414 "11312 115
11312 11312 112 112 .112 114
40
Preferred
100 102 Jan 2 11534June 23
7212 Jan 110 Sept
'112 1; *112 1; *112 13
4 .112 13
4
112 112 *112
100 Guantanamo Sugar____No par
13
4
3 Jan 2
4
312 Feb 8
412 May
, Jan
4
0154 24
•15
24
24
*15
*15
24
015
24 .15
24
Gulf States Steel
No par
1514July 26 42 Mar 13
13 Feb 38 July
4
.38
60
*45
60
*45
*45
60
60 .50
60
050
00
Preferred
100 47 Jan 8 83 Apr 20
164 Jan 64 June
•Bid and asked prices, no sales on this day
2 Co,npanies reported
I,,
reeelv( rxhip
a Optional a Lie
c (1,a1.
431,,
r Ex-dividend
ti Ex- iglita.
2013
New York Stock Record-Continued-Page 5
FIFTH PAGE PRECEDING.
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Monday
Saturday
Sept. 24
Sept. 22
g per share $ Per share
*2212 24 .2212 24
29
29
*2812 29
47
47
43
4 5
3514 3514
35
35
614 614
8
612 65
*6
8
'6
8
*36
38
38
'36
*98 100
.98 100
14
4 14
*1412 153
*33
4 4
4
4
54
55
*5114 55
212 212
212 212
*77
79
774 79
•l1212 120 "1.1212 120
.614 7
*614 7
68
687
8
8
*683 70
.122 12512 "122 125
65
*62
*6018 65
93 935g
93
*91
Tuesday
Sept. 25
Wednesday
Sept. 26
Thursday
Sept. 27
Friday
Sept. 28
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ Per share
$ per share $ Per share $ per share $ per share Shares. Indus.& MIscell.(Con.) Par $ per share
15 Mar 2512 July
25 2012 Jan 9 2614 July 6
Hackensack Water
*23
24
.2212 24
"23
24
*23
24
Apr 287 Jan
8
25
25 27 Jan 4 3012June 27
7% preferred class A
80
*2812 30
"29
30
30
3012 3012
30
912 July
118 Feb
814 Feb 15
312July 26
Stores____No par
8 512 12.800 Hahn Dept
53
4
43
4 514
518 53
8
514 55
9 Apr 3812 July
Preferred
100 2514 Jan 9 525 Apr 21
8 1,900
36
373
4 38
39
39 3 4118 3912 397
4
/
1
4
3 Feb 1012 July
93 Feb 14
4
312 Jan 8
10
300 Hall Printing
612 612
4 *614 658 *658 634
*Ws 63
9 July
212 Apr
8
35 Jan 26 117 Apr 20
8
100 Hamilton Watch Co___No par
8
"6
8
*6
63
4
63
4 63
4 *6
15 Feb 35 July
100 25 Jan 15 5312 Apr 25
30
Preferred
38
*39
47
38
39
39
*3812 47
4512 Jan 85 Aug
4July 21
30 Hanna(MA)Co $7 pf_No par 84 Jan 8 1013
*98 100
*98 100
9912 9912 100 100
618 Feb 2512 July
4
13 July 26 243 Feb 21
300 Harbison-Walk Refrac_No par
1418 1418 1412 1412 *145 153 *145 153
8
4
8
78 Mar
74 June
612 Apr 13
112July 26
400 Hat Corp of America cl A__1
8 4
33
4 33
4 *35
8 33
4
33
4 33
4 *35
518 Apr 30 June
4 Jan 4 6214June 27
100 193
634% preferred
80
55
55
*55
5912 *55
583 *55
4
5912
312 July
4
3 Feb
63 Feb 15
4
114 Jan 2
2
212 212
212 212
212 212 *212 25
8
900 Hayes Body Corp
65 July 9712 Dec
25 74 Sept 11 96% Apr 23
*79
793
4
*77
79
*78
79
79
79
400 Hazel-Atlas Glass Co
6912 Jan 105 Dec
June 27
25 101 Jan 0 115
100 Helme (G W)
*11212 120 *11212 120
115 115 "1153 _ _
3 Mar 17 July
514 July 10 1218 Mar 15
No par
200 Hercules Motors
-7h
7
7
7
7
*7
73
4 *7
8
15 Feb 685 Dec
8July 17
No par 59 Jan 4 815
6918 7014 4,800 Hercules Powder
68
6812 68 6814 6812 71
85 Apr 11018 Dec
100 1 1 1 Jan 4 125 July 14
$7 cum preferred
*122 125 *122 125 *122 125 *122 125
3518 Mar 72 July
Hershey Chocolate __._No par 484 Jan 15 68 July 16
*6218 65
*624 65
*62
65
*01
65
90 July
64s Apr
No par 83 Feb 16 101 July 17
Cony preferred
94
*94
943
,. 94
94
500
*91
9418 94
1012 June
312 Jan
4
43 Aug 8 1014 Apr 23
No par
*6
63
8
614 614
6
614 612
611 612 1,000 Holland Furnace
6
6
6
214 Mar 1.012June
4
53 Jan 2 13 June 21
5
9
9
1,200 Hollander dr Sons (A)
9
9
4
812 87
9
9
812 83
*9
914
Oct
Jan 373
310 Jan 4 X43018July 19 145
100
200 Homestake Mining
408 410 "382 412 *383 412 *384 412 *380 412
*410 415
41 Apr 15 June
11 Jan 8 2314 Jan 30
200 Houdaille-Hershey el A No par
"18
20
20
20
"1914 20
2014 2014 *1912 21
20
•18
4
63 June
1 Mar
67 Jan 26
8
8July 26
25
Class B
No par
418 414
418 418 2,700
44 418
418
4
4 18
4
4
4
5114 Jan
43 Nov
100 Household Finance part pf _50 43 Feb 5 54 Mar 12
*45% 48
*45
48
545
47% *4414 49 '4414 49
46
46
814 Mar 38 July
4
16
800 Houston 01101 Tex tern ctfs100 1212July 26 293 Feb 5
1518 1518 *1512 157
8
158 157
8 157 1618 16
157
*15
17 Feb
73 July
8
55 Apr 6
8
7
212July 27
Voting trust etfs new____25
3
3
3
1,000
3
3
3
3
. *2
3
3
*3
318
385* Dee
512 Jan
5 3512 Jan 3 5714June 28
4912 4814 495
8 4912 5012 49
7,000 Howe Sound v to
8 48
5058 4812 50h
*495 503
8
163 July
1
3 Feb
/
4
64July 23 241 Feb 5
4 8,900 Hudson Motor Car____No par
812 83
8
814
8
8 12
812 85
814 834
8
8
7 4 July
3
15 Mar
8
714 Jan 30
17 July 23
10
212 258
2l2 24 2,600 Hupp Motor Car Corp
212
212
212 212
212 212
212 212
8June 14
sJuly 26 263
No par 193
2312 2414 245 25
8
237 24
2414 253
4 25
257
8 7,400 Industrial Rayon
24
24
ii July
4
No par 50 May 14 733 Feb 3 1918 Feb 59
53
53
*5312 5712 5412 5412 55
'55
700 Ingersoll Rand
55
55
*52
8
12
Feb 457 July
4
No par 3414 Sept 14 493 Feb 21
600 Inland Steel
3512 3512 *36
3912 38% 3818 373 38
4
*373 38
4
40
*37
67 Feb 5
912 June
2 Feb
35
3
3 July 23
600 Inspiration Cons Copper___20
312 31
312
312
312 312 *3
312 34 .34 312
114 Mar
37 June
8
414 Apr 25
Jan 2
218
1
8 *33
8 312 *Vs 312
35
8 3'8 1,200 Insuranshares Ctfs Inc
312 312 *312 33
4
33* 33
412 July
8May 4
2 8 Mar
'
57
214 Jan 15
300 Intercont'l Rubber____No par
314 314
33
8 312 *312 4
8 33
4
"38 312 *33
*314 312
218 Mar
12 July
4 Sept 14 1114 Feb 19
53
No par
7
Interlake Iron
5
5 12 2,300
514
512
*4
514
47
8 4711 "453 514
514
% Feb
53 July
8
618 Feb 5
2 Jan 8
No par
32
312 418
4
41
418 414
35* 33
4
418 5,300 Interrutt Agricul
4
33
Jan
274 July
5
/
4
100 15 Jan 8 371 Feb 3
24
24
2612
Prlor preferred
25
800
2512 2512 • 2518 26 '25
*2112 2212 24
753 Fet 15314 July
4
131 June 2 14914 Jan 30
8
1.000 Int Business Machtnes_No par
13938 1303 140 141 "139 141
139 140
•137 13912 '13714 139
107 July
8
27 Jan
8
57
412July 26 1218 Feb 21
57
1
6% 1,600 Internet Carriers Ltd
6
53
4 6
*514 53
54 512
53
4 53
4
40 July
64 Mar
4
8Sept 18 373 Feb 5
2114 2114 2,300 International Cement__No par 183
22
22
22
203 21
4
22
22
"214 2114 21
1338 Feb 46 July
par 2314July 26 46% Feb 5
4 273 293
4
4 2958 3018 2912 3114 30
275 283
8
30% 11,800 Internet Harvester____No
2814 29
8May 11
80
Jan 11918 Aug
100 110 Aug 31 1253
Preferred
100
"114 11514 "114 11514 11514 11514 "112 11618 *112 11618 *112 uS's
212 Apr 137g July
918 Feb 7
312Sept 18
25
414
438
4% 418 3,300 Int Hydro-El Sys CIA
4
4%
4
4 14
44 44
38 4
114 Jan
67 June
6 Jan 24
July 27
24
314 314 "25
8 33
"25
8 314
300 lot Mercantile Marine_No par
.258 3 8
3
3
3
*23
4 31
63 Feb 2314 Nov
4
8
25
25
245 2518 243 2514 25
8
4
253
8 247 2518 247 2514 30,600 lot Nickel of Canada__No par 21 Jan 4 2914 Apr 27
Jan 115 Dec
72
4
100 1153 Jan 13 130 June 26
Preferred
400
4
127 12712 "127 1273 '127 128 *127 12712 127 127 *12512 128
212 Jan 2131 July
/
4
100 10 July 27 25 Apr 24
70 Internat Paper 7% pref
4
1014 1014 '1014 113 •1012 113
4 1012 1012 1034 103
.10
12
12 Apr 10 July
612 Apr 20
213 2 2
2 July 23
213 212
4 1,000 Inter Pap & Pow el A__No par
25
23
4 23
'212 3
,
2'
212 212
53 July
4
is Apr
312 Apr 21
27
118July
No par
Class B
112
100
13
8 *114
112 *112 112 *118 112 "118
8
112 112 *13
4 July
/ Jan
1
4
2h Apr 23
1 July 26
No par
118
118
118
118
*1
114
500
Class C
14
114 *1
"1
114 *1
Apr 2212 July
2
8
812July 26 247 Apr 23
100
111 11
/
4
Preferred
8
1114 1012 103
4 2,600
4 107 1112 11
*1012 1112 1012 103
312 Feb
14
Oct
9 Jan 13 25 Apr 21
8
8 20
8 197 2034 *2018 205
20
900 Int Printing Ink Corp_No par
*193 203
4
8
8
193 193
4 193 193
Apr 71 Aug
35
"83
100 66 Jan 2 90 July 13
•83
85
85
10
Preferred
83
*83
"83
85
83
85
*83
85
133 Mar 273 July
4
21 Jan 3 32 June 19
No par
200 International Salt
31
*3012 311 "30
31
*2912 31
*2912 303 *2912 3012 31
8
243 Jan 563 July
8
8
39
39
39 • 3938 3912 4112 41
4114 1,600 International Shoe
No par 38 Sept 19 503 Jan 26
4
383 383 "3858 39
4
4
93 Feb 5912 July
100 19 July 27 455 Feb 15
2312 2312 *193 26
4
26
200 International Silver
26
"21
257
8
'203 25
8
*1914 25
2412 Mar 717g July
100 59 Jan 4 8412 Apr 9
40
64
*63
64
64
64
05
65
7% preferred
*63
*65
69
64
64
4
518 Feb 213 July
97 1014
712July 26 173 Feb 6
8
1012 107
97 1012
8 1014 103
4 1014 1012 32,000 Inter Telep & Teleg___No par
97 101
8
87 July
112 Mar
8
312 Jan 4 163 Apr 20
1218 113 1218 12
12
1212 1218 1212 1212 1212 2,800 Interstate Dept Stores_No par
113 12
4
17 Jan
1114 July
8
55 Jan 3 10 Feb 8
*6
7
*6
74 "6
No par
7
*6
7
•6
lntertype Corp
7
*6
7
Feb 32 July
11
8July 18
1 248 Jan 29 303
8
297 *29
8
207 *29
8
2912
200 Island Creek Coal
4
2912 *29
2812 29 '283 297 *29
23 Feb 45 July
4812 4812 483 483 *483 5012 "50
4
51
200 Jewel Tea Inc
No par 33 Jan 9 52 Apr 20
*4812 49
4
49
.47
1214 Mar 6312 Dec
4 47
No par 39 Aug 6 665* Jan 30
483
8 473 4812 465 4814 29,200 Johns-Manville
8
8 4414 4514 4412 473
443 453
4
42 Apr 10618 July
Preferred
100 101 Jan 4 115 Sept 7
10
114 114 *11312 118 "114 118 "114 118 *114 118
"112 114
35 Feb 91 July
4578 4614 4614 4612 4612 47
"45
46
430 Jones & Laugh Steel pref _100 45 Aug 1 77 Jan 23
46
*45
46
46
9 8 June
3
25 Mar
8
8
6 July 26 103 Apr 13
7
7
7
7
*65
8 7
300 Kaufmann Dept Stores $12.50
8 .63
4 712 *612 712
"63
4 73
6% Feb 1912 July
8
5 137 Jan 4 1812 Apr 20
14h
137 14
8
145
8 1412 1412 1412 l4lz i.iool Kayser (J) & Co
*137
8
*138
14
14
618 July
78 Mar
412 Mar 12
114July 26
13
5
112 158 2,100 Kelly-Springfield Tire
13
4
18
, 15
8
13
4
154
15
13
4
15
8
158
6 Feb 3118 June
5 July 26 20 Jan 30
8 7
65
8 7
7
7
65
8 7
2,200
6% preferred
No par
8 *65
63
8 67
75
8
*7
8 May
2 Feb
3 July 28 10 Feb 16
*43
4 7
*5
7
*5
7
5
5
200 Kelsey Hayes Wheel conv.clAI
4 7
43
4 434 *43
6h June
112 Dec
238Sept 15
712 Feb 16
258 25
8 *25
8 318
100
Class 1.1
1
*238 318 *25* 318 *212 318 *212 318
8
318 Feb155 Sept
8July 26 2114 Mar 14
8 1314 135
125 1314
8
1318 133
1314 135
7.100 KelvInator Corp
No par 115
125* 1318
13
1318
Jan 73 July
30
60 Kendall Co pt pf ser A_No par 6518 Jan 18 90 July 20
86
*86
8914 80
86
86
8912 "86
8912 86
864
*86
73 Feb26 Sept
8
1812 l9ls 13,600 Kennecott Copper
8
187 1914 1858 19
No par 16 July 26 2318June 13
8
8 185 1914
4
183 1918 183 193
4
572 Apr 25$8 July
/
1
8Sept 18 184 Apr 12
4
No par 117
4
4
Kimberly-Clark
4
4
4
4
4
.113 123 *113 123 *113 123 *113 123 *1134 123 *113 1214
4
4
Apr
61 June
/
4
1
*33
714 Apr 13
3 Jan 16
4
4
4
*4
418
400 Kinney Co
No par
334 33
4
4
3 8 37
7
45 Feb30 July
8
34
*181 35
/
4
*1814 35
Preferred
No par 1312 Jan 6 41 Apr 26
518
35
*1814 31
*1814
*18
35
8
512 Mar 167 July
Feb 5
183
8 177 1814 177 18
8
4,300 Kresge (88) Co
10 135 Jan 2 2234
18
18
173 183
4
8 18
17% 18
88 Apr 105 June
60
7% preferred
4
100 101 Jan 4 111 Marl)?
4
*106 10834 106 106 *10414 1083 *10514 1083 10514 10514 *10514 106
Jan 4414 July
27
900 Kress (S H)& Co
6134 6184
par 36 Jan 3 65 Sept 4
61
61
61
61's
No
61
6112 *5418 6112 *59
*54
1412 Feb35511 July
8
2812 2814 283
8 28
28
28'8 3.500 Kroger Groc & Bak
No par 2314 Jan 8 335 Apr 23
273 28
8 275 275
8
273 273
8
30 Nov 80 June
"218 2413
50 Laclede Gas Lt Co St Louis 100 20 July 26 6312 Feb 13
317
8 217 217
8 2112 22
*2038 217
21
217 *21
8
Jan
3712 Apr 61
*33
38
SO
5% preferred
31
31
*30
31
31
32
*3214 34
100 30 Aug 30 60 Feb 9
31
"30
193* Dec 41 18 July
2414 2312 243
8 233 24'4 2,500 Lambert Co (The)____No par 2214 Jan 4 3138 Feb 5
4
4 24
234 2318 2358 235s 2312 233
3 Feb 104 June
200 Lane Bryant
par
5 Jan 6 1414 Apr 19
113
No
*93 1012 *93 1012 1012 101 *10
4
4
1012 1012 *93 12
4
33 Mar 125* July
4
93
400 Lee Rubber & Tire
"87
5
7 July 20 1412 Apr 26
812 812 •8h 912
8h 9
59
*812 912
s 92
57 Jan 27 June
100 Lehigh Portland Cement_ __50 11 May 14 20 Feb 23
*12
1312 1212 1212 *1112 131 *1212 13
*1112 1412 *1112 14
34 Feb 78 Sept
8June 22 81 Apr 26
*745 77
8
*7458 77
*745 77
8
5745 77
8
7% preferred
100 735
77
*745
8
.745 77
8
8
Jan
63 July
1
5 Feb 21
212 Jan 8
312 31
*314
3'2
33
8 358
33
8 312 1,400 Lehigh Valley Coal____No par
312 31
311 312
212 Apr 12 June
8July 19
12
1234 123
4 1214 121z 1212 1312 1,900
Preferred
5 Jan 3 163
1212 121
50
4 12
123 123
8
8
3712 Feb 793 July
par 6414July 26 78 Feb 6
68
6812 4,300 Lehman Corp (The)___No
70
70's 6812 70
4
*6912 70
6812 6812 683 69
14 Feb 2314 June
14
14
5137 144 1414 143 *144 143
8
/
1
4
800 Lehn & Fink Prod Co
5 1112Sept 17 2312 Apr 19
1414 1414 1414 1414
43 Mar 373 July
4
8
Libby Owens Ford Glass No par 251 July 26 437 Jan 19
/
4
8
4
4 285 285s 2812 2914 2812 29
273 2712 273 283
5,000
*2712 28
,3
155 Oct 2218 Sept
4.1912 595
4
8 195 195
8
8 193 193 *198 193
4
193 197
4
8
700 Life Savers Corp
5 1718 Jan 8 24 Apr 9
8
8 195 193
49 Feb 98 Sept
00
9512 96
95
95
595
4
595
96
90
9612 9612 9612 1,100 Liggett & Myers Tobacco__25 73 Jan 6 973 Aug 25
491 Feb 993* Sent
/
4
961
9614 97
Series 11
Jan 8 99 Aug 25
9712 973
8 9714 9814 98
25 7412
9814 4.500
9614 9614 9512
100
148 148
Preferred
100 129 Jan 13 150 Aug 16 121 Mar 1404 Sent
*14614 150 "14614 148 *14614 148 *14614 148 *14614 148
13 Apr 2112 May
4
4 21
8
21
2034 213 *203 213
1,200 Lily Tulip Cup Corp__No par
2612July 18
16 Jan 1.
215* 21
207
8 2012 21
*203
8
Jan 31h July
10
18
517
18
*17
18
Lima Locomot Works__No par 1514 Sept 12 3614 Feb 5
*17
187 *154 18
8
8
*155 187 "16
8
4
684 Apr 193 July
4
123 *10
4
200 Link Belt Co
No par
1214 Jan 3 1938 Feb 6
*10
13
*1012 123 *11
1212
13
13
13
13
1014 Feb 50 July
8
8 2118 2112 2112 2112 2112 2112 2112 2112 1,100 Liquid Carbonic
No par
1618July 26 353 Apr 23
8
2114 2112 215 215
812 Mar 3612 Sept
287
8 2812 2934 2812 295 24,400 Loew's Incorporated-No Par 207
8
3518 Apr 12
4 27
8July 2
285
8 28
8 2714 273
2712 277
35 Apr 7818 July
98
100
Preferred
No par 72 Jan 2 9714 Apr 24
*91
92
*9018 92
9014 901, *92
"9014 92
92
*88
414 June
112 Dec
8 13
134
13
4 *15
900 Loft Incorporated
3 Jan 31
4
No par
114 Aug 15
4
112 13
15
8 13
13
8
13
4
*15
8 13
4
512 June
12 Feb
114 "1
114 *1
114
114 114
100 Long Bell Lumber A_No par
1 July 26
23 Feb 21
4
14 "1
118 "1
*1
1914 Feb 448 Dec
4
*3712 40
4
3812 3812
400 Loose-Wiles Biscuit
25 36'4 Sept 18 x443 Jan 17
3712 3712 373 3812 *3812 39
*3712 40
Jan
_ *125
_ - *125
_
10
7% lot preferred
100 1192 Jan 11 12812Ju1y 13 11312 M.ly 120
__ 125 125 '12.5
_ "125
.12314
/
1
10 Feb 254 July
18
18 -- -18
18
177
8 818 6,400 Lorillard (P) Co
10 153 Jan 8 194 Feb 5
1712 177
8 177 18
8 1
4
/ 17h
4
1712 171 -1714 _-1145 11418 "113 114 *113 114
8712 Feb 106 Nov
7% preferred
60
100 102 Jan 26 11512Sept 1
"112 115 *112 115 *11418 115
4 July
h Jan
17
8
118
118 *118 2
338 Apr 4
3118
800 Loutstana 011
No pa
118Sept 27
114
114 "14 1% '
.14
114
312 Feb 29 July
8 •814 93
85
8 85
8 *814 91*
60
Preferred
100
71 Jan 2 2312 Apr 4
/
4
812 812
812 812
8
8
1418
1438 1412 1414 1414 1414 1414 1,000 Louisville Gas & El A_No par 13 July 26 21 Feb 7
137 Apr258 June
8
14
14
14
14
14
4 Feb2018 July
13
814July 26 1912 Feb 20
4 13
1
100 Ludlum Steel
*1112 1312 *1212 1312 *1212 1312 *1212 133
13
'12
*60
79
14s Mar 9512 Dec
*60
79
*60
79
Cony preferred
79
*60
79
No par 70 Sept 14 97 Feb 20
4
783 "45
.50
912 Feb3132 Dec
3412
34
34
200 MacAndrews & Forbes
*327 34
*3212 344 *33
10 30 Jan 5 37 Aug 27
8
3312 331 "327 34
__ •102
10
74
AP
96 Nov
-- - •10012 ___ *10012
6% preferred
100 95 Jan 13 110 July 12
*102 10718 10718 10718
*102-2414 *2414 25
2514 25-14
3,400 Mack Trucks Inc
par 22 July 28 415 Feb 6
1312 Feb 465* July
24
2412 25
2414
No
2418 2418 24
241 Feb653 July
/
4
4
8 403 417
394 413
8 4038 413
8
4018 4112 12,100 Macy (II 111 Co 1nc_No par 3514Sept 14 6218 Jan30
3912 393
383 393
8
15 Mar
8
7 June
25 Jan 2
8
7 Apr 27
*43
8 4%
600 Madison Sq Gard v t o_No pa
8 47
412 412 *43
414 *414 412
54
4 14
4
538 Mar 195 July
8
10 1512 Jan 17 x2314June 28
4
193 *19
4
1914 1914
200 Magma Copper
193 193 *19
4
19h
4
193 *1914 193
4
"19
7 Feb514 June
8
112July 26
414 Apr 24
400 Mallinson (II It) dr Co_No par
218 *13
4 218
13
4
4 218 *134 2
"lh
1 4 *13
,
14 2
3 Feb 2634 July
15
100
75 Jan 9 335fl Apr 24
8
"12
167 .12
8
15
7% preferred
177 *13
17
"11
*12
15
*12
33 Jan 23
53 July
4
14 Jan
100
1 Jan 8
8 212 •112 212 *112 212
8 212 '17
:Manat1 Sugar
8 212 *17
212 *17
"2
97 July
100
lh Jan 3
914 Apr 26
3 Jan
8
20
Preferred
*413 614 *418 614 *418 614
*412 514
413 412 '44 53
97 June
3 July 26
112 Jan
No par
*4
6
812 Jan 26
6
*35
8 6
*4
6
Mandel Bros
.3
*3
6
*25s 6
512 Apr 23 July
25 1012July 27 2038 Feb 1
13
100 Manhattan Shirt
127
8 12
12
8
*12
127 *12
8
8
*1114 127 *1114 127 *11
31 Feb 17
4 June
118July 25
4 Jan
4
134 "112 lh '
200 Maracaibo 011 Explor.No par
3112
13
4
13
13
4
112 112 *112 13
•15*
53 Feb 5
478 Nov
558 Nov
5
418 Sept 14
4
400 Marancha Corp
*412 478 *412 43
412 412 5412 47
412 412
*412 47
5 Dec 1112 Jan
9 Feb 6
5
512July 27
5i. 512
512 554
4
55
8 53
4
512 5h 3,100 Marine Midland Corp
53
4 53
558 5h
Feb 2314 Dec
6
No par 17 July 31 32 Jan 25
20
20
*18
205 •I8
19
300 Marlin-Rockwell
19
8
2012 19
;
*183 2012 19
8
414 Jan 183 June
No par
83 Aug 9 19h Apr 11
8
113
4 115s 117
4
4 113 123
4
8 9,200 Marshall Field & Co
s 113 123
1112 114 1114 113* 11
8
77 Dec
4 July 27 123 Mar 3
8
12 Jan
100 Martin-Parry Corp__ No par
*4
412 '4
5
6
5
414 414 *4
412 *4
*4
sale c elaan s• le 'Sold 15 days. :Ex-ri vidend. y Ex-*Ights.
•,tirt and asked nrVea. no sales Lul this day. I Companies reported In rerelvecanIn
a Optional
-_
New York Stock Record-Continued-Page 6
2014
orFoR
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept, 22
Sept. 29 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN
THIS LIST, SEE SIXTH PAGE PRECEDING.
Monday
Sept. 24
Tuesday
Sept. 25
Wednesday
Sept. 26
Thursday
Sept. 27
Friday
Sept. 28
I Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER MIRE
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share 3 per share $ per share Shares. Indus.& Miscell.
(Con.) Par 3 per share
$ per share 3 per share 3 per sharp
.26
2612 2614 2718 2618 27
2614 27
26% 2714 2714 273
4 3.000 Mathieson Alkali WorksNo par 2312Sept 15 4034 Jan 24
14
Feb 463 Noy
38
38
38
38
3612 383
4 3814 3812 3834 3914 39
39
1,700 May Department Stores_10 30 Jan 2 443 Apr 23
8
914 Feb 33 Sept
*43
4 5
*43
4 5
'43
4 5
5
5
.4% 5
*412 5
200 Maytag Co
418 July 26
No par
834 Feb 21
118 Apr
813 July
2212 2212 23
23 '2212 24
2212 2212 .2318 24 '2318 24
Preferred
300
No par
10 Jan 2 2812 Apr 26
318 Apr
1514 Aug
'72
80 ;7112 75
*7113 75
*7112 75
7(12 72 *____ 7112
Prior preferred
120
No par 49 Jan 3 9212 Apr 3
15
Apr 58
Oct
*27
2712 2713 28
28
28
273 273
4
4 273 273
4
4 273 28
4
700 McCall Corp
No par 24 Jan 11 32 Apr 13
13 Mar 303 Sept
4
214 214
23
8 23
23
8 213
212 38
312 33
4
33
8 33 37,200 :McCrory Stores classANo par
4
41 Feb 6
118 Jan 8
47 June
% Apr
2
2
2
2
2
2 14
214 314
27
8 318
25
8 278 22,300
Class Ft
No par
114July 24
414 Feb 0
11 I)ec
6
Jan
18 8 19
,
*18
19
183 20
4
20 14 23
22
23
2112 2112 3,000
Cony preferred
54 Jan 2 2534 Mar 17
100
213 Mar 21
Jan
*518 6
*51
*518 6
*518 6
*518 6
.518 6
McGraw-Hill Pub Co_No par
4 Jan 4 1012 Apr 21
3 Apr
818 June
47
47N 464 47% 4612 47
4614 4714 44
4612 44
4513 7,100 McIntyre Porcupine Mines_.5 3812 Jan 25 5012June 10
18 Mar 483 Oct
8
8712 8712 *8518 87
8614 8614 8614 8614 87
87
*863 88
400 McKeesport Tin Plate_No par 79 July 26 9414 Feb 21
4
4413 Jan
b58g Aug
614 63
3
618 614
618 63
8
612 613
614 63
8
614 63
4 3,900 McKesson & Robbins
414 July 26
5
918 Apr 10
1% Mar 1312 July
27
2714 *253 267
8 26
4
27
264 2712 27
2712 2714 273
4 2,200
Cony met series A
50 117 Jan 2 3412 Apr 27
*
33* Mar 25 July
72
3
714
73
8
74
74 73
4
7 4 83*
77
8 83
712 8
8
41,400 :McLellan Stores
1 Jan 6
No par
818 Sept 26
14 Feb
33 July
8
*6114 64
6212 6212 63
65
6412 6618 64
'61
66
64
2,000
8% cony pref set* A
912 Jan 2 66, Sept 26
100
8
213 Jan 227 July
8
*3312 3512 '3312 35
34
3512 357 357
8
8 353 357
8 357 357
4
8
8 1,600 Melville Shoe
No par
26 Jan 2 39 June 28
83 Feb 283 Oct
4
4
418 43
4
43
4 43
4
43
4 43
4
47
8 47
8
47
8 47
8
47
8 1,400 Mengel Co (The)
8 47
I
312July 26
II Jan 22
2 Mar 20 July
.2214 3112 *2214 33
*2214 25
24
25
*243 28
8
*2414 28
20
7% preferred
100 24 Sept 26 52 Apr 19
22
Jan 57 July
2413 2412 2514 2512 25
263
8 253 2614 267 273
4
8
4 273 28
4
6,600 Mesta Machine Co
5 1612 Jan 4 30 Feb 19
7
Feb 21 Sept
26
*253 263 *253 2634 *25
4
26
4
4
263 *25
4
2631 *25
263
4
100 Metro-Goldwyn Pict pref_27 21 Jan 5 263
4May 22
1313 Mar 22 Sept
312 312
312 312
312 313
312 312
312 312
33
8 3% 1,200 Miami Copper
.5
3 July 26
612 Feb 111
93 June
4
13* Mar
*1112 12
1112 1133 113* 115
8 1114 12
115 12
8
11
1114 2,700 Mid-Contlnent Petrol
918July 26
10
1434 Feb 5
33 Mar 16 July
4
814 814
8
8 13
73
4 814
8 4 812
,
8 83
814 814 3,200 Midland Steel PrGel__ __No par
83
s
612July 26 217 Feb 19
3 Mar 173 July
4
56
56
57 57
5612 5612 56
5612 56
56 18 54
54
250
8% cum lst prof
100 54 Sept 28 8514 Apr 21
26 Mar 72 Sept
•58
5914 587 58% 587 587
593 *58
4
8
8
8 58
5812 59
800 Minn-Honeywell Regu_No par 36 Jan 4 60 Sept 21
597
8
13 Apr 363 De3
8
238 2%
23* 23
8
23
8 23
8
2% W2
212 212
23
4 23
4 1.700 Minn Moline Pow Imp' No par
8July 26
17
57 Jan 30
8
7 Feb
2
53 July
4
•1614 1712 16
*15
16
1712 .16
1712 1712 1712 *173 20
4
200
Preferred
1512July 26 353 Feb 1
No par
4
8 Feb
30 July
•1312 16
*1312 15
*14
15
*1338 15
15
*15
15
16
100 Mohawk Carpet Mills
20 1213 Jan 4 223 Apr 21
8
7
Jan 22 July
*5214 53
53
52
5213 53
523 5312 5312 533
4
4 533 537
8
8 2.600 Monsanto Chem Co
10 39 May 14 5512July 13
25 Mar 83 Dee
2512 25% 25
26
243 265
4
8 2614 267
4 2612 2738 85,900 Mont Ward & Co Inc. No par 20 Aug 6 355 Feb 15
8 26% 273
8
8
838 Feb 287 July
51
*507 51
8
51
51
51
*5114 5112 5112 5112 *48
52
300 Morrel (.1) & Co
No par 37 Jan 4 5212 Aug 29
25
Jan 56 July
*12
%
%
12
12
12
12
12
12
12
12
12 1,900 Mother Lode Coalition_No par
12 July 17
13 Feb 8
8
4 Jan
213 June
*7
11
11
*8
*9
10
*812 11
*9
11
*9
11
Moto Meter Gauge & Eq____1
6 July 27 12 Feb 21
4 Jan
87 Dec
8
•1718 1814 '17% 17,1 18
1912 1918 193
8 1812 1912 19
19
1,400 Motor Products Corp_ _No par
1514July 27 443 Feb 15
4
7/4 Mar 36% Sept
714
712
73
8 73
8
4
8
8
75* 73
8 14 814
818 818 1,200 Motor Wheel
5
638July 26 1612 Feb 16
113 Mar
1138 July
*714 73
3
4 *714 7 4
3
3
7 4 74
3
3
73
4 73
4
73
4 74
73
7
Mfg Co
No par
54 Jan 12 1538 Apr 23
112 Mar 103 July
4
*24 2512 .24 2612 *25 2612 25 26 2612 2612 26 4 26 4 500 Mullins preferred
70
Cony
No par 1218 Jan 12 46 Apr 21
5 Mar 25 June
'15
17 .15
*15
17
17
*15
17
17
*15
*15
17
Munsingwear Inc
No par
13 Aug 10 2514 Apr 13
5 Mar 18% June
518 514
43
8
4 53
4% 518
5
514
5
5 18
47
3 512 8,800 Murray Corp of Amer
10
37 July 26 1138 Feb 111
5
15 Feb
8
1112 July
.20
207 *20
8
207
4
8 203 207
2 21
22
233 233 .2218 2312
4
4
600 Myers F & E Bros
No par
14 July 26 2345e111 27
8
Jan 2012 July
1438 I44 1414 15
1412 147
8 1412 147
8 145 147
8
8 143 147
8
8 5,800 Nash Motors Co
1258July 26 3214 Jan 30
No par
Ills Apr 27 July
*418 414 .418 414 .418 414
418
4
4
4
414 *4
500 National Acme
318 Ju1y 23
1
87 Feb 23
118 Feb
7 4 July
3
•558 612
512 53
8 '538 612 *538 614 *534 612
512 53
700 National Aviation Corp.No par
514 Sept 14 1314 Jan 31
4
938 Dec 10,8 Dec
533 "5
*54 5,2
514
512 *53
8 512
512 614
6
6 18 2.100 :National Hellas flees pref_100
97 July
314 Jan 6 I 2% Mar 19
114 Jan
2934 3014 297 303
8
8 3014 3041 2978 3034 293 30
8
2338 297 22,700 National Biscuit
8
10 2838Sept 28 4913 Jan 16
3112 Feb 605 June
8
*135 143 *135 14214 *135 1424 *135 14214 *135 14214 *137 14018
7% cum pref
100 131 Jan 3 14812July 23 118 Mar 145 Aug
13% 137
8 1312 14
14
1418 14
1414 x1378 14
13
133
4,400 Nat Cash Register
No par
12 July 26 233 Feb 6
3
513 Mar 2338 July
1614 1612 1612 163
4 163 17
8
17
1714 17
1714 1652 17
12,500 Nat Dairy Prod
No par
13 Jan 4 183
4June 9
1012 Feb 253 July
4
114
114
114
114 *118
1,
4
2
114 2
2
*178 2
4.300 :Nat DepartmentStoresNo par
1 Jan 9
3 Mar 16
18 Mar
213 June
*1138 1618 12
1214 13
13
1314 1638 16
*1512 17
17
540
Preferred
5 Jan 17 2212 Apr 18
100
10 June
14 Feb
193 197
19
4
203
8 1918 20
2018 207
8 2014 208 193 205 35,900 Nati Distil Prod
8
4
No par 16 July 26 315* Feb 1
207 Dec 3314 Nov
8
*2214 2312 *2214 26
*2214 24
24
24
*2214 2412 •22
27
100 Nat Enarn & Stamping_ No par 1612 Jan 5 32% Apr 24
5 Feb 193 Des
2
"147 150 •14614 150
14914 14914 1494 14914 *145 15613 *347 149
200 National Lead
100 135 Feb 10 163 July 14
4314 Feb 140 Nov
142 142 •141 144
141 141 "135 142% '135 142 *135 142
200
Preferred A
100 122 Jan 16 145 July 18 101 Mar 12814 Nov
'11012 11612 .111 11612 *111 11612.111 11612 *11012 11612 *11012 11612
Preferred B
100 10012 Jan 9 116 Aug 7
75 Feb 10918 July
7 4 818
3
8
818 814
838 834
838
818 812
838 83 11,000 National Pow & Lt____No par
8
67
8Sept 17 1512 Feb 6
6% Apr 2012 July
3514 3512 35
3514 3412 3614 3618 3612 3612 3712 3612 37
6,400 National Steel Corn
25 3412Sept 25 5814 Feb 5
15 Feb 5518 July
12
12
1218 1218 *12
12 2 12
,
12
1212 12 2 123 123
,
4 1,400 National Supply of Del___ _25 10 July 26 2118 Apr 24
4
Apr 285* June
38
38
37
36
35
3512 3513 3912 *382 40 "385 40
840
Preferred
100 3312 Jan 4 60 Apr 23
Feb 6014 June
17
•10% 103 *101/ 11
4
4
11
11
11
11
1118 1114 *103 11
4
500 National Tea Co
No par
9 July 26 183 Feb 1
4
612 Jan 27 July
.1814 20
18 '1714 20
18
19
19
20
21
*20
21
1,200 Nehiner Bros
No par
812 Jan 4 3014 Apr 13
112 Jan 1218 June
3412 35
*34
3512 355* 35 58 36
36
3613 381 2 3612 3812
600 Newberry Co (J J)
No par 31 July 26 497 Apr 10
__---- ---- --*103 10718 *103 107,8 '103 10718 '103 10718 *103 10718 *103 10718
7% preferred
100 100 Apr 3 10614 Aug 21
*613 6,
4
618 618
6 4 612
,
6,
2 612
614 614
614 614
700 Newport Industries
1
512Sept 18 13 Mar 6
18 Mar -171-14 July
3
•14
1412 14
"1312 15
14
15
15
*1312 1518 *1312 15%
400 N Y Air Brake
1112July 26 243 Feb 7
No par
4
618 Apr 2312 July
*25
8 37
*212 33
4 *212 33
4 *212 33
4 "232 38
New York Dock
*23
8 3%
23
100
8July 31
23 Dee 1171 June
814 Mar 10
4
"6
10
*614 10
*613 10
*612 10
*612 10
*612 10
Preferred
100
6 July 26 20 Mar 13
Oct 22 June
6
.3
8
i2
%
i_
12
.
12
3
3
3
3
12
*3
8
3
2 1,200 SHY Investors Inc_ _ __No par
%
38Sept 14
14 Feb 7
23 June
3 Dec
8
123 13
1214 1212 12
4
1214 *1212 13
13
13
1212 1212 1,100 N Y Shipbldg Corp part stk__I
912July 26 227 Feb I
1% Jan 2213 Aug
8
•74
76
*74
*7313 76
76
.74
77
*7514 77 '74
7% preferred
78,
2
100 72 July 26 893 Apr 13
Jan 90 June
31
4
*8313 913 *8312 913 "8313 913 *8312 913
4
4
4
4 8412 8412 *8312 87
10 NY Steam $6 pret
No par 82 Jan 5 9912 Apr 10
70 Nov 101% Aug
'96 108
"96 103
*96 108
"96 108
*96 108 .96 108
37 1st preferred
No par 90 Jan 15 1097
8May 26
83 Nov 110
Jan
4012 4034 40
4034 393 40
4
4014 41
3914 40
39 39 14 6,000 Noranda Mines Ltd
No par 3314 Jan 4 457 Aug 0
173 Jan 387 Sept
2
8
1314 133
4 1312 14
1312 143
8 1414 144 14
143
4 14
1412 33,600 North American Co
No par
1134 Sept 17 2514 Feb 6
12 4 Dee 3613 July
,
37
33
37
38
37 12 38
39
39
*39
407 .3914 408
8
Preferred
700
50 34 Jan 9 45 Apr 20
31 Dec 46
Jan
33* 312
*33
8 312
%
33
3 3
3 4 33
,
33* 3 2
4
,
33* 312 3,500 North Amer Aviation
238July 26
1
4 Feb
834 Feb 1
9 July
*6112 64 '.6012 63
*61
6312 6312 64
6413 65
65 65
800 No Amer Edison pref __No par 4713 Jan 4 7418 Apr 26
39 Nov 79 July
35
*33
35
*33
*33
35 '33
35 '33
35
33
33
Northwestern Telegraph.
20
,50 33 Sept 13 43 Apr 26
262 Apr 43 June
4
*17
8 218 017
8 218 *17
8 218 *2
218 *178 218 *178 218
Norwalk Tire & Rubber No par
57 July
8July 27
412 Feb 19
15
118 Feb
1012 1012 1014 1012 1014 1014 1014 1058 1012 105* 103 1012 3,800 Oblo 011 CO
8
812July 26 157 Feb 5
No par
8
44 Feb
17% July
2% 23
4
23
8 23
* 23
4
25
8
23
27
238 23
4
27
8
4 272 1,700 Oliver Farm Equip
No par
2 July 25
7 1.03 5
118 Feb
83 July
4
11
11
*11
11
11
11%
11 4 IIN 1212 13 .12
3
137
800
Preferred A
No par
9 July 27 273 Feb 5
8
314 Feb 303 June
4
*4% 514 *4% 514
43* 412
414 414
414 414 '43
8 412
800 Omnibus Coria(The)yte No par
358July 27
63 JulY 9
8
15 Mar
83 July
4
.8
812
813 812
8
8
812 91* 10
103
4
4 103 113
8 3.500 Oppenheim Coll & Co No par
518July 27 143 Mar 31
8
2% Feb
15 June
137 13% 133 14
134 143s
1414 141
s
; 1412 1412 141s 1412 6,300 Otis Elevator
8July 26 193 Feb 16
No par
133
8
1018 Feb 2514 July
.983 10012 100 100
4
*993 100
4
*993 100
4
*993 100
4
*993 100
4
10
Preferred
100 92 Jan 18 10212 Aug 22
9312 Apr 106 July
*414 41
412 43
4
43
4 48
5
5
48 5
45
8 5
1,600 Otis Steel
No par
8July 27
33
8 Feb 19
914 June
114 Mar
*1418 1618 "1414 167
8 1512 1512 *1414 167 51412 167 •1412 187
8
8
8
Prior preferred
100
9 Jan 2 25 Feb 20
100
4
24 Feb 213 June
64 64
6318 64
63
64
65 6512 66
67
66% 6714 3,200 Owens-Illinois Glass Co____25 60 Sept 17 (14 Jan 30
31 13 Mar OM Jul,
14% 1412 143 144 143 1518 1518 15, x143 15
8
8
4
143 143
4
4 5,800 Pacific Gas & Electric
25 137 Sept 18 2312 Feb 7
8
15 Dec 32 July
23% 2318 2312 24
237 24
8
237 2412 2378 2412 2412 243
3
4 2,300 Pacific Ltg Corp
4Sept 17 37 Feb 7
No par 203
22 Dec 433 Jan
8
*2112 2234 *2114 2234 2238 223 *213 223
8
4
4 2212 2314 *2314 25
400 Pacific Mills
No par 20 July 27 34 Feb 5
6 Feb 29 July
•_ _ _ _ 7938 •_ _ _
. 79% '72
793 *____ 793 *__ 793 *_ _ _ _ 75
8
8
Pacific Telep & Teleg____100 72 Jan 11 8512 Mar 13
Ws July
65 Mar
*105 112 .105 112 a108 103 *__,_ 112 x103 105 *102 10412
preferred
60
6%
100 103 Jan 3 116 June 22
9914 Nov 111 12 Sept
*512 612 *53
4 6,
4 *6
614 *512 614 *5 2 814 *512 614
Pac Western 011 Corp_ _No par
,
534July 26
87 Apr 25
8
912 Sent
4
53 Dec
35* 33
4
312 33
4
312 33
4
35
8 33
33
4 37
4
8
33
4 4
13,500 Packard Motor Car __No par
4July 26
23
63* Feb 23
I% Mar
6% July
"104 1118 *103 1118 "ION 1118 *1034 1118 '1031 1118 '103 11 13
4
4
Pan-Amer Petr & Trans ____5 1034 Jan 9 1112 Jan 30
8 June 14 July
51714 26
*1714 26
.1714 26
*173 2513 *2012 254 20
4
20
100 Park-TU(0rd Inc
17 July 26 3512 Feb 6
1
8
Jan 363 Oct
6
*5
8
3
4
*,
s
3
4
*52
.5
8
3
4
Parmelee Transporta'n _No par
3
4
8
3
.5
4
8
3
*5
4
5
8July 30
2 Feb 5
% Mar
3 July
*24
114
3
4
3
4
*3
4
7
8
3
4
3
4
400 Panhandle Prod & Ref.No par
8
7
.5
8
8
7
.5
8
%July 24
212 Apr 6
3 Apr
8
44 June
.812 9
*838 9
9
9
8% 8i2
*812 0
"813 9
20
8% cony preferred
100
712Sept 19 2112 Apr 6
20 June
4
53 Jan
4% 414
4
414
37
4
414
4
414
414 412 76,700 :Paramount Publlx etts____10
43
4
57 Feb 16
13 Jan 2
4
18 Apr
212 June
312 338
31
3
,2
33
2 3,
12
3% 3,2
67 Feb 15
3% 312
314 3,
2 5.500 Park Utah C M
1
212July 26
414 July
5 Jan
4
114
13
8
114
18
14
13
8
114
15
13
8
13
13
13
8 8.000 Pathe Exchange
No par
12July 27
414 Mar 2
14 Jan
212 July
13'4 1312 127 14
125* 133
s
4 1312 1334 1312 1414
1318 133
4 7.400
Preferred class A
No par
1012 Jan 4 243
42une 12
1414 Dec
114 Jan
134 133
4 1314 13% 133 138 1334 1418 1334 1334 '13
4
1312 1.400 Patin° Mines & Enterpr No par
1212Sept 18 2112 Jan 2
53 Jan 25 Nov
8
17
17
8
17
8
13
4
IN
13
4
13
4
IN
13
4
13
4 2,300 Peerless Motor Car
13
17
4
3
8
13
4Sept 21
47
8June 5
918 July
114 Feb
47 47
47
47
47
47 3
8 473 473 .4814 5012 *4813 5012
4
4
900 Penick & Ford
No par 443
8Sept 17 64 Jan 30 x2512 Feb 60 4 Dec
3
5912 60
59
60
5912 6114 60
61
60
61
6013 6114 6,000 Penney (J C)
No par
5112 Jan 4 67% Mar 3
1914 Mar 50 Dee
'106
____ '106
____ *106
____ *106
___ 106
____ .106
____ ......
Preferred
100 10513 Mar 8 10812May 16
90
Jan 108 Ant'
*2% 3
3
3
.318 312
318 3% '25
312
* 312 •3
200 Penn Coal & Coke Corp_ _10
8July 27
17
54 Apr 26
3 Feb
4
93 July
8
*313 33
35, 35*
4
312 3
'2
3311
3311
73 Feb 5
8July 26
3'2 35
312 312 1,200 Penn-Dixle Cement___No par
27
3 Jan
4
91, Jul e
'15
1512 15
15
15
15
15
15
*1412 15
15
*14
Preferred series A
500
100
1214 July 26 32 Apr 24
4% Mar 32 July
24
25
243 253
4
8 243 26
4
26 14 2714 26
2612 2534 26
8,600 People's 0 L & 0(Chic)_100 22 Sept 14 437 Feb 6
25 Dee 7 Jan
,
*14% 15
*1412 15
147 15
15
15
*143 15
4
*1434 15
400 Pet Milk
No par
94 Jan 3 1514 Aug 27
64 Fel
1514 June
4
•
94 10,
4 *9, 1014
94 912
93
3 933
7
012 9 8
9% 98 1,100 Petroleum Corp of Am
814July 27 144 Feb 3
5
453 Jab
15 July
1412 147
1412 147
8 1418 15
15
s
1514 15
1518 1434 15
6.500 Phelps
-Dodge Corp
17 188 Apr 26
25 1314 Sept
412 Jai
1873 Sept
*315 325* *30
325 *3112 333
8 32
353
32 '32
3518 4 30
.
100 Philadelphia Co 6% pref. _50 244 Jan 2 37 Feb 9
2113 Nov
36 July
•____ 55 •____ 55 *____ 55
*50
56 *__ __ 55 •____ 55
$6 preferred
No par 49 Jan 12 64N Feb 17
3814 Dec 62 July
412 45
8
414 412
414 453
412 43*
414
434
5
12,900 PhIla & Read 0 & I
45,
No par
314 Jan 4
63 Feb 21
4
212 Feb
912 July
34
34
3438 3312 3414 3312 337
34
33% 3414 33
3312 5,300 Phillip Morris & Co Ltd___10 1112 Jan 3 3512July 19
8 Feb
147 June
8
*75 10
8
*714 10
*714 10
*714 10
*8
10
*8
10
Phillips Jones Corp.
7 July 27 21 Apr 2
-No par
3
Feb
163 July
4
'4914 60
"52
*52
60
60 '52
60 '52
60
"52
60
7% prererred
100 48 Aug 14 747 Apr 7
35 June 35 June
153 1538 15% 154 15
8
155
8 155* 16
1513 155* 155 157
8
7,300 Philips Petroleum
No par
1412JulY 26 x203 April
4
454 Jan
18% Sept
*412 5
*412 5
*412 5
*413 5
5
512
512 512
800 Phoenix IloaierY
5
412JulY 26 1312 Feb 3
15* Mar 174 Dee
18
13
4
18
I%
153 14
17
1%
1%
13
4 18 3.600 Pierce-Arrow Mot Car Co__ 5
18
112JulY 27
612 Feb 19
3 Dee
713 Nov
%
%
12
25
5
8
*12
%
5/3
i2 July 24
5
8
•12
5
8
600 Fierce 011 Corn
12
12
118 Jan 30
14 Jan
174 June
.5
*5
6
*5
6
*5
6
6
*5
6
*5
6
Preferred
5 Aug 24 103 Feb 14
/00
4
37 Feb
2
13% Jane
•118
1
1%
1
114
1
I
118
1 18
118
118
118 18,000 Pierce Petroleum
No Dar
1 July 26
2 Feb 6
4
23 June
3 Jan
8
"2718 28
2734 273
4 2712 28
28
28
273 2814 28
28
1.300 Pillsbury Flour Mills
No par
1813 Jan 8 294 Aug 7
03 Feb 267 June
8
2
.85
3 90 '853 90 '8512 90 .8553 90
4
*7712 90
*7734 90
Pirelli Goof Italy Amer shares 7014 Jan 22 87 Sept 19
333 Apr
8
75 Nov
*812 012 .81
912
83
4 9
8% 818 *818 9
9
100
9
7:2.1uly 26
500 Pittsburgh Coal of Pa
1812 Feb 19
4 Feb 23 July
30
•30
36
3018 *30
36
*30
36 '30
3512 "30
3513
Preferred
100 30 Jan 8 4212 Feb i
Jan 48 July
17
• Bid and a^ked prices, no sales on this day
5 Companies reported In receivership a Optional gale. e Cash iale. ,SOW 15 days. r Ex-dividend
v .4-1.12111.
New York Stock Record-Continued-Page 7
2015
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 22
5 per share
618 618
*1718 20
*2
27
8
8
*17
187
*112 2
*26
30
*2
231
9
9
712 712
*214 3
*1
114
1414 143
8
•13
4 2
*65
8 8
371 371
/
4
/
4
*114 115
Monday
Sept. 24
Tuesday
Sept. 25
Wednesday
Seat. 26 1
$ per share $ per share $ per share
814 *614
6
*6
13121
614
20
20
20
*1812 20
20 I
*2
27
8 *2
27
8 •2
8
27
1117
1814 *17
1814 *17
1814
*112
17
8
*112 2
118
112
*28
30
28
30
30
30
*2
23
4 *218 23
4 *218 23
4
81 91
/
4
/
4
83
4 87
8
83
4 0,8
/
4
4
73
4 71
/
4
71 8
*73
8 73
*214 3
*214 3
*214 3
*1
112
118
118 *1
112
137 144 133 15 '141 153
8
/
1
4
/
4
4
4
*13
4 2
*13
4 2
*13
4 2
*7
8
*618 8
7
7
61
3 2 3714 3612 37 2 37
,
373
4
114 115
115 115
116 116
Thursday
Sept. 27
$ per share
6
6 14
21
21
*2
27
8
18
1814
11 114
/
4
30
3018
*218 23
4
87
8 9
818 814
*214 3
112
*1
1412 1512
*13
4 2
*63
8 8
3712 373
4
115 115
Friday
Sept. 28
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Ssnee Jan. 1.
-share tots.
On baits of 100
Lowest.
Highest.
PER SHARE
Range for Prertotu
Year 1933
Lowest.
Highest.
$ per share Shares. Indus.& Miscell. (Con.) Par 5 per share
$ per share $ per share $ per share
412Ju1y 26 113 Apr 4
6
8
11 Feb
/
4
614 1,000 Pittsburgh Screw & Bolt No par
113 July
4
40 Pitts Steel 7% cum pref___100 1514July 28 43 Feb 21
.20
4
1014 Jan 383 May
23 2
,
214 214
312 Feb 21
112July 26
100 Pitts Term Coal Corp
100
61 July
/
4
12 Feb
*17
4
Jan 2312 July
90
100
6% preferred
818 Jan 4 1834 Aug 20
1814
5 Feb 19
25
118Sept 26
13
8 13 10,600 Pittsburgh United
8
3 Feb
4
612 July
8
Preferred
*26
34
130
100 255 Sept 17 597 Feb 19
153 Feb 64 July
4
5 Feb 21
No par
Pittston Co (The)
13 Jan 4
4
7 June
*218 23
3 Apr
8
4
87
8 9
8,600 Plymouth 011 Co
8 July 26 163 Jan 30
63 Feb
4
174 July
/
1
4
5
*77
8 814
1,000 Poor & Co clan B
/
4
6 June 2 141 Feb 5
13 Apr
4
133 July
4
No par
*238 3
15 Mar
8
Porto Ric-Am Tob cl A_No par
8 June
614 Jan 30
212Sept 19
.1
1 14
Class B
1 July 27
4 May
314 Jan 30
100
No par
3 Feb
8
1514 4,600 Postal Tel & Cable 7% prof 100 1012July 27 2938 Feb 6
15
4
Feb 40 4 June
3
114July 26
512 Feb 16
:Pressed Steel Car
512 June
No par
*18
3 Jan
8
4 17
8
*718 8
100
Preferred
558July 26 22 Feb 17
3
Jan
18 June
100
3738 373
8 4,000 Procter & Gamble
195 Feb 4712 July
8
No par 3318June 2 4114 Jan 23
4
115 1153
97
Apr 1103 Not
4
200
5% pref (sec of Feb 1 '29)100 10212 Jan 22 116 Sept 26
27 June
114 Mar 15
8
:Producers & Refiners Corp.50
14 Jan
14 Jan 2
2 Nov
13 June
6 Feb 19
/
1
4
Preferred
118May 2
50
3012 313
4 3012 3112 3014 32
313 323
4
4 313 323
8
4
4 3214 325 11.400 Pub Ser Corp of N J.__No par 29'2 Sept 17 45 Feb 6
3238 Nov 6718 June
77
*72
763
4 7412 7412 *7112 7412 *72
*71
7412 *7214 7412
597 Nov 8812 Jan
s
100
55 preferred
No par 67 Jan 2 84 Feb 6
*85
86
*833 86
8
85
85
86
86
*8412 8712 *85
8
75 Dec 1013 Jan
873
4
200
6% preferred
100 79 Jan 8 9734July 11
*98 103; *9814 10118 *98 1013 *9814 1013 •97 1013 *98 10138
8
8
8
7% preferred
84 Dec 11212 Jan
100 90 Jan 8 106 Feb 21
*107 11518 *10812 116 *10812 117 *10812 116 *10812 11512 *1083 11518
Jan
99 Nov 125
100 105 Jan 12 11912 Feb 17
4
8% Preferred
*99 102
*99 103 .99 103
*99 102
*99 1011 101 101
100 Pub Ser El & Gas pf35.No par 90 Jan 10 10412 Aug 9
/
4
83 Dec 10312 Jai)
/
1
4
8 384 395
/
1
8 3912 401 40
8 3838 383
3818 38,
/
4
4 4,100 Pullman Inc
4012 4012 403
18
8Sept 14 59 Feb 5
Feb 6818 July
/
1
4
No par 353
1638 Sept
7,
2 7
/
1
4
2 Mar
/
1
4
7,2 71
/
4
71 73
/
4
4
7
/ 74 5,600 Pure Oil (The)
1
4
73
/
1
/
1
4
7 Sept 14 14 Feb 16
4 74
/
1
No par
712 73
4
5712 5712 5814 58,
*57
2 5812 59
59
/
1
4
30 Mar 69 Sept
5812 59
280
583 59
4
8% cony preferred
100 56 Sept 19 80 Feb 6
93
4 93
4
93
4 93
4
93
4 93
4 10
1COrt
8
9
/ 9
1
4
/
1
4
93
4 9
/ 1,700 Purity Bakeries
1
4
918 July 26 19; Feb 5
67 Feb 253 July
2
No par
5
/ 6
1
4
57
8 618
53
4 6
54 6
/
1
5 2 53
,
4
1214 July
48,600 Radio Corp of Amer_ No par
412July 26
3 Feb
91 Feb 6
/
4
53
4 6
3912 *387 397
8
8 373 391 3912 40
*38
4
/
4
3912 4012 40
4012 2,100
50 2314 Jan 4 434 Aug 25
/
1
1314 Feb 40 May
Preferred
8 26
26
2612 2514 273
273
4 271 2814 273 2812 27
/
4
612 Feb 27 July
4
8Slay 11
8
273 20,000
No par 15 Jan 4 353
Preferred B
214 214
*24 2 8
3
214 23
214 214
8
214
23
8
238 238 10,400 I Radio-Keith-Orph_ __No par
5;June
112July 23
1 Mar
41 Feb 17
/
4
*1612 1712 *1618 1712 *1612 1712 1612 1612 163 1714 *1658 175
8
8
4
1412July 26 23 Feb 5
Feb 203 Sept
300 Raybestos Manhattan_No par
5
.1 5
,
612
51 51 *53
/
4
612
500 Real Silk Hosiery
614 612
634 67
8
/
4
8
4 614 *6
512 Feb 207 June
10
5 July 27 14 Feb 6
*35
50
*35
*35
50
50
*35
50
*35
50
*35
Jan 60 May
50
26
Preferred
100 37 Sept 15 6014 Apr 26
*2
2
/ *2
1
4
23
8 *2
238 •218
23
8
218
218 *218 238
412 July
6 Apr 2
100 Reis (Robt) & Co____No par
138July 27
14 Jan
*93 1014
*95 1012 *912 10
8
4
93
4 934 *912 103
1812 June
4 *9
118 Jan
8July 26 3884 Apr 2
1034
100
1st preferred
53
100
77
8 8
77
8 814
8
8 14
814 838
818
838 84 814
1114 July
/
1
900 RernIngton-Rand
8
6 July 26 133 Feb 23
212 Feb
1
40
8 40
40
*4012 423
40
*41
47
41
41
4114 42
71 Feb 3712 July
/
4
800
1st preferred
8
100 323 Jan 5 691251ar 14
41
40
41
41
*38
40
*4014 41
41
*40
44
41
60
Feb 35 4 Dec
3
2c1 preferred
8
100 30 Jan 8 67 Mar 14
23
8 212
23
8 238
2
/ 23
1
4
8
8June
23
8 23
8
214 23
8
13 Feb
214 214 2,100 Reo Motor Car
8
63
2 July 26
512 Feb 23
5
13
4
1318 123 1314 123 133
8 131 1312 1318 133
/
4
4
4 13
1358 17,300 Republic Steel Corp___No pa
Feb 23 July
1012July 26 253 Feb 23
4
4
393 4114 4118 411 403 4212 4114 4114 3,700
4114 4114 4012 41
4
/
4
4
9 Feb6412 July
6% cony preferred
100 37 Aug 6 6712 Feb 23
.618 9
*618 9
*614 9
*61 9
/
4
*618 9
12 June
*618 9
11 Jan
/
4
Revere Copper & Brass-----5
6 Jan 8 1412 Apr 11
/
4
*1312 1818 *1312 181 *1312 1818 *1312 1818 .1312 1818 •1312 1818
214 Mar 25 June
Class A
10 1114 Jan 29 2812 April
20
20
20
*1912 20
2014 2012 2034 2034 203
6 Feb2112 June
3
1512 Jan 2 27 4 Apr 26
4 2054 2 4 1.700 Reynolds Metal CO -_No par
03
.63
*63
4 8
*63
4 8
4 8
*63
4 8
8
3
*714 712 *7
612 Jan 9 1312 Feb 25
112 Feb15 4 July
Reynolds Spring
1
464 463
/
1
4 4614 464 4614 471 47
/
1
/
4
2612 Jan 254, Sept
4
4
4
4714 4714 4812 473 4814 15,100 Reynolds(R J) Tob class 18_10 393 Mar 21 4812Sept 27
59
*57
57
*57
69
57
59
59
*57
61
*57
61
4
60
Jan 623 Jan
20
Class A
10 67 Jan 5 6012July 6
*53
4 7
*54 7
/
1
*54 6 '
/
1
6
6
4
100 Ritter Dental Mfg
*5
/ 7
1
4
512July 25 1312 Feb 8
*55
612 Feb163 June
8 7
No par
/
1
2314 23
*23
23
2338 *2318 234 23
235
8 23
*223 23
4
3,800 Roan Antelope Copper Mines_
3318 Apr 26
233 Nov 2612 Nov
8
21 Aug 1
8
73
8 734
71 714
/
4
71 75
/
4
104 June
/
1
2
Apr
/
1
4 Jan 3 104 Feb 6
77
8 71
/
4
714
6
73
8
67
8 715 2.900 Rossla Insurance Co
345 345 *333 3418 *3312 344 *3312 3414 *333 337
8
8
4
/
1
3418
300 Royal Dutch Co (N Y shares) 32'4 July26 3918 Feb 19
4
8 34
17 Star 391/4 Nos
/
1
4
1712 1712 1714 1714 17
173 18
4
17
8July 31 277 Feb 5
8
17
61 Feb 313 Sept
/
4
1714 1714 1714 1.700 St Joseph Lead
4
10 153
46
4618 4618 46
4534 47
464 467
/
1
8 4618 463
/
1
4
4 4614 4612 1,400 Safeway Stores
28 Star 62 July
No par 44 Jan 5 57 Apr 23
•10012 10318 101 101; *10112 10212 .1017 10214 10178 1011 10214 10214
8
72 Apr 9412 July
/
4
4
70
6% preferred
100 843 Jan 3 108 July 5
11114 11114 *10918 11212 *10918 11212 111 111
111 111 *10918 111
120
8014 Feb 105 Sept
7% preferred
100 9812 Jan 15 113 June 16
6
6
6
618
63
4 63
4 *6
612 *6
612 .6
612
214 AD
400 Savage Arms Corp_ __No par
512July 30 1214 Feb 15
12 July
223 23
4
22 8 2318 211 2312 2314 24
,
/
4
23
24
2318 237 24,400 Schenley Distillers Corp
8
5 1718July 26 387 Apr 11
8
24 Nov
4514 Aug
*35
8 4
37
8 3
/
1
4
312 33
4
4
4
1,100 Schulte Retail Stores
8 Feb 5
4
4
4
5 Mar 1014 July
8
4
3 Sept 14
1
19
19
2412 19
•16
19
19
20
4
20
318 Apr 353 July
205 •193 201
8
8
/
4
330
4
Preferred
100 15 Jan 2 303 Apr 16
53
53
5314 5314 5314 54
*51
Jan 441 July
531 *5112 5314 *5112 5314
/
4
/
4
28
110 Scott Paper Co
No par 41 Jan 10 54 Sept 24
24
2312 2414 2414 25
2414 24
24
3
2412 2412 2312 24
15 Feb 43 8 Sept
2,300 Seaboard Oil Co of Del_No par 2112Sept 15 383 Apr 11
8
8 3
24 27
/
1
9 •25
*25
8 3
278
27
8 *23
118 Feb4;July
4 3
212 212
478 Feb 7
500 Seagrave Corp
212Sept 15
No par
8 3818 4014 3912 40
/
4
3812 39
/ 381 393
1
4
3938 41
3912 4018 29,700 Sears. Roebuck & Co No par 31 Aug 6 5114 Feb 5
1212 Feb47 July
•13
4 2
*13
4 2
*13
4 2
*134 2
*134 2
134July 25
.134 2
114 Feb5 June
414 Jan 26
Second Nat Investors
1
*3312 40
.3312 40
*3412 40
*35
40
24 Feb48 July
*35
40
Preferred
*35
40
32 Jan 8 4518 Feb 2
1
/ me
1
4
3 June
/
1
4
•12
kl .
'2
8
4
12
12
2 Jan 22
3
4
7
8
12Sept 13
3
8
5
8 1,100 :Seneca Copper
•3
4
/
1
4
No par
514 5
/
1
4
518 5
/
1
4
514 512
53
8 512
512 534
Apr 24
112 Feb712 Jul)
54 53
/
1
4 5,700 Servel Inc
418July 26 9
1
73
4 73
4
714 71*
/
4
8
74
/
1
1
818
534 Apr 131 July
74 8
8
73
4
/
1
73
4 8
2,200 Shattuck (F G)
Jan 2 137 Mar 9
63
4
No par
612 61 *618 7
*614 7
*618 7
/
4
12 July
*614 7
*612 634
112 Feb
200 Sharon Steel Hoop.
5 Jan 11 1314 Feb 23
/
1
4
No par
43
8 43
8
43
4 43
4
43
4 43
5
4 *412 41
212 Feb8 8 June
/
4
7 Feb 5
/
1
4
4 July 26
8 1,300 Sharpe & Dohme
45
8 4
/
1
4
412 45
No par
*40
46
*40
46
*42
46
*40
46 .40
8
46
*40
46
Cony preferred ser A_No par 3814 Jan 8 49 Slay 3
2114 Mar 417 July
300
65
8 63
4
612 63
8
612 63
8
6
/ 63
1
4
4
64 63
/
1
8
4
312 Feb115 July
634 61 3,400 Shell Union ()11
/
4
1112 Jan 27
63
8Sept 18
No par
*6114 63
*6114 63
6212 621
6234 63
6412 6412 65 65
2812 Mar 61 July
300
Cony preferred
100 57 July 31 89 Jan 26
912 97
912 10
8
10
912 10
1014
10
1012 10
43 Feb31 July
8
818July 26 2418 Feb 5
1012 5,100 Simmons Co
No par
113 1112 1114 111 1112 111 111 111 111 1112 113 115
8
/
4
/
4
/
4
/
4
123 June
8
/
4
41 Feb
/
4
8
8 9,100 Simms Petroleum
8
714July 26 117 Sept 25
10
7
7
7
7
7
7
3 July25 1118 Apr 25
4
*64 7
/
1
/
1
4
*65
8 7
9 June
*65
3 Feb
8 7
600 Skelly 011 Co
25
554
56
*54
55
*54
55
55
55
*55
56
22 Feb 5712 July
54
54
200
Preferred
100 54 July 26 6818 Apr 26
/ 22
1
4
•12
/ 22 .12
1
4
.127 22
8
*1312 22
*1312 22
*1312 22
Jan 35 Juiy
Sloss-Sheff Steel & Iron__100 16 Jan 9 2712 Feb 17
7
*20
2312 .20
2312 .2034 2333 2034 2312 21
21
*2034 23 2
814 Feb 42 July
50
7% preferred
,
100 19 Sept 17 42 Apr 23
143 141 1418 1414 14
8
/
4
1618 15
1518 143 1518 1434 143
L3 July
4
4
/ Mar
1
4
4 5,300 Snider Packing Corp.
63 Jan 3 17 IS LIY 5
4
.No pay
,
/
4
141 141 133 143
/
4
/
4
4
8 131 1412 1414 1438 141 145
/
4
8 1418 1412 25,400 Socony Vacuum 011 Co Inc_ _15 1212July 26 197 Feb 5
6 Mar 17 Noy
8
105 105 *104 106
800 Solvay Am Invt Tr pref 100 88 Jan 6 105 Sept 21
105 105
Feb 92 July
58
10412 1011
/
4•10312 1041 2 10412 10412
311 313
*31
/
4
32
31
31
8 31
3114 303 313
4
8 311 31,1 2,200 Bo Porto Rico Sugar___No par 2918Slay 14 391 Feb 5
/
4
8
157 Jan 483 July
2
/
4
/
4
134 134
135 135 *133 14412 *133 135 .133 135
•13212 134
Jan 132 July
40
Preferred
100 115 Jan 16 137 July 23 112
117 1218 111 1214
8
4
/
4
113 12
113 123
4
4 12
Jan
1218 111 12
28
9.200 Southern Calif Edison
1418 Nov
/
4
25 1018Sept 15 2218 Feb 7
*518 7
*51 7
/
4
6
6
*61 7
/
4
117 July
8
200 Spalding (AG) et Bros_No par
63
4 63
4 551 712
4
/
4
Jan
5 4 Jan 10 13 Apr 21
3
*51
58
*51
58
56
*51
*51
56
*52
56
*52
2518 Mar 61 June
56
1st preferred
100 3014 Jan 11 74 Apr 21
__ ____
Spang Chalfant & Co Ine No par
161 July
/
4
412 Feb
8
7 Jan 22 153 Apr 23
-2
1
*4012 45
- ii( 1. 15
. 10T* 15
-1,- *4012 45 .4012 45
*4312 15 - --Preferred
1712 Feb 50 June
100 30 Jan 23 62 Apr 24
14 3 2
3
31 314
/
4
3
,
31 3 8
/
4
312 34
8 June
3 Feb
4
/
1
8 Feb 21
33
4 33
8Sept 14
4 *312 3
27
/ 4,000 Sparks WIthIngton__ __No par
1
4
*314 4
*314 3
/ *312 3
1
4
/
1
4
4
4
*314 414 *314 414
612 June
50 Spear & Co
12 Jan
74 Apr 18
/
1
2 Jan 3
No par
26
26
26
26
*2514 26
2512 2512 2518 2518 2512 2512
500 Spencer Kellogg & Sons No par
153 Jan 5 2714 Aug 29
4
712 Apr 22 Jul}
738 73
8
715 712
71 712
/
4
/
1
4
71 712 8,200 Sperry Corp (The) v 80
/
4
73
8 73
8
73
8 71
71 July
/
4
2 18 May
8
1
6 Jan 6 113 Apr 2
/
1
4
/
4
/
4
*614
7'2 *61 712 *61 712 •
614 714 *614 714 •
Spicer Mfg Co
Jan
16 June
5
6 July 19 13 Feb 7
614 7,
4
No par
*2518 27 .2518 27
27
•25
*2518 27
.21118 27
60
Cony preferred A _ No par
113 Mar 3212 Jur r
2514 2512
4
21es Jan 2 31 12 Feb 20
67
59
583 6114 60
4
62
583 61
4
59
/ 6112 5834 6012 26,500 Spiegel-May-Stern CO_No par
1
4
19 Jan 4 6712 Apr 25
1
Feb 21,2 Dec
8
,
19
8
1914 187 19 4 187 1914 1914 193
4 193 195
8
8 1912 193 15,600 Standard Brands
4
8
133 Mar 375 July
4
/
4
1714July 26 251 Feb 1
No par
414
3
/ 4
1
4
4
4
3
/ 414
1
4
1,600 Stand Comm Tobacco_No par
*33
418
4 433
4
4
Jan
93 Aug
8 Mar 13
8
1
314July 27
818 814
8
814 812
83
/
1
8 8,900 Standard Gas & El Co_No par
7 4 84
3
7
/ 83
1
4
8
71 3
/
4
4518 Mar 2212 June
6'4 July26 17 Feb 6
814 83
4
81 8
/
4
/
1
4
8
/ 94
1
4
/
1
9
93
8 *83
4 9
9
9
4,000
8
Preferred
6; Dec 257 June
No par
658July 26 17 Feb 6
20
*18
20
*1914 20
•18
*1912 20
*1812 20
*18
20
$6 cum prior pref____No par
15 Dec 61 June
15 July 27 33 Feb 6
21
21
2112 2112 *20
211 22
/
4
223 22114 223
4
4 2112 21 12 1,200
$7 cum prior pref____No par
16 .Dec 66 June
1712 Jan 4 3812 Apr 24
.133
*13
8
112
112
1,
2
112 13
13
8
13
8
112
4 515
8
1 84 1,200 Stand Investing Corp__No par
2 June
/
1
4
/ Jan 13
1
4
11 Jan 5
/
4
l2 Mar
*11014__._ *11014
_ 10914 110
109 109
10918 10918 109 109
500 Standard Oil Export pref__100 9612 Jan 2 11014May 26
9212 Mar 102; Sept
323 33
4
3214 3134 32
313 --4 3212 31
3112 317
8 31
3112 14,700 Standard 01101 Calif_ __No par x305
1912 Mar 45 Nov
8May 14 427 Jan 30
8
*28
4
31 18 *273 3118 *273 3118 *273 311 *273 3118 528
4
4
/
4
4
28
100 Standard 01101 Kansas_ _ __10 27 Sept 17 41 Apr 21
123 Apr 397 Dec
4
s
/
4
433 4312 431 4312 43 433
8
4 433 4418 • 4312 437
8 4312 4418 17,700 Standard 01101 New Jersey_25 4058July 27 5018 Feb 17
4
2234 Mar 4712 Nov
9
101 10
/
4
,
4 914
101 10
/
4
014 912 083
8 *934 1014
1,200 Starrett Co (The) L S__No par
103
4
6 Jan 15 1414 Apr 19
Feb
111 June
/
4
59
583 59
554 5914 055
4
/
1
59
5914 59 59
59 59
1,700 -.telling Products Inc
4
10 471 Jan 4 6612July 30
453 Dec 603 Sept
/
4
1
•112 13
4 •112 13
4 *112 13
4 *112 13
184
100 Sterling Securities el A _No par
*112 13
4
13
4
3 Feb 6
11 Jan 2
/
4
/
1
34 June
38 Jan
53
/ 4
1
4
•312 414 *312 412 .318 414
4
4
4 7
8 47
8
300
Preferred
No par
3 Jan 3
112 Feb
73 June
7 Feb 6
4
•30
/
4
3418 *3014 3418 .3014 341 •3014 341 •3014 3418 *3014 3418
/
4
Convertible preferred____60 30 Jan 12 363 Feb 1
20 Mar 3614 July
4
53
4 5
/
1
4
5
/ 5711
1
4
512 53
4
53
4 51
/
4
54 614
/
1
412July 26 105 Feb 21
614 612 4.900 Stewart-Warner
1112 July
8
5
211 Feb
6
6 ,1
/
4
61 6
/
4
/
1
4
/
4
61
618 614
6
58 6
7
's
6
63
8 8,000 Stone & Webster
No par
41 July 26 1314 Feb 6
/
4
/
1
612 Dec 194 July
2
/ 3
1
4
2
/ 3
1
4
278 3
24 3
/
1
21 3
/
4
2
/ 3
1
4
6.800 :Studebaker Corp(The)No par
214July 24
8 June
914 Feb 21
/
1
4
112 Mar
11
10
1014 103 104 12
13
10
•11
8
1114 1114
/
1
12
1,700
100 10 Sept 24 47 Feb 19
Preferred
9 Apr 3818 June
,
693 *67
4
*67
69 4 .67
693 *67
4
100 Sun 011
693
4 603 693 *67
No par 5112 Jan 2 6934Sept 6
4
4
35 Feb 59 Nov
69
11612 11612 *116 11612 11614 11614 11612 11612 117 117
11612 11612
170
100 100 Jan 17 117 Aug 20
Preferred
89 Mar 103 July
•1312 14
*1312 16
14
14
1412 141 *141 1534 *133 1512
/
4
4
400 Superheater Co (The)__No par 1112July 27 2514 Feb 5
712 Feb 27 July
17
8 2
13
4
11 •13
/
4
4
11
/
4
13
4
11
/
4
13
4 134
13
4
134
900 Superior 011
412 July
3 Feb 1
1
1 14July 26
; Jan
*634 712 *612 712
7
712 *7
71 _
712 712 *63
100 Superior Steel
4 71 4
8July 26 15 4 Feb 19
3
8
100
45
2 Feb 223 July
*312 4
33
4 334 *312 4
33
4 33
4
400 Sweets Cool Amer (The)___50
35
8 33
4 *312 4
/
4
1 Mar 10 July
53 Jan 26
31 July 27
4
5,
r,,,
12
3
8
12
12
12
/
1
4
12
12
12
/ 17,300 Symington Co
1
4
No par
3
8July 24
3 June
212 Feb 19
1/1 Apr
•112 233 •13
*11 2
/
4
4 219 *13
11 2
/
4
4 2
*2
214
200
No par
Class A
112July 27
53 Feb 23
8
514 July
33 Apr
834 83
4
81 87
/
4
8 *812 10
*81 10
/
4
.878 10
•9
10
300 Telautograph Corp
163 July
8
5
/12Sept 14 1514 Feb 1
81 Feb
/
4
/
4
414 43
41 41
/
4
8 *414 45
/
4
414 41
8 •438 434
438 41
800 Tennessee Corp
/
4
-- _5
318July 26
13 Feb
8
714 Aug
63 Feb 19
4
2234 23
224 2314 2318 2312 231 2338 2278 2314 6,400 Texas Corp (The)
/
1
2212 23
/
4
8
__25 20 July 26 293 Feb 5
10 4 Feb 301 Sept
3
/
4
353 364 36
4
/
1
361 36
/
4
353 36
4
3634 353 365
.8
1514 Feb 454 Nov
8 36
3613 17.
900 Texas Gulf Sulphur__Ao par 30 July 26 4314 Feb 6
*23
4 27
8
23
4 23 'A 24
4
/
1
11 Mar
/
4
2
/ 27
1
4
612 Apr 4
212July 27
8
4 1,500 Texas Pacific Coal & OIL _10
23
4 23
4
23
4 23
612 May
8
/ 9
1
4
83
4 0
8
/ 81
1
4
/
4
9
9
878 9
9
312 Mar 1118 June
9
2.900 Texas Pacific Land Trust___ 1
63 Jan 6 12 Apr 2
4
12
12
8
12
1214
1112 117 •11 18 12
1214 1214 .1218 1214
No par
8 July 26 1512 Jan 30
5 Feb 2218 July
900 Thatch. r Mfg
•4313 4412 *4312 44
*43
44
*43
44
*43
100
44
275 Feb 44 .1111Y
44
8
44
No par 39 Jan 15 44 Jan 29
53.60 cony pref
• RIO .001 ...AM maces. no *ales 4/. Ihls I IS'. I CO- no 011es rep,Irtod In reeeigeNt111). 1 ,11010[ml sale. C Cash Sale. r Ex-,1l,1clend. y Ex-r ghts
New York Stock Record-Concluded-Page 8
2016
Sept. 29 1934
"
:0 FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
1
-PER SHARE. NOT PER CENT. 1 Sales
HIGH AND LOW SALE PRICES
the
for
Wednesday Thursday 1 Friday
Monday
Tuesday
Saturday
Week.
Sept. 28
Sept. 27
Sept. 26
Sept. 25
Sept. 24
Sept. 22
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
3 per share $ per share 8 per share $ per share 3 per share $ per share Shares. Indus.& Miscell.(Corset.) Par
No par
200 The Fair
*438 53
4
04,2 53
4 *514 53
4
53
4 53
4
4 553
*48
8 5
84
1
800 Thermoid Co
8
5
4
33
8 33
35
8 3 8 *318 33
34 35
8
34 34
8
34 33
1
700 Third Nat Investors
8
163 174 *16
4
1712 *1612 1714
15
157 16
15
15
15
25
100 Thompson (J a)
5
5
*5
53
4
*5
53
*47
8 5
4 *514 53
4
05
514
1112 1114 1112 113 1112 114 113
8 3.300 Thompson Products Inc No par
113
8 11
8
1118 1112 11
900' Thompson-Starrett Co_No par
4
4 23
23
4 27
8 *212 23
4
24 24
4
23
2
4 27
8
212 23
22
$3.50 cum pref___ _No par
*18
*18
22
*18
22
*18
22
22
*1814 22
*18
918 9 8
93
8 912 5,300 Tidewater Assoc 011___No par
5
4
914 912
94 94
95s 93
91:: 912
100
Preferred
800
78
78
x79
79
4
4 793 80
4
79
7912 793 793
*7812 80
No par
50 Tide Water Oil
*2338 33
*2338 33
30
30
*2418 33
*2418 30
*26
33
100
963
9C101 Preferred
4
9614 9614 9614 9612 9612 096
8 96
957 957
8
955 96
8
10
54 •57
8
53
4 54 3.200, Timken Detroit Axle
54 57
8
53
4 5
4
4
512 53
8
54 53
5,500 Timken Roller Bearing_No par
294 30
297 3012 294 30
8
2912 2914 30
2914 2912 29
4
8
512 534
512 53 10,600 Transamerica Corp........No par
8 53
4
512 55
8 512
53
53
8 54
53
500 Transue & Williams sri No par
8 612
53
4 6
6 12 612 *57
8 612 *57
*5
6
*53
4 6
4
44
4
44 3,700 Tri-Continental Corp_No par
37
8 414
33
4 4
4
4
*34 4
No par
200
6% preferred
*67
71
70
70
*67
71
70
*6912 70
*6912 70
70
No par
400 Trim Products Corp
*3412 35
343 3412 3414 34,
8
8
2
*3314 36
*3412 357 *3412 36
No par
900 Truax Triter Coal
8 34
8 23
4
27
8 3
33
25
*23
4 312 *212 312. *212 3
10
4 1,400 Truscon Steel
438 412
412 45
412
412
8 *412 43
4
458 43
43
8 438
No par
2
400 then & Co
2
*17
8 2
*17
8 2
218 *13
4 2
17
8 2
218
1,000 Under Elliott Fisher CO No par
48
4
4812 484 48
483
4 483 484 *47
4812 4812 *4712 48
2,100 Union Bag & Pap Corp_No par
5114 493 4934 *4812 49
4
8
*4912 493
4 4912 5014 495 5112 49
44
4312 437 19,800 Union Carbide de Carb_No par
8
8
417 4312 427 4312 43
8
4258 427
8 414 43
25
1412 15
2,000 Union 011 California
8
144 15
147 144 147 15
8
*1514 1538 *1412 15
No par
900 Union Tank Car
20 203
8
20 20
4
8
8
8
1912 195
8 195 1958 195 193 *197 20
_ 4,200 United Aircraft & Tran_No par
__ ____
__ ____
__ -- _
-__ -_-8
13
133 ____
No par
2212 1, 0 United Biscuit
5
2258 -23
2212 -- 4 22 --223
23
2212 -23
.
1
2234 2234 . 2212 100
210
Preferred
114 114 *113 114
114 11412 113 114
*115 1157 *11412 115
8
No par
*4110 4212 4,600 United Carbon
8 4238 43
425
42
423
8 4112 4212 4112 4214 42
No par
34 4
35,900 United Corp
414
414
4
4
33
4 418
37
8 418
34 4
Preferred
No par
273 2814 27
4
273
4 263 274 6,900
4
4
26
2612 26, 28
2512 26
5
115 1134 9,500 United Drug Inc
8
8
8 1114 1112 1112 1214 115 12
1118 1118 1118 113
10
200 United Dyewood Corp
8 47
8
478 47
8
43
4 43
4
*45
*412 5
5
*45
8
"412 5
412 458
300 United Electric Coal.__No par
*43
47
8
412 412
*414 5
5
.418 43
4 *414
No par
747
8 4,700 United Fruit
7412 74
7412 74
74
8 7318 74
8 7312 737
7312 737
No par
1458 15
143 147 17,200 United Gas Improve
4
8
145 15
8
15
4 1414 1412 14
144 143
No par
97
Preferred
594
200
98
*9414 97
*94
95
95
*94
98
95
95
100
2
2
700 (United Paperboard
214
2
2
2
2
214 *2
214 *2
*2
518
700 United Piece Dye Wks_No par
514
5
433 45
53
8 533 *5
8 53
8
8
*414 53
8 045
6 Ii% preferred
100
38
38
*34
38
034
38
*34
38
*34
*34
38
*35
4 1,900 United Stores class A__No par
33
4 33
4
35
8 34
312 33
314 312 *314 3118
35
8 34
3
5818
Preferred class A____No par
5818 *50
5818 *50
58181 *50 ' 5818 *50
5818 050
*50
900 Universal Leaf Tobacco No par
4612 4712 *4612 4712
46
4612 46
4514 .45
*4514 464 45
Universal Pictures 1st pfd_ 100
*28
50
*28
50
*28
50
028
50
*28
50
*28
50
1
118
118
600 Universal Pipe de Rad
118
118
118 *1
118
11
114
118
118 *118
20
4 5.600 U 9 Pipe & Foundry
4
8 19
193 x1912 2014 1912 193
8
4 1812 1918 185 193
183 183
4
No par
lot preferred
8
*177 187 *1812 187
8
s
*1818 1912 *1818 1912 *1818 1912 *1818 19
No par
US Distrib Cot%)
*3
2 112
*53 112
112
*5
8
112
8
112
*5*
*5
*12
33
No par
*14
143
4
300 U S Freight
14
1318 1318 14
14
*12
133
4 1312 1312 *13
No par
200 U S & Foreign Secur
*75
8 73
4
4 8
712 712 *73
8
712 712 *712 814
*712 83
No par
*65
6812
400
Preferred
*66
68
68
68
4
*65
68
673 68
68
*65
20
4012 403
4 40 4012 3,000 U S Gypsum
*41
4112 397 4012 3912 4114 4012 41
8
100
13812 13812
110
7% preferred
139 139 *13214 139 *13214 139 *13214 139
1385 139
8
U 8 Hoff Mach Corp
5
"6
7
*6
7
*6
7
*6
7
*614 7
*6
63
4
4,800 U S Industrial Alcohol_No par
38
3718 384 363 3818 36
4
3612 37
4 3512 36
3512 353
No par
8 1,200 U S Leather v 1 0
64 63
4
614 64
618 64 *63
8 63
8
63
8 63
8
65
8 65
No par
Class A v 1 o
100
10
912 912 *9
4 93
4 *9
93
4
*83
4 9
*9
97
8 *83
Prior preferred v 1 o
100
100
50
*42
50
50
*42
"42
50
*42
45 45
*4412 50
5
5 14
514
5$s
512 534 4,200 U S Realty & Impt___No par
5
518
5
5 14
44 514
No par
8
8 154 163
4 1612 1718 1612 1718 1638 167 24,000 U S Rubber
8
16
1633 155 163
100
lot preferred
4
3812 3812 403
8 3914 405
8 3812 393 24,000
384 36
8 36
3712 383
11112 11512 115 11712 112 1164 1115 11612 25,100 U S Smelting Ref & Mln___50
8
11812 11812 11214 117
50
Preferred
500
*65
6612
*6412 6478 647 65
8
*6412 65
6412 6412 65
*63
100
8
3218 3314 317 3412 333 3414 334 344 333 3414 55.000 U S Steel Corn
8
8
323 33
8
100
Preferred
4 4,700
75
753
4 74
76
713 7112 7118 7414 7312 743
8
723 723
8
8
No par
200 U 9 Tobacco
1145 1144 11314 11314
8
4
8
8
*1095 1197 *1095 119 *11014 119 *1093 119
8
1
24 3,200 Utilities Pow & Lt A
2
218 214
218 214
218 212
214 214
218 218
No par
600 Vadsco Sales
84
84
7
8
7
8
*8
4
7
8
7
8
7
8
3
4
*3
4
7
8
84
1712 2,800 Vanadium Corp of Am_No par
8 17
1612 1658 1618 1714 1712 1712 1714 177
4
163 163
4
5
93
4 978 3,300 Van Itaalte Co inc
*934 978
8
97 10
8
97
s 97
8
97 10
10
1018
7% 1st pref
100
350
7712 7712 7712
*75
7612 7612 7612 77
75
76
74
76
5
3212 32
3238 3212 3212 2,200 Vick Chemical Inc
4 32
314 313
4 314 313
*313 32
4
8 1,500 Virginia-Carolina Chem No par
4
3
4 35
34 3
4
312 33
34 3
4
38 3
5
4
3 2 312
,
100
18
1,600
6% preferred
4 18
183
4
4 18
1714 1714 1712 1712 173 173
17
17
100
7% preferred
83
100
*73
83
573
79
79
*68
80
80
*70
80 . *68
75
100 Virginia El & Pow $6 pf No par
7512 7512 75
75
7412 745
8 75
0744 75
*745 75
8
Virginia Iron Coal dr Coke_ 100
514 *4
712 *4
714 *4
514
712 *4
712 *4
*4
100
5812 6114 1,140 Vulcan Detinning
*55
5712 5712 59
58
57
58
056
5812 57
No par
300 Waldorf System
8
414 414 *414 412
8
418 418 *414 47
*44 412 *44 47
No par
4 2312 2414 234 244 2,100 Walgreen Co
2312 2314 233
*23
2314 23
*2314 24
100
20
69% preferred
10914 10914
107 107 *107 110 *1074 110 *10714 110 *108 110
No par
318 318
314 333
314 314
312 312 1,200 Walworth Co
312
312 *3
*3
634 *514 63
4
400 Ward Baking clan A No par
8 67
8 *6
5
55
8 5 8 *55
514 514
514
514
Class B
No par
100
4
4 *112 13
4 *15
8 13
112 112 *112 13
*112 14
*112 2
100
Preferred
3012
800
"2612 2912 *27
*2612 29
26
26
26
2414 2414 25
5
8
54 53 39,900 Warner Bros Pictures
5
5 12
4
45
8 44
43
8 514
84 512
458 43
No par
$3.85 cony pref
194 *165 197
8
*17
197 *17
8
8
*1612 20
20
*15
*14
20
*114
15
8
*614 634
*11
1312
19
*18
5
"314 3 8
118
*78
273 28
4
6512 6512
*323 33
4
*1812 183
4
4
314 313
"86
90
1014
*10
*213 27
4
57
57
6812 6812
56
56
*10614 10714
96
*93
*17
8 218
4
*5
8
*1914 20
1212 1212
*30
*16
26
•112
*334
*314
*7
234
813
4
48
•1512
*3112
*233
4
*40
*64
*16
*314
*344
153
8
*153
4
2
35
8
3712
164
26
15
8
68
5
312
714
2312
4
813
4814
1612
34
28
62
644
18
312
35
153
8
1614
2
4
114
114
612 612
*1012 1314
19
19
5
*314 3 8
*7 . 118
8
8
273 283
4
6512 67
327 344
8
1812 1812
314
31
8712
*86
10
10
*213 27
4
*58
5912
68
*67
561s 5618
10714 10714
9312 9312
*14 218
4
4
8
*175 19
1218 1218
*30
154
*25
15
8
*33
4
*314
7
223
8
80
48
16
33
*233
4
443
4
*6418
*16
31 2
*3418
154
4
153
*2
33
4
3712
154
2612
15
8
65
8
,2
3
7
2234
80
483
4
16
33
28
4812
6412
1712
32
,
35
154
1614
218
34
13
8
114
4
612 63
133
4
*12
1814 19
*34 34
118
*7
8
2814
28
6612 6612
3514
33
1914
18
3012 324
*8612 8712
10
10
*213 27
4
58
58
68
68
55
56
1074 10714
95
*93
4 24
*13
3
4
*4
1912 2014
1412
*12
3738
*30
1612 1612
*2512 26
*112 2
*33
4 658
3,
2 34
7
7
24
22
80
81
4818 483
4
1612 17
333 34
4
28
*26
2
46, 4612
6412 65
1712
016
34 312
3418 341s
*153 1614
4
1618 1718
*218 214
34 34
112
112 112
112
612 67
8
63
8 63
4
4
133
133 *11
4
*11
1914 19
2012
19
33
8 31 2
"314 34
78
72
Ps
72
8 273 2818
4
28
283
6612
8
*663 6612 *66
357
8
344 355
8 35
194 1914 x1912 1912
3214 3318 3214 3312
*8612 8712 *8612 8712
*1012 1138
1012 11
*213 27
4
*213 27
4
5834 583
4
*5512 60
6714
68
67
67
5412 5412
5412 55
10614 10714 *10614 107
95
*93
*93
95
4 214
214 214 *13
84
"8
"8
84
*1818 2012 2012 21
*1212 1418 *1218 14
*30
*1514
257
8
*112
*4
33
4
7
233
4
*80
483
4
1714
3414
*26
4712
66
16
34
3418
16
1612
*218
37
8
373
8
1812
254
2
658
33
4
7
237
8
82
493
8
1714
35
28
4712
66
16
312
3418
1614
17
214
4
• Old and asked prices. no sales on this day.
*30
*1514
254
*112
*44
33
4
7
2314
813
4
483
4
1714
*30
26
*46
6514
*15
33
8
*3418
1612
16
218
4
373
8
1812
26
2
8
4
33
714
2412
82
493
8
1714
32
26
4734
6534
1712
32
,
35
1612
1714
218
418
No par
600 Warner Quinlan
*13
8 15
8
No par
618 638 1,400 Warren Bros
100
1134 1134
Convertible pref
No par
No par
2,000 Warren Fdy & Plpe
2012 21
No par
400 Webster Elsenlohr
5
38 38
5
1
330 Wells Fargo & Co
*78
114
2818 4,800 Wesson Oil& Snowdrift No Par
28
No par
Cony preferred
700
6612 6612
8
343 3534 9,900 Western Union Telegraph _100
1914 195
8 1,900 Westingh'se Air Brake_No par
317 3212 21,400 Westinghouse El & Mfg___50
8
1st preferred
50
*8612 8712
700 Weston Eleo lostrum't_No par
*1012 11
No par
Class A
*213 27
4
70 West Penn Eleo clan A_No par
*5812 60
180
Preferred
100
70
*66
100
56
130
6% preferred
*54
100
60 West Penn Power pref
10614 100,
4
100
60
6% preferred
944 95
100 West Dairy Prod cl A__No par
*13
4 214
No par
Class B v t e
100
"8
34
600 Westvaco Chlorine Prod No par
*1814 20
200 Wheeling Steel Coro
No par
*1218 15
100
Preferred
*30
373
8
514
30 White Motor
*1514 163
4
500 White Rk Min Spr ctf __No par
*253 2614
4
*112 2
100 White Sewing Machtne_No par
No par
4 8
Cony preferred
*33
5
900 Wilcox 011 & Gas
4
0314 33
No par
900 Wilson & Co Inc
*63
4 7
Class A
No par
2312 234 9,100
82
Preferred
100
*80
600
10
487 4914 20,300 Woolworth (F W) Co
8
100
*1612 1714 1,100 Worthington P & W
100
*3312 35
230
Preferred A
*2312 27
100
Preferred B
100
*46
4812
230 Wright AeronautIcal___No par
*65
6534
700 Wrigley (Wm) Jr (Del)No par
100 Yale & Towne Mfg Co_ __25
1712
*16
13_10
4 2.300 Yellow Truck & Coach c13
4 3
*3118 35
20
Preferred
100
1612 1612
700 Young Spring & Wire No par
164 1612 5,400 Youngstown Sheet de T_No par
218 218
500 Zenith Radio Corp. __No par
8 2,300 Zonite Products Coro
37
8 37
1
t Companies reported In receiveNhIp. a Optional sale.
Raag R rnLEus
PE fo pA
,
Range R SH JaE 1.
Pg SIneeA R n.
On bus13 of 100-share tots.
Highest.
$ Per share
4 Aug 7
3 Sept 17
1312 Jan 2
47 Aug 15
8
10 July 26
13
4July 26
1812 Aug 6
812 Jan 4
6412 Jan 4
30 Sept 25
80 Jan 11
37 Jan 4
8
24 July 26
518July 26
412July 26
318July 27
6014 Jan 9
33 Jan 6
14 Jan 3
3
38July 23
1 July 23
36 Jan 5
3914July 26
8May 14
357
4July 27
133
15 8 Jan 9
5
1112Sept 18
2114Sept 19
107 Jan 9
35 Jan 4
314 Sept 15
2414 Sept18
914 Jan 8
3 8 Jan 2
3
318 Jan 10
59 Jan 5
133
4Sept 20
86 Jan 8
4
13 Feb 13
4 July 26
35 Aug 30
24 July26
$ Per share
1218 Feb 16
918 Feb 19
1938 Feb 6
11 Feb 5
2014 Feb 16
512 Jan 29
2412 Jan 30
1438 Apr 23
8518 Apr 30
40 Apr 27
9612 Apr 27
812 Apr 24
41 Feb 5
812 Feb 5
1312 Feb 17
63 Feb 3
4
78 Apr 20
40 Feb 3
44July 12
94 Feb 19
4 Jan 15
5112 Jan 20
607 Feb 23
8
507 Jan 19
8
2012 Feb 5
2114June 18
374 Feb 1
2914 Apr 26
120 June 30
4612June 16
87 Feb 7
8
k
377 Feb 7
1814 Apr 28
107 Apr 26
8
6 Apr 25
77 Apr 21
2018 Feb 6
9938July 18
3 8 Feb 19
5
133 Feb 20
4
68 Feb 21
6 Apr 20
66 Apr 16
5012July 13
464 April
3 Feb 18
33 Feb 7
195 Feb 23
8
4 Jan 31
2712 Feb 5
1514 Feb 5
78 Feb 26
504 Jan 24
8July 27
1407
1018 Apr 24
643 Feb 9
4
117 Jan 24
8
193 Feb 1
4
80 Jan 3(1
123 Feb 2
4
24 Apr 21
6114 Apr 20
141 July 19
6518Sept 8
597 Feb 19
8
9912 Jan 5
120 July 10
5 8 Feb 6
3
17 Jan 25
8
314 Feb 19
113 Apr 18
8
98 Feb 5
364 July20
53 Jan 23
8
26 Feb 5
84 Aug 17
80 July 31
9 Feb 23
79 Mar 9
87 Feb 20
8
2914June 18
110 Sept 13
63 Feb 1
8
12 Feb 6
3 8 Feb 5
5
36 Jan 24
814 Feb 5
317 Apr 24
8
8
37 Feb 16
135 Jan 24
8
287 Apr 23
8
31 Jan 20
7 Jan 25
214 Jan 23
295 Aug 29
8
67 Sept 12
667 Feb 6
8
36 Feb 6
47, Feb 5
4
95 July 11
14 Feb 5
27 Sept 14
70 June 13
80 July 13
x6812July 19
11058June 12
105 June 29
614 Jan 30
212 Jan 3(1
274 Feb 8
29 Feb 21
57 Feb 26
284 Feb 19
3112 Apr 19
34 Feb 6
1114 Apr 20
534 Apr 5
9 Apr 11
263 Apr 13
8
8412 Apr 11
547 Apr 21
8
317 Feb 5
8
53 Jan 24
42 Jan 24
75 Jan 27
661* July 11
22 Apr 21
7 4 Feb 19
,
4712 Apr 26
223 Feb 19
4
333 Feb 19
4
434 Feb 5
4
73 Feb 19
54 Aug 15
4014 Feb 26
167 Jan 8
8
78July 27
1512July 26
1612 Jan 11
14 Jan 5
11 July 26
61s Aug 7
6314 Jan 5
3114June 1
115 Jan 10
45 Jan 9
8
32 Sept 17
518July 26
7124u1y 28
45 Sept 24
4 July 26
11 July 26
2418 Jan 8
964 Jan 13
5412 Jan 13
8Sept 17
293
6714 Sept 17
99 Jan 5
2 July 23
34July 21
14 July 26
411 Jan 2
x5414 Mar 1
245 Jan 4
8
178July 23
10 July 26
593 Jan 8
4
65 Jan 2
34July 31
52 Jan 4
418Sept 15
2214 Feb 26
8412 Jan 4
214 July 27
5 Aug 6
114July 27
24 Sept 18
4July 26
23
16 Sept 19
114Sept 14
512July 26
10 July 30
1312July 27
3 July 27
34July 27
15 4 Jan 4
3
5212 Jan 5
2912Sept 15
157
8July 26
275 July 26
8
82 Aug 8
6 July 30
163 Jan 5
8
4412 Jan 8
514 Jan 8
45 Jan 3
8912 Jan 2
783 Jan 10
4
14 Aug 1
b2 July 27
147 Jan 12
8
1112Sept 17
35 Sept 17
15 July 26
2114July 26
112 Jan 8
5 July 25
212July 26
4
43 Jan 8
1214 Jan 9
53 Jan 8
4114 Jan 3
1312July 24
3112Sept 14
2358 Aug 6
167 Jan 8
8
5412 Jan 11
14 Jan 6
4July 26
23
28 Jan 2
13 July 26
123
8July 26
178July 26
33
8July 26
c Cash ale.
5301,1 7 days
Year 1933.
Lowest.
Highest.
$ per share $ per share
23 Mar 1212 May
8
1
Feb 1012 July
10 Mar 2114 July
6 Dec 1512 June
54 Jan 2014 Sept
4 Mar
912 June
12
Jan 30 June
312 Jan
113 Sept
4
2312 Apr 6514 Nov
914 Apr 26 Dec
45
Feb 80 Dee
814 June
14 Mar
133 Feb 3512 July
4
238 Mar
93 July
8
27 Mar 17, July
8
2
4
23 Feb
4
83 July
Apr x75 May
41
8
20, Feb 387 July
8
12 Apr
514 July
2 Mar 123 June
4
614 June
54 Jan
914 Feb 3912 July
512 Jan 60 July
193 Feb 517 July
4
8
84 Mar 23.4 July
4
1012 Feb 223 June
1612 Mar 4C8 July
,
1312 Feb 27 8 July
92 May 111 Dec
1014 Feb 38 Dec
4 Dec 1412 June
2218 Nov 407 June
8
618 Dec 12 Sept
3 Feb
4
67 June
8
1 Mar
87 July
8
2314 Jan 68 Aug
134 Dec 25 July
8212 Dee 100
Jan
12 Jan
512 July
8
313 Mar 217 July
35 Doe 85 July
714 July
3 Feb
4
45 Mar 66 July
2112 Apr 5112 July
10
Apr 35 June
33 July
8
14 Apr
8
618 Mar 22, July
123 Apr II) May
4
6 June
1
Oct
7 Feb 2952 July
173 July
4
318 Feb
3612 Mar 84 July
18
Feb 5312 July
1014 Jan 121 Sept
*
13 Apr
8
117 June
1312 Feb 04 July
23 Mar 1714 July
8
4
414 Feb 273 July
Feb 7814 Sept
30
1412 July
212 Feb
Vs Feb 25 July
8
512 Feb 437 July
8
1311 Jan 1055 Sept
3648 Jan 58 Sept
38 Mar 8712 July
Mar 10512 July
5
Jan 10912 Dec
59
87 June
8
14 Apr
38 Jan
34 July
52
7 Mar 3614 July
10 July
15 May
8
2012 May 65 Sept
2318 Dec 31 Sept
58 Feb
73 July
8
3 8 Mar 2612 July
3
354 Mar 6312 July
60 Dee 854 Jan
15 May
218 Feb
124 Feb 677 June
8
518 Dee 12 Jul,
.. 5
/
4
24
5
8
1112
1
414
5
8
212
712
5
1
4
7
40
1714
4
113
8
193
6012
312
10
30
37
3312
8812
80
212
78
5
712
15
14
23
12
14
2
7
2
4
19
2518
8
14
14
6
3412
7
218
18
312
712
4
8
35
Apr -9112 Sept
83 June
8
Apr
Mar 20 July
Apr
5 8 July
5
Apr 444 July
918 Sept
Fab
Feb 2412 Oct
44 June
Mar
8
Feb 225 June
8
Fob 355 June
Feb 30 Deo
Jan
8 Ju'Y
Apr
312 June
Mar 3712 July
Mar 63 July
Fab 7714 July
8
Jan 355 July
4
Feb 583 July
Feb 96 July
1314 July
Feb
Mar 2214 July
Apr 73 June
Apr 773 June
4
Apr 6912 July
Dee 1103 Jan
8
Jan
Dec 101
4
Apr
113 June
414 June
Mar
Mar 2012 July
Jan 35 July
Feb 67 July
Jan 2612 July
Oct
Oct 29
43 July
4
Jan
1012 July
Jan
512 June
Mar
11 June
Jan
22 June
Jan
7212 July
Mar
Apr 504 July
Mar 394 July
Mar 51 June
Feb 47 June
24 May
Apr
Feb 5714 Deo
Jan 23 June
754 July
Mar
Mar 42 July
mar '918 July
'
Feb 37 3 July
Feb
5 Dec
812 July
Feb
r Kv-divtdond.
1 r.x- r1g h tH.
.- -
i
,
,
,
2017
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
defaulted bonds.
nal prices are now "and
On Jan. 1 1909 the Exchange method of quoting bonds was changedrange. unless they are the interest"-except for income andand when selling outside of the
only traa.tenon. at the week,
NOTICE.
-Cash and deferred delivery sales are disregarded in the week's
regular weekly range are shown in a footnote in the week In which they oceur. No account is taken of sach sales in consenting the range for the year.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28
E
'BONDS
price
Range
Week's
1
..c.
Pram,
Sept. 28
Foreign Govt & Municipals.
Agile Mtge Bank s f 6s--1947 F A
Feb 1 1935 subseq coupon--_,
A
Sinking fund 6s A _ _Apr 15 1948 -_--0
With Oct 15 1934 coupon-M N
Akershus (Dept) ext 5s____1933 -Antloquia (Dept) coll 7s A__1945 J 3
External as 1 75 ser B
1945 J J
External s f 75 ser C
1945 J .1
Externals f 7s ser D
1945 3 J
External a f 7s 1st ser
1957 A 0
External see s f 7s 2d ser 1957 A 0
External sec s t 7s 3d ser 1957 A 0
Antwerp (City) external 5s 1958 3 0
Argentine Govt Pub Wks 65_1960 A 0
Argentine 6s of June 1925_1959 3 D
1959 A 0
Extl 5 f Os of Oct 1925
External 8165 series
_1957 M S
External (is series El, _Dec 1958 3 0
A_Exti a f 6s of May 1926...1960 M N
External 81 6s (State Ry).1960 51 5
Esti 65 Sanitary Works_ _1961 F A
Esti Os pub wits May 1927 1961 M N
Public Works esti 540_1962 F A
Argentine Treasury 53 £....l945 M S
Australia 30-Yr 58-July 15 1955 J 3
External 55 ot 1927-Selit 1957 M S
External g 444s of 1928
1956 M N
19433 D
Austrian (Govt) s f 7s
Internal sinking fund 78_1957 J J
Bavaria (Free State) 610_1945 F A
1949 141 S
Belgium 25-yr extl 610
External s 1 Os
1955 3 J
1955 J D
External 30-years f 7s
ear s 1
Stabilization loan 7s
1956 M N
Bergen (Norway)5s__Oct 15 1949 A 0
External sinking fund 55-1960 M S
Berlin (Germany) at 610-1950 A 0
External e f 6s___June 15 1958 3 D
Bogota (City) extls t 85
1945 A 0
Bolivia (Republic of) extl 85.1947 M N
External secured 7s (flat)_195S J 3
External a t 7s (flat)
1969 M 5
Bordeaux (City of) 15-yr 62_1934 MN
Brazil(US of)external 8E3_1941 J 0
External of 610 of 1920_1957 A 0
External a f 610 of 1927_1957 A 0
7s (Central Ry)
1952 3 D
Bremen (State of) esti 7s
1935 M 5
Brisbane (City) a t 55
1957 M 5
1958 F A
Sinking fund gold 53
1950 J D
20
-year at (Ss
Budapest (City) esti 5 f lls_1962 3 D
Dec 1 1934 coupon on
Buenos Aires(City)6 Hs B 2 1955 J J
External at its ser C-2____1960 A 0
External a f 13s ser C-3____1960 A 0
Buenos Aires (Prov) esti 65_1961 M 5
Os stamped
1961 M 5
External s t 8)48
1961 F A
610 stamped
1961 F A
Bulgaria (Kingdom),f 7s
1967 3 J
July coupon off
-Stabil'n of 710_Nov 15 1968 MN
May coupon on
Caidas Dept of(Colombia)710'46 J J
Canada(Dom'n of) 30-yr 0_1960 A 0
55
1952 MN
1936 F A
410
Carlsbad (City) s 1 Ss
1954 3 J
Cauca Val (Dept) Colom 710'46 A 0
Cent Agrie Bank (Ger) 7s._.1950 M 5
Farm Loans t 6s__July 15 1960 J 3
Farm Leans t 8s Oct 15 1960 A 0
Farm Loan (is ser A Apr 15 1938 a 0
Chile (Rep)-Ext1 5 t 7s
1942 MN
External sinking fund 6s..1960 A 0
Ext sinking fund 68.-Feb 1961 F A
Ry ref ext s f 6a
Jan 1961 3 J
Ext sinking fund 65-Sept 1961 51 S
External sinking fund 6e__1962 M 5
External sinking fund Os_ _1963 M N
Chile Mtge Bk 614s June 30 1957 .1 D
S t 640 of 1926__June 30 1961 J D
Guar a 1 (is
Apr 30 1961 A 0
Guar a 185
1962 MN
Chilean Cons Music 7s
1960 51 S
Chinese(Hukuang Ry) 58. .1951 3 D
Chrlstlarla (Oslo) 20-yr s ifIs '54 M 5
Cologne (City) Germany6101950 M S
Colombia(Rep)6s of'28. _Oct'61
Oct 1)934 and sub coupons on A 0
Exter 65(July 1 '34 coup on)'61 J J
Colombia Mtge blank 610 of 1947 A 0
Sinking fund 7s of 1926_1946 51 N
Sinking fund 7s of 1927...1947 F A
Copenhagen (City) 5s
1952 3 D
1953 M N
-year g 430
25
Cordoba (City) esti s f 7s...1957 F A
External at 7s._ _ _Nov 15 1937 MN
Cordoba (Prov) Argentina 78 1942 2 .1
Costa Rica (RepublIc)75 Nov 1 1932 coupon on_1951 MN
7 may 1 1936 coupon on_1951 -___
5
Since
Jan. 1
N. Y. STOCK EXCHANGE
Week Ended Sept. 28
it
...a.
Price
Friday
Sept. 28
Week's
Range or
Last Sale
b
re
Range
Since
Jan. 1
High
High No, Lbw
Ask Low
Foreign Govt. & Munk.(Con.)
Bid
74% 9912
3
Cuba(Republic) 5s of 1904._1944 M S --------964 Sept'34 ---9512
93
9512 a95 Sept'34 ---External 5s of 1914 ser A__1949 F A
8214 10
erg 8214
External loan 410
1919 F A 8214 Sale 81
617 84%
8
26
745
Sinking fund 510 Jan 15 1953 3 J 733 Sale 733
8
8
Sinki
,
225 417
s
287
8 19
Public wks 510 June 30 19453 D 2715 2712 2712
1018 19%
1512 Sale 1512
163
4 33
1959 MN
Cundlnamarca 6145
88 101
2
98
Czechoslovakia(Rep of) 8s 1951 A 0 97 Sale 97
90 101
1
98
98
Slaking fund Ss ser B
98
1952 A 0 97
4
86
% 98%
973
100%8 10055, 225 97538,10454a, Denmark 20-year extl 63_1942 J .1 973 Sale 9512
69
833 9512
4
9212 52
105114
00521a 320 101511,109as,,
External gold 510
1955 F A 92 Sale 9114
71
87
4
83
121
External g 410__Apr 15 1962 A 0 8258 Sale 813
10317810351n 201 100%, 108%,
,
101% 1015%, 155 9811.10515H Deutsche Bk Am part ett 6s 1932
507 7714
8
10
5218
531
5218 70
__
Stamped extd to Sept 1 1935
/
4
9811 981%2 347 93111,1021h,
/
4
,
434 70
4
17
68
981%. 9817a, 541 975748102.0 Dominican Rep Cust Ad 510'42 41 S 6712 Sale 26712
36
67
1
62
/
4
,
let ser 514s of 1926
618 62
1940 A 0 60
77 9854010551
10120n 102%,
,
371 67
653 6512 Sept'34 ---8
2d series sink fund 510_1940 A 0 60
10150.1021n 172 981%110550o
1
4514 58,
46% 48 Aug'34 ---/
4
495 95111,103171, Dresden (City) external 71_1945 M N 30
9917,1100
10151
/
4
,1021a, 486 97571,10515a, Dutch East Indies 510 Nov 1953 M N 15918 ____ 159 Aug'34 ---- 151 16412
- 4812 60
/
4
,
___ 56 Aug'34 .
/ 2526 9951110411 El Salvador (Republic) Sc A 19483 J 541
4
,
/
4
,
100% 10011
65
38
1
50
50
50
/
4
,
J J 45 Certificates of deposit
98",, 995a: 170 98 10251
k
577 7812
7814 49
/
4
,
9612 97532 571 9457o1011 Estonia (Republic of) 7s---1967 J J 7814 Sale 78
/
4
79 10
0
8 995, 100
9
96.,a 97%, 2367 9457,1101554, Finland (Republic) ext 68_1945 M 5 9918 993
8612 191
1007
8 25
External sinking fund 78_1950 M 5 10014 Sale 10014
9671, 9712 4227 94u,, 1017,,
/
4
7812 100
33
8
External sink fund 610_1956 M S 997 Sale 9912 100
603 9373, 93“8
9371: 931.a,
76
1 612
9614 26
4
External sink fund 510-1958 F A 9618 973 95
77 100
12
100
Finnish Mun Loan 610_1954 A 0 100 10012 100
75% 100
10
9912 100
External 610 serial 13_1954 A 0 99 100
48
20
8
2312
23
2012 23
Frankfort(City of) a f 610-1953 M N
33 15416 18812
186
French Republic extl 710_1941 J D 183 Sale 183
2 160 189
2184
1949 J D 18312 18512 184
1834 2712
External 7s of 1924
30
_ 2712 Sept'34 ____
33
German Government Interne20
10
33
24 -- - 2912
33
2312 63%
285, 159
3
tional 35-yr 510 of 1930.1965 3 D 2712 Sale 25 4
1538 32
30 -___ 29 Sept'34 ____
325 8712
70
39
33
German Republic ext1 7s
1949 A 0 3714 Sale 36
16
19
26
_ _ 29
33
6612 8158 German Prov & Communal Bk,
6
78
78 - - 3 775
797/
8
2312 7112
3414 10
Si 1734
8
(Cons Agric Loan) 610.1958 1 D 3714 387 3018
15
13
14
134 13
573, 885
- 91 Sept'34 ---_
17 • Graz (Municipality) 8s
145, 22
9
13
1954 M N
1312 1314
62
75%
74
7514 14
7418 76
Only unmatured coupons on__ -__ 9217
9%
9
13 Sale 13
1412
8
44 1115 124%
117
818 1714 Gr Brit dr Ire (U K of) 510_1937 F A 117 Sale 11618
6
13
14
131 1318
77 1434
74% fund loan £ opt 1960_1990 M N 11412 1151 al1412 a11514 119 109 11712
15
13
115, 13
125,
3318
22
3114 13
3114 Sale 3114
8
113 13
145, Greek Government,1 ser 76.1964 M N
1312 12
125
8
18% 31
46
28
s t sec 85 Aug '33 coupon _1968 F A
273 Sale 243
4
14%
8
8
113 123 123
4
1314
8
4
742 82
50
77
80
)
8314 1891 ilaitvRe (s lic e)6, ser A..1952 A 0 7912 80
8
2
02
4 Ha m u mpubtat 81 4s
10112 75
10014 101 100
2618 58
6
23
1946 A 0 22 Sale 22
8814 Sale 884
4 26
/
1
893
15
44
18 Sept'34 ---17
20
5312 8978 Heidelberg (German) exti 734'5O J .1
89% 218
88 Sale 874
1
725, 95
93
93
/
1
8814 Sale 88
Helsingfors (City) ext 6 10..1960 A 0 934 94
90
53
93
90
8
285 4414
5
891 Hungarian Mimic Loan 73.48 1945 J J 40 Sale 3912 40
53
89% 127
8812 Sale 8814
25
2
2714
2718
271
35
8814 89'4 8812
535 8912
8912 56
Only unmet coup attached._ J J 27
305 45
8
2
38
53% 897
30
External 5 f 78 (coup)__.19463 J 38 Sale 38
895
88 Sale 88
30
30
30 June'34 ____
30
Only unmat'd coups attached J .1 25
53% 90
121
90
8812 Sale 88
3312 50%
47 Sept'34 -__
4714
884 Sale 88
/
1
523 8912 Hungarian Land M Inst 710 '61 MN
8912 56
,
31
5018
481
8818 Sale 8815
Sinking fund 710 sex B .1961 M N 4714 -.- 471 Sept'34 ____
5525,897
8
51
897
311, 4216
37
38 a3814 a3814
I
Hungary (King 0r) 8 t 7448_1944 F A
102
84
471a 84
815, Sale 8112
1 10818 116
10818
10114 109
10014 Sale 10014
803 10114 Irish Free State esti 51 55-1960 MN 107 120 10818
4
893 102
4
927
8812 975, Italy (Kingdom or) exu 78_1951 J D 9212 Sale 9112
48
943 Sale 945,
4
952 84
/
1
4
93 100
1
99
a94% Sale 2943
4
951
85
89
975, Italian Creel Consortium 78 A '37 M 5 99 Sale 99
8914 100
4
904
/
1
83
95
9113 71
903 Sale 9012
External sec s f 7s sec B._.1947 M 5 90% Sale 9014
5
9318
99
,
26
,
76
91% 10012 Italian Public Utility extl 78_1952 J J 8118 Sale 8118
9818 997 97 a
8214 29
841s 9612
933 224
50
77
Japanese Govt 30-yr 81610_1954 F A 917 Sale 9014
50
683 Sale 66
683
4
73% 86
8012 104
2614 5915
23
28
Esti sinking fund 540-1965 M N 7812 Sale 7512
273 Sale 2738
8
Jugoslavia (State Mtge Bank)
10018 1O1'2 100
10114 41
95 105
2318 4212
33%
9
100 Sale 100
Secured a f g 7s
94 104
27
1001
1957 A 0 3318 41 23314
155 27
8
8
213 243 2034 Sept'34 ____
4
with all unmet coup.
--__
99 109
10718 Sale 10612 1071
7
1312 18
18 Sept'34 ____
With Oct 1 '35 & sub coups on--- 1618 20
10212 40
102 l02z 10124
8
957 10634
3014 6514
31
6
3612
3618 40
8318 85'i 8414
841 Leipzig (Germany) s 1 7s
/
4
1947 FA
88
2
8414
60
93%
9318 Sept'34 ---Ws 8212 Lower Austria (Prov) 7145-1950 J 0 9412 ___
78
772 12
807 7712
63
50
0 Feb'34 ____
Only unmatured coups attaeh'd ------------ -5
2212 52
15
0243 Sale 23
4
25
172
-year 68_1934 alN 172 ---- 72
2012 492 Lyons (City of) 15
96
231
22 Sale 2112
3 149 172
____ 173 Sept'34 ____ 149 173
1718 24
1855, 211 20
Marseilles (City of) 15-yr 6E1_1934 51 N 172
8 16
215
Si, 1632
1414 29
812 Hale
812
912 42
6% 1134 Medellin (Colombia) 610._1954 J D 12 Sale 12
412 8
54
8
64
63
4 8
10% Mexican IrrIg Asstng 410_1943 MN
64
5
/
1
4
718 Sale
814 54
6
718
6 Sept'34 ---518 1012 Mexico (US) extl 5s of 1899 £'45 @ J - - 25
718
77
2 77
712 Sale
618 11%
113
8 35
1012 Sale 10
172
Assenting 5s of 1899
____ 172 Sept'34 --__ 149 172
1945 ---7
115,
113
3912 Sale 3914
e 20
Assenting 5s large
121
41
223 41
4
61 10
/
4
3414 Sale 333
Assenting 53small--__ _ __ 10 Sept'34 ____
204 37
/
1
2
3614 119
8
8 45
45
45,
1
43 of 1904
34 Sale 33%
2014 367
8
363 122
3
412 -712 45,
1954 Val 8
Assenting 95 of 1904
712 718
34 Sale 333
73
4 44
2012 357
4
353 107
7
1954 ---9
5
3
20
8
Assenting 4s 01 1910 large___ - ---- --.:- z--- 7
29
6318
35
36
43
8 914
8
109
7
7 bale
Assenting 4s of 1910 small__ -___,
84
84 Sale 8312
734 88
/
1
22
83% 8 , _
695 34
83
84
8% 1138
73
8
877
2
8
*Tress 6s of'13 assent(large)'33 s J
53 117 113 Sept'34 _-__
4
53 1112
4
933, Sale 93
812 Sept'34 ____
83
9712
*Small
/3
.1 J
94
917
311 46% Milan (City, Italy) extl 610 1952 A 0 813 Sale 80
/
4
79
19
28
82
41
8
41' Sale 40
24
17
8
233
4 51
4
2618 Minas Geraes (Brazil)6)4s._1058 M 5 233 Sale 217
24
25's.... 2618 Aug'34 ---_
2114 22
22
5
22 Sale 2114
4O18 8412
78% 8512 8118
September coupon off
8412 33
81
__ 814 Sept'34 _ _ - _
47
81%
2312 59
17
Ext see 614s series A. ---1959 M S 2312 Sale 215,
2312
2012 22
9
22
22 Sale 20%
77 ____ 8012
454 8012
September coupon off
5
8012
2714 39
1
38
62
3014 6314 Montevideo (City of) 75.-1952 J D 3616 3812 38
4
_- 623 Sept'34 ____
261 33
/
4
533, Sale 535
33 Sept'34 ____
2614 56%
External s 1 6s series A__1959 M N 3212 33
8
56% 165
85
96
923
4
9314 53
94
6512 New So Wales (State) eat! 58 1957 F A 93
63 __. 6512 Sept'34 -- -.
31%
85
/ 95115
1
4
4
9314 18
60
External e t Ss
5712 Sale 5712
27
71
60
Apr 1958 A 0 9315 Sale 923
20
2212 24
2014 23
9115 102
s 10131
/
1878 24
Norway 20
-year exu 68__1043 F A 10012 102 1003
5
904 102
/
1
1003
4 15
20
-year external 6a
17
2018
2018
17
1944 F A 010012 Sale 10014
7
2016 17
8912 1005
4
1003
4 37
30
-year external 65
4
177 2612
5
1914 Sept'34 ___
2112 23
1952 A 0 100 Sale 993
834 9
9412 25
40-year s f 510
/ 512
1
20
0 a94 Sale 9312
1618 21
5
193
4
22
20
1965 3
8012 9218
9012 17
Externals f 5s___Mar 15 1963 M S 9012 Sale 8912
15 Sale
103, 183
4
2 43
02 104%
103% 75
4
83% 913
903
8
903,
4
Municipal Bank male f Ss_1967 J D 903,_
1027 Sale 10272
g
/
1
4
110 Sale 110
I
81
905,
913
4
1103
4 72 103 11212
913
4
Municipal Bank eat! a t 58.1970 .1 D 90% - -- 90%
104 Bale 104
23
5512
4
24
8
3
Nuremburg (City) extl 68_1952 F A 227 2412 24
1043
8 17 100 4 105
85
7712
7814 26
58% 8012 Oriental Devel guar Os
5812
60
1953 NI S 7814 Sale z77
2
5812
8
10% 19
17
625, 75
75
Ext1 deb 514s
8
1612
15 Sale 15
75 Sale 71
1958 \I N
3712 29
3712 Sale 36
2912 73
Oslo (City) 30-year g f 68_1955 M N 938 Sale 924
76% 91,3
933
4
6
4
36
69
347
8 11
3318
98 104
6
___ 10312 10312
Panama (Rep) esti
3114 34
_1953 3 D 103
26
gg
30
35
2918 44
3638 16
Extl a f baser A_May15 1963 M N 363 Sale 3512
8
a33 Sale 33
510_.
3614 10
3614 Sale 3512
Stamped
36 Sale 347
291, 44
2718 70
13
36
1534 Sale 15
107 1816
8
17
183 181
22
812 18% Pernambuco (State of) extl 75'47 MS 16 Sale 16
8
5
7% 177 Peru (Rep of) external 78___ 1959 NI 5 16 Sale el6
177 361
812 1712
1718 31
153 Sale 15
4
57 1418
577
7
Nat Loan extl s f 651st ser 1960 J D
16 Sale 1514
111 Sale I05,
/
4
177 263
343
13
/
4
/
4
61 141
177
8
7
13
Nat Loan en,a f es 2d ser_ 1961 A 0 1114 Sale 10%
17 8 239
7
200
155 Sale 1514
75, 177 Poland (Rep of) gold 65____1940 A 0 72
1778 76
16 Sale 1514
7414 7318
59
7414 21
79
16 Bale 1514
714 177
177
88 130
8
52
70
Stabilization loan s f 7s__1947 A 0 130 Sale 12618 130
10 Sale 154
718 1734
/
1
90
69
/ 90
1
4
858
/
1
173 155
4
External sink fund g 8s__1950 J J 854 Sale 8314
91 1712 Porto Alegre guar 8s
1518 16
4
1712 25
25
1712 39
1512
1961 J D 2214 2414 245g
June coupon off
163 Sale 16
4
21 Sept'34 ___194
/
1
10
1814
1712 64
21
2112
8% 1718
Extl guar sink fund 734s.1960 1 .1 22% --1 22 Sept'34 ---8
17% 28
15 Sale 145
2 4
3
16% 2412
145 Sale 145
8
1
21
21
21
21
26
July coupon oft
8
20
8
1635
153
4 15
1234 Prague (Greater City) 710_1959 M N 895, 97
90
10
1212 32
97 11
6
83 100
90
7
4
----- ---- 353 Sept'34 __ _
27% 42% Prussia (Free State) extl 634e '61 5.1 5 28 Sale 2612
22
2412 68 1
29
,
28
93
23% 5711
927
8
93
i
66
815 93
s
External 5 f as
1952 A 0 28 Sale 28
3
2312 50
Queensland (State) esti 8 f 78 1941 A o 105 Sale 105
38
24
2014 243 2312
105
4 102 10612
103
941s
10118
25
-year external 6s
7
1947 F A 101 102 101
2112 39
3512 Sale 35
44
Rhine
09
434 42
/
1
39
2
3812 693
-Main-Danube 7s A 1950 M S -_
s
21
39% Rio Grande do Sul MI s t Sa 1946 A 0 27 Sale 2514
69
39
35 Sale 35
19
27
14
27
2312 2612 2512
2512 17
1834 2512
27
2512 10
25% -___ 25
15
Apr'32-0cV33-0cV34 clan on -_
5.514 2612
1512 2638
External sinking fund 68_1968 J D 2618 Sale 2412
1
2512
2312 2712 2512
2612 71
2312 2712 26
8
2412
233 ____ 227
8
2012 2412
6
June coupon oft
2612
9
15
2
712
171 2612
8312 84
785, Sale 773
8
2612 13
7834 29
External s f 7s of 1926-1966 MN 2614 Sale 247
75
244
243 Sale 2412
4
76% 7412
4
183 24%
5912 7512
May coupon oft
68
75
s
43
437 42%
1714 2612
8
2612 24
1414 44
External s t 7s mut& ioan_1967 3 D 2612 Sale 247
31
44
8
48
1.7% 255,
255
8 12
____ 47 Sept'34 ____
Rinds Janeiro 25
297 47
2
-years 1 83_1946 A 0 2518 Sale 25
72 sale 0711
19
2314
4
22
_ 223 Sept'34 ___
April coupon off
25% 72
35
72
__16
25
e2412 36
1953 F A 2414 fala 24
External a f 814,
24
____ 23
4018 4212 39
9, 2118 24
22
30
40 4
3
2
404
August coupon off
26
____ ____ ____ 23 Sept'34 ___) 23
____ 26 Sept'34 ____
23
183 26
4
May coupon off
ment.
Bid
Ask
U S. G
First Liberty Loan-31a of '32-47 3 D 102554, Sale
3 D ___
Cony 4% of 1932-47
J D 10311 Sale
/
4
Cony 4)4% of 1932-47
,
J D „..._ ____
2d cony 411% of 1932-47
Fourth Lib Loan 411% of '33-'38 A 0 103842 Sale
4)4% (2d called)_1933-1938 - = 10013aa Sale
--1
1947-19,52 A 0 10917a, Sale
Treasury 411s
Treasury 410 to Oct 151934,
1943-45 A 0 1001%, Sale
thereafter 311%
1944-19543 D 10517,1 Sale
Treasury 45
Treasury 330
1946-1956 M 5 1031%, Sale
1943-1947 3 D 101311 Sale
Treasury 330
Treasury 3s-Sept 15 1951-1955 M 5 98111, Sale
Treasury 3s___Dec 15 1946-1948 J D 981142 Sale
,
Treasury 330 June 15 1940-1943 3 D 10125 2 Sale
Treasury 330 Mar 15 1941-1943 M S 10120a, Sale
Treasury 310 June 15 1946-1949 1 D 97111 Sale
/
4
Treasury 341a
,32 Sale
Aug 1 1941 F A 101
Treasury 3.415
1944-1946 . 100°51 Sale
-,
m
Fed Farm Mtge Corp 3118.-1964 M 6 9821,2 Sale
3s
1944-1949 M 8 9642 Sale
/
1
Home Owners Mtge Corp 43_1951 J J 967,, Sale
1952 ad N 96%, Sale
3s series A
1939-1949 F A 937a: Sale
240
State & City-See note below.
Range or14
OS
LAM Sale
Low
High No.
102253,1034o 218
0257 May'34 ____
, 114
103%, 10315
0257a,June'34 --7
1031aa 103104 205
1001532100553 1862
109',, 100‘3i1 126
High
Low
10071,10415o
10100".,10311.
101741104%,
1021%11023%2
10125140417n
100114,10213u
10451,1141a
/
4
/
4
For footnotes see page 2022
NOTE.--Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost entirely over the counter.
Bid and asked quotations, however, by active dealers in these securities, will be found on a subsequent page under the general head of "Quotations for Unlisted Securities."
New York Bond Record-Continued-Page 2
2018
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28
i
b
A
.6.; e.
Prise
Friday
Sept.28
Weeks
'
Range or
Last Sale
Range
Striae
Jan. 1
11
High No
BM
40 Low
Foreign Govt.&Munk.((Jonct )
834 25
Rome (City) extl 634,
..,_..i952 A 0 8312 Sale 83
144
18
Rotterdam (City) extl 613„ 1964 MN 13863 Sale 136
44
39
Rumania (Monopolies)gu 76 1959 F A 3712 Sale 364
7812
3
1953) J 784 79 7813
Saarbruecken (City) 66
Sao Paulo(City)sf8s_ _Mar 1952 MN 274 __ 27 Sept'34 ---,
2514
2514
23
2
May coupon on
1
26
2712 2412
External at 6345 of 1927_4957a N 24
2
20 ____ 22
23
May coupon on
4114
1
San Paulo (State) extl t3 f 83_1936 :1 J 4018 ____ 4114
1
_ 385
385*
8
8
385
July 1932 coupon on
2914 31
1950) 3 294 Sale 28
External secs f 8s
__
264 ___ 25 July'34 ---July 1932 coupon on
2413
4
External s f 78 Water L'n_1956 M S 2412 Sale 2413
4
24
24 Sale 24
September coupon oft
2613 28
19683 .1 2358 2534 2412
External s f 65
2414 46
2212 25 2334
July 1932 coupon on
9014 94
1940 A 0 9014 Sale 8814
Secured of 78
5214 10
5214 51
Santa Fe(Prov Arg Rep) 78_1942 M S 48
9
4
3734 5014 493
8
497
Stamped
40
25
Saxon Pub Wks(Germany) 78'45 F A 3934 Sale 3938
354 11
MN 3412 Sale 3414
1951
Gen ref guar 6les
4212
1
Saxon State Mtge lust 7s_ _ _1945 J D 4012 45 4212
Sinking fund g 6les_ _Dec 19463 D 4012 4478 46 Sept'34 ---49
28
Serbs Croats & Slovenes 85-1962 M N 2638 ____ 2612
22
25
All unmatured coupon on__ ____ 22 Sale 194
6
1614
1614 Sale 1614
Nov 1 1935 coupon on
2612 37
1962 M N 2513 27 2412
External sec Ts ser B
20
19
All unmatured coupons on_ ____ 20 Sale 19
_ 15
1634 1514 Sept'34 --Nov 1 1935 coupon on
4 61
683
1958) 13 6734 Sale 6714
Silesia (Prov of) extl 78
40
2
Silesian Landowners Assn 68 1947 F A 40 Sale 40
1
8
Soissons (City of) extl 66.-1936 MN 1735 ___ 17414 17414
83
1
Styria (Prov) external 78___1946 F A 83 Sale 83
52
Sweden external loan 830_1984 MN 10012 Sale 11914 103
90
23
1955 F A 89 Sale 8878
Sydney (City) s f 5ees
74t,. 41
Taiwan Elec Pow 8 f 5346_1971 J .1 74 Sale 7112
70
7
Tokyo City 56 loan of 1912_1952 M S 6958 Sale 6958
95
74
External at 532s guar_ _1961 A 0 74 Sale 72
144 16
1947 M N 1114 1412 1234
Tolima (Dept of) extl 7s
84
85 84
1
Trondhjem (City) 1st 53484957 MN 84
8412
2
Upper Austria (Prov) 78.._ _1945 J D 8413 Sale 82
Only unmatured coupe attch .-- 60 ____ 74 May'34 ---5
79
External of 6les_June 15 1957 1 b 8014 ___ 78
46
26
4 46 4514
Uruguay (Republic) extl 88_1946 F A 433 4338 114
4960 MN 3914 Sale 3914
Externals f 68
8
433
9
1964 M N 40 Sale 40
External ,f Os
Venetian Prov Mtge Bank 75 '52 A 0 ____ 9478 94 Aug'34 --86
4
Vienna (City of) extl of 6s...1952 MN 8418 87 86
67
1
Unmatured coupons attached_ MN --------67
8
655 127
Warsaw (City) external 78..1958 F A 645* 65 63
777
8 20
Yokohama (City) extl 68_1961 J D 7714 Sale 7518
Railroad.
_ 113
104
5
Ala Gt Sou 1st cons A 513.....1943 J D 10314
5
99
1943 J D 9734 100 99
1st cons 41 ser 13
9612 35
Alb & Susq 1st guar 3les_1946 A 0 9618 Sale 9514
86
9
1998 A 0 8613 89 86
Alleg & West 1st gu 4.6
6
Alleg Val gen guar g 43
1942 M 5 102 103 10214 10214
53
30
58
52
:Ann Arbor 1st g 4s_July1995 Q J 45
e
Atch Top & S Fe
-Gen g 48_1995 A 0 10112 Sale 10118 1017 123
9434 13
Adjustment gold 48__July 1995 Nov 9412 9713 9412
9513 89
July 1996 MN 9412 Sale 94
Stamped 433..
9414
3
D 9414 Sale 39418
Cony gold 48 of 1909....1055J
94
23
1955) D 9318 Sale 9278
Cony 48 of 1905
1
88
93 88
Cony g 4s Issue of 1910_1960) D 88
1948 ./ D 103 Sale 10234 10318 26
Cony deb 4348
8
975
5
Rocky Mtn Div 1st 46_1905) J 9012 9713 9743
4 14
-Con Short T. 1st 45_1958 J .1 10313 Sale 10312 1033
Trans
4
Cal-Arts 1st de ref 434s A-1962 M S 105 Sale 10413 105
AU Knox dc Nor 1st g 56_19413 J D ____ 11012 10512 Aug'34 --_ 102 Sept'34 ___
Atl & Chart A L 1st 4les A-1944 J .1 10118
-year Ea series Et_.194.4 3 ..1 9613 I0112 101 Sept'34 ___
lot 30
Atlantic City 1st guar 48-1951 J .1 90 96 90 May'34 --96
66
os 48
A U Coast Line 1st coJuly'52 he S 9512 Sale 95
131
83
General unified 434s - _1964 J D 8212 Sale 81
4
7512 42
L dc N coil gold 4s__--Oct 1952 MN 7512 Sale 723
A4014
8
8
19483 J 3912 407 38
All & Dan 1st g 48
3678 3614
3613
7
19483 .1 35
2d 4s
1949 A 0 4212 55 5712 July'34 ---All & Yad 1st guar 45
Austin & N W let gu g 58-1941 J .1 ____ 89 8412 Aug'34 ---,
157
Salt & Ohio 1st g 4s _July 1948 A 0 9934 Sale 9914 100
3 92
Refund & gen 5.6 series A 19983 0 7112 Sale
10478 20
July 1948 A 0 10418 1E478 04
1st gold 56
8012 79
D 8013 Sale 77
1995
Ref de gen 6.8 series C
4
45
97
P.LEA W Va Sys ref 48...1941 MN 9618 97 963
9234 54
8
.1 915 9278 9014
3H-56-1950
Southwest Div 1st
75
8
.1 75 Sale 75
Tol & Cin Div lst ref 48 A-1959
704 66
2000 M S 70 Sale 6612
Ref & gen 58 series D
5714 244
,
1960 F A 56 2 Sale 54
Cony 43es
7012 120
Ref & gen Mgs 887 e
1996 M S 7012 Sale 6814
Bangor & Aroostook 1st Ss._l943J 3 10814 Sale 0712 10812 20
9678 36
1951 3 .1 9612 Sale 96
Con ref 4s
70 6514 July'34 _-_D 55
Battle Crk & Slur 1st gu 38-1989
102
23
3 J 10112 Sale 101
1936
Beech Creek let gu g 48
1938 J .1 101 10114 101 Sept'34 _--2d guar it 5s
Creek ext 1st g 33es 1951 A 0 89 ____ 95 July'34 ____
Beech
1
8 10158
_ 1015
1944 D 1011
Big Sandy let 4.8
8 77
737
t
, 7413 711s
Boston & Maine 1st Ea A C_19(37 M 5 73 27414 46
MN 7314 744 7178
1955
lot M 58 serles II
8812 41
1961 A 0 ---- 6878 68
let g 454s ser JJ
2
58
5734
58
Boston ANY Air Line lot 48 1955 F A 51
Bruns & West 1st gu 8 4.4_19381 J 99 ____ 100 Aug'34 ---1
Buff Reich & Pitts gen e 58_ _1937 M S 10512 Sale 10512 10512
6412 101
1957 M N 6412 Sale 6212
Consol 434$
28
6
'(Burl C R & Nor let & coll 55'34 A 0 28 Sale 27
2678 40 Apr'34 --Certificates of deposit
Canada Sou cons gu 5s A_ _1962 A 0 10312 Sale 10314 10412 80
10658 14
.
Canadian Nat guar 43es_ _ _1954 134 5 106 Sale 106
30-year gold guar 4 les_ _1957 J .1 11012 Sale 1104 11134 31
10714 66
Guaranteed gold 43es__ _1968 J 0 108 Sale 106
Guaranteed g 5.6
July 1969.1 .1 1155* Sale 1154 11612 56
A 0 117 Sale 11613 11818 62
Oct 1969
Guaranteed g 58
4
1970 F A 1163 Sale 11714 11818 14
Guaranteed g 5.6
11578 30
Guar gold 4les_ _ _June 15 1955) D 11458 Sale 1i414
50
4 113
1956 F A 11218 Sale 1113
Guar e 434s
11232 47
Sept 1951 MS 11158 Sale 11114
Guar g 43413
_
footnotes see page 2022.
For
High
Low
80 92
112 144
23
40
6812 81
30
22
2012 2514
174 26
1912 23
is
4114
32
3858
8
135 2914
1812 2614
1338 25
24
24
125s 2613
177 2414
8
65
904
1812 5214
38
5012
3512 87
2812 60%
4212 71
46
70
214 28
22
16
1313 1614
18
2812
1284 20
11
17
5238 71
33 133
150 17414
55
88
10014 1093
4
80 93
8414 7412
65
734
1118s 74
1012 17
674 874
62 86
74
78
4818 79
3412 46
2714 44
2914 44
94 109
9013
58
50
78
83 8814
80
8
777
94 10412
98 in
85
9914
7354 91
96 10454
29 60
93 106
84
9934
83 100
824 9613
80 9712
781s 9612
954 107
81 102
984 106
95 10818
9934 105 2
,
861* 103
88 10634
75 90
82 10012
74 92
85
68
38
8
837
47
35
48 84
794 92
881s 10314
63 86
9832 109
734 974
86 100
8312 10014
88 884
62485l
4912 7234
6212 8578
101 110
8
987
75
80 654
90 102
92 1013
4
63 95
tillis 103
9018
70
7112 90
674 8414
7312
51
MN 10034
97 10578
5878 8054
27
4814
40
34
92 109%
981s 1063
4
984 1114
994 1085
4
105 11812
1047 11814
1
105 1184
1024 1157
8
100 11318
1004 1134
i iv
BONDS
N. Y. STOCK EXCHANGE 1 it
... a_
Week Ended Sept. 28
Sept. 29 1934
PHee
Alan/
Sept.28
Wears
Hanes Or
Last Salt
High No,
Bid
ass Low
Railroads ((Jonttnued)Canadian North deb guar 76_1940 J D 107% Sale 1074 10734 22
12034 11
1946 3 .1 12018 Sale 120
Deb guar 83e5
1935J J 10312 Sale 10312 10418 29
guar g 4348
794 129
Canadian Pao Ry 4% deb stock___ z-- 7814 Sale 777
4 32
965
1946 M S 96 Sale 96
Coll tr 434s
4
19443 .1 1093 Sale 10.134 11012 16
5s equip tr ctts
99
59
,
Coll tr g 55
Dec 1 1954 J D 99 Sale 98 2
92
68
4
1960 J .1 913 Sale 9034
Collateral trust 434s
45 41 Sept'34 ---:
1949 J J 41
(Car Cent let guar g 48
1045
4
1938 J D 10518 ____ 104
,
Caro Clinch & 01st 59
41
Ist & cons g 83 ser A-Dec 15'52 J D 106 Sale 1054 106
3
Cart & Ad 1st gu g 4s
19813 D 70 88 80 July'34 ---,
51
50
5034
2
Cent Branch U P lot g 4.6_1948 .1 D 45
(Central of Ga 1st g 5s_Nov 1945 F A 3518 60 58 July'34 ---z
22
243
4
7
Consol gold 5s
1945 M N 2043 25
12
12
5
19.50 A 0 1114 14
Ref dr gen 55es series B
14
13
1959 A 0 13 Sale 11
Ref & gen 58 series C
3
3412 20 4 Sept'34 --Chatt Div pur money g 4s-1951 J D 20
'3
Mac & Nor Div 1st g 58_1946 1 J -------- 35 J1511 3 --Jan'34 --Mid Ga & AU Div pur m 5s'47) .1 - .. 25 21
25 Aug'34 --,
Mobile Div 1st g 5.9
1946j J RI'
11.1
71
8
-Cent New Engl 1st gu 48_ _ _1961 .3 J 65 /07 70
66
70 65
3
Cent RR & Aka of Ga coil 551937 MN 65
8
.1
J 995 100 1023 Sept'34 --,
Central of NJ gen g 5s
19873
95 9312
9312 19
General 4s
19873 .1 88
ChIc Milw SIP & Pee 5$ A-1975 F A
Cony ad) 5s
Jan 1 2000 A 0
Chic dr No West gen g 3148_1987 M N
General 48
1987 88 N
Stpd 45 non-p Fed Inc tax '87 m N
Gen 43es stnd Fed Inc tax_1987 MN
Gen 5$ stpd Fed Inc tax_ _1987 M N
1987 MN
4 Ses stamped
19313 M N
Secured g 634s
1st ref g 5s
May 120373D
1st & ref 434s stpd..May 1 20373 D
1st & ref 43es ser C_May 120373D
1949 MN
Cony 445 series A
(Chic RI & P Ry gen 4s__ _1988 J 3
Certificates of deposit_
-1934 A 0
*Refunding gold 413
_ __
Certificates of deposit
*Secured 434s series A.._..1952 M 8
_.
Certificates of deposit
1960 MN
Cony g 434s
Ch St L dr NO 5s_June 15 1951 .1 D
Gold 3)4*
June 15 lost) D
Memphis Div 1st g 48_ 4951 J D
Chic T If & So East lot 5(3_1960 J D
Dec 1 1960 M 8
Inc gu 55
Chic un Sta'n 1st gu 43es A 1963 J .1
8
183 8 series 0
19633 J
1944 J D
Guaranteed g 53
19633 .1
1st guar 636s series C
1952 J .1
Chic & West Ind con 48
1982 M S
1st ref 534s series A
Choc Okla & Gulf cons 58.-1952 MN
1937.1 J
Cin II & D 2d gold 4les
C 1St L dc C 18t g 4123-Aug 21938 Q F
Cin Lob & Nor 1st cm gu 43_1942 M N
Ohl Union Term 1st 448 A_2020 J .1
2020 J J
1st mtge 58 sertee 8
1957 M N
185 guar 58 series C
Clearfield & Mah 1st au 5(1_1943 J J
Cleve CM Chi & St L gen 48 1093) D
1093) D
General 5s series B
1941 .1 J
Ref &!mat 13s ser C
1963 J J
Ref & impt 5s ser D
Ref & impt 494$ ser E___1977 J J
1939.1 J
Cairo Div 1st gold 48
CIO WA M Div 1st 48_4991 J 1
St L Div lot coil Sr g 48_ .1990 M N
Spr & Col Div 1st g 4s___1940 M 5
W W Val Div 1st 13 . -1940 J .1
4.4Cleveland & Mahon Val g58 1938.1 J
Clev dr Mar 1st gu g 449_4935 M N
29
722
2718 Sale 26
814
914 819
812 Sale
50
33
4812 Sale 48
57
25
5414 Sale 5414
55
60 5514 Sept'34 --60
60
10
___. 61
6312 67
8312Sale 62
___ 62 Aug'34 --,
7014
6
70
75
71
____39
18
3818 Sale 3738
3558 33
3412 Sale 33
3413 50
3412 Sale 33
2712 458
•2814 Sale 2514
56
54 Sale 54
40
5512 6412 July'34 -54
2
2014 24
1934 19
19
11
in
. 1812
18
--2014 11
'p if 1934
20 18
1812 20
5
1812
8
9
8 9
41
83
101
101 Sale 100
4
___ 8434 Sept'34 ____
75
78 83 Aug'34 ---71 .
52
52 Sale 4912
32
8 13
385
3858 Sale 35
10512 Sale 105
106
21
108 10814 108
1084
2
107 Sale 10678 107
2
11234 113 11258 113
34
8
883 Sale 87
8812 63
97 100
9958 10018 21
33 40 46 July'34 ---10212
1
1024 103 10212
103 ___ 103
103
2
96 __ 9712 Aug'34 __ _
106 Sale 1054 10614 i3
10812 Sale 1084 10834
4
110 11012 110
1104 15
9934 103 Sept'34 ---95
13
88
88 Sale 87
_ 1084. 8895'34 ......
---9978
---- -- - 10017 Aug'34 ---7612 18
4
763 78 7534
69 Sale 89
707
8 20
102 10234 102 Sept'34 ---82 87 83 Sept'34 ---4
8912
5
893 8943
84
9814
984 Sept'34 --84 15 95 July'34 -s
4
1017 -- -- 1013 Aug'34 ...
10113
10112 1014
1
VILAS & HICKEY
-
NEW YORK
Private Wires to Chicago. Indianapolis and St. Louis
•
Heoh
Low
105 1098*
10834 12212
1094 11418
8512
61
Has 992
2
9918 11078
7714 102
714 97
3212 45
3
95 4 107 4
,
9014 109
70 84
26
56
65
41
1613 38
9
26
9 26
18
37
.- - 20 lits
25
35
2
88 835
53
73
95 1087
s
M
974
754 964
9312 75
9218 Sale 917
a88
a88 Sale aSS
8
734 95
8
837 87
7514 85
4
4
733 Sale 733
105 __ 06 Aug'34 ..." 103 198
8
1095 Sale 10911 101 8 13 10511 11113
77
8 31
8
/077 Sale 1077k 1087
9834 111,
3
4
1013 Bale 10112 10218 33
8858 108
82
102 Sale 10112 102
8812 10818
10413 ___ 104 Sept'34 _-__
974 10514
__ 9934 Sept'34 __
9012 101
s
9934-1007 10212 101 Sept'34 ---: 9712 WA
4
1003 Sale 1004 1003
4
5
11712 10111
99 102
'
199 3 105 102 Aug'34 ___ z
5214 Sale 52
5214
4
5158 704
54
4 100
4
993 Sale 993
88 10114
8
1045 Sale 10413 1045
8
7 97 107
38
101% Sale 1015* 102
9218 1054
9912 Sale 9834
8 50
995
684 1043
4
4
1053 Sale 10518 106
26
4
96 1093
83 83
1
75
8
733 80 75
94
1012 19
95* 11
84 2512
958
2
8
4
21
93 1312 9
1
108
1084 10914 108
91 110
283
4 65
8
277 Sale 2714
25
57
27
274 254
45
27
24
27
27
30 25
25
5
223 4715
4
- 22
4218
2212 50 22 Sept'34 41
164 2634 20 Aug'3420
z
10
10
912 12
3
812 2378
10
2
9
253
3
913 1014 10
4
963
71
2
89
89 Sale 8612
__ 105 Aug'34 --z
10514
99 10614
50
5213 28
5012 12 5113
8
747
50
48
4914 4814
12
71
47
524 8012
28
56
6 Sale 55
5
554
57 5518
4
81
56
52
3
58 Sale 5712
57 84
58
New York Stock Exchange - Members- New York Curb Exchange
-
Range
Since
Jan. 1
1949 F A
Cent Pac 1st ref gu g 4s
Through Short L 1st gu 48_1954 A 0
1980 F A
g 5s
Guaranteed
Charleston & Sav'h 1st 78_1936 J J
Ches dx Ohlo 1st con g 58-1939 M N
1992 M S
General gold 43es
Ref & Imps 434s
1993 A 0
434,ser B.-1995 J .1
net & imPt
Craig Valley 1st 5s_May 1940 J J
Potts Creek Branch 1st 48_1946 3 J
J
R& A Div 1st con g 48.-4989
2d consol gold 48
1989J J
Warm Spring V 1st g 58.. 1941 M 8
Chic & Alton RR ref g 38. _1949 A 0
Chic Burl & Q-III Div 3Jes_1949 3 1
J
1949
Illinois Division 48
1968 M S
General 48
1977 F A
lst &ref 4lesserB
lst & ref 5s ser A
1971 F A
tChIcago & East III lot 68-1934 A 0
tC ds E III Ry(new co) gen 581951 M N
.
rz Certificates of deposit
Chicago & Erie 1st gold 5s_ _1982 MN
Chicago Great West 1st 48_1959 M S
1959 ---413 stamped,.
:Chic Ind & Lolls ref Os__ _1947 J .1
,
Refunding g 5s ser B
10473 J
Refunding 48 series C
1947 J .1
1980 al N
1st & gen 58 series A
1st dc gen Os series B_May 1966 3 i
1
Chic Ind 6: Son 50-year 4s 1956 J J
Chic L S & East 1st 4SO-4969 J I)
Chlo M de St P gen 4s ser A..1989 .1 J
Gen g 334s ser B May L.1989 J .1
Gen 43es series C__May 1 1989 J J
Gen 434/3 series E__May 1 1989 J J
Gen 4318 series F__May 1 1989 J J
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
49 WALL STREET
11
2312 5612
718 2358
48
70
544 77
5514 78
5512 82 4
5
8758
58
6012 62
8
667 98
3212 684
27 6078
61
28
5312
21
5158 7312
73
64
17 314
29
16
18
324
,
17 8 28
7
4
183
83 107
8434 843
4
6314 8634
47 80
35 62
8
1003 107 8
,
1054 1104
974 10812
4
1113 115
724 93
Mta 1044
82
46
98 10314
99 103
88 984
10012 10812
10436 1114
10412 111
9658 10334
784 91
9213 109
80 1004
745* 9113
84
82
92 10414
68
924
77
95
92 99
73% 9514
Nis 10354
9918 102
2019
New York Bond Record-Continued-Page 3
Range
Week's
Price
2.
BONDS
h"
.5
Friday
Since
ill
Range or
N. Y. STOt h EXCHANGE u t
..u,
00
Last Sale
Sept. 28
Week Ended Sept. 28
Jan. 1
Ma
High No. Low
Ask Low
Railroads (Continued)High
__
_
Clev & P gen gu 45.0 sex 13__1942 A 0 10318 ____ 98 June'33 ____
1942 A 0 96
Jan'33 _
86
Series 13 3)45 guar
1942 ./ J 104
____ 1013 May'34 ---- 1013 1013
4
4
Series A 4)-4s guar
4
1948 M N 96
____ 91 Aug'33 ____ ... __ __ _
Series C 334s guar
1950 A F 10012 ____ 83
Coet'32 ___- _ ...
Series D 3148 guar
1 10012 104
1977 F A 103
- 103
103
Gen 4SO ser A
4 1017
Cleve Sho Line 1st gu 4345..1961 A 0 9934 Sale 993
82 10418
8 13
8412 104
30
100
Cleve Union Term gu 53Ze...1972 A 0 100 Sale 9918
95
45
/
4
82 1001/4
lot 81 55 Series B guar.....1973 A 0 941 Sale 9312
1977 A 0 8812 Sale 87
75
86
18
89
lst a f 4)45 series C
/
1
4
1945 1 D 100_ 102 July'34 ____
95 102
Coal River Ry 1st gu 48
97
/
1
4
84
9434 74
/ 9118 9334
1
Colo Se South ref & ext 4)15.1935 M N 934 General mtge 43 ser A1980 M N
6812 Sale 6814
/
4
-Is
643 811
4
691 23
/
4
1948 A 0 10034 103 100 Sept'34 Col & H v 1st ext. g 4
96 10212
8
1955 F A 10118
97 105
10212 Aug'34 _
Cot & Tot let ext 4s
___ 9212 Aug'34 ---Conn & Passum Riv let 48_1943 A 0
92
9812
965912
46 Aug'34 ---Consol Ry non-cone deb 4s_1954 J J ____ 43
40
1955 3 J
Debenture 4s
49
/ 58
1
4
4912 Aug'34 _
47
1955 A 0
Debenture 4s
59 Mar'34 __47
443 59
8
1956 J J _ _ 5112 52 July'34 ____
44
5812
Debenture 45
1942 .1 13 35 gale 33
Cuba Nor Ry 1st 5;i5
35
49
1914 39
18
34
17
33
32
3278 3218
Cuba RR 1st 5s g
1952 J J
19635 O 2718 30
lot ref 7)48 series A
1614 31
6
28
2812
1936 J D 20
lot lien & ref 6e ser B
29
15
24
/ 2512 Sept'34 _
1
4
Range
1
Week's
Price
Since
:2...
Range or
Friday
fan. I
as tk
-s.
Las, Sate
Sept. 28
-- ----- ----High
High No Low
A sA Lott
Bid
Railroads (Continued)4
111
/
4
5
8
512 Sept'34 ---:Iowa Central 1st 5s ctfs __1938 J D
214 18
13
4 512
2
2 Sale
1951 M S
1st de ref g 4s
6411 8814
/
4
James Frank & Clear 1st 45_1959 J D 7812 8214 84 Aug'34 ---N
801 97
/
4
97 10212
92 105
9914 10158
35
/ 8112
1
4
38
63
13
32
11
25
22
4912
4
834
8712
65
20
241
/
4
1118 1212
84 106
103 1034
/
1
4
/
1
10212 10814
/
4
2312 491
991
/
4
_ 9918 Sept'34 ____
10918 10I 100
4
10012
9712 103 104 July'34 ---83
2
873 961 Aug'34 ____
4
Feb'34 ____
100 1007 96
8
100
_ __ 10012 Sept'34 --_9412 40
9414 Sale1 9114
713 Sale 6912
4
89
72
/ ows,' __
4
1044 ___ 1041 s
/
1
68 gale 66
687
8 12
1
8
664
/
1
6712 7014 665
66
__ _ 73 Aug'34 ___
6512 Sale 6312
257
66
6512 Sale 63
174
/
1
4
66
109 114 10812
3
10812
10614 10812 10614
3
10614
103 10412 10118 Sept'34 ---100 Mer'34 ____
10112 _
8912 9914
91 10918
9412 10912
8112 94
9414 96
95 10012
7912 98
64
7938
9918 10414
62
/ 78
1
4
63
78
62
76
60
79
/
1
4
59 4 79
3
/
1
4
96 114
97 111
93 4 10512
3
100 100
1943 J 5 4012 41
:Fla Cent & Penin 55
:Florida East Coast 1st 4 Ms..1959 J D 45
54
1974 M S
lot & ref be series A
97 Sale
8
..
Certificates of deposit _-._ .--712 914
:Fonda Johns de Glov 430_ A952
7
Proof of claim flied by owner. MN
11
(Amended) 1st cons 2-4s 1982
452 5
Proof of claini filed by owner M N
Fort St U D Co 1st g 430
1941 1 J ,94 100
Ft W & Den C lot g 5 As
1961 J O 10012 103
Galv Hone & Hend 1st 510 A '38 A 0
:Ga & Ala Ry 1st cone 58 Oct '45J
.:Ga Caro & Nor lat gn g 55'291
Extended at 6% to July 1 1934 J J
Georgia Midland 1st as
1946 A 0
Gouv & auvegatchle 1st 5a 1942 J D
Or R & text 1st gu g 4;is_ 1941 J 5
Grand Trunk of Can deb 75_1940 A 0
Deb guar ile
1936 M S
Grays Point Term 1st gu 55_1947 J 0
Great Northern gen 7a ser A..1936 J
1st & ref 4.1ts series A
1961 J
General 510 series B
1952 J J
General 53 series C
1973 .3 J
General 4 SO series D
1976 J 5
General 4)4s series E
1977 1 J
Feb
Green Bay & West deb etts A
Feb
Debentures etre B
Greenbrier Ry 1st gu 4s. _ 1940 M N
Gulf Mob & Nor 1st 51413B__1950 A 0
1950 A 0
lot mtge 58 series C
Gulf &S list ref & ter bs Feb 1952 J J
J J
Stamped
Hocking Val let eons g 00_1999 J J
Housatonic Ry cons g 5s____1937 M N
11 & 'I' C 1st g Saint guar_1937 J 5
Houston Belt & Term 1st 5.9.1937 J J
Hud & Manhat let 5s ser A.1957 F A
Adjustment income 5s Feb 1957 A 0
Illinois Central let gold 48...1951 J J
1st gold 33
1951 J J
-Is
Extended 1st gold 33.i8-1951 A 0
1st gold 3s sterling
1951 NI S
1952 A 0
Collateral trust gold 4s
Refunding 4s
1955 M N
Purchased lines 334s
1952 5 5
1953 Al N
Collateral trust gold 4s
Refunding 58
1955 M N
15
-year secured 6%s g____1936 J 5
40
-year 45is
Aug 1 1966 F A
Cairo Bridge gold 48
19505 13
Litchfield Div 1st gold 38_1951 J J
Loulsv Div & Term g 33 1953 J J
-is
Omaha Div let gold
...1951 F A
St Louis Div & Term g 38_1951 J J
30_Gold 3348
1951 J J
Springfield Div 1st g 3)45-1951 5 J
Western Lines lst g 4s
1951 F A
III Cent and Chic St L & N01963 J D
Joint 1st ref be series A
1st & ref 43 series C
1963 J 0
-is
Ind Bloom & West 1st ext 43_1940 A 0
1950 J J
Ind III & Iowa 1st g 431
:Ind & Louisville let gu 413_1956 .1 J
Tad Union Ry gen bs ser A1965 .1 J
1965 J J
Gen de ref bs series 11
1952 .1 J
:Int-Grt Nor 1st 65 ser A
Adjustment 68 sex A_July 1952 A 0
19565 J
1st 5s series 13
1956 J .1
1st g 58 Belles C
Int Rys Cent Amer 1st 58 13_1972 NI N
1st coil trust 6% g notes_1941 M N
1947 F A
1st lien & ref 63is
For footnotes see page 2022.
_
4012
50
914
8
10
4012
50
10
814
2
10
55
6
Aug'34 --__
34
50
612
5
/
1
4
7
BONDS
I' ST(3( K EXCHANGE
Week Ended Sept. 2i
1938 J
Kal A & G R let gu g 5s
1990 A
Kan & M 1st gu g 4s
:K C Ft S de M Ry ref g 4s1936 A
A
Certificates of deposit
Kau City sou 188 gold 3
8_ __1950 A
Ref & impt 55
Apr 1950 J
Kansas City Term 1st 4s__1960 1
Kentucky Central gold 48_ _ A987 J
Kentucky & Ind Term 4;0_1961 J
1961 J
Stamped
1961 J
Plain
Del & Hudson lot & ref 48..1943 M N 923 Sale 92
933
4 98
4
1935 A 0 1011 1023 101 Sept'34 ---as
8
/
4
1937 M N 1011 Sale 10112 10214
3
Gold 5345
/
4
1936 F A 1004 ___ 1015 May'34 ____
D RR & Bridge 1st g 48
8
/
1
1936 J J
63
41
Den & KG 1st cons g 4s
41 Sale 3912
Consol gold 4;0
1936 J J 4214 Sale 4038
43
13
Hen de R G West gen 58 Aug 1955 F A
16
1414 Sale 14
42
Assented (sub) to plan)---------1214 1334 1212
30
14
_
Ref &'pt bs ser B__Apr 1978 A
ra
37
24
2214 Sale 22
5
8
:Des M & Ft Dodge 4s ctfs_1935 J J
4 Sept'34 ____
Des Plaines Val 1st gu4%0_1947 M S
____ 77 Sept'34 ---1995 .1 D -,' (i TY -- _ _ 2012 July'34 ____
Det & Mac lot lien g 4s
;
/
4
Second gold 48
1995 1 D 121
1118 Sept'34
Detroit River Tunnel 4%5_1961 MN 10314 10412 10314
3
10412
Dul Missabe & Nor gen 5s___1941 5 J 10512 ___ 1037 Jan'34 ____
8
Dul & Iron Range 1st 5s__1937 A 0 10612 gale 10618
10612 12
Dui Sou Shore & Atl g 58____1937 J J 30
15
31
323 31
4
East Ry Minn Nor Div 1st 4s '48 A 0
East T Va & Ga Div 1st 58..1956 M N
Elgin Joliet & East lst g 5s1941 NI N
El Paso & SW 1st 55
1965 A 0
Erie & Pitts g gu 3348ser B 1940 J J
Series C 310
1940 J J
Erie RR 1st cons g 40 prior.
J J
1st consol gen lien g 45
1996 1 J
Penn coil trust gold 4s._..1951 F A
Cony 45 series A
1953 A 0
Series B
1953 A 0
Gen cony 4s series D
1953 A 0
Ref & Rapt 5s of 1927.-1967 M N
1975 A 0
Ref & impt 5s of 1930
Erie & Jersey 181 9 f 613.....1955 J J
Genessee River 1st 5 f 6s_ _1957 J J
NY & Erie RR ext 1st 48_1947 M N
3d mtge 4342
1938 M 8
,
it'3
it
46
64
19
1712
15
5
43
4
5
9812
2
9812
1033 Sept'34 _-__
4
312 12
83
9812
9614 10512
81 Aug'34 ____
84
i.41- 1912 1712 Aug'34 --2
75
9114
1412 26
-1 95 102 10212 Aug'34 _--0 89
9412 9412 Sept'34 ---3
3818
3858
0 3812 42
3
8
373
4
0 3712 39'8 375
110
70
0 6812 Sale 6614
6814 144
/
1
J 684 Sale 66
4 10112 75
3 10114 Sale 1003
J 10014 Sale 210014 10012 24
8918 Aug'34 ____
J ____ 91
9512 July'34 ---99
J 95
____ 97 Sept'34 ---J 97
10212 10212
79
97
38
531
4
35
/ 52
1
4
82,s 7712
6212 84
93 10418
/
1
4
90 103
/
1
4
73
92
80
9512
93
9812
993 99 Sept'34 ---4
98
90 Sept'34 -.-_ _ _ 90
.
6
93
92 Sale 9112
/
1
6818 731 734 Sept'34 ---4
95 100 1003 Sept'34 ---99
9712
9712
1
97
23
55
5412 Sale 52
5812 11
5518
57
60
9
65
67
651/ 68
1
8
1045
8
1045 105 1045
8
10612 1077 107 Sept'34 ---8
3
101
___ 100 8 June'34 ---3
103
10212 ___ 102
83 1013
/
1
4
4
70
95
81
98
83
57
8212 10312
8314 1003
8
47
68
52
7412
64
83
94 106
91 11018
95 1005
8
99 1035
8
105 104 Sept'34 ---99 Sept'34 ---102
2
/
4
1033 1031 10314
4
33
4 100
Sale 973
163
60
Sale 57
2
991
/
4
_ 9912
3
8
8 1067
106 11;67 1067
/
1
4
8
10312 55
1033 Sale 103
8
/
1
4
1017 1027 102 Sept'34---8
8
98
/ 101
1
4
98 Sale 97
144
93
93 Sale 91
106 107 106 Sept'34 ---5
8
/ 9914
1
4
995
8
985 103
1
/
1
634
/
1
637 Sale 634
8
4
10312
10312 105 103
4
73
75
74 . 75
11
100 Sale 993
4 100
99 1041
/
1
4
4
95 105
9314 1044
/
1
92 1047
/
1
4
8
5018 88
/
1
4
84 10112
102 10712
9412 105
5
9238 105 8
go 1043
13
83
9912
8
10112 1065
82 101
607 7412
2
9612 10512
6412 8412
85 102
70 Sept'34 ---9
70
70
70 June'34 _-_1, June'34 ---8
5718 75
7214
65
597 70
2
17
s 214
--------10358 Aug'34 ____
91 May'34 --__
82
92
6
97
97 Sale 97
94 Aug'34 --__
45
93
84 Aug'34 _-__
7512 78
8712 July'34 __
____ 85
95 May'34 ____
__-_ 80
55
5712 Sept'34 ____
51
75 June'34 ---____
-14 7 Aug'34 ____
414 7
212 Sept'34 ___ 212 3
2
312 314 Aug'34 ____
4
2
212 13 Sept'34 ___,
3138 128
30 Sale 30
31 Aug'34 __-2012 30
42
39
38 Sale 38
223
4
22
3
22
/
1
4
20
8
19
20
18
21
32
69
68 Sale 68
85
Jan'34 -___
93 Aug'34 ___77-7512 95
94 1033
8
8734 91
86 100
7514 97
62
854
/
1
7814 97
65
95
5514 7512
70
/ 75
1
4
91g
4
214 5
/
1
4
22
4 414
11 45
/
4
4
49
30
4212
31
56
36
1812 38
34
15
80
60
88
85
7612 93
Lake Erie & West lot g 5s_1937 J J
1941 J 1
2d gold 5s
Lake Sh & Mich So g 314s1997 J D
Lehigh & N Y 1st gu g 4s_ _ 1945 M S
Leh Val Harbor Term gu 5s_1954 F A
Leh Val NY 1st gu g 41Zs__ _1940 J J
Lehigh Val (Pa) cons g 4s_ _ _2003 M N
General cons 4;is
2003 M N
2003 10 N
General CMS 55
Leh V Term Ry 1st gu g 58.-1941 A 0
Lea de East 1st 50-yr 5s gu_ _1965 A 0
Little Miami gen 48 series A_1962 M N
Long Dock consol g 65
1935 A 0
Long Island1938 1 D
General gold 4s
1949 M S
Unified gold 4s
1937 NI N
20-year p m deb 55
1949 M 9
Guar ref gold 4s
Louisiana & Ark let 5s ser A1969 J .1
Louis &Jeff Bdge Co gu g 48 1945 M S
Louisville & Nashville 5s
1937 M N
1940 5 .1
Unified gold 4s
lot refund 5)4s series A.2003 A 0
1st St ref 5s series B
2003 A 0
1st & ref 43 series C
2003 A 0
-is
Gold 58
1941 A 0
Paducah & Mem Div 4s_ _1946 F A
St Louis Div 2d gold 3s-1980 M 9
Mob & Montg 1st g 43.4s...1945 NI S
South Ry joint Monon 48_1952 J J
AU Knoxv dc Cin Div 4s 1955 NI N
Manila RR (South Lines) 4s_1939 10 N
1959 NI N
1st ext 4s
Man GB & NW 1st 334s
1941 J J
Mex Internet 1st 4s asstd-1977 M 5
Michigan Central Detroit & Bay
City Air Line 45
19405 J
Jack Lane & Sag 3S431
1951 51 S
1952 M N
1st gold 335s
Ref & impt 430 series C__1979 J J
Mid of NJ 1st ext 5s
1940 A 0
.Milw&Nor 1st ext430(1880) '34 J D
*Cons ext 4) (1884)
_1934 .1 D
-is
Mil Spar & NW 1st gu 4s_ _ _1947 M S
Milw & State Line 1st 3;0_1941 J J
:Minn & St Louis 5s ctfs_ ...1934 At N
1st & refunding gold 4a...1949 M 5
Ref & ext 50-yr 5s ser A _ _1962 Q F
@ F
Certificates of deposit
M St P & SS M con g 4s Int gu '38 J J
1st cons 58
19385 J
1st C011.9 58 gu as to int
1938 J
1st & ref 6s aeries A
1946.3 J
25
-year 5;0
1949 M S
lat ref 530 series B
1978 J .1
lat Chicago Term s f 4s__ _1941 M N
Mississippi Central lot 58_1949 J J
10414
99
10314
100
60
7212 75
70 Sale
____ 60
2
4
-.
14
26
19 Sept'34 ___
1912 21
:Mo-III RR lat 5s series A 1959 J .1
22301 Aug'34____
2
264 301 mo Kan & Tex 1st gold 4s_ _1990 .1 D 863 Sale 863
/
1
/
4
757 938
2
3
4
877
8 66
4
_ __ I67- 502 Sept'34 ____
70
9112
9
11
78
40
7712 Sale 75
60
Mo-K-T RR pr lien 58 ser A1962 J .1
79
65 10014 100
61
Jan'31 ____ ___.
6812 16
__
40-year 48 series B
1962 J .1 6812 Sale 6614
14
6312 833
4
4
73
95 10414
/ _1
4
2
4
102
/
1
4
1023 Sale 1023
73 Sale 72
Prior lien 43Is series D__ _1978 .1 .1
1073 sale 10718
8
10758 53 105 10912
36
6212
68
44
Cum adjust 5s ser A__Jan 1997 A 0 4212 Sale 40
20
39
10612 Sale 10612 1073
2614 27
8 55 1025 109 :Mo Pan 1st dr ref 58 ser A 1963 F A
2614 Sale 2312
8
22
35
_
_ 96 Nov'30 --- - __
_.
- - 2712 July'34 _
Certificates of deposit
..
sla 20 4
3
sh
io7 i5i
8
82 - 9
912
192
90
gii4 gide 8714
.
General 4s
ii ii i 10C4 gale
91
93
9112
92
20
2612 176
35
3814
78
993
8
1st & ref 58 series F
1977 M 8 2612 Sale 2312
1912 35
16
24
81
82
813 Sale 7938
4
2212
7512 99
Certificates of deposit
3812
20
2612 Sale 24
763
4 25
763 Sale 7512
4
2612 150
687 923
e
4
1st & ref 59 series G
1978 M N
34
20
4
7012 49
70
24
65
873
8
/
1
4
7114 67
Certificates of deposit ____ - . ____ ___ 24
..
1612
71 Sale 673
8
4
7114 124
812 40
818 Sale
7
/
1
4
Cony gold 5)4s
6412 8612
1949 M
33
381 July'34 ____
/
4
50
20
3812
26
3818
2612 74
4
1st de ref g 58 series H
1980 A 0 2612 Sale 243
5
34
22
9
63
8 7 Aug'34 _
2412
223
4
54 8
3
/
1
4
Certificates of
993
4 _ _ 102 Aug'34 ____
20
3812
9812 102
2612 75
2612 Sale 2312
let & ref 5s seriesdeposit- A
1981 F
I
_
34
- - 76 Aug'34 -___
7212
20
2412 28
8212 8612
2412 Sale 23
Certificates of deposit
631. Sale 6312
2
80 Sept'34 ____
59
81
2
6312
Mo Pan 3d 78 ext at 4% July 1938 MN 7512 80
72
/ 89
1
4
-------- 67 Feb'34 ____
85
93
57
70
93 July'34 ____
99
Mob & Birm prior lien g 58..1945 J .1 83
91
68
83
55 Dee'33 ----------Small
8912 90 Aug'34 ____
J J 81
10512 Sale 10512 1053
48
80
60 May'34 ____
let M gold 40
983 11012
8
70
4
4
19455 .1 45
_ 9712 9712
82 1004
9712
80
1
55
60 July'34 ____
Small
J J ____ 57
97 10534 :Mobile & Ohio gen gold 48_1938 M 5 ____ 887 99
9912
id.,_ - 1043 Sept'34 ____
99
Jan'34 ____
4
8
1001 108 100 Sept'34 __ _
/ 4
911 102
/
4
14 4 27
1
3
4
143
4
1412 1812 143
Montgomery Div 1st g 58_1947 F A
82 Sale 80
734 2138
/
1
4
72
8912
47
82
4
8
9
/ 73 Sept'34 ___
1
4
Ref & impt 43
1977 M 5
-is
3612 Sale 36
23
8
37
32
38
50
/
1
4
814
85
8 17
85 Sale
8
Sec 5% notes
193875 5
78
86
Mob & Mal let gu gold 48
78 Sept'34 ____
83
1991 M 5 78
92 10212 Mont C 1st gu 68
/
1
4
10032 _...101)4 Sept'34 ____
877 10314
2
43
101
4
3
1937 J 5 99 4 Sale 993
98
98 Sept'34 _
8
81 1023
3
1st guar gold 58
83
9812
1937 J J 9514 100 r102 r102
92
97
____ 9814 Sept'34 ____
9814 Morris & Essex 1st gu 330 2000 J D 84 Sale 823
742 8952
4
8
84
/ 76
1
4
73 Mar'30 _
77 103
9
Constr M 5s ser A
9912 100
1955 M N ____ 100
7212 Sale 7212
3
74
6814 85
73
97
/
1
4
89
/ 32
1
4
Constr M 4)4s series B__ _1955 MN 89 Sale 88
7812 Sale 77
/
1
4
783
4 54
74
8814
60
7812 July'34 ___
78
63
82
Nash Chatt & St L 45 ser A.1978 F A 88
9114 90 Sept'34 ---824 9512
65
69
/ 6412
1
4
624 795 Nash Flo & S 1st gu g 58.
/
1
8
6618 13
99 106
1
10414
,._1937 F A 10414 105 10414
86 Sale 86
8012 981 Nat Ry of Met pr lien 4148_1957 J .1______ 18 July'28 ----------1
86
/
4
/
4
100 Sale 991 10014 15
90 103
Assent cash war rct No 4 on_
212
i
614 45
/
1
4
58
5
5 Sale
5s
_
5614 Sale 5412
5614 266
52
/ 7612
1
4
Guar 48 Apr '14 coupon.. 1977 A0 --------1254July'31 -__ _.-- _96
87 100
8
9912 995 Aug'34 __
218 6
Assent cash war rct No 5 on_ ____
6 Sept'34 ____
3
8
7512 82 8312 Sept'34 ____
75
8312 Nat RR Met pr lien 4;0.-1926
83
/ 884 835
1
4
/
1
76
88
4
8
835
8
234 938
Assent cash war rct No 4 on_
8 22
_
83
8
85
6
/ 8
1
4
6212 Aug'34 __ _
635 67
8
6212 76
1st consol 4s
_-1951 A.O --------22 Apr'28 --------60
79 July'34 ____
75
66
79
Assent cash war rct No 4 on_ _-_
2
412
538 58
4 Sale
/
1
4
818
69
8512 Naugatuck RR lst g 45
85 Aug'34 _
85
1954 MN 71_ 7112 Nov'3 ___- -67
80
New England RR guar 55
8512 --- 80 May'34 ____
80 80 9212
1945 J J
76 -8552 8912 July'34
84 8712 Aug'34 ____
86
75
90
85
Consol guar 45
19455 J
66
70
76
79 Sept'34 __-N J Junction RR guar 1st 0_1986 F A 8812
8212 92
__ 92 June'3 ____
711 Sale 684
/
4
67 8 87
5
New Orl Great Nor 58 A_ _ _.1983 J J 58
/
1
7112 138
5712 77
21
5812
60
WO
6518 Sale 64
NO & NE 1st refdeimpt 414s A '52 J J ____ 554 58 Aug'34 ____
653 148
4
613 81
4
/
1
54
75 2
,
New Orleans Term 1st gu 48_1953 J J
75
1
827
8
824 824
/
1
821 90
4
/
1
95 100
IN 0Tex & Met n-c Inc 5s 1935 A 0
4
70_ 983 July'34 ___
_ 2114 18 Aug'34 ____
16
29
/
1
4
5
75
86 -- / 9712 Aug'34 _
91
4
9712
1st 5s series B
1954 A 0 2112 Sale 20
1752 32
2212 38
__ 17
17
17
25
1
17
1st 55 series C
1956 F A
22
4
22
25
21
213
1814 33
10312
102 Aug'34 ____
9812 10412
1st 434s series D
1956 F A 2112 Sale 19
154 3112
/
1
5
2112
10418
_ 1037
4 100 104
8
104
1st 5348 series A
1954 A 0 22 Sale 2014
1712 33
31
22
3212 Sale 3114
25
4412 N & C Bdge gen guar 43§8._1945 J J 1005 ____ 10218 Aug'34 ____
3314 30
8
8
97 1025
912 10'2 93
7
4
103 114
8
1814 N Y II & MB let con g 58_1935 A 0 103
____ 1025 Sept'34 _
8
10114 10312
3012 Sale 29
24
301
25
401 NY Cent RR cony deb 68- _1935 M N 9612 Sale 95
/
4
/
1
4
83 101
9612 10
281 34
/
4
2812 e30
24
9
41
Cony secured 65
1944 MN 113 Sale 11112
11312 115 109 11812
/
1
4
66
66
68
3
68
4512 7214
Consol 4s series A
1998 F A 8018 Sale 7912
733 9012
2
803 102
4
69
7158 707 Sept'34 ___
8
4912 7412
8
Ref & inapt 4545 series A2013 A 0 60 Sale 575
5512 75
6018 126
6914 ____ 70
43
/ 7212
1
4
1
70
2013 A 0 66 Sale 63
Ref & impt Is series C
60
82
663 266
8
New York Bond Record—Continued—Page 4
2020
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28
t-g.
ir
l
..:73
Railroads (Continued)—
NY Cent dr Ilud Rh NI 3,343 1997 J J
,
Debenture 4s
1942 .1 J
Ref & inapt 4348 ser A
_
2013
Lake Shore coil gold 334s_1998 -FTA
Mich Cent coil gold 3358_1998 F A
NY Chic de 9t List g 4s
1937 A 0
Refunding 530 series A._1974 A 0
Ref 4348 series C
1978 M S
1935 A 0
3-Yr 6% gold notes
NY Connect 1st gu 430 A I953 F A
1st guar 58 series 13
1953 F A
NY dr Erie—See Erie RR.
N Y Greenwood L gu g 5s
1946 M N
NY & Harlem gold 334s
2000 M N
N Y Lack & West 4s ser A 1973 M N
4348 series B
1973 M N
N Y & Long Branch gen 48 1941 NI S
N Y & N E Bost Term 4s_1939 A 0
NY 1 1 11 & II n-c deb 48_
1
1947 M 9
Non-cone debenture 330_1947 M S
Non-cone debenture 3348_1954 A 0
Non-cone debenture 4s_I955 J J
Non-cone debenture 4s__ _1956 M N
Cony debenture 3348
1956 1 J
Cone debenture Os
1948.3 J
Collateral trust Os
1940 A 0
1957 M N
Debenture 4s
1st & ref 4348 ser of 127.1675 D
Harlem R & Pt Ches 1st 451954 M N
NY 0& W ref g 4s---June 1992 M S
General 4s
1955.3 D
NY Providence& Boston 4s 1942 A 0
NY & Putnam 1st con gu 4s..1993 A 0
N Y Susq & West 1st ref 5s 1937 1 J
2d gold 4348
1937 F A
General gold 58
1940 F A
Terminal 1st gold 55
1943 MN
NY Westch dr B 1st ser I 4163 03 J J
,,
Price
Friday
Sept. 28
Week's
flange oi
bast Sale
Range
1 4.,
,
Since
.:ItZ
Jan. 1
—
Bid
Ask Low
High No. Low
High
90 Sale 8818
7914 96
9058 51
801, 99
9512 Sale 92
9512 12
593 Sale 5712
4
604 295
5512 75
7912 Sale 79
7912 15
69., 8812
763 8012 8014
4
2
71
88
8014
994 Sale 983
4
9914 79
8514 101
6712 Sale 63
554 8034
6712 35
56 Sale 53
4714 70
5614 400
037 Sale 61
8
6414 81
49
80
---__ 105 Sept'34 ---96 106 4
,
1063 10714 0714 Sept'34 ---- 101 10714
4 -75
85
9118 ___
94 Sale
10212 Sale
9734 ____
____
_
-_-_ --4912
____ 46
____ 4212
44 Sale
44 Sale
3812 417
8
60, Sale
1
673 Sale
4
383 Sale
8
48 Sale
____ 95
6012 62
5212 544
00
____
813 Sale
/3
60
57
--__ 51
48 Sale
9618 9812
3934 Sale
87 May'34 ---95 Sept'34 ---94
9412 60
l02l2 10212
2
993
4
9934
1
9512 July'39
60 June'34 ---,
41
41
I
40
407
8
2
4412 65
4214
424
4412 42
41
6
41
5312
6C5 134
8
63
6814 47
8 56
3718
383
4612
49
175
947
8
95
15
6112
625
8 31
5312 47
5112
90
Jan'34 ---,
813
s
813
8
3
65
67
5
4712
473
4
5
48
48
2
9712 Aug'34 ____
384
40
54
-.
-.
68
86
9234
100
9512
_.
547
4
41
90
4214
42
40
5512
63
3718
4514
833
4
5714
50
90
717
4
50
43
383
4
823
8
365,
88
954
973
4
104
10034
.
85
6012
68
6412
69
597
8
877
8
894
58
7012
997
8
71
8
68,
90
8734
76
5612
5812
9812
5914
r.,
BONDS
'
a
N. Y. STOCK EXCHANGE i t
Week Ended Sept. 28
"a,
Sept. 29 1934
Price
"Wring
Sept. 28
Week's
Range or
Last Sale
4's
.
F:.:
45
3
Range
Since
Jan.!
Railroads (Concluded)—
Btet
Ask Low
High No. Low
High
St Louis Iron Mt .5. Southern—
*Riv & G Div 1st g 45._ __1933 M N
57 Sale 5512
57
16
47Is 64
Certificates of deposit..____ .-- - _
_ 57
52 Aug'34
59
Li7. 5978 5778 577 _--_ 52 82
St L Peor & N W 1st gu 5s__1948 1 J
8
2
5712
:St L
-San Fran pr lien 4s A.1950 J J
157 Sale 1418
8
157
8 62
1312 28
____
1412 Sale 1312
Certificates of deposit
1478 37
1112 26
Prior lien 53 series 13
1514 1678 1414 Sept'34 --__
1950 J J
1334 30
_
13
Certificates of deposit
____ 13 Sept'34 ---13
28
Con M 434s series A
1978 M 9 14 Sale 127
8
144 327
12
2512
Ctrs of deposit stamped_ __ _
. 14 Sale 13
14
110
114 24,
2
St L S W 1st 4853 bond ars 1989 NIN ____ 68
70 Sept'34 ____
__644 814
28 g 98 Inc bond ctfs_ _Nov 1989,1 J 48
60
61 Aug'34 ---.
425 63
8
1st terminal & unifying 53.1952 1 J 50 Sale 50
513
8 37
48
69,2
1990 J J 42 Sale 383
Gen & ref g 5s ser A
4
42
10
33
5813
St Paul & K C Sh L gu 4345_1941 F A
1914 Sale 18
1914 57
17
374
St P de Duluth 1st con g 48.1968 .1 D 9512 97 100 July'34 --_84 100
St Paul E Cr Trk 1st 4348..1947 1 J __ 67
73 June'34 --__
63
7612
St Paul Minn de Mao 5
4
1943 J J al0412 Sale 1043
10512 32
97 1065
8
Mont ext 1st gold 4s
1937 1 D 100 1007 101
8
10118 17
94 10112
Pacific ext gu 48 (sterling)_1940 1 J 97
9838 983
8
983
8
3
89
993
8
St Paul tin Dep 5s guar
1972 J J 109 Sale 109
109
15 101 112
S A & Ar Pass 1st gu g 45
1043 1 J 7512 Sale 7412
754 44
604 853
4
Santa Fe Pres & Phen 1st 58_1942 NI S 10634
__ 10612 July'34 ---97 1067
8
SMoto V & N E 1st gu 42_ _1989 NI N 104 10512 1045
-8
1043
8
5
9712 10712
'(Seaboard AR Line 1st g 45.1950 A 0 ___ 244 1714 Sept'34 ---_
1714 27
26
16 July'34 ---234
Certificates of deposit
16
16
201; 1612 Sept'34 _--_
*Gold 48 stamped
1950
16
27
221. 1612 Sept'34 ---,
Certifs of deposit stamped_ A 0 16
15
25
3
334 10
3
4
Adjustment 55
Oct 1949 F A
3
712
1959 A 0
7 Sale
7
73
8
*Refunding 4s
8
5
14
5
7i2 612 Sept'34 ---Certificates of deposit
5
13
1st & cons Os series A
83
4
95 109
8
918 Sale
i1i-S
1945
63 1612
4
758 8
___
73
Certificates of deposit
8
77
8 05
514 1458
18
16
16
1933 NI S 16
3Atl & 131rm 1st g 4s
2
1418 2514
35 Sale
8
3
:Seaboard All Fla 6s A ctfs_1935 A 0
338
14
238
7.2
25
8 5
33 Aug'34 ---4
Series B certificates
I
1935 , A
2. &
714
So & No Ala CODS gu g 55_ _1936 F A 10412 ____ 10412 Sept'34 ---- 1005
8 10412
Gen C0119 guar 50-year 5s 1963 1- 0 107__ 10714 Sept'34 - -,...
91 110
Nord Ry eat sink fund 030_1950 A 0 16914 Sale 169
17114 20 128 17114 So Pac coil 4s(Cent Pac con) 1919 J 11 062 4 Sale 607
,
8
634, 78
53
747
8
45
':Norfolk South 1st dr ref 52_1961 F A
18 Sale 16
19
1st 4348 (Oregon Lines) A.1977 M 9 75 Sale 727
8
25
8
753
4 40
634 8414
15
1714 15
Certificates of deposit
1712 27
1968 M £3 6055 Sale 5812
Gold 430
61
27
72 22
4
534 72
':Norfolk dr South 1st g 55_ _1941 M N
303 3712 34
4
34
1
1414 40
Gold 43,:,8
61
104
1969 M N 60 Sale 58
53
72
N & NV Ry 1st cons g 4s
19
1996 0 A 101 1053 10412 105
4
Gold 4348
61
169
983 1077
4
8
52
1981 RI N 6014 Sale 5714
71
Div'l 1st lien & gen g 4s_1914 1 J 10614 Sale 10512
1061 1 18 10018 1083
8
San Fran Term 1st 4s..1950 A 0 9614 Sale 9412
9612 37
8278 9914
Pocah CA: C joint 4s
4
105
1941 J D 105 1053 105
2
4
N 1053
993 1063 So Pee of Cal 1st con gu 4 5s-1937 NI
4
07 Sept'34 --4
101 107
North Cent gen & ref 55 A1974 M S 10418 ___ 98
Oct'33 ---- _. _. _
So Pac Coast 1st gu g 18
1937 J J 101 103 101
101
2
99 lot
Gen & ref 4,548 series A
1971 M S 162
103 Aug' ---4
34
8618 148
99,2 10618 So Pac RR 1st ref guar 4s
1955 .1 J 8512 Sale 823
70
903
4
:North Ohio 1st guar g 5s
1945 A 0 41
35
-65
40 Aug'34 --__
go
Stamped (Federal tax) ..1955 1 ---------9219 May'30 —_
.
Ex Apr'33-0cV33-Apr'31 cons36
49
60 June'34 ---3534 64
4
Southern Ry let cons g 5s
1094 J .1 943 Sale 94
56 10178
:
Ii
95
Stmpd as to sale Oct 1933, Ac
60
5914 Sale 57
Devi & gen 4s series A-19513 A 0
105
5314 733
4
Apr 1934 coupons
__ .._,_ 50
48 Aug'34 -.r, 343 52
8
8
1956 A 0 785 Sale 76
79
Devi & gen 6s
46
71
95
North Pacific prior lien 4s__ _1997 @ 1 9618 Sale 954
1956 A 0 81 Sale 773
Devi & gen 634s
83 101
733 973
4
4
4
963 119
82
4
79
Gen lien ry & Id g 3s Jan 2017 Q F 6612 Sale 643
4
67
138
60
94
86 Sept'34 --_Mem Div 1st g 55
71
1996 J J 80
804 100
Ref 4, impt 4348 series A__2047 J 1 773 80
77
8
78
37
73
9014
St Louis Div 1st g 4s
6614 91
1951 J J 7012 7712 77 Sept'34 --__
Ref & impt 633 series B____2047 J J 92 Sale 90
9214 259
83 103
East Tenn reorg lien g 5S-1938 Ni S ____ 102 102 Aug'34 _-__
84 1023
4
Ref & impt 5s series C____2047 J J 8234 8412 8234
8312 21
7614 9712
Mobile ,k Ohio coil tr 99_1938 Ni S 61 Sale 58
6112 29
56
81
Ref & impt 5s series D____2017 J .1 80
83 8 62
3
7512 97 :Spokane Internat 1st g 55 1955 J J
8712 8212
914
912
3
85 10
8
9
17
Nor Ry of Calif guar g 58_ --1938 A 0 --------100
Jan'34 ---- 100 100
__
Staten Island 113 1st 434s 1943 1 D --------60 May'32 ____
,
____ 101 Sept'34 ---- 100 101
Sunbury dr Lewiston 1st 4s 1936 J J 101
Og & L Charn 1st gu g 4s _,j948 J J 48
554 59 July'34 -- _51
72
.
Ohio Connecting Icy 1st 4s_ _1913 M S
_ _ 97 Mar'32 ---- ___
54
. Tenn Cent 1st 68 A or B
1947 A 0 54 Sale 54
3
46
697
8
Ohio River RR 1st g 58
1936 J D 100- - 1044 Sept'34 ---- 100 10412 Term Assn of St L lst g 4348_1939 A 0 10612 1063 1065
104 10414
_-8
1063
4
4
5 1003 10812
4
General gold 5s
1937 A 0 101 10338 101 Aug'34 ---89 104
8
1944 F A 10812 110 1083 Sept'34 --__ 10138 III
1st cons gold 55
Oregon RR dr Nay corn g 18_1916 .1 D 102 103 102
103
28
3
92 16412
1953 J J 95 4 Sale 95
Gen refunds! g 48
965
8 65
82 101
Ore Short Line 1st cons g 53_1946 J .1 10912 Sale 10858
10912 10 1044 112
8512 Sept'34 ---Texarkana & Ft 9 gu 5348 A_1950 F A 8718 90
7514 97
Guar stpd cons 5s
1946! J 11112 119 11112 11214 16 1044 115
85 Aug'34 ___,
Tex & NO con gold 53
64
91
1943! J ,,.... 84
Ore-Wash RR & Nay 4.5___ _1961 J J 967 Sale 9614
8
973 104
8
834 10034 Texas & Pac 1st gold 5s
5
4
2000.3 D 1067 108 1063
107 4
,
13
911s 1 I 1
1977 A 0 80 Sale 79
81
17
64
87
Gen dr ref 55 series B
Pac RR of Mo 1st ext g 48_ 1938 F A
9612 9814 984
1979 A 0 803 Sale 7814
4
Gen & ref 5s series C
9815
803 • 20
4
5
8714 1003
4
65
86 4
,
2d extended gold 5s
943 95 July'34 -8
1938! .1 90
84 10012
Gen dr ref 5s series D
81
1930 J D 81 Sale 7814
64
65
864
Paducah & Ills 1st 5 f g 4349_1953 J J 104 10412 10412 Aug'34 ____ 10034 10412 Tex Pac-N10 Pac Ter 5345 A.1964 NI S 79
80
80 SePt- ---34
67
9114
Paris-Orleans RR ext 534s 1968 M 5 1597 Sale 15812 1603
8
4 41 12314 16212 Tol & Ohio Cent 1st gu Ss
103
1935 J J 101 Sale 101
5
9412 1031s
Paullsta ity 1st ref s f 7s,_1942 M S 85
____ 8812
00
2
50
DO
4
1935 A 0 ____ 10214 1013 Sept'34 ---,
Western Div 1st g 5s
971, 1027
8
Pa Ohio & Oct let dr ref 4348A'77 A 0 10614 Sale 100
10012 36
85 10334
General gold 58
101
4
193.5.3 D 100 10214 997
3
90 102
Pennsylvania RR cons g 4.9_1943 NI N 1055 __ 10512 Sept'34 ---- 101 10618 Tol St LA W lot 45
8
7312
1950 A 0 7212 75
75
4
6714 8714
Consol gold 4s
1948 M N 105 Sale 1045
8 10518
6 100 1067 Tol W VA Ohio 9s ser C. ..1942 M S 10615
__ 9618 Apr'31 -__ „ _
8
45 sterl stpd dollar May 1 1948 M N 105 106 1053
6
9978 107
97
96 Sept'34 __
s
Toronto loam & !tuff 1st 12- 1946 1 D 9412 -10512
48
Ai lips
Consol sinking fund 43-48_1960 F A 10914 Sale 1083
4
1095
8 25 103 112
1064 128
Union Pac RR 1st & Id gr 48 1947 J 1 10514 Sale 10458
99114 1083
4
1965 J D 10118 Sale 100
General 4348 series A
10118 67
99
4
95
883 1033
8
4
89 10358
1st Lien & ref 4s
June 2008 M 5 983 Sale 98>9
General 58 series B
8
8
1968 J 0 1067 Sale 1057
107
71
102
9712 110
Gold 430
36
1967! J 10112 Sale 101
13934 105
Secured 6,4s
1936 F A 10512 Sale 10512
10534 55 10354 10712
Ni 5 10312 Sale 109
10912
1st Ilea dr ref 55
2 10213 11558
June 2003
Secured gold 55
1964 NI N 1007 Sale 1003
4
102
59
8
8
8
9412 47
9114 1043
4
19113 1 D 935 Sale 933
Gold 48
8212 9918
Debenture g 434s
1970 A 0 8672 Sale 8612
874 48
104
7814 927 I.7 NJ RR dr Can gen 4s__1944 M IS 102 107 lC4
8
8
1 10012 1073
1981 A 0 954 Sale 95
General 434s series D
953
4 66
834 9812 Vandalla cons g 4s series A1955 F A 10114 __
0114 Sept'34 ---99 102
Gen mtge 4348 ser E
1984 J J 95 Sale 9412
9514 100
1957 M N 10114 ____ 101 Apr'34 ____
9112 97
974 101
Cons 8 f 4s series B
Peoria dr Eastern 1st cons 43_1940 A 0 57
64
64
64
4
558
414 5
57
813 *Vera Cruz & P 1st all 4348_1933 J 1
4
512 18
212 6
Income 4s
7
934 63 Sept'34 ___
April 1990 Apr
8
J .1
312 ____
6
3
34
3 Sept'34 ____
July coupon off
19,
4
Peoria & Pekin Un 1st 5345_1974 F A 93
994 Sept'34 ---10312 Sept'34 ____
8514 10212 Virginia Midland gen 58----1936 M N 10312
9814 1034
Pere Marquette 1st ser A 5s 1956
75
25
584 90
7812 7218
.
11 76
90
90 Sept'34 --__
Va & Southwest let gu 5s.__2003 1 J 86 - 754 97
1st 42 series B
653
4 28
4
1956 J J 653 Sale 624
5014 7812
19.58 A 0 7674 Sale 74
1st cons 5s
7612 10
67
87
1st g 430 series C
6818 49
1980 M 9 6712 Sale 6318
411s 81
Virginia Ry 1st 531 series A 1962 M N 1064 Sale 106
1067
8 47
9918 110
Philo Halt & wash 1st g 19_1943 MN 10612 107 106>4
1061 4
1 10012 10738
1st mtge 4348 series B
1962 MN 100 10112 10212 Sept'34 ---_
90 10312
General 55 series B
1974 F A 10419 1084 110 Aug'34 ---- 100 1104
General g 4348 series 0_1977
J 10114 10312 103 Sept'34 ---9214 10512 :Wabash RR 1st gold 5s
853
4 27
1939 M N 85 Sale 83
74
95
General 4y4s series 0
1013
4 18 1003 10212
4
1981 I D 1013 Sale 1004
75
6634
24 gold 5s
4
1939 F A 60
663
4
1
50'8 8312
Philippine Ry 1st 8 f 13
8
253
4
1937 J 1 2512 Sale 253
1954 J J
7
53
2314 31 14
58
53
1st lien g term 4s
1
53
53
60
Dot & Chic Ext 1st 5s_ _ _1911 J .5 — 99 100 July'34 __-70 100
PC C dr St L 4348 A
1940 A 0 106 108 105 Sept'34 ---- 10114 10814
55
Des Moines Div 1st g 4s 1939 1 J 49
49 Sept'34 ____
45
58
Series 13 434s guar
____ 10514 Sept'34 ---- 102 108
1942 A 0 106
50
48 Aug'34 ---Omaha Div 1st g 334s_ _ _ _1941 A 0 48
45
55
Series C 4348 guar
__ 1053
4
1912 MN 106
1053
4
3 103 1075
75
8
Toledo & Chic Div g 4s_1941 M 8 66
70 Sept'34 __-_
71)
75
Series D 45 guar
____ 10112 Aug'34 ---1945 MN 101
9918 101 12 :Wabash Ry ref & gen 5345 A.'75 M 8 1812 Sale 163
4
1812 66
133 29
4
Series E 334s guar gold_1919 P A
913 Aug'33 ---- ---1312
96 ---- 8
Certificates of deposit
-,„,
10
1314
1
134 25
Series F 4s guar gold
__ 1033 July'34 ---4
1953 J O 100
161- Salo 167
2
99 1033
8
1812 77
-- 4
Ref de gen 53(Feb'32 coup) 13'76 F A
13
284
Series G 4s guar
-- 4
1957 MN 10C 1053 1043 June'34 ____
9/4 105
4
_ --__ 18
1412 Sept'34 _ _
Certificates of deposit
14
2414
_ 105 July'34__ 10212 10512
Series 11 cons guar 45_ __1960 F A 100
_
4
1311 2812
Ref & gen 430 series C1978 11812 81
- 0 18, Sale 1612
Series I cons 414s
-1011 108 Aug'34 —
1963 F A 105 1
1003 100
4
Certificates of deposit_ ____ 1714 20 May'31 ---Hi
2512
Series J COW guar 434s._19048! N 105 108 106 Sept'34___ 10128 105
0 1812 Sale 16
1980 1Ref & gen 5s series D
1812 65
1314 28
General M 58 series A_1970 1 D 10514 10712 105
105
5
94 110
--__ 18
13
Certificates of deposit
13
2
13
23,2
Gen mtge 53 ser 10
1975 A 0 105, 1063 10614
10614
1
9438 110
4
4
3358_ _2000 F A --- Ms 77 2 Sept'34 _ _
,
Warren 1st ref g11 g
76
77,
2
Gen 434s series C
6
4
8434 103
4
1977 J 1 993 16018 993
1004
Washington Cent 1st gold 4s1918 @ M ---- 884 79 June'34 _ _
79
79
Pitts Sh & L E 1st g 5s
_ 103 Sept'34 1910 A 0 163
103 103
Wash Term 1st gu 330
1915 F A 9934 ____ 993
4
997
8
3
ea 103
1st consol gold 5s
10431 J 101
_ 100 NIar'33 ------------1st 40-year guar 45
4
F A 1013 ____ 1013 Sept'34 _--- 10134 1013
1915
4
4
Pitts Va &Char 1st 4s guar 1043 MN 9912 10714 94
Oet'33 ____ .__
. Western Maryland 1st 4s_1952 A 0 831 2 Sale 8014
833 115
4
74p, 8812
Pitts & W Va 1st 4Sis ser A.1958 J 0 6614 6812 6614
6614
2
56 --80
let dr ref 534s series A___ _1977 J .1 92 Sale 8814
92
47
80
9754
1958 A 0 6812 Sale 6812
1st 61 4348 series B
66
793 West NY A Pa 1st g 55
8
684
1
1937 .1 J 105 Sale 105
10514
2 1023 1063
8
4
1st M 4348 series C
1960 A 0 6618 71
1913 A 0 993 100
67
68
8
s
56
80
987
8
Gen gold 91
100
31
85 1034
_ 100 May'34 ___
Pitts Y & Ash 1st 4s ser A__ _1948 1 D 95
9114 100
8
1946 M 8 3812 Sale 353
Western Pac 1st 55 ser A
40
57
3i3
463
4
1st gen 55 series 13
1962 F A 102 109 10914 Aug'34 _
- .
101 10912 West Shore 1st 45 guar
8058 21
2361 1 J 8018 Sale 7812
6878 86
Providence See guar deb 48..1957 M N ____ 40
50 Aug'34 -._75
50
50
2361 1 J
78
Registered
7414
7414
2
654 823
8
1956 61 S 80
____ 9112 Apr'34 __
Providence Term 1st 4s
8112 9112 Wheel & L E ref 430 ser A 1966 NI S 9914 1011,. 9914
9914
4
85 101,
2
4
4
Refunding 5s series B
1966 NI S 1033 Sale 1033
1033
4
9
9312 105
Reading Co Jersey Cent co1148 51 A 0 9614 97
.
963
4 23
9512
99 101
82
9812
9914
1949 NI S
RR 1st consol 48
9914
6
863 1014
4
Gen dr ref 434s series A_A997i J 101 1017 10118
102
8
18
86 105
Wilk & East let gu g 59
1942 .1 D 47 ' Sale 47
4813
5
3938 5973
Gen & ref 434s series B_1997 I J 101 1017 10114
8
102
6
8612 105
1938 1 D 11812 9912 99 Sept'34 _ _
Will dz 9 I 1st gold Is
,
99 102113
Rensselaer & Saratoga Os gu_1941 M N -------- 113
Oct'30 --- ---- __-- Winston-Salem S B 1st 48
1960 J .1 99 100 100
100
1
90 10212
Rich & Meek 1st g 4s
1948 NI N
39
60
40 July'33 ____
1418 1534 1412
____
_ . /Wls Cent 50-yr 1st gen 4s 1949 J .1
1412
I
113 2212
4
Richm Term Ry lot gu 5s
1952
J 10212 _ 1023 Sept'34 ____
4
993 103
4 - div & term 1st 48'36 61 N
-14
73
5 74 74
Sup & Dul
773
2
63 174
4
Rio Grande June 1st gu 5s_1939
0 744, 90
95 Aug'34 ____
70
73
79
963 Wee de Conn East 1st 434s._1913 1 J
8
70 Sept'34 ____
60
70
:Rio Grande Sou 1st gold 48_1940 J 1 ____
378 114 Oet'33
Guar 4s (Jan 1922 coupon)1940 J .1 ____
_
314 July'33 ____
_._
Rio Grande West 1st gold 48_1939
1 7514 - _- 764
81
63 - 37
7612
8
INDUSTRIALS.
9-8
1st con & coil trust 48 A._ _1949 A 0 4012 Sale 4012
9
47
4014 67
'OR I Ark de L0013 1st 430_1931 M 5 1212 Sale 1214
,
1273
3
97 25
1;
stAbItIbl Pow & Paper 1st 5s '53 J D
274 Sale 2718
277
8 26
184 4454
1949 5 J
-Canada 1st gu g 4s
5214 5812 51 Aug'34 ____
Rut
47
72
Abraham & Straus deb 5348.1943 A 0 103 10318 0318
10:118
93 10512
1
Rutland 1st con 434s
1941 J .1 51
65
6214 Sept'34 ____
15312 765 Adams Express coil tr g 4s.1948 M 9 76
8
78
83
76
77
11
62
St Joe & Grand 'ski let 4s.__1947
J 101
10012
102
35
86 103
9714 Sept'34 ____
Adriatic Elec Co ext 75
1052 A 0 9714 90
9014 110
19965 J 8418 - 9
0 85
St Lawr & Adr late 98
85
5
77
9514 Albany Perfor Wrap Pap 65_1948 A 0 65 Sale 09
66
70
6612
15
24 gold (1s
1996 A 0 85
8
883 Aug'34
5
797 93
For roote.,res see page 202...
-k—o
e
‘
2021
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28
i
..!
i_
.... C.
,. .
Price
Friday
Sept. 28
Week's
Range or
Last Sale
13
ra.
Range
Since
Jan. 1
High
High No. Low
Industrials (Conittlued)Ask Low
Bid
6312 Sale 60
.
5118 74
Allegheny Corp coil tr Is_ _1944 F A
6312 94
1949 J D 5538 Sale 5318
6912
44
5512 34
Coll dr cony 58
1950 A 0 243 Sale 23
46
19
186
25
4
Coll & cony 55
2614 35
4018
21
26 Sale 2412
Certificates of deposit ____ __ _
..
901 100
9712 18
Allis-Chalmers Mfg deb 55-1937 M IN 97 Sale 97
8114
_ 8114
5614 8312
2
Alpine-Montan Steel 18t 78-1955 M S 8112 _
1935 F A 10012 101 10012 100%
71 101
4
Amer Beet Sugar 6s
9614
4
93 Sept'34 ___
80
65 extended to Feb 1 1940____ F A 923 93
9053
64
5
89
American Chain 5-yr 65__1038 A 0 8814 8812 8814
9312 10314
10214 10
Amer Cyanamid deb 55_ .1942 A 0 10214 Sale 102
Am & Foreigh Pow deb 5s 2030 M S 54 Sale 493
4
5412 569
35
5913
American Ice s 1 deb 55_ ......1953.3 D 70
4
793
72
62
3
70
70
9712 35
Amer I G Chem cony 5145.._1949 M N 9612 Sale 9618
8
837 99
Am Internet Corp cony 5345 1949 J J 86% Sale 85
6718 87
103
87
1939 A 0 105 107 10512 Aug'34 ____ 10412 10712
Amer Mach & Fdy s f 6s
10414 101
9534 11612
1933 MN 10314 Sale 10314
Am Rolling Mill cony 5s
9913 10512
Am Sm & It let 30-yr Is see A '47 A 0 10414 Sale 103
10414 35
1937 .1 J 10614 1061 10614
-year 65
4 10414 10712
10612
Amer Sue Ref 5
.
____ 104 Sept'34 _-__ 1015 10458
Am Telep & Teleg cony 45......1936 m S 140
8
1946.3 D 1087 Sale 10818 1095
30-year coil tr 55
8
8 83 10518 1103
8
1960 J .1 10812 109 10812 109
-year of deb 55
35
88 10314 11112
1943 NI N 1113 Sale 111
20-year of 534s
11112 64 10578 113
1939 J J 10734 Sale 10712 108
Cony deb 414s
24 106% 113
1965 F A 10812 Sale 10312 109
Debenture 55
78 10318 11114
22
25
20 40
20 Sept'34 ____
:Am Type Founders Os ctfs-1940 --Am Water Works dt Electric1975 NI N
79 Sale 743
Deb g 65 series A
6414 90
22
79
4
1944 M S 10212 Sale 10012 103
10-yr Is cony coil tr
08 111
192
:Am Writing Paper lot g 65_1947 .1
62
18
1814 Sale 18
1914 52
Anglo-Chilean Nitrate 7s_ _ _1945 M N
1052 Sale
113
978
5
s 60
1734
Ark & Mem Bridge & Ter 55_1964 M S ____ 00
83, 90
8618 July'34 ____
4
Armour & Co (111) 1st 4%5_1939 1 D 10018 Sale 10018 10014 104
8712 10012
Armour & Co. of Del 5%8_1943 1 J 97% Sale 97
4
973 . 85
9812
82
8
Armstrong Cork cony deb 55 1940 J D 1017 Sale 1017
8
8 40
1027
88 1027
2
1947 J D 1015*_--- 10018 May'34 ---Atlanta Gas L lot 55
95 10018
Ati Gulf & WI SS coil tr 55_1959 J J 46
47
49
46
14
48
6112
Atlantic Refining deb 55_1937 J .1 IN% Sale 10612 107
25 103% 108
BONDS
N. Y. STOCI. EXCHANGE
Week Ended Sept. 28
o3
r. t
41e.
Price
Friday
Sept. 28
Week's ;
E :2,..
Range or
cocZ
Last Sale
High No.
Bid
Ask Low
Industrials (Continued)3 21
8
1073
Duquesne Light lot 414s A1957 A 0 1073 Sale 1063
6
1957 M 8 10912 Sale 10912 11014
1st Mg 414s series II
6
15
*East Cuba Sug I5-yr of 734s '37 M 6 14 Sale 14
8
__ 106 Aug'34 ---Ed El III 13klyn lot cons 4s_1039 J J 1055
Ed Elec(NY) lot cons g 5s_1095 / J 12312 fis 12312 Sept'34 ---3414
3414
37
6
El Pow Corp (Germany) 614s '50 M S 30
7
3612
1st sinking fund 6)4s
1053 A 0 3458 3712 3518
1954 F A
73
73 Sept'34 --__
77
Ernesto Breda 78
Federal Light & Tr lot 58_1942 M S 73% ____ 7218 Sept'34 --__
4
Is International series 1942 M S --------803 June'34 ---78 July'34 -___
8
1st lien s 1 58 stamped_ _1942 M S 735 78
77
2
1942 M 8 775 70
8
77
1st lien 6s stamped
1
551
1954 J D 5518 57
551s
30-year deb Os series B
1939 1 D 10314 10412 104 Sept'34 ---of 7s
Federated Metals
9
10412
1946 .1 J 10412 Sale 104
Flat deb of g 75
2
Framerican Ind Dev 20-yr 7%5'42 J J al06 Sale al06 a106
5
2814 31'z 28
2914
:Francisco Sug 1st of 710_1042 m h
Range
Sines
Jan. 1
High
Low
4
1013 108
10212 111
7% 2212
10018 107
110 124
3212 6912
6914
33
89
68
82
64
4
803
75
6012 82 4
,
8512
64
5113 6813
101 106
,
9712 104 2
10212 110
41
19
791 9912
9614
2
9614
9614 97
Gannett Co deb 65 sec A...1943 F A
2 104 112
112
Gas & El of Berg Co cons g 541949 J D 112 Sale 112
4812 80
6012 49
*Gelsenkirchen Mining 6s....1934 M S 60 Sale 52
8
7912 985
9114 93
8
905 Sept'34 ---.
Gen Amer Investors deb 55A1952 F A
19 102 1053
4
Gen Baking deb s f 534s_ _1940 A 0 104 Sale 10312 104
7312 14
59
7714
73 Sale 73
1947 J J
Gen Cable lot of 51.4s A
0 105
2 10
4
4 1043
1042 F A 104% 10454 1043
Gen Electric deb g 335s
3212 85
3812 19
4
3814 Sale 343
Gen Elec.(Germany) 75 Jan 15'45 J
6312
34
1
36
36
1040.3 D 353 45
s f deb 634s
3218 6312
3538 40
4 21
373
3514
1948 M N
20-year of deb 65
35 103% 106
4 105
4
Gen Petrol 1st sink f'd 55_1940 F A 1043 Sale 1043
9514
76
6
90
Gen Pub Serv deb 515s-._ _1939 J J 88 Sale 88
824
6812 90
9
4
823 Sale 81
Gen Steel Cast 534s with weer '49 J
658 Sale
3
7 4 32
614
318 13
*.:Gen Theatres Equip deb 801940 A 0
4
113
3
4 48
73
8
55
8
6
Certificates of deposit
4212 6318
44
4213 Sept'34 ____
Good Hope Steel & Ir see 75_1945 A 0 41
95 10512
10234 85
4
4
630..1947 J .1 1023 Sale 1013
Goodrich(B F)Co lot
90
72
8 87
837
8
1945.8 D 837 Sale 8114
Cony deb 6s
13914 103
10014 158
Goodyear Tire & Rub 1st 55 1957 M N 100 Sale 9914
8512 95
86 Aug'34 ____
Gotham Silk Hosiery deb 65.1936 J D ____ 87
8% 1912
5
17
Baldwin Loco Works 1st 55_1940 M N 107 107% 1063
1512 17
16
2 102 10712 •:Gould Coupler iota f 65 1940 F A
4 107
6814 87
8612 45
Ilatavian Petr guar deb 434s 1942 J J 108 112 111
4
853 Sale 85
111
6 102% 116
Gt Cons El Pow (Japan) 7s 1944 F A
824
6
4
Ws 823
Bell Telep of Pa Is series B 1048 J J 112 Sale 1113
8014
84
7 106 114
1950 J J 82
s 11218
let & gen of 635s
9213
71
10
87
1st & ref Is series C
1960 A 0 11412 Sale 11412 115
7 106 116
Gulf States Steel deb 5301942 J D 8612 Sale 86
Beneficial Indus Loan deb (15 1946 M S 102 Sale 1013
84 108
15
8 102
96 104
3
Berlin City Elec Co deb 634s 1951 J D a31 Sale z32
32
273 65% Hackensack Water lot 45_ _1952 J 1 102 10314 10312 1031 2
4
47
10
Deb sinking fund 635s
,
3914 57 2
31 Sale 30
_1959 F A
11
31
2534 87
Hansa SS Lines 65 with wan'. 1930 A 0 47 Sale 46
7038
51
1955 A 0 27
Debentures 65
2
. 497 51 Sept'34 ____
1949 .1 J--30
243 8514 Harpen Mining 65
4 15
303
30
a39
2912 30
1
4212 a39
33
BerlIn Elec El & Underg 6345 1956 A 0 284 3512 31
3
31
8
273 74
1952 F A
Havana Elec consol g 55
93
818 Sept'34 ___
Beth Steel 1st & ref 55 guar A '42 M N 10412 Sale 1023
7
712 8
1951 M 6
4 105
16
4
997 1155*
Deb 534s series of 1926
40
25
2
30
35
30-year pm &'mot at 55_1936 J J 103 10314 1023
30
8 1023
4 74
99 104
*Moe(R)& Co let 614s see A '34 A 0 31
--39 Dec'33 ___ __
1950 M S 30
Bing dr Bing deb 6355
51
1418 25
.
3712 July'34 ____
30
3712 Holland-Amer Line 65 (fiat).1047 M N
85 Sale 8312
”Botany Cons Mills 6;45_1934 A 0 11
1
11
8
85 - 8
1211 11
914 25
3
85
Houston Oil sink fund 5345 A1940 M N
51
39
,
46 4 78
4
9
A 0
Certificates of deposit
8
107 10 Sept'34 --__
75 20
8
Hudson Coal 1st 81 5s ser A.1962 1 D 443 Sale 4312
11214
*Bowman-1311t Hotels lot 75.1934
3 10514 114
1940 MN 112 114 11214
Hudson Co Gas late Is
9 102 10512
102%
31
Stmp as to pay of $435 pt re& _ M S
-- 412 May'33 -._ _ --- _ -- Stumble Oil & Refining 5s
1937 A 0 102 Sale 102
1092 16 105 e 11012
3
07 10
•:I3'way & 7th Av lot cons 55'43 J D
8
4-018
913 1018 Illinois Bell Telephone 55_1956 J D 109 Sale 109
2
9%
15 10212 10814
85
8 106
Brooklyn City RR lot 5s_ __194I .1 .1 84
83
83
1
72
1940 A 0 10512 106 1055
86
Illinois Steel deb 43.4s
3514 5912
3614
5
liklyn Edison Inc gen 55 A_ _1949 J J 10918 110 109
36
36% 38
10913 12 10512 1097 Ilseder Steel Corp mtge 65_1048 F A
8
94 103
1952 1 J 10914 Sale 109
.
Gen mtge Is series F
10914
8 10514 110
1936 M N 10012 101 100 Sept'34 ___
Int Nat Gas & Oil ref 55
5
86 10112
9314 1021 Inland Steel 181 4% set A
86
Bklyn-Manh It T gee 6 A...1968 3 3 0912 Sale 99
8
1007 296
1973 A 0 997 Sale 9912 100
9914 70
8512 101
65 series A
1949 .1 J 99 Sale 98
9914 Sale 9812
4
993 144
98 10014
1981 F A
1st NI s 1 4 345 ger B
6512 7612
75% 840
Bklyn Qu Co & Sub con etd 5s'41 M N --------5912 Sept'34 ____
7512 Sale 7418
57
87
jInterboro Rap Tran 1st 55_1966 .1 J
523
30
43
51
lot Is stamped
1941 J 1 ..-- 60
63 Sept'34 -- _
573 673
1932 A 0 4912 Sale 49
4
4
*10-year Os
47
47
2712
7
9514 Sale 9514
1950 F A
96
Bklyn Union El lot g 5s
993
7512 450
i4
Certificates of deposit ____ ____ ____ 49
26
79
11412 40 1063 11512
4
Bklyn Un Gas lot cons g 58_1945 NI N 1135 Sale 11338
773
7014 33
4
*10-year cony 7% notes_1932 NI 5 7815 79
6712 8112
121
76
let lien & ref 65 series A _ _1947 M N 116 120 118 Sept'34 --__ 11078 120
76 Sale 75
l cates of eposlt ____ sr rtifiron lot 5 dB
,
7718
60
3
65
1936 .1 .1 ____ ___ 158 Feb'34 ___ 153 158
68% 64
Cony deb g 5145
,
1
Interlak1951M - 1 65
Ce e
1050 J D 104 Sale 104
104
15
Debenture gold 5s
98 1055* Int Aerie Corp 1st dr coil tr 5.5
8412
62
2
78
1st lien & ref 5s series 11
1957 M N 10912 Sale 10834 10912
78 Sale 78
9 104% 110
_ M N
Stamped extended to 1942_ _
k
94
48
797 96
1981 F A 106 l07's 106
Buff Gen El 434s series 2u
10614 21
9312 Sale 9312
99 108% jet Cement cony deb 55
1948 M N
5734 5612
205
51
2
401 693
1952 A 0 55
3
5612
:Bush Terminal lot 45
50
60
Internet Hydro El deb 65_1944 A 0 5012 Sale 4814
11
45
44
44
10
1912
,
63 2
48
6
Consol Is
1955 ./ .1
s
lO7 1918
1218 261 Int Mere Marine s I 65
1941 A 0 45
6012
45
6812 19
45
4412
5711 8212
Bush Term Bides 55 go, tax ex '60 A 0 43
8
365*
2 Internet Paper 55 ser A & 13.1947 J .1 6814 Sale 6714
5118 14
385 73
1945 M N 66
By-Prod Coke 1st 6345 A
70
70
70
5
6112 88
1955 M S 5118 Sale 50
Ref 8 f 6s series A
4814 65
,
58 2 164
4
573 Sale 5338
Int Telep dr Teleg deb g 4145 1952 J J
319
67
108
Cal G & E Corp lint & ref 55_1937 1\1 N 103 10812 108
56
,
73 2
13 1035* 10312
1939 J J Cs% Sale 6214
Cony deb 4145
6212 216
Cal Pack cony deb 5s
5112 693
8813 104
103 Sale 10234 10314 44
4
1940.3
61 Sale 57
1955 F A
Debenture Is
3
94
103
8
Cal Petroleum cony deb 81 5s '39 F A 102 10312 103
94
95
825* 98
9638 103
Investors Equity deb Is A 1947 J D 94
98
8
88
Cony deb a 1 g 51.4s
94 Sept'34 ____
96
8 10
1033
1938 NI N 102 1033 1033
9918 10412
Deb 5s see B with warr
1948 A 0 94
2
9414
8772 98
513 6
5%
53
1942. _
Camaguey Sugar 7s etfs
94
97
4
4
278 12
1948 A 0 94
Without warrants
Canada SS L lot & gen 65_1941 A 0 26
2634 2612 Sept'34 --__
1813 3334
I 10011 10814
107
Cent Dist Tel lot 30-yr 55..1943 J D 1063 110 108% Sept'34 -__- 1045* 10912 K c Pow & Lt 1st 434s ger 13_1957 .1 J 107 108 107
4
10818 28 1003 110 4
Cent Hudson G & E bs_Jan 1957 NI S 10812 ____ 10812 Sept'34 ____ 10418 10914
,
3
lot mtge 4348
1961 F A 10818 10812 108
9514 20
6712 37
721g 997
WI 697 Kansas Gas & Electric 4345_1980 3 D 9514 Sale 95
Cent III Elec & Gas lot 55..1951 F A 675* Sale 65
8
29
2
112
19
Central Steel late s t 8s
3612
4112 29
1941 M N 112 Sale 112
26
1 10118 113
Karstadt (Rudolph) 151 65..1943 NI N
243
4 16
1612 32
5218 717
68
59
Certain-teed Prod 534s A,..1948 M S 59 Sale 5712
22 Sale 22
2
Certificates of deposit--72
51
6
5
8 90
623
Chesap Corp cony Is May 15 '47 M N 10212 Sale 10112 1027
96 110
Keith (B F) Corp lot 65_ _1946 M S 62 Sale 62
38
25
Ch G L & Coke lot gu g 5s_ .1937.3 j 103% Sale 10312 1035*
3
29 4 595*
8
98% 106
Kelly-Springfield Tire (is _1942 A 0 38 Sale 2934
4
24
97
.:Chleago Railways 1st 55 stpd
7418 9812
4
1948 M S 983 9712 9612
Kendall Co 5145
F A 5713 Sale 5612 5712 9 47 60 Keystone Telep Co 1st 5,s_ _1935 J J 7914 8034 79 Sept'34 ____ 731 83
Aug 1 1933 25% part pd
2 104 1035
108
8
Childs Co deb 5s
4812 46%
,
46 8
1043 A 0 46
41
3
65
Kings County El I. & P 55_1937 A 0 108 10814 108
1 122 145
145
8312 95
Chile Copper Co deb 55- _ _1947 J J 8212 Sale 8214
56
.
87
1997 A 0 145 Sale 145
Purchase money Os
9118
92
92
1968 A 0 10112 Sale 1007
8
Cln G & E lot NI 45 A
92 1027 Kings County Elev isle 45..1040 F A 91
14
101% 29
75
9512
8
6518 June'34 ___ _
5218 6518 Kings Co Lighting lot 55__ _1954 J J 10818 110 109 June'34 __ _. 10314 109
Clearfield Bit Coal 1st 45...1940 J J 63._
5412
8
53
5112 55
1167
1033 3 J
Colon Oil cony deb Os
6
2
5 108 120
51
82
1054.3 J 116 117 1167
First and ref 6345
14
102
8
55
8113 10212
4
533 stile 5334
8
30
65
:Colo Fuel & hr Co gen of 55 1943 F A
Kinney(GR)& CO 735% notes'36 J D 1017 Sale 10114
22
23
1005* 25
82% 1001
•:Col Indus 1st & coil 5s gu _1934 F A 23 Sale 22
8
171k 3312 Kresge Found'n coil tr 6s..1936 J D 1005* Sale 10018
Columbia 0 az E deb Is May 1952 M N 827 Salo 783
.51
4 59
17
833
4
4
10% 213
8
69
907 :Kreuger & Toll cl ASS ctfs_1959 M 5 165* Sale 1612
e
3
79 4
4
1
Apr 15 1952 A 0 8012 8814 793
Debenture Is
70
9118
102¼
8
4
6
8312 134
Jan 15 1961 J .1 823 Sale 785
Debenture Is
97 108,
6613 89
8
Lackawanna Steel 1st Is A 1950 M 5 10214 Sale 102
9312 12
71
951
4
79
943 93
73
9712
Columbus fly P & L lot 414s 1957 J J 03
2
987 *Laclede G-L ref & ext 55_ _ _1934 A 0 95 Sale 9414
4
92
103
8
61
92
90
1942 A 0 103 Sale 103
4
Secured cony g 534s
A 0 913 Sale 905
905* 10712
581034 extended to 1939
6212 15
50
695*
615* 63 6118
Coll dr ref 534s series C___19.53 F A
32 101 110
62
4 108
4
.
Comm !Invest Tr deb 5358_1949 F A 108 108% 1073
61
62
50
60
693
C011 & ref .5348 series D___1960 F A
Conn Hy & List & ref 4348..1961 .1 J 104 Sale 1043 July'34 ---- 103 1043 Lautaro Nitrate Co Ltd 68....1954 J 1
135* 355
5% 1912
125* Sale 12
4
Stamped guar 4%s
1951 .1 .1 103 105 1025* Sept'34 ____
2
81 1013
4
99311
8
97 10484 Lehigh C & Nay a 1 434s A_I954 1 .1 9914 1005* 99,
Consolidated Hydro-Elee Works
80 10114
Cons sink fund 43.45 ser C_1054 .1 J 99% 100 101 Sept'34 _--_
8
375 37
37
7912 91
of Upper Wuertemberg 78_1956 J 3 37
8812 Sept'34 ____
2
4
343 60
863 89
4
Lehigh Val Coal lot & ref 81 5s'44 F A
6218
8 14
217
4
40
4
:Cons Coal of Md 1st & ref 5s '50 J D 217 Sale 193
5612
56
12
27
5712 60
1st A, ref of 5.5
1954 F A
21
21 Sale 1814
7
Certificates of deposit
5512
1114 2814
5418 5912 5512
3
4212 59
1064 F A
1st & ref of Is
8
Consol Gas (N Y) deb 5%5_1945 F A 1065 Sale 10512 1067
s 71 10111 1073
58
11
40
58
58 Sale 55
4
1974 F A
1st & ref 5 t Is
8 30
1005
Debenture 4145
1951 ./ D 10018 Salo 100
8118 97
,
--- 95 8 Sept'34 ---Secured 6% gold notes_ _1933 J J ---005* 10314
8 10452 24
97% 106
Debenture Is
1057.8 .1 104% Sale 1035
12712 20 11918 13018
Liggett & Myers Tobacco 78_1044 A 0 126 12714 127
10414
Consumers Gas of Chic gu 5.5 1936 J D 1035* 10414 10414
4 13 106 11512
4 100 105 8
,
Is
1951 F A 11312 Sale 11312 1143
8
Consumers Power 1st 58 C..1952 NI N 1093 Sale 1094 1095*
102
85 10212
16
4
4 10012 10912 Loew's Inc deb of 65
1941 A 0 1013 Sale 10114
9078 14
Container Corp 1st 65
1948 J D 9078 Sale 90
77
76
13
98
74
70
7512 77
9713 Lombard Elee 75 ger A
1952.3 D
6712
16
-year deb Is with warr_ _1943 1 D 6714 Sale 66
8
8
10 1121* 125
52
3112 Lorillard (P) Co deb 75
1944 A 0 1245* 1257 12412 125
Is
7518 95
8878 Sale 887
6
89
Copenhagen Telco Is Feb 151914 F A
10912
9913 1104
4
1951 F A 10812 11012 100
4
Crown Cork & Seal of (is_ _1947 J D 105 10512 10412 105
4 43
.4
9711 107
88 10712
Louisville Gas & El (Ky) 55_1952 SIN 1033 Sale 10212 1033
96 Sale 95
96
4
Crown Willamette Paper 68_1951 .1 J
86
7013 97
11
51
86
Lower Austria Hydro El 63451944 F A 86 Sale 84
Crown Zellerbach deb Is w w 1940 M S 8914 91 390
96
70
8
90
71
3
24
4
23 Sale
*:Cuban Cane Prod deb 65_1950 J J
218 85* tMeCrory Stores deb 5345 1941
1937 J .1 10512 Sale 105% 107
20 10312 1073
5812 28
Cumb T dr T 1st & gen 5s
50
53 Sale 5412
86
_
Proof of claim filed by owner__
4
85
95
.,
_58% 8684
McKesson & Robbins deb 5355'50 M 11 85 Sale 8318
5
235
944 1053 g2manas sugar 181 s f 7;0_1042 A 0 18
8
Del Power & Light 1st 4145 1971 .1 J 10414 .--- 10412 10412
177
4
21
18
2
9
____ 102
J 102
102
1st & ref 414s
1969.8
16 Aug'34 .--..
20
5
6
20
10
895 10312
_
8
Certificates of deposit ____
8
- 1037 Sept'34 ---8
1st mortgage 4345
1969 J J 104
163
8
165*
94 104
65 17
2
_20
10
*Strruid Oct 1931 coupon_1942 A0
-.
4
100
86 1027s
Den Gas & El L 1st & ref s f 55 '51 M N 99 101 100
20
35
5
Feb'34 ____
20
it
Certificates of deposit ______ ___
_.... 99 Sept'34 ___7,
99
Stamped as to Penne tax_1951 m N
1714 Aug'34 ____
35
5
20
12
_
4
4
873 1033
*Flat stamped modified ____
4 10714
4
1949 A 0 1063 Sale 1063
Detroit Edison Is ser A
543
4 36
42% 5.5
8
_96% 109 :Maraud Sty(NY) cons g 4s 1900 A0 5214 Sale 5214
10612
Gen & rolls series 11
1955 .1 D 10614 108 106
2
5314
2
37
965* 109
4
533
4s
CertIficates of deposit ____ __ _ ____ ____ 53
____ 107%
8
1073
Gen & ref Is series C
1962 F A 107
37 Sept'34 ____
2
9638 10814
2812 40
2013 .1 ip. 3518 40
20
94 Sept'34 ___
10312 70
1961 F A 10312 Sale 10314
Gen & ref 434s series D
82
89 1054 Manila Elec RR & Lt of 55.1953 M 5 8414 94
97
10718 24
1952 A 0 10718 Sale 10614
Gen & ref Is series F
97 10812 Mfrs Tr Co ctfs of panic In
4
7212 7112
71
Dodge 13ros cony deb Cs_ _1940 M N 10612 Sale 1055* 1063 134
7112
984 1063
2
4
4
773
60
A I Namm & Son 1st 6s_ _1943 .8 D
k
0012 91 Sept'34 ---45
4512
fold (Jacob) Pack 151 68_1942 MN 88
61
44
8
797 93
Marton Steam Shovels f 65_1947 A 0 4412 45
1082.1 .1 100 10112 10114 sept'34 ---4
8514 63
Donner Steel 1st ref 78
94 10112 Market St Ry 7s ser A_AprIl 1940 Q J 833 Sale 8318
68
9112
4
73
025* 65
4
723 7312 72
14
Duke-Price Pow lot 6s ser A_I966 M N 92 Sale 913
53
81
7413 9818 Mead Corp lot (is with wart..1945 M N
4
9712 963
97
2
9118 116
NIerldionale Elec 1st 78 A I957 A 0 _
..
For footnotes see page 2022.
2022
N
BONDS:..'1:
Y STOCK EXCHANGE 7 7'.
.:
e t,
Week Ended Sept. 28
-.. •:.
New York Bond Record-Concluded-Page 6
hilt
Friday
Sept. 28
Week's1;
Range or
g ;,,
Last Sale
.2,
3
Range
Since
Jan. 1
Industrials (continued)1314
Ask Low
1108 NO. Low
High
Metr Ed 1st & tel 58 ser C__1953 J J 10018 ____ 10014
101
25
77 1011 1
1st g 130 series D
1968 M S 94 Sale 9314
943
71
8
5
963
4
Metrop Wat Sew & D 5365.1950 A 0 8812 9012 8812
90
921E
80
8
"Met West Side El(ChIc)48 1938 F A
1012 Sale 1012
18
11
9
21
Mlag MIII Mach 1st 5! 7s
1956 .1 13
467 48 Aug'34 __8
78
48
Midvale St & 0 coll tr St 5s_1938 M 5 10214 sale 1013
4
10214 77
9718 10314
Milw El Ry & Lt lot 55 B
1961 J D
7913 Sale 77
7912 53
8512
57
lot mtge 55
1971 1 J
7913 Sale 7614
80
43
85
56
Montana Power 1st 55 A
1943 J .1 9314 943 9312
3
9514
13
7912 10012
Deb 55 series A
1962 1 D 6412 66
64
4
813
65
10
53
Montecatinl MM & AgrlcDeb g 7s
19373 J 9114 Sale 90
913
8 20
90
9812
Montreal Tram lot & ref 5s-1941 J J 1013 10212 10214
4
1023
4
3
4
9512 1033
Gen & ref d f 55 series A_ ._1955 A 0 7414 78
76 Sept'34 ____
76
821.
Gen de ref 8 f 55 series 13_ _ _1955 A 0 7414 86
74
Feb'34 ____
74
74
Gen & ref s f 4345 series C_1955 A 0 7414 76
76 June'34 ____
7538 76
Gen & ref s f 5s series D
1955 A 0 7414 83
75 Mar'34 ____
83
85
Morris & Co 1st s f 430
1939 J J 9912 Sale 9813
9912 24
8413 100
Mortgage-Bond Co 48 ser 2_1966 A 0 34
403 Dec'32 ____
8
__
Murray Body 1st 630
1934 J D 85 -9
0
9518 Sept'34 --__
....- I00
88
Mutual Fuel Gas 1st gu g 5s_1947 NI N 10312 105 10312 10312
4
95 10512
Mut Un Tel gtd 65 ext at 5% 1941 isi N 10112 10312 10218
10218
1
97 10313
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 28
t.:1
,
32;
J2 s:
Industrials (Concluded)”Richfleld 011 of Call!6s___1944 MN
Certificates of deposit
M N
Rime Steel lot s t 7s
1955 F A
Roch G&E gen M 5345 ser C '4851 5
Gen mtge 430 series D 1977 NI 5
Gen mtge 5s series E
1962 M S
Royal Dutch 45 with ware_ _1915 A 0
Ruhr Chemical of 6s
1948 A 0
St Joseph Lead deb 530_1941 M N
St Jos Ry Lt Ht & Pr 1st 5s..1937 M N
St L Rocky Mt & P 5s stpd_1955 J J
St Paul City Cable cons 5s_1937 J .1
Guaranteed 55
1937 .1 J
San Antonio Publ Serv lot Is 1952 .1 J
Schuh.° Co guar 6345
1946.3 J
Stamped
Guar s f 630 Flutes B._ _1946 A 0
Stamped
Sharon Steel Hoop a I 530__1948 F A
Shell Pipe Lines I deb 5s___1952 M N
Shell Union 011 s f deb 53__ _1947 M N
Deb 55 with warrants____1949 A 0
Shlnyetsu El Pow lot 630_1952 J D
Siemens & Halske 5! 78__ _1935 ./ J
Debentures!630
1951 M 5
Sierra & San Fran Power 5s_1949 F A
Silesla Elec Corp e t 6 SO__ _1946 F A
Sllesian-Am Corp coil tr 78_1941 F A
Sinclair Cons 01178 ser A
1937 M S
lot lien 6345 series 13
1938 J 13
Skelly 011 deb 530
1939 M S
South Bell Tel & Tel 1st s f 5s '41 J J
Southern Cob Pewer 65 A1947 J 1
S'west Bell Tel lot St ref 5s 4.954 F A
Stand 0110! NJ deb 58 Dec 15 '46 F A
Stand 0110! NY deb 430_ _1951 J D
"IStevens Hotels 65 series A_1945 J J
"IStudebaker Corp 6% notes '42.3 D
Certificates of deposit
Syracuse Ltg Co 1st g 53_1951 J 13
Sept. 29 1934
Price
Friday
Se pt. 28
Week's
Range or11
Last Sale
re
Range
Since
Jan. 1
Bid
High
AO Low
High No Low
2812 Sale 263
4
2812 23
214 36
2812 Sale 263
4
28 2
,
8
20
3514
631
8_ 63 Sept'34 --__
544 63
107 10 - 10753 1075
-8
8
1
9978 10812
10218 ____ 10212 Sept'34 ---_
86 10314
10618 Sale 10618
1063
4 11
94 10712
135 14014 139
13918 17 1024 14214
40
53
4312 Sept'34 ---44
7412
1107 Sale 11012 11118 19
8
9312 94
9312
9312
2
r46 Sale e47
49
4
72
75
72
73
2
72
___ 72
72
1
964 Sale 9613
9612
5
____ 39 Aug'34 --36
36
_ 37 Sept'34 ---36
Yi 38 Sept'34 ---36
40
38 Sept'34 -69 Sale 6812
697
a 50
10114 Sale 1005
8 10113 80
101 Sale 10012 101
72
1003 Sale 10014
8
1003
4 62
8118 85
81
8214 10
423 50 a4414 a4414
4
2
4118 Sale 38
4118 23
9614 Sale 9614
98
8
27
2912 2612
27
2
46
584 44
46
18
104 Sale 10312 104
66
104 Sale 1033
4
10418 44
9514 Sale 9514
964 28
10812 Sale 1074 10914 34
83 Sale 81
83
11
1085 109 10858 109
8
18
1057 Sale 10512 10614 92
8
1035 Sale 10314
8
1034 101
154 Sale 1418
1512 20
43 Sale 4212
4612 241
42
43
43
45
18
11014 112 11113 Sept'34 ----
1054 114
72
9614
3714 61
4514 82
4578 80
71 10013
353 41
4
30
45
32
41
30
41
38
76
894 103
895 101
8
8938 10031
6458 821 1
63
81
36
69
863 10414
4
26
6812
373 5854
4
1024 1043
4
101 1053
4
8412 9712
10518 11012
6318 fin
1054 1105
8
1044 107
100 1041 2
14
2814
353 6812
4
34
67
10313 11312
Namm (Al) & Son_ _See Mfrs Tr
Nassau Elec gu g 45 stpd___ _1951 J J 55 Sale 5414
5512 11
5314 623
4
Nat Acme lot of 13
1912 J D 8414
84 Sept'34
6513 56
Nat Dairy Prod deb 530_1948 F A 985 Sale 9712
8
987 174
8
7812 100
Nat Steel 1st coll 55
1956 A 0 10314 Sale 102
10312 127
91 10514
Newark Consul Gas cons 5s_ 1948 J D 11118
111
111
7 103 112
Newberry (JJ) Co 534% notes '40 A 0 10314 104 1033
4 10414
5
884 1041,
New Eng Tel & Tel 5s A___ _1952 J D 11314 Sale 1125
8 11314
11 10513 11514
1st g 430series It
1961 MN 10912 Sale 1094 110
13 101 11112
NJ Pow dr Light lot 430
1960 A 0 88 Sale 87 4
,
8814
694 9354
9
New On Pub Serv 1st Is A 1952 A 0 56 Sale 5512
58
35
414 65
First & ref 55 series B
1955 .3 D 55
56
5513
563
8 61
403 65
4
N Y Dock lot gold 45
1951 F A 5418 Sale 52
544 20
483 67
4
Serial 5% notes
1938 A 0 3812 Sale 3813
65
8
384
37
NY Edison 1st & ref 63-4s A_1941 A 0 11312 Sale 113
11312
8 10913 115
1st lien & ref 5s series B 1944 A 0 109 Sale 109
10912 18 10512 1101,.
lot lien & ref 55 series C--1951 A 0 109 Sale 1083
4 109
5 10513 10912
NY Gas El Lt H & Pow g 5s 1948 J D 1143 1153 2115
s
4
115
3 107 11613
Purchase money gold 4s._1949 F A 105 106 10512 106
6
9912 108
NY L E & W Coal & RR 5345'42 M N 934 ____ 9314 Sept'34 ____
7513 95
Tenn Coal Iron & RR gen 59_1951 J J 1103 11114 11058
8
1107
8
6 104 112
N Y L E & W Dock & Impt 55'43 J J 1001
2_ 100 May'34 ____
87 1003 Tenn Copp & Chem deb Is 141944 M 9 a844 Sale 58414 a8414
4
1
654 8814
N Y Rys Corp Inc 6s___Jan 1965 Apr
812 -- 13 10 Sept'34 ___
10
Tenn Elec Pow lot loser A_ 19473_
618
11
D 897 Sale 87
8
9012 100
904
57
Prior lien Is series A
1965 3 J 6434 66
65
65
4
63
70
Texas Corp cony deb 5s____1944 A 0 10314 Sale lO27
e
10314 187
NY & Richt)] Gas 1st 65 A _ _1951 M N 106 1093 106
964 1034
.
4
106
96 107
Third Ave Ry 1st ref 4s____1960 J .1 523 Sale 51
1
8
5212 13
41
551 2
IN Y State Rys 430 A ctfs_1962 ____
3
33
4 3 Aug'34 ____
113 5
Ael1 Inc 58 tax-ex N Y_Jan 1960 A 0 2812 Sale 2814
2938 72
2538 3134
630 series B certificates 1962_
3
4
4
4
212 412 Third Ave RR 1st g 5s
3
1937 J J 0914 100 100 Sept'34 ---,
88 101
N Y Steam Is series A
N
1947 M - 10814 Sale 10814
1083
4
4
3 10214 11012 Tobacco Prods(NJ)630_2022 M N 1053 Sale 0512 1053
4 12 1014 10712
1st mortgage 5s
1951 M N 105 10514 105
105
1
985 10633 Toho Eleo Power let 7s A...1_1955 M 5 9414 Sale 89
8
95
20
go
9512
lot mortgage 58
1956 NI N 10514 Sale 10514
10512
8
973 10534 Tokyo Elec Light CO Ltd
8
N Y Telep Mt & gen s f 430_1939 NI N 10714 Sale 10714
1st 68 dollar series
1074 136 103 10912
1953 .1 D 7612 Sale 75
783
8 75
6378 78 8
,
NY Trap Rock 1st 65
1946.3 D 5014 52
50 Sept'34 ____
Trenton G At El lot g 58._ 1949 M 9 111 18 112 111
4818 63
111
4 102 113
Nlag Lock & 0 Pow 1st 58 A_1955 A 0 10112 Sale 101
10112
Truax-Traer Coal cony 630_1943 MN 65 Sale 63
3
90 106
65
37
10
65
Niagara Share(Mo) deb 530 1950 M N 6234 68
6212
63
23
7218 Trumbull Steel let of 65_1940 M N 9714 Sale 9714
50
983
4 38
8311 1004
NorddeutscheLloyd 20-yr s I 6s'47 MN 504 5213 5013
4518 73
21
51
•Twenty-third St Ry ref 58.1942 J J 2812 ____ 28 Aug'28
New 4-6%
1947 NI N 44
47 I 45
45
Tyrol Hydro-Elec Pow 7348_1955 M N
5
4112 49
74 Sale 74
7514 17
iii
7514
Nor Am Cement deb 630 A_1940 M 5 39 -,.I 40
40
Guar sec 5 f 75
17
2212 40
6914 72 695 Sept'34 ---3
8
1952 F A
45
76
North Amer Co deb 5s
1961 F A 8312 Sale 8312
8458 83
6313 913 Ullgawa Elec Powers f 7E1_1945 M S 8412 86
85
4
851s
i
7312 87
No Am Edison deb 5s ser A_1957 M 9 82
837 8312 Sept'34 ____
8
61
91
Union Elec Lt & Pr (Nlo) 50_1957 A 0 106 Sale 1054
10612 11
964 10712
Deb 530 ser B___Aug 15 1963 F A 84 Sale I 84
85
Un EL & P (111) 1st g 530 A 1954 J J 10512 10713 10512 Sept'34 --26
62
95
102 10714
Deb 5s ser C__ _ Nov 15 1969 M N 78
79 I 78
4
783
4 19, 561, 873 "Union Elev Ry (Chic) 58
1012
1013
4
1945 A 0 103 14
2
1014 24
Nor Ohio Trac RE - its A_ 1947 M 9 101 10212 101
Lt
102
28
747 1051, Union 011 30-yr Is A_May 1942 F A 112 Sale 11112 113
3
8 10712 115
Nor States Pow 25-yr 5s A 1941 A 0 103 1033 10212 10234 16
8
8912 10512
Deb 5s with warr____Apr 1945 J D 103 Sale 102
103
11
9434 10414
1st & ref S-yr Is ser 13
1941 A 0 1067 Sale 10612 1067
8
8
4
4
944 11374 United Biscuit of Am deb Is 1942 M N 1053 Sale 1053
4 1053
4
1 1023 10712
4
Norweg Hydro-El Nit 530 1957 M N 7818 793 279
4
United Drug Co (Del) 5s_1953 M S 83 Sale 8112
793
4 25
83
29
774 90
go
8554
Ohio Public Service 730 A 1946 A 0 106 1063 106
4
':United Rys St L 1st g 45_ _1934 J J 2112 ____ 21
106
1
89 110
21
214
17
5
1st & ref 75 wiles B
1947 F A 10314 104 102
103
US Rubber lot & ref 5s ser A 1947 J J 85 Sale 8212
4
78 107
864 113
68
91
tOld Ben Coal 1st 65
1944 F A
1312 1412 1413 Sept'34 ---United S S Co 15
68_1937 M N 95 10014 98 Sept'34 ____
23
-year
1412
9013 98
Ontario Power N F 1st 55_1943 F A 1053 Sale 105)
4
8
1067
8
8
37
43
11014 Un Steel Works Corp 6345 A.1951 1 13 355 Sale 334
26
865
8
Ontario Transmission 1st 5s_ 1945 MN 106 1097 1093 Sept'34 20 101 11012
8
4
Sec. of 630 series C
___- 101
1951 .1 13 35 Sale 35
36
3
263 601
8
4
Oslo Gas & El Wks extl 5s._1963 M S 85 Sale 85
85
694 86
Sink fund deb 6340 ser A _1917 J J 3012 Sale 29
9
3212 52
23
87
Otis Steel lot mtge Is ser A_ _1941 M S 60 Sale 58
Un Steel Works (Burbach)7s 1951 A 0 112 113 112 Sept'34 ---- 107 120
60
21
28
70
Universal Pipe & Rad deb Is 1936 J D
1212 20
20 Sept'34 ____
13
33
Pacific Coast Co lot g 5s_
1946 .1 D 313 3313 313 Sept'34 ___4
4
3878 3614
37
25
17
354 733
4070 Unterelbe Power & Light 68_1953 A 0 35
8
Pacific Gas & El gen & ref 5sA'42 J J 1044 Sale 1047s
10513 58 10013 10712 Utah Lt & Trac lot & ref 5s_1944 A 0 623 64
4
623
4
635
8 32
5712 7512
Pacific Pub Serv 5% notes....1936 NI 5 0314 9414 9314
Utah Power & Light let 5s._1944 F A 6712 Sale 663
93 4
,
4
9419
1
677
8 53
67
6013 01
Pacific Tel & Tel 1st 5s
1937 .1 J 1063 Sale 10614
8
1063
4 13 1044 1081; Utica Elec L & P lot of g 5s 1950 .1 J 10912__ 109 Sept'34 ---- 109 110
Ref mtge 55 series A
1952 M N 10914 Sale 10914
10912
4 -I5 114 Sept'34 __ -3 102 11518
2 1054 11112 Utica Gas & Elec ref & ext 53 1957 J .1 1133 1 •:Pan-Am Pet Co(Cal)conv 68'40 J D --------3714
3714
1947 J D 29 Salo 28
2558 4713 URI Power & Light 530
293
8 44
3
2218 411 1
Certificates of deposit
3712 39
3714
3714
Debenture 5s
6
26 Sale 25
195.. F A
28
2612 66
1813 381,
4634
Paramount-I3'way 1st 530-1951 1 J 4212 Sale 3718
43
Vanadium Corp of Am cony 55'41 A 0 8312 Sale 8312
39
843
30
8
47
3
62
8912
Certificates of deposit
3618 45
38
38
Vertientes Sugar 7s ctts
7
1942 ____
5
6 Sept'34 -__
1
30
47
338 14
:Paramount Faro Lasky Is._1947
1953 J .3
Victor Fuel 1st s f 5s
19
2012 20
20
1
184 20
'Proof of claim fled by owner_
593 Sale 543
4
8
6112 543
3918 6110 Va Elec & Pow cony 530
1942 M 5 10712
1073 1073
4
4
8
90 1087
8
Certificates of deposit
J D 583 Sale 55
4
6114 288
5s series B
1954 J 13 10218 102'8 10218
- - 72813 611.-1
10313
0 101 14 10412
:Paramount Pub Corp 530 _1950 F A
Secured cony 530
19443 J 10712 Sale 10714
10713 16 107 110
*Proof of claim filed by owner_ -- 60 Sale 553
5
6141 522
294 611.) Va Iron Coal & Coke lot g 5s 1919 M S 5214 Sale 5214
54
3
5214 6514
Certificates of deposit
6112 361
5912 Sale All
2
9
611 Watworth deb 630 with warr '35 A 0 27 Sale 26
;
27
124 444
5
Park-Lexington 630 ctfs__ _1953
_
14
15
1313
1412
Without warrants
6
A 0 20 ---_ 30 Aug'34 ____
93 221.
4
1538 37
Parmelee Trans deb Is
A0 10
1914 --17
14
14
2
14
1st sinking fund 6s ser A__1945 A 0 41 Sale 36
351„
41
21
21
50
Pat de Passaic G dr E cons 55.1949 M S 11118 ___ 111 Sept'34 ____ 10312 11114 Warner Bros Pict
deb 6s____1930 NI 5 6112 Sale 57
62
354
407 07
8
Pathe Exch deb 7s with warn 1937 M N 98 Sale 97
Warner Co 1st mtge Is
9818 20
1944 A 0
__ 30
85 100
30
2
16
40
Pa Co gu 330 coil tr A
1937 NI S 10114
_ 10118 Sept'34 ____
94 ions Warner-Quinlan Co deb 65 1939 M 9 29-32
28
3012
3013
1
2712 45 2
,
Guar 330 coil trust ser 13_1941 F A 96 --- 9914 Sept'34 ____
99
0
Warner Sugar Refln let 7s 1911 J D 1064 10613 1063
9434 10
8 10612
3 10512 1083
8
Guar 330 trust Ws C
1942 J D 95
98
993 July'34 _
4
993, Warren Bros Co deb 60
1911 M S 43 Sale 41
86
4314
9
3614 63
Guar 3345 trust etre D
__ a9618 Sept'34 ____
1944 J 0
863 9912 Wash Water Powers f 5s__ _1939 J J 1053 10613 106 Sept'34 --4
4
9818 1063
4
Guar 48 ser E trust ctfs
1952 M N 94-95
99
3
85
97
9912 Westchester Ltg 58 stpd gtd 1950.3 D 113 11412 113
98
113
6 105 11 us
Secured gold 430
1963 NI N 101 Sale 101
102
73
853 l033 West Penn Power ser A 55_1946 M S 10814 Sale 10814
4
4
10914 15 10334 11058
Penn-Dlxle Cement 1st Is A_1941 NI 5 66 Sale 6312
67
1st 5s series E
37
1963 M S 11214 Sale 11113 11214 10 104 1 1313
6312 77
Pennsylvania PAL 1st 430_1981 A 0 96 Sale 9512
9612 146
let sec 58 series G
997
8
1956 J D 109 11014 108
79
1 104 10954
108
Peop Gas L & C 1st cons 6s...1943 A 0 10914 10912 10914
let mtge g 4s ser II
11014
4 1007 11212
8
1961 J J 10318 10612 104 Sept'34 ___ 103 104
Refunding gold 55
1947 M 5 98 Sale 96
98
50
4
83 10314 Western Electric deb 5s__1944 A 0 1023 Sale 1024 10214 14
9714 104
Plana Co sec 55 series A
1967 J D 8614 Sale 853
4
8712 62
4
635 927, Western Union coil trust 58.1938 .1 J 9712 Sale 9713
984 30
913 10214
8
Phila Elec Co 1st & ref 430_1967 NI N 10712 108 10714
Funding & real est g 430_1950 M N 78
1075
8 10 10114 10812
80
7712
797
8
6
7414 9012
1st & ref 4s
1971 F A 10212 Sale 1013
4 10212 57
15-year 630
1936 F A 10014 Sale 100
934 10414
10012 44
96 10234
Phila & Reading C Al ref 55 1973 .1 J 64 Sale 60
64
503 go
4
25
33
-year gold 5s
1951 J D 82
8212 817
8
824
18
79
9514
Cony deb Is
1949 M S 5018 Sale 4713
5114 81
30-year 55
551„
1960 M S 8012 Sale 8012
39
31
83
78
944
Phillips Petrol deb 531s_ _ _1939 J D 101 Sale 1004
Westphalia Un El Power 60_1953 J .1
10114 110
375 39
8
8912 102
3818
39
2
3412 683
4
Pillsbury Flour Mills 20-yr Is .43 A 0 10752 10814 10712 1073
Wheeling Steel Corp lot 530 1948 J J
4
2 105 109
9314 9412 9312
9412 19
824 97
Pirelli Co (Italy) cony 7L
1952 MN 1015
8 _ _ 10113 101 12
lot & ref 430 series 13_ _ _1953 A 0 81 Sale 79
2 100 10112
81
77
73
874
3
Pocah Con Collieries lot 8 f 5s'573 J 80 I35
1
1731 88
85
White Sew Mach Is with warr'36 J .1 50
85
70
58 May'34 ___
88
58
Port Arthur Can de Dk Is A.I953 F A 79
83
79
Without warrants
79
.1 J 50
1
69
93 60 Aug'34
95
49
611
1St mtge Is series 13
1953 F A 79
83
79
79
Panic s f deb Is
1940 M N 50
1
____ 57 Aug'34 ___
70
8912
48
57
Port Gen Elec lot 430 ser C 1960 M 5 4412 Sale 41
4413 282
573, :Wickwire Spencer St'l 1st 7s_'35
39
Portland Gen Elec 1st 55_ _ _ .1935.3 .1 8912 Sale 8812
Ctf dep Chase Nat Bank__ __
8912 13
_
614 8
78
(312 Aug'34 ___
9512
7
1412
Porto Rican Am Tob cony gs '42.3 J 36 Sale 3514
36
Ctfs for col & ret cony 73A 1935 MN
13
3213 574
_614 7
6 Sept'34 ___
413 14
Postal Teleg & Cable coil 5s_1953 J J 46 Sale 44
63
37
Wilson dr Co 1st of Is A
473 251
4
1941 A 0 10653 Sale 106
107
29
973 101
4
312
':Pressed Steel Car cony g 5sI933 J J 43
47
43
44
3
40
6618 Youngstown Sheet & Tube 5s '78 1 J 8319 Sale 83
84
55
7413 8914
Pub Serv El & G 1st & ref 430'67 .1 D 107 Sale 107
10718 37 1004 10812
1st mtge 0 f Ss Fier 13
1970 A (5 8334 84
8312
84
37
7412 8912
1st & ref 430
1971) F A 107
____ 1063
4 10714 16 100 10814
7 Gish silos not included ill year's range. a Deferred delivery
1st SE ref 4s
1971 A 0 103 Sale 02
10314 65
sale not Included in
9311 105_ Year's range,
9
0
'
d
Pure Oils!534% notes
* Negotiability Impaired by maturity, t Accrued interest payable at
1937 F A 1003 Sale 0038 10034 45
.
8
118/3 exchange rate of 84.8665. :
4
Companies reported in
9 f 534% notes
1940 M S 98 Sale 98
983
4 45
87
9914 which no account is taken in computing the range are receivership. e Cash sales in
Purity Bakeries s f deb 5s
1948 J J 843 Sale 83
8
given below:
8412 10
7814 9612
:Radio-Keith-Orpheum pt pd etre
Internat. Gt. Nor, 55 C, Sept. 27 at 32,1 Rio de Janeiro 630, Sept. 27
at 2431 •
.
for deb 68 Acorn stk (6.5% pd)-----39
Peru 75 1959, Sept. 27 at 1535•
___ 367 Aug'34 ___
8
35
1St, Lou. Rocky Mt. 55, Sept. 2881 46.
37
'Debenture gold Is
1911 J
32 Sale 30
32
8
184 41
z Deterred delivery sales in which no account Is taken In
computing the range, are
Remington Arms lots f 6s 1937 M N 10212 103 10212 103
3
02:223 10312 given below:
Rem Rand deb 530 with warr '47 IN N 92 Sale 903
4
9212 66
76
954 Atch. Top. & S. Fe. 45 of '09, Sept. 25 N. Y. Gal,
Repub I .52 9 10-30-yr 5s8 f_1940 A 0 10214 Sale 10114
E. L. & P. 5s, Sept, 25 at
1024
10
85 10412
81 94,
11431.
Ref & gen 530 series A _ _ _1953 ./ J 9714 Sale 9358
9714 34
74
9813 Australia 5s 1957, Sept. 28 at 9434.
Norwegian Hydro El 5345, Sept. 24 at
Revere Cop & Brass Is ser A_1948 NI 9 10312 104 103
104
9
80 105
Berlin Cy. El. 630 '51, Sept. 28 at 31.
7834.
Rheinelbe Union s f 78
1946 J J 3212 Sale 3212
33
12
2613 73
Crown Zellerbach 65, Sept. 25 at 8934.
Oriental
Rhine-Ruhr Water series 68_1953 J J 26
28
27
28
31
2618 561• Dominican Rep. 51-4o, Sept. 27 at 6531. St. Paul Devl. Is, Sept. 25 at 7631.
M.& M.5s '43, Sept. 28a1 10454
Rhine-Westphalia El Pr 7s_1950 NI N ____4113 40
4113 11
393 7312 French 7s 1949,
4
Sept. 26 at 18534.
Rhine Weetph. El. Pow. 6s '53, Sept. 28
Direct mtge Is
1952 M N 41
4113 41
41
2
39
71
Jugoslavia 75. Sept. 24 at 33.
at 4234.
Cons mtge 68 of 1923
1953 F A a4212 Sale 1 41
z11
10
39
71
Kentucky Cen, 45 1987, Sept. 26 at 100. Va. Elec. & Pow. 530 1942,
Cons NI 6s of 1930 with warr '5.5 A 0 ___ 41
41
Sept. 25 at
41
5
38
71
1074.
2023
Financial Chronicle
Volume 139
New York Curb Exchange-Weekly and Yearly Record
selling outside of the
-Cash and deterred delivery sales are disregarded in the week's range. unless they are the only transactions of the week, and when
NOTICE.
range for the year.
regular weekly range are shown in a footnote In the week In which they occur. No account is taken of such sales In computing the
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Sept. 22 1934) and ending the present Friday (Sept. 28 1934). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Week Ended Sept. 28.
Stocks-
Indus. & Miscellaneous.
Acetol Products cony A. •
25
Acme Wire Co v t c
9955
99
Adams Millis 7% 1st pf 100
151
181 151
Aero Supply Mfg Cl B..
1
Agfa Ansco corn
14
1435
Ainsworth Mfg Corp____10 14
•
ons
SIC
Air Investors corn
Warrants
•
Convertible pref
Alabama Gt Southern_ _50
*
Alliance Investment
Allied Internatl Investing •
•
$3 convertible pref
•
681 74
74
Allied Mills Inc
54
Aluminum Co common _• 54
5681
i00 63% 6281 6334
6% preference
931 10
Aluminum Goods Mfg..*
•
2331 2334
Aluminum Ltd corn
100
6% preferred
Series I) warrants
•
Amer Bakeries CIA
1
14 1%
Amer Beverage corn
100
55
55
Amer Book Co
Amer Brit & Cont Corp..
34
51
81
Amer Capital
•
35
35
Common class B
•
$3 preferred
$54 prior preferred_ •
140 140
100
Amer Cigar Co
Amer Cyanamid el B n-v • 1751 1654 18
14
131
Amer Equities Co corn_ _1
.1
Amer Founder. Corp
81
7re
1135 12
50
7% pref series B
50 12% 1234 1284
6% 1st pref ser D
so
Amer Hard Rubber
3
3
1
3
Amer Investors corn
Warrants
12% 1231
Amer Laundry Mach__ _20 1251
100
Amer Mfg Co corn
•
Amer Maize Prod
•
Amer Meter Co
Amer Potash & Chemical.
Amer Thkead Co pref._ _5
Amsterdam Trading .
•
American shares
•
14
Anchor Post Penne
_1
Arcturus Radio Tube
Armstrong Cork com____• 1934
Apex Electric Mfg
Art Metal Works Corn... _5
Associated Elea Industries
Amer deposit rota_ __El
Assoc Laundries v t c corn *
Associated Rayon com . 2
84
At antic Coast Fisheries_ _•
Atlantic Cst Line Co- _50
•
Atlas Corp common
934
• 43H
$3 preference A
Warrants
331
•
Atlas Plywood Corp
Automatic
-Voting Mach •
Axton-Fisher Tobacco
10
Class A common
Babcock & Wilcox Co .100
Baldwin Locomotive Works
Warrants
Baumann(L)&Co7%pfd100 184
Bellanca Aircraft v t a_ _I
Benson dr Hedges Corn..•
Converitble preferred_ •
Bickfurds Inc corn
•
$234 cony preferred__ .
•
Bliss (F.: W)& Co coin_
Blue Ridge Corp corn
1
181
• 3181
$3 opt cony pref
Blumenthal (S) dr Co .
•
Bohack(H C)Co com
100
7% 1st preferred
•
Botany Consol Mills
Bourjols Inc
Bowman-BiltmoieHotels7% 1st preferred_ _100
Bower Roller Bearing. _5
•
Bridgeport Machine
•
Brill Corp class B
Class A
Brillo Mfg Co com
•
•
Class A
British Amer Tobacco
Am dep rcts ord heareril
Am dep rcts ord reg.
.Cl
British Celaneee Ltd
Am dep rcts ord reg.-10s
Brown Co 6% pref
100
Brown Forman Distillery_ I
986
liulova Watch 83/ Pref- •
4
Burma Am dep rcts reg she
it
Butler Brothers
84
Cable Elea Prod v t
Calamba Sugar Estates.20
Campo Corp corn
Canadian Indus Alcohol A:
B non-voting
•
Carman & Co class B _
•
Carnation Co corn
•
Carrier Corporation
I
Catalin Corp of Amer
Celanese Corp of America
7% 1st panic pref ___100
7% prior preferred___100
Celluloid Corp corn
15
•
$7 dlv preferred
•
Centrifugal Pipe
•
Charts Corporation
Chicago Nipple cl A....5.
Chicago River & Mach...
100
Childs Co pref
•
Cities Service corn
•
Preferred
•
Preferred B
•
Preferred BB
•
City Auto Stamping
1
25
6,200
100
1,400
75
125
200
100
15-4
700
1,500
100
1,100
531
2
835
531
2
9
881 94
434 44
334
3
651 681
5% 531
1834 1831
4
4
27
27
4
4
1% 14
3181 3181
334 331
11
11
24 3
35
51
24
3
84
934
3
8
3
8%
854
731
834
500
8%
734
1631 16%
7
831
481 481
84
84
44
12
44 481
114 12
131
154
8
9
1731 18
184
131
1531 15%
100
100
1,500
High.
Low.
24
6
75 73
134
900
3
400 10
*Is
100
4
9
40
31
4
854
531
4,900
1,850 483j
150 62
8
700
Rig 184
37
651
5
151
100
20 48
900
34
1931
335 331
2% 34
18,34
Range Since Jan. 1.
7
Jan
July
Sept 11% Feb
Apr
Jan 100
July
4
Jan
451 June
Aug
1534 Aug
Jan
Sept
3
Jan
Jan
1
July
Sept 2181 Apr
Jan 6351 Apr
2
Feb
Sept
Jan
151 July
Jan
931 Jan
934 Jan
July
Sept8584 Jan
Jan
Aug 78
1185 Feb
July
July
36
Apr
Apr
Mar 60
Mar 1231 July
Apr
July
8
July
351 Feb
Jan 56
Apr
Mar
Jan
1
%
81 June
2154
153.4 Jan
Jan 67
58
138
Sept 140
(44 July 224
231
1
Jan
85 July
14
1031 Sept 21%
931 Jan
2251
10
7
Aug
431
Jan
2
1
81 July
1031 Jan
18
8
Sept16
20
July 3631
7 June
174
15
Sept1934
431
351 Jan
Jan
Feb
July
Sept
Apr
Feb
Feb
Apr
Apr
Feb
Feb
Mar
Jan
Feb
Feb
Jan
Feb
June
12
1
84
1451
335
14
Feb1251
24
Juiy
1
Aug
Jan 264
Sept74
Jan
45.4
Sept
Mar
Feb
Feb
Mar
Apr
4
34
1
2
28
731
39
231
5
251
Mar
Sept
July
Jan
July
July
Jan
July
July
Jan
Jan
Sept
Mar
Sept
May
Feb
Apr
Feb
Feb
Apr
55.4
81
531
931
35
1531
49
65-4
8
834
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Claude Neon Lights Inc__1
Cleveland Tractor com_ •
Club Aluminum Utensil_ •
Colt's Patent Fire Arms_25
Columbia Pictures
•
Compo Shoe Machinery_ _1
consolidated Aircraft__ _I
Consol Auto Merchand'g.•
Consol Retail Stores
5
8% preferred w w__ _100
Continental Securities_ •
Coon(W B) Co corn
•
Cooper Bessemer corn_
•
•
$3 pref A w w
Cord Corp
._ __5
.
Corroon & Reynolds
1
Common
$6 preferred A
•
Courtaulds Ltd
Am dep rcts ord reg.
Cramp (Wm) & sons Shin
dr Eng Bldg Corp___100
Crane Co corn
25
Preferred
100
Crocker Wheeler Elec____•
Crown Cork Internatl A._.
*
Cuneo Press COCO
Elestrograpnic corn
Feb
Feb
Feb
Feb
Sept
Feb
June
Feb
2% Feb
Apr
31
May
6
July
4
631 Jan
Feb
21
881 J80
54
1%
34
18%
2434
8
681
1%
631
1
27
35
14
10
134
134
34
4
4,300
231
251
21
100
400
131 Jan
10% Jan
4
Feb
264 Feb
1231
200
1031
Jan
14% Apr
500
25
200
500
100
1
534
46
334
551
16
Apr
Aug
Jan
Jul
Jul
Jan
1,000
100
3331 35
1034 1134
7% 74
4
200
400
100
600
400
1831
1234
734
431
635
I
131
534
Fairchild Aviation
1
Fairey Aviation Ltd.
•
American shares
Fajardo Sugar co
100
Falstaff Brewing
I
Fansteel Products Co
Fedders Mfg Co class A- •
57
Aug 6931 Feb F E D Corp
•
Federal Bake Shops
•
22
Aug 51
Jan Federated Capital
•
.
Ferro Enamel_
Feb Flat Amer dep rote
11
334 July
1
July 24
Apr Ftdello Brewery .
81
10 11
231 Aug
6
Feb Fire Association (Phila.) 10
431 July First National Stores
15-4 July
10
Apr
7% let preferred_ _ _ _ 100
100
334 July
784
881 Mar Fink Rubber Corp
1
Aug
6
Mar
$6 preferred
100 234 Feb 29
100 59
•
g
1031 Mar Flintokote Co cl A
100
234 Jan
14 July
354 Feb Ford Motor Co Ltd2,600
10
Am den rote ord reg_L1
Sept3931 Apr
100 31
3
Sept1251 Feb Ford Motor of Can al A • 21
•
Class B
8
July
1434 Jan
40
Jan Ford Motor of France
Sept 76
331
54 July
81 Feb
American dep rots
4
July
64 Jan Foremost Dairy Products..•
4
Cony preferred
10
2
Mar
5
July Foundation Co (torn stuo.
174 Feb Froedtert Grain & Malt
881 July
100
381 Apr
Cony preferred
4 Jan
100
31 Sept
284 Feb
5001 1534
331 Feb Garlock Packing corn......
5
1% June
74 Feb General Alloys Co
581 Jan
•
Apr General Aviation Corp .I
2231 Mar 25
Gen Electric Co Ltd
1131
2851 Jan 3144 Aug
Am dap rcts ord reg. _El
2881 Jan 31
Aug Gen Fireproofing corn. •
Gen Investment coin ___b
81
300
234 Sept
434 Mar
$6 cony pref class B..
5
Jan
Warrants
1634 Apr
1,600
734 July 2151 Mar Gen Rayon Co A stock...
1651 Jan 28
Apr General Tire & Rubber..25 61
Aug
200
3
351 Feb
6% preferred A
100
4
Jan 12% Apr Gilbert (A C) corn
2,700
•
Preferred
•
134 July Glen A Men Coal
34 Aug
.....• 2134
Mar Globe Underwriters Ex •
6%
1834 July 25
10
Aug10
Aug
Godchaux Sugars B
•
151
400
531 July 2034 Jan (foto seal Pipet rical
I
1931 Jan Goodyr T & R 7% pref _100
45-4 July
100
134 Feb34 July Gorham tub
Apr
Class A common
100 133 Feb18
•
-4
5)4 May
931 July
83 preferred
1,800
•
34 Mar
651 June Gorham Mfg Co
600
V t c agreement extended
July 10451 Feb Grand Rapids Varnish...•
531
100 81
93-1
8284 Aug 984 Feb Gray Telep Pay Station__•
7
July
19
Jan Great AU & Pac Tea
1631 July 44
Jan
Non-vot corn stock.
•
74 Jan
July
7% 1st preferred
_100
300
4
Apr Gt Northern Paper
25 24
1,000
984 Mar 20
31 Feb Greenfield Tap & Die•
34 June
5 16
200
431 Feb
1731 Apr Greyhound Coro
40 13
Aug 4234 Feb Grocery Stores Prod v t e25
1
14,700
181 July
434 Feb Guardian Investors
•
1,100 1134 Jan
2634 Feb Hall Lamp Co
1
Jan
•
2% June Happiness Candy
9
Jan 234 June Hartman Tobacco Co
• 134
3
Aug 1151 Jan HaseitIne corr.
5,000
300
2,500
400
200
High.
Low.
Aug
July
Jan
Jan
Feb
Jan
July
Jan
134 Sept
Aug
20
Jan
3
July
4
231 July
14
May
2% July
54
231
31
2%
Davenport Hosiery Mills_
De HavIland Aircraft Co
Am dep rcts ord reg__El
Helsel Wemmer GlIbert_10
Distillers Co Ltd
22
Amer deposit rots
Distillers Corp Seagrams.• 1581
Doehler Die Casting
•
Dominion Steel dr Coal B25
• 7331
Dow Checaleal
Driver Harris Co
10
100
7% preferred
Dubiller Condenser Corp_ I
Durham Hosiery class B ..•
Duval Texas Sulphur_
•
351
Easy Washing Mach "B"_•
Edison Bros Stores corn--•
•
Eisler Electric Corp
431
Elea Power Assoc com
I
1
434
Class A
Electric Shareholding
1
Common
• 42
$6 cony pref w w
Electrical Scour $5 pref •
Elgin Natl Watch
15
Equity Corp corn
10c
Ex-cell-0 Air & Tool____.3
Range Since Jan. 1.
734 831
55
55
431 431
6% 64
2031 204
131
11
62
831
831
26
Apr
Jan
July
Feb
Mar
Apr
12
Feb
2034 May
10
6
Feb
Feb
1581 June
731 Apr
Jan
July
Jan
Jan
July
Sept
Jan
Jan
July
Jan
Aug
Feb
Sep
July
Jan
2481
264
11%
581
7934
23
95
1
2
10%
831
2834
1%
84
8
Apr
Apr
July
Apr
Apr
Feb
Feb
May
Jan
Apr
Feb
Feb
Feb
July
Jan
July
Fe
Jan
Sep
Sep
431
52
80
351
13
231
831
Feb
Feb
July
Sept
Feb
Feb
Feb
22%
22
144 16
6
6
384 4
7134 73%
1,000
6,600
200
200
1,100
331
331
300
84
434
431
81
44
44
100
1,900
600
20
84
34
234
6734
94
56
81
%
4
334
8
34
331
3%
4331
42
80
80
331 34
12
12
134
131
581
5
400
8
100
100
5,000
1,600
154
36
80
2
755
1
4%
1,200
531
831
8%
87
85
231 3
151. 151
50
7
100
5-5
200
10
10%
2481 2481
34
54
300
100
900
7
7%
59
58
831 981
3,900
550
1,300
3-4
94 1051 25,800
2054 214 2,000
75
30
31
351
34
100
34
34
100
1531 1534
450
131
331
500
100
1134 1131
200
81
34
14
14
los
ins
131
1.31
5931 6431
800
100
200
100
400
131
331
1,800
2131 2234
400
681 7
731 74
100
131 281 10,900
5
65
235
13(
5
4
34
131
734
1831
81
41
Jan
Apr
Jai)
931 Aug
631 Aug
Mar
July
May 105
831 Apr
Sept
431 Feb
Sept
Mar
July 10
834 Mar
July
4 Jan
Jan
1% Apr
Sept
1434 Apr
Jan
Sept
June 25
234 Jan
Sept
Feb 494 Apr
110% June 117
634 Sept 2031
Sept 81
64
16
431 Jan
531 May
Jan
15
Jan
20
3
31
%
431
July
May
Ma
Sept
May
Mar
Mar
Aug
104 Sept
2435 Feb
June
40
4%
31
134
831
Apr
Jan
Feb
Mar
1531 Sept
1681 Sept
1234
Jan
Sept
Sept
Sept
21
331 Mar
94 Feb
1031 June
351 July
Jan
Jan
Jan
July
Sept
Jao
Sep
Jan
Feb
Jan
July
Au
11% Jan
851 Feb
Feb
3
Apr
22
Feb
381 Jan
Apr
99
Apr
89
434 Apr
Feb
25
2481 July
Jan
7
1031 Mar
24 Sept
108% Aug
1
3
Ili
6
1
52
75
131
19
10%
634
481
34
10881
Jan
1681 1654
100
134 Jan
15
Feb
43-4 Apr
1734 July
14
1451
535 531
934 931
400
200
1,335
July
11
434 Aug
8
Sept
18% Apr
781 Jan
1934 Feb
1283-4 13131
126 128
2284 24
1584 163.4
3-4
51
34
14
531
131
531
34
140 122
50 121
300 19%
5
54
3.900
34
sin
500
331
31
500
800
"Is
8
100
Feb
Jan 150
May
Jan 130
2431 Aug
Mar
Jan
Apr
Jan 2034 July
Aug
34 Feb
Mar
Jan
July
631 Jan
Jan
fir Mar
4
Mar
Feb
Jan 12% Mar
2024
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Helena Rubenstein Inc_*
3,
%
.4
,li
Ileyden Chemical
10 33
33
33
Holophane Co
•
131 134
Holly Sugar Co corn
•
Pteferred
100
Horn (A C) Co corn
•
Horn& Harden
•
19
1934
7% preferred
100
100 100
Iluylers of Delaware Inc-Common
1
7% Pref stamped_ _100
Hydro Electric Securities •
!Invade Food Prod
5
3% 4
Ilygrade Sylvania Corp. •
19
19
Imperial Chem Industries
Amer deposit refs
931
9
Imperial Tob of Canada_ _5
1134 1134
Im perical Tobacco of Great
Britain and Ireland_ _- £1 3331 3231 3331
Industrial Finance v t c_10
Insurance Co of N Amer.10 4634 45
4631
International Cigar Mach •
21
21
Internatl Hold & Invest__.
International Products_ •
231 231
Internet] Safety Razor B.
155
135 191
Interstate Equities
1
$3 cony preferred_ _50
Interstate Hoe Mills
•
Irving Air Chute
1
334 354
Jonas & Naumburg
•
$3 cony preferred
•
Jones & Laughlin Steel_100
Kingsbury Breweries
_1
Knott Corp
1
Kolster Brandes Ltd. __£1
Koppers Gas & Coke Co6% preferred
100
Kress (S H) 2nd pref __100
Kreuger Brewing
1
Lakey Foundry & Mach 1
I.ane Bryant 7% pref 100
Langendorf United BakClans A
5
Letcourt Realty corn
1
Preferred
•
Lehigh Coal & Nay
•
Lerner Stores common_ •
6% met with warr_ _100
Libby McNeil k Libby__10
Loblaw Groceterlas A_ •
Loudon Packing
•
Louisiana Land & Explor_•
Lynch Corp corn
5
731
731
600
10
Mar
Apr
Feb
Apr
Aug
Feb
Apr
Apr
500
50
%
25
4
3
17
July
May
July
July
Sept
Jan
Feb
Feb
Apr
Feb
300
700
734 Feb
1034 June
900
28
31
3834
19
54
1
1
31
1534
19
254
Jan
Jan
Jan
Jan
Aug
Jan
Sent
Aug
Jan
Jan
July
3331
3
5134
24.31
231
3
234
134
22
3034
754
Sept
Apr
Apr
July
Feb
Aug
Jan
Feb
Feb
Apr
Feb
ire
534
1534
1%
1
,
re
July
Jan
July
Sept
Aug
Aug
134
7%
48
931
33-4
isii
Feb
Mar
Feb
Jan
Feb
Feb
200
700
68
1054
6
*ie
65
Apr
Jan
Sept
July
Apr
82
1131
1434
231
73
June
June
Apr
Apr
June
731 731
2634 29
95
95
731 734
1,000
1,100
50
2,100
331
2,900
934
134
831
534
14
53
231
15
25
24
2534
July
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Aug
Jan
July
15
3
1331
10%
3134
9934
831
18
25
4
41
Jan
Apr
Aug
Feb
Apr
Apr
Aug
Apr
Aug
June
Feb
2
20
2934
131
131
33-4
31
38
13-4
16
45
8%
60
1
ti
lie
4
3,
234
Jan
Jan
July
Aug
Jan
July
July
July
Jan
Jan
Jan
Aug
Aug
Sept
Aug
Sept
Sept
Sept
5
4234
3434
3%
3
8
2%
47
614
2634
6331
14
76
231
14
34
134
434
May
Aug
Mar
Feb
Feb
Feb
Jan
Feb
Sept
Jan
Apr
Apr
Apr
Feb
Mar
May
Jan
Feb
1%
1134 113-4
6
635
,
37-4
Nati Belles fleas com___-1
2%
231
Nat Bond & Share Corp_ •
Nati Container corn
1
32
•
$2 cony pref
Nat Dairy Products7% pref class A
100
104
National Investors com _ _1
134
131
$534 preferred
1
Warrants
31
Nat Leather corn
•
134
Nat Rubber Mach
•
334
Nat Service common
11
%
31
Cony part preferred_ •
34
Nat Steel Car Corp Ltd_ •
Nat Steel Corp warr•1
rile
31
Nat Sugar Refining
•
35
Nat Union Radio corn_ __1
31
Natomas Co
•
834
831
Nehl Corp corn
•
234
231
Nelsner Bros 7% pref__106 81
81
Nelson(Herman)Corp_ _5
Neptune Meter class A_ •
New leaven Clock
•
New Mex & Ariz Land_ __I
131
1%
New York Auction Co_ •
New York Merchandise_ •
2431
N Y Shipbuilding CorpFounders shares
1
11
Niagara Shares el B com _ -5
3
3
Niles-Bement-Pond
•
931
87-4
Noma Electric
•
131
North American Watch_ •
Northwest Engineering_ •
331
Northam Warren pref.. •
Noyadel Agene
• 2034
1934
231
1,100
100
500
200
100
200
125
100
400
1,100
100
150
200
100
200
100
200
500
831 Mar
855 July
1831 May
30
800
400
200
100
5,600
32
150
1043.4
131
100
400
31
131
334
31
1
100
300
300
9,200
GOO
•o10,500
35
100
31
900
831
1,500
3
500
81
25
131
1,400
2431
100
11
334
9%
131
100
700
500
100
331
100
2035
800
25
1,300
2
231
87
9
5
88
2
30
8
5%
24
Apr
10
1294 Apr
931 Jan
15
Feb
49
Apr
Jan 103
Sept
Jan
2031 Apr
Jan
93
-4 Apr
Jan 124
June
1755 Aug 22
115
Feb 115
10
Jan
19
1531 155-4
9% 9%
234
nigh.
Jan
131
Jan 37
Sept
334
Aug 29
Mar 91
Sept
3
Jan 2134
Jan 102
Mange!Stores Corp
•
1331% pref w w
100 3631 35
3634
Mapes Control Mfg
•
3231 32%
Marlon Steam Shovel_
•
Maryland Casualty
1
134
13-4
Massey-Harris corn
•
Mavis Bottling class A _ _ .1
*re
31
Ire
Mayflower Associates_
•
McCord Rad & Mfg 13.._•
531 531
534
McWilliams Dredging_ .._.• 23
23
24
Mead Johnson dt Co
•
5434 56
Mercantile Stores
•
834 834
7% preferred
100
Merritt Chapman Jr Scott •
1
134
631% A preferred_ _100
9% 934
Mesabi Iron Co
•
31
34
Michigan Sugar Co
y,
•
%
34
Preferred
10
Midland Royalty Corp$2 cony pref
•
Midland Steel Prod
•
Midvale Co
•
Minneapolis Honeywell
Regulator preferred_ _100 103
10231 103
Mock Judson VoehrInger_• 1154 1134 12
Molybdenum Corp v t c_ _I
531
531
531
Montgomery Ward A_ ___• 11634 11631 11731
Moody's Investors Service
Panic preferred
•
Moore Corp Ltd B pref100
Moore Drop Forging A_ •
Mtge I3k of ColombiaAmer shares roes
331 3%
Murphy (1l C)Co
•
8% preferred
100
Ohio Brass Co el B cora_ •
011stocks Ltd corn
5
Outboard Motors B corn •
Class A cony pref. •
Overseas Securities Co_ •
Pacific Eastern Corp
I
Pan Amer Airways__ _10
Paramount Motors
•
Parke, Davis & Co
•
Parker Rust
-Proof com •
Fender(D)Grocery cl A_ •
Penna. Salt Mfg
50
Pennroad Corp v to
1
Pepperell Mfg Co
100
Low.
34
19
134
2234
44
ly,
1635
9031
131
1134
6
300
100
100
Range Since Jan. 1.
2
231
300
500
2634
4631
26
45
26%
4634
2,000
950
114
811
I% 2
8234 8631
2,300
fi I o
Apr
Feb
Aug
294 Jan
331 Aug
39
Jan 68
Apr
105
Sept 105
Sept
2
Jan
2834 Aug
25
Feb
29
Feb
4% Apr
36
Feb
40% Apr
4131 Apr
80
°so
4034
34
31
3
%
31
1334
31
29
Si
Jan 10431 Sept
Sent
3
Feb
Jan
56
Mar
Sent
131 Feb
July
231 Jan
Sept
7% Feb
Sent
Pie May
Sept
331 Apr
July
1834 Feb
Sept
Jan
9
Feb 38
June
Mar
154 May
7% June 1034 Apr
Feb
1
3
Sept
40
Jan 10131 July
Jan
2
731 Feb
331 Jan
Mar
6
2
Sept
Mar
5
Jan
1
2% Apr
134 July
4
Jan
2331 Feb 3331 Apr
10
23.4
8
31
18
3
32
17
July
July
July
Jan
July
July
Jan
July
12
831
•11
234
2
1.34
313-1
334
2234
4334
26
5031
1%
69
Mar
1674 Feb
Jan
1031 Apr
July
134 Apr
Jan
331 Apr
Aug
331 Jan
July
33-4 Jan
Aug 51
Jan
Sept
531 lay
Jan
2631 Sept
July
7334 Feb
Apr 30
Jan
Mar 6234 July
July
431 Feb
July 101
Jan
203-4
7
1534
231
24
75-4
37
2334
Mar
Feb
Feb
Feb
Sept
Mar
Jan
Apr
Sept. 29 1934
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Pet Milk Co 77 Pre_ _100
Philip Morris donsol Inc lir
14
Class A
25
Phoenix Securities
Common
I
$3 cony pref ser A.10
Pie Bakeries corn v t c_ •
Pierce Governor co m
•
Pines IVinterfront Co '
Pltney-Bowes Postage
Meter
•
331
Pgh Bessemer & L Erie_50
Pittsburgh dr Lake Erie_50 59
Pittsburgh Plate Glass__25 4431
Potrero Sugar com
5
Pratt & Lambert Co_
•
Prentice-Hall IncPanic cony stock
•
Propper McCall Hee 51111s•
Prudential Investors
•
$6 preferred
•
Pyrene Nianufacturing.-10
Quaker Oats COLO
•
6% preferred
100
Ry & Utilities Investing A 1
Railroad Shares Corp
•
Rainbow Luminus I'rod A*
Class II
*
Raymond Concrete Pile
$3 cony pref
•
Raytheon Mfg v t c__ _50c
Reeves(D)corn
•
Reliable Stores Corp
•
Reliance international A •
Reliance Management_ •
Rey barn Co Inc
10
Reynolds Investing
1
Rike-Kumler corn
•
Roosevelt Field, Inc
5
Rossia International
•
Royal Typewriter
•
Ruberold Co
*
Russeks Fifth Ave
5
Safety Car Heat& Light100
St Regis Paper corn
231
10
7% preferred
100
Schiff Co corn
•
Schulte Real Estate
•
Seaboard Utilities Shares 1
Securities Corp GeneraL•
Seeman Bros Inc
•
Segal Lock & flardware_.•
35
Selberling Rubber com_...•
Selby Shoe Co coat
•
Selected Industries Inc
Common
1
$5.50 prior stock
25
Allotment certificates_
Selfridge Proy Stores
Amer dep roe
£1
Sentry Safety Control_
•
Beton Leather corn
•
Sheaffer Pen Corn
•
Shenandoah Corp com_ _1
$3 cony pref
25
Sherwin-Williams com__25 GS
6% preferred A A_....100
Singer Mfg Co
100
Amer dep rcts ord reg _ £1
Smith (A (1) Corp COM_ •
Sonotone Corp
1
231
Southern Corp corn
•
Spanish & Gen Corp-Am dep rcts ord bearer£1
Am dep rcta reg slis__.C1
Spleg-May-St 634% pf_100
Stahl-Meyer corn
•
Standard Brewing Co_ __.
.
Standard Cap &Seal corn _5
Stand Investing $5.50 pi _5
Starrett Corporation
1
6% preferred
10
Steel Cool Canada
•
Stein (A)& Co coin
•
63.4% preferred
100
Stein Cosmetics
•
Stetson (J B) Co com_
•
•
Stinnes(Hugo)Corp
Stroock (8) & Co
•
Stutz Motor Car
•
Sullivan Machinery
•
Sun Investing corn
•
•
$3 cony pref
Swift & Co
25 19
Swift International
15 3831
Taggart Corp corn
•
Tastyeast Inc class A____ •
35
Technicolor Inc corn
• 1231
Tennesce Products
•
Thermold & Co 7% cony
preferred
100
Tobacco Allied Stocks
•
Tobacco Prod Exports- •
Tobacco Secur Trust Co
Am dep rcts ord reg shal
Am dep rots der reg.._ 11
Todd Shipyards Corp__ •
Trans Alr Transport
1
Trans Lux Pict ScreenCommon
1
rrl-C,ontinental warrants..
134
Triplex Safety Glass Co
Am den refs ord reg_10s
Trunz l'ork Stores Inc_ •
Tublze ChatIllon Coro__ I
631
Class A
1
1431
Tung-Sol Lams Works
•
$3 cony preferred
•
Union American Inv's_ •
Union Tobacco corn
•
United Aircraft Transport
Warrants
United Carr Fastener__ •
United Chemicals com_ •
United Dry Docks corn ...•
34
11r.lted Pounder .
,
1
34
United Milk Products_ •
$3 preferred
• 2531
United Molasses Co
Am dep rots ord ref ___£1
5
United Protit-Sharing
•
Preferred
10
United Shoe Mach com.25 653.4
Preferred
25
United stores v t e
•
United Wall Paper
231
•
U S Finishing corn
•
34
U .4 Foil Co rin.4 Ii .
I
10;
IfIgh.
4,400
134
134
17
2034
300
200
14 Aug
1631 Sept
4
Jan
1
Sept
5i June
2
30
1434
3%
1
231 Sept
3031 Jan
55
Sept
39
Jan
31 Sept
1734 Jan
4% Apr
3531 July
81
Apr
5734 Apr
3.34 Apr
31
Apr
2134 Jan
31 Aug
5
July
6134 Jan
134 May
32
234
8,
8731
331
331
33-4
700
59
5934
4431 4531
31
31
20
800
200
2631 2631
%
31
6
631
100
800
700
123
10 108
113
31
31
3.1
100
are
r31
r3i,
231
ure
Low.
9234 Feb 110
July
234 Jan
1431 July
19
Feb 2631 June
1334 1434
123
r31
Range Since Jan. 1.
2%
300
231
31
234
94
231
31
231
31
100
100
800
1,000
131
31
131
31
1,100
300
2734 2734
200
231 234
23
23
25
2634
2,400
10
500
20
131
1031
234
231
31
134
%
1134
31
%
9
26
434
Sept
Jan
Sept
Feb
Sept
Sept
Jan
Jan
Jan
June
July
Jan
July
Sept
20
431
1634
4%
3(4
2
334
135
20
23.4
31
14
3434
10
Sept
Feb
Feb
July
Jan
Feb
Apr
Apr
June
Feb
Feb
Jan
Apr
Apr
Jan
Jan
Sept
Jan
June
July
June
Jan
Sept
July 1
Feb
83
5%
51
4034
31
li
431
48
1
5
2434
Apr
Feb
Apr
Apr
Feb
Feb
Feb
Apr
Jan
Jan
Apr
31
1,000
31
31
134
131
2131 22
700
100
100
131
154
4834 4831
4834 50
900
50
700
131 July
4034 Jan
40
Jan
231
234
300
331
33.4
100
12
6734
108
185
12
6934
10831
196
100
1,675
120
100
20
2231
235 234
350
2,400
8434 8431
150
94
%
200
18
18
31
31
131 134
3331 3534
8
8
9834 9854
31 1%
100
600
300
150
50
60
1,600
2
131
2
231
100
1,200
331 331
900
41
41
100
1831 1974 12,100
37.34 3931 8,600
go
35
1231 13%
1,300
2,700
June
Jan
Feb
Mar
Feb
May 12334 Sept
Jan 130
July
Apr
1
Feb
Aug
% Feb
Mar
34 Feb
June
31 Feb
50
234
2034
1734
31
31
13.4
36
54
131
20
31
Feb
Apr
Feb
Feb
Aug
Feb
3
0131 Apr
6234 Feb
1%
31
331
1034
1
12
4734
100
156
331
1534
231
54
Jan
234 Mar
Aug
31 Mar
Sept1 1034 Feb
July
1334 May
July
231 Feb
Aug 23
Mar
Jan 733.4 July
JanI 10934 Sept
Mar 196
Sept
July
431 Feb
July 43
Feb
July
431 Mar
June
1% Jan
ere
31
60
331
%
23
1454
31
1
32
7
84%
SS
8
131
5
I%
6%
3%
35
1334
2334
31
Aug
July
34
Jan 87
Sept
634
Jan
234
July 2734
Jan 25
July
131
Aug
334
Jan 3734
Jan
1034
Jan 101
Jan
234
June 1031
Apr3
May
8
July
1031
Sept1734
Sept55-4
Jan 41%
,Ian
2034
Jan 4031
Feb
Feb
Apr
Mar
Mar
Feb
Mar
Feb
Feb
May
Feb
July
July
Jan
May
Mar
Mar
API'
Feb
Apr
Aug
Sept
231 AO
34 July
5,s Sept134 Apr
734 Mar 14% June
31 Apr
its July
1%
800
24
45
41
2391 2331
731
734
2134 2134
131
131
100
200
100
200
2231 Sept233-4 Sept
Sept731 Feb
6
19
Jan 28
May
434 Jan
,
154 July
131
134
134
2
131
900
GOO
431 631
1234 1431
351 331
263-4 2635
2,000
600
100
100
1034 1031
100
•ie
31
2,100
% 11,900
916
331
331
25
25
2531
225
434
53.4
2,400
6334 6534
3534 3531
111e
I'le
2
231
35
'..i
10
1034
600
10
600
1,400
200
500
Jan
Feb
Jan
4431 Apr
51
June
1% Apr
131 July
1
May
331
234
Jan
Feb
1854
10
33-4
931
3
151-4
17
31
July
July
Sept
Sept
Jan
Jan
July
Jan
21
2031
15
3031
74
30
25
%
May
Apr
Jan
Jan
Mar
Apr
Feb
Jan
3
5%
3
31
31
5
20
Sept
Jan
Jan
Sept
Sept
Apr
Jan
154
12
11
234
1%
334
25%
Jan
May
Feb
Feb
Feb
Sept
Sept
35-4
31
6
5734
32%
35
174
31
51s
Jan
Aug
Apr
Jan
Jan
June
Sept
Aug
I,. n
634
431
931
684
3731
I%
431
5
1144
Apr
Feb
Jan
Apr
Sept
Feb
Apr
Feb
Apr
Sales
N rid ay
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
•
Ti S Intl Securities,
•
let pref with warr
•
US Lines pref
10
US Playing Card
U S Radiator corn
100
7% preferred
US Rubber Reclaiming. •
8
Universal Ins Co
Utility Equities Corp_ _ _•
•
Priority stock
Utility & Ind Corp
•
•
Cony preferred
•
Vogt Manufacturing
•
Waco Aircraft Co
•
Wahl Company
Want & Bond CIA
•
Class B
Walgreen Co warrants_
Hiram Walker- Gooderhan ,
& Worts Ltd com......•
•
Cumul preferred
Watson (John Warren) •
•
Wayne Pump Co
Convertible preferred_ _•
Western Auto Supply A...•
Western Cartridge pref _100
Western Dairy Products•
$6 preferred ser A
Western Maryland RY
7% lot preferred_ _100
Westvaco Chlorine Prod7% preferred
100
•
West Va Coal A Coke_
•
Williams(R C)& Co
Wil-low Cafeterias Inc
1
Common
•
cony preferred
•
Wilson-Jones Co
Woolworth(F W)LtdAmer deposit tiers
Am dep rcts 6% pref _ _ £ I
Public Utilities•
Ala Power $7 pref
$6 preferred
•
Am Cities Pow & Lt25
Class A
Class B.
1
Am Dist Tel NJ 7% 01.100
Amer & Foreign Pow warr
.
Amer Gee it Elec coin_ _•
Preferred
•
25
Amer L A Tr corn
25
6% preferred
Am Superpower Cori/coin •
•
1st preferred
Preferred
Appalachian Elec Pr pref_.
Arkansa.9 P & L $7 pref __ •
Assoc Gas & ElecCommon
1
1
Class A
$5 preferred
Warrants
Assoc Telep $1.50 pref__ •
Assoc Tel Util corn
Sales
Friday
Last Week's Range for
Week.
of Prices.
Safe
Utilities
Public
Par Price. Low. High Shares.
(Concluded)
Range Since Jan. 1.
High.
Low.
2414 243.
4
150
1%
134
174
1,100
34
234
34
234
1
234
300
200
7
7
200
134
1%
100
2534 2734
1534 1534
4.200
800
134
134
-.1
41
100
100
2534
1534
94
93
234 214
13,
"i,
100
200
2
6034
134
273$
3
1034
174
12
4
53
234
534
9
Feb
Feb
Mar
Apr
Feb
May
Apr
June
Feb
Feb
Feb
Feb
Feb
534 July
134 June
434 Jan
Jan
1
Jan
2
19
234
734
1%
434
Apr
Feb
June
Jan
Feb
2134
1434
%
%
134
19
6334
July 6734
July
1734
Sept34
July
13.4
6
July
Jan 4814
Jan 88
Jan
Jan
Feb
Feb
Apr
Apr
May
11
300
200
Sept
Sept
Jan
Jan
Aug
July
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
1134 Apr
50
1
4134
1
41
41
Jan
7934 Apr
Apr
85
14 Jan
1134 July
983-4 June
534 Apr
Mar
20
Sept
Feb
Jan
Feb
2
1034 Apr
1734 July
2834 Aug
Mar
7
1
397.4
3$
1634
1%
8
1
534
134
38
%
1%
334
500
"IS
100
63-4
11
2834
2834 28%
400
2234 Jan
634 Mar
4634
40%
4131 4634
3634 4034
120
40
3131
3234
29
2
29
2%
25
400
4
20
80
1134
1934
134
600
434
2234 20.400
350
8134
2,500
12
100
1931
12,400
2
25
13-4
102
3
1834
72
1034
19
134
5034.
12
74
2834
16
2134
80
113.4
7
14
16
%
%
A
"II
100
2,500
155
ice
1534 157-4
34
%
',..
200
150
200
14
Tie
1%
1st
151$
3$
Jan
Jan
sesi
52
Apr
Apr
Jan
343.4
Sept434
Jan 11234
July
934
3334
Jan
Jan 91
July
1934
Mar 22
July
414
Sept 70
Sept 33
Sept 77
Jan 42
Apr
Feb
Aug
Feb
Feb
July
Feb
Apr
Feb
Apr
Feb
Aug
Apr
Sept
Jun
Jan
Jan
Jan
July
Feb
Feb
Feb
Feb
Feb
Feb
234
254
634
34
1734
34
Sept
275 11134 Jan 124
104) 12334 123 124
Bell Tel of Canada
8
July
600
1434 Feb
Brazilian Tr Lt & Pow_.• 1274
1134 1234
193$ Feb
500 1534 Jan
1734
17
Buff Niag & East l'r pref 26
6834 Jan 81
Aug
•
$5 let preferred
Cables A Wireless Lto15„
Ili
.
400
silt Aug
134 Jan
Am deprcts A ord shs_ £1
%
34 2,200
a‘. Jan
34 July
Am deli nits IS oral sits El
334 Aug33.4 Jan
Amer dep rcts prefabs Cl
Apr
27
Jan 37
Carolina P & L $6 pref._ •
25 33
33
Sept433.4 July
33
$7 preferred
1254 Feb
834 July
Cent liud 0 & E v t c_ •
Sept
10 70
Sept70
70
Cent Maine Pr 7% pref 100
70
14
Mar 1934 July
Cent P & L7% pref. __MO
Jan
Aug2
Cent & Sou'West Utll com I
ti
1,500
I.eb
Cent States Flee corn_ 1
% Aug23-1
"I.
isle
lise
Aug834 Feb
2
6% pref wig bout warr 100
Jan
4
Aug15
7% preferred
100
25
4 Sept12
Jan
4
Cony preferred
4
100
50
2
Cony pref op ser '29. _100
Aug93-4 Apr
234
234
1634 Aug 30 June
Cities Serv li de L $7 pref..•
9
Jan 25
May
•
$6 preferred
•
•
2234 Aug303.4 Feb
Cleve Elec Ilium com_
Columbia Gas de RiceSept103
Feb
265 67
Cony 5% pref
100 7214 72 34 74
400 343-4 Jan 61 34 Feb
Commonwealth Ecilson 100
4174 43
Conin.on & Southern Corp
31,,
11„
3.4
5,000
Warrants_
'lc Aug
i Feb
100
3
Sept
5
5
Community P & L $8 pref•
1134 Apr
5,.
I,.
100
34 Mar
74 Jan
Community Water Serv_•
800 53
Jan 68
July
Consoi i. I., IA 1' Bait con,• 61
63
64
Apr
3734 Jan 57
Cont G & E 7% prior p1100
10
Duke Power Co
East Gas A Fuel Assoc-•
Common
434% prior preferred.]00
100
preferred
6%
•
East Staten Pow corn B.
$7 preferred series A_ •
Elec Bond A share cons_ _.5
•
$5 Preferred
•
$e preferred
•
Flee I' & I. 2r1 pref A_
Option warrants
Empire (Inc A Fuel Co100
6% preferred
100
634% preferred
100
7% preferred
100
8% preferred
Empire Power Part Stk. •
European Electric Corp10
Class A
Option warrants
•
Florida P & I. $7 pref _
Gen Gas & Elec•
$6 cone pref 11
•
Gen Pub Serv $6 pref_
Georgia l'ower $6 pref _ _ _ _•
Gulf Sts PM $5.50 pref_.•
1
Hamilton Gas v t o
Hartford Electric Light.25
•
1111nota Ph. 1. $s prer
100
6% preferred
Indipolis P & L 6 Si% pf100
Internal ilydro-Eleo-50
Fret $3 50series
Internat'l!MIRY1
Class II
•
Interstate Power $7 Pref.
Italian Super Power A_ ..•
Warrants
Hanses City Pub Serv•
l'ref A v t c
2025
Financial Chronicle
Volume 139
373-6 July
34
1154
4134
61
6134
%
14
4
1034 117 40,500
300
34
3434
1,400
3954 42
1654 1634
1734
100
2,100
1751
1834
50
150
10%
%
10% 10%
%
rs„
9
9
100
700
100
16%
15
1634
21
25
483-4 52
350
30
225
52
ix
.
936
ri•
100
1434 143$
50
931 11
t$
8
134
34
834
1%
1,325
500
70
200
5754
Apr
6
66
46
I%
6%
93-4
2834
31
6
134
Jan
Jan
Jan
Sept
Aug
Sept
Jan
Jan
Jan
July
10 34
79
70
234
21
2334
503.4
60
1736
4%
Feb
July
July
Feb
Feb
Feb
Feb
Feb
103-4 Jar
15
July
1234 Jan
1634 July
Jan
5
2534
2236
2934
32
10
Feb
Feb
Feb
Feb
Apr
854 June
% July
9 Sept
Apr
Feb
1234 Feb
24 Feb
2434 Jan
Jan
Sept
Sept
Jan
Sept
Jan
Jan
Bent
July
19
57
6414
50
%
58
30
28
72
Mar
Apr
Feb
Feb
Feb
July
Apr
Feb
Apr
934 Sept
3174
Apr
34
7
1
%
July
July
Sept
June
134 Feb
19
Mar
Feb
3
1
Feb
13.4 Sept
134 Sept
7
20
4334
41
115
4834
103-4
14
5854
Long Island Leg
234 3%
•
Common
374
100
7% Preferred
100
Fret Cl888 B
Marconi Internet Marine
8
8
Common Am dep rcts_.C1
2
134 2%
Marconi Wirer T of Can 1
134
1%
•
Mass UM Assoc v t c
3
3
Memphis Nat Gas com _ _5
45
45
Memphis Pr & Lt $7 pref_• 45
•
Met Edison $6 pref
%
14
ti
.
Middle West CBI corn_ _•
•
$6 cony pref ser A
Miss River Pow pref_ _100
52
50
Mob & Bud Pow let pref_•
•
2d preferred
Montreal Lt LH & Pow._ •
Mountain Sts Tel & Tel 100
48
5134
National P & I. $6 pref.. •
N Y Pr & Lt7% pref _ _ _100
2134 23
• 2134
NY Steam Corp com
118 11934
N Y Tetep 6 %% pref _100
NY Water Serv pref _ _100
Niagara Bud Pow
434 414
43.4
15
Common
siiii
31
Class A opt warr
%
154
131
Class 13 opt warrants_
112
131
Class C opt warr
Nor Amer Lt & Pr- 1
1
1
1
Common
•
534 534
$6 preferred
Nor Ind Pub Serv100
6% preferred
1134 15
Nor Sts Pow com class A100
1,400
100
4,600
100
100
25
600
100
1,050
400
275
Range Since Jan. 1.
High.
Low.
234 Aug
453.4 Jan
3634 Jan
7
134
154
234
45
51
34
'ii
70
45
20
3134
100
3534
69
2134
11434
25
834 Feb
6934 Apr
6034 Apr
Apr
8
Mar
Aug
434 Feb
234 Feb
May
Feb
4
Aug
Sept
Sept 45
Apr
Jan 75
14 Feb
Jan
Jan
234 Feb
May
Jan 89
July 6434 Jan
Feb
May 40
July 3934 Feb
Jan 11134 Apr
Jan 6934 Feb
Apr
Jan 76
Mar
Sept 38
Jan 12034 June
Jan 393-6 June
Sept
Sept
Aug
Jan
954 Feb
4 Feb
7
2% Feb
'III J80
300
100
% Sept
331 Jan
334 Apr
Apr
16
1,100
Jan
21
1134 Sept
3234 May
Feb
32
6,600
400
200
400
434
34
%
151
Jan 9034 July
80
Ohio Power 6% pref. __100
Ohio Public Service
May 7334 Apr
71
7% tat pref CIA
100
Sept 2334 Mar
1,000 19
1934 20
Pacific()& E6% let pref25 1935
1834 Sept 2034 Feb
514% let pref
25
Apr
Sept 90
69
•
Pacific Ltg $6 pref
Aug
8
800
234 Jan
7% 734
7%
Pacific Pub Serv let pref _•
Apr
Apr 69
30 69
Peninsular Telep pref _ _100 09
69
66
May 2934 July
26
Pa Cent Lt & Pow pref _ _ _•
193.4 June
% Jan
Pa Gas & Elec class A____•6
53
200 4534 Jan 561 Aug
5334
i
Pa Water & Power Co_ __ _•
June
15
100
8
Jan
10 34 1034
Philadelphia Co corn
•
100 101 34 Slay 103% June
Philo, Electric $5 prof__ • 103% 10334 10334
May
3034 Jan 32
Phila. El Pow 8% pref _._25
143-4 Feb
July
8
Power Corp of Canada_ __•
Apr
20
834 Sept 19
834 8%
Pub Serv Ind prior pref_.•
Feb
1434 Aug 20
Public Serv Nor III com__*
1334 Sept 1334 Sept
*
Providence Gas Co
Puget Sound P & I.Apr
220
834 July 20
1734 18
• 1734
$5 preferred
80
1551 Aug
534 Jan
1334 14
•
$6 preferred
Feb
11
534 Jan
100
634 634
fly & Light Secur com_.•
,..
Sept
50 75
Jan 76
RochesterG &E6% D pf 100 70_
76
76
Jan
2434 Apr
500 17
Shawinigan Wet & Power.• 18% 1834 1834
Sou Calif EdisonFeb
Sept36
19
5% original preferred_25
Feb
200 1934 Sept25
19
1954
25 19
7% pref series A
1,000 1534 Sept2134 Feb
1734
1634
Preferred B
25
600 141$ Sept1974 Feb
534% [ref series C__25 1414 1434 1534
Feb
4
July
1
Southn Colo Pow CIA _25
.
H
100
34 Apr
Ti, Jan
34
Southern Nat Gas cam _ _ .•
10434 Apr 10734 Mar
Sou New Engl Telep_100
Aug
23-4 Mar
Southern Linton Gas com..•
Feb
23-4 Sept 10
Standard P & L corn
•
73.4 Feb 1
Aug
I
•
Common class B
100 3214 Sept 4934 Feb I
36
38
Swiss Am Elec pref._ _100 38
Apr
28
213
Jan
Tampa Electric Co corn. _•
Aug
Apr 54
46
Tenn El Pow 7% 1st pf.100
Feb 77 34 Apr
62
Toledo Edison 6% pref 100
773,4 Mar 8934 Apr
7% preferred A
100
10634 Aug mg July
Union El Lt & Pr pref _ _100
6% Mar
200
314 Sept
3y, 334
Union Gas of Can
•
Union Traction Co
Sept
8
Sept
8
$17.50 paid in
50
July
214 Feb
200
1
1%
134
134
United Corp warrants
2
334 Jan
July
United El Serv Am shs_ _
10 46
A pr
60
60
Feb 62
United G & E 7% pref_i00
234 8,700
33-1 Mar
134 July
2
234
United Gas Corp COW_
3,300 17
Jan 4534 Apr
2934 32
Pref non-voting
•
/Is
34 4,200
13$ Mar
3$ July
Option warrants
8,500
13-4
534 Feb
134 July
1%
United Lt & Pow corn A_•
1%
634 Feb
114 Aug
•
Common class B
2,300
834 10
•
934
614 Sept 2434 Feb
$6 cony 1st pref
14 Feb
% Aug
%
716 1,100
US Flee l'ow with wart_ _1
1
1,,,
515 Jan
100
ii5 Star
Warrants
1634 1634
50 1534 Sept2634 Feb
Utah Pow & Lt $7 pref. _•
2,400
% Sept234 Feb
115
%
01
Util Pow & Lt new com_l
100
174
114
1
114
45-4 Feb
13,4 Jan
V t c class B
100
4
1736 Feb
July
534 6
534
100
7% preferred
May
Jan 86
65
Western Power pref_ _ _100
2734 Sept2836 Aug
Wisconsin P & L 7% pf..100
Former Standard Oil
Subsidiaries
Borne Scryrnser Co
25
Buckeye Pipe Line
50
Chesebrough Mfg
25
Eureka Pipe Line
100
•
Humble Oil & Ref
Imperial 011 (Can) coup..
•
•
Registered
Indiana Pipe Line
10
National Transit _ _ _12.50
6
N Y Transit
Northern Pipe Line
10
Onio 0116% pref
100
Penn M ex Fuel Co
I
South Penn Oil
25
Southern Pipe Line
10
0
-west Pa Pipe Line_ __ 50
Standard 0110(y)
11
Standard 011(Neb)
25
Standard Oil (011103 corn 25
100
5% preferred
SwanFInch Oil Corp___25
63.1 634
3134 3134
12534 12534
413-4
1534
4134 43
1534 1534
1534 1554
4
4
33-4
22
16
Other 011 Stocks
Amer Maracaibo Co
3$
I
Anglo Persian 011
Amer dee rcts reg__ ,,.Cl r11%
134
Arkansas Nat Gas corn__ _•
1
•
Common class A
10
Preferred
British-Amer OH coup_ .•
Carib Syndicate
274
254
Colon 011 Corp com
•
Columbia oil at Gas vtc_ •
1%
10
Congo! Royalty 011
Continental Oil of Mex. _1
1
Cosden 011 corn
100
Preferred
Creole Petroleum
1354
015
Crown Cent Petroleum_l
5
b
Darby Petroleum corn
•
Derby Oil & Ref coin
334
2234
1534 16
1414 15
sire
015
r11% r11%
I%
1 34
13-4
1
234
2
214
1
34
134
3
134
%
154
154
I%
133-4 1434
slie
ura
45.4
5
134
13-1
50
6
50 26
50 116
30
6,200 333-4
21,600 1234
300 13
100
331
735
100
3
43.4
833-4
3%
600 1734
331
41
1,600 1434
9
250 14
7734
234
900
Jan
11
Jan
July 4134 lidaY
May 12634 Feb
July
37
July
Jan 4654 Apr
Jan
153-4 Sept
153$ Sept
Jan
Aug
64 Feb
Sept
934 Feb
Jan
451 Mar
Feb
7
Jan
Feb
Jan 88
Jan
Jan
6
Jan
2634 June
534 Feb
Aug
Feb
47
Feb
Jan
1734 Feb
July
163-4 Feb
July 2834 Feb
July
95
Jan
Aug
434 Jan
13.4
Feb
Septr1134
Sept21$
Jan
25-6
Aug
374
153$
July
Feb
554
Sept334
Sept154
Sept2
14
May
33.4
July
May
9
Jan
143-4
July
134
734
Aug
234
Aug
Sept
Feb
Feb
Apr
Mar
Mar
Feb
Feb
Jan
May
Jan
Mar
Aug
Feb
Jan
Feb
34 July
1,600 rill 3.4
100
1
800
1
400
134
1231
2,800
2%
400
1
2,500
3$
100
134
34
300
134
5
13.600
934
200
%.
200
434
500
1
2026
Financial Chronicle
Friday
Sales
Last Week's Range for
Other Oil Stocks
Sale
of Prices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Gulf 011 Cot n of Penna__25 5535
Indian Ter ilium 011Non-voting class A_
•
Class B
•
International Petroleum.• 30
Kirby Petroleum
1
Leonard oil Develop_ -25
35
Lion 011 Development__ •
one Star Gas Corp
5
•
Nlargay 011 Corp
•
McColl Frontenac Oil__ •
Michigan Gas & Oil
•
235
Middle States PetrolClass A v t e
•
155
ClaasB vtc
•
Mountain &Gulf 011 Co.. _1
Mountain Producers____IU
435
National Fuel Gas
• 1431
National Refining Co ___25
New Bradford OlLs
5
Nor Cent Texas 011 Co_ _5
Nor European 011 cora. _1
Pantepec 011 of Venez___ •
155
Producers Royalty
1
Pure 011 Co 6% pref__100 3815
Red Bank Oil Co
Reiter-Foster 011
•
Richfield Oil pref
25
Root Refining corn
I _
Cony prior pref
10 _
Ryan Consol Petrol
•
Salt Creek Consol 011____1
4
Salt Creek Producers__ _10
635
Savoy 011 Co
5
Southland Royalty Co_ _6
Sunray 011
1
134
Swiss 011 Corp
1
x215
Tenon 011 & Land Co_
•
Venezuela Men 011
10
Venezuelan Petroleum___5
4
Woodley Petroleum
1
MiningBunker Hill & Sullivan_ _10
BwanaM'KubwaCopper-Amer shares 5s
Chief Consol Mining
1
Consol Copper Mines_
5
Consol Min de Smelt Ltd 25
Copper Range Co
•
Cresson Consol G M
1
Coal Mexican Mlning__50c
Eagle Picher Lead Co ___20
Evans Wallower Lead_ •
Falcon Lead Mines
Goldfield Consol Mines_ 10
Heels Mining Co
25
Hollinger Consol G M._5
Hud Bay Min & Smelt.....'
2955
54
1
14
135
he
6
2035
1334
Intermit Mining Corp... i
Warrants
Iron Cap Copper
10
Kerr Lake Mines
4
15
Kirkland Lake GM Ltd..!
Lake Snore Mlnes ltd...! 5915
Mining Corp of Canada_ •
New Jersey Zinc
25 5055
Newmont Mining Corp_ 10 41
N Y dr Honduras Rosario10
Niplesing Mines.. ______ 5
255
Pacific Tin spec stk
Pioneer Gold Mines Ltd__ 1
114
Pond Creek Pocahontas_ •
Premier Gold Ntining_ ___ 1 ______
St Anthony Gold Mines_ _1
55
Shattuck Denn Mining_ _5
Silver King Coalition_ _6
So Amer Gold & Plat new_1
355
Standard sliver Lead __ _ _1
h
Sunshine Mining Co__10c
9
Teck-Hughes Mines
1
Tonopah Belmont Develp 1
Tonopah Mining of Nev_ _1
Un Verde Extension_ _50c
Utah Apex Mining Co___5
Walker Mining
1
Wenden Copper
1
Wright
-Hargreaves Ltd..'
Yukon Gold Co
5
435
52
5555
3,300
134
100
134
300
155
54
500
400
455 44
1455 15
600
1.800
255 224
155 14
55
4
300
1,400
4,300
155 115
4
4
3831 40
2.800
1,200
70
4
855
300
1.500
43.4 5
134
155
x255
2
555 555
400
1,800
1,500
800
'ha
the
4.100
3055
200
55
74
100
200
700
28
15
34
15..
1
134
1
155 5,600
134 10,000
he
15 16,600
6
400
6
204 2174 9.200
1335 1455 2,900
1355 1335
534 635
54
nie
5834
14
50
4055
3655
255
2035
114
4.4
Isle
6015
14
6135
4131
374
255
2215
124
700
3,500
900
2,100
5,600
100
1,000
1,800
150
1,000
75
7,400
155
1,700
154
55
he 1,600
255 255
100
1055 1015 2,100
3
394 7,400
he
he 6,100
715 9
14,100
455
455 13,900
500
1,500
1,100
he
ji
455
155
434
115
434
135
he
954
he
855
34 6,800
955 14,800
rs
, 4,400
Tye
BondsAbbott's Dairy 6s____1942
10015 1004
Alabama Power Cobet & ref 58
1946
86
8735
let & ref 55
1951 80
79
80
1st & ref bs
1956
78
80
let dr ref 5s
1968 71
71
70
1st & ref 4 3.4
1967 6615 64
,
864
Aluminum Coal deb 5s '52 103
103 10355
Aluminum Ltd deb 55.1948 904 8835 904
Amer Commonwealth Pow
Cony deb 68
1940
55
4
4
5555
1953
54
%
Amer Comm Pow 510 '53
2
2
Amer & Continental 581943
8854 90
Am El Pow Corp deb 65 '67 1455 1355 16
Amer G dr El deb 58_2028 8855 874 8955
Am Gas & Pow deb 65_1939 31
3055 3155
Secured deb 5e
19.53 27
2555 2754
6
1,000
50
July
7655
Jan
154
154
194
155
he
315
454
6
12
254
Aug
July
Ian
Mar
Jan
July
July
Sept
Feb
June
415
455
3034
3
35
555
855
84
14
5
Feb
Feb
Sept
MaY
Mar
Jan
Feb
Feb
Apr
Apr
Jan
Sept
Sept
Jan
Sept
July
Jan
Jan.
Jan
355
14
15
53.4
184
6
255
335
Ise
Apr
Apr
Jan
Apr
Apr
Mar
June
Apr
May
254
55
83
115
1
4
154
84
335
75
755
1
6
2
24
11
54
115
54
Mar
Jan
Feb
Mar
Jan
Feb
Jan
Apr
Jan
Apr
Apr
Mar
Feb
Feb
May
Feb
Jan
Mar
Feb
834 Feb
104
Aug
115
Jan
115
Jan
155
July 170
Aug
515
Jan
155
July
2
Aug
754
Jan
4
July
Ilse
Jan
54
July
855
Jan 2234
Jan
1534
Jan
Mar
Feb
Mar
Apr
Feb
Feb
Mar
Jan
Jan
Apr
Feb
Sept
Aug
355
1
55
15
414
155
4754
3034
28
2
17
1055
14
1
he
14
8
214
34
755
Jan
Jan
Feb
May
Feb
Jan
Sept
May
Sept
Feb
May
Jan
Jan
Apr
Jan
Jan
July
May
July
Jan
Aug
1434 Apr
654 Apr
155 Apr
34 Mar
I l's e Sept
6055 Sept
24 Feb
634 Jan
5755 Apr
4855 July
235 Feb
2755 May
144 Apr
1835 Aug
131 Mar
11s, Apr
3
Jan
1255 Feb
515 Feb
35 Feb
934 Sept
415
34
,
A
355
4
N
55
654
55
Sept
July
Sept
Jan
Jan
Sept
Jan
Jan
Jan
855
*se
155
5
24
155
yi
1015
75
9255 July
66
59
60
65
61
9555
72
L000
55
35
115
79
955
73
1655
1431
Am Pow & Lt deb 63_2018 4955 4535 4935 237,000 404
Amer Radiator 43-4s..1947
103 103
3,000 9755
Am Roll Mill deb 5s_ _1948 88
86
8855 31,000 7055
Amer Seating cony 65_1936 54
54
55
7,000 474
Appalachian El Pr 58_1956 98
9715 984 80.000 76
Appalachian Power 56_1941
1064 10655 3,000 102
Deb 8e
2024
81
82
18,000 59
Arkansas Pr .5 Lt 55...1951; 68
67
69
22,000 57
Associated Elm 4158_1953 364 31
37
98,000 2534
Associated Gas dr El CoCony deb 550
1938
20
204 6,000 13
Registered
1815 1855
1
18
Cony deb 44a C___1948
1731 1855 24,000 10
Cony deb 4558
1949 1755 1755 18
50,000 10
Cony deb 58
1950 19
1815 194 66,000 114
Deb 56
1988 1855 184 194 168,000 114
Cone deb 54e
1977 2015 19
2034 29,000 1254
Assoc Rayon 58
1950
8815 70
9.000 53
Assoc Telephone Ltd .5e '65
9355 933-5
1,000 8014
Assoc T & T deb 555e A '58 4834 47
94 46,000 4215
Assoc Telep Utll 5 48_1944 14
134 1434 26,000
le %
Certificates of depoelt
14
1315 144 81,000
10
68
1933 17
17
17
10,000 15
Ctts of deposit _ _1933
14
Atlas Plywood 550_1943 77
7655 77
10,000 5054
Baldwin Loco Worse88 with wart
19314 11255 1094 11355 65,000 1053.4
Re without warr ...I'M 93
9155 934 65,000 74
Sept
55
55
4
125
335
4
%
355
34
hi
5.5
4
1131
855
19,000
5,000
15,000
15,000
53,000
62,000
24,000
7,000
3,000
8.000
27,000
92.000
18,000
49,000
Bonds (Continued)-
High.
28
24
155
he
94
615
Low.
35 Jan
4 July
3655 July
55 Apr
15 July
4 Jan
55 July
63-4 Sept
3-5 Aug
hi Jan
535 July
54 Aug
435 Jan
,
us Jan
134 July
4% July
115 July
55 July
255 Sept
255
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
I
Range Since Jan. 1.
14
,he
55
4
1334
434
155
155
lie
284 3031 18,800
2
2
400
55
1.000
55
335 34
800
435 515 2,400
Sept. 29 1934
Apr
Feb
Feb
Feb
Apr
Feb
Apr
Mar
Apt
10015 Sept
Jan 9255 July
Jan 88
July
Jan 8755 July
Jan 8055 July
Jan 734 July
Jan 1054 July
Jan 9355 July
July
Sept
Sept
Jan
Mar
Jan
Jan
Jan
2
2
555
9355
20
9534
3455
321
,
Feb
Jan
Feb
May
Feb
June
AIM
Apr
Sept 874
Jan 105
Jan
92
Jan
70
Jan 10015
Jan 108
Jan 8855
Jan
7931
Jan
4255
Feb
May
Apr
Apr
July
Aug
July
Apr
Feb
Jan
May
Jan
Jan
Jan
Feb
May
Feb
Feb
Feb
Feb
Feb
Mar
Aug
Mar
Feb
Feb
Feb
Feb
July
Jan
Jan
Jan
Jan
Sept
Jan
Jan
Jan
Jan
Jan
Jan
Ifill
2815
1935
2334
244
2515
25
2955
7555
98
60
22
23
264
2631
8054
137
Feb
071 July
4
Bell Telep of Canada
let M 5s series A___1955
• let M513 series B___1957
Es seriee C
1960
Bethlehem Steel 6s_ _1998
Binghamton L II & P 5s'46
Birmingham Eiec 4 45 1968
Birmingham Gas Es__1959
Boston Consol Gas 55_1947
Broad River Pow 55_1954
Buff Gen Elec 55 _1939
Gen & ref 5s
1946
Canada Northern Pr 55 '53
Canadian Nat Ry 7s_ _1935
Canadian Par Ry 60_1942
Capital Adminis 5s1953
Carolina Pr .5 Lt 511.._ _ 1956
Cedar Rapids M & P5s '53
Cent Arlz Lt & Pow 5e 1960
Cent German Power
Panic etre 6s
1934
Cent III Light Eas_ __1943
Central Ill Pub Servicebs series E
1956
1st & ref 434s ser F.1967
5s series0
1968
415% series It
1981
Cent Maine Pow 448 E'57
55 series 1)
1955
Cent Ohio Lt & Pow 581950
Cent Power 53 eer D._ 1957
Cent Pow & Lt let 55_1956
Cent States Elec 5a__ _1948
555e
1954
Cent States P & L 554s_'53
Range Since Jan. 1.
1094 10915 11031
112
11115 112
11134 11155 1124
117 11815
99
99
99
654 614 6555
5115 51
514
10615 10655
74
73
76
10755 107 1074
46,000
60,000
9,000
17,000
1,000
50,000
10.000
2,000
40,000
12,000
974 974 98
10231 1024 102%
110
110 111
85
85
7555 74
75%
1124 1124 11334
10 000
.
31,000
74,000
2,000
17,000
27,000
39
39
10634 10634
6234
68
6155
924
9915
674
54
55
3535
354
4735
67
6015
66
6055
9235
9955
674
53
54
34
33
45
67
624
67
6114
9234
9955
674
54
5655
3555
36
4731
high.
Low.
10254
10131
1014
105
764
31
4054
104
384
10331
10331
81
102
1024
7054
5231
103
764
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jun
Feb
Jan
11015
11214
11255
1224
10131
7015
60
10831
7631
10955
1094
99
1044
117
90
784
11374
9414
Aug
Aug
Sept
May
July
Mar
Apr
June
Aug
June
July
Aug
Mar
Apr
Apr
July
Sept
Apr
2,000 3755 July 6334 Mar
4,000 100
Jan 10731 July
1,000
93,000
30,000
8,000
5.000
26,000
1.000
22,000
47,000
45,000
76,000
43,000
524
4755
52
4755
75
854
57
41
4134
2734
28
3355
Jan
Jan
764
68
7455
Jan 68
Jan 983-4
Jan 1024
Jan 77
Jan 614
Jan 62
Jan 5214
Jun 51
Jan 5355
Jan
Apr
Feb
Apr
Apr
Aug
July
May
Feb
Apr
Apr
Apr
Anr
Chic Dist Elec Gen 4553'70 8974 89
90
96,000 82
Jan 9155 July
Deb 550_ _Oct 1 1935
10035 10055 29,000 74
Jan 10054 Sept
Chic Jet Sty - Union Stk
.4
Yards 5s
103 103
1940
3.000 95
Sept
Jan 107
Chic Pneu Tools 5358_1942
70
70
3,000 5455 Jan 8434 Apr
Chic Rys 5s otts
1927 5735 55
5755 23,000 46
Jan 5755 July
Cincinnati Street RY515seerlei A
1952
Apr
50
Jan 81
68 series B
1955
5255 Jan 83
Apr
Cities Service 58
1966
10,000 3031 Jan 5255 Apr
4134 43
Cony deb 55
1950 4255 4155 43 192,000 3031 Jan 5355 May
Cities Service Gas 550 '42 63
61
634 33,000 484 Jan 6834 June
Cities Service Gas Pipe
Lint 813
1943 804 80
804 22,000 674 Jan 864 J1113
,
Cities Serv P & L 5481952 404 3
874 4074 73,000 2755 Jan 4931 Apr
1949 4055 3954 4055 69,000 274 Jan 4914 Apr
5158
Cleve Elee III lst 5a...1939
10655 107
13,000 105
Jan 10774 June
58 series A
103 108
1954
1,000 106
Jan ill
Mar
5s series B
111
111
1961
6,000 10534 Jan 112
July
Commere und Privet
Bank 548
1937 404 37
4134 45,000 33
Sept 624 Feb
Commonwealth Edison
let M 5s series A_ _1953
10515 106
7,000 92
July
Jan 109
lot NI 5e series li_ _1954
10555 10654 10,000 92
July
Jan 108
let 450 series C___1956 1004 100 101
27,000 844 Jan 10154 July
434, series D
1957
9935 1004 20.000 86
Jan 10434 July
4 48 series F
1960
9915 10054 25,000 85
Jan 10355 July
let Ni 45 series F___1981 9134 9015 9115 119,000 7234 Jan 9455 July
54le series G
1962 10734 10735 10755 31,000 9414 Jan 108
June
Com'wealth Subsid 54s'48 7955 78
47,000 5631 Jan 8735 M a Y
80
Community Pr & Lt 5,1957 47
44
474 74,000 3615 Jan 57
Juno
Connecticut Light & Power
7s series A
1951
Mar 1204 June
112
515,series B
1954 110
10935 110
4,000 10655 Jan 11255 June
4558 series C
108 108
1956
Sept
Jan 108
5.000 100
58 series D
1962
Jan 10931 June
104
Conn River Pow 55 A 1952 10355 1024 103% 28,000 9155 Jan 10534 June
Consol G E L& P 4101935 10115 10134 10134 8,000 101
Aug 10355 Apr
Stamped
10155 10154 10131 6.000 10155 Sept1034 Feb
Consol Gas (Balto CitY/5s
1939 11055 1094 11015 7,000 10431 Jan 11015 Sept
Gen mtge 450
1954
11055 111
15,000 102
July
Jan 114
Consol Gas El Lt & P (Balt.
454s series G
1969
105
Jan 1093-4 July
4 As series II
10715 1074 5,000 10355 Jan 110
1970
July
1st ref 8 f 45
1981 10335 103 10355 17,000 93
Jan 10651 July
Consol Gas Util Co1st de coil 6s ser A._I943 44
404 44
82,000 3314 Jan 5231 Apr
Cony deb 810 w w _1943
555 554 3,000
516 Sept13
A pr
Consul Publishers 7501936
63
Jan 89
July
7348 stamped
1939
70
10 70
70
Sept70
Sept
Consumers Pow 448_1958 106
10135 106
45,000 944 Jan 10655 July
let & ref Es
1938 104
104 10435 57,000 10254 Jan 10534 JMY
Cont'l Gas & El 5s___1958 49
4634 493.4 291,000 3834 Jan 57
Apr
Continental 011 54e...1937
10155 10131 11,000 10154 Sept10455 Apr
Cosgrove Meehan Coal
6 As
1945
34 334
1,000
255 Sept9
Mar
Crane Co 5s. __Aug 1 1940
9815 9855 44,000 85
Jan 10015 July
Crucible Steel 5s.
_1940
8855 8915 45,000 7335 Jan
Apr
DC
Cuban Telephone 710 1941
5755 59
3,000 50
Aug 803.4 JUDO
Cuban Tobacco 5s_ _1944
Jan
35
Aug 50
Cudahy Pack deb 5451937 104
104 10415 9,000 98
Jail 10434 May
s f Es
1946
1054 10515
1,000 10355 Jan 1074 July
Cumberid Co PAL 450'56
914 94
9,000 74
Jan 9531 July
Dallas Pow & Lt 88 A.1949
5s series C
1952
Dayton Pow & Lt 58_ _ 1144 l
Delaware El Pow 550__'59
Denver Gas & Elec 58.1919
Derby Gas de Elec 58__1946
Det City Gas 6e ser A _1947
5s let series Ft
1950
Detroit Internal Bridge
6558
AUR 1 1952
Certificates of deposit_
kug 1 1952
Deb 7s
Certificates of deposit.
Dixie Gulf Gas 610_1937
Duke Power 448
1967
Eastern Utilities Investing
bs ser A w w
1954
Edison Elec III (Boston)5% notes..
1935
Elec Power & Light 58.2030
Elmira \Vat, Lt &RR 5556
El Paso Elec 5s A. _1950
El Paso Nat Gas 650_1943
With warrants
Deb 655s
1931
Empire Dist El 55_ _1952
Empire 011 & Ref 510 1942
Ercole Ntareill Elec Mfg
63 A ex-warr
-Is
1953
Erie Lighting Is
1967
European Else Corp Ltd
6555 x-warr
1985
European Mtge Inv 7e C'67
Fairbanks Morse 58_1942
Farmers Nat Mtge 75_1963
Federal Water Sere 550'54
Finland Residential Mtge
Banta Os-5s
1961
Stamped
Firestone Cot Mine 58 '44
108
103 108
106 106
10634 107
107
8355 8355 84
10555 10515
7755 7835
9515 95
96
8731 8535 8834
4
4
2,000 1044 Jan 110
Jan 1064
1,000 99
31,000 1024 JaIl 104
Jan 9155
4,000 65
4,000 9255 Jan 10555
12,000 574 Jail 85
20,000 8455 Jar 101
Jan 9234
28,000 73
7,000
55 14,000
55
10155 10155 10131 18,000
8,000
1023-4102%
21
2055 21
5,000
Apr
June
May
July
Aug
Apr
May
July
Jan
7
Jan
5
Jan
2
54 Aug2
70
Jan 103
85
Jan 105
Feb
Feb
Jan
Jan
Aug
July
1055
Mar
355
23-4
s
Jan
26
1004 1003-4102
82,000 10015 Sept10315 Mar
37
354 3855 335,000 254 Jan 6155 Apr
82
Jan 85
Apr
825.5 8434 6,000 64
Jan 864 May
6454
6255
70
70
2,000
6335 6555 20,000
61
6215 52,000
6755
8755 6755 10,000
5014
8754
49
864
58
314
3554
92
10134
51
21,000
8755 10,000
58
1,000
3555 68,000
8835 9455 16.000
86
87
20,000
BB% 10131 41.000
67
35
4655
464
70
86
80
29
63
42
184
Jan
Jan
Jan
Jan
77
70
75
72
June
Aug
July
Apr
July 88
Apr
Jan 10255 JulY
Jan 10055 Apr
Jan 54
June
Jan 8955 Apr
Sept
Jan 58
Jan 42
May
7334 Jan 9454 Sept
86
Sept8854 Sept
894 Ian 1034 July
Bonds (Continued)
2027
Financial Chronicle
Volume 139
Sales
Friday
Last Week's Range for
IPeek.
of Prices.
Sale
Price. Low. High.
Firestone Tire & Rub ba '42 103% 103 10334 22,000
1,000
73
73
First Bohem Glass 7s_1957 73
Fla Power Corp 546_1979 69% 6735 69% 22,000
74,000
Florida Power & Lt be 1954 5934 58% 60
Range Since Jan. 1.
High.
Low.
Jan 103% June
93
Jan 74% July
62
Apr
564 Jan 80
Apr
71
5315 Jan
Jan
8,000 34
Gary El& Gas baser A 1934 49% 4935 51
954 59,000 7734 Jan
Gatineau Power 1st 58 1956 9445 94
Jan
20,000 69
91% 92
Deb gold 68 June 151941
1941 89
89% 9,000 68% Jan
89
Deb tis seriee B
Jan
60
1940
65
General Bronze
General Motors Acceptance
101% July
serial notes.. 1935
b%
2,000 10234 Jan
103% 104
1936 104
5% serial notes
Jan
64
General Pub Serv bs _1953
4144 4815 130,000 2534 Jan
Util 61.4s A.1956 47%
Gen Pub
Fe
45
General Rayon 65 A 1948
1938
Gen Refractories 68
51,000 9834 Jan
118 121
With warrants
Ma
92% 14,000 85
90
Without warrants
2% Jan
Vending 65 ex war '37
Gen
Jan
2
Certificates of deposit._.
Jan
Gen Wat Wks & El 55_1944 55% 53% 56% 23,000 40
77% 129,000 5915 Jan
5s__1967 764 75
Georgia Power ref
Jan
Georgia Pow & Lt 58_1978 5615 544 56% 24,000 40
Sept
28,000 30
33
32
Gesfurel6s r-warrants 1053
Gillette Safety Razor 58 '40
Glen Alden Coal 48_1965
Gobel (Adolf) 645_ __1935
with warrants
Godchaux Sugar 748_1941
Grand (F W)Prop 68.1948
Certificates of deposit _ _ _
Grand Trunk Ry 634a 1936
Grand'!runk West 4s_1950
Great Northern Pow 5s '35
Great Western Pow Ss 1946
Guantanamo & West 8868
Guardian Investors 55_1948
1937
Gulf 011 of Pa be
1947
55
Gulf States Util Se. _ _1956
1961
44s series B
10315 103 1034 24,000
7835 76% 78% 144,000
7844
106
35
32
104% 105%
82
81
99%
98
105 106
25
2635
36
36
10434 104% 104%
104% 10515
105
864
8635 86
35
81
Hackensack Water 55_1938 107
1977
548 series A
Hall Printing 515s____1947 6914
_1935
Hamburg Elect 7s
Hamburg El Underground
1938
& St Ity 545
Hood Rubber 515e__ _1936
1936
78
lloseton Gulf Gas 68_1943 75
6158 with warrants.1943
Hous L & P 1st 465 E.1981 101
1978
415s series D
1953
bs series A
'Judean Bay M & 6168.1935
Hydraulic Pow Ss_ _1951
1950
5s
IlYgrade Food Products
1949 064
series A
1949
(IS series 11
Interstate Irn & St1415s'46
Interstate Nat Gas 6s_1936
Interstate l'ower 5e__1957
1062
Debenture 68
Interstate Public Service1956
5sseries 1)
1956
446 series F
Invest Co of Amor1947
be eerie; A w w
without warrants
lowa-Neb I. & P 58. 1951
1961
58 series 11
Iowa Pow & Lt 4%8_1958
1957
Iowa l'ub Serv 5e
lsarco II ydro Mee 70_1952
'sotto, Fraschini 7s. __1942
Italian Superpower of Doi
Deb lis without war.1963
Jacksonville Gas 58__ _1042
Jamaica Wat Sup 54555
Jersey Cl'& L 4480_1961
1947
be series B
Jones & Laughlin SD 53 '39
10315
105%
824
56
5831
Jan
July
Aug
June
May
14635
99
9
715
62
84%
65
73
Apr
Aug
Mar
Mar
June
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
41
106
884
101
108
2634
48
1054
106%
9215
84
Apr
Sept
Apr
Apr
Apr
Aug
June
Apr
Feb
Aug
June
Apr
July
July
6,000 IGO% Jan 108
Jan 105% July
99
Apr
Jan 83
61
Feb
82
Sep
50
69
704 44,000
30
34%
13,000
76
75
55
101
101
104
108
106
1,000
29,000
2,000
25,000
13,000
2,000
8,000
1,000
76
734
54
1004
100
1034
107%
106
28
66
7034
42
31
814
824
934
104
10335
104
644 6641 11,000
103 103
81
79
10115 102
704
69
664 67
61
6315
58%
57
1,000
66,000
34,000
39,000
7,000
76,000
26,000
16,000
62
59
20,000
64% 66
53
55% 31,000
5935
90
106
32
33
78
92%
60
91%
106
34%
3435
78
9534
5,000
25,000
2,000
25,000
14,000
2,000
59,000
234 11,000
215
75
82
75
80
4,000
11.000
103
61
1054 12,000
6315 27,000
86
8915 23,000
Sept
Jan
Jul
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
48
50
87% Jan
Sept
79
8214 Jan
Jan
52
4735 Jan
4315 Jan
Jan
37
54%
59
47
98
47
71
91
2514
244
71
76
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
135 Sept
73
77
79
84
464
July
July
July
Jan
Jan
Manitoba Power 534s.1951
1955 94
Mass Gas deb 58
1946 99.4
5148
Mfg
McCord Radiator &
1943 68
Se with warrants
Memphis P & L be A 1948
Metropolitan Edison
1971 87
4s series E
1962 99%
5s series F
Middle States Pet 6345 '45
Middle West Utilities
55 ctfs of deposit__1932
1933
bs errs of dep
634
1934
be ctfe of dep
5
fas efts of deposit-193
Midland Valley Ss__ _.1943
Milwaukee Gas Lt 415s '67
Minneap Gas Lt 4155_1950 9135
Minn Gen Elea 5e____1934 100%
1955
Minn P& L 448
1955
Se
1955 6115
Mississippi Pow 5e
Miss Pow & Lt 5s_ _ 1957 67%
River Fuel
Mississippi
68 with warrants_ ...13344
Without warrants_ - Mies River Pow let be 1951 10434
Missouri Pow & Lt 51.4s'55
Missouri Pub Serv 58.1947 4334
Monongahela West Penn
Pub Serv 5 4 ser 13_1953
Montreal L IT & P Con
1951 10915
1st & ref 5s ser A
1970
58 series B
Munson Steamship Lines
7
6158 with warrants.' 3
6735 Jan
Feb
103
41% Jan
2815 Jan
534
4634
49% 5335 11,000
81,000
4415 47
4714 July
4214 Jan
82
87
86
80
82
93
77
7335
75
1,000
87
1,00(1
86
82
44,000
5.000
82
94
11.000
2,000
80
74% 4,000
2,000
75
67
67
63%
61
75
58
70
73%
Jan
Jun
Jan
Jan
Jan
Jan
Sept
Sept
87
86
8935
894
97
8735
92
88
Sept
Sept
Apr
Apr
July
May
Apr
Feb
62
64
49
June
78%
Apr
744
75
16,000
32
100
9315 9234 93% 48,000 7315
994 100.4 4,000 83
10615 10615 5,000 1034
36
85
35% 374 13,000
Feb
May 53
Jan 10615 Aug
July
Jan 98
July
Jan 104
Jan 10744 June
7434 75% 16,000
62
6035
Jan
Jan
6,000
100% 101
9335 11,000
93
84%
7335
Jan
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5335
66
56%
52
9734
974
100%
103
101
554
67
58
54
98
97%
101
105%
10134
30,000
5,000
4,000
28,000
19,000
32,000
49,000
12,000
5,000
47
58
51
45%
88%
8235
8435
89
87%
69
101
80
69
101
85
1,000
1,000
45,000
Jan
50
93
Jan
6135 Jim
July
29
5434 Jai
68% Jan
82% Jan
47
Jan
67
944
2,000
67
65
93% 94% 58,000
92
9134 9235 16,000
108
104%
10935
10735
106%
1074
9715
104
10235
July
Aug
July
June
July
July
July
June
July
384
74
83
Jan 6735 July
Jan 984 July
July
Jan 104
674 684 8,000
9344 12,000
93
40
70
Jan
Jan
22,000
41,000
1,000
8435 87
9934 100
69
69
6
6
.5% 64
634
6
66
65
105 105
9134 92%
1004 100%
7315 75
834 834
62
59
6534 6734
103% 104% 62,000
99% 99% 1,000
4315 44% 21,000
81% 85
Apr
70
9631 Aug
Jan 90% July
66
Jan 101% Aug
73
June
75
5344 Jan
535
9,000
515
535
15,000
535
11,000
2,000 60
4,000 9334
39,000 73
6,000 100
2,000 5534
1,000 64
57,000 40
24,000 48%
1015 Feb
Jan
10% Feb
Jan
Jan 104 Feb
1015 Feb
Jan
Apr
75
Jo
Jan 10715 July
Jan 94% July
Aug 102% Apr
Aug
Jan 80
Jan 894 July
Jan 671.5 July
July
Jan 72
Apr
9035 Jan 100
Apr
Jan 99
89
96% Jan 10734 June
Aug
7015 Jan 101
Feb
Jan 66
37
12,000
9035 June
Jan
61
109 11044 39,000 10435 Jan 111% Aug
16,000 10334 Jan 11134 Aug
10935 110
12% Feb
434 Aug
4,000
5
5
94
9434
Ogden Gas 58
1940
934 954
Ohio Edison 1st 58____1960 05
107 10715
Ohio Power 1st 5s 13_1952 107
102% 103
let & ref 435s ser D 1956 103
Ohio Public Service Co
(113 series C
1953 10015 99% 100%
9415 95
55 aeries D
1951 95
9535 97
1961 97
515e aeries E
94
1950 9334 92
Okla Gas & Elec Se
8544 87
1940 87
65 series A
46
50
Okla Power & Water 58 '48
Osgood Co Se ex-warr.1938
6434 65
1941 65
Oswego Falls 65
Pacific Coast Power 58 1940
Pacific Gas & El Co
1941
18169 series B
June
1st & ref 63.5e ger C.1952
90
1955
58 series D
86% Apr
1st & ref 445 E. _1957
,.l960
1st & ref 41.48 F..
102% July
99% July Pacific Investing 58 A.1948
Pacific Ltg & Pow 58_ _1942
Mar Pacific Pow & Ltg .58..1955
68
864 Apr Pacific Western 0116 3.513'43
Apr
With warrants
73
1938
Mar Palmer Corn 6e
68
1936
9835 July Park & Tilford 6s
9914 July Penn Cent L & P 434s 1977
1979
be
102
Aug
105% Sept Penn Electric 45 F....1971
101% Aug Penn Ohio Edison1950
6a aerials A xw
Deb 5 Siegel-1es B_ __ 1959
7534 Feb
1014 July Penn-Ohio P & L 5355 1954
1956
Penn Power 58
July
89
Mar
Penn Pub Sera 613C..1947
65
1954
Apr
bs series D
76
9431 Scot Penn Telephone be C.1960
..1940
984 July Penn Water Pow Ss.
1968
415s series 11
94% Am'
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
6335 6435 27,000
20,000
94
92
9834 9935 15,000
Jan
Mar
Apr
June
June
July
June
June
Apr
June
June
4915 5235 81,000
39,000
37
39
High.
Low,
Narragansett Elec be A '57 10515 105 105% 18,000
1957 104% 104 1054 10,000
bs series B
Nassau & Suffolk Ltg 5s '45
36,000
66% 71
Nat Pow & Lt 6s A..2026 71
87,000
58
62
Deb 5s aeries B. _2030 62
Nat Public Service 5a 1978
815 35,000
7
74
Certificates of deposit...
11,000
100% 101
1935
Nat Tea Co 5e
17,000
1044 105
Nebraska Power 4158.198 A
9634 16,000
2022 964 95
68series A
8144 14,000
80
Nelener Bros Realty (is '46 8144
Nevada-Calif Elec 58_1956 7044 68% 70% 40,000
New Amsterdam Ga 58.48 100% 100 10015 12,000
5735 57.000
Apr N E Gas & El Assn 18_1947 5634 56
70
56
57% 12,000
1948 57
Cony deb Se
6935 Apr
56
5734 86,000
1950 56.4
Cony deb 58
58% 594 36,000
June New Eng Pow Assn Ss.1948
105
32,000
1954 624 6135 63
Debenture 535s
9315 Apr
85,000
105
Aug New On Pub Serv 415s '35 47% 464 48% 33,000
1949 334 314 33.35
6aseries A
May
78%
10,000
80
7935
Apr N Y Central Elec S340 '50
75
Apr N Y & Foreign InVeatIng70
11,000
83
78
78
5;48 with warrants.' 48
Apr
66
7,000
NY Penna & Onto 4 45'36 100% 10014 10015
NY P&L Corp 1st 44e '67 89% 87% 89% 246,000
Feb
75%
8245 83% 24,000
Apr N Y State G & E 410.198o 83%
80
3,000
99
99
1962
let 534s
Apr
68
984 9915 20,000
106
May NY & Weetelfr Ltg 482004
1954
Debenture Is
67% Apr
July
98
12,000
107 108
10814 June Niagara Falls Pow 68_1950
9,000
105% 106
1950
5a series A
484 Apr
13,000
85% 86
4835 Apr Nippon El Pow 63.4s.1953
Apr No American Lt & Pow
88
10035 100% 2,000
5% notes
1935
9815 July
1936
5% notes
65,000
49
48
1956 49
6358 aeries A
Apr
5
25% 2615 10,000
Nor Cont Utll 54e
1948
9235 93% 10,000
Mar No Indiana G & E 68_1952
98
10334 Mar Northern Indiana P 830,000
1966 7234 72% 73
58 series C
Mar
102
1969 7234 71% 72% 41,000
52 series D
105% Sept
43.58 series E
1970 6835 (384 694 60,000
Jan
65
30,000
9815 99
No Ohio P & L 5155_ _1951 99
2,000
95% 9515
8935 Sept Nor Ohio Trac & Lt be '56
91% 66,000
89
No States Pr ref 44e...1961 90%
105% July
8,000
91
89
1940 89
534% notes
8l3' Feb
63
6515 6,000
Apr N'western Elect 65_1935
48
8,000
284 29%
N'western Power Cs A.1960
27
2835 9,000
Feb
Certificates of deposit.,.
64
6035 6135 35,000
Feb N'western Pub Serv 581957 61
61
70%
81
83
84
7235
102%
103
105%
118%
10634
1104
Jan
Jan
Range Since Jan. 1.
-Los Angeles Gas & Bien
1,000 102
1074 10715
1939
58
30,000 89
97
6
1961 9 44 96
58
1942 104% 104% 105% 20,000 9934
65
4,000 94%
101% 102
1947
534s series E
954
1943
534s series F
1024 102% 6,000 94%
1949
5155 series I
9035 92% 57,000 6635
Louisiana Pow & Lt 5s 1957 92%
90
Louisville G & E 6s___1937
4,000 82
98% 99
1961
435s series C
524
37%
Kansas Gas & lilac 68_2022
1947 7514
Kansas l'ower be
Kansas Power & Light
1955
68 series A
1957 9335
be series B
Kentucky Utilities Co
1961 554
lot nage be
1948
6355 series D
1955
5 As series F
1969 54
Is series 1
Kimberly-Clark bs. _ .1943
Koppers G & C deb 58 1947 974
Sink fund deb 548_1050
Kresge(SS) Co be._ 1045 101%.
Certlficates of deposit... 101
Laclede Gas Light 5451935
_1935
Laruton Gas 6353_
.
Lehigh Pow Secur 68 _2026
I.eonard Tietz 7 4se x w '46
Lexington Utilities 58.1952
1.1bby MeN & Libby be '42
1942
I.one Star Gas Ss
Long Island Its 68...1945
Apr
July
July
July
Apr
Sept 85
Jan 106
70
95
14,000 16%
13,000 10015
32,000 70
7,000 9335
3,000 944
3,000 12
2,000 24
41,000 101
30,000 9934
10,000 66
63
106% 107
1947
Idaho Power Is
Illinois Central RR 64 1937 81
III Northern Util 58._ _1957 102
III Pow & I. let 65 ser A '53 7015
1st & ref 54e ser B 1954
1956 634
1st & ref 5s ser C
S f deb 548 --MaY 1957 5834
Indiana Electric Corp1947 6135
68 series A.
1953
615s series IS
1951 55%
be series C
Indiana General Elec 58 '48
5e '58 5915
Indiana Hydro-Flee
Indiana & Mich Elea 58 '55 9134
1957
58
1950 344
Indiana Service 58
tst lien & ref 5s._ _1963 3434
A_1952
Indianapolis Gas bs
ind•polls P & L. bs ser A '57 9534
Intercontinents Power
234
Deb 6s x warrants. _1948
International Power see1955 75
615s series C
1957 82
75 series E
1952
73 series F
International Salt Se.. 1953 10335
International Sec 58 1947 6315
67%
97
92%
91%
8134
Jan 1044 July
Jai] 81% July
94
5734
7935 33,000
1,000
106
77
106
Bonds (Conlinued)-
Sales
Friday
Last SWeek's Range for
Week.
of Prices.
Sale
Price. Low. High.
92
90
92
Jan 10615 June
Jan 1054 June
May
Jan 101
Feb
Jan 83
74
Feb
Jan
98
98
98
57
474
534
974
9135
77
43
5734
85
3915
39
3835
51%
64
3615
25
69
Sept
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16%
102
10714
101%
8415
81
103%
65
61
6144
72
7745
63
44%
85
Feb
Mar
July
May
July
July
July
Feb
Feb
Feb
Apr
Apr
June
Apr
May
70
964
74
64%
80
98
98
Jan
Jan
Jan
Jan
Jan
Jan
Jan
89
10235
96%
86%
100
106
106
July
June
July
July
July
June
June
104%
100%
65
Jan 110% Mar
Jan 10734 June
Sept
Jan 86
91
82
2534
20
71
Jan 101% June
June
Jan 103
Apr
Jan 56
Jan 3634 May
Jan 99% July
54%
55
60
7015
68
734
714
54
1235
14
5034
Jan 78%
Jan 764
Jun 74
Jan 103
Jan 98%
Jan 9544
Jan 9615
Jan 87
36%
Jan
Jan 3435
Jan 73
May
Mar
Mar
July
Aug
July
July
Apr
May
May
June
31,000
73,000
23,000
35,000
77%
6735
9535
85
Jan 100
Jan 98
Jan 10715
Jan 105
July
July
Sept
Aug
13,000
18,000
9,000
82,000
24,000
20,000
70%
6315
63
7334
66
44
33
5134
Jan 104
Jan 99
Jan 100
Jan 98%
Jan 93
Jan 60
Mar 45
Jan 65
July
July
July
July
June
Feb
Aug
Apr
4,000
18,000
77
90%
82
78
Jan 97
78
8535 Jan 102
Feb 90
77
593-6 Jan 8815
Jan 9614
71
Jan 78
57
June
Aug
July
July
Aug
Sept
4634 Jan 7435
4135 Jan 70
Jan 105
79
Jan 10635
95
Jan 101
75
Jan 92
64
Jan 103
86
2.000 10334 Jan 11134
13,000 95% Jan 1054
July
Apr
July
July
June
Slay
Aug
July
June
9035 91% 35,000
101% 101% 3,000
81% 82% 44,000
1,000
91
91
41,000
74% 78
110 110
10444 104%
99% July
Aug
June
July
July
July
May
Aug
Feb
20,000
62% 66
6234 5815 62% 27,000
10135 10014 10135 18,000
1044 104% 10415 21,000
5,000
98
97
8,000
8715 88
1044
Jan
1144
108
10735
103%
103
8215
111
57
5,000 1014
35,000 95%
32,000 92
52,000 854
53,000 8534
70
11015 11035 11034 2,000 104
49% 171,000 35%
4834 47
109 11034
109
103 104%
103
10015 1004 1014
9634 97%
9615 96% 9735
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2028
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Bonds (Conlinued)-
Range Since Jan. 1.
Low.
Ilioh.
Bonds (Coacluded)-
Peoples Gas I k Coke434% serial notes._ 1936
95
Jan 100% July
is series B
1981
72% 75
50 8434
?in
May
8s series C
1957 89% 8854 89% 104,000 75
Jan
Apr
99
Peoples Lt k Pr 5m. _._1970
254 2% 12,000
1% Aug
5.4 1,m
Phlla Electric Co 58..1960 113
11254 113
27,000 105% Jai, i1334 July
Phila Elec Pow 5%s .1972 108% 108% 109
7,000 104
Jan 1119% Apr
Fhila Rapid Transit 65 1962 67
65% 67
12,000 49% Jan
74% Apr
Phil Sub COG & E 454857
10754 107% 2,000 100
Jan 107% Sept
Phila Suburban Wat 55 '55
96% Jan 105
July
Piedm't Hydro-El 6448 '60 66
Piedmont k Nor 5s.....1954
Pittsburgh Coal 6s.___1949
Pittsburgh Steel 6s.._ 1948
Pomeranian 1..1 6a____1953 27
Poor & Co as
1939
Portland Gas A Coke 58 "40 74
Potomac Edison 55_1950 08
444s series F
1961 90
Potomac Elec Pow 53_1936 106
Potrero Sugar 78
11147
PowerCorp(Can) 4548 B'59
Power Corp of N Y654s series A
1942
5548
1947
Power Securities 6s _ 1949
Prussian Electric 65_ _1954
66
67
6,000 66
4,000 7434
1,000 93
91
89
9.000 85
27
2754 14,000 27
94% 95
12,000 83
74
4,000 73
74
9711 9854 46,000 7434
89% 91
15,000 73
106 106
4,000 102%
18
85% 854
ung 102%
Sept 9251 Apr
Jab 93
July
Jan 103% July
Mar 96
June
Sept 54% Feb
Jan 07
July
Sept 95% Mar
Jan 100% July
Jan
94
July
Jan 106% June
Jan 34% Apr
63
70
Jan
51% Jan
Jan
45
29
Sept
95
644
74
73
Pub Serv of N 4%s B '57 102% 102 102% 11,000 83% Jan
Pub Serv of NJ pet etfel__. 114% 11354 11454 6,000 103
Jan
Pub Serv of Nor Illinois
let & ref 58
1956
85% 87% 23,000 85t
Jan
58 series C
8554 8654 9,000 60% Jan
1966
454is series 13
75
1971' 75
7551 20,000 56
Jan
i34eseriesF
75
15,000 5534 Jan
76
1980 75
1st & ref 4445 ser F 1981 75% 75
76% 98,000 5.5
Jan
634s series(1
1937 99% 99% 99% 33,000 76% Jan
634s series H
1952 94% 93% 94% 10,000 71% Jan
Pub Serv of Oklahoma
73% 74% 14,000 62
5s series C
1961
Jan
58 series 1)
1957 86
8355 86
7,000 57% Jan
Pub Serv Subsid 5%5.1949
7354 74% 18,000 42
Jan
Puget Sound P & L 5%s'49 5454 52% 55 140,000 41% Jan
let & ref 58 series C_1950 5251
50
52% 37,000 39% Jan
1st & ref 4348 ser D.1950 49
4754 49% 166,000 3
634 Jan
Quebec Power 5s
103% 104
1968 104
12,000 91
Jan
Queens Boro 0ee E 4545'58 100% 9954 10054 12,000 88
Jan
5 %sserlei A
1952 82% 82% 83
4,000 62
Jan
Reliance Management 5s'54
With warrants
59
Jan
Republic Gas 64
1945 34% 3354 34% 4,000 14% Jan
Certificates of deposit_ _
34% 31% 34% 114,000 15
Jon
Rochester Central Pr 58 '53 3754 3651 38
10.000 284 Jan
Rochester Ry & Lt 58_1954
10954 110
3,000 10254 Jan
Ruhr Gas Corp 6 %s_ 1953
3751 39
3,000 37
Sept
Ruhr Housing 634s...1958
23
July
Ryerson (Jos T)& Sons
58
101% 102
1943
3,000 9154 Jan
103%
1i934
J:11;
9151
87
82%
8151
81%
lost
9951
July
July
July
July
July
July
July
90
90.4
8554
5934
57%
54%
June
June
June
Feb
Feb
Aug
Safe Harbor Water Power
4345
1079
St Louis Gas & Coke 65 '47
San Antonio Puolle Service
Esser-tee B
1958 864
San Diego Comm! G & M514sseries I)
1960
San Joaquin Lt & Power
6s series B
1952
5s series 1)
1957 90
Sauda Falls Se
1955
Saxon Pub Wks 65_ __ _1937
Schulte Real Estate 65.35
With warrants
Without warrants
Script.(E W)Co 5%5_1943
Seattle Lighting 58___194 . 19
.
P.ervel Inc .5e
1948 91%
105 105% 21,000
454 5
11,000
85% 8651 37,000
Southwest G & E 5s A.1957
55 series B
1957
S'western Lt & Pr 5s__1957
8'western Nat Gas 88_1945
So'West Pow & Lt 5.3_2022
S'west Pub Seri( 68_ _ _1945
Staley Mfg 68
1942
Stand Gas & Elec 68._1935
Cony Os
1935
Debenture 65
1951
Debenture 69 Dee 1 1966
Standard Investg5548
1939
5s ex warrants
1937
Stand Pow & I.t 68 _ _ _1957
Standard Telep 544s 1043
Stinnes (Hugo) Corp
75 ca-wart
1936
7-4% stamped
1936
'7s ex1946
7-4% stamped
1946
Sun Pipe Line 5s_ _ __1940
Super Power of III 4545 '68
1st 454e
1970
68
1961
Swift & Co 1st ma t 5.4_1944
5% notes
1940
Syracuse Ltg 5545._._1954
55 series B
1957
Tennessee Elec Pow 55 1956
Tenn Public Service 58 1970
Tern) Hydro Elee 64s 1953
65
Jan
May
May
June
Feb
July
Feb
Feb
102
July
106% June
11
Feb
94% July
103
101
90
108
101% 23,000 88
Jan 108% July
92% 6,000 7551 Jan 99% July
103
5,000 103% Jan 109
May
40
Sept 7254 Mar
1,000 102
87% 88
19,000
17
20 125,000
91
91% 14,000
70% 70%
7,000
Sept 10754 July
9%
7
73
17
71
May
Jan
fan
Sept
Jan
15%
18
8951
41
9251
July
July
May
Feb
Sept
72
Jan 05%
7254 Jan 95%
79
Jan 103
72% Jan 95%
8544 Jan 104%
38
Sept 49%
Sept
Sept
Sept
Sept
July
Feb
5154
May
Jan
63
66
6611
101% 101% 102
107 107
101 102
101
101% 102
91%
89% 89
954 9451 97
79
77,000 43% Jan 7454
98.000 93% Jan 106
10.000 10254 Jan 108%
30.000 93% Jan 106
35,000 93
Jan 106
48,000 82
gg%
Jan
22,000 89
Jan 104
934 Jan 106
99% 100% 6,000 83% Jan 102%
885,1 88
00 106,000 87
Sept 97%
96
Jan 102%
10754 107% 108
19,000 101
Jan 10851
46% 475%
5,000 46% Sept 73
70%
7051
57
25.000
69% 71
70% 7051
1,000
56
57
4,000
87
z86
85
65%
52
48
4154
74%
103%
77% 76
7751 276%
44
46
44
67
87
8654
67
53
48
75
10354
79
78%
4654
46
14,000
15,000
21.000
5,000
32.000
3,000
3.000
34.000
57.000
35,000
53,000
43%
40% 44% 68,000
23% 24
4,000
32
32
32
30
30
81%
81%
96%
10651
103%
107%
107
SO
June
July
Aug
Feb
103
Shawinigan W & P4348'67 94% 94% 94% 39,000
4t4sserteshi
1968 94% 9454 95
12,000
1st 5s series C
102% 103
1970
7,000
1st 4 kis series D
1970 94% 94% 94% 39,000
Sheffield Steel 5%s
194 , 102% 102% 102% 4,000
,
Sheridan Wyo Coal Os 1947 39
38% 40
4,000
Sou Carolina Pow 55.1957
Southeast P & L 65_2021
Without warrants
Sou Calif Edison 5s_ 1951
58
1939
Refunding 55 June 119.54
Refunding ba Sep 1952
Sou Calif Gas Co 4548_1961
1st ref 58
1957
554s series B
1952
Sou Calif Gas Corp 5s 1937
Sou Counties Gam 4%5.'66
Southern Gas Co 6%8_1935
Sou Indiana G & E 53.4857
Sou Indiana Ely 45
1951
Sou Natural Gas 68....1944
Unstamped
Stamped
S'western AssocTel 58 '61
95% Jan
354 Aug
79% Mar
79
39
37%
47
113
66
7051
81% 82%
8154 8234
9454 96%
106% 10651
103% 10154
107% 10754
107 107
78
96
73
6,000
2,000
28,000
11,000
8,000
27,000
51,000
1.000
5,000
8154 67.000
9654 30.000
78
21,000
59
60
42
Jan
Jan
Jan
Apr
June
July
June
June
July
June
June
July
Aug
Apr
July
Apr
7751 July
77
July
64% Apr
62% Jan 92% July
63% Jan
91
July
Jan 7554 Slay
47
Jan 55
34
July
Jar
40
66% Feb
57
Jan 84
May
Jar 10354 July
87
43% Jan 94
June
43 44 Jan 93
June
32% Jan 60
June
59
32% Jai
Apr
64%
66
29%
18
Jar
Jan
Jan
Jan
32
26
33
25
101
59
57%
73
103%
98%
10354
100
July
Aug
Aug
Aug
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
55
44
62
Jan
Jan
June
Range Since Jan. 1.
Low.
Texas Cities Gas 5s___1948 55
54
55
7,000
Texas Elec Service 58.1960 79
77
7954 52,000
Texas Gas Util (ls..... _1945 16
16
16
3,000
Tetras Power & Lt 5e...1956 90
00
91
22,000
58
1937 102% 102 102% 19,000
(is
2022
Therineld Co
Os stamped
1937 68% 67
6851 4,000
Tide Water Power 59_197:72
70
73
43,000
Toledo Edison 55
1962 103
102% 103% 43,000
Twin City Rap Tr 55 '52 47
46
4s
4754 47,000
Men Co deb 88
1944
48
49
17,000
Un Amer Invest 5s A.1948
Union Elee Lt ct Power58 series A
1954
58 series 11
1967 105% 105 105% 3,000
4%s
1957 104
10354 104% 15,000
Un Gulf Corp 5s July 1 '50 10434 104% 104% 21,000
United Elec NJ 4s
1940
105 106% 10,000
United El Serv 7s x-w_1956
70
70
1,000
United Industrial 6%s 1941 38
36
3854 25,000
1st 68
1945 38% 36% 3854 5,000
United Lt & Pow (is. _1975 39
37
3954 57,000
6545
1974 41
37% 41
28,000
5 -as
Apr 1 1959
72
72% 2,000
United Lt & Ely 544a..1902 48
48
49% 44,000
thi series A
1952 76% 75% 76% 52,000
6s series A
1973 394 3954 3954 1,000
U S Rubber 68 _
1936
10154 102% 9,000
64% serfar note:L....1936 100% 100% 100% 14,000
64% serial notes___1936
99
9955 6,000
654% serial notee__1937
654% serial notes...,1038
634% serial not,es___1939
9054 91
17,000
634%serial notes...1940
9054 9055 2,000
Utah Pow & Lt Os A..2022
4854 5054 21,000
43.4s
1944
60
60
10,000
Utica G & E 5s E
1952 10254 10254 10254 5,000
5s series D
1956
I
High.
51
Feb
Jan 61
63
Jan 88% Apr
14% .4an 25
Apr
67% Jan 9554 July
11934 Jan 104% July
56% Jan 87
May
55
50
8651
23%
Jan 76
Jan 7444
Jan 10534
Jan 58
3844
85
Jon
Jan
Feb
May
July
Apr
52% May
9054 June
101
Jan
95% Jan
92
Jan
101% Jan
100
Jan
64
June
108
105%
106
106
107%
90
Sept
June
June
June
June
Apr
36
36
2754
31
50
3554
56
2851
Sept
Sept
Jan
Jan
Jun
Jan
Jan
Jan
69%
6754
5254
58
80%
56%
85
52
Jan
Jan
Apr
Feb
Juno
Feb
June
Feb
90
89%
77
7054
69%
6954
68
46%
54%
933.4
94
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
102%
10144
99%
07
99%
981.4
99
6754
75
105
10454
Sept
May
Apr
Sept
Apr
Apr
Apr
Feb
Apr
July
July
75
7054
89
55%
51
47%
Feb 85
June
Jan 91% may
Jan 104%, Aug
Jan 80
Apr
Jan 76
Apr
Jan 70
Apr
Waldorf Astoria Corp
70 with warrants___1954
75 ctfs of deposit. _1954
Ward Baking 65
1937
Wash Gas Light 5s
1958
Wash Ry El 4s
1951
Wash Water Power 58.1960
West Penn Elec 5s _ _2030
West Penn Traction 551960
78% 7951 12,000
89
92
21,000
57
61
12,000
7054 7054 16,000
104
Sept
101% Aug
89
Apr
riday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Valvoline 0117s
1937
Vamtna Water Pow 534657
8954 89% 5,000
Va Eiec & Power
_ 1955 103
102% 103
9,000
Va Public Serv 5545 A.1946 71
70
71% 19,000
1st ref Os ser El
1950 6654 65
6654 24,000
Os
1946
5554 58
12,000
79
92
61
70%
Jan
Sept. 29 1934
5
2
96%
79
8334
80
55
61
July 20
16
July
Jan 104
Jan 10054
Jan 9951
Jan 9955
Jan 71
Jan 87
5554 57 1 68,000
46
Jan
67%
Apr
4154 42
12,000
25
Jan
46%
Apr
83% 84% 25,000
65
Jan
89% July
5
97
99
93%
West Texas Utt I 58 A.1957 57%
Western Newspaper Union
68
1944 42
Western United Gas & Elea
lat 5%sserles A
.1955 8451
Westvaco Chlorine Prod
554s
1937
Wheeling Electric 5s_ _1941
WLse Elec Pow 5s A..1954 10454
Wise :Minn Lt & Pow 5844
Wise Pow & Lt 58 F 1958
5e series E
1956
Wise Pub Sera( 68 A...1952
Yadkin Riv Pow 55_1941
York Rye Co 55
1937
Foreign Government
and Municipalities
Agriculture Mete Bank
20-year 7s
1947
is
1946
78 with coupon
1946
Baden 78
1951
Buenos Aires (Provincer
External 78
1952
7s stamped
1052
External 7445
1947
7545 stamped
1947
Cauca Valley 75
1948
Cent Ilk ot German State &
Prov flanks Os B. 1951
(is series A
1952
Danish 5%5
1955
55
1953
Danzig Port & Waterways
External 654s
1952
German Cons Munlo 75'47
Secured OS.
1947
Hanover (City) 78._ 1939
Hanover(Prov)644s 1949
Lima (City) 654s.- _ _1958
Certificates of deposit
Manville 7s
105.8
Medellin 7s ser E
1951
Mendoza 7%a
1951
45 stamped
1951
Mtge Bank of Bogota
7s issue of May 27..1947
75 issue of Oct 27 1947
1931
Mtge 18k of clime
Mtge Bk of Denmark 513'72
Parana (State) 7s....1058
Rio de Janeiro 6145.-1959
Russian Govt 6348_1919
6445 certificates
1919
1921
5545 certlfice'%...._1921
5
555
102
96%
9854
92
63
6%
5%
103
9751
99
9331
65%
1134%
10434
8954 9054
7554 7551
16,000
4,000
17,000
26,000
12,000
18,000
10,000
101% Jan 104% July
102% Jan 105% Apr
99
Jan 106
Aug
64
Jau 94
July
59% Jan 83
July
1,000 58
Jan 83% July
7854 Jun 99
July
6,000
4,000
9251 93
10,000
gy
983-4 12,000
66
76
30% 3334
4,000
2454 25
3,000
105(
18%
23
22
62
84,000
58%
6254
jail
Feb
June
July
Sept
July
Apr
July
6254 65% 94,000
Jan 98
Jan 100
Jan
Jan
May
Aug
41
Jan
2541 Jan
35
Jan
2954 Jan
July
July
3354 Sept
3054 June
29
Sept
52% Jan
63%
62
6951
6554
Aug
Sept
Sept
Sept
13
12% 1354 22,000
8
Jan
16
Feb
41%
40
34
9054
80
42%
3654
91
80%
13,000
43,000
56,000
11,000
30
30
7
94
6251
Sept
Aug
Jan
Jan
70
78
92
82
Feb
Feb
Aug
Juno
75
Aug
26%
2551
25%
27
2851
28
27
28%
32,000
50,000
19,000
14,000
24% Sept
21% Sept
23
Sept
264 Aug
59%
5744
53
55
Feb
Feb
Feb
Feb
959
954
1,000
15% 1651 14,000
14% 1555 7,000
49% 40%
1,000
44
4434 12,000
5
Jan
5 June
12% Jun
10% Jan
26% Jan
2654 Jan
1254
10%
21
20%
4954
44%
Feb
Feb
Feb
Feb
Sept
May
1354
25
25
1,000
13% 1654 17,000
79% 80% 28,000
15
16
8%
75
Jan
Jan
Jon
Jan
27
25
16%
82
Sept
Sept
Sept
Mar
1551
15
16% 76,000
3
3
3% 33,000
34 203,000
3% 94,000
354 181,000
854 Jan
14% Jan
2
Sept
2
Jan
2
Sept
July
2
17
1954
6
5
551
5
Feb
Feb
Mar
May
May
May
91
44
28
28
234
Jan
2%
2%
82
Apr
2%
83
3
Apr
57% An"
1935
24% June .Saar Basin 7s
108
Jan 182
Aug
Santa Fe 7s
1945
1851 Jan 42
Sept
1949
12
12
13
58
Jan Santiago 7s
30,000
554 Jan
13
Feb
7s
1961
1254 13
55
Feb
7,000
6% Jan
13
Feb
51
Jan
50
Jan
• No par value. a Deferred delivery Halm not Included In year's range.
10454 May
e Cash
86% July sales not Included In year's range. r Under the rule sales not Included In year's
85
July range z Ex-dividend.
z Deferred delivery sales not Included In the current weekly and yearly
99% July
ranee
108
May are given below:
Atlas Corp. warrants, Sept. 24 at 214.
i0414 Mar
Southwestern (las & Elec. 5s, A, 1957, Sept. 26 at
10851 July
8534.
Standard Gas & Electric 69, 1935, Sept. 24 at 76.
108% Aug
Abbreolations Used Above.
-"cod" Certificates of deposit. "cons" Consolidated.
"cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
82
July
9634 Sept stork. "Ir t c" Voting trust certificates. "w l" When Issued. "w w" With war8644 Apr rants "x w" Without warrants
2029
Financial Chronicle
Volume 139
Outside Stock Exchanges
Boston Stock Exchange-Record of transactions at the
New York Produce Exchange Securities Market
22 to Sept. 28, both inclusive,
transactions at the New York Boston Stock Exchange, Sept.
Following is the record of
Sept. 22 to Sept. 28, compiled from official sales lists:
Produce Exchange Securities Market,
JULC$
Friday
both inclusive, compiled from official sales lists:
Range Since Jan. 1.
Last Week's Range for
2.70
4
434
34
115
4
18c
4
30
260
1
Bonds
Shamrock Oil & Gas 6s '39
43
43
I0
N0W.P ,
N
.
p.4 a
CA,'Ca
01.0-4
Jan 36c Feb
Sc
454 Feb
34 Sept
24 Mar
50c Sept
54 Apr
Jan
2
74 Mar
July
3
200 Aug 650 Apr
135 June
Aug
1
Jan 454 Sept
37
Apr
5
235 Sept
24 Jan
35 July
234 Jan 384 Aug
15
1954 Jan
May
354 Mar
90o Sept
2(4 API
1.00 May
235 Sept
43c May
1.20 Sept 2.00 Sept
Apt
3
135 Sept
14 Fet
Jan
450
Sept 1054 Mar
3
131 Apr
30c Sept
134 Vet
7c June
134 Apt
A July
Sept
184 Jan 35
835 Fet
235 June
Apt
1
300 Sept
434 Mai
1.80 July
Jan 3.00 Am
1.05
37c July
254 Apt
1935 Jar
Aug
2
74 Jun,
655 June
435 Sept
134 Jan
400 Aug
134 Jar
14 Sept
25e May
Jar
4
34 Sept
654 Ma
July
3
35 Fel
15c Sept
Sept
354 Ap
2
5 Ap
13
15 Aug
Al)
Jan 3.20
1.50
Jai
7
Jan
4
634 Feb 3294 Ap
110 May 30c Sep
1055 Sep
555 Aug
534 Fel
24 Jan
10c Sept35 Fel
334 Tel
A Jan
1
Sept
43
Railroads
100 12035 1184 121
Boston & Albany
614 63
.
Boston Elevated _ _ _. 1... 62
100
Boston & Maine
7
7
100
Common stpd
1754 1835
100
Prior preferred
7
7
100
CI C 1st pref stpd
835 954
955
Cl D 1st pref stpd_.100
Chicago Jet Ry & Union
100 100%
100
Stockyards pref
14
1
155
E Mass St 1ty Co com _100
104 1015
NY N Haven&Hartford100
1204 1204
100
Northern RR (N 11)
80
78
100 78
Old Colony RR
50 2354 2254 243,4
Pennsylvania RR
All
60
Listed. • No par value.
-Closing
New York Real Estate Securities Exchange.
bid and asked quotations on the New York Real Estate
Securities Exchange for Friday, Sept. 28:
Bid
Ask
Active Issues.
22
30
5212
27
2412
3212
5512
30
43
____
Bonds(Conauded)Park Central Hotel
612s Ws of deposit
Rosy Theatre 0345 ctfs__ _ _
Savoy Plaza Corp 68 ctfs '45
Trinity Bldgs Corp 555s '39
2 Park Ave Bldg 6s......1941
Bid
Active Issues.
Bonds11way Barclay Off. Bldg 68'41
11 Park Place Corp 4s__1948
Equitable Office Big 58.1952
50 Bway Bldg 68.... ..1946
Lincoln Building Corp 535s
1963
w w
Mortgage Bond (N Y) 55411
(Ser 6). _ _ . .......1934
New We.ston Hotel
Annex 6* 1940
NY Athletic Club 6s.....1946
14)3h
1 It Inhn Mt 11140 lio
An
12
Ms
912
96
42
1312
1114
13
45
- -
3312 37
29
2112 24
271e
Stocks
City & Suburban Homes_
French (F F) Investing
3
1
514
2
Baltimore Stock Exchange-Record of transactions at
Baltimore Stock Exchange, Sept. 22 to Sept. 28, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
•
Arundel Corp
Atlantic Cst Line(Conn) 50
•
Black & Decker corn
Ches &Pot Tot Balt PM 100
Comm Cr Corp 7% pref..25
•
,
,
Consol0 1 L & Pow
100
5% preferred
East Porto Rico Sag com.I
1
Preferred
20
Fidelity & Deposit
Fid & Guar Fire Corp_ _ _10
Finance Co of Am cla.ss A_•
100
Houston Oil prof
Mfrs Finance corny t c...25
25
lot preferred
25
2,1 preferred
1
Maryland Cas Co
Mercantile Trust Co__ _ _5()
Mer & Miners Transp__ •
alononWl'enn1S7%pfd_25
Mt Vern-Wdb Mills pfd100
New Amsterdam Casualty5
50
Northern Central
Penns Wat & Pow com__•
Seaboard Comm corn A.10
10
I'referred
2
US Fidelity & Guar
Bondslialtimore City
1961
4s Jones Falls
4s sewerage Mint_ _1961
1958
4s water loan
1951
4s annex impt
lialto Trac Co Nth Balto1st 68 cetificates.... _1942
Internati 011 Co cony 7s '35
North Ave Market 6s..1940
United Ity & Ellst 65 Ctrs (flat).___1949
1949
Income 4s ctfs
1949
let 4s (flat)
1949
1st 4s ctfs (flat)
• No par value.
14
2755
2755
6215
104
64
35
17
1
1
14
35
54
435
133-4 1434
2655 2735
5
5
11531 11834
2715 2735
624 64
104 1044
24 235
655 615
36
35
164 17
514 54
794 8
115
1
754
7
,
134
1
135
17.4
210 210
2715 2735
1735
17
35
35
635 7
83
8334
5434
54
455 435
735 74
454 434
5500
1.000
300
3,900
15
15
434 44
41
41
3,000
4,000
2,000
434
8
ki
834
8
8
34
834
8
5,000
% 4,000
835 16,000
2,000
8
Miscellaneous
7
American Conti Corp _.
Amer Pneumatic Serv 25
Am Pneu Serv let pref _513
"
2nd pref
100 111.35
Amer Tel & Tel
A moskeag Mfg Co. _ _ . •
Breglow Sanford Car Co..•
Brown Co 6% cum pref 100
East Gas & Fuel AGIBIEI•
Common
100 6254
6% cum pref
454% prior preferred 100 6635
Eastern SS Lines Com--•
100
1st pref
•
Preferred
• 1855
Economy Stores
100 131
Edison Elec Ilium
9
EniDloyeni Group
• 19
General Cap Corp
Georgian Inc (The) Class
20
A pref
Gillette Safety Razor_ _ _
Intl Hydro Flee class A_25
25
Loew's Theaters
1%
Mass Utilities Assoc v t c •
Merganthaler Lynotype-• 21
NE Public Service com__•
New Eng Tel & Tel____100 94
150
Pacific Milts
Railway Light dr Sec Co_ _*
Reece Button Hole Mach
10
Co
Reece Folding Mach Co_10
751
•
Shawmut Assn tr etts
Spencer Trask 'Fund Inc...
•
Stone & Webster
25
Swift & Co
• 634
Torrington Co
Union Twist Drill Co
_5
35
United Founders corn......1
25 6591
U Shoe Mach Corp
25
Preferred._
Venezuela Holding Corp.*
Waldorf System Inc
•
•
Warren Bros Co
Mining
25
Copper Range
25
Isle Royale Copper
New River pref
100
2 60
North Butte
25
Old Dominion Co
P C Pocahontas Co
•
Quincy Mining
Shannon Copper Co____25
5
Utah Apex Mining
Utah Metal & Tunnel_ _ _ _ 1
635 74
155 14
10
10
331
3)1
1094 1134
54
5
2135 23
734
7
High.
Low.
125 10935
340 56
15
7
10
90 15
7
35
7.55
80
Jan 140
70
Jan
Sept 4255
Sept 134
Sept 4215
19
Aug
Sept 25
July
Apr
Feb
Mar
Feb
Mar
Feb
8634
75c
834
87
78
214
Jan 102
231
June
Sept 24
Apr 12034
Sept 10455
Aug 39
May
Jan
Feb
Sept
July
Feb
33
180
130
14
50
583
935 July
435 Jan
158
334 Jan
155 Sept
100
Jar
Sept 28
24 10
34 Sept
331 Sept
10
1254 Fet
2,050 10535 July
10(4 Fel
34 July
266
Aug 3955 Fel
55 20
Apr
16
Jan
5
120
5
30
161 45
135 55
5
199
50 9834
200 35
16
317
636 120
74
95
19
55
Jan 104
70
Jan
Jan 8055
1034
Aug
Sept102
Sept42
1855
July
Sept15455
124
Jan
Aug 26
Fel
Jul)
July
Fet
Mal
.bat
Api
Tel
Tel
Tel
2
124
94
64
274
274
135
9715
34(4
1055
Ma
Jul!
Fet
Fel
Tel
Fel
Eel
754
6054
66
555
9854
35
1635
120
835
19
74
624
69
535
984
35
1855
132
0
1955
,
135
1034
34
5
134
21
35
93
21
535
115
12
44
54
14
224
35
944
21
53,4
100
115
95
41
407
165
160
324
55
8
154
1)9-a
335
5
1
2034
A
83
2054
535
Jan
Jan
Sept
Sept
May
July
May
Jat.
Sept
July
114
235
755
134
635
19
6255
11
•to
6335
36
550
454
635
1155
24
755
1355
654
194
64
11
94
66
36
550
455
7
48
25
429
100
215
40
138
30
33
l,OSI
50
100
5
260
10
2
54
1231
44
14
494
8
•ir
5652
324
50e
44
535
1231 Ma
Jan
3 Jun
Jan
99.1 Eel
Aug
July
1974 Fel
1354 Fe'
July
204 Au
Jan
Jan 674 Sep
Ap
15
Jan
Sept134 Fe
Jan 6855 Ay
Sep
38
Jan
Ma
Sept3
Sept854 Fe
1331 Ja
July
331
1
50
25c
600
1735
35
15e
135
295
331
1
50
270
600
1734
35
150
155
235
80
340
36
525
55
85
300
300
730
2,985
3
1
30
250
550
10
34
12c
750
1
1
27c
35
135
235
Bonds
A moskeag Mfg Co 6s._ 1943
Brown Co 555s
1946
E Mass St Sty ser A 935s '98
,
Pond Ck Pneahnnts.c 7 1'35 .
584
4535
4834
110 54
Jan
Jan
Jan
Jan
Jan
Jan
Sept
Apr
Jan
Jan
02.200 58
60
4555 5,000 40
4994 3,000 38
1.000 102
11074
set)
Fel
Fel
554 Fe
24 Fe
Jur
la
Soc
134 Fe
Jul
19
235 At
20c Set
Fe
3
634 Jul
52
76
Aug
Feb 5854
Jan 52
Mar 111
Al
Al
Ma
.1u
•No par value. z Ex-d vidend.
Range Strzce Jan. 1.
Low.
305 1115
62 24
434
72
8 112
50 24
105 524
34 93
255
100
435
100
130 19
335 104
3
200
414
120
50 75t)
10
7
154
14
134
180
15 185
140 28
60 13
15 22
6
217
15 7434
32 4555
3
78
5
55
225
3
1,305
10334
104
1034
104
10334
104
1034
10354
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Stocks-
High.
Low.
5888888g
g82,8888888888g888888888g8888888888888&
2.14
Range Since Jan. 1.
g
344
.
3
4.
255
1.95
2
l•D CD
1635
1.50
...
.
NW. b3
30e
4535
...
15e
150
35
Yt
50c 75c
3
3
34
3.5.4
25c 30c
135
115
454 4555
24 24
34
%
3855
38
16% 164
1.50
1.50
1.00
1.00
2
254
2.00
1.85
% 2
13
%
35
3
3
30c 340
200
150
A
14
3435 35
215 24
40c 40c
24 255
2.75
2.70
.34
35
2 2
674 7
44
4
31
35
154 14
14
1
4
4
19e
18e
2
2
35
34
2.95
2.85
454
4
30
3034
24c 300
9
1055
24 24
13c
10c
1
1
CI
1
Admiralty Alaska
1
Allied Brew
1
x Altar Consol
American Republics___ _10
Angostura Wuppermann_l
1
x Arizona Comstock
1
x Austin Silver
•
Beneficial Ind Pr A
1
x Betz & Son
Brewers dr Distill v t c_ •
20
Buloto Gold
20
Cache La l'oudre
1
x Carnegie Metals
1
Central Amer Mine
1
a Como Nlines
x Cornucopia Gold new_5c
1
a Croft Brew
•
Davison Chemical
5
Distillers & Brew
1
Elizabeth Brew
1
x Facia Radio
x Fuhrmann & Schmidt__1
10
a Golden Cycle
10
a Hamilton Mfg A
•
a Ironrite Ironer
I
Kildun Mining
1
a Alacassa Mines
10
National Surety
1
OldetYme Distill
1
a O'Sullivan Rubber
10
Paramount Publix
x Petroleum Conversion__1
1
x Polymet Mfg
1
a Railways Corp
1
Remington Arms
•
Richfield Oil
Rhodesian Soles Tr___ 5 sh
1
a Simon Brew
1
Sylvanite Gold
x Texas Gulf Producing...
Tobacco l'rod (Del)_10
1
United Cigar
100
Preferred
1
West Indies Sugar
5
Willys-Overland
100
l'referred
m
.
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
High.
5
18 5
Sept
July 4554
854
July
Jan 119
Jan 29
Jan 683-4
Jan 105
24
Sept
615
Sept
Jan 444
Jan 22
654
Jan
934
Jan
115
Mar
9
Sept
4
Sept
235
Jan
Mar 210
Jan 35
1914
Jan
Jan 49
1234
Sept
Jan 88
Jan 564
May
494
711
July
7
Jan
Jan
Feb
Feb
July
May
July
Aug
Sept
Sept
May
Aug
May
June
Aug
July
Feb
Feb
Aug
Feb
June
Apr
June
May
Aug
Sept
Sept
Feb
Jan 10435 July
99
June
9455 Jan 106
0434 Jan 1044 Apr
1004 Feb 10451 Sept
1154
2
39
•
8
51
8
734
June
June
Jan
Aug
20
4/4 Sept
4734 May
12
Sept
Sept
3.4
Sept12
Sept11
Tel
Sept
Tel
Feb
CHICAGO SECURITIES
Listed and Unlisted
Paul. H.Davis &
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
Chicago Stock Exchange-Record of transactions at
Chicago Stock Exchange, Sept. 22 to Sept. 28, 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(J D) Mfg corn._
Adams Royalty Co com_ •
Advanced Alum Castings 5
Allied Products Corp cl A.0
Altorfer Bros cony pref__*
Amer Pub Ser pref......100
,
Armour & Ca common...5
•
Assoc Tel U tit corn
Auburn Automobile com.•
Automatic Products con).!'
Bastian-Blessing Co com.•
Beacilx A elation corn__
Berghott Brewing Co._ _ _ I
Borg Warner Corp com _10
100
7% preferred
Brown Fence & Wire cl A_•
•
Bruce Co (E I..) corn
Bucyyrus-Monighan CIA..'
Bunte Bros common_ _ _.10
135
6
6
26
34
12%
34
2131
50
3755
835
3
154
10
16
5%
554
Si
2494
6
4
12
34
2034
105
935
6
1334
4
50
3715
84
355
,
135
1054
164
6
69-1
Si
26
634
4
1234
315
2255
10615
94
654
14
455
100
100
10
500
150
150
50
60
2,750
100
450
700
50
1,550
350
1,850
80
50
100
60
100
Range Since Jan. 1.
Low.
40
2735
6
155
154
935
10
5
4
34
2434
2s4
334
954
241
164
93
6
534
1055
3
High.
Jan 5155 May
4735 Feb
Jan
Apr
16
Jan
May
4
Mar
435 Jan
Sept
Aug 2035 Feb
Feb
Jan 25
Feb
13
Jan
64 June
July
35 Jan
Jan
Sept
Sept 26
PA Feb
Jan
Feb
10
Aug
July 2334 Feb
Sept 1135 Jan
July 284 Feb
Aug
Jan 108
Feb
12
Jan
164 Mar
Aug
1435 Aug
Jan
Mar
7
Jan
2030
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Butler Brothers
855
8
8% 4,625
Castle & Co(AM)com_ _10
12% 13
250
Cent Cold Storage coin._20
8
10
250
Cent Ill Pub Fiery pref.__• 1134 11% 12
390
Cent Ill Securities corn. _1
55
100
34
Convertible prof
731 7%
150
CentralInd Pow pref.. _100
4% 454
90
Central Pub Serv Corp __I
h
50
34
Cent Pub Util A
•
100
34
34
Central 8 W pref
•
2
2
254
90
Prior lien pref
•
954 10%
280
Common
1
750
51
31
Chain Belt Co corn
•
17
17
50
Cherry Burrell Corp corn_•
12
12
250
Chicago Corp common •
1% 2
13,550
Preferred
2535 25% 1,000
Chicago Mall Order com..6
10
11% 1,300
Chick N W Ry coin
100
535 6%
950
Chic Rivet & Mach cap_ _•
8
9
100
Chicago Towel cony pref.*
71
71
25
Cities Service Co corn_ _ •
1%
155 1% 1,600
Commonwealth Edison 100 44
42
44% 1,300
Consumers Co corn
5
31
54 1,150
Continental Steel cons_
•
6
6
50
Cord Corp cap stock
b
4
3% 4% 3,700
Crane Co common
25
8
7% 8% 1,100
Preferred
100 54
54
56%
100
Range Since Jan. 1.
Low.
4
11%
635
10%
A
5%
4
54
A
2
5
51
16%
135
224
8%
4%
6
65
1%
34
55
5
2%
534
44
12% Apr
20% Feb
10 Sept
24
Apr
1% Feb
8% Feb
15% June
55 Feb
% Feb
1331 Jan
17
Jan
2
Jan
17% May
13
Sept
4
Jan
31% Feb
19
Feb
15% Feb
17% Apr
80 May
434 Feb
62
Feb
1
Jan
11% Feb
8% Jan
11% Jan
6554 Jan
4
14%
11%
5%
7
si
%
14%
15%
634
4
15%
12%
555
734
1534
35
15
16%
6%
30
1,650
1,350
100
1,85C
700
650
840
450
500
355
55
10%
4
7
15
55
13%
555
331
Feb
Ian
Sept
Jan
July
July
July
July
Feb
Jan
655
16
1235
755
1655
3255
134
22
19%
9%
Jan
Aug
Sept
Mar
Apr
Feb
Feb
Jan
July
Feb
19
4
4
65
14
20%
435
4
66
15
150
450
150
30
300
11
2%
3%
42%
8
Jan
July
Aug
Jan
Jan
23
6%
7%
70
18
Jan
Jan
Feb
May
June
Jefferson Electric Co corn.
•
Kalamazoo Stove corn •
Kellogg Switchboard corn10
Kentucky UM Jr cum pf 50
La Salle Ext Unlv corn. _ _5
Leath & Co cum pref
•
Libby McNeil& Libby. in
Lindsay Light cons
10
Lion Oil Ref Co corn. •
Loudon Packing corn. •
Lynch Corp corn
5
13
20
434
555
54
5%
7%
3%
3%
22%
28%
13
20%
4%
6%
34
6
7%
355
3%
22%
28%
50
150
50
20
100
130
2,000
50
100
350
50
1035 July
18
Aug
23.4 Jan
5
Aug
55 May
3
Apr
3
Jan
2
Apr
334 June
16% Apr
26
July
1655
2735
555
23
1
6%
8
3%
5%
2531
40%
Jan
Feb
Apr
Jan
Feb
Aug
Aug
Jan
Feb
Sept
Feb
3%
145(
1
8%
%
1
55
34
A
Jan
Jan
June
Aug
Jan
Apr
Jan
Jan
Jan
1054
2634
2
19%
454
335
%
2%
34
May
Jan
Feb
Apr
Feb
Jan
Feb
Feb
Feb
Mar
Feb
Apr
Sept
McGraw Electric corn _5
McWilliams Dredging Co-•
Manhatt-Dearborn cora. •
Marshall Field common..•
Merch & Mfrs ser A corn_ _1
Mickelberry'sFdProd corn 1
Middle West Util COM •
$6 cony pref A
•
Midland United Co cons'
Midland Ut117% prior lien
100
Miller & Hart Inc con pf_
Modine Mfg Coln
Messer Leather Corp corn •
Natl Battery Co Pret
•
National Gypsum A cons.5
Nat'l Rep Inv Tr conypt.*
Nat'l Sec Invest corn
1
6% preferred
100
National Standard com •
Noblitt-Sparks Ind eons..•
North Amer Car cam_
•
Nor Amer Lt ,k Pow cam_ I
Northwest Bancorp corn—.
22%
651
600
22% 24
250
1
1
50
1135 12%
500
131 1%
50
155
155
100
300
34 34
34
34
300
34
34 1,200
34
34
7% 755
14
14
16
16
1455
355
22
8.
134
1%
60
24%
13%
254
1
3
22
8
134
134
60
24%
14%
254
1
334
100
50
100
30
35
535
955
934
SINN
June
Jan
Jan
2
10%
16
16
30
150
50
10
100
100
1,900
100
300
350
15
734
1
135
46
21
10
23.4
%
3
July
Sept
July
Mar
Feb
Jan
July
Sept
Sept
Sept
23
14
2%
135
60
27%
16
634
434
651
Feb
July
May
Apr
Sept
Feb
Feb
Feb
Feb
Jan
15
Jan
6
Jan
23
Jan
35 June
234 Sept
255 Sept
20
19%
32%
231
755
1255
Feb
June
Jan
Feb
Apr
Jan
1234 July
34
Jan
88% Jan
22
66
75
Feb
July
July
Oshkosh Overall cony pfd.'
19% 19%
20
Penn Gas & Elee A corn. •
1155 12%
200
Perfect Circle(The)Co_ -*
29
29
30
Pines Winterfront corn..
.5
55
100
51
Potter Co(The) corn
•
2% 234
200
Prima Co corn
•
254
254 2%
350
Public Service of Nor Ill
Common
•
13% 13%
so
6% Preferred
100 62
62
62
40
7% Preferred
100
65
66
110
Quaker Oats Co—
Common
•
123 125
410
Preferred
100
126 127
130
Raytheon Mfg corn vtc 50c
2%
250
294
Reliance Mfg Co corn..10
10
10%
450
Rollins Hoe Mills cony of •
10% 10%
10
Ryerson & Sons Inc corn_ •
13% 13%
200
Sears, Roebuck & Co corn •
38% 40
300
Signode Steel Strap corn. _*
135
1% 1%
12
Preferred
30
12
12
1
Southern Union Gas corn_•
34
50
%
%
S'west'n G E 7% pref 100
52
52
20
S'west'n Lt &P pref
•
24
28%
70
Stand Dredge cony pref _ _•
2% 2%
50
Storkline Fur cony pref_ _25
4%
4% 434
50
Swift international.-_
38% 38
39
2,300
Swift &
. .......20 19% 19
19% 11,750
12th St Store prof A
•
234
231 254
150
United Ptrs & Pubs corn'
40
34
34
U S Gypsum
20
41
41
250
Utah Radio Products com •
1
I
50
Uti & Ind Corp—
Convertible preferred--•
254
2% 234
450
Viking Pump Co pref _
•
30% 30%
40
Common
455
455 4%
100
Vortex Cup Co—
common
13% 12% 13% 7,400
Class A
• 29
28% 29
550
Walgreen Co oommon
• 24
23
350
24%
Ward (Monts) dr Co el A.*
117% 117%
60
Waukesha Motor Co corn-•
30
30
10
Wayne Pump Co com----•
31
50
55
Convertible preferred...*
135 135
131
100
Wieboldt Stores Inc cons.-*
10
10
100
Wisconsin Bkahares corn.•
2%
2
2%
600
Yates
-Amer Mach Part PI*
Yellow Cab Co Inc(Chi).'
Zenith Radio Corp corn_ •
%
10
Bonds—
Chicago City Ry 5s ctfs'27
208 So La Salle St Bldg
554s
1958
• No par value. z Ex-dividend
55
A
10
10%
255 255
53
53
29
31
y Ex-rights
200
700
100
106
115
1%
9
10%
1234
32%
1%
7
55
40
1631
1%
4%
24
14
134
Apr 125
Jan 1324
July
4
July 1935
May 16
Jan 20
Aug
July
Jan
Apr
Jan
Feb
Aug
Sept
Jan
Aug
Jan
Jan
Aug
Jan
Jan
Jan
Jan
Feb
Feb
Aug
Mar
Mar
July
Feb
Apr
Sent
Aug
Apr
51
2%
1355
255
60
33
555
635
40%
20%
8%
31 Jan
38 Sept
31 July
% May
50
Jan
254 Jan
1% Jan
23
Feb
1% Jan
6
Feb
3135 July
5
Mar
834
25
17%
88
19
34
1)(
934
2
Jan 16%
Mar 32%
Jan 29
Jan 123
July 35
1%
Bell
Sep
6
July 1855
Aug
4
34 Jan
10
Sep
1% Jul
BALLINGER & CO.
High.
Jan
Sept
Jan
Aug
June
Jan
Aug
Jan
Jan
Sent
Jan
July
Sept
July
Sept
Jan
July
July
Mar
Jan
July
Jan
Aug
Jan
July
Aug
Jan
Dexter Co (The) corn_ _5
Elm'Household Uri!cap 5 1535
Elgin Net Watch cap stk 15 12
General Candy Corp A_ __b
Gen Household Util corn •
731
Goldblatt Bros Inc corn _• 15%
Great Lakes Aircraft A ___•
34
Great Lakes D & D cora._• 15
Greyhound Corp com- _5
Hall Printing Co com...-10
614
Houdaille-tiershey—
Class A
Class B
Illinois Brick Co
25
Ill Nor Util pref
100 66
Iron Fireman Mfg v t a_ • 15
5%
Sept. 29 1934
Aug
July
June
June
Feb
Jan
Apr
Feb
Feb
1% Feb
16% May
5
Feb
$1,000
44
Ja
57
July
9,000
24
Sep
118
May
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System—First of Boston Corporation
Cincinnati Stock Exchange—Record of transactions
at Cincinnati Stock Exchange, Sept. 22 to Sept. 28, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks—Par Price. Low. High. Shares.
Amer Laundry Mach_ 20 12
1154 12
215
Amer Products pref
•
955 10
931
59
Atlas National
100
20234 20235
2
Carey (Philip)
100
31
31
33
Chemo Fibre prof
100
93
93
15
Churngold Corp
•
2
2
235
Cin Adv Products
•
18
18
20
CNO&TPpref_..100
100 .100
3
CM Gas pref
100 7435 72
7434
179
Cincinnati Street By.._50
4
455
148
Cincinnati Telephone.._50 65
64
65
157
Dow Drug
•
455 4%
78
Eagle Picher
20
4
4
175
Formica
•
9
9
10
Gibson Art
•
14
15
79
(P) Goldsmith Sons
•
534 554
57
Hatfield prior pref
12
9
9
75
Hobart
• 2455 23
2454
163
Julian & Kokenge
•
10
10
100
• 28% 28% 2855
Kroger corn
307
Procter & Gamble
• 3754 3755 3755
146
8% preferred
100 180
180 180
22
5% preferred
100
114 114
10
Randall A
• 1754 1754 1754
25
Rapid Electrotype
2035 18
293
2035
Richardson
7
7
30
S Play Card
10 2454 2234 25
445
•
Whitaker
22% 22%
2
•No par value.
Range Sill,C8 Jan. 1.
Low.
High.
11
Jan
6
Feb
201
May
31
Sept
80
Jan
134 Aug
11
Mar
82
Jan
66
Jan
4
Aug
62
Jan
255 Jan
3% July
8
Aug
9
Jan
4
Feb
8
Aug
1834 Jan
8
July
2335 Jan
33% June
166
Mar
10351 Mar
14
Jan
12
Feb
7 Sept
17
Jan
18
Apr
18
Jan
10 Sept
20254 Sept
49
Feb
93
Aug
3% Feb
18
Sept
101
Jan
83
Apr
6
Apr
71
Apr
5
Apr
7% Mar
16
Jan
1534 July
6
Apr
955 Mar
28 May
1114 Feb
33
Apr
41
Jan
18034 July
114 June
21
Apr
20% Sent
12
Feb
28
Apr
25 June
OHIO SECURITIES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exchange
Union Trust Bldg.—Cherry 6060
CLEVELAND, -
- OHIO
Cleveland Stock Exchange—Record of transactions at
Cleveland Stock Exchange, Sept. 22 to Sept. 28, both inclusive, compiled from official sales lists:
Stocks
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Allen Industries Inc pf_ *
•
Apex Eleo Mfg
Central United Nat'l___20
City Ice & Fuel
•
Preferred
100
Cleve-Cliffs Iron pref_ __ _•
6% preferred
100
Cleveland By
100
CUs of deposit
100
Cleveland Trust
100
Corrig'n MoKinn'y St vet 1
Dow Chemical
•
Federal Knitting Mills- •
Gen'l T 6s R 6% prof A_ 100
Geometric Stamping
•
Halle Bros pref
100
Hanna(MA)$7 cum pref •
Harr1s-Seybold-Potter
•
•
Jaeger Machine
Kaynee
10
Lamson Sessions
*
Metropolitan Pay Brick_ •
Cum 7% Preferred- -100
Mohawk Rubber
•
National Refining
25
Nestle LeMur cum cl A..._•
Nineteen Hund Corp cl A_•
Ohio Brass B
•
6% cum preferred_ _100
Patterson-Sargent
•
Richman Bros
•
Selberling Rubber
•
Sherwin-Will AA pref._100
TrucsonSteel cum 7% Pf100
Weinberger Drug Inc._ _ _•
Y't'n S&T cum 5%% IN100
* No par value.
33
33
4
334 4
8
8
855
19
19
80
80
16
16
16
108 109
55
55
55
53
5034 5254
11
11
7354 7334 7334
40
40
40
76
76
1
1
85
85
9935 99%
1% 131
3
3
334
954 934
334 335
2
2
45
45
1
155
43-1 434
235 3
3
2234 22%
16
1535 16
89
89
21
21
4251 4034 4234
1% 2
108 108
34
34
11
955 11
35
35
25
210
299
220
17
10
115
47
67
183
28
15
10
50
245
35
10
15
130
10
50
25
10
330
110
235
245
134
30
50
290
125
39
10
90
67
Range Since Jan. 1.
Low.
30
May
334 Sept
7% Sept
1731 Jan
68
Jan
16
Sept
100% Jan
44
Jan
3931 Jan
50 Sept
9% Jan
62
Jan
34
Jan
70
Jan
51 Jan
75
Mar
84
Jan
.55 May
3 June
8
Feb
3 Sept
2
Sept
45 Sept
1
Sept
July
4
1% Jan
21
Feb
12 May
75
May
14% Jan
38
Sep
134 July
99
Jan
30
Jan
7% Jan
34
Jan
High.
3651
834
16
2355
8635
2851
11334
70
7035
83
17
78
44%
93
%
Aug
Apr
Jan
Feb
Apr
Jan
July
July
July
Mar
Jan
July
Jan
Feb
M ar
85
Apr
Feb
10155 July
1
554 Feb
j pb
17
% Aa r
454 Apr
Mar
Jan
455
55%
7
3%
21
2
4
•18
95
Mar
sept
A pr
Feb
June
4935 Jan
Jan
1085X
10834 Aug
361
1
Sept,pr
5854 Apr
Los Angeles Stock Exchange—Record of transactions
at the Los Angeles Stock Exchange, Sept. 22 to Sept. 28,
both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Alaska Juneau Gold Mln 10
Bolsa Chita 011 A
10
California Bank New_ _25
Chrysler Corp
6
Claude Neon Eleo Prod_ •
EMSCO Der & Equip Co_ •
Farm Ss Merch Natl Bk 100
Hancock Oil corn A_ _
•
Los Ang Gas & El prer.100
Los Angeles Invest Co_ _10
Lockheed Aircraft Corp_ _1
Pacific Finance Corp corn10
Preferred C
10
Preferred D
10
Pacific Indemnity Co...10
1934 1954
235 2%
20
20
33
34%
ii
11%
7
7
325 325
8
8
79
79
82
455 4%
1%
1% 134
8%
8% 8%
8% 855
8%
855 854
7% 7%
2%
Range Since Jan. 1.
Low.
300 1635
100
155
60 20
200 29%
1,200
7%
200
3
20 300
200
6
128 7355
500
255
3,400
156
3,000
754
100
6%
100
8%
100
754
High.
63,5
Sept
July
435
Sept 21%
Aug (30
Jan 1254
835
Jan
Jan 327
June
8%
Sept 95
Jan
5
3%
Jan
Jan 1034
July
8%
June
954
a%
Jan
Jan
Jan
Sept
Feb
Feb
Apr
Aug
Feb
Feb
July
Mar
May
Jan
Jan
Jan
2031
Financial Chronicle
Volume 139
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Pacific Gas & El corn_ _25
25
6% 1st pref
Pacific Lighting corn
•
6% preferred
Pacific Mut Life Insur_ _10
Pacific Pub Serv n v corn _•
2%
Republic Petroleum Ltd_ 10
Sec First Nat 13k of L AL25 2651
*
Signal Oil & Gas A
Socony Vacuum Corp _ _ _25 1455
So Calif Edison Ltd com_ 25 11%
25
Orig preferred
25
7% preferred A
25 16%
6% preferred B
0
5557 preferred C. _25
7
So Calif Gas 6' pref _ _ _ _25
Southern Pacldc Co_ _ _100
•
Standard Oil of Calif
•
5%
Transamerica Corp
Union Bk & Trust Co_ _100 75
25 1454
Union Oil of Calif
15
19%
23%
74
1955
34
234
2651
434
14%
1134
26%
193i
16%
1434
20%
18
314
5%
75
14%
15
19%
24
74
1934
34
231
27
4%
1455
1254
2631
1955
16%
15%
20%
1834
3254
5%
75
15%
Range Since Jan. 1.
Low.
200
700
400
30
350
100
1,300
000
300
800
2,100
65
400
700
900
200
300
600
3,40
3
1,500
Sept
Jan
Sept
Sent
Sept
Sept
July
Sept
Jan
Sept
Sept
Sept
1934 Sept
15% Sept
1431 Sept
20% Sept
1551 July
304 May
5% July
Feb
75
13% July
1451
19%
23%
70
19
31
1%
26
2
1351
1051
26
High.
23% Feb
2234 Feb
Feb
36
88% Mar
28% Feb
1% May
5% Jan
36% Jan
4% Sept
19% Feb
Feb
22
37% Feb
25% Feb
Feb
22
1934 Feb
23% June
3334 Feb
42% Jan
8% Feb
Jan
100
20% Feb
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Johnson-S-S Shoe corn_ •
•
MeQuay-Norris corn
•
Moloney Electric A
25
Mo Fordl Cem corn
South Acid & Sulphur com*
___100
Southw Bell Tel pref.
Wagner Electric corn_ _15
100
Preferred
• No par value.
6
17
4331
6
615
25
11951
951
105
17
4331
6
655
25
119%
954
105
Range Since Jan. 1.
Lon.
High.
Mar
10 10% Jan 26
Feb
Jan 47
50 40
Feb
Sept 13
6
10
Feb
8
Aug
6
250
Sept
100 2215 Feb 25
30 11631 Jan 12155 July
1235 Jan
July
8
50
Sept
Apr 105
5 100
San Francisco Stock Exchange-Record of transactions at San Francisco Stock Exchange, Sept. 22 to Sept. 28:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
06
N.
Oi
a
00NONNO0Q0Q0ON.I.NQ000.400§NCONW
X0
Ne4C.21,
N,-,1,4nONOCONNONW-.V.....,,,Nt,CN
,Cq
C.CAN
-...X
....NM,
,
. , MN
.-1 ......4.0 C., .4 -
July 2331 Jan
3,075 17
18% 1951
Alaska Juneau G Mm..10
Feb 86% Sept
60 70
Alaska Packers' Assn_ _100 8634 8655 8635
834 Jan 14% June
520
12% 13
Anglo Cal Nat Ilk of S F_20 12%
2% Apr
Jan
1
200
131
135
154
Assoc Insur Fund Inc_ _10
Jan
2
239
734 Apr
5
5
* No par value.
5
Atlas Imp Diesel Eng A_ _•
Feb
Jan 159
20 121
144 145
100 145
of transactions Bank of Calif N A
Philadelphia Stock Exchange-Record
May
8
3% Jan
6
634 2,776
Byron Jackson Co
July 2554 Mar
505 18
1955 203.4
at Philadelphia Stock Exchange, Sept. 22 to Sept. 28:
Calamba Sugar com_ _ _20
2131 Sept
Feb
375 19
2155 2151
20
7% preferred
Sales
Friday
55 Feb
51 Jan
3,580
3/
%
10
X
California Copper
Range Since Jan. 1.
Last Week's Range for
12% Feb
20
434 Jan
855 855
Calif Cotton Mills corn 100
Week.
Sale
ofPrices.
Jan 4354 Aug
229 19
3954 39%
Corp_ *
California Packing
Low.
IfOh.
Par Price. Low. Ifigh. Shares.
Stocks15 1055 Sept 14 June
1054 1055
CalWest Ste Life Ins Cap10 10.55
1,205 2355 Jan 3355 Apr
27%
27
•
100 111% Jan 11731 Mar Caterpillar Tractorlstpf100 7734
Jan 8534 Aug
49 58
Bell Tel Co of Pa pref. _100 114% 114 11455
82
7734
0
734 Apr Cat Cos G & E 67
July
3
200
4% 4%
•
2734 July
41.0 2455 Jan
Budd (E G) Mfg Co
27
26
•
5% Jan Cons Chem Indus A
2% July
100
•
2% 255
Sept
Budd 'Wheel Co
40 22255 Feb 240
240 240
Crocker First Nat Bank100
June
Jan 41
10 34
41
50
41
635 Apr
3% July
Cambria Iron
1,771
455 4%
Aug Crown Zellerabch v t c_- •
6
1% Feb
400
3
•
3
Jan 58 June
Central Airport
106 34
46
* 4531 45
Preferred A
117 33% Sept 51% Jan
33% 34%
Jan 5755 June
Elec Storage Battery _ _ _100
55 34
4555 46
Preferred B
75 3135 Jan 5055 Apr
46
10 46
1151 Sept
4655
Sept
Fire Association
420 10
1151
11
Jan 2051 May Claude Neon Elec Prods_ *
50 17
19% 20
May
Aug 22
Horn dr Hard (N Y) corn •
10 16
2055 203-4
Fruit pref
700 3934 Jan .51% Apr DIgiorgio
45% 46
Insurance Co of N A__ _10 46
83-4 Feb
Sept
5
432
6% 53.4
1051 Feb Emporium Capwell Corp.°
5% Jan
900
7% 7%
Lehigh Coal & Navigation •
31 1834 Jan 25% Sept
253-4 2534
Fireman's Fund Indem _10
9% July 20% Feb
157
50
11% 1234
Lehigh Valley
405 4751 Jan 6134 Feb
60%
60
3% Apr Fireman's Fund Insur_..25 60
35 Jan
800
134
1%
131
Mitten Bank Sec Corp pf 25
Jan 2051 Sept
100 15
2051 2051
451 Feb First Nat Corp of Ptld__
134 July
8,200
•
1% 2
2
2035 July
Pennroad Corp v t c
783 1055 Jan
1555 16
•
Food Mach Corp corn
600 20% Sept 3955 Feb
2255 24
50
Sept
Pennsylvania RR
135 3155 Jan 35
3455 35
Mar 62% Aug Galland Mere Laundry. •
25 51
50 6151 6155 61%
June
10
Penne Salt Mfg
655 Jan
112
9
9
Jan Gen Paint Corp A corn..*
Aug 21
10 11
11
11
7% Feb
455 Ma
Phila Dairy Prod pref. _25
250
555
555
534
July Golden State Co Ltd
Jan 106
110 93
555 Sept
Phila Elec of Pa $5 pref... 10331 103% 104
1% Jan
328
334
355
336
300 30% Jan 33% July Haiku Pine Co Ltd com_20
32% 33
Sept
Phila Elec Pow pref. _25
455 Apr 20
208
1655 19
25 16%
Preferred
May
13
Jan
1
220
2% 2%
1135 Feb
July
Phila Rapid Transit. .50
9
141
9
9
•
455 Jun 15'% Apr Hale Bros Stores Inc
120
50
5% 6%
Feb
7% Prof
68 25% Jan 31
Feb Home F & M Ins Co__ ..10 2854 2834 2855
Jan
634
3%
150
..5
4% 4%
Sept1554 Feb
Phil & Rd Coal & Iron.
200 11
11
11
300 1631 Jan 29% Apr Honolulu Oil Corp Ltd__ •
22
21
Philadelphia Traction. _50
80 23% Sept 26 June
24
9 43% June 5155 Sept Honolulu Plantation ..50 23% 2335 6
5134 51%
Jan
Scott Paper
7
25
434 Aug
6
26 108% Mar 114% Sept Investors Assoc(The)..•
114 114%
Jan
Series A 7% pref _ _100
5
Sept
2
290
2
2
nil Feb Langendort Utd Bak B •
.15 Aug
100
%
1
.34
Tonopah Mining
Sept 9434 Apr
83 75
7834 80
11% Apr L A Gas & El Corp pref 100
July
5
800
634 7%
63,1
50
Union Traction
255 July
154 Sept
570
1%
1%
155
•
Magnavox Co Ltd
1,500 13% Sept 2055 Feb
14% 14%
235 Jan
United Gas Impr corn__ _ _* 14%
1% Sept
430
135
135
1%
Jan 100% June Merchant Cal Mach corn 10
86
13
96%
• 95% 95
Preferred
751 July 10% May
1,475
835 8%
834
•
7% Apr Natomas Company
Ma
6
27
6% 6%
Westmoreland Inc
1034 Aug
755 May
1,120
93.4
9
10
No Amer Oil Cons
BondsFeb
77 1434 Jan 22
1934 20
22% 23 825,500 15% Jan 29% Apr Occidental Insur Co_ _10 1934
Apr
Elec & Peoples tr ctfo 48'45
11
Jan
6
105
8
8
8
*
Jan Oliver Utd Filters A
Aug 34
6,000 26
26
26
Peoples Pass tr Ws 4*.1943
3,720 1455 Sept 2355 Feb
1435 1555
25 14%
July Pacific G & E corn
Jan 113
112% 112% 6,000 105
Elec (Pa) 1st 5s.19116
3,935 1951 Sept 2354 Mar
1955 20
25 1934
6% 1st preferred
Sept 2155 Apr
978 17
1755 18
• No par value.
25 17%
% preferred
742 2154 Sept 3635 Feb
233-4 2455
Lighting
Mar
Pittsburgh Stock Exchange-Record of transactions Pacificpreferred Corp corn*
100 6955 Sept 89
7255 7455
•
6%
155 May
% Feb
105
34
34
PacPubServ(non-vtg)emu°
%
at Pittsburgh Stock Exc -tango, Sept. 22 to Sept. 28:
135 Jan
1,003
834 Aug
734
734
734
(Non-voting) pref
*
Mar
Jan 86
Sales
143 71.
Friday
76
74
.100
Pacific Tel & Tel corn.
June
Jan 116
Range Since Jan. 1.
100 103
Last Week's Range for
104 108
6% preferred
100 104
1Veek.
551 25% Jan 41% Aug
ofPrices.
Sale
3731 3834
Paraffine Co's corn
15 June
High.
Low.
551 Jan
54
Par Price. Low. High Shares.
12
11
StocksRy Equip & RIty 1st pref • 11
235 Mar 1234 June
5
1055 1055
• 1034
Series 2
16
Sept 2254 Feb Rainier Pulp & Paper Co-*
18
100 1755 Jan 2955 Aug
18
•
2451 2434
Allegheny Steel
July SJ L & Pwr 6% pr pref 100
Feb 100
90
100 100
31 6855 Mar 7954 Sept
7955
100
79
Preferred
Jan 26% Feb Shell Union 011 corn
14
635 Sept 11% June
1834 1934
510
6% 634
•
Armstrong Cork Co com_.•
634
Sept
Apr 85
634 Sept 1655 Jan ShermanClay & Co pr pf100
10 75
7% 734
755
*
85
85
Blaw-Knox Co
July
Feb Sierra Pac Elec 6% pref100 62% 62
3
90c Sept
Jan 65
25 48
1%
1
1
63
1%
Carnegie Metals Co
Feb Southern Pacific Co.._.100 19
734 Sept 19
2,505 1534 Jan 3354 Feb
8% 934
9%
18% 19%
Columbia Gas dr Electric.*
May So Pac Golden Gate A_ _ _ _*634
755 Mar
18
Jan
9
Jan
11
5
11
600
10 11
655 6%
Devonian Oil
4.34 Feb
234 Aug
5% Mar
334 Jan
130
234 2%
455
455
Duquesne Brewing com_.5
455 Aug
531 Feb Standard 011 of Calif
1,405 3035 May 3235 Jan
534 534
5
Class A
* 313.4 3151 32
Apr
Feb Tide Water Ass'd Oil corn •
14
May 30
5
854 Jan
735
531 551
955 955
Follansbee Bros pref...l00
May
234 July
131 Jan
134
lu
565 64% Jan 85
Fort Pittsburgh Brewing_ I
7834 8055
6% preferred
134
100 7834
Aug Transrnerica Corp
July 58
El
8% Feb
555 July
5555 5555 553-4
5,35 5% 23,725
Gulf 011 Co
535
*
Apr Union 011 Co of Calif....25 14%
Jan 85
65
77
100 13% Jul) 20% Feb
77
1455 143.4
Koppers G & Coke pref.100 77
8% Feb Union Sugar Co corn
435 July
Jan
4
734 Apr
120
•
534
5
5%
555 555
Lone Star GIIS
_25
Sept
17% Jan 29% Feb Wells Fargo Bit & U Tr.
Jan 235
24% 28
20 185
5 2734
22331 224%
Mesta Machine
_100
Feb
455 Feb Western Pipe R. Steel Co _10
Aug
1
73-4Sept 14
100
2.51
8
251
8
Natl Fireproofing pref _.50
Feb
5
251 Sept
231
231
234
Pittsburgh Brew corn....
* No par value.
Feb
1854 Sept 39
24%
• 2455 23
Preferred
July
4
131 Jan
231
235
Pittsburgh Forging Co_ _1
San Francisco Curb Exchange-Record of transactions
Apr
3934 Jan 57
4534
45
l'ittsburgh I'late Glass_ .25 45
11% Apr at San Francisco Curb Exchange Sept. 22 to Sept. 28:
4% July
634 6%
634
Pittsburgh Screw & Bolt _•
2% Apr
154 Jan
1)4
1
134
'termer Co
Sales
Friday
Apr
955 Jan 15
10
10
_5
Range Since Jan. 1.
ltuud Manufacturing_
Last Week's Range for
70 Feb
20 Sept
3c
20
1
Mining
1Week.
San Toy
ofPrices.
Sale
235 Apr
155
155
134 Sept
*
Low.
High.
Shamrock Oil & Gas
Par Price. Low. High. Shares.
StocksJan 2534 Feb
16
United Engine & Foundry • 21% 2154 22
1534 Mar 2034 Sept Alaska Treadwell
19
Feb
19
100 17c Aug 73c
Vanadium Alloy Steel_ _ _ _• 19
18c
18c
25
14 Aug
90c Sept
90c 950
Feb
1 95c
July 125
373 106
Victor Brewing
110 113
1534 July 35% Feb American Tel & Tel_ _100 11151
Jan
1834 19%
200 Mar 320
Westinghouse Air Brake_ •
1,300
22c 23c
Feb Amer Toll Bridge (Del)_1
2835 July 47
3034 32%
10 June
3.15 Jan
weuinglise Elea & Mfg.50 3235
165
8% 835
Anglo Nat Corp
16% Sept
4.50 Jan
Unlisted
1455 16% 5,215
5 1455
Arganaut Mining
Jan 102
64
July
70
68
334 Sept 10% Jan
300
Lone Star Gas 6% pref_ 100 70
4
4
5
Aviation Corp (Del)
Feb
Jan 38
10 20
25
25
Calif-Ore Pow 6% 1927 100
• No par value.
3034 Sept 5951 Feb
100
34
34
Chrysler Corp
5
1%
r.
135 Jan
49
434 Feb
1%
1%
Cities Service
1% Feb
850 41c Sept
50c 57c
Claude Neon Lights
1
Apr
100 4355 Jan 70
64%
62
Crown Will 1st pre
*
350 June 350 June
2
35c 35c
10
Dumbarton Bridge
Apr
Jan 44
42
2
42
42
20 42
Ewa Plantation
LISTED AND UNLISTED
24% July 4255 Feb
57
10 2955
30
29
General Motors
3..50 Sept
1.55 May
100
3.50 3.50
20
llonokaa Sugar
3.75 Jan
2.50 May
3
2.75 3.00 1,910
Idaho-Maryland
1
Jan 350 Feb
.500 10c
160
12c
10.10 Petroleum
• 16c
Members
1.80 Feb
Jan
1,049 520
600 720
• 85e
Preferred
St. Louis Stock Exchange
Now York Stock Exchange
80 Aug 25c Feb
200
110 110
10
Kleiber Motors
New York Curb Exchange (Assoc.)
Chicago Stock Exchange
Jar
8% Aug
3
1,039
754 7%
10
Libby McNeill
734
Monthly quotation sheet ?nailed upon request.
100 24% Jan 3354 Feb
2734 2731
•
Montgomery Ward
Feb
56c
2,300 250 Jul
25c 26c
Occidental Petroleum_ .1
MISSOURI
513 Olive St.
ST. LOUIS
755 Jan
Sept
2
30
2
2
•
O'Connor Moffatt
Jan
Jan 34
5 30
32
20
32
Onomea Sugar
9% Aug
651 May
5
9
9
Pacific American Fish. •
Mar
3
1% July
208
251 2%
1
Louis Stock Exchange-Record of transactions at Pacific Eastern Corp p1100
St.
July
Feb 34
7 30
33
33
Pacific Ptld Cement
655 Jan 10% Apr
641
834 954
20
Pineapple Holding
St. Louis Stock Exchange, Sept. 22 to Sept. 28:
970 10% Sept 22% Feb
1155 12%
25 12
So Calif Edison
Sales
Friday
1934 Feb
20 14% Sept
15
25 15%
15%
555% preferred
Range Since Jan. 1.
Last IVeek's Range for
300 15% Sept 2254 Feb
1655 17
25 1655
6% preferred
1Week.
Sale
ofPrices.
70 1835 Sept 24% Mar
18% 19%
25
7% preferred
Ifigh.
Low.
Par Price. Low. High. Shares.
StocksMay
Sept 70
15 57
57
.57
100
Stecher-Traung
200 25c May 40c Mar
25c 25c
1
Mar Sterling Oil
263 454 Sept 60
5055
* 5055 48
Aug
531 Sept
5
50
Brown Shoe corn
"
5% 531
Super Ptld Cement B
4% Apr
254 Sept
100
251 2%
5
Feb
Columbia Brew corn
100 220 July 42c
25c 25c
1
754 Apr US Petroleum
2% Sept
100
2% 3
1
5% Jan
1.20 Sept
10
Falstaff Brew corn
1.20 1.20
10
Feb Universal Cons Oil
8
355 July
10
4% 4%
Feb
Apr 40
235 32
37
37
I iamilton-lirown Shoe COM
20
Walalua Agricul
Feb
3
Mar
1
50
234 2%
II ussmann-Ligonier
* No par value.
85 38)4 Sept 49% Jan
38% 39'1
international Shoe corn •
A.-
a
4.
=
...
ST. LOUIS MARKETS
WALDH El M,PLATT & CO.
2032
Sept. 29 1934
Canadian Markets
LISTED AND UNLISTED
i
CANADIAN MARKETS
JENKS,GWYNNE & CO•
CANADIAN
SECURITIES
ERNST & COMPANY
Members New York stoat Exchange, Toronto Stock Exchange, Vancouver Stock
Exchange and other principal Exchanges
65 Broadway, New York
230 Bay St., Toronto
256 Notre Dame St. W., Montreal
Vancouver
Victoria
Philadelphia
Burlington, Vt.
-
Toronto Stock Exchange
Stocks—
Abitibi Pr & Pap com
• 1.05
90e
preferred
-ioo
431
Alberta Fat Grain pref 100
15
Beatty Bros corn
8
•
Beauharnois lower corn..*
531
531
Bell Telephone
100 120
119
Blue Ribbon Corp corn.
.°
434
64'7, preferred
56
2931
Brantford Cord let pf__25
2531
Brazilian T L dr P com__• 12
1031
Brewers & Distillers corn.' 700
65e
B C Power A
•
27
B
•
54
Burt (F N) Co corn.
...25
30
Canada Bread corn
*
1st preferred
100
B preferred
100
Canada Cement corn..__'
i referred
•
Canadian Bakeries pref 100
Canadian Canners corn..'
Cony preferred
•
1st preferred
100
Can Car & Fdry com___ *
Preferred
i5
Can Dredge & Dock corn.'
Canadian Indus Alcohol A•
B
•
Canadian Oil corn
•
lyeferred
100
Canadian Pacific Ry—_ _25
Canadian Wineries
•
615
39
5
8731
74
6,4
8
14
1331
Cockshutt Plow corn_ ...•
.
Consolidated Bakeries.. _•
6
8
1.05
431
154
8
534
121
44
294
26
12
70e
27
531
30
2
234
40
40
12
12
631 631
3731 39
10
10
5
5
85
8731
74 74
531 6%
124 134
21
2131
8
84
7.4 731
1331 14
11431 1154
134 134
54 535
Consumers Gas
100 188
Cosmos Imperial Mills_ _°
Pref
100
Crow's Nest Pass Coal_100
6
8
130
187
1131
90
20
Dominion Stores com_•
Fanny Farmer corn
•
Ford Co of Canada A •
General Steel Wares com_•
Goodyear Tire & Rub pf100
Hamilton Un Theat corn 25
Hinde & Dauche Paper_ •
15
16
29
2931
1931 204
331 331
114 114
131 114
84 835
COW Mining& Smelting 25
15
29
20
64
8
133
190
114
91
20
Range Since Jan. 1.
Low.
815 90e
120
4.14
15 15
25
64
282
331
538 110
5
4
15 234
31 22
9,955
731
1,970 600
50 234
5
4%
5 27
130
30
125
634
68
5
45
178
300
125
45
220
2,030
75
50
40
2,350
210
2
25
g
431
33
10
5
75
7
54
114
17
534
531
10
92
1131
531
534
470
190
7
101 118
99 165
100
731
46 85
5 16
High.
Sept 2.25
Apr
Sept 104 Apr
Sept 23
Feb
July 10
Feb
Jan
931 Feb
Jan 120
May
May
6
June
Jan 32
Apr
Jan 26
Sept
July
144 Feb
Sept 2.95
Jan
Jan 324 Feb
Jan
831 Feb
Jan 34
May
Sept
54 Jan
Jan
Aug 50
15
may
Aug
July 12
Feb
Jan 53
Feb
July
Sept 12
Sept
Apr
8
Jan 884 Apr
Sept 10
Feb
931 Mar
July
Jan 1631 Feb
July 3431 Feb
July 2031 Jan
July
1931 „ran
June
July
18
Feb 120 June
July
1831 mar
Sept 1131 Jan
Sept 1031
July
1231
July 170
Jan 200
Jan 114
Jan 95
May 20
Feb
Feb
Apr
Sept
Feb
July
Sept
619 14
Sept 23
30 13
Jan 324
3,962 15
Jan 2531
25
331 Sept
8
51 106
Jan 118
5
1
Aug
24
531 Jan
160
834
Mar
yam
Feb
Feb
July
Feb
July
Internat Milling 1st pi 100 102
102
International Nickel corn.' 244 234
International utilities A.•
234
B
•
50c
Kelvinator of Can corn_ •
4
Preferred
loo
933.1
Laura Seeord Candy com_•
56
Loblaw Groceterias A___• 1731
164
B
• 164
164
Loew's Theatres(M)pf 100
89
Common
•
12
102
2431
231
50o
4
93.4
56
174
1631
89
12
5
8,344
25
125
20
35
45
497
341
10
4
99
2131
2%
50o
4
80
464
14
134
60
12
July 11031 June
Jan 29
Apr
Sept
64 Feb
Sept 1.50
Feb
Sept
54 Feb
Jan 95
July
May 59
Sept
Jan 184 Apr
June 1731 Apr
Jan 85
July
Sept 124 June
Maple Leaf Milling com_ •
Preferred
100
Massey-Harris corn
•
Moore Corp corn
•
A
100
National Sewer Pipe A__•
Out Equitable 10% pd_100
Orange Crush corn
•
Page
-Hersey Tubes cord..
Photo Engravers dr Elec_•
Russell Motors pref___100
50o
10
334
331
14
105
184
6
6
30
30
664
19
19
55
500
10
4
14
105
1831
6
30
664
194
55
100
40
381
170
20
5
225
200
45
122
310
50c
3
331
11
96
144
531
25
55
14
10
Sept
May
Sept
Jan
Jan
Jan
June
July
Jan
Jan
Mar
10
10
631
7631
4
3331
37
100
34
235
10
631
774
4
37
38
15o
34
231
25
50
190
25
546
417
140
110
435
94
4
424
5
28
31
100
2
235
Aug
Jan
Jan
July
Jan
Jan
Sept
Aug
Sept
25
15
6
46
10
3
76
2631
154
64
464
10
3
76
3,718
1,305
35
501
15
5
43
21
1431
2
28
7
3
50
July
Aug
July
Feb
Jan
Sept
Mar
Simrson's Ltd A
•
B
•
Preferred
100
Standard Chemical corn_ •
Steel of Canada com____•
Preferred
25
Traymore Ltd corn
•
Union Gas Co corn
•
United Steel
•
Walkers (Hiram) com_ •
Preferred
•
Western Can Flour com_ •
.
Weston Ltd (Geo) corn..'
Winnipeg Electric pref_100
Zimmerimitt corn
•
100
Preferred
77.4
364
3734
235
25
153.4
64
46
10
Banks—
Commerce
Dominion
Imperial
100 158
155
100 1664 165
176
100 176
159
172
178
173 123
42 133
13 141
Montreal
Nova Scotia
Royal
Toronto
100 201
100
100 165
100
2014
250
165
210
222
30
63
8
* No par value.
200
250
160
210
Members New York and Chicago Stock Exchanges
New York Curb Exchange. Chicago Board of Trade
ONE SOUTH WILLIAM STREET. NEW YORK
PRIVATE WIRES MONTREAL. TORONTO AND CHICAGO
Toronto otock txchange—Curb Section
Record of transact one Sept.22 to Sept. 28, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
GOVERNMENT
MUNICIPAL
CORPORATION
and RAILROADS
Stocks—
b rtaau
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
•
7
Brewing Corp com
631 8
,referred
* 29
25
30
Bruck Silk
• 134 134 134
Can Bud Breweries corn_ _•
931 10
934
Canada Malting com___..• 2731
27
2831
Canada Vinegars corn_
. • 2
254
531 25
Canadian Marconi
14 131
1
Can \Vire Bound Boxes A_•
14
14
Cosgrave Expt Brewery_10
7
7
• 15
144 1531
Distillers Seagram',
Dom Tar & Chemical corn •
24 24
English Elec of Canada A_•
9
9
9
Goodyear Tire & Rub corn* 130
124 130
Hamilton Bridge com_
•
44
4
Honey Dew pref
•
34 331
Howard Smith pref____100
68
68
Humberstone Shoe corn_ _• 2731 2731 274
Int Metal Industries pf_100 40
40
40
Imperial Tobacco ord.__ _5 114 11
114
Int Metal Industries
4
*
4
4
Montreal L. H dr P Cons_• 324 324 324
National Breweries com- •
2731 28
Power Corp of Can com_ •
934 10
•
Rogers Majestic
8
731 834
Robert Simpson pref. 100
964 9631
Shawinigan Water & Pr.' 1831
18
1831
Stand Pay & Matis coin_ •
85 100
Toronto Elevators corn. •
26
27
Preferred
100
1004 10034
United Fuel Invest pref 100 1331
1331 1331
Walkerville Brew
•
731
734 8
Waterloo Mfg A
•
85
85
Oils—
British American Oil
• 1331
1331 14
Drown Dominion 011
•
24 24
Imperial Oil Ltd
• 1431
1431 15
International Petroleurn...• 2931 2731 294
McColl Frontenao Oil corn* 1331
13
134
Preferred
100 90
90
89
North Star Oil pref
5 1.10
1.00 1.10
Supertest Petroleum ord..* 224 21
224
Common
• 224 2231 2231
Loan and Trust—
Canada Permanent_100 123
123 123
Huron* Erie Mtge----IN 75
75
75
20% paid
• 15
1431 15
50 107
107 107
Toronto Mortgage
Jan
Jan
Sept
Sept
June
May
Sept
Jan 168
Jan 186
Jan 180
Feb
Mar
Feb
167
Jan 203
250
Sept 278
13031 Jan 168
162
Jan 210
Feb
Jan
Mar
Sept
Low.
High.
5
Jan
15
Jan
13% Sept
74 Jan
284 Jan
214 Jan
14 Sept
13
Sept
54 Jan
84 July
2
July
9
Sept
90
Jan
44 Sept
3
Aug
51
Jan
24
Mar
324 Jan
104 Sept
4
Sept
31
July
26
Apr
731 July
5
Jan
80
Jan
18
Sept
85
Sept
Sept
20
90
May
93.1 Jan
54 Feb
85
Sept
11
may
3231 Aug
22
Mar
12
Mar
354 Mar
27
Feb
44 Feb
164 Jan
10 June
264 Jan
531 Feb
16
Feb
136
Feb
93.1 Feb
11
Feb
68
Sept
274 Sept
60
Apr
1231 Feb
loy, Feb
394 Feb
2831 Aug
15
Feb
94 June
97
Sept
243( May
42
Feb
28 June
106
Apr
2031 Apr
10
July
4
Feb
3,356 12
60
2
13,79f
1231
8,330 1831
246 104
114 7134
675 1.00
225 16
lo 1634
July
Mar
June
June
Apr
May
Mar
Mar
Mar
Jan 140
Jan 95
Sept 15
Jan 120
14 118
2 70
54 13
1 105
July
154
Sept
44
Jan
1531
Jan 3031
Jan 144
Jan 91
Sept 3.00
Jan 294
Jan 28
Apr
Mar
Sept
Apr
Montrea Stock Exchange
Record of transact one Sept. 22 to Sept. 28, both
Inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Agnew-Surpass Shoe
•
Preferred
•
lberta Pao Grain A
•
100
Preferred
Amal Elee Corp pref.
50
Bathurst Pow & Pap A•
6
Jan Bawif Nor Grain pref__100
100
1031 Feb Bell Telephone
•
834 Feb Brazilian T L & P
•
174 Feb Brit Col Pow Corp A
114
June... il
•
204 Feb Bruck Silk Mills
•
Feb Building Products A
9
pp
Jan Canada Cement
•
100
77
Mar
Preferred
204 June Can Nor Power Corp__ •
•
Sept Canada Stegmship
55
Canadian Bronze
100
17
Apr
Preferred
•
8
July Can Car & Foundry
Preferred
25
7715 Sept
•
9
Jan Canadian Celanese
100
Preferred 7%
384 Jan
100
3831 Apr Canadian Cottons
Preferred
100
1.00
Jan
64 Mar
631 June
5734
174
615
4731
1031
64
76
5,795
5,903
15
1,545
2,063
45
100
125
5
6,600
50
65
110
50
30
25
40
10
502
15
845
20
84
1,026
20
109
545
105
10
40
1,485
165
Range Since Jan. 1.
8
34
4
18
120
1131
27
1331
64
194
1.50
64
134
93
Range Since Jan. 1.
Low.
6
6
5
531
85e 850
16 72e
34 34
10
3
15
16
15 1431
15
15
10 10
4
434
270
3
18
1831
7
30
119 12031
414 110
1031 1231 17,226
73.4
2631 274
490 224
54 84
525
44
13
14
970 124
21
21
10 1631
6
64
721
431
34 4
55 32
1831 1931
220 164
1.50 1.80
15 70e
22
22
10 17
1014 10131
55 95
531 64
451
54
124 14
200 1131
16
174
75 154
108 110
185 104
60
60
10 41
93
95
55 70
High.
Aug
834 Feb
Feb 90c Mar
Jan
Feb
7
July 22
Mar
Jan 15
July
Jan
84 Mar
Jan
184 Sept
Jan 1204 Sept
Jan
1431 Feb
Jan 3231 Feb
Jan
814 Feb
July 22
Mar
Jan
2331 Feb
July
Feb
12
Jan 5231 Feb
Jan 224 Mar
Jan
34 Apr
Jan 27
Mar
Jan 109
May
July
931 Mar
May 16
Feb
Sept 2231 Mar
Feb 120
Apr
Jan
72
Feb
Jan
95
Aug
LA I D LA IA/ & CO.
Mom' eri New York Stock Exchange
26 Broadway, New York
Private wires to Montreal and Toronto
and through correspondents to all
Canadian Markets.
2033
Financial Chronicle
Volume 139
km,
Canadian Markets-Listed and Unlisted
Montreal Curb Market
Montreal Stock Exchange
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
50
Can Gen Eleo pref
Can Hy to-Electric prof100 66
Can Indust Alchol
8
*
Class B
755
*
Canadian Pacific Ry_ _ _25 1334
Cockshut Plow
Con Mining & Smelting_25 130
Dominion Bridge
* 31%
Dominion Coal pref __ _100 95
Dominion Glass
100
Dom Steel & Coal B_ _ _ _25
374
Dominion Textile
• 7855
Preferred
100 130
Dryden Paper
•
Eastern Dairies
255
Foundation Co of Can
Gen Steel Wares
*
Goodyr T prof inc 1927_100
Gurd (Charles)
*
Gypsum Lime & Alabas_ _*
Hollinger Gold Mines_ _ _6 19.90
Howard Smith Paper M_*
7
Preferred
160
Intercolonial Coal
100
Internati Nickel of Can_..* 2434
International Power
*
Preferred
100 27
Lake of the Woods
* 10
Preferred
100 .
Massey-Harris
*
334
McColl-Frontenac Oil_ _ _* 1335
Montreal L H & Pow Cons* 3255
Montreal TranYways_100
National Breweries
* 28
Natl Steel Car Corp
*
Niagara Wire Waving ___ _*
Ogilvie Flour Mills pret 100
Ottawa L H & Pow pref 100
Power Corp of Canada_ _.*
915
Quebec Power
* 16
St Lawrence Corp
* 150
A preferred
6
50
St Lawrence Flour Mills100
St Lawrence Paper pref 100 12
Shawinigan Wet & Pow_* 1834
Sherwi n-Williairm of Cane
Southern Can Power
*
Steel Co of Canada
* 37
Preferred
25 3715
Viau Biscuit
*
Wabasso Cotton
* 22
Winnipeg Electric
*
Preferred
100 1034
BanksCommerce
100 15834
Dominion
100
Montreal
100 201
Nova Scotia
100 255
100 165
Royal
Range Since Jan. 1.
Low.
63
May
76
Apr
2034 Jan
1954 Jan
1834 Mar
1035 Feb
170
Mar
37
Mar
98
Sept
100
Mar
554 Apr
88
May
140
May
734 Feb
5
Feb
1674 June
6
Feb
114 June
1114 Apr
834 Feb
21.55 Sept
11
May
73
May
15
Sept
29
Apr
4
July
2834 July
15
Feb
73
Mar
8
Feb
1455 Apr
3934 Feb
125
Feb
2854 Aug
1855 Feb
9
Sept
14034 July
103 June
15
Feb
20
Feb
33.6 Feb
1134 May
45
Sept
26
May
2455 Feb
21
Mar
16
Mar
38
Mar
July
39
Jan
5
37
Apr
4
Feb
Feb
12
4
62
62
138
65
67
8
855 1,390
565
734 734
1314 1334 4,965
170
615
6
407
129 133
1,215
30
3134
520
93
98
50
92
92
1,740
334 4
165
7834 83
25
130 130
105
33.4 334
25
215 255
30
12
12
70
3% 315
41
114 114
80
534 6
755
455
434
19.90 21.15 6,101
7
7
60
30
633.4 65
42
15
15
2334 2434 4,290
55
. 335 315
73
26
2715
395
10
11
11
70
70
210
374 4
1,562
13
1334
3234 33
2,248
96
9
96
1,227
2715 28
75
14
14
9
9
10
7
138 138
103 103
10
914 1034
471
16
16
92
150 190
. 530
243
615
6
45
15
45
199
12
1434
18
1834 2,166
100
1254 13
60
12
12
1,393
3415 37
275
37
3734
55
134 2
22
22
25
100
234 234
25
1034 1034
58
5455
5
5
1134
534
119
25%
10
80
234
67
112
334
2
10
314
107
554
455
11.40
4
33
6
21.15
2
14
10
55
354
1034
3034
93
2355
1214
8
125
90
735
15
115
534
33
12
1734
1215
11
28
31
1
20
134
4
156
175
200
250
162
129
Jan 166
152
Jan 177
169
Jan 203
250
Sept 276
12934 Jan 16634
159
175
202
255
166
187
10
350
63
252
Jan
Jan
July
July
July
Sept
July
Jan
Jan
Jan
Jan
Jan
Jan
Sept
July
Jan
Sept
Sept
Sept
Sept
Jan
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
July
Jan
July
July
Jan
July
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
July
Jan
Jan
Jan
High.
Feb
Sept
Feb
Feb
Feb
Montreal Curb Market
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Pickle-Crow
1
Quebec Gold Min Corp- 1
Read-Authier Mine Ltd 1
Siscoe Gold Mines Ltd__ _1
Sullivan Consol
1
Teck-Hughes G Mines Ltdl
Thompson-Cadillac
1
Ventures Ltd
*
Wayside Con GM Ltd_50c
Wright Harg Mines Ltd__•
Unlisted Mines
Arno Mines Ltd
*
Cent Patricia G Mines_ _ _1
Eldorado G Mines Ltd_ _ _1
Kirkland Lake G Min Co 1
McVittle Graham M Ltd_l
1
Pioneer G M of B C
San Antonio G M Ltd__ _ _1
Sherritt-Gordon M Ltd1
Stadacona Rouyn Mines__•
Sylvanite G Mines Ltd_ _ _1
Unlisted
Abitibi Power di Paper Co *
Cum preferred 6%-- -100
Brewers & Distil of Van_.*
Brewing Corp of Can Ltd.*
Preferred
*
Canada Malting Co Ltd_.
Canada Bud Breweries_ _ _*
Cndn Industries Ltd B*
Cndn Light & Power Co100
Consol Paper Corp Ltd_ *
Ford Motor of Can Ltd A _.
Gen Steel Wares pref.._ _100
Price Bros Co Ltd
100
Preferred
100
Weston Ltd
•
Range Since Jan. 1.
High.
Low.
1.90 Sept
1.37 Aug
2,000
1.65 1.82
5,450 150 June 700 Apr
170 20c
1.74 June
Jan
4,550 26c
1.20 1.33
2.87 Aug
1.43 Jan
6,680
2.45 2.68
3,383 44c June 630 July
490 520
8.00 Apr
4.00 Sept
4,675
4.00 4.27
Jan 58c Mar
300 2055c
490 490
1.12 Mar
Jan
• 400 77c
1.01 1.00 1.01
Feb
7c Aug 4855c
500
9340 9340
6.75 Jan 10.25 Apr
500
8.70 8.70 9.35
1.65
I70
1.20
2.45
49c
4.05
2c
1.00 1.00
2.00
700
72c
530
11.75
5.00 5.00
44c
450
29e
29c
2.70 2.70
755
29
10
1.50
2034
2c
500
2c
5,600 5454c
1.10
1.90
100
2.00
1,500 25c
750
500 3934c
530
100 10.85
11.75
1.76
600
5.50
51150 3,850 44c
320 14,760 854c
1.30
1,100
2.85
1.00
434
650
7
2554
2734
10
1.60
20
1.50
1934
32
2
18
46
1.05
434
700
815
3134
2834
10
1.61
20
1.75
2034
32
255
18
4634
1,005
100
400
3,470
4,245
310
5
15
15
2,679
615
15
935
25
90
90c
4
650
534
1515
2734
815
1.48
19
1.50
1534
1434
95c
7
2934
18c
July
1.25
Jan
4.30
July
Jan 75c
1.20
July
Sept14.00
6.20
Jan
1.43
Sept
Jan 4634c
3.20
Jan
Feb
Sept
Mar
Sept
Jan
Apr
July
Apr
July
Apr
255
1034
2.95
11
3234
3534
12
1.70
40
336
2534
47
6
3714
4634
Feb
Apr
Feb
Apr
July
Mar
May
May
Feb
Jan
Feb
June
May
May
Sept
Jan
Jan
July
Jan
Jan
Sept
Jan
Jan
Aug
Sept
Jan
Jan
Jan
Jan
Mar
Provincial and Municipal Issues
Bid
Province of Alberta4145
Apr 1 1935
5s
Jan
1 1948
4558
Oct
1 1956
Prov of British Columbia4545
Feb 15 1936
55
July 12 1949
455s
Oct
1 1953
Province of Manitoba4558
Aug 1 1941
55
June 15 1954
55
Dec 2 1959
Prov of New Brunswick454s
June 15 1936
454s
Apr 15 1960
4555
Apr 15 1961
Province of Nova Scotia
4355
Sept 15 1952
Mar 1 1960
Bid
Ask
Province of Ontario
Jan
3 1937
536s
1 1942
55
Oct
Sept 15 1943
68
May 1 1959
55
48
June 1 1962
1004 10112
Jan 15 1965
4348
99 101
954 97 Province of Quebec4155
Mar 2 1950
1 1958
Feb
4s
9812 100
4145
May 1 1961
4
1013 1023
4
1034 105 Province of Saskatchewan
415s
May 1 1936
June 15 1943
5s
10412 106
Nov 15 1946
554s
109 111
Oct
1 1951
4.54s
10612 108
102 103
10014 10114
964 9712
Ask
108 109
111 113
11812 11912
11814 11914
105 10612
11012 112
110 11112
10512 107
110 11112
10012 10112
9812 100
101 10212
9312
92
10712 109
113 11412
Record of transact'ons Sept. 22 toSept. 28, both
Inclusive, compiled from official sales lists:
Stocks-
.
Friday
Sales
Last Week's Range for
La
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
od,
Gundy
Range Since Jan. 1.
Low.
High.
W
0
Canadian
Bonds
.
Glove Works pref _50
July 2534 July
25 25
25
25
Asbestos Corp vtg trusts_*
5
5
65
5
5
Sept 1355 Apr
Assoc Breweries of Can_ • 1015
9% June 13
197
10
11
Feb
Cum preferred
1160
Feb 9734 Sept
30 90
97
97
Assoc Oil & Gas Co Ltd_ _*
600 120 Sept 350
130 140
Jan
Brit Col Packers Ltd
*
1.10 Aug
575
1.50 1.65
1.50
215 July
Bathurst Pow & Paper B_* 750
35 75c Sept
75o 75c
315 Feb
& C
009
Bright(T G)dr Co Ltd- s 11
Jan
80 10
12
Aug
11
11
Preferred
10 7555 July 7555 July
11141 7534
7534 7534
Brit Amer Oil Co Ltd_ _ _ •
.
470 1255 July
1355 14
1534 Mar
Brit & For'n Invest Ltd..5
Private wires to Toronto and Montreal
25
21
21
Cndn Foreign Invest Corp* 2215 21
340
9
Jan 25
23
May
Canadian Wineries Ltd_ _•
5
Sept 1114 Jan
50
5
5
Catelli Mao Prods pf A..30
9
9
9
7
925
July
9
Sept
Champlain 011 Prods pf__•
327
7%
7% Mar
715 8
9
Mar
Disti Corp Seagrams Ltd-• 1534
1455 1554
740
834 July 2634 Jan
Bid Ask
Dominion Eng Works Ltd *
15 1854 Aug 28
.20
20
Feb
8
•
Stores Ltd
k
Dominion
80 1434 Sept 2234 Mar Abitibi P & Pap Ws 50 1953 273 277 lot Pow & Pap of Nfld 55'68
1534 1534
___ Jamaica Pub Serv 55-1950
Fraser Companies Ltd _ _.*
414
3
Jan
4
24
1215 Aug Alberta Pacific Grain 68 1946 81
434
Voting trust
*
255 Jan
115
3
9
Apr Asbestos Corp of Can 5s 1942 1014 ___ Lake St John Pr & Pap Co
3
1942
__
6155
415 800 Sept
Home Oil Co Ltd
* 800
800 80o
1.90 Feb Beauharnois L li & p 515573 102
1947
_615s
Imperial Oil Ltd
* 1434
1455 1534 8,636 1255 Jan
1515 June Beauharnois Power 65_1959 68
Imp Tobacco Co of Can 5 1155
11
1,515 1014 June 1234 Feb Bell Tel Coot Can 5s_ _ 1955 1093 10978 MacLaren-Que Pow 534561
1115
Int Petroleum Co Ltd---* 2915
2754 2954 2,800 1934 Jan 3014 June British-Amer 011 Co 55_1945 10612 ___ Maple Leaf Milling 55451949
1960 10514 10612 Maritime Tel & Tel 6s 1941
Meichers Dial Ltd A---5 1055
110 10
1015 11
July
17
May Brit Col Power 5155
1960 10112 ___ Massey-Harris Co 5s_1947
B
•
455
455 434
415 Sept
10
1134 Jan.r. 55
Mitchell & Co Ltd (Robt)•
434
3
60
414 455
July
10% Feb British Columbia Tel Ss 1960 10112 ___ McColl Frontenac Oil 651949
Burns & Co 515s
1948 28
32 Montreal Coke & M 555s '47
Regent Knitting Mills Ltd*
2
Jan
116
334
615 Feb
334
334
Calgary Power Co 55._ _1960 97
___ Montreal Island Pow 5348'57
Reliance Grain Co Ltd_ _.*
415 5
55
43.4
1941 1004 102
Montreal L H & P MO
Rogers Majestic Corp_ _ _ _•
814
8
814
1,880
734 Aug
91i Aug Canada Bread 65
98
1939
par value) 3s
Supertest Petroleum Ltd_•
23
23
50 23
Sept 2834 Mar Canada Cement Co 5555 '47 97
Montreal Pub Serv 58_ A942
ThriftStores cum pf634%25
10 19
19
19
Sept 25
Jan Canadian Canners Ltd 65'50 106% 108
Canadian Con Rubb 65_1946 9812 100 New Brunswick Pow 55 1937
Walkerville Brewery Ltd_*
7.86
7.65 8.10 2.477
3.90 Jan 10.10 July
Walker Good & Worts_ _ 5
265 2134 July 58
2555 2615
Jan Canadian Copper Ref lis '45 10912 11012 Northwestern Pow 65 _l960
6412 Northwestern Util 75_1938
Preferred
* 1514
185 1454 July
1734 Jan Canadian Inter Paper 68 '49 64
1534 1534
Can North Power 58_ _1953 9714 984 Nova Scotia L di P 55_ _1958
Public Utility___ Ottawa Lt Ht & Pr 5s..1957
Beauharnois Power Corp_*
445
555 534
10
Feb Can Lt dr Pow Co 55_ _ _1949 95
534
354 Jan
56 Ottawa Traction 5155.A955
C No Pow Corp Ltd pref100
27 8834 Jan 102
101
10134
Aug Canadian Vickers Co 65 1947 53
City Gas di Eieo Corp Ltd •
3 June 1434 Mar Dominion Canners 6.8 1940 11012 112 Ottawa Valley Power 5155'70
95
3
3
1940 10214 10312 Price Bros & Co 6s
1943
Inter Util Corp class A _ __*
30
3
Jan
3
3
635 Feb Dominion Coal 55
B
590 50o July
50c 550
1 150c
1.50 Feb Dom Gas & Elec 615s 1945 6214 ___ Provincial Paper Ltd 5158'47
1949 8912 91 Rio Tramways Co 55_1935
Pow Corp of Can cum pf100 7154 71
73
140 51
Jan 85 June Dominion Tar 68
37 Rowntree Co 65
1937
Sou Can P Co Ltd pref.100
21 72
87
Jan 9054 Mar Donnaconna Paper 5158 '48 31
8755
East Kootenay Power 75 '42 77
7812 Simpsons Ltd 68
1949
Mining1949 6912 ___ Southern Can Pow 6s_1956
780 820
Base Metals Min Corp Ltd*
1,100 780 Sept
2.02 Mar Eastern Dairies dc
Big Missouri Mines Corp_l 34o 3214c
2,150 26550 June 50c
34e
Feb Eaton (T) Realty 5s......1949 10212 10312 Steel of Canada Ltd 68_1940
BR X Gold Mines L1d_50o 43o
43c 73150 6,850 310
Jan
1.37 July Fam Play Can Corp 68_1948 944 __ United Grain Grow 58_ _1948
44 United Securges Ltd 5155'52
1950 40
675 23.50 Jan 37.50 Aug Fraser Co 65
Bulolo Gold Dredging Ltd5 37.00 36.65 37.05
200 270
Brazil Gold & Diamond_ _1 25e
900 20c Sept
1.50 July General Steelwares 65_1952 83 85 West Kootenay Power 55 56
___ Winnipeg Elec Co 55._ _1935
Sc
60
Cartier-Melanie GM Ltdl
5,300
lo
Jan
90 Mar Hamilton By-Prod 75_1943 102
6s
1954
Crown Cons Mines Ltd_25c 3914o 3814e 3914c 34,300 31c Aug 3934.2 Sept Harris Abattoir Co 135_ _1947 10612 10712
9812
50 32.75 Jan 44 June Smith H Pa Mills 53.45_1953 97
Dome Mines Ltd
• 40.2540.25 40.25
1
30e 34o
J M Consol
2.200 30e Sept 4754c July
415 42.50 Jan 58.00 Sept
Lake Shore Mines Ltd_ __I 57.0056.75 57.00
1
Lebel Oro Mines Ltd
7o
7c
8o
1.100
60 Aug 255-40 Apr
• 240
24o 260
Lamaque Cont
500 240 Sept 47c Aug
Bid Ask 1
50 39.60 Feb 49.75 July Canadian Pacific RyMcIntyre-Porcupine Ltd_5 43.25 43.25 43.25
Canadian Pacific Ry5
2.50 2.50 2.50
200
Nipissing Mines Ltd
2.18 July
2.78 Feb
4s perpetual debentures__
784 79
4155
Sept 1 1946
* 38.00 38.00 39.50
Noranda Mines Ltd
1,105 33.25 Jan 45.00 June
8
Sept 15 1942 110 1105
55
(ls
Dec 1 1954
300 33140 6,100 25c Sept 71540 May
Parkhill Gold Mines Ltd_ _1
4545
4155
July 1 1960
Dec 15 1944 9312 9412
Co Ltd 1
1.32 1.34
Premier G
400
1.05 Jan
1.75 Mar
July 1 1944 1094 11012
5.8
• No par value.
Acme
14 Wall St.
New York
Inc.
Industrial and Public Utility Bonds
Bid Ask
954 9612
10112 --____ 20
_ _ 52
1111:12
39
108
_ -7112 73
10512 10612
10414 10614
10412 --4812 --10612 108
7112
2712 30
10112
100
_-105
82
10612
88
99
10212
101
10112
106 10/
111
8512
77
__10612
96
__58
60
Rai way Bonds
mining
Bid !Ask
96
9612
987 9914
8
9114 913
4
2034
Financial Chronicle
Securities +
Bought and Sold
ii0IT,I6E&TI(OjTER,
Real Estate, Industrial, Public
Utility, Railroad, Guaranteed
Mortgage Bonds, Canadian
Stocks and Bonds.
Over-the-Counter +
We maintain markets in Bank,
Insurance, Industrial, Public
Utility, Trust Company and
Investment Trust Stocks.
Sept. 29 1934
74 Trinity Place, New York
Whitehall 4-3700
Open-end telephone wires to Boston. Hartford, Newark and Philadelphia.
Private wires to principal cities in United States and Canada
Quotations on Over-the-Counter Securities-Friday Sept. 28
Port of New York Authority Bonds
Bid
New York City Bonds
Bid
Ask
Bayonne Bridge 4s series C
9914 1003
1938-3
J&J 3 94
4.
9612
Inland Terminal 4348 ser D
Geo. Washington Bridge
1936-60
M&S 9312 96
4s .ertes B 1919-50___J&D 9914 1003 Holland Tunnel 4qa series E
1
4 414er H 19 19-53_ _m&N 84.20 4.10
1935-60
M&S 84.05 3.90
Ask
Arthur Kill Bridges 434s
series A 1935-46
M&S
United States Insular Bonds
Pniiippme Government
-Bid Ask
45 1946._.
97 Honolulu 5s
95
9912 US Panama 3s June 1 1961_
132s Oct 1 59
94
99:2, 2s Aug 1 1936
415s luly 1952
98
25 Nov 1 1938
55 April 4900
100 101
100 102 Govt of Puerto Rico
5s Feb 1952
430 July 1958
53is Aur 1941
10412 106
5. July 1948
Hawaii 434s Oct 1956
106 109
US Consol 2s
1930
Bid !Ask
102 106
107 109
1003 10112
4
993 1003
4
4
a Interchangeable. S Basis. c Registered
102
104
99
48 194.1 optional 1944 __.;&J
48 1957 optional 1937_M&N
48 1958 optional 11938.M&N
4he 1956 opt 193 ,____J&J
43e 1957 opt 1937____J&J
434e 1957 opt 1937__M&N
414e 1958 opt 1938_ _M&N
Ask
9714
9612
9612
9712
9712
9712
973
4
414e 1942 opt 1934___M&N
43ie 1943 opt 1935____J&1
430 1953 opt 1935____J&J
4 SO 1955 opt 1935____J&J
434c 1958 opt 1936____J&J
is 1941 optional 1934 M&N
5. 1941 optional 1934_1VI&N
Bid
963
4
963
4
9634
963
4
963
4
101
101
101
101
Ask
9712
9712
9712
9712
9712
102
102
102
102
10034 10113
10234 16312
1033 10414
8
coupon (serial). 4 Coupon.
105
107
993
4
Bank and Insurance Stocks
Federal Land Bank Bonds
Ble1
963
4
96
96
97
97
97
9714
Ask
Bid
a3s May 1935
993 10014 a434s June 1974
4
63Xs May 1954
91 04345 Feb 15 1978
90
a33is Nov 1954
91 a4348 Jan 1977
90
a4s Nov 1955 & 1956
93
9412 a434e Nov 15 1978
a4s M &N 1957 to 1959._
9312 9412 0434s March 1981
a4s May 1977
Si & N 1957
9312 9412 a4
ale Oct 1980
93, 9412 a4 Ss July 1967
2
c4346 Feb 15 1933 to 1940_ 64 25
a4SEI Dec. 15 1971
a434s March 1962 & 1964_
-4s
96 4 9112 a43 Dec I 1979
,
a43.4s Sept 1960
9634 9712
a434s March 1960
961. 971, a6s Jan 25 1935
,
a434e April 1966
963 9712 a6s Jan 25 1936
4
a4343 April 15 1972
963 9712 a6s Jan 25 1937
4
Bid
Ask
983 991 4
.
983 9914
.
98, 99
2
9812 99
983 991 1
4
100,2 1003
4
10012 1003
4
Bought. Sold and Quoted
MUNDS, WINSLOW & POTTER
40 Wall Street, New York
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
New York State Bonds
Bia
All
Canal & Highway
58 Jan & Mar 1934 to 1935 81.75
be Jan & Mar 1936 to 1945 83.25
Ss Jan de Mar 1946 to 1971 63.65
Highway Imp 4345 Sept'63_
Canal Imp 434e Jan 1964___
Can & Imp High 434s 1965_
119
116
116
Bid
World War Bonus
414e April 1933 to 1939_
434s April 1940 to 1949_
Institution Building
48 Sept 1933 to 1940
is Sept 1941 to 1976____
Highway improvement
48 Mar & Sept 1958 to '17
Canal Imp 48 J & J '60 to'67
Barge CT 4s Jan 1942 to '46
Investment Trusts
Par Bid Ask
Administered Fund
1 14.26 15.17
1312 15
Amerex Holding Corp
89 .99
Amer Bankstocks Corp._ _ _
.84
93
Amer Business Shares
7
8
Amer & Continental Corp__
Am Founders Corp 6% p150 1112 14
50 ills 15
7% preferred
3
5
Amer & General Sec el A•
• 38
43
53 preferred
17
e 212
Amer Insuranstocks Corp.
43
4 512
Assoc Standard 011 Shares__
b3.25
93.20
92.50
63 30
11112
11112
107
Ask
New York Bank Stocks
Par Bid
Bank of Manhattan Co__10 24
Bank of Yorktown
100 30
Ben.sonhurst National _100 25
Chase new
4
13.55 213
193
4
City (National)
_ _ _ _1236
Commercial National Bank
& Trust
100 129
Fifth Avenue
100 970
First National of N Y
100 1135
Flatbush National
100 25
4k
Par
2512 KIngsboro Nat Ilk
100
35 Nat Bronx Bank
50
Nat Safety Bank & Tr
25
10
2314 Penn Exchange
100
2114 Peoples National
Public National Bank &
25
139
Trust
1020 Sterling Nat Bank & Tr .25
1325 Trade Bank
100
Yorkville(Nat Bank of).100
35
Ask
Bid
50
20
15
6
7
412 612
53
43
2534
1!)
20
25
27,4
2018
25
35
Par Bid
Ask
Investment Trust of N Y_•
4,8 43
3
Major Shares Corp
•
178 _
Maas Investors Trust
• 17.77 19.32
Mutual Invest Trust
1.00 1.09
Nation Wide Securities Co_ 2 93 3.03
Ask
Par Bid
Ask
Par Bid
Voting trust certificates_
1.06 1.17 American National Bank itc
First Nattonal
100 80
83
N Y Bank & Trust Shares..
212
_
Harris Trust & Savings._100 170 175
Trust
100 110
No Amer Bond trust etts___ 83 1;63
4 Continental III Bank &
Northern Trust Co
100 380 385
No Amer Trust Shares, 1953 1.73
Trust
100 35, 361 1
2
Series 1955
2.16
Series 1956
213
Series 1958
2 20 2.45
35
8 418 Northern Securities
Bancamerica-Blair Corp____
100 50
60
.82 1.07
Bancshares, Ltd part shs 50c
• 2.78
Pacific Southern Invest pf..• 2512 2712
Basic Industry Shares
Ask
Ask
Par Bid
Par Bid
.40
65
Class A
British Type Invest A....1
•
314 4,4 Bence Comm Italians...100 140
18
Empire
10 17
12 1
107 1172
8
Class B
Bullock Fund Ltd
Bank of New York & Tr_100 281 289 Fulton
100 215 235
Canadian Inv Fund Ltd____ 3.25 3.50 Plymouth Fund Inc el A_100
.81 .91
01
Guaranty
10 49
100 283 288
1.20 1.31 Bankers
Central Nat Corp class A... 2012 2212 Quarterly Inc Shares
12 Irving
4
4
i0 133 143
20 10
Is 212 Representative Trust Shares 3.51 8.26 Bank of SIMI,
Class B
20
512 63 Kings County
100 1790 1810
4
• 18.60 20.00 Republic Investors Fund... 1.79 1.91 Bronx County
Century Trust Shares
100 77 82 Lawyers County
25 3312 3512
38
7
8 Brooklyn
212 312 Royalties Management____
Commercial Natl Corp
1 82
Corporate Trust Shares
1912
Central Hanover
20 104 108 Manufacturers
20 18
1.74
Second Internet Sec el A....•
Series AA
,
4 1
89
Chemical Bank it Trust_ 10 34
36 New York
25 86
18
1
1.74 ._
•
Class B common
Accumulative series
512 612
Clinton Trust
50 3812 4312 Title Guarantee & Trust._20
50 24
2 05 2 18 6% preferred
28
Series AA mod
12
100 10
1 03 1.12 Colonial Trust
2 05 2.18 Selected Amer Shares Inc__
Series ACC mod
55
Continent/41Hk & Tr
10 1012 12 Underwr1ters
100 45
Selected American Shares__ 2.30
Crum & Foster Ins Shares
Corn Each Bk & Tr
100 1620 1670
20 421 1 431 4 United States
Common B
10 1812 2112 Selected Cumulative Shs___ 6.11
100 100 104 Selected Income Shares__ 3.19
7% preferred
412 518
Crum & Foster Ins corn___• 1412 1712 Selected Man Trustees 898.
103 1118 Spencer Trust Fund
13.47 14.61
8% preferred
Cumulative Trust Shares_ _• 3.59
Standard Amer Trust Shares 2 GO 2.85
.55 .69
Deposited Bank Shs ser A.. 1 93 2.15 Standard Utilities Inc
Ask
Bid
Bid
Ask
60.71 65 65 Alton Water Is 1956__A&O 100 10
Depoelted Imam She A___ 3.29 3.65 State Street Inv Corp
95,s - - -- IluntIon W let 63'54__M&S 102
0
Diversified Trustee Shs B__
Super Corp of Am Tr She A 2.74
Ark Wat 1st 5s A 1956.A&O
1st m be 1954 ser B. M&S
1.93
2.75 Yo8
AA
Ashtabula W W 5s'58..A&O 9412 9512 5s 1962
2.90
43
8 478
Atlantic Co Wat 5s' M&S 94
58
_ Joplin W W 53'57 ser A M&S 93
°94
°912 95
1.16 1.28
2.01
Dividend Shares
BB
iiirm WW 1st 534sA'54A&O
Kokomo W W be 19583J&D
96
19
23
5.08
Equity Corp cv pret
1st m 5s 1954 ser B__J&D
99 MonmCOOW let 5s'56 J&D 86
88
5M9
_
Equity Trust Shares A_
let 55 1957 series C..F&A
Monon Val W 514s '50_J&J 98 101
• 39 42 42 43 Supervised Shares
1.14 1.25 Butler Water be 1957__A&O
Fidelity Fund Inc
Richm W W 1st 55'57_IVI&N
Five-year Fixed Tr Shares__ 301
City of Newcastle %Vat 55'41
St Joseph Wat bs 1941_A&O 100
• 7 33
318
Trust Fund Shares
312 City W (Chat) 5s 11'54 J&D
Fixed Trust Shares A
So Pitts Wat 1st be '55.F& A 102 lb3 27
- -1
• 6.26
Trustee Industry Shares- -.98 1.08
1st 55 1957 series C_M&N 1000068711'2
1110900 3'
099
let & ref 55'60 ser A _J&J 101 10212
Fundamental Tr Shares A__
3 4 414 Trustee Standard ,Investmen 1.98
3
Commonwealth Water
1st & ref 5s'60 ser 11.J&J
•
33
8
1.93
Shares B
1st 55 1956 II
F&A 100 _- Terre Site WW 6,49 A J& I) 10
°98 10:2 2
0
:1: 92: _2
!
Fundamental Investors Inc 1.76 1.94 Trustee Standard 011 She A 5.26
let m be 1957 ser C..F&A 100
1st m 5s 1956 ser II_ J&I) 97
4.59
Davenport W 5e 1961...J&J 101 1021- Texarkana W 1st 5s'58 F&A
2
79
81
9
11 Trustee Amer Bank Shs 13_
Guardian Invest pref w war
84 .93 E EL ac lot W 551942_J&J 86
88 Wichita \Vat let fis '49_IVI&S
.22
32 Trusteed N Y Bank Shares_
1.15 1.30
Huron Holding Corp
1st m fis 1942 ser 11 J&J 9212 95
let n) 55'56 ser 11.__F&A
98
Incorporated Investors____• 15 68 16.85 20th Century °rig series __ 145 ._
84
let m be 1960 ser C.IVI&N
1st 5,19605er D__ _ _ F&A
9612 18 2
81
-1Series B
Independence Tr Shares__• 1.94
2.40 2 80
• 12
Indus & Power Security...
•No par value. e Defaulted. z Ex dividend.
Corp(Am)
United Gold Equities (Can)
Internal Security
Standard Shares
1 2 50 2.68
Class A common
Is 1
Class B common
. 12 US & Brit Int class A corn •
1
•
100 11
15
Preferred
634% preferred
5
7
100 11
15 U S Elec Lt & Pow Shares A
1031 111 4
Ask
Bid
6% preferred
Bid Ask
Investment Co. of Amer
1.68 1 78 Consumers Power 5s __1936 103% 10438 Nort & Portsm'th 'Frac 5s'36 106
10 19
21
Voting trust ctts
New common
57 .65 Edison El III (tics) 3s...1937 10012 101
Nor Bos Ltg l'rop 515E4_1037 10212 103
• 19
21 tin N Y Bank Trust C 3 _
7% preferred
4
419 Gulf 01101 Pa 58
1937 10412 105 Texas Pow & Light 5s__1937 102 103
Un Ins Tr She ser F
13
4 2
Long Island Ltg 5s_ __ _1936 103 104
5 No par value.
r Ex-coupon.
x Es-dividend, y Ex-Stock dividend.
e 1),fAult..d
Chicago Bank Stocks
New York Trust Companies
Water Bonds
Short Term Securities
2035
Financial Chronicle
Volume 139
Quotations on Over-the-Counter Securities-Friday Sept. 28-Continued
We specialize in
Railroad Stocks
NEW YORK CITY TRACTION ISSUES
Guaranteed & Leased Line
Preferred
Common
Also in underlying and inactive
Railroad and Public Utility Bonds.
Railroad Bonds
A
dams & PeeL
wrn CarnOie Ewen
63 WALL ST., NEW YORK
BO wling Green 9-8120
Boston Hartford Philadelphia
Tel. REctor 2-3273
2 Wall St., New York
Public Utility Bonds
Par
Albany Sty Co con 58 1930._
General Os 1947
Amer States P S 554s 1948._
Amer Wat Wks & Elec 60 76
Associated Electric 55 1961_
Gas dr Elm Co 4I4s fi8
Associated Gas & Elea Corp
Income deb 3.5is____1978
Income den 33.4s.... __1978
1978
Income deb 4:
Income deb 45-4s_ _ _ _1978
Cony debenture 45 1973_ _
Cony debenture 43 1973
-is
Cony debenture bs 1973_ _
Cony debenture 510 1973
Participating 8s 1940____
Bellows Falls Hydro El 58'58
Birmingham Wet Wks 58'57
53is 1954
Bklyn C & Newt'n con be '39
Central G & E S3s 1046
lot lien coil tr 6s 1946
Colorado Power 5s 1953_ _ _ _
Con Ield & I3klyn con 48 '48
Federal P S 1st (is 1947
Federated U01 5158 1957_
,
42d St Man & St Nick 5s '40
Green Mountain Pow 55 '48
111 Wat Ser 1st 581952
Interborough R T bs ctts '66
Iowa So Util 53.4s 1950
Kan City Pub Sere 38 1951_
Keystone Telephone 554s'55
Lehigh 'all Trans ref 58 '60
Guaranteed Railroad Stocks
(Guarantor in Parenthesis.)
Dividend
Par In Dollar..
100
Alabama & Vicksburg (III Cent)
Albany dz Susquehanna (Delaware & Hudson)J00
100
Allegheny & Western(Buff Roch & Pitts)
50
Beech Creek (New York Central)
100
Boston & Albany (New York Central)
100
Boaton & Providence(New Haven)
100
Canada Southern (New York Central)
Caro Clinchfield &Ohio(L dr N A C 1.)5%____100
100
Common b% stamped
Chic Cleve Cinc &St Louis pref(N Y Cent)......100
Cleveland & Pittsburgh (Pennsylvania)
60
50
Betterman stock
25
Delaware (Pennsylvania)
100
Georgia RR & Banking(L dr N,A CL)
Lackawanna RR of NJ (Del Lack & Western)_100
100
Michigan Central(New York Central)
60
Morris & Ewer(Del Lack & Western)
New York Lackawanna & Western(DL & W)_100
Northern Central (Pennsylvania)
100
Old Colony (N Y N II & Hartford)
60
Oswego dr Syracuse (Del Lack dz Western)
50
Pittsburgh Bess & Lake Erie(U S Steel)
60
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)._ 100
100
Preferred
Rensselaer & Saratoga (Delaware & Hudson).100
100
St LOUlli Bridge let prof (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal 11.10
100
United New Jersey RR & Canal (Penns)
Utica Chenango dz Susquehanna(D L & W) 100
100
Valley (Delaware Lackawanna & Western)
100
vIcksburg Shreveport & Pacific (III Cent)
100
Preferred
50
Warren R11 of NJ (Del Lack & Western)
60
West Jersey & Sea shore (Penn)
6.00
10.50
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
0.90
6.00
3.00
3.00
10.00
6.00
5.00
6.00
6.00
3.50
300
Bid.
83
195
92
32
118
150
49
75
83
85
72
42
42
155
68
850
63
90
83
78
65
32
64
147
160
112
124
63
124
221
88
85
65
68
50
60
SS
200
96
34
122
-52
78
86
89
7412
45
44
160
72
35
(
-94
86
82
70
35
152
185
117
128
66
128
225
92
Bid
2.50
3.00
2.50
4.00
3.50
4.00
3.75
2.00
3.00
3.75
5.75
6.75
8.50
8.50
3.50
2.00
4.00
4.00
2.50
4.00
3.50
2 00
3 75
2.50
4.00
Ask
1.00
2.00
1.50
3.25
2.00
3.00
3.25
1.00
2.00
3.00
500
5.00
7.00
7.00
2.50
1.00
3.25
3.25
1.50
3.00
2.75
1.00
3.00
1.50
3.25
Kanawha & Michigan 6s___
Kansas City Southern 53.4a _
Louisville & Nashville 6s___
Equipment 6145
Minn St P & SS M 430 Az be
Equipment 650 Az 7s
Missouri Pacific 6345
Equipment Os
Mobile & Ohio be
New York Central 43-4s & Os
Equipment Os
Equipment 75
Norfolk & Western 4 Sis__
Northern Pacific 7s
Pacific Fruit Express 7s_ _
Pennsylvania RR equip 55_ _
Pittsburgh & Lake Erie OHs
Reading Co 4 54s & 5s
St Louis & San Fran 5s.
Southern Pacific Co 4
Equipment 7s
Southern fly 4 34s & 55
Equipment 13s
Toledo & Ohio Central 65_
Union Pacific 7s.
Bid
3.00
4.25
2.50
3.75
6.00
6.00
9.00
9.00
9.00
4.00
2.50
2.50
1.50
2.60
2.00
3.25
3.00
3.75
9.00
4.00
2.00
4.20
4.00
3.00
2 00
Ask
Bid .454
9312 100
8612 8812
95 100
4
923 95
58
56
7212
894
8814 4
883 9012
10514 10714
56
58
73
7.5
40
38
72
74
1013 10312
4
8712
86
33
31
9012 9212
6612 6812
25
422
8
e5
95
93
8314 84 e
,
65
60
101 1023
4
461 48
75
70
7
e4
873 90
9312 96
6412 66
10212
65
60
6234 645
4
65
60
We deal in
-70
72
55
63
Public Utility
Preferred Stocks
Railroad Equipment Bonds
Atlantic Coast Line Os
Equipment 6 As
lialtimore Br Ohio Ets
Equipment 43.4s & 5s__.
Buff Roch & Pitts equip 6s.._
Canadian Pacific 4 Yie & (Is_
Central RR of N J 6s
Chesapeake & Ohio 65
Equipment flOia
Equipment 5s
Chicago Az North West Os
Equipment 6345
Chic R. I & Pac 4 tis & Os_
Equipment Os
Colorado & Southern
I ielaware & Hudson 6s.
Erie 434s 55
Equipment 68
Great Northern 6s
Equipment 5s
Hocking Valley 511
Equipment Os
Illinois Central 4 34a & 5s _
Equipment 68
Equipment 7s Az 6 49
Par
Long Island Lighting 5s 1955
Monmouth Cons Wat 5556
Nassau El RR 1st 55 I944__
68 Newport N & Ham 5s 1944_
40 New England G & E 5s 1962
1812 New York Cent Elec 55 1952
NY Water Ser 5e 1951
New Rochelle Water 5125'51
1614 17
102 17 Nett & Portsmouth Tr 513'36
1713 18 Okla Natural Gas 5s 1948_
1812 1912 Okl.Natural Gas Os l946..
32 Old Dom Pow bs_May 15'S!
31
34 Pair Shoals l'ower 5s 1952_
33
37 PeninsularTelephone53-ia'51
36
_ Pennsylvania Elec be 1962__
4012
1941____
79 Peoples L & P
70
9212 94 Public Serv of Colo (is 1961_
,
96 2 9812 Roanoke W W be 1950
1003 10212 Rochester Sty let 5s 1930...
4
80 Schenectady fly Co 1st 5s'46
75
50 Scranton Gas & Wat 4145'58
48
5014 5214 Sioux City Gas & Elec 6s '47
100 102 Sou Blvd RR let 5s 1945___
85 South Pittsburg Water 55'60
80
.
e241 2812 Tel Bond & Share Os 1958...
4012 4212 Union Sty Co NY 5a1942
80
- Un Trac Albany 414132004__
8712 United Pow & Lt 5s 1941...
85
82
8414 United Pow &. Lt 63 1944...
74
75 Wash dr Suburban 555's 1941
57
59 Virginia Power be 1942
Westchester Elec flit 5s 1943
301s 32
.
631 Western PS 51411 1960
61
37 Yonkers RR Co gtd 55 1946_
35
Bid
e25
e20
4418
66
39
1712
Ask
1.50
3.50
1.50
3.25
5.00
5.00
6.00
8.00
7.00
3 25
1.50
1.50
1.00
1.00
I 00
2.75
1.50
3.25
7.00
3.25
1.25
300
3.25
2.00
1 00
W. D. YERGASON & CO.
Dealers in Public Ctililg Preferred Stocks
Tel. HAnover 2-4350
Public Utility Stocks
Par
Alabama Power $7 pret_100
Arkansas Pr & Lt $7 pref. _•
Assoc Gas & El ode pref..'
•
$6.50 preferred
$7 preferred
Atlantic City Elec $6 pref..*
Bangor Hydro-El 7% 0_100
Birmingham Elec $7 pref.
__•
Broad Itly l'ow 7% pf..100
Buff Nlag & East pr pret_25
Carolina Pr & Lt $7 pref'
6% preferred
•
Cent Ark Pub Serv pref_100
1
Cent 1.1aine Pow 6% pf_100
100
$7 Preferred
Cent Pr dv Lt 7% prof..100
Cent Pub Sere Corp pref.'
Cleve Elec 1110% pref__100
Cominbue Sty. Pr dr Lt
1st 56 Preferred A_ .._100
-SOLD-QUOTED
BOUGHT
100
$6.50 preferred B
Consol Traction(N J) -100
Consumers Pow $5 pref..'
100
6% Preferred
100
8.80% preferred
Members New York Curb Exchange
Continental Gas de El
New York City
100
24 Broad Street
7% Preferred
Hanover 2-3050
Dallas Pow & Lt
prof 100
Dayton Pr Az Lt 6% pref100
Private Wire Connections to Principal Cities
,
Derby Gas & Elec $7 pref..
Eseex-Hudaontjas
100
Foreign Lt & Pow units...._
Gas & flee of Bergen__ _100
Hudson County Gas ____100
Bid Ask
Bid .4sk
Idaho Power $6 pref
•
Maine Central RR 65..1935 86
Adams Express 48 ____1947 7612 78
7% preferred
100
_ _ _ Merchants Refrig 6s___1937 90
American Meter 6s __1946 83
Illinois Pr & Lt 1st pret___•
1951 10012
N Y dr Hob ry 5s ____1948 74
Amer Tobacco 4s
77
Interstate Natural Gas._ .._•
26" N Y Shipbidg 58
1937 e20
1940 92
Am Type Fdre 6s
- Interstate l'ower 37 pref __•
1939 e20
NorthAmerican Refractories
Debenture 65
26
Jamaica Water Supply
1944 e38
4012 Jersey Cent P & L 7% pf_50
6345
92
Am Wire Fabrics 7s _1912 87
pt100
59
Otis Steel Os ate
1941 e54
Bear Mountain-iludson
Kansas Gas & El 7% pf 100
1953 76
79 Pierce Butler & P 6 Ms_1942 85
River Bridge 75
10
Kings Co Ltg 7% Pret100
13utterickPublishing 6 SS 1936 3214 34 Prudence Co guar collateral
Long Island Ltg 6% pt_ 100
91
1961 .56
-is
51
Chicago Stock Yds Es 1961 89
7% preferred
100
1937 e363
Consolidation Coal4 i.4s 1934 e21
4
24 Realty Assoc sec Os
Los Angeles G & E
pf 100
38 Sixty Ono Bway lot 5545 '50 49
Si.
1937 e36
Deep stock 0117s
Memphis Pr & Lt $7 pref_'
8
8
Elqultable Office Bldg 5s '52 533 547 Standard Textile Products
Mississippi P & L $6 pref__•
let OHs unas'nted _1942 20
45
.1958 43
Forty Wall Street Os.
19 Starrett Investing 5s___1950 33
Ilaytian Corp 8s
1938 e17
Hoboken Ferry be
1946 84
87 Struthers Wells Titusville
1943 64
63.4s
home Owners' Loan Corp
Aug 15 1930 99251,
1158
Aug 15 1937 98,34, 99 Toledo Term RR 4 tis_1957 99 10012
97
1939 95
Aug 15 1938 981.4, 99 'Minty Bldg 5.1s
2s
11
Witherbee Sherman 68_1944 e8
Journal of Comm 6545.1937 4412 48
30
Woodward Iron be
1952 .26
Loews New Broad Prop
98
1945 96
let 65
OVER-THE-COUNTER SECURITIES
RYAN •St McMANUS
Miscellaneous Bonds
New York
30 Broad Street
Ask
Bid
46
43
3112 3312
14
1
12
112
1.2 112
86
83
9812 9912
2812 3012
38
32
1812
17
3512
34
3234
31
6214
62
72
16
4
173
14
108 110
69
59
3412
66
74
79
3512
100
9012
,
53 2
16412
7412
102
16412
62
70
1412
1112
8
4812
6014
7112
77
48
55
83
44
2512
72
63
3512
88
76
82
3714
93
56
67
73
1514
1312
9
bl
8234
7311
80
50
gti"
48
2612
Par
Metro Edison $7 pref B___•
6% preferred set C____•
Miss fly Pow 6% pref_ _100
Mo Pub Serv $7 pref.__ _100
Mountain States Pr corn...'
100
7% preferred
Nassau & Suffolk Ltg pf 100
Nebraska Power 7% pref100
100
Newark Consol Gas
New Engl G & E 53-4% Cd-•
New Eiag Pow Assn 6% pt100
New Jersey Pow & Lt $6 Pf •
New Oil Pub Serv $7 pf___•
N Y & Queens E L P pf 100
Northern States Pr $7 pf 100
Ohio Power 6% pref.__ _100
•
Ohio Edison 56 prof
•
$7 preferred
Ohio Pub Ser.' 6% pt... 100
100
7% preferred
pret __ _100
Okla G & E
Par Gas & Elec 6% pf___25
Pacific l'ow & Lt 7% 9(.100
Penn l'ow & Light 67 prof.'
Philadelphia Co $5 pref_ _60
Piedmont Northern Ry_100
Pub Serv of Colo 7% Pf-•100
Puget Sound Pow & Lt
$5 prior preferred
•
Roch Gas & Eiec 7% pref B_
6% preferred C
Sioux City G & E $7 pref
Som'set Un & Alld'sex Ltg
25
Sou Calif Ed pref A
25
Preferred 11
South Jersey Gas & Elec_100
Tenn Elec Pow 8% pref_100
100
7% preferred
Texas l'ow & Lt 7% pref.. _
Toledo Edison 7% pt A.100
United G dz E (Conn)7% of
United 0& E(N J) pref 100
Utah Pow & 1.157 pref
Utica Gas & El 7% Pref.-Util l'ower & Lt 7% pref.__
Virginia Railway
Wash Ry & Elec com___100
100
6% Preferred
Western Power 57 pref. _100
Ask
76
77
75
79
70
312 812
2
7
33
30
93
91
103 106
3512 3612
4
423
42
69
7234
1012 13
100
8
54% 565
8212 85
4
63, 85
72
74
5812 61
6614 6812
78
75
20
19
1612 18
87
85
4712 51
43
36
78
75
B011
19
17
88
78
75
3912 4112
85
11772
19
1812 173
s
165 170
4512 4712
56
53
79
76
7812 81
61
59
4812 5012
1712
16
.
771 8012
4
4 63
53
5614 60
315 340
98 100
SI
77
Associated Gas Sc. Electric System
Securities
Inquiries Solicited
S. A. O'BRIEN & CO
Members New York Curb Exchange
Aeronautical Stocks
Par Bid Ask I
Par
414 528 if:Inner Airplane & Niot _1
•
Aviation Sec Corp(N fl)..
•
3
1
Warner Aircraft Engine ___•
Central Airports
Bid
14
121
Ask
12
150 Broadway, New York
75 Federal St., Boston
Hancock 8920
COrtlandt 7-1868
Direct prinak telephone between New York and Boston
2036
Financial Chronicle
Sept. 29 1934
Quotations on Over-the-Counter Securities-Friday Sept. 28-Concluded
FOREIGN BONDS
and COUPONS
'fIJLLf.fi,CRUTTEN DENf..7. COMPANY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
Bought-Sold-Quoted
Members:
Chicago Stock Exchange
Chicago Board of Trade
Chicago Curb Exchange Association
CHICAGO
ST. LOUIS
120 So. LaSalle St.
Boatmen's Bank Bldg.
Phone: Dearborn 0500
Phone: Chestnut 4640
Gearhart & Lichtenstein
99 Wall Street, New York
A. T. & T.Teletype-New York-I-852
Tel. WHItehall 4-1356
German and Foreign Unlisted Dollar Bonds
Industrial Stocks
Par Bid
Ask
Par
Adams-Millis corp. P1--100 98
Herring-Hall-Mary Safe.100
Aeolian-Weber PAP
Howe Scale
100
14
Preferred
100
Preferred
100
American Arch 81
8
Industrial Accept pref_ _100
• 145
American Book 94
4
100 533 5614 International Textbook
American Canadian Prop--•
1
13s King Royalty corn
American Hard Itubber__50
512 8
$8 preferred
American Hardware
187 Lawrence Port Cement.
2
25 18
.j00
American Mfg
100
6
1012 Liberty Baking corn
•
Preferred
100 4212 53
Preferred
100
712 9 Locomotive Firebox Co_ •
American Meter corn
Andian National Corp_-• 3518 373
8
Macfadden Publica'ns corn 5
Babcock & Wilcox
2412
100 23
Preferred
•
2
Bancroft (Jos) & Sons com_•
4 Merck Corp $8 pref____100
Preferred
25
100 15
National Casket
•
Bliss(E W)1st pref
25
50 15
Preferred
•
112 3 National Licoricecom _100
2d pref B
10
Bon Aml Co B common_ _ _• 35
40
Nat Paper & Type pret_100
Bowman-Biltmore Hotels_•
New Haven Clock pref_ _100
418 New Jersey Worsted pref 100
1st preferred__ _ _
3
100
2nd preferred
100
112 Northwestern Yeast__ _100
Brunsw-Balke-Colpref 100 50
5112 Norwir b Pharmacal Co..,.'
Bunker H & Sullivan corn 10 27
293 Ohio Leather
4
•
Okonite Co $7 pref
100
Canadian Celanese com_• 15 4 173 Publication Corp corn
4
3
•
Preferred
10712 110,2
37 181 preferred
100
( lunation Co $7 pre
100 10314 1073 Riverside Silk Mills
4
•
Clinchfield Coal Corp pf 100 2912
Rockwood & Co
•
4$2 53
Color Pictures Inc
100
Preferred
4
Colts Patent Fire Arms_ __25 1938
Ruberoid Co
100
3
4
Columbia Baking com
*
2'
1, Scovill Mfg
2
1st preferred
•
2
314 5, Singer Manufacturing_ __100
112 Standard Cup & Seal
2d preferred
5
%
Crowell Pub Co $1 corn.-• 23
2412 Standard Screw
100
$7 preferred
_
91
Stetson (J B) common __•
Preferred
25
12
Be Forest Phonofilm Corp._
Taylor Milling Corp
•
Dictaphone Corp
1812 Taylor Wharton Ir&St corn •
• 16
Preferred
100 101
Preferred
100
Dixon (Jos) Cruclble_..100 38
44
Tenn Products Corp pret_50
Doehler Die Cast pref
63 TubizeCtiatilion cum pf _100
• .58
Preferred
33 Urexcelled Mfg Co
50 28
10
Douglas Shoe preferred_ _100 17
19 13 9 Finishing pref
100
Draper Corp
51
• 47
Welch Grape Juice pref. 100
Driver-Harris pref
74
100 67
West Va Pulp & Pap corn_ •
Eiseman Magneto pref 100
13
Preferred
100
First Boston Corp
8
173 187 White Rock Min Spring
8
Flour Mills of America_ ___•
$7 1st preferred
13
4 212
100
Franklin Railway Supply_ _• 10
Wilcox-Gibbs corn
50
Gen Fireproofing $7 pf. _100 52
Woodward Iron
100
Craton & Knight com__ •
Worcester Salt
3
5
100
Preferred
100 22
Young (3 9) Co corn___ _100
Great Northern Paper- _25 2218
7% preferred
100
ioo
oo
Bid
10
1,
4
814
20
13
4
75s
69
73
4
A sk
16
24
23
4
914
74
93
4
338 - 17
8
318 415
3018 3138
122 125
63
104
30
1
5
32
37
56
146 14912
8412 87
14
1712
18
33
1412 17
8312 90
2212 23
912
38
2714
18%
193
25
50
71 1
1214
9
154
614
114
4412
212
23
4
67
94
,
821L
2914
197
5
198
30
5412
83
4
15
1114
314
3
4712
338
43
4
73
10 4
3
86
94
21
40
45
7214
100
WE OFFER
through our private wire system to Principal Cities
dependable trading service in Over Counter Securities
Also--Execution of orders on out of town Exchanges.
Bid. Ask.
Bid. As&
Anhalt 7s to 1946
21
122
Hungarian Ital Bk 735s,'32 170
Argentine 5%, 1945, $100
Jugoslavia 5s, 1956
30
281x
f)91
.
pieces
Jugoslavia coupons
136-46
Antioquia 8%, 1946
31
127
Koholyt 6158. 1943
41
136
AustrlanDefaultedCoupons 190-120
Land M Bk, Warsaw 8s,'41 7212
7512
Leipzig O'land Pr. 8358.'46 /4012 4312
Bank of Colombia, 7%,'47 124
27 Leipzig Trade Fair 75, 1953 /3712 40,
2
Bank of Colombia, 7%.'48 r24
27 Luneberg Power, L ght &
Bavaria 6358 to 1945
28
/26
Water 7%, 1948._1
50
/47
Bavarian Palatinate Cons.
22 Mannheim & Palat 75, 1941 127
Cit. 7% to 1945
120
31
Bogota (Colombia) 635.'47 11612 2012 Munich 75 to 1945
12312 2512
912 Munio Ilk, Hessen, is to '45 121
Bolivia 6%. 1940
72
,
24
52
149
Buenos Aires scrip
Municipal Gas & Elee Corp
Brandenburg Elec. 68, 1953 /2712 2812
Recklinghausen, 7s, 1947 13612 3912
Brazil funding 5%, '31-'51 69
70
Nassau Landbank 655s,'38 13612 3812
j69
Brazil funding scrip
Natl. Bank Panama 634%
aritish Hungarian Bank
1946-9
47
146
7.358, 1962
/5712 5912 Nat Central Savings Bk of
Brown Coal Ind. Corp.
Hungary 735s, 1962.
57
166
42
136
635s, 1953
National Hungarian & Ind.
Call (Colombia) 7%, 1947 11312 15
Mtge. 7%. 1948
/6112 6312
Callao (Peru) 735%, 1944 1 512
812 Oberpfalz Elec. 7%. 1946_ _ /22
26
812 Oldenburg-Free State 7%
Ceara (Brazil) 8%. 1947_ _ / 512
Columbia scrip Issue of '33 158
63
to 1945
23
120
44 Porto Alegre 7%, 1968.142
issue of 1934
122
24
Costa Rica funding 5%,'51 52
54 Protestant Church (GerCity Savings Bank, Buda34
/31
many), 78. 1946
147
pest. 78, 1953
50 Prov Bk Westphalia 6s,'33 /32
Prov Bk Westphalia Os, '30 13312
Dortmund Mun Util (is,'48 /40
43
Duisburg 7% to 1945
24
Rhine Weetph Elea 7%,'38 148
/21
51
Duesseldorf 75 to 1945_ _ _ _ 122
25 Rio de Janeiro 6%, 1933
28
126
Rom Cath Church 655s,'46 /4114 4412
East Prussian Pr. 65, 11)53_ 130
33 R C Church Welfare 7s,'46 130
3112
European Mortgage dr Investment 735s, 1966_ _ _ _ 17112 7312 Saarbruecken 51 Bk 68, '47 171
70
712 1950
s,
Salvador 7%, 1957
167
/3712 3912
French Govt. 535s, 1937.. 173
178 Salvador 7% ctf of dep '57 12312 2512
French Nat. Mall SS.6s.'52 166
169 Salvador scrip
/17
20
Frankfurt 7s to 1945
25 Santa Catharina (Brssil).
122
8%, 1947
/2312 2512
German All Cable 7s, 1945 /32
35 Santander (Colom) 75, 1945 11212 14
German Building & LandSao Paulo (Brazil) 65, 1943 (24
25
bank 635%, 1948
/34
Saxon State Mtge. 65, 1947 148
54
German defaulted coupons. /20
2812 30
Serbian 5s, 1958
German scrip
(9
11
Serbian coupons
/36-46...
German called bonds
/24
28 Slam & Halske deb 6s, 2930 1190
215
Haiti 8% 1953
75
State Nita Ilk Jugosl 531956 27
30
Hamb-Am Line 6.35s to '40 /9412 9713
f3444
coupons
Hanover Harz Water Wks.
Stettin Pub Util 7s, 1946_
131
33
6%, 1957
26
123
Housing dr Real Imp 7s,'46 /30
35 Tucuman City 7s, 1951._ _ /4112 4312
Hungarian Cent Mut 7s,'37 /47
49 Tucuman Pray. is, 19.50., 66
70
Hungarian Discount & ExTucuman Scrip
39
135
change Bank 7s, 1963... /3912 4112 Vesten Elea Hy 7e, 1947__ 125
28
Hungarian defaulted coups 130-70
Wurtemberg 75 to 1945_ _
124
27
I Flat price
*Soviet Government Bonds
Bid I Ask
Union of Soviet Soe Repub
7% gold rouble____19431 87.471
LIVINGSTON & CO.
• Quotation per 100 gold rouble bond equivalent to 77.4234 grains of pure gold.
111 BROADWAY, NEW YORK CITY
Members New York and other stock and commodity Exchanges.
Chain Store Stocks
Bid
493
4
39.1
151:
531173
4
16
614
1014
42
181
.
2512
193
4
Ask
61%
4114
163
4
5512
1914
6
19
814
113
4
4412
20
27
21,
4
Baltimore Amer
Bankers dr Shippers
Boston
Par
10
5
10
10
10
Bid
A sk
593 613
4
4
25 4 263
,
4
34
13
4
16
17 2
,
74
,
Importers & Exp. of N Y_25
Knickerbocker new
5
Lincoln Fire
514
8
1012
214 3
Maryland Casualty
2
Mass Bonding & Ins
25
Merchants Fire Assurcom 235
Nferch & Mfrs Fire Newark _ 5
1 14
23
4
,
141 151.
31
34
412 512
Hartford Steam Boller._
Home
Home Fire Sesurity
Homestead Fire
Hudson Insurance
4
235
514
_25 5214 5514 National Casualty
10
478
100 460
National Fire
10
National LI berty
2
Camden Fire
5 19
20
National Union Fire
20
Carolina
10 19
2012 New Amsterdam Cas
5
City of New York
100 167 173 New Brunswick Fire
10
Connecticut General IJfe_10 24
2512 New England Fire
10
Continental Casualty
5 1112 1212 New Hampshire Fire_ _ _10
New Jersey
20
Eagle Fire
235
2
2 4 New York Fire
3
5
Employers Re-insurance.10 25
273
4 Northern
12.50
Excess
1212 13, North River
4
2.50
Federal
64,2 Northwestern National. _25
10 60
Fidelity & Deposit of Md_20 35
2.5
3612 Pacifle Fire
Firemen's of Newark
5 41t 5,2 Phoenix
10
Franklin Fire
5 223 2414 Preferred Accident
4
5
General Alliance
1
71.1 812 Providence-Washington _10
Georgia Home
10 1914 2111 Rochester American._ .__ In
Glens Fails Fire
5 2912 311 St Paul Fire de Marine_ _ 25
:
Globe & Republic
5
8
1012 Security New Haven_ _10
Globe & Rutgers Fire.. .25 36
3912 Southern Fire
le
Great American
5 193 2114 Springfield Fire & Marire_25
4
Great Amer Indemnity_ 1
5,4 7 Stuyvesant
10
Halifax Fire
10 173 191 1 sun Lite Assurance
4
100
Hamilton Fire
28 Travelers
25 22
100
Hanover Fire
10 3214 3414 U S Fidelity & Guar Co.._2
Harmonla _
4
10 193 2114 U S Fire
4
Hartford Fire
10 511 1 531 1 Westchester Fire
2 50
•No par value.
e Defa sited
f Ex-coupon
Par Bid Ask
Par
Lord & Taylor
•
612 11
100
lot preferred 6%
45
100 36
100
r2 212
2nd preferred 8%___ _100
100
314 7 4 Melville Shoe pref
,
100
100
100 62
Miller (1) dr Sons pret_ _ _100
MockJuds&Voeheger pf 100
Edison Bros Stores pref _100 90 100
Murphy (G C)8% prof.100
Fan Farmer Candy Sh pf__• 3;3
4
Fishman (51 II) Stores____• 10
1412 Nat Shirt Shops (Del)--•
['referred
100 84
94
lot preferred
100
Great A & P Tea pf2nd preferred
100 124 127
100
Bohack (II C) corn
7% preferred
Butler (James) com
Preferred
Diamond Shoe pref
Insurance Companies
Par
Aetna Casualty & Surety _10
Aetna Fire
10
Aetna Life
10
Agricultural
25
American Alliance
10
American Colony
6
American Equitable
5
American Home
10
American of Newark___ _235
American Re-insurance_ _10
American Reserve
10
American Surety
25
Automobile
10
Bid
Ask
Union of Soviet Soo Remit)
10% gold rouble___19421 87.471
714
812
5311
63
4
95
73
4
2414
51 1 1
53
4
92
612
2234
13
41.
4311
2812 3112
812 1112
5612 621,
21
2212
I 11
15
61
65
65
67
8
914
27
29
163 2014
4
149 152
28
293
4
19
2012
97 101
2
3
315 340
402 412
412 53
4
3712 3912
2512 27
Kobacker Stores prof...100
Kress(S II) 6% prof
10
Lerner Stores pre('
100
42 Reeves (Daniel) prof...100
_
12 Schiff Co preferred
11
100
4
901, 953 1.7 S Stores preferred_ __ _100
Bid
150
87
90
103
13
60
105
Ask
190
--101 2
1
16
70
110
I
20
35
212
30
45
8812
94
88
312 712
Telephone and Telegraph Stocks
Ask
Par Bid
Amer Dist Teleg(N .1) corn • 6912 72
Preferred.
100 109 s 1107
,
8
hell Telep of Canada. .i00 12112 12512
Bell Telep of Penn pref. _100 1131 1 11512
Cincin & Sub Bell Telep_ _50 64
6612
Cuban Telep 7% pre- _100 22
26
Empire & Bay State Tel_100 493 5712
4
Franklin Teleg
.100 3612 42
Int Ocean Teleg 6%_ __ -100 7814 8314
Lincoln Tel T4 Tel 7%
• 8412
Mount States Tel & TeL 100 x106 109
New England Tel ar 1*1.100 43
95
Par
New York Mutual Tel_ _100
Northw BellTel p1834% 100
Pac & AU Teleg U 8 1%26
Peninsular Telephone com_ •
l'referred A
100
Roch Telep $6.50 1st p1.100
So & All Teleg $1.25.....25
Sou New Eng! Telep_ -._10o
S'wmtern Sell Tel. pf
100
Tr1 States Tel & Tel
Preferred
10
WISCORSITI Telep 7% met 100
Bid
2212
110
133
4
334
68
10012
1612
101
11734
Ark
25
112
8
157
6
71
19
-1;
103
11934
912 1014
10912 113
Sugar Stocks
Par
East Porto Rican Sug corn__
Preferred
Fajardo Sugar
100
Bid
Ask
214 314 Flaytlan Corp Amer
512 7 Savannah, Sugar Ref
83 88
7% preferred
Par Bid Ask
12
1 12
•
• 8712 92
100 180
Realty, Surety and Mortgage Companies
Par
Bond dr Mortgage Guar_ _20
Empire Title & Guar__ _100
Lawyers Mortgage
20
x Ex-dividend.
Bid
li
6
12
Par1Bid
Ask
1
3 I Lawyers Tide & Guar_ _100
8
N Y Title dr Mtge Corp__10
13
12
78
Ask
2
3s
2037
Financial Chronicle
Volume 139
General Corporation and Investment News
-MISCELLANEOUS.
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities-railroad, public utility and industrial companies. This information was heretofore given
under classified headings, such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
Gesellschaft, at its office in Vienna I. Am Hof 2, Austtia, may obtain payment thereof in Austrian schillings at the raivate clearing average exchange
rate of Aug. 31 1034, published by the Chamber of Exchange of Vienna.
i.e. S 530.03 for $100, provided, however, that such schillings during the
duration of the transfer restrictions be not exported from Austria and be
withdrawn from the fund at the Austrian National Bank for instance for
the following purposes:
(a) To provide for the living expenses of American citizens during their
stay in Austria; or
-V.138.
(b) To purchase and pay for merchandise or securities in Austria.
-The following
Monthly Gross Earnings of Railroads
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
Length of Road.
Dross Earning*.
Month.
February- -March..
April
May
June
July
.
August
September
October
November..
December.--
$
228,889.421
213.851.168
219.857,606
227.300,543
257,963.036
281,353.909
297.185,484
300.520,299
295,506.009
297,690,747
260,503,983
248,057,612
$
274.890,197
266.231.186
288.880.547
267.480.682
254,378.672
245,869,626
237.493,700
251,782.311
272,059,765
298.084,387
253,225,641
245.760.336
$
-46.000.776
-52.380,018
-69,022,941
-40,180.139
+3.584,364
+35,484,283
+59,691.784
-1-48,737,988
+23,446,244
-393,640
+7,278.324
+2,297.276
January__
February...
March ..._
April
May
June
July
1933.
1934.
257.719,855 226,276.523 +31,443.332 +13.90
248,104.297 211,882.426 +36.221.471 +17.10
292.775.782 217,773,265 +75,002.520 +34.44
265.022,239 224,585,926 +40.456,313 +18.02
281.627,332 254,857,827 +26.769.505 +10.50
282.406.507 277,923,922 -1-4 482.585 +1.61
275.588.076 293.941 005 -17.757.929 -6.05
January__
1932.
January
$
3
June
July
August
September
45,603,287
41,460.593
43.100.029
52.586.047
74844.410
94,448,669
100.482.838
98,108,921
94.222,438
October
November
December
66,866,614
59.129,403
46,964.987
56.187.604
68.356,042
56,261.840
47.416,270
47,018,729
46,148,017
62.553,029
83.092,822
98,337.561
63,962,092
57.861,144
January
February
March
April
May
June
July
1934.
62.262,469
59.923.775
83,939,285
65.253.473
72,084,732
74.529.256
67.569,491
1933.
44,978,266
40.914.074
42,447.013
51,840,515
73,703.351
92,987,854
98,803.830
February
March
April
MAY
91.000.573
1933.
241,337
241.263
241.194
241,113
240.906
240.932
240.882
1934.
239.444
239,369
231.228
239.109
238.983
239,107
239.160
From Jan 1-
Gross from railway
Net from railway
Net after rents
-V. 139. p. 1859.
Gross trom railway-Net from railway
Net after rents
+38.43
+46.46
+97.75
+26.36
-2.20
-19.83
-31.61
+17,284,203
+19,009.701
+41,492.272
+13.612.956
-1.618,619
-18,438.598
-31.234,339
1933
$170.318
70,926
44.315
1932
$120.061
498 9
2 ; 19
1931
$171.777
57,395
30,263
1.178.181
416.123
208.626
1,083.066
407,827
227,620
1,054.826
321,669
146,731
1,345.248
422.873
204,325
1934
$402,135
56,693
39,830
3,252,941
656,319
427,991
1933
$435,962
139,625
101,990
932
1931
$531,071
$315,897
,
24,034 , 71913
- 40,800
def4.426
2,924,014 2,715,993
668,578 def24,673
343,850 def322,379
4,279.110
482,085
238.027
-EarningsAlabama Power Co.
(A. Subsidiary of Commonwealth & Southern Corp.)
-Month-1933
1934-12 Mos.-1933
Period End. Aug.31- 1934
$1,256,738 $1,298.961 $15.485,681 $15,427,981
Gross earnings
Oper. erps., incl. maint.
591,310 6.761,733 6,512,241
550,770
& taxes
388,785 4,705,582 4,668,975
388,528
Fixed charges
92,683 1,153.493 1,016,166
97,845
Prov. for retire. reserve..
195,197 2,342,209 2,342,057
195,186
Dividends on pref. stock
Balance
-V. 139. P. 1390.
$24,407
$30.985
$522,662
-Dividend
American Agricultural Chemical Co. (Del.)
Disbursing Agent
The Chase National Bank of the City of New York has been appointed
-V. 139. p. 1859. 1229.
dividend disbursing agent.
-Offer for
American, British & Continental Corp.
Stock
shares
The Atlas Corp. in a letter dated Sept. 27, offers to purchase the
,
of 1st pref. stock and common stock of the corporation at a price of $19
per share of pref. stock and 90 cents per share of common stock, both
prices payable in cash. The offer will expire at the close of business
Oct. 101 1934.
Atlas Corp. already owns or controls a majority of both classes of the
outstanding stock of American, British & Continental Corp.
Statement of Financial Condition at Sept. 20 1934
AssetsCash in banks
Interest. Env's. and accts. rec._
-Earnings.-Alabama Great Southern RR.
AugustGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.139, P. 1389-
def40,366
9,472,555 13.142.589
2,067,664 2.556,836
391.870
46,605
The bondholders' committee for the 1st mtge. 6% sinking fund' bonds.
dated March 211927. in a notice Sept. 25 states:
The committee expects to submit a plan of reorganization for the Los
Per Cent.
Amount.
Angeles Ambassador lintel property in the near future, probably about
Sept. 29 1934. Due to technicalities created by the Securities Act of 1933,
$
the committee has been advised by its counsel not to receive additional
-361,700
-0.79
bonds for deposit after the plan is submitted. Accordingly the committee
-14,727.011
-26.21
has directed that its depositary and subdepositary not accept bonds for
-36.94
-25,256.013
deposit nor issue certificates of deposit after the close of business on Sept.
-3,676,793
-6.55
29 1934. After the submission of the plan, depositing bondholders who
+27.428,140
+57.85
+47.429,940dissent therefrom may withdraw their bonds within the time and subject
+100.87
to the conditions of the deposit agreement.
+117.74
+54,334.821
A large deposit of bonds will strengthen the committee's position in sub+53.64
+33,555.892
ranting its plan for hearing under the jurisdiction of the Federal Court.
+13 39
+11.129,616
Tat i ommittee recommends that bondholders deposit their bonds immediheecy.
-7.46
-7,336,988
+4.54
+2.904,522
The depositary is American National Bank & Trust Co. of Chicago: the
+2.19
+1.268,259
sub-depositary is Bank of America N. T. & S. A., Los Angeles, Calif.
V. 126, p. 1812: V. 124. p. 2284.
1934
$126.293
19,671
def4,002
From Jan. 1Gross from railway
Net from railway
Net aftet rents
-V. 139. p. 1389.
270,291
8,798,456
8,798.456
2,664,795
1,036,849
-Deposit of
----Ambassador Hotel, Los Angeles, Calif.
Bonds
Akron Canton & Youngstown Ry.-Earnings.--7
August-
68,532
17.902
8,717.902
1,932,950
236.111
Net after rents
Inc. (-I-) or Dec.(-).
Na Earn nos.
Month
1933.
p.2396.
-Over 50% of Bonds Deposited
1932.Alleghany Corp.
The corporation announced Sept. 26 that a majority of its 1950 series
Miles
acceptance of the plan which proposes to pay
bonds has neon deposited in
241,991
interest for the next five years with a new prior preference stock, and to
241.467
avert bankruptcy proceedings upon default of the Oct. 1 interest. The
241.489
New York Trust Co., 100 Broadway, N. Y. City, is depositary.
242.160
"The time is short. We urge your prompt action," the company de242.143
clares in the notice to non-depositors.
242.333
Total deposits up to Sept. 27 amounted to $12,564,000. leaving $11.241,906
968,000 undeposited.-V. 139, p. 1075.
242.358
,
-Earnings
239904
Alton RR.
242.177
1931
1932
1933
1934
August244,143
$1.306,571 $1,325,813 $1,160,577 61.538,886
Gross from railway
240,950
201,202
310.631
508.587
299,949
Net from railway
1933.
WOu004.0.Mal..00
000000.0034.0.0..0..
1932.
0.00
-16.73
-19.87
-23.89
-15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
1933.
N.WWWWWWW...b.
Per
Cent.
Inc.(+)or
Dee.(-).
$ 88, 0
-Cent Extra
-15
Alaska Juneau Gold Mining Co.
-
Due from brokers
a Portfolio holdings:
Bonds and notes.d
Preferred stocks
Common stocks
b Foreign loans
Other assets
Prepaid expenses
Liabilities
$307,754 Accounts payable, Int, accrued
:
42 466
07 754 on 5% debentures. 2.:c
$64,559
61,267 Provision for Federal income
and reserve for contaxes
66,500
tingencies
1,172,988
4,269,500
634,880 5% debentures, due 1953
4,063,963 Balance applicable to capital
c2,109,723
Blocks
218,027
1
8.938
$6,510,282
Total
$6,510,282
Total
a Priced at Sept. 20 1934 market quotations. b $872,109 carried by
management for purpose of this statement at above price. c Repre-
sented by 91,439 shares of 1st pref. $6 cum.stock (no par value, redeemable
at $102 per share, entitled in liquidation to $100 per share) and 600.000
shares of common stock. Cumulative dividends in arrears since March 1
1931. d Includes notes in default carried at $24,000 based on underlying
cash and securities.
-Company is subject to possible future calls of approximately
Note
$55,000 (at current exchange rates) in connection with part paid stock.
-V. 139. p. 917.
-Removed from
American Cities Power & Light Corp.
i tes
z Deali g-,Ah-t___,
a
The New York Produce Exchanlfas removed from dealing the scrip
tv.A-.
for class B stock, no par' -V. 139. p. 749.
tiff
The directors have declared an extra dividend of 15 cents per share,tin
-Doubles Dividend
addition to tho usual quarterly dividend of like amount, on the commonmerican Crayon Co.
both payable Nov. 1 to holders of record Oct. 10. Similar
The directors have declared a dividend of $1 per sham on the common
stock, par $10.
-V. 139, stock, par $100. payable Oct. 1 to holders of record Sept. 20. This comdistributions were made in each of the four preceding quarters.
p. 1544.
pares with 50 cents per share paid on July 1 and April 1 last, prior to which
no dividends had been paid since a regular quarterly distribution of $2 per
2A.
"--Allied General Corp.-Re ved from Dealing-1.t,.,
-share was made on March 1 1932.-V. 138, p. 2735.
The/New York Produce Exchange has removed the common stock,
,American Cyanimid Co.-Subsidiarius-Goneolidated$1 par:from dealing.-V.139,p. 169 •
A number of reorganizations and mergers, consolidating in a smaller
n mber of corporate units the businesses of the wholly-owned subsidiaries
Alpine Montan Steel Corp. (Oesterreichisch-Alpine
Montangesellschaft)-Conditional Interest PaymentThe corporation, in a notice to holders of 7% closed first mortgage 30year sinking fund gold bonds, due March 1 1955 states:
By reason of the Decree of the Austrian Government published July 17
1932, we have been unable to obtain the recite foreign exchange to make
the payments in United States currency to New York Trust Co. as trustee,
to meet the service charges on the above bonds required to be paid by UB
14 days before Sept. 11934. However, pursuant to said Decree, we have
deposited with the National Bank of Austria in the fund of foreign debts
established for such purpose, the counter-value in Austrian schillings of the
interest coupons matured on Sept. 1 1934.
The holders of such interest coupons matured on Sept. 1 1934, upon
presentation and surrender thereof to Niederoesterreichische Escompte-
of the company has recently been completed according to President W.B.
Bell.
As a result of these mergers and reorganizations the businesses formerly
conducted by the following wholly owned subsidiaries have been merged
in American Cyanamid & Chemical Corp.. and will hereafter be conducted
by appropriate divisions of that subsidiary*
American Cyanamid Sales Co.
American Powder Co.
Catalytic Process Corp.
Fumigation Service, Inc.
Fumigatore Supply Co., Inc.
General Explosives Corp.
Gypsteel Construction Co., Inc.
-V.139, p. 1075.
Kalbfleisch Corp.
Maryland Chemical Co.. Inc.
Owl Fumigating Corp.
Belden Co.
Selden Research & Engineering Corp.
Structural Gypsum Corp.
Financial Chronicle
2038
-Earnings
American Gas & Electric Co.(& Subs.)
Period End. Aug.31- 1934
1934-12 Mos.-1933
-Month-1933
Subs. Cos. Consolid
(Interco. items elim.)
Operating revenue
$5,039,375 $4,792,317 $60,401,845 $56,550,142
Operating expenses
2,547.154 2,196.602 29,753,589 26.207,855
Operating income..--- $2.492,221 82,595,714 $30,648,255 $30,342,286
801.800
765,293
Other income
56,080
92,900
Total income
$2,548,301 $2,688,614 $31,413,548 $31,144,087
Reserve for renewals &
replacements (deprec.)
739,419 8,101,809 7,466,495
705,964
Deductions
1,349,455 1,347,771 16,195,266 16,205,041
Balance
Portion applic. to minor.
interests
$492,880
$601,424 $7,116,473 $7,472,550
Balance
Amer.Gas& Elec Co.Bal. of subs, cos, earn.
applic. to Amer. Gas &
Elec. Co.
Int.& pref.stock divs.
from subs. cos
Other income
$492,880
$601,424 $7,116,473 $7,472,562
$492,880
$601,424 $7,116,473 $7,472,562
Total income
Expense
Deductions
$940,234 $1,072,287 $12,613,420 $12,970,754
410,545
492,355
41,400
45,595
391,378 4,696,539 4.711,349
391,378
Balance
-V.139, p. 1390.
$503,261
12
425 488
21,864
426,753
44,109
5,115.669
381,278
5,171,370
326,822
$639,508 $7,424,525 $7,848,859
-Offer for Stock
American Investors Inc.
Sept. 27, offers to purchase the shares of
Atlas Corp. in a letter
common stock at $3 per share, payable in cash. This offer will expire at
date,
the close of business Oct. 10 1934.
Atlas Corp. already owns or controls more than 75% of the outstanding
common stock.
Balance Sheet at Sept. 20 1934
Liabilities
Assets
$2,226
Cash on hand and in banks_ __ $151,039 Accrued taxes
285
Divs. rec. & bond Int. accrued_
18,248 Unclaimed dividends
4,116
Due from brokers
80,486 Accrued operating expenses...._
6,784
Securities owned, at cost
a3,108.046 Div. accrued on $3 pref. stock_
Deferred charges
1,197 Capital stock:
b Preferred stock
1,356,900
Common stock (par ED_
947,441
218,529
Capital surplus
Balance of operating income
822,734
53,359,016
Total
$3,359,016 Total
a After deducting balance of securities reserve provided from capital
surplus amounting to $3,957,940. Securities priced at Sept. 20 1934
closing market sale or bid prices amount to $4,014,608. b Issued and
outstanding 27,138 shares cum. $3 series, callable at $55 per share and
entitled in liquidation to $50 per share. In addition on Sept. 20 1934
there were 448,290 shares reserved against conversion of a like number
of option warrants outstanding (unlimited as to time) entitling holders
thereof to purchase, at any time, common stock at $20 per share.
V. 138. P. 12 2
3.
---American Light & Traction Co.
,
-Common Div. Reduced
The directors on Sept. 25 declared a dividend of 30 cents per share on the
common stock. par $25, payable Nov. 1 to holders of record Oct. 15. This
compares with 40 cents per share distributed in each of the four preceding
quarters, 50 cents per share paid on Aug. 1, May 1 and Feb. 1 1933, and
623i cents per share paid quarterly from Aug. 1930 to and including
November 1932.-V. 139, p. 750.
American Metal Co., Ltd.
-Obituary-Ludwig Vogelstein. Chairman ofthe Board.died Sept. 23.-V.139. p.750.
Sept. 29 1934
Consolidated Balance Sheet June 30 (Including Subsidiaries)
1933
1934
1934
1933
Liabilities-Assets5
Property acct_ 102,586,842 109,850,117 7% 1st pref.stk. 50,000,000 50,000,000
Investments_ _ 17,246,931 33,045,241 6% 2d pref. stk_ 18,400,000 20,000,000
b Common stock 60,998,000 60,998,000
Prepaid taxes &
insurance.. _ _ _ 1,869,183 1,798,760 Bonds outstand_ 36,387,300 36,697,300
Federat'd Metals
Inter-plant accounts in tran.
30,062
15,317 Corp. bonds__ 2,031,500 2,120,500
Cash
8,650,582 4,760,154 Accts., &a., pay. 10,424,278 6,549,488
Int. on bonds_ __
517,722
515,505
Time deposit
Unclaimed diva.
56,407
49,560
maturing Dec.
Divs. pay. after
29, 1934
1,000,000
June 301934_ _ _ 2,250,000
Invest. In co.'s
233.790 Accr. taxes not
7% Pref.stock
due (Fed, tax
Invest. In co.'s
estimated)_ _ _ 4,171,044 2,286,141
2d 6% cum.
pref. cap.stk_
635,160 Unearned treatment charges_
907.079
U. S. Government smut's_ _ 14,988,279 16,630,902 Res. for obsoles.,
conting., &c__ 1,282,319 11,410,943
Accts. and notes
receivable _ _ _ 6,967,655 6,811,121 Res.for metalstk 12,637.894 3,473.460
Mat'ls & suppl's 4,376,778 3,806,889 Mine & new bus.
445,503
investigations.
436,977
a Metal stocks. 55,934,947 35,722,701
Misc, suspense,
credit accts_ _ 1,261,959 1,210,556
Surplus arising
from acquisition 01 16,000
shs. of 2nd pf.
stock
964,840
10,923,939 17,583,200
Surplus
213,651,258 213,340,155
Total
213,651,258 213,340,155 Total
a Metal stocks (not including metals treated on toll basis) less unearned
treatment charges. Inventories are taken at cost or market, whichever is
lower. except that metals sold under firm contracts for delivery after June 30
are valued at sales contract price. b Represented by 1,829,532 (1.828,665
in 1933) shares of no par value, and 136 (425 in 1933) shares of $100 Per
value not surrendered in exchange for no par value shares.
-V. 138, p. 4453.
-American States Public Service Co.-Reorganiztion7
In accordance with an order of the U. S. District Court for the istrict
of Maryland dated Sept. 17 1934, a plan of reorganization has been proposed and filed by the company and a hearing will be held in the court on
Oct. 19, to consider the plan of reorganization and the classifications of
creditors or stockholders affected thereby.
-year 6% convertible gold debentures are
All claims of holders of the 10
required to be filed on or before Dec. 16, after which date, no such claim,
unless so filed, may particiate, or entitle the holder thereof to participate,
in any plan of reorganization.
Until ordered to the contrary, the claims or Interests of no other creditors
or stockholders of the company need be filed or proved in the proceedings.
-V.138. p. 2908.
-Bonds Called
American Telephone & Telegraph Co.
A total of $761,900 30
-year 5% collateral trust gold bonds due Dec. 1
1946 have been called for redemption as of Dec. 1 next at 105 and interest.
Payment will be made at the Old Colony Trust Co., 17 Court Street, Boston. Mass., or at the offices of the company, 195 Broadway, N. Y.City.
V. 139. p. 1860.
-New Trust
American Trustee Share Corp.
The American Trustee Share Corp., a wholly owned subsidiary of Massachusetts Distributors, Inc.. has filed a registration statement with the •
Federal Trade Commission covering a new issue of650,000 shares of Diversified Trustee Shares, series D.
The registration of this new issue was made necessary by reason of the
fact that the previous allotment has been entirely sold. More than $8,000.000 worth of these shares are outstanding at the present time, it is
said.
-V. 139, P. 1076.
-Earnings
American Water Works & Electric Co., Inc.
Period End. Aug. 31- y1934-Month-x1933 y1934-12 Mos.-x1933
Gross earnings
American Mutual Liability Insurance Co.
-Dividend
- Bal. after oper. exps., $3,846,998 $3,739,774 $45,249,182 $42,043,808
The company has declared a dividend of 20% payable on all policies
maint. & taxes
1,797,282
1.944,872 22.383,452 22,058,162
expiring, in Novemoer. This is the 554th consecutive dividend of 20%
3,229,428 3,465,132
Net in. avail,for diva,after all charges & reserves_
or more.
-V. 137, p. 869.
Preferred dividends
1,200,000
1,200.000
Available for common stock
2,029,428 2,265,132
•
--American Sumatra Tobacco Corp.
-To Repurchase Stock 0 Common shares, exl. 2,415 held in system in
4
1,749.377
1,748.473
1934 and 1.511 in 1933
The stockholders at the annual meeting to be held Oct. 17 will vote on
$1.29
$.16
Earnings per share
proposal to repurchase stock at $50 or $45 per share sold to employees of
x As adjusted. y All figures subject to audit insofar as they contain
the corporation in accordance with terms of employees stock purchase
earnings for the year 1934.
agreement.
-V.139, p. 1391.
4
-Semi-Annual
American Smelting & Refining Co.
Report
Simon Guggenheim, President, states in part:
The outstanding 6% cumulative second preferred stock has been reduced
by $1,600,000. the par value of the 16,000 shares authorized to be held
for retirement at the annual stockholders' meeting held last April. The
difference between the par value of these 16.000 shares and the cost of
re-acquiring them is shown in a new account on the balance sheet in accordance with resolution adopted at the meeting of the board of directors held
on April 4 1934 This new account is called 'surplus arising through
acquisition of 16.000 shares of second preferred stock."
The surplus account for the six months has been decreased by $1,486.422.
accounted for as follows:
$5,750,000
Dividends declared on 7% pref. stock during period
4,263,577
Net income for period
*1,486.422
Taken from surplus
There remain unpaid accumulated dividends of $2.50 per share, or
$1.250,000. on the 7% cumulative preferred stock, as of Oct. 1 1934.
No dividends have been paid on the 6% cumulative second preferred stock
since June 11932. and the accumulation on the stock outstanding with the
public amounts to $13.50 per share, or $2,484.000, as of Oct. 1 1934.
No dividends have been paid on the common stock since Feb. 1 1932,
and none can be declared until after payment of all arrears on both classes
of preferred stock has been provided for.
Consolidated Income Account Six Months Ended June 30
1931
1932
1934
1933
Total net earnings- --- - $9,774,522 $6,606,390
$227.084 $5.265,571
Interest, rents, divi402.533
711,909
359,778
651,588
dends,commis'ns,&c_
Gross income
$10,134,300 $7.257,978
Gen'l & admin. expenses
771,689
742,890
Research & examin.exp_
92.049
114,984
Corporate taxes (id.
est. U. S. & foreign
1,327,462
733.825
Income taxes)
Int.on lst mtge.5s
909,683
925.547
Int. on Fed. Metals bds_
71,103
75,939
Deprec. & obsolescence
2.675,804 2,657,518
& ore depletion
Net income
1st pref. dividends
2d pref. dividends
Common dividends
5629,617 $5,977.480
692.500
803,050
141,993
65,019
Anaconda Copper Mining Co.(& Subs.)
-Earnings
Consolidated Income Account for the 6 Months Ended June 30 1934
Operating income
$9,641,698
986,173
Other income
Total income
$10,627,871
Interest on bonds and current obligations
2,413,040
Expenses pertaining to non-operating units, including expenditure during strike period to June 30 1934 and reserve for
Federal income taxes
1,932,373
Depreciation and discount on bonds
3,279,980
Net income
Share of minority interest
$3,002,478
15,981
Income of Anaconda Copper Mining Co. before depletion__ $2,986,497
Earnings per share on 8,673.833 shares ofcapital stock (Par 250)
80.34
In accordance with the practice followed in 1933. current costs were
applied to metals sold to the extent of current production.
As of Dec. 31 the company had cash on hand of $6,576,350, and as of
June 30 $12,985,730. As of Dec. 31 the notes payable amounted to $69,898.000. and as of June 30 $64,214,326. Results show an increase in cash
of $6,409.380, and a decrease in notes payable of $5,683,674 during the
six months period.
-V. 139, p. 1860.
Anglo-Newfoundland Development Co., Ltd.
-Earns.
14.662
880,307
108,917
900.216
2.419,177
2,758,130
$4,263.577 $2,030.209 def$3442048 $1,265.174
875.000 1.750.000
b5.750,000
500.000
600.000
2,744.910
Bal sur.,for6 mos_ def$1.486.423 52,030,209ad1$4817,048def$3829.736
Total profit & loss,sur__ 10,923,939 17.583,200 16,550.619 33.710,882
Shares common stock
outstanding (no par).. 1,829.532 1,828,665 1,828.644 1,826,886
Ni'
Nil
$1.07
80.22
Earnings per share
a Before taking into account appropriation for metal stock reserve
amounting to *1,981,500. b Being accumulations amounting to $11.50
per share.
Weekly Output
Output of electric energy for the week ended Sept. 22 1934 totaled 32,470,000 kilowatt hours, a decrease of 1% from the output of 32,643,000
kwh. for the corresponding period of 1933.
• Comparative table of weekly output of electric energy for the last five
years follows:
1934
1933
1932
Week Ended1931
1930 "
Sept. 1
30,787,000 36,471,000 25.727,000 30,475,000 34,051,000
Sept. 8-x
29,154,000 33,920,000 25,694,000 29,876,000 32,674.000
Sept. 15
32,158,000 34,738,000 26,007,000 31,771,000 35,279,000
Sept. 22
32,470,000 32,643,000 27,836,000 31,945,000 34.374,000
x Includes Labor Day.
-V. 139. D. 1860.
Income Statementfor the Year Ended Dec. 31 1933
Profit after providing for deprec.,deple'n,income tax & conting. $1,228,773
Directors' fees
4,500
First mortgage debenture stock interest
145,751
First mortgage debenture stock redemption
105.617
Balance
Amount applied to meet debenture interest and preferred dividends payable by liquidator of predecessor company
Expenses incidental to the liquidation of the predecessor company and the formation of this company, &c
$969,904
Balance
-V. 118. p. 796.
*189,854
280,049
500.000
Armour & Co. (I111.)-88% of Preferred Exchanged
T. G. Lee, President, has advised holders of the 7% preferred stock that
a little over 88% of the old stocs has been exchanged under the plan for
the prior preferred stock.
-Earnings
Bangor & Aroostook RR.
8% Wage Increase
1934-8 Mos.-1933
-Month-1933
Period End. Aug. 31- 1934
$221,893 $4,116,072 $3.931.429
Gross oper. revenues... $238,696
1,534,002
1,429.728
def59,792
def47.740
Net rev, from oper
358,320
338,140
16,399
10.251
Tax accruals
Operating income_ _- def$57,991 def$76,191 $1.019,588 $1,175,682
6,422
12,544
14,060
17,973
Other income
Effective Oct. 1 the company will increase wages ofsome 30,000 employees
by an average of 8%. which means a yearly wage bill between $2,000,000
and $3,000.000 greater than at present rates.
-V. 139, p. 1230.
Ann Arbor RR.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 139, p. 1230.
2039
Financial Chronicle
Volume 139
3287,471
61.231
31.509
"
$296.218
89.837
58,884
1932
$242,343
33.391
818
1931
$334,188
34,798
6.207
2,229,414
522,415
265,625
1,926,732
376,334
116,320
2,106,062
2,576,682
def33,943
2,779,699
414.743
54,823
def$40,018 def$62,131 $1,104,132 $1,182.104
Gross income
535.254
517,071
66,599
63,961
Interest on funded debt_
4,872
5.958
383
574
Other deductions
$641,978
$581,103
def$129.113
def$104.553
Net income
-V. 139, p. 1546.
-Tenders
(W. S.) Barstow & Co.
-11=•"--Art Metal Works, Inc.
-Dividends ResumedThe directors have declared a dividend of 10 cents per share on the common stock, par $5, payable Oct. 1 to holders of record Sept. 29. This
payment marks the resumption of dividends on this issue, no disbursements
having been made since Feb. 1 1932, when a 2% stock dividend was paid.
A similar distribution was made on Nov. 1 1931 and 15 cents per share was
paid in each of the three preceding quarters.
-V.139.P. 1231.
The Transfer & Coupon Paying Agency, Room 2016. 61 Broadway.
N. Y. City, will receive tenders for the sale to it for cash of 6% sinking
fund debentures due Oct. 1 1942 not later than 12 noon Oct. 5.-V. 138.
p. 506.
-Common Dividends Resumed-'" 13elding Heminway Co.
on
directors on
26 declared a dividend of 50 cents per share
The
Sept.
Associated Gas & Electr; Co.
--Removed from Dealin/7-114a, -the common stock, no par value, payable Oct. 31 to holders of record
. -was a regular guar
Oct. 8. The last previous payment made on this issue
terly distribution of 50 cents per share made on May 1 1928. considered
The policy of the board on dividends in the future will be
Weekly Outputsemi-annually.
As a result of the textile strike the Associated Gas & Electric System net
The company issued the following statement:
electruc output dropped 6.3% to 50.869,592 units(kwh.)for the week ended
"Earnings for the present quarter will be below last year and approxiSept. 15 1934. in comparison with the same week a year ago. This is the
mately at the rate of the second quarter. Earnings were adversely affected
largest per cent. decrease in approximately 18 months. The decreases
by the extreme lull in general business during the first six weeks of this
on several of the pro
properties where large amounts of power are sold to textile
quarter when the textile industry reached probably the lowest point of the
mills were quite severe and ranged up to 64.4%. For the four weeks to
depression. The textile strike hampered shipments and caused some extra
date the output was off 3.1%.-V. 139, p. 1860.
expense in September.
The progress made by the company in the past two years: its ability
'
the
fact that
Atchison Topeka & Santa Fe Ry. System-'Earnings
---to earn money under adverse conditions and the with 1933 sales for the
warrants
pest six weeks again make favorable comparison
[Incl. Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe Ry.,
1861.
-V. 139, p.
d in resuming dividends at this time."
Panhandle & Santa Fe Ry.]
Period End. Aug. 31- 1934
-Common Dividend Cut
1934-8 Mos.-1933 .----Bell Telephone Co. of Pa.
-Month-1933
$76,825.866 "
oper. revenues_$11,734,879 $10,637.318 $84,783,292
Railway op
The directors on Sept. 27 declared a dividend of $1.50 per share on the
Railway oper. expenses_ 8,820,747 8,038,436 66,610.603 62,424,999
common stock, par $100, which was paid Sept. 29 to holders of record
Railway tax accruals_835.806
929.553 7,408,546 7,896,984
of same date. The company has paid $2 per share each quarter since 1921.
Other debits
610.218
320.483
Cr13.040
23.680
Practically all of the common stock is owned by the American Telephone
& Telegraph Co.
Net ry. over. income_ $2.091,365 $1,645,648 $10,443,657 $5.893,663
Average miles operated_
Chairman Resigns and Office Discontinued
13,549
13,324
13,315
13,531
-V.139, p. 1392.
Leonard H. Kinnard has resigned as Chairman of the board, having
Bell pension plan. He will continue
reached the retirement age under the
as a member of the board. The office of Chairman has been discontinued.
Atlantic Coast Line RR.-Earnings.-V. 139. p. 1077.
.tugu.st1931
1934
1932
1933
Gross from railway
$2.431,336 $2,381,573 $1,946,561 $2,865,259
-Earnings
Benguet Consolidated Mining Co.
Net from railway
69,735 def323,353 def405,846
36.648
1932
1933
1934
Net after rents
6 Months Ended June 3017,051 def497,703 def594.398
def46,895
depleFrom Jan 1
Net income after depreciation,
$573,392
$1,510.221 $1,219.617
Gross from railway
tion and other charges
27,746,009 26,806,221 26.801.859 40,556.770
$0.29
$0.61
$0.76
Earns. per sh.on 2.000,000 shs.stock_
Net from railway
6,725,291
7,358,458 3,871,659 10,128,196
Net after rents
-V. 137, p. 4363.
3,397,835 det266,456 5,075,577
3,014,321
-V. 139, p. 1860.
.
ThakNew York Produce Exchan
7% scrip certificates.
-year
has removed from dealing the 5
Atlantic Gulf & West Indies SS. Lines (& Subs.)Earnings
Period End, July 31- 1934-Month-1933
1934-7 Mos.-1933
Operating revenues
$1.833,225 $1,687,292 $13,327,130 $13,095,422
Operating expenses (incl.
depreciation)
1,821,298 1.497,987 12,662,496 11,358.299
Taxes
16.998
19,068
112,872
118,365
Operating income_ _ _ _
Other income
def$5,070
2,257
$170.237
3,585
$551,761 $1.618,757
22.275
40,754
Gross income
def$2,813
Interest and rentals_ _.138,632
$173,822
143,869
$574,036 $1,659,511
993,788
1,042,309
Net income
-V. 139, p. 1392.
def$141,446
$29,952 def$419,751
$617,201
Gross from railway
Net from railway
Net after rents
-V. 139, P. 1393
.
1933
1934
$966,066 $1,062,167
541,524
255,339
541,275
205,713
1932
$382,684
def14,568
def51,362
4,125,884
2.316,667
5,804,196
1,169.623
1,026,145
1,320,560 def659,45£3
1,208,238 def820,668
1931
$1 042,707
492,128
433,405
6.194,241
1.500,825
1,166,452
-Obituary-Bethlehem Steel Corp.
Percy A. Rockefeller, a director, died Sept. 25. Mr. Rockefeller was
also a director of Air Reduction Co., Anaconda Copper Mining Co..
Brooklyn Edison Co., Consolidated Gas Co., Western Union Telegraph
-V.139, p.-1393.
es
Co. and Westchester Lighting Co.
-Earnings
Birmingham Electric Co.
Atlas Corp.
-Makes Cash Offer for Shares of American,
British cfc Continental, American Investors, Federated Capital
and Sterling Securities
The corporation has made an offer to the stockholders of American
British & Continental Corp. to purchase its 1st pref, stock at a price of
$19 per share and common stock at 90 cents per share, both prices payable
In cash. Atlas Corp. already owns or controls a majority of both classes
of the outstanding stock of American British & Continental Corp.
Holders of common stock of American Investors, Inc., are receiving
an offer from Atlas Corp. of $3 per share payable in cash. Atlas Corp.
already own or controls more than 75% of the outstanding stock of American
Investors. Inc.
The shareholders of Federated Capital Corp. are receiving an offer of
$17 per share cash for the pref. stock and $1.50 for the common stock.
Atlas Corp. already owns or controls more than 92% of the outstanding
pref. stock and more than 63% of the outstanding common stock of the
Federated Capital Corp.
The shareholders of the Sterling Securities Corp. are receiving an offer
of $5 per share for the $1.20 preference stock, $1.75 per share for class A
common stock and 50 cents per share for class B common stock.
All the above offers expire at the close of business Oct. 10 1934. See
also under companies above mentioned -V. 139. p. 1231.
-Bonds Called
''" Baldwin Locomotive Works
-year gold bonds have
A total of $140,000 1st mtge. 5% sinking fund 30
been drawn for redemption as of Nov. 1 next at 10734 and interest. Payment will be made at the Pennsylvania Co. for Insurances on Lives and
-V. 139, p. 1700.
Granting Annuities, trustee, Philadelphia. Pa.
Baltimore & Ohio RR.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-Earnings.Bessemer & Lake Erie RR.
AugustGross from railway
Net from railway
Net after rents
From Jan 1-
1934
1933
1932
1931
$11,307,039 $14,120,943 $9,807,184 $14,802,593
3,234,993
2,149,457
5,509,238
4,029,145
3,159.942
2,159,398
3,888,381
2,657,052
92,666,507 84.236,197 84,468,372 119.422.768
24,122.311 28,065,820 20,853,250 26,460,954
15,891,318 19,300,418 12,843,156 17,915,802
To Use P. ct: L. E. Lines in Pittsburgh Area to Cut Time to
West
Beginning Sunday, Sept. 30, all B. Sz 0. through east and west trains,
between Chicago. Washington and New York, will arrive at and depart
from the Pittsburgh and Lake Erie Smithfield Street Station in Pittsburgh,
according to an announcement made Sept. 26 by W.B. Calloway, General
Passenger Traffic Manager, of the B.& 0. All other trains of the B.& 0.
[National Power & Light Co. Subsidiary]
1934-12 Mos.-1933
-Month-1933
Period End. Aug.31- 1934
$432,107 $5,737,786 $5,392,830
$511,633
Operating revenues
339,955 4,452.018 3,985.271
372,059
Oper.exps., incl. taxes
$92,152 $1,285,768 $1,407,559
Net revs, from oper__ $139,574
3,549
, 1.077
84
88
Other income
$92,236 $1,286.845 $1,411,108
Gross corp. income- _ _ $139,662
685,529
655,648
55,745
51.152
Int. & other deductions_
$725,579
$631,197
y$36.491
y$88.510
Balance
386,652
476,237
Property retirement reserve appropriation
x Dividends applicable to preferred stocks for
423,319
429,235
period, whether paid or unpaid
$84,392
$274,275
Deficit
x Dividends accumulated and unpaid to Aug. 31 1934 amounted to
on $7 preferred
$286.163. Latest dividends, amounting to $1.75 a shareon Aug. 1 1934.
stock and $1.50 a share on $6 preferred stock, were paid
stocks are cumulative. y Before property retirement
Dividends on these
reserve appropriations and dividends.
Accumulated Dividends
The directors have declared a dividend of $1.75 per share on the $7 cum.
pref. stock, no par, and $1.50 per share on the $6 cum. pref. stock, no par,
both payable Oct. 1 to holders of record Sept. 22. similar distributions
were made on Aug. 1 last. Distributions of $3.50 per share on the $7 Pref
stock and $3 per share on the $6 pref, stock were made to holders of record
May 1. Effective with the Oct. 1 payments arrears on the $7 preferred
stock will amount to e3.50 per share and on the $6 preferred stock to $3
per share.
-V.139,p. 1232.
-Two New Directors
Boston & Albany RR.
I. E. Phillips Ketchum and Robert H. Gardiner were elected directors
to fill the vacancies caused by the death of Robert Homan and the resignation of Leverett Saltonstall.-V. 138, p. 2913.
-Earnings
Boston & Maine RR.
1934-8 Mos.-1933
Period End. Aug.31- 1934-Month-1933
Operating revenues
$3.327,136 $33,903,452 $28,388,428 $27,540,097
833.089 1,223,559 6.513,260 7,776.724
Net oper.revenue
769,710 3,595,929 4,784,503
Netry.oper.income_ _ _
500,328
8,728
Net misc. oper. inc.Dr
685,955
665.439
93,087
81,819
Other income
$862.797 $4,261,368 $5.461,730
Gross income
$552,147
Deductions (rentals,inc.,
will arrive and depart as heretofore from the B. & 0. Smithfield Street
641,054 5.098.637 5,184,066
626,255
&c.)
Station.
This change it is learned- is the outcome of an arrangement recently
$277,664
$221,743 def$837,269
Net income
def$44,108
entered into between the B. & 0.and New York Central Lines whereby the
-V. 139, p. 1393.
B. & 0. through trains will operate over the Pittsburgh Sz Lake Erie RR.
between McKeesport and New Castle, Pa.
-Earnings
Brazilian Traction, Light & Power Co., Ltd.
This will not only shorten the route but by use of the lower grade line
1934-8 Mos.-1933
Period End. Aug.31- 1934-Month-1933
will avoid the use of helper engines out of Pittsburgh and permit the quicken32,722,061 $2,527,084 $19,832,323 $18,911,298
Gross earns,from oper
ing up of schedules of from 15 to 45 minutes and also tend to the comfort of
1,254,540 1,116,172 9,570.370 8,531,620
Operating expenses
travel. In this rearran -ement an important improvement is realized, as
it will offer Pittsburgh travel the benefit of service of certain trains, such
$1,467,521 $1,410,912 $10,261,953 $10,379,678
Net earnings
as the well known Capital Limited, that heretofore have not operated into
Pittsburgh.
-V. 139, p. 1232.
It is understood that in order to secure the befits of the shorter low
-Cent Pref.
-75
-Brewing Corp. of Canada, Ltd.
grade route a number of the B. 8c 0. freight trains will also operate oveN"
-V.
The directors on Sept. 27 declared a dividend of 75 cents per share on
the Pittsburgh & Lake Erie between McKeesport and New Castle.
the cumulative preferred stock, no par value, payable Oct. 15 to holders
139, p. 1700.
2040
Financial Chronicle
of record Oct. 6. This is the first dividend to be paid since the preferred
stockholders on Feb. 14 last approved the proposal to extinguish accumulated dividends to June 30 1934, in return for an increase in the rate of
the annual dividend from $2.50 to $3 per share and the privilege of con
verting their holdings for 2% shares of common as against 2 to 1 provided
heretofore.
-V. 139. p. 1701.
-$1.10 Preferred Dividend,
- (F.) Burkhart Mfg. Co.
-
California Oregon Power Co-Preferred Dividends- i
The directors have declared dividends of 873 cents per share on the 7
cum. pref. stock, par $100. 75 cents per share on the 6% cum. pref. stock,
par $100. and 75 cents per share on the 6% cum. pref. stock, series of 1927,
par $100, all payable Oct. 15 to holders of record Sept. 29. Similar distributions were made on the respective issues in each of the four preceding
quarters, prior to which payments were made at the regular quarterly
rates.
-V. 139. p. 1701.
Cambria & Indiana RR.-Earnings.-
690.059
162,887
563,819
'814,749
270,401
635,593
1931
$95,801
20,618
75,173
697,160 ' 813,935
164,949 g 193,452
483,670
627,804
Campe Corp.
-Earnings
Years End. July 311934
1932
1933
Profits from operations.. $685,540
$383.843
$438.047
Gen.admin . &
exps_
273.747
237.292
248,365
Inte.est paid
Loss on sale ofcap.assets prof 3.084
27.881
Prov. to reduce market
sec.to mkt. price (net)
4,285
Prov.for Fed.&State tax
60.922
22,000
18.000
Net profit for period
$135.516
$353,955
$128.551
Preferred dividends
75.081
93,744
107,990
Common dividends_...._
25,241
Balance, surplus
$20,561
$41,772
$253633
Shs.com.stk.out.(no par)
130,000
130.000
126.204
Earnings per share
80.32
$2.15
$0.16
Consolidated Balance Sheet July 31
AssetsLiabilities1933
1934
1934
Cash
$567,294 $493,089 Accts. pay., Issl•
Accts. & notes rec. a492,451
sundry accruals_ 8281,583
559,632
Advs. to mills,isc. 231,025
'
430,329 Prov. for Fed. and
U. S. securities_ _ _ 972.850
State taxes
590,797
65,145
Inventories
384,688
589,977 Divs. pay. on comBonds of New York
mon stock
25,241
State, dm
315,476
568,723 834% copy. pref.
x Land, bides., ma844,800
stock
chinery & equip. 1,412.771 1,454,656 9 Common stock
1,300,000
Deferred charges
Initial surplus_ __ _ 1,538,879
to operations_ _
6,145
8,817 Earned surplus__ _ 811,398
Suml. loans & inv.
35,213
87,1378
z Coin.stk. at cost.
29,115
29,115
1931
$499.501
236,582
5,989
39.000
$217,929
147.948
63,864
$6,117
126,895
$0.61
1933
$166,038
25,143
1,437,200
1,300,000
1,504,488
357,764
Total
$4,447,026 84,790,811
84.447,026 84,790,611
Total
x After depreciation of 8343,611 in 1934 and $296,712 in 1933. y Represented by 130,000 no par shares. z 3.796 shares. a Accounts receivable
only.
-V. 138, p. 4456.
Canada Northern Power Corp., Ltd.
-Earnings
Period End. Aug.31Gross earnings
Operating expenses
1934
-Month-1933
1934-8 Mos.-1933
$303,794 $2,693,557 $2.390,965
$350.198
125.856
92,208
905,589
731,252
Net earnings
-V.139, p. 1395.
$224,342
$211.586 $1.787,968 $1,659,713
---Canadian Industries, Ltd.
-Larger Dividend
The directors have declared a quarterly dividend of $1 per share on t
class A and class B common shares both payable Oct. 31 to holders of recor
Sept. 29. This compares with regular quarterly dividends of 87)4 cents per
share paid on the above issues from Oct. 31 1932 to and including July 31
last. In addition an extra distribution,of 75 cents per share was made on
July 31 last, and an extra of 8.74 cents per share was paid on Jan. 311933.
The present dividend is payable in Canadian funds,on which non-residents
will be subject to a 5% tax.
-V.139. p. 275.
Canadian National Rys.-Earnings[All-Inclusive System]
-Month-1933
Period End. Aug.31- 1934
1934-8 Mos.-1933
Operating revenues
$13,532,418 $13,376,756$107,022,440 $94.134.223
Operating expenses
13,.467.142 12.369,725 101.890,179 95,285.708
Net revenue
$65,276 $1,007,031 $5,132,261def$1151.485
Earnings ofSystem for Third Week ofSeptember
1934
1933
Increase
Gross earnings
$3,684,809 $3,248,547
8438,262
-V.139. p. 1862.
4176,045
38,255
$214,300
107,227
56,374
Net income
$50.699
x Includes $71,205 brought in from general reservse of previous years.
V. 137, p. 2467.
Carolina Power & Light Co.
-Earnings
(National Power & Light Co. Subsidiary)
Period End. Aug.311934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$775,304
$768,106 $9,508,972 $9,041,690
Oper. exps., incl. taxes_ _
420,671
4,664,391
421.470
4,787,192
Net revs, from oper_ _
$354,633
Rent for leased prop.(net)
17,634
Other income
3,109
$346,636 $4,721,780 $4,377,299
17,464
207,377
213,314
36.896
2,016
32,169
Gross corp. income_ _ J $340.108
$331,188 $4,540,635 $4,206,818
Int. & other deductions_
197.476
197,767
2,372,741
2,372,154
Balance
4142.632 4133,421 $2,167,894 $1,834,664
Property retirement reserve appropriations
960,000
960,000
x Dividends applicable to preferred stocks for
period, whether paid or unpaid
1,255,236
1,255.237
Deficit
$380,572
$47,343
x Dividends accumulated and unpaid to Aug. 31 1934 amounted to
$1,150,634. Latest dividends, amounting to 87 cents a share on $7 preferred stock and 75 cents a share on $6 preferred stock, were paid on July 2
1934. Dividends on these stocks are cumulative. y Before property
retirement reserve appropriations and dividends.
Note
-The above statement includes full revenues without provision for
possible revenue adjustments resulting from rate litigation now pending.. 139. p. 1701.
4 Le
'
The directors have declared a dividend of $1.10 per share on the $2.20
cum, preferred stock, no par value, payable Oct. 1 to holders of record
Sept. 20. This compares with 70 cents per share distributed on Aug. 1.
and 40 cents per share paid on Jan.9 1934, the first dividend paid since the
regular quarterly payment was 55 cents per share paid Oct. 1 1931. Accumulations following the Oct. 1 payment will amount to $4.40 per s re•5.513.13. 704.
1932
$82.323
17,752
49,396
Earningsfor Third Week ofSeptember
Increase
1933
1934
$179.000
$2,918,000 $2,739,000
Total income
Interest on 5% first mortgage debenture stock
Reserve for income and other taxes
restrictive action
The Securities and Exchange Commission took Its
against a company listed on the Stock Exchange Sept. 26 when, in Washington, it announced that it would not permit even temporary registration
of an issue of $8,000,000 6% bonds of the Brooklyn-Manhattan Transit
Corp. The SEC ruled that both the company and the Exchange must
appear at a hearing Oct. 3 to show cause why the rule should not be made
permanent.
The issue was sold privately in May to a New York group of bankers
which did not use the mails, wires or other public means of communication
In the disposal of the bonds. The issue,a new one for the purpose of funding bank loans, was not registered with the Federal Trade Commission.
then having charge of securities under the laws before the appointment of
the SEC.
When,later, application was made to the Stock Exchange for the listing
of the bonds, the exchange sought an opinion from the Federal Trade
Commission on the advisability of the move, and received what it termed a
"clearance." A subsequent official statement by Baldwin B. Bane of the
Trade Commission said that to his knowledge neither he nor any representative of the Commission had approved the listing. Despite this the
bonds were listed.
A subsequent application for the listing of an additional $2,000,000 of
the same issue has been pending before the Exchange.
The bankers who placed the issue were Hayden, Stone & Co., J. & W.
Seligman & Co.,Lehman Brothers and Kuhn,Loeb & Co.
-V. 139. p.J661.
1933
$108.842
39.151
99,392
Gross earnings
-V.139. p. 1862.
Income Account for Year Ended Dec. 31 1933
Profit after providing for depreciation and reserves
Interest
Brooklyn-Manhattan Transit Corp. Registration of
$8,000,000 Bonds Denied-SEC Calls Com ny and [Stock
Exchange to Hearing Oct. 3 to Determine Cours
1934
$90,004
21,987
66,470
Canadian Pacific Ry.-Earnings-
Canadian Western Lumber Co., Ltd.
-Earnings
-
Briggs Mfg. Co.
-Extra Dividend-Director
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, no par value, both payable Oct. 30 to holders of record Oct. 16.
Dividends of 25 cents per share were raid on July 30, Apr. 30 and Jan. 30
last, and on Apr. 25 and Jan. 25 1932. During 1931 37% cents per share
was paid each quarter and in addition extras of 12)4 cents per share were paid
on -Tan. 26 and. Apr. 25 of that year. Prior to 1931 no dividends had been
paid since 1927.
New Director
-W. D. Robinson was elected to fill vacancy on board o
directors caused by death of James Q Goudy.-V. 139,P/1701
AugustGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 1395.
Sept. 29 1934
'Centlivre Brewing Corp.
-Initial Dividend.d.talotAi
The directors have declared an initial quarterly dividend of 6)1 cents per
share on the class A common stock, par $2, payable Oct. 1 to holders of
record Sept. 15.-V. 137, p. 6
91.
Central Arizona Light & Power Co.
-Earnings---[American Power & Light Co. Subsidiary]
Period End.Aug.31- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$222,056
$209,337 $2,641,977 •$2,626,348
Oper. exps.,incl. taxes....
152.021
152,579
1,729.396
1,898.407
1Vet rev, from oper___
Other income
$70,035
23,780
$56,758
22,293
Gross corp. income._ _
Int. & other deductions-
$93,815
31,736
$79,051
31.751
Balance
3462.079
047,300
Property retirement reserve appropriations_ _ _ _ _ _
x Divs. applic. to pref. stocks for period, whether
paid or unpaid
$743,570
273,548
$896,950
273,757
$1,017.118 $1,170,707
381.364
380,563
$635,754
440,376
$790,144
443,717
107,797
108,222
Balance
$238,205
$87,581
x Regular diva. on $7 and $6 pref. stocks were paid on Aug. 1 1934. After
the payment of these diva. there were no accumulated unpaid dividends at
that date. y Before property retirement reserve appropriations and dive.
Note-Income account includes full revenues without consideration of
rate reduction in litigation.
-V. 139. p. 1396.
'Central Atlantic States Service Corp.-Reor anizatzon
The proposed reorganization plan, filed in accordance with Sec. 77-e
of the Bankruptcy Act and upon which the U. S. District Court for Ne
Jersey will hold hearings on Aug. 28, is briefly outlined below. The plan
has the approval of the committee for the 1st mtge. bonds, composed of
James E. Galleher, Thomas H. Blanton, John F. Gouldman Jr.. W. S.
Hildreth, and James C. Wheat, and the noteholders' protective committee, composed of A. M. Massie, Donald B. Adams and Leland E.
Yeager, as well as representatives of all classes of creditors. The plan
also has the unanimous approval of the board of directors of the corporation, which has appointed Harold G. Hathaway and T. W. D. Duke as
reorganization managers with full and complete power to propose in the
name of the corporation the plan of reorganization.
The outstanding obligations of the corporation affected by the plan of
reorgan'zation (the corporation having been judicially declared insolvent)
are as follows:
1st mtge. 6% sinking fund gold bonds, series A. due March 1
1943
$895,000
Five-year secured 6%% gold notes, due March 1 1933
85 0
92
42
0
Unsecured indebtedness-approximately
z760,000
Total
$2,497,500
x Being claims in the amount of $730,761 plus certain accrued interest
items to the date of receivership.
There exist claims of the United States of America for transfer and
original issue taxes in the aggregate amount of $1,691 Plus interest. If
such claims be duly held to be allowable unsecured claims in whole or in
part, then the amount of unsecured indebtedness affected by the plan
may be increased by such amount. If such claims be duly held to be
entitled in whole or in part to a prior claim, then the same shall be compromised and (or) paid by the trustee or by the new corporation and
therefore will not be affected by the plan.
The 1st mtge. bonds are secured by an indenture generally expressed
to cover all the real and personal property of the corporation except cash,
accounts receivable, unpledged stocksand securities and any and all
merchandise and stock in trade owned by the corporation and intended
for sale in the regular course of business. In the event of the declaration
of default under the indenture, provision is made that all incomes from
the operation of the mortgaged property shall be subject to the lien of
the indenture.
The secured notes are secured by the pledge of $1,000,000 gen. mtge.
gold bonds, which bonds in turn are secured by a general indenture generally
expressed to cover all the real estate and fixed property and interests
therein of the corporation, except raw materials, supplies, storeroom
contents, manufactured products, products in the process of manufacture,
merchandise held for sale, cash on hand or in bank, accounts receivable,
bills receivable, books of account, investments of reserve funds and worldng
capital. The general indenture is declared to be subject to the indenture
and deed of trust securing the 1st mtge. bonds and the bonds issued
thereunder.
In formulating the plan the reorganization committee has proceeded on
the theory that since default has occurred, the holders of the 1st mtge.
bonds now have the right to proceed with the foreclosure of the indenture
securing their bonds, to bid in and acquire substantially all of the properties of the corporation and to the extent of any deficiency which m4ht
arise to share in the distribution of any unmortgaged assets.
Digest of Plan of Reorganization
New Company
-A new corporation shall be organized in Virginia, to be
known as Cassco Ice Corp., which will have the following authorized
capitalization:
1st mtge. 6% sinking fund bonds, dated Sept. 1 1934, due
Sept. 1 1949
$537,000
Common stock (par $1)
160,000 she.
Note
-Certain properties of the new corporation will be held subject to
spective purchase money liens aggregating $59,250. These obligations
tei
2041
Financial Chronicle
Volume 139
the new purchaser, instead of wiping out, the interests of the junior bondare not affected by the plan. Efforts will be made to extend such obligations
holders.
All of the assets of the corporation will be transferred to the new cor
The various steps in the long and involved proceedings necessary to the
poration. provided that before the transfer shall take place, available
reorganization were as follows:
cash will be used to pay such receivers' and trustee's obligations as have
The Chanin interests, as owners of the building, through their attorneys,
not theretofore been paid, together with the compensation and counsel
Kramer & Kleinfeld, about a year ago petitioned Judge Charles C. Lockfees of receivers and trustee. Any such obligations remaining unpaid
wood in the Brooklyn Supreme Court for a court order directing that the
would be paid or assumed by the new corporation. Included in the assets
names and addresses of bondholders in the possession of the receivers of
to be transferred to the new corporation shall be the following: Trust,
S. W. Straus & Co., Inc., the original underwriters of the bonds, be made
sinking, escrow and all other funds now deposited with Chase National
Bank, New York, and with City Bank Farmers' Trust Co., in each case
available to them, in order that the owners' reorganization plan, as approved by the respective trustees, might be communicated to the bondafter deduction of all proper charges of each of the trustees. The new
corporation shall issue its securities to the creditors of the debtor as proholders. Judge Lockwood conditioned the granting of the order upon the
vided. The new corporation shall assume, compromise and (or) pay such
probable merit of the plan, and appointed Leon G. Godley as referee.
tax obligations not adjusted under the plan as may be duly determined
Upon the recommendation of the referee the order was granted.
The owners of the building submitted the plan to all the classes of bondto constitute a prior claim on the assets of the debtor. The plan may
be carried out as the reorganization managers shall determine and as the
holders and consents were obtained from the holders of about 70% in Princourt may approve througn judicial or other sale oe otherwise.
cipal amount of all bonds. These consents were subsequently increased to
The new bonds (authorized, $537,000) shall be dated Sept. 1 1934,
over 85% from the first mortgage bonds and over 80% of the second and
snail mature 15 years after such date, and shall be issued as coupon bonds
third mortgage bonds. The aggregate amount of the three issues outregisterable as to principal only in interchangeable denominations of'
standing is about $14,350,000.
Of the original $6,500,000 first mortgage issue nearly $6.400,000 is out$1,000. $500 and $100. Bonds will be entitled to interest at rate of 6%
per annum from date thereof except that the first interest coupon shall
standing. The holders of these bonds, which carried 614% interest, will
be payable Sept. 1 1935 in the amount of 9% and thereafter such interest
get new bonds in the same amount but bearing an interest rate of 4%.
shall be payable at the rate of 6% per annum semi-annually March and
if earned, and to be cumulative.
September, provided, however, that such interest shall only be paid if
The 634% second mortgage bonds, which now aggregate nearly $3,000.and (or) to the extent that net earnings are available therefor. Any
000. will get new second mortgage income bonds in the same amount, to
interest payments not made when due shall continue to be obligations of
pay 29' interest, if earned, and to be cumulative.
the new corporation and shall be paid as soon as the new corporation shall
The holders of the $5,000,000 in 7% third mortgage bonds will get third
have sufficient funds for the payment thereof without, in the uncontrolled
mortgage bonds totaling $2.500,000, or half of the face value of their old
discretion of the directors, Jeopardizing the financial position of the new
holdings. These bonds will bear 1% interest, payable semi-annually, if
corporation, provided, however, if any instalment of interest shall remain
earned, and to be cumulative.
unpaid for a period exceeding 12 months from its due date then such failure
Half of the capital stock of the building, or 50 shares, will be held by the
shall constitute an event of default under the indenture.
trustees for the benefit of bondholders. The remaining 50 shares will be
held by the Chanin interests, who will continue to operate the property.
The new corporation shall covenant and agree that no dividends shall
be declared on any class of its capital stock until all interest charges on the
The ground rent increase of $25,000, which was due to have become effecbonds shall have been paid. The new corporation shall further covenant
tive on July 1 1934, to bring the annual ground rent to $300,000. has been
and agree that so long as any of the bonds are outstanding it will only
deferred for about seven years, and then will be back over a period of ten
declare dividends as at June 1 of any year in which dividends are declared
years.
-V. 138. p. 3266.
and within 30 days thereafter and that no such dividends will be declared
ina
3
Charleston & Western Carollo3 Ry.-Earnings.if the payment of the same will serve to reduce net current assets as of such
June 1 below the sum of $75,000. Bonds shall be redeemable at any
August
1931
1934
time in whole or in part on 30 days' prior notice at par and int. Indenture
Gross from railway
$192,452
$140,379
$152.373
$1032063
93,
will provide for a sinking fund pursuant to which the new corporation
Net from railway
9,114
43,198
28.830
45,298
in and for each 12-m3nths' period after June 1 1935, so long as any of the
Net after rents
10,221
27,948
def3,397
25,130
bonds are outstanding, will deposit or cause to be deposited on Sept. 1
From Jan 11936 and on each Sept. 1 thereafter with the trustee under the indenture
Gross from railway
1,781,328
1,300,257
1,122.389
1,345,258
75% of its available net earnings for the purpose of retiring said bonds.
Net from railway
470,762
215,591
509,8a
442,671
Such deposit may be made in cash and (or) bonds taken at the cost thereof
Net after rents
,
,
,
.
Including accrued interest and commissione, such cost, however, not to
-V. 139. p. 1396.
exceed the redemption price, and accompanied by all appertaining nomatured interest coupons. There shall also be credited to the sinking ---Ch tharn Phenix Corp.
-Removed from Dealin
fund and deemed to be a deposit thereunder the amount of principal
'Phe ew York Produce Exchange)has removed from dealing thei '...-/
•- -. ii1
payments made on purchase money obligations existing as at the date of
cates o
neficial interest.
execution and delivery of the said indenture. Any such payments made
prior to June 1 1935 shall be credited to the sinking fund commencing on
Chicago Burlington & Quincy RR.-Earnings.said date.
August1934
1933
1931
Distribution ofSecurities of New Corporation
Gross from railway
$7,435,226 $7,370.644 $6. 912850 $9,814,776
12
63
The holders of the 1st mtge. bonds will be entitled to receive $60 of
Net from railway
2,519,924
1,931,190
3.817,825
1st mtge. 6% sinking fund bonds and 10 shares of common stock of the
Net after rents
2,623,844
1,546,545
1,597,670
935.378
new corporation for each $100 of bonds now held by them.
From Jan. 1The holders of the secured notes will be entitled to receive five shares
Gross from railway
51,868,645 49.314.138 52,286,913 76,559.044
of common stock of the new corporation for each $100 of such notes now
Net from railway
14.661.114 13,049.015 23,546,461
held by them.
Net after rents
7,051,917
7,077,316
5,372,449 14.536.379
The unsecured creditors will be entitled to received 2J.5 shares of common
-V. 139. p. 1396.
stock of the new corporation for each $100 of such indebtedness presented
to and allowed by the Court having jurisdiction in the premises.
Chicago District Electric Generating Corp.
-Bonds
To summarize the distribution above provided for, the holders of the
Called-present 1st mtge. bonds will receive 60% of the principal amount of their
All of the 5 year 534% gold debentures due Oct. 11935. have been called
present bonds in the new bonds and will also receive an aggregate of 89.500
for redemption as of Oct. 23 at par and interest. Payment will be made
shares of common stock of the new corporation. The holders of the secured
at the office of Halsey, Stuart & Co. 201 South La Salle St., Chicago, Ill.,
notes will receive an aggregate of 42,125 shares of common stock of the
paying agent.
-V. 139, p. 1863.
new corporation and the unsecured creditors will receive an aggregate
of approximately 19,000 shares of common stock of the new corporation.
Chicago & Eastern Illinois Ry.-Earnings.The existing stock (80.105 common shares and $1,103.000 7% cum.
Augustpref.) will be wiped out entirely in the reorganization.
1934
1931
1933
Gross from railway
$ 97 660 $1,359,255
18 2
9 3.
$1.136,327 $1,161,362
Condensed Statement of Earnings for Calendar Years
Net from railway
326,722
135,868
231,595
1933
1932
1931
Net after rents
133,150 def105.324
110,036
def50.276
Tons ice sold
101.409
111,012
124,973
From Jan. 1Average price per ton
$5.42
$5.38
$6.14
Gross from railway
8,419,624
7,804,877
7.946,628 18,447,028
Net from railway
1,514,209
672,016
994,583
Gross sales
$593,357
$652,984
Net after rents
$928.205
263,101 def107.228 def1,209,510 dell.095.369
Total operating costs
483.178
537.253
-V. 139, p. 1396.
712,785
Net profit
Other income
$110,179
415
$115,731
764
$215.420
1,331
Balance available for int. 3: deprec_
Int. charges paid or accr. on sec. debt_
.
$110,594
63,099
$116,495
67,147
$216.751
69.960
Balance for depreciation
$49,348
$47,495
$146,791
On 4une 19 1934 George B. Macomber was appointed trustee of the
company in reorganization proceedings under Sec. 77-B of the Bankruptcy
Act. Frederick W. Gnichtel, co-receiver in New Jersey, at his own request,
was relieved from duty, and the trusteeship immediately terminated the
ancillary receivership.
-V. 139. p. 1701.
Central Paper Co.
-Earnings
Earnings for 9 Months Ended March 31 1934
Netincome after deprec., taxes, exps.& other charges
-v. 137, p. 2812.
$51,359
'Central Power Co.
-Preferred Dividends
The directors on Sept. 25 declared a dividend of 873i cents per share
the 7% cum. pref. stock and 75 cents per share on the 69' cum. pref. stock,
both of $100 par value, payable Oct. 15 to holders of record Sept. 29.
Like amounts were paid on July 16 1934 and July 15 1933 prior to which
the company paid dividends on both issues at the regular quarterly rate.
• -1r. 139. p. 922.
Central RR. of New Jersey.
-Earnings
-AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, P. 1396.
1934
1933
1932
1931
$2,356,097 $2,527,653 $2,478,182 $3,365,957
639.512
853,050
684,214
991.721
55,422
275,177
82,020
423,480
19,527.281
5.643.983
2,310,617
17,794.966
4,897,605
1,672,467
20,242.576 27.083,091
4.975,022 6,499,682
1,530,501
2,952,196
'-Central States Utilities Corp.
-July 1 Int. Not Paid
The interest due July 1 1934 on the $3,500.000 10
-year 6% secured gold
bonds due Jan. 1 1938 has not been paid.
The company early this year offered a plan to exchange these bonds
for debentures of Central States Power & Light Co. (See details in V. 138.
p. 4293).-V. 139, P. 593.
Realty Corp.
-Reorganization
56,
The final step in the reorganization of the mortgage structure of the
story Chanin Building, at Lexington Avenue and 42d Street. N. Y. City,
believed to be the first such reorganization involving three mortgage issues
on one large New York property accomplished under the Burchill bill,
took place Sept. 21 with the sale of the property by James It. Murphy,
auctioneer. .Acting as successor trustee of the first mortgage bond Issue,
• the Continental Bank & Trust Co. acquired the building for a nominal
bid of $50,000 in order to transfer it immediately to a new ownership to
be known as the Lexington Avenue & 42nd Street Corp., under the plan of
reorganization.
Mortgage bondholders of the old issues will receive new mortgage bonds
of the new corporation within the next 30 days in exchange for their old
bonds on the basis as provided in the plan, and, moreover, win participate
in the benefits from one-half of the capital stock in the new corporation.
The sale differs from a forced foreclosure sale in that it continues through
Chicago Great Western RR.
-Earnings.August
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1702.
1934
1932
1933
1931
$1,582,612 $1,382,757 $1,206.026 $1,795,692
547,939
467,041
214,862
534.796
195,726
def22,941
289,265
234,560
9,997,268
2,568.521
649.432
9,432,863 10.055,836 13,492,362
2,501,250
2,411,897
3,950.617
479,706
335,953
1,741.936
Chicago Milwaukee St. Paul & Pacific RR.
-Earnings
AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1396.
1932
1934
1933
1931
$8.782.594 $8.360,183 $7.527,642 $9,737,533
2,002,804
2,201.556
1.242.661
2,430,322
237,280
1,004,449
1,194,117
1,236,029
57.318,557 56,264,432 54,563,682 76.545,284
11.893,001 14,091,705
5,241,201 14,286.333
5,479,838 def3867,091
3,907.616
4.905,867
Chicago & North Western Ry.-Earnings.August1934
1932
1933
1931
Gross from railway
$7,403,148 $7,533,485 $6,362,601 $9,558,195
Net from railway
2.392,392
1,585,120
2,154.870
Net after rents
1,205,389
1,607,400
1,136.164
675,867
From Jan. 1
Gross from railway
50,417.667 47,864,854 47,982,275 71,556,006
Net from railway12.873,674
Net after rents
2,676,538
2:968,1 3 del796,9 8
4
7
5,278.849
Seeks $13,008,557 in Loans
A total of $13,008,557 in two loans from separate government agencies is
sought in applications filed with the Interstate Commerce Commission
Sept. 21 by the company.
From the Reconstruction Finance Corporation the road asks $7,357.000
for three years to meet interest on bonds and equipment trust maturities
falling due between Oct. and Jan. It also asks approval of a $5,650.557
loan from the Public Works Administration to finance a maintenance and
equipment program.
The Commission is asked in connection with the PWA loan to authorize
an issue of a like amount of the road's 10
-year serial notes with collateral
security of $13,500,000 of 1st & ref. mtge.6% bonds now held in its treasury.
The proceeds of the loan would be for heavy repairs to 160 locomotives, at
a cost of $1,192,500; to overhaul and modernize 38 steel coaches, at a cost
of $379,067, and install air conditioning equipment on six dining cars,
19 parlor cars and 20 lounge cars, at a cost of $358,990. The remaining
$3,720,000 sought from the PWA would be used for general maintenance
work on roadway, structures and equipment.
As to the proposed loan from the RFC,the road said that for many years
it had been financed through the banking house of Kuhn, Loeb & Co. of
New York, but that it had been unable to obtain a loan from or through
this house at the present time.
The road also stated that "it would be prohibitive to attempt to finance
itself through the sale of its securities to the public."
Of the total amount requested of the RFC.$4,000,000 would be used for
meeting $535,000 of equipment trust certificates of 1940 and 1942 due
Oct. 1 and interest on the road's general mortgage and 20
-year convertible
bonds. Another $196,000 is sought for meeting a like amount of equip-
Financial Chronicle
2042
ment trust obligations due Oct. 31, and $412.000 for similar obligations on
Nov. 30.
An additional $2,214,000 is asked "to assist applicant in refinancing
Iowa Minnesota & Northwestern Ry. first mortgage bonds in the amount
of $3,900,000 due Jan. 1 1935,"and $528,000 of Minnesota & South Dakota
Ry.first mortgage due on the same date.
The company proposes to refinance the latter issue by paying 50% in
cash and 50% in its general mortgage 4%% bonds of 1987.
The application shows that the Chicago & North Western has borrowed
$334,793.133 from the RFC, of which $31,409.133 remains outstanding.
V. 139. p. 1702.
'Chicago Rock Island & Pacific Ry. System-Earnings
1934-8 Mos.-1933
-Month-1933
Period End. Avg. 31- 1934
Ry. oper. revenues
36,345.583 $5,658,145 $44,875,802 $42,820,623
Ry. oper. expenses
5,122,965 4,787,851 37,699,375 34.000,156
475,000 3,445,000 3,865,000
Ry.tax accruals
400,000
10.370
15,389
2.674
Uncoil. ry.revenue
2,066
2,079,381
245,766 2,001.690
Equip. rents-Dr. bal._
247,323
728,533
696,064
83,671
Jt.facility rents-Dr.bal
92,937
3 Net ry. oper. income_
-V. 139. p. 1863.
$480,292
$63,183 $1,018,284 $2,137.183
Chicago St. Paul Minneapolis & Omaha Ry.-Earns.
AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139. p. 1397.
1931
1932
1933
1934
$1,509,334 $1,512,850 $1,432.859 $1,769,261
339,005
289,930
510,381
148,227
133,182
346,089
254,411
9,684.686
560,620
9,736,660 12,817,839
9,589,523
1,570.255
771,108
2,154,767
212,166
957,907 def456,714
•
-Earnings
Coast Breweries, Ltd.(& Subs.)
-Dodge Sales
. Chrysler Corp.
Income Statement for the Year Ended June 30 1934
Net profit and income
Selling, administrative and general expenses
Depreciation
Provision for Dominion and Provincial income taxes
-Removed from
Realty Holdings, Inc.
$1.310
Consolidated Balance Sheet as at June 30 1934
Liabilities
Assets341,699,903
Land, bldgs., plant & equip__ x$967,411 Capital stock
'36,735
58,481 Surplus
Good-will
Sundry creditors
49,490
Investments in and advances
to associated companies,&c_ 440,093 Reserve for Dominion and Pro100,829
154,309
vincial income taxes
Inventories
172,297
Sundry debtors
87,838
Cash at bank and on hand
'6,530
Deferred charges
-I2 -Cent
,ducts Co., Inc.
-Cincinnati Adyertiaing Pro
Extra Dividend
The directors on Sept. 21 declared an extra dividend of 12% cents per
share on the common stock, no par value, payable Nov. 15 to holders of
record Nov. 10. A. similar extra distribution was made on Aug. 15 last.
The directors also declared the regular quarterly dividend of 25 cents
per share on the above issue payable Oct. 1 to holders of record Sept. 25.
Similar regular distributions have been made each quarter since and including April 1 1933 prior to which 50 cents per share was disbursed each
-V. 139, p. 923.
quarter.
Total
81,886,957
Total
x After reserve for depreciation of $449,071.
no par shares.
-V. 134, p. 3280.
Cincinnati New Orleans & Texas Pacific Ry.-Earns.
City
1933
1934
$1,079,213 $1,175,429
560,716
393,869
433.863
284.486
8,542,274
3,346,005
2,415,953
7,890,284
3,202,529
2.409,611
1932
1931
$759,158 $1,422,722
447,554
170,063
354,549
139,565
Profit on house and land sales
Interest (part accrued but not paid)
Operating and miscellaneous income
33,101
$589,562
Net loss
Balance Shee Dec. 31 1933
MabelWes
Assets
$2,885,462
$6,854,650 Mortgages payable
Real estate
4,159,166
Motge. rec. and accr. lnt. 3,019,436 Funded debt
22.701 Notes payable (unsecured).- 1,015,670
Accts. rec. (accrued amort.)_
122.730
Accr. exp. & res. for constr._
Miscellaneous accts. rec.,
256,591 Payments on contracts and
inventories & def. charges_
7,424
security for leases
74,886
Cash
2,954,600
Capital stock
916,788
Deficit
$10,228,263
Total
810.228,263
-Removed from
Cleveland & Sandusky Brewing Co.
t 9:2,t_.
rio:
Deal!pg-z
m
ew York Produce Exchagilias removed from dealing the common
Th
ulative preferred stock. $100 par.
par, and the 6% no
stock.
p. 692.
V. 137,
Coal Exchange Building, Huntington, W. Va.Report to Bondholders
The Real Estate Bondholders Protective Committee (George E. Roosevelt, Chairman) in a letter to the depositors of 1st mtge. serial 8% coupon
gold bonds of Coal Exchange Building Co. states:
This committee has on deposit over 94% of the outstanding issue of
$532,000 in principal amount The committee has continued to supervise
the management of the building, making every effort to have operating
costs reduced and to have the income of the property maintained.
The committee has discontinued the services of Reliance Property
Management, Inc.. and the managing agent now reports directly to the
committee.
The following figures based upon the reports of the managing agent indicate the operating results for the year ended Dec. 31 1933, and for the
eight months ended Aug. 311934:
8 Mos. End. Aug. 31 '34 -Year End. Dec 31 '33...
Period-$4.552
$3,273
Cash on hand-beginning of period_
$32,444
$23,252
Operating receipts
23,736
18,133
Operating disbursements
Operating income
Real estate taxes paid
-New President
Cockshutt Plow Co.
Col. Henry Cockshutt has retired as President but will continue as Chairman of the Board. C. Gordon Cockshutt, formerly 2nd Vice-Pres., has
been named President, and George A. Baker becomes 2nd Vice-President.
-V.138, p. 4123.
'
$223,341
812,903
Total income
Expenses
$1.886,957
y Represented by 180,315
-Removed from Dealing 1
Copimercsal Instrument Corp.
New York Produce Exchangi)has removed the units from dealing.
p. 2070.
-Removed from Dealin
' Coipmercial Solvents Corp.
g scr*
The(New 'York Produce Exchange has removed from dealing thi -7f -•"
for common stock.
-V. 9, p. 594.
certifi
-Earns.
Commonwealth & Southern Corp.(& Subs.)
$6,251
1934-12 Mos.-1933
Period End. Aug.31-Month-1933
1934
183.988
6,866,877 10,485,319
1,324,515 2,157.497
1,514,474
939,149
--Earnings
Corp.
Earnings for the Year Ended Dec. 31 1933
Housing
Total
-V.132, p.4594.
$167,154
165,844
Surplus
hi(New York Produce Exchangehas removed from dealing the certififor 20
-year 5;4% sepoit . I. gold debentures, series A. 1949.cates
V. 137.p. 2467.
AugustGrossfrom railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents__
-V. 139. P. 1397
.
$596,819
269,674
79.185
80.807
Net profit for year
Dividends paid
Retail sales of Dodge passenger cars in week ended Sept. 15 totaled
1,248 units compared with 958 in previous week. Sales for first 37 weeks
this year totaled 72,539 compared with 62.555 in 1933 period,
Truck sales totaled 867 units against 564 in previous week. Sales in
19d4 through September 15 totaled 34,315 compared with 14,107 in corre-V.139. p. 1863.
sponding period last year.
-----Cigar Store
Dealijz
Sept. 29 1934
Preliminary Plan of Reorganization
It is the tentative plan of the committee to bid for the property through
a nominee at the foreclosure sale. Unless a satisfactory bid is made by an
outside bidder, the committee, through its nominee, will acquire the
property, subject to such taxes as may then be unpaid. In the event of
competitive bidding at the foreclosure sale, the committee will instruct
its nominee to bid for the property only up to such an amount as the committee at the time deems expedient.
In the event that the committee's nominee is the successful bidder at the
foreclosure sale, the deposited bonds will be applied in part payment of
the purchase price of the property. Such cash as may be on hand with the
trustee, will be distributable pro rata on the outstanding bonds after
the deduction of certain expenses of the trustee, and that part distributed
on the deposited bonds will be applied on the expenses of foreclosure.
If the property is purchased as above outlined, title will be acquired
for the benefit of depositing bondboldets and all income thereafter will
be held for the account of the depositing bondholders by the committee.
When conditions permit, plans will be formulated for final settlement
and disposition of the property. Depositors will be given notice prior to
the consummation of any permanent plan of reorganization or liquidation
of the property, and any such plan will be subject to the approval of the
arbiter, as provided in the deposit agreement Until depositors have been
notified to the contrary, their rights will continue to be represented by
their certificates of deposit.
Depositors who assent to the plan as above outlined, need take no action.
Depositors who dissent may file with depositary written notice of dissent
from tilts plan and may withdraw their bonds from deposit under deposit
agreement, upon surrender of their certificates of deposit, upon payment
-by the committee as their proportion of
ofsuch an amount as shall be fixed
the compensation of the committee and of its indebtedness, obligations and
expenses. Holders of certificates of deposit who do not file such notice
of dissent, shall conclusively be presumed to have assented to the proposal
-V. 119, p. 2766.
set forth above.
5.119
8.707
$8.392
b7.660
$13.259
a9.956
V. 13
Gross earnings
$9,253,238 $8,896,016$113,568.452$109.036.489
Oper. exps., incl. main4,305,333 55.740,806 49,904,952
4,797,311
tenance and taxes
3,337,762 39,896,167 40,440.633
3,315,531
Fixed charges •
9,877,183
9,518.279
798,757
813,509
Prov. for retire. res've
749,720 8,996,637 8,996,025
749,728
Dividends on pref. stock
def$422,842 def$295,556 def$744,141
$178,598
Balance
* Includes interest, amortization of debt discount and expense and earnon stock of subsidiary companies not owned by Commonings accruing
wealth & Southern Corp.
-The effect of settlement in August 1934 of rate case involving
Note
refunds retroactive to May 1 1933 has been included for all periods in the
above statement.
August Electric Output
Electric output of the system for the month of August was 479,548,361
,
kwn., as compared with 41 1,372,729 kwh. for August 1933. a decrease of
31 1934 the output was
0.38%. For the eight months ended
3,516,998,721 kwh. during the
3,833,194,479 kwh., as compared with Aug.
corresponding period of 1933, an increase of 8.99%. Total output for the
year ended Aug. 31 1934 was 5,624.434,604 kwh., as compared with
5,239,047.427 kwh. for the 12 months ended Aug. 31 1933, an increase
of 7.36%.-V. 139, p. 1398.
-Earns.
Consolidated Bakeries of Can., Ltd.(& Subs.)
Calendar YearsNet earnings
Depreciation
Income tax
Net profit
Dividends
Surplus for year
Previous surplus
Income tit( refunded
Balance forward
1933
$251,847
144,443
13,476
1932
$249.716
239.800
$93.928
$9,916
79.611
119,422
$14,317 def$109.506
80,074
184,596
4,984
$94,391
$80,074
Consolidated Balance Sheet
LiabilitiesDec. 30'33. Dec. 31'32.
Dec. 30'33. Dec. 31'32.
A sseta$133,013 $119,982 Accounts pay. and
Cash
accrued charges_ $114,085 $120,537
Investm. in stocks
695,312 1,990,644 Reserve for unreand bonds
deemed tickets_
97,940
11,570
17,706
192,257
Account receiv
Reserve for dominTrade and sundry
ion incense tax
273,159
1,000
13,600
accounts reeeiv. 282,213
169,849 Salesmen's & dri193,844
Inventories
87,582
vers' deposits_ _
9,925
79,839
9,625
Mortgage recelv
Reserve for
79,810
Prepaid insurance,
48,962 Investment & con37,922
taxes, &c
350,000
tingency reserve
Goodwill, processes
892,144 Capital stock
3,184,430 7,382,175
&c
80,074
94,391
Surplus account
Land, buildings.
2,033.219 4,436,487
plant, &c
$3.273
$731
Cash on hand-end of period____
a 1932 real estate taxes plus interest thereon. b 1931 real estate taxes
Total
$3,577,405 $8,039,073 .
83,577,405 88,039,073
Total
plus interest thereon.
-V.138. p. 1922.
The percentage of occupancy as of Aug. 31 1934, was approximately
0
56'7. according to the managing agent.
-Obituary
Consolidated Gas Co. of N. Y.
As at Aug. 31 1934. there were unpaid real estate taxes for the year
Percy A. Rockefeller, a director, died Sept. 25. (bee also Bethlehem
1933 in the amount of 88,369, excluding accrued Interest penalties. Real
-V. 139, p. 1864.
above.)
Steel Corp.
estate taxes for the current year will not be assessed until the last quarter
of 1934.
-Removedfrom Dealing
Rock ProdIts Co.
As an initial step in reorganization, the committee has directed the ----‘CoE York Produce Exchange as removed the units from dealing.
oduce
The ew
trustee to proceed with the foreclosure of the mortgage securing the bonds
-V.1
P. 1048.
sale of the property,and has prepared the following plan:
ofthis issue and the
Financial Chronicle
Volume 139
Consolidated Publishers, Inc.
-Admitted to Unlisted
Trading-L
TIup
_New York Curb Exchan4has admitted to unlisted trading privileges
the 6v, v collateral trust not
o
ue July 1 1936 (stamped 7%%). bearing
an additional stamp to indicate the extension of maturity date to July 1
1939, In accordance with agreement dated May 28 1934. which provides
for the payment of principal in annual instalments from July 1 1934 to
July 1 1939.-V.139. p. 1235.
Consumers Co., Chicago-Stockholders to Fight Control
Efforts are being made by a group of leading stockholders of the company
to prevent the present management from retaining complete control of
the company under the pending reorganization program, it was disclosed
Sept. 18. Support for the movement Is asked in a letter sent to all stockholders by the De Sots Securities Co., Horace J. Bridges and Erwin
Huensch.
A circular letter to stockholders of the company defending the management was issued Sept. 19 by A. L. Gardner Jr., Charles J. Byrne and Wilder
C. Ilarris, who state that they represent 31.237 shares of stock.
Removed from Dealing
The New York Produce Exchange has removed the warrants from dealIng.-V. 139. p. 924.
Consumers Power Co.
-Earnings
[A Subsidiary of Commonwealth & Southern Corp.]
Period End. Aug 31- 1934
.
-Month-1933
1934-12 Mos.-1933
Gross earnings
$2,246,645 $2,059,028 $27,932.665 $26,188,659
Oper. exps., mci. maint.
and taxes
1,005.531 12,919,859 11,610,521
1,126,245
Fixed charges
380.870
386.323
4,681,383
4,656.724
Prov. for retire. reserve_
232.000
237.500
2,828,000
2,784,000
Divs. on pref. stock__
350,696
347,281 4,176.046
4,161.513
Balance
--V. 139, p. 1398.
$151,332
$87,892 $3,352.034 $2,951,241
Net profit from operations
Purchase discounts and sundry income
Interest paid, bad debts and sundry charges
Provision for Federal income tax
$429,583
98.290
263,891
$67,402
Cr5,150
12,772
10,000
Net profit for year
$49,779
Consolidated Balance Sheet March 31 1934
Assets
Liabilities
Cash
$41,380 Notes payable
$155,500
Accounts receivable
260,442 Accounts payable
168,315
Inventories
336,660 Accrued liabilities
39.419
Prepaid Ins. Int., &e., exps _
6,881 Customers' credit balances_ _ _
1,081
Fixed assets
'
:779,784 Provision for anticipated claims
Good-will, trade-marks, &c_
for defects
5,465
$2 div. cum. pref. stock
y585,552
Common stock
z972,944
Paid-In surplus
130.986
Deficit
634,115
Total
$1,425,147
Total
$1,425,147
x After reserve for depreciation of $457,671. y Represented by 17,744
shares(no par). s Represented by 57,232shares(no par) -V.
131. p 3536
(W. B.) Coon Co., Rochester, N. Y.
-Earnings for Year
Ended Dec. 31 1933
Gross profit from sales, before deducting depreciation
Selling, administrative and general expenses, excl. deprecia'n-
$242,083
183.939
Operating profit
Other deductions(net)
Depreciation
$58.144
19,236
38.167
Net profit
Previous surplus
$741
129.971
Total surplus
Dividends paid on preferred stock
Discount on preferred stock retired
$130,712
26.527
8,995
Surplus Dec. 31 1933
$113.180
Condensed Balance Sheet Dec. 31 1933
Assets
Cash
Accounts receivable
Inventory
Other assets
Treas. stk.(5,234 shs. eons.) _
Investment in retail store. _ _
Permanent assets
Good will
Deferred charges
$96,771
181,235
323,159
26,563
40,286
12.345
563,173
1
4,858
Accounts payable
$16,609
Accrued payroll, taxes, &c__ - _
2,502
7% corn. pref. capital stock__ _ 366,100
Common stock
:750.000
Surplus account
113,179
$1,248,390
-Coronet Phosphate Co.
-Doubles Dividend
The directors have declared a dividend of $2 per share on the common
stock, par $100, payable Oct. 1 to holders of record Sept. 25. This compares with $1 per share distributed July 2, April 20 and Jan. 20 last, and
$1.50 per share paid Jan. 2 and April 11931.-V. 138, D. 153.
Cudahy Packing Co.
-8% Wage Increase
-
The company has announced that a wage increase of 8% will go into
effect as of Oct. 1. The increase entails an increase of approximately
$1,000,000 annually in payrolls.
-V. 137, p.4525.
Dayton Rubber Mfg. Co.
-Meeting Again Adjourned
-
The special meeting of stockholders scheduled for Sept. 20 to complete
final details of the recapitalization plan was again adjourned until further
notice.
-V. 139, p. 1553.
Cuba Northern Rys.-Annual Report
Years End. June 301934
Gross rev,from opera _
_ $2,092,028
Expenses. incl. taxes__
1,362.766
Net rev, from oper
Non-oper. income
$729,261
331.499
1933
$1,954,272
1,335.168
1932
$2,483,151
1,580,753
$27,581
23,251
6,758,912
460,000
54,079
10,634,080
51,405,772 51,308.009
Total
Total
51.405,772 51,308,069
x Accounts only.
-V. 138, p. 4460.
Delaware & Hudson RR.-EarningsAugustGrossfrom railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Netfrom railvray
Net after rents
-V. 139, p. 1400.
1932
1933
1934
$1,737,424 $2,237,109 $1,810,659
26.397
492,280
def62.380
def77,957
394,951
def128.792
1931
$2,618,885
582.857
495,388
13,996,534 15,401,370
443.950
547.498
def81,390 def293,353
20.889,641
2.949.714
2,357.365
15.812,955
1.630,689
1,165.138
1931
34,772.558
890.479
460.252
1932
August1933
1934
Grossfrom railway
$3,585,205 $3.882,861 $3,572,696
Netfrom railway
657,316
982,162
600.173
Net after rents
187,047
555.015
227,709
From Jan. 1
Grossfrom railway - - --- 30,267,673 28,299,354 31,058;222
Netfrom railway
5.748,217
5,630.647
6,232,687
Net after rents
2.223,615
2.056,436
3.230,961
-V. 139, p. 1866.
40,214,043
8.644.394
4.929.238
pi
E L'.
ltchable Bit Corp.
-L.
-Removed from Dealing 4 - /
stock.
New York Produce Exchang has removed from dealing the common
on stock.
-V.138, p. 868.
par, and v. t. c. for co
-Earnings
Denver 8c Rio Grande Western RR.
1934-8 Mos.-1933
Period End. Aug. 31- 1934
-Month-1933
Operating revenues_ __ _ $1,941,960 $1,543,921 $11,559,321 $9,877,851
7,600.774
9,043.226
1,014,165
Operating expenses_ __ _ 1,486.955
1.158.615
1,195.109
Net oper. income
380,282
229,616
1,107.104
1.353.241
Available for Interest.,,...
363,274
214,630
3,594,921
3,577,178
Interest on funded debt_
447,433
454,571
Net deficit
8239,941
$2,487,817
$84,158 $2,223,936
Defers Interest on Three Bond Issues
-
The directors on Sept. 27 voted to defer interest due Oct. 1 on the Rio
Grande Western first 4s. 1949, and the D.& R.G.W.ref. & improvement
58 1978, and 6s 1974. Further consideration will be given during the grace
Period under the indentures, according to the announcement by the company, which for the first issue extends for three months and for the latter
two for 90days.El
The announcement given out by the road after the directors' meeting
states: 'At the meeting of the board of directors of the D. & E.G. W.,
no action was taken on the interest due Oct. 1 and the matter will be given
further consideration by the board some time within the periods of grace
of the various mortgages."
-V. 139, P. 1705.
Detroit 8,r Mackinac Ry.-Earnings.AugustGrossfrom railway
Net from railway
Net after rents
From Jan 1
Grossfrom railway
Net from railway
Net after rents
-V. 139, p. 1400.
1934
$61,712
17,754
13.472
1933
862,161,
18,093
13,156
1932
$96,090
41.401
36,026
1931
$94,128
36,916
29,309
388,128
45,414
62,822
382,046
31.310
6.121
482.818
67.751
41,044
700,711
188,814
140.146
Detroit Street Rys.-EarningsPeriod End. Aug.31- 1934
1934-12 Mos.-1933
-Month--1933
Operating revenues
$1.180,714 $1,081,712 $15,754,659 $12,748,997
9,471.625
Operating expenses
733,594 12,088,994
1,045,395
1,180,635
Taxes assign. to opera.-871,682
72.989
69,591
$619,103
378,439
$902,398
398,673
def$59,722
$207,704
Operating income__ _ Non-operating income
$65,727
4,301
$275,128 82,793,983
57,383
2,291
$2,096,736
128.354
$70,029
157,485
$277,420 $2,851,366
1.905391
164,610
82,225,091
1,940,682
$945,974
$284,408
Net income
V. 139, p. 1235.
$858,349
577.974
$26.801
def$87,456
$112,809
Detroit Toledo & Ironton RR.
-Earnings.AugustGross from railway
fr
Net from railway
Net after rents
From Jan, 1Gross from railway
Net from railway
Net after ren
rents
-V.139. p. 1400.
1934
$395,410
158.256
101.304
1933
$416.879
189.668
144,764
1932
$252.865
41.615
4,008
3
$3941
17 ,911
105.498
39,856
4,194,185
2.142,319
1.515.166
2.594,334
1,019,300
669,233
2,988,644
787.394
388,205
4.376,463
1.444.459
921,542
Detroit 8c Toledo Shore Line RR.-Earnings1933
AugustGrossfrom railvray
Netfrom railway
Net after rents
From Jan. 1Grossfrom railway
Net from railway
Net after rents
-v 139. p. 1400.
1931
$2,747,989
1.889.640 ..-- 'Devon-Glenwood
Gross income
$1,060,760 ' $997,543 $1,301,071 81,436.323
Int. on funded debt_ -- 936,301
952.857
972,530
1.136.133
Other interest
11,000
Amort. of debt discount
and expense
23,982
34,150
43,405
Lossfrom sale and retire.
ment of equipment
1,470
Other tax accruals
51,940
49,132
49.614
Equipment rentals
16,710
16,996
23,101
24,105
Miscellaneous
3,959
'4,415
4,717
38,612
Net inc. for the year _
$27,581 def$59,722 . $207,704
$227,001
dividends
Common
200,200
Balance,surplus
1933
14,000,000
17,524,733
1,659,467
48,339
137,620
5,742
186
1,656
Gross income
Deductions
Total
$1,248,390
Total
x Represented by 60,000 no par shares.
-V.133, p.2440.
.---
1934
Assets
Prop. Invest. (road
Common stock_ _ _14,000,000
and equIpment)46,455,744 46,540,159 Total funded debt_ 17,330,733
1,611,506
Investment
117,600
117,600 Govt. ot Cuba....
Due from atfll.cos. 847,126
121,845
641,633 Accounts payable_
Cash
144,386
1,563,467 1,370,945 Int. on fund. debt_
Remit, in transit_
5,598
.
2,046
779 Accrued taxes_:_.
Cash on spec. dep. 207,059
552
326,617 Due to affil. co._ _
Secur. deposited In
Operating reserves
1.768
escrow
131,916
144,625 Dep. for construe.
Traffic bal. rec.__
26,195
30,234
52,374
& transportation
Notes & accts. ma_ :73,034
53,794 Reserve for deprec. 7,045,812
Work, fund adv
17,270
11,079 Res. for extraord.
Agts. & conductors
29,315
21,955 retire., obsolesc.,
Materials & lump_
189,197
conting., &c_ _ _ _ 418,536
149,653
Due from Govt. of
37,699
Def'd credit items_
10,661.140
Cuba for subsid.
Surplus
and services
1,584,276 1,583,338
Total deferred deb.
293,516
157,488
Items
Delaware Lackawanna & Western RR.-Earnings-
Converse Rubber Co.(& Subs.)
-Earnings
Income Statement jot Year Ended March 31 1934
Gross profit on sales, before depreciation
Depreciation
Selling, administrative and general expenses
2043
Comparative Balance Sheet June 30.
1933
1934
2% on Bonds
-
1934
$180,488
74,627
23,845
3215.756
103,866
43,549
3
$96,455
112 2
40.573
def2,330
1931
8205,563
79,869
22,004
2,052,145
1,099,623
553.745
1.680,673
840,412
351.371
1,472.247
616,300
166,976
2,029.889
892.361
4320.82
Business Block, Chicago
-To Pay
Avery Brundage, Chairman of the H. 0. Stone & Co. bondholders'
protective committee, announced recently the cash distribution of $2 on
each $100 of deposited bonds, making this the ninth payment of cash to
bondholders this year.
The property was bid in at foreclosure in 1932 and redeemed by the
committee, which previously had acquired the equity and all claims to
the furniture for $2,500.
The foreclosure was financed with borrowed funds, which are to be
paid from the proceeds of a new mortgage to be placed on the property,
which probably will be $25,000, according to Mr. Brundage.
"Receivership was avoided as the result of an arrangement whereby
the owner agreed to deposit the net income for the benefit of the bondholders," said Mr. Brundage. "The depositing bondholders' share of
funds accumulated from June 1 1931 to June 30 1934 was $27,175.
"In the first 10% months of the committee's operation of the property.
from Aug. 15 1933 to June 30 1934. the net operating income was 14,748,
or slightly more than fixed charges estimated at $4,625 for the period."
2044
Financial Chronicle
The issue, originally $225,000, was reduced to $217,600 at the time
of default. It was secured by the eight stores and 34 furnished apartments at the northwest corner of Devon and Glenwpod Aves.-V. 126, 9.876.
Electric Bond & Share Co.
-Electric Output of Affiliates
Electric output for the three major affiliates of the Electric Bond &
Share System for the week ended Sept. 20 compares with the corresponding
week of 1933 as follows (kwh.):
Increase
1934
Percent
1933
Amount
Amer.Power & Light Co 74,522,000 83,823,000 x9,301,000
x11.1
Elec. Power & Lt. Corp- 38,963,000 38,887,000
0.2
76,000
Nat. Power & Light Co_ 66.341,000 71,448,000 x5,107,000
x7.1
x Decrease.
-V.139, p. 1866.
----Devonian Oil Co.
-Extra Dividend- -4.
,40 64'
The directors have declared an extra dividend of 10 cents per share,
in addition to the regular quarterly distribution of 15 cents per share on
the common stock, par $10, both payable Oct. 20 to holders of record
Sept. 29. Similar distributions were made on this issue on July 20,
April 20 and Jan. 20 last. On June 11 last a capital distribution of $5
per share was made.
-V. 138, P. 4461.
& Peoples Tract
ern-Removed from Dealing=
Diamond State Telephone Co.
-Chairman Resigns
-
The,New York Produce Exchang has removed from dealing the certifi,
cates dtdeposit for 4% stock trust certificates, 1945.-V.000, P.0000.
Leonard H. Kinnard has resigned from active service as Chairman of
the board, having reached the retirement age under the Ball pension plan.
The office of Chairman has been discontinued. Mr. Kinnard will continue as a member of the board.
-V. 138, p. 1229.
Elgin Joliet & Eastern Ry.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1401.
Dodge Mfg. Corp., Mishawaka, Ind.
-Earnings
Calendar YearsSales-net
Cost of goods sold
1933
$905,991
713.450
1932
$710,385
676,668
Gross profit
Interest, rentals, &c
$192,540
2,789
$33,717
6.829
Total income
Exps. of oper. business,incl. cost of sell.. adm.,&c.
$195,329
224,435
$40.546
318,009
Net loss before deprec., bend int. & discount &
extraordinary charges
Depreciation
Bond interest & bond discount authorized
Extraordinary charges
$29,106
179,678
124,471
5,191
$277,463
180,120
124,470
52,447
1338.447
914,764
131.215
3634.502
23,151
250,000
7,894
26,193
22,020
7,109
Loss for year
Deficit balance-Dec. 31
Res. for obsolete & slow-moving inventories
Decrease in book value of Investment in Mishawaka Housing Corp
Book value of plant, &c. written off
Discount on preferred Buick acquired
568,492
def57.776
def28,000
1932
156.753
def24,114
def14,895
6,557,924
5,382,385
1.746,562
344.065
587,690 def852,662
9,972,126
1,771,154
271,493
Net ry.open lndome_
$651,928 $1.471,455 19.085,332 $7,927,455
No amount is included in operating expenses for Aug. 1934, to provide
for the company's contribution at the rate of 4% on compensation earned
up to $300 per month under the Railroad Retirement Act. The railroads
have brought suit to determine the constitutionality of this Act. The
amount involved is $122,000.-V. 139, p. 1401.
Evans Products Co.
-Earnings
Period Ended Aug. 31 1934Net profit after deprec., Federal taxes, &c
Earns, per sit, on 244,196(Par $5)shs, cap.stock
-V. 139, p. 597.
8 Mos.
Month
108430,010 $1,284,207
$5.26
Nil
Fall River Gas Works Co.
-Earnings
Period End.Aug.31Gross earnings
Operation
Maintenance
Retire, reserve accrual
Taxes
Interest charges
1934
-Month-1933
568.021
168.460
34,996
29,748
4,607
3,938
5,000
5,000
13,161
15,166
888
1.653
1934-12 Mos.-1933
1905.855
$896,190
399.325
436,573
51.423
60.758
60.000
60,000
188,651
153.809
25,160
18,176
$181,294
Balance
1166.871
$9,368
$12.953
Under the requirements of the Department of Public Utilities of Massachusetts, the company is now making provision for retirements by charging
operating expenses each month. All previous years' figures affected,
Including retirement reserve and earned surplus for the previous year, have
been adjsted to a directly comparable basis.
During the last 31 years the company has expended for maintenance a
total of 7.78% of the entire gross earnings over this period, and in addition during this period has set aside for reserves or retained as surplus
a total of 7.91% of these gross earnings.
-V.139. p. 1238.
Duluth Winnipeg & Pacific Ry.-Earnings.1933
197.633
21,054
29,519
7,253,780
1,510,675
536,910
[Including Chicago & Erie RR.]
Period End. Aug.31- 1934
-Month-1933
1934-8 Mos.-1933
Operating revenues
$6,020,308 $6,950,757 $50.975,431 $47,145,805
Oper.exps.& taxes
5.002.787
5,111,784 39,242,984 36.786,576
Hire of equip. & joint
fad. rehts-net debt
365,592
367,516 2,647,114 2,431,773
Total
$33,212,275 $3,609,336
Total
$33,212,275 83,609,336
x After allowance for doubtful accounts of $37,713 in 1933 and $36,515
in 1932. y After reserve of $381,215 n 1933 and $250.000 in 1932. z Represented by 22,387 shares in 1933 and 22.967 in 1932. a Represented by
32,090 no par shares.
-V. 137, p. 1246.
1934
$70,667
def12,203
def11,172
1934
1931
1933
1932
$937.543
$770,628 $1.204,565
3530.952
55,264
65,786
427,756
def7,611
def39,284
268,946 def155,682 def111,813
Erie RR.
-Earnings
-
Balance, deficit, Dec. 31
$1,396,492
$914,764
Balance Sheet Dec. 31
Assets
1933
1932
1933
1932
Cash
897,944
$35,327 Notes payable____ 880,000
130,000
x Customers' notes
Accounts payable.
35,111
23,738
and accounts__ _ 123.603
78,464 State & local taxes
55,769
39,932
y Mdse. inventles 297,699
545,618 Int. on 7% bonds_ 232,650
116,325
Other assets
34,116
70,013 Res. for canting..
16,391
17,259
Inv. In .& acct.with
1st mtge. s. 1. 7s_. 1,629,200 1,629,200
wholly owned
z Preferred stock_ 2,238,747 2,296.747
subsidiary
69.787
74.736 a Common stock__ 320,900
320,900
Sinking fund
211
211 Deficit
1,396,492
914,764
Permanent assets_ 2,505,626 2,708,731
Def'd & prep'd exp.
83,288
96,236
AugustGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1400.
Sept. 29 1934
1931
$93,092
def23,017
def37,873
Falstaff Brewing Corp.
-Earnings
Month
Period Ending Aug. 31 1934$42,715
Net profit after depreciation,taxes,&c
Earns. per share on 450,000 shares (par $1) capital
$0.09
stock
-V. 139, p. 1238.
515,332
592,494
818,064
def87,708 def125,371 def218,826
19,003
def18,932 def229,271
8 111°.
151611,63
2 41•-•
'Family Loan Society, Inc.
-Extra Dividend- "i 44$0.,35
-------- Eagle Lock Co.
-Halves Dividend
-
The directors have declared an extra dividend of 37M cents per share o
The directors have declared a quarterly dividend of 25-cents per share
the $3.50 cum. and participating preferred stock, no par, in addition to
on the Common stock, payable Oct. 1 to holders of record Sept. 21. This
the regular quar. div. of 87
cents per share, both payable Oct. 1 to
compares with quarterly distributions of 50 cents per share made from
holders of record Sept. 15. Similar payments were made on July 1, April 1
Oct. 1 1932 to and including July 2 last, and 62 cents per share disand Jan. 2, last.
-V. 138, p. 4462.
tributed each quarter from Oct. 1 1931 to and including July 1 1932.V. 137, p. 3845.
-Fanny Farmer Candy Shops, Inc.Stock Split-Up
s----..Eastern Gas & Fuel Associates
-No Action on Common
Dividends
-
The directors at their quarterly meeting Sept) 27 took no action on the
payment of a common dividend at this time. Previously dividends of
15 cents per share were paid on Sept. 1 and June 1 1934 and on March 1
1933.-V. 139. p. 1866.
-Offerfor Stock
Federated Capital Corp.
Eastern Massachussetts Street Ry.-EarningsPeriod End. Aug. 31- 1934
-Month-1933
1934-8 Mos.-1933
Railway oper. revenues_ $476,851
$468,631 $4,338,208 $3.903,053
Railway oper. expenses_
355,522
325.656
2,915,776
2,536.910
Taxes
22,718
24.393
208,545
179,907
Balance
Other income
Gross corp. income_ _ _
Int.on fd. debt.rents,&c
Deprec. & equalization_
• Net loss
-V. 139. p. 1236.
598,611
9.427
$118,582 31,213,887 $1,186,236
13.881
83.088
100,982
$108,038
68.675
101,420
$62,057
1132,463 31,296,975 31,287,218
71,833
556.705
593,247
103.033
883,165
858,534
$42,403
3142.895
1164,563
Eastern Utilities Associates(& Subs.)--EarningsPeriod End. Aug.31-1934-Month-1933
1934-12 Mos.-1933
Gross earnings
$684,318 58.537.649 18,406,814
3639.431
Operation
312,343 3,792,207 3,681.876
323,952
Maintenance
19,190
276.530
28,190
252,615
Retire, reserve accrual _ _
60,416
725.000
60.416
725.000
Taxes
86.131
920,456
79,539
939.402
Int. & amortiz. chgs_ _ _ _
67,436
765,567
56.512
862,065
Net income
190,819
1138.799 12,057,886 $1,945,853
Dividends on preferred stock ofsub. companies_ _
127.152
127,152
Net income applic. to com,stock of sub. cos, held
by minority stockholders
60.791
65,814
Dividends on E. U. A.common shares
685,591
1,028,313
Balance
$1,184.352
$724.573
The companies are now making provision for retirements by charging
operating expenses each month. E. U. A. income from investments. previously accrued, is now taken into earnings when receivable. All previous
year's figures affected, including retirement reserve and earned surplus for
the previous year, have been adjusted to a directly comparable basis.
Certain other changes in accounting have been reflected in the previous
year's figures to bting them to a comparable basis.
-V. 139. p. 1553.
Edmonton Street Ry.-EarningsPeriod End.Aug.31Total revenues
Total expenses
Fixed charges
Renewals
1934
-Month-1933
$43,463
$39,810
37.897
38,008
6.158
12,591
Total surplus
-V. 139. p. 1082.
def$4,356
def$7,025
1934-8 Mos.-1933
$409,111
$443,251
324.596
318,837
49.268
100.732
27,000
18,000
$8,247
85,682
-Removed from Dealing
El
"
---- canada Mines, Inc.
from
.
jtas removed the participanits
New York Produce Exchange
g.
Approved
The stockholders on Sept. 24 approved an increase in the number of
common shares to 400,000 from 100.000 and changing the par value to $1
from no par. It is proposed to issue four new shares for one old. A reduction
in the preference stock to 6,650 shares from 45,000 shares was also approved -V. 139, p. 1867.
Atlas Corp. in a letter dated Sept. 27 offers to purchase the shares of
preferred stock, common stock and (or) allotment certificates (for both
preferred and common stock) at a price of $17 per share of preferred stock
and $1.50 per share of common stock, both prices payable in cash. This
offer will expire at the close of business Oct. 10 1934. [The common stock
includes the no par or $5 par shares, $3 per share will be paid for the old
c
$1Atias ]
0 par.
orp. already owns or controls more than 92% of the outstanding
preferred stock and more than 63% of the outstanding common stock.
Statement of Financial Condition at Sept. 20 1934
Assets
LtabUtttes$4,677
$183,323 Accrued expenses
Cash in banks
8,693 Provision for State franchise
Interest and dividends recoil,.
and Federal capital stock
Portfolio holdings
8,668
231,242
taxes
Bonds
Preferred stocks
439,060 Provision for Federal income
83,919
1,735.527
Common stocks
taxes and contingencies_ _
2,889 Balance applicable to capital
Prepaid expenses
a2,503,471
stocks
82,600,736
Total
$2,600,736
Total
a Represented by 122,320 shares of 6% cumulative preferred stock (Par
$25 per share, callable at $27.50 per share, entitled in liquidation to $26.25
per share) and 249,999 shares of common stock. Cumulative dividends in
arrears since Sept. 1 1930.-V. 138, p. 1405.
First Mortgage Guaranty & Title Co., White Plains,
-Officials Indicted
N. Y.
The Westchester County Grand Jury handed up an indictment at White
Plains on Sept. 21 to Justice Graham Witschief, of the New York Supreme
Court, naming six officers of the company (now being liquidated by the
State Department of Insurance), charging them with felonious irregularities
in conducting the company's affairs. The indictment charges criminal
conversion and making fraudulent statements on the part of the defendants,
and fraudulent advertising of mortgage certificates by by the company.
-V.139. p.762.
-Control
Florida West Coast Ice Co.
The American Electric Power Corp., through a subsidiary, the Pennsylvania Gas & Electric Corp., bought slightly less than majority control
in Florida West Coast Ice Co. at a creditors' meeting Sept. 21 before
Irwin Kurtz, referee in bankruptcy.
The sale was approved by creditors of the Seaboard Public Service Co..
which controlled the West Coast company and which Is controlled by the
National Public Service Corp., all former Imull organizations.
Control of the West Coast company was vested in $1,499,000 of first
-year 6% bonds due in 1946, sold in 1927 at 97
mortgage sinking fund 20
by E. H. Rollins & Sons, Howe, Snow & Berties, Inc., and Stroud & Co.
Bidding against R. J. Welsh, who originally had offered $122,000, representatives of Pennsylvania Gas & Electric bought for $150,000 a block
of $719,000 of the West Coast bonds, a $1,239,000 promissory note of the
2045
Financial Chronicle
Volume 139
company and 100 shares of its stock and purchased also for $2750 a block
of$23,000 of the bonds held by the Riectric Management & Engineering Co.
There were originally 75.000 West Coast common shares offered in the
sale. E, L. Williams, counsel for the Irving Trust Co., trustee, said the
stock was without value and 74,900 of the shares were therefore canceled.
Florida Power & Light Co.
-Earnings
[American Power & Light Co. Subsidiary]
Period End. Aug. 31- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues....$707,936
$641,874 $10.157,210 $9,743,422
Oper, exps., incl. taxes_
4,900.997
508,268
5.870,646
413.598
Net revs, from oper__
Other income
$199,668
9,525
$228,276 $4.286.564 34,842,425
340,102
262,564
7,342
Gross corp. income.....
Int. & other deductions_
$209,193
348,869
$235,618 $4,549,128 $5,182,527
343,638
4,115.145
4,139,268
Balance
defy$139,676 defy$108,020
Property retirement reserve appropriations
x Dividends applicable to preferred stocks for
period, whether paid or unpaid
-Earnings
Gamewell Co.(& Subs.)
1931
1932
1933
1934
3 Mos. End. Aug. 31
$34.331prof$181,445
$41.647
$42,104
Operating loss
23,023
22,768
19.788
17,668
Other income
Loss
Depreciation,facilities- _
Other deduct
$24,436
25.958
$21,859
22,080
$11,563prof$204,468
4b,287
22,424
36,442
Net loss
-V. 139,.p. 763.
$50,394
$43,939
$70,429prof$156.181
-Earnings
General Alloys Co.
Earnings 6Months Ended June 30 1934
Net income after deprec., expenses & other charges
Earns, per share on 24,949 class A preferred shares
V. 139. P. 1868-
$409,860 $1,067,382
----General
400,000'
400,000
1,153,008
$26,455
$1.06
-Subsidiary
American Transportation Corp.
1,152,110
h ased
wn
-Th general American Tank & Terminal Co.. a subsidiary, has purchased
Deficit
two
ditional terminals, and will expand one acquired last year. One
$484,728
$1,143.148
x Dividends accumulated and unpaid to Aug. 31 1934. amounted to
ed
of the new terminals is at Corpus Christi. Tex.. and was former!
$1,921,680. Latest regular quarterly dividends paid Jan. 3 1933. Diviby the Pure Oil Co.. whilethe other is at Westwego. La., on the west bank
dends on preferred stocks are cumulative. y Before property retirement
of the Mississippi River directly opposite New Orleans. The terminal to
reserve appropriations and dividends.
.-V.139. p.764.
be expanded is at Carteret,N.J. ("Wall Street Journal")
Note
-Income account includes full revenues without consZration of
rate reduction in litigation.
-V. 139, p. 1238.
-New Profit-Sharing Plan ApMotors Corp.
--General
"
----Flour Mills of America, Inc.
-Accumulated Dividend ?
The directors have declared a dividend of $2 per share on accotAt of
accumulations on the $8 cumulative preferred stock, series A, no par.
Payable Oct. 1 to holders of record Sept. 19. Similar distributions were
made on July 1 and April 1 last, $4 per share on Jan. 1 1934 and Oct. 1
1933, and $1 per share in each of the eight preceding quarters (with the
exception of the April 1933 quarter, when no payment was made), prior to
which the regular quarterly dividend of $2 per share was paid.
Arrearages on the above issue after the payment of the Oct. 1 dividend
will amount to $5 per share.
-V. 139, p. 279.
Fox Theatres Corp.-Reorganization't
Federal Judge Manton of the U. S. Circuit Court of Appeals on Sept. 20
adjourned for two weeks the hearing on the application
certain creditors
for a reorganization of the company under section 77-Bof the Bankruptcy
of
Act. Adjournment was given to allow claims of creditors presenting the
petition to be presented to the special master to determine their provability.
-V. 139, p. 1239.
'Ful Oil Motors Corp.
-Removedfrom Dealing b-7-t...--•
-
Ph
stock,
ew York Produce Exchangeas removed from dealing the common
0 par.
tea
Fuller Brush Co.(& Subs.)
-Earnings
--
The operating profit of the combined companies for
setting
up reserves for depreciation of $67,691. was $121,662. 1933, after
Regular dividends
were paid of 7% on preferred stock and 7% was paid on the common (2%
Feb. 1, 1% May 1.2% Aug. 1, and 2% Nov. 1). Total dividend payments
amounted to $83,545.
Consolidated Balance Sheet
AssetsJan. 2 '34, Jan. 3 '33. LiabflUtesJan. 2 '34. Jan. 3 '33.
Cash
$143,997 $302,686 Accounts payable_
22,152
8,909
Value of life insurAccrued commisance policies
14,872
4,834
sions, bonuses &
Loans receivable
7,431
9,213
wages
27,596
26,480
Accounts receivable 300,838
312,216 Accrued taxes....48,367
1,779
Inventories
1,118,927
945,804 Miscellaneous.
109
Plant and equip.. 795,048
819,259 Dividends on pref,
Goodwill, patents
stock payable
15,750
& trade marks
1
1 Reserves
100,000
92,000
Investments
4,900
7,150 Common,stock
865,000
860,000
Prepaid expenses &
Preferred stock_
300,000
400,000
deferred charges
41,523
43,616 Surplus
1,121,048 1,156,842
Other assets
72,377
101,339
proved-
The stockholders, at a special meeting held Sept. 27 approved the revision and modification of the management plan which had been previously
adopted by the board of directors and recommended to the stockholders
for favorable action. (See also V. 139, p. 1709)•
Buick Retail Sales
Domestic retail sales of Buick cars in second 10 days of September totaled
1,734 units against 1,780 in previous 10 days and 1,325 in corresponding
period year ago, according to W. F. Hufstader, General Sales Manager.
Sales in the second 10-day period set a new four-year record for this
period, exceeding by substantial margins sales of 677 units in 1932 and
1.671 in 1931. The first 10 days of September likewise established a fouryear record.
Dealers have 2,000 less cars than on Aug. 10 and their stocks have been
cut by 1,400 cars since Sept. 1. Mr. Hufstader added.
Cadillac-LaSalle Sales Gain
-LaSalle cars the first 20 days of September show 9%
Sales of Cadillac
increase over the same period of August,according to General Sales Manager
-LaSalle
Chick. Compared with the first 20 days of September 1933, Cadillac
sales for the same period this year are 48% greater and dealers report
demand is increasing.
-V. 139, p. 1868.
--Earnings
General Public Utilities Co.(& Subs.)
Period End. Aug.31Gross oper. revenues_ _ _
Operating expenses
1934-12 Mos.-1933
-Month-1933
1934
$361,690 $4,325,366 $4,009,950
$425.612
2,596,852
2,820,579
233,666
267.937
Net operating income
Non-operating income--
$157.675
1,935
$128,024 $1,504,786 $1,413,098
def2,445
13.735
2,072
Gross income
Int. & amortiz. chgs. of
subsid. companies_ _
Interest on funded debt* Other interest
* Amortiz. of debt dicta.
& expense
$159,610
$130,096 $1,518,522 $1,410,652
31.685
72,867
13,194
31,486
70,868
12,782
381,153
874.136
150,501
379,229
843,990
145,471
7,485
5,012
85,432
54,169
Bal. avail, for diva. &
$27.298 def$12,208
$9,946
$34,377
surplus
* Will be eliminated under plan of readjustment -V.139, p. 1869.
Georgia & Florida RR.-Earnings---
Total
u
n.
19 p
3
$2,499,914 $2,546,119
'-Second Week ofSe3t.- -Jon. 1 to Sept- 14
Total
$2,499,914 $2,546,119
1933
-V. 137. p. 3680.
$707,098
directors$15,750
$764,108
$18,600
Gross earnings
le V. 139. p. 1869.
`" Fundamental Investors, Inc.
--One-cent Dividend.
The
have declared a dividend of one cent per share on the capital
di
are
Georgia Southern & Florida Ry.-Earnings.stock, par 25 cents, payable Oct. 1 to holders of record Sept. 19. This e
1932
1933
1934
Augustcompares with a stock dividend of 2% paid on July 2last, and cash dividends
193160
$206,3
$128,722
Grossfrom railway
$132,886
$lg..043
of three cents per share distributed on April 2 and Jan. 2 last, and on Oct. 1
de 242
2 :56 2
8 417
0
14.774
Net from railway
2,292
1933. On July 1 1933 a cash distribution of two cents per share was made.
8,693
Net after rents
def6,434
def10,502
Earnings for Period from Dec. 16 1932 (Commencement of Operations) to
From Jan 12,103.122
1,327,822
Gross from railway
1,124,585
Dec. 31 1933
1,285,110
Income-Dividends
338,408
.
184,281
Interest
158,348
$17181
88,086
-V. 139, p. 1403.
Total
$17,243
Expenses
Georgian, Inc.
-Ea,nings.7.880
1930
1931
Calendar Years1932
1933
Net income
$9,364
Total sales
$1,187,753 $1,373,983 $1,910,271 $2.343,984
Net profit from sales ofsecurities based on average cost
2,130,065
87,514
1,782,211
Cost ofsales
1,365,007
1,182,660
Provision for Federal income tax
8,230
Deprec., amortiz., State
104,107
81,858
79,561
& Federal income taxes
75,084
Net profit for the period
388,649
Dividends paid
$109,812
$46,201
31.531
Net income
loss$69,991 def$70,585
312.776
359.243
Previous surplus
334.795
256,542
Balance Sheet Dec. 31 1933
41,075
27.697
Surplus credits
19.310
20,000
Assets
LiaMIdies
Cash
$89,867 Reserve for management fee_
$500
$463,663
$433,142
Total surplus
$283,519
$206,551
Securities owned
948,377 Reserve for taxes
9,246
Divs. paid on class A
Dividends receivable
2,576 Reserve for legal expenses_
600
76.735
73,350
preference stock
26,977
Deferred charges
774 Capital stock (par 25 cents).
133,380
20.836
Amortiz, of leaseholdsPaid-in surplus
840,751
Additions, bldg. 1 mpts,
Earned surplus
57,117
written off
20,000
Res. for el. A preference
Total
$1,041,593
Total
$1,041,593
3,308
stock sinking fund_ __ _
-V. 139, p. 763.
Deprec. of equipment in
excess of ann. require_
24,254
Galveston Electric Co.
-Earnings
Additional State taxes
3,540
743
r Period End, Aug. 31
- 1934
-month--1933
Additional Federal taxes
1934-12 Mos.-1933
182
Gross earnings
$19,950
$18,958
$236,031
Sun). approp. for class A
$232.368
Operation
13,542
13,389
prtf. stk. sinking fund
161,975
Cr3,308
159,563
ax ntenance
aies
2.979
2,902
34,014
30,839
1,649
1,394
Total surplus
17,753
$186,369
$362,551
$334,795
18.456
$256,542
Earns. perch,on 100,000
Net oper. revenue a_
.
$1,779
$1,271
shares common
$22,287
Nil
Nil
$23,510
Nil
$0.38
a Interest on 8% secured income bonds is deducted from surplus when
Comparative Balance Sheet Dec. 31
declared and paid. Last payment was July 31 1934 and interest for one
Assets1933
1932
IdaIllUles1932
month since then not declared or paid is $1,400 and is not included In this
1933
Cash
$14,840
$31,997 Pref, stock class A $860,040 $880,040
statement.
-V. 139, p. 1239.
Accts. & notes rec.
2,846 x Common stock_
2.892
49,000
49,000
Accts.rec. attn. co.
Galveston-Houston Electric Ry.-Earnings3,700 Accounts payable_
390
43,920
40,062
Note rec. affil. co. 100,000
100,000 Note payable
10,000
15,500
Period End, Aug. 311934
-Month-1933
1934-12 Mos.-1933
Inventories
61,556
65,416 Accrued expenses_
17,453
10,190
Gross earnings
$18.078
$20,532
$224,468
$208.400
Land
45,400
45,400 Mortgage payable
11,029
11,000
Opwation
11.051
9,843.
117,171
Fixtures & equip
852,821
912,365 Due ctf1cers de emMaintenance
3.812
3,246
43,738
41,671
Automobiles
1
35.5
ployees
2,409
1,140
Taxes
1,555
1,389
18.172
20,347
Leaseholds
72,710
76,240 Surplus
256,528
186,369
Interest (public)
5,108
5,108
61,300
61.300
Treasury stock_
3,325
3,325
Cash on deposit in
Deficit_x
$995
$1,509
$21,439
$32,089
closed banks_
10,848
11,207
income bonds and noteshas not been earned or paid and
re Interest7Z
Capital stork of
$477,060 for thirty-six months since Sept. 1 1931 is not included in this
Georgian Hotel
statement. Also interest receivable on income notes since Oct. 20 1932
Co
1
1
in the amount of $669 is not included.
-V. 139, p. 1402.
1
I
• Good-will
Deterred charges
11,546
14,475
Net
frA.T. r=1"
1A8V8
13028
y
Fireproofing Co.-Acodaitiga-
Tinge:pang has acquired the aluminum chair business of the Aluminum
erica. V. 138, p. 1053.
Co. o
$1,176,334 $1.267,330
Total
Total
$1,176,334 51.267,330
z Represented by 100,000 no par shares.
-V. 136. p. 1725.
Sept. 29 1934
Financial Chronicle
2046
-Earnings
Georgia Power Co.
of Commonwealth & Southern Corp.]
LA
Period End. Aug. 31- 1934
-Month-1933. 1934-12 Mos.-1933
Gross earnings
$1.844,907 $1,834,731 $22,204,725 $22,040,542
Oper. exps., incl. maint.
775,579 10,664,756 9,133,865
and taxes
916.947
506,829 6.119.123 5,982,619
Fixed charges
510,474
110,000 1.320,000 1,320,000
Prov. for retirement res.
110,000
245,818 2,950,485 3,117,020
Divs. on 1st pref. stock_
245,873
Balance
-V. 139, p. 1402.
$61,611
$196,504 $1,150,359 $2,487,036
tion operative. The initial extension granted Aug. 17 was to have expired
Oct. 1.
H. Edward Bilkey, Vice-President of the company, said the campaign
for consents to the plan had resulted in a very encouraging response from
creditors and policyholders both throughout this country and abroad.
"I am confident," Mr. Bilkey said, "that the Globe & Rutgers will shortly
re-enter the insurance field with great promise for the future. During the
past 18 months, but particularly during last spring and summer, we have
successfully passed the greatest crisis ever faced by a company of this
-V. 139. P. 1084.
size. Now the way is open for the company's return."
-Earnings
Gold Seal Electrical Co., Inc.
Income Account for the Year Ended Dec. 31 1933
Glen Alden Coal Co.-Olesumes Dividends-Extra Disdir
tribution'-.
The
rs have declared a regular quarterly dividend of 25 cents per
share and an extra distribution of 25 cents per share on the common stock,
no par value, both payable Oct. 20 to holders of record Oct.6. These are the
first payments to be made on this issue since Dec. 21 1931 when a regular
-V.138, p. 1237.
quarterly dividend of $1 per share was paid.
-Changes in Convertible
Globe Industrial Loan Corp.
Feature
$333,008
295,085
Sales-Less returns and allowances
Cost of tubes sold
Gross profit on sales
Operating expenses
$37,924
79,370
Loss on operations
Other income
$41,447
22,789
Total loss
Other deductions
$18,658
8,746
$27,404
Net loss for the yea;
As provided by the terms of the indenture. dated July 1 1930. the company and the trustee propose to enter into a supplemental indenture amendConsolidated Balance Sheet Dec. 31 1933
ing the indenture, the terms of which supplemental indenture are to be as
LIatstlUiesAssets
follows:
$35,100
$6,565 Accts. & notes payable
Cash and deposits
(1) That the last sentence of Section 3 of Article First of the indenture
2,888
156,567 Loans payable,officers
-Net
Receivables
be amended so that the same shall read as follows:
26,175
46,367 weer. items & res. for taxed_ _ _
Inventories
bonds and the
"Subject to the conditions hereinafter contained, all of the
753,052
411,682 Capital stock
-Net
Mach.& equipment
profit-certificates appertaining thereto may. at the option of the registered
972,036
4,021 Surplus
-at cost
Investments
owner, on or before July 1 1944, but not thereafter, be converted into
Gold Beal Appliance Corp.,
five shares of the common stock without par value for each $100 face amount
& Gold Seal Television St
of said bonds."
183,022
Supply Corp
(2) That Section 1 of Article Fourth of the indenture be amended so
11,027
Deferred charges
that the same shall read as follows:
Trade marks, good-will, &c- 990,000
may, upon surrender of the bonds together
"Section 1. All of the bonds
with the profit-certificates and =natured coupons appwtaining thereto,
51.789,250
Total
$1,789,250
Total
at the option of the registered owner, on or before July 1 1944. but not
-V. 139. P. 930.
thereafter, be converted into 5 shares of the common stock without par
value for each E100 of bonds. Such shares of capital stock shall be de1
:am Mfg. Co.-Remod from Unlisted Trading-in-t......
0
livered by the company as the same shall be constituted at the time of such ----Go‘.,
TheNew York Curb Exchang has removed from unlisted trading
conversion.'
-V.139.
the voting trust certificates for common stock, no par.
il
prive
(3) That the bonds shall be stamped with a legend to the effect that the
p. 444.
holder has assented to the supplemental indenture, dated as of June 1 1934.
-Balance SheetGosnold Mills Corp.
-Earnings.Godchaux Sugars, Inc.
Year Ended
-Years Ended Jan.31June 30 '31
1932
1933
1934
Period
$666,758 ' $664,769 $1,030,657
$1,173,414
Profit from operations__
257,267
242,739
216.505
170,824
Interest, &c
200,000
200.000
200,000
200,000
Depreciation
38,600
13,500
100,000
Prov. for Fed.inc. tax- _
Net income
$222,030
$236,753
$702.589
Consolidated Balance Sheet Jan. 1
$534,890
1934
1933
1933
1934
Assets$7 pref. stock _ _ _ 2,739,700 2.739,700
& Real est., bldgs.,
8,527,693 8,596,805 c Corn.stk. & surp 6,043,264 5,340,675
equip., bto
1 1st mtge. bonds_ _ _ 1,497,200 1,721,000
1
Good-will,
700,000
384,294 6% notes payable. 500,000
429,422
Cash
171,622
284,932
855,703 Accounts payable_
b Accts.& notes rec 1,151,156
13,500
44,645 Res. for Fed. taxes 100,000
48,448
_
Prepaid expenses
Drafts & notes pay 550,000
635,000
Notes sr accts. rec.
200,000
62,142 Notes pay.(unseo.) 200,000
20.808
(due after 1 yr.)
2,941
2,873
896,874 1,127,826 Other obligations_
Sugar & molasses_
185,346 Res. for Maur. and
Materials & suppl_ 244,132
10,712
28,000
other losses__ _
71,876
96,034
Plant & grow crops
101,179
Prop, held for sale 100,580
148,344
230,494
Investments
87.785
69,731
Deferred charges_ _
11,815,372 11,665.749
Total
11,815.372 11,685,749
Total
a After depreciation of 22,044,725 in 1934 and $1,878,618 in 1933.
doubtful accounts and discounts. c Represented by
b Less reserve for
71,527 shares of class A and 83,522 in 1934 and 80,522 in 1933 shares class
f
-V. 137, p. 149.
B stocks, no par value.
-EarningsGolden State Co., Ltd.(& Subs.)
Year Ended
-Year Ended
Dec. 31 '33 Dec. 31 '32 Dec. 31 '31 Feb. 28 '31
Period$15.115,337 $17,267,282 $22,999,535 $28,539.720
Net sales
10,979,048 12,292,377 16,632,030 17,967,412
Cost of products
3,350,509
Manufacturing expenses
3,735.980 5,012,336 5,889,195 5,700,915
Operating expenses
774,840
531,532
x
x
Provision for depreciat'n
loss$131,223 loss$37,431
Profit from oper_
46.946
47,666
Income from royalties__
281,624
222,536
Income from misc. oper_
Other income, net of
Dr34,453 Dr139,256
other expenses
Total income
Bond int. & expense
Other int. expense, net
of interest income_
Prov. for Fed. inc. tax_
$478,310
120,466
169.920
$746.044
203,003
145,501
Dr82,970
41,576
AssetsDec.30'33 Dec. 31 '32
Real est., mach. &
$1,100,315 $1.086,427
bldgs
467,417
Cash & debts recle 717,753
549,473
471,576
Inventories
6,878
6,878
Investments
18,122
19,170
Prepaid items_ _ _ _
Cotton agst bank
26,299
17,915
accept
Total
I iahilitiesDec. 30 '33 Dec. 3132
Cap. stock pref- $825,000 $825,000
1
1
Capital stk. com__
373,000
Notes payable. _ _ _ 344,000
60,375
115,193
Accts. payable__ _
271,400
271,400
-year notes
7% 7
Bank accept. agst
26,299
17.915
cotton
4,750
4,749
Res.for bond int
150,290
193,816
Res. for deprec
443,502
561,533
Surplus
Total
$2,333,607 $2,154,617
52.333,607 82,164,617
-V.138, p. 1053.
Grand Trunk Western RR.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1403.
1931
1932
1933
1934
$979,384 $1,546,406
$1,322,878 $1,371,889
37,812
151,398 def114,381
12,430
def109,857 def28,212 def278.589 def204,447
12,262,529 10.167,131 9,475,850 14.409,963
def5,707 1,496,106
963.775
2,063,479
609,036 def486,206def1,519.488 def769,874
-Earnings
Grays Harbor Pulp & Paper Co.
Income Account for the Year Ended April 30 1934
Sales, net of discounts
Cost of goods sold and expenses, exclusive of depreciation
Depreciation provision for the year
$33,047,005
2,300.453
339,828
Profit from operations
Interest expense, net of interest earned
Amortization of bond expense
$406.724
196.383
14,129
Profit, exclusive of bonds purchased and before other charges
Loss on retirement of capital assets
Amortization of organization expenses
Income, exclusive of profit on bonds purchased
Profit on bonds purchased for retirement
$196.212
18,759
1,755
$175,698
52,903
Income before Federal income tax
Provision for Federal income tax
$228,600
32,382
$196,218
Net income
Balance Sheet April 30 1934
$104,526
100,643
$151,883
114,912
$685,726 $1.136.123
139.190
149.582
Cr6,963
Cr16,151
15,319
Cr11,155
70.851
41.146
113,492
$486.840
$831,904
$37.803
$10.846
Net income
486.503
483,905
480.719
479,334
Shs, cap. stk. (no par)_ $1.00
$1.71
$0.08
E0.02
Earned per share
x Depreciation amounting to $718,860 (1931,$761,634) has been charged
against income for the year.
Comparative Consolidated Balance Sheet Dec. 31
1933
1932
Assets
$164,865
Cash
294.944
Accounts receivable
550,487
Inventories
4,000
Cap,stock of other cos, at cost
145,810
Timberlands & timber at cost_
Land, bldgs., machinery, &c_ _x5,585,884
35,301
Contracts and options
19,794
Prepaid expenses
144,074
Unamort. bond & organ. exp
Total
x After depreciation.
56,925.159
LiabitfiiuAccts. payable incl, seer. exp $310,315
32,382
Provision for Federal tax
3,178.500
1st mtge. 6% bonds
$8 cumulative preferred stock_ 3,377,100
y211.398
Common stock
182,535
Deficit
Total
$6,925,159
-V. 129.
y Represented by 72,492 no par shares.
1932
1933
p. 1292.
/ fatalities
1133a3
Great Lakes Engineering Works-Extra Distribution-'e/
-789,403 ""
666,099 Accounts payable_ 735,654
416,514
Cash
Notes pay'le bank. 200,000
The directors have declared an extra dividend of 5 cents per share in
x Accounts & notes
di
:
addition to the regular quarterly dividend of 10 cents per share on the 11
1,047,980 1,181,551 Land contracts &
receivable
mtge. due within
common stock, par $10, both payable Nov. 1 to holders of record Oct. 25.
326,703
776,687
Inventories
-V. 138. p. 4300.
8,883
9,278
Year
Similar distributions were made on Aug. 1 last.
Miscellaneous sup288,674 Bonds pay. within
plies & rep. parts 458,071
Great Northern Ry.-Earnings.--60,000
60,000
one year
Invest't in capital
1932
1931
1934
1933
28,981
24,545
August50,828
57,373 Res. for comp. ins.
inks. of affil. cos.
$7,367,293 $7,155,080 $5,165,599 $7,161,174
Provision for FedGross from railway
Misc. investments
44,021
2,484.871 3,185,276 1,141.199 2,562,327
eral income tax_
Net from railway
152.516
39.136
and contracts_
1.718,345 2,384,167
362,392 1,762,457
Bonds pay'le held
Net after rents
Empl. cash bond
323,597
326,597
by bank
From Jan. 1
10,056
savings sect
43,863,818 37,842,442 33.578,218 50.565,374
Other bonds pay _ 1,041,200 1,124,200
Gross from railway
y Land, buildings
11.548,217 11.285,029 2.135,068 11,587,141
Net from railway
and equipment _ 5,542.904 8,195,593 Land contracts &
6,139,033 5,421,870 def3701.189 5.205,439
15,773
mtges. payable_
8.005
243,395
205,951
Net after rents
Deferred charges
Empl. cash bond
139, p. 1403.
Trade routes pur-V.
•
10,056
liability
chased and good-New President
West Saddlery Co.
Great
16,051
8,895
1 7,471,125 Deferred credits_ _
will
A. G. A. Spence has resigned from the position of President, and the
z Capital stock_ _ 4,793,340 12,017,975
Patents and trade-V. 139
directors has appointed F. 0. Mitchell as his successor.
board of
5.952 Capital surplus_ __ 1,097,276 3,886,140
5,203
marks
289,920
Earned surplus_ _ 222,520
P. 1710.
8,553,331 18,588,981
Total
8,553.331 18,588,981
Total
z After provision for losses of $317,039 in 1933 and $228,598 In 1932.
y After provision for depreciation of $4,812,279 in 1933 and $5.131,943 in
1932. z Represented by 479.334 shares (no par) in 1933 and 480,719
shares (no par) in 1932.-V. 138, p. 2411.
-Extension Granted
Globe & Rutgers Fire Insurance Co.
Justice Alfred Franlcenthaler of the N. Y. Supreme Court has extended
until Oct. 18 the time in which company must declare its plan of rehabilita-
Griesedieck Western Brewery Co., Belleville, Ill.
/name Accountfor Year Ended Dec. 31 1933
Net sales
.Cost of production
Selling and general expenses
Other expenses
Federal income taxes
Net profit
$917,479
586,912
134,360
33,920
22,242
$140,044
Consolidated Balance Sheet Dec. 31
1932
1933
Liabtlittes1932
1933
Assets7% prof. atoll k___$2,000,000 $2,000,000
Consesslons, piers.
&c.$9,155,959 $9,158,345 Common stock.._ 1,85.5,200 1,85.5,200
equipment,
1.620,371 1.886,804
Funded debt
Deferred charges
231.999
72,963 Current liabilities_ 262,970
50,857
to operation__ _
408,427 A ccr.diva. ono um.
Special deposits_ __ 406,254
2,187,500 2,047,500
pref. stock
Cash in banks and
6.400 Res. for deprec. & .
3,037
on hand
amort. of prop's
88,146
31,854
Accts. receivable
ando oncessions. 1,189,033 1.154,138
298.825
Capital surplus.. 298,825
259,818
234,063
Earned surplus_
Balance Sheet Dec. 31 1933
J4abilitiesAssets
Cash, secs., accts. & notes rec. $108,352 Accts. pay.& accrued taxes-- $32,429
22,242
12,016 Reserve for Federal taxes
Revenue stamps
53,694
Cents.' deposit for containers_
Stock on hand & bottles with
1360,000
79,813 Capital stock
trade
84,434
Land, bldgs. & equipment_ _ _ 349.213 Surplus
Def. charges, ins. & licenses
3,406
unexpired
$552.799
Total
$552,799
Total
-V.138. p. 4300.
x Represented by 60.000 shares.
--Earnings
Group No. 1 Oil Corp.
Calendar Years-
89,647,962 89,734,281
Total
-V. 138. p. 2749.
1932
32.753.321
153.510
294,282
317.396
141,782
102.883
1933
$1.137.131
Gross operating income
Merchandise costs
Operating and administrative expenses
Taxes
Net operating income
-net
Non-operating income
Total income
Intangible development costs
Depletion and surrendered leaseholds
Depreciation
Interest charges
Adjustment of inventories to lower of cost or mkt
Prov.for losses of affiliated company
Federal income tax
$950,694 $2.810,957
403.856
479,606
40.203
11,628
161.807
228.359
4.240
5.019
22,045
120.000
Net income
Dividends
$209,055 $2.075 831
1.536,000
819.200
1°64610,145
Balance,surplus
Balance Sheet Dec.31
1932
1933
t iabilities-1932
1933
Assets8767,207 81,206,480 Accounts payable_ $42,766 $145,198
Cash in banks_ 41,509
34,872
10,716 Accrued liabilities_
17,707
Accts. receivable__
204,800
71,730 Div. payable
121,868
Inventories
120,000
3,832 Fed. income tax_
5,545
0th. curs. assets
24,306
Due to attn. co
Inv. In & adv. to
324,335
324,335
419,392 y Capital stock
384.990
affil. cos. net.
Earned surplus.__ 1,496,784 2,079,586
s011 de gas leases,
998,477
830,547
&e
Net loss
Preferred dividendsCoramon dividends
1933
345.465
1.209
1932
364,803
1.115
Net income
Reserve for amortization of non-producing leases._
Deficit, Jan. 1
$44.257
44,257
97,332
$63,687
397.332
397.332
Deficit. Dec. 31
Balance Sheet Dec. 31
Liabilities
1932
1933
Assets
$167,195 $122,895 Accrued taxes__
Cash in banks_
AIM. co, current
Stock of Reagan
account
County Parch.
1 x Capital stock(par
1
Co., Inc
81)
265,000
220,743
Non-prod. leases
Deficit
8387,896
8387.939
Total
V. 136. p. 4098.
-
Total
161,019
The directors have declared an extra dividend of $2.50 per share tit
addition to the usual quarterly dividend of $1.50 per share on the common
stock,Par $50, payable inICanadian funds on Oct. 15 to holders of record
Sept. 30. Similar distributions have been made each quarter since and
including Jan. 16 1933. Non-residents of Canada are subject to a 5% tax
- 139, IL 1860
V.
.
-Earnings
Guilford Realty Co.
Calendar Years
Total income
Expenses
1933
$433,780
331,315
Not earnings
Interest
Preferred dividends
Depreciation
$102,464
56,871
42,944
57.085
$163,505
59.544
43,104
54,100
def$54,437
$6,756
Balance Sheet Dec. 31
1932
1933
Liabilities
1932
1933
Assets
Mortgages
81,018,295 81,027,405
x Building, & laud
717,900
equipment, .88.$1,807,167 81.852,740 Preferred stock... 710.240
33,041
34,306
377,000 Amounts payable_
377,270
Investments
73,000
58,500
7,015 Notes payable....
7,306
Cash
17,671
17,584
29,481 Int. accr.. not due
26,698
receivable..
Awls
5.415
1,591
11,064 Prepaid rentals___
11,853
Inventory
367,785
Capital & surplus. 313.197
754
573
Accr. water rents_
16,619
7,758
Res., bad accts.,&c
64,427
21,535
Res., Prof. dive_
$2,230,295 $2,277,300
Total
$2,230,295 82.277.300
Total
x After deprec. of $277,682 in 1933 and 3336.927 in 1032.-V. 135, p. 2839
-Earnings.
Gulf Mobile & Northern RR.
22,112
3,496,010
338,374
1933
$465.014
188,258
120,582
1932
8354.666
30.890
def43,359
1931
$336,016
68.100
24.633
3,316,986
783,690
505,007
2,313.134
212,738
def192,446
2.819,678
447,865
38.184
-Earnings
Havana Docks Corp.(& Subs.)
Years Ended Dec. 31Income from operation and lease of piers
Other income
1933
$543,755
10,417
1932
3560,289
12.641
Total gross earnings
Oper. & gen. expo., taxes, deprec. & amortization_
Interest on funded debt
Interest on unfunded debt
Amortization of bond discount and expense
$554,212
309,264
109,327
4,621
10.035
$572,930
340,772
128,055
Net income for the year
Previous earned surplus
3120,964
259,813
$92.461
315,590
Total surplus
Provision for cumulative preferred stock dividends
Discount not previously amortized on bonds
retired during year
.
331 43,777
140,000
$408.051
140.000
Earned surplus balance Dec. 31
1.172,222
686,024
715.809
776,343
def41.285
9.157
126.748
107,080
def98.293 def101,363 def204,844 def379,988
1933
$67.005
1932
3182.674
188.221
1931
3153.363
1930
$67.435
94.801
31,457
51,174
48.574
8.218
3.071
10,000
162.500
$115,579
$533.397
$225.826
$193,694
30,503
32.500
-Readjustment Plan
"
. (R.) Hoe & Co., Inc.
"-for the readjustment of the company
1932
3524,217
360,714
1934
3414.945
1931
3130.459
737
def35,196
1 "
-Cent Dividend-0'-e, ,i' 't eet
-15
200 ""."‘ Hercules Motors Corp.
200
The directors have declared a dividend of 15 cents per share on the 485,000
485,000
no par value, payable Oct. 3 to holders a record Sept. 28.
97.332common stock,
97 332
A similar distribution was made on Aug. 15 last this payment being the
'
first made since April 1 1932 when a quarterly distribution of 20 cents per/
$387,939 $387,896
-V. 139. p. 1555.
share was made.
" Guarantee Co. of North America-Extra Dividen
s --
Surplus
1932
376.195
987
def25,584
$1,239,003 $1,349,070
Total
$1,239,003 81.349,070
Total
x Represented by 68,000 shares of no par value. y Less reserve for i
depreciation of $639.796 in 1933 and 3633.687 in 1932.-V1138, p. 871.
1932
828
1933
$71
1933
385.528
10,880
def14.079
$256,697
$225,826
3533.397
3115,579
Deficit
a After providing for all manufacturing, selling and administrative
expenses.
Consolidated Balance Sheet Dec. 31
1932
1933
Liabilities1932
1933
Assets
$39,927 7% cum. s. f. pref.
$46,458
Cash
$581,000 $581,000
stock
in hands of
Cash
68,000
68,000
x Common stock
trusts for bond77,533
44,628
Accounts payable_
1,029
holders
5,638
74 Accrued wages
Sink, fund cash437.500
436,500
77,344 1st mtge. s. f. 8s_ _
44,000
Accts. & bills rec _
33,780
164,484 Accr. int. on mtge.
128,439
Inventories
137,061
69.457
125,839 Capital surplus...
57,002
Investments
47,975
1,479 Earned surplus__ _
investmls
3,288
10,051
Deferred charges.936.632
). Fixed assets_ ___ 952,023
$2,127,864 82,710,628
Total
$2,127,864 $2,710,628
Total
x After reserve for depreciation, depletion and intangible development
of $4,494.075 in 1933 and $4,231.177 in 1932. y Represented by
costs
-V. 139. p. 1403.
2,048 no par shares.
-Earnings
Group No. 2 Oil Corp.
1934
$88.856
def932
def25.753
-Earnings--Hayes Wheels & Forgings, Ltd.(& Subs.)
Calendar Yearsa Loss from operations
and other income_ _ _ _
Deprec.of plant & equip.
Bond interest
Amts. written off inven'y
Loss on sale of plant and
equipment
Income taxes
prop,against invest_
prop, to write down
book values of invest.
In associated cos
$539,831
Years Ended Dec. 31Dividends and interest received
General and administrative expenses and taxes....
89,647,962 89.734,281
Total
Gulf & Ship Island RR.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1403.
3716.851 82,163.747
647,210
233,843
August
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139. P. 1870.
2047
Financial Chronicle
Volume 139
11.645
6.714
8,237
3234,063
8259.813
A plan dated as of Sept. 21 1934
as been prepared, adopted and approved by the bondholders' protective
mmittee for the 1st mtge. gold bonds, series A. 6}6%.
The plan of readjustment was presented to the U. S. District Court for
the hearing
the Southern District of New York for its consideration at
yesterday, (Sept. 28).
A summary of the plan of readjustment follows:
Treatment of Securities Under Plan
due Oct. 1 1934-(1) To
(a) First mtge. gold bonds, series A, 6%. April 1 1932 to Oct. 1
Oct. 1 1944: (2) Interest coupons,
be extended to
$1,000 bond (amounting to $195 face
1934 inclusive, appurtenant to each
shares of 04% cum.
amount), to be surrendered in exchange for three for three years Oct. 1
Interest
Prior pref. stock (par $65 per share); (3) multiples of M of 1%.if earned
1934 to Oct. 1 1937 incl., to be payable in
31
(subject to ratable interest payment on notes as stated below) on Dec.
cumulative.
following each fiscal year. Unpaid interest to be the rate of 6%% per
at
(4) Interest to be resumed as a fixed charge 1 1938; (5) Sinking fund
annum commencing with the interest due April (after certain deductions)
on bonds to be 257 of consolidated net earnings (6) Company to covenent
and to commence after prior pref.stock is retired: or common stock until
not to pay any cash dividends on its class A stock
of unpaid interest
prior pref. stock is retired and until all accumulations are paid:(7) Comperiod
on bonds. notes and new notes for the three-year
1st mtge. bonds.
pany to be prohibited from issuing any additionalfuture two-thirds of the
in the
(8) The mortgage to be modified so that
Bondholders
bonds may modify any of the provisions of the mortgage:(9) April 1 1938
until
to have right to elect six out of 11 directors of company
all arrears of interest are paid. This to be accomand thereafter until
plished through prior pref. stock which is to be placed in a voting trust
instance
under control of bondholders, the voting trustees in the firstselection to
to
be selected by the bondholders' protective committee, such of the plan.
be subject to the approval of the Judge having supervision
of the bonds may remove voting trustees without
Holders of 51% in amount
cause, may elect successors and may direct voting trustees how to vote:
(10) Payment of principal and interest to conform to Public Resolution
All
No. 10 of Seventy-third Congress relative to payment in gold; (11)
defaults under mortgage to be waived.
1 1934-(1) To be extended to Oct. 1 1944.
(b) 7% Notes Due Oct.
(2) Interest coupons, April 1 1932 to Oct. 1 1934 inclusive, appurtenant
in
to each $100 note (amounting to $21 face amount), to be surrendered
exchange for one share of 7% cum. pref. stock, par value $21 per share.
(3) Interest for three years, Oct. 1 1934 to Oct. 1 1937 incl., to be payable,
if earned. on Dec. 31 following each fiscal year (after payment of unpaid
and accumulated interest on the bonds), provided that if less than the
full rate of interest (plus accumulations to date) is paid on the bonds
during the three-year period (or thereafter on account of interest accumulated during such period) one-third of such rate as is paid shall be paid
on the notes. Unpaid interest to be cumulative.
(4) Interest to be resumed as a fixed charge at the rate of 7% per annum
commencing with the interest due April 1 1938: (5) Company to covenent
not to pay any cash dividends on its class A stock or common stock until
pref. stock is retired and until all accumulations of unpaid interest on
bonds, notes and new notes for the three-year period are paid. (6) The
Indenture to be modified so that two-thirds of the notes may modify any
of the provisions of the indenture.
(7) Noteholders to have right to elect one director of company until
April 1 1938 and thereafter until all arrears of interest are paid. This
to be accomplished through pref. stock which is to be placed in a voting
trust under control of noteholders, the voting trustees in the first instance
to be selected by the noteholders' protective committee, such selection
to be subject to the approval of the Judge having supervision of the plan.
Holders of 51% in amount of notes may remove voting trustees without
cause, may elect successors and may direct voting trustees how to vote.
(8) Payment of principal and interest to conform to Public Resolution
No. 10 of Seventy-third Congress relative to payment in gold. (9) All
defaults under indenture to be waived.
(c) Purchase Money Mortgages and General Claims-Mortgages to be
-year 7% notes,
extended five years. General claims to receive new 10
interest thereon being payable in the same manner as for the notes due
Oct. 1 1934 above referred to.
(d) Class A Stock and Common Stock-To remain undisturbed except as
to creation of new issues of prior pref. and pref. stock and as to voting
power as above indicated.
General
(1) The readjustment committee, named in the plan, is to act without
compensation. The bondholders' protective committee has previously
agreed to act without compensation.
(2) Bondholders who have deposited their bonds with the bondholders'
protective committee and who approve the plan need take no further
action.
(3) Bondholders who have deposited their bonds and do not approve
the plan may before the close of business Oct. 22 1934 withdraw their
bonds in accordance with the provisions of the bondholders' protective
committee's letter of Sept. 22 1934.
(4) Bondholders who have not deposited their bonds, and all holders
of other securities and obligations of (including certificates of deposit
therefor), or claims against, the company, who approve the plan should
sign and forward to A. A. Barthelson, Secretary of the readjustment committee, 31 Nassau St., N. Y. City, the form of assent and acceptance.
Readjustment Committee
-Robert J. Lewis, Chairman, Stanwood G.
-V.13
Bradlee, Alfred Shriver, and Ray W. Stephenson.
Holly Sugar Corp.
-Preferred Dividend
The directors have declared two quarterly dividends aggregating $3,50
per share on the 7% cumulative preferred stock, payable Nov. 1 to holders
of record Oct. 15. A dividend of $1.75 per share was paid on Aug. 1
last, prior to which no disbursements had peen made on this issue since
Aug. 1 1930 when a regular quarterly payment of $1.75 per share was
made.
-V. 139, p. 118.
-$1.50 Preferred Dividend
--Hooker Electrochemical Co.
The directors recently declared a dividend of $1.50 per share eche
6% cum. pref. stock, par $100. payable Sept. 29 to holders of re d
Sept. 21. Similar distributions were made on June 30, March 23 last and
on Nov. 29 and Dec. 30 1933.
Following the Sept. 29 1934 payment. accruals on the pref. stock will
amount to $9 per share.
-V. 138. p. 4465.
-ReorganizaHotel
o9t Corp., Brooklyn, N. Y.
tion Petition
PiT4_,
The corpo ation, owneils of the Hotel Pierrepont. on Sept. 18 filed a
petition for reorganization under Section 77-B or the Fedeial Bankruptcy
Act. The petition was filed in Federal Court, Brooklyn. and Judge Grover
M. Moscowitz set Oct. 5 for hearing the arguments.
'1 he petition stated that although the hotel was earning current expenses
It was not earning enough to cover capital charges or to liquidate an accumulation of realty and other taxes dating back to 1932. The largest item
in the tax tabulation is an unpaid water bill of $70,000.
Assets are given in the petition as $1.505,906 and liabilities. including a
mortgage on the building and land of $1,253.158 and a chattel ilortgage of
,
8202.036 on the furnishings, are listed as 31.507,505.
-$1.25 Class A Dividend 4
Floudaille Hershey Corp.
The directors have declared a dividend of $1.25 per share, on aunt of
accumulations, on the $2.50 cumulative convertible class A stock, no par
value, payable Oct. 15 to holders of record Oct. 10. A similar distribution
was made on June 12 last. The last regular quarterly dividend of 62%
cents per share was paid on April 1 1932.
Accumulations after the payment of the Oct. 15 dividend will amount
to $3.75 per share.
The dividend to be paid Oct. 15 represents regular accumulations which
were due Jan. 1 1933 and April 1 1933. The company has issued the
following statement:
"The improvement in net earnings of the company and its subsidiaries
for the first eight months of the current year are in a large measure due to
the increased volume of business which the company has enjoyed outside
the automobile industry."
-V.139, P. 765.
-Earnings
Houston Electric Co.
1934-12 Mos.-1933
-Month-1933
Period End. Aug. 31- 1934
$162,655 $2,143,221 81,941.311
Gross earnings
11172,694
987.610
1,055,650
81,380
88.425
Operation
302,354
266.449
22.454
27,618
Maintenance
223,259
211,892
15,693
18.396
Taxes
265.059
284,656
22,329
22,244
Int. and amort. (public)
$296,897
$190,703
$20,797
Balance a
$16.008
a Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Interest not declared or paid to Aug. 31 1934 amounts
to $18,800 and is not included in this statement.
During the last 33 years the company has expended for maintenance a
total of 13.36% of the entire gross earnings over this period, and in addition during this period has set aside for reserves or retained at surplus a
-V. 139. P. 1241.
total of 10.09% of these gross earnings.
-Earnings
Houston Lighting & Power Co.
[National Power & Light Co. Subsidiary]
1934-12 Mos.-1933
-Month-1933
Period End. Aug. 31- 1934
$679,910 $8,170,514 $7,764,316
$753,627
Operating revenues
293,366 4,003,585 3,418,382
359,310
Oper. exps., inc. taxes
Net revs, from oper__
Other income
$394,317
1,271
$386,544 $4,166,929 $4,345,934
20,766
492
13,838
Gross corp. income__
Int. and other deductions
$395,588
115,600
$387,036 $4,187,695 $4,359,772
1,388.929
1,390,800
115,695
34279,988 y3271,341 $2,798,766 $2,968,972
Balance
490.037
693,645
Property retirement reserve appropriations
x Dividends applicable to pref. stocks for period,
314,654
312,972
whether paid or unpaid
$1,994,075 $1.962,355
Balance
x Regular dividends on 7% and $6 pref. stocks were paid on Aug. 11934.
After the payment of these dividends there were no accumulated unpaid
dividends at that date. y Before property retirement reserve appropriations and dividends.
-V. 139, p. 1405.
1934-8 Mos.-1933
$5,247,104 $5,375,383
3,100,975
3,093.188
Operating income_
_
Non-operating income--
$233,237
24,922
8239,490 82.146,129 $2,282,194
202,892
199,075
25.170
Gross income
Income charges
$258,159
315,047
8264,660 $2,349,021 $2,481,270
2,518.135
2,516,432
315.083
$56,887
$50,423
$169,114
$35,162
-Retail Sales
Hudson Motor Car Co.
Retail sales in the United States totaled 46,689 cars for the eight months
ended Aug. 31, including both Hudson and Terraplane cars, it was announced Sept. 25. This total represents an increase of 61.5% as compared
with sales of 28.896 cars reported for the corresponding period in 1933.
Total sales for the eight months were 14% in excess of the total sales of
40,151 cars reported for the full year, 1933. The above figures do not
include Canadian shipments or cars shipped for export, which likewise
showed a comparable increase.
Retail sales in the United States for August were in line with seasonal
demand and the delivery'of cars to users last month was on a satisfactory
-V. 139. p. 1871.
basis considering the season of the year.
Hunter Mfg. &
Debt Status-
mmitn Co., Greensboro, N. C.-
C
olders payment of creditors' claims
At a recent meeting of the sto
outstanding against the company was given a definite status when notes to
meet these claims, maturing in 6, 12, and 18 months, were authorized in a
debenture of trust to be executed by Donald Corner of Birmingham, Ala.,
as liquidating trustee.
The liquidation of the company had already progressed far enough for the
settlement of 69% of the creditors' claims, and consequently it was recommended that the stockholders elect a board of directors with a greater
representation from that group.
The following nine directors were elected: Mr. Comer;J. C. Self of Greenwood, S. C.; Mr. Sands of New York; Julian Price, R. D. Douglas, J.
C. Watkins and Dr. J. P. Turner of Greensboro; George W. Mountcastle of
Lexington, N. C., and I. F. Craven of Ramseur, N. C.
Mr. Corner was re-elected President; Mr. Mountcastle was named VicePresident & Secretary; W. W. Stewart, New York, Treasurer, and R. E.
Reeves, New York, Asst. Secretary.
-V. 138, p. 511.
Humberstone Shoe Co., Ltd.
-Earnings
Years End. July 31
Net profit for year
Previous surplus
Balance at credit Feb. 15
1926
Total surplus
Common dividends
Prem. on Dom. of Can.
C. N. R. bonds
Dom.of Can,income tax
Provincial tax
1933
$63,429
137,444
1932
866.235
126,945
1931
$78.242
97,477
$271,164
40.000
8200.873
40.000
8193.181
44.000
$175,719
40,000
x9,621
Cr2.200
7,894
1934
$66.073
155,179
49.912
10.432
1,305
•
8.327
447
Balance of surplus_ -- $221.543
$155,179
$137,444
$126,945
Shares com, stock outstanding (no par)____
20,000
20.000
20.000
20,000
Earns.per sh.
(before tax)
$3.30
$3.17
$3.31
$3.91
, x Includes $1,090 extra income tax for 1933.
Balance Sheet July 31
1934
1934
1933
Assets
1933
$20
$60 x Common stock__ $329,432 $379,344
Cash
Dom.of Can. bds_
18.382
32,804
78,800
78,800 Bank overdraft_ _ _
120,720
71.690
404 Accts. & bills payAccrued interest._
600
18,523
18,022
122,121 Accrued charges...
Accts. receivable.. 121,421
323,308
343,520 Dom. of Canada
Inventory
Income tax
8,109
8,531
Real estate, plant
10,000
10,000
155,641 Dividend payable_
and equipment.. 156,249
11,624
9,710 Surplus
Deferred charges_
221,543
155,179
Total
Total
$692,022 $710,257
$692,022
x Represented by 20,000 no par shares -V. 137. 13• 2816.
$710,257
Huron & Erie Mortgage Corp., London, Ont.-Earns.
Years Ended Dec. 31x Profit for the year
Dominion of Canada taxes
1
Provinces of Canada taxes
f
Municipal taxes, other than taxes on real estate__
Written off office premises
Dividends
828.334
90,335
Balance
Previoussurplus
11,473
56,000
325,000
1932
$525,891
j59,969
'
28.431
7.766
25.000
400,000
$4,725
85,610
1933
$475,701
54,894
Balance,surplus
$118,669
$90,335
x After paying interest on debentures and deposits, deducting expenses
of management and other expenses, and making provision for actual losses.
Balance Sheet Dec. 31
1933
1933
1932 I
1932
LiabilitiesAssets
$
$
Office premises_ _ 2,087,553 2,143,553 Canadian debs_ _ _27,375,550 27,726,740
Real estate held for
Sterling debens_ .. _ 1,795,046 1,386,343
sale
422,311
304,444 Sterling deb. stock 215,647
217,385
Mtges.& agreem'ts
Deb. Int. accrued_ 410,423
380,609
for sale
8,958,935 9,327,304
36,365,989 37,159,714 Deposits
Reserve fund
Securities, incl. ac2,000,000 2,800,000
crued interest 4,495,466 4,857,016 Dividends payable
75,000
100,000
Canada Trust Co.
Capital stock
5,000,000 5.000,000
stock
118,669
90,335
1,561,780 1,560,485 Profit and loss__
Cash
1,016,172 1,003,503
Total
45,949,271 47,028,715
-V. 137. p. 2110.
Total
45,949,271 47,028,715
Hutchinson Sugar Plantation Co.
-Earnings
Calendar YearsGross profits
Sundry other profits.......
1933
$984,073
55,636
1932
1931
$955,463 $1,046,373
54,582
43,364
1930
$989,587
45,306
Total profits
$1,039.709 $1,010,045 $1,089,737 $1,034.893
Cost of prod.,dep.& depl
851,060
964,469
1,024,497
1.011,082
Other expenses, &c
66.295
56,808
50,844
32,600
Federal income tax
1b,076
Net income
$113.765 loss$20,718
$14,396 los/48.790
Comparative Balance Sheet Dec. 31
Assets
tabdtttea
1933
1932
1933
1932
Cash
$114,967 $309 333 Sundry creditors_ _ $16,146
$12,530
Accts.receivable....
17,029
32,856 Notes payable__
50.000
Sales in suspense
211,764
78,347 Federal inc. taxes_
18,676
Advances
59,516
48,159 Fed, cap,stock tax
2,280
50,395 Territorial inc. tax
Store account _ _ _
61.489
4,315
Inventories
63,069
41,291 Fed, excise tax_ _ _
2,530
Mtge.receivable..
300
300 Bonded indebted. 600,000
600,000
Investments
205,595
45,000
29,797 Dividend payable_
Crowing crops._
374,133 Accrued territorial
354,310
Land, bidgs. & eq. 1,909,970 1,924,575
excise tax
15.587
17,253
Deferred assets_ _ _
13,112
27,113
25,896 Est. market. chgs.
21,311
Capital stock
1,500,000 1,500,000
728,853
Surplus
781,605
Total
$3,019,319 $2,915,082
-V. 138, p. 2252.
Total
63,019,319 $2,915,082
Huttig Sash & Door Co.(Del.)
-Balance Sheet Dec.31-
-Earnings
Hudson & Manhattan RR.
-Month-1933
Period End. Aug. 31- 1934
$618,201
Gross oper. revenue_ $614,472
378.711
Oper. exps. and taxes_ - 381.235
Net deficit
-V.139, P. 1241.
Sept. 29, 1934
Financial Chronicle
2048
Assets1933
1932
tab/Mies1933
1932
Cash
$77,171 Trade and other
$80,067
a Customers'accts.
accts, pay. not
and notes rec.__ 299,306
262,252
due for discount $64,330
$36,142
Mdse. inventories_ 485,076
463.554 Notes payable.- 15,000
23.000
Mina. assets_ _
80,124
79,528 Pur. money mtgee.
12.500
23,500
Investments
9,809
325,080
323,828 Impt. taxes
b Plant sites, bldgs.
Unearned finance
and equipment 1,047,191 1,063,398
charges
4,360
c Treasury stock .._
3,140
3,140 Deferred credit......
3,086
Prepaid Maur. and
7% cum. pref. stk.. 899,000
900,000
other def. chges_
7,822
8,622 d Common stock
1,294,490 1.498,071
Surplus
29,592 def203,581
Total
Total
$2,327,806 $2,281,493
$2,327,806 $2.281,493
a After reserves for possible losses of $25,866 in 1933 and $21,225 in
1932. b After depreciation reserves. c 314 shares common stock.
d Represented by 100,000 no par shares.
-V. 137, p. 3335.
-Chairman Retires
Illinois Bell Telephone Co.
William R. Abbott has retired as Chairman of the Board. He will continue as a director.
-V. 139, p. 1241.
Illinois Commercial Telephone Co.
-Accumulate
Div4ft
,
The directors have declared a dividend of 75 cents per share on the $11
cumulative preferred stock, no par value, payable on account of accumulations on Oct. 15 to holders of record Sept. 30. Similar distributions were
made on July 14 and Apr. 14 last, prior to which regular quarterly dividends
of $1.50 per share were disbursed. Accumulations after the payment of the
-V.139, p. 1405.
Oct. 15 dividend will amount to $2.25 per share.
Each employee who has been In the service of the company for one year
or more is now insured under this group plan, the entire cost of which is
borne by the company," Mr. Watson stated.
"The only exceptions are employees' of 25 years' service, or more, who
are members of the Quarter Century Club, who have for some time past
been covered by a separate plan." Mr. Watson added.
In addition to the present project, the company has been active for many
years along employee educational lines. Its modern school building and
educational staff give some 15 courses, mostly vocational, open to all employees, the courses varying in duration from four weeks to as much as
nine months. Expenses are defrayed by the company. Each year it
brings men to the school at its Endicott, N. Y., plant from the foreign field.
-V. 139. p. 1712.
as well as from all parts of the United States.
-Earnings of SystemIllinois Central RR.
1931
1932
1933
1934
AugustGross from railway
$7.981,736 $7.799,752 $6,854,450 $9,888,724
2,056,137 2.176.702 1,748,256 2.181,690
Net from railway
929,035 1,422,062
1,156.064 1,411,622
Net afte. rents
From Jan. 1
59,700,892 56,551.203 58.204,159 80,334,282
Gross from railway
15,155,224 16.400,139 13.387.282 13,912.418
Net from railway
8,477,159 9,918.348 6,385,882 5,931,447
Net after rents
-The company arranged for a loan of 310.000.000 from the Public
Note
Woiks Administration, of which it is estimated that the amount to be
expended to.. maintenance will be $8.745,376. The amount so expended will
be carried in suspense for the time being, and charged to operating expenses
over a period of 36 months. There has been expended tnrougn August 1934
a total of $6,839,899 chargeable to operating expenses, of which $285,147
is included in operating expenses reported for August 1934 and $1.140,591
for the four months ended Aug. 31 1934.
International Great Northern RR.-Earnings.AugustGrossfrom railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1405.
Earnings of Company OnlyAugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 1405.
1931
1932
1933
1934
$7.085,319 38.792.502 35.978.883 $8.372.911
1.909,633 1.866.446 1.531.992 1.814.858
1.298,490
937,831
1,221.004 1,313.010
52.350,809 49.252.328 50.686,159 68.935.647
13.415,697 14,115.731 11,813,970 12.397.635
8,280.640 9.390.916 6.596.425 6,714.290
1934
$418,722
117,920
79,820
1933
$493,782
199.488
134.306
1932
3350,318
93,801
50.278
3.261,091
966,555
620.598
3.097,952
986.308
549,056
2,982,582
757.359
344.521
-Month---23Ados.
8201.930 111,935,817
535,290 9,276.965
Incomefrom ry.oper
Rent of ducts
Non-operating income
3166.640 $2,658,852
40.919
6,002
473
Net income
-V. 139, P. 155 .
6
$167,113 $2,705,773
-Extra Dividend
^ --indiana Pipe Line Co.
The directors have declared an extra dividend of cents r share in
addition to the regular semi-annual dividend of 15 cqWts per share on the
capital stock, par $10, both payable Nov. 15 to holders of record Oct. 26.
An extra distribution of 10 cents per share was paid on Nov. 15 1933.v, 138, p. 1926.
-Earnings
Inland Investors, Inc.
1933
1932
1931
1930
$60.863
17,996
$87.179
106870.061
3209.835
29.325
x$294,964
Total income
Res. for possible loss on
deposit in closed bank
Expenses
$78,859
817.118
3239.160
3294.984
12,000
10.310
24.885
43.201
49.698
Net profit------ -- Divs.paid or provided for
Rate
Charges resulting from
reduction of securities
owned to indicated
mkt. values at Dec.31
356,549
50,000
(50c.)
loss$7,767
57.500
(57%c.)
$195,959
185,000
($1.85)
3245.266
240,000
($2.40)
sur$6,550
Deficit
358.873
Previous balance Dec.31
365.267
424.140
$406,779
1830,920
sur$5.288
825,654
3358,873
$424,141
$830.920
Calendar YearsIncome from divs, and
interest
Profitfrom sale ofsecurs.
x Less loss on sale of securities. y Less capital surplus applied ($4.000.000 of which arose from reductions in stated capital during 1931).
Balance Sheet Dec. 31
Liabilities1933
1932
Assets1933
1932
$1,480
$625
$25,830 Accounts payable_
Cash on deposit_
$20,725
Notes pay.to banks
100,000
Accts. receivable__
368
812
Market.securities- 1,338,039 1,435,544 Accrued Items_ _ _
992
12,500
Dividends payable
Deposit in closed
12,500
x Common stock__ 1,000,000 1,000,000
bank
6,688
Surplus
365,423
Accr. dive. & int.
358.873
11,616
14,305
on securities...
51,380,216 $1,472,990 Total
$1,380,216 $1,472,990
Total
-V. 138. p. 1926.
x Represented by 100,000 (no par) shares.
Insull Utility Investments, Inc.
-Auction Postponed
-
The sale at auction of securities deposited with New York banks as
collateral against defaulted loans to Insult Utility Investments, Inc., and
Corporation Securities Co.of Chicago,scheduled for Oct. 26, was postponed
to Nov. 28. This is the 51st consecutive time the sale has been postponed
since originally scheduled for May 5 1932.-V. 139. p. 1712.
International Coal & Coke Co., Ltd.-Report1932
1933
Calenda r YearsNet inc. after deprec.,
322,875
$12,547
depletion, &c
Dividends
(2%)60.000 (2%)60.000
1931
1930
$23,656
$22,843
def$47.453 def$37.125
323.656
$22,843
Balance Sheet Dec. 31
1932
1933
1933
Asset
1932
$26.176 Accts. payable_
$56,179
$8,668
Cash
$15,368
452,521 Accr. & unclaimed
Dom.of Can. bds. 370,053
15,199
2,794 wages
2,795
Other bonds
16.505
555
41,823 Royalties
Accts. receivable_ _
61,589
1,157
1,180 Divs. outstdg. and
1,046
Due from subs_ _ _
unclaimed
3,600
7,874
10,846
3.252
Coal on hand
Dom.inc. tax-eat
2.040
Warehouse stock.
2,916
27,564
29.956 Deferred credit to
timber & lumber
606 Income
443
443
Agreement of sale.
806
Workmen's comp.
751
Deposits on contr.
board
Unexp. Insur.,lease
838
6,799
5.767 Reeve for dorm.
rentals, dso
135.370 depletion, &c.... 1,544,827 1,482,129
Invest. in subs....139,540
Contingencies roe.
52,625
Depos. on light &
52,624
99 Rehabil. of power
water eery. cont.
15.480 plant reserves..
11.834
50,000
Def. chgs. to oper
50,000
3,000,000 3.000,000
Coal lands & rights 3,036392 3,036,192 Capital stock
Profit & loss sect_ 199,975
247,912
Plant, railroads &
1,152,299 1.117,468
equipment
1
1
Development
Balance, surplus
$4,877,932 $4,873,308
Total
-V.137. p. 322.
Total
$4.877.932 $4,873,308
-Insures EmInternational Business Machines Corp.
ployeesThe corporation has just insured approximately 6,900 of its employees
for $1,000 each under a group life insurance policy, Thomas J. Watson,
President of the company, has announced.
996,409
1931
1932
$779,534 $1,838,504
594,074
165.265
342.787
70,566
8.583,587
2.550,553
1,212,116
6,731,604 13,627,209
987,805 3,905.438
74,485 2,118,783
The directors have declared a special dividend of 25 cents per share on
the common stock, payable Nov. 1 to holders of record Oct. 15. This is
the first distribution to be made on this issue since Nov. 1 1930, when 624
cents per share was disbursed, prior to which regular quarterly dividends
-V. 139, p. 1086.
of 75 cents per share were paid.
-Resumes Class B
International Safety Razor Corp.
Dividend
The directors have declared a dividend of 25 cents per share on the class B
stock, no par value, payable Nov. 1 to holders of record Oct. 15. Similar
distributions were made on this issue on Oct. 2 1933 and March 1 1932.
On Dec. 1 1931 the corporation paid a dividend of 50 cents per share; on
Sept. 1 1931 a dividend of 25 cents per share; 50 cents per share on June 1
1931 and 50 cents regular and 25 cents per share extra on March 2 1931.
The directors also declared the regular quarterly dividend of 60 cents
per share on the class A stock, no par value, payable Dec. 1 to holders
o record Nov. 15.-V. 139, p. 1242.
-Tenders
International Salt Co.
The Chemical Bank & Trust Co., successor trustee, will until 12 noon
Oct. 10 receive bids for the sale to it of 1st & consol. trust mtge. bonds at
prices not exceeding 105 and int., sufficient to exhaust the sum of $81,036.
-V. 139, p. 446.
In
The
stock.
-Removed from Dealing-.....'
rstate Amiesite Co.
ow York Produce Exchang3has removed from dealing the common
rear.
-Earnings
Interstate Hosiery Mills, Inc.(& Subs.)
417.738
3365323
66,266
8,414,704
1933
$890,245
168,668
36,432
1931
3597.050 "-sInternationalProprietaries, Ltd.
-Special Distributior§,41
225,953
The class A stockholders shortly will receive cash distributions of £7 12a/
156,770
sterling a share, or $37 in Canadian funds, as a result of the sale of assets.
Control of the company, represented by B shares recently was acquired by
4,435,355
London Ai Yorkshire Trust Co., Ltd., of London, England, which pre1.519.143
viously acquired control of J. S. Eno, Ltd., chief subsidiary of the corn1,040.139
pany.-V. 139, p. 1242.
Independent (Subway) System of N. Y. CityPeriod Ended July 31 1934
Operating revenues
Operating expenses
1934
$1,037,091
-Special Corn. Div.
"'International Printing Ink Corp.
Illinois Terminal Co.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1405.
Surplus Dec.31
2049
Financial Chronicle
Volume 139
1932
1930
1931
Calendar YearsNet profits after deductions. manuac.,selling
admin. & gen. exp...
Provisions for deprec'n_ _
Prov. for contingenciesFederal income taxes_ _ _
$710,324
158,794
Net income
Dividends paid
8462.619
77.593
$80,520
64,020
$65,366 def$75.888
Balance,surplus
Previous surplus
Sundry adjustments_
Adj. of treasury stock
Loss on mach. aband'dLoss on sale of Clifton
property
$385,026
563.671
Dr4.171
6,145
$16,500
619.820
Dr5,000
17.439
Dr85.089
$65,366 def$75.888
505.054
447.786
18,621
Dr3,361
140.840
Total surplus
Shs. cap. stock (no par)_
Earnings per share
5950.671
96.191
$4.81
$563,671
97.391
$0.82
1933
$245.888
165,367
$192,502
127,136
$75.392
124,555
26.725
88,911
Dr30,811
$619.820
98.719
$0.66
3447.786
108,400
Nil
Comparative Consolidated Balance Sheet Dec. 31
1932
1933
Liabilities1933
Assets8511.571 Y Capital stock__ _$1,923,820 $1.947.820
Cash
88,910
273,266 Fed, taxes payable
Aects.ree.(less res.) 503,268
12.875
75,931
315,553 Sundry
682,640
Inventory
563,671
950.671
18.350 Surplus
9,048
Inv.& sundry dep.
12.535
16,265
Deferred charges
1
1
Patents &
x Bldgs..land & eq. 1,306,351 1,393.088
53,039.332 52,524,366
Total
$3,039,332 $2,524,366
Total
x After deducting depreciation of $646.630 in 1933 and $487,835 in 1932.
y Represented by 96,191 shares of no par stock in 1933 and 97.391 in 1932.
-V. 138. p. 512.
Petroleum Co --Removed from Dealing-t11.„_,
lnterstate
New York Produce Exchan3has removed the units from dealing.
-V.1 . .3173.
--Earnings
Investment Bond & Share Corp.
1931
1932
1933
Year Ended Dec.31Total revenue
Gen.exp.. taxes & exch_
Prem. on U. S. funds_
Interest on loans
Int. on 5% debs
Exch. on deb. int
ov. for Federal tax..- _
For. Inc. taxes deducted
at source
Div. on pref. stock
$79.656
8 123
$135,151
7.726
33.639
116,050
7.456
1,142
33,291
124.325
3324.852
10.263
806
26,107
200,000
1930
3371.558
13,531
5,138
200,000
3.181
5.500
370
1,014
10,3,000
det.$86.754 def$30.192
Balance, surplus
239.495
141.743
Previous balance
Dr1,006
Prior year adjustments_
Cr50
Income tax ad'ustments
Dr67.609
Loss on exchange
$84.125
163.128
Dr7.758
$41.373
131,784
Dr10.030
3141.743
$239,495
5163,127
Bal.,surplus,Dec.31-
$53,984
Balance Sheet DPC. 31
1933
1932
Liabilities1932
1933
Assets-$800
$1,000
$5,724 Accounts payable_
$14.610
Cash
570,000
Bank loan(secur'd) 559,000
Interest accrued on
17,391 Accr. Int. on 5%
4,396
bonds
8,965
9,671
debentures
x Bonds and stocks
4.755,242 5,020,299 DOB., ser. A 5%. 2,151,500 2,321,000
at cost
6% cum. pref. stk. 1,750,000 1,750,000
Common (140,000
abs. (no par)_
250.000
250,000
53,984
Revenue surplus
141,743
Total
$4,774,248 85,043,414
$4,774.248 $5,043,414
Total
x Market value 31,291.858 in 1933 and 81,338.284 in 1932.-V. 137.
p.323.
2050
Financial Chronicle
Investors Credit Corp.
-For med to Facilitate Loansfor the
Purchase of Listed Securities
The Distributors Group Inc. issued the following statement Sept. 24:
In a letter mailed to 2.000 investment houses, details of a plan which
wilpermit investors to buy any of more than 600seasoned stocks and bonds,
paying for them out of income, has been announced.
Investors Credit Corp., a new organization, has been created to provide
a facility for financing the purchase of acceptable seasoned stocks and bonds
through the medium of collateral loans.
Under the plan more than 600 stocks and bonds may be bought by an
initial payment of 30% to 45% of market value and the balance in equal
monthly payments not to exceed 12.
Investors Credit Corp. has arranged to procure for the individual investors from Guaranty Trust Co. of New York and other banking institutions collateral loans against their respective purchases of securities. Guaranty Trust Co. of New York will act as depositary of the securities during
the term of the loan. The plan will be made available to investment dealers
through Distributors Group, Inc. E. A. Pierce & Co. (members of the
New York Stock Exchange) will act as brokers and will provide special
facilities through their 40 offices for the execution of orders covering the
purchase of listed securities. Life insurance covering the hazard of the
investor's death prior to full payment of his loan is provided by Connecticut
General Life Insurance Co. Insurance covering initial indebtedness up
to $3.600 is automatic and may be increased to a maximum of 110,000 of
indebtedness by submission under the investor's signature of certain special
information.
The new corporation has been developed for the following reasons:
(1) It encourages men and women of moderate means to begin immediately the accumulation of an estate of seasoned securities.
(2) It permits the investor whose cash capital is modest to obtain immediate ownership of seasoned stocks and bonds, completing payment of his
loan out of income but enjoying the advantages of ownership at once.
(3) It brings to the purchaser of seasoned securities the advantages of
systematic saving.
(4) It permits individuals of moderate means to select their investments
from a broader list of securities since they are no longer restricted to stocks
and bonds priced to attract the smaller investor or selling at low quotations.
(5) By increasing the purchasing power of the investors' capital it permits him to obtain broader diversification.
The list of more than 600 securities which may be purchased under the
plan includes: 20 issues of Government bonds; 4 issues of foreign bonds
(United Kingdom and Canada); 131 issues of utility bonds; 57 issues of
industrial bonds; 225 issues of railroad and equipment bonds; 31 preferred
stocks and the balance listed common stocks.
All interest on the investor's note, the premiums for life insurance, the
fee paid the depositary, the fee paid the local transmitting banks, the fee
paid the investment dealers,and all other charges are covered by a reasonable
fee of 5% of the confirmed cost of the security for the complete service.
An investor may prepay his note at any time and obtain his security. He
may sell his security through his dealer at any time. He can convert his
holdings into cash whenever he pleases.
All payments are made through a local transmitting bank. The Bank
of the Manhattan Co. will make all of its New York branches available for
this purpose in New York. Co-operation of banks in other cities is to be
arranged. The investor receives all income from a security from the time
he buys it. No endorsement or reference to obtain a loan are necessary
under the plan.-V. 127. p. 2608.
Iron Cap Copper Co.
-Earnings
-Calendar Years1932
1933
Grossincome
Prop. maintenance
Transportation. sendt'g
market. & milling exp.
Taxes
Int.& disci. on bonds__ _
Admin.. &c.. exp
Deprec. & obsolescence..
Expo. at Iron Cap Mine_
Loss on sale of securs__ _
°,978
9.668
22.033
Net loss
Preferred dividends.-Balance
15,598
25.107
112.897
1931
1163.736
1930
$691,196
36,885
5.955
13,430
26.362
975
2.056
970
227,593
12.862
16.554
32,764
15,333
$59,135
$7.3.736
$141,371
4.654
$66.612
159,135
$73,736
1146.025
$85.228
1.945
644.965
7,894
16,891
35,849
52.209
18.616
Consolidated Balance Sheet Dec. 31
AssetsLiabilities1933
1932
1933
1932
ProPertY$1,735,445 $1,735,445 Preferred stock- $272,750 $233,250
b Plant, bldgs. &
Common stock_ 1.776,250 1,853,570
machinery
563,891
563,891 Minority interests 581,736
573,814
No.4 shaft develop
86.394 let mortgage 8%
86,394
'Tailings disp'l site_
bonds
11,995
11,995
23,480
23,460
Investments
34,041 1st mortgage 6%
10,041
Funds in hands of
bonds
79,717
79,717
trustee of 8%bds
3,235 Notes payable....
3,235
9,319
9,319
Cash
1.185 Accounts payable_
2,011
68,081
50,527
Accts. receivable_ _
115
151 Interest accrued-7,652
2,869
Bonds
85.000 Res. for taxes__
c61,000
11,281
4,956
Cash dep.withAriz.
Parties. fund
1,052
Indus. Accident
Assigned bills payCommission._ _ _
1,209
625
able of sub. co_
18,000
Notes receivable__
2,400
329,953
Deficit
301,601
Inventories
12,570
11.469
Deferred charges_ _
12,671
12,801
Cash on deposit in
closed banks_
64
54
la Mining
Total
Total
$2,501,346 $2,647,981
$2,501,346 $2,547,981
a After depletion of 11,426.17A. b After depreciation of $198,616.
c 1st mtge. 6% bonds 1937 of Tennessee Mineral Products Corp.
-V.137,
p. 2111.
Isle Royale Copper Co.
-Earnings
-Calendar Years1932
1933
Copper sales
Interest
Miscellaneous receipts
$329,145
Total income
1329,145
Copper on hand Jan. L.
690.853
Prod., selling, admin. &
taxes
32,148
Interest
3,355
Copper on hand Dec. 31_ Cr152.172
$21,384
$21,384
629,211
1931
1930
1457,465 11,105,915
17,798
87
38
1457.552 $1,123,751
454,176
343.797
253,994
888,158
Cr690.853
629,211
454,176
1,382,467
Operating loss
Depreciation
Depletion
Mark-down of investm't
1245.039
67,433
64.382
*1,170,969
21,762
13.727
339,993
$255,572
44,185
79.236
$148,337
62,994
132,336
Net loss
Dividend paid
$376,854
$546,452
$378,993
1343,667
75,000
Deficit
Earns, per sh.on 150.000
shs.cap.stk.(par $25).
-V.138, p. 2414.
$376.854
$546.452
1378,993
1418.667
Nil
Nil
Nil
Nil
Jackson & Curtis Securities Corp.
-Earnings
Calendar Years
Total income
Interest (net)
Miscellaneous expenses _
Reserve for State and
Federal taxes
1933
119,299
Net profit
Divs, on pref. stock_ _ _
Divs. on corn. stk., cl. A
Divs, on com. stk., cl. B
$15,461
14,760
Surplus
2,277
1,562
1701
1932
1931
1930
126.506 1°88153,664 loss$122.060
5
371
5.643
2,940
2,244
1.518
1,600
1.500
7,500
$21,960 def$57,779 def$137.623
27,011
45,000
45.000
def$5,051 def$102.779 def$182.623
AS3e14-
Securities
Cash
Call loan
Accts. receivable
Sept. 29 1934
Comparative Balance Sheet Dec. 31
1933
Liabilities-1932
1933
$420,185 $312,962 Res. for State &
2,895
2,291
Federal taxes...
$1,200
25,000 Capital stock and
6,266
23,034 surplus
8427,543
1932
$1,600
362,292
Total
$428,743 $363,892
Total
$428,743 $383,892
a Represented by 7,500 shares preferred stock. 2.500 shares common A
stock and 2,500 shares common B stock all of no par value, listed at 1125.000; capital surplus of 1405,876, making total of $530,876: less 1.781 shares
preferred stock held in treasury (at cost), of $103.333 in 1933 and 190,605
In 1932, which leaves a balance as above.
-V.139, p. 602.
Jamaica Public Service Ltd.(& Subs.)
-Earnings
-
Period End.Aug.311934-Month-1933
Gross earnings
165,519
160,833
Oper. exps. & taxes_ _
40.508
37,003
Int. ,it amortization_ _ _ _8,951
10,542
1934-12 Mos.-I933
1821,874
$794,008
488,100
465,788
111,150
112,765
Balance
-V. 139. p. 1556.
$222,623
$16,059
$13,287
Jefferson Auto Mutual Casualty
Liquidating Dividend
-
Insurance
1215,454
Corp.
-
George S. Van Schaick, Superintendent of Insurance of the State of
New York, is preparing to mail out a second dividend check of 10% to
the creditors of toe corporation, taken over by him for liquidation on Dec.
24 1931.
The first dividend, of 15%, was paid in July 1933, the total
then amounting to $72,456. The second dividend, which will payments
be in the
mails Sept. 21 or soon thereafter, amounts to 148,304. Other assets of
the company, consisting mainly of first mortgages on local real estate, are
being held by the Superintendent for a more favorable market and it is
expected that additional funds will be realized for a further distribution
to creditors at a later date.
More than 4,200 claims, consisting almost entirely of negligence
arising out of the operation of taxicabs in the City of New York, cases
were
adjudicated by settlement or trial in the Liquidation Bureau of the Insurance Department and confirmed by the Supreme Court. The
company were invested almost entirely in first mortgages on funds of the
property in
or about New York City, making a speedy liquidation difficult. The
exchange of mortgages for Home Owners' Loan Corporation bonds, which
were sold by the Liquidator, has made it possible to pay the second dividend at this time.
-V. 137. P. 500.
Jefferson Electric Co.
-Earnings
--
Calendar YearsGross profit on sales_ _ -Selling and admin. exp__
Other income & expenses
(net) incl. Federal income taxes
Depreciation
Special charges
1933
$534,175
256,006
1932
$311,226
296,583
1931
$734,139
465,729
1930
1900.187
615,049
20.723
104,590
32,706
11,928
111,966
116,935
29,601
35,631
Net income
Previous surplus
1120,149 def$226,187
201.571
418,833
$238.810
406,508
1249,507
527,411
Total surplus
Dividends paid and provided for
Prior year's taxes
Reserve for investment
fluctuations
Reserve for assets of
doubtful value
Miscell. charges & credits
(net)
$321.720
1645.318
$776,918
150,000
360,000
Surplus, Dec. 31
Earns, per sh.on 120,000
shs. corn. stk.(no par)
1327,615
$192,646
Cr5,895
60,696
13,699
Cr8,925
2,091
10,410
$201,572
$418,833
1406,508
11.00
Nil
11.99
$2.07
Balance Sheet Dec. 31
Assets1933
I !abilities1932
1933
1932
Cash
$172,684 $171,324 Accounts payable_ $63,989
$18,141
Marketable secure.
12,176
63,208 Accrued liabilities_
52,254
46,069
Accrued int. rec.
1,515 Common stock _ _81,497,875 y1,500,000
.
Notes & accts. rec_ 158,285
113,735 Surplus
327,615
201,571
Other accounts rec.
5,250
Inv. in and adv. to
subsidiaries.. _ _
29,566
25.616
Inventories
534,293
333,232
a Fixed assets... _ 938,383
981,573
Other assets
65,578
43,338
Deferred charges
27,318
30,243
Total
$1.941,533 $1,763,781
Total
11,941,533 $1,763,781
After depreciation of 1342,957 n 1934 (1932, 1330,850). y Represented by 120,000 shares (no par). z Represented by 119,800 shares (no
par) after deducting 200 shares of treasury stock, at cost of 12,325.-V.
139. p. 1712.
Jewel Tea Co., Inc.
-Sales
Period End. Sept. 8- 1934-4 Weeks
-1933
1934-36 Weeks-1933
Sales
11,294,003 $1,065,819 111,514,848 19,492.046
Avge. units in operation
1.528
1,439
1,510
1,433
-V. 139. p. 1405.
Kingsport Press, Inc.
-Earnings
-6 Months Ended .'ime 30-Netlossafter depreciation and other charges
-V.137. P. 3
335.
_ -
1934
153,958
1933
$124,660
Kinner Airplane & Motor Corp., Ltd.
-Sales
-
Sales for the six months ended June 30 1934 amounted to $125,801.
Orders on hand as of Aug. 10 totaled 1123,339.-V. 138, p. 3275.
(Mead) Johnson & Co.(& Subs.)
-Earnings
Calendar Years1933
1932
1931
1930
Net profit for year
$929,952 $1,112,349 $1,382,350 11,687,6,34
Previous coreol.surplus_ 3,957,957
3,491,474 3,062,740
2,233,781
Adjustments
12,315
Excess of sale over cost
of capital stock resold
to employees
1,825
Reduct. of adjust, made
for cony, of net assets
of Canadian subsidiary
36,014
14,974
Total surplus
14,936,238 $4,618,797 $4,445,090 $3,923,240
Preferred dividends_
119,000
,119,000
119,000
119,000
Common diva. (cash)._ _
495,000
536.250
783,750
741,500
Addl Dom. income tax_
1,364
Adj. for difference in exchange rates
5,591
Res. for employees' reWement compensation
200,000
Adjust. of net assets of
Canadian sub
49.502
Res. for shrinkage in
value of investment in
American Soya Prods.
Corp
150,000
Reduct. of marketable
securities to approx.
market value
310,000
Consol. surp. Dec. 31_ $3,662,238 $3,957,957 $3,491,474 13.062,741
Earns. per sh. on 165,000
shs. corn, stock outstanding (no par)_
$4.99
15.99
$7.66
$9.51
Financial Chronicle
Volume 139
Comparative
Assets1933
Cash
$817,968
Marketable secure. 1,599,719
Accrued interest
20,698
y Customers'notes
dr accts. recelv
201,294
Inventories
920,079
Value of life Maur_
49,805
Other assets
114,350
Affiliated company 619,459
Land
83,750
x BIclgs., eqta. &c. 1,922,729
Good-will
1
Trade-marks and
formulae purch_
59,565
Deferred
203,442
Consolidated Balance Sheet Dec. 31
1932
1932
1933
$554,631 Preferred stock _ _ _31,700,000 $1,700.000
1,926.373 a Common stock__
550,000
550,000
22,735 Accts. pay. dr ac163,030
crued expenses-- 159,823
204,207 Dividends payable 183,250
183,250
887.533 Dominion & Fed'I
173,180
taxes (est.)
157,550
138,715 Res, for employ's'
621,010
retirement com83,750
pensation
200.000
1,993,670 Surplus
3,662,238 3,957,957
1
64,975
231,815
Total
$6,612,861 $6,727,417
Total
$6,612,861 $6,727,417
x After deducting reserve for depreciation of $1,336,166 in 1933 and
$1,186,972 in 1932. y After deducting reserve for doubtful accounts of
$12,201 in 1933 and $11,713 in 1932. z Represented by 165,000 no par
shares.
-V. 139, p. 1712.
--Kansas City Structural Steel Co -Files Petition to
Reorganize
The company has filed a petition in Federal Court, Kansas City, Mo.,
for relief under the new Bankruptcy Act, and has been authorized by the
Court to continue in possession of its property and undertake normal
business operations including the completion of contracts and the authority
to enter into new ones.
Judge Merrill E. Otis set Oct. 1 as the date for a bearing on a reorganization plan.
Howard A. Fitch, President, stated in the petition that the company had
defaulted on the payment of $41,000 of matured bonds Feb. 31 1933. and
of $43,500 in bonds which fell due Feb. 1 1934.
Aug. 1 1934 interest
payments of $15,141 were not met.
The company's assets June 30 1934, were listed at $2,093,997, and
liabilities amounted to $597,953.-V. 132. p. 2596.
Kansas Gas & Electric Co.
-Earnings
!American Power & Light Co. Subsidiary]
Period End. Aug. 31- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$444,144
$399,007 $5,010,731 $4.975,817
Oper. exps., incl. taxes.
221,815
195,583
2,468.203
2,559.444
Net revs,from. oper__
Other income
$222,329
1.403
$203,424
1,316
$2,451,287
18,753
$2,507,614
19,425
Gross corp. income_ - Int. and other deductions
$223,732
82,437
$204,740
82.366
$2,470.040
986,192
$2,527,039
983,653
Balance
YS141.295
y$122,374 $1,483,848
Property retirement reserve appropriations
600,000
x Dividends applicable to pref. stocks for period,
whether paid or unpaid
520,784
$1,543,386
600,000
520,794
Balance
$422,592
$363.064
x Regular dividends on 7% and $6 pref. stocks were paid on July 2 1934.
After the payment of these dividends there were no accumulated unpaid
dividends at that date. y Before property retirement reserve appropriations and dividends.
-V. 139. p. 1243.
Kinney Manufacturing Co.
-Earnings
Income Account Year Ended Dec. 31 1933
Sales, net
Cost of sales
Selling and administrative expenses
$359,373
307,469
121,359
Operating loss
Adjustments
$69.455
1,773
Adjusted operating loss
Interest and discounts earned and sundry income
$71.228
1.008
Total loss
Financing and life insurance expense
$70,220
15,552
Net loss
Balance surplus, Dec. 31 1932
Adjustments applicable to taxes of prior years
$85,773
952,922
96
Balance, surplus, Dec. 31 1933
Assets-Cash
Life Insurance_ _
Aosta & notes roe.,
less reserves__
Inventories
Securities, at cost.
Plant & equipment
Expenses prepaid _
Bond(Hut. and expense unamort _
Patent expenses_ _
Dep. on proposal _
Good-will
Cash with sinking
fund trustee._ _ _
Bonds purchased
for trustee
$867.246
Condensed Balance Sheet Dec. 31
1933
1932
Liabilities1933
$58.521
$50,869 Accounts payable_
$9,902
38,252
35,585 Wages, int., taxes
and miscell. ex60,040
50,563
pensea accrued. _
9,689
217,658
243,435 1st mtge. 7% Nis.,
2,635
2,635
due Aug. 1 1942 191,000
630,235
691,805 86% Pref.stock--} 1867.246
6,258
10,544 Common stock_ _
24,629
7,954
25
1
1932
$5,666
8.757
191,000
952,922
27,498
13,289
500
1
377
367
31,250
31,250
31,077,837 81,158,345
Total
Total
$1,077,837 $1,158,345
rt Represented by 13,941 shares $6 non-cumulative preferred stock and
10.000 shares common stock both no par.
-V. 125. p. 2537.
Kirby Petroleum Co.
-Earnings
Years Ended Dcc. 31
Crude oil and gas earnings
Other income
1933
$299,204
320.846
1932
$.333,124
71.069
Total income
Direct field expense
Exploratory expense
General expense
Other deductions
Retirement losses
Depletion and depreciation
$620,050
35.789
30,768
70,299
300,504
41.523
41.864
$404,193
43.358
49.178
73.982
40,223
34,321
45,528
$99,302
$117.603
Net income
AssetsCash
Notes and accrued
Interest receiv'le
Accts. receivable
Inventories
Properties & invest
Prepd.& def. chgs.
Balance Sheet Dec. 31
1933
1932
Liabilities
1933
$3355,083
$32,693 Accounts payable
$43,289
State & county tax
293
302,968
payable
114,152
110,738 Accrued Delaware
757
3,137
franchise tax. _
1,934
1,073,070 1,041,092 Accr'd Federal M6,683
6,923
ine. tax payable
7,778
Deferred credits_ _
45.674
Capital dr surplus_ 1,451.363
31,550.038 81,497.551
Total
-V. 139. p. 1087.
Total
1932
$13.113
15,623
1,908
1933
$521.410
Bullion production
Exchange on bullion
Rents, interest, dividends, &c
Profit on sale of securities
1932
$524.330
68.121
14,510
13.749
5.393
Total profit
Operating, development and general expense
Administration expense
Taxes
Depreciation
$540,552
336,224
20.443
15,235
26.930
8606.961
409.982
20,578
13.070
26,117
Profit for the year
$141,720
$137.214
Balance Sheet Dec. 31
Assets
1933
Liabilities1933
1932
Cash
$83,792 Accounts payable_
$162,535
$15,533
317,58.5
Bullion on hand
22,225 Wages payable__ _
54,402
7,828
9,607
Bonds at cost and
Workmen's comp'n
2,354
1.955
accrued interest_
155,105
183.223 Capital stock
5,239,123 5,239,123
Mine stores
37,349 Res. for deprec_ _ _
28,447
140,045
113,115
Accts. receivable
849 Profit and loss__ _ _
532
327,675
185,954
Capital assets..
.5,000.196 4,994,713
Shares in other cos. 328.041
241,583
Detchges.to oper_
3,299
3,606
Total
$5,732,558 $5,567,339
Total
$5,732,558 $5,567,339
(I. B.) Kleinert Rubber Co.
-Earnings
-Years Ended Dec.311933
Net income after deducting manufacturing,selling.
administration & general expenses, &c., charges
Adjustment of branch assets in respect of foreign
exchange
Depreciation
Provision for losses of foreign subsidiaries
Federal income tax
Unrealized foreign exchange losses
1932
$177,688 1068561.631
Cr23.633
97,103
26.000
8.500
104.003
80,000
2.781
Net income for year
$69,718 los4248,415
Consolidated Baton* Sheet Dec. 31
Assets
1932
1933
Liabilities1933
1932
Cash
$385,868 $490,988 Trade accts. pay- $71,211
$42,771
Trade accts. rec.. 197,706
197,798 Purch money obits
10,000
Due from officers,
Accrued expenses_
54,971
52,306
employees & reAccrued taxes_
17,771
lated interests_ _
84,361 Due to officers,em81,941
Sundry debtors_ _
4,797
ployees & related
12,105
Finished goods,wk.
Interests
121,188
142,388
In process, raw
Sundry creditors &
materials & supp 918,644
652,550
res. for accrued
Prepaid expenses
37,175
37,825
liabilities
5.277
17,570
Investments
399,467
404,906 y Capital stock... 1,840,898 3,012,789
Fixed assets_
839,174 1,433,792 Surplus
754,107
35,852
Good-will, trademarks & patents
1
1
$2,865,423 $3,313,678
Total
Total
$2,865,423 83,313,678
a After reserve for depreciation of $1,318,613 in 1933 and $1.062.791 in
1932. y Represented by 181.539 shares in 1933 and 183.739 shares in
1932, of no par value.
-V. 137, p• 700•
(B. B. & R.) Knight Corp.-EarningsCakndar Years1933
Net loss of B. B. & R.
Knight Corp
yprof.$23,158
Net loss of Knight
Finance Corp
1,669
Net loss of Fruit of the
z prof.4.963
Loom Mills, Inc
Net loss of Fruit of the
Loom Mills, Ltd
Balance, deficit
prof$26,452
Loss on capital assets
sold or scrapped
61,082
Wiite-clown of values of
sundry stocks
Maint. of idle plants__
7.265
Cap.surp. adjust.for yr.
Prev.cap.stk.&cap surp_ 4,893.927
1932
1931
1930
4452.361
x$227.963
z$876.980
loss8.413
loss12.896
prof.2.614
24,284
47,596
54.586
22.807
2,793
$485.059
$311.263
$931.746
47,721
111.904
12,575
8,521
45,525
4.893.927
5.916.496
Cr1.793
6,846.449
Capitalstock & capital
surplus Dec. 31....$4.852,032 $4,340,051 $5,447.803 $5.916.496
x Includes depreciation of $145,163 in 1932.$140.215 in 1931 and $174,545
In 1930, and lose on disposal of plant assets of 880.418 in 1930. y After
depreciation of $139,254. z After depreciation of $955.
Consolidated Balance Sheet Dcc. 31
AssetsLiabilities1933
1932
1933
1932
a Plant
$3,697,272 $3,923,158 y Capital stock...48,061,314 $8,061,314
Mach'y purchased
Notes payable_ _ _ _
449,000
199,000
under condition'l
Collat. notes pay43,992
sales contracts
Accounts payable
66,577
Cash
90,590
& accr'd exps _
84,509
66,828
74,257
Notes & accts. rec. 133,200
45,518 Reserves for taxes.
76,571
19,406
Due tr. Wm. Iselin
Reserves for com& Co.. Inc
115,613
mitment
89,809
980
8,883
Inventories
1,365.245 1,014,942 Res, for disc.. &c_
9,750
Patent rights
5,000 Res. for credit risk
5,850
Sundry stks.& bds.
21,040 Capital surplus_ __
21,040
42,530
254,511
Deferred charges._
29,177
33,146
Good-will, trademarks, &c
1
1
3,251,812 3,421,898
Deficit
$8,774,496 $8,617,372
Total
Total
88,774,496 $8,617,372
a After deducting $1,302,643 reserve for depreciation in 1933 and 81.162.434 in 1932. y Represented by 69,130 shares of no par value pref. stock.
11.791 shares of no par value class A common stock. 26.974 shares of no
par value class B common stock, 5,000 shares of no par value class C common stock.
-V. 137. p. 501.
Kobacker Stores, Inc.(& Subs.)
-Earnings
Years End. Jan. 31
Net income
Prov. for Fed. taxes..,..
Prov. for depr. & amort_
1934
$326.684
26,000
152,404
157,695
134,999
Net profit
Preferred dividends..- _ -
$148,279 def$132.993
20,065
def$91,663
97.151
8117.300
101,850
Balance, surplus
Earns, per sh. on 83.243
shs. corn. stk.(no par)
-V. 137, p. 3682.
$128,214 def$132,993 def$188,814
$15.450
$0.74
1933
$24,703
Nil
1932
$43.335
Nil
1931
$133,800
16,500
$0.18
Laclede Gas Light Co.
-To Discontinue Bonus
The New York Stock Exchange has received notice from the company
that it will discontinue payment of bonus on unextended refunding and
extension mortgage bonds, clue April 11934. which hvae not been deposited
on or before Oct. 31 1934.-V. 139. p. 1087.
8,354
53,943" .angendorf United Bakeries, Inc.
--- 4-25
-Cent Dividend401e44(
4.4.
1,404,610
A dividend of 25 cents per share has been declared on the $2 cum. class A
stock, no par value, payable Oct. 15 to holders of record Sept. 30. Like
31,550,038 51,497.551
amounts have been paid each quarter since and incl. Oct. 15 1932. prior to
which the stock received regular quarterly dividends of 50 cents per share.
Divil-ee(1• 139, p. 1874.
-
'"' Kirkland Lake Gold Mining Co., Ltd.
e '
-Initial
The directors have declared an initial dividend of three cents per share
en toe common stock, par $1, payable Dec. 1 to holders of record Nov. 1.
2051
Earnings for Calendar Years
-Acquires "Pictorial Review"
aurelton Corp.
See Pictorial Review Co. below.
Financial Chronicle
2052
Sept. 29 1934
-Earnings
-Lincoln Printing Co.(& Subs.)
-Earnings
(H. D.) Lee Mercantile Co.(Kan.)
Income Account Year Ended Dec. 31 1933
Earnings for year
Reserve for 1933 Federal income taxes
$385,606
50,328
Net earnings
Deficit Dec. 31 1932
$335,278
151,673
$183,605
Balance, earned surplus, Dec. 30 1933
Balance Sheet Dec. 31 1933
LiabUitiesAssets
$47,020
8360,847 Trade accounts payable
Cash
16,837
123.505 Accrued taxes, commissions,&43
State and Government bonds_
50,328
1.575,199 Reserve for Federal taxes
Accounts receivable
16,548
2,787,243 Reserve for contingent claims_
Inventories
5,796,202
5,305 Capital stock
Miscellaneous investments_
183,605
1,205,762 Surplus
Fixed assets
1
Trade-marks, good-will, &c
52,678
Deferred charges
Total
-V.138, p. 3441.
$6,110,541
$8,110,541
Total
Lehigh & Hudson River Ry.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1406.
1934
$110,170
27,509
5.158
1933
$133,532
44,837
19.075
1932
$116,227
34,978
9,148
1931
$174,105
62,217
31,053
978.733
281,071
101,534
947,545
310,167
120.226
1,053,593
264,347
151,336
1,357.388
397,152
151.336
Lehigh & New England RR.-Earnings.AugustGross from railway
Net from railway
Net after tents
From Jan. 1
Gross from railway
Nrt from railway
Net after rents
-V.139. p. 1406.
1934
$287,222
67,224
68,832
1933
$245.127
47,066
46,226
1932
$261,443
76.514
70,498
1931
$331,959
68.433
64,371
2,373,183
617,275
548,495
1,950,275
427,550
408,327
2,162,775
466,958
457,145
2,782,990
565,272
546,152
-Bonds Called
Lehigh Telephone Co.
A total of $35,800 of 1st di ref. mtge. series A 5% bonds due July 1 1949
have been called for redemption as of Nov. 1 next, at 105 and interest.
Payment will be made at the Markle Banking dr Trust Co., trustee, Hazle-V. 139, p. 281.
ton, Pa.
--Earnings.
Lehigh Valley RR.
AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934
2,881,777
212,269
def63,446
26,990,407
5.960,113
3,255,935
1932
1933
2,784,866
3,581,578
211,852
970,300
688,791 def108,716
1931
3,946,101
598,225
238,523
24,572,867 25,420,746 34,610,526
6,325,974
3.917,938
4,955,404
3,169,025
1,160,166
2,247.519
Asks PWA Loan of $3,000,000
Authority to borrow $3,000,000 from the Public Works Administration
to help finance a maintenance and equipment program to cost $3,764,687
was asked by the company Sept. 26 in an application to the Interstate
Commerce Commission.
The road proposes to spend $255,000 for three Diesel electric switching
locomotives.$165,000 for 50 mill-type gondola cars,$737,000 for 250 smaller
mill-type gondola cars and $2,607,187 for rebuilding 1.350 box cars. The
company asked the Commission's explicit approval of the proposed expenditures in addition to the PW A loan.---F. 139. p. 1713.
--Earnings
Lerner Stores Corp. (8c Subs.)
Consolidated Income Statement Year Ended Dec. 31 1933
$22,088,275
Sales
1,665,625
Operating profit before depreciation and amortization
197.812
Deprec.on furniture & fixtures & amortiz. of leasehold improve't
Net income
Other income
$1,467,813
54,972
Total income
Other deductions_
Provision for Federal income & excess profits tax
$1,522,786
215,745
198,900
$1,108,141
Consolidated net profit
156,204
-Jan. 1 1933
Consolidated Deficit
decline in market value of investment in
Reversal of reserve for
Cr91,733
.
parent company's own capital stock
$1,043,671
Consolidated surplus as at Dec. 31 1933
Consolidated Balance Sheet Dec. 31 1933
Liabilities
Assets$166.971
81,270,010 Accounts payable
Cash
204,451
10,198 Accrued salaries de expense_ _ _
a Rents receivable
30,923
16,812 Other accts. & notes payable_
Miscell. accounts receivable_ _
33.639 Customers' deposits & unreMerchandise adv. to contr...
98,949
deemed credits
1,551,057
b Merchandise inventory
44,400
4,382 Mortgage instalments
Merchandise in transit
199,000
805.556 Reserve for taxes & conting
Other assets
11,862,521
Other liabilities
1,520,648
c Land dr buildings
13,825
Deferred income
d Furniture, fixtures & lease2,820,000
1.716.734 614% preferred stock
hold, &c
e700,000
59,982 Common stock
Deferred charges
4,307
Capital surplus
1,043,671
Surplus
$8,989,018
Total
$8,989,018
Total
a After reserve for doubtful rents receivable of $6,206. b After reserve
depreciation of$5.068. d After
for future markdowns of$100,214. c After
depreciation of $232,933. a 200,000 shares (no par). x Accounts payable
year,
not due within one year, $12,000; notes payable not due within one
$9,770; security deposits payable, $1.050; mortgage instalments not due
within one year, $964,700; notes payable issued by Associated Lerner Shops
of American,Inc.(Del.) to Irving Trust Co.,trustee of Outfitters Operating
Realty Co., Inc. (Del.), in bankruptcy. $675,000.-V. 139, p. 1713.
-Earnings
Lever Brothers, Ltd.
1931
1932
1933
Calendar Years£6,200,697 16,228,161 £5,903.497
Net income
4,738,238
4,738,239
Preferred dividends_ --- 4,738.241
650.000
975,000
975,000
Ordinary dividends
42,571
43,625
46,638
Co-partnership diva_ _ _ 201,104
475.523
disc. & issue exp..
Deb.
250,000
250,000
General reserve
200,000
Special appropriations_
250,000
250,000
Contingency reserve_
1930
£5,749,658
4,895,534
500,000
40,522
£22,688
2:30,481
f88,602
207.79
def..8284,705 deff229,808
Surplus for year
250,675
265,969
Profit and loss surplus
_..v. 137, p. 1774.
225,000
-Accumulated
."--'",(Marcus) Loew's Theatres, Ltd.%'% on account ofDzvtdena
accurnula4
dividend of
1
The directors have declared a
on
Mils on the 7% cum. pret. stock, par $100, payable in Canadian fundsthe
subject to
Oct. 1 to holders of record Sept. 22. Non-residents will be last. SemiA similar distribution was made on June 30
5% dividend tax.
none
annual payments of 334% were made on Jan. 15 and July 15 1931;
since.
payment, accruals on the pref. stock will amount to
After the Oct. 1
-V. 139. p. 1713.
$43.75 per share.
Years Ended Dec.31Gross income
Sell.& adminis.expenses
1933
$87.582
153,875
1932
$241,215
298,535
1930
1931
$993,247 $1,168,559
461.550
404,186
Net profit from open_ 1°6466,293 los457,320
Other income
41,134
2(J,843
$589,061
60.012
$707,009
54.031
Total income
Other deductions
Depreciation
Dividends ofsub. cos_
Est. Fed, income tax_
loss$45,450 105416,186
20,126
25,675
25,611
21,049
10,077
$649.072
34,045
$761,040
43.018
75.041
88.650
Net income for year 108492,174 106472.000
Shs. of corn. stock out159,145
164,119
standing (no par). _- _
Nil
Nil
Earnings per share
$539,987
$629,371
175,000
$2.55
175,000
$3.03
Consolidaad Balance Sheet Dec. 31
Liabilities1933
1932
1932
1933
Assets$111,854 $218,242 Bills & accts. pay- $101,079 $247,919
Cash
726
8,606
205,347 Accrued items_ _ _ _
138,488
Securities
15,576
13,250
Notes receivable } 173,851 f 111.856 Tax reserve
77,060 Unclaimed wages &
Accounts recehole_
311
311
dividends
Unpd. subscrip. to
352
15,538 Deferred income_
2,000
capital stock_
3,061 Preferred stock_ __ 1,288,151) 1,287,300
1,401
Accr. Int. recelv'le
297,962
a Common stock__
164,119
Cash surr. value
1,617
35,432
81,815 Capital stk.subscr.
77,456
life insurance_
750,271
28,278 Earned deficit__ 428,854
12,922
Inventories
69,997
661,132
Capital surplus...
Mach. and equip.,
291.304
183,288 Paid in surplus_
less depreciation 128,553
629,825
829,825
Good-will
239,802
235,557
Deferred charges
Total
81,511,905 81,794,112
$1,511,905 $1,794,112
Total
a Represented by 164,119 shares (no par) in 1933 (1932, 159,145 shares).
-V.138. p. 1574.
-(C. W.) Lindsay & Co., Ltd. Earnings
1933
1932
1934
Years Ended Feb. 28-
Net operating loss
Interest and discount
Net loss
Bond interest
Tax adjustment
Reserve for depreciation
Prov.for floating insur
Res. for Fed,income tax
Total loss
Preferred dividends
Common dividends
$135,388
50.279
$85.108
49,686
16,548
500
$161,392
65,115
1931
$64,381prof$153.454
89.506
139,442
$96,277 prof$75,061prof$242.960
66,240
64,445
58,719
6,226
18,161
17,622
18,145
14,791
$151,843
$172.618
39,951
$13.755prof$143.769
48,056
46,015
33,008
33.008
$62,705
Bal transf. to surplus-def$151,843 def$212,569 def$92,778
Shs. common stock out33,008
33,008
33,008
standing (no par)
Nil
Nil
Nil
Earnings per share
Comparative Balance Sheet Feb. 28
1933
1934
Assets
879.163 Accounts payable_
831.858
Cash
2,842 Bonds
4,117
interest
Accrued
150,000 Reserves
100,000
Call loans
734,834 1,077,393 Preferred stock...
Accts receivable_
Common stock_ _ _
1,513
Other accts. ree'le_
136,364 Accrued interest_ _
128,952
Inventories
154,360 Accrued dividends
287,638
Investments
1,000 Surplus
500
Mtge. receivable_ _
1,056,184 1.059,478
Fixed assets
11,123
13,581
Deferred charges
33.008
$2.89
1934
828,211
760,000
93,584
536,300
829,134
22,800
90,945
1933
835,491
900,000
80,691
589,500
829.133
27,000
9,578
200,329
Total
$2,358,974 $2,671,722
52,358,974 82,671,722
Total
x After deducting reserve for cancellation of $75,180 in 1934 and $71.276
II 1933.-V. 137. p. 152.
-Earnings
London Canadian Investment Corp.
1933
$241,623
5,485
,1932
$303,242
4,306
$247,109
Total
200,678
x Interest paid and accrued on debentures
21,555
Interest on loans and carrying charges
16,768
Management expenses
645
Provincial and municipal taxes
2,141
Trustee,registrar and transfer agents'fees
3,015
Miscellaneousexpenses16,167
Exchange paid on United States funds
3,966
Dominion, British and other income taxes
$307,547
211,275
37.888
10,431
601
1,959
1,672
42,233
4,440
$17,826
18,850
212,128
215,079
Years Ended Dec. 31x Income from investments
Proceeds of stock dividends received and sold
Net loss for year
Reserve, not required
Previous surplus
$2,951
$212.128
$213,151
Revenue surplus, Dec.31
x Includes interest of $4,508 in 1933 and $5,691 in 1932 on corporation's
year and cangold debentures series A, 434%. 1948, repurchased during
celed.
Balance Sheet Dec. 31
•
1932
1932
1933
1933
LiabilitiesAssets
accr. 011435%
$27.410
$2,101
Cash & call loans-$16,723
$18,723
debentures
xBonds & stocks at
1,250
1.187
Accounts payable_
cost, less disc't
Demand loans(sec) 725,000 735,750
on corporation's
Res.for exch.on degold debentures
mand loans
95,848
repurchased and
Invest. reserve_ _10,388,574 10,551,891 Amts. payable on
Dom.of Canada
1,728
281
Accounts receivle.
bonds purchased
Accrued interest on
33.419
for delivery Jan.
24,605
bonds
93,450
1933
Gold debentures 4,459,500 4,459,500
5% cum. pref. shs. 4,000,000 4,000,000
y Common shares_ 1,000,000 1,000,000
212.128
213,151
Revenue surplus
10,415,561 10,614,448
Total
10,415,581 10,614,448
Total
and
the case of
x On the basis of market quotations in in the case quoted securities curof securities not
the directors
of prices considered fair by
rently quoted, the value of the securities owned by the corporation at the
close of the year 1933 was $4,718,421 and 1932 was $3.596.649. r Repre-V.137, p. 501.
sented by 350,000 no par shares.
-Earnings-Los Angeles Investment Co.
1931
1932
Years Ended Dec. 31- 1933
$690,206
1930
$1.178,876
360,490
Revenue from operations
Interest
Inrest revenue
$518,969
123,985
$639,674
202,967
Total revenues
Operating expenses
Interest expense
Taxes
$642,954
344,564
302,929
193,443
$842,641
370.607
239,450
221,400
_
Net profit from oper. loss$197.981
Losses and deprec. on
653,876
property, &c
$11,185
$269,201
627,208
652.608
370,014
$351,857
$616.023
$383.407
prof$362133
Net loss for year
291,756
$981,962 $1,539,366
500,250
389.913
92,898
115.989
214,072
206,860
$732,147
Financial Chronicle
Volume 139
Assets
a Oper. & inv. real
properties
Cash on hand dr on
deposits
Accts. & notes rec.
Mtges. tr. deeds &
sales contracts _
Stks.& bds.owned
(other than of
subs.)
Unsold real estate
& Improvements
b Furn., mill machinery, &c_ _ _
Invest,in subs_ _ _ _
Notes reed from
subs. (sec.)- -Notes & accts. rec.
fr. subs.(unsec.)
Deferred charges_
Comparative Balance Sheet Dec. 31
1933
1932
1933
Capital stock
4,443,470
3,250,003 3,307,595 Accts. and commissions payable
3,327
23,260
8,720 Accr. payrolls, &c.
25,633
34,876
2,191,588
46,073 Notes payable
Gold notes, home
1,858,605 2,748,624
maker notes &
& dive. pay
69,664
Mtges. payable
1,813,410
108.952
188,777 Dep. In trust and
escrow accounts
6,599
3,835,919 3,329.898 Reserve for losses_ 576,095
Restricted surplus 1,274,557
68,238
83,498 Earned surplus__ 1,482,639
847,301
847,301
1932
4,500,000
8,886
16,272
896,000
70,419
2,785,130
4,433
1,313,633
2,854,290
1,115,607 1,121,306
710,600
33,622
728,009
39,260
Total
11,886,983 12,449,063
Total
11,886,983 12,449,063
a After deducting $427,557 for depreciation of buildings in 1933 and
$368,649 in 1932. b After deducting $65,251 for depreciation in 1933
and $71,080 in 1932.-V. 136, p. 1028.
Long Island RR. Earnings.August1934
1933
1932
1931
Gross from railway
$2,266,178 $2,405,676 $2,592,202 $3,513,473
Net from railway
822,621
1,490,559
1,013,111
1,113,783
Net after rents
285,230
520,726
594,320
926,054
From Jan. 1
Gross from railway
16,445,120 16,251.130 19.507,659 24,913,060
Net from railway
4.587,300
5,725,619 6.525,997
8,546.708
Net after rents
1,439,335
3,389,543
5,419,049
2,708,003
-V. 139. p. 1407.
Ludlow Mfg. Associates(& Subs.)
-Earnings
-Calendar Years1933
1932
1931
1930
Total sales billed
$8,220,244 $6,757,000 $11.007,000 $13,756,121
Net earnings
a1,207,148 zloss400,632
y96,694
x116.977
a After adding interest income ($198,135) and deducting cost of sales,
ncluding taxes, depreciation, manufacturing, selling and administra.tive
expenses ($7,211,231).
x In arriving at this figure no allowances have been made for taxes to be
paid in 1931 on business done in 1930. Taxes were paid, however, during
the year on business done in 1929, and have been included in expenses
for that period. y Net earnings after taxes, depreciation, charge offs on
inventories in the United States, current assets in foreign countries on
account of depreciated exchanges, doubtful accounts and including additional taxes levied by the United States Government on income for the
years 1928 and 1929. amounting to $50,000. z After taxes, depreciation,
inventory markdowns and allowances for doubtful accounts.
Comparative Consolidated Balnce Sheet
AssetsDec. 30 '33 Dec. 31 '32 Jan. 2'32
Jan.3'31
Real estate & machinery
less depreciation
$8.970,897 $9,200,250 $14,743,963 $15,284,412
L. /vI. A. shs. held for
employees
20,273
Prepaid items
147,836
146,806
192,324
195,763
Investments_
6,093,785
6,964,649
7,025,608
4,949,779
Interest accrued
44,948
57,349
40,654
20,538
Other assets
4,971
74,815
Cash
3,105,577
2,459,762
2,144,971
2,230,648
Notes & bills receivable_
624.852
389,055
556,584
690,277
Stock & mdse. accounts 4.621,477
4,016,843
5,179,051
8,155,205
Total
$23,609,373 $23,239,687 $29,957,969 $31,546,896
Liabilities
Accounts payable
$279,452
$232,808
$233,186
$143,098
Reserve for pensions_
209,382
222,200
170.192
187,872
Reserve for Federal and
State taxes
201,553
x Res, for shareholders_ 22,918,985 22,784,679 29,554,592 31,215,926
Total
$23,609,373 $23,239,687 $29,957,969 $31,546,896
x Outstand. shs.(no par)
178,771
178.771
179.143
180,889
-V. 137. p. 502.
(The) Mackay Cos.
-No Action on Dividend
The company has announced that no dividend action was taken by the
trustees of the company at a meeting held Sept. 20, with regard to the 4%
cum. pref. stock, par $100. The last regular quarterly dividend of $1
per share was paid on this stock on Oct. 1 1932.-V. 138, ro• 1917.
1Mc rory Stores Corp.-/ ha
,
ntred from Dealing-1=3t.
New York Produce Exchange
removed from dealing certificates
of depo it for the class A common ock, no par, and the class B common
stock, no par.
-V. 139, P. 448.
--McLellan Stores Co., Inc.
-Pays
Additional 15% to
Creditors
The trustee has mailed to creditors an additional dividend of 15%.
leaving only 10% of the creditors' claims unpaid.
The independent preferred stockholders' committee in a letter to the
holders of the 6% cumulative preferred stock states in part:
Company earned a profit (before charging depreciation, amortization
and non-recurring charges) for the period from Jan. 13 1933 (the date of
the bankruptcy) to Aug. 31 1934 of approximately $2.000,000.
b Earnings of the Company (Before Federal Taxes)
a1934
Period1933
1934 Increase
First six months
$11,283
$457,767
$446,484
First eight months
600.764
112,000
488.764
a Before employees' bonus. b All of these figures are approximate.
If earnings from Sept. 1 to Dec. 31 of this year are no greater than they
were for the comparable period in 1933, i. e., approximately $800,000,
then the earnings for the remaining four months, together with the cash
now on hand, should be sufficient to enable the trustee to pay all creditors
having provable claims in full (together with interest, if any) and still
leave the company with additional available cash, in excess of $1,000,000,
,
a sum ample for the business requirements of the company.
Earnings for Month of August and Year to Date
Period Ended Aug. 31 1934Month
8 Months
Sales
$1,483,935 $11,301,307
Cost of sales
1,014,470
7,501,560
Gross profit
Other store income
$469,465 $3.799,747
6,006
47,818
Total store income
Store expense
Administrative
Warehouse expense
$475,471 $3,847,565
360,071
2.776.214
43,412
329,123
6,790
43,870
2053
Estimated Statement of Assets and Liabilities Aug. 31 1934
Assets
LiabdUtesCash in banks and on hand_ _ _$1,073,373 Trustees' liabilities:
Merchandise Inventories *__ __ 2,793,959
Acc'ts payable-mdse.*____ 5548,717
Accounts receivable
3,146
Acc'ts payable, sundry_ _ _ _
17,532
Dividend reserve funds
200,849
Accrued local taxes
62,743
Misc. notes at accts. receivable
37,817
Accrued Federal taxes
60,000
Funds In closed banks
,
Accrued rents
19,308
Land and buildings
361,972
Reserve for empl's' bonus__
45.000
Furniture and fixtures
1,704,835
Reserve for tort claims
10,000
Leasehold improvements
92,527
Accrued int, on mortgages_
516
Leasehold values
1
Mortgages payable on real
Prepaid insurance, taxes, store
21,000
estate holdings
supplies, &c
94,748 Excess of assets over liabilities 5,588,897
Total
$6,373,713
Total
$6,373,713
* Invoices for merchandise either at stores or in transit at Aug. 31 1934
in the sum of $4405,591 have not been included in the inventory nor in the
liabilities shown above.
-V. 139. p. 1713.
McKesson & Robbins, Inc.
-August Sales Up 14.37%.
1934
-August
Increase 1934-8 Mos.-1933
Increase
-1933
$9,869,635 $8.629,646 $1,239,989 1$81,071,036 $65,683,338 $15,387,697
-V. 139. p. 1557.
Maine Central RR.
-Earnings
Period End. Aug. 31- 1934
1934-8 Mos.-1933
-Month-1933
Operating revenues_ ___
$863,663
$911,033 $7,233,475 $6.857.472
Net oper. revenues
250,790
259,521
1,673,134
1,943,891
Net ry. over, income__ _
189,803
172.105
939,800
1,270,844
Other income
168.323
43,939
26.255
194,052
Gross income
Deductions (rentals, interest, &c.)
8233.742
$198,360 $1,133,852 $1,439,167
180,066
$48,836
Net income
184,906
$18,294 def$284,687 defS24,348
1.418,539
1.463,515
Notes Authm izedThe Interstate Commerce Commission on Sept. 18 authorized the
company to issue and reissue three promissory notes, aggregating not
exceeding 5437,500, face amount and to pledge and repledge as collateral
security therefor not exceeding 3621.000 of Portland & Ogdensburg Ry.
4}i% 1st mtge. gold bonds, the notes to be issued to replace a like amount
of notes issued without the authorization of this Commission.
The report of the Commission says in part:
Our certificate of May 27 1932 approved a loan from the Reconstruction
Finance Corporation to the applicant of $1,650,000 for a period not exceeding three years for certain purposes, part of which was for payment
on bank loans, the unpaid portion of the loans to be extended for a period
not less than the term of the reconstruction loan. The balance due on
these bank loans on June 1 1934, the due date, was $437,500. In order
to extend the time of payment of this balance, the applicant delivered on
June 15 1934 three renewal notes dated June 1 1934 to the three banks
which held the notes and pledged as collateral security therefor $621.000
aggregate amount of Portland & Ogdensburg 4;i% 1st mtge. gold bonds.
The notes were purported to have been issued under the provisions of
Sec. 20-A(9) of the Interstate Commerce Act, but at the time of their
delivery the applicant's short-term notes outstanding exceeded 5% of the
par value of its securities then outstanding, and therefore the notes are
void. A valid pledge of the bonds could not have been made without
our authorization, as our order of Aug. 15 1928 provided that the bonds
therein authorized to be issued should not be sold, pledged, repledged. or
otherwise disposed of by the applicants, or any of them, unless and until
so ordered by Us, and our supplemental order of April 30 1930, in the
same proceeding, modified the original order so as to permit the bonds to
be sold at 88 and int. and, pending their sale, all or any part thereof to
be pledged and repledged from time to time to and including Dec. 31 1931
as collateral security for any short-term notes which the applicant might
issue within the limitations of Sec. 20-A(9) of the Interstate Commerce Act.
The applicant therefore proposes to replace the void notes with valid
ones having the same provisions. The proposed notes will be dated June 1
1934, will bear interest at the rate of 5% per annum, and will mature
June 1 1935. One note in the amount of $62,500 will be payable to the
Merchants National Bank, Boston, one in the amount of $250,000 will
be payable to the Second National Bank, Boston, and one for 8125,000
will be payable to the National Shawmut Bank, Boston. The applicant
will pledge as collateral security for these ontes $621,000 of Portland &
Ogdensburg Ry. 4Y4% 1st mtge. gold bonds, of which $89,000 will be
pledged for the $82,500 notes, $355,000 for the $250,000 notes, and $177,000
for the $125.000 notes.
-V. 139, p. 1243.
(B.) Manischewitz Co.(& Subs.)
-Earnings
Years Ended July 311934
1933
Gross profit
$442.745
$499,632
Other income
9,333
8,780
Totalincome
General, administrative and selling expenses-Provision for Federal income tax
Assets
Fixed assets
Cash
Customers'accts.&
notes receivable_
Mdse. Inventory...
Cash surrender val.
life insur.policies
Sundry accts. roe..
Other assets
Deferred charges__
$451.525
455,208
$76.092
Net profit
$508,965
425.072
7,800
loss$3.682
Consolidated Balance Sheet July 31
1934
1934
1933
Ltatritnies$639,835 $1,019,755 Preferred stock_ _ _ $127,300
89,367
53,175 Common stock.. 371.506
Notes payable bks.
89,218
18,195
97,004 Accts. & exp. pay.
69,985
46,475 Reserve for Federal
income tax
7,800
22,668
10,334 Mtge. Installment
717
payable
11,250
58.461
72,589 Real estate mtge..
33,750
27,680
32,197 Surp. arising from
appreciation of
fixed assets
Earned surplus,_
427,114
300
Donated surPlus
1933
$127,300
371,506
50,000
23,907
15,000
45.000
185,653
.513,881
Total
$997,214 $1,332,247
Total
$997,214 $1,332,247
x Represented by 53,072 no par shares
.-V. 138. li • 335.
Manitoba Power Co., Ltd.
-Earnings
-Period End. Aug.311934
-Month-1933
1934-8 Mos.-1933
Gross earnings
$106,052
$101,620
$845,597
$820,990
Operating expenses
24,186
21,955
183.589
181.068
Net earnings
-V.139, p. 1558.
$81,866
$79,665
$662,008
$639,922
Memphis Power & Light Co.
-Earnings
[National Power & Light Co. Subsidiary]
Period End. Aug. 31- 1934
1934-12 Mos.-1933
-Month-1933
Operating revenues
$467,135
$442,420 $6,268,910 $6,252,360
Over. exps., incl. taxes_
300,065
268.218
3,895,343 3,724,109
Net revs, from oper__
Other income
$167.070
341
$174,202 $2.373,567 $2,528,251
340
9.212
16,375
$167,411
69.001
$174,542 82,382,779 $2,544,626
71,051
842,566
862,785
Profit from operations
Other income
$65,198
2,512
$698,358
18,880
Gross corp. income..
Int. and other deductions
Net profit
Depreciation
Amortization
Non-recurring charges
$67,710
12,050
2,000
$717,238
96,400
16.000
4,074
Balance
y$98,410 y$103,491 $1,640,213 $1,681,841
Property retirement reserve appropriations
683,064
693,775
x Dividends applicable to pref. stocks for period,
whether paid or unpaid
394.876
391,684"-
Net profit before Federal taxes and empl. bonus_
$53,660 x$600,764
x Provision for Federal taxes and employees' bonus included as liabilities
on balance sheet amount to $105,000.
-Net profit for trustee's 1933 operations, before charging depreNote
ciation, amortization and non-recurring charges, $1,386,217.
Balance
$462,273
$596.382
x Regular dividends on $7 and $6 preferred stocks were paid on July 2
1934. After the payment of these dividends there were no accumulated
unpaid dividends at that date. y Before property retirement reserve
appropriations and dividends.
-V. 139, p. 1244.
Financial Chronicle
2054
Sept. 29
1934
management's success in reducing controllable expenses more than offset
-To Reorganize
(Glenn L.) Martin Co.
***--these items with the result that operating expenses were $201.450 less than
The company has filed a petition with the Securities and Exchange Cornin 1932. Operating expenses have, however, increased during the current
mission under the Securities Act in which it proposes to offer $2,803,500
year to date.
five-year 6% cony. notes, dated Nov. 1 1934, in a plan of reorganization.
Despite the universal trend toward curtailment of expenses in private
Under the plan these notes will be offered in exchange for the company's
enterprises, the governmental agencies have lavishly increased their
five-year 6% cony, gold notes dated Nov. 1 1929, now being called for
expenditures. A sizable portion of the tax burden made necessary by these
The company is also seeking to register no-par common stock
deposit.
has fallen
OnSept. 1
-V. 139, , exenditures Federal tax upon the public utility companies.the consumers
sufficient to provide for the conversion feature of the bonds.
1933,the 3%
on electrical energy was shifted from
P. 1407.
its' • 44.
to the distributing companies. To the average domestic or commercial
rt.--'" consumer this tax increased the monthly bill merely a few cents but the
-Mercantile Acceptance Corp. of Calif.
shifting of the tax to the operating subsidiaries of company will impose an
a controlling interest in the 03egon Bond & ortgage
The-ac
additional burden on them aggregating approximately $500,000 per annum.
Co.of Portland, Ore., automobile finance company was recently announced
More than 10 cents of each dollar of operating revenue was set aside during
-V. 136. P. 4283.
by 11. G. Snodgrass, President of the corporation.
1933 to meet tax requirements.
There is continued agitation to force a wholesale reduction of utility
Metal Package Corp.-A-squisition-rates regardless of the effect on the economic structure of the companies or
This company, a subsidiary of McKeesport Tin Plate Co., as acquired
their ability to serve the public adequately. The proponents of these rate
-V. 133, p. 3471.
the National Can Co. of Boston.
reductions completely ignore the fact that rates have been steadily and
voluntarily reduced, that the cost of operation has mounted due to the
'Mid-Continent Petroleum Corp.--25-Cent widen increase in wages, reduced working hours and the higher cost of materials
the"
r The directors have declared a dividend of 25 cents per share
used, and that the tax burden of the utility industry has already risen to
common stock, no par value, payable Nov. 15 to holders of record Ocf. 15. . almost unbelievable heights. Even if successful in accomplishing this
A similar distribution was made on May 15 last, since Feb. 16 1931 when
purpose the benefit to the average domestic or commercial consumer would
50 cents per share was paid,this same rate having been maintained quarterly
be negligible in amount but, taken in the aggregate, would ruin a most
-V. 139, p. 1090.
since and including Feb. 15 I929.
essential industry.
-The record of operations since 1924 may be seen in
Record of Operations
& St. Louis RR.-Earnings.Minneapolis
the following table, which includes all properties, irrespective of the dates
1931
when they were first included in the Mohawk Valley group:
1932
1933
August1934
$918,972
$753.190
$743.228
$828,845
Grossfrom railway
Sales
Year End. Annual Operating Revenues x
-Consumers105,508
120,335
146.901
161.722
Netfrom railway
Units (kwh.)
Electric
Gas
Gross
Net y
Dec. 31
924
55 19R
88,715
110.735
Net after rents
$9,661,468 431,031,557
225,971
1924
123.396,101
140.225
From Jan. 1
25,776,449
10,619,226 487,417,529 251,488
1925
143 5
47:8532
7,157,892
5.014,876
4,994,241
4,777,031
Gross from railway
,
1926
28,680,634
11,921,489 5 , .
763,253
575,498 def32,847
295,975
Net from railway
13,502,732 615.790,482 300,545
30,827,548
152,114
1927
103,331
109.725 def556,157
def147,910
Net after rents
33,456,922
15.140,905 689,419,588 314,854
158,263
1928
- ---Jan.ltoSept.14
-Second Week Sept.
35,721,928
16,434,153 767,163,630 328,193
161,976
1929
1934
1933
1933
1934
16,218,805 789,755.356 340.443
162.709
1930
36.887,077
$5,322,609
$181,379 $5.029,120
$197,310
Gross earnings
16,682,273 788,918,646. 346,927
1931
36.572,506
162,548
-V.139, p. 1875.
14,375,001
35,047.718
729,338,553 345,651
156,458
9
13,213,433 747,556,886 347,128 155 417
1193332
34,011,951
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.-x Excludes other income. y Before provision for retirements and
Federal income taxes.
1934-8 Mos.-1933
-Month-1933
Period End. Aug. 31- 1934
Total revenues_ _ ______ $1,208,554 $1,273,591 $8,015,528 $7,941,203
Consolidated Income Account Years Ended Dec. 31
954,532
781.691
333,201
286,574
Not railway revenues_ _ _
77.185
108,306
216,840
207.960
1932
1933
Net after rents
575,672
560,476
72,583
55.969
Operating Revenue: Electric
-Dr..
$26,017,977 $26,526,441
Other income, net
432,642 3,437,140 3,351,114
441,327
Gas
-Dr.
6,296,578 6,727,055
Int.on funded debt
Water
654,125
672,576
$288,385 $3,935,627 $3,803,285
Steam heating
$289,336
848,622
901,610
Net deficit
Railway
218,351
194,647
-V.139, p. 1559.
--Earnings
Minnesota & Ontario Paper Co.(& Subs.)
1934
1933
6 Months Ended June 30Net lose after deprec.. depl. and other charges_ _ - $1,767,440 $3,334,599
-V. 138, p. 4131.
--Earnings
Minnesota Power & Light Co.
[American Power & Light Co. Subsidiary]
1934-12 Mos.-1933
-Month-1933
Period End. Aug. 31- 1934
$413.305 $5,214,125 $4,877,399
Operating revenues_ _ _ _ $441,533
154,115 2,232.610 1,903,091
201,992
Oper. exps., incl. taxes..
Net revs, from oper__
Other income
$239,541
724
$259,190 $2,981,515 $2,974,308
2.054
4,301
51
Gross corp. income_ _ _
Int. and other deductions
$240,265
144,366
$259.241 $2,983,569 $2,978,809
1,749.734
1,737,286
145,264
3495,899 34113,977 $1,246,283 $1,228,875
Balance
300,000
250,000
Property retirement reserve appropriations
x Dividends applicable to pref. stock for period,
990.506 ' 990,480
whether paid or unpaid
$44,223
$11,605
Deficit
x Dividends accumulated and unpaid to Aug. 31 1934, amounted to
3722.801. Latest dividends, amounting to $1.31 a share on 7% preferred
stock, $1.12 a share on 6% preferred stock and $1.12 a share on $6 pref
stock, were paid on July 2 1934. Dividends on these stocks are cumulative'
Before prTerty retirement reserve appropriations and dividends.-
Total operating revenues
$34,011,951 $35,046,035
Operating expenses
15,228,182 15,429,632
Maintenance
2,660,291
2,547,496
Provision for retirements-renewals & replacements 1,659,042 1,874,584
Prov.for Federal income tax (companies estimate)
553,275
640.378
Provision for other taxes
2,910,045 2,694.435
Operating income
Other income
Gross income
111,223.550 $12,154,048
Deductions Subsidiary Companies
Interest on funded debt
4,029,458 3,953.313
Interest on unfunded debt
183,607
240,580
Interest during construction
Cr91,959 Cr114,371
Dividends on preferred stocks
1,330,985
1,200,577
Minority interest in cumulative preferred dividends not declared
214,123
107,082
Amortization of debt discount and expense
221,630
283,536
Balance
Mohawk Valley Co.
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
$5,466,113 $6,352,944
Net income
Dividends on common stock
$2,493.472 $3,003.619
3,000.000 3,000,000
,‘,. ., ,-(___
1 44f
-Preferred Dividend,-/A.,
Missouri Edison Co.
The directors on Sept. 22 declared a quarterly dividend of 58 1-3 cents per
share on the $7 cum. pref. stock, no par value, payable Oct. 1 to holders
ofrecord Sept. 20. A similar distribution was paid in each ofthe four preceding quarters, prior to which the stock received regular quarterly payments
of $1.75 per share. After the Oct. 1 dividend, arrearages will amount to
-V. 138, p. 4131.
$5.83 1-3 per share.
Missouri-Kansas-Texas Lines-Earnings
1934-8 Mos.-1933
-Month-1933
Period End. Aug. 31
- 1934
3,293
3,293
3,293
3,293
Mileage operated (avge.)
Operating revenues_ _ 12,322.439 $2,247,483 $17,768,889 $15,839,866
1,850.452 1,683,020 13,663,022 12,465,422
Operating expenses
09,
1,471,157
292,743
133.452
Available for interest....
2,782,579
347,796 2,779,531
347,377
Fixed interest charges_ _
Avail, for int. on adjust$55,052 $1,308,374 $1,973.229
ment bonds
-Del._ _ _ $213,925
452,585
452,585
56,573
56.573
Interest on adjust. bonds
$111,625 11,760.960 $2,425,815
$270,498
Net deficit
-V.139. p. 1715.
-Earnings.
-Missouri Pacific RR.
1933
1934
August-
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, P.1559.
••
1931
1932
$6,589,507 $6.261,018 $5,498,007 $8,669,144
1,293,930 2,587,830
1,632,478
1,830,020
693,925
855,682
497,893
44,343.535 45,694,500 66,685,788
49,195,858
10,457,412 9,767.046 18,425,653
5.038,799 4,739,602 4,367,171 12.108,592
Mobile & Ohio RR.-Earnings.1933 --- 1932 - 1931 1934
--gust$808.791
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1559.
$701.083
110.487
16,189
5.785.615
877.815
52,733
$616,988
32,427
def69,592
86.171
def12.158
5,328.783 5,223,222
407,900
958.753
136,863 def530,890
7,146,829
997,771
8,160
$746,432
129.601
32,300
-Annual Report
Mohawk Valley Co.(& Subs.)
"arlagf'.^4
1
;face' insubstanciS
Operations-Consolidated operating revenue for the calendar year 1933.
and 18% from
was $34,011,951, of which 76% was from sales of electricitypreceding year,
sales of gas. Electric revenue was $508,463 less than in the This was due
despite an increase in sales of 18.218,333 units (kwh.).
largely to the reduction in the rates to the domestic. combaercial and large
an
power consumers of New York State Electric & Gag Corp. Despite gas
the decreased
Increase of $86,575 in sales to industrial gas consumers, a decrease in the
consumption by other classes of gas consumers causedoperating
revenues
total gas revenue of $430,477. The decline in other
amounted to $95,144.
the National Recovery Administration resulted in an
Co-operation with
in
increase in the number of employees, and a corresponding increase butpaywere higher
the
rolls. In addition, prices of materials and supplies
$11,001,116 *11,858.510
222.433
294.537
Balance
2,935,000
35,812
1,830
def$506.528
Consolidated Balance Sheet Dec. 31
1933
1932
1933
I lanUttiesAssets
Fixed capital_ -249,601,889 255,074,892 Mohawk Valley
Investments ___ 1,941,245 2,434,667 Co., corn. stk. 52,500,000
Sub, roe.. pref.
Due from affil.
companies_ __
1,090 stock
22,734,300
3,111
Funded debt_ _ _131,598,800
Sink. funds and
Due to affiliated
other deposits
companies
with trustees,
2,234,041
ac
89,859
23,743 Matured bonds,
bond int. and
Deposits for madive. payable_
tured bonds &
342,615
bond int, and
Notes payable
1,321.602
dividends. _ _ _
312,615
353,156 Advances from
Cash
3.275,778 2,083,794 financing coTime ctts, of dep
Bonds maturing
200,000
19,447
94,910 In 1933
Notes receivable
26,914
Accts. payable_ 1,230,545
Loans to employ
Accounts receiv_ 3,623,074 4,365,611 Taxes accrued_ 1,884,782
Accr. Int. receiv.
x96,188
40,570 Divs. accrued _ _
99,882
Materials & sup. 1,676,037 1,672,058 Int. & miscell.
Prepayments_
197,151
234,323 accruals
1,810,955
Bala. in closed
Consumers' serbanks
64,263
35,752 vice and line
Miscell. unadj.
deposits
1,921,456
debits
374,796
364,400 Retirem. reserve 14,372,676
Unam. debt disc.
Other reserve &
unadj. credit_
and expense_ _ 4,668,844
583,175
Contrib. for extensions
1,723,400
Capital surplus_ 25,196,238
Corporate surp_ 6,646,764
2,935,000
412.628
1,697
$3,619
1932
52,500,000
22,660,600
131,322,100
422,883
353,156
2,727,000
218.400
34,000
1,427,811
1,264,487
99,792
1,792,447
2,004,883
16,482,217
616,742
1,708,508
23,854,909
7,271,031
Total
266,201,210 266,758,965 Total
266,201,210 266,758,965
x Includes dividends receivable.
Comparative Income Account (Parent Company Only) Years Ended Dec. 31
1933
1932
Income, Subsidiaries-Dividends (less adjustment
in 1933 for undistributed earnings taken up in
prior period)
$1,175,000
$210,000
Portion of undistributed earnings taken up (including appropriations for stockholder)
920,152
1.650,731
Int. on notes, bonds and accounts receivable, &c. 2,600,198 4,230,339
Amount charged subsidiaries for Federal income
tax on individual company basis
144,912
16,635
Interest from affiliated companies on bonds
47,379
101,940
Miscellaneous income
314
436
Total income
$4,942,638
Provision for taxes (including company's estimate
for Federal income tax)
• 159,436
Expenses27,591
Interest on funded debt
2,935,000
Interest on unfunded debt
41,959
Amortization of debt discount and expense
1.830
:8,155,297
129,531
4,505
2,935,000
431,370
1.697
Net income (Including a portion of undistributed
earnings of subsidiaries)
$1,776,822 $2.653,193
Dividends on common stock
3.000,000 3,000,009
coupons. The
without the production or filing of any such bonds or dated Feb. 1
First National Bank of Chicago, trustee under indenture of claim on
Special Master a proof
1928, was authorized to file with the
interest coupons apbehalf et all holders of 3-year cony, gold notes and
filing of any
pertaining thereto outstanding, without the production or
-V. 138. p. 2584.
such notes or coupons.
Balance Sheet (Parent Company Only) Dec. 31
1933
1932
1933
$
I iabililies$
$
Assas.._122,603,772 118,198,451 Cap.stock (750,
Investments
000 corn. abs.
Due from sub.
52,500,000 52,500,000
4,861,023 no par)
companies_
.51,000,000 51,000,000
81,723 Funded debt._
41,345
Cash
322,882
37,747 Due to Mtn co__ 1,280,098
39,466
Accr. Int. recelv.
220,226
Due to subs. cos.
5,500
5,500
MLscell.recelv_ _
1,561
Accts. payable_
Unamort. debt
Interest accrued
92,681
disc. dz expense
on bonds and
494,150
494.167
debentures_ __
107,705
Taxes accrued_. 137,716
4,368
5,090
Miscell. reserves
Capital surplus_ 11,572,495 11.557,663
Corporate surp_ 5,791,635 6,980,449
122.782,765 123.187.445
Total
-tr. 139, p. 1715.
Total
--Earnings
National Power & Light Co.(& Subs.)
[Inter-company items eliminated]
1934-12 Mos.-1933
Period End.July 31- 1934-3 Mos.-1933 $70,613,484 $68,091,157
$17,264,515 $16,313,319
Operating revenues
38,168.894 35,185,803
9,517,280 8,591,436
Oper.exps.,incl. taxes
$32,905,354
Net rev,from oper--- $7,747,235 $7,721,883 $32,444,590
191.635
109,363
30,512
37,445
Other income
$7,752,395 U2.553,963 *33,096,989
Gross corp.income__ - 27,784,680
12.858.092
Int.to pub.& other ded_ 3,217,096 3,208,306 12.870,529
Cr5,609
CrI0,539
Cr356
Cr4.973
Int. chgd. to construc'n_
Property retirement re1,534,237 5,400,176 5,481,114
appropriations__ 1,441,417
serve
Pref. diva. to public (full
div. require. applic. to
respective periods,
whether earned or un1,515,857 1,515,107 6,063,036 6,045,199
earned)
Portion applicable to
25,943
25,358
5,467
4,494
minority interests_ _ _
122,782.765 123.187,445
Monongahela Ry.-Earnings.---1932
1933
1934
August$260,485
$362,331
Gross from railway
$300,884
160,703
242.693
177,373
Net from railway
84.567
146,954
71,483
Net after rents
From Jan 1
2,615,776 2,299,629 2,413,893
Grossfrom railway
1,361,679
1,564,609 1,452,928
Net from railway
696,453
761,834
769,500
Net after rents
-V. 139. P. 1409.
-Admitted to
----Montana Dakota Power Co.
1931
.$354,375
186.472
96,094
3,249,927
1,573,757
824,972
Net equity of Nat.Pr.
& Lt. Co.in income
*1,610.789 $1,489,634 $8,205,393 $8,692,250
of subsidiaries
Subsidiaries
Nat.Power t% Light Co.
Net equity of Nat.Pr.&
Lt. Co.in inc. ofsubs.
$8,692,250
(as shown above)-- - $1,610,789 $1,489,634 $8,205,393
205,081
95,601
36.996
32,625
Other income
$1,643,414 $1,526,630 $8,300,994 *8,897,331
Total income
125,527
132,939
28.026
29,372
Expenses, incl. taxes__ _
337,286 1,356,449 1,356.830
337,394
Int.to pub.& oth. ded'ns
Unitsted
Tradip-rThe ew York Curb Exchangehas admitted to unlisted trading privileges
the 1st mortgage gold ponds, dte Jan. 11944, carrying interest at the rate
of 5;4% per annum from Jan. 1 1934 to Jan. 1 1939, and at the rate of
6;4% per annum from Jan. 1 1939, to Jan. 1 1944. The bonds were issued
in exchange for 1st mortgage 5;4% gold bonds, due Jan. 11934,in accordance with extension plan dated July 22 1933.-V. 138. p. 4305.
-Earnings
Montana Power Co.(& Subs.)
[American Power & Light Co. Subsidiary]
1934-12 Mos.-1933
Period End. Aug.31- 1934
-Month-1933
Operating revenues
$553.598
$675,030 38,657.300 38.660,761
322,376
351,908 4.651,425 4.461,986
Oper. exps.. incl. taxes.. _
Net rev,from oper_
Other income
$231,222
13,968
$323,122 $4,005,875 $4,198,775
60.073
106,712
8,671
Gross corp. Income.,.
Int. & other deductions_
$245,190
211,639
Balance carried to con$7,414,974
solidated earned sur. $1.276,648 *1.161.318 $6,811,606
-V.139. p. 1876.
/.,
-- Na ional Public Seivice Corp. Serle-Approved- Bank-for
thermic+ to Chase National
$331,793 t4.112,587 $4,258.848
236,085 2,530,079 2.414,422
creditors on-Sept. 21„approved Municipal Service Co. to National"
.
.
of three psmissorrnotes of the
$39,500 and
Public Service Co in the amountsof $262.822. S107.000 and
-V.139, p. 1716.
res of Municipal Service Co.
common
19,554
Balance
y$95.708 $1,582,508 *1,844,426
33,551
/4
216.667
507,962
Property retire.. reserve, appropriations
x Divs. applic. to pref. stock for period, whether
952,994
954.741
paid or unpaid
Dealin
INTaeLonal Radiator Corp -Removed from dealing tre 1::
zw
--.
New York Produce ExchanOhas removed from
debentures,
. certificates of deposit or 6;4% sinking fund gold
Trust
1947.-V. 138, p. 3279.
$674,765
$119,805
Balance
y Before property retirement reserve appropriations & dividends. x Regular dividend on $6 pref. stock WM paid Aug. 1 1934. After the payment of
this dividend there were no accumulated unpaid dividends at that date.
V. 139. p. 1409.
Montgomery Ward & Co.--Earnings1934-7 Mos.-1933
Period End.Aug.31- 1934
-Month-1933
Net profit after charges,
incl. deprec.& taxes__ $726.948 x$995,000 $4,885,643 z$2,484,000
x Includes $535.000 representing excess of reserves for inventory shrinkages set up monthly since Feb. 1 1933 over actual shrinkage ascertained at
-V.139, p. 1875.
Aug. 31 when physical inventory was taken. z Loss.
-8% Wage Increase
(John) Morrell & Co.
The company has announced that wage increases of 8% will go into
effect as of Oct. 1 in its Topeka, Kan.; Sioux Falls, S. Dak., and Ottumwa,
-V. 138. P. 1241.
Iowa, plants.
-Earns.
Mountain States Telephone & Telegraph Co.
Income Statement, Year Ended Dec. 31 1933
Local service revenues
Toll service revenues
Miscellaneous revenues
$13.075.735
4,748,901
717.945
Total revenue
Uncollectible operating revenues
$18,542.581
246,704
Total operating revenues
Current maintenance
Depreciation expense
Traffic expenses
Commercial expenses
Operating rents
General and miscellaneous expenses
$18.295,877
2,957.306
3,788,295
3,016.978
1,847,210
442.791
1.366.864
Net operating revenues
Taxes
$4,876.433
2.068,646
Net operating income
Net non-operating income
$2,807.787
3,857
Income available for fixed charges
Interest deductions
$2,811,643
887.008
Balance available for dividends
-v.138, p. 861.
$1,924,636
Nashville Chattanooga & St. Louis Ry.-Earnings.August-Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross front railway
Net from railway
Net after rents
-V. 139, p. 1410.
2055
Financial Chronicle
Volume 139
1933
1934
$1.036.342 $1,059.560
120,046
51,946
41,068
1931
1932
$908,124 $1,158,570
60,005
162,790
115,564 def10,036
8,362,491
1,356,460
921,544
7,622,331 10,646.756
1,114.400
658,224
523,684
255,218
8,658,474
788,818
- dmittei to Unlisted Trading-ital-,
'"National Baking Co.
New York Curb Exchange as admitted to unlisted trading privileges
on stock, $I par in 11. of common stock, no par. The common
the co
stock, par $1 is issuaole share for share in exchange for common stock, no,
-V. 138, P. 1758.
par.
-
-Earnings
National Republic Investment Trust 1931
1930
Years Ended Dec. 31Total income
Oper.exps.& interest__ _
Loss on sale ofsecurities_
1933
$17.316
3,525
Cr27,131
Net income
Preferred dividends----
$40.922
Balance
Assets
Cash
List.stks.at market
Miscell. securities
at market
Bonds at market_ _
y Shs. Nat. Rep.
Bancorp
Shs. Central Rep.
Bk.& Tr. Co__
1932
$37,445
8,536
11.112
$213,324
37,301
197,614
$331,975
49.280
$17.798 def$21,592
225,000
$282,695
275,000
$17,798 def$246,592 surS7,695
$40,922
Balance Sheet Dec. 31
1932
1933
L4abilities1932
1933
$576,272 $367,634
$7,508 x Net worth
$1,461
100,000
34,694
329,368 Reserves
472,638
8,960
14,870
121.798
121,798
z200
$610,966 $467,634
$610.966 $467,634 Total
Total
and 253,596
x Represented by 70.661 shares cum. cony. pref. stock
y The 121.798 shares of
shares common stock, both of no par value.
has been
Republic Bancorporation carried at cost. Dec. 31 1931. shares
National
by 200
written down to nominal value of $1 per share. x Represented
-V. 136, p. 1031.
of $1 per share.
-Sun Life Approves Plan
National Surety Co.
on Sept. 27
The Sun Life Insurance Co. of America, Baltimore, Md.
reorganization with
announced its approval of the plan and agreement of
estate securities guaranteed by the National Surety
respect to the real
C. Prevost Boyce, and John W.
Co. as proposed by Harvey D. Gibson,approved by the Supreme Court
Hannon. reorganization managers, and
sometime past the Sun Life Insurance Co.
of the State of New York. For
after a number of
of America has opposed certain features of the plan but
managers and
conferences between representatives of the reorganization
reached.
the company a satisfactory accord has been
by National
In a letter addressed to holders of securities guaranteed
Insurance Co.
Surety Co.. Chas. F. Diehl, Vice-President of the Sun Life
says in part:
reorganization
"This company has decided to deposit its bonds with the bondholders
managers without further delay, and we recommend that thoseIn our letter
who have not yet deposited their bonds do so immediately. be to organize
of May 19 1934, we said: The object of the plan should not
of the old
a new mortgage company to continue the unsuccessful business economfor the orderly,
mortgage companies, but to create an organizationassets for the purpose of
of the
ical, efficient and expeditious liquidation
distribution to the bondholders.'
objectives
"We believe that the plan in its present form achieves these
and includes satisfactory provisions to protect and enforce the bondholders'
against the National Surety Co., with particular regard to safeclaims
stock.
guarding the ownership of the National Surety Corp. only in the interests
"It is our opinion that immediate deposit is now notincrease the expense
that delay in depositing will
of the bondholders but
will
and may prevent the expeditious liquidation of the collateral and-V.
obstruct necessary steps to be taken in the bondholders' interests."
139, p. 1410.
-Earnings
Nebraska Power Co.
[American Power & Light Co. Subsidiary]
1934-12 Mos.-1933
-Month-1933
Period End. Aug.31- 1934
*501,851 $6,304.526 36,028.801
$551,039
Operating revenues
259,623 3,340,046 3,031.734
290,216
Oper. exps., incl. taxes
-83.75 Accrue
-National Bearing Metals Corp.
$242,228 $2,964,480 $2,997.067
The directors have declared a dividend of $3.75 per share on account
Net revs, from oper-_ *260.823
279.388
203,350
45,885
48.030
of accumulations on the 7% cumulative preferred stock, par $100, payOther income
I last the company
able Nov. 1 to holders of record Oct. 16. On Aug.and
Feb. 1 last, dis$288.113 $3.167,830 $3.276.455
made a distribution of $3 per share, and on May 11
Gross corp. income__ $308,853
1,035.401
1,039,410
86,569
tributions of $3.75 per share were made.
86.507
Interest & other deducts.
Accumulations on the preferred stock after the Nov. 1 payment will
-V. 139. p. 1092.
amount to $3 per share.
34222.346 y$201,544 *2,128.420 *2,241.054
• Balance
300.000
300,000
, Property retirement reserve appropriations for
-Reorganization 01,141
-National Gas & Electric Corp.
x Dividends applicable to preferred stock
499.164
498.512
creditors and stockholders are notified that the U. S. District Court`
or unpaid
All
Period, whether paid
19 directing MI creditors
for the District of Delaware entered an order Sept.Howard Duane, 811 In$1.329,908 $1,441,890
to file on or before Oct. 19 with Special Master of claim. The company
Balance
Building. Wilmington, Del., proofs
dustrial Trust
were paid June
x Regular dividends on 7% and 6% pref. stocks no accumulated I 1934.
unpaid
was directed to file a proof of interest on behalf of all stockholders and
payment of these dividends there were
After the
Continental Illinois National Bank & Trust Co.. of Chicago, trustee
dividends at that date. Regular dividends on these stocks were declared
Feb. 1 1928. was authorized to file with the
under trust indenture dated
payment on Sept. 1 1934. y Before property retirement reserves
for
Special Master a proof of claim on behalf of all holders of 1st mtge. coll,
-V. 139. p. 1246.
appropriations and dividends.
gold bonds, with interest coupons appertaining thereto outstanding,
2056
Financial Chronicle
-National Union Fire Insurance Co.
-$1 DividendzThe directors have declared a dividend
stock, par $20, payable Oct. 8 to holdersof $1 per share on the capital
of record Sept. 25. The last
dividend paid on this issue was $2 per share on
Feb.
regular quarterly disbursements of$3 per share were 6 1931,prior to which
made.
-V.139,P. 1246.
Natomas Co.
-Earnings
Period Ended Aug. 31 1934Net profit after deprec.. deplet., Fed. taxes, &c__
Earns, per sh. on 995,820 shs. of cap.stk.(no par).
-V. 139, p. 1411.
Month
$82,592
$0.08
8 Mos.
$610,673
$0.61
Nevada-California Electric Corp.(& Subs.)
-Earnings
Period End. Aug.31- 1934
-Month-1933
1934-12 Mos.-1933
Gross oper. earnings- - $422,616
$410,011 $35.164,227 $4,658,571
Oper.& gen.eAps. & taxes
240,807
170.604
2,658,553
2,079,421
Operating profits__ _- $181,808
$239,407 $2,505,673 $2,579,150
Non-oper. earnings (net)
8.900
2,740
73,876
71.494
315Tota1 income
$190,708
$242,147 $2,579,550 $2,650,645
interest
121,802
131,012
1,518,700
1,576,517
Depreciation
51,376
49,073
588.386
682.185
Discount & exp. on secs.
sold
8,556
8,751
103,665
107,699
Miscall. addns. & deductions (net cr.)--_
33,970
x2,943
213.378
204.583
Surplus avail, for redemption of bonds.
diva. &c
$42,943
$50,367
$582,177
$488,826
x Net debit.
-V.139, To• 1876.
,New England Southern Corp.
-Sale of Three Mills
hur Black, referee in bankrupyy_atc,Boaton, has ordered an auction
e three mills of the corporation
V. 137, p. 4369.
of
New Jersey Bell Telephone Co.
-Dividend Reduced
A dividend of $1.25 per share was paid on the capital
Sept. 29 to holders of record Sept. 28. This compares stock, par $100 on
$1.50 per share made in the two preceding quarters and with distributions of
$1.75 per share paid
previously.
-V. 138. p. 2757.
New Jersey & New York RR.-Earnings.August-
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1411.
1934
$62,362
def18,525
def39,108
1933
$72,850
def9,330
def31.778
1932
$88,371
def428
def24,771
1931
$109,863
3,040
24,401
569,075
638,470
736,377
897,834
def119,036
def30,568
29,250
130,511
def281.737 def217.150 def169,297 def125,098
New Orleans & Northeastern RR.-Earnings.August
Grossfrom railway
Net from railway
Net after rents
From Jan 1
Grossfrom railway
Net from railway
Net after rents
-V. 139, p. 1411.
1934
$179,775
39,790
1,870
1933
$185,086
43.886
def6,984
1932
$157,462
10,736
def31,524
1931
$271,056
46.510
def7,982
1,464,927
1,225.876
1,356,289 2,145,971
348,895
132.685
12,214
200,493
43.627 def245,189 def319.849 def283,792
New Orleans Texas & Mexico Ry. System-Earnings
-
Period End. Aug. 31
-11934
-Month-1933 1934-8 Mos.-1933
Operating revenues__...$706.550
$639,564 $6,884.318 $5,613,878
Net ry. oper. income__ _
25,808
25,373
1865.536
248,499
-V. 139. p. 1560.
New Orleans Public Service Inc.
-Bond Exte on
pr A. B. Paterson, President, in a letter dated Aug. 24 to thelhold4 of the
general lien 434% gold bonds, states:
The officers and the directors have given serious sonsideration
months to the problem of making provision for the maturity for several
on July 1
1935 of the general lien
% gold bonds, but conditions are such that they
believe there is no apparent prospect that the company will be
Provide funds to meet the maturity of these bonds by the sale of able to
or otherwise. It has become necessary, therefore, to present a securities
plan for
the extension of the maturity of the bonds.
The bonds were issued in connection with the reorganization in
New Orleans Railway & Light Co., which was then in receivership. 1922 of
ers of the 434% general mortgage bonds of New Orleans Railway & HoldLight
Co. participating in that reorganization received a payment in
cash of
25% of the principal amount of their bonds and a principal amount
of the
general lien 455% gold bonds equal to 75% of the principal amount of
bonds of the New Orleans Railway & Light Co. The general lien their
435%
gold bonds were issued at that time in the principal amount of $13,842,000,
of which $2,295,200 has been retired, leaving $11,546,800 outstanding
as of June 30 1934.
New Orleans Public Service Inc. had outstanding at June 30 1934
amount of bonds on its properties of $54,324,400, including bonds a total
both as to principal and interest and secured by liens prior to that senior
of the
general lien mortgage in the aggregate principal amount of $38,152,000,
represented by $8,152,000 of divisional underlying bonds and $30,000.000
of the company's 1st & ref. mtge. gold bonds.
Sept. 29 1934
Statement of Income
June 30
Dee.31
Dec. 31
12 Months Ended1934
1933
1932
Operating revenues
-El. pow. & light $7,358,815 $7,384,934 $7,660,929
Natural gas
3,187,383
3,017,640
3.252,950
Transportation
4,439,201
4,319,942
4,714,418
Total operating revenues
$14.985,400 $14,722,516 $15,628,299
Operating expenses
7,034,749 6,773,752
7,087,835
Taxes
2,553,469 2.439,710
2,461,106
Net revenue from operations
$5,397,181 $5,509,053 $6,079,356
Other income
29,801
28.308
8,423
Gross corporate income
$5,426,982 $5,535,361 $6,087,780
Interest on mortgage bonds
2,718,288
2,732,237
2,802,808
Other interest and deductions
210,363
186,382
171.937
Balance
Property retirement reserve approp'n- $2,498,330 $2,616,741 $3,113,034
2,124,000
2,124,000
2.124,000
Balance, surplus
$374,330
$492,741
$989,034
Balance Sheet
Assets
Plant, prop.. franchises, &c_$73,374,760
Investments
-Sub. company
83,615
Other (securities)
95,216
Cash in banks-on demand
489.436
Cash In banks-time deposits 2.615,000
U. S. Govt. securities
738,191
Notes and loans receivable
1,631
Accounts receivable
Customers & miscellaneous 1,194,177
Affiliated companies
58,562
Materials and supplies
418,990
Prepayments
74,494
Miscellaneous current assets_
37,378
Sinking funds & special dep's
572,594
Notes & accts, rec., not curr't
318,818
Unamort. debt disc. & esp
2,346,438
Unamort. abandoned prop_ 5,161,474
June 30 1934
LiabiWiesCapital stock (no par)
a$26,613,970
Long-term debt
54,324,400
Contracts payable
18.570
Accounts payable
-MM.cos.
128,952
Other
190,426
Customers' deposits
837,923
Accrued accounts
1,854,259
Miscell. current liabilities
56,832
Mat'd & accr'd int, on longterm debt & redemp. acc't_
478.224
Accounts payable-not curr't
99,392
Reserves
-Property retirem't
20.649
Uncollectible accounts_ _ _
411,114
Inventory adjustment_ _...
19,664
Casualty & insurance_._
276,406
Fedetal income taxes
326,423
Other
146,018
Earned surplus
1,777,557
Total
$87,580,776
Total
$87,580,776
a Represented by: Preferred ($7) cumulative (entitled upon liquidation
to
$100 a share); authorized, 150,000 shares; outstanding, 77.798 shares.
Common, authorized, 1,025,000 shares; outstanding, 753,366.78
shares.
-V. 139. p. 1410.
New York Central RR.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1934
1933
1932
1931
$24,014,857 $27,423,036 $22,737,653 $32,679,061
5,548,686 8,328,806
6,532,475 6,727,702
2,324,476 4.403,736
2,597,798 2,973,516
199,359,580 184,762,893 196,964,162 265,060,322
50,633,590 50,940,197 41,388,950 54,455,724
21,317,615 21,426,867
9.921,337 22,463,789
Definitive Bonds Ready
-
On and after Oct. 1 1934. the corporate trust Department of Guaranty
Trust Co. of New York, 140 Broadway, N. Y.
to
deliver definitive New York Central RR. Co.City, will be prepared
convertible
10
-year
secured bonds due May 10 1944, with Nov. 10 1934, 6% subsequent
and
coupons attached, upon surrender of the outstanding temporary bonds.
--V. 139. p. 1716.
New York Chicago & St. Louis RR.-Earnings.-
AugustGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139. p. 1876.
1934
1933
1932
1931
$2,694,545 $2,894,493 $2,279,441 $3,129,199
773,746
723,292
1,003,440
559,536
357,650
585,012
259,260
170.186
22,511.181
7,394,581
3.969,871
20,111,635 19,655,774 25,482,879
6,710,544 4,234,953 6,134,034
3,465.341
837.923 2,143,954
New York Connecting RR.
-Earnings
-AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1411.
1934
$190,991
140,957
65,442
1933
$148,159
99,698
29,146
1932
$197,233
143,140
66,564
1931
$180,290
107,959
40,671
1,814,861
1,434,397
846.927
1,884.499
1,513,033
932,209
1,521.239
1,142,474
534,627
1,488,270
954,878
433,824
New York New Haven & Hartford RR.
-Earnings
Period End. Aug.31- 1934
-Month-1933
1934-8 Mos.-1933
Ry. oper. revenues
$5,455,252 $6,034,888 $46,650,180 $43.874.331
Net rev. from ry. oper_.. 1,035,487
1,792,374 11,244,157 11.759,903
Net ry. oper. income_
145,305
929,773
4,017,941
4,802,281
* Net deficit after chgs-864,234
126,316
2,974.146
3,524,654
* Before guarantees on separately operated properties.
-V. 139, p. 1876.
New York Railways Corp.
-Earnings
-
Outline of Plan
Period End. July 31- 1934
-Month-1933
1934-7 Mos.-1933
The plan proposed provides, upon deposit of the bonds, for
Gross earnings
$437,684
$408,493 $33,065,902 $2.928,715
immediate • Surplus
payment in cash of all interest coupons maturing on or prior to July
after charges
14,998
11935.
_,,_i0,361_150,525,,,,,..,,106,617
and, when the plan becomes operative, for the payment in cash of
10%
-- * These figures includirlirterest on bondsof certain controlledcmpanies
of the principal amount of the bonds, the extension of the maturity of the
(for which New York Railways Corp. states it has no liability) which are
bonds to July 1 1942, and an increase in the interest rate for the extended
in default and exclude interest on income bonds which has not been declared
period to 5% instead of
%,as at present. Consequently, after
-V. 139. p. 1878.
becomes operative, and although depositing bondholders will have the plan
d--teeti IV
received
,
payment in cash of 10% of their principal, they will be entitled to receive 'New York & Richmond
Gas Co.
-Preferred Dividend- 2
semi-annually as interest during the extended period the same number of
directors have declared a dividend of 1%% on account of ccudollars as heretofore.
mulations on the 6% cum. pref. stock, par $100, payable Oct. 1 to holders
The proposed extension of these bonds has been submitted to and apof record Sept. 15. Similar distributions were made on July 2, April 2
proved by the Commission Council, which is the regulatory authority
of
and Jan. 10 last, this latter being the first since July 1 1933.
the City of New Orleans.
Accruals on the preferred stock follow ing the above payment will amount
To entitle holders to participate in the plan, bonds must
to 134%.-V. 139, p. 772.
one of the agents (mentioned below), on or before Dec. 1be deposited with
1934. unless the
directors extend the time for the receipt of deposits.
New York Susquehanna & Western RR.
Upon deposit of the bonds, bondholders will immediately receive
-Earnings.
payment of all interest coupons maturing on or prior to July 11935. preAugust1934
*1933
*1932
1931
The plan will become operative when not less than 95% in
Gross from railway
$255,382
principal
$313.326
$288,498
$3331,941
amount of the bonds have been deposited, or may be
Net from railway
17,690
81,001
74.655
78.925
at the discretion of the directors upon the deposit of notdeclared operative
Net after rents
less than 66 2-3%
def23,563
42,401
32,077
27.079
In principal amount of the bonds, unless a proceeding for reorganizatio
From Jan 1
n
of the company under the Federal Corporate Reorganizations Act (SecGross from railway
2,488,560 2
.244,242 2,305.401
2,982,011
tion 77-B of the Federal Bankruptcy Act)shall be instituted, in which
Net from railway
640.828
542,534
615,887
902,779
the plan will be considered operative upon the confirmation by the event
Net after rents
Judge
301,180
183,231
231.150
• 428.336
in such proceeding of the extension agreement or of a plan of reorganizatio
n
* Includes Wilkes-Barre & Eastern ER.
-V. 139, p. 1411.
of the company not materially inconsistent with the terms of the extension
•
agreement. In any such proceeding under said Section
New York Title & Mortgage Co.
extension agreement may be presented in the proper 77-B, the proposed
-Former Directors
reorganization complying with the provisions of said court as a plan of
Indicted
Section 77-B and
every bondholder becoming a party to the extension agreement
may, as
Eleven former directors of the company were indicted, Sept. 13 by the
provided in Section 28 thereof, be deemed to have accepted in
writing the
New York County Grand Jury that has been investigating defunct mortgage
extension agreement as a plan of reorganization under said Section 77-B.
companies. Violation of Section 421 of the penal law and Section 47 of the
The company has already received from insurance companies,
Insurance law is charged. Both are misdemeanors.
individual investors owning more than $2,000,000 of the bonds banks and
assurance
Those indicted are J. Stewart Baker, Lewis L. Clarke, Frederic J.
of their willingness to deposit their bonds under the extension agreement.
Fuller, Harry A. ICahler. George T. Mortimer, Joseph L. Obermayer,
Agents of the company are: New York Trust Co., 100 Broadway, N. Y.
James A. O'Gorman, H. Pushae Williams, W. Averill Harriman, Stanley
City; American Bank & Trust Co., New Orleans, La.; Hibernia National
P.Jadwin and Park A. Rowley.
Bank in New Orleans; National Bank of Commerce in New
District Attorney William C. Dodge said that the indictments
ney National Bank of New Orleans; Pennsylvania Co. for Orleans; WhitInsurances on
based on the issuance of a financial statement which it is claimed were
Lives & Granting Annuities, Philadelphia; Old Colony Trust Co.. Boston;
was
deceptive, and which was dated Dec. 311932. This statement, Mr. Dodge
New England Trust Co., Boston.
said, was sent to some 55,000 stockholders and a number of certificate
Registered bonds may be deposited only with New York Trust Co.
holders.
Financial Chronicle
Volume 139
2057
1 i/
,
-Initial Pref. Div. - ^ c--t `z.,-, •
Northampton Brewery Corp.(Pa.)
-According to Mr. Dodge the statement was deceptive in two items.
cents
The directors have declared an initial quarterly dividend of 5 25 to
One, he said, set forth in the statement that the company had cash on
Oct.
per share on the convertible preferred stock. par $2, payable
hand and in banks on that date of $8,823,574. Mr. Dodge said that on
elders of record October 15.-V. 138, p. 3956.
that date a year end loan was arranged by Fuller, Kehler, Williams &
Obermayer, with the Central Hanover Bank & Trust Co. and the Irving
North & South Ry.-Reconstruction Loan
Trust Co.for $1,000,000 each which loans were payable on the next business
day,Jan. 3 1933.
The company having withdrawn its application of July 6 1934 for a loan
has
of $88,000 from the Reconstruction Finance Corporation the application135.
-V. 137. p.
Directors Enter ?'Tot-Guilty Pleasbeen dismissed by the Interstate Commerce Commission.
Three of the directors pleaded not guilty to the charges on Sept. 17 in
General Sessions before Judge George L. Donellan. They are Frederic J.
Northern Alabama Ry.-Earnings.Fuller, H.Pushae Williams and Harry A. Mahler. The other eight directors
1931
1933
August
pleaded not guilty through their attorneys.
$45,501
3523
19 ,
UO 2
$42,601
,
3911
U94
-19
Gross from railway
11,972
13,323
14,4183,830
-3
C Net from railway
Progress in Rehabilitation of Series C and
def7,848
def14.216
def5,877
1.767
after
Net aft rents
Richard A. Brennan. Special Deputy Superintendent in charge of the
Department, on Sept. 22 made
From Jan 1
rehabilitation bureau of the Insurance
455,916
298,592
341,601
358,186
Gross from railway
public an analysis of the progress made in rehabilitation of Series C and C-3
100,755
55,741
129,626
122,650
Net from railway
guaranteed mortgage certificates of the New York Title & Mortgage Co.
def58,746
def90,872
def19,545
were reduced
17,496
Net after rents
The report shows that on Series C taxes and assessments
-V. 139, p. 1412.
from $27,582 to $17,313, despite the fact that in the period from August
4 1933 the rehabilitation date, to July 31 last, an additional full year's
Northern Pacific Ry.-Earnings.taxes amounting to $29.316 accrued. In addition taxes and penalties were
1931
1932
1933
paid during the year totaling $43,269.
1934
August
Title subsidiaries had
On July 31 the Federal receivers of two New York
85.763.600 $4.960,851 $4.423,806 $5,620,924
Gross from railway
1,453,132
929,229
1,613,882
In their possession $18,479 cash representing the income on series C pro1,694.943
from railway
Net
984,135
509.700
1,360,844
perties after payment of taxes and assessments totaling $33,317. It is
1,410,234
Net after rents
expected that this sum will be remitted to the rehabilitator for the account
From Jan 1
of the certificate holders in this series.
33.044,301 29,732,442 29,904.929 41.855.415
Grossfrom railway
5.467.611
1,660.136
On series C-3 the rehabilitator reports that on Aug. 4 1933, taxes and
5,773.740 3,637,083
Net from railway
2.457,271
1,472,641 def1,221,306
assessments due totaled $14,401. During the year a total of $24,901 was
4,185,232
Net after rents
paid in taxes and penalties. With the accrual of taxes for the last half of
-V.139. p. 1412.
1933 and the first half of the current year there remained due at July 31
-Plan Operative
last, taxes and assessments of $20,185.
-"----- Northeastern Public Service Co.
trust 535%
The protective committee for the general lien and collateral
Report on Series C-2 Rehabilitation
in a letter dated Sept. 25 states:
gold bonds
2936). WaS
George S. Van Schaick. Superintendent of Insurance, on Sept. 8 made
The plan of reorganization dated April 17 1934 (V. 138, p.
public a report on the progress in rehabilitation of Series C-2 guaranteed
and it is expected the
declared fully operative and has been consummated,common stock of the
mortgage certificates,
of $4 preferred stock and
new securities consisting
The Series 0-2 is secured by mortgages with a face value of $24,349.926
Cor).), provided in the
new corporation (Northeastern Water & Electric
will on and after
on 102 parcels of property, of which 51 are in Manhattan,37 in the Bronx,
plan of reorganization and distributable thereunder,
11 in Kings, one in Queens and two in Nassau County. The total 1934
upon surrender of certificates of
oct. 16 1934, be available and deliverablethe depositary which issued the
assessed valuations of these properties is $28,413,000. There are 7,295
deposit for cancellation at the office of
certificate holders in the series,
certificates of deposit.
receive for each
The report sets forth that in the case of four mortgages, with an aggre1.1..n such surrender, bondholders will be entitled to certificates for
gate face amount of $910.250. owners are in possession of their property
of deposit
31,111 of bonds represented by certificatesshares of common stock of
with no arrears of any kind. There are 14 mortgages amounting to
and two
eight shares of 84 preferred stock
ready for delivery.
$1,032,443 where owners are still in possession although there are some
Northeastern Water .St Electric Corp. when the same are bonds represented
arrears.
of
and on the same proportionate basis for lesser amounts
In 29 of the properties having a face value of mortgages amounting to
by certificates of deposit.
be delivered where
$6,784,675, assignments of rents have been obtained from the owners,
Certificates for fractional shares of preferred stock will will be issued in
and the rehabilitator has supervision of the properties. Fifteen mortgages
scrip certificates
required, but, as provided by the plan,stock.
for $5,426,200 are in partial foreclosure and 40 mortgages amounting to
lieu of any fractional shares of common
and exchange of
$10,196,357 have been foreclosed.
The following requirements will govern the surrender
During the period from Aug. 4 1933 to July 31 1934 a total of $848,385
certificates of deposit:
the registered
was paid on taxes and assessments together with penalties. However, in
name
the new stock is to be issued in the samedepositas
1. If
may be endorsed
the same period an additional full year's taxes, water charges and assessholder of the certificate of deposit, the certificate of
ments totaling $824,147 became due,
as the name appears
by the registered holder in exactly the same manner guarantee of signa"Although it appears that at the latter date this total exceeded the total
witnessed. No
on the face thereof, with the signaturethis instance.
on Aug. 4 1933, consideration must be given to the fact that the Federal
tune and no tax stamps are required in
than that of the
Receivers for Land. Estates, Inc. and Liberdar Holding Corp. on July 31
the new stock is to be issued in a name other
2. If
1934 had in their possession 8176.754 in cash, representing the net income
the certificate of deposit
registered holder of the certificate of deposit, exactly the same manner
from properties in C-2 series, title to which was held by the two whollymust be endorsed by the registered holder in signature of the registered
owned subsidiaries of New York Title & Mortgage Co.,' the report sets
as the name appears on the face thereof, and the
forth,
guaranteed, in the case of eertifiholder must be witnessed and officially
more than offset by the moneys in possession
by a bank or trust
"The increase in arrears is
cates of deposit issued by the New York depositary
of such receivers which have not yet been turned over to the rehabilitator
office or correspondent, and in the case
company having a New York City
and which comprise part of the year's income on the series.
depositary then by a bank
of certificates of deposit issued by the Chicago correspondent. or in either
Mr. Van Schaick, as rehabilitator, expects to receive a total of $176,754
or
or trust company having a Chicago officeNew York Stock Exchange. In
Series C-2, making additional funds available for payment on arrears,
case by a firm having a membership in the
properties. including
amount of certifiDuring the year in rehabilitation the income on C-2
case, funds at the rate of 86c. per $1,000 principal cover the cost of
such
those in Federal receivership, indicates a net yield of 1.73% after annual
the depositary to
cates of deposit must be remitted to stamps, or the holder may affix to
tax requirements and operating expenses,
Purchasing the requisite transfer tax
the rate of 48c. and
Report on Series I3K Rehabilitation
the certificate of deposit Federal transfer stamps at per $1,000 principal
Richard A. Brennan, special Deputy Superintendent in charge of the
New York State transfer stamps at the rate of 38c.
involved and the
amount of certificates of deposit. Where a transfer is thus
Insurance Department's rehabilitation bureau, on Sept. 1 filed a report
trustee, guardian.
with George S. Van Schaick showing improvement in rehabilitation of
assignment is executed by an executor, administrator, other representaany
BK
Seriesguaranteed mortgage certificates of the New York Title & Mortattorney, officer of a corporation or a person acting in
of such person
gage Co.
tive or fiduciary capacity, proper evidence of the authority
- act must accompany the certificate of deposit.
The report on this series, which is the third largest, shows that on Aug. 4
to
the close of business
1933 the rehabilitation date, there were arrears of taxes and assessments of
of deposit will not be transferable after
$350,833. During the year ended July 31 1934 tax arrears and penalties
Oct.
Cergilc9a3tes4.
in the amount of $403,466 were paid. Accrual of last half of 1933 taxes
Trust Bondholders
Distribution to General Lien & Collateral
l
es and assessments due at July 31 last of
and first half of 1934 left
in a notice dated
James T. Woodward, Chairman of the committee, and directed to
tax$437,12.
authorized
Sept. 25 states that this committee has been
Despite the appearance on the surface that the Increase in assessments
delivered to it as a result
distribute out of funds which have been or will be
and taxes due on July 31 shows no improvement "substantial tax arrears
an amount
of realizations of assets in connection with a prior reorganization, collateral
are to be paid soon from funds on hand with equity receivers," Mr. Brenlien and
equal to $8 for each $1,000 principal amount of general
nan's report points out,
Northeastern Public Service Co. represented by
trust 5%% gold bonds of
Federal equity receivers for Land Estates. Inc., and Liberdar Holding
for lesser amounts of
certificates of deposit (and on a proportionate basis
Corp., wholly-owned subsidiaries of New York Title & Mortgage Co..
distribution to be made
bonds represented by certificates of deposit), such
hold title to 65 foreclosed properties securing mortgages with a face value
record of such certificates of deposit
on or about Oct. 20 1934. to holders of
of $3,918,450 in BK series. As of July 31 the receivers had in their peewill be made
as of the close of business Oct. 6 1934. This distributbn
session $112,183 in cash, which represents the net income on those 65 propcommittee which
directly by this committee in the form of checks of thisof deposit on the
erties for the year,
certificates
will be mailed to such holders of record of
Pursuant to a recent determination of the Circuit Court of Appeals iu a
depositaries of this
date at the addresses shown on the books of the
proceeding brought by Mr. van Schaick to compel the receivers to turn
committee.
over to the Superintendent, on behalf of the certificate holders of this an
of Northeastern Public
"Such distribution is not made out of any funds Electric Corp. (formed
situated series, the income from properties in receivershibs,
other similarly
Service Co. or of the new Northeastern Water &
it is expected that this 8112,183 will be remitted to the rehabilitator in
Public Service Co.),
pursuant to the plan of reorganization of Northeastern
the near future for the account of Series BK,the report declares.-V. 139.
on new securities
and does not represent a dividend or any other payment pursuant to said
P. 1716.
certificates of deposit
to be received in exchange for
on account of
reorganization, but represents in effect a capital realization 139. p. 607.
New York Westchester & Boston Ry.-Earnings--V.
the bonds represented by such certificates of deposit."
1934-8 Mos.-1933
-Month-1933
Period End. Aug.31- 1934
$135,109 $1,134.396 $1,122,822
$134,462
Railway oper. revenue__
-Successor to
Northeastern Water & Electric Corp.
896,599
996,133
113,294
126,524
Railway oper. expenses..
214,832
-See latter company.
204,800
26,854
25,600
Northeastern Public Service Co.
Operating income__ -- def$17.662
1.790
Non-operating income__
Gross income
Deductions
Net deficit
-V. 139. p. 1412
def$15.871
248.427
$264.298
def$5,038 def$66,537
2,049
14,822
$11,390
15,417
def$51,714
1,976.804
826.808
1,941.848
def$2,988
244.225
$247,214 $2,028.518 81.915,040
-Earnings
Norfolk Southern RR.
August
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 1411.
1934
$380,373
68,291
14,381
3,276,474
880.835
430,113
1932
$315.591
267
def54,168
1931
$458.399
63.201
3,478
2,873,276
2.935,012
264,980
450,333
25,423 def195,953
4,220,865
815,510
280,998
1933
$367,193
77.033
27.971
Norfolk & Western Ry.-Earnings--
-Earnings
Northwestern Electric Co.
[American Power & Light Co. Subsidiary]
1934-12 Mos.-1933
-1933
-Month
Period Encl. Aug.31- 1934
$243,919 $3,415.651 8.3.367,966
8279,854
Operating revenues
2,192,147
2,271,664
171,523
190,898
Oper. exps.,incl. taxes
200,982
202,358
16,823
16,905
Rent for leased property
$974,837
$941,629
$55,573
$72.051
Balance
2.725
Dr1,379
75
Dr227
Other income
8977,562
$940,250
$55.648
$71,824
Gross corp. Income_ _
648,772
634.705
53,764
52,410
Int. & other deductions_
$328,790
$305,545
y$1,884
y$19,414
Balance
260,000
260,000
Property retirement reserve appropriations
x Dividends applicable to pref. stocks for period,
334.145
334,159
whether paid or unpaid
$265,355
8288,614
Deficit
to
x Dividends accumulated and unpaid to Aug. 31 1934 amounted
pref. stock was 88 cents a share paid
$599,081. Latest dividend on 7%
Jan. 3 1933. Latest dividend on 6% pref. stock was 81.50 a share paid
are cumulative. y Before
Oct. 1 1932. Dividends on these stocks dividends.
-V.139. n. 1
property retirement reserve apprtariations and
1934-8 Mos.-1933
-Month-1933
Period End. Aug. 31- 1934
Railway oper. revenues_ 86,001.738 87,399.032 $48,695,644 844,241,437
3,550,143 19.041,598 18,731,008
Net ry. oper. revenues.._ 2,217,600
3,092,478 14.772,532 14.494.255
Net ry, oper. income_ _ _ 1.689.064
,0 6.248
153,417
308.695.
-1 I Div.
Other inc. items (bal.)_ _
-82
-----Nunn-Bush 8c Weldon Shoe Co. of 821st Pref. on account •. -;
--$15,520,5044 Wee
per share
The directors on Sept. 4 declared a dividend stock, par $100. payable
$1,844,482 $3,401.174 $15.653.984
Gross income
1st preferred
of accumulations on the 7% cum,
2.354.609
281,149
2.585,036
298,164
Interest on funded debt_
share
Sept. 29 to holders of record Sept. 15. This compares with $3.50 per
per share paid on
paid on June 30. March 31 and Jan. 3 last, and $1.75 on this issue since
81.546.317 $3,120,024 $13.299,374 $12,935,467
Net income
Sept. 30 1933. this latter payment being the first made of $1.75 per share
1412.
-V• 139. p.
March 31 1932 when the regular quarterly distribution
-Removed from Dealing. ),. VIM de.
,
North American Financ) Corp.
will amount to $3.25 per
has removed from dealing the class A - Accumulations after the Sept. 29 payment
0 York
, Produce Exchange
Thec7
-V. 138. P. 4135.
share.
par.
stock,
2058
Financial Chronicle
Sept. 29
1934
O'Brien Gold Mines, Ltd.
-Stock Offered
Pro Forma Consolidated Balance Sheet Aug. 31 1934
Public offering is being made by Nesbitt, Thomson
[Giving effect to proposed issuance of 45,000 additional shares of
of an issue of 1,250,000 shares of capital stock at 91 & Co., Ltd., Montreal.
per share.
capital stock.]
The capitalization of the company comprises 4.000,000 shares, of
Assets
3,250.000 are to be presently issued. Of this amount M. J. O'Brien,which
Liabilities
Ltd..
Cash
of Ottawa, will receive 2,000,000 shares as sole consideration for the transfer
$38,728 Notes payable
84,700
Notes & accts. rec. (less res.)to the company of the Cadillac-O'Brien mine. Upon the
63,882 Leasehold acct, for purchase of
Advances to officers dr employ.
current financing the company will have net current assetscompletion of the
4,338
motor trucks
27,029
of approximately
Inventories
U.000,000 to be used for further development work, additions to the
146,858 Accounts payable
105,006
Prepaid ins., taxes, &c
Cadillac
-O'Brien mm, construction of other buildings, for the acquisition
16,734 Accrued taxes, Interest, &c___
57,848
Cash in closed banks
of, or an interest in, other properties, and other corporate purposes.
6,398 Payable deferred
384,113
.Fixed assets
The Cadillac-O'Brien mine has already
1,960,395 Notes payable convertible_ _ _ 100,000
.
the
Deferred charges
Important gold producing mines in Quebec, taken its place amongstover
115,114 Dep. on returnable containers_
having produced to date
52,805
Trade-marks, processes, &c_
$500,000 of gold. The mine has been brought to its present stage of develop125,000 Iles. for workmen's comp. Ins_
1,868
ment by M. J. O'Brien, Ltd., and is continuing under the control
Capital stock (par $8)
1,521,048
and
management of that organization. To date over $750,000 has been expended
Capital surplus
333,627
on the property.
Earned deficit
110,596
The Cadillac
-O'Brien property comprises 455 acres and is located in
Total
Cadillac Township, Quebec. The mill on the Property went into production
$2,477,449
Total
$2,477,449
In February 1933, and up to July 14 last had produced 42,692 tons of ore,
-V. 139. p. 939.
with an average gold content of .45 ounces
-915.75 per ton (at $35
The officers and directors are: Pres., J. Ambrose O'Brien, Vice-Prgold). -' --Penberthy Injector Co.
os. &
-Extra Di8tribution-441
.
Managing
M. J. O'Brien, Ltd.; Vice-Pres., J. L. Murray, director,
The directors have declared an extra dividend
M.J.O'Brien, L mited; director, J. G. Dickenson, General Mines Manager,
of $2.50
addition to the regular quarterly distribution oflike amount per share
M. J. O'Brien, Ltd.; director, J. N. Rougvie, director, M. J. O'Brien,
on
stock, par $25, both payable Sept. 30 to holders of record Sept.the common
Ltd.; director, A. J. Nesbitt, Pres., Canada Northern Power Corp.,
25. Similar
distributions were made on June 30 last while on March
Ltd.:
General Manager, J. G. Dickenson; Sec.-Treas., J. N. Rougvie.
31 1934 an extra of
$1.25 Per share was disbursed.-V.138, p.4473.
Ohio Edison Co.
-Earnings
-(J. C.) Penney Co.
-New Store
[A Subsidiary of Commonwealth & Southern Corp.]
The company will, on or about Oct. 20, open its first store in Oklahoma
City, Okla., and is spending about 980.000 in reconstructing and remodeling
Period End. Aug.31- 1934
-Month-1933
1934-12 Mos.-1933
store space. The store, it is said, will employ 400 persons and will
Gross earnings
$1,185.413 $1,153,582 $15,023,184 $14,479,157
be one
of the largest in the Penney chain.
Operating expenses, incl.
-V. 139. P. 1717.
maintenance & taxes570,206
522.715 6,755,626
5,884,046
Fixed charges
Pennsylvania RR. Regional System-Earnings323.751
325,286 3,877,104 3.888.315
Prov. for retire't reserve
100,000
100,000 1,200,000
1,200,000
[Excl. L. I. RR. and B. & E. RR.]
Divs. on preferred stock_
155,573
155,594
1,866,880
1,866,788
Period End. Aug.31- 1934
-Month-1933 1934-8 11105.-1933
By. operating revenues_928,247.078 $32.971.069 8234021,129 8211966,755
Balance
$335,881
$49,987 $1,323,573 $1,640,007
fly. operating expenses_ 21,058,363 21,809.002 170,142,330 147.907,604
Note
-The effect of settlement in August 1934 of rate case involving
By. tax accruals
2,530,900
2,381,217 17,155,400 16,138,555
refunds retroactive to May 1 1933 has been included fqr all periods jn
Uncollectible ry. revs_ _ _
23,576
the above statement.
38.294
112,888
83.623
-V. 139. p. 1412.
By.operating income_ $4,634,239 98.742,556 $46,610,511 $47,836,973
"Old Joe Distilling Co.
-Initial Dividend
Equip. rents
-Dr. bal.825,824
954,846
The directors have declared an initial dividend of 10 cents per share on
5.782,682
6,568.203
Jt. facil. rents
-Dr. bal_
105,413
175.785
the 8% cum. partic. preferred stock. par 95, payable Oct. 1 1934 to holders
1,145,040
1,101.616
of ecord Sept. 28 1934.-V. 138. p. 1061.
Net ry. oper. income_ $3,703,002 $7,611,925 $39,682,789 940,167,154
Note.
-The 1934 figures shown in this statement do not include the
Pacific Power 8c Light Co.
-Earnings
results of operation of the West Jersey & Seashore RR., that road having
[American Power & Light Co. Subsidiary]
been leased to the Atlantic City RR. (Pennsylvania-Reading Seashore
Period End. Aug.31- 1934
Lines), effective June 25 1933. The figures for the period prior to this
-Month-1933
1934-12 Mos.-1933
date, however, Include the results of operation of the West Jersey & SeaOperating revenues
9348,586
$302.603 $3,884,020 93,678.000
Oper. expel., incl. taxes.._
shore RR.
196,118
176,485
2,299.418
2,184.489
Net revs, from oper-- $152,468
Earnings of Company Only
$126,118 $1.584,602 $1,493,511
Rent from leased properAugust1934
1933
1932
1931
ty (net)
Gross from railway
14.805
828,168.232 832,900.785 $25,148,291 $37.767,229
14,723
177.158
175,781
Other income
Net from railway
29,263
7,170,257 11,155,476
13,002
306,694
398,494
6,773.414
9,134,976
Net after rents
3,703,036
7.201,507
2,627,697
4,760,279
Gross corp. income_ From Jan. 1
$196.536
$153,843 92,068,454 82,067,786
Int. & other dedcutions_
Gross from railway
107,377
233,531.205 211,547,420 223,648,659 310,202,466
110,694
1,289,044
1,318,026
Net from railway
63.934,654 64.050.675 56.380,271 62,187,168
Balance
Net after rents
y$89,159
39,829.252 37,383.999 28.862.966 31,138,756
y$43,149
$779,410
9749,760
Property retirement reserve appropriations
600,000
600,000
Board of Adjustment Formed
x Dividends applicable to pref. stocks for period,
Formation of a System Board of Adjustment for the settlement of differwhether paid or unpaid
458,478
458.369
ences with its maintenance of way employees, was announced Sept. 27
by the company.
Deficit
$279,068
9308,609
This board, the second of its kind to be established on the Pennsylvania,
x Dividends accumulated and unpaid to Aug. 31 1934 amounted
to
will resolve questions at issue between the railroad and its employees in
$611.304. Latest dividends amounting to 87 cents a share on 7% pref.
the maintenance of way department which cannot be disposed of locally by
stock and 75 cents a share on $6 pref. stock, were paid on
Aug. 1
negotiation between divisional and general officers of the railroad and
Dividends on these stocks are cumulative. y Before property retire1933.
ent
representatives of the men.
reserve appropriations and dividends.
-V. 139, p. 1248.
The first System Board of Adjustment on the Pennsylvania was established early in July to settle disputed questions with engine and train
--,Pan American Airways Corp.
-25
-Cent Dividen
service employees. The authority of the new maintenance of way board.
The directors have declared a dividend of 25 cents per sharofon
the '
like that of the train service board, will be final in the settlement of all
capital stock, par $10, payable Nov. 1 to holders of record Oct.
disputes and no appeal can be taken from its decision to any regional or
initial distribution of like amount was made on Aug. 1 last. 20. An
--V. 138,
national authority. Both boards were established under the amendments
p.4472.
made to the Railway Labor Act at the last Congress.
The maintenance of way board will be officially known as the PennParamount Broadway Corp.
-Hearing Postponed
sylvania RR-Long Island RR. Maintenance of 'Way System Board of
The hearing on the suggested reorganization of the corporation, subAdjustment. As its name indicates, the Board will also have jurisdiction
sidiary of the Paramount Publix_Corp.. scheduled for Sept. 24,
has been
over Long Island RR. employees. It will be composed of 12 members,
postponed to Oct. ;4 „to+
,
six of whom shall be selected by the management and six by the employees.
773.
v
The employees and management will have equal voting power, and not
Peerless Cor
.7)isting of Additional Stock--0
, ,*.e
less than a two-thirds vote will be necessary to reach a decision.
Exchange has approved the ap
tion of the
The agreement between management and men establishing the Mainclimpany, by amend g he purpose of issue, with respect
2,071 shares
tenance of Way System Board of Adjustment also provides divisional and
of the 92,348 shares authorized under application, datedept.
regional machinery for the amicable adjustment of disputes involving the
21 1933,
to be listed upon notice of issuance, pursuant to the terms of an offering
working conditions and wages of these groups of employees. The arrangeto stockholders so that
ment is substantially that which has been in effect for the settlement of
20,000 of the shares may be listed upon official notice of issuance in
controversial questions with these employees since 1921 under the Pennrepayment of a loan of like number of shares made by certain stockholders
sylvania RR. plan of employee representation.
-V. 139. o. 1877.
of the corporation, and
25,000 of the shares may be listed upon official notice of issuance in payPennsylvania Salt Mfg. Co.
-Earnings.
ment of notes of Brewing Corp. of America for $125.000.
Of the above mentioned 92,348 shares. 277 shares were subscribed for
Earnings for Years Ended June 30
by stockholders. After giving effect to the change in purpose
1934
1933
1932
1931
with respect to the above-mentioned 45,000 shares, there is left aof issue
Gross earnings
52.294,214 $1,514.034 $1,637,019 91,819,081
balance
of 47.071 shares which cannot now be issued for the purpose set forth in
Maint.of bldgs.& equip.
528,963
368,266
442,231
469,462
prior application and which the corporation has no present plans to issue.
Deprec. & depletion_ _
762,836
766,891
768,602
745,268
Develop.& research res_
The corporation consents to the cancellation of the authority heretofore
20.000
Write-down of tr.-mks.
giving for the listing of 47.071 shares, making the total amount applied for
507,016 shares.
and patents
93,479
Federal taxes(est.)
Authority for and Purpose of Issue
151,700
53,129
63,038
70,222
A statement of the authority for and terms ofissue, originally for 117,348
Net earnings
$757,236
$325,745
shares, which included the 92,348 shares originally offered to stockholders
9363,147
$514,129
Previoussurplus
3,946,439 4,424,889 6,522,988 6,628,680
and underwritten by Redmond & Co., was contained in prior application.
By resolution of the directors, duly adopted Feb.51934.present transactions
Total surplus
94.703,675 $4,750,634 $6,886,135 $7,142,809
were authorized. These transactions involved a loan of 60,000 shares to the
Dividends (8%)
x447,900
450,000
corporation by certain stockholders, which shares were placed in escrow
450,000
600,000
Insurance reserve
6,940
against provisions of contracts under which Redmond & Co. could take
Cr5,796
8.413
19,820
Obsolence of plant units_
up these shares. Pursuant to the transactions and authority just referred
404,190
Adj.Federal income tax_
to, Redmond & Co. took up 20,000 shares and the corporation became obCr44,199
2,833
ligated to return stock in that amount to its stockholders, who supplied the
Profit & loss surplus-- $4,248,836 $3,946.439 96.424,8259 $6,522.988
same for deposit in escrow. The corporation has received the consideration
Earns, per sh. on 150,paid for such stock and on Sept. 12 1934 the directors duly adopted resolu000 she, of cons, stock
tions authorizing the issuance of 20,000 shares for repayment of the loan
outstanding (par $50)_
$5.05
92.17
of stock by its stockholders.
$2.42
$3.43
x Excludes dividends on 700 shares held by Insurance Fund.
One of the contractors for the new construction in the plant and for the
adaptation thereof referred to in prior application has heretofore accepted
Consolidated Bagance Sheet June 30
as payment for indebtedness owing to him in the amount of $125,000, notes
for that amount payable to the holders thereof by delivery of Peerless Corp.
1934
1933
1034
1933
stock at $5 per share, which delivery must be made on or before Nov. 1
A ssetsLiabilities$
1934, when the notes mature. The payment of these notes by delivery
Cash
1,709,049
988,401 Accounts payable_ 424,956
410,155
of stock was authorized by the directors on May 7 1934, and on Sept.
Marketable securs. 108,225
98,225 Dividend payable. 111,975
112,500
12 1934 the directors duly adopted resolutions authorizing the issuance
Notes receivable- - 209,925
257,832 Taxes and sundry
of 25,000 shares of the corporation's stock at 95 per share in exchange for
Acc'ts receivable
871,532 1,200,446 accrued Items__
150,067
127,444
said notes.
Inventories
2,028.567 1,842,394 Devel. dr research
Prepaid expenses_ 263,446
239,819
reserves
18,904
Consolidated Income Account for 11 Months Ended Aug. 31 1934
18,904
Invs. In subs, and
Insur. fund res'ves 233,212
225,747
Sales of ale, less allowances
other cos, not
$214,091
Capital stock
7,500,000 7.500,000
Federal and State taxes
consolidated
303,601
203,604 Paid-in surplus-. 2,000,000 2,000,000
77,204
Cost of sales
y Cos, stock held
Earned surplus... 4,248,836 3,946,440
58.427
Selling and general expense, repairs, &c
by Ins. Fund
52,303
52,303
139,749
Depreciation of buildings and equipment (annexed)
x Bldgs., mach's
,
32,829
and equipment_ 8,022,706 8,283,261
Lossfrom operations
Real estate. Incl.
$94.119
Interest, discount, &c
coal lands
758,933
741,005
29,916
Tr.
-marks & pats_ 359,662
453,901
Balance deficit
$64,203
Interest, discount, maintenance of idle property, &c
Total
14,687,950 14,341,189
46,393
Total
14,687,950 14,341,189
x After reserve for depreciation of 59,205.261 In 1934 and $8,782,810
Netloss
$110,596
Is, 1933. y Represented by 700 shares.
-V. 137. P. 4540.
',410.111MM
Pennsylvania Reading Seashore Lines.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1413.
1934
6824,318
241,770
def47,821
1933
$854,449
266,599
13,789
1932
$301,904
121,185
65,889
1931
$437.611
182.119
128.411
-Special Master
Motor Car Co.
Pierce-Arrow
has been appointed special master
Edward R. Bosley. Buffalo attorney,the company. Ile was named at
to sit in the financial reorganization of
John R. Knight in U. S. District Court,
the company's request by Justice
-V. 139. p. 1877.
Buffalo.
4,039.912 2,352,854 1.376,841 2,018,393
86.843
264.687 def10,708
248,102
def1,291,259 def564,865 def376,091 def321,390
-Injunction Against Sale
Peoria Life Insurance Co.
Sought
An injunction suit to restrain receivers for the company from executing a
Pere Marquette Ry.-Earnings-
1934-8 Mos.-1933
-Month-1933
Period End. Aug.31- 1934
$1,942,291 $2,127,594 $17,157,892 $14,601,630
Operating revenues
536,140 4,045,007 2.679.185
330,162
revenue
Net operating
330,938 2,416,297 1.101.829
131.007
Net ry. oper. income
333,007
320.506
16,081
16,565
Non-operating income
$347.019 $2,736.803 $1,434.836
$147,571
Gross income
298,609 2,314,664 2,393,021
287,765
Interest on debt
126.683
126,683
15,629
16.847
Other deductions
def$157,040
$32,780
$295.456df$1.084.868
-Bonds Called
Philadelphia Electric Co.
First mtge. sinking fund 5% gold bonds due 1966, aggregating $245,000
and 1st mtge. sinking fund 4% gold bonds due 1966, aggregating $9,800
have been called for redemption Oct. 1, the 5s at 105 and int., the 45 at
par and int. Payment will be made at the Real Estate-Land Title dr
-V. 139, P. 939.
Trust Co., trustee, Philadelphia, Pa.
-Merger of P. R. T. and
Philadelphia Rapid Transit Co.
Underlying Concerns Proposed
underA proposal to merge the Philadelphia Rapid Tranist Co. and itsprovate
all
lying companies into one corporation owning and operatingthe P. R. T.
transit lines in the City of Philadelphia, has been advanced by concerned.
It was offered at a meeting of representatives of all companies
Providing for a new corporation with a capitalization of nearly $100.000.the underlying com000 the merger would replace a plan to unite merelyThe new corporation
panies and negotiate a new lease with the P. R. T. equipment In Philawould hold legal title to all tracks, cars and traction
delphia, except those owned by the city.
$9.700.000
The plan would not affect a previous proposal to reduce the would probut
annual rentals to the underlying companies by $2,000,000, to be issued by
for a corresponding reduction in the interest on bonds
vide
the new company to the former underlying stockholders. The new corpoCourt,
rate set-up, which would require approval of the Federal with the would
same
retain the common and preferred stocks of the P. R. T.
modification to the preferred stock proposed under the original plan.
U. S. Circuit Court of Appeals Declines to Issue "Status
Quo" Order in P. R. T. Case
24, refused
The U. S. Circuit Court of Appeals at Philadelphia on Sept.
quo" order to preCity Controller S. Davis Wilson's petition for a "statusits creditors, from
vent the Philadelhpla Rapid Transit Co., or any of
a
reorganization proceedings under the National Bankruptcy Act pendingS.
decision of Mr. Wilson's appeal from the dismissal of his suit by the U.
District Court Sept. 19.
The Circuit Court, however, ordered a hearing on the merits of Mr.
Wilson's appeal from the dismissal order to be held Oct. 1, but it would not
stop other interests from taking reorganization steps in the Federal Court
-V. 139, P. 1877.
if they want to.
Philadelphia & Western Ry.-EarningsIncome Account Year Ended Dec.31 1933
Gross revenues
Oper. expenses, before providing for depreciation
$420.779
247.228
Net operating income
.Amortization o discount on funded debt
Tax accruals
Bad accounts charged off
Hire ofequipment
Interest on funded debt
Other interest paid
$173.551
2.384
17,500
2,502
75
131.500
13,701
Net income,before providing for depreciation
Provision for depreciation
$5,889
30,000
$2,4,111
Balance Sheet Dec. 31 1933
Liabilities
Assets
$2,000,000
-Road & mm11)1_58,883,520 Preferred stook,5%
Investment
3,725,000
Inv.in & advs. to aMi.cos- _ 153.565 Common stock
2,630,000
82,302 let mtge. 5% bonds
Cash
226,
46,313 Car trust certificates
at cost_U
Marketable secure,
.due monthly.
8,270 Warrants
Accounts receivable
33,714
325 Accounts pay. at accrued wages
to employees
Advances
65.750
21,910 Accrued interest on bonds
Materials and supplies
39.474
22,948 Accrued taxes
Insurance proceeds, per contra
1.968
2,751 Inter-line ticket gales
Prepaid insurance
16
122 Divs. matured-unpaid
Time table & station supplies_
397.851
60,785 Reserves-Depreciation
on bonds
Discount
13,988
Accidents
22,947
For repairs to damaged car
3.500
Unusedtickets
102,956
Surplus
Deficit
$9,280,809
99,280,809 Total
Total
-V.139, p. 610.
"Phoenix Silk Mfg. Co. Inc., N. Y.'
he commuly.which operates the Adelaide Silk Mill and the Adelaide
Ribbon Mill, in Allentown, Pa.. and the Tilt Silk Mill at Pottsville, Pa.,
y petition of reorganization under Section 77-B
recently filed a vein
of the Bankruptcy Act Evan W. Walte.s was appointed trustee.
on there are $837,200 in outstanding first mortgage
According to the
bonds and 1360.016 n notes payable. A balance sheet as of May 30
indicates assets of 61.861.405 which includes $1.742,792 in fixed assets.
Liabilities as of that date, exclusive of capital stock debts, totaled $1.554.
360. When the capital stock obligations are included a deficit of $532.971
is indicated. There arc outstanding 80.000 shares (no par) preferred stock
-V.133. p. 1301.
and 40.000 shares of $1 par value common stock.
41..
-New Company Takes
Pictorial Review Co. of N. Y.
Over Assets
Lee Ellmaker, President of the company, recently announced the sale
of "Pictorial Review" magazine and Pictorial Review Pattern Co. together with subsidiary companies, to a newly formed corporation known
as the Laurelton Corp. Richard E. Berlin, Vice-President and General
Manager of the International Magazine, Inc., is President of the Laurelton
Corp. Other officers are Arthur S. Moore, Vice-Pros.; Fred Lewis,
Vice-Pros.& Treas.; Robert P.Davidson, Vice-Pres,in charge ofadvertising
-V. 134. p. 1387.
and W. E. Miller, Secretary.
-Preferred Divs. Resumed
Co.
Pittsburgh Brewing
cents per share on account
The directors have declared a dividend of 50
preferred stock, payable October
of accumulations on the $3.50 cumulativethe first disbursement to be made
20 to holders of record October 6. This is 1920 when a regular quartery
quarter of
on this issue since the third share was made.
-V. 138, p. 877.
distribution of 87A cents per
contract for sale of its assets to the Life ,5s Casualty Co. of Chicago has
been filed in Kent County Circuit Court Grand Rapids, Mich., in behalf
Rapids,
of Roy F. Kendall, Battle Creek, and harry C. Buell. Grandplaintiffs
policyholders. Other Michigan policyholders may join with the
they wish.
if
In addition to seeking the injunction to prevent consummation of the
receiver to take
sale, the plaintiffs ask the Michigan court to appoint a entire State, and
charge of properties within its jurisdiction, including the company. An
of the
the Michigan policyholders' share of the reserve
accounting is asked of all properties in Michigan and of the Peoria Life's
-V.139. p. 1250.
reserves.
Net income
-V. 139. p. 1250.
2059
Financial Chronicle
Volume 139
Pittsburgh 8c Lake Erie RR.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1717.
1933
1934
$1,273,010 $1,695,704
467,760
156,131
446,515
230,929
10,597,735
1,984.916
2,440,879
9,491,374
1,909,424
2,004.641
1931
1932
$935,968 $1,473,050
141,643
90,605
225,391
104,451
8,101.966 12,549.764
630.533 1,705,227
898.079 2,341,215
Pittsburgh & Shawmut RR.-Earnings.1934
$35,807
def8.652
def4,332
1933
$91.780
38,798
39,645
1931
1932
$60.165
$74,604
7,441
18,214
13,8077,734
431,677
46,919
82,916
AugustGrossfrom railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V.139, p. 1413.
440,711
79,756
75,620
506.398
76,571
60,180
617.826
140.647
137,560
ingsPittsburgh Shawmut & Northern RR.-Earn
1931
AugustGrossfrom railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139, p. 1413.
1934
47,807
def20,661
def27,595
1933
109.636
29,495
21,239
1932
63.381
def4.545
def12,815
111,117
30,865
24,656
618.637
13,596
def47,320
611,111
90,071
36.462
619,205
10,833
def41.164
876,959
198,549
146.680
Pittsburgh & West Virginia Ry.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Net from railway
Net after rents
-V. 139. p. 1413.
1934
$236,274
69,017
70,945
1933
$272,616
109.698
136,086
1932
$178.729
43.264
58,653
1931
$243.732
45,369
40.815
1,895.988
556,850
606,180
1.738.961
610.766
653,216
1,444,852
257,557
222,415
2,014.752
449.166
446,327
-Earnings
Portland Gas & Coke Co.
[American Power & Light Co. Subsidiary]
1934-12 Mos.-1933
-Month-1933
Period End. Aug. 31- 1934
$268,382 $3,049,907 $3,451.922
$268.810
Operating revenues
2.219.341
2,152,026
165,706
171.908
Oper. exps., incl. taxes $897.881 $1.232.581
6102,676
$96,902
from oper.Net revs,
9.324
2,890
304
Dr695
Other income
$900,771 $1,241.90.5
$102,980
$96.207
Gross corp. income_ _
542.631
536.428
45,792
45,657
Int. & other deductions_
$699.274
$364.343
y$57,188
y$50.550
Balance
250.000
250,000
Property retirement reserve appropriations
x Dividends applicable to preferred stock for
429.773
430,167
period, whether paid or unpaid
$19,501
def$315,824
Balance
31 1934. amounted to
Dividends accumulated and unpaid to Aug. a share on 7% preferred
87 cents
$412.513. Latest dividends, amounting to
1 1934.
paid on Feb.
stock and 75 cents a share on 6% preferred stock, were property retirement
y Before
Dividends on these stocks are cumulative.139. P. 1251.
-V.
reserve appropriations and dividends.
-Seeks Bond ExPortland (Ore.) Electric Power Co.
tension
mtge. bonds 4M%
The company is requesting holders of its 1st & ref.
outstanding, to take
due 1960, of which there are $40,000,000indenture under which
prompt action to enable the elimination from the
the extension of
these bonds were issued of the provision which prohibits due July 1 1935,
the company's first mortgage bonds, of which $6,457,000.
action necessary as, in the
are outstanding. The company believes this
the refunding of
opinion of its board of directors and its financial advisers,
and that an extension
the maturing bonds will be difficult if not impossible have been requested
bonds
will be required. Holders of the 1st & ref. mtge.
waiver and consent
by the company to execute immediately the proxy
of the company.
sent them in a letter describing the present situation
MOWS,
Files Bankrupt Plea
Federal Court, Portland,
The company filed a petition in bankruptcy In
as amended last June.
Ore., Sept. 26, under the National Bankruptcy Act the receivership under
The court ordered a hearing Oct. 22 and dissolved
610.
has been operating since last March 5.-V. 139. p.
which the company
•
-Earnings
Porto Rico Power Co., Ltd.
Calendar YearsNet profit from operations after providing
for deprec. and taxesInterest on fueded debtOther interest
Loss due to hurricane_
1933
1932
1£31
1930
$662,756
191,376
37.482
6694.873
199.746
43,434
1s7,781
$683.548
200.885
51,911
$552,310
161.061
106,658
DIN s.
Net profit
on pref. stock,..,_
Divs, on common stock..
$433.898
70,000
240,000
$303,912
70,000
240,000
$430,752
70.000
240,000
$284,592
70,000
120,000
Balance, surplus
Previous surplus
$123,898
805,619
def5.6,088
811.707
$120.752
690,954
$94,592
596,362
$811.706
$805.619
Surplus carried forw'd $929.516
Consolidated Balance Sheet Dec. 31
1933
1932
1933
$
AssetsProperty account_11,316,160 11,781,890 7% preferred stock 1,000,000
Common stock_ _ _ 3.000,000
Company's first
3,626,833
24,904 Funded debt
11,770
mortgage bonds.
44,535 Bank loan(secured) 675,000
34,199
Cash
705,800 Accts. & bills pay_ x90,721
760,545
Accounts receiv_
Employees' Ac conMaterials and sup111,885 sumers' deposits 229,556
104,706
plies
2,972 Interest acer. on
3,375
Investments
43,549
5,446 consumers' dep_
2,957
Deferred charges_ Interest accrued on
30,888
funded debt_ _
Dividend payable17 500
.
Detireo. reeerves 2,285,365
Contlng.dc mIse.res 404,782
929,516
Surplus
Total
12,233,711 12,677,431
Total
-V. 137. p. 3497.
x Accounts payable only.
$690,954
1932
1,000,000
3,000,000
3,643,833
675.000
304,755
231.094
42,861
31,783
17 500
.
2,614,437
310,568
805,619
12,233,711 12,677,431
2060
Financial Chronicle
Premier Gold Mining Co.
-Earnings
Years Ended Dec.311933
1932
Production
$1,562,939 $1,781,672
Operating expense
594.965
706,244
Administration expense
7.623
7.438
Income taxes, &c
128,341
153,004
Net operating earn ngs
$832.197
$914,801
Miscellaneous income
loss33,739
20,533
Total net earnings
$796.458
$935,334
Depreciation
$100,902
$110.902
Depletion
407.925
506,503
W/o Prosperity
120.1'1
31.050
W/o Porter-Idaho
99,999
Net profit
$107,749
Return of capital from depreciation and depletion.. $248.581
379.990
572,151
Available for dividends
$679,900
$628.571
Less: Dividends
679,900
628,571
Balance Sheet Dec. 31 1933
Assets-.
LiabilUfesMining property, buildings and
Capital stock
$5,000,000
equipment
5E498,593 Capital surplus
7,246,829
Investments
822,586
Cash
1,169,875
812,246,830
Accounts collectible
136,432 Less: Capital distribution__ 9,269,026
Ore sold, in process of liquid
370,721
Refined silver inventory
200,580
Bal. (par value $5,000,000)-$2,977,804
Materials and supplies
124,880 Accounts payable
44.486
Deferred charges
40,188 Distribution
150,000
Accrued taxes
179,272
Reserves
12,294
Total
$3,363,858
Total
$3,363,856
a After deducting $13,292,489 depreciation.
'Prqased Steel Car Co.-R3fah from Dealing-AKV
ved
New York Produce Exchange
removed from dealing the 5%
conver le gold debentures, 1943 a
certificates of interest in 15 years
convertible debentures. 1943.-V. 139. p. 288.
Procter & Gamble Co.
-Stock Offered
-
W. E. Hutton & Co., in conjunction with Edward B. Smith & Co.,
G. M.
-P. Murphy & Co., and Field, Glore & Co., have purchased a
stantial block of the outstanding stock of the company which theysubare
offering at current market prices.
To Increase Directorate
-
The stockholders at the annual meeting to be held on Oct.
on amending the code of regulations so as to provide for a board10 will vote
of directors
to consist of 14 instead of 12.-V. 139. p. 1251.
-- "lnudence Bonds Corp.
=
k
-Reorganization Plan
A plan
of reorganization for the corporation, which has outstanding
about $142,000,000 worth of bonds, chiefly held in Brooklyn and Long
Island, was filed Sept. 24 in the Federal Court In Brooklyn. A hearing
on the proposal will be held In the Court before Judge Mortimer W. Byers
The plan was submitted by Archibald Palmer, counsel for a group of
bondholders, who said that its chief advantage would be
saving of
large fees which would otherwise result from a multiplicity the actions by
of
various creditors' committees. The plan was submitted under Sec. 77-B
of the National Bankruptcy Act.
On June 29 last the same group of bondholders sought permission to
reorganize under Sec. 77-B and listed the corporation's liabilities at that
time as $109,000,000 and assets as $110,000,000, figured at cost. These
consisted of 1st mtge, real estate bonds and cash. The company is owned
by the New York Investors, Inc., which is in equity receivership in
the
Federal Court in Brooklyn.
The outstanding bonds are issued chiefly against 85 large apartment
and office buildings in various parts of the metroplitan area. Under
the plan submitted Sept. 24 the Court would appoint attorneys to reorganize
each of these properties. The Court would fix the attorneys' fee at the
time of his appointment.
After reorganization is completed and approved by the Court, the
properties would be turned back to the parent corporation and all
of the company would be released from the custody of the Court. assets
Claims Ordered Filed
-
Judge Robert A. Inch in the U. S. District Court in Brooklyn issued an
order Sept. 12 directing all creditors of the corporation who wish to participate in the reorganization of the corporation to file proofs of claims with
Charles H. 'Colby and Clifford S. Kelsey, trustees, at the office of
the
corporation at 331 Madison Ave., Manhattan. He designated Referee
Edward C. McDonald to adjudicate any disputed claims.
-V.139, p. 1251.
Public Utility Investing Corp.
-Earnings
12 Months Ended Dec. 31Cash dividends
Interest on bonds
Other interest
Miscellaneous Income
1933
$69,413
134,908
13,279
453
1932
$160,524
190,267
23,886
600
Total income
Franchise taxes
Capital stock taxes
Miscell. expenses & taxes, incl. corp. & legal exPs-Interest on collateral trust 5% bonds
$218,053
350
3,500
6,644
90,932
$375,277
350
Balance income
Realized losses from sales ofsecure., comma.,&c-
$116,627
187,994
$267,701
7,227
100.000
Balance, loss
$71.367 sur$267,701
Balance Sheet Dec. 31
Assets1933
1932
x Investi.(at cosO$3,557,260 $6,224,089 Corn.stock (89,900
Cash
30,474
34.311
shares)
$89,900 $2,285,000
Accts. dr notes rec. 350,388
298,896 Pref. stk.-S5 div.
Interest receivable
34,402
32,168 series, 20,000 slut 2,000.000 2,000.000
Surplus
41,085
446,613
Coll. trust 5s 1948. 1,818,000 1,820,000
Accounts payable.
246
14,541
Accrued interest_
22.766
22,791
Unclaimed dlvs
200
200
Reserves
327
318
Total
$3,972,524 $6,589,464
Total
$3,972,524 $6,589,464
x After reserve for depreciation in value of investments of $8.400,000
in
1933 and $6,000,000 in 1932.
Ahde-Accumulated unpaid dividends to Dec. 31 1933 on $5 d v. series
preferred stock amounted to $158,333.-V. 137. p. 1427.
Pyle-National Co.
-$2 Preferred Dividend
The directors have declared the regular full dividend of $2 per share on
the 8% cum. pref. stock, par $100. payable Oct. 1 to holders of record
Sept. 18. A distribution of $9 per share was made on June 30 last
$2 being the regular quarterly payment, and $7 was paid on account of
accumulations, thus clearing up all arrearages on this issue.
-V. 138.
p. 4475.
Sept. 29 1934
Rath Packing Co.
-8% Wage Increase
The company has announced that wage increases of8% will go into effect
as of Oct. 1. The rate for common labor will be raised to 473.5
cents an
hour from 44.-V. 138, p. 161.
Rayon Industries Corp.
-Injunction for SEC in Stock
Deal Case
The Securities and Exchange Commission announced Sept. 24, that a
permanent injunction has been granted against the National Investment
Transcript, Inc., C. H. Congdon and Marshall Ward in connection with
recent activities in the stock of Rayon Industries Corp.
The Commission's announcement stated:
"In the trial of the case of the Securities and Exchange Commission vs.
National Investment Transcript, Inc., Clement 11. Congdon and Marshall
Ward,an individual trading under the name and style of Marshall IA ard &
Co., the individual defendants in person stated in open court that they
had read the bill of complaint in which the Government charged a scheme
through the use of the mails, long distance telephone, high pressure salesmanship and artificially produced quotations on the New York Produce
Exchange for the purpose of producing fraudulent sales.
"The individual defendants in open court further stated that they withdrew their verified answers and that they consented to the issue of a permanent Injunction against the sale of class A common stock of Rayon
Industries Corp. and the sale of any other stock in violation of the Securities
Act of 1933, and in particular, they agreed to be enjoined from directly or
indirectly using any means or instrument of transportation or communication in Inter-State commerce, and from using the mails to employ any
device, scheme or artifice to defraud or to obtain money or property by
means of any untrue statement of a material fact, or omissions to state
material facts necessary in order to make the statements made in the light
of the circumstances under which they were made not misleading, or to
engage in any transaction, practice, or course of business which operates or
would operate as a fraud or deceit upon the purchaser of said stock security
or securities."
-V. 139. p. 1878.
Reading Co.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 139. p. 1251.
1934
1933
1931
1932
$3.912.090 $4,537.416 $3.803,434 $5.568.669
1,039.406
1.730.484
693.898
1.185.347
837.264
1.478,689
446.073
1.069.719
36,339.040 32.170,656 34.385.043 48.052.936
11,324.845 10.657.430 7.281,329 5.337.755
8,873.231
8.449,655 6,172.282 3.342.484
Reliance Grain Co., Ltd.
-Outlook
-
The financial year of the company has been changed, making it end
each year on Dec. 31, instead of July 31. Therefore operations for the
current year will cover toe period of 17 months from Aug. 1 1933 to Dec. 31
1934.
Sidney T. Smith, President, in a letter to stockholders states:
"In the meantime the company has made satisfactory progress. Interim
figures as at July 31 last show encouraging results with earnings fully
covering bond interest, depreciation, income taxes and preferred dividend.
"The volume of grain handled through the company's elevators has been
below the average of former years on account of the shorter crops last year
and it would appear that the crop now being harvested is even smaller.
However, the large carry-over of Canadian wheat from former years will
add materially to the amount to be handled for export and, owing to the
smaller crops in Europe and partial crop failure in the exporting countries.
we confidently expect there will be a very good demand for Canadian
grain, including wheat, oats and barley, from the impo.ting countries of
the world.
"The increase in prices of grain, owing to short crop conditions; everywhere, has greatly benefited the farmer in those sections of Western
Canada where the crops have been good and the pm sent prospects ould
indicate that there will be a much larger financial return from this crop
as a whole than last year, which should have a beneficial effect upon general
business in Canada."
-V. 137, p. 2286.
Remington-Rand, Inc.
-Patent Agreement
-
The company has concluded negotiations with Siemens & Halske A. G.,
of Berlin, to utilize all of the latter's Inventions and patents covering
punched card tabulating machines and other office equipment. All such
equipment manufactured under the Siemens & Halske patents will be
marketed in Germany by Powers GMBH,a subsidiary of this company.
V. 139, p. 1414.
Republic Steel Corp.
-Urges Acceptance of Plan
-
T.M.Girdler, Chairman,has Issued a notice to the preferred and common
stockholders urging them to approve the plan providing for the acquisition
of the Corrigan-McKinney Steel Co. and Truscon Steel Co. Preferred
stockholders are urged to deposit their stock with one of the depositaries
and common stockholders are requested to sign and return the proxies
already sent them. (See details in V. 139, p. 1561).-V. 139, p. 1878.
Richmond Fredericksburg & Potomac RR.
-Earnings.
AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1416.
19,34
$443,201
1933
$379,480
27,115
def4,272
1932
$375,515
,
def8,520
4,294.946
907,577
366,345
4,206,646
1,036.973
372,117
4,596,270
1,027,657
384,191
1931
$589.766
def11,753
6,629,322
1,923,251
1.053,472
Rochester Central Power Corp.(& Subs.)
-Earnings
Calendar Years1933
1931
1932
Divs, on stks. & approp. earns, of
subs., appllc. to stks. held by the
corp. (not in excess of aggregate
net income of subs. in 1931)
$1.758.993 $2,851.193 $2,834.762
Interest on bank balances, notes and
accounts receivable
766,366
7,824
Other income
216,812
185,798
579.984
Total gross income
$1,975,804 $3,044.816 $4.181.113
Taxes (company's estimate)
68.711
75,368
528,504
General expenses
14.889
14,886
Interest on funded debt
1,125,000
1,125,000
1,125,000
Interest on unfunded debt
2,030.874
2,079,459
503,786
Amortization of debt disc't & expense
91.804
91,804
Balance (transf. to surp. acc't)__def.$1,355,474 def$326,816
Comparative Balance Sheet Dec. 31
1933
1932
1933
Assets
LiabilUies$
$
$
Invests. in sub.
x Common stock 1,600,000
cos.(at cost or
6% pref.stock.- 18,000.000
valua'n) _112,661,279 113,927,786 Advances
co.'s
32,057,523
Due from subFunded debt
23,309,932
sidiary cos__ _
110,705 Matured interest
92,120
565,112
Dep, for ntat'd
Taxes accrued
4,217
int, on dabs__
2,613
Interest accrued
435,745
Unamort. debt
Res. for undid
disc. & cap...... 1,805,489 1,897,294
dividends_ .._
68
Res. for coining. 35,000,000
Capital surplus. 4.238,449
Corporate sum_ def649.547
$2,008,935
1932
$
1.600,000
18,000,000
33,112.235
23,310,000
4,741
391,808
35,000,000
3,772.655
Pythian Building, St. Louis-Sale Sought
744,345
Sale at foreclosure of the building is sought in a suit filed in Circuit Court
St. Louis, by Boatmen's National Bank. St. Louis, trustee of $550,000
1st mtge. bonds.
114,581,500 115,935,785
Total
Total
114,561,501 115.935,785
The petition sets out both interest and principal payments were defaulted
-V.139, p. 1878.
on the original bond issue on Jan. 1 1931. and State and Federal taxe
levied on the property have not been paid. The bank states since default -Rockland & Rockport Lime Corp.
EL
-Trustee Appointed
of the bonds it has taken over the property as provided in the trust indenture.
George B. Wood, trustee, is notifying the trustee of the mortgage, the
-V. 126. p. 3771.
bondholders' protective committee and all creditors and stockholders of
his appointment by the Court as temporary trustee under Section 77-B
R tad Shares Corp.- enweed from Dealing#K„
h
:
of the Bankruptcy Act•
ew York Produce Exchange
T
removed the option warrants from
The petition for the appointment for a trustee was filed in the U. B.
dealing.
.136, p. 161..
District Court for the District of Maine, Southern Division. and was
approved by the Court Sept. 12 and Mr. Wood was appointed trustee
Sept. 17.
A hearing will be held Oct. 8 at Portland, at which time the Court may
make permanent the appointment of the temporary trustee of the debtor's
-V.132, p. 1052.
estate or terminate such appointment.
-Earnings
Ross Gear & Tool Co.
Calendar YearsNet inc. after all charges
& Federdl taxes
Earns, per sh. on 150.000
shs.cap.stk.(no par)_
1932
1933
$123.680
$139,091
1931
$246,422
1930
$336,460
$2.24
$1.64
$0.82
$0.93
Balance Sheet Dec. 31
1932
1933
Liabilities1932
1933
Assets$28,595
$49,488 Accts. pay. de exp. z$59,813
$79,801
Cash
17,156
35,001
705,809 Accrued taxes_ __
709,635
U. S. Govt. sec
41,953 Reserve on com60,883
Accts. receivable._
4,000
4,500
mitment
131.187
203,658
Inventories
7,211
6,162
Ross Gear relief Id.
Land,b1dgs.,mach•
E. A. Ross memor1,324,106 1,310,352
& equipment
1,026
1.253
ialfund
150,269
129.059
Other assets_ _
x Common stock. 2,462,845 2,352,535
1
Good-will
31,290
28,794
Patents
Prepaid insurance,
11,382
12.427
advertising, &c_
$2,569,574 $2,410,522
Total
$2,569,574 $2,410,522
Total
x Represented by 150.000 shares no par). y Includes 6.161 shares of
capital stock as a temporary investment. z Accounts payable
company's
-V. 138, p. 2590.
only.
-Earnings
Ruberoid Co.(& Subs.)
1932
1933
$146,969 loss$220,069
2421.885
2,034,927
Calendar YearsNet profit
Previous surplus
1931
$488,106
2,779.764
$2.181,896 $2,301,816 $3,267,870
Total surplus
559,389
266,889
132.602
Dividends paid
Cost °limb co.'s cap.stk, purchased in
7.390
1933 in excess of book value
Balance, surplus, Dec. 31
Shares capital stock out. (no par)
Earnings per share
Asset
Cash
x Trade accts, and
notes receivable
Officers' and employees' balance
Sundry accts. rec.
Marketable secure.
Inventories
Investls & advs._
y Land, bldgs. and
equip., mach'y
Deferred charges..
$2,041,904 $2.034,927 $2,708.481
132.578
132,602
132,602
Nil
$3.68
$1.10
Consolidated Balance Sheet Dec. 31
1932
1933
1932
1933
Liabilities$
$
151,112
1,139,096 1,763.789 Trade accts. pay-- 160,855
Officers' and em9,740
11,006
ployees' balance
743,523
611,194
82,799
Accrued liabilities. 100,672
18,652
18,577 Notes payable by
50,000
50,000
sub. company__
61,108
57,184
1,934,101 1,716,707 Federal income tax
68,058
70,526
(est.).liability
2,053,115 1,466,799
464,467 Int. of min. stock393,638
166,954
hold's in sub.co. 137,470
9,662,898 9,811,643 Dep. In connection
with contract of
179,456
186,351
75,000
65,000
sub. company__
350.000
Serial notes pay__ a150,000
199,392
Res, for cont., &c. 238,558
Capital stock _ _13,034.164 13,034,164
2,041,904 2.034,927
Surplus
16.060,154 16,222,146
Total
16,060,154 16,222.146
Total
x Less reserve of $174,299 ($202,701 in 1932). y Less reserve to reduce
reproductive values to sound values as appraised, together with subsequent
provision for depreciation of $4.645.201 ($4368,859 in 1932). z Represented by 132,602 shares no par value. a Payable $50,000 per annum,
1935-1937.-V. 137. p. 1593.
Rutland RR.-Earnings.1934
$287,487
23,735
7,042
1933
$319.268
58.283
51,223
1932
$355.354
56,797
41.957
1931
$423.707
75,279
61,021
2,198,293
130,812
def5,678
AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 139, p. 1718.
2,230,655
234,894
173.974
2,630,484
352,358
207.174
3,055.589
289,010
159,846
-Earnings
Ryan Consolidated Petroleum Corp.
1933
Calendar YearsGross income from op.
oil and gas propertiesTotal expense
$112.450
174,322
Net profit before deduction of depose.,
deplet.&drilling exp. loss$61,872
1932
1931
1930
$146.411
164,256
$426,092
196,383
$15,080 loss$17,845
$229.709
$190,237
205.317
Balance Sheet Dec. 31
1933
1932
Liabilities1932
1933
Assets
$205,272 $228,193 Accts. payable and
Cash
$9,694
accrued accounts
$5,848
26,271
31,283
Notes di accts. rec.
Purch. Mang.(pay.
011 and gas prop.,
only in oil)
35,466
with equipment 4,126,566 4,254,940
905,990
33,216 Reserve for demo. 984,848
32.729
Drilling equipment
20,618 Res. for depletion_ 1,296,572 1,289,684
5,585
Warehouse materl
x Capital stuck_ 3,190,320 3,190,320
Prepald & deferred
1,075,024
867,915
Deficit-1,202
charges
$4.402,637 $4,563,239
Total
$44.402,637 $44,563,239
Total
-V. 137. p. 1593.
x Represented by 296,931 no par shares.
-San Francisco Ry. System-Earnings
St. Louis
-Month_-1933 1934-8 Mos.-1933
Period End. Aug.31- 1934
5,793
5,889
5,889
5,721
Operated mileage
$3,877,756 $3,634,493 $28.228.698 $26,683,523
Operating revenue
2,956.427 23,414,575 22.033.733
3,143.561
Operating expenses__
582,005
1,695.457
2,132.257
440,704
income_ -Net ry. oper.36,398
405,156
317,097
34,437
Other income
$475.142
4.845
Bal. avail,for int., &c.
$618.403 $2,449,355 $2,100,613
6,215
51.913
50,696
$470,296
Total income
Deducts. from income
$612.187
$2,398,658
$2,048,700
Earnings of Company only
AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
2061
Financial Chronicle
Volume 139
1934
$3.695,361
731,413
478,254
1931
1932
1933
$3,482.095 $3,431.714 $4.746,403
844,919
721,881
1,480,721
663.029
558,039
1,081,001
26,986,021
4,936,987
2,576,448
25,459.329 26,963,895 37,924.308
5,257,593 10.618,923
4,820,549
2,228,986
7.446,372
2,203,895
Purchases will be made upon tender ofabove certificates and (or)coupons,
on and after Oct. 11934. at the office of the Eastern representative of the
-V. 139, IL 1718.
trustees, Room 1952, 120 Broadway, New York, N. Y.
-Earnings
(Joseph T.) Ryerson & Son, Inc.(& Subs.)
Calendar YearsNet operating profit._.,
Inc.from invest. secur-
1933
$617,688
92,014
1931
1932
$7,211 loss$77.677
113,611
142,984
Total income
Int. on 5% deben
Prov. for Fed. inc. tax
Prov. for depose
Minority int. in ReedSmith Co.net income_
$710,602
151.223
45,074
212,814
$150,195
177,832
1930
$1,319,132
149.135
$1,468,267
216.756
116.233
312,118
267.529
$35.934
192,858
227.851
Dr4,665
Consolidated net income for year
Previous earned surplus_
Surplus adjustments_ - _ -
$301,490 loss$255,488 loss$424,453
1.774,457
691,279
423,147
18.725
Dr12.644
40,406
Total surplus
Dividends paid
$765,043
100.000
$423,147
$827.826
1,743.996
2,635
$1,331.279 $2,574,457
800,000
640.000
$691,279 $1,774,457
$423,147
Consol. earned surplus $665,043
Earns. per sh.on 400,000
$2.07
Nil
Nil
$0.75
shs. corn. stk.(no par)
Comparative Balance Sheet Dec. 31
1932
1933
1932
1933
$
LiabilitiesAssets$
Cash & market.sec. 2,111,729 4,949.994 y Capital stock.__ 8.000,000 8,000,000
Notes es accts.ree. 1,382,770 1,138.786 15-year 5% sinking
2,869,000 3,264.000
fund debs
6,279,957 3,369,194
Inventories
104,404
199.652
145,378 Reserves
153,371
Other accts. rec.__
410,696
Accounts payable_ 568.910
Co.'s own stock
60,074
Accr. Fed. taxes
acquired for re168,054 Capital surplus_ _ 2,259,488 2.259,488
sale to employees 248,522
423,146
91.447 Earned surplus._ _ 665,043
Tax warrants
51,991
62.100
Other investments
1,545,965
1,545,965
Land
x Bldgs. & equip_ 2.823,018 2,984,574
1
1
Patents & good-w16,351
14,736
Deferred charges
14,622,169 14,461,735
Total
14,622,169 14.461,735
Total
x After deducting reserves for depreciation of $2,823.018 in 1933 and
-V. 139,
shares (no par).
$3,797,682 in 1932. y Represented by 400,000
P. 454.
--Earnings
St. Louis Southwestern Ry. Lines
1934--8 Mos.-1933
-Month-1933
Period End. Aug. 31- 1934
Railway oper. revenue__ $1,094,623 $1,084.917 $9.645,909 $8,528,419
2,579.872
3,030,443
310,881
191,222
Net rev,from ry. oper-1,035.233
1,378.541
108,696
14.705
Net ry. oper. income___
56,731
44.791
7.482
7,289
Non-operating income-Gross income
Deduct,from gross Inc_ _
Net deficit
PeriodGross earnings
-V. 139, p. 1879.
$21,995
263,489
$116,178 $1,423.332 $1.091,965
2,297.346
2,107,902
266,405
$684.570 81.205,381
$150,226
$241.493
-Third Week Sept.- -Jan. 1 to Sept. 211933
1934
1933
1934
$238.772 $10.394,086 $9,264,865
$286,400
--Earnings
Salt Creek Consolidated Oil Co.
Income Statement for the Year Ended Dec. 31 1933
Earnings
Expenses
$382.278
444,776
$62.498
Net loss
Balance Sheet Dec. 31 1933
Liabilities
Assets
14,301
$337,287 Accounts payable
Cash
9,020
192,361 Dividends payable
Bonds
26,763 Capital stock outstanding_ _ _ 1,286,300
Accounts receivable
11,576,700
1,469 Capital surplus
interest
Accrued
9,047,769
125,352 Deficit
Stock of other companies.._ _
x3,155,318
Capital assets
$3,838.551
Total
$3,838,551
Total
x After reserve for deprec. and depletion of $9,970,671.-V.137. p.3160.
-Earnings
Sangamo Electric Co.
1930
1931
1932
1933
Years End, Dec. 3182.071,719 $1,971,292 $3,004,422 $3,020,677
Net sales
Cost of sales and operat2,468,937
2,481.139
1,982.380
1.884,240
ing expenses
119.819
120.410
152.813
172,094
Depreciation
19.562
12,372
26.449
34,228
Experimental expenses_ $190349 prof$390,500 pf$412.358
Net loss from oper-Div. and other income
from subs, and other
companies
Int., royalties, discounts}
earned, &c
$18,843
Total profits
Other expenses
Federal income tax
Prov. for income tax of
foreign sub. co
Proport, of net loss of
sub. co. application to
int. in common stock_
$14.505 loss$164,595
83.351
27.349
29.980
3,167
Net loss for year
Earns, per share on 125,000 ahs. corn. stock
(no par)
$63,655
$263,931
Nil
Nil
Assets
Cash
Notes & accts. rec.,
less reserve
Other accts. rec.__
Inventories
Life insurance_ _ _
Marketable ho Ids
Due from officers
and einployees
Co.'s own common
Co.'s own pref. sk.
Patents
Inv.in sec. of other
cos. at cost
x Land bldgs.,
Deferred charges
33,348
25.753
176.576
35,636
131,451
20,831
40.552
$498,527
52.361
52.616
$488,544
73.990
50,539
12.817
pf$393,549 PfS364.015
$2.65
$2.35
Balance Sheet Dec. 31
1932
1933
Liabiinles1932
1933
44,052
$227,912 $131,323 Bank overdraft.
582,103
83,563
Accounts payable.
335,268
275,673 Accr. exps. & gen.
29.858
38,846
taxes
81,530
104,407
43,835
17,287
1,097,314 1,234.137 Fed, income tax
854,700
67,150 7% pref.stock _ _ _ _ 876,300
76,175
13,588
25,694 y Common stock. _ 2,000,000 2,000,000
Mtges.& contracts
44,436
27.700
pay. by sub. co_
88,755
82,463
6,456 Min. stockholders
6,456
int.in cap,stock
17,688
388,234
and sur. of subs. 426,916
10,457
10,503
191,590
Gen. res. of sub. co 218.700
35,215
26,302
261,458 Capital surplus_ _
204,292
351,318
1,755,573 1.757,152 Earned surplus._ 259,817
87,795
81,554
To Purchase Matured Equip. Trusts
$4,019,484 $4.021,288
Total
14,019,484 $4,021,288
Total
0. W. Michel (Eastern representative) in a notice dated Sept. 25 states:
x After depreciation of $1.649,224 in 1933 and $1,654,025 in 1932.
The trustees will be prepared, on and after Oct. 1 1934, to purchase
-V. 138. p. 877.
y Represented by 125.000 no par shares.
not more than the face value thereof (without interest subsequent to
at
their respective maturities), the following additional past due equipment
-Sale of Subsidiary Co.
Seaboard Public Service Co.
-San Francisco Railway.
trust obligations of St. Louis
-V. 135. p. 2833.
See Florida West Coast Ice Co. above.
Equipment trust certificates, series BB, which matured Feb. 15 1934,
together with interest coupons which matured Feb. 15 1934 from all out------Se board Utilities Sharesiorp.-Removed from Dealing(..,
standing series Bit certificates;
York Produce Exchange has removed the warrants from
Interest coupons which matured March 1 1934, from equipment trust
. 138.p. 161.
dealin
certificates, series AA.
2062
Financial Chronicle
Seaboard Air Line Ry.-Earnings.AugustGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.139. p. 1719.
1934
1933
1932
1931
$2,311,693 $2,200,857 $1.907,606 $2,915,399
40,942
228.136 def113,424
297.099
def149,803
101,044
69,778 def272,466
23,258,487 21,317,863 21,144,153 30,586,646
4,043,941 4,012.503 2,369,517 5,545,273
1,472,052 1,720.406
79,811
2.464,549
Seattle Gas Co.
-Earnings
Period End. Aug. 31- 1934-Month-1933
1934-12 Mos.-1933
Gross revenues
$138.758
$141,773 $1,716,162 $1,806,266
Operating expenses
90,768
87,547
1.145,678
1,218,260
Net earnings
$47,989
$54.226
$570,483
$588,006
Income deductions
56,325
55,827
675,334
675.912
Net deficit before retirement provision_
$8,335
$104,851
$1.601
$87,905
Retirement prov. (for
automotive equipment
only)
296
433
3.186
6.019
Net deficit
$8,631
$2,035
$108,037
$93,925
-V.139, p. 1417.
Selfridge Provincial Stores, Ltd.(England)
-Earns.
Years EndedAug. 31 '34. Aug. 31 '33. Aug. 31 '32. Aug. 31 '31.
Dividends received
£129,785
E120,482
£138.831
£151,028
Rents receivable
53,766
41,539
Transfer fees
639
448
402
510
Total income
E184,191
£162,470
E139,234
£151,538
Management and secretarial expense
7.850
7.041
6,808
6.325
Int. on temporary loans_
13,771
13,421
5.860
15.080
Income tax
26,288
27,051
28.139
33.413
Debenture interest
31,763
25,063
Dividends on ordinary
shs. (less income tax).
58.125
Balance, surplus
£104,517
£89.893
E98.425
E38.594
Balance Sheet Aug. 31
Assets1934
1933
I Liabililie,s1934
1933
Shareholdings in
I Ordinary shares. £3,000,000 £3,000,000
subsidiary con...C3,357.347 £3,372,037 Deferred shares.-- 300.000
300,000
Freehold and lease1st mtge deb.stk. 640,021
652,760
hold properties.. 1,010,868 1,014,866 Capital reserve__
104,576
104,576
Invest. in Selfridge
General reserve.-15,000
Whiteley contr.
4,166
4,166 Sinking fund for
Loans to sub. cos_
83,243
82,110
redemption of
Sundry debtors_ __
775
1,751
debentures
12,634
Sundry stocks of
Loans for subsid1,475
574
supplies
lary companies. 354,534
402,686
Div.rec. fr.sub.co.
72,420
67,178 Sundry creditors..
15,317
9,612
Cash
19,514
18,406 Revenue account.. 107,724
91,457
Total
£4,549,809 £4,561,091
Total
£4,549,809 £4,561,091
-V. 139. p. 187 .
9
Shaler Co.
-Earnings
-
Calendar Years1933
Net sales
Cost of sales, selling, and administrative expenses_ $700.716
597.276
Depreciation of fixed assets
12.146
Amortization of patents and patent rights
50,000
Net loss from operations
prof$41,295
Interest, discount and sundry income
6.557
Total income
$47,852
Interest charges
Foreign exchange fluctuation
Amortization of organization expenses
Provision for income taxes
Sundry
9,500
3,817
Net income
334.535
Consolidated Balance Sheet Dec. 31
Assets1933
1932
lAabilittesCash
$101,445
$47,487 Trade accts. payx Customers accts.
Sundry accts. payreceivable
169,003
119,972 Accrued wages and
Inventories
91,696
143.553
insurance, dm_
Prepaid expenses_
12,799
7,072 Provision for taxes
Foreign bank sects
7,199
8.618 Mortgage Payable
Cash value of life
-due 1933
insurance
4,790
3,519 Deferred liab. for
Employ., officers
golf club depart
& sundry recely.
18,553
20,133
meet assets
Sundry investin'ts
Class A stock
and advances..._
52,146
52,086 Class B stock
y Land, buildings,
Surplus
mach'y & equip. 123,985
133,267
Patlis & pat. rights 700,619
750,619
1932
$607,237
595,324
13.803
$13,302
674
2,457
1,001
2,986
1933
$29,340
21,908
1932
$24,655
16,784
6,395
9,500
3,543
3,330
6,500
7,000
9,086
481,780
389,513
330,212
9,086
648,784
389.512
183,630
Income Statement for Year Ended Dec. 30 1933
Sales and charges
Cost of sales, selling and operating expenses, including interest $2,100,566
and all overhead except depreciation
2,012.099
Operating profit before depreciation
$88,467
Other income
2,795
Total income before depreciation
$91,262
Reserve for depreciation
59.871
Reserve against decline in process inventory
7.309
To surplus
$24,082
Surplus an. 1 1933
$472.859
Adjustments-net
36,450
Surplus Dec. 30 1933
$460,491
Balance Sheet Dec. 30 1933
Total
$1,731,594
Liabilities
Notes payable to banks
Accrued items
Accr. Federal processing tax
Bonded debt
Reserves
Capital stock
Surplus
$50,000
20,585
42.475
256.069
10.775
891,200
460.491
Total
$1,731,594
depreciation of 31,101,364.-V. 70. v. 1099.
(A. 0.)Smith Corp.
-Earnings
-
x After reserve for
Years Ended July 31Prof.after taxes & int
Depreciation
Netloss
Preferred dividends
Deficit
1934
$1,360,550
1,610,801
Total
1933
$
13,350,094
323,377
1,052,575
2,783,682
465,594
29,248
2,978,246
868,872
211,932
331,175
2,221,751
24,472,380 24,616,546
1934
1933
Liabilities
y Common stock__ 4,000,000 4,000,000
7% cum, pref.stk_
See b
See b
Notes pey, to bks. 500,000
Accounts payable_ 446,338
634,807
Payroll
220,293
191,089
Dividends payable
10.488
10,904
Accr. Fed. tax, &c. 290,318
305,474
Obligation to retire
preferred stock_ b659,230
685,410
Conting. res've, &c c516,905
608,761
Earned surplus...17,858,012 18,150,897
Total
24,472,380 24,616,546
x After depreciation and amortization. y Represented by 500,000 no par
shares. z Quoted market value July 31 1934 was $831,450. a Includes
1,875 shares of company's common stock carried at cost of 395.871. b Obligation to retire 5,993 shares of 7% cumulative preferred stock
share, required by the company's charter, by-laws and (or) at $110 per
continuing
offer to holders thereof. c Includes $6,717 reserve for unemployment
insurance.
-V. 139, p. 456.
Sierra Pacific Electric Co.(& Subs.)
-Earnings
Period End. Aug. 31- 1934
-Month-1933
1934-12 Mos.-1933
Gross earnings
$149,858
$128,046 $1,484,255 $1,380,713
Operation
60,627
68,298
594,602
613,628
Maintenance
6,519
5,284
55,629
64.104
Taxes
22,050
14,656
170,439
212,848
Interest & amortization.
10,408
10,281
122,557
126,366
Balance
$50,252
$29,525 $ 467,309
$437,485
Appropriations for retirement reserve
100,000
100,478
Balance
$337,485
$366.831
During the last 24 years the company has expended for maintenance a
total of 7.32% of the entire gross earnlags over this period, and in addition
during this period has set aside for reserve or retained as surplus a total of
11.57% of these gross earnings.
-V. 139. p. 1417.
••••,Silyer King Coalition Mines Co.-Steelo-bistent---ThelNew York Stock Exchange has authorized the listing of 1,250.000
shares of common stock (par 85).
Guaranty Trust Co. of New ork has been appointed co-transfer agent
In New York for 1,250.000 shares of common stock ($5 Par)•
Income Statement 6 Months Ended June 30 1934
Net smelter returns after deducting freight & treatment charges $8892,396
Interest on securities
9.134
Miscellaneous income
16,030
Total income
Mining and milling expense
Taxes (State and county)
Administrative
Federal taxes
Depreciation: Plant and equipment
$917,561
483,260
41,403
25,702
33,858
27.183
Net income
Dividends
Per share earnings
$306,154
366,140
$0.25
AssetsJune 30 '34 Dec. 31 '33
Current assets:
Cash, incl. ctfs.
of deposit _ _ _ _ $111,936 $221,562
Due fr. smelter_
201,192
133,185
Sec. owned, at cost 425,426
407,895
Receivables
54,552
50,077
Inventories
131,944
149,258
Total fixed assets_ 8,659,521 8,133,933
Other assets
13,344
1,695
$6,184
Sibley Manufacturing Co., Augusta, Ga.-Earnings-
Assaf
$16,589
Cestlis accts. rec.-guar
15,619
Other receivables •
12,694
Inventories
303.728
Insurance and interest prepaid
1,459
Fixed assets
x1,381,505
1934
Assets
-x Land, bldgs., machin'y & equip._12,101.899
Cash
681,798
Notes & accts. rec.,
after reserve
1,122,858
Inventories
3,521,018
Cash surr. value of
life ins. policies_
507,066
Accr. int. on secs_
23,300
Marketable secure.
at cost
z2,888,507
a Investments.... 868,872
Land, non-over... 214,933
Deferred charges._ 320,378
Good-will
2,221,751
Comparative Balance Sheet
$1.889
15,191
Total
$1,284,234 $1,286,326
Total
$1,284,234 $1,286,326
x Less reserve for bad debts, $9,849 in 1933 and $8,579 in
reserve for depreciation of $119,787 in 1933 and $106,516 1932. y Less
in 1932.-V.
137, p. 2649.
Cash on hand and In banks__
Sept. 29 1934
Balance Sheet July 31
1933
1932
3300,805loss$2078325
2,232,195
2,798,225
$250,251 $1,931.390 84,876.550
42,634
39.926
94.080
3292.885 31,971,316 $44,970,630
Total
$9,597,918 39,097,607
LiabilitiesJune 30 '34 Dec. 31 '3
Accounts payable_ $62,435
$59,237
Fed. inc. & capital
stock taxes
22,125
27,146
State franchise tax
2,768
Reserves: IVkmen's
compen. In.sur__
95,083
96.288
Net proceeds tax
25,040
40,775
Federal Inc. tax_
25,753
State Corp.franchise tax
4.877
5,950
Cap.stk.($5 par)_ 6,102.335 6,102,335
Capital surplus.,.
77,526
77,526
Earned surplus... 3,179,973 2,688,348
Total
$9,597,918 $9,097,607
-V.139, D. 1719.
Smith, Bridgman & Co., Flint, Mich.
-Balance Sheet
Jan. 31 1934Assets
Liabilities
Cash
$33,176 Note payable to bank
Accounts receivable
x159,828 Accounts payable
Miscall. accounts and vendors'
Accrued local taxes
debit balances
2,877 Deferred income
Merchandise Inventory
175,651 Capital stock ($100 par)
Due from affiliated companies
17,922 Surplus Jan. 31 1933
Other assets and Invent:11s_
32,232
Deposit account with closed
bank
129,472
Permanent assets
281,093
Deferred assets
14,865
Total
$847,116
Total
20,000
101,726
2,375
4,749
250,000
488,266
$847,116
Socony-Vacuum Oil Co., Inc.
-Personnel
-
Richard P. Tinsley has retired as a director, Secretary and Treasurer.
F. S. Fales has been elected Treasurer and W. D. Bickham has boon made
Secretary. A new director has not been elected.
-V.139, p. 1252.
Southern Pacific Golden Gate Co.
-Earnings
[Including Southern Pacific Golden Gate Ferries, Ltd.]
Combined Income Account (Excluding Offsetting Accounts) for 12 Months
s Ended Dec. 31
1933
1932
1931
Water line operations-Revenues.
-- $4.549.876 $5,000,178 85,680.926
Water line operations-Expenses.... 2.972.924 3.365.864 3,747,403
Net revenue from water line open.. 31,576.952 $1.634,313 31.933.523
Water line tax accruals
183.614
186,360
208.645
Operating income-Waterline oper. 31.393,338 31.447,953 $1.724.878
Miscellaneous rent income
2,009
1.441
1,018
Income from unfunded sec. & accts._
7.789
12.733
10,686
Income from funded securities
7.152
1.297
Gross Income
31.410.287 81,463 Az5 81.736.582
Miscellaneous rents
161.049
160.866
162.355
Miscellaneous tax accruals
1.579
1.581
2.248
Interest accts, with the public, debit_
173
1.033
194
Interest on funded debt
397,300
423,145
457,500
Amortiz.of discount on funded debt..
18,710
19,433
21.013
Miscellaneous fixed charges
3,477
5,281
4,118
Maintenance of organization
778
41.313
6,643
Net income
8827.222
3810.772 81,082.512
Previous surplus
419.273
o06,433
353,787
Total
81,246,495 31,317.205 51,436.299
Dividend appropriations of surplus
888,515
868,515
868,515
Miscellaneous adjust.
-Net debits.Cr9,434
61.351
29.417
Credit balance as of Dec.31
$387.414
$506,433
$419.273
Financial Chronicle
Volume 139
Combined Balance sheet (Excluding Offsetting Accounts) Dec. 31
(Southern Pacific Golden Gate Co.and Sou.Pac. Gold. Gate For., Ltd.)
1932
1933
1932
1933
$
$
Liabilities-$
$
AssetsCo.'s class A and B
Inv.In floating eq.,
common stock-- 2.611,465 2,611,465
15,548,923
&c., properties.15,610,285
4,000,000
Co.'s pref stock__ 4,000,000 .
Res. for accrued
depreciation__Cr2,853,042Cr2,163,299 ist mtge.53is (Fer6,764,500 7,664.000
ries, Ltd.)
77,528
97,658
Miscell.investml_
176.416 And, vouchers and
582,211
Cash
151,790
wages unpaid__ 151,421
58J,006
Time deposits
Traf. bale, owed to
Traf. bals.owed by
1,655
1,322
369
452 other companies
other companies
2,703
4,047
MLscell. accts. pay.
Net bal. due from
2,805
2,819
30,703 Mat. int. unpaid__
25,965
agents, &c
379
909
Mat, diva. unpaid
Ins, claims against
35
9,011
13,819 Other wkg.Sabi's.
16,220
underwriters _
33,198 Unmat. int. pay'le
33,395
MLscell. accts. rec.
on Ferries. Ltd.,
60,525
56,503
& supp_
Materials
105,380
93,012
36
1st 534s
Other wkg. assets_
9.019
9,019
1,829
3,647 Accr. rent payable
Unmat'd int. rec._
103,203
125.336
966,136 Taxes accrued_
853,97
Deferred debits
256.377
Other def. credits. 265,090
419,273
Profit and loss_ __ _ 387,414
Total
14,425.365 15,328,083
-V.136. p. 1568.
Total
14.425.365 15,328,083
Soule Mills-Balance Sheet
Dec. 30 '33 Dec. 31 '32
Assets$2,137,992 82,133.108
Real estate
377,375
Merchandise
206,415
Cash,accounts roe
429,306
and securities__ 318,889
Total
$2,834,257 $2,768,830
-V.137. P. 1951.
Dec. 30'33 Dec. 31 '32
Liabilities51,260.000 81,260.000
Capital stock
50,208
Accts. payable_..59,301
1,185,750 1,120.745
Depreciatios
337,877
Profit and loss.... 329,205
Total
$2.834,257 $2.768,830
SouthernPacific System-Earnings
-Month-1933
1934-8 Mos.-1933
Period End. Aug. 31- 1934
Ry. oper. revenues
$13.585,887 $11,709,161 $98,785.945 $82.755.780
Ry. oper. expenses
10,303,139
8,887.076 75,687,419 66,969,085
9,477.593
Railway tax accruals_. 1,040.216
1.142.837 8,431,170
74.421
28.161
15,402
2,504
Uncoil. ry. revenues
3,620.540
Equipment rents net.....
430,872
356,371
4.286,129
326.026
17,601
218,334
Joint Caen. rents net.... def32,648
Net ry. oper. income. $1,841.805 $1,289,874 $10,134,733 $2.288,114
Abandonment
The Interstate Commerce Commission on Sept. 13 issued a certificate
permitting the company to abandon a branch line of railroad, extending
Va connection with its Springville brancn at Magnesite Junction to a
-V.
point at or near Howton, 3.122 miles, all in Tulare Cour ty, Calif.
139, p. 1417.
hltr:
`----Southern United Gas Co.
-Reorganization Plan Amended
The plan of reorganization dated April 5 1933 has been amended. The
amended plan, dated July 15 1934, has been filed with the Securities
and Exchange Commission, Washington, D. C.
The reorganization committee consists of W. W. Turner, Chairman,
Clarence I. Worcester, Charles B. Gillett, Edward M. Fitch Jr., and
Charles B. Roberts III, with Edward S. Lower Jr., Secretary, 2020 Packard
Bldg., Philadelphia, Pa.
Counsel are: Orr.. Hall & Williams, Packard Bldg., Philadelphia, and
Chapman & Cutler, 111 West Monroe St., Chicago.
Depositary, Pennsylvania Co. for Insurances on Lives & Granting
Annuities, Philadelphia.
The committee, in a letter to the holders of the 1st lien
6% gold bonds, series A, due April 1 1937, states in part:
On April 1 1932 company failed to pay the interest then due on its let
lien bonds. On a creditor's petition, Samuel W. White was appointed
receiver on April 20 1932. On April 5 1933 this committee submitted to
bondholders a plan of reorganization which mot with widespread approval
and a substantial amount of bonds has been deposited thereunder.
io Shortly after the promulgation of this plan, a reorganization committee,
of which Ralph A. Bard was Chairman, prepared and published a plan
of reorganization of United Public Service Co., the holding company,
and its principal subsidiaries, including Southern United Gas Co. This
holding company plan as it pertained to Southern United Gas Co. called
for giving the entire common stock of the reorganized Southern United
Gas Co. to the reorganized holding company. The Bard committee has
since found it necessary to abandon its original plan and has adopted a new
plan for United l'ublic Service Co. and United Public Utilities Co., its
principal subsidiary, but this new plan does not include Southern United
Gas Co.
Due to the abandonment of the Bard plan it is now expected that the
reorganization plan sponsored by this committee will proceed rapidly and
be consummated at an early date.
This plan of reorganization, as amended, provide, for the formation of
a new company which will own and (or) control through stock ownership
substantially all of the assets owned by the present Southern United Gas
Co. In brief, the salient features of this plan are as follows:
(1) The holder of each $1,000 principal amount of 1st lien 6% gold bonds
of the present company will receive $500 principal amount of let lien 6%
income bonds, series B,five shares of pref. stock, and 25 shares of common
stock of the new company.
(2) No dividends can be paid on the prof. stock until all the 1st lien
income bonds have been retired, and no dividends can be paid on the common
stock until the pref. stock is paying $6 per share.
(3) While under present circumstances we are not able to ascertain
definitely whether any new money will be needed in connection with
this reorganization, we have secured an agreement whereby an underwriter agrees to purchase, at the election of the committee, any amount
of 1st lien 6% series A bonds up to $96.845 principal amount thereof, and
common stock up to 48,222% shares which the committee may determine
to be necessary.
(4) In the event that this money is needed, in the opinion of the committee, or in the event that any portion of this money is needed, each
bondholder will have the right to subscribe to his pro rata share on the
same basis as that on which the underwriting is secured. Therefore, if
the bondholder so desires, by a small subscription on the part of each
bondholder, they may obtain all the bonds, all of the pref. stock and all
of the common stock of the new company. The underwriter claims no
bonus for his willingness and readiness to put up approximately $100.000
If so demanded by the committee.
There are on deposit in favor of this amended plan of reorganization
approximately 26% of the bonds, and there are available for deposit an
additional 117 of bonds, making a total of about 37%, so that at the
time this offering is made to the bondholders we have in agreement with
our plan of reorganization something over one-half of the amount of bonds
necessary to go before the court and ask for final approval.
The only serious objection which has been raised to this plan of reorganization is that under the plan the underwriter receives 50% of the
common stock in conjunction with the purchase of $96,845 par value of
series A bonds. This objection should be answered by the fact that the
bondholders are first given the opportunity to purchase such securities.
However, in view of the present earnings of the company it is unable to
pay interest on the new bonds and dividends on the new pref. stock and
it would seem, therefore, that any value attached to the common stock
of the new company is merely from the fact that this will enable someone
to control the company and obtain a reasonable charge for supervising its
operation. Those who have objected to the issuance of 896,845 of bonds
have suggested that the common stock given to the bondholders be in the
form of voting trust certificates which would enable the voting trustees
to manage the company and obtain such a contract without any contribution.
We, therefore, cannot see why it is unreasonable to give someone control
of the situation if they are willing to invest nearly $100,000 in the securities
of this reorganized company.
Under paragraph 7-11 of the Bankruptcy Act, a reorganization of this
character is carried on under the supervision of the court, and if it would
appear to the court at the time of consideration of the plan that the committee was taking nearly $100,000 from an underwriter to give him control
2063
of the company without a logical need for said sum, undoubtedly approval
of the plan would not be granted and the stock consequently would all
go to the bondholders.
An introductory statement to the plan has the following:
Southern United Gas Co. (N. J.) is a holding corporation having six
subsidiaries which produce and (or) transport and sell natural gas, in the
States of Arkansas and Oklahoma, principally to public utility companies
City Pipe
and industrial consumers. The six subsidiaries are: TwinCo., South-Oklahoma Gas
Line Co., Industrial Oil & Gas Co., Arkansas
Western Oklahoma Gas Co., and Ozark Natural
western States Gas Co.,
Gas Co.
All of the issued and outstanding stock of Southern United Gas Co.
(130,100 shares of no par) is owned by United Public Service Co. and
96% of the issued and outstanding common stock of United Public Service
Co. is owned by Middle West Utilities Co.
The amended plan of reorganization applies only to Southern United
Gas Co. and its subsidiaries, and has been adopted primarily for the
benefit of the bondholders and other creditors and Incidently for the benefit
of the stockholders of Southern United Gas Co., without regard to its
connection with the Middle West Utilities Co. system.
In April 1932 an application for the appointment of receivers of Southern
United Gas Co. was made in the Court of Chancery of the State of New
Jersey. Such application is now pending but no receivers have been
the appointappointed thereunder. Also in April 1932 an application forin the U. S.
ment of receivers of Southern United Gas Co. was made
District Court for the Northern District of Illinois, Eastern Division,
Chicago, and on April 15 1932 Samuel W.White was appointed receiver.14
According to the report of Samuel W. White, receiver, dated June
1932,company had outstanding, as of April 14 1932,the following securities:
b$1.936.900
a 1st lien 6% gold bonds, series A,due April 1 1937
c130,100 shs.
Common stock, no par value (authorized 150,000 shares)
$100
a Last interest coupon paid Oct. 1 1931. b Company holds aissued
bond in its treasury which is included in the above. c All of the
and outstanding stock is owned by United Public Service Co., but is held
by Central Republic Bank & Trust Co., Chicago, as collateral security
for the outstanding issue of $5,620,000 of United Public Service Co. coll.
trust 6% bonds.
The receiver's report further shows that, as of April 14 1932. Southern
(a) A
United Gas Co. had outstanding the following promissory notes: In the
promissory note payable to the order of United Public Service Co. total
the pledge of the
principal amount of $361,218, which is secured by
.sued and outstanding stock of Ozark Natural Gas Co. (9.500 shares of
common stock) owned by Southern United Gas Co.;(b) an unsecured note
payable to the order of Middle West Utilities Co. in the principal amount
Oil
of $47.000; (c) an unsecured note payable to the order of Industrial
& Gas Co. in the principal amount of $152.000, and (d) an unsecured
note payable to the order of Twin City Pipe Line Co. in the principal
amount of $122,000.
The receivers report also shows certain accounts payable to subsidiaries
of $40,696
for property retirement and depletion in the aggregate amount amount of
and certain miscellaneous obligations and debts, the aggregate
which is small.
Principal Assets-According to the report, Southern United Gas Co.
owned, as of April 14 1932, securities and obligations of its subsidiary
companies as follows:
6% Demand
o
Z
Common
Shares
Company
$75.000
100%
3.600
Twin City Pipe Line Co
29.040
100%
7,208
Industrial Oil & Gas Co
234.949
1007
500
-Oklahoma Gas Co
Arkansas
53.339
iooe
500
Southwestern States Gas Co
12,000
1004
2,000
Western Oklahoma Gas Co
229,828
100%
9,500
Ozark Natural Gas Co
The receiver's report shows that the securities and obligations above
listed are held as follows:
(a) Held by Central Republic Bank & Trust Co., Chicago, as collateral
security for the outstanding issue of $1.936,900 Southern United Gas Co.
1st lien 6% gold bonds, series A, due April 1 1937:
Common 6% Demand
Notes
Shares
Company$75.000
3.600
Twin City Pipe Line Co
29,040
7,208
Industrial Off & Gas Co
100.541
500
Arkansas-Oklahoma Gas Co
9.000
500
Southwestern States Gas Co
7,000
2,000
Western Oklahoma Gas Co
Co.as collateral to notes payable:
(b) Plegded with United Public Service
9.500 common shares
Ozark Natural Gas CO
(c) Unpledged and now in the possession of the receiver:
6% Demand
A otes
Company$134,007
-Oklahoma Gas Co
Arkansas
44.339
Southwestern States Gas Co
5.000
Western Oklahoma Gas Co
229.828
Ozark Natural Gas Co
and in the hands of the receiver
While the notes which are unpledged
as last above listed represent a very substantial amount, the reorganization
committee believes that if the subsidiary companies were obliged to make
their respective
payment on account of these notes in whole or in part, is believed that
financial conditions would be seriously jeopardized. It parent company
will recover for the
careful management of the properties
a portion of this amount.
Digest of Plan of Reorganization (as Amended)
New Cmpan-1n carrying out the plan, a new company is to be formed
which will issue the bonds, stocks and warrants issuable under the plan.
It is proposed that the new company shall acquire directly or through
one or more subsidiary holding companies, as the reorganization committee may approve. all of the assets of Southern United Gas Co.(whether
or not pledged or hypothecated); provided, however, that the reorganization committee shall have the right, with the consent of the underwriter
hereinafter mentioned, to refrain from purchasing or to abandon or sell
or otherwise dispose of any of such assets which it deems inadvisable for
any reason to take into the new company, except such assets as are required
to be pledged to secure the let lien sinking fund 6% bonds. series A, and
1st lien 6% income bonds, series B.
Capital Structure of the New Company
To Be Issued
Authorized
596.845
8100.000
let lien sinking fund 6% bonds, series A
a968,450
1.000,000
1st lien 6% inc. bonds. series B (non-cum.)
18.000 shs. b16.507 shs.
Preferred stock (non-cum.), par $100
c110,000 she. 696.845 sha.
Common stock
a This amount is subject to reduction, dependent upon the final amount
be used in consummating the plan. b This number of shares
necessary to
Is subject to increase or reduction, dependent upon the final amount
necessary to be used in consummating the plan. c 13,010 shares will
be reserved to be available on exercise of the warrants.
-The amounts of bonds and stock proposed to be presently issued
Note
are estimated and are.based upon the amounts of bonds and notes of the
company outstanding as of April 14 1932.
Statement of Distribution of New Securities
Will Receive
Common
Preferred
1st Lien 1st Lien
Stock
Stock
Existing Secs.- Outstand'g S.P.6s A Inc. 6s B
x9.684% shs. y96.845 shs.
5968.450
1st lien Os, 1937_51,936.900
25 shs.
5 shs.
500
Each 81.000__
Notes,obligations
6,822 shs.
and debts__ a682,218
1 sh.
Each $100- Com.stock_._130,000 shs.
Each 10 she__ _Warrant to buy 1 common share at $10 per share.
a The holders of the notes of the company to the following payees in
the following amounts (said payees and said amounts being as of April 14
,
1932) to-wit:
$361.218
(li United Public Service Co
47,000
(2 Middle West Utilities Co
152.000
(3 Industrial Oil & Gas Co
122,000
(4) Twin City Pipe Line Co
and the holders of the miscellaneous obligations and debts of the company
will be entitled to receive under the plan, for each $100 principal amount
thereof, one share of pref. stock of the new company.
x Based upon 100% acceptance, the bondholders as a class would receive
58.6% of the pref. stock.
2064
Financial Chronicle
y Based upon 100% acceptance, the bondholders as a class would receive
50% of the common stock to be issued (together with the 1st lien 6%
income bonds, series B, and pref. stock) in exchange for the old bonds.
They would also be entitled to receive an additional 50% or a total of 100%
upon subscribing therefor with the 1st lien sinking fund 6% bonds. series
A, to be issued.
Warrants
-Warrants will be issued by the new company entitling the
holders, or registered owners, as the reorganization committee may determine, until the expiration of five years from the first day of the month
in which final settlement for the assets of the company may be made,
to purchase from the new company in the aggregate not exceeding 13,155
shares of its common stock at the price of $10 per share.
Bondholders' Subscription Privileges-Expressly subject to the acceptance
of and compliance with the conditions of the following offer by the holders
of 1st lien 6% gold bonds, series A, of the company outstanding, each such
holder may purchase a certificate of participation for his pro rata part of
the $96,845 of 1st lien sinking fund 6% bonds, series A, and 48,422%
shares of the common stock of the new company.
The conditions of this offer to be complied with by each such holder
are as follows:
(a) The right to subscribe shall be non-transferable.
(b) For each $1,000 of 1st lien 6% gold bonds, series A. of the company deposited, each such holder may purchase at $50, a unit of $50 of
certificates of participation for 1st lien sinking fund 6% bonds, series A,
and 25 shares of the common stock of the new company.
(c) Each subscribing holder of bonds must deposit in New York or
Philadelphia funds, with the depositary under this plan and agreement
the aforesaid purchase 'nice for such certificates of participation and
common stock, within 30 days from the date the reorganization committee shall fix, and must also deposit his bonds with said depositary, to
be subject to this plan and agreement within the same period.
(d) In the event that all holders of 1st lien 6% gold bonds. series A,
of the company outstanding shall not have deposited both the aforesaid
purchase price for said certificates of participation and common stock and
their bonds with said depositary before the expiration of said 30
-day
period, then the certificates of participation and common stock not so
subscribed by said bondholders may at the election of the committee be
sold to the underwriter at the same price offered to bondholders.
An underwriter of this plan, satisfactory to the reorganization committee, has been found who has agreed to purchase, subject to the terms
and conditions of this plan at the election of the reorganization committee,
so much of the $96,845 of 1st lien sinking fund 6% bonds, series A, and
48.4223-i shares of the common stock of the new company as the holders
of the 1st lien 6% gold bonds, series A,shall not have subscribed in accordance with the conditions of the foregoing offer, at the same price at which
the certificates of participation for 1st lien sinking fund 6% bonds, series A.
and common stock are offered to holders of 1st lien 6% gold bonds,series A
-V. 139, p. 1418.
Southern Ry.-Earnings.-August1934
1932
1933
1931
Gross from railway
$6,380,463 $6,699,889 $5,563,788 $8,251,286
Net from railway
1,292,285 2.031.349
792,108 • , 64,1 8
Net after rents
699,577
157,327
1,423,333
963,872
From Jan. 1
Grossfrom railway
52,198.791 50,921,905 47.955,622 67,734,290
Net from railway
5,911.504 12,507.554
13,168.949 14,884,349
Net after rents
399,511
8.044,675 9,770,105
5.663,541
-Third Week Sept.- -Jan. 110 S pt. 21Period1934
1934
1933
1933
Gross earnings (est.)---- $1,876,145 $1,991,178 $73,838,927 $71,463,049
-V. 139. p. 1879.
"
---Sqtr-Pattison Breweri, Inc.
i
-Removed from List
'Prre ew York Produce Exchange as removed from the list the cum
ative p Iciprting preferred stoc
-V. 139, p. 1879.
1 par.
(A. E.) Staley Mfg. Co.-Consol. Balance Sheet Dec. 311933
1932
1933
1932
Assets
Liabilities$
a
Cash
771,852 1,523,612 A ccounts payable_ 519,053
109,695
Accts. receivable
704,396
617,778 Accrued taxes, int.
Inv. in co.'s own
451.893
&c
262,881
bonds at cost__ _ 310,372
732,936 Bonds outstanding 4,000,000 4,850,000
Marketable secure. 354,890
47,719 Res. for conting_ 450,000
Inventories
3,685,992 1,847,378 Capital stock
7,100,200 7,100,200
Sundry assets _ _
182,496
111,322 Surplus
3,599,582 3,875,966
Fixed assets
9.825,041 10,956,939
Sundry del charges 285,689
361,043
Total
16,120,728 16,198.726
-V.138, p. 1246.
Total
16,120,728 16,198,726
Standard Gas & Electric Co.
-Electric Output
Electric output of the company for the week ended Sept. 22 totaled
81,859.825 kwh., a decrease of0.8% compared with the corresponding week
last year, and an increase of 2,793,623 kwh., or 3.5%,over the week ended
Sept. 15 this year.
-V. 139, p. 1879.
Sept. 29 1934
Submarine Signal Co.
-Earnings
Consolidated Income Account Year Ended Dec. 31 1933
Gross income
$345,841
Direct cost
216,461
Gross profit from operations
General expenses (adm., selling, engineering, &c.)
$129,380
184.588
Net loss from operations
Other income
Adjustment for gain in foreign exchange
855,208
16,449
10,199
Net loss for year
828,560
Consolidated Balance Sheet Dec. 31 1933
Assets
Cash
$102,573 Bank loan of foreign subs.
Accts. receivable (less reserve)
30,257 (secured)$30,703
Materials, manufao. stock, &o 272,225 Accts. pay. St accrued items__
40.790
U. S. Treas. bonds
202,625 Reserve for royalty & conting.
19,425
Cash & acct. receivable in GerReserve for fluctuations in formany, prepaid exps., &o
24,970
6,392
eign exchange
Capital assets
1,792,250
188,693 Capital stock
Good-will
958,357 Deficit
109,859
Total
-V.134, P. 3998.
$1,779,700
$1,779,700
Total
Superior Water, Light & Power Co.
-Earnings
[American Power & Light Co. Subsidiary]
Period End. Aug. 31- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues- $913,872
$73,872
$72,387
$890,705
Oper. exps., incl. taxes_
619,071
51.270
49.424
621,434
Net revs, from oper_Other income
$22.602
$22,963
2
$269,271
501
$294,801
393
Gross corp. income.-Bit. and other deductions
$22,602
8,054
$22,965
8,263
$269,772
95,289
$295,194
94,099
Balance
y$14.548
y$14,702
Property retirement reserve appropriations
x Dividends applicable to pref. stock for period,
whether paid or unpaid
$174,483
46,986
$201,095
47,460
35,000
35,000
Balance
$118.635
$92,497
x Regular dividend on 7% pref. stock was paid on July 2 1934. After
the payment of this dividend there were no accumulated unpaid dividends
at that date. y Before property retirement reserve appropriations and
dividends.
-V. 139, p. 1253.
Swift & Co.
-8% Wage Increase
The company has announced that wage increases of 8% affecting over
40,000 employees will go into effect as of Oct. 1.
An official statement said: "An increase of 8% in the wages of hourly
paid employees in its Chicago and outlying plants was announced to-day
(Sept. 24) by Swift & Co. Over 40.000 workers are affected by the setter!,
which entails an increase of approximately $5,000,000 annually in payrolth.
V. 138, p. 3962.
Tampa Electric Co.
-Earnings
Period End. Aug. 31- 1934
-Month-1933
1934-12 Mos.-1933
Gross earnings
$296.563
$292,227 $3,874.348 $3,650,555
Operation
118,604
114,978
1,500.902
1,315,343
Maintenance
17,841
19.188
228,730
224,773
Retirement accruals_ _- 35,833
35,915
454,755
429,339
Taxes
37,169
30,633
443,313
351,779
Interest
863
0104
25.325
9,920
Balance
$86,251
$91,615 $1,262,142 $1,278,579
During the last 34 years the company has expended for maintenance
8.31% of the entire gross earnings over this period and in addition during
this period basset aside for reserves or retained as surplus a total of 13.61%
of these gross earnings.
-V.139, p.1254.
Tennessee Central Ry.-Earnings.August1934
1933
1932
Gross from railway
$174,400
$192,117
$138,766
Net from railway
69,858
28.040
Net after rents
18,280
50,508
11,641
From Jan. 1
Gross from railway
1,392,727
1,262,532
1,185,492
Net from railway
321,163
218,769
Net after rents
226,376
176,846
90,964
-V. 139. p. 1418.
1931
$219,656
45,369
23,650
1,806,673
315,324
144,555
Tennessee Electric Power Co.
-Earnings
[A Subsidiary of Commonwealth & Southern Corp.]
Staten Island Rapid Transit Ry.-Earnings
Period End. Aug. 31- 1934
-Month-1933 1934-12 Mos.-1933
AugustGross earnings
1934
1932
1933
$1,051,202
1931
$976,501 $12,268,092 $11,298,079
Gross from railway
Oper. exp., incl, maint.
$144,953
$155.452
$154,513
$197,386
Net from railway
and tams
17,943
42,182
35,209
567,093
54,784
453,774 6,378.281
5,214,975
Net after rents
Fixed charges
14,537
def14.946
299
219,187
221.279 2,634,713 2,665,197
23,973
From Jan. 1
Prov,for retire. reserve_
105.000
105,000
1,260,000
1,260,000
Gross from railway
Divs,on preferred stock_
1,157,472
1,141,563
1.220.301
1.474,607
129,367
129.390
1,552,284
1,552,328
Net from railway
190,637
266,359
271.939
369,441
Net after rents
def70,699
4,012
26.461
20,554 (...., Balance
$30.553
$67,057
$442,812
$605,578
-V. 139. p. 1418.
-V. 139, p. 1418.
P
---Steel Co. of Canada, Ltd.
-Larger Commo
im end
The directors on Sept. 26 declared a quarterly dividend of 43% cen
r
share on the common stock no par value, payable Nov. 1 to holders bf
record Oct. 8. This compares with quarterly distributions of 30 cents per
share made from May 1 1933 to and including Aug. 1 last, and 43 h cents
per share paid previously each quarter.
-V. 139, p. 613.
Sterling Securities Corp.
-Offer for Stock
Atlas Corp., in a letter dated Sept. 27, offers to purchase the holdings
of $1.20 preference stock, class A common stock and (or) class B common
stock of the corporation at a price of $5 per share of $1.20 preference
stock, $1.75 per share of class A common stock, and 50 cents per share
of class B common stock, all prices payable in cash. This offer will expire
at the close of business Oct. 10 1934.
Statement of Financial Condition Sept. 20 1934
AssetsLiabilities- •
Cash
$643,911 Accts. payable At accr. ekes_
$32,887
Divs. and in receivable
57,171 $3 cony, 1st pref. stock
613,943,250
a Investments
13,397,555 $1.20 preferred stock
c2,500,000
Due from brokers
41,968 Common class A
d603,802
Prepaid expenses
10,477 Common class /3
Paid-in surplus
14,311,337
Excess of par over cost of
cony. pref. stock purchased
and retired
283,573
Deficit
17,523.768
Total
$14,151,083
Total
$14,151,083
a Priced at Sept. 20 1934 market quotations. b Represented by
shares (par $50). c Represented by 500.000 shares (no par). 41278,865
Represented by 603,602% shares (no par). e There are 298,297 shares (no par)
outstanding.
Notes-Cumulative dividends on cony. 1st pref. and preference stock
were in arrears 82.557.192 and $1,985,000 respectively to Sept. 20 1934.
If sold at amount at which carried in the above statement, certain
securities in portfolio would cause tax losses to be realized sufficient to offset
Fedorul income taxes of approximately $59,100 on profits realized on sales
of securities from Jan. 1 1934 to Sept. 20 1934. It is the intention of the
management to take advantage of this contingency, and in view of this
fact, no provision has been made at this time for such taxes.
-V. 139. D•
1253.
Texas Corp.
-Holdings of Indian Refining Co. Stock
The corporation has notified the New York Stock Exchange that of a
total of 1,270,207 shares of common stock of Indian Refining Co. outstanding, it has acquired and holds at the present time 1,143,230 shares.
Acquires New Unit
The company announced, Sept. 20, that negotiations have been completed for acquisition of all the bulk and retail oil outlets of the Comet
Oil Co., a subsidiary of the Texas Pacific Coal & Oil Co., in Great Falls,
Giffen, Kevin, Chester, Bozeman and Shelby, Mont. This marks the
entry of the company into new territory.
-V. 139, p. 1254.
Texas & Pacific Ry.-EarningsPeriod End, Aug.31- 1934-Monfh-1933 1934-8 Mos.-1933
Operating revenue•s
$1,840,929 $1.628,741 $14,499,178 $13,212,941
Net rev,from ry. oper...
598,115
529,366 4.781,743 3,959.389
Net ry. oper. income
375,243
294,451
2,975,592
2,153,628
Gross income
419.803
325.652 3.244.668
2.395,297
Net income
74.453 def30.877
466,585 def453,553
-V. 139. p. 1419.
Texas Electric Service Co.
-Earnings
[American Power & Light CO. Subsidiary]
Period End. Aug.31- 1934
-Month-1933
1934-12 Mos.-1933
Operating revenues
$601,900
$548.586 $6,469,848 $6,465,294
Oper. exp., incl. taxes
295,651
256,356
3,165,169
2,901.557
Net rev, from oper
Rent for leased property
Other income
$306,249
6,369
1,174
$292,230 $3,304,679 $3,563,737
6,369
76,433
105,460
697
16,863
18,574
Gross corp. Income.._ _
Int & other deductions_
.
$301,054
142,934
$286,558 83,245,109 83,476.851
144,785
1,734,501
1,731,860
Balance
34158,120 y$141,773 $1,513,249 $1,742,350
Property retirement reserve appropriations
250,000
300,000
x Dividends applicable to preferred stock for
period, whether paid or unpaid
373,264
374,958
Balance
$838,291 $1,119,086
x Regular dividend on $6 pref, stock was paid July 2 1934. After the
payment of this dividend there were no accumulated unpaid dividends at
2065
Financial Chronicle
.
Volume 139
the near future at Wilmington, Del., where the committee also expects to
-V. 139. p. 1564.
be the bidder.
that date. y Before property retirement reserve appropriations and
-V. 139. P. 1254.
dividends.
-Stricken from List
United Aircraft & Transport Corp.
*
-To Increase StockTexas Gulf Sulphur Co.
om
The commo stock (no par value) has been stricken from the ew York
The stockholders on Sept. 24 approved tho issuance of stock for the
Stock Exrhang INC-V. 139. p. 1881.
Delaware Gulf On b interest in certain properties. See also V. 139. p.944.
-V.139. p. 1720.
-Earnings
United Gas Corp.(& Subs.)
-Abandonment and ConTexas & New Orleans RR.
(Inter-company Items Eliminated)
1934-12 Mos.-1933
Period End. July 31- 1934-3 Mos.-1933
structionSuhisidiariesThe Interstate Commerce Commission on Sept. 13 issued a certificate
$5.569,646 $44.205.540 $23.257,016 $21.337.815
Operating revenues
formerly owned by
permitting the company to abandon a line of railroad,
Oper. exp., incl. taxes.- 3,154,136 2.707,529 12,107.632 11.176.312
the San Antonio & Aransas Pass Ry., extending from a point known as
engineer's station 7145 +11, in the town of Cuero, to a point west thereof
Net rev, from oper--- 52.415,510 $1,498,011 $11,149,384 $10,161.503
and
known as engineer's station 7326+53.5. approximately 3.436 miles;
102.279
25.533 • 110,078
22.729
3
Other inC0111/
(2) authorizing it to construct a connecting track. 1.095 miles in length,
last-mentioned point to a connection with
extending northerly from the
Gross corp. Income- $2,438.239 $1,523.544 $11,259.462 $10.263.782
the railroad formerly owred by the Galveston, Harrisburg & San Antonio
Interest to public and
By.. all in DeWitt County. Tex.
1.377.417
336.728 1,300.071
318,527
other deductions
The I. S. 0. C. on September 18 issued a certificate (a) permitting
Cr13.059
Cr9,819
Cr2,044
Cr2,150
Int. charged to construct
tile company to abandon that part of its Gallatin-Rusk branch extending
Prop. retlre't & deplet.
a southerly direction, 7.51 miles, and to abandon operation
from Gallatin in
608.410 3,011.943 2,685,216
768,027
reserve appropriations
of the remainder of said branch at or near Rusk, 0.78 mile, owned by the
30.534
38.390
7,532
9,655
Prof. diva, to public_ _ - _
Texas State RR., and (b) authorized it to operate under trackage rights
Cr23.596
1,451
Cr4.499
Portion appl.to min.int.
over a line of railroad of the St. Louis Southwestern Ely. of Texas, between
Jacksonville and Rusk, about 15.5 miles: all in Cherokee County, Tex.
Net equity of Un. Gas
The Interstate Commerce Commission on Sept. 18 also issued a certificate
$577,417 $6,917,426 $6,207.270
Corp. in inc. of subs $1,344,180
permitting the company to abandon a branch line of railroad known as
United Gas Corp.
Camperdown spur extending northeasterly from a connection with the
Net equity of U.G.0.1n
as Camperdown, on or near
so-called Columbia spur, to a point known
$577,417 $6,917,426 $6,207,270
inc. ofsubs.(as above) 51.344.180
-V.
Bayou Teche, a distance of 1.97 miles. all in St. Mary Parish, La.
60,868
70.735
15,050
19.130
Other income
139, P. 1419.
$592,467 56,988,161 $6,268.138
$1,363.310
Total Income
Texas Pacific Land Trust-Receipts and Expenditures
119.255
189.914
35.757
93.969
Expenses, incl. taxes_.._
1930
1931
1932
Calendar Years
-1933
Interest to public and
Oil and mineral rentals,
746,666 2.869,813 2,987.056
723,350
other deductions
royalties and grazing
5831,987
$300,279
rentals
$240.604
$298,235
Balance carried to conBills receivable, principal
sol. earned surplus- $545,991 defS189,956 $3,928,434 $3,161.827
61,964
42.697
and interest
60,922
35.713
-V. 139, p. 1255.
Cash payments on land
1.686
-Weekly Electric Output
2,393
sales
657
517
United Gas Improvement Co.
4.573
1.449
Sundries
2.891 s
6,614
Sept. 22'34. Sept. 15 '34. Sept. 23 '33.
Week Ended67,429.660
Treas. bills & ctfs.. and
Electric output U.G.I. System (kwh.)67,916,681 67.479,569
•
90,000
Ws. of dep. matured_
45.000
-V. 139, p. 1882.
8353,656
87.761
$427.497
7.332
$346.819
3.824
$900.211
3.857
Total
8441.417
Expenses, taxes, &c....
x348.200
Certificates redeemed
5434.830
x347,069
8350.643
x343.311
$904,068
345.028
7555.215
Total receipts
Cash on hand Jan. 1_ _ _ -
Cash Dec. 31
$7,332
$33.824
$87.761
$93,217
x Includes $35,000 for certificates of deposit and $115,089 for treasury
bills and certificates in 1933. $55.000 for certificates of deposit and $60,052
for treasury bills and certificates in 1932 and $5,000 U. S. Treasury certificates of indebtedness in 1931. y Purchase price was 5700.50.3, of
-V.136, p.4107.
which $145,288 remained unpaid at close of year.
-EarningsTexas Power & Light Co.
-United Rys. & Electric Co. of Baltimore-Earnings
1934-8 Mos.-1933
Period End. Aug.31- 1934-Month-1933
87.091.093 86.476.844
$770.318
702.729
88,331
6,012.394
684.028
5.702.780
724,624
Operating income__ -Non-opet sting income--
518.527 def$20.743
833
1.012
$394,670
7.755
549.438
6.856
Gross income
Fixed charges
$19,540 def$19.909
12.063
9.188
$4402.426
81,923
$56.295
146.864
Net income_
-V.139. P. 1419.
$10,351 der$31.973
8320.502 def$90.569
Total revenue
Total expenses
Taxes_
8805.024
705.759
80,737
----Unite Shirt Distributors, Inc.-ommon Dividends
(American Power & Light Co. Subsidiary)
Period End. Aug.31- 1934
-Month-1933
1934-12 Mos.-1933
Resumec-T-e-Purclictse-Pref.-dt
8777,396 59,263,145 59,131,468
Operating revenues
5778.767
The
dors have declared a dividend of 714 cents per share on common
363,513
355,647 4,352.145 4,139.833
Oper. exp., Incl. taxes
stock, no par value, payable Oct. 10 to holders of record Oct. 1 This
2,500
Rent for leased property
30,000
30,000
2,500
payment is the first to be made on this issue since Nov. 15 1929 when a
quarterly distribution of 1234 cents per share was made.
Balance
$412,754
$419,249 $4,881,000 $44,961,635
The company has offered to purchase on Oct. 1 25% of the outstanding
10,031
1,952
960
Other income
10,732
-V. 138, p. 1763.
preferred stock, par $50, at par.
Gross corp. income..._$414,706
5420,209 $4,891,732 $4,971,666
-Changes in Stock
United States Guarantee Co.
Int. & other deductions215,182 2,457,654 2,455,475
207,217
vote
A special meeting of the stockholders has been called for Oct. 10 toshare
stock to $10 a
on a proposal to reduce the par value of the capital
Balance
y$207,489 y$205,027 52.434.078 52,516,191
from $100 and increase the number of shares outstanding to 100,000 from
350,000
Property retirement reserve appropriations
450,000
10.000.-V. 138, p. 1065.
x Dividends applicable to preferred stocks for
864,614
period, whether paid or unpaid
865,067
-Loses Plea
U.S. Industrial Alcohol Co.
Holding that the internal revenue tax, totaling more than 88.000.000,
Balance
$1,119,011 $1,301,577
which the Government seeks to collect from the company. on 1.271.955
x Regular dividends on 7% and $6 Prof. stocks were paid on Aug. 1 1934.
Proof gallons of alcohol allegedly diverted for beverage purposes, was a
After the payment of these dividends there were no accumulated unpaid
tax and not a penalty, Judge W. Calvin Chesnut at Baltimore recently
dividends at that date. y Before property retirement reserve appropriaoverruled a demurrer filed to the Government's suit by the company.
tions and dividends.
-V.139, p. 1254.
The demurrer, argument on which was heard before Judge Chesnut
In the U. S. District Court early in the summer, contends that the sum
-1-q---Thumatomic Corp.-Retived from Dealing-which the Government seks is a penalty and as the defendant already
The ew York Produce Exchang has removed from dealing the comhas paid a fine of 810.000 in the case and because of the repeal of promon stock, no par.
hibition the penalty may not be exacted.
The 510.000 fine was imposed on the company in the local Federal
Third Avenue Ry. System-Earnings
nobo conCourt in 1930 after the attorneys for the company had pleaded a number
1934-2 Mos.-1933
Period End. Aug. 31- 1934-Mcrrith-1933
tendere to an indictment which named the alcohol company, were conOperating revenue
$1.016.481 $1,011,604 82.083.209 $2.052,612
of other firms and a large group of individuals. The charges
Operating expenses
1,592,685 1.598,003
787.882
794.081
spiracy to convert commercial alcohol products such as lacquer thinner
137,844
Taxes
85.689
68,343
173.876
into beverage alcohol.
4
The Government seeks to collect the tax on that alcohol in the present
11.
Operating income_ _ _ _ 5142.910
5149.179
$316.647
5316.766
action, and contended that an internal revenue tax which was in effect
54,387
33.457
27,229
67.927
Non-operating income_ before prohibition would not be invalidated by the real of prohibition. not
In his opinion Judge Chesnut decided that the tax was a tax and
5178,367
Gross income
$176.408
8384.574
3371.153
a Penalty and that for that reason the demurrer must be overruled. The
Deductions
227,044
229.097
453.764
457.635
opinion, however, stated that the company could raise this contention
-V. 139, P. 616.
when the case is tried on its merits.
552.689
Net deficit
850.677
58 .484/
139. 1419.
-v.
'United States Smelt,ing,xRefini g & Mining Co.
t(it,
• $2 Common Dividend
'Times Square 46th Street Building-Reor anzza ion
2 per share on the comare
The directors on Sept. 26 declared a divIden
The holders of 1st mtge. leasehold 6% sinking fun gold bon
similar
notified that a plan of reorganization proposed by the company Is o file
mon stock. par $50. payable Oct. 15 to holders of record Oct. 5. A includon July 14 last, while from July 15 1930 to and
Clerk of the U.S. District Court. Southern District of New York.
with the
distribution was made
ing April 14 last regular quarterly dividends of 25 cents per share were paid.
All creditors and other persons Interested are ordered to show cause
In addition, the company paid extra dividends of $1 per share on April 14
before the Court on Oct. 10, why the Court should not enter an order
approving the plan.
-V. 126, p. 2808.
last, $3.50 per share Jan. 15 1934, and 50 cents per share on Oct. 14 1933.
1Eig
Earnings for 934ht Months Ended Aug. 31
208 South La Salle Street Bldg Corp, Chicago1931
1932
1933
Reorganization
$5,627.513 $4,211,083 82,664.940 $2.667.532
Profit after Interest
1,425.550
1,501.344
1.707.044
Deprec„ deplet.& amort 1,479.029
Chicago, by holders of $8,500
A petition has been filed in Federal Court,
of the first mortgage 514% sinking fund bonds, due 1958, asking reorgani84.148.484 82,504.039 51.163.596 51.241.982
Net profit
zation under Section 77-11 of the Bankruptcy Act. Officials state that the
1.134.817
1,091.879 1,111.247
Preferred dividends_ _ 1.091.879
company earned 4.32% on the bonds before depreciation last year, and
interest and sinking fund payments have been met to date.
$107,165
$52,349
Surplus
$3.056.605 51,412.160
in 19')3 Ind $150,000
The petition states that company had $357,977 loss
Shs. common stock outloss in first al o 1934.-V. 137, p.3340.
620.562
x540.527
x528,765
standing (par $50)--- x528,765
$0.18
$0.09
$2.67
$5.78
Earnings per share
-Receivership Suit-4L''
Union Solvents Corp.
Average Prices
A receivership suit has been filed in Chaucer Court Wilmington, Del.,
$20.67
$23.759
534.832
Gold (ounce)
and c mon stockholders,
against the corporation, by a group of preferred
28.043c.
28.491c.
31.696c.
45.646e.
Silver (ounce)
all residents of Chicago. Complainants are Martin U. Schwab, Otto C.
4.354c.
3.198c.
3.977c.
3.648c.
Lead (pounds)
Doering. Max Adler, Horace 0. Levinson and Ruth L. Levinson.
3.775c.
2.743c.
3.739c.
4.322c.
Zinc (pounds)
Too complainants allege that due to the fact that the U. S. District Court
x Average shares outstanding.
at Chicago two years ago enjoined the corporation from Infringing on the
alcohol by bacteriological
The company issued the following statement:
Weismann patent for production of acetone and
"The improvement in earnings is due to the better metal prices, especially
processes, the corporation has ceased to function and is Inactive.
prices of silver and gold. As against the better prices, there have been
It is alleged that officers and directors have permitted at least two of the
substantial increases in costs and in foreign and domestic taxes. Tonnages
latter to borrow funds from the corporation in violation oflaw and that they
of ore mined and gravel dredged have, on the whole, been larger than last
have disposed of virtually all of the corporation's assets including Carthage,
year. The average grade has been lower and refined metal output has
Ohio, plants to obtain funds for operation of other enterprises in which
-V. 135. p. 4230.
been somewhat reduced. Reserves for depreciation and depletion are
some or all of them are interested.
lower, principally owing to the planned curtailment at Nome pending
-Securities Sold
77
- lited American Utilities, Inc.
preparation of new ground.
,
"As explained in previous reports, it has been the practice of the company
Securities pledged by the company, under an indenture securing its 10
to take metals into earnings at prices prevailing at the time of their proyear 6% cony, bonds due in 1940 were sold at auction Sept. 24 by Thomas
duction. Inventories have been carried at these prices or at market
F. 13urchill, Inc., for a nominal amount, to the reorganization committee.
prices, whichever is lower. The difference between inventory values and
This is pursuant to the consummation of the reorganization plan of the
realized sales prices have not been included in earnings, but have been
company. The date for sale of general receivership assets is to be set in
2066
Financial Chronicle
Sept. 29 1934
carried to quotational reserves maintained against decline of prices below
Consolidated Balance Sheet Dec. 31
inventory values. This practice is continued as to foreign silver and as to
Assets1933
1932
Liabilities1933
1932
metals other than gold and domestic silver.
Cash
$3.922
$2,702 Notes pay., banks $300,000 $300,000
"As to gold the mint purchased price became fixed at 534.9125 per ounce
Accounts receiv
730,687
92.116 Notes pay. U.0.I. x641,500
597,500
on Feb. 1 1934. As to silver mined in the United States since Dec. 21 1933
Notes receivable
309
4,638 Accounts payable,
the mint price has been fixed at the equivalent of 64% cents per ounce.
Inventories
484,649 creditors
164,259
87,603
77,875
All gold and domestic silver production since these effective dates has been
Advs. to salesmen
587
5,626 Taxes due and untaken into earnings at these fixed prices. As to gold produced prior to
Prepaid insurance_
2,683
2.072
paid
51,183
68,866
Feb. 1 1934, and taken into earnings at the lower prices then prevailing,
Accounts rec.. nonAccr. int. U. G. I_ 164,112
125.998
gains realized from sales at higher prices since Feb. 1 have been included
current
38,178
Accrued pay roll__
1,674
1,717
in the earnings of the eight months' period above stated.
Property and plant 3,305,058 3,302,476 Accrued taxes____
889
5.093
"All gains realized from the nationalization of silver at 50 cents per ounce
Deferred charges_
2,475
773
accr. llab.
8.242
1,339
have also been taken into earnings as the silver has been sold to the mint.
Other assets
3,600,569 4.030,179 Reserves
2,096,422 2,096,897
As a result of this procedure there has been included in the eight months'
7% pref. stock_
1,225,000 1,225,000
earnings above stated, 5671.527 of quotational gains on gold and domestic
Common stock
3,500,000 3,500,000
silver. From gains on foreign silver and metals other than gold and silver
Deficit
940,822
64,233
there has been added to quotational reserves during the eight months'
period $461.770, from which 578.597 has been deducted and set aside to
mark down lead inventories to 3.75 cents per pound. the market price of
Total
$7,146,627 $7,925,230 Total
$7,146,627 $7,925,230
lead on Aug.311934, making the net addition to quotational reserves during
x Capital stock of Camden County Land (lo. which owns land and
the eight months' period 5383,173, thereby increasing the total quotational
buildings at a ledger value of $918,897 pledged as collateral. y Less reserve
reserves from $1,107,689 on Dec. 31 1933. to a balance of 51,490,862 on
of 514,879.-V. 138. p. 4480.
Aug. 31 1934.
'Since Aug. 31 1934, the price of lead has further declined to 3.60 cents
'
-Extra Dividend-'
pound. Unsold inventories of foreign silver are carried at approximate- -- -West Point Mfg. Co:.
The directors have declared an extra dividend of $1 per share in addition
x $100,000 less than the present market price."
7r
-V. 138. p. 4479.
to the regular quarterly dividend of $1 per share both payable Oct. 1 to
holders of record Sept. 21. Similar distributions were made in each of
----phdversal Pictures Co., Inc.
U
--0. tange-in Par
the four preceding quarters.
-V. 138, p. 4145.
4_
ar value... f the common stock has been changed to $1 a share from
shares of no par. V. 139, p. 460.
Western Maryland
r
Utilities Power & Light Corp.(&Subs.)
-Earnings
-
12 Months EndedGross operating revenue
Operating expense, depreciation, &c
June 30 '84 Dec. 31 '33
549.899,816 547.638.964
33,932.150 31,815.533
Net operating income
Non-operating income
$15,967.666 $15,823,431
543.041
409,541
Net income-before other deductions
$16,510,707
Other deductions (fixed charges), diva, on pref.
stocks of subsidiaries, income taxes, &c
13,393,984
Net income of public utility subsidiaries
53.116.723
Net income of company
219,004
Net Income-before debenture interest, &c-- $3,335,727
Debenture interest, other interest, &c
2,879,043
Total net income
$456,684
- 139. p. 617.
V.
516,232.972
13.143,522
83,089,450
237,675
Ry.-Earnings-
Period End. Aug.31- 1934
-Month-1933 1934-8 Mos.-1933
Operating revenues
51.107.390 51.214.787 59,257,596 57.883.765
Net operating revenue
316.190
441,175 2,953.724 2,853,086
Net ry. oper. income307.848
426.821 2.698,558 2,447.504
Other income
7,341
8,024
69,002
90.904
Gross income
$315,189
$434.845 52.767,560 $2,538,408
Fixed charges
267.689
271,487 2,151.232 2.177,228
Net income
$47,500
$163,358
$616,328
$361,180
-Third Week Sept.- -Jan. 1 to Sept. 21Period1934
1933
1934
1933
Gross earnings(esti-- $272,939
$285,795 510,003,125 58,741,151
- 139. p. 1883.
V.
Wheeling 8c Lake Erie Ry.-Earnings.August1934
1933
1932
1931
Gross from railway
$872.825 $1,272,015
$786,421 $1,131,342
Net from railway
$4437,801
492.053
268,032
289,043
Net after rents
9,477
350,756
154,887
173,675
From Jan. 1
Virginia-Carolina Chemical Corp.
-Sue for Dividends
- Gross from railway
7,868,372 6,944,978 5,327,072 8,245,843
Fifteen holders of prior preference shares, owning stock with spar value of
Net from railway
2,119,432
971,783 1,786,590
5650.000 filed suit at Richmond, Va., Sept. 26. to compel the directors
Net after rents
1,112,546
1,211,169
132,222
917,486
to pay dividends on this class of stock from net earnings of the fiscal year
-V.139, p. 1421.
ended on June 30. Two of the directors, George S. Kemp and J. Luther
.M White & Co., Inc -Removed from Dealing
1.)
Moon of this city, are among the complainants.
-1,
The Court was asked to advise the directors whether they can vote
ew York Produce Exchanghas removed from dealing the common
dividends on this stock without assuming personal liability under the
stock,
par.
-V.133, p.978.
Securities Exchange Act.
The petition recites that on Sept. 14 the directors voted 8 to 4 against
White Motor Co.
-Receives Order
dividends, although the company's net earnings for the last fiscal year were
The company has received an order from the Frank Martz Coach Co.,
5492.377.-V. 139. p. 1882.
Inc., Wilkes-Barre. Pa.. amounting to $196.000. The order is for 14 of
the new air stream highway coaches recently introduced by White Motors.
-V.139, p. 1722.
Virginian Ry.-Earnings.August1934
1933
1932
1931
Will & Baumer Candle Co.
-Directorate Reduced
Gross from railway
$1,231,601 $1,264,596 $1,026,675 $1,379.667
The stockholders at their annual meeting amended the by-laws reducing
Net from railway
668,564
702,772
478.088
725,370
the number of directors to 10 from 12.-V. 138, p.3112.
Net after rents
590,092
631,030
.405,188
631,662
From Jan. 1
Wilson & Co.
-8% Wage Increase
Gross from railway
9,414.179 8,791,964 8,334,631 10,193,642
The company has announced that wage Increases of 8% affecting apNet from railway
4,899,254 4,448.955 3,782,473 4,611,911
proximately 12,000 employees of the company's Chicago and Cedar Rapids
Net after rents
4,256,911 3,865,816 3,156,281 3,955,247
plants will go Into effect as of Oct. 1.
- 139, p. 1420.
V.
The company further announced that the hourly rate for unskilled labor
would be increased 3 cents, bringing the minimum hourly rate to 50 cents
Wabash Ry.-Earnin s.in the metropolitan(Chicago) area and to 473. cents in the smaller cities.
August1934
1932
1933
1931
Skilled and semi-skilled workers will receive an 8% wage increase.
Gross from railway
-V.
$3.171,861 53,338.858 $2,771,044 $44,420,498
139, p. 1421.
Net from railway
679.090
840.826
333,837
587,224
Net after rents
227,226
354.768 def220.662 def110,443 --Wi g Aeronautical Col
-Removed from Dealing-'..,.....'
From Jan. 1
ew York Produce Exchang has removed from dealing the capital
Gross from railway
25,916,054 23.893,538 25,102,570 34,842.634
stock,TIP par.
Net from railway
6.716,175 5,273.777 3.676,897 6.343.686
Net after rents
2,900,451
1,127,957 def845,374
1,349.616
Wisconsin Central Ry.-Earnings- 139, p. 1883.
V.
Period End. Aug. 31- 1934-Month- 1933
1934-8 Mos.-1933
Total revenues__...... 5888.528 81.013.987 $6.606.791 56.245.685
Washington Water Power Co.(& Subs.)
-Earnings•
Net railway revenues.-278.394
38.5.578
1.606.366
1,383.552
[American Power & Light Co. SubsidlarYi
Net after rents
84.702
192.430
174.578
26.201
Period End. Aug.31- 1934
-Month-1933
Other income, net
1934-12 Mos.-1933
-Dr..
29.858
18,936
228.237
172.796
Operating revenues
Int. on funded debt- Dr
$670,817
$637,798 $7,594,929 $7,324,032
159.727
181.227 1.240.857 1.275.138
Oper. exps., incl. taxes354,294
310,278 4,127,099 3,635.709
Net deficit
$104.881 Cr812.316 51.294.518 $1.421.733
Net rev, from oper
--V. 139. p. 1421.
$316,523
$327,520 $3,467,830 $3,688,323
Other income
2,835
1.930
33,797
21,359
Yazoo & Mississippi Valley RR.-Earnings.Gross corp. income__ _ $319,358
$329,450 $3,501,627 $3.709,682
August1934
1933
1932
1931
Int. & other deductions90,947
92,135 1,128,534 1,105.682
Gross from railway
$896,417 51.007.250
5875.567 51,515.813
Net from railway
146.504
310.256
216.264
366.832
Balance
y$228.411 y$237,315 $2,373,093 $2,604,000
Net after rents
def75,537
98.612
123,672
def8.796
Property retirement reserve appropriations
638,173
539,500
From Jan 1
Dividends applicable to preferred stock for
Gross from railway
7,350.083 7.298.875 7,518.000 11.398.635
Period, whether paid or unpaid
620,471
621,025
Net from railway
1,739.527 2,284.408 1,573 312 1,514.783
Net after rents
117,165
527.432 def210,543 de6782,843
Balance
$1.114,449 $1,443,475 - 139. p. 1565.
V.
x Regular dividend on $6 pref. stock was paid June 15 1934. After the
payment of this dividend there were no accumulated unpaid dividends
at that date. Regular dividend on this stock was declared for payment
CURRENT NOTICES.
on Sept. 15 1934. y Before property retirement reserve appropriations
and dividends.
-V. 139, p. 1256.
- comparative analysis of the Joint Stock Land banks has recently
A
Weinberger Drug Stores, Inc.
been compiled by Robinson & Co. of Chicago. The analysis presents
-Earnings
--a comparison of June 30 1933 with June 30 this year, and is based on
Eight Months Ended Aug. 311934.
1933.
Net income after expense and other charges
official statements of the various banks issued by the Farm Credit Adminis$73,031
$45 4)28
Earnings per share on 72,618 shares capital stock
$1.01
$(5.63
tration. In issuing its analysis the firm said that more than $300,000,000
- 139, p. 1883.
V.
of bonds of the Joint Stock Land banks are outstanding in the hands
Western Pacific RR.-Earnings.of the investing public and more than $300,000,000 of mortgages are
owed the banks by farmers throughout the country.
August1934
1933
1932
1931
Gross from railway
$1,161,202 51,089,215
5962,218 $1,194,856
-Jack Marqusee, Mark J. Stuart and Fargo Barnett announce the
Net from railway
283,781
188,031
276,784
formation of Marqusee, Stuart & Co., with membership on the New York
Net after rents
62,502
186,658
96,439
178,702
From Jan. 1
Curb Exchange. The new firm, which is located at 40 Exchange Place,
Gross from railway
7,578,895 6,465,248 6,559.266 8,306,992
New York, will be represented on the Curb Exchange by Mr. Barnett.
Net from railway
757,673
331,052
344,929
- S. Moseley & Co.announce that A. Glen Acheson,formerly affiliated
F.
Net after rents
661,335
63,696 def420,994 def333,033
-V.139, p. 1884.
with Chase Harris Forbes Corp. and the Harris, Forbes & Co. organization,
Is now associated with them as manager of their bond department in the
Welsbach Co.
-Earnings
New York office.
Year Ended Dec. 311933
1932
1931
Net sales
Announcement is made of the formation of Farrell. Brown & Co.,
5386.357
5502.056 $1,143,277
Cost of sales
288.160
426.915
914.629
composed of E. E. Farrell and R. P. Brown, both formerly of Campbell,
Farrell & Co., with offices at 115 Broadway, New York. The firm will
Gross profit
▪
$98396
$75.142
5228.647
specialize in United States Government securities.
Selling, adm. and general expense.-114.296
183,599
368,907
-James Talcott. Inc., has been appointed factor for Kienzler Co., Inc..
Net loss from sales
$16.100
8108,458
5140,260
New York City, distributors of foods and beverages.
Other income (net)
13,894
31.910
30,076
-Irvin Hood has become associated with G. L. Ohrstrom & Co., Inc..
Deferred before fixed charges
576.548
$110.184
as assistant sales manager in the New York office.
Fixed charges
50,453
42,902
Norman 8. Taber & Co.,consultants on municipal finance, have moved
Net deficit for year
$127,001
555.946
$153.088
to new offices at 30 Broad St., New York.
13:N8
53.327,125
2,889.324
2067
Financial Chronicle
Volume 139
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-WOOL
-ETC.
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
Friday Night, Sept. 28 1934.
Coffee futures on the 24th inst. advanced 14 to 18 points
on Santos with sales of 23,000 bags and 15 to 19 on Rio
with sales of 2,750 bags. Firmer cables from Brazil induced
more aggressive buying. The futures market in Rio advanced 225 to 275 reis and the dollar milreis rate was up
250 reis. Cost and freight offers were unchanged to slightly
higher. Spot coffee too was in better demand. On the
25th inst. futures closed 7 to 10 points higher on Santos
with sales of 18,250 bags and 5 to 7 points higher on Rio with
sales of only 2,000 bags. Brazilian markets were weaker.
Cost and freight offers were scarce and 10 to 30 points
higher. Spot coffee was in better demand with Santos 4s
quoted at 11 Mc. On the 26th inst. futures closed 1 point
lower to 3 points higher on Santos with sales of 9,250 bags
and 2 points lower to 1 point higher on Rios with sales of
5,500 bags. Brazilian cables were lower. Cost and freight
offers were unchanged. Spot coffee was unchanged at 11 Mc.
for Santos 4s.
On the 27th inst. futures closed 1 to 3 points lower on Rios
with sales of 2,000 bags and 3 to 5 points lower on Santos
with sales of 8,250 bags. Brazil again reported rains. Cost
and freight offers were unchanged. To-day futures closed
4 points higher on December Rio and 1 point lower to 1 point
higher on Santos.
Rio coffee prices closed as follows:
December
7.61 May
7.88
March
7.79 July
7.97
Santos coffee prices closed as follows:
December
March
10.70 May
10.75 July
10.78
10.81
Cocoa futures ended unchanged to 3 points higher on the
24th inst.; sales, 157 lots. Oct. ended at 4.53c., Dec. at
4.70e., Jan. at 4.770., March at 4.91.c., July at 5.16c., May
at 5.03c. and Sept. at 5.300. On the 25th inst. futures
closed 8 to 12 points lower under general liquidation. There
was considerable selling of October in advance of notice days.
• Sales were 337 lots. Oct. ended at 4.43c., Dec. at 4.60c.,
March at 4.79c., May at 4.95c., July at 5.08c. and Sept. at
5.20c. On the 26th inst. futures closed 2 points lower to
2 points higher with sales of 300 lots. A feature of the
trading was the switching from October to more distant
deliveries. Manufacturers showed more interest in spots.
October ended at 4.43c., Dec. at 4.60e., Jan. at 4.67c.,
March at 4.810., May at 4.93e., July at 5.06e. and Sept.
at 5.19c.
On the 27th inst. futures closed unchanged to 2 points
lower with sales of 107 lots. Dec. ended at 4.60c., Jan. at
4.67e., March at 4.80c., May at 4.93e., July at 5.05e. and
to
Sept. at 5.17c. To-day futures closed unchanged' 2
points higher with sales of 94 lots. Sept. ended at 5.19e.,
Dec. at 4.60c., March at 4.81c., May at 4.93e., and July at
5.06e.
Sugar futures closed 1 point lower to 2 points higher on
the 24th inst. with sales of 282 lots largely in the December
delivery. Holders of warehouse Cubas were asking 2.00c.,
equal to 2.90c. duty paid in the raw market. Rumors that
American refiners were negotiating with Cuba for the sale
of 200,000 tons at 2.18e. c. & f. were denied. London was
id. to Md. higher. Rams there were reported sold at the
equivalent of .81 Me. f.o.b. Cuba. On the 25th inst. futures
closed unchanged to 4 points lower with sales of 621 lots,
mostly in the December delivery. London was firmer.
The lifting of hedges against sales of actuals accounted for
the strength. On the 26th inst. futures closed 1 to 2 points
lower after sales of 16,400 tons. A large block af warehouse
sugars was bought on tne 25th inst. it was reportel at the
2.00c. level. Raws were quiet.
On the 27th inst. futures closed 1 point lower to 1 point
higher with sales of 501 lots. Most of the trading was in
December. Lifting of hedges continued. Cuban raws were
quoted at 2.03 to 2.05e., equal to 2.93 to 2.950. duty paid.
To-day futures closed urchanged to 1 point lower.
Prices were as follows:
December
January
March
1.95 May
1.92 July
1.91 September
1.95
1.99
2.03
Lard futures on the 22d inst. closed unchanged to 2 points
higher in a featureless market. Hags were steady witn the
top $7.15. Cash lard was steady; in tierces, 9.40c.; refined
to Continent, 8c.; South America, 83/Ic. On the 24th inst.
futures decline1 10 to 18 points under general liquidation
stimulated by lower hog and grain markets. Hogs were
10e. to 20c. lower with the top $7.10. Cash lard easier; in
tierces, 9.350.; refined to Continent, 73/8 to 8c.; South
America, 8 to 83c. On the 25th inst. prices showed early
weakness owing to easier outside markets but later the
strength in grain attracted renewed buying for speculative
account and prices rallied to end unchanged to 3 points
higher. Hogs closed unchanged to 10c. higher with the top
$7.10, and receipts light. Cash lard was steady; in tierces,
9.30c.; refined to Continent, 73/2 to 8c.; South America,
8 to 8Mc.
On the 26th inst. futures closed unchanged to 3 points
lower. Early prices were higher on trade buying and covering of shorts but liquidation at the advance caused a setback
later. Hogs were 10 to 150. lower with the top $7. Hog
receipts were small. Cash lard was barely steady; in tierces,
9.27c.; refined to Continent, 73/2 to 8c.; South America,8 to
83/gc. On the 27th inst. futures ended unchanged to 5 points
lower under moderate selling. Trading was quiet. Hogs were
Sc. higher with the top $7. Exports were light. Cash lard
was steady; in tierces, 9.27c.; refined to Continent, 77 to
4
Sc.; South America, 8 to 83c. To-day futures closed unchanged to 10c. lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Wed. Thurs. Fri.
Mon. Tues.
Sat.
9.15
9.25
9.25
9.25
9.25
9.35
9.15
9.20
9.22
9.20
9.22
9.40
9.27
9.30
9.32
9.32
9.35
9.50
September
October
December
Pork firm; mess, $30; family, $30 nominal; fat backs,
$25 to $26.50. Beef firm; mess nominal; packer nominal;
family, $19 to $20 nominal; extra India mess nominal. Cut
meats steady; pickled hams, 4 to 6 lbs., 11c.; 6 to 10 lbs.,
103c.; 14 to 16 lbs., 18c.; 18 to 20 lbs., 161%c.; 22 to 24 lbs.,
%
143 c.; pickled bellies, 6 to 10 lbs., 191 c.; 10 to 12 lbs.,
%
195/20.; bellies, clear, dry salted, boxed, N. Y., 14 to 16 lbs.,
163/c.; 18 to 20 lbs., 163(c.; 20 to 25 lbs., 16c.; 25 to 30 lbs.,
8
173/8c. Butter, creamery firsts to higher than extra, 23A
to 273c. Cheese, flats, 17 to 200. Eggs, mixed colors,
checks to special packs, 17 to 293/Ic.
Oils-Linseed recently was steady. There was a better
inquiry but actual demand was small. One firm was said
to have offered linseed at 8.3c. on Wednesday and was
reported to have posted a price of 85c. Tank cars generally
were quoted at 8.5e. Cocoanut, Manila coast, tanks New
York, spot, 35c. Corn, crude, tanks, f. o. b. Western
mills, 73/2e. China wood, N. Y., drums, delivered, 93/2 to
93 c.; tanks, spot, 8.9 to 9.0e. Olive, denatured spot,
%
Spanish, 84 to 86c.; shipments, Spanish, 82c.; Greek, 800.
Soya bean, tank cars, f. o. b. Western mills., 6.2c.• cars,
'
N. Y., 7c.; L. C. L., 7.5c. Edible, olive, $1.60 to $2.15.
Lard, prime, 9c.; extra strained winter, 8Yo. Cod, dark,
nominal; light filtered, 33c. Turpentine, 46 to 50e.
Rosin, $5.30 to 86.50.
Cottonseed Oil sales, including switches, 165 contracts.
Crude, S. E., 73/2c. Prices closed as follows:
October
November
December
January
8.00 8.15
8.05(48.15
8.10 8.08
8.10
February
March
April
May
-
8.10 8.17
8.21
8.22 8
.32
8.32(e8.37
Petroleum-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber futures on the 22d inst. closed 4 to 9 points lower
with sales of 1,430. Spot ribbed smoked sheets in New
York were unchanged at 15.38c. London closed unchanged
and Singapore prices showed slight advances. Sept. ended
at 15.33c., Oct. at 15.390. Dec. at 15.64e. to 15.65c., Jan.
at 15.75c., March at 16.65c., May at 16.28c. and July at
16.50 to 16.53e. On the 24th inst. futures closed 3 points
lower to 4 points higher; sales 1,750 tons. Spot ribbed
smoked sheets fell to 15.350. London advanced slightly and
Singapore showed advances of 1-32 to 3-32d. Here prices
closed with Sept. at 15.300., Oct. at 15.36 to 15.39c., Dec.
at 15.63e., Jan. at 15.76c., March at 16.030. to 16.050.,
and May at 16.28 to 16.30c. On the 25th inst. futures
closed 18 points lower to 1 point higher with sales of 2,200
tons. Spot ribbed smoked sheets fell to 15.31c. London
was 1-16 to Md. lower. Singapore closed dull and slightly
lower. Sept. ended at 15.31c., Oct. at 15.34c., Dec. at
15..54 to 15.550., Jan. at 15.67e., March 15.93e. May at
'
16.16c. and July at 16.360. On the 26th inst. futures
closed 24 to 34 points lower with sales of 3,060 tons. Spot
ribbed smoked sheets fell to 15.050. London declined 1-16d.
to Md. Singapore was slightly lower. Here, Oct. closed
at 15.00c., Dec. at 15.25e., Jan. at 15.38c., March at 15.64
to 15.650., May at 15.8643. and July at 16.12 to 16.130.
On the 27th inst. futures declined 14 to 19 points with
sales of 7,430 tons. Spot ribbed smoked sheets fell to 14.87c.
London was 1-16d. lower to 1-16d. higher. Oct. ended at
2068
Financial Chronicle
Dec. at 15.07c., Jan. at 15.20c., March at 15.45e.
to 15.46c., May at 15.72e. and July at 15.96c. To-day
14.85e.,
futures closed 19 to 23 points lower with sales of 516 lots.
Jan. at 14.98c. March at 15.250., May at 15.50c., July at
15.73c., Oct. at 14.65c., and Dec. at 14,87c.
'
Hides futures on the 22d inst. closed 5 points lower to
25 points higher; sales 760,000 lbs. Old contract closed
unchanged to 5 points lower with sales of 160,000 lbs.
Sept. ended at 7.90c., Dec. at 7.98 to 8.01c., March at
8.20 to 8.23c., June at 8.45 to 8.50e. and Sept. at 8.750. On
the 24th inst. futures closed 4 points lower to 2 points
higher with sales of 1,400,000 lbs. Some 4,000 heavy native
cows sold in the domestic spot market at 8c., or unchanged
from the last sale. Dec. ended at 7.94 to 7.96c., March
at 8.20e., June at 8.450. and Sept. at 8.77c. On the 25th
inst. futures closed 19 to 25 points lower with sales of
2,800,000 lbs. Old contract ended 20 points lower and
was inactive. Sales of 4,000 hides were reported in the
domestic spot market, including heavy native steers at
103/2c. Standard contract closed with Dec. at 7.75c.,
March at 7.90 to 7.98c., June at 8.23 to 8.250. and Sept.
at 8.54c. On the 26th inst. futures closed 4 to 10 points
lower with sales of 680,000 lbs. Old contract ended 10
points lower in light trading. Old contract closed with
Dec. at 6.45c., March at 6.60c.; standard, Dec. 7.65c.,
March 7.91c., June 8.20e. and Sept. 8.450.
On the 27th inst. futures closed unchanged to 10 points
higher with sales of 1,240,000 lbs. Old contract closed 15
points higher and was inactive. Old Dec. ended at 6.60 to
6.80c. and March at 6.750.; standard Dec. at 7.70 to 7.75c.,
March at 7.95 to 8.00c., June at 8.20 to 8.240., and Sept. at
8.550. To-day futures closed 3 to 6 points higher with sales
of 33 lots. June ended at 8.26c., Sept. at 8.58c. and Dec. at
7.75 to 7.850.
Ocean Freights demand showed little if any improvement.
Charters included-Grain booked: 20 to 30 loads New York-Montreal
to Mediterranean, 10c.; 3 loads Havre-Dunkirk, 7c.; 25 loads Montreal,
11c., New York, 10c., Mediterarnean. Sugar; Prompt Cuba-United Kingdom-Continent, 125. Coal: Hampton Roads to Rio, Nov.98. 3d., Santos,
98. 9d. Trips: Prompt, across, South Atlantic, redelivery United Kingdom-Continent. 4s. 6d.; prompt, Tyne. South American round via Gulf of
Mexico, 3s.; prompt, West Indies, round $1; delivery St. Lawrence, redelivery, N. H., 90c. Scrap Iron: Gulf, prompt, Japan, 135. 9d., f. I. c.;
North Atlantic prompt, Japan, 135. 9d., f. 1. c. Nitrate: Spot Hopewell
Antwerp-Ghent, $2.60.
Coal production was 6.900,000 tons last week or about
the same RS a week previously. Minings for three weeks to
Sept. 22 totaled 20,613,000 tons and the weekly average
6,871,000 tons as compared with 20,400,000 tors and
6,800,000 tons, respectively, a year ago. Loadings in
October are expected to be larger than in the autumn of 1933.
Tobacco futures on the 22d inst. closed 15 to 20 points
lower owing to weakness in Southern spot markets. Jan.
ended at 29.750., March at 19.95c., May at 30.10e. and
,
July at 30.250. On the 24th inst. futures advanced 20 to
30 points; May 30.30c., July 30.50c. On the 25th inst.
prices ended unchanged to 20 points lower. Trading
lagged owing to weakness of Southern spot markets. Jan.
ended at 29.90 to 29.950. March at 30.00 to 30.05c., May at
30.20c. and July at 30.50e. On the 26th inst. futures ended
90 to 125 points higher owing to stronger Southern markets.
Jan. ended at 31.15c., March at 31.250. to 31.30c., July
at 31.45 to 31.60e.
On the 27th inst. futures closed 15 to 40 points higher.
The crop was reported to be bringing from 26% to 45% more
in value than last season at the various tobacco centers.
Jan. ended at 31.30 to 31.50c.; March at 31.50 to 31.60c.;
May at 31.65 to 31.75c., and July at 31.80 to 31.95e. Today prices ended 70 points higher on July with that month
ending at 32.15e.
Copper was quiet abroad at 6.80 to 6.85c. c.i.f. Hamburg,
Havre and London. Blue Eagle for domestic shipment was
unchanged at 9c. delivered to end of December. In London
on the 27th inst. got dropped 2s. 6d. to £27 5s.; futures off
2s. 6d. to £27 us. 3d.; sales, 150 tons of spot and 950 tons
of futures; electrolytic spot declined 5s. to £30 5s.; futures
off 5s. to £30 15s.
Tin recently showed a downward tendency. Spot
Straits got down to 51.15e. or within 23/i points of the low
point of the past several weeks. There was a little interest
shown on the decline. In London on the 27th inst. spot
standard fell 15s. to £231 5s.; futures dropped £1 7s. 6d. to
£227 15s.; sales, 50 tons of spot and 50 tons of futures; spot
Straits dropped £1 12s. 6d. to £231 10s.; Eastern c.i.f.
London was off 10s. to £230 12s. 6d.; at the second London
session spot standard was unchanged but futures advanced
15s. on sales of 5 tons of spot and 125 tons of futures.
Lead was in small demand but unchanged at 3.60c. New
York and 3.50c. East St. Louis. In London on the 27th
inst. spot was unchanged at £10 12s. 6d.; futures unchanged
at £10 15s.; sales 100 tons of spot and 650 tons of futures.
Zinc was quiet and easier at 3.950. East St. Louis.
London spot unchanged at £12 10s. on the 27th inst.; futures
off is. 3d. to £12 12s. 6d.; sales 400 tons of futures.
Steel output showed a further increase and the price
situation was better. In at least two instances price reductions which had been filed with the American Iron &
Steel Institute were withdrawn before their effective dates.
The scrap market, though not particularly active, was
Sept. 29 1934
steady. The Standard Oil Co. of New Jersey was reported
to be inquiring for 13,000 tons of structural steel to rebuild
an oil refinery in Argentina which was destroyed by fire.
Quotations: Semi-finished, billets, rerolling, $27; billets,
forging, $32; sheet bars, $28; slabs, $27; wire rods, $38;
skelp bars, $28. Sheets, hot rolled annealed, 2.450.;
galvanized, 3.10c.; strips, hot rolled, 1.85e.; strips, cold
rolled, 2.60c.• hoops, 1.85c.; bands, 1.85c.; tin plate, per
box, $5.25. ' rolled bars, 1.80c.; plates, $1.80; shapes,
Hot
1.80c.
Pig Iron conditions were reported a little better. Shipments in the Philadelphia district were 50% in excess of
those for August and sales at St. Louis showed noticeable
improvement. Quotations: Foundry No. 2 plain, Eastern
Pennsylvania, $19.50; Buffalo, Chicago, Valley and Cleveland, $18.50; Birmingham, $14.50; basic Valley, $18;
Eastern Pennsylvania, $19; malleable, Eastern Pennsylvania, $20; Buffalo, $19.
Wool-Boston wired a Government report on Sept. 24
saying: "Members of the Boston wool trade are a little more
hopeful to-day of the immediate outlook for trade in view of
favorable developments over the week-end regarding the
strike situation. Early cable reports from Australia indicate
steady prices compared with last week. Estimated receipts
of domestic wool at Boston, reported to the Boston Grain
and Flour Exchange during the week amounted to 911,700
lbs., compared with. 964,300 lbs. during the previous week."
Boston wired a Government report on Sept. 25: "A few
wool buyers who had been out of the market during the strike
are beginning to look around in the market, but as yet little
business has been closed in greasy combing wools. Some
business has been done here on woolen wools with mills that
have reopened. Reports indicate that there has recently
been some business closed on wools offered direct from
Texas at around 58-60c., scoured basis, delivered East."
Boston wired a Government report on Sept. 26 saying:
"The demand for greasy combing domestic wools in Boston
remains mostly very dull. Sales have been closed on medium
fleeces in a few cases. Graded strictly combing 48s., 50s.,
quarter blood, Ohio and similar wool brought 29e. to 30c.
in the grease for a very moderate quantity. A round lot of
Kentucky wool comprising combing and clothing staple of
mixed 56s., three-eighths blood and 48s., 50s. quarter blood
qualities was sold at around 30c. in the grease. Resumption
of operations in worsted mills is reported making rather slow
progress. Woolen manufacturers appear to be making
more rapid progress in opening than worsted mills."
Boston wired a Government report on Sept. 27 which said:
"The larger part of the very moderate call for spot wool in
the Boston market is for types suitable for woolen manufacture. Most of the sales are of wools that have been scoured.
Some greasy lines, largely of wools, have recently
moving. Buyers continue to survey the market for information
nformation
on the greasy combing domestic wools offered for sale. A
few bids have been made on greasy French combing 64s
and finer territory wools in original bags, but most of them
have been lower than acceptable prices."
In Londcn on Sept. 24 offerings totaled 7,750 bales;
home and Continent good buyers at recent level of values
except for New Zealand medium and coarse greasy crossbreds, which recovered partially and are now par to 5%
under July levels. Details:
Queensland, 1,046 bales: greasy rnerinos, 6 to lid. West Australia,
160 bales; greasy merinos, 8 to 10d. Tasmania, 405 bales; greasy merinos,
11 to 14d. New Zealand. 1,747 bales; scoured merinos, 21%d. to 22%d.:
scoured crossbreds, 11 to 19d.,• greasy, 4h' to 10%cl. Patagonia, 4,180
bales; greasy merinos, 6% to 7%d.; greasy crossbreds, 6 to 11%d.
In London on Sept. 25 offerings of 9,795, including 3,023
bales of English wool, met with brisk sale. Yorkshire was
the chief buyer; Continent also a good buyer. Barely
1,500 bales were withdrawn. Colonial wools were firmer
and English wools were on a par with July rates, best washed
realizing 10%d. and greasy 9d. Details:
Sydney, 760 bales; greasy merinos, 8% to 13%d. Queensland. 2,056
bales; scoured merinos, 18 to 21d.: greasy, 7 to 12d. Victoria, 490 bales;
scoured merinos, 15 to 18d.: greasy, 12 to 13d. South Australia. 394
bales; scoured merinos, 11 to 16d.: greasy, 10% to 1134cl. New Zealand,
3,031 bales: scoured crossbreds, 8 to 15d.; greasy, 5 to 10d. New Zealand
slipe ranged from 6d. to 12d., the latter price for halfbred lambs.
In London on Sept. 26 offerings of 10,000 bales met with
a good demand, especially from Yorkshire; withdrawals
2,000 bales, chiefly Victorian scoured comebacks and
crossbreds. Details:
Sydney, 680 bales; greasy merinos, 7 to 13d. Queensland, 1,974 bales;
scoured merinos, 15 to 21%d.;greasy, 10% to 12%d. Victoria, 1,574 bales;
scoured merinos, 13 to 20d.; scoured crossbreds, 8 to 10%d. South A11/3
trails, 52 bales; greasy merinos, 9 to 11d. Tasmania, 166 bales; greasy
merinos, 11% to 13%d. New Zealand, 4,196 bales; greasy merinos, 73
to 9%d. Cape, 502 bales; scoured merinos, 7% to 21d.; greasy. 7 to 9th
Falklands, 797 bales; greasy crossbreds, 6 to 11d. New Zealand slips
ranged from 5%d. to 11%d., the latter price for halfbred lambs.
In London on Sept. 27 offerings of 9,373 bales met with
a good demand from Yorkshire and the Continent; barely
1,500 bales withdrawn; prices firmer. Details:
Sydney. 560 bales; greasy merinos, 10% to 13%d. Queensland, 157
.wm
r
o
:341 ,
brez fgCiUred a
3d
!Atha; scoured merinos. 171 ,12O000tVictcrial)
;11.to
: od
ed
Aus5 to 164..; greasy, (iff
o 2 .
tralia,
d olloy 3 tt
1004v:
e e :;IcliOuedreicilentToe ii
e
1 A4lttl; 6r
5
Zealand,. 3,116 bales; scoured merinos, 15 to 2474 scoured cros:sbreds,
9 to 20d.: /
greasy. 5 to 9'%d. Puntas, Patagonia. 2,811 bales; greasy
merinos. 7 4 to 8%d.: greasy crossbreds. 6% to 11%d. New Zealand
slips ranged from 6 %d. to 12%d., the latter for halfbred lambs.
Silk futures closed 1 5. to 3c. lower on the 24th inst. after
sales of 1,630 bales. Crack double extra in the spot market
rose 3c. to $1.21. Japanese markets were closed for a holdiday. Sept. here ended at $1.11, Oct. at $1.12 to $1.12Y2,
.
Nov. at $1.13 to $1.13',4, Dec. at $1.14, Jan. at $1.14/ to
$1.15M, Feb. at $1.15 to $1.1634, March at $1.15M to
$1.16M and April at $1.16 to $1.163. On the 25th inst.
futures closed unchanged to 13/2c. lower after sales of 1,080
bales. Crack double extra on the sopt fell 23'c. to $1.183/2.
Japanese markets were weaker. Oct. ended at $1.11, Nov.
at $1.113/, to $1.123/3, Dec. at $1.133/3 to $1.14, Jan. at $1.14
to $1.15, Feb. at $1.143/2 to $1.15, April and May at $1.153/
to $1.16. On the 26th inst. futures closed Mc. lower to
Mc. higher with sales of 560 bales. Crack double extra was
unchanged at $1.183/2. Japanese cables were more encouraging. October here closed at $1.113/2 to $1.123', Nov. at
$1.12 to $1.13, Dec. at $1.133 to $1.14, Jan. and Feb. at
$1.14M to $1.15M, March at $1.15 to $1.153, April at
$1.16 to $1.163', and May at $1.15 to $1.16'/2.
On the 27th inst. futures closed M to 2c. higher, with sales
of 980 bales. Crack double extra on the spot rose to $1.20 M.
Japanese markets were firmer. October ended at $1.12).
to $1.133, Nov., $1.14, Dec. and Jan., $1.15 to $1.153,
March, $1.153/2 to $1.17, March and April, $1.17 and May
at $1.17 to $1.173..
To-day futures closed 1 point lower to 1 point higher,
with sales of 60 lots. Jan. ended at $1.14)' to $1.163,
March at $1.16 to $1.18 April at $1.163' May at $1.17;
Oct. at $1.113'; Nov., $1.13 to $1.15, and Dec., $1.14.
Exported to
Week Ended
GerGreat
Sept. 28 1934
Exports from
- BrUatn France. many.
Galveston
Houston----- _ _
Corpus Christi
New Orleans_ _
Lake Charles_
Mobile
Jacksonville.. _ _
Pensacola
Savannah
Charleston
Norfolk
New York
Los Angeles..
COTTON
Friday Night, Sept. 28 1934
The Movement of the Crop, as indicated by our telegrams from the South to-night, is given below. For the week
ending this evening the total receipts have reached 237,205
bales, against 230,070 bales last week and 191,728 bales the
previous week, making the total receipts since Aug. 1 1934,
1,113,457 bales, against 1,763,682 bales for the same period
of 1934, showing a decrease since Aug. 1 1934 of 650,225
bales.
Receipts at-
Mon.
Sat.
Tues.
Wed. Thurs.
Fri.
23,319 9,112 6.207 7,725 8.425
Galveston
8,400
Texas Cit
Houston -----------19,305 11,556 8,221 8,990 28.798
Corpus Chrsti - - 3,694 5,535 3,420 2,984 3,276 2,434
189
Beaumont _ _
I
New Orleans.... 4,2'66 ‘,5§4 13.6§§ 8, ii 3,918 57,46
588 1,137
959 2.238
644 2301
Mobile
----1,465
---------„
---Pensacola
----451
Jacksonville -------------------1,905
6
Savannah
313 6,018
576
940 1,991
787
Charleston
6,321
-------------Lake Charles---4
wlimington
------------8
ifi
38
366
Norfolk
956
Baltimore
Total.
54,788
8.400
76.870
21.343
169
41,481
7,867
1.465
451
5,671
10,625
6,321
9
809
956
Totals this w'k 10,723 58,604 40,931 29.336 27.192 70.419 237.205
The following table shows the week's total receipts, the
total since Aug. 1 1934 and stocks to-night, compared with
last year:
1934.
Receipts to
Sept. 28.
This
Week.
Galveston
Texas City
.
Houston .
Corpus Christi_..
Port Arthur, &c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake CharlesWilmington
Norfolk
N'port News
New York
Boston
Baltimore
Philadelphia
Totals
Stout.
1933.
Since 4549
1 1934.
This Since Aug
Week. 1 1933.
1934.
1933.
54.788 215,975 101,334 326,049 543.421 568,921
32.254
28.567
33,463
26.460 11,207
8.400
76.870 343,240 137.321 634,217 986.351 1,304,106
21,343 180,902 16.525 251.951 146.776 160.415
1.137
4,209
---715
13,125
189
41.461 155,251 51,393 190,482 824.849 706,681
7,867
1.465
451
5.671
10.825
6,321
9
809
956
42.559 8,585
17.086 34,386
2,733 1,811
50.285 13,272
2,676
47,373 11.836
16.546 10,733
1.080 1,564
4,264 2,819
8.988
1,383
33,182 106,806 123,804
18.170
41,582
55,676
4.523
6,773
7,874
87,236 114,547 139,451
7.647
57,884 86.319
63.263
28,839
55.319
70.065
5,111
15.451
17,820
7,808
8.579
19,231
7,884
53.679
9,713
1,200
121.321
13,107
1.350
237.205 1.113.457 06.645 1.763.682 2.758.927 4.405.575
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 OrleansMobile
Savannah......
Brunswick
Charleston...
Wilmington..
Norfolk
N'port News_
All others-Total this wk.
2069
Financial Chronicle
Volume 139
1934.
1933.
1932.
1931.
1930.
54,788
90,885 117,028
77,767
101,334
76,870 137,321 100.550 195.165 237.199
58.137
25.952
81.761
51,393
41.461
20.739
9,397
18,588
8.585
7,867
9.230
42,753
20,823
13,272
5,671
4,358
9.327
2.678
36.010
11.491
8,864
11,836
10,625
2.928
3,027
1.418
1,564
9
5,880
10,617
3,588
2.819
809
1929.
104.164
189.625
64,652
15.905
20.633
8,151
2.905
1,356
39,105
75,845
28.177
48,527
64.052
30,031
237,205
406.645
322.464
445,906
555,848
437,422
Since Aug. 1_ .. 1.113.457 1.763.682 1.506.266 1.472.071 2.605.902 2.088.790
The exports for the week ending this evening reach a total
of 119,154 bales, of which 18,946 were to Great Britain,
17,954 to France, 15,331 to Germany, 5,975 to Italy, 34,538
to Japan, 4,748 to China, and 21,662 to other destinations.
In the corresponding week last year total exports were 212,391
bales. For the season to date aggregate exports have been
642,041 bales, against 1,290,725 bales in the same period of
the previous season. Below are the exports for the week.
Total
Total 1933
Total 1932
Total
Japan. China. Other.
309
241
1,650
2,548
Total.
7,275
8,594
2,245
1,010
687
2,100
5,975 34,538
4,748 21.662 119,154
41.553 22,818 39.450 25,305 66,195
22.846 11,941 64,695 9,946 26.621
3.487 23,583 212.391
2,763 20,485 159,297
8:i/5
5,441
3,053
834
1,950
564
1,380
2,685
7,554
3,944
11.271
-664
2,611
4,558
375
1,473
1,010
2:564
5,600
7,409
200
2:565
18,946 17,954 15,331
From
Aug. 1 1934 to
GerGreat
Sept. 28 1934
Britain. France. many.
Exports ft
Galveston
Houston
Corpus Christi_
Texas City......
Beaumont-New Orleans_ _
Lake Charles
Mobile
JacksonvIlle
Pensacola
Savannah
Charleston....
Norfolk
Gulfport
New York..._
Los Angeles
San Francisco_
Italy.
27,572
27,614
17,109
13.416
3,598
4,558
375
751 3,798
1,100 9,200
7,409
200
2,205
2,100
5,613
9,097
1,109
1,835
300
14,984 14,785
8,908 17,473
8,177 12,845
443
2,550
25,388 7,274
508
2,347
7,888 3,030
249
1,972
15,642
11,25
1,118
1,023
93
100
712
102,31
Exported to
Japan. China. Other.
16,981 14,673
10.960 13,651
3,901 4,332
28,724 5,740
143
12,485
992
5.259
14,169
4,263
1,957
125
5,128
96
24
125
3.000
1,060
Total.
58,891 3,167 39,129 162,610
50.983 21,485 32,747 156,202
49,962 2,300 17,022 98,539
1,290
847
2,645
95
8,41- 2,623 17,559 98,723
7,345
1,611
2,611
1,976 33,037
4,658
1,241
1:16i 10.155
15
1,796 37.777
3,600
682 16,202
3,882
757
1,148
-665 5,923
5,079
1
2:i46
243
59,071 106,297 45,581 181,677 29,575117.62
642.041
Total 1933_ _ _ _ 240,100156,322 248,143114,901 319,738 26,575184,946 1290,725
Total 1932_ ___ 138,407 167,429 346,543 96,910 164,272 48,228123,707 1085,506
-It has never been our practice to include In the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
destined to the Dominion comes overland and It Is Impossible to give
all cotton
returns concerning the same from .week to week, while reports from the customs
districts on the Canadian border are always very slow In coming to hand. In view
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of July the exports to the Dominion the present seasoo
have been 19.860 bales In the corresponding month of the preceding season the
exports were 14.482 bales. For the 12 months ended July 31 1934 there were
275.910 bales exported, as against 196.869 bales for the 12 months of 1932-33.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
Sept. 28 at
On Shipboard Not Cleared for
Other CoastGerCheat
Britain. France. many. Foreign wise.
Leaving
Stock.
Total.
2,400 3.200 5,000 36,900 1,000 48.500
Galveston
-_-- 38,701
1,166 1,573 2,465 33,497
Houston
---- 17.243
____ 3,613 2,439 11,191
New Orleans
--------2,000
2,000
Savannah
---Charlestonioo 2E,416
____ 1;115
485
4i8
Mobile
Norfolk--- ---.000
---- 2
---- 2.000
---____
Other ports *_ _
Total 1934
Total 1933
Telfnl 1029
4.011 9,038 11.904 85.061
8,425 12,883 17,030 89,771
171A9 12 117 nnnnA 7A 4514
494,921
947,650
607,606
112,547
66.319
104,136
8.579
306.055
1,100 111,114 1,700.163
3,500 131,609 3,273.966
17181284763.507.872
•Estimated.
Speculation in cotton for future delivery was on a small
scale, and prices showed a downward trend owing to larger
ginning figures than had been expected and a belief that
crop estimates to be published soon will show increases.
On the 22d inst. prices declined 13 to 16 points under
increased hedge selling and liquidation of October prior to
first notice day. The technical position was weaker owing
to recent short covering and replacement by sold-out longs.
Southern hedge selling completely overshadowed the possibility of a settlement of the textile strike. Another development over the week-end was the decision of the Administration to modify the Bankhead Act so as to permit growers to
gin tax free 10% more than their previous quota, but the
provision for tagging every bale remained. Opening prices
were only 1 point lower to 1 point higher despite the largest
trade demand in weeks. The Continent, Liverpool, wire
houses and local operators were early buyers. Houses with
Fax Eastern connections were moderate sellers as were cooperatives. Forwardings of American cotton to the mills
of the world last week totaled 132,000 bales, against 260,000
last year according to the New York Cotton Exchange.
For the season to date forwaxdings amounted to 1,134,000
bales, against 1,867,000 in the like period of 1933. Exports
so far this season totaled 511,000 bales,compared with 1,064,000 last year. On the 24th inst. early prices were stronger,
owing to better Liverpool cables then due and buying by
Wall Street and commission houses based on settlement of
the textile strike, but a reaction followed and prices ended
with net declines of 6 to 9 points. There was a good trade
demand, but this was offset by heavy October liquidation
and other selling prompted by the ginning figures which
suggested a larger crop. The weather report showed generally fair weather over the entire belt. Light rains fell on
the Carolina coast, and in a few sections of Tennessee and
Texas. Total ginnings to Sept. 16 from this season's crop
were estimated at 3,130,797 running bales. These figures
it was generally felt in the trade suggested that the Government had probably under-estimated the crop in its last report.
Making allowance for the average difference between running
2070
Financial Chronicle
bales and 500-lb. bales for the last five years, would indicate
that 34.3% of the crop had already been ginned. This
compares with the average for the last 10 years of 21.3%
and with the highest in that time of 27.4% in 1927.
On the 25th inst. prices declined 7 to 14 points in the early
trading, but these losses were recovered later under buying
influenced by the strength in stocks and grains and the
ending was unchanged to 4 points higher with late deliveries
showing the most strength. At one time prices were as
much as 7 points higher but hedge selling near the close
reduced the gains.
Many in the trade are looking for a crop around 10,000,000
bales as a result of the large ginning figures. Except for
cloudy conditions on the Atlantic coast and portions of
central Texas the weather was generally fair. Some 330
October notices were issued, but were promptly stopped by
spot interests. The trade and shorts gave the principal
support, and foreign in terests were buying on the decline.
On the 26th inst. prices closed 7 to 9 points lower, under
selling by longs who had become disappointed in the action
of the market. Hedge selling was rather light, but it was
of sufficient volume to offset the unusually light demand.
The weekly weather report was favorable, but had little
.or no effect on prices. A private estimate put the crop at
9,338,842 bales, as compared with 9,252,000 bales the last
Government report. Liverpool and Far Eastern interests
were early sellers, while the trade, shorts and Wall Street
bought. On the 27th inst. prices showed further losses of
7 to 10 points, under increased hedge and other selling influenced partly by a bearish private crop estimate which put
the crop 415,000 bales above the last Government report.
The market was fairly active. The trade bought to some
extent, and so did Far Eastern interests and Wall Street.
The selling came mostly from the South and foreign interests. The weather was colder in parts of the Western belt,
but no frost was reported. To-day prices declined 7 to 11
points, owing more to a lack of demand than to anything else.
The trade, New Orleans, the Far East and commission
houses bought, while Liverpool, the South and spot interests
sold.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed.Thurs.
Fri.
12.85 12.80 12.80 12.70 12.65 12.55
Sept. 22 to Sept. 28Middling upland
Market and Sales at New York.
Futures
Market
Closed.
Spot Market
Closed.
Saturday-MondaY --Tuesday _ _
Wednesday_
Thursday _ Friday
SALES.
Spot.
Contr'et Total.
uiet, 15 pts. dec... Barely steady__
Wet,5 pts. dee_ _ Barely steady_ uiet, unchanged _ _ Barely steady__
uiet, 10 pts. dec.... Barely steady.._
uiet.5 pts. dec_ _ Steady
uiet, 10 pts. dee_ Steady
Total week_
Since Aug. 1
"W) "Hlo
15.387
200
200
800 16.187
Futures.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Sept. 22
Monday,
Sept. 24
Tuesday, Wednesday. Thursday,
Sept. 25
Sept. 26
Sept. 27
Friday,
Sept. 28
Oct. (1934)
Range__ 12.62-12.77 12.50-12.69 12.40-12.60 12.42-12.57 12.35-12.45 12.25-12.40
12.54-12.55 12.54 -12.42 -12.35Closing_ 12.8212.28--Nov.12.70-12.70 12.58-12.58
Range__-12.49n
12.42n
12.62n
12.61n
Closing. 12.71n
12.33n
Dec.
Range.. 12.75-12.90 12.60-12.82 12.55-12.73 12.57-12.72 2.47-12.58 12.37-12.50
Closing _ 12.75-12.76 12.68-12.68-12.69 12.57-12.58 12.49-12.50 12.38-12.39
Jan.
(1935)
Range__ 12.80-12.93 12.69-12.85 12.60-12.74 2.62-12.74 2.50-12.62 12.42-12.53
13.70-12.71 2.72-12.74 12.62- 2.52-12.53 12.42Closing. 12.79n
Feb.
Range_ _
Closing
.
Mar.
Range... 12.85-13.0112.74-12.93 2.68-12.86 2.71-12.84 12.61-12.73 12.52-12.62
12.80Closing. 12.8612.80-12.71-12.63 -- 12.52-12.53
April
Range..
Closing _
Slay
Range... 12.90-13.06 2.80-12.98 12.75-12.92 12.76-12.90 12.07-12.77 12.58-12.67
Closing. 12.91 - 2.82-12.83 12.86-12.87 12.76-12.77 12.68-12.69 12.58lune•
Range _ _
Closing
.
flay
Range.. 12.93-13.09 12.83-13.02 12.78-12.94 12.80-12.94 12.71-12.82 12.82-12.71
Closing. 12.93-12.86-12.88 12.87-12.90 12.80-12.81 12.71-12.72 12.63-12.64
4ug.Range_ _
Closing.
iept.Range_ _
Closing n Nominal.
Range of future prices at New York for week ending
Sept. 28 1934 and since trading began on each option:
Range for Week.
Option for
Sept. 1934
Oct. 1934_
Nov. 1934_
Dec. 1934_
Jan. 1935__
Feb. 1935_
Mar. 1935_
Apr. 1935_
May 1935_
June 1935_
July 1935_
12.25
12.58
12.37
12.42
Sept. 28 12.77
Sept. 25 12.70
Sept. 28 12.90
Sept. 28 12.93
Range Since Beginning of Option.
11.35
Sept. 22 10.05
Sept. 24 11.14
Sept. 22 10.73
Sept. 22 11.02
Apr. 26 1934 13.46
Nov. 6 1933 13.84
Apr. 26 1934 13.21
Dec. 27 1933 13.98
May 1 1934 14.03
12.52 Sept. 28 13.01 Sept. 22 11.13 May
Aug. 16 1934
Aug. 9 1934
July 20 1934
Aug. 9 1934
Aug. 9 1934
1 1934 14.15 Aug. 9 1934
12.58 Sept. 28 13.06 Sept. 22 11.79 May 25 1934 14.23 Aug. 9 1934
12.62 Sept. 28 13.09 Sept. 22 12.62 Sept. 28 1934 14.21 Aug. 9 1934
Sept. 29 1934
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
Sept. 28Stock at Liverpool
Stock at Manchester
1934.
bales- 908.000
79.000
1933.
748,000
103,000
1932.
654,000
125,000
1931.
656,000
134,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
987.000
354.000
142,000
24.000
54.000
40.000
9.000
9.000
851,000
440.000
177,000
23.000
59.000
83,000
779,000
304,000
142.000
17,000
61.000
51,000
790,000
199,000
222,000
7.000
65,000
34,000
Total Continental stocks
632.000
782,000
575,000
527.000
1.619.000 1,633,000 1,354.000 1,317,000
Total European stocks
India cotton afloat for Europe__ _ 80.000
60,000
36,000
34,000
American cotton afloat for Europe 202,000 398,000 382,000 284.000
Egypt, Brazil, Sze.. afl't for Europe 163.000
86,000
92,000 101,000
165,000 241,000438,000 552.000
Stock in Alexandria, Egypt
Stock in Bombay, India
753,000 652,000 686,000 559,000
Stock in U. 8. ports
2,758,927 3,405,575 3,646,047 3,307,047
1.446,194 1,366,589 1,571,911 945,683
Stock in U.S.interior towns
22,443
U.S. exports to-day
58,846
44.794
13,094
7.209.564 7.901.010 8.250.752 7,112.824
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
-
bales.. 261.000 400,000 301,000 252,000
Liverpool stock
Manchester stock
39,000
53,000
65,000
40,000
298.000
Bremen stock
112,000
Havre stock
85.000 703,000 523,000 433,000
Other Continental stock
202.000 398.000 382,000 284,000
American afloat for Europe
2.758,927 3,405,575 3,646,047 3,307,047
U. S. port stocks
U. S. interior stocks
1,446,194 1,366,589 1,571,911 945,683
U. S. exports to-day
22,443
58,846
44,794
13,094
Total American
East Indian, Brazil, &c.
Liverpool stock
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock In Bombay, India
Total East India, &c
Total American
5,224,564 6,385,010 6,533,752 5,274,824
647.000
40,000
56.000
30.000
51,000
80,000
163,000
165.000
753,000
348,000
50.000
353,000
60.000
404,000
94.000
79,000
60,000
86,000
241,000
652,000
52,000
36,000
92,000
438,000
686,000
94,000
34,000
101.000
552,000
559,000
1,985.000 1,516.000 1.717,000 1,838,000
5.224,164 6,365,010 6,533,752 5,274.824
Total visible supply
7.209.564 7.901,010 8,250.752 7,112,824
Middling uplands, Liverpool_
5.73d.
6.91d.
4.31d.
5.60d.
Middling uplands. New York....12.55e.
9.90e.
7.25e.
5.70e.
Egypt, good Sakel, Liverpool_ --- 8.96d.
7.17d.
7.99d.
9.456.
Broach, fine, Liverpool
5.39d.
5.27d.
3.86d.
4.58d.
Tinnevelly, good, Liverpool
4.31d.
5.36d.
5.52d.
6.12d.
Continental imports for past week have been 90,000 bales.
The above figures for 1934 show an increase over last
week of 195,976 bales, a loss of 691,446 bales from 1933, a
decrease of 1,041,188 bales from 1932, and an increase of
96,740 bales over 1931.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
•
detail below:
Movement to Sept. 28 1934
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 _
VicksburgYazoo City
Mo., St. Louis.
N.C.Greensb'ro
Oklahoma
15 towns...
S.C., Greenville
Tenn.,Memphis
Texas. Abilene_
Austin
Brenham_
Dallas
Paris
Robstown
San Antonio_
Texarkana _
Waco
Ship- Stocks
ments. Sept.
Week. Season. Week. 28.
Receipts.
4,189
470
3,138
400t
10.129
2.433
5,573
18,547
10,920
32,043
3,128
7,440
4,673
16,949
2,440
8,554
2,535
4,308
5.494
14,529
1,279
2,412
5,555 18,295
1,702
3,642
397
3,38
3,743
1,650
937 18,245
6.003 23,591
1,500
8,300
377
2,946
415
768
5,935 28,627
9,878 48,403
1,262
2,87
13,322 50,985
11
1,963
5,570
1
354
1,341
2,850
3,370
12.852
2,25
29,991
65
8,037
6,263
26,249
35.448
57,579
16.261
26,676
14,413
.009
2,381 34,940
260 9,671
2,016 27,705
481 7,396
191 10,411
700 48,756
3,71 162,610
83 117,510
2,000 14.311
28.101
1
8,703
3,85 29,708
1,349 55,898
10,203
1:55f3 73,008
471 13,507
1
3,566
48 5,159
243 18,610
4.70
6,304
18,651
703
100
2,925
773
2,155
310
532
680
Movement to Sept. 29 1933
Receipts.
Week. Season.
645
4,20t:
500
3
,151
7,571
944
3,702
5,912
813
5,176
1,650
7,616
958
1,475
3,245
1,125
11,058
1,000
827
595
5,528
11,966
1,204
15,721
2,202
184
1,627
3,417
2.280
1,867
3,368
10,464
16.906
11,829
1,383
7,172
14,406
1,014
9,382
2,045
13,506
1,034
6,700
7,665
4,877
58,403
4,600
4,968
858
17,941
29,869
2,522
43,085
8,466
301
3,186
9,652
19.555
423
Ship- Stouts
menis. Sept.
Week. 29.
306
5,882
5,928
36,098
37,675
25,596
10,630
24,910
16,514
2,240
42,118
8,512
31,394
2,989
171 8,172
750 49,480
3,969 175,813
1,623 123,915
750 17,501
622 33,497
350 5,645
3,962 32,032
2,579 35,591
306 5,794
3,519 67,542
974 20,401
2 2.769
121 7.439
1,625 15,091
2,280
2
15 17.052
1,273
282
643
10
300
4,712
136
946
29
2,208
8,27
20,608, 1,7691 48,789 34,499 50,696 18,199 38,463
1.981
13,398 3.0721 78,686 2,541
18,881 3,155 79,041
52,149 200,847 21,708347,328 61,247 149,959 19,852 302,660
2,332
6,081 2,182 2,334 2,671
4,307 2.237 1,140
1,920
10,523 1,89
4,870 1,450
11,936 2,490 4,420
995
8,582
683 6,234 2,401
18,577 1,891 7,389
5,997
18,660 2,237 12,965 9,385 29,989 6,554 18,312
4,093
11,930 1,168 9,852 5,947
15,842 3,098 11,418
6,360
305 3,753
226
153
4,335
125 2,656
1,000
5.00
500 2,220
500
7,898
500 2,008
5,703
640 12,323 1,703
1,79
4,553
640 13,363
4.488 27,057 5.226 14,197 8,441
42,551 8,442 19,527
Total, 56 towns 182,6441 718,274r 75,8 1446194 237.230 676,531 100,0401366589
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 107,018 bales and are to-night
79,605 bales more than at the same period last year. The
receipts at all the towns have been 54,586 bales less than
the same week last year.
New York Quotations for 32 Years.
The quotations for middling upland at New York on
Sept. 28 for each of the past 32 years have been as follows:
34.95c. 1910
14.90c. 1918
25.30c. 1909
23.50c, 1917
15.95c. 1908
26.10c. 1916
12.40c. 1907
29.55c. 1915
20.55c. 1914 ---------1906
14.30c. 1905
21.30c. 1913
11.650. 1904
25.50c. 1912
10.45c. 1903
32.40c. 1911
12.55c. 1926
9.90c. 1925
7.00c. 1924
6.00c. 1923
10.25c. 1922
18.75c. 1921
19.30c. 1920
21.550. 1919
1934
1933
1932
1931
1930
1929
1928
1927
13.75c.
13.550.
9.40c.
11.850.
9.70c.
10.90c.
10.80c.
11.25e.
Overland Movement for the Week and Since Aug. 1.
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
1934
Since
Week. Aug. 1.
35.385
4.700
10,348
872
Sept. 28ShippedVia St. Louis
Via Mounds. &c
Via Rock Idland
Via Louisville
Via Virginia points
Via other routes, &a
1933
Since
Week. Aug. 1.
19.793
2,780
316
3,956
4,000
2,640
34.901
36,195
200
4.383
4,000
1.483
33,145
30,799
13.844
119.469
11,363
85.220
Deduct Shipments
Overland to N.Y., Boston,
Between interior towns
Inland, &c.,from South
956
343
6,884
8,988
2.393
31,673
1.383
269
3.392
7.879
2,099
27.001
Total to be deducted
8,183
43.054
5.044
36.979
5,661
76.415
6,319
48.241
Total gross overland
Leaving total net overland•
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 5,661 bales, against 6,319 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 28,174 bales.
1933
-1934
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
237,205 1.113,457 406,645 1,763.682
Receipts at ports to Sept. 28
48.241
6,319
76,415
5.661
Net overland to Sept. 28
620.000 105.000 1,015.000
South'n consumption to Sept. 28- 55.000
297,866 1.809.872 517,964 2.826,923
Total marloted
174.725
293,457 135,087
107,018
Interior stocks in excess
Excess of Southern mill takings
__ *190,238
*133.835
over consumption to Sept. 1
650,051
Came into sight during week- A04.884
---- 2,811.410
1.969.494
Total in sight Sept. 28
North.spinn's s takings to Sept.28 15.416
155,444
29,255
151,015
* Decrease.
Movement into sight in previous years:
Bales
2.346,826
2,410,333
3,679.706
Bales 1 Since Aug.1528.865 1932
682,683 1931
766,602 1330
Week1932-Sept.30
1931-Oct. 2
-Oct.3
1930
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. 28.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery- -Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_
2071
Financial Chronicle
Volume 139
day. Thursd'y. Friday.
Saturday. Monday. Tuesday. Wed'
12.85
12.92
12.72
12.87
12.75
12.65
12.82
12.60
12.85
12.57
12.45
12.45
12.80
12.87
12.64
12.79
12.70
12.60
12.88
12.55
12.80
12.50
12.40
12.40
12.80
12.87
12.68
12.80
12.70
12.60
12.88
12.55
12.80
12.68
12.50
12.50
12.70
12.87
12.57
12.73
12.60
12.50
12.88
12.55
12.70
12.57
12.35
12.35
12.65
12.80
12.49
12.65
12.50
12.50
12.79
12.50
12.65
12.49
12.30
12.30
12.60
12.70
12.38
12.54
12.40
12.40
12.68
12.40
12.55
12.38
12.20
12.20
-The closing quotations
New Orleans Contract Market.
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
Saturday,
Sept. 22.
Monday,
Sept. 24.
Tuesday, Wednesday, Thursday,
Sept. 26. Sept. 27.
Sept. 25.
Pr ay,
Sets. 28.
,
Oct.(1934) 12.67-12.69 12.61-12.62 12.58 Bid. 12.48 Bid. 12.42-12.3
November
December_ 12.79-12.80 12.75-12.76 12.73-12.74 12.58-12.60 12.50-12.51 12.4( 12.41
12.81 Bid. 12.78 Bid. 12.63 Bid. 12.5412.4:
Jan.(1935) 12.85February
12.5( 12.51
March_ _. 12.86-12.87 12.84-12.85 12.8212.69-12.70 12.61 -
April
12.9312.86-12.87 12.8912.75 Bid. 12.68-12.69 12.51 12.59
May
June
12.9612.92-12.93 12.93 Bid. 12.80-12.73 -- 12.6:July
August _
September
Tone
Steady.
Steady.
Steady.
Steady.
Steady.
St y.
Spot
Rc dy.
Steady.
Steady. 13arely stdv Rtendv
Steady.
Options_
Increases During Season Ended July 31 in World
Consumption of Indian and Egyptian Cottons Re-.
ported by New York Cotton Exchange-World consumption of Indian and Egyptian cottons registered substantial increases during the cotton season ending July 31,
according to a report issued Sept. 24 by the New York
Cotton Exchange Service. On a percentage basis, world
spinners used 14.5% more Indian cotton in the 1933-34
season than in 1932-33, and 26.7% more Egyptian, but they
used 4.9% less American. In the case of American cotton,
the Exchange Service said, spinners in Great Britain and on
the Continent used more last season than during the previous
season, while mills in the United States and in the Orient
used less. As for Indian cotton, spinners in India and in
the United States decreased their consumption, but spinners
elsewhere increased their use. All of the major divisions of
the world spinning industry stepped up their consumption of
Egyptian cotton. In its report the Exchange Service stated:
World consumption of Indian cotton last season was not large although
111 was considerably in excess of the small amount consumed two seasons
ago. It totaled 5,006,000 bales of about 400 pounds each as compared
with 4,372,000 two seasons ago, 4,849,000 three seasons ago. 6.076,000
four seasons ago and an average of 5,403,000 in toe five seasons just prior
to the beginning of the depression, that is, from 1924-25 through 1928.-29.
World consumption of Egyptian cotton last season was the largest for
any season on record, aggregating 1,148,000 bales of approximately 760
pounds gross weight as against 906,000 two seasons ago. 994,000 three
seasons ago, 865,000 four seasons ago, and an average of 966,000 in the
five seasons from 1924-25 tnrough 1928-29.
World consumption of American cotton, including a small amount destroyed, totaled 13,721.000 bales last season as compared with 14,435,000
two seasons ago, 12,568,000 tnree seasons ago, 11,141,000 four seasons ago.
and an average of 14,811.000 in the five seasons from 1924-25 through
1928-29.
The indicated world supply of Indian cotton for tail;season is considerably
larger than last season; the indicated supply of Egyptian is about the same
as last season; and the indicated supply of American cotton is much smaller
than last season. Preliminary indications point to a world supply of
Indian cotton of 9,719,000 bales as compared with 8,725,000 last season,
7.490,000 two seasons ago, 7,203,000 three seasons ago, 9,111,000 foul
seasons ago, and an average of 8,423,000 in the five seasons from 1924-25
through 1928-29.
Tile indicated world supply of Egyptian cotton is 1,875,000 bales as
against 1,839,000 last season, 1,610,000 two seasons ago, 1,921.000 three
seasons ago, 1,926,000 four seasons ago, and an average of 1,489,000 from
1924-25 through 1928-29.
The indicated world supply of American cotton is 19,946,000 bales as
compared with 24,469,000 last season 26,189,000 two seasons ago, 25.796,000 three seasons ago, 20,060,000 four seasons ago, and an average of
20.101,000 from 1924-25 through 1928-29.
Activity in the Cotton Spinning Industry for August
-The Bureau of the Census announced on Sept. 21
1934
that, according to preliminary figures, 30,951,390 cotton
spinning spindles were in place in the United States on
Aug. 31 1934, of which 24,153,998 were operated at some
time during the month, compared with 24,417,682 for July,
24,690,312 for June, 25,891,366 for May, 26,450,750 for
April, 26,503,876 for March and 25,926,374 for August
1933. lhe Cotton Code limits the hours of employment
and of productive machinery. However, in order that
the statistics may be comparable with those 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 1934, at 76.8% capacity. This percentage compares
with 74.3 for July, 72.7 for June, 98.2 for May, 104.5 for
April, 102.9 for March and 106.7 for August 1933. The
average number of active spindle hours per spindle in place
for the month was 186. The total number of cotton spinning
spindles in place, the number 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
State
In Place
Aug. 31
Adive During August
ARO* Spindle Hours
for August
Total
Average per
Spindle its Place
1,924.612
955,648
3,395,084
996.168
5,678.120
227.084
1,118,834
542,452
6,135,306
1,696,900
5.818,470
642,308
278,336
652.892
889,176
1,184,142
683,568
3,033,326
693,140
3,531,918
177,212
742,716
268.704
5,317,882
971,018
5,476,742
547,868
221,912
624.050
679,800
302,480.496
121.164,022
779.267,089
135,059,335
735.801,829
45.175.664
143,915,323
40,068.979
1.258,834.213
205,648,847
1,474.778.467
147.480,479
47,917.943
156.329,440
158,977,492
157
127
230
136
130
199
129
74
205
121
253
230
172
239
179
Cotton growing States 19.359,336
New England Statee. 10,562,934
1,029,120
All other States
16.759,662
6,717,458
676,878
4,261,038,331
1.368,213,636
123,647,651
220
130
120
30,051.390
24,153.998
5,752,899,618
186
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
United States
Cotton Ginned from Crop of 1934 Prior to Sept. 16
The Census report issued on Sept. 24, compiled from the
individual returns of the ginners, shows 3,130,797 running
bales of cotton (counting round as half bales and excluding
linters) ginned from the crop of 1934 prior to Sept. 16,
compared with 3,102,121 bales from the crop of 1933 and
2,645,574 bales from the crop of 1932. Below is the report
in full:
Report on Cotton Ginning
Number of bales of cotton ginned from the growth of 1934 prior to
comparative statistics to the corresponding date in
Sept. 16 1934, and
1933 and 1932.
Stale
RUNNING BALES
(Counting round as- half bales and excluding Linters)
1934
-1933
1932
Alabama
Arizona
Arkansas
California
Florida
Georgia
Louisiana
Mississippi
Missouri
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
261,937
14,952
263.474
23,714
12,905
301.980
224.425
395,104
40.242
10,076
9,422
58,822
70,173
42.903
1,399.548
1,120
265,561
2,010
95,022
438
15.174
414,942
176.461
253,849
3,316
427
68,623
53,155
170,617
8,846
1.573,051
629
199.783
3,531
258,008
611
6,853
240.594
262,769
298,500
41,054
900
71,623
81,842
147,170
16,449
1,015,098
791
United States
*3.130,797
.3302,121
.2,645.574
•Includes 99,787 bales of the crop of 1934 ginned prior to Aug. 1 which was
counted in the supply for the season of 1933-34, compared with 171,254 and 71.053
bales of the crops of 1933 and 1932.
2072
Financial Chronicle
The statistics in this report include 48,437 round bales for 1934; 84,978
for 1933 and 52,254 for 1932. Included in the above are 1,642 bales of
American-Egyptian for 1934;63 for 1933; and 325 for 1932.
The statistics for 1934 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Sept. 1 is 1,402,969
bales.
Consumption, Stocks. Imports and Exports
-United States
Cotton consumed during the month of August 1934, amounted to 420,949
bales. Cotton on hand in consuming establishments on Aug. 31, was
1.081,218, bales, and in public storages and at compresses 5.824,025 bales.
The number of active consuming cotton spindles for the month was 24.153,998. The total imports for the month of August 1934, were 10,682
bales and the exports of domestic cotton, excluding linters, were 267,562
bales.
World Statistics
The world's production of commercial cotton, exclusive of linters, grown
In 1933, as compiled from various sources, was 25.193,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the
consumption of cotton (exclusive of linters in the United States) for the year
ending July 31 1933, was 24.986.000 bales. The tstal number of spinning
Cotton spindles both active and idle, is about 158,000.000.
Weather Reports by Telegraph-Reports to us by
telegraph this evening denote that the weather during the
week has been unfavorable in the n3rthwestern part of the
cotton belt, but elsewhere conditions have been mostly
favorable for outside work.
•
Texas-Picking and ginning are progressing rapidly.
Rain Rainfall
3 days 0.31 in.
2 days 0.36 in.
dry
dry
2 days 0.14 in.
1 day 0.22 in.
3 days 0.22 in.
dry
dry
dry
dry
1 day 0.12 in.
dry
dry
1 day 0.04 in.
1 day 0.22 in.
1 day 0.26 in.
dry
1 day 0.04 in.
dry
dry
dry
1 day 0.04 in.
2 days 0.18 in.
1 day 0.18 in.
1 day 0.18 in.
3 days 0.56 in.
4 days 2.96 in.
3 days 0.69 in.
dry
2 days 0.141n.
4 days 0.23 in.
1 day 0.02 in.
dry
1 day 0.18 in.
4 days 0.14 in.
1 day 0.01 in.
1 day 0.60 in.
1 day 0.18 in.
2 days 0.15 in.
2 days 0.24 in.
dry
1 day 0.10 in.
dry
1 day 0.11 in.
1 day 0.16 in.
1 day 0.08 in.
3 days 0.19 in.
dry
4 days 0.76 in.
2 days 1.21 in.
2 days 0.27 in.
3 days 0.12 in.
2 days 0.62 in.
4 days 0.14 in.
3 days 0.83 in.
Galveston, Texas
Amarillo. Texas
Austin, Texas
Abilene. Texas
Brenham,Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Del Rio, Texas
El Paso, Texas
Henrietta. Texas
Kerrville, Texas
Lampasas, Texas
Longview, Texas
Luling, Texas
Nacogdoches, Texas
Palestine, Texas
Paris, Texas
San Antonio, Texas
Taylor, Texas
Weatherford. Texas
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Meridian, Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa,Fla
Savannah, Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S. C
Greenwood. S. C
Columbia, S. C
Conway. 5.0
Asheville, N. 0
Charlotte, N.0
Newborn, N. 0
Raleigh, N.C
Weldon, N.C
Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville, Tenn
Thermometer
high 87 low 77 mean 82
high 90 low 42 mean 66
high 94 low 66 mean 80
high 96 low 54 mean 75
high 92 low 66 mean 79
high 90 low 74 mean 82
high 86 low 78 mean 82
high 90 low 56 mean 73
high 92 low 72 mean 82
high 92 low 60 mean 76
high 92 low 50 mean 71
high 92 low 64 mean 78
high 100 low 60 mean 80
high 98 low 60 mean 79
high 96 low 70 mean 83
high 92 low 62 mean 77
high 90 low 62 mean 76
high 90 low 52 mean 71
high 94 low 72 mean 83
high 98 low 64 mean 81
high 92 low 52 mean 72
high 88 low 50 mean 69
high 94 low 65 mean 80
high 88 low 54 mean 71
high 88 low 58 mean 73
high 94 low 62 mean 78
high 92 low 66 mean 79
high 94 low 63 mean 79
high 90 low 71 mean 80
high 93 low 64 mean 79
high 92 low 66 mean 79
high 89 low 68 mean 78
high 90 low 68 mean 79
high 92 low 70 mean 81
high 86 low 66 mean 76
high 86 low 74 mean 80
high 86 low 72 mean 79
high 90 low 72 mean 81
high 92 low 68 mean 80
high 85 low 63 mean 74
high 86 low 68 mean 77
high 90 low 66 mean 78
high 90 low 66 mean 78
high 85 low 70 mean 78
high 87 low 62 mean 90
high 90 low 64 mean 77
high 90 low 64 mean 77
high 84. low 60 mean 72
high 90 low 63 mean 75
high 90 low 63 mean 75
high 90 low 64 mean 77
high 92 low 62 mean 77
high 88 low 66 mean 72
high 89 low 60 mean 74
high 90 low 64 mean 77
high 88 low 56 mean 72
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:
Sept 28 1934
Feet
2.4
3.5
9.4
6.9
6.8
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zet o of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Sept. 29 1933
Feet
2.5
5.9
9.6
7.2
6.6
Receipts from the Plantations.
-The following 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
crdp which finally reaches the market through the outports.
Week I
Receipts at Ports.
1934.
1933.
1932.
Stocks at Intofor Towns.
:
1934.
1933.
1932.
Receiptsfrom Plantations
1934.
1933.
1932.
June
29-- 59.054 75.954 44.7581.236.7291.343,6841,430,563 33,705 27,035 25.367
j
i
July-50.19 80.277 34,4351,222.383 1.310.456 1,409.172 35.85 47.049 13,044
34.622 82.935 31,295 1,203,873 1.283,311 1,388,864 16.112 55,790 10,987
20,... 61.435125.404 31.530 1.179.6601.255.569 1.361.854 27.222 07.662 4,520
27._ 50.608103.031 62,468 1,164,830 1.204,989 1.352.270 35,787 64,451 52,884
1
Ans.3- 62,636/ 96,563 98,6381.145.796 1,177.653 1,332.994 43,693 57,227 79,362
10... 55.632 77.52475,602 1,128.283 1.151,524 1,313.467 38.11 51,108 56.075
17._ 50.645103.437 85,716 1.117 5111 1,130.0731,293.783 39 943 82.275 66.032
.... 71.884 142.921 111,142 1,104.826 1.109,002 1,269,523 58.929 121,850 86,882
31..122,533206,619 154,553 1.102.173 1,111,525 1.261.495 120.080 209,142 146,525
Sept.
I
I
I
I
7.. 137,090 188.484183.676 1,152.815 1.118.779 1.271.735 187.732 195,738 193,916
14._ 191.728 276.215235.434 1.226.568 1,152.214 1,344,300 2 5.481 309.710307,999
21 _ 230.070328,745 255.127 1,339.176 1.231,502 1,452.801 342.678408.033 356,228
28._ 237,205406,645322.464 1.441.1941.386.589 1,571,911 344,223541.732441.574
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 1,406,914 bales;
in 1933 were 1,938,409 bales and in 1932 were 1,674,568
bales. (2) That, although the receipts at the outports the
past week were 237,205 bales, the actual movement from
plantations was 344,223 bales, stock at interior towns
having increased 107,018 bales during the week. Last year
receipts from the plantations for the week were 541,732
bales and for 1932 they were 441,574 bales.
Sept. 29 1934
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.
1934.
Week.
1933.
Season,
Season.
Week.
Visible supply Sept. 21
7,013.588
7,567,388
Visible supply Aug.1
6,879.719
7.632.242
American Insight to Sept. 28_
404.884 1,969.494
653,051 2,811,410
Bombay receipts to Sept.27-11,000
173.000
3,000
89.000
Other India ship'ts to Sept.27
20.000
1,000
87.000
10,O00
Alexandria receipts to Sept.26
52.000
102,200
32,000
62.400
Other supply to Sept.26 * b__
11.000
88,000
6,000
74.000
Total supply
Deduct
Visible supply Sept. 28
7.512.472 9,299,413 8.262,439 10.774.052
7.209.564 7,209,564 7.901.010 7,901.010
Total takings to Sept.28_ a_ _ _
302.908 2,089,849
361.429 2,873.042
Of which American
178,908 1.439,649
292,429 2,268,642
Of which other
124.000
650.200
69,000
604.400
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills,620.000 bales in 1934 and 1,015.000 bales in 1933-takings
not being available-and the aggregate amounts taken by Northern and
foreign spinners. 1.469,849 bales in 1934 and 1,858.042 bales in 1933,
of which 819.649 bales and 1,253,642 bales American.
b Estimated.
India Cotton Movement from All Ports.
1934.
Sept. 27
Receipts at--
Week.
Bombay
1933.
Since
Aug. 1.
11.000
173.000
3.000
For the Week.
Exports
from-
1932.
Since
Week. Aug. 1.
Week.
89.000 19.000
Since
Aug. 1.
238 000
Since August 1,
Great
Great Conti- Japan&
Britain. nent. China. Total. Britain.
Bombay
1934
1933
1932
Other India
1934
1933
1932
5,000 15,000
1,000
1,000 2,000
Total all
1934
1933
1932
5,000 22,000 18,000 45,000
2,000 8,000
10,000
2.111 12.000
____ 14,000
Contineat.
7,000 18.000 25,000
1:000 8.000
9.000
1,000 10,000
11,000
4,000
6,000
3,000
20,000
1,000
3.000
18,000
32,000
15.000
Japan 4.
China.
Total.
38,000 129,000 171,000
58.0001 35,000 99,000
27,
106,000 136,000
69,000
73,000
32,000
87,000
105,000
47,000
22,000 107,0001 129,000 251,000
38,000 l31,000j 35.000 204,000
18.000 59.0001 106,000 183,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
8,000 bales. Exports from all India ports record an increase
of 35,000 bales during the week, and since Aug. 1 show an
increase of 54,000 bales.
Alexandria Receipts and Shipments.
Alexandria. Egypt,
Sept.26.
1934.
1932.
260.000
511.337
Re'ceipts (cantars)This week
Since Aug. 1
1933.
160.000
309,379
100,000
223,342
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)-
To Liverpool
6.000 12.671 4,000 15,076 2.000 12.814
To Manchester, &c
13.818 ---- 13,911 --__ 8.622
To Continent and India- 12,000 63,781 9,000 57.493 7.000 58.071
To America
1.000 3.928 1,000 8,811 ---- 4,300
Total exports
19.000 94,198 14.000 95,291 9,000 83,807
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended Sept. 26 were
260.000 cantars and the foreign shipments 19.000 bales.
Manchester Market
-Our report received by cable tonight from Manchester states that the market in both
yarns and cloths is steady. Demand for India is poor. We
give prices to-day below and leave those for previous weeks
of this and last year for comparison:
1934.
32s Cop
Twist.
d.
June
29._ 1014 1134
July
6....... 10140114
13____ 1031(81131
20.... 1014(51131
27.- 1031(51114
Aug.
3......_ 104(4114
10.... 1031012
4012
17..... 101
24...... 104401131
31-- 103101134
Sept.
7.... 1014(81131
14.... 10,
jall31
21.... 1031141131
28._ __ 1011011;4
1933.
854 Lbs. Shirt- Cotton
ings. Common Arida(' 32s Coy
to Finest.
(INV.?. Twist.
s. d.
s. d.
d.
d.
814 Lbs. Shirt- Cotton
lags, Common Afideg
to Finest,
lipPds,
s. d.
a. d.
d.
92
18 94
6.84
914010,‘ 87 0 91
92
92
92
92
(4 9 4
O 94
094
@9 A
6.66
6.99
7.17
6.97
931(41031
914(81014
9,4;41014
9 OHM
87
87
87
87
td. 9
CO 9
(4 9
O 9
1
1
1
1
6.40
6.33
6.23
6.47
92
94
94
94
94
094
94 9 6
0 96
(4; 9 6
(4 9 6
7.07
7.42
7.11
7.12
7.11
034 0;10,4
911 010%
811(510
834010
9 (4104
87
87
84
84
84
@91
(4 9 1
O 86
@ 86
086
6.25
5.90
5.66
5.53
5.60
O
44
94
(4
7.20
7.10
7.05
6.91
MO 931
874010
874010
831010
83
83
84
84
085
94 8 5
05 8 6
086
5.38
5.47
5.42
5.60
9
9
9
9
4
4
2
1
96
06
94
93
6.38
-Shipments in detail:
Shipping News.
Bales
-West Camak,1,750-- 1,750
-To Bremen-Sept. 19
NEW ORLEANS
-West Camak, 200
200
-Sept. 19
To Hamburg
1,835
To Havre-Sept. 20
-City of Omaha. 1,835
400
-City of Omaha,400
-Sept. 20
To Ghent
-City of Omaha,275
275
To Rotterdam-Sept. 20
3.092
To Liverpool-Sept. 18
-Comedian. 3,092
2.081
To Manchester
-Comedian, 2,081
-Sept 18
2,548
To Japan-Sept. 22
-Dryden, 2,548
800
To Genoa-Sept.24-QuIstconck,800
100
To Trieste-Sept. 24-Quistconck. 100
335
To Barcelona-Sept. 24-Quistconck, 335
Volume
Bales.
-Sept. 20-Waban, 18___Sapt. 25
GALVESTON-To Ghent
240
San Pedro, 164: Beemsterdllk, 58
7"
376
To Gdynia-Sept. 26-'Frolleholm, 376
-San Pedro.
To Havre-Sept. 20-Waban, 1,471_ _ _Sept. 25
5,189
3.718
462
To Oslo-Sept. 26-Trolleholm, 462
563
To Rotterdam-Sept. 20-Waban, 563
2,228
2,228
To Gothenburg
-Sept. 26-Trolleholm,
4,363
To Bremen-Sept. 20
-West Moreland, 4.363
682
To Copenhagen-Sept, 26-Trolleholm, 682
1.078
-Sept, 20
To Hamburg
-West Moreland. 1.078
2.976
To Kobe-Sept. 26-Tatsuno Maru, 2,299; Liberator, 677
To Genoa-Sept.22
-Carlton,77- --Sept. 26-Monfiore, 1.303 1.380
4,132
To Osaka-Sept. 26-Tatsuno Meru, 850; Liberator. 3,282
1,993
To Parcelona-Sept. 22
-Carlton, 1,993
446
To Yo'cohame-Sept. 26
-Liberator, 446
100
-n
To b‘ Juan-Sept. 22
-Margaret Lykes, 100
309
-Sept, 26
To Shanghai
-Liberator, 309
424
To Dunkirk-Sept. 25
-San Pedro, 424
631
To Rotterdam-Sept. 25-Beemsterdllk
50
HOUSTON-To Antwerp-Sept. 22-Waban, 50
-San Pedro,
To Havre-Sept. 22-Waban, 5,725- __Sept. 27
8,317
1.737; Florid°, 855
780
To Dunkirk-Sept. 27
-San Pedro, 576; Floride, 204
To Rotterdam-Sept. 22-Waban, 293_ _ _Sept. 24-Beemster1,012
dijk, 719
To Ghent-Sept. 22-Waban, 287_ _ _Sept. 24-Beemsterdijk,
815
-San Pedro, 336; Florida. 100
92_ -Sept. 27
3,053
To Bremen-Sept. 22
-West Moreland, 3,053
.
To Gdynia-Sept. 22
-West Moreland, 50_ --Sept 251,924
Trolleholm, 1,874
204
To Oporto-Sept. 22
-West Moreland. 204
100
To Wasa-Sept. 22
-West Moreland, 100
To Tanen-Sept. 24-Tatsuno Meru, 3,101Sept. 25
3,944
Liberator, 843
241
To China-Sept. 25
-Liberator, 241
38
To Oslo-Sept, 21-Trolleholm, 38
394
To Gothenburg-Sept. 25-Trolleholm, 394
2.696
To Conenhagen-Sept, 25-Trolleholm, 2,696
100
To Le thorn-Sept. 24-Month:ore, 100
215
To spies
-Sept. 24-Monflore, 215
-Carlton,
To Genoa-Sept. 24-Monflore, 1,697_ _ _Sept. 26
2,370
673
1,361
To Barcelona-Sept. 26
-Carlton, 1,361
-To Japan-Sept. 23-Liberator, 4.302
CORPUS CHRISTI
11,271
Sept. 25
-Dryden, 6469
68
To Abo-Sent. 27-Gorm,68
-Dryden,
To China-Sept. 23-Liberator, 100_ _ -Sept. 25
1,650
. 1,500
--100
To Bergen-Sept.27-Gorm,100
834
To Bremen-Sept. 23-Griesheim.400; Meanticut,434
123
To Varberg-Sept. 27-Gorm,123
488
To Gydnla-Sept.23-Grieshelm,290---Sept. 27-Gorm,198
195
ToMalmo-Sept.27-Gorm,195
621
To Ghent,
-Sept.23-Syros,621
300
To Aalborg-Sept. 27-Gorm.300
1,109
To Havre-Sept. 23-Syros, 1,109
150
To Gothenburg
-Sept. 27-t3orm, 150
200
To Rotterdam-Sept. 23-Syros, 150_ _ -Sept. 27-Gorm, 50-4,558
MOBILE-To Japan-Sept. 21 (?),4.558
587
-Oakwood,587
-To Ghent
-Sept. 26
LAKE CHARLES
300
To Havre-Sept, 26
-Oakwood, 300
100
-Oakwood, 100
To Rotterdam-Sept. 26
1,893
-Fresno City, 1,893
To Kobe-Sept. 25
718
-Fresno City. 718
To Osaka-Sept. 25
1,781
-ToBremen-Sept. 1-Columbus,781
NEW YORK
424
To Hamburg-Sept. 25
-Washington,424
375
-To Bremen-Sept.25
-Clarissa Radcliffe,375JACKSONVILLE
5,600
SAVANNAH-To Liverpool-Sept.22-Pendeen,5,600
2,500
To Japan-Sept. 21-Memphis City, 2,500
1,100
To Gdynia-Sept. 26-Stureholm, 1,100
3.160
CHARLESTON-To Liverpool-Sept.22-Magmeric,3,160
4,249
To Manchester-Sept. 22-Magmeric, 4,249
-To Japan-Sept. 18-Kohwa Maru, 100:
LOS ANGELES
2100
Azumasan Marti, 2,000
'200
-North Cornwall, 200
-To Liverpool-Sept. 26
NORFOLK
248
-Mar Caribe, 248
PENSACOLA-To Barcelona-Sept. 21
-Maiden Creek, 360
360
To Liverpool-Sept. 27
200
-Ida,200
To Venice-Sept. 22
204
-Maiden Creek, 204
To Manchester-Sept. 27
69
To Flume-Sept. 22
-Ida,69
534
To Trieste-Sept. 22
-Ida,534
207
To Genoa-Sept. 22-Montello, 207
To Bremen-Sept. 25-Halmon, 100; Topa Topa, 112
1 A73
Sept. 26-Delfshaven, 1,261
To Gdynia-Sept. 25-Halmon, 450-Sept. 26-Delfshaven,
503
53
119,154
Total
-"-By cable from Liverpool we have the followLiverpool.
ing statement of the week's sales, stocks, &c., at that port:
Sept. 7 Sept. 14 Sept. 21 Sept. 28
45,000
49,000
39,000
45,000
908,000 894,000 911,000 888.000
281,000 269,000 268,000 261,000
57,000
28,000
62,000
22.000
15,000
14.000
7,000
14,000
144,000 149,000 131.000 154,000
37,000
41.000
38,000
36,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday,
Market, 1
A good
business
doing.
P. M.
Monday,
Tuesday. Wednesday. Thursday.
Good
Inquiry,
7.04d.
7.03d.
Mid.Uprds
Firm.
Good
demand.
A fair
business
doing.
7.01d.
6.94d.
6.96d.
Friday.
Firm.
rm.
6.91d.
Quiet,
Steady,
Steady, Qu.but et'y
Steady,
Futures.{ Steady.
1 to 2 pta. 3 to 4 pts 5 to 7 pta. 5 to 6 pts. 3 to 4 pts. unch'ged to
Market
decline.
advance.
decline.
decline. 1 pt.decline
decline,
opened
Market,
4
P. M.
Quiet but
Quiet but Quiet but Barely strly Quiet.
Quiet.
steady, un- steady, un- 8 to 11 pts. 5 to 6 pta. stdy., 2 to 4 to 8 pts.
advance,
decline.
decline.
changed to changed to decline,
1 pt. dec. 2 pts. dec.
Prices of futures at Liverpool for each day are given below:
Set.
2073
Financial Chronicle
139
1
Sept. 22
to
Sept. 28
Mon. I
Tues. 1
Wed.
Thurs. I
Fri.
12.00 12.00 12.15 4.00 12.15 4•0012'1F 4.0012.15 4.0012.15 4.00
p. tn. p. m.p. m.p. ni. p. tn. p. m.p. m,p.m.p. In. p.m.p.m.p.m.
-,
d. d. it. I it.
d. it. I d.
d. it. I it.
it.
New Contract. it.
October (1934) _ __ 6.82 6.81 6.80, 6.73 6.72 6.78 6.77 6.73 6.72 6.70 6.65
__ __ 6.79 6.78 6.78 6.71 6.69 6.75 6.74 6.70 6.70 6.67 6.63
Deco her
January (1935) .... -- 6.771 6.75 6.75 6.69 6.67 6.73 6.72 6.68 6.68 6.66 6.62
6.75 6.73 6.73, 6.67 6.65 6.71 6.70 6.66 6.66 6.65 6.61
March
6.72 6.71 6.71, 6.65 6.62 6.69 6.68 6.64 6.64 6.63 6.59
May
July
1
6.611-- 6.60,._ __ 6.50 __ -- 6.56,.. __ 6.63... __ 6.49
October
6.60'.. __ 0.59.. __ 6.49.. -- 6.5-- -- 6.52 -- -- 6.48
Decanter
(1936) -- __ 6.591- - 6.591-- - 6.48j.. -- 6.54...... 6.52.. -- 6.48
January
6.59._ __ 6.59- __ 6.49j.. __ 6.54-.. __ 6.52... -- 8.48
March
6.59.. -- 6.59.. _ 6.48- -- 6.54.. __ 6.52 _ __ 6.48
May
6.58- -- 6.58... -- 6.481- - 6.63.. -- 6.51.. -- 6.47
Ally
BREADSTUFFS
Friday Night, Sept. 28 1934. •
Flour was firmer of late, but there was no improvement
In demand.
Wheat in dull trading on the 22d inst. ended unchanged
to Mc. lower. Early prices were slightly higher but reacted
under general liquidation. The news was generally bullish
but failed to simulate demand. The cables were strong
and sales of cash wheat for shipment out of Chicago were
large. Then too the weather in Canada was wintry. Milling
demand for cash wheat was better. Winnipeg closed Mc.
lower to Mc. higher. Liverpool was M to %d. higher and
Buenos Aires finished 38 to Mc. up. On the 24th inst.
there was a further decline of % to Mc. owing to an increase
in the visible supply of 873,000 bushels and the weakness of
stocks and cotton. The increase in the United States
visible ckme as a distinct surprise as many had expected a
decrease. Winnipeg was Mc. lower to Mc. higher, where
buying was stimulated by reports of snow and sleet in the
78
prairie provinces. Liverpool, however, was / to 13.d.
lower. Stocks there increased 480,000 bushels to 5,304,000,
against 3,420,000last year. World shipments were 9,367,000
bushels, including 3,878,000 from North America. Supplies
on ocean passage decreased 1,992,000 bushels, making the
total 33,216,000 bushels, against 34,464,000 last year. On
the 25th inst. prices advanced M to 19'c. on buying by
Eastern and Southwestern interests. Local operators were
also buying. The strength was attributed more to the oversold condition of the market than to anything else. A better
stock market also helped the rise. Early prices were off
13/20. Liverpool declined 1% to 1%.d. and Rotterdam
dropped 33% to 43.c. Argentina was reported to be attemptto
ing to unload its old wheat surplus. Winnipeg rose
Mc. in response to the rise in Chicago.
On the 20th inst. prices ended % to %c. lower, owing to
weaker cables. Liverpool closed 1 to 1%d. higher, but
Winnipeg was off % to %c. Cash interests bought October
and December and sold May. Demand was lacking. The
mill demand for cash wheat was small. On the 27th inst.
/
prices closed 24 to %c. higher, on buying stimulated by
reports that Europe was offering wheat and other grain for
shipment from Riga for delivery at Chicago. Commission
2
1d.
house selling checked the advance. Liverpool was % to /
/
higher. Winnipeg closed unchanged to 14c. lower. To-day
prices closed unchanged to %c. lower. The open interest
at Chicago on the Nth inst. was 149,359,000 bushels against
149,332,000 bushels on the previous day and 153,088,000
bushels on the same day last week.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK Fri.
Sat. Mon. Tues. Wed. Thurs.
116% 117% 116% 116% 116%
117
No. 2 red
CHICAGO
DAILY CLOSING PRICES OF WHEAT FUTURES IN Thurs. Fri.
Sat. Mon. Tues. Wed.
10454 104% 10454 104%
103
104
September (new)
103%
104% 103% 104
103
104
December (new)
103%
104% 103% 104
104% 103
May (new)
104% 104% 104% 104%
104% 103
September (old)
104% 103% 103% 10354
103
104
December (old)
Seasons Low and When Made
and When Made
Seasons' If
Aug. 10 1934 Sept. (old) ___- 7434 Apr. 19 1934
Sept. (old)_ ___111
July 2 1934
89
113% Aug. 10 1934 Dec. (old)
Dec.(old)
87% July 9 1934
Aug. 10 1934 Sept.(new)
Sept.(new) ___111
1934 Dec.(new) -- 88% July 9 1934
(
Dec. new)_ _ _ _ 113% Aug. 10
July 26 1934
101
Aug. 10 1934 May (new)
May (new)---117
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
82% 82% 82% 81% 81$ 81%
October
82%
82% 82
82% 82% 83
December
87
87% 87% 8754 87% 87
May
Corn ended )i to Mc. higher on the 22d inst. on buying
stimulated by unfavorable weather. Country offerings to
arrive increased slightly. Receivers booked 21,000 bushels
Cash premiums were well maintained but the market lacked
an important shipping demand. On the 24th inst. prices
Lc.
followed wheat downward,ending M to % lower. Trading
was light. Yet the weather was unfavorable. Shipping
sales were 4,000 bushels and receivers booked 21,000 bushels
to arrive. The visible supply increased 428,000 bushels.
%
On the 25th inst. prices advanced 13/i to 18 c., reflecting
the strength in wheat. Wet weather prevailed over most of
%
the belt. Rotterdam was 15 to 23/so. lower.
On the 26th inst. prices ended % to %c. lower, in sym2
1c.
pathy with wheat. On the 27th inst. prices closed '4 to /
higher, on buying stimulated by reports of frosts in some
parts of the belt. To-day prices closed %c. lower to %c.
higher.
DAILY CLOSING PRICES OF CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
9234 92% 92%
93% 91% 93
yellow
No. 2
OF CORN FUTURES IN CHICAGO
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
78
78% 77% 78% 78% 78
September (old)
80
80
79
79% 7854 80
December (old)
78
78
78
78% 77% 787
December (new)
7854 78%
78
7754 78
78
May (new)
Season's Low and When Made
Season's High and When Made
Apr. 17 1934
____ 45
September__ 80% Aug. 10 1934 September
5634 June 5 1934
Aug. 10 1934 December
84
December
7734 Aug. 1 1934
8834 Aug. 10 1934 May
May
to Mc. on the 22d inst. under a fair
Oats advanced
demand from Eastern interests. On the 24th inst. prices
78c.
8
reflected the weakness in wheat and ended 4 to / lower.
On the 25th inst. prices ended unchanged to Mc. higher.
Shipping sales amounted to 5,000 bushels and receipts
18 cars.
On the 26th inst. prices ended unchanged to %c. lower.
On the 27th inst. there was a further decline of %c. To-day
prices ended %c. lower to %c. higher.
2074
Financial Chronicle
DAILY CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues. Wed. Thurs, Fri.
No. 2 white
65% 6534
6634 66
6634 66
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
September (new)
5434 541 54% 541 548 54%
December (now)
52
5:i
52
52
52
53
May (new)
52
51
51
51g
5234 51
September (old)
54
54
54%
December (old)
53% 526
4
1 5234 5234 5234 --Season's High and When Made
,
Season's Low and When Made
September ___- 55$ Aug. 10 1934 Sep tember__ 26% Apr. 17 1934
December
56
Aug. 10 1934 December
41% June 22 1934
May
Aug. 10 1934 May
59
50
Aug. 4 1934
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
4534 4534 4531 4434 4334 4334
December
44
44
4431 4334 4334 4234
Rye ended unchanged to Yie. higher on the 22d inst.
Trading was light. On the 24th inst. prices ended % to
Me. lower in response to the weakness of other grain.
On the 25th inst. prices closed Mo. lower to Mc. hider.
On the 26th inst. prices ended % to 1%c. lower. On the
27th inst. there was a further loss of % to %c. To-day
prices ended % to 11
4c. higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
September (new)
77
7634 7734 76
7434
December (new)
79% 7834 78% 7734 7734 76
May (new)
82% 8134 815( 8034 80
7931
September (old)
77
763•4 7731 7534 75
7434
December (old)
76
7931 7834 7834 7754 77
Season's High and When Made
Season's Low and When Made
Sept.(new) _-- 8831 Aug. 9 1934 Sept.(new) __- 52/ Apr. 19 1934
June 22 1934
Dec. (new)....-- 90% Aug. 9 1934 Dec.(new)--- 65
May (new).__ _ 955i Aug. 9 1934 May (new)._ _ _ 78
Sept. 28 1934
Sept. (old)_ ___ 88
Aug. 9 1934 Sept.(old)__._ 5234 Apr. 19 1934
Dec.(old)
6534 June 22 1934
9031 Aug. 9 1934 Dec.(old)
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
6054
October
6334 633.5 6234 623-4 62
December
6431 6434 6334 6231
64% 65
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sal. Mon. Tues. Wed. Thurs. Fri.
84
September(new)
December (new)
May (new)
8
7
2°4 17%
r
P
1 g '843 i '83‘
8
6
2
86
83
83
September (old)
83% 8434 84
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
October
5634 5574 5631 553-4 5534 545i
December
6654 56% 573i 5654 5634 553-4
,8,0
1
Closing quotations were as follows:
GRAIN
Oats, New York
Wheat, New YorkNo.2 white
No.2red,c.i.f., domestic_ -.116%
653-4
Manitoba No.1,f.o.b. N.Y.. 833-4 Rye,No.2,f.o.b.bond N.Y
6934
Chicago, No. 1
81
Barley
Corn, New YorkN.Y.,4734 lbs.malting
9734
No.2 yellow, all rail
9234
Chicago. cash
85-120
FLOUR
Spring pats.,high protein $7.80@8.15 Rye flour patents
*5.35(415.65
Spring patents
7.4007.75 Seminola,bbl.,No8.1-3.10.3514 10.65
Clears,first spring
3.75
8.55847.15 Oats good
Soft winter straights...-. 6.20 6.60 Corn flour
2.60
Barley goods
Hard winter straights-- 6.85@7.
1O
Coarse
Hard winter patents-- 7.10847.35
4.65
Fancy pearl. Nos.2,4ez7 7.40847.60
Hard winter clears
6.30846.55
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- I
Flour.
Wheat.
Corn.
Oats.
Rye.
Barley.
014.1.1981tos bush.60 lbs.bush.56 lbs.bush. 32 Ws.bush.5131bs
.bush.481bs.
Chicago
568.000
956,000
211,000
318,000 202.000 301.000
1,687,000
Minneapolis..
415,000
269,000
84.000 771,000
188,000
Duluth
1,126,000
1,000
112,000
435,000
11,000
Milwaukee- -286,000
2.000 541,000
256.000
99,000
Toledo
186,000
3,000
31,000
50,000
35,000
5,000
32,000
32,000
Detroit
14,000
Indianapolis
229,000
146,000
40,000
196.000
St. Louis
143,000
80.000
226,000
27,000
223,000
73,000
40,000
18,000
Peoria
54,000
14,000
302.000
71,000
Kansas City _ _
502,000
862,000
13,000
30,000
Omaha
372,000
377,000
104,000
62,000
St. Joseph
38,000
204,000
Wichita
6,000
157,000
7,000
Sioux City7,000
68,000
20,000
4,000
625,000
3.578,000
137,000 214,000
445,000
Buffalo
Total wk. '34
Same wk. '33
Same wk. '32
418,000 8.923,000
346,000 6,673,000
(
405,000 12,376,000
4,444,000
5,999.000
4,101,000
2,034,000
2,287.000
1,918,000
680,000 2,442,000
141,000 1,750,000
531,000 1,086,000
Since Aug.12.893.000 66,596,000 68,949,000 14,553,000 2,477,00017,698,000
1934
2,396,000 54,457,000 31,136,000 27,471.000 2,898,00012.521.000
1933
1932
2.944.000 91.529.000 34.720.000 36.178.000 3.418.00010.767.000
Total receipts of flour and grain at the seaboard ports for
the week endmg Saturday, Sept. 22 1934, follow:
Receipts atNew
Philadelphia..
York-.
Baltimore.Newport Ne
Norfolk
New Orleans
Galveston_
Montreal.-Boston
Sorel
Halifax
Churchill- -
Flour.
Wheat.
Corn.
Oats.
Rye.
Barley.
big:JP° Ws bush.60 lbs. bush.56 lbs.bush. 321bs
.bush.581bs.btuh.481bs.
131,000
127,000
79,000
539,000
32,000
62,111
29,000
28,000
70,000
1,000
16,000
32,000
13,000
4,000
20.111
2,000
3,000
1,000
li i
19,000
33,000
23,000
905,000
60.000
136,000
101,000
III
23,000
38.000
285,000
4,000
597,000
275,000 2,413,000
9,824,000 64,638,1 l l
300,111
8,121,111
360,000
53,000
103.000
6.625,000 1,8,50.000 1,893,000
Week 1933323,000 3,155,000
Since Jan.1'3310,984.000 67,181.11 s
88.111
4,275,i 1 i
43,000
3,299,000
Total wk. '3
Since Jana'3
13,000
250,000
6,000
521,000
• Receipts do not include grain passing through New Orleans for foreIgnports
on through bills of ladlng.
Sept. 29 1934
The exports from the several seaboard ports for the week
ending Saturday, Sept. 22 1934, are shown in the annexed
statement:
Exports from-
Wheal,
Bushels.
New York
Boston
Philadelphia
Norfolk
New Orleans
Sorel
Montreal
Churchill
Halifax
Corn,
Bushels.
Rye,
Barley,
Oats,
Bushels. Bushels. Bushels.
Flour,
Barrels.
23,660
1,000
1,000
1,000
1,000
773,000
6,000
285,000
905.000
597,000
60,000
136,000
101,000
136,000
5.000
101,000
4,000
Total week 1934._ 2,566,000
Same week 1933.... 3.281.000
2.000
91,660
147.740
The destination of these exports for the week and since
July 1 1934 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 1 to-Sept. 22 July 1
1934.
1934.
Wheat.
Week
Sept. 22
1934.
Corn.
Since
Julie 1
1934.
Week
Sept. 22
1934.
Barrels. Barrels.
Bushels.
Bushels.
United Kingdom. 55,000
583.130
701,000 10,353,000
Continent
12,346
157,913 1,859,000 13,340,000
So. dr Cent. Amer_
1,000
14,000
6,000
75,000
West Indies
2,000
60,000
11,000
Brit. No. Am. Col. 2.000
28,000
Other countries... 19.314
60,834
807,000
Total 1934
Total 1933
91,660
903,877 2,566,000 24,586,000
147,740 1,309,417 3,281.000 28,126,000
Since
July 1
1934.
Bushels. Bushels.
2,000
2,000
2,000
22,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 22, were as follows:
United StatesBoston
New York
"
afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chlcago
.
.
afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Oats,
Wheat,
Rye,
Corn,
Barley,
bush,
bush,
bush.
bush,
bush.
20,000
33,000
85,000
208,000
234,000
92,000
34.000
102,000
30,000
1,011,000
93,000
134,000
194,000
15.000
2,492,000
58,000
26,000
173,000
2,000
29,000
378.000
1,000
41,000
413,000
514,000
28,000
1,106,000
128,000
748,000
5,978,000
43,000
5,000
1.695,000
104,000
23,000
4,932,000
228,000
2,260,000 3,402,000
3,000
28,447,000 4,131.000
4,000
263,000
39.000
852,000
9.614.000 10,639.000
5,000
10,000
391,000 1,018,000
149,000
367,000
300,000
7,787,000
20,000
24.000
2.245,000
697,000
383,000
15,000
318,000
65,000
7,888.000 15,828,000 2,488,000 5,102,000 1,368,000
618,000
631,000
147,000
50,000
389,000
732,000 3,046,000
535,000
577,000
13,000
14,779,000 7,696,000 9,858,000 2,310,000 7.190,000
12,372,000 3,271,000 4,548,000 1,659,000 2,156,000
9,000
125,000
11,000
129,000
16,000
6.742,000 7,738,000 1,705,000
659,000
346,000
1,517,000
370.000
120,000
116,000
48,000
Total Sept. 22 1934_112,803,000 60,447,000 23,307,000 11,366,000 11,855,000
Total Sept. 15 1934...111,930,000 60,019,000 23,833,000 11,092,000 10.973,000
Total Sept. 23 1933-147,612,000 56,261,000 40,500,000 12,914.000 14,535,000
Note.
-Bonded grain not included above: Barley, Duluth, 425,000 bushels; on
Lakes, 20,000; total 445,000 bushels, against none in 1933. Wheat, New York,
803,000 bushels; N. Y. Afloat, 449,000; Philadelphia, 64,000; Buffalo, 4,129,000;
Buffalo afloat, 1,993,000; Duluth, 391,000; Erie, 1,606,000; on Lakes, 1,308,000;
Canal, 885,000; total, 11,628,000 bushels, against 6,045,000 bushels in 1933.
Oats,
Corn,
Wheat,
Rye,
Barley,
Canadianbush.
bush,
bush,
bush.
bush.
Montreal
1,138,000
5,116,000
373,000 1,046,000
Ft. William et Pt. Arthur-60,403,000
1,790,000 2,393,000 4,789,000
Other Canadian and other
water points
48,764,000
2,952,000
451,000 1,267,000
Total Sept. 22 1934_114.283,000
Total Sept. 15 1934-108,665,000
Total Sept. 23 1933_114.246,000
Summary
American
112,803,000 60,447,000
Canadian
114,283.000
5,880.000 3,217,000 7,102,000
5,595,000 3,277,000 5,942,000
7.032,000 3,777,000 5,774,000
23,307,000 11,366,000 11,855,000
5,880,000 3,217,000 7,102,000
Total Sept. 22 1934-227,086,000 60,447,000 29,187,000 14,583,000 18,957.000
Total Sept. 15 1934-220,595.000 60,019,000 29,428,000 14,369,000 16,915,000
Total Sept. 23 1933...261,858,000 56,261,000 53.591,000 16,691,000 20.309,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Sept. 21, and since July 1 1934 and July 1 1933, are
shown in the following:
Wheat.
Exports.
Week
Sept. 21
1934.
Since
July 1
1934.
Corn.
Since
Julie 1
1933.
Week
Sept. 21
1934.
Since
July 1
1934.
Since
July 1
1933.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels,
Bushels.
North Amer- 3,878.000, 46,372,000 47,701,000
12,000
56,000
Black Sea..., 200,000; 1,568,000 5,832,000 289,000 1,939,000 12,875,000
Argentina_ 3,201,000 46,249.000 37,179,000 4,311,000 63,785,000 52,447,000
1,472,000 20,965,000 23,149,000
Australia ___
16,000
256,000
India
0th. countr's 600,000 7,032,000 5,688,000 979,000 5,665,000 1,422,000
Total __ 9,367,000122,442,000119,549,000 5,579.000 71,401,000 66.800,000
Weather Report for the Week Ended Sept. 26
-The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Sept. 26 follows:
The week was characterized by continued cold weather over the northern Rocky Mountain and Plateau regions, especially in Montana and
Wyoming, where temperatures ranged from 4 to 20 degrees below normal,
and in the Missouri Valley where deficiencies were somewhat smaller.
At some elevated stations the temperatures were subfreezing for 48 hours
or more at a time; generally the coldest weather occurred at the close of the
week. The lowest temperature reported at a first
-order station was 16
degrees at Yellowstone Park, Wyo., on the 24th and 25th. At most stations
from the Ohio Valley and Tennessee westward day-to-day fluctuations
ranged from 4 to 20 degrees.
Volume 139
2075
Financial Chronicle
Moderate to heavy precipitation occurred in New England. locally along
the Atlantic Coast, and in the Southeast mostly at the beginning and end
of the week; the Ohio Valley and Tennessee had good rains during the
and
24 hours ending at 8 a.m. of the 22d, as did most of the Lake region ouri
me
an to n t w
prregioerci pitatdon iwes1* e
a of t
t teau
et
1 a er b/lheirap lyVal
. 7pry, iss
an
le
ley
ount
of the week. At some elevated western and
the middle and latter parts
northwestern stations precipitation was largely in the form of snow, and
in Wyoming heavy snows extinguished forest fires. above normal in most
Chart I shows that temperatures were 3 to 6 degrees
Central sections east of the Mississippi River from Arkansas southward to
the Gulf, and in most of the Southwest, the Great Basin, and portions of
the Far West. Over the western upper Mississippi Valley. the northern
Great Plains. and the no.thern Rocky Mountain and Plateau tegions.
temperatures were decidedly subnormal; and the freezing line during the
week reached southward to northwestern Nebraska and central Colorado.
At Helena, Mont. the deficiency for the week was 20 degrees. New England reports practically no damage by frost, but in some Great Plains areas
freezing temperatures caused considerable harm.
Chart II shows that most Central sections of the country had moderately
heavy rains during the week, with the largest totals reported in the upper
Mississippi Valley and locally in Gulf States and along the Atlantic Coast.
Some few Eastern areas had no rain and in other portions of the Southeast and much of the Ohio Valley and Tennessee amounts were less than
0.5 inch. The western Great Plains had light rains and substantial falls
occurred locally in the central and southern Rocky Mountain regions.
Portions of the near Southwest, chiefly in Texas, had no rain.
Frosts were t eported during the week over much of the Northwestern
part of the country, extending as far south as northwestern Kansas and
western and northwestern Iowa. They were mostly light and without
appreciable damage over the central Great Plains, but in the more Northern
States from Minnesota to Montana they were heavy to killing and ended
growth of all late crops. Damage was rather extensive in some areas, but
most staple crops had matured and severe injury was confined to some
fruits and late gardens.
In the central and eastern Ohio Valley the weather generally favored
outdoor operations and seasonal farm wo.k mado good progress, but in
the western valley area heavy rains in parts caused much delay. Rainfall
varied widely in the central valleys and where they were sufficiently heavy
good progress was made, but some areas are still dry in this section. Precipitation was very helpful in many parts of the Rocky Mountain and
Plateau areas, with snowfall reported in higher elevations, notably in
Wyoming where it was very beneficial in extinguishing forest fires and
removing the hazards of the dry conditions. General rains were very
helpful also in the Pacific Northwest. where they conditioned the soil for
further plowing and seeding and benefited pastures; some areas are still too
Tennessee—Nashville: Moderately warm and mostly clear; favorable
for harvesting, except interrupted by showers Saturday in central and
west. Cotton opening rapidly and picking excellent advance first half;
considerable ginning. Late corn growing satisfactorily and greater portion maturing: fodder pulling active. Favorable for housing tobacco.
THE DRY GOODS TRADE
New York, Friday Night, Sept. 28 1934
While unseasonally high temperatures affected retail trade
in the metropolitan area to some extent, reports from most
other sections continued favorable. In the textile mill
centers which previously had felt the effects of the strike to
a marked degree, the end of the walkout produced a better
feeling and a quick rebound from the low sales levels reached
during the height of the strike, was confidently anticipated.
Chain store sales are reported to be holding up remarkably
well and gains for the current month over September 1933 are
expected to reach up to about 20%. Anxiety prevailing in
retail circles over slow deliveries of goods, due to strike conditions, has been largely dispelled by the sudden termination of the walkout.
Trading in the wholesale dry goods markets first continued
to reflect the scarcity in certain types of merchandise caused
by the textile strike; when the end of the walkout was
proclaimed, a quick reversal in sentiment took place and the
feeling gained ground that there was no longer any immediate
necessity for rushing into the market to cover requirements.
Many buyers seemed satisfied to wait for production to
reach its normal stride while those who were in actual need
of goods, found trading conditions decidedly more in their
favor than was the case only a few days previously. Another
quick rebound from the present lull is confidently anticipated,
however, since it will be impossible to attain full production
harvesting
cirf. the East. cloudy, rainy weather was very unfavorable for
for some time, and since the satisfactory movement of goods
operations in most sections from South Carolina northward to New Engin retail channels is said to have perceptibly depleted invenland. Much fall work was delayed by the showery conditions and fields
were too wet to work in parts. Some deterioration of crops was noted
tories in a number of lines. Immediately prior to the end of
locally, notably in southeastern Virginia, where truck and peanuts were
the strike it was reported in this connection that deliveries
unfavorably affected, but in much of this area late crops were helped by
the additional moisture.
on many lines of merchandise were two to three weeks
SMALL GRAINS—In New York and New England rains and wet ground
behind and that retailers were facing a real problem in
have slowed up the buckwheat harvest in some sections. Wheat seeding
had been delayed in Pennsylvania by rain and in Maryland and Delaware
obtaining supplies for early October sales. Business in silks
soil is mostly too wet for preparation. In West Virginia the ground
the
at first continued to reflect the shortage in piece goods,
is too dry for planting.
Planting continues in most parts of the main Winter wheat belt. In
particularly satins, with prices showing a firm trend. The
Michigan most of the crop is sown, while in Missouri much has been
end of the strike, however, quickly eased the tension and a
planted.. In Kansas wheat seeding is nearly three-fourths completed and
slightly softer tone made its appearance, reflecting the accuin Ohio planting Winter wheat and rye will probably be finished during
the coming week. Rye is good in Wisconsin. Illinois and Nebraska,
mulation of staple goods in mill hands at the beginning of the
and in several States in the Great Plains and Mississippi Valley grains
stoppage. Trading in rayon yarns expanded as weaving mills
are up and looking good. Rains of the week were favorable for planting.
seeding, and germination of fall and winter grains in some Western States.
resumed operations.
especially Colorado. Idaho and Montana. where dry soil has hitherto
delayed this work. Considerable oat planting is being done in Texas
Domestic Cotton Goods—The end of the textile strike
and Arkansas.
transformed trading in gray cloths from a sellers into a buyers
CORN—The early crop in the Ohio Valley is practically all safe from
frost danger and a large proportion has been shocked; cutting is advancing
market. While it was true that shortly prior to the terrapidly in most portions and silo filling is well along: some of the late
mination of the walkout, the volume of business had sharply
crop is still green and susceptible, while in western parts some poorer corn
is being cut for fodder. In Iowa progress of the crop was fair, but most
declined, the price structure had remained relatively steady.
is safe from frost damage, except some late fodder corn, which varies conOnce,however,the strike was called off,a fairly large amount
siderably; some delay in fodder cutting occurred, but silos are mostly filled.
of second-hand offerings descended upon the market and with
In more southern sections corn is ripening rapidly and gathering is progressing with a large percentage already harvested.
buyers marking time and preferring to wait until some sort
COT I'ON—Cloudy, wet weather was unfavorable in the northeastern
of stability had been attained, the inevitable result was an
part of the belt, but elsewhere conditions were largely favorable for most
outside operations..
appreciable softening in quotations, particularly for those
In Texas picking and ginning progressed rapidly and are practically
constructions in which previously the largest gains had been
completed in the southern part; condition of the crop ranges from poor
In Oklahoma
made. Sharply divided opinions exist regarding the future
to fair, but there are still some prospects of a top
still very poor; picking made good
crop.
progress was fair, but the condition is
trend of prices. While a number of buyers was reported to
advance and more than half has been gathered in some eastern and southern
require appreciable quantities of goods for nearby deliveries
parts.
In the Central States of the belt picking was favored and good progress
and while the loss in production during the three weeks'
was made in practically all parts, with the crop largely open. Picking
duration of the strike has undoubtedly strengthened the
and ginning are nearing completion in southern Georgia, while this work
made good advance in southeen South Carolina. but elsewhere in the
position of the mills, it will first be necessary to clear away
northeast tho crop was unfavorably affected by cloudy, rainy weather, with
the fairly large accumulations which had been piled up by
some deterioration noted.
anticipation of the walkout before a firming
The Weather Bureau furnished the following resume of second hands in logical. Business in fine goods, following
of prices appears
conditions in the different States:
the end of the strike, quieted down considerably but prices
Virginia—Richmond: Temperatures somewhat above normal; precipiheld fairly steady. The greater steadiness of this market
tation generally light to moderate. Cloudiness and wet ground unfavorable for growth and delayed work, particularly in southeast. Wet weather
was attributed to the fact that the closing of fine goods mills
persists in extreme southeast; cotton greatly deteriorated, peanuts
damage
was more general than in coarse goods, also that the previous
rotting in ground, and southeastern truck outlook unfavorable.
North Carolina—Raleigh: Generally favorable for farm work and crop
price advances were only in part due to the strike but were
growth in west, but insufficient sunshine in east, with too much rain in
chiefly the result of market conditions prevailing prior to the
east and north portions of Coastal Plain. Progress of cotton fair to good
walkout. Closing prices in print cloths were as follows:
in west, but mostly poor in east and considerable recent deterioration
account persistent cloudiness and too much rain; picking slow.
39 inch 80's,9 to 9Mc.,39 inch 72 to 76's,8% to 9c. 39 inch
South Carolina—Columbia: Warm, with local showers first part of
68 to 72's, 8 to 8Xic., 38% inch 64 to 60's, 7 to 7X:c., 38
week. Cotton picking good progress and far advanced in south; some
boll rot and complaints of weevil activity locally in north due to previous
inch 60 to 48's, 6e.
rains; ginning good progress. Harvesting nearly all food crops becoming
general* fair weather and more sunshine needed.
Woolen Goods—Trading in men's wear fabrics was not
Georgia—Atlanta: Mostly warm, with light to heavy scattered showers.
greatly affected by the end of the strike. Supplies of goods
Picking and ginning cotton nearing completion in south; general condition fair, but locally very poor. Ground plowed for wheat and oats.
continue to be ample to meet the _present modest requireAlabama—Montgomery: Normal temperatures and local showers. Cotments of cutters and it was reported that not a few mills, in
ton about all open; picking excellent advance in all sections and nearly
finished in south and well advanced In middle;condition fair. Corn maturing
view of the poor demand for their product, deemed it advispicking progressing in south and beginning in middle. Truck
rapidly;
able to delay the reopening of their plants for an additional
planting continues.
Louisiana—New Orleans: Warm, with local light to moderate showers
period. Reports from retail centers were spotty, largely as a
picking and harvesting rice,
latter part. Generally favorable for cotton
result of labor disturbances and adverse weather conditions.
corn, sweet potatoes, and hay. Cotton mostly open, picking finished
well advanced elsewhere. Sugar cane doing very well.
locally and
Business in women's wear fabrics showed a moderate exTexas—liouston: Averaged warm throughout State, with only cool
pansion. A scarcity of popular priced cloakings is said to
-22d. Light
weather of consequence occurring in extreme north on 21st
scattered in extreme south and extreme
have developed and a number of mills was reported to be
to heavy rains in central-north and
east, otherwise dryness continued. Picking and ginning progressed rapidly
sold ahead on fancy constructions. The call for dresses
and practically completed in south; general condition poor to fair, but
continued active, with low-priced and medium-grade goods
still some prospects for top crop. Conditions favorable for farm work
in sections whore rain and that work making rapid progress. Seeding
sharing alike in the demand.
oats in south and winter wheat in north advancing nicely. Ranges spotted;
cattle mostly fair.
Foreign Dry Goods—A slight pickup in the call for linen
Oklahoma—Oklahoma City: Temperatures seasonable, with light to
suitings and dress goods was noted. Trading in household
moderate showers, except heavy in much of northeast and east-central.
Progress of cotton fair, but condition still very poor; picking good adnumbers continued in fair volume. Burlap prices moved
vance and more than half out in east and much of south. Practically all
within a narrow range and the volume of business was small,
corn gathered. Good progress in plowing and planting fall crops and
this work nearly finished. Much oats and winter wheat up to good stands.
with bag manufacturers covering only their immediate reProgress of cotton very good; late bolls deArkansas—Little Rock:
quirements. An early slight recession in prices was recovered
veloping on central and northern lowlands and opening rapidly; crop
mature and most bolls open in other portions; picking and ginning
about
later in the week. Domestically lightweights were quoted at
good advance, except delayed by two rainy days. Meadows, pastures,
4.30e., heavies at 5.90c.
sweet potatoes, and tomatoes have recovered rapidly.
2076
Financial Chro” le
Sept. 29 1934
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105W. Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS
The following is a list of the municipalities to whom the
Public Works Administration has agreed to furnish loans and
grants for various public works projects. These allotments
were reported during the period from Sept. 22 to Sept. 28,
inclusive. In each instance the PWA has agreed to furnish a
grant, not subject to repayment, for 30% of the total
expenditures incurred for the payment of labor and material
costs. Moreover, the PWA will accept 4% general obligation or revenue bonds of the municipality as security for the
loan portion of the allotment. The table shows the name of
the municipality, the total allotment, estimated expenditures for labor and materials and the nature of the project
to be undertaken. In the case of the type of bond to be
used as security for the loan, this is indicated, whenever
known, by(5 for general obligations and (x) for revenue or
)
special assessments. We wish to point out that mere
announcement of an allotment does not necessarily imply that
a given project is already under way or that arrangements
have been fully completed. The PWA has already allotted
millions of dollars to local government units but has purchased a comparatively small portion of the bonds covered
by the allotments. In many cases, too, the municipalities
have asked that allotments be rescinded in the belief that
they can finance the projects in the public market on terms
lower than the 4% interest rate basis required by the PWA.
Name-Berry. Ala
Carbondale, Colo
Cattaraugus County. N.Y
Christopher, Ill
Commerce, Tex
Donaldsville, La
Doykstown, Ohio
Fayette, Ohio
Lynchburg, Ohio
Miami Beach Special Tax School
District No. 14, Fla
Miles City, Mont
Minford Rural School District,
Ohio
Monroeville Village School District, Ohio
Mountainair, N. Mex
New York. N. Y
New York , N.Y
New York, N. Y
New York, N. Y
Pen Argyl School District, Pa._
Port Alien, La
Seaman, Ohio
Smethport School District. Pa_
Smithfield. Ohio
Tempe, Ailz
West Baton Rouge Parish, La_
Westmount, Ill
Labor and
Total
Material
Allotment
Costs
*35.000
34,000
*40.000
32,000
*174.000
189.700
x52.000
49,000
106,500
102,000
*16.500
15,558
54,000
52.000
x60,000
59,000
x20,000
18,000
Nature of Project
Water works system
Water system
Hospital building
Water works system
School building
Civic building
Water works system
Water works system
Water works system
.700,000
x4.000
683.033 School building
3,800 Street Improvement
*125,700
119,200 School building
•120,000
75,000
*301,700
630,000
246,000
241,000
•162,000
21,000
41.000
*55,000
60,000
1455,000
*39,900
x30,000
110,600
68,000
292,700
611,200
239,400
234.500
166.300
20,000
35,000
52,236
56,000
428,400
32,800
29.000
School building
Water works system
School building
School building
School building
Hospital addition
High school building
Water works system
Water works system
School building
Water works system
School building
Community building
Water works system
MUNICIPAL ALLOTMENTS RESCINDED
In line with the above changes, the Administration has
been forced to rescind many loans and grants to municipal
bodies for various causes,such as unsuccessful bond elections
cancellation of projects, &a. It has been our custom to
publish these under their separate headings whenever reported, but for the sake of convenient reference we have
gathered together the following latest reports issued from
Washington:
The following announcement was issued by the PWA
on Sept. 25:
Public Works Administrator Harold L. Ickes to-day announced that
15 non-Federal allotments totaling $152,600 have been rescinded. The
money released is being reaUotted to other projects still on the waiting list.
A list of the rescinded allotments follows:
Elma, Iowa-Docket 3041: Loan and grant of$10,000for street improvements rescinded at request of the town.
Sacremento, Calif.
-Docket 3113: Grant of $4,500 allotted to Sacremento County for a highway trestle on the lower Marysville road rescinded
because the county has notified Public Works Administration that the
project has been built with funds from other sources.
-Docket 3114: Grant of $4,500 allotted to SacreSacramento, Calif.
mento County for repairing a highway trestle at Fair Oaks rescinded for
the same reason.
Newberg. Oregon-Docket 3137: Loan and grant of $22,000 for improving the water system rescinded at the request of the town.
-Docket 3540: Grant of $.3.000 for improving the
New Cordell. Okla.
water system rescinded at the request of the town.
Dooly county, Ga.-Docket 3889: Loan and grant of $65,000 allotted
to the County Board of Education for constructing a new high school
building on the road between Pinehurst and Unadilla and an economics
building for the Vienna high school: and for renovizing the Dooly County
high school, the Mars Hill school, the Union high school, the Sandy Mount
high school, and the Franklin and Byromville schools rescinded because
litigation between the Board of Education and the County Commissioners
of Roads and Revenues seems likely to delay indefinitely the beginning of
the work to be done.
Watcom County, Wash.
-Docket 4711: Grant of$4,800 for paving work
rescinded at the request of the county.
Webb City, Mo.-Docket 4931: Grant of $10.000 for park developments
rescinded at the request of the city.
Osawatomie. Ran.
-Docket 5322: Loan and grant of $85,000 to construct a municipal water and power plant rescinded at the request of the
city.
Columbia, Tenn.
-Docket 5823: Loan and grant of E60.000 for an
Armory and community center building rescinded because an election to
authorize the issuance of bonds failed to carry.
Mountain View. Ga.-Docket 7437: Loan and grant of $5.000 allotted
to the Mountain View School District of Clayton County for completing a
school building rescinded because the election to authorize issuance of
bonds failed to carry.
Shullsburg, Wis.-Docket 8446: Loan and grant of $14,000 for sewer
construction rescinded at the request of tee city.
Junction, Texas-Docket 8459: Loan and grant of $5,500 for Improving
the water system rescinded because the city has not complied with PWA
regulations nor the nage scales established by PWA.
Alvarado, Texas-Docket 8511: Loan and grant of $22,300 for a school
building rescinded at the request of the city, which has used local funds
for the project.
Tuscaloosa, Ala.
-Docket 9400: Grant of $34.000 allotted to the
Trustees of the University System of Alabama for construction of a locker
building to be used in conjunction with the gymnasium rescinded because
construction was not done in accordance with PWA reqdranent
PUBLIC WORKS ADMINISTRATION MUNICIPAL
ALLOTMENTS CHANGED
Thrring recent months many of the municipal subdivisions
which had been awarded loans and grants by the Public
Works Administration found that they could float their
bonds more advantageously in the open market, or that the
coalition of their various sinking funds warranted their
applications for cancellation of the loan portions of their
allotments, utilizing only the grant customarily given by the
Federal Government. Recent press releases by the Administration have been laying greater stress on these changes
than on announcements of new allotments and we therefore
give below summaries of the latest changes we have received.
The following announcement was made public by the
Public Works Administration on Sept. 22:
Public Works Administrator Harold L. Ickes to-day announced that
12 more combined loan and grant allotments awarded for construction of
non-Federal projects when the applicants believed they would be unable to
sell their bonds in the private investment market have been changed to
grants only because since then the applicants have sold their bonds and will
not need PWA loans.
These changes released $721,400 more for reallotrnent to other projects
still on the waiting list. The grants allotted to-day for these projects are
to cover 30% of the cost of labor and materials to be used.
To date 357 such changes have been made, releasing $36,518,033 for
reallotment to additional projects to expand the employment creating
function of the PWA program.
The changes announced to-day were:
Eau Claire, WLs.-Docket 729: Loan and grant of $265,000 for improvements to the water system changed to a grant of $70,000.
Osceola, Ark.
-Docket 4197: Loan and grant of 252.000 for improving
the municipal electric plant changed to a grant of $15,000.
Rutland, Iowa-Docket 4257: Loan and grant of $22,200 allotted to the
Independent School District of Rutland for a new school building changed
to a grant of $7,600.
Bristol, Conn.
-Docket 4418: Loan and grant of $118,500 for street
paving changed to a grant of $41,500.
Klliingworth, Conn.
-Docket 5867: Loan and grant of $17,000 for
construction of two bridges across the Hammonasset River changed to a
grant of $7,500.
Norfolk, Conn.
-Docket 6094: Loan and grant of $122,000 for paving
work changed to a grant of $4:36,200.
Elroy, Wis.-Docket 7320: Loan and grant of $5,750 for Improvements
to the street lighting system changed to a grant of $1.750.
Blytne, Pa.
-Docket 7550: Loan and grant of $140,000 allotted to the
School District of Blythe, Schuylkill County. for an addition to the high
school building changed to a grant of $39,500.
Hebron, Conn.
-Docket 7783: Loan and grant of $25,000 allotted for
Paving work changed to a grant of $16.200.
Fairfield, Conn.
-Docket 7932: Loan and grant of $131.000 for constructing two fire stations and installing a fire alarm system changed to a
grant of $39.000.
Goshen, Conn.
-Docket 7991: Loan and grant of $109,000 for paving
work changed to a grant of $34,800.
Talmage, Neb.-Docket 8605: Loan and grant of $35,400 allotted to
School District No. 91 of Otoe County for construction of a grade school
building in Talmage changed to a grant of $12.400.
The followirg statement was issued by the Public Works
Administration on Sept. 25:
Public Works Administrator Harold L. Ickes announced to-day that the
following loan and grant allotments for construction of non-Federal projects
have been increased:
Fort Atkinson, Wis.-Docket 730: Grant of $18,315 for a new sewagetreatment plant increased to $21,415 because of increased cost of the
project.
Shelby, Ohio-Docket 966: Loan and grant of $160.000 for construction
of a building and installing a 1,500 kw.turbo generator increased to $188,000
because contracts awarded show that the work will cost more than originally estimated.
Lyon County, Kan.
-Docket 1149: Grant of $2,000 for highway construction increased to $3,100 because bids received show that the work
will cost more than originally estimated.
Battleground, Wash.
-Docket 1184: Grant of $6,400 allotted to the
Battleground Consolidated School District No. 100 of Clark County for
an addition to the high school building increased to 37,300 because of
Increased costs.
Amherst. Mass.
-Docket 1270: Grant of $34,500 allotted to the State
of Massachusetts for improvements at the Massachusetts State College
Amherst, increased to $48,200 to enable the State to increase the scope
of the improvements to be made.
Pittsylvania ,County, Va.-Docket 1777: Grant of $42,400 allotted to
the County School Board for constructing three school buildings in Callands, a new building at Renana and one at Coates, increased to $51,800
because of Increased construction costs and to include purchase of equipment in the allotment.
State of Montana-Docket 1833: Loan and grant of $1,648.758 allotted
for Improving 737 miles of highway Increased to S1,829,000 to enlarge the
scope of the project and provide for increased costs.
Salina, Kan.
-Docket 2464: Grant of $8,300 for drainage sewers increased to $9.500 because of engineering restudy.
Toledo, Ohio-Docket 3496: Loan and grant of $250,000 allotted for
construction of a faculty apartment building, a dormitory building and a
fraternity house for the University of Toledo increased to *271.000 because
bids received show that construction will cost more than originally estimated.
Spencer, Wis.-Docket 3921: Grant of $4,800 allotted for a municipal
building increased to $5,000 because bids received show that construction
will cost more than originally estimated.
Financial Chronicle
Volume 139
Glen Ullin, N. Dak.—Docket 5270: Loan and grant of $17,900 for a
municipal auditorium increased to $19,000 because contracts awarded
show that construction will cost more than estimated.
Lucas. Ohio—Docket 5537: Loan and grant of $22,000 for a water system
increased to $24,000 because of increased costs.
Arlington, Vt.—Docket 6114: A grant of $2,700 for bridge and road construction increased to $6,800 to enable the applicant to increase the scope
of the project.
Bradford, 111.—Docket 6253: Loan and grant of $12,000 for improvements to the water system increased to $12,800 to enable the village to revise its plans and increase the scope of the project.
Public Works Administrator Harold L. Ickes announced reductions which
have been made in the following previously awarded loan and grant allotments for construction of non-Federal projects:
Frederick, S. Dale—Docket 2213: Loan and grant of $19,000 for additions to the water system reduced to $16.000 because the town has revised
its plans and eliminated a part of the work which it originally intended to
have done.
Wharton, Texas—Docket 5142: Loan and grant of $47.500 allotted to
the Wharton Independent School District of Wharton County for constructing an addition to a school building reduced to $45,600 because the
district now has some funds of its own to apply on the cost of this building.
Brighton, Vt.—Docket 1656: Loan and grant of $47,000 for improving
4% miles of roads in the Village of Island Pond, which is situated within
the town limits of Brighton, reduced to $41,000 because the plans for the
project have been revised to cut down the cost of the work to be done.
Centralia, Wash.—Docket 1501: Loan and grant of $80,000 for replaceing three miles of gravity pipe line reduced to $65,000 because the State
of Washington is contributing $15,000 toward this project.
NEWS ITEMS.
California—Legislature Approves Proposed $24,000,000
Relief Bonds and Adjourns—Having approved Governor
Merriam's program for taxation relief to harrassed taxpayers, passed a $24,000,000 unemployment relief bond
issue which will be submitted to the voters of the State in
November, and provided extensions of time for the foreclosure of mortgages, the special session of the Legislature
came to an end at an early hour on Sept. 15. Sacramento
advices on that day reported in part as follows on the work
done by the recent session:
•
The program of measures approved by the Legislature follows:
Constitutional amendment providing for a $24,000.000 relief bond issue
to be administered by a commission of eight, to be appointed by the Governor, including as ex-officio member the director of the State Department
of Social Welfare. Amendment to be voted upon at the November general
election.
Memorial to Congress to provide a National system of old age pensions.
Creation of a committee of six members chosen equally from the Senate
and Assembly to study the subject of unemployment insurance and report
thereon to the next regular session of the Legislature.
Tax Moratorium
Act consenting to the acquisition by the Federal Government of forest
lands in California.
Tax moratorium bill. Provides method of redeeming property sold
to the State for taxes in cases where State has not resold property. Liberalizes act of 1933 providing for payment of delinquent taxes in 10 annual
instalments. Extends time for one year, to April 30 1935, for starting such
payments. State to hold no auction sales of tax seized property during
1935 to allow owners to start redemption process.
State School Lands
Moratorium on forfeiture of State school lands for delinquent taxes until
Jan. 31 1937. Extension of similar moratorium declared by 1933 Legislature at request of Public Lands Division of Finance Department, to prevent
large numbers of purchasers of State school lands from losing such property,
which State doesn't want to have thrown back on its hands.
Broad relief act permitting any taxing unit in the State, including cities,
counties and all classes of districts, to seek relief from financial difficulties
in Federal courts under provisions of Bankruptcy Act providing for the
redemption of property sold to irrigation districts for delinquent taxes or
assessments prior to Sept. 10 1934, by the payment in 10 annual equal
payments the unpaid assessments from the date of sale to the date of redemption.
Act validating bonds including refunding bonds of irrigation districts
and providing for the levy and collection of taxes to pay principal and interest on the bonds where refinancing has been arranged by the Reconstruction Finance Corporation.
Other Measures Passed
Act validating Palo Verde Irrigation District bonds.
Act extending time of mortgage and trust deed foreclosure bill from
April 20 1934, to April 20 1935. providing that no mortgage or trust deed
can be foreclosed because of the failure to pay the principal as long as
interest and taxes are paid, and extending the relief to all real property
except mining property.
Detroit, Mich.—Court Decision Bars $15,000,000 in Bonds
of Annexations from Refunding Program—The State Supreme
Court ruled on Sept. 18 that $15,000,000 out of the $325,000,000 of Detroit refunding bonds that were signed in New
York on that date and preceding days by Mayor Couzens
and other city officials must be excluded from the current
refinancing operation—V. 139, p. 1900. The $15,000,000
represents the total of bonds which became obligations of the
city through annexations, together with a few old city of
Detroit on which the records were lost or incomplete. It
was stated in Detroit news advices that Paul T. Dwyer,
Assistant Corporation Counsel, who handled the problem
of the $15,000,000 bonds before the Council, Legislature and
the Supreme Court, said he was confident that the Supreme
Court's ruling would have little effect on the refunding
operation. At most, he said, the ruling will require that
the issues be set on one side temporarily until the regular
session of the State Legislature in January.
Florida—Figures Published on Present Bond Debt Status—
An Associated Press dispatch from Tallahassee to the Jacksonville "Times-Union" of Sept. 20 reported as follows on
changes in the bond debt status of the municipalities in
Florida during the past 18 months:
Reduction of $23,895,000 in the public debt of Florida political subdivisions and an increase of $17,000,000 in the defaulted payments due on
principal of bonds during the past 18 months were reported to-day by State
Auditor Bryan Willis.
Principal payments due and unpaid increased from $31,000,000 to
$48,883,000 in the 18 months from Jan. 1 1933. to June 30 1934, Willis
reported. Interest payments due and in default stood at 539,259.548.10.
The figures were obtained in a debt and taxation survey of the State by
the Emergency Relief Administration under Willis's direction. They will
be arranged in booklet form and maintained as a part of the State's records.
Payments of principal during the past year and a half scaled the outstanding public debt down to $484,334.468.12 on June 30 1934, as compared
to a total of $490,644,498.54 outstanding on Jan. 1 1934. Payments by
municipalities on their bond debts accounted for $3,745.378 of the total
reduction in this six months period.
While cities paid most in retirement of bonds, they also were the largest
defaulters, their principal payments due and in default jumping from
$22,000,000 to $34,000,000 in the past year and a half. Interest payments
2077
due by cities and in default on June 30 totaled $22,998,163.64. out of a
total defaulted interest of $39,259,548.10 for all political subdivisions.
The total of outstanding indebtedness on June 30 was divided as follows:
Road and bridge district bonds, $147,587,715.80; general county bonds,
$7,856,218.56; school district bonds, $54,548,735.86; municipal bonds,
$229,571,665.97, and special district bonds, $44,770,131.93.
Principal and interest payments due and in default were divided as
follows: Road and bridge bonds. $4.849,850 principal and $4,855.845
interest; general county bonds, $361,938, and $486.936.31: school bonds,
83,905,381.68, and $2,572,312.92; municipal bonds. $34,603.797.22, and
$22,998,163.64,and special district bonds,$5.162,079.93. and $8,346,290.23.
Iowa—Mortgage Foreclosure Extension Act Upheld—The
constitutionality of the State emergency law providing for
the continuance of mortgage foreclosures until March 1 1935,
was upheld on Sept. 25 by the State Supreme Court, according to Associated Press advices from Des Moines on that day.
The decision is said to have been returned in the case of
Coy Craig against Ira E. Waggoner, appellant.
Illinois—Proposed Constitutional Convention to Be Voted
Upon—Under date of Sept. 24 we were advised by Edward
J. Hughes, Secretary of State, that there are no proposed
amendments to the State Constitution up for approval at
the general election this year but there will be submitted the
proposition of calling a constitutional convention for the
purpose of revising and altering the present Constitution.
On Nov.6 the voters of the State will also pass judgment
on the proposed issuance of $30,000,000 in emergency relief
bonds, authorized by the Legislature in 1933 to take up the
tax anticipation notes issued since then for relief purposes,
which are reported to aggregate $28,500,000.
Minnesota—Proposed Constitutional Amendments—The
following is an official summary of the proposed amendments
to the State Constitution which are to be submitted to a
vote of the people at the general election on Nov. 6:
First—Allowing Additions to Trunk Highways—Amendment to Section 1,
Article 16, of the Constitution of the State of Minnesota. authorizing the
Legislature to add new routes to the trunk highway system.
Second—Taxation of Rural .Credits Lands—Amendment to Article 9,
Section 10, of the Constitution of the State of Minnesota, to authorize the
taxing of lands acquired by the State through the operation of the system
of rural credits and the appropriation of moneys from the funds of the
Department of Rural Credits.
Third—Exempting Household Goods and Farm Machinery—Amendment
to Section 1 of Article 9 of the Constitution of the State of Minnesota,
to exempt from taxation all household goods and equipment of each household and all farm machinery and equipment of each farm.
Fourth—Exchange of State and Federal Lands—Amendment of Article 8
of the Constitution, authorizing the exchange of public lands of the State
for lands of the United States and other privately owned lands, as the
Legislature may provide.
Fifth—Defining Certain Property as Tax Exempt—Amendment to Section 1
of Article 9 of the Constitution. construing academies, colleges, universities,
and all seminaries oflearning,for tax purposes,to mean the property actually
used in the instruction and housing of the students thereof.
Mobile, Ala.—Bondholders' Protective Committee Formed
on City's Securities—Natt T. Wagner is Chairman of a committee which has been formed to protect the interests of
holders of bonds and obligations of the City of Mobile, Ala.
The committee was organized as a result of an investigation
which disclosed that all bonds and warrants of the city with
the exception of an issue of refunding bonds due 1937, and
two issues of secured water bonds due 1937 and 1939, are in
default or in imminent danger of default.
According to reports of the city made available to the committee, the
city, on June 30 1934, was in default in the payment of interest on bonded
debt, $507,075; on bonds matured, $835,500; on interest on warrants, $54,650; on warrants matured, $35,000; on interest on certificates of indebtedness. $60,000, and on certificates of indebtedness, 51,000.000.
In view of this situation, in the opinion of the committee, unless the
creditors of Mobile unite and insist upon prompt action being taken by the
city to re-establish its finances, the working out of a satisfactory plan of
readjustment may be indefinitely postponed to the great detriment of those
who hold the city's obligations.
Holders of bonds and warrants are urged to deposit their securities
promptly with City Bank Farmers Trust Co., New York; First National
Bank, Mobile, or Merchants National Bank, Mobile, depositaries. W. D.
Bradford, 115 Broadway, is Secretary of the committee., the other members
of which are E. H. Alden, Vice-President, Norfolk & Western Railway Co.;
William H. Coverdale, President, Gulf States Steel Corp.: Edward C.
Delafield, Vice-President, City Bank Farmers Trust Co., and Charles A
Miller, Vice-Chalrman, President, Savings Banks Trust Co., New York:
New Jersey—Revised Edition Issued of Handbook for
Municipal Bonds—On June 30 1934, there were outstanding
only 26.05% of the taxes levied in 1933 by 234 New Jersey
municipalities, compared with 40.93% outstanding on Dec.
31 1933, according to an analysis by Ira Haupt & Co., members of the New York Stock Exchange, of figures presented
in the revised edition of their handbook for New Jersey
municipal bonds which gives statistics for virtually all
political subdivisions of New Jersey having a gross bonded
debt outstanding of over $500,000.
The booklet includes in convenient tabular form figures on gross debt,
net debt, per cent of net debt to average valuation, school debt and total
gross debt as well as taxes levied and outstanding from 1931 to June 3()
of this year. The basic figures, with the exception of the population figures,
have been supplied by the State Audit Department of the State of New
Jersey.
The analysis, which is based on the figures of 45 cities. 19 towns, 59
townships, and 111 boroughs, shows an average per capita valuation of approximately $1,500 and a per capita gross debt of about $265, or 17.37%
of valuation. Net debt per capita, as figured under the laws of New Jersey,
amounted to 4.76%. Townships and boroughs were found to have larger
comparative debts than the cities and towns, the latter making the best
showing with a gross debt equal to 15.34% of their valuation and a net
debt of only 3.83%.
New York City—Bankers Reject City Revenue Plans—
Demand New Taxes—The bankers' syndicate which underwrites the city's loans formally rejected the proposed city
tax program as inadequate to raise the needed $50,000,000
for unemployment relief in a letter to Mayor LaGuardia on
Sept. 26. The syndicate suggested that the city consider
a payroll tax and a sales tax as a substitute program.
The transit fare tax the bankers declared might be held
illegal in the courts, and as for the so-called municipal lottery
they did not deem that proposal worthy of "serious consideration." Unless the city is prepared to impose taxes
that will insure the raising of $50,000,000 in revenue, so
2078
Financial Chronicle
that the city can follow a pay-as-you-go policy such as meets
the approval of the bankers, they do not feel disposed at this
time to entertain proposals for further loans. The letter
set forth the ideas conveyed by a committee representing
the bankers at a conference with the Mayor and his financial
advisers on Sept. 25. It was signed by Winthrop W.Aldrich,
Chairman of the Chase National Bank, acting with authority
of George Whitney, of J. P. Morgan & Co.; Seward Prosser,
of the Bankers Trust Co.; Jackson E. Reynolds,of the First
National Bank; William C. Potter, of the Guaranty Trust
Co., nd Gordon S. Rentschler, of the National City Bank.
Wre quote in part as follows from an article OD the subject
appearing in the New York "Times" of Sept. 27:
City taxes on salaries above $20 a week and a 1% sales tax were advocated
yesterday by the city's bankers in a letter to Mayor LaGuardia as alternatives to the present program for local income taxes and gross business
taxes.
As soon as the suggestions were made, a strong likelihood developed
that the Mayor would scrap the present program, including the city lottery
plan, which is to be the subject of a public hearing in City Hall at 10 o'clock
this morning. Controller Joseph D. McGoldrick said definitely that the
bankers will have the final word in the matter, because they have the
funds the city needs to finance relief for the next year.
In discussing the program put forward by the bankers the Controller
said:
"The ultimate decision whether these tax measures become law lies
with those having the money. The bankers were reluctant to finance a
relief program that had as its start a bad obligation. The bankers feel
that the city should not unhinge its credit again after having worked so
laboriously to restore it. The banks indicate that they will not lend to
us until we have what they consider a proper program."
Strong Opposition L007713
Strong opposition to a salary tax was held certain to develop in the
Board of Aldermen, which, with the Board of Estimate, must legalize the
measure. The local income tax sponsored by Alderman Walter It. Hart
and the gross business tax have now reached the stage as city bills where
they await only the Mayor's signature to make them law. Having defeated
the Mayor's original proposal for a business tax of 34 of 1% on gross income,
the Aldermen felt that they had a workable program in the local income tax
and the reduced business tax of 1-10th of 1%.
Alderman Hart, one of the leaders in the Democratic majority in the
board, said yesterday:
"I don't think the payroll tax would have a chance in the Board of
Aldermen. The Board of Aldermen will never descend to taxing the office
boys, clerks and stenographers."
While the negotiations for a relief loan advanced with the bankers'
new suggestions, the need for immediate relief funds became more acute.
Controller McGoldrick said he had used $10,000,000 from other funds to
finance relief. adding that he must borrow more not later than Oct. 1.
The city's minimum requirements on Oct. 1 run to more than $4,000,000.
$37,000,000 Revenue Seen
The bankers and the city's fiscal officers believe that $2,000.000,000 a
year represents the total paid yearly in salaries in this city. A 1% tax on
that amount would therefore yield $20.000.000 a year.
In the 14
-month period of the State sales tax, $20,500,000 was collected
in one district including Manhattan, the Bronx, Westchester and Rockland counties, and another including Brooklyn, Queens, Suffolk and Nassau.
"Our calculations for New York City indicate that the sales tax would
bring a revenue of $17,000,000." Controller McGoldrick said. "If the
salary tax is enacted at 1%, and the return is $20.000,000, of course the
relief requirements will not be met and it is possible that the present excise
tax will bring it up to its proper total.'
No definite conclusion has been reached on the Possible exemptions
from the salary tax. The Controller said the bankers felt that where
salaries were $20 a week or less the employer should pay the entire tax.
Between $20 and $60 a week he said they believed the employer should
pay half the tax and the employee the other half. Above $60 a week
the bankers believed the employee should pay the entire tax, the Controller
said. All compensation derived from work, labor and services are included in this tax plan.
City Reports Cash Balance of $56,305,283—The weekly
financial statement of Comptroller Joseph D. McGoldrick
shows that the city had a cash balance in the treasury for
all purposes at Sept. 22 of $56,305,283, which compares with
the blance of $41,990,445 as of Sept. 15.
The statement reports that during the 38 weeks ended
Sept. 22 taxpayers paid into the city the following amounts
available for ordinary operating expenses: Taxes, 1933
and pricr years, $94,038,478; 1934, current, first half,
$169,933,182; 1934, current, second half, $31,653,795, thus
making a grand total of $295,625,455. Of this total, there
was pledged under the bankers' agreement for the repayment
of prior and current borrowings the sum of $258,995,289,
leaving available for current city purposes an amount of
$36,630,166.
New York State.—Governor Lehman Heads Democratic
Slate—Governor Herbert H. Lehman was renominated on
Sept. 27 as the Democratic candidate for the Governorship
on a platform pledged to support the New Deal. In addition, other incumbents of important posts were renominated.
The following is an outline of the Democratic slate, as it
appeared in Buffalo news dispatches of the 27th:
Governor, Herbert H. Lehman, New York.
Lieutenant Governor. M. William Bray, Oneida.
Comptroller, Morris S. Tremaine, Erie.
Attorney General. John J. Bennett, Jr., Kings.
United States Senator, Royal S. Copeland, New York.
Representatives-at
-Large: Mrs. Caroline O'Day, Westchester, and
Matthew J. Merritt, Queens.
Chief Judge of the Court of Appeals, Frederick E. Crane, Kings,
Associate Judges of the Court of Appeals: John T. Loughran, Ulster.
and Edward It. Finch, New York.
Pennsylvania—Special Session Adjourns After Passing
Relief Program—Early on the morning of Sept. 20 the special
session of the Legislature adjourned sine die, having given
approval to the $20,000,000 unemployment relief program
for which purpose it had been convened on Sept. 12—V.
139, p. 1897. The eight relief bills constituting this program
were signed shortly after passage by Governor Pinchot. A
Harrisburg dispatch to the Philadelphia "Inquirer" of Sept.
21 reported in part as follows on the results of this session:
The special session of the General Assembly adjourned sine die at 2:30
o'clock to-day (3:30 Philadelphia time) after a Senate-House dead-lock had
been broken by adoption of conference report fixing $5U0 was the compensation of each lawmaker for services rendered on the seven legislative
days they were at the Capitol.
Since late last night, when the Legislature passed finally the eight bills
covering the $20,000,000 taxless relief program sponsored by the Republican
majority, there had been staged behind the scenes conflict revolving around
the amount of salary that snould be accepted. The law fixes $500 as
compensation for a special session, but not a few members felt that on
Sept. 29 1934
account of the shortness of the meeting it would be the part of wisdom to
make at least a gesture in the direction of economy.
In the Senate this view prevailed when there was incorporated in the
appropriation bill covering the expenses of the session an amendment
fixing the salary at $250.
Committee Backs House
The House, which previously had gone on record for all the law allows,
refused to concur. A conference committee of Republicans and Democrats
was named and by a 5 to 1 vote it upheld the House position. Both
chambers accepted the conference report.
In the House it was adopted, 143 to 47. The Senate approved, 31 to 14.•
Although the Democrat members had made a grand stand play in favor
of a payless session, they were far from united on the proposition when
showdown time arrived.
Eighteen of the 65 Democrats in the House went on record for the conference report. On the Senate side the six minority members stood out
against. They were joined by seven Republicans, who felt it would
be unwise to go back to their constituents with $500 in their pockets for
seven days' work.
In announcing he had approved the bill, Governor Pinchot said he
did so reluctantly, but placed the responsibility on the shoulders of Assembly.
Port of Astoria, Ore.—Bond Refunding Plan Approaches
Completion—The following letter to those who have deposited
their holdings with the bondholders' protective committee
of the above city was sent out on Sept. 20 by Morris Mather
of Chicago, Secretary of the committee:
To All Port of Astoria Depositors:
As a result of several meetings, the final one of which was had in Omaha,
Neb., with representatives of the Port Commission present, your committee has worked out a plan which if approved by the bondholders should
solve the port's financial difficulties, and eventually lead to the payment
of its bonds.
We are at present engaged in working out the details of this plan with
the Port Commission and shortly the same will be submitted to you in
detail for your consideration and approval.
At the present time the port is in default on five coupons, and since
no funds are available to pay the next one, they will also default on the
Jan. 1 1935 coupon unless some kind of a settlement is made. Therefore
on Jan. 1 next the total default in interest alone will amount to over
$550,000. In addition they will also be in default on Jan. 1 next on
approximately $330.000 principal.
One feature of our plan provides that these past due coupons shall be
turned in by the bondholders at 50 cents on the dollar, and the purpose
of this letter is to inquire whether or not you are willing to immediately
offer your coupons at that price. Of course at this time only the coupons
due Jan. 1 1934 and July 1 1934 can be disposed of, as all prior defaulted
coupons have been reduced to judgment in the Federal courts, and until
that judgment is disposed of, the coupons cannot be released. This will
be taken care of if the deal approved by your committee is finally accepted,
but since that will probably take a little time, we are suggesting that you
Immediately offer your 1934 coupons and receive some cash without delay.
This letter is only going to those who have already deposited bonds and
for your information a number of outside holders have been trying to sell
us their bonds and coupons for some time at 50 cents and less.
Will you please let us hear from you as quickly as possible so that we
may transmit your offers to Astoria, and in the meantime we will continue
to use our beet efforts to get the final approval of the Port Commission
to our plan.
We believe that we have made considerable progress towards a settlement of this problem, and as above stated we will send you full details
of the plan very shortly.
Yours very truly,
PORT OF ASTORIA
BONDHOLDERS' PROTECTIVE COMMITTEE
Public Works Administration—Federal Court Verdict
on Municipal Utility Plant Financing Qualified—The decision
of Federal Judge Albert L. Reeves, declaring PWA funds
could not be used in the construction of a public utility plant
at Concordia, Mo.—V. 139, p. 1897—applied only to that
case and was not far-reaching in effect, Judge Reeves is
reported as saying in Kansas City, Mo. advices on Sept.
21. He is stated as remarking that the ruling would apply
only in cases where conditions were similar to those at
Concordia.
"My opinion," Judge Reeves said, "is based entirely upon
the law. The authority for the Recovery Act is drawn from
the inter-State commerce clause of the Constitution. The
Concordia municipal light plant would have an intra-State
status and consequently would not come under the authority of the Act."
BOND PROPOSALS AND NEGOTIATIONS
ADAMS COUNTY (P. 0. Brighton), Colo.—IVARRANT CALL—It
is reported that all county warrants registered on the county general fund
in July and August 1934. are called for payment at the County Treasurer's
office on Oct. 12. on which date interest shall cease.
AKRON, Summit County, Ohio—REFUNDING PROGRAM UNDER
WAY—The City Council on Sept. 18 directed the Director of Finance to
draw up a partial refunding plan covering bonds due in 1934, with the interest rate at 4%. Bondholders have demanded that the rate be 455 %,
It is said. The resolution authorizing the action stipulated that copies
of the plan be transmitted to bondhloders, indicating what portion of the
maturities is to be refunded.
PROPOSED BOND ISSUE—It is proposed that about $700,000 3% to
4% bonds be sold directly to East Akron industries in order to finance the
projected Mogadore raw water reservoir on the Little Cuyahoga River.
The bonds were previously authorized by the voters. They would be retired from water revenues.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.—POOR BOARD
PROJECT APPROVED.—The County Commissioners on Sept. 18 authorized acceptance by the Board of Poor Directors of a Public Works
Administration loan and grant of $2,100,000 to finance construction of new
buildings at the county home and hospital in Woodville. Under the plan,
the poor directors will offer at public sale $1,609,000 bonds, representing
the loan portion of the Federal allotment. If they are not sold, the PWA
will buy them at 4% interest.
ALLEN COUNTY (P. 0. Lima), Ohio—BOND OFFERING—J. L.
Walther, Clerk of the Board of County Commissioners, will receive sealed
bids until 11 a. m.(Eastern standard time) on Oct. 10 for the purchase of
$23,000 6% poor relief bonds. Dated Oct. 11934. Due as follows' $7,450
March 1 and $7.650 Sept. 1 1937 and $7,900 March 1 1938. Interest payable semi-annually. Bids for the bonds to bear interest at a rate other than
6%,expressed in a multiple of 3, of 1%,will also be considered. A certified
check for 1% of the bonds bid for, payable to the order of the County
Treasurer, must accompany each proposal.
ALLIANCE, Stark County, Ohio.—BONDS AUTHORIZED.—The
City Council voted to issue $231,032.55 refunding bonds in order to provide
for the payment of a similar amount of defaulted issues. They are to
bear 5% interest and be dated Oct. 15 1934. Submission of a deficiency
bond issue proposal at the general election on Nov. 6 is being considered.
ALLIANCE, Stark County, Ohio—BOND ELECTION—Plans are
being made to submit an $80,000 deficiency bond issue for consideration of
the voters at the general election on Nov.6.
ALVA, Woods County, Okla.—BOND SALE—A $28,200 issueof
water works bonds was offered for sale on Sept. 26 and was purchased by
the Public Works Administration, as Is at par. Due $2,000 from 1937
to 1949. and $2,200 in 1950.
Volume 139
Financial Chronicle
2079
BIG SANDY INDEPENDENT SCHOOL DISTRICT (P. 0. Big
-BONDS VOTED-It is said that the
Sandy), Upshur County, Tex.
voters recently approved the issuance of $6,000 in school construction
bonds.
-The $140.000
-BOND SALE
BIRMINGHAM,Jefferson County, Ala.
issue ofrefunding bonds that was offered for sale without success on Sept.4-has since been purchased by the Board of Education, as
V. 139. p. 1898
5s at par.
-PAYMENT OF DEBIRMINGHAM, Oakland County, Mich.
-In a notice published in the "Michigan
FAULTED BOND INTEREST
Investor" of Sept. 23, H. 11. Dorson, City Treasurer, stated that payment
would be made at the Birmingham National Bank, Birmingham. of unpaid
semi-annual interest due on or before Jan. 16 1933, on various outstanding
general obligation bonds. It is further declared that the city will endeavor
to notify all bondholders whose detailed ownership of city (or village)
obligations is of record in the Treasurer's office, of further payments to be
made on past-due debt charges. The city, it is said, has adopted the
policy of releasing funds for payment on defaulted debt as rapidly as they
can be spared.
BOTTINEAU COUNTY SPECIAL SCHOOL DISTRICT (P. 0.
-The $44,000 Issue of Scotia
Bottineau), N. Dak.-CERTIFICATE SALE
Special School District No. 22 certificates of indebtedness offered for sale
-was purchased by local investors, at 7%
on Sept. 15-V. 139, p. 1738
at par. Due in one year.
BOYLE COUNTY (P. 0. Danville) Ky.-BOND SALE DETAILS
In connection with the sale of the $10,000 43 % road and bridge renewal
bonds to the Bankers Bond Co. of Louisville, at 104.00, a basis of about
3.97%-V. 139, p. 1271-it is now stated that the principal and interest
(M.& S.) are payable at the Chemical Bank & Trust Co.in N.Y. Legality
to be approved by Chapman & Cutler of Chicago. Due on Sept. 2 1943,
without option of prior payment.
BRECKENRIDGE INDEPENDENT SCHOOL DISTRICT (P. 0.
-The Secretary
-BONDS SOLD.
Breckenridge), Stephens County, Tex.
of the Board of Education states that the $136,000 5% semi-ann. refunding
-V. 139, P. 1579
bonds recently approved by the Attorney-General
have been purchased by the State of Texas. Dated June 2 1934. Due
from 1935 to 1974.
BRIDGEPORT SCHOOL DISTRICT (P. 0. Norristown), Mont.
-An issue of $20,000
-BOND ISSUE APPROVED
gomery County, Pa.
funding bonds was approved on Sept. 19 by the Pennsylvania Departemnt
of Internal Affairs.
-BONDS AUTHORBROKEN BOW, McCurtain County, Okla.
IZED-The City Council is said to have passed an ordinance recently calling
an election to be held on Oct.4 to vote on the issuance of $16,000 in water
works extension bonds.
-BOND SALE CONBROWNSVILLE, Cameron County, Tex.
-It is stated by the City Secretary that the $167,000
TEMPLATED
approved by the voters on April 3-V. 138, P.
municipal building bonds
-will be purchased by the Public 'Works Administration. (A loan and
2782
grant of $200,000 has been approved already.)
-BOND OFFERING-Sealed bids
BOULDER, Boulder County, Colo.
will be received until 7.30 p.m. on Oct. 2. by H. C. McClintock, City
Manager,for the purchase of a $32,000 issue ofrefunding bridge construction
bonds. Interest rate is not to exceed 4%, payable J. & D. Dated Dec. 1
1934. Due on Dec. 1 as follows: $2,000. 1935 to 1947, and 53,000, 1948
and 1949. These bonds are issued to refund bridge bonds, issue of 1921.
-BOND SALE
ASHTABULA COUNTY (P. 0. Jefferson), Ohio
No bid for less than par and accrued interest will be accepted. A certified
The $27.500 poor relief bonds offered on Sept. 24-V, 139, P• I738 were
check for $500 must accompany the bid.
awarded as as to the Provident Savings Bank & Trust Co. of Cincinnati,
at par plus a premium of $49.50, equal to 100.18, a basis of about 2.93%.
-At
-BOND ELECTION
BURBANK, Los Angeles County, Calif.
Dated Oct. 1 1934 and due as follows: $500, March 1, and $550. Sept. 1
the general election in November the voters will pass on the proposed
1935: $600, March 1, and Sept. 1 1936: $8,150, March 1 and 58,400. Sept.
issuance of $198,000 in funding bonds. The following report is from the
1 1937. and $8,700. March 1 1938.
Los Angeles "Times" of Sept. 21:
Other bids for the issue were as follows:
"As a result of a compromise between the City Council and bondholders
Int. Rate Premium
Bidderof the Brenmar Hills district, Burbank voters will be asked to approve a
$42.00
Otis & Co., Cleveland
$198.000 bond issue at the general election in November.
150.00
Johnson, Kaae & Co., Cleveland
"Under the 1915 Improvement Act, a city as a whole can be held liable
118.25
3
-Fox, Einhorn & Co., Inc., Cincinnati
for delinquent assessments of any section. For several years Denman
115.75
3W
Seasongood & Mayer, Cincinnati
Hills bondholders have been trying to force the City Council to levy a
110.00
33iV
Widmann, Holzman & Katz, Cincinnati
-cent tax to the $100 valuation to pay a delinquency incurred in the
10
38.50
3 '
Van Lahr, Doll & Isphording, Inc
section. For several years Benmar has been in litigation. Thus, officials
63.25
3
Hayden, Miller & Co., Cleveland
argue, voters may save themselves twice the amount of the bond issue
55.00
3 `71
Ohio State Teachers Retirement System
by passing it. Bondholders have agreed to eliminate all interest and onefourth of the principal in event of a cash settlement.
-The
-BOND SALE.
ATHENS COUNTY (P. 0. Athens), Ohio.
"The city's liability is set at $546,078.86. The interest amounts to
poor relief bonds offered on Sept. 21-V. 139, p. 1579
$23,300 coupon
$139,000."
were awarded as 3 Us to Fox, Einhorn & Co. of Cincinnati, at par plus a
premium of $86.31, equal to 100.37, a basis of about 3.11%. Dated
-P WA TO FINANCE WATER
BUTLER, Richland County, Ohio
Sept. 1 1934 and due as follows: $7,500 March 1 and $7.400 Sept. 1 1937
-The Public Works Administration is reported to have agreed to
SYSTEM
and $8,800 March 1 1938. Other bids were ELS follows:
a loan and grant of $40,000 to the village for construction of a water
make
Premium
Int. Rate
The grant amounts to $12,000.
Bidder$83.95 works system.
3SI%
Seasongood & Mayer, Cincinnati
0. Bethany),
BYRON-BETHANY IRRIGATION
.
34.95 Calif.-DETAILS ON RFC LOAN-It isDISTRICT (P. Secretary of the
Provident Savings Bank & Trust Co., Cincinnati._ 3g
reported by the
39.10
3if
BancOhlo Securities Co ,Columbus
Board of Directors that the report given in V. 139, p. 1746, of a loan
23.30
3
Athens National Bank, Athens
authorized by the Reconstruction Finance Corporation in the amount of
71.00
Well, Roth & Irving Co., Cincinnati
$372.500 for refinancing, is correct and he goes on to say that the District
67.57
3) %
Widmann, Holzman & Katz, Cincinnati
is now contacting with bondholders. The amount of success the District
reaches in its efforts will determine when this loan will be consummated.
-The "Wall Street Journal"
BALTIMORE,Md.-TAX COLLECTIONS.
of Sept. 24 contained the following Baltimore dispatch: "City taxes and
-The
-BOND SALE
CABARRUS COUNTY (P. 0. Concord), N. C.
in Baltimore during the first eight months of 1934
other accounts collected
$30.000 high school building bonds that were authorized by the County
totaled $35.824,720. or 84.60%, of the year's estimated levy of $42,347,356,
801-have been purchased by the
-V. 139.
Commissioners in July
according to Herbert Fallin, budget director. This compares with $32.National Bank, and $15,000 to the
following: $15,000 to the Concordyo'
765,799 in the same period last year. or 77.95% of the estimated amount
Citizens Bank & Trust Co. of Concord. (A loan and grant of 558,500 for
of $42,031,724. Delinquent taxes, interest and penalties collected anounted
approved by the Public Works Administration.)
the said project was
to $3,239,064, or $107.97% of the estimated amount of $3,000,000 to be
-BOND OFFERING
CADDO PARISH (P. 0. Shreveport) La.
collected this year. This compares with $2,085,176 collected in the same
Sealed bids will be received until Oct. 11, according to report, by the Clerk
period last year, or 90.86% of the year's total of $2,295,000.
Jury, for the purchase of a $380,000 issue of highway
totaled 323,486,827, or
of the Parish Police
"Current taxes collected as of Aug. 31, last,
construction bonds. (A loan and grant of $505,300 has been approved by
85.69% of the estimated $27.407,495 to be collected this year. The
the Public Works Administration-V. 139, P. 1433.)
estimated amount of $27,407,495 represents 88% of the total levy, which
totals $31,144,880. During the corresponding period last year, $24,214,798
-John B. Ross,
CAMPBELL, Mahoning County, Ohlo--BOND SALE
was collected, equivalent to 81.53% of the year's estimated amount of $29,City Auditor,states that the State Treasurer purchased on Sept. 21, at par,
699.649. The estimated amount in 1933 represented 87% of the year's
$67,300 6% registered refunding bonds. Due serially from 1933 to 1946
levy."
incl. Interest payable in A. & 0.
-The city will pay, in full. all
-BOND ELECTION
DEFAULTED DEBT PAYMENTS
BATH TOWNSHIP SCHOOL DISTRICT,Ohio
bonds past due and unpaid as of Jan. 11934, plus accrued interest to Oct. 1
-At the general election on Nov.6 the voters will be asked to approve an
1934 at the interest rate carried on the bonds presented for payment,
Issue of $63,000 school site and building construction bonds.
according to report. Payment will be made at the Mahoning National
-BOND OFFERBATON ROUGE, East Baton Rouge Parish, La.
Bank, Youngstown. A refunding plan for 1934 maturities is being for-We are now informed that the date of sale on the
ING POSTPONED
mulated, although all interest coupons will be paid upon presentation, it is
$39,000 issue of 4% semi-ann. city hall improvement bonds has been
said.
Oct. 16 Dated Oct. 1 1934.
-to
changed from Oct. 2 Y• 139. ro• 1738
-BOND OFFERING
CANANDAIGUA, Ontario County, N. Y.
Due from Oct. 1 1935 to 1944, inclusive.
Thomas D. Kennedy, City Treasurer, will receive sealed bids until 2 p.m.
It is also stated that these bonds in both principal and interest are
on Oct. 1 for the purchase of $15,000 not to exceed 69' interest sewage
secured by the irrevocable and irreplaceable pledge and dedication by the
treatment plant bonds. Dated Oct. 1 1934. Denom.$1,000. Due Oct. 1
Commission Council of the city of 13-64ths of 1 mill, of the General Alimony
as follows: $2,000 from 1935 to 1941 incl. and $1,000 in 1942. Bidder to
'rax levied annually by the said Council.
name a single interest rate for all of the bonds, expressed in a multiple of
-PROPOSED PWA
BATTLE CREEK, Calhoun County, Mich.
or 1-10th of 1%. Principal and interest (... & 0.) payable in lawful
BOND PURCHASE--Thomas H. Thorne, City Clerk, states that the City
money of the United States at the Chemical Bank & Trust Co., New York
on Aug. 20 offering for sale, at par, to the
Commission adopted a resolution
City. Toe bonds, authorized by Chapter 865, Laws of 1934, are stated to
Public Works Administration, the $457,000 4% self-liquidating revenue
be general obligations of the City, subject, however, to the 1% tax limit
bonds for which no bids were obtained on Aug.6-V. 139.13• 963.
of the City Charter. A certified check for $500, payable to the order of
the City Treasurer, must accompany each proposal. The approving
SCHOOL DISTRICT (P. 0. Beccaria),
BECCARIA TOWNSHIP
opinion of Clay, Dillon & Vandewater of New York will be furnished the
-BOND ISSUE APPROVED-The Pennsylvania
Clearfield County, Pa.
successful bidder.
Department of Internal Affairs on Sept. 19 approved an issue of $25,000
school repair bonds.
-BOND RESOLUTION
CANFIELD, Mahoning County, Ohio
ADOPTED-The Village adopted a resolution on Sept. 10 providing that
-BONDS AUTHORIZED
BELLEFONTAINE, Logan County, Ohio
application be made to the State Tax Commission for permission to issue
-The City Council on Sept. 24 voted to issue $40,000 bonds in order to
$33,000 mortgage revenue and $20,000 general tax obligation bonds for
finance general operating expenses, to be secured by 540.197.36 on deposit
the purpose of financing construction of a new water supply system. The
in the closed Peoples-Commercial Bank. The institution is being liquidated.
Public Works Administration has tentatively agreed to furnish funds for
-BOND REFUNDING
BENTON HARBOR, Berrien County, Mich.
the project.
-A plan for refunding all of the $1.106,000 outstanding bonds
PROPOSED
--BOND OFFERING
CAPITAL OF PUERTO RICO (San Juan)
over a period of 20 years was presented to the City Commission on Sept. 17
Sealed bids will berecelved by J. Benitez Castano, City Manager, Capital
A. Fitzgerald. Detroit refunding specialist. according to report. The
by C.
Puerto Rico,for the purchase of $408,000 5% coupon or registered water
of
refunding bonds would carry the same interest rates as on the original issues
system bonds. Denom. $1,000. Dated Jan. 1 1933. Due $68,000 from
and would be made callable at any Interest date. Provision for annual
July 1 1949 to 1954, incl., comprising Series 0, P. Q, R, S. T. Prin. and
maturities would be taken care of by creation of a sinking fund. The city
int. (J. & J.) payable at the Continental Bank & Trust CO. in New York
at present is in default on $300.000 bonds, it is said.
-The
-PROPOSED BOND SALE
AMESBURY, Essex County, Mass.
Town Treasurer plans to offer for sale soon an issue of $16,100 sidewalk
bonds.
-An elec-BOND ELECTION
ARCATA, Humboldt County, Calif.
tion will be held on Oct. 2 to vote on the proposed issuance of $90,000 in
5% water works purchase and improvement bonds. Due $3,000 from 1935
to 1964 incl. The approval of these bonds requires two-thirds of the vote
cast. The present bonded debt of Arcata is $18,000, and assessed value
Is $1,620,000. (This report supplements that given in V. 139, P. 1738.)
-STATE PURCHASES
ARKANSAS, State of (P. 0. Little Rock)
-The following statement was issued by the
ROAD AND BRIDGE BONDS
Mercantile-Commerce Bank dr Trust Co. of St. Louis, on Sept. 25:
"The Special Advisory Committee on various Arkansas refunding road
and highway bonds has reported that tenders accepted by the Arkansas
State Treasurer average approximately four points above the recent prevailing market prices. A total of $1,350,000 has been appropriated for the
purchase of refunding obligations.
"Of the road district refunding series "A" bonds, a total par value of
$1,581,000 was tendered and accepted at an average price of approximately
64.48. All tenders below 67 were accepted at a total cost to the State of
51,019.377.12.
"All road district refunding series "B" bonds tendered at 35 or lower were
accepted at a total cost of $20,775.33.
"All highway and toll bridge refunding series "B" bonds tendered at 60
or lower were accepted at a total cost to the State of approximately $10,000,00.
"Highway and toll bridge refunding series "A" bonds with a par value
of$380,000 were tendered and accepted at an average price of approximately
74.23. All tenders at 7.04% basis or better were accepted at a total cost of
-year extension of the original
$282,089.28; the basis being figured on a 10
bonds.
"Members of the committee which acted on acceptances and recommendations were I. A. Long, Vice-President of the Mercantile-Commerce
Bank & Trust Co., St. Louis; Andrew Mills, of Francis Brother & Co,St.
Louis; Grover Owens, Little Rock, Attorney, representing the New York
Bondholders Committee; E. E. Beaumont, Secretary-Treasurer, Commercial National Bank, Little Rock, and Wayne Estes of Estes, Payne &
Co., Topeka, Kansas."
-BOND ELECTION
ARANSAS PASS, San Patricio County, Tex.
It is reported that an election will be held on Oct. 8 to vote on the issuance
$28,000 in water works and sewer system improvement bonds.
of
-The
-TEMPORARYLOAN
ARLINGTON,Middlesex County, Mass.
Day Trust Co. of Boston was awarded on Sept. 24 a $100,000 revenue
anticipation loan at 0.77% discount basis, at par plus a premium of $1.50.
Due Aug. 30 1935. Other bidders were: New England Trust Co., 0.845%;
Second National Bank of Boston, 0.87%; Whiting. Weeks & Knowles,
0.90%; National Shawmut Bank, 0.92%; Newton Abbe & Co., 0.947s;
Burr & Co., 0.96% plus $2; First National Bank of Boston, 0.96%; W•
Gay & Co., 1.07%; First Boston Corp., 1.09%, and Faxon, Cade & Co.,
1.23%.
-W. Art
-BOND OFFERING
ASHLAND, Ashland County, Ohio
Mason, Director of Finance, will receive sealed bids until 12 m. on Oct. 12
for the purchase of $20,000 4% sewer system improvement bonds. Dated
Oct. 15 1934. Denom. $1,000. Due $2,000 on Oct. 1 from 1936 to 1945,
incl. Interest is payable in A. & 0. A certified check for 1% of the bonds
bid for, payable to the order of the city, must accompany each proposal.
2080
Financial Chronicle
City, or at the office of the Treasurer of Puerto Rico in San Juan, Capital
of Puerto Rico. These bonds are the third block of the loan of $1,300,000
granted to the Government of the Capital by the Reconstruction Finance
Corporation for water system improvement. Said bonds are being issued
pursuant to the authority granted by Act No. 99 of the Legislature of
Puerto Rico, entitled: "An Act to Establish a Special Government for the
Capital of Puerto Rico, and for other purposes," approved May 15 1931,
and by virtue of Ordinance No. 136 of the Board of Commissioners of
San Juan, entitled: To authorize and direct the City Manager and the
• Treasurer of the Capital to contract a loan in the amount of $1,300,000 for
the purpose of extending and improving the water system of the City of
San Juan, Capital of Puerto Rico, for the payment of which ad valorem
taxes may be levied upon all the taxable property within the territorial
limits of the Capital of Puerto Rico: to pledge the gross revenues of the
water system to the payment of the bonds issued and interest on such loan;
to repeal any resolution or ordinance, that may be in conflict herewith;
and for other purposes," duly adopted on the third day of May 1933, and
approved by the Executive Council on May 16 1933, as amended by
Ordinances Nos 142 and 147 of the said Board of Commissioners of San
Juan, duly adopted on June 6 1933 and July 3 1933 respectively, and
approved by the Executive Council of Puerto Rico on June 17 1933, and
'
July 18 1933, respectively. Pending the preparation and delivery of
definitive bonds, interim certificates will be delivered.
These bonds are exempt from taxation in the United States of America
and in Puerto Rico.
Any bidder may be present at the opening of the proposals either in
person, or by agent or attorney. Bids must be enclosed in sealed envelopes
plainly marked "Proposals for the purchase of the third block of Water
System Bonds of 1933, of the Capital of Puerto Rico."
All bids must be accompanied by cash, certified check on any bank
approved by the City Manager of the Capital of Puerto Rico, or by a
surety bond covering two per cent (2%) of the amount of the bid, as evidence of good faith of the bidder, which amount in cash, or the check or
surety bond, will be returned to the unsuccessful bidders promptly upon
making the award.
CAROLINA BEACH (P. 0. Wilmington), New Hanover County.,
N. C.
-BONDS NOT SOLD-The $39,000 issue of 4% coupon or registered
water works bonds °Rived on Sept. 18-V. 139, p. 1739
-was not sold as
no bids were received, according to the Local Government Commission.
Denom. $500. Dated Sept. 1 1934. Due on Sept. 1 as follows: $1,500.
1935 to 1P52, and $2,000, 1953 to 1958. Interest payable M. & S.
CAYUGA, Cayuga County, N. Y.
-BOND SALE
-The National
Bank of Auburn purchased on Aug.6 an issue of $45,000 4% water system
bonds. Dated Sept. 1 1934. Due serially from 1935 to 1964 incl. Legality
approved by Reed, Hoyt & Washburn of New York City.
CEDARBURG, Ozaukee County, Wis.-BONDS OFFERED-Sealed
bids were received until 7.30 p.m. on Sept. 28, by Fred W. Hilgen, City
Clerk, for the purchase of a $25,000 issue of sewage disposal bonds. (A
band and grant of $31.000 was approved by the Public Works Administration.)
CENTER TOWNSHIP (P. 0. Indianapolis), Marion County Ind.
-BOND OFFERING-Hannah A. Noone, Trustee, will receive sealed bids
until 9.30 a.m. on Oct. 22 for the purchase of $258,961.58 not to exceed
% interest judgment funding bonds. Dated Oct. 15 1934. Due as
follows: $8,000 July 1 1936: $8,000, Jan. 1 and July 1 from 1937 to 1951
incl.: $8,000 Jan. 1 and $2,961.58 July 1 1952.
CENTREVILLE, St. Joseph County, Mich.
-BOND OFFERING
Donald A. Schall, Village Clerk, will receive sealed bids until 7:30 p. m.
stern Standard Time) on Oct. 9 for the purchase of $30,000 4% coupon
isterable as to principal) first mortgage water works revenue bonds.
ated July 1 1934. Denoms. $1,000 and $500. Due July 1 as follows:
$500 from 1936 to 1940 incl.: $1,000. 1941 to 1957 incl. and $1,500 from
1958 to 1964 incl. Interest payable in J. & J. The Work contemplated
will be financed from the proceeds of the bond issue and a grant of not to
exceed $9,000 to be made available by the Public Works Administration.
The notice of sale states as follows: The bonds are payable, as to principal
and interest, only from the gross revenues of said waterworks, subject
only to prior payment of operation and maintenance expense, and are
not a general obligation of said village. The bonds are further secured by
a first mortgage on said waterworks and a franchise to operate same for
20 years, in case of default in principal or interest. No bid will be accepted
for all the early or late maturities only. Bids for part of the issue will be
pro-rated as to maturities.
CHARLESTON, Charleston County, S. C.
-BOND CALL
-It is
announced by Mayor Burnet R. Maybank that the following paving bonds
aggregating $91,0W for $1,000 each, are being called for payment on Dec. 1,
at which time interest shall cease:
Serial B, Nos. 184, 233, 236, 237.
Serial C, Nos. 309, 320, 321, 324, 328, 333, 334, 342.
Serial D, Nos. 354, 386, 390, 392, 397, 398, 401, 402, 404, 411, 415,
417, 420, 433,435. 436. 440. 441, 485. 503, 505.
Serial E, Nos. 150. 157, 159, 163, 166, 169, 188, 195, 198, 204, 205,
209. 211,_231, 236. 257.
Serial F, No. 185.
Serial G, Nos. 147, 151, 152, 154, 155, 156, 157, 158.
Serial 11, Nos. 109, 110, 112, 113, 114.
Serial J, Nos. 20. 21, 22, 24, 26, 27, 29.
Serial K, No. 109.
Serial M, Nos. 73, 74, 75, 77, 78, 81, 84, 85, 87, 88. 89. 94, 99, 105.
Serial S. Nos. 2, 3, 5. 8. 10, 12.
These bonds should be presented at the City Treasurer's office or at
the Bankers Trust Co. of New York, for payment at par and accrued Interest to Dec. 1.
-PROPOSED BOND
CHARLEVOIX, Charlevoix County, Mich.
ISSUE
-The City Council has voted to make application to the State
Public Dept Commission for approval of an issue ot $25,000 bridge refunding bonds. The old bonds were originally issued in 1914 and bore 4 %
Interest.
-NOTE SALE
-The
CHARLOTTE, Mecklenburg County, N. C.
Local Government Commission is reported to have sold on Sept. 25 an
Issue of $130,000 revenue anticipation notes to the Wachovia Bank &
Trust Co. of Winston-Salem, at a price of 2.625%•
-RENEWALS AU.
CHARLOTTE, Mecklenburg County, N. C.
THORIZED-At a recent meeting of the City Council authorization was
given for the payment of $40,000 on $170,000 in revenue anticipation notes
-day
that come due on Oct. 6. and the renewal of the remainder for a 90
period, ending on Jan. 7 1935. Authority was also given for the renewal
in bond anticipation notes for a period of 60 days. These notes,
of $60,000
first dated Dec. 2 1931, used to provide funds for street opening and other
similar work, mature on Oct. 3. They must be replaced by bonds before
Dec. 2, when the three years permitted by statute expires. It is said that
bids on $140,000 short-term obligations to be refunded on Oct. 6, will be
received by Charles M.Johnson, Director of Local Government,some time
before the date of maturity.
-BOND
CHELTENHAM TOWNSHIP, Montgomery County, Pa.
CALL-Harold C. Pike, Township Secretary states that the following
numbered sewer bonds of the issue dated April 1 1927, payable in whole
or in part after April 1 1932, have been drawn and called for payment
as of Oct. 1 1934 at the Jenkintown Bank & Trust Co., Jenkintown: 227,42,
41, 353, 162, 202, 237, 246. 3, 247, 364. 94, 51, 93, 236, 78, 32, 245,92,
164, 86. 320, 298, 226. 325, 296, 322, 370, 321, 341, 1$8, 195, 201. 399, 7,
225. 368. 388. 187, 275. 361, 335, 360, 359, 223, 83. 95, 137, 389, 274,
183, 279. 365, 280, 260, 395, 172, 278, 324, 219.
-The following
CHEYENNE, Laramie County, Wyo.-BOND CALL
bonds are being called for payment at the Trust Department of the Chase
National Bank in New York,on Oct. 1, on which date interest shall cease:
Nos. 92 to 94 of Paving Dist. No.6for $1,000 each. Dated Oct. 1 1924.
Due Oct. 1 1934.
Nos. 17 and 18 of Curb and Gutter Dist. No. 11, for $500 each. Dated
Oct. 1 1929. Due Oct. 1 1939. optional any time.
No.5 of Curb and Gutter District No. 12,for $500. Dated Oct. 1 1929.
Due Oct. 1 1939, optional any time.
Nos. 17 to 20 of Improvement District No. 15, for $500 each. Dated
Oct. 1 1930. Due Oct. 1 1935. optional any time.
-ACTION STARTED ON PWA HOUSING AND
CHICAGO, Ill.
-We quote in part as follows from a press
SLUM-CLEARANCE PROJECT
elease given out on Sept. 25 by the Public Works Administration:
"The way was opened for Chicago to receive the employment and social
benefits of the largest single PWA low-cost housing and slum-clearance
rreg
Sept. 29 1934
project yet undertaken by PWA with the start of condemnation action In
the Chicago Federal Court to-day.
"Acquisition of 37 blocks in the near southwest section of Chicago WM
sought by the Government in one of the largest urban real estate transactions ever undertaken in the United States, it was announced by Public
Works Administrator Harold L. Ickes.
"Utilization of this land for good inexpensive metropolitan housing to
replace dwellings causing a low standard of health and living in this area
will depend upon the co-operation given the Government slum-clearance
and low-cost housing program by the community, Administrator Ickes
explained.
"Full co-operation permitting PWA to overcome obstacles and acquire
the necessary land at fair prices will result in carrying out the project with
resultant benefits to the community. It is expected that Chicago as a whole
will stand back of this project.
"Inaugurating the project, the Department of Justice to-day filed
for tne condemnation of the site in the United States District Courtsuit
for
Chicago. The area named in the suit is bounded by Racine and Ashland
Streets on the east and west. and Harrison Street and Roosevelt Road on the
north and south. Property owners within the site now will be given opportunity to negotiate options of sale through conference and agreement with
the Government.
"The Chicago project is part of the National program for slum-clearance
and low-cost-housing being carried on by PWA. The Housing Division of
PWA is working out a 8150,000,000 program calling for construction of
low-cost housing to replace blignted areas in many cities with modern,
healthful living quarters at moderate rents.
"It is estimated that this Cnicago project will cost around $12.500,000 and
will accommodate 3,000 families. The money will be taken from a fund of
$25,000,000 budgeted for a PWA housing program in Chicago, of which
this will be the first project, provided the community co-operates
the employment and social benefits of the proffered Federal aid. to secure
"The Chicago program has been under study for some months by Col.
Horatio B. Hackett, Director of the Housing Division and experts working
under him. Work on the site has been directed by F. J. C. Dresser, Associate
Director of Housing, who visited Chicago, contacted local authorities, and
outlined general recommendations for the project. Mr. Dresser is in direct
charge of the Chicago program.
"Record breaking in every respect, the project will mean a gigantic piece
of 'face lifting' for Chicago real estate."
CHICAGO SANITARY DISTRICT, Cook County, 111.
-PAYMENT
ON DEFAULTED BONDS
-It was announced that payment would be
made on Sept. 27 1934, at the First National Bank of Chicago, of an additional 6% on bonds which became due and were defaulted on Jan. 1 1932,
March 11932, April 11932, April 25 1932, May 1 1932 and June 11932.
Money represents collections of 1930 taxes and prior levies.
CLARION, Wright County, Iowa
-BOND SALE
-The 124.000 issue
of (J. & D.) coupon sewer outlet and purifying plant bonds offered for
sale on Sept. 24-V. 139, P. 1899
-was awarded to Jackley & Co. of Des
Moines, as 3N,s, paying a premiun of $115, equal to 100.479. Dated
Oct. 1 1934. Due on Dec. 1 1949.
CLARKSDALE, Coahoma County, Miss.
-BOND SALE
-An issue
of $100,000 5 % semi-ann. refunding bonds is reported to have been
purchased at par on Sept. 18 by a syndicate composed of Scharff & Jones
of New Orleans, the First National Bank, and Saunders & Thomas, both
of Memphis. Due in five years.
CLARKS, Merrick County, Nel;.-BONDS OFFERED-Sealed bids
were received ubtil 8 p.m. on Sept. 25, by A.M. Cosner, Village Clerk, for
the purchase of $F.500 water works bonds. Interest rate to be stated at
not less than par for bonds. Denom. $500. Dated Sept. 11934. Due in
20 years, optional after five years.
CLEVELAND, Coyahoga County, Ohio
-WORK STARTED ON
DEBT REFUNDING PLAN-Louis C. West, Director of Finance, announced that he would begin hiring on Sept. 24 a crew of men to contact
the owners of$5,500.000 city bonds maturing in 1935. This will be the first
step in the plan to refund the obligation. Enabling laws must be passed
by the State Legislature. Mr. West had Just returned from New York
City, where he conferred with representatives of holders of a large amount
of the bonds. Ile declared that they absolutely refused to consider any plan
for refunding of the entire debt•of $88,000,000, but were willing to agree
to the refunding of 1935 maturities.
BONDS AUTHORIZED-The City Council voted on Sept. 24 to issue
$560,000 street paving bonds, to supplant an issue of $1,750,000 which
could not be floated.
CLIFTON, Bosque County, Tex.
-BOND ELECTION
-It is reported
that an election will be held on Oct. 16 to vote on the issuance of $20,000
In street paving bonds. (A loan and grant of $21,000 has been approved
by the Public Works Administration-V. 139, p. 960.)
CLINTON, Custer County, Okla.
-BONDS DEFEATED
-The City
Clerk reports that at an election on July 24 the voters rejected a proposal
to issue $29,000 in sewage disposal plant bonds.
CLINTON, Oneida County, N. Y.
-BOND ISSUE DEFEATED
At an election held on Sept. PS a proposal to issue $110,000 water extension bonds was defeated by a count of 181 to 150.
COHASSET, Norfolk County, Mass.
-BOND SALE-Tyler, Buttrick
& Co. of Boston were awarded on Sept. 25 an issue of $35,000 drainage
and sewerage bonds as 2.4s, at a price of 100.467. a basis of about 2.08 r•
Dated Oct. 1 1934. Due $7,000 on Oct. 1 from 1935 to 1939 incl. Principal and semi-annual interest payable at the Second National Bank,
Boston.
COLES COUNTY (P. 0. Charleston), Ill.
-PROPOSED BOND
ELECTION
-The County Commissioners are considering the submission
to the voters at the Nov. 6 general election of a proposal providing for the
issuance of $100,000 funding bonds.
COLUMBIA, Boone County, Mo.-BONDS DEFEATED
-At the
election on Sept. 20-v. 139. P. 1898
-the voters rejected the proposed
Issuance of $100,000 in park bonds by 1,156 to 1,012.
COLUMBIA IRRIGATION DISTRICT (P. 0. Kennewick) Benton
County, Wash.
-DETAILS ON RFC LOAN
-The Secretary of the Board
of Directors confirms the report given in V. 139, P. 1584, that the Reconstruction Finance Corporation authorized a loan of $180,000 for refinancing
and he states that no disbursement has been made as the District cannot
qualify until about Jan. 1 1935. An a,.greement is said to have been reached
with the bondholders to accept the District's refinancing proposal.
COLUMBUS, Franklin County, Ohio
-BOND ELECTION
-At the
general election on Nov. 6 the voters will pass on a proposal providing for
the issuance of about $850,000 deficiency bonds.
COLUMBUS, Franklin County, Ohio
-DIVERSION OF SINKING
FUND MONEY OPPOSED
-W.Herbert Dailey, Chairman of the Council's
Finance Committee, announced on Sept. 13 that he would promote legislation providing for the segregation ofsinking funds in a separate bank account
in order to prevent further use of such revenues for general operating
purposes, according to report. Drafts on the sinking fund already amount
to almost $400,000, according to figures made public by the City Treasurer's
office, it is said.
COOK COUNTY NON HIGH SCHOOL DISTRICT NO. 216 (P. 0.
Chicago), 111.
-WARRANT CALL
-Thomas D. Nash, County Treasurer,
announces that payment will be made on Oct. 1 1934 of tax warrants
numbered from 101 to 140 incl They will be paid on presentation through
any bank or to the County Treasurer.
CORAOPOLIS, Allegheny County, Pa.
-BOND OFFERING CANCELED
-W. E. Cain, Borough Secretary, reported under date of Sept. 24
that the offering scheduled for Oct. 1 of $65.000 not to exceed 4% Interest
bonds
-had been canceled for the time being. Issue was
-V. 139, p. 1899
to be dated Nov. 1 1934 and mature Nov. 1 as follows: $5,000 from 1935
to 1941 inclusive and $10,000 from 1942 to 1944 inclusive.
CORNING, Adams County, Iowa-BOND OFFERING--It is stated
by V. J. Mack, City Clerk, that he will receive bids until 9 a. m. on Oct. 2
for the purchase of a $32,000 issue of 3.4% semi-ann. sewer outlet and
purifying plant bonds. It is also stated by the said Clerk that the city has
accepted the grant of the Public Works Administration and turned down
the loan portion. (In V. 139, p. 1899, we gave a tentative report on this
offering.)
COSHOCTON, Coshocton County, Ohio
-APPROVES PWA LOAN
OFFER-The City Council on Sept.13 approved the agreement under which
Volume 139
Financial Chronicle
the Public Works Administration is to furnish $164.000 for construction
of a new water works system. The loan portion of the total amount is
1125.000, of which the city will issue bonds to the PWA.
CRESTLINE, Crawford Co 3nty, Ohio
-BONDS AUTHORIZED
-The Village Council recently passed an ordinance providing for the
issuance of 48,000 5% sewer construction bonds,to be dated not later than
Oct. 11934. Denom. $500. Due $1,000 on Oct. 1 from 1936 to 1943 incl.
Principal and interest (A. & 0.) payable at the Village Treasurer's office.
CUMRU TOWNSHIP SCHOOL DISTRICT (P. 0. Reading), Berks
County, Pa.
-BOND OFFERING-Barry o. Compton, Secretary of the
Board of School Directors, will receive sealed bids until 6 p. m. on Oct. 11
for the purchase of $22,000 4, 4X
43 or 5% coupon school bonds.
Dated Oct. 1 1934. Denom. $1.000. Due Oct. 1 as follows: $2,000 from
1935 to 1939 Incl. and $3,000 from 1940 to 1943 incl. Bidder to name a
single interest rate for all of the bonds. Bonds are authorized by Act of
May 18 1933. P. L.813 and the proceeds of the sale will be used for general
operating purposes Interest payable in A. & 0. A certified check for
2% of the amount bid for, payable to the order of the District Treasurer,
must accompany each proposal. Sale will be made subject to favorable
legal opinion of Townsend. Elliott & Munson of Philadelphia.
CUNNINGHAM SCHOOL DISTRICT (P. 0. Cunningham) Lamar
County, Tex.
-BONDS VOTED
-At a recent election the voters are
reported to have approved the issuance of $7,000 in school building bonds.
CUYAHOGA FALLS CITY SCHOOL DISTRICT, Summit County,
Ohio
-NOTICE TO BONDHOLDERS
-The Board of Education recently
announced as follows: "Funds will be available at the Firestone Park
Trust & Savings Bank, Akron, Ohio, to pay all interest due on or before
Oct 1 1934. and all bonds maturing on Oct. 1 1934, of the Cuyahoga Falls
City School District. Bonds which matured April 1 1933, Oct. 1 1933
and April 1 1934 have been refunded and are available for exchange with
the holders of the bonds which have matured on those dates. Terms of
exchange will be forwarded on request."
CUYAHOGA FALLS Summit County, Ohio
-BOND OFFERING
J. E. Preston, City Auditor, will receive sealed bids until 12 m. (Eastern
Standard Time) on Oct. 15 for the purchase of $316,000 refunding bonds,
Including $92,000 at 4I% interest. 383,950 6%, $86,000 514%, $42,650
5X% and $11,400 at 5%%. Due in relatively equal amounts semi-annually on June 1 and Dec. 1 from 1939 to 1948, incl. Callable June 1 1938
or on any interest payment date thereafter. Interest is payable in J. & D.
A certified check for 2% of the bonds bid for, payable to the order of the
City Treasurer. must accompany each proposal. This is the issue mentioned in V. 139, P. 1899.
DANVILLE, Knox County, Ohio
-BOND ELECTION
-At the
general election on Nov. 6 the voters will consider the question of issuing
$18,000 water works construction bonds.
DANVILLE, Pittsylvania County, Va.-BOND OFFERING
-Sealed
bids will be received until 2 p.m. on Oct. 2 by C. B. Strange, City Auditor.
for the purchase of an issue of $121,200 4% semi-ann. city bonds. Bids
to be on forms furnished by the City Auditor. Prospective bidders desiring further information as to the sale of these bonds may apply to the
City Auditor.
DAVENPORT, Scott County, Iowa
-BOND ISSUANCE CONTEMPLATED-The City Council is said to be planning to issue $224,000
In funding bonds, to mature over a period of 10 years. A hearing on this
question is set for Oct. 3, according to report.
DAWSON, Navarro County, Tex.
-BOND ELECTION
-It is now
reported that an election will be held on Oct. 9 to vote on the issuance of
$42,000 in water bonds. (The issuance of $54,000 in water bonds was
approved recently by the voters
-V. 139, p. 1899).
DEL RIO, Val Verde County, Tex.
-BONDS VOTED
-At the election
-the voters approved the issuance of the
held on Sept. 8-V. 139, p. 1434
$62,000 in 4% municipal water works bonds. Due in 30 years. It is said
that these bonds will secure a Public Works Administration allotment of
$78,000.
DELTA COUNTY (P. 0. Delta) Colo.
-BONDS CALLED-The
County Treasurer is reported to have called for payment at his office on
Sept. 20, various county and school district bonds. Interest ceased on date
called.
DENVER (City and County), Colo.
-WATER PROJECT BONDS
-In connection with reports to the effect that the voters would
HELD UP
be asked to pass on the issuance of bonds at the general election in November for the completion of the Moffat Tunnel water project, we quote
in Raft as follows from the Denver "Rocky Mountain News" of Sept. 15:
The Denver Water Department will not attempt to place a bond issue
for the completion of the Moffat Tunnel water diversion project before
the voters at the November State election. Reports that such a step
was contemplated have been current during the week.
"It was determined yesterday that a municipal question cannot be
decided in a State election. If the question of a bond issue is placed
before the voters it will be in a special city election or the regular city
election next May."
DE SMET INDEPENDENT SCHOOL DISTRICT (P. 0. De Smet)
Kingsbury County, S. Dak.-BOND ELECTION
-It is reported that
an election will be held on Oct. 8 to vote on $30,000 in 53j% school bonds.
Dated Aug. 1 1934. Due $2,500from Aug. 1 1935 to 1946 incl.
DES MOINES COUNTY (P. 0. Burlington), lowa-BOND SALE
The $100,000 issue of coupon funding bonds offered for sale on Sept. 17
-V.139. p. 1899
-was purchased jointly by the Farmers & Merchants
Bank and the West Burlington Savings Bank, both of Burlington as 33s.
paying a premium of $1,250, equal to 101.25. a basis of about 3.25%.
Due from 1935 to 1944.
DISTRICT OF COLUMBIA-28,500,000PWA AGREEMENTSIGNED
-The District Commissioners on Sept. 21 signed and forwarded to the
Public Works Administration the agreement under which the Federal
agency Is expected to loan $8,500,000 for construction of a sewage disposal
plant at Blue Plains, D. C. A similar contract for a loan of $1,500,000 for
construction of an adult tuberculosis sanitorium at Glenn Dale. Md., has
been withheld by the PWA pending the signing of the sewer proposal. In
a letter to United States Controller General McCarl, the Commissioners
raised several questions in connection with the proposed loans. One of these
concerned whether the District is to be considered a Federal or non-Federal
agency. A ruling on this point is sought as there are differing laws governing such agencies.
DOUGLAS, Con
County, Wyo.-BOND SALE
-A $41,000 Issue
of4 % semi-ann. refunding bonds was purchased by the State of Wyoming,
according to report.
DOVER, AMENIA AND WASHINGTON UNION FREE SCHOOL
DISTRICT NO. 2 (P. 0. Dover Plains) Dutchess County, N. Y.
FINANCIAL STATEMENT
-In connection with the proposed sale on
Oct. 1 of $66,000 not to exceed 6% interest coupon or registered school
bonds
-V. 139, p. 1900
-we learn from official sources that the district
reports an assessed valuation for 1934 of $681.340.10 and has no bonds now
outstanding. The tax levy in each of the years 1931-32, 1932-1933 and
1933-1934 amounted to $7,500, none of which was uncollected at end of the
respective fiscal years.
DUBUQUE COUNTY (P. 0. Dubuque) Iowa-BOND SALE DETAILS
-The $27,000 refunding bonds that were purchased by the White-Phillips Co. of Davenport
-V. 139. p. 1900
-were sold as 4s, and mature
as follows: $5,000 in 1935;$2,000. 1936 and $5,000from 1937 to 1940.
DUBUQUE, Dubuque County, Iowa-BOND OFFERING-Both
sealed and open bids will be received at 10 a. m. on Oct. 8 by J. J. Shea,
City Clerk, for the purchase of a $28,000 issue of sewer bonds. Bidders
to name the rate of interest. Dated Oct. 1 1934. Due on Oct. 1 1948.
Prin. and int. (A. & O.) Payable at the City Treasurer's office. Purchaser
to pay for printing of the bonds. The approving opinion of Chapman &
Cutler to Chicago will be furnished. A certified check for $1,000 must
accompany the bid. These bonds were authorized by the City Council
on Sept. 4-V. 139, IL 1900.
DUNCAN SCHOOL DISTRICT (P. 0. Duncan), Stephens County,
-At the election on Sept. 18-V. 139, p. 1580
-BONDS VOTED
Okla.
the voters approved the issuance of the $71,000 in school building bonds.
DUNCOMBE, Webster County, Iowa
-BOND OFFERING-It is
stated that bids will be received until 7:30 p. m. on Oct. 4 by the City
Clerk for the purchase of a $4,500 issue of 4% semi-ann, water works ex-
2081
tension bonds. Denom. $500. Dated Aug. 1 1934. Due $500 from
Aug. 1 1937 to 1945. These bonds were approved by the voters on Aug. 27
and a loan and grant of $6,100 has been approved by the Public Works
Administration,
DUNKIRK, Hardin County, Ohio
-BOND SALE
-The $6.000 5%
water works improvement bonds offered on Sept. 19-V. 139, p. 1580
were awarded to the Kenton Savings Bank. Dated April 1 1934 ann due
$500 on April land Oct. 1 from 1935 to 1940,incl.
Du PAGE COUNTY SCHOOL DISrRICT NO. 7 (P. 0. Lisle),
111.
-BOND SALE-Bartlett, Knight & Co. of Chicago have purchased
an issue of $4,875 5 X% funding bonds. Dated Sept. 15 1934. One bond
for $875, others for $1,000. Due Sept. 15 as follows: $875 in 1941 and
$1.000 from 1942 to 1945 incl. Principal and interest(M.& S. 15) payable
at the Continental Illinois National Bank & Trust Co., Chicago. The
bonds are stated to be direct obligations of the district payable from an
unlimited ad valorem tax. Legality approved by Holland M. Cassidy of
Chicago.
-BONDS AUTHORIZED
DUQUESNE, Allegheny County, Pa.
The Council passed an ordinance on Sept. 21 providing for an increase of
$30,000 in the bonded debt.
EASTCHESTER SCHOOL DISTRICT NO. 1 (P. 0. Tuckahoe),
-SEEKS P WA ALLOTMENT
-The Board
Westchester County, N. Y.
of Education on Sept. 11 voted to make application for a Public Works
Administration loan of $371,000 for school construction.
-BONDS AUTHOREAST LIVERPOOL, Columbiana County, Ohio
IZED-The City Council recently passed an ordinance providing for the
issuance of $67,257 6% refunding bonds. Dated Sept. 1 1934. Due
Sept. 1 as follows: 16.957, 1936, and $6,700 from 1937 to 1945 incl.
Principal and interest (M. & S.) payable at the City Treasurer's office.
-BOND OFFERING
EAST ROCKAWAY, Nassau County, N. Y.
Guy E. Thompson, Village Clerk, will receive sealed bids until .,:30 p.m.
on Oct. 8 for the purchase of $14,000 not to exceed 6% interest coupon or
registered street drainage bonds. Dated Oct. 1 1934. Denom. $1,000.
Due $1,000 on Oct. 1 from 1936 to 1949. incl. Bidder to name a single
Interest rate for all of the bonds, expressed in a multiple of X or 1-10th of
1%. Principal and interest (A. & O.) payable in lawful money of the
United States at the East Rockaway National Bank & Trust Co., East
Rockaway, or at the Bank of New York & Trust Co., New York. The
bonds are declared to be valid and legally binding obligations of the village,
payable from unlimited ad valorem taxes to be levied on all the taxable
property therein. A certified check for $280, payable to the order of the
village, must accompany each proposal. The approving opinion of Hawkins, Delafield & Longfellow of New York will be furnished the successful
bidder.
-BOND ORDINANCE
EAST ST. LOUIS, St. Clair County, III.
HELD VALID-Circuit Judge Mudge at -Belleville. Ill., has ruled that
an ordinance passed by the Park District Board for the issuance of $600,000
In bonds to finance improvements at Lake Park in the eastern section
of the city is valid. He dissolved a temporary injunction granted by
Judge Joyce some time ago on a petition filed by Thomas F. Briggs, a
taxpayer. Briggs had charged that the improvements are not needed and
increase taxes.
EL CAMPO INDEPENDENT SCHOOL DISTRICT(P.O. El Campo),
-It is stated by the
-BONDS NOT ISSUED
Wharton County, Tex.
Secretary of the Board of Trustees that the $40,000 school building addition
-have not been sold as their
-V. 138, p. 3315
bonds approved last April
issuance depends on the Public Works Administration. If the said Administration does not make a grant and loan on this project, no bonds
will be issued and the plan will be dropped.
-MUNICIPAL POWER PLANT
EL PASO, El Paso County, Tex.
APPLICATION DEN IED BY PIVA-The following report is taken from an
El Paso news dispatch on Sept. 25:
"Declaring that the market for electric power in the El Paso area is proble-electric plant at
matical, and that the entire output of the proposed hydro
the site of the Claballo Dam on the Rio Grande, a short distance below the
Elephant Butte Dam. could not be utilized for several years, the application for a Federal loan and grant of $1,000,000 for the construction of the
plan has been denied by Secretary Harold L. Ickes."
EL PASO COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 5
-It is stated that the entire
-BOND CALL
(P. 0. Monument), Colo.
issue of 5%% school bonds, bearing the date of Oct. 15 1919, is being called
for payment at the office of Peters, Writer & Christensen of Denver, on
Oct. 15, on which date interest shall cease. Bonds are due in 1949,
optional in 1934.
-BOND SALE
-Lincoln R. Young
ESSEX, Middlesex County, Conn.
& Co. of Hartford were awarded on Sept. 24 an issue of $40.000 3X%
highway bonds at a price of 102.729, a basis of about 2.60%. Due serially
from 1935 to 1942 incl. Other bidders were as follows: C. S. Bissell &
Co., 102.3585; Scranton & Co., 102.22; Coburn & Middlebrook. 102.166;
Ballard & Co., 101.974; Whaples, Viering & Co., 101.942; Rutter & Co.,
101.755 and Putnam & Co., 101.44.
-DEFERS ACTION ON DEBT
EUCLID, Cuyahoga County, Ohio
PAYMENTS
-Dorothy Sperry, Clerk of the Board of Sinking Fund
Trustees, issued a notice under date of Sept. 20 asking holders of bonds
and interest coupons due Oct. 1 1934 not to present the securities for
collection at present. The request was made In view of the fact that a
tax settlement from the County Treasures would not be available in time
to ascertain whether a sufficient amount has been collected to pay the
obligations. Bondholders will be advised when the figures are avilable.
EVANSVILLE,Vanderburg County, Ind.
-BONDS AUTHORIZED
The City Council recently passed an ordinance providing for the sale to the
Public Works Administration of $905,000 sewer project bonds.
FAIRPLAY, Park County, Colo.
-BOND S4LE-A $16,000 issue of
5X% water extension bonds was purchased recently by Brown,Schlessman,
Owen & Co. of Denver. Due $1,000 from 1935 to 1941 and $1,500 from
1942 to 1947.
FARGO, Cass County, N. Dak.-FINANCIAL STATEMENT
The following information is furnished in connection with the offering
scheduled for Oct. 8 of the $598,000 4% coupon sewage disposal plant, first
mortgage and revenue bonds
-V. 139, p. 1900:
Financial Statement
Assessed valuation, 1933 (full value)
$34,701,152
(1934 valuation not available but estimated approximately
same as 1933L.
Area of the City of Fargo in square miles
5.004
Population(U.S. census, 1930)
28.609
-City of Fargo
Total general bonded debt
12.000
Temporary loan notes (certificates of indebtedness)
85.000
Unpaid 1933 appropriations
35,000
$122.000
(The above statement does not include the indebtedness of the Park
Board or Board of Education-both have the power to levy taxes within
the City of Fargo.
The Park Board has no bond indebtedness. The schools have outstanding
bonds in the sum of $273,000, as against buildings, equipment, and sites,
conservatively valued at $3.250,000).
FERNDALE, Bucks County, Pa.
-BONDS NOT SOLD
-No bids were
obtained at the offering on Sept. 21 of $13.500 5% o sting expense
bonds, dated June 1 1934 and due June 1 as follows: $1,011, 1936; $2.000,
1937 to 1939 incl.; 11,000, 1940; $2,000, 1941 and 1942 and $1.500 in 1943V. 139, p. 1580.
FITCHBURG, Worcester County, Mass.
-TEMPORARY LOAN
John B. Fellows City Treasurer, made award on Sept. 27 of $350,000
revenue anticipation notes to the Second National Bank of Boston at 0.81%
discount basis. Dated Sept. 27 1934 and due as follows: $100.000 Apr. 15,
May 15 and AIM 14 1935 and $50,000 July 15 1935. Legality approved by
Ropes, Gray. Boyden & Perkins of Boston.
FOREST CITY, Winnebago County, Iowa-BOND SALE DETAILS
-Tne 528,000 issue of sewage treatment plant bonds that were purchased
by the Carleton D. Bell Co. of Des Moines
-V. 139, p 1741-was awarded
as 4s, paying a premium of $20, equal to 100.07, a basis of about 3.99%.
Dated Sept. 1 1934. Due from 1936 to 1951 inclusive.
2082
Financial Chronicle
Sept. 29 1934
FORT WORTH INDEPENDENT SCHOOL DISTRICT (P. 0. Fort
BidderInt. Rate
Amt.Bid
Worth), Tex.
-BONDS VALIDATED
Charles A. Hinsch & Co.. Cincinnati
-We are informed by E. P.
$132,691.00
3
Williams. Business Manager, that the Legislature has validated the issuStranahan, Harris & Co., Inc., Toledo
131.794.00
ance of $3,000,000 in school bonds, to be used as the basis of a $4,000,000
Assel,Goetz & Moerlein, Inc.and Seasongood St Mayer _335%
131.457.30
loan and grant from the Public Works Administration.
Harris Trust & Savings Bank, Chicago and Breed &
Harrison, Inc., Cincinnati
33 %
,
5
131.397.00
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN
Van Lahr, Doll & Isphording. Inc., Cincinnati; the
The First National Bank of Boston was awarded on Sept. 25 a $100,000
Provident Savings Bank & Trust Co., and Mitchell,
revenue-anticipation note loan at 1.375% discount basis. Due $50,000
Herrick & Co., Cleveland
3)4%
131,354.60
each on June 3 and July 11 1935. Other bidders were as follows:
Fox,Einhorn & Co.,Gran & Co.: Widmann. Holzman &
Bidder
Discount Basis
Katz. and Edward Brockhaus & Co.,all of Cincinnati.335%
131.247.77
Faxon, Gade & Co
1.48
Otis & Co
130 832.00
34%
First Boston Corp
1.67
McDonald, Callahan Richards Co., Cincinnati
3351
$ 130.351.00
W. 0. Gay & Co
1.83
Hayden, Miller & Co., Cleveland
3
131.781.00
Halsey, Stuart & Co
3
130,845.00
FRANKLIN COUNTY(P.O. Columbus), Ohio
-BOND ELECTION
At the general election on Nov. 6 the voters will be asked to approve the
The bonds are being re-offered for public investment at prices to yield,
according to maturity, as follows: 1936, 1.75%; 1937, 2.25%; 1938, 2.50%;
issuance of $350,000 tuberculosis hospital improvement bonds.
1939 and 1940. 3%; 1941 to 1944 incl., 3.151, and 3.20% from 1945 to
GENESEE COUNTY (P. 0. Flint), Mich.
-BOND DEFAULT RE1960 incl. Legality to be approved by Squire, Sanders & Dempsey of
PORT
-In his annual report covering mynicipal operations during the
Cleveland.
fiscal year ended Aug. 31 1934, J. H. GaInver, County Auditor, pointed
HART, Ocana County, Mich.
-BOND ELECTION
out that during the year the county paid off $297.000 bonds which had
-At an election
to be held on Oct. 17 the voters will be asked to approve the issuance of
been defaulted without the extra cost of refunding and that the bonded
$7,000 water bonds.
debt had been reduced from 52,448,375 to 51,961,250. The county is
now in default on $150,000 bonds, all of which are expected to be paid upon
HASTINGS, Adams County, Neb.-BOND SALE DETAILS
-The
receipt of the next payment of Horton Act money from the State, now past
$75.000 4% semi-ann. refunding bonds that were reported sold-V. 139,
due. The defaulted obligations consist of $100,000 4% road bonds of
p. 1901-were purchased by the Mortgage Investment Co. of Hastings,
bonds dated in 1928. Payment was made
1931, and $50,000 4% road
paying a premium of $302, equal to 100.40 a basis of about 3.94%. Due
on Sept. 15 of $26,000 44% court house bonds of 1925 which had been
$5,000 from Sept. 1 1935 to 1949 incl. It Is stated that these bonds were
defaulted in 1934.
issued to take up $25,000 43i% intersection paving bonds of 1928 and
550,000 5% sewer bonds issued in 1929.
-At the
GENEVA, Fillmore County, Neb.-BONDS DEFEATED
election on Sept. 18-V. 139, p. 1741-the voters rejected the proposed
HAVRE, Hill County, Mont.
-BOND ELECTION
-We are informed
issuance of $15,000 in land purchase bonds, according to the Town Clerk.
by W. H. White, City Clerk, that a special election will be held on Oct. 11
to vote on the proposed issuance of $80,000 in bonds for the construction
-BOND OFFERING-J. Hayward
GENEVA, Ontario County, N. Y.
of a municipal gas system.
Brown, City Treasurer, will receive sealed bids until 2 p.m. on Oct. 2 for
the purchase of $34,000 not to exceed 67 interest coupon or registered local
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 12 (P. 0.
improvement bonds. Dated Oct. 1 1934. Denom. $1,000. Due $2,000
Malverne), Nassau County, N: Y.
-BOND ISSUE DEFEATED
on April 1 from 1935 to 1951 incl. Bidder to name a single interest rate for
The proposal to issue $251,000 school building addition construction
the isgue, expressed in a multiple of j or 1-10th of 1%. Principal and
bonds was defeated at an election held on Sept. 21. Of the votes cast,
interest A. & 0.) payable at the Guaranty Trust Co., New York. A
304 favored the measure, while 550 were opposed.
certified check for $500,000. payable to the order of the City Treasurer,
HENRY COUNTY (P. 0. Napoleon), Ohio
-BOND SALE.
must accompany each proposal. Legal opinion of Clay, Dillon & Vande-The two
issues of poor relief bonds aggregating $44,000 offered on Sept. 24-V.
water of New York will be furnished the successful bidder.
139, p. 158I-were awarded as Is and 34s to Assel, Goetz & Moerlein, Inc.
Financial Statement
of Cincinnati, at par plus a premium of $98,equal to 100.22, a basis of about
Assessed valuation of real estate (including special franchise
3.03%. Sale was made as follows:
$19,646,489
valuations)
$24,000 bonds as 3s. Dated Dec. 1 1933 and due March 1 as follows:
725,000
debt (including bonds authorized to date)
Bonded
57,500. 1935; 88,000, 1936, and $8,500 in 1937.
20.0048
Current tax rate. State, county, city
20,000 bonds as 3)4g. Dated Aug. 1 1934 and due as follows: $500.
Population (1930 Census), 16.010.
Sept. 11934; 8450, March 1 and Sept. 11935; 8500, March 1 and
-BOND OFFERING
-W Hays
.
GLASSPORT, Allegheny County, Pa.
Sept. 1 1936; 55,700, March 1 and $5,900, Sept. 1 1937 and $6,000.
Satterfield. Borough Secretary, will receive sealed bids until 8 p.m. on
March 1 1938.
•
Oct. 8 for the purchase of 570.000 4, 44, 435, 4% or 5% coupon bonds,
HIGHLAND PARK, Wayne County, Mich.
-BONDS APPROVED
divided as follows:
The State Public Debt Commission has approved an issue of $87,000 re1
$45,000 series of 1934 funding bonds. Due $5,000 on Nov. 1 from 197 2
funding bonds.
to 1950 inclusive.
HOUSTON, Harris County, Tex.
-BOND ELECTION
-At the
25,000 series of 1934 operating revenue bonds. Due $5,000 on Nov. 1
general election in November it is said that the voters will pass on the
from 1937 to 1941 inclusive.
proposed issuance of $1,219,000 in city hall bonds. (A loan and grant in
Each issue is dated Nov. 1 1934. Denom. $1,000. Bidder to name a
this sum was approved recently by the Public Works Administration
single interest rate for all of the bonds. Interest payable in M. & N.
V. 139, p. 1905.)
A certified check for 51,000, payable to the order of the Borough, must
each proposal. Legal opinion of Burgwin, Scully & Burgwin
accompany
HYDE PARK COMMON SCHOOL DISTRICT NO. 5 (P. 0. Cream
of Pittsburgh will be furnished the successful bidder. Sale will be made
St., R. F. D. No. 1, Poughkeepsie), Dutchess County, N. Y.
-BOND
subject to approval of bond proceedings by the Pennsylvania Department
OFFERING-Phebe A. Bohan, District Clerk, will receive sealed bids
of Internal Affairs.
until 12 m.(Eastern Standard Time) on Oct. 1 for the purchase of $11,500
not to exceed 6% interest registered school bonds. Dated Sept. 1 1934.
-The $36,000
-BOND SALE
GLENCOE, McLeod County, Minn.
Denom. $250. Due Sept. 1 as follows: $750 from 1936 to 1950 incl. and
issue of 4% coupon semi-annual refunding bonds offered for sale on Sept. 21
$250 in 1951. Bidder to name a single interest rate for all of the bonds.
purchased by Kalman & Co of St. Paul at par.
-V. 139. p. 1741-was
expressed in a multiple of 4 or 1-10th of 1%. Principal and interest (M.
Dated Oct. 1 1934. Due from Oct. 1 1940 to 1950. Callable on any
& S.) payable at the First National Bank of Poughkeepsie. The Board of
interest date after Oct. 1 1938. No other bid was received.
Trustees are empowered and will be obligated to levy ad valorem taxes,
-BOND OFFERING-.Tohn
without limitation of rate or amount, on all taxable property in the District
GLENDON SCHOOL DISTRICT, Pa.
in order to pay both principal and interest on the issue. A certified check
Schug, District Secretary, will receive sealed bids until 2 p. m. on Oct. 8
for $230. payable to the order of the Board of Trustees, must accompany
for the purchase of $200,000 4% coupon funding bonds. Bids may be made
each proposal. The approving opinion of Hawkins, Delafield & Longfellow
for all or any part of the issue. The bonds were approved by the Departof New York will be furnished the successful bidder.
ment of Internal Affairs of Pennsylvania on Sept. 10. Proposals to be
accompanied by a certified check for 2% of the amount bid for, payable to
IDAHO, State of (P. 0. Boise)
-NOTE SALE
-The $500.000 issue of
the order of the District Treasurer.
general fund treasury notes offered for sale on Sept. 21-V. 139. p. 1901
-BOND ELECTION
-It is
was awarded to the Spokane & Eastern Trust Co. of Spokane, at 135%.
GOOSE CREEK, Harris County, Tex.
plus a premium of $314. Dated Oct. 1 1934. Due on Aptil 1 1935,
reported that an election will be held on Oct. 20 to vote on the issuance of
without option of prior payment.
$321,000 in bonds, divided as follows: $300,000 electric light and power
plant, and $21.000 water works bonds. (This report corrects the notice
-The 56,000.000 5% emergency
-NOTE SALE
ILLINOIS (State of)
of election given in V. 139. p. 1903.)•
relief revenue notes offered on Sept. 25-V. 139, p. 1901-were awarded
It is also said that the proposition of voting on the issuance of $35,000 in
to a syndicate headed by the First National Bank of Chicago, the only
-V.139. P. 965, has been abandoned.
hospital bonds, mentioned last August
bidders, at par plus a premium of $19,020. Dated Sept. 27 1934 and
-At the
-BOND ELECTION
GRAFTON, Lorain County, Ohio
redeemable, at par and interest, any time after Dec. 1 1934.
general election on Nov. 6 the voters will be asked to approve the isThe banking group is re-offering the notes for public investment at a price
suance of $12,000 gymnasium-auditorium school building bonds. The
of 100.50 and accrued interest.
Public Works Administration would be asked to finance the project.
GRAND RAPIDS AND PARIS FRACTIONAL GRADED SCHOOL
INDIANAPOLIS SCHOOL DISTRICT, Marion County, Ind.
DISTRICT NO. 3 (P. 0. East Grand Rapids), Kent County, Mich.
-The $200,000 time warrants offered on Sept. 25WARRANT SALE
-Amos F. Paley, Secretary of the Board of Education,
BOND OFFERING
-were awarded to a syndicate of Indianapolis banking
V. 139, P. 1742
will receive sealed bids until Pa. m.(Eastern Standard Time) on Oct. 1 for
institutions, at 1)4% interest, at par plus a premium of $9. Due Nov. 26
the purchase of $24,000 44% refunding bonds. Dated Oct. 1 1934. De1934. The group consisted of the Union Trust Co., Fletcher Trust Co.,
nom. $1,000. Due 52.00000 Oct. 1 from 1937 to 1948 incl. Redeemable
Indiana Trust Co., Indiana National Bank. American National Bank, and
on any interest payment date after six months' notice as provided on the
the Merchants National Bank. An offer of par plus a premium of 1.70%
face of the bonds. Principal and interest(A.& 0.) payable at the Michigan
notes was made by L. L.Campbell & Co. of Indianapolis, while Marcus L.
Trust Co., Grand Rapids. District will furnish printed bonds and apWarrender & Co.of Indianapolis bid premium of $12.50 for 4% notes.
proving legal opinion of Miller, Canfield, Paddock & Stone of Detroit.
IRON MOUNTAIN, Dickinson County, Mich.-730ND EXCHANGE
Bonds to be delivered as follows: 54,000, Oct. 1 1934; $2,000, Feb. 1 1935,
REPORT
-John Trottier, City Treasurer, reported under date of Sept. 19
and $18,000, May 1 1935, or at such earlier date as the maturing bonds
that exchanges of refunding bonds for original obligations to that date had
surrendered for payment.
are
amounted to 594.000. The total amount to be exchanged is $202,500.
GREEN BAY METROPOLITAN SEWERAGE DISTRICT (P. 0.
-BOND SALE
-The $300,000
ITHACA, Tompkins County, N. Y.
Green Bay), Brown County, Wis.-ADDITIONAL INFORMATION
coupon or registered emergency relief bonds offered on Sept. 26-V. 139.
In connection with the sale of the 593.000 Supplemental East River project
p. 1901-were awarded as 2.60s to Roosevelt & Weigold, Inc. df Now York,
of about 3.89%
bonds to the Milwaukee Co.of Milwaukee,at 101.23. a basis
at a price of 100.20, a basis of about 2.58%. Dated Oct. 1 1934 and due
-we are now informed that the 5147.000 East River
-V. 139, p. 1900
$30.000 on Oct. 1 from 1935 to 1944, incl. The bankers made public
project bonds that were offered without success at that time, will not be
re-offering of the bonds at prices to yield 0.90% to 2.60%. according to
re-offered until about Dec. 1. Several bids were received for this issue but
maturity. They reported that advance orders resulted in the re-sale of the
were all rejected.
bulk of the issue prior to the formal offering. There were 26 bids in all
-The $20.000
-BOND SALE
GREENE COUNTY (P. 0. Xenia), Ohio
submitted for the bonds.
-V. 139. p. 1581-have been purpoor relief bonds authorized in August
Among the other bidders were the following:
chased by the Board of Sinking Fund Trustees.
Int. Rate Premium
Bidder2.70
$627.00
Adams, McEntee & Co
GREENE UNION FREE SCHOOL DISTRICT NO.4(P.O. Greene),
2.75%
408.62
Gertler & Co
-The $34,000 registered school
Chenango County, N.Y.-OTHER BIDS
Harris Trust 8c Savings Bank
2.75
33.00
bonds awarded on Sept. 20 to Paine, Webber & Co. of New York, as 45, at
-were also
390.00
Blyth & Co., Inc
2.80%
a price of 100.275. a basis of about 3.97%-V. 139. p. 1900
bid for by the following:
Jackson County, Ohlo.-BOND OFFERING.
JACKSON,
-T. J.
Rate Bid
Int. Rate
Jenkins, City Auditor, will receive sealed bids until 12 m. on Oct. 13 for
Bidder4.30%
100.109
the purchase of $8.050,not to exceed 5% interest,judgment payment bonds.
Marine Midland Trust Co. of Binghamton
f
100.15
4.750
Co
Dated Sept. 261934. Due Sept.26 as follows:$2.000from 1936 to 1938 incl.
Bacon, Stevenson &
100.11
4.20%
and 82.050 in 1939. Interest is payable semi-annually. A certified check
George Bonbright & Co
Par
4.25
Binghamton Savings Bank
for $100. payable to the order of the City Treasurer, must accompany each
100.15
4.25%
proposal.
Phelps Fenn & Co
-ADDITIONAL
GUADALUPE COUNTY (P. 0. Sequin), Tex.
JACKSON COUNTY (P. 0. Jackson), Ohio
-BOND ELECTION
-In connection with the report given in V. 139, p. 1119.
INFORMATION
At the general election on Nov. 6 the voters will be asked to approve
the issuance of $32,000 hospital construction bonds.
to the effect that the voters approved early in August the issuance of
5200,000 in court house and jail bonds, for which a loan and grant of a
JACKSON SCHOOL DISTRICT, Jackson County, Mich.
-BOND
like amount had been approved by the Public Works Administration, it is
-F. J. Bofink, Clerk of the Board of Education.
EXCHANGE REPORT
reported by the County Judge that 5152,000 in 4% warrants are being issued
informs us that Braun, Bosworth & Co.of Toledo are handling the exchange
the county, which the Federal Government will take up as money is
by
of 5z65.000 refunding bonds for a like amount of old obligations.
required.
JACKSON UNION SCHOOL DISTRICT, Jackson County, Mich.
-BOND SALE
HAMILTON COUNTY (P. 0. Cincinnati), Ohio
-We are advised under date of Sept. 25
-BOND EXCHANGE REPORT
The $130,000 series I tuberculosis sanatorium bonds offered on Sept. 21by Braun, Bosworth & Co. of Toledo. who are acting for the district in the
awarded as 335s to the Well, Roth & Irving Co. of
V. 139. p. 1581-were
exchange of $265,000 refunding bonds for past-due obligations, that the
Cincinnati, at par plus a premium of $2,821. equal to 102.17. a basis of
exchanges to date have amounted to $199,000. The bankers state that they
$6,000 from
about 3.30%. Dated Oct. 1 1934 and due Oct. 1 as follows: bids were as
are still in communication with holders of bonds which have not yet been
1936 to 1940 incl. and $5.000 from 1941 to 1960 incl. Other
exchanged and hope to complete the matter without too much delay.
follows:
Volume 139
Financial Chronicle
-REFUNDING BONDS
JACKSONVILLE, Duval County, Fla.
-The following letter was sent to us on Sept. 25 by the
AUTHORIZED
Chairman of the City Commission, in response to our inquiry on refunding
bonds:
Gentlemen.-This will acknowledge receipt of your letter of Sept. 20
Inquiring as to the result of the conference held between the City Commissioners and the local bankers with reference to the bond refunding
program for next year.
In reply thereto you are advised that the city is unable at this time
to state accurately what amount of bonds will be refunded by reason of
the fact that the City Council is making up the budget for expenditures
in 1935 and the refunding program will depend entirely upon the tax rate
for operating expenses.
The Council and the Commission have passed the necessary resolutions
for the refunding of $440,000 worth of bonds due on Jan. 1 and 15 1935.
These bonds are to be sold on Dec. 1, dated Dec. 15 and will mature on
June 15 1947.
This may or may not be all of the bonds due in 1935 that will be refunded.
The writer expects to be at the New Yorker Hotel in New York for
approximately a week, beginning Friday, Oct. 5, and can supply you with
a balance sheet of the City of Jacksonville and such other information
that you may desire at that time.
Yours very truly,
FRED M. VALZ.
-CERTIFICATE ISSUE
JAMESTOWN, Chautauqua County, N. Y.
-B. J. Van Ingen & Co. of New York have purchased an issue of
SOLD
$200,000 3N % certificates of indebtedness. Dated Sept. 15 1934. Due
June 15 1935. Payable at the Guaranty Trust Co., N.Y. City. Legality
approved by Clay, Dillon & Vandewater of New York.
-FINANCIAL REPORT
JERSEY CITY, Hudson County, N. J.
-A statistical analysis of the financial condition of the City
ISSUED
has been issued in pamphlet form by tne City Comptroller under date of
Aug.
1934. The assessed valuation of both real and personal property
In the City for 1934 is placed at $709.368,130. The grass debt amounts to
682,471.526.48, although deductions aggregating $12,930,982.21 result in
a net bonded debt of $69,540.544.27. Other items deductible under the
laws of New Jersey. including 312,682.794.35 on account of open taxes
and abatements not more than 3 years in arrears. $12.195,219.07 net water
debt, $12.845.944.55 net school debt. $811.060 tax anticipation notes of
1934 (baby bonds) ,and $614.541.03 uncollected special asseesments, make
the net bonded debt of the City (New Jersey basis) $30,390,985.27. The
debt limit is $41.517.405.44. being 7% of $593,105.792. the average assessed valuation of real property during the past three years. The margin
of debt for further borrowing purposes is $11,126,420.17.
JOHNSON COUNTY (P. 0. 'Iowa City), Iowa
-BOND SALE
The $25,000 issue of funding bonds offered for sale on Sept. 21-V. 139,
p. 1901-was purchased by the White-Phillips Co. of Davenport as 3s,
paying a premium of $29. equal to 100.116.
KALAMAZOO CITY SCHOOL DISTRICT, Kalamazoo County,
.
-BOND OFFERING.
Mich.
-H. W. Anderson, Secretary of the Board
of Education, will receive sealed bids until 7:30 p. m. (Eastern Standard
Time) on Oct. 1 for the purchase of $59,000 series No. 28R1, refunding
bonds. Denom. $1,000. Due Nov. 1 as follows: $6,000 from 1939 to
1947 incl. and $5,000 in 1948. Rate of interest to be named by the bidder.
Principal and semi-annual interest payable at the First National Bank &
Trust
Kalamazoo. A certified check for 2% of the bonds bid for.
Co.,
payable to the order of the Treasurer of the Board, must accompany each
proposal. Legal opinion of Chapman & Cutler of Chicago to be furnished
by the district.
-BONDS
KALAMAZOO COUNTY (P. 0. Kalamazoo), Mich.
-At an election held on Sept. 28 the proposal to issue $565,000
VOTED
court house and Jail building construction bonds carried by a vote of
5,319 to 5.167. The Public Works Administration agreed In July to
furnish a loan and grant of $731,000 for the project.
-V. 139, p. 148.
KENEDY, Karnes County, Tex.
-DETAILS ON BOND ELECTION
-In connection with the report given in V. 139, P. 1120. that the voters
approved the issuance of $161,000 in light plant construction bonds, it Is
stated by the Mayor that the election was a tentative one, held only to
determine the sentiment of the electors in regard to the plant. Although
the proposition was approved it is being contested by local opposition.
KING COUNTY (P.O. Seattle), Wash.
-The $250,000
-BOND SALE
Issue of coupon indigent relief bonds, series D,offered for sale on Sept.24-was awarded to the State of Washington as 68 at par.
V. 139, p. 1120
Dated Oct. 11934. Due in from 2 to 20 years after date, payable annually.
The other bids received for the bonds were as follows: Drumheller,
Ehrlichman & White bid $278 premium on 5(% bonds; Wm. P. Harper
& Son & Co. bid 100.065 on 6% through 1949, balance 5(%.
La SALLE, Weld County, Colo.
-BOND ELECTION-It is said that
an election will be held on Oct. 2 to have the voters pass on the issuance
of $42,000 in light and power plant revenue bonds.
LEESBURG, Highland County, Ohio
-BONDS AUTHORIZED
The Village Council passed an ordinance on Sept. 13 authorizing an issue
of $16,500 4% mortgage revenue water works improvement bonds. Dated
Sept. 1 1934. Denoms. $1.000 and $500. Due Sept. 1 aa follows: $500 from
1936 to 1944 incl. and $1,000 from 1945 to 1956 incl.
pi LEHI, Utah County, Utah-BONDS VOTED
-At the election held
on Sept. 14-V. 139, p. 1436
-the voters approved the issuance of the
g29,000 in water main bonds.
-BOND SALE-Blyth &
LEXINGTON, Middlesex County, Mass.
Co. of Boston were awarded on Sept. 25 an issue of $10,000 sewer construction bonds as 1s at a price of 100.271, a basis of about 1.32%.
Due $5,000 annually.
Other bidders were:(for 1 Ns) First Boston Corporation 100.11; Whiting,
Weeks & Knowles 100.061;E.H.Rollins & Sons 100.033; Burr azro.. 100.023
Lexington Trust 100.02; (for 1 Ns) Tyler, Buttrick & Co., 100.187; (for 2s)
F. L.-Putnam & Co. 100.279; R. L. Day & Co., 100.099; (for 2s) A. C.
Allyn & Co.. 100.05e.
LINCOLN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 16
-BOND CALL-•-It is stated by Geo. It. Schwaner,
(P.0.Shoshone), Ida.
District Treasurer, that the district has resolved to exercise its option and
call for payment on Feb. 11935. the following bonds:6% bonds, numbered
13 to 20, all outstanding. dated Aug. 11919. 5% bonds, numbered 28 to
60, all outstanding, dated Aug. 1 1917. Bonds may be presented to the
First State Bank of Richfield. the District Treasurer's office, or the Department of Public Investment at Boise, and will pay the face value of the
bonds plus accrued interest to Feb. 1 1935, or any time prior thereto.
LINDSAY-STFtATHMORE IRRIGATION DISTRICT (P. 0. Lind-It is reported that an
.-BOND ELECTION
say) Tulare County, Calif
election will be held on Oct. 10 to pass on the issuance of $859,660 in
refunding bonds. The Reconstruction Finance Corproation has already
authorized a loan in the above amount.
LOGAN COUNTY SCHOOL DISTRICTS (P. 0. Hugo), Colo.
--The County Treasurer is said to be calling for payWARRANT CALL
ment at his office on Oct. 4, on which date interest shall cease, various
warrants of these districts.
LOGAN COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Sterling)
-BONDS OFFERED-Sealed bids were received until Sept. 29, Sy
Colo.
the District Clerk, for the purchase of an issue of $170,000 4% refunding
bonds. Due serially over a period of 12 years. These bonds refund 5%
bonds optional in 1933.
LORAIN COUNTY (P.O. Elyria), Ohlo.-PROPOSED BOND ISSUE
-The county has resolved to issue $84,800 additional poor relief bonds.
LOS ANGELES METROPOLITAN WATER DISTRICT (P. 0. Los
-ADDITIONAL RFC LOAN AUTHORIZED
-The
Angeles), Calif.
following report is taken from a Washington dispatch to the "Wall Street
Journal" of Sept. 25: "The Reconstruction Finance Corporation has
authorized a further loan of $15,000,000 to the Metropolitan Water District,
Los Angeles, Calif.,to finance construction of an aqueductfrom the Colorado
River to Los Angeles.
"The Corporation also approved an advance of $1,000,000 to the Disaster
Relief Corp. of Los Angeles to be spent for flood control works.
"The further advance to the Metropolitan Water District supplements
an earlier loan of $40,000,000 and will enable the letting of contracts
carrying the work up to next fall."
2083
-BOND REDEMPTION
LOUISIANA, State of (P. 0. Baton Rouge)
-The following statement was recently made public by Stone.
NOTICE
Stevens & Hill of New Orleans in connection with the annual bond retirement:
"State of Louisiana highway bonds, series H. dated Sept. 30 1932,
numbers 4101 to 6000 inclusive, totaling $1.500.000 Plus accrued interest
have been called for redemption for Sept. 30 1934. According to Jess S.
Cave, State Treasurer for Louisiana, holders of these bonds are notified
to present same for redemption at the Chase National Bank, New York
City, or at the office of the State Treasurer in Baton Rouge. La., and
that bonds not presented for redemption on that date will cease to bear
Interest from and after that date. Mr. Cave also states that funds totaling
over one half million dollars have been deposited at the American Bank
& Trust Co. in New Orleans to meet interest on highway bond series C.,
due Sept. 14, and that funds will be available to take care of the $175.000
-cent
interest due Oct. 1 on series G highway bonds. Receipts from the 4
gasoline tax and the automobile license tax against which these bonds
were issued, have greatly exceeded all 1934 expectations.'
-BOND SALE
MAHONING COUNTY (P. 0. Youngstown), Ohio
The $350,000 tax revenue deficiency refunding bonds offered on Sept. 22
-were awarded as 5s to a syndicate composed of
-V. 139,n. 1582
Mitchell, Herrick & Co., Cleveland; Assel, Goetz & Moerlein, Inc.. and
Van Lahr, Doll & Isphording, Inc. both of Cincinnati; Merrill. Hawley
& Co. of Cleveland; Stranahan, Hangs & Co. of Toledo, and Seasougood
& Mayer of Cincinnati at par plus a premium of $1,127.50, equal to 100.32,
a basis of about 5.20%. Dated Oct. 1 1934 and due $35,000 on Oct. 1
from 1936 to 1945 incl. Other bids were as follows:
Prem.
Int. Rate
Bidder
$2,005.00
5N%
Provident Savings Bank & Trust Cm
Otis & Co.; McDonald-Callahan-Richards Co., and
1,366.00
53%
Braun, Bosworth & Co
Fox, Einhorn & Co.; Edw. Brockhaus & Co.; Gran
Nelson. Browning & Co., and Middendorf
& Co.;
2,388.80
53i%
& Co
Charles A. Hinsch & Co.; Hayden, Miller & Co. and
35.000
6%
Lowry, Sweney & Co
MAHONING VALLEY SANITARY DISTRICT (P. 0. Youngs-It is announced that funds
-NOTICE TO BONDHOLDERS
town), Ohio
have now been deposited at the office of the Treasurer of State. Columbus,
Ohio, for the payment of the Nov. 1 1933 principal maturities of series A
bonds of the district and interest thereon at the rate of 6% Per annum
from Nov. 1 1933 to Sept. 25 1934. Payment will be made at the office
of the Treasurer of State upon presentation of the bonds.
-NEW BOND LEGISLAMANSFIELD, Richland County, Ohio
-Due to an error in computing the annual levy
TION NECESSARY
bond
required to service the proposed $75,000 water works expansion place
to
Issue, the City Council's decision, as expressed in a resolution, been dethe measure on the ballot at the Nov. 6 general election has
clared useless, thus necessitating re-enactment of the proceedings.
-On Sept. 17
MARION,Smyth County, Va.-BONDS AUTHORIZED
the Town Connell approved the $50,000 bond issue approved by the voters
139, p. 1902. The bonds are divided as follows: $25.000
on Sept. 11-V.
for water system improvement and $25.000 for a municipal building.
-The
MARSHALLTOWN, Marshall County, Iowa-BOND SALE
$24,500 issue of funding bonds offered for sale on Sept. 24-V. 139. p. 1902
Bank & Trust Co. of
-was awarded to the Iowa-Des Moines National
Des Moines, as 334s at par. Dated Oct. 1 1934. Due from Nov. 1 1939
to 1943. Optional on May 1 1935.
-The $8,500 issue of
MARTELLE, Jones County,Iowa-BOND SALE
1902
4% coupon water works bonds offered for sale on Sept. 21-V. 139, p of $50.
was purchased by L. W. Lovell, of Monticello, paying a premium 1934.
equal to 100.588, a basis of about 3.94%. Denom.$500. Dated Oct. 1
Due from Oct. 1 1938 to 1953 incl. Interest payable M.& N.
APPROVED
MATTOON, Coles County, 111.-PWA ALLOTMENT
loan and
The Public Works Administration has agreed to furnish the city a
of a water softening plant.
grant of $100.000 to finance construction
-In connection
MAZOMANIE, Dane County, Wis.-PRICE PAID
to the
with the sale of the $20,000 4% semi-ann, municipal building bonds
-we are informed by
-V. 139, P. 479
Channer Securities Co. of Chicago
basis of about
the Village Clerk that the bonds were sold at a price of 101, a
1954, incl.
3.88%. Dated June 1 1934. Due $1,000 from June 1 1935 to
-VOTE ON POWER PLAN SET
MEMPHIS, Shelby County, Tenn.
-The following report.is taken from a United Press dispatch
FOR NOV. 6
out of Memphis on Sept. 25 to the New York "Journal of Commerce":
to decide
"City Council this afternoon voted to call a referendum Nov.6
purpose of
whether to issue not more than $9,000,000 in bonds for the for cheap
distribution system
acquiring, purchasing, or building an electric
Tennessee Valley Authority power.
Memphis by
"Power supplied by the TVA has been recommended for
R. W. Husselman, consulting engineer, in a recent report submitted to
New York State
Overton, Mr. Husselman is now engineer for the companies. His
Mayor
joint legislative committee investigating public utility
new
Memphis report estimates it will cost 67,867,000 to build a complete of
item
distribution and street lighting system. This includes everycosts and
with all
cost. The system will pay for itself in full, together
surplus of
expenses, pay taxes to the city and county and accumulate a
'
$5.203.422 in 20 years, the report said.
ISSUE AUTHOR-BOND
MERIDEN, New Haven County, Conn. improvement bonds and to
IZED
-The City has voted to issue $75,000 road
accept a Public Works Administration grant of $31,500.
-The
-BOND ELECTION
MIDDLETOWN, Butler County, Ohio
sewer
City Council has decided to ask the voters to pass on a $150,000
on Nov. 6.
system bond issue proposal at the general election
Madison County,
MIDWAY SCHOOL DISTRICT (P. 0. Midway)
-It is reported by the Secretary of the School Board
-BOND SALE
Tex.
that the bonds in the amount of $40,000, approved by the voters in March
-V.138, P. 2455
-have been purchased by the State of Texas.
TO BE
MILWAUKEE (City and County), Wis.-CONSOLIDATION opporVOTED UPON
-The voters of this city and county will have an
tunity at the general election on Nov.6 to pass on an advisory referendum,
on the question of consolidating the two governments. The city will
pass on two questions: 1. Should the office of Alderman and Supervisor be
and
combined? 2. Do you favor consolidation of municipal services outgovernments in Milwaukee County? The voters of the county living
side the city will pass on the second question only.
-The
-BOND SALE
MINNEAPOLIS, Hennepin County, Minn.
6.300,000 issue of coupon or registered permanent improvement (work
-was awarded
relief) bonds offered for sale on Sept. 26-V. 139, p. 1744
at public auction to a syndicate composed of Phelps, Fenn & Co. of New
York, the Wells-Dickey Co. of Minneapolis, and the Milwaukee Co. of
Milwaukee, as 334s, at a price of 100.275, a basis of about 3.45%. Dated
Oct. 1 1934. Due $30,000 from Oct. 1 1936 to 1945, inclusive.
The following is a list of the other bids received:
Int. Rate Prem.
Bidder
$815
335%
Harris Trust & Savings Bank
175
3N
Halsey Stuart & Co. and Williams Reagan & Co
900
N. W.Nat. Bank of Minneapolis and Brown-Harriman Co--3%
Piper, Jaffray & Hopwood, First of Michigan Corp.. and
Co800
First Illinois
100
First National Bank of Minneapolis
-ADDITIONAL INFORMAMINNESOTA, State of (P. 0. St. Paul)
revenue
TION
-The State Treasurer reports that the $6,000,000 general
certificates sold to St. Paul and Minneapolis banks on Sept. 17 at a rate
-was purchased by a
of IN %, plus a premium of $100-V. 139, P. 1902
group consisting of the First National Bank of Minneapolis & St. Paul. the
Northwestern National Bank of Minneapolis, and associates, and the
Empire National Bank & Trust Co. of St. Paul. The notes mature in six
months from date, without option of prior payment.
MINOT PARK DISTRICT (P. 0. Minot) Ward County, N. Dak.CERTIFICATE OFFERING-Sealed bids will be received until 4 p. m. on
Oct. 2, by L. M. Ellithorpe, Clerk of the Park Board, for the purchase of
$15,000 certificates of indebtedness. A certified check for 2% must accompany the bid.
-BONDS OFFERED FOR
MISSOURI, State of (P. 0. Jefferson City)
-The $3,000,000 coupon or registered State building.
INVESTMENT
34'4
2084
Financial Chronicle
series A bonds purchased on Sept. 21 by a syndicate headed by the First
National Bank of CnicAgo, as 3s. at 100.067. a basis of aoout 2.98%-V.
139, p. 1902
-were offered for public subscription priced to yield 2.70%.
2.85% and 3.00
according to maturity. Dated Oct. 1 1934. Due $1.000,
000 on July 1 in 1939, 1940 and 1941. The following is an official list of the
other bids received:
Second high bidder: (For 354'% bond, $3,029,970.00)
-First National
Bank, Estabrook & Co., Stone, Webster & Blodgett. Inc., Salomon Bros.
& Hutzler, R. W.Pressprich & Co., R. L. Day & Co.. Dick & Merle Smith,
Kean. Taylor. Geo. B. Gibbons Co.. Inc., Hannah. Bailin & Lee. Newton,
Abbe & Co.. all of New York: City National Bank & Trust Co., Kansas
City; Prescott, Wright, Snider & Co., Kansas City: and Metropolitan Co..
St. Louis.
Third high bidder: (For 3j9 bonds, $3,023,052.00)
-Wallace & Co.,
New York: Wells-Dickey Co., Minneapolia; Stilt & Co., St. Louis; Shaumburg, Rebhan & Osborne, New York: Commerce Trust Co., Kansas City;
Smith. Moore & Co., St. Louis; Bankers Trust Co., New York; Myth 8‘ Co.,
New York; Kelley, Richardson & Co., Chicago.
Fourth high bidder: (For 33. % bonds.33,015,840.00)
-Syndicate headed
by Guaranty Trust Co., New York.
Fifth nigh bidder: (For 351% bonds, $3.007,800.00)-Synidicate headed
by Central Missouri Trust Co., Jefferson City, Mo.
Sixth high bidder: (For 3M% bonds, $3,003,000.00)
-Syndicate headed
by Chemical Bank & Trust
New York.
Seventh high hidder: (For 3 % bonds. $3,018,000.00)
Co.,
-Syndicate
heeded by Chase National Bank, New York.
Official Financial Statement
State Levy
1931,
1931
1933
General Revenue Fund
$0.05
$0.05
$0.05
Blind Pension Fund
0.03
0.03
0.03
Soldier Bonus Fund
0.06
0.06
0.04
State Interest Fund
0.01
0.01
Totals
$0.12
$0.15
$0.15
Note-Rate levied on each $100 valuation.
Assessed Valuation
1931___$4.768.810.289
1932-- _$4,309.873,769
1933-33,914.808,717
Tax Collections
1931
1932
1933
Taxes assessed
$5,821,534
$6.495,664
$5,870.295
Taxes collected
5,139,592
6,260,573
*4.290.985
Taxes uncollected3681,942
$235,091
31,579.310
* Taxes levied for 1933 are collected in 1934. Figures shown for 1933
are only collections for first eight months of 934.
1932
1933
Per cent uncollecuo taxes
3.61%
Revenue aerived from direct taxation, as above shown, Constitutes
only 16.82% of the total moneys collected by the State for revenue purposes. (Computation based on 1933 figures.)
Beginning in 1938 the levy for Soldier Bonus Funds will be very materially reduced. It is expected therefore, that the levy required for the
retirement of the Building Bonds will not increase the present total levy.
MONMOUTH, Warren County, Ill.
-BONDS APPROVED
-The
City Council on Sept. 4 approved an issue of $122,000 sewerage revenue
bonds. The Public Works Administration has approved a loan and grant
of $157,000 for the work.
MONROE SCHOOL TOWNSHIP, Carroll County, Ind.
-BOND
OFFERING-Glen 0. Smith, Trustee, will receive sealed bids until 2 p. m.
on Oct.8 for the purchase of 349,000.507 school bonds. Dated Oct.8 1934.
Denom. $500. Due as follows: $1,500. July 1 1936* 32.000. Jan. 1 and
$1,500 July 1 from 1937 to 1947 incl.; $2.500, Jan. 1, and $2,000. July 1 in
1948 and 1949. Principal and interest (J. & J.) payable at the Flora State
Dank, Flora. A certified check for $1,000, payable to the order of the
above-mentioned official, must accompany each proposal. The bidders shall
acquaint themselves with the state of the record for the Issuing of said bonds
before date of sale and no conditional bids will be accepted.
MONTVILLE TOWNSHIP (P. 0. Montville), Geauga County,
Ohio
-BOND SALE
-Although no bids were obtained for the $3,200
refunding bonds offered on Sept. 10-V. 139. p. 1275, the Township6%
arranged for their sale later, at par, as follows: $2,31111 to the Central National
Bank, Chardon. and $900 to the State Industrial Commission. Dated
Aug. 1 1934 and due Oct. 1 as follows: $200 in 1937 and $300 from 1938
to 1947 incl.
MOUNTAIN VIEW TOWNSHIP SCHOOL DISTRICT (P. 0.
Mountain View) Passaic County, N. J.
-BOND ISSUE DEFEATED
At an election held on Sept 18 the voters defeated the proposal to issue
$235,000 school building construction bonds.
MUNCIE, Delaware County, Ind.
-WARRANT SALE
-The 318,000
6% time warrants offered on Aug. 27-V. 139. p. 1275
-were purchased
at a price of par by the Muncie Banking Co. Due Dec. 31 1934.
MUNCIE SCHOOL CITY, Delaware County, Ind.
-BOND SALE
Bartlett, Knight & Co. of Chicago have purchased an Issue of 315.000
refunding bonds. Dated Oct. 11934. Denom. 31,000. Due July 1 434%
1946.
Principal and interest
J.) payable at the Merchants National Bank of
Muncie. Proceeds of the issue, together with $30.000 previously available,
will be used to pay off $45.000 school building bonds due Oct. 1 1934.
Legality of issue to be approved by Smith. Ramster, Hornbrook & Smith,
of Indianapolis.
- The bankers paid par plusi-premium of $725,equal to 104.83.
-MURRAY (Salt Lake City) Salt Lake County, Utah-BOND
ELECTION
-It is stated by the City Recorder that an election will be held
on Oct. 23 to vote on the issuance of $25,000 in 4% electric system revenue
bonds. Due in 16 years. (This report corrects that given in V. 139, P.
1744.)
r93
11.71
%
&
MUSCATINE COUNTY (P. 0. Muscatine) Iowa-BOND SALE
A $17,000 issue offunding bonds is reported to have been purchased recently
by local banks, as 3 yis.
NEW BRIGHTON, B
County, Pa.
-BOND OFFERING
Margaret G. Eppers, Borough Secretary, will receive sealed bids until
7 p. m. on Oct. 10 for the purchase of $40,000 4. 451. 454, 454, or 557
coupon bonds. Denom. $1,000. Due Oct. 1 as follows: $4,000 from 1936
to 1940 incl. and $5,000 from 1941 to 1944 incl. Interest is payable in
A. & 0. A Certified check for $500, payable to the order of the Borough,
must accompany each proposal. The approving opinion of I3urgwin, Scully
& Burgwin of Pittsburgh will be furnished the successful bidder. Sale
is subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
NEW BRITAIN, Hartford County, Conn.
-BOND SALE.
-O. L.
Sheldon. City Treasurer, made award on Sept. 28 of $45,000 3% coupon
subway fund bonds to Lincoln R. Young & Co. of Hartford, at a price of
101.89. a basis of about 2.60%. Dated Aug. 1 1934. Denom. $1,000.
Due $5,000 on Aug. 1 from 1936 to 1944 incl. Principal and interest (F. &
A.) payable at the First National Bank of Boston or at the New Britain
National Bank, New Britain. Legality to be approved by Storey. Thorndike, Palmer & Dodge of Boston. Other bids were as follows:
BidderRate Bid
G.H.Bissell & Co
101.81
F.S. Moseley& Co
101.37
R.L.Day & Co
100.89
Bancamerica-Blair Corp
100.81
Putnam & Co
100.61
Kean,Taylor & Co
100.27
Estabrook & Co
99.366
pot Statement (Sept. 21 1934)
Assessed Valuation(Grand List)
$119.159.2M)
Total Bonded Debt,Including this Issue
6.748.000.00
Water Bonds,included in total debt
1.260.000.00
Bonds
Subway Bon
425 000 00
Sinking Fund.not including Water or Subway Sinking Funds
391,742.71
Population. Census 1930. 68.128.
Note
--The above described bonds are general obligations of the City of
New Britain and are payable, both as to principal and interest, from the
revenues of the Subway Department.
Sept. 29
1934
NEW PHILADELPHIA CITY SCHOOL DISTRICT, Tuscarawaa
County, Ohio
-BOND ELECTION.
-At the general election on Nov. 6
the voters will be asked to approve an issue of 312,000 bonds.
NEW YORK CITY
-P WA FUND ALLOTMENTS
-The following
report on Public Works Administration allotments made on Sept. 25, a
large portion of which are going to New York, is taken from a Washington
dispatch to the New York "Journal of Commerce" of Sept. 26:
The PWA to-day announced allotments for 28 non-Federal projects
totaling $.3,907.400 that are estimated to create 13.130 man-months of
direct employment.
"The allotments included the following to New York City:
"School, loan and grant, $301.700; school, loan and grant, 3630,000;
school addition,loan and grant,$246,000; hospital,loan and g.Tant,_ $241,000.
and $60,535 for repair of storm damage at the New York Navy Yard."
NEW YORK (State of)
-PERMANENT BONDS READY
-The Bank
of the Manhattan Co. of New York announced Sept. 27 that it was prepared to deliver permanent bonds of the State emergency unemployment
relief issue, dated April 1 1934, in exchange for the tempoary receipts outstanding.
NILES CENTER, Cook County, 111.
-NOTICE TO HOLDERS OF
ASSESSMENT BONDS
-The following notice appeared in the Chicage
"Tribune" of Sept. 22: "Pursuant to direction of the President and Board
of Trustees of the Village of Niles Center, I, Armin J. Mayer, Treasurer of
said Village, will make a pro rata payment on Oct. 1 1934, at the office of
the Village Treasurer in the Municipal Bldg., Niles Center, Cook County,
Illinois, on all outstanding bonds maturing in 1934 of certain special assessments. A copy of this list of assessment numbers may be had by sending
your request, enclosing stamped envelope, to my office.
"From and after the above date said bonds shall be payable in part on
demand and no further interest shall accrue on that portion of the principal
of the above bonds to be paid in part."
NORTH CALDWELL (P. 0. Caldwell) Essex County, N. J.
-BOND
SALE
-The $70,000 coupon or registered bonds offered on Sept. 26V. 139, P. 1583-were awarded to the Caldwell National Bank, the only
bidder, at a price of par, as follows:
$34,000 assessment bonds sold as 531s. Due Sept. 1 as follows: $7,000
from 1935 to 1938,incl. and $6,000 in 1939.
27,000 public improvement bonds sold as 5;is. Due Sept. 1 as follows:
$2,000 from 1936 to 1938, incl. and 33.000 from 1939 to 1945,incl.
9,000 water bonds sold as 5Ms. Due $1,000 on Sept. 1 from 1396 to
1944. inclusive.
Each issue is dated Sept. 1 1934.
NORWICH, Chenango County, N. Y.
-The $44,000
-BOND SALE
coupon bonds offered on Sept. 21-V. 139, p. 1583-were awarded as 4s
to tne National Bank & Trust, Co. and the Chenango County National
Bank & Trust Co., both of Norwich, jointly, at a price of 100.50. a basis
of about 3.90%. The sale consisted of:
$18,000 fire truck purchase bonds. Due Jan. 1 as follows: $500 from
1935 to 1938 incl.; 31,000, 1939 and 1940; 35,000, 1941 and 1942
$3.000 In 1943. and $1,000 in 1944.
15,000 Series YY emergency relief bonds. Due Jan. 1 as follows: $500
from 1935 to 1938 incl.: $1,000, 1939 and 1940; $4,000, 1941 and
1942, and $3,000 in 1943.
11,030 Series ZZ Civil Works Administration bonds. Due Jan. 1 as
follows: $500 from 1935 to 1940 incl.; $3,000, 1941 and 1942,
and $2,000 in 1943.
Each issue is dated Jan. 1 1.9..14. Other bids were as follows:
BidderRate Bid
Int. Rate
Manufacturers & Traders Trust Co
100.46
4
J. & W. Seligman & Co
100.13
45
Roosevelt & Weigold
100.20
457
Sherwood & Merrifield, Inc
100.11
OKEMAH, Okfuskee County, Okla.
-BONDS OFFERED-Sealed
bids were received until 1 p. m.on Sept. 25, by Mrs. T. D. Thomas, Town
Clerk, for the purchase of a $25,000 issue of water works extension bonds.
Interest rate to be named by bidder. Due 33,000 in 1937 and $2,000 from
1938 to 1948. incl. These bonds were approved by the voters on Sept. 4,
as reported in V. 139. p. 1745.
OLD BENNINGTON, Vt.-BOND SALE
-The $18.000 334% coupon
refunding bonds offered on Sept. 22-V. 139,p. 1745
-were awarded to
D. J. Keeler of Bennington at a price of 101.50, a basis of about 3.31%.
Dated Oct. 1 1934. Denom. $1,000. Due $1,000 on Jan. 1 from 1936
to 1953 incl. Callable on any interest payment date on 30 days' written
notice to holders. Interest payable in J. & J. Other bids were as follows:
BidderRate Bid
F. L. Putnam & Co
100.50
First National Bank of Bennington
10054
OLD SAYBROOK (P. 0. Saybrook) Middlesex County, Conn.
ADDITIONAL BOND SALE DETAILS
-In connection with the report in
-V. 139, p. 1903
-of the sale of $65,000 3.4% State Aid road bonds to
Coburn & Middlebrook of Hartford, we learn that the R. F. Griggs Co. of
Waterbury participated in the purchase of the issue and that the sale was
made on Sept. 17 at a price of par.
OLD WESTBURY, Nassau County, N. Y.
-BOND SALE
-The
$150,000 coupon or registered water works bonds offered on Sept. 25-were awarded as 3.60s. to Edward B. Smith & Co. Of
V. 139, p. 1745
New York, at a price of 100.409, a basis of about 3.57%. Dated Sept. 1
1934 and due Sept. 1 as follows: $10,000 in 1936 and $5,000 from 1937 to
1964, inclusive.
ONEIDA COUNTY (P. 0. Utica), N. Y.
-BONDS AUTHORIZED
The Board of Supervisors on Sept. 12 approved the issuance of 3248,000
sanatorium bonds.
ORANGEBURG COUNTY(P.O. Orangeburg),S. C.
-PURCHASERS
-In connection with the sale of the $50,000 refunding bonds, as 5s at par,
report of which was given in V. 139,p. 1,583, we are now advised that the
bonds were purchased by the First National Bank, the Southern National
Bank. the Bank of Cope. all of Orangeburg, and the First National Bank of
Holly Hill, jointly. Due from Sept. 1 1940 to 1959.
OREGON, State of (P. 0. Salem)
-The
-BOND DEBT REDUCED
following report is taken from a Salem news dispatch of Sept. 19:
"Oregon's bonded indebtedness was reduced more than 310,000.000
during the past six years, it was announced here to-day by Rufus C. Holman, State Treasurer. The announcement was made at the time he declared
he was paying about $1,500,000 principal and more than a million dollars
interest against the indebtedness outstanding on Oct. 1.
"The treasurer will pay $937,500 principal and 8599,585 Interest against
the $25,804,250 of Oregon highway bonds outstanding and k500.000
principal and $560,616 interest against the outstanding world war veterans'
State Aid Commission bonds of $25.875,000. The bonded indebtedness of
the State on Oct. 1 will be $52.645,510, as compared to $63,325,710 on
Oct. 1 1928."
OTTAWA COUNTY (P. 0. Port Clinton), Ohio-BOND SALE
The $17,000 coupon poor relief bonds offered on Sept. 24-V. 139. P. 1583
were awarded as 3s to Widmann. Holzman & Katz of Cincinnati, at par
plus a premium of $13.60. equal to 100.08, a basis of about 2.99%. Dated
Sept. 1 1934 and due as follows: 35,5011 March 1 and $5,700 Sept. 1 1937
and $5,800 March 1 1938. Other bids were as follows:
Bidderint. Bale
Premium
Port Clinton National Bank
5%
Par
Oak Harbor State Bank
4%
Par
Fox, Einhorn & Co
3%
Seasongood & Mayer
3Si %
$88..85
79 9
0
Provident Savings Bank & Trust Co
3 Si fy
28.90
Otis & Company
3g Iti
Johnson, Kase & Co
35%
72.00
OTTUMWA, Wapello County, Iowa-BOND SALE DETAILS
The $18,000 issue of improvement bonds that was purchased recently by
the Carleton D. Beh Co. of Des Moines
-V. 139, p. 1903
-is stated to
have been sold as 4s at par. They mature $2,000 annually from Nov. 1
1944 to 1952 inclusive.
OVERTON, Rusk County, Tex.
-BOND SALE
-It is stated by
Mayor Timberlake that the $110,000 issue of 5% water and sewerage
bonds approved by the voters on Aug. 14-V. 139, p. 1122-has since been
offered for sale without success. Due serially in 201 years.
OWOSSO, Shiaw
County, Mich.
-BOND OFFERING
-G. A.
Van Epps, City Clerk, will rsceive sealed bide until 7:30 p. m. (Eastern
Volume 139
Financial Chronicle
Standard Time) on Oct. 1 for the purdhase of $100,000 5% general obllgaHon sewage disposal plant bonds. Dated Oct. 1 1934. Due Oct. 1 as
follows: $8,000 from 1937 to 1945 incl. and $7,000 from 1946 to 1949 incl.
Principal and interest (A. & 0.) payable at the City Treasurer's office.
The city will furnish legal opinion and pay the cost of printing the bonds.
This issue was authorized at a recent election.
-V. 139, p. 1903.
OYSIER BAY (P. 0. Oyster Bay), Nassau County, N. Y.
-BOND
SALE
-The $19,800 coupon or registered bonds offered on Sept. 24-V.
-were awarded as &Xs to Roosevelt & Weigold of New York,
139, p. 1903
at a price of 100.20, a basis of about 4.23%. The sale consisted of:
$15,000 refunding bonds. Due $1,000 on Aug. 1 from 1939 to 1953 incl.
4.800 water works improvement bonds. Due Aug. 1 as follows: $800 in
1939 and $1,000 from 1940 to 1943 incl.
Each issue is dated Aug. 1 1934.
PAINESVILLE, Lake County, Ohio-BOND SALE
-The $5,000 5%
South Park Place improvement bonds recently authorized-V.139, p. 1903
have been purchased at par by the Cemetary Endowment Fund. Dated
Oct. 1 1434 and due $500 on Oct. 1 from 1936 to 1945 incl.
PARKER SCHOOL DISTRICT (P. 0. Yakima), Yakima County,
Wash.
-BOND ELECTION
-The County Treasurer states that an election will be held on Oct. 3 to vote on the proposed issuance of $11,000 in
school addition bonds.
PARMA, Ohio
-SUED ON BOND DEFAULTS
-Suit has been instituted against the city in Common Pleas Court seeking to compel payment
in cash of bonds defaulted in 1933. The bonds are part of an original
maturity of $469,000 which the city arranged to most on the basis of
11% in cash and 89% in refunding bonds. Over 75% of the holders
are reported to have agreed to the plan. To date all but $144.000 of the
original bonds have been paid in that manner and the $31.000 for which
the mandamus action has been started can only be paid similarly, in the
opinion of city officials.
PAYSON, Utah County, Utah-BOND ELECTION
-The City
Council called a special election for Oct.9 to vote on the issuance of $25.000
in water works improvement bonds.
PEKIN PARK DISTRICT, Tazewell County, Ill.
-ADDITIONAL
INFORMATION
-The $50,000 park bonds sold to the White-Phillips Co.
of Davenport, at a price of 102.30, not 102.25 as originally reported-V.
-bear 4% interest, are dated Sept. 1 1934 and mature serially
139, p. 1745
in from 1 to 20 years. Coupon in $500 denoms. Interest payable
in M.& S.
PEMBERVILLE,Wood County, Ohio.
-BOND ELECTION
-At the
general election on Nov. 6 the voters will consider an issue of $33,000 water
works and water mains construction bonds. This is the issue referred to
In
-V. 139, p. 1903.
PINE BLUFF, Jefferson County, Ark.
-BOND OFFERING-It is
reported that sealed bids will be received until 3.30 p. m. on Oct. 23, by
It. E. Lee, City Clerk, for the purchase of an $80,000 issue of 4% semi-ann.
drain and sewer bonds.
PINE BLUFF, Jefferson County, Ark.
-BONDS TO BE RE
-OFFERED
- is reported that the city will again advertise for sale $80,000 in drainage
It
and sewer bonds that were authorized at a special election on Nov. 21
1933, to pay for the city's share of a $320,000 sewerage project. It is said
that this action was necessitated by the city's failure to complete a contract
with Public Works Administration, the PWA declining to purchase the
bonds after work had been started, leaving several bills to be met on the
program.
PITTSBURGH, Allegheny County, Pa.
-FINANCIAL CONDITION
ANALYZED
-Malcolm E. Lambing of the statistical department of the
Peoples-Pittsburgh Trust Co. Pittsburgh, recently prepared for the
Pittsburhg"Post Gazette" a series of three articles on the financial condition
of the city and the factors underlying its credit position. The newspaper
published the articles in its issues of Sept. 17 to 19 incl,
PORT HURON SCHOOL DISTRICT, Saint Clair County, Mich.
BONDS AUTHORIZED-The Board of Education voted in special meeting on Sept. 17 to issue $50,000 4X% school building bonds. Dated
Nov. 1 1934. Denom. $1,000. Due Nov. 1 as follows: $2,000 in 1937
and $3,000 from 1938 to 1953 incl.
PORT HURON SCHOOL DISTRICT, St. Clair County, Mich.
BOND OFFERING-J. C. Sloan, Business Manager of the Board of Education, will receive sealed bids until 7:30 p. m. (Eastern Standard Time) on
% coupon auditorium and gymnasium
Oct.8 for the purchase of $50,000
bonds. Dated Dec. 1 1934. Denom. $1,000.
Due Dec. 1 as follows:
$2,000 in 1937 and $3,000 from 1938 to 1951 incl. Principal and interest
(May and Dec. 1) payable at the National City Bank, New York. A
certified check for $1,000, payable to toe order of Earl Madill, District
Treasurer, must accompany each proposal. Successful b:dder to furnish at
own expense printed bonds and attached interest coupons, the copy to be
furnished by the district. The district will not be liable for any attorney
fees or expenses in connection with establishing the legality of the bonds.
A copy of the bond proceedings will be furnished the successful bidder by
the Board of Education. Inquiries by prospective bidders regarding the
proceedings should be addressed to Frank R. Schell, Attorney for the
Board, 7-8 Stewart Block, Port Huron, Mich.
PORTSMOUTH CITY SCHOOL DISTRICT, Scioto County, Ohio
PROPOSED BOND ISSUE
-The Board of Education plans to issue $30.410
bonds for the purpose of retiring indebtedness outstanding as of July 1
1934. This includes $22,529 of bond principal. Attorney-General-John
Bricker is reported to have ruled the bond issuance mandatory.
POWDER SPRINGS, Cobb County, Gs.
-BONDS VOTED
-At
-approval was given to the
the election held on Sept. 10-V. 139, p. 1438
proposal to issue $12,000 in 4% water system bonds.
RECONSTRUCTION FINANCE CORPORATION-REPORT ON
LOANS MADE TO DRAINAGE AND IRRIGATION DISTRICTS.
-The
following announcement was made public by the above Corporation on
Sept. 19:
'Loans for refinancing a drainage district in Washington; an irrigation
district in New Mexico; two irrigation districts and one reclamation district
in California, and an irrigation district in Nebraska, a total of $1,801,000,
and a rehabilitation loan for a drainage district in Illinois amounting to
(64,700, have been authorized by the Reconstruction Finance Corporation.
This makes*a total to date of $70,635,708.46 authorized under the provisions
of Sec. 36 of the Emergency Farm Mortgage Act of 1933, as amended."
The districts are:
Sub-district C of Drainage Improvement District No. 7,
Yakima County, Wash
$20,500
Bluewater-Toltec Irrigation District, Valencia County N. M..152,500
El Dorado Irrigation District, El Dorado County, Calif
360.500
Reclamation District No, 108, Colusa and Yolo Counties, Calif_ 1,145,500
Newport Heights Irrigation District, Orange County, Calif_ __ _
101,000
Ramshorn Irrigation District, Scotts Bluff County Neb
21,000
Hartwell Drainage and Levee District, Greene Colmty, 111,-.
64.700
(This loan is for rehabilitation in connection with a refinancing loan
previously authorized, in the amount of $96.576.10.)
The following statement was made public by the Corporation on Sept. 22:
Loans for refinancing a water control and improvement district in
Texas; an irrigation district in Montana; a drainage district in Mississippi;
a drainage district in Arkansas; a drainage district in South Carolina,
and a drainage district in Illinois. a total of $1,184,000. and a rehabilitation
loan for an irrigation district in Montana amounting to $15,000, have
been authorized by the RFC. This makes a total to date of $71,814,208.46
authorized under the provisions of Sec. 36 of the Emergency Farm Mortgage Act of 1933, as amended. The districts are:
Hidalgo County Water Control and Improvement District No. I.
Hidalgo County, Tex
$902,500
11,000
Long Creek Drainage District No. 3, Panola County, Miss
Pulaski-Lonoke Drainage District, Cabot, Ark
31,000
High Hill Drainage District, Florence County, S.
26,000
Indian Grave Drainage District, Adams County, III
148.500
Lockwood Irrigation District, Yellowstone County, Mont.:
For refinancing
50,000
15.000
For rehebilitation
-A special
REDFIELD, Spink County, S. Dak.-BOND ELECTION
election will be held on Oct. 2, according to report, to pass on the issuance
of $15.000 in 5% semi-ann. dam construction bonds. Denom. $500. Due
$1.000 from Dec. 1 1935 to 1949, inclusive.
-BONDS DEFEATED
REHOBOTH BEACH, Sussex County, Del.
At an election held on Sept. 16 a proposal to issue $165.000 sewer system
bonds was defeated by a vote of 9,906 to 4,919.
2085
RISING CITY, Butler County, Neb.-BONDS SOLD
-The $10,800
in water works improvement bonds that were authorized in August by the
Council
-V. 139, p. 968
-is said to have been purchased by local banks.
ROANOKE, Roanoke County, Va.-NOTES AUTHORIZED-The
Oity Council is reported to have passed a resolution recently authorizing
the issuance of $200,000 in 3% current expense notes. Due on Dec.7 1934.
ROCHESTER, Monroe County, N. Y.
-BOND OFFERING-Paul B.
Aex, City Comptroller, will receive sealed bids until 12 m. (Eastern
Standard 'rime) on Oct. 3, for the purchase of $990,000 4% coupon bonds.
divided as follows:
$640,000 series of 1934 school bonds. Due Feb. 1 as follows: $49,000 from
1939 to 1950, incl.; $43,000. 1951 and 1952 and $26,000 in 1953.
350,000 series of 1934•Elmwood Ave. bridge bonds. Due Feb. 1 as follows:
$18.000, 1935 to 1939. incl.; $17,000. 1940 to 1954. incl. and
$5.000 in 1955.
Each issue is dated Feb. 1 1934. Principal and interest (F. & A.) payable at the paying agent of the City in New York City. A certified check
for 2% of the bonds bid for, payable to the order of the City Comptroller,
must accompany each proposal. Legal opinion of Reed, Hoyt & Washburn of New York will be furnished the successful bidder.
-PROPOSED BOND SALE
ROCHESTER, Monroe County, N. Y.
The City plans to offer for sale within a fortnight an issue of $1,000,000 poor
relief bonds.
-BONDHOLDERS' PETIROYAL OAK, Oakland County, Mich.
TION FOR MANDAMUS ORDER DENIED-A petition filed by holders
of $3,000,000 of bonds in the Oakland County Circuit Court for a writ of
mandamus to compel the City to use general operating funds in order to
Pay past due debt service charges was denied in a joint opinion signed by
the three members of the Court on Sept. 18, according to report. The
Court held, however, that unless a refunding plan is negotiated by the
City, the debt service requirements will have to be included in next year's
budget, it is said.
COUPON PAYMENT
-It is announced that payment will be made on
Oct. 1 at the office of Minnie N. Reeves, City Treasurer, of interest coupons
due Oct. 1 1934 on water mortgage bonds dated April 1 1927. Coupons
may be presented or mailed for payment at the Treasurer's office on Oct. 1
or within thirty days thereafter.
-The $40,000 issue of
SAC CITY, Sac County, Iowa-BOND SALE
sewer outlet and purifying plant bonds offered for sale on Sept. 24-V. 139.
-was awarded to the Iowa-Des Moines National Bank & Trust_Co.
P. 1904
8
of Des Moines, as 3%s, paying a premium of $272, equal to 100.68.
ST. ANTHONY INDEPENDENT SCHOOL DISTRICT NO. 2
-BOND SALE DETAILS
(P. 0. St. Anthony) Fremont County, Ida.
-The $30.000 issue of 4X% refunding school bonds that was purchased by
-V. 139, 1)• 1746 was
the State Department of Public Investments
awarded at par. Coupon bonds dated July 1 1934. Denomination $10,000
each. Due in 20 years. Interest payable J. & J.
ST. CHARLES, St. Charles County, Mo.-BOND OFFERING
Sealed bids will be received until 7.30 p. m. (Central Standard Time) on
0
Oct. 1, by A. J. Moerschel, City Treasurer, for the purchase of a $65,0 0
issue of water works bonds. Interest rate to be determined after bids are
received in multiples of X of 1%. Denom. 111,000. Dated Oct. 1 1934.
Due on Apr. 1 as follows: $4,000. 1939 to 1953. and $5,000 in 1954. Any
or all of said bonds shall be callable for payment prior to maturity on 30 days'
notice in writing to the Mississippi Valley Trust Co. in St Louis, on any
interest payment date on or after April 1 1940, after which date or dates
said bonds shall cease to bear interest. Principal and int.(A & 0) payable
at the Mississippi Valley Trust Co. in St. Louis. The approving opinion
of Claude S. Tuttle, City Attorney, and Benj. H. Charles, of St. Louis.
will be furnished. Bids to be submitted on a form furnished by the City
Treasurer. The award of said bonds will be made to the highest bidder at
par or better on the lowest interest rate. These bonds were approved by
the voters at an election on Sept. 8-V. 139. p. 1746. These bonds are full
faith and credit obligations, payable by an unlimited ad valorem tax
authorized by Section 6837, Mo. Stat., 1929, to be levied upon all the
taxable property in the city. A certified check for 2% of the amount of
bonds bid for, payable to the City Treasurer, is required.
-The
-BOND SALE
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
$615,000 issue of 4% semi-ann. county road bonds offered for sale on
-was purchased by a syndicate composed of the
Sept. 20-V. 139, p. 1746
First & American National Bank, the Northern National Bank, both of
Duluth, Thrall, West & Co., the Wells-Dickey Co. the First National
'
Bank & Trust Co.,the Northwestern National Bank & Trust Co.and Piper,
Jaffry & Hopwood. all of Minneapolis, the First National Bank, and Kalman & Co., both of St. Paul, paying a premium of $500, equal to 100.081,
a basis of about 3.98%. Dated Aug. 11934. Due from Aug. 1 1935 to
1942.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 19
-The $32,500 issue of funding
(P. 0. Floodwood), Minn.
-BOND SALE
-was
and refunding bonds offered for sale on Sept. 24-V. 139, p. 1746
purchased by the Allison-Williams Co. of Minneapolis, at par. Dated
Oct. 1 1934. Due from 1937 to 1957. No other bids were received.
ST. LOUIS COUNTY SANITARY SEWER DISTRICT, Mo.GRANT APPROVED BY FEDERAL GOVERAMENT-The following announcement was made public by the Public Works Administration on
Sept. 22:
"Allotment of a grant of $1,349,000 to the Sanitary Sewer District of
St. Louis Count), Mo.. was announced to-day by PWA Administrator
Harold L. Ickes.
"The allotment is to cover 30% ofthe estimated cost oflabor and materials
required for construction of approximately 126 miles of trunk sewers, and
will be a gift from the Government to encourage the city to undertake
this employment-creating construction work.
"Construction of these sewers is estimated to create employment for an
average of 1,200 on the site for 20 months, and more than that amount of
indirect and industrial employment will be furnished by production of
materials. The total cost of the project is estimated at $5.722.000.
"The allotment of the grant announced by Administrator Ickes is conditioned upon the favorable outcome of an election to be held in St. Louis
on Tuesday, Sept. 25, on the question of issuing bonds to pay the balance
of the cost of the project above the gift from the Government. If the
election carries the allotment will stand, but if the election fails the allotment will be rescinded."
ST. LOUIS COUNTY SANITARY SEWER DISTRICT (P. 0. Clay-At the special election held on Sept.
ton), Mo.-BONDS DEFEATED
-the voters decisively defeated the proposition calling'for
25-V. 139, 1277
the issuance of the $5,878,000 in bonds for the construction of a modern
sewer system in the county. The vote on the measure was 8.156 "for"
to 10,320 "unfavorable."
SALEM, Columbiana County, Ohio-BOND REFUNDING
-The City Council is arranging to refund $78.369.39 bonds
PLANNED
which have already matured or will be payable before Oct. 31.
-A
SALT LAKE CITY, Salt Lake County, Utah-NOTE SALE
$250,000 issue of tax anticipation notes was sold on Sept. 20 to the Walker
Bank & Trust Co. of Salt Lake City, at a price of .91%. Dated Oct. 1
1934. Due on Dec. 15 1934.
SAN BERNARDINO VALLEY JUNIOR COLLEGE DISTRICT
-BOND ELECTION.
-An election will
(P. 0. San Bernardino), Calif.
be held on Oct. 19 to vote on the issuance of $268,000 in school building
bonds, to finance a portion of a contemplated $350,000 construction program. (The tentative report on this election appeared in V. 139. p• 1904.)
-BOND OFFERING-Sealed
SAN DIEGO, San Diego County, Calif.
bids will be received until 11 a.m. on Oct. 9, by Allen H. Wright, City Clerk.
for the purchase of a $2,323,000 issue of 5% coupon El Capitan Dam bonds.
Denom. $1,000. Dated Jan. 1 1925. Due on Jan. 1 as follows: $74,000,
1935 to 1956: $75,000, 1957 to 1959; $74,000, 1960 to 1963, and $87,000
in 1964 and 1965.
These bonds are part of a $4,500.000 issue authorized at an election
held on Nov. 18 1924. All of said bonds were heretofore and on Jan. 3
1933 sold to the Reconstruction Finance Corporation at par and accrued
interest, under an agreement entered into between the board of directors
of the RFC and the City of San Diego. Under the terms of said agreement
an exclusive option was granted to the City of San Diego to repurchase said
bonds (for the purpose of a resale thereof to private or public bidders)
from the RFC at any time prior to Jan. 1 1935. provided, however, that
the said exclusive option might be terminated sooner upon 60 days' written
notice being given to the City of San Diego, The City of San Diego has
2086
Financial Chronicle
elected to offer said bonds for public sale and in the event any bid is accepted,
arrangements will be made with the RFC for the delivery of said bonds
and payment therefor in pursuance of the terms of said option above
noted. All sales will be at not less than par, including interest at 5%
per annum from July 1 1934 to the date of delivery. All of said bonds
(but not less than all) will be sold to the highest and best bidder,the Council
reserving the right to reject any or all bids. The successful bidder shall be
required to take all of said bonds, if awarded to him, at the rate fixed,
forthwith upon the acceptance of his bid. The delivery of said bonds
and payment therefor will be accomplished by arrangement with the
City of San Diego.the RFC and the Federal Reserve Bank. The approving
opinion of O'Melveny,Tuller & Myers,Esqs.of Los Angeles, will be furnished.
Enclose a certified check for 1% of the amount bid, payable to the City
Treasurer.
SAN FRANCISCO (City and County), Calif.
-LIST OF BIDS
-The
following is an official statement on the bids received for the $3,000,000
tax anticipation notes that were awarded on Sept. 17 to the E. 0. Hutt
linger Co.of San Francisco at 0.60% plus a premium of$25-V. 139, p.1904:
Holbrook, Mitchell & Richardson, Inc.
-Our bid on the notes. totaling
$3.000,000, is at the rate of 0.64% interest plus a premium of $11.
E.0. Huttlinger Co.(successful bid)
-For all, but not any part less than all,
of $3,000,000 notes of San Francisco, to be dated as of day of delivery
thereof and to be payable to bearer on Dec. 20 1934, bearing interest at
the rate of 60-100 per annum, we bid you the sum of $3,000,025.00.
Bankamet*ica Co.- or the 53.000,000 notes; said notes to be dated as of
day of delivery thereof and to be payable to bearer on Dec. 20 1934;
said notes to bear interest at the rate of 85-100ths of 1% per annum;
said interest to be paid at maturity of said notes.
SAN MATEO COUNTY (P. 0. Redwood City), Calif.
-BONDS
DEFEATED
-We are informed by the County Clerk that at the election
on Aug. 14-V. 139, p. 807
-the voters defeated the issuance of $450,000
in 4% harbor improvement bonds by a count of 11.830 "for" to 16,278
"against."
SCHENECTDAY, Schenectady County, N. Y.
-MA Y VOTE ON
CITY
-MANAGER PROPOSAL
-Petitions bearing 3,000 signatures requesting the Common Council to place before the voters at the November
election the question of adopting the council-manager form of city government were filed recently with the city by representatives of the Charter
League.
SCHLESWIG, Crawford County, Iowa
-BONDS DEFEATED
-At
the election on Sept. 17-V. 139. p. 1585
-the voters defeated the proposal
to issue $30,000 in water works bonds, the count being 85"for" to 89"nay."
SEDGWICK COUNTY (P. 0. Wichita), Kan.
-BOND ISSUANCE
CONTEMPLATED
-The'Board of County Commissioners is expected to
authorize the issuance of $200,000 in poor relief bonds.
SELMAR, McNairy County, Tenn.
-BOND SALE
-The City Clerk
reports that the $74,000 water works and sewage system bonds authorized
in June
-V.138, p. 3986-were purchased on Aug. 29 by the Public Works
Administration. as 4s at par.
SENECA COUNTY (P. 0. Tiffin), Ohio
-BOND SALE
-The $25,000
emergency poor relief bonds offered on Sept. 25-V. 139, P. 1585
-were
awarded as 3s to Otis & Co. of Cleveland at par plus a premium of $82,
equal to 100.328, a basis of about 2.86%. Dated July 1 1934 and due as
follows: $850 Sept. 1 1934; $750 March 1 and $800 Sept. 1 1935; $800
March 1 and Sept. 1 1936; $6,800 March 1 and $7,000 Sept. 1 1937, and
$7,200 March 1 1938.
Sept. 29 1934
Mr.Tatum later stated that bids for the purchase of $164,600 bonds would
be received until 12 M. on Oct. 15 at the office of the District Secretary.
They will be in $1,000 denoms., except one bond for $600. Due serially
from 1936 to 1940 had. Legality to be approved by Squire, Sanders &
Dempsey of Cleveland.
STOCKTON PORT DISTRICT (P. 0. Stockton), San Joaquin
County, Calif.
-BONDS NOT SOLD-The following report is taken from
a San Francisco dispatch to the "Wall Street Journal'of Sept. 27:
"Stockton Port District rejected the two bids received for its offering of
$300000 of bonds Tuesday. Issue will probably be a readvertised for sale
within two months. High bid was premium of $1,069 for 5s submitted by
Bancamerica Co. syndicate. Group headed by R. H. Moulton & Co.
offered par for $50,000 as 5%s with remainder as 55."
STURGIS SCHOOL DISTRICT, Saint Joseph County, Mich.
BOND EXCHANGE
-W.L. Adams, Superintendent of the Board of Education, states that exchange has been made of $20,000 refunding bonds for
a like amount of bonds which matured this year.
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-BOND ISSUE
AUTHORIZED-The Board of Supervisors on Sept. 25 authorized the
issuance of the 1250.000 6% work relief bonds previously mentioned in
V. 139, p. 1747.
SUMMERS COUNTY (P. 0. Hinton), W. Va.-BONDS AUTHORIZED
-The County Court is said to have authorized an issue of $36,000
in Memorial Building bonds, upon which the voters will pass at the general
election in November. (A loan and grant of $51,000 has been approved by
the Public Works Administration.)
-BOND REFUNDING
SUMTER COUNTY (P. 0. Bushnell), Fla.
PLEA CONTINUED
-In connection with the report given in V. 139,
P. 1277, of the proposed plan of readjustment on the bonded debt of this
county, we quote as follows from the Jacksonville "Times
-Union" of
September 19:
"A hearing on application of Sumter County for permission to refund
its bonds, under the terms of the Wilcox Bankruptcy Act, was continued
yesterday until November. The hearing was before Federal Judge Louie
W. Strum, who ruled the Act required notice of 90 days, after the date
of publication, before a final order could be granted.
'Judge Strum, however, heard arguments on a proposal to permit
favorable bondholders to exchange their bonds for the refunding issue
pending a final decision on the petition. The arguments will be continued
this morning.
"Sumter County is the first political unit in Florida to invoke the Wilcox
law, enacted at the last session of Congress. A petition of bankruptcy
setting forth a plan of readjustment of the county's debts was filed in
Federal Court on July 25."
SWAN CREEK TOWNSHIP FRACTIONAL SCHOOL DISTRICT
-Local investors recently purchased $5,000
NO. 2, Mich.
-BOND SALE
5% coupon bonds at a price of par. Dated June 1 1934. Due $1,000 each
Year from 1935 to 1939. inclusive.
-BONDS VOTED-It is
SWEETWATER, Nolan County, Tex.
reported by the City Manager that at the election on Sept. 18-V. 139,
p. 1277
-the voters approved the issuance of the $122,000 in 4% water
revenue bonds, by a wide margin. Dated Aug. 15 1934. Due in 1959.
-NOTE SALE
SYRACUSE, Onondaga County, N. Y.
-The $2,000.-were
000 tax anticipation notes offered on Sept. 24-V. 139. p. 1905
awarded to Halsey. Stuart & Co., Inc., and the Bancamerica-Blair Corp.,
both of New York jointly at 1.69% interest, at par plus a premium of
SHAKER HEIGHTS CITY SCHOOL DISTRICT, Ohio
-BOND
$17. Dated Sept. 25 1934 and due March 26 1935. The bankers made
'
OFFERING-J. W. Main, Clerk-Treasurer of the Board of Education, will
public reoffering of the notes priced to yield 1.25%. The demand from
receive sealed bids until 12 m. on Oct. 15 for the purchase of $134,500
Investors resulted in the early resale of more than half of the issue. The
5% refunding bonds. Dated Oct. 1 1934. Denom. $500. Due Oct. 1
notes are stated to be legal investment for savings.banks and trust funds
as follows: $13,500, 1939; 513,000, 1940; 514,000. 1941; $13,000, 1942;
in New York State. The interest rate of 1.69% in the current instance
514.000, 1943; 513,000, 1944; 514.000, 1945; 513,000, 1946; $14,000. 1947,
compares with that of 4%% at which 5600.000 six months' notes were sold
and $13,000 in 1948. Redeemable in whole or in part on Oct. 1 in any year
-V. 139. p. 1747. The City Treasurer recently reearly in September
from 1939 to 1947, incl. Prin. and int.(A. & 0.) payable at the office of
ported that of the $9,014.803 real estate taxes for 1934, collections had
the above-mentioned official. Bids for the bonds to bear interest at a
amounted to $5,417.616.64. or 61% of the total amount due. Penalties
rate other than 5%,expressed in a multiple of X of 1%, will also be conwill be imposed after Sept. 30, it is said. Collections on account of the
sidered. A certified check for 5% of the bonds bid for, payable to the order
levies for 1931, 1932 and 1933 have amounted to more than 90%. Other
of the District Clerk, must accompany each proposal. Previous mention
bids for the $2,000,000 notes just sold were as follows:
of this issue appeared in V. 139, p. 1746.
Int. Rate
Bidder• NOTICE TO BONDHOLDERS
-In a letter sent to bondholders under
•
Chemical Bank & Trust Co. Ladenburg, Thalmann & Co., Lehman
date of Sept. 22, Mr. Main stated that the above bonds represent half of
Bros., Manufacturers & Waders Trust Co., R. W.Pressprice & Co.
the bond principal due Oct. 1 1934 and if no buyer Is found they will be
2.00
and Stone & Webster and Blodget, Inc.(plus $15 premium)
offered in exchange for a like amount of maturing obligations, with the
3.59
First National Bank of Boston
balance of 50% due to be paid in cash. Interest coupons will be paid when
Faxon, Gade & Co
3.73
due at the Cleveland Trust Co., Cleveland, Payment of maturing bonds or
TAMA COUNTY (P. 0. Toledo), Iowa-BOND OFFERING-It is
exchange of refunding obligations will be made there as well. Bondholders
reported that bids will be received until Oct. 2 by the County Treasurer,
are asked to furnish the above-mentioned official with names and addresses
for the purchase of an issue of $105.000334% semi-annual refunding bonds.
and number of bonds, in order that they may be advised as to the course
to be followed by the district.
TARBORO, Edgecombe County, N. C.
-NOTE SALE
-A $15,000
issue of notes is said to have been sold on Sept. 25 by the Local GovernSHAKER HEIGHTS, Ohio
-BOND OFFERING
-E. P. Rudolph,
ment Commission to the Security National Bank of Tarboro, at 5%. Phis
Director of Finance, will receive sealed bids until 12 m. on Oct. 13 for the
a premium of $10.
purchase of $688,000 4 X% series C refunding bonds of 1934. Dated
Oct. 1 1934. Due Oct. 1 as follows: $68,000, 1939; 369,000 from 1940 to
-COMMITTEE REPORT ON RETEXAS, State of (P. 0. Austin).
1947 incl. and $68,000 in 1948. Redeemable in whole or in part in any
LIEF BILL ACCEPTED-The following report is taken from an Austin
year on Oct. 1 from 1939 to 1947 incl. Principal and interest (A. & 0.)
dispatch to the "Wall Street Journal" of Sept. 26:
payable at the office of the Director of Finance. A certified check for
"The Free Conference Committee report on the unemployed relief bond
5% of the bonds bid for, payable to the order of the above-mentioned
bill was adopted by the House and Senate, Tuesday. It authorized the
official, must accompany each proposal.
Issuance and sale of $6,000,000 State bonds bearing 4 X% interest. All
revenue of the State, except that from the tax on real property, is pledged
SHEFFIELD TOWNSHIP SCHOOL DISTRICT, Ohio
-BOND
for the payment of interest and principal of the proposed issue."
SALE
-The National Bank of Ashtabula recently purchased an issue of
12.700 deficiency bonds.
THREE RIVERS, Live Oak County, Tex.
-BONDS VOTED- t an
election held in June the voters are said to have approved the issuance
SHENANGO TOWNSHIP SCHOOL DISTRICT (P. 0. New Castle,
of $21,000 in water works bonds.
R. F. D. No. 6), Lawrence County, Pa.
-BOND SALE
-The 310,000
6% bonds offered on Sept. 24-V. 139. p. 1747
TIFTON,Tift County, Ga.-BOND ELECTION CONTEMPLATED
-were awarded to Glover
& MacGregor of Pittsburgh. Dated July 2 1934 and due $2,000 on July 2
It is said that an election will be held soon to vote on the issuance of 510.000
from 1935 to 1939 inclusive.
In gymnasium bonds. A loan and grant has been approved on this project
by the Public Works Administration. •
SIOUX CITY, Woodbury County, Iowa-BOND SALE
-The three
-SniL
116
issues of bonds aggregating $100.000, offered for sale on Sept. 26-V. 139,
-An
TILLAMOOK, Tillamook County, Ore.
-BOND ELECTION
p. 1905
-were awarded as follows:
election is said to be scheduled for October 9 to vote on the issuance of
$70,000 bridge bonds to Halsey, Stuart & Co. of Chicago, as 3%s, paying
$15,000 in 4%% water refunding bonds.
•
a premium of 5760, equal to 101.08, a basis of about 3.39%. Due
TOLEDO, Lucas County, Ohio
-DEBT ADJUSTMENT PLAN
from July 1 1936 to 1950.
APPROVED
-The City Council adopted a resolution on Sept. 19 formally
15,000 improvement bonds and $15,000 grading bonds to the Security
approving the debt adjustment plan reached with representatives of bondNational Bank of Sioux City, as 3s, paying a premium of 325,
holders following a series of conferences
-V. 139. p. 1905. The plan proequal to 100.08, a basis of about 2.98%. Due from July 1 1936 to
vides for the refunding of about $3,500,000 defaulted and maturing bonds
1939, callable on any interest payment date prior to maturity.
at 4)4% interest and the use by the City of $1,500,000 debt service money.
SIOUX FALLS INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
on hand Sept. 1, for payroll requirements during the remainder of the year.
Falls), Minnehaha County, S. Dak.-BOND SALE
-The Clerk of the
Adoption of the plan came after members of the Finance Committee of the
Board of Education states that the 8600,000 issue of 4% semi-annual school
Council had abandoned their efforts to pay only 3% interest on the refundbonds offered for sale on Sept. 17, the award of which was deferred
- ing bonds. The average rate carried on the old obligations is 4.64%.
V. 139. p. 1905
-has been awarded to the Public Works Administration,
In connection with the settlement of the bond default problem, it became
at par. Dated Aug. 15 1934. Due from Aug. 15 1937 to 1954.
known that an organization has been formed, known as the Toledo Floating
Debt Owners' association, for the purpose of protecting the rights of holders
SPOKANE, Spokane County, Wash.
-BONDS CALLED
-The City
of about $2,000,000 in claims against the City. This figure includes
Treasurer is reported to be calling for payment at his office, various local
$880,000 of outstanding scrip. City officials declare that provision for the
improvement district bonds.
retirement of the indebtedness will be made if the proposed $2,000,000
STREETMAN, Freestone County, Tex.
deficiency bond issue Is authorized by the voters at the general election on
-BOND ELECTION
-It if
said that an election will be held on Oct. 15 to vote on the issuance of
Nov. 6. Representatives of the bondholders have assured the City of their
$14,000 in 4% water works construction bonds. (A loan and grant os
intention to assist in the disposition of the issue if it is approved by teh
$36,000 was approved in August by the Public Works Administration
voters.
-V.139, p. 960.)
TOLEDO SCHOOL DISTRICT, Lucas County, Ohio
-SEEKS
SPRINGBORO SCHOOL DISTRICT, Crawford County, Pa.
-The agreement reached last week
- RELIEF FROM DEBT CHARGES
BOND ISSUE APPROVED
-The Pennsylvania Department of Interna,
between the City Administration and representatives of holders of City of
Ahairs announced on Sept. 17 its approval of an issue of $10.000 school
Toledo bonds, providing for the refunding of defaulted principal maturities
building bonds.
and the use by the City ofdebtservice funds for general operating purposes
V. 139, p. 1905
-has served to impress on officials of the School District
SPRINGBORO SCHOOL DISTRICT, Crawford County, Pa.
the necessity of obtaining similar concessions from its bond creditors, acBOND OFFERING-Mrs. Blanche Thornton, Secretary of the School
cording to the Toledo "Blade" of Sept. 19. A refunding of outstanding
Board, will receive sealed bids Until 5 p. m. on Oct. 5 for the purchase
school bonds is considered inescapable in the light of the present status of
of $10,000 5% coupon school bonds. Dated Sept. 10 1934. Denom.
the District's finances, it is said.
$500. Due Sept. 10 as follows: $500 from 1936 to 1950 incl.; $1,000. 1951;
TORONTO, Jefferson County, Ohio
-PROPOSED BOND ISSUE
$500 in 1952, and 11,000 in 1953 and 1954.
The City Council has adopted a resolution providing for the issuance
SPRINGFIELD CONSERVANCY DISTRICT, Ohio
-PLANS BOND
of $18,000 refunding bonds. The State Bureau of Inspection and SuperISSUE
-The District plans to issue $250,000 bonds in order to finance its
vision of Public Offices has been asked to approve the issue.
share of the cost of the Buck Creek channel improvement project. Members of the Board of Directors conferred with Stewart L. Tatum, Counsel to
-At an
TREMONTON, Box Elder County, Utah-BONDS VOTED
the District, on Sept. 18 regarding the proposed issue.
election held on Sept. 18 the voters are said to have approved the issuance
Volume 139
Financial Chronicle
of $16,000 in water bonds. It Is expected that these bonds will soon be
offered for sale.
-A special
TRIPP, Hutchinson County, S. Dak.-BOND ELECTION
election will be held on Oct. 3 to vote on the issuance of $7.500 in 5%
semi-annual water works bonds. Due over a period of 20 years.
TROY, Rensselaer County, N. Y.
-BOND SALE
-The $450,000
coupon or registered, unlimited tax, general obligation bonds offered on
Sept. 25-V. 139, P. 1905
-were awarded as 330 to Phelps, Fenn & Co.
and R. L. Day & Co., both of New York, jointly, at par plus a premium of
$198„ equal to 100.04, a basis of about 3.49%. The sale consisted of:
$235,000 emergency welfare bonds. Due Oct. 1 as follows: 520.000 in
1936 and 1937; $25,000, 1938 to 1940 incl. and $30,000 from
1941 to 1944 incl.
210,000 refunding bonds. Due April 1 as follows: $20,000 from 1936
to 1938 incl. and $25,000 from 1939 to 1944 incl.
5,000 highway bonds. Due Oct. 1 1936.
Each issue is dated Oct. 1 1934. The bankers are re-offering the bonds
for public investment at prices to yield from 1.75% to 3.50%, according
to maturity. They reported an extremely favorable demand for the obligations from investors. An official list of the other bids follows:
BidderRate of Int. Amt. Bid
George B. Gibbons St Co., Graham,Parsons & Co.,
Bacon, Stevenson & Co., Roosevelt Sr Weigold,
$452,925.00
Inc
35i%
E. H. Rollins & Sons. Inc., A. C. Allyn & Co., Inc.. 3 %
451,723.50
G. M.
-P. Murphy & Co., Burr & Co., Chas. A.
Stone & Co., Troy, N. Y
100.31
3 %
National City Bank, Troy, N.Y
450,130.50
3 4%
Manufacturers & Traders Trust Co
452,425.50
4%
Halsey-Stuart Co., Bancamerica-Blair Corp., Darby
& Co
450,702.00
4%
TROY SCHOOL TOWNSHIP (P. 0. Tell City) Perry County, ind.
-WARRANT SALE
-The $5.000 6% registered warrants offered on
Sept. 24-V. 139, p. 1586-were purchased at a price of par by the Tell
City National Bank, the only bidder. Dated Aug. 10 1934 and due $1,250
on Aug. 10 from 1935 to 1938. inclusive.
TULSA, Tulsa County, Okla.
-BOND ELECTION
-It is stated by
Mayor T. A. Penney that at the regular election on Nov. 6 the $100,000
relief bonds mentioned in V. 139, p. 1747. will be up for a vote, in order
that these funds may be used in connection with Federal Emergency Relief
Administration projects for relief purposes.
UNION COUNTY(P.O. Marysville) Ohio
-BONDS AUTHORIZED
The County has received permission from State authorities to issue $10,000
poor relief bonds.
VAN BUREN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Dayton), Montgomery County Ohio
-BOND OFFERING-George L.
Ernst, Clerk of the Board of Education, will receive sealed bids until
12 m. (Eastern Standard Time) on Oct. 6 for the purchase of 343.500
refunding bonds, divided as follows:
$23,000 5% bonds. Denom. $500. Due April 1 as follows: $1,500 from
1939 to 1942 Incl.; $2.000 from 1943 to 1945 incl.; $3.500 in 1946
and 1947 and $4,000 in 1948.
10,0004% bonds. Denom. $1,000. Due $1,000 on April 1 from 1939 to
1948 incl.
7.000 6% bonds, Denom. $1,000. Due $1,000 on April 1 from 1939 to
1945 incl.
2.6005% bonds. Denom. $500. Due $500 on April 1 from 1939 to 1943
incl.
1,000 6% bonds. Denom.$500. Due $500 on April 1 in 1944 and 1945.
All of the bonds are dated April 1 1934. Interest payable in A. & 0.
Bids for the bonds to bear interest rates other than those above Indicated
will also be considered. A certified check for $500, payable to the order
of the Board of Education, must accompany each proposal.
VAN HORN COMMON SCHOOL DISTRICT (P. 0. Van Horn)
Culberson County, Tex.
-BONDS VOTED
-The voters are said to have
approved recently the Issuance of $12,000 in school construction bonds.
VINTON COUNTY (P. 0. McArthur), Ohio
-BOND OFFERING
George A. Knox, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on Oct. 13 for the purchase of $9,000 not to exceed
6% interest poor relief bonds. Dated Sept. 1 1934. Due as follows: $2,900
March 1, and $3,000 Sept. 1 1937, and $3,100 March 1 1938. A certified
check for $500, payable to the order of the County Commissioners, must
accompany each proposal.
WAKEENEY, Trego County, Kan.
-BOND OFFERING-Sealed
bids will be received until Oct. 4 by Norman McKenzie, City Clerk, for
the purchase of a $16,000 issue of 4% semi-annual water bonds. Denoms.
$100 and $500.
WASHINGTON, Fayette County, Ohio
-BOND SALE
-The $15.575
coupon refunding bonds offered on Sept. 24-V.139, p. 1586
-were awarded
as 55.1s at a :price of par to Assel, Goetz & Moerlein,
of Cincinnati.
Dated Sept. 1 1934 and due as follows: $575 March 1Inc..$1,000 Sept. 1
and
1940; $500 March 1 and $1,000 Sept. 1 from 1941 to 1948 incl., and $1,000
March 1 and Sept. 1 1949. Other bids were as follows:
BidderInt. Rate
Prem.
Fox, 'tinhorn & Co
$43.68
6%
Slier, Carpenter & Rome
21.00
554%
Ryan, Sutherland & co
54%
63.00
WASHINGTON Daviess County, Ind.
-BOND SALE
-The City
3.0
Securities Corp. of Indianapolis was awarded on Sept. 22 an Issue of $102,000 4% negotiable, general obligation bonds at par plus a premium of
$1,575.29, equal to 101.54. Dated May 1 1934 and due May 1 as follows:
$3,000 from 1935 to 1941 incl. and $4,000 annually thereafter. As a result
of the sale, the City asked the Public Works Administration to change its
request for a loan and grant to a grant only. Announcement of the offering
appeared In
-V. 139, p. 1906.
WASHINGTON TOWNSHIP SCHOOL DISTRICT, Ohio
-BOND
APPROVAL DECLARED INVALID
-Paul Clapp, Prosecuting Attorney,
informed members of the Board of Education on Sept. 21 that the $30 0(K)
bond issue voted last November is invalid, as the election notice posted by
the County Board of Elections was defective. Attorneys for the Public
Works Administration, which was to buy the issue, ruled in the same
manner.
WATERTOWN, Codington County, S. Dak.-BOND SALE-Tho
$73,600 issue of 4% semi-ann. special assessment, improvement bonds
offered for sale on Sept. 4-V. 139, p. 1278-was purchased at par by the
Public Works Administration. Dated Aug. 1 1934. Due from Aug. 1
1935 to 1944 Ind.
WAUPACA, Waupaca County, Wis.-BOND SALE DETAILS
-The
$20,000 issue of emergency relief bonds that was purchased recently
by local investors-V. 139, p. 1748
-was sold as 4s at par. Coupon bonds
dated Aug. 18 1934. Denom. $500. Due $1,000 from 1935 to 1941, and
$2,000 from 1942 to 1948. all incl. Interest payable May 1.
WAYNE TOWNSHIP SCHOOL DISTRICT (P. 0. Wayne) Passaic
County, N. J.
-BONDS DEFEATED-At an election held on Sept. 18
the voters refused to sanction the issuance of bonds in connection with toe
plan to borrow $300,000 on a loan and grant basis from the Public Works
Administration to finance the construction of a new school building.
V. 139, p. 1748.
WELLSVILLE, Allegany County, N. Y.
-BONDS VOTED
-At an
election held on ept. 4 the voters authorized an issue of $85.000 water
and light bonds. A loan and grant for the project has already been approved by the Public Works Administration.
WELLSVILLE CITY SCHOOL DISTRICT, Columbiana County,
-BONDS AUTHORIZED
Ohio
-The Board of Education has decided
to issue $13,465.67 bonds to provide for the payment of floating indebtedness. They are to bear 5% interest and mature in five years.
-SINKING FUND BOND SALE
WEST POINT,Clay County, Miss.
The Chicago "Journal of Commerce" of Sept. 17 carried the following
revert:
nking fund bonds of the City of West Point, Miss., of a total of
351,000 were sold Sept. 12 to the First National Bank of that city for
$50,910. Proceeds will be used for purchase of vocational school bonds of
a previous issue.
2087
"The Board of Selectmen voted to make $75,000 available for erection of
a building to house a vocational training school and a garment manufacturing
Flaig, the remaining $25,000 to be taken from the city's light and water
:
-PROVIDES $600,000
WHITE PLAINS Westchester County, N. Y.
-The city has
BUDGET RESERVE AGAINST UNCOLLECTED TAXES
taken steps to insure operation on a cash basis, according to Richard Appel,
Commissioner of Finance, by setting up in the 1935 budget a reserve for
uncollected taxes in the amount of $600,000. This sum is approximately
equal to 50% of the taxes for the current year whicn it is estimated will
be uncollected at the time of the adoption of the budget, Oct. 18 1934.
A similar amount was included in a supplemental tax for 1934 set up in
May of this year. Improvement of the city's financial condition is found
also in comparing the 1934 tax budget and collections with those of 1933.
The 1934 budget is 17.84% less than that of 1933. With four months
still to go, however, tax collections are running over 5% better than 1933.
-A
-NOTE SALE
WINSTON-SALEM, Forsyth County, N. C.
$200,000 issue of revenue-anticipation notes is reported to have been sold
by the Local Government Commission to the Wachovia Bank & Trust Co.
of Winston-Salem.
WOODBURY COUNTY (P. 0. Sioux City) Iowa-CORRECTION
It is now stated that the report given in V. 139. p. 1906. that bids would be
received on Sept. 24, for the purchase of $92,000 in funding bonds, was
incorrect. F. Price Smith, County Treasurer, states that the date of
sale has been set for Oct. 8.
-BOND OFFERWOODBURY COUNTY (P. 0. Sioux City), Iowa
ING-Sealed bids will be received until 2 p. m.on Oct.8 by F. Price Smith,
County Treasurer, for the purchase of a $92,000 issue of funding bonds.
Int. rate is not to exceed 5%,payable J. & D. Dated Sept. 1 1934. Due
on Dec. 1 as follows: $20,000, 1935 to 1938. and $12,000 in 1939'. Open
bids will also be considered for the purchase of these bonds. All other
things being equal, preference will be given to the bid of par and accrued
interest or better. which specifies the lowest coupon rate. Prin. and int.
Payable at the office of the County Treasurer. The approving opinion of
Chapman St Cutler of Chicago, will be furnished. A certified check for
2% of the bonds bid for is required. (This report supplements the preliminary offering notice given in V. 139, p. 1906.)
Uncollected Dec. 31
Taxes Levied
Assessed Value
1.489%
$69,561.00
34,669,266.04
5147,282,992
1929
95,045.94
1.899%
5,003,215.54
149,658,376
1930
2.163
6,069,222.04109.661.63
150,329,676
1931
5.110
240,524.31
*4,705,843.78
146,991,772
1932
17.92
800,889.31
4.459,822.79
144,322,532
1933
3,816,179.51
119,538,369
1934
* Approximate.
Collectible general revenues for 1934: 3.2% of assessed value, 1.4% of
estimated value. Taxes payable in two instalments; delinquent April 1
of 1% per month. Tax sale first Monday
and Oct. 1: penalties accrue
in December.
-BONDS AUTHORWOOD COUNTY (P. 0. Bowling Green), Ohio
IZED-The State Relief Commission on Sept. 16 authorized the county
to issue $50.0 0 poor relief bonds.
WOOD COUNTY (P. 0. Wisconsin Rapids) Wis.-BOND SALE
The 5130.000 current expense bonds that were authorized recently by the
-have been purchased by C. W. McNear
County Board-V. 139. p. 1906
& Co.of Chicago,according to the County Clerk.
WOODLAND PARK SCHOOL DISTRICT (P. 0. Woodland Park)
-BONDS VOTED-It is said that the voters apTeller County, Colo.
proved recently the issuance of $10,000 in school building bonds. These
bonds will be offered for sale soon, according to report.'
-BOND SALE AUTHORIZED
WOOSTER, Wayne County, Ohio
The City Council on Sept. 17 adopted a resolution providing for the sale
surplus
of $10.000 city bonds which it had acquired some time ago with is said.
funds. An offer for $5,000 worth has already been received, It
-BOND SALE
WYANDOTTE COUNTY (P.O. Kansas City), Kan.
An issue of $100,000 poor relief bonds is stated to have been purchased on
Chicago as 3s at a price
Sept. 24 by the Harris Trust & Savings Bank of
Due $10,000
of 100.479, a basis of about 3.16%. Dated Oct. 1 1934.payable at the
from Oct. 1 1935 to 1944 incl. Prin. and int. (A. & 0.) by Bowersock,
State Treasurer's office in Topeka. Legality approved
Fizzell & Rhodes of Kansas City.
-The
-BOND SALE
YAKIMA COUNTY (P. 0. Yakima), Wash.
$163.000 issue of general obligation serial refunding bonds offered for sale
-was purchased jointly by Drumheller,
139, P. 1440
on Sept. 25-V.
Ehrlichman & White of Seattle and Kalman & Co. of St. Paul at par as
Ols, maturing on Oct. 1 as follows: $8,000, 1936:
follows: $119.000 as ,
89,000. 1937 and 1938; $10,000, 1939 and 1940; 811.000, 1941 and 1942:
$12.000, 1943 and 1944; $13,000, 1945 and $14,000 in 1946; while the
remaining $44,000 are 4s, maturing as follows: $14,000, 1947, and $15,000
in 1948 and 1919.
CANADA, Its Provinces and Municipalities.
AYLMER, Que.-PLANS PAYMENT OF DEFAULTED INTEREST
The "Monetary Times" of Toronto of Sept. 22 reported as follows:
"Authorization of the Town of Aylmer, Que., to deposit in a special account
fund of the Banque Provinciale du Canada the necessary funds for payment
of outstanding coupons up to Dec. 31 1932, representing about 318,000,
has been given by the Quebec Municipal Commission.
"Aylmer was one of the first municipalities to be placed under the tutelage
of the Commission and the present interest payment is the first to be
authorized. The town's interest coupons had been raid regularly until
1927 but in the interval between then and the time the Commission took
over Its affairs, payments were irregular."
-REDUCTION OF INTEREST
BRITISH COLUMBIA (Province of)
RATES ON LOCAL DEBTS PLANNED-Coincident with the announcement that Hon. Wells Gray, Minister of Municipalities, had directed the
municipalities of Burnaby, North Vancouver City and North Vancouver
District to drastically reduce the rate of interest payable on their funded
debts, it was declared that the Provincial Government will authorize
the adoption of similar procedure by other local units, according to the
Montreal "Gazette" of Sept. 11. Nit% Gray declared, it is said. "that
it is probable that every municipality with any debt of considerable size
will be called upon to make similar arrangements with the bondholders,
based upon the ability of the municipalities to pay. The Municipal
Department of the Government is anxious and willing to co-operate with
them to the fullest extent," he continued, urging that municipal authorities
review the situation as rapidly OB possible "so that any desired legislation
may be properly prepared before the legislative session." It is not planned.
however, to disturb the basic principal debt of any municipality. The
reduction in the interest rates on the debts of the three sub-divisions mentioned above affects an aggregate of $10,000,000 in obligations, divided
as follows: Burnaby, $4,636.391: NorthVancouver City. $3,905.911, and
North Vancouver District. $2.376.818. The Province itself, according to
report, holds about $750,000 of the Burnaby bonds in its sinking funds
and accordingly will have to take its loss under the rate adjustment with
the private bondholder. Commenting on the proposal advanced by the
Government, the Montreal "Gazette" stated as follows: "In plain terms
the municipalities of British Columbia instead of receiving any new assistance
from the Provincial Government, are being told to call in their creditors
and make whatever bargain on interest rates is possible on their actual
ability to pay." G. Lyall Fraser, President of the British Columbia
Bond Dealers Association, in condemning the action, stated that "scaling
down the interest rates was not only foolish, high handed and poorly
advised, but will ruin the credit of municipal bonds of British Columbia."
LOWER INTEREST RATE SOUGHT BY PROVINCE
-In connection
with the foregoing, it is pointed out that Hon. John Hart, Minister of
Finance, is still confident that in the near future he will be able to refund
British Columbia's Government debt at a lower rate of interest. In the
meantime, reports the "Financial Post" of Toronto, he is studying means
of making the most effective use of loans obtained from the Dominion
Government, as follows: $2,800,000 to cover the Provincial share of
direct relief to March 31 next. This is in addition to the $150.000 monthly
Federal grant; $2,000,000 to refund notes maturing in New York; $375.000
to cover the deficit in last year's budget accounts: $1,000,000 to be used
in making advances to municipalities unable to carry their share of direct
relief, and $1,000,000 for a public works program.
2088
Financial Chronicle
PREMIER DENIES DEFAULT ORDER—Referring to the report noted
above pertaining to the alleged instructions from Provincial authorities
that the municipalities of Burnaby, North Vancouver City and North
Vancouver District arbitrarily scale down the interest rates on their debts,
Premier T. D. Pattullo described the allegation as "mischievous" and,
according to the Montreal "Gazette" of Sept. 13, commented on the
situation in a public address in Vancouver on the previous day as follows:
"The fact is, I did not direct the three towns to default high bond interest.
but these mimicipailties found themselves in an impossible position and
I believe the bondholders should welcome the opportunity to reconsider
their holdings in the light of the condition of the municipalities affected,
in order to ensure full return of principal money at more reasonable interest
rates.
"We have been pressing for the refunding of the major portion of our
Provincial debt. In view of the relationship of the Province to the Dominion, it is useless to suggest that we can go into the market and refund
our debt structure without the co-operation and sympathy of the Dominion
Government."
CALGARY, Alta.—FINANCIAL CONDITION SERIOUS—A dispatch from the city to the New York "Herald Tribune" of Sept. 19 read
as follows: "A proposal to place the City of Calgary, harassed by debts,
in bankruptcy, was defeated by the City Council to-day. The Aldermen
decided to call the attention of Premier R. G. Reid of Alberta to the financial
plight of the city. Alderman W. A. Lincoln said the city owed $4,503,000
In current and capital debts and that assets, represented by uncollected
taxes, were $1,600,000."
CANADA (Dominion of)—DEBT STATEMENTS OF PROVINCES
AND MUNICIPALITIES—In its issue of Sept. 22 the "Monetary Times"
of Toronto publishes its annual bond supplement showing in complete
detail the financial statements of each of the Provinces of the Dominion
and of the principal cities and towns in Canada.
REFUNDING LOAN LIMITED TO $250,000,000—Hon. E. N. Rhodes.
Minister of Finance, announced on Sept. 27 that the new refunding loan,
limited to $250,000,000, would be offered for public subscription on Monday,
Oct. 1. Only $28,000,000 of the total will represent new financing, as the
balance of $222,000,000 will be used to meet a like amount of Victory
Loan 534% bonds due Nov.1 1934. As in the case of former Dominion
loans, every branch bank and bond dealer will be requested to aid in the
disposition of the new securities. Unofficial reports stated that the issue
would be in four maturities,2,5,Sand 15 years, bearing interest respectively
at 2, 2%,3 and 3H%•
CHANDLER, Que.—TO PAY DEFAULTED INTEREST COUPONS—
The Quebec Municipal Commission has authorized the village to deposit,
in the Chandler branch of the Banque Canadienne Nationale, money
into a special account to meet payment on past-due interest coupons,
according to the "Monetary Times" of Toronto. These payments which
are now to be settled, became due as follows: Jan., July, and Nov. 1 1933
and Jan., May, and July 1 1934.
LOUISEVILLE, Que.—BOND OFFERING—The Town Clerk will
receive sealed bids until 7 p. m. on Oct. 3 for the purchase of $60,000
bonds, dated Nov. 1 1934 and in denoms. of $1,000 and $500. Alternative
bids are asked for 4;i% five-year bonds, 5% 15
-year bonds, and bonds
payable in 35 years.
ONTARIO (Province of).—LOCAL MUNICIPAL BOND DEFAULTS.
Thomas Bradshaw, President of the North American Life Assurance Co.,
In an address to the Ontario Municipal Association recently, dealing with
the subject of defaults by municipalities in tne Province, declared that
no less than 40 local units to-day are unable to meet their debt cnarges and
that the bonds in the hands of the public on which default has occurred
amount to $79,229,755. In addition, according to Mr. Bradsnaw, there
are 617,411,064 of other municipal obligations in default, which brings the
total amount of debts in that category to $96.640,891. or 19.1% of the
aggregate of$504.750,000 ofobligations of municipalities in Ontario publicly
held. The "Financial Post" of Toronto of Sept. 8, which gave the text of
the address in full, published the following list of the municipalities in
default as compiled by Mr. Bradshaw:
Sept. 29 1934
Debentures
Debentures
Dale of
in Hands I
in Hands
Date of
Municipality— Default
of Public
of Public
Municipality— Default
* F.ast York_ __Oct. 1 1933 $4,279,717 Essex
Feb. 1 1933 $282,761
* Etobleoke„....Jtme 1 1933 2,982,181 Fort Erie
July 1 1934 1,573,276
* Eingsville____June 1 1934
436,018 Hewkesbury_ Oct. 1 1932
407,819
* Leaside
Jan. 1 1933
206.871
780,340 La Salle
Feb.
1932
* New Toronto_Oct. 1 1933 1,506,103
38.100
R. C. School_Aug. 1 1932
* Niagara Falls.Dec, 1 1933 3,158,034 Mimico
Mar. 1 1933 1,887,650
* Pembroke __Mar. 1 1934
841,775 Pelee Twp
123,558
* Scarboro Twp Dec. 15 1932 4,259,874 Point Edward._Dec. 31 1933
60,839
* Tborold
May 1 1934
725,722 Riverside
Dec.
1931 2,559.355
* Trenton
149.736
Jan. 1 1934
931,426
R. C. School_May
1932
39,580
* Weston
July 1 1934 1.031,434 Rockland
Sept. 1 1933
* York Twp _ _Oct. 1 1933 14,990,808 SandwichTown.Feb.
1932 3,001,400
313,432
* North York Dec. 1 1933 2,877,932
R. C. School.June 24 1932
442,880
* Sturgeon FalisSept. 1 1933
339,317 Tecumseh
Jan.
1932
68,429
* Leamington...May 1 1934
682.959
R. C. School Jan. 30 1932
* Sudbury
Oct. 1 1933 2,900,492 West Sandwich_Dec.
1931 2,446,314
53,100
* Walkerville May 1 1934 2,689,858
R. C. School_ ____ 1932
Brantford It. C.
Windsor
Dec. 1 1932 12,968,102
Schools
95,000 x Gosrield North
1932
42,447 x Gosfield South
Dysart Twp_ __Dec.
E. Sandwich___Deo.
1931 1,770,353 x Long Branch.
19,587 x Oilbway
1931
R. C. School_Dec.
578,488 x So. Sandwich_
Eastview
1931 4,013,035
East Windsor_ .Dec.
755,873
Total
$79,229,755
R. C. School_Feb. 18 1932
* Principal only in default; others principal and interest. x In the
case of those municipalities which show no debentures in the hands of the
public, default has been made in obligations either to other municipalities
or to boards or commissions.
QUEBEC (City of)—BOND SALE—A Canadian banking group composed of the Banque Canadienne Nationale, L. G. Beaubien & Co., Wood.
Gundy & Co., Ernest Savard, Ltd., Rene-T. Leclerc, Inc., Lagueux &
Darveau. Ltd., Dube, Leblond & Co., Inc., Lucien Cote, Inc. and C. H.
Burgess & Co., Ltd., was awarded $3,699,000 funding bonds on Sept. 21
as follows:
,
62,578,000 436% bonds sold at a price of 98.18, a basis of about 4.66% •
Due Oct. 11950.
1,121,0004% bonds sold at a price of 99.05, a basis of about 4.30%. Due
Oct. 1 as follows: $200,000 from 1935 to 1938, incl. and
$321,000 in 1939.
Each issue is dated Oct. 1 1934. Coupon bends of $1,000, $500 and
$100 denoins., registerable as to principal only. Principal and interest
(A. & O.) payable at the holder's option, in lawful money of the Dominion
of Canada at the main office of the Banque Canadienne Nationale in
Quebec or Montreal, or at the main office of the Bank of Montreal in
Toronto. Legal opinion of Laurendeau & Laurendeau. The city asked for
alternative bids on $3,699.000 bonds as follows: $1,121,000, due Oct. 1
-year or 30-year
1939 or due serially from 1935 to 1939, incl.; $2,578,000 16
bonds.
OFFERING MADE—The banking group made public offerPUBLIC
ing on Sept. 25 of the $2,578.000 4 % bonds at a price of par and accrued
interest. They declared that the advertisement of the issue was being made
on behalf of the City of Quebec.
TECK AND LEBEL TOWNSHIPS, Ont.—BOND SALE—An issue of
650,000 5% bonds of the Roman Catholic Separate School Board, guaranteed by Ontario, was sold recently to A. E. Ames & Co. of Toronto
at a price of 105.27, a basis of about 4.40%. Due serially in from 1 to 20
years. Other bids were as follows:
Rate Bid
Bidder— .
104.14
Harrison & Co
103.48
Dyment, Anderson & Co
102.63
Forgie & Co. and C. H. Burgess & Co.. jointly
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