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Ifve.
tininirraal
Volume 137
financial
branirk
New York, Saturday, September 30 1933.
Number 3562j
The Financial Situation
SECURITY prices have suffered further collapse
the present week, bonds declining almost as
severely as stocks, and when such a state of things
continues, week after week, as is now the case, the
conclusion is warranted that the financial markets
take the view that the general economic situation
is not progressing in an entirely satisfactory way.
And the deduction is fully warranted inasmuch as a
feeling of apprehension actually does exist and the
apprehension is assuming a steadily widening scope.
A superficial view ascribes this to disappointment
over the fact that credit and currency inflation is
not proceeding fast enough. The exact reverse is
the case. The apprehension grows out of the fact
that credit expansion is proceeding altogether too
fast, and the further fact that new devices are constantly being put forth for still further adding to
its volume and for extending its use in new directions. Hardly a day elapses that news dispatches
from Washington do not advise us of some new
method for adding to the volume of credit afloat
and does not bring intelligence of some scheme for
adding to it, thereby leading to anxious inquiry as
to where the thing is to end.
For the time being President Roosevelt seems
to have set his face against the demand, as urged
by the cotton planters last week, that he put afloat
the $3,000,000,000 of United States notes, or legal
tenders, authorized by law, and in that way he is
gaining credit as evidencing a spirit of conservatism,
whereas credit inflation is proceeding unchecked on
every side and plans are being laid deep and wide
for still other means of credit inflation, and for
putting it at the command of any and everybody.
The result is that distrust in the whole economic
and financial system as planned at Washington is
growing up. There is first of all the steady expan•
sion in Federal Reserve credit through the purchase
of United States Government securities. This is
going on unchecked week after week, and treated
by newspaper writers as if it were of no account,
whereas it furnishes occasion for the deepest solicitude, since the ultimate result must be to undermine the entire banking structure of the country,
inasmuch as in the last analysis banking here rests
on the security and stability of the Federal Reserve
organization. This latter is the main source of
dependence of the member banks of the system.
These member banks are faced by a deposit insurance, or guarantee plan, which fills them with dread
of the consequences and if, in addition, the impregnability of the Federal Reserve System itself is to be
called in question, further occasion for solicitude
and anxiety is being provided. Yet the Federal Reserve banks are being loaded up to the gunwales
with United States Government securities. This
very week the new purchases have reached $36,615,000, which is at the rate of close to $2,000,000,000 a year. And the total holdings of these
United States securities now stands at $2,274,395,000. This certainly does not add to the liquid
character of the assets of these institutions, and
people who look beyond the surface of things cannot refrain from reflecting how unfortunate would
be the situation of these Federal Reserve institutions were they suddenly called upon to assist the
member banks because of some unforeseen contingency making it urgent for these member banks to
seek aid in that quarter. At present the discount
holdings of the 12 Reserve institutions, which reflect
member bank borrowing, foot up no more than $133,233,000. The Federal Reserve System cannot be
held as othewise than in peril so long as its sole
function appears to be to act as an adjunct to the
United States Treasury to take over large masses
of United States securities. How anyone can treat
with indifference this class of inflation now proceeding on such a gigantic scale, and go still further
and demand a new source of inflation, as did the
United States Senators from the cotton States last
week, and act as if real inflation could only come
from the issuance of $3,000,000,000 of United States
notes (the greenbacks of the Civil War period),
passes comprehension.
The result of this flooding of the country with
Federal Reserve credit is seen in the abnormally
low rates at which the United States Government is
able to place its short-term obligations, and which
as a consequence are mounting up to huge figures.
On Monday of the present week the United States
Treasury asked for tenders on an offering of
$75,000,000 of 91-day Treasury bills, and disposed
of the whole issue at an ayerage price of 99.971
($75,082,000 of these bills being allotted on that
average basis, which is equivalent to only 0.10%
per annum). We wonder if the reader realizes how
extremely low a rate of only 1/10 of 1% per annum
is. It means that the Treasury gets the use of this
$75,082,000 for 91 days at the trivial cost of $21,774.
All the energies of the United States Government
are now being employed in providing banking credit
for needy borrowers of one kind or another, but
obviously there can be no scarcity of banking credit
when the United States Treasury is able to borrow
at such abnormally low figures. As a matter of
fact, the financial centers are flooded with idle
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Financial Chronicle
funds for which no employment can be found as
the direct result of the steady expansion in the
volume of Reserve credit afloat. Another illustration of the absurdly low figures at which Government borrowing is done was seen when, as part of
its September financing, the United States Treasury
put out an issue of certificates of indebtedness
running nine months and bearing a rate of interest of only 14 of 1% per annum.
/
With the cost of borrowing so low, the Government not unnaturally stands ready to engage in all
sorts of financing, no matter what the amounts
involved, and that is one reason for the growing
distrust that is spreading on every side and which
now finds reflection in the steady collapse of the
security markets at a time when monthly and quarterly statements of earnings are making extremely
favorable comparisons. As one illustration of the
kind, the New York Central RR., in its statement
for the month of August, made public the present,
week, shows gross operating revenues of $27,423,036
the present year against only $22,737,653 in the
same month last year, and net operating revenue of
$8,328,806 against $6,532,475, and yet New York
Central stock sold down the present week to 3634
,/
against 581 2 on July 7. And the New York Central
/
return is simply typical of virtually all other railroad returns. The underlying conditions, which determine the intrinsic merit of securities, are sound
and encouraging, but there is the deepest kind of
distrust as to the way, the unqualified way,in which
Government obligations of one kind or another are
being assumed as if there were no end to the resources of the Government and its ability to put
through all schemes of financing, whatever their
nature or character.
HE action last week of the cotton growers constitutes another case in point. The ease and
facility with which drafts are being made upon the
United States Treasury not unnaturally are causing worry and anxiety. These cotton growers were
represented by two different committees. The first
committee was chaperoned by Senator Thomas of
Oklahoma and Senator Smith of South Carolina.
This committee did not succeed in getting an audience with the President, who was suffering from a
cold at the time, but presented its demands to the
Agricultural Adjustment Administration and asked
the President immediately to establish a minimum
price of 20c. a pound for cotton on the farms, urged
the putting out of $3,000,000,000 of United States
notes, or greenbacks, and also the purchase by the
Government of 50% of this year's crop at a minimum price of 15c., on condition that the producer
contract to reduce his acreage by a like amount next
year and 25% the following year. The second committee, which did get an audience with the President, was headed by Senator Bankhead of Alabama,
dropped the demand for currency inflation and
merely asked the Government to purchase one-half
of the 10,000,000 bales now in the hands of the farmers at 15c. a pound, or $75 a bale, with the understanding that the producer would take out of production that amount of next year's crop. This
would cost about $375,000,000, it was stated, and
would be financed by the Reconstruction Finance
Corporation.
The President finally agreed to loan 10c. a pound
on the cotton, which has the appearance of a con-
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Sept. 30 1933
servative step, since it does not involve resort to the
issuance of greenbacks as originally demanded, and
is at a price lower than the 15c. a pound which both
committees urged should be paid in the taking over
of several million bales of the present year's crop.
But there is no more warrant for buying at 10c. a
pound than there would have been for buying at 15c.
a pound. The Government has already dealt very
generously with these cotton growers, and it might
well have taken the stand that inasmuch as cotton
is now selling in the neighborhood of 10c. a pound
all occasion for further aid at Government expense
is without warrant or justification. Instead of
that, the Government has now agreed to loan 10c. a
pound on all cotton that may be offered, and, what
is more, has made the terms so liberal that the proposition really partakes of the nature of an outright
gift. That this statement is not an exaggeration
appears very plainly from the announcement given
out at the time—that is, on Friday, Sept. 22, by the
Agricultural Adjustment Administration. This announcement read as follows:
"Following a conference at the White House today between President Roosevelt, Secretary Wallace, Administrator George Peek of the Agricultural
Adjustment Administration and Senator John H.
Bankhead, of Alabama, it was announced that cotton producers will be given an opportunity to secure
an advance of 10c. per pound on their present crop
without liability to them.
"Details of the plan to provide this credit to cotton producers are now being worked out by the
Agricultural Adjustment Administration in co-operation with the Reconstruction Finance Corporation
and the Farm Credit Administration. Oscar Johnston, Director of Finance, is representing the Agricultural Adjustment Administration in formulating
these details.
"The plan, approved by the President, entails the
lending to producers 10c. per pound on their cotton
crop, for the purpose of enabling them to hold their
cotton until prices are nearer their fair exchange
value."
It will be seen that it is expressly stated the advance of 10c. per pound is to be "without liability"
to the cotton producers. And this purpose found
further confirmation when on Sept. 25 it was made
known that the establishment of a private corporation with 'Federal capital had been decided upon
by the Agricultural Adjustment Administration
"for distributing up to $400,000,000 in loans to cotton farmers under the program to lend them 10c. a
pound on this year's crop." Newspaper accounts
explain the reason for the formation of a separate
corporation by saying that use of this expedient to
circumvent legal impediments had been decided
upon when it was discovered by officials that the
Reconstruction Finance Corporation could not make
loans without an unconditional guaranty of repayment by the borrower.
Since then undivided attention has been given the
plan so as to put it in immediate operation, and
under date of Sept 25 the following further announcement came from the Agricultural Administration:
In an effort to expedite the advance of 10c. per
pound to cotton growers on the current crop, Oscar
Johnston, Director of Finance, of the Agricultural
Adjustment Administration, has called a conference for Wednesday morning (Sept. 27) of cotton
co-operative executives, cotton factors and others
engaged in the buying and marketing of cotton.
Financial Chronicle
Volume 137
Mr. Johnston was designated by George N. Peek,
Administrator of the Agricultural Adjustment Administration, to represent this Administration in
working out the details of making the loans to cotton farmers. Conferences were held during the
week-end by Mr. Johnston and representatives of
the Reconstruction Finance Corporation and the
Farm Credit Administration.
"We are developing a mechanism that will make
these loans available to cotton farmers with the
minimum delay," Mr. Johnston said.
We have stated that Washington might well have
taken the ground that already adequate assistance
had been extended to the cotton growers, and that
therefore there was no justification for involving
the Government in any further outlays on their
account. The underlying purpose of advancing 10c.
per pound on cotton of the current crop is to supply
the growers with immediate cash, but they are
already getting large amounts of cash under the
processing plan recently put into operation, by
means of which a processing tax of 4.2c. per pound
has been imposed on goods in process of manufacture, and also a store tax. Payments are already
being made in connection with this processing program, and the Administration feels very proud of
the way these payments are being expedited, and is
taking pains to proclaim the fact. Thus, under date
of Wednesday,Sept. 27, announcement came of what
had already been accomplished in the brief space
of time which has elapsed since the program was
put into effect: "Rental payments totaling $40,199,041.02 have been distributed to cotton producers of
the South who participated in the 1933 acreage
adjustment program. This amount, the total of
345,034 checks, had been sent out by seven o'clock
this morning (Sept. 27). The units dispersing these
checks reached a high production Sept. 26, when the
three shifts engaged in this activity completed and
mailed 35,277 cotton checks. Checks are now being
sent out at a rapid rate, and it is expected this speed
will be maintained until all of the approximately
1,037,000 contracting producers have received their
checks."
Accordingly, over $100,000,000 in actual cash is
now being turned over to the cotton growers, and
that certainly ought to be sufficient for the time
being. But how is this scheme of taking over cotton
at 10c. per pound likely to work out? The indications all are that this scheme will work just the
same as all previous schemes. To be sure, it is part
of the scheme that the cotton grower receiving an
advance of 10c. a pound (without liability) must
agree to reduce his cotton acreage, both next year
and the year after, but acreage reduction as here
planned is a matter of the future, pending which
many things may happen, while the cotton on which
the Government will make these advances is a matter of the present. Nor is any account taken of the
fact that through intensive cultivation, which is
very likely to occur, the yield per acre may be
greatly increased In the meantime cotton would
again be accumulating in the hands of the Government in sight of the whole world the same as before.
There is no reason for thinking that the result in
this case will be any different from what it was on
the former occasion.
-4--
TN THE meantime other means for spending Gov1 ernment money are multiplying on every side.
In a letter to Senator Capper, on Sept. 14, President
2315
Roosevelt gave assurance that the Government
would speed up farm operations "to the end that
the refinancing of distressed mortgages may be accomplished as rapidly as is consistent with sound
business." The President's letter, according to the
Topeka "Capital" of Sept. 15, was in reply to a letter
which Senator Capper sent the President complaining of the delay of the Farm Credit Administration
in functioning for the relief of owners of mortgaged
farms. Then also President Roosevelt has been
urging cities to speed requests for allotments from
the $3,300,000,000 public works fund. In a message
sent by him on Sept. 22 to the conference of Mayors
meeting in Chicago, the cities of the nation were
urged to send immediately to Washington their
requests for allotments from the $3,300,000,000 public works fund. In his message the President
pointed out that Congress had appropriated $3,300,000,000 to finance a comprehensive program of public works, in part for Federal projects. Approximately $1,600,000,000 already have been allocated,
he stated, adding: "We are at the point now where
the State and municipalities interested in public
works projects should come forward quickly with
proposals which will give immediate work to their
unemployed." Secretary of the Interior Ickes, in
addressing the Mayors' conference, on Sept. 23, declared that red tape was not impeding the lending
of public works funds, but dropped the remark that
"In many parts of the country the Federal Government, in offering a grant of 30% and a loan of
the other 70%, is regarded as an ungenerous or even
niggardly step-father."
We suppose the announcement which has come
the present week from Newark must be looked upon
as fruit of the President's invitation referred to.
The announcement said that Newark was considering the possibility of asking the voters at the November election to approve an issue of $150,000,000
bonds, for the purpose of financing the construction
of a municipal electric power and light plant. The
Public Works Administration, it was stated, would
be asked to underwrite the cost of the project on the
basis of an outright grant of 30% of the expenditure
with the remaining 70% furnished as a loan to the
city. Imagine Newark getting $150,000,000 in this
way, with an outright gift of 30% of the amount!
And the same process is being pursued in other
directions, all with the idea of spending huge sums
of money and of spending them quickly. For example, the Reconstruction Finance Corporation has
been sending letters to all of the banks in the United
States recommending to them that they sell preierred stock to the Corporation to put them in condition for admission to the deposit guaranty company when it begins to function, in accordance with
the provisions of the Banking Act of 1933. The purpose may be commendable, but it means an enormous expenditure of public money. Is it any
wonder that in these circumstances there should
be growing distrust as to the ultimate outcome of
all this?
SIDE from a let-up in the schemes at Washington for spending money, a pressing requirement of the day is the modification or amendment
of the provisions of the Securities Act which now
operates to prevent the raising of new capital funds
both for taking care of maturing obligations and
to provide the needful new capital in the production
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Financial Chronicle
of capital goods—not through Government agencies
but through private subscriptions and private financing. Roger W. Babson, in a message from Babson Park, Massachusetts, Sept. 16, directed attention to the way in which the unfortunate provisions
of the Securities Act were working to prevent new
private financing a every description. He declared
that the Securities Act has been the chief factor in
practically drying up new security offerings as well
as refunding issues. He asserted that he was
heartily in favor of the underlying purposes of the
Act—namely, that the seller of securities should
share with the buyer a definite responsibility. However, he could not believe that the Administration
intended to pass an Act which even though accomplishing its purpose, paralyzes the major industries.
He said that much of the criticism aimed at the
measure was justified. "I am sure that automobile
men would protest vigorously if a law were passed
making each salesman personally responsible for
any defective part in every motor car he sells, not
for the first 90 days, but during its entire lifetime.
Nobody could afford to sell automobiles. The same
is true with the Securities Act of 1933." This is an
apt description of how the unfortunate provisions
of the Securities Act are working so seriously,
to the detriment of the country's progress by shutting off private means for the raising of funds for
its development.
Mr. Babson observes with much force that one of
the most unfortunate effects of the "Truth in Securities" Act to date has been its failure to eliminate
tipster sheets and stock promoters. Recent activity
has brought out a flood of new tipsters and renewed
'the energies of old ones. "The public, under the
impression that new securities now offered under
the new law must be sound, have placed their funds
in various promotional and fake stocks." Mr. Babson well says tint already there is a huge public
sentiment in favor of modifying and softening the
provisions of the law. It is to be hoped that he is
also right in asserting that such modification is
part of the legislation now being considered in
Washington.
HILE there is much talk to the effect that
inflationary schemes are being held in check
by the Washington Administration, inflation or expansion, or whatever is the correct word, in the
operations of the Federal Reserve System continues
to grow apace. This week the Federal Reserve banks
have added $36,615,000 more to their holdings of
United States Government securities, with the result of raising the total of these holdings to $2,274,395,000. The whole of this, and more, too, is outstanding in the shape of additional Reserve credit.
In fact,. the amount of Reserve credit outstanding,
as measured by the total of the bill and security
holdings, has been increased during the week in
amount of nearly $40,000,000, these bill and security
holdings having risen during the week from $2,376,662,000 to $2,416,038,000. This is due to the fact
that besides the increase in the holdings of United
States securities there has been an increase also in
the discount holdings of the 12 Reserve institutions,
these discount holdings, which reflect member bank
borrowing, having risen during the week from $130,161,000 to $133,233,000.
The amount of Federal Reserve notes in circulation keeps diminishing, however, there having been a
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Sept. 30
1933
further drop this week in the same from a total of
$2,986,781,000 to $2,972,782,000. As in previous
weeks, the decrease here is in part offset by an increase in the amount of Federal Reserve bank notes
in circulation, this item having risen during the
week from $137,170,000 to $145,627,000. Gold holdings have further increased, but only in a small
way, the total rising from $3,590,966,000 to
$3,591,799,000. While liabilities on account of
Federal Reserve notes in circulation have diminished, the liabilities on account of deposits have
been increasing, the total of such deposits having moved up during the week from $2,766,622,000
to $2,807,779,000. The principal item in the increase
has been the member bank reserve deposits, which
have risen during the week from $2,543,328,000 to
$2,595,634,000. Evidently the member banks have
been able to enlarge their reserve account with the
Reserve institutions by means of the proceeds received in payment for the United States Government
securities purchased. The result altogether is a
slight further diminution in the ratio of cash reserves to liabilities. For the present week this ratio
of gold reserves and other cash to deposit and Federal Reserve note liabilities combined is reported
at 66.1% against 66.4% last week. The amount of
United States Government securities held as part
collateral for Reserve note issues decreased during
the week from $527,200,000 to $525,200,000.
HIS week reductions and suspensions of corporate dividends have been more prominent than
resumption and increases in the same. Public utilities have been especially hard hit in that respect.
Foremost place among the dividend suspensions
must be given to the People's Gas Light & Coke Co.
of Chicago, which omitted the dividend payment
ordinarily payable about Oct. 17. The Public Service Co. of Indiana cut the quarterly rate on the $6
cumul. prior pref. stock and $7 cumul. prior pref.
stock in half by declaring quarterly dividends of
75c. and 87 c. a share, respectively, on these issues.
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1
2
The Central Power Co. omitted the quarterly divident on its 6% and 7% cumul. pref stocks. The
Mohawk Hudson Power Corp. declared the regular
quarterly dividend of $1.75 on the $7 cumul. pref.
stock, but took no action on the quarterly dividend
of like amount due Oct. 1 on the $7 cumul. second
pref. stock. The American Light & Traction Co.
reduced the quarterly dividend on common from
50c. a share to 40c. a share, after having previously
/
reduced from 621 2c. a share to 50c. a share. The
Southern Canada Power Co., Ltd., reduced the quarterly dividend on common from 25c. a share to 20c.
a share.
On the other hand, the Montreal Tramways Corp.
has increased the quarterly dividend on common
from $2 a share to $2.25 a share. The United States
Smelting, Refining & Mining Co. declared an extra
dividend of 50c. a share on common, in addition
to the usual quarterly dividend of 25c. a share. This
compares with 25c. a share paid each quarter from
July 15 1930 to and including July 15 1933, and
8712c. a share paid previously. The Eaton Manu/
facturing Co. resumed dividends on common by the
declaration of 20c. a share. The Alaska Juneau
Gold Mining Co. on Sept. 28 declared an extra dividend of 15c. a share on the common stock, in addition to the regular quarterly dividend of like
o mount. On Sept. 29 the Pacific Western Oil Corp.
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Financial Chronicle
Volume 137
declared an initial dividend of 25c. a share on the
no par capital stock.
_
MARKED reversal appears in the August
report of the foreign commerce of the United
States. Merchandise exports for that month were
considerably below those for July, while imports
exceed in value those for any Month in nearly two
years. Furthermore, imports were in excess of
exports. In issuing the statement the Department
suggests that this change was brought about by the
continued downward trend in the value of the American dollar. Merchandise exports in August amounted
to $131,000,000 and imports to $155,000,000, an
excess of imports of $24,000,000. In July, exports
were $144,194,000 and imports $142,980,000, exports
exceeding imports by $1,214,000. The export
trade balance in July was greatly below the usual
amount. In large measure the reduction in exports
in August, compared with July, was due to much
smaller cotton shipments in August. In August of
last year, merchandise exports were valued at
$108,599,000 and imports at $91,102,000, the export
trade balance for that month being $17,497,000.
Both exports and imports in August 1932 were
exceptionally low in value. There were three or
four months during that period when the amounts
covering both movements were slightly less than those
for August of last year, but with these exceptions,
the August statement of a year ago was at the low
point for practically a quarter of a century. On the
other hand, exports last month were in excess of
those for any month so far this year excepting only
July, while imports were above those for any month
since October 1931.
For the eight months of 1933, exports are valued
at $944,527,000 and imports at $890,131,000,
exports exceeding imports by $54,396,000. In the
same time in 1932 exports amounted to $1,055,441,000 and imports to $917,309,000, the export trade
balance for the eight months last year having been
$138,132,000. Exports in August were 9.3% below
those for July, but show an increase of 20.7% over
August 1932, while for the eight months of this
year there was a decline of 10.6% in value of exports
from the same period of the preceding year. On the
other hand, imports in August were in excess of
those for July by 8.4%. Compared with a year ago,
there was an increase of 70.1%; for the eight months
this year imports were 3.0% lower in value than for
the same period in 1932. Considerable variation
is indicated by the above records.
August was the second month this year in which
merchandise imports were in excess of exports. The
other month was June, when the value of imports
was $2,457,000 higher than exports. The so-called
unfavorable trade balance last month, amounting to
$24,000,000, was the largest of any month since
March 1926, when the excess of imports over exports
amounted to $68,493,000. Since that time, there
have been only four months in which import values
were larger than those for exports.
It is generally the case that the value of merchandise exports in August exceeds that for July.
This is due in most instances to the larger shipments
abroad of cotton in August, which is the first month
in which exports of new crop cotton are to be expected.
This year the cotton crop moved early. Cotton exports in July were larger than those for any month
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this year since January. In August, however, there
was a reduction from the preceding month, August
cotton exports being 545,800 bales, compared with
709,700 bales in July. The Augu t cotton movement
this year was larger than that of August 1932, when
exports were 462,760 bales, the increase in that
month this year being 17.9%.
Cotton exports last month in value were very much
above those of a year ago, owing to higher prices
this year. The value of cotton exports last month
was $28,172,582. For July this year it was $36,755,604, the August figures showing a reduction from
the preceding month of $8,583,022 or 23.4% less.
In the comparison with August 1932 there was an
increase this year of $10,047,500.
Exports other than cotton have in most months
been below the restricted movement of a year ago,
and that was the case with August, if allowance is
made for the higher prices this year. The value for
last month was $102,827,000, after , deducting the
value of cotton exports for that month from the total
for all exports. The August figures were ,566,000
below those for July, while they show an increase of
$12,353,000 over August 1932, or 13.6% larger.
This increase represents, in part, the higher prices
for practically all commodities this year. For cotton
the increase in the value of exports in August this
year over a year ago was 55.4%. The increase in
bales was 17.9%,the difference of 37.5% representing
the higher prices for cotton this year.
Shipments of the precious metals in August were
much the same as they were in July, excepting that
the silver movement was very much higher. Gold
exports last month amounted to 1,473,000 (consisting mostly of gold previously earmarked) and
imports to only $1,085,000, the latter another low
record for many years past. For the eight months of
this year, gold exports have been $260,552,000 and
imports $186,095,000, the excessiof exports being
$74,457,000. Last year for the same period gold
exports amounted to $809,379,000 and imports to
$192,057,000, exports..exceeding imports by46$617,.
322,000.11kThe exports ofisilver lastimonth were
increased to $7,015,000 and imports to $11,602,000.
For the eight months of this year silver exports have
amounted to $12,386,000 and imports.
to_$43,565,000.
Last year for the same time,;silver exports were
$9,531,000 and imports $13,598,000.
HE New York stock market has suffered further
collapse the present week, with sharp further
declines in prices all around. The drop in prices
has been continuous day after day, with only an
occasional feeble rally, and with an unimportant
recovery on Friday. There is no way to account
for the weakness, except that there has been growing distrust with the prodigal way in which Government funds are being spent almost without limit,
and the steady expansion in the amount of Federal
Reserve credit through the purchase of additional
amounts of United States Government securities.
The commodity markets have been weak along with
the stock market, and bond prices have as a rule
also moved lower, especially in the case of the lowpriced and speculative issues. Another adverse
feature has been the occurrence of labor strikes in
numerous parts of the country, showing growing
restlessness on the part of labor. Being favored
with shorter hours and higher pay, they are not
2318
Financial Chronicle
satisfied, but are demanding further favors at the
bands of the employer and the Federal Administration as a part of the plan of securing additional
advantages for themselves; and the feature which
is attracting special attention in these labor troubles
is that the disposition seems to be to yield very
largely to their demands. The steel shares have
been depressed by the action of President Roosevelt in calling the leaders of the steel industry into
his presence and asking a reduction in the price of
steel rails to below $40 a ton, which has long been
the prevailing price. The request has been accompanied by the promise of large orders for steel from
the railroads, the Reconstruction Finance Corporation standing ready to make large loans for the purpose where the railroads are not in a position to
raise the funds themselves. The reduction in price,
while perhaps justified, has been viewed with some
concern, because rails have been about the only
product of the steel mills in which a profit has been
accruing to the mills in good years and bad years
alike, owing to the fact that the price was always
held unchanged. Returns of railroad earnings for
the month of August have been appearing in large
numbers during the week, and have made exceedingly favorable comparisons with a year ago, but
this has been of no avail in preventing a break in
railroad securities; both stocks and bonds have been
tumbling badly along with the rest of the list.
Loadings of railroad revenue freight have shown
somewhat smaller ratios of increase over the same
period of last year than has been the case recently,
and the same is true of the production of electricity
by the electric light and power industry of the
United States, this last being reported at 1,638,757,000 kilowatt hours for the week ending Saturday, Sept. 23, as against 1,490,863,000 kilowatt
hours in the corresponding week in 1932, thus indicating an increase of 9.9% as against 12.7% the
previous week. On the other hand, accounts regarding the condition of the steel trade, apart from the
uncertainty regarding the price to be fixed for steel
rails, have been more encouraging than for some
weeks past, the "Iron Age" observing that "the
launching of a Government-sponsored capital goods
program, the speeding up of public works, and a
renewed wave of steel buying, set in motion by price
advances, have put new life into a flagging market."
The national average of ingot output at 41% is
identical with the rate of a fortnight ago, but two
points lower than the figure of last week.
The commodity markets have at times been weak,
along with the security markets, as already
stated, but have been quicker to recover. The September option for wheat at Chicago closed yesterday at 861 2c. as against 8534c. the close on Friday
/
/
of last week, while September corn closed at 461 4c.
/
/
against 461 8c. the close the previous Friday. Sep/
tember rye at Chicago closed yesterday at 6614c.
against 6434c. the close the previous Friday, and
/
September barley at Chicago closed yesterday at
/
5434c. against 5258c. bid on Friday of last week.
/
The spot price for cotton in New York yesterday
was 9.90c. compared with 9.80c. on Friday of last
week. The spot price for rubber was 7.90c. as
against 7.38c. the previous Friday. Domestic copper yesterday was 9c. against 9c. the previous Friday. Silver prices continued to move within narrow
bounds, at least as far as the London price was concerned, which closed yesterday at 18 7/16 pence per
Sept. 30 1933
ounce against 18 pence the previous Friday. The
/
3
4
New York quotation was 3912c. yesterday against
/
40c. the previous Friday. The foreign exchanges
all moved lower, thereby lessening the diminution
in the gold value of the American dollar. Cable
transfers on London yesterday closed at $4.76 as
against $4.791 2 the close the previous Friday, while
/
/
cable transfers on Paris yesterday closed at 6.0114c.
against 6.08y ihe close on Friday of last week.
2c.
On the New York Stock Exchange 18 stocks established new high records for the year during the
current week and four stocks dropped to new low
figures for 1933. For the New York Curb Exchange
the record for the week is 12 new highs and 34 new
lows. Call loans on the Stock Exchange continued
to rule at 3 of 1% per annum.
/
4
Trading has been of only moderate proportions.
On the New York Stock Exchange the sales on Saturday last were 1,004,748 shares; on Monday they
were 1,308,810 shares; on Tuesday 1,432,010 shares;
on Wednesday 2,320,236 shares; on Thursday
1,443,990 shares, and on Friday 1,643,950 shares.
On the New York Curb Exchange the sales last Saturday were 153,835 shares; on Monday 181,635
shares; on Tuesday 192,105 shares; on Wednesday
658,474 shares; on Thursday 213,895 shares, and on
Friday 245,480 shares.
As compared with Friday of last week, prices are
again quite generally lower. General Electric closed
%
yesterday at 1934 against 205 on Friday of last week;
North American at 17% against 1834; Standard Gas
& Elec. at 103 against 10%; Consolidated Gas of
%
N. Y. at 403/ against 423 ; Brooklyn Union Gas at
4
g
against 713/2; Pacific Gas & Elec. at 203/2 against
673%
213/ Columbia Gas & Elec. at 143/i against 143%;
s;
Electric Power & Light at 6% against 6%; Public
Service of N. J. at 351 against 36%; J. I. Case
4
Threshing Machine at 663 against 703/; Interna4
s
tional Harvester at 363 against 38; Sears, Roebuck
4
& Co. at 383/i against 413/; Montgomery Ward &
8
Co. at 193 against 2234; Woolworth at 3834 against
4
393%; Western Union Telegraph at 55 against 603/2;
Safeway Stores at 41 against 4334; American Tel. &
Tel. at 1173/ against 1253 ; American Can at 883%
4
against 913 ; Commercial Solvents at 353/i against
4
5
35%; Shattuck & Co. at 73% against 738, and Corn
4
Products at 861 against 88%.
3
Allied Chemical & Dye closed yesterday at 13534
against 1363/i on Friday of last week; Associated Dry
Goods at 14 against 1534; E. I. du Pont de Nemours
at 743/ against 763%; National Cash Register "A" at
163 against 173s; International Nickel at 193/2
4
/
against 2034; Timken Roller Bearing at 263/s against
28; Johns-Manville at 50 against 51%; Gillette Safety
Razor at 133/i against 14; National Dairy Products
at 1434 against 153%; Texas Gulf Sulphur at 36
against 375 s; American & Foreign Power at 93/i
/
against 1034; Freeport-Texas at 42 against 433 ;
4
United Gas Improvement at 163/ against 1634;
8
National Biscuit at 503/i against 543/2; Continental
Can at 643/ against 663/2; Eastman Kodak at 80
2
against 81; Gold Dust Corp. at 20 against 2034;
Standard Brands at 233 against 243/; Paramount
8
4
Publix Corp. ctfs. at 13/ against 1%; Coca-Cola at
873/ against 883/2 bid; Westinghouse Electric & Mfg.
at 343/i against 393 ;Columbian Carbon at 52 against
4
56; Reynolds Tobacco class B at 509/i against 503%;
Lorillard at 21 against 2134; Liggett & Myers class B
at 96 against 9732, and Yellow Truck & Coach at
43 against 5.
4
Volume 137
Financial Chronicle
Stocks allied to or connected with the alcohol or
brewing group declined along with the rest of the
market. National Distillers closed yesterday at 893/
8
against 97 on Friday of last week; Owens Glass at 77
against 7532; United States Industrial Alcohol at 65
against 673 ; Canada Dry at 295 ex-div. against
4
%
30; Crown Cork & Seal at 38 against 413 ; Liquid
4
Carbonic at 273 against 30, and Mengel & Co. at
%
9% against 103 .
4
The steel shares have been more or less a weak
feature for the reasons outlined above. United
%
States Steel closed yesterday at 451% against 493
on Friday of last week; United States Steel pref. at
82% against 793 ; Bethlehem Steel at 33% against
4
3
34%, and Vanadium at 213 against 223. In the
auto group, Auburn Auto closed yesterday at 46%
against 523/ on Friday of last week; General Motors
at 283/i against 31%; Chrysler at 403 against 45;
Nas'i Motors at 1934 against 21; Packard Moto..s at
3% against 4; Hupp Motors at 33 against 33 ,and
4
4
Hudson Motor Car at 103 against 129. In the
4
rubber group, Goodyear. Tire & Rubber closed yesterday at 33 against 371% on Friday of last week;
B. F. Goodrich at 131 against 151%, and United
%
States Rubber at 163 against 1734.
%
The railroad shares have been much depressed.
Pennsylvania RR. closed yesterday at 293 against
4
313/2 on Friday of last week; Atchison Topeka &
Sante Fe at 541% against 583/2; Atlantic Coast Line
at 35 against g8; Chicago Rock Island & Pacific at
41% against 5 8; New York Central at 371% against
413/; Baltimore & Ohio at 273 against 29; New
2
%
Haven at 201% against 221%; Union Pacific at 1103/
2
against 115; Missouri Pacific at 434 against 43 ;
4
Southern Pacific at 223/ against 235 ; Missouri2
%
Kansas-Texas at 93 against 10; Southern Ry. at
.
241% against 26; Chesapeake & Ohio at 4134 against
423/; Northern Pacific at 213 against 2334, and
2
4
Great Northern at 1934 against 213 .
%
The oil stocks have also moved lower. Standard
Oil of N. J. closed yesterday at 393 against 4134
4
on Friday of last week; Standard Oil of Calif. at 39%
against 4234; Atlantic Refining at 26 against 2734.
In the copper group, Anaconda Copper closed yesterday at 151% against 16% on Friday of last week;
Kennecott Copper at 20% against 223/; American
2
Smelting & Refining at 42% against 463 ; Phelps%
Dodge at 16 against 163s; Cerro de Pasco Copper at
/
341% against 371%, and Calumet & Hecla at 55%
against 634.
2319
concern over French budgetary questions was evident in Paris. The French financial community was
gratified, however, by removal of restrictions on the
listing of foreign securities on the Bourse. These
restrictions were applied under a law passed in 1916,
and abrogation of that measure will increase the
international importance of the Paris market, it
was said. The Berlin Boerse was unusually quiet,
in anticipation of new trading regulations which
will heavily curtail the number of licensed brokers.
Prices moved upward generally on the London
Stock Exchange in the initial session of the week,
owing to more reassuring reports from Washington
regarding possible currency developments in the
United States. British funds were in good demand,
and most industrial stocks also showed gains. The
international list of securities was stimulated
sharply. The general tone was again firm in quiet
dealings on Tuesday. British funds were slightly
higher in early dealings, but settled back to previous
levels at the end. Most of the home industrial stocks
reflected quiet buying, while reports that strikes
were ending in South African gold mines gave a
fillip to this section. International specialties remained in favor. Changes in Wednesday's trading
were mostly toward better levels, but turnover remained small. British funds were dull at first,
owing to the overnight announcement of a new 21 2%
/
conversion loan, but the initial losses were regained
just before the close. Industrial securities also
wavered a little, but closed firm. 'Some good features appeared in the international group, with
Argentine bonds especially active. The market
trend Thursday was again upward, and brokers were
further cheered by a slight increase in business.
British funds advanced and industrial issues also
were in good demand. The international group
received additional support, with attention centered
mainly on Brazilian securities. British funds
sagged slightly in quiet dealings yesterday, but
other sections were firm.
The Paris Bourse was buoyant in the first dealings of the week, owing mainly to an impression in
the French capital that President Roosevelt would
not countenance a chaotic and disorderly inflation.
Prices improved in all parts of the list, with rentes,
French stocks and international securities all in
excellent demand. Reports reached Paris Tuesday
to the effect that American monetary policy remained unsettled, and this news caused a downturn
on the Bourse. Rentes held their ground fairly
well, while French stocks lost only small fractions
TRREGULAR price movements were reported on in most cases. The international group of securities
1 stock exchanges in the leading European finan- dropped heavily. After an irregular opening Wedcial centers this week, as there was again a good nesday, prices improved on the Bourse, but the
deal of uncertainty regarding the recovery plans increases were small in most issues. A few of the
in the United States and the possibility of infla- speculative favorites did well, and there was also
tionary measures. The London Stock Exchange renewed interest in international issues. Uncerwas generally firm, but business remained on a tainty was more pronounced Thursday, and most
very modest scale. The Paris Bourse and the Berlin securities lost ground in the session. Trading was
Boerse moved alternately upward and downward, slow and small transactions sufficed to unsettle the
as both markets were affected by internal unsettle- market for some issues. Rentes remained firm, but
ment as well as international difficulties. Dis- French stocks and international securities moved
patches from all three centers reflected the con- steadily lower. The trend yesterday was good, but
fusion prevalent among traders and investors re- advances were not great owing to light trading.
garding American developments, and the hope of
Securities of all descriptions were in good demand
early stabilization of the dollar. In the London on the Berlin Boerse in the opening session of the
market international currency problems far over- week. Bonds were especially strong owing to indishadowed domestic trade reports, as the latter cations that the Reichsbank would buy such issues.
showed no changes of any importance. Further Stocks advanced 3 to 4 points, but few offerings
2320
Financial Chronicle
appeared even at the higher levels, and turnover
remained small. The trend was reversed Tuesday,
and most of the gains of the previous session were
lost. A slight rally developed just before the close,
but it did not affect quotations much. Confidence
was restored Wednesday, and fairly sizable advances were registered in all parts of the list, but
trading dwindled to very small proportions in this
session. Bonds were in better favor than stocks,
but equities also showed gains as offerings were very
scarce. Prices turned downward on the Boerse
Thursday, but the losses were not especially pronounced. Profit-taking appeared on a modest scale,
with offerings easily absorbed at slight recessions.
Business was quiet yesterday, but the tone was
cheerful.
ORMAL negotiations for revision of the intergovernmental debt settlements will begin in
Washington, next Thursday, between representatives of the United States and British Governments.
Beyond the fixing of a date for the initial meeting, there is little that is definite about the coming
negotiations. The problem has become steadily
more complicated owing to political events in
Europe and recent currency developments. It was
indicated in Washington last Sunday that Secretary
of State Cordell Hull would direct the negotiations
on the American side, and that the State and
Treasury Departments would co-operate closely.
Mr. Hull announced Thursday that Under-Secretary
of the Treasury Dean Acheson, and Frederick Livesey, assistant economic adviser to the State Department, have been designated to conduct the actual
discussions. President Roosevelt has repeatedly
indicated that any final decisions on proposals to
be submitted to Congress will be made by himself.
He is expected to maintain close supervision over
the negotiations.
In a Washington dispatch of Wednesday to the
New York "Herald Tribune" it was remarked that
the American attitude will be one of sympathetic
consideration for any proposals that British representatives may make. The American representatives, however, will make no offers or commitments.
British officials who will engage in the debt conversations are Sir Frederick Leith-Ross, chief economic adviser to the London Government, and T. K.
Bewley, a Treasury official, who has been attached
to the Embassy at Washington. Together with Ambassador Sir Ronald Lindsay, they sailed from
Southampton, Wednesday, on the SS. Majestic. Sir
Frederick Leith-Ross remarked on sailing that he
expected to observe the feeling in this country
toward the question of war debts. President Roosevelt will confer with the British officials personally
on their arrival in Washington next week. Other
debtor governments will observe with closest interest the course of the negotiations between America
and Great Britain on this difficult problem.
Reports current in London this week were to the
effect that Great Britain will not pay any more
annuities, and will endeavor to arrange a final lumpsum payment as the only alternative to outright
repudiation. The problem of the December instalment remains unsettled, and it is held possible that
a further "token" payment, similar to that of last
June, will be tendered pending Congressional approval of any arrangement that may be made between officials of the two governments. Any offer of
F
sept. 30
1933
a final settlement, however, probably would involve
consideration of the tentative German reparations
payment of 3,000,000,000 marks, in final discharge
of the German obligation to the former Allies. "Default or a final lump-sum settlement were the
familiar alternatives last winter, but the British
Government finally took a middle ground, paying
the full instalment then due with a reservation to
the effect that it must be considered only as payment on account of the final sum to be determined
later," a London dispatch of Wednesday to the New
York "Times" states. But the British Government
"has no intention of taking that middle ground
again this year," the report adds. In the coming
negotiations, accordingly, all emphasis will be
placed on a final payment, with the discussion likely
to hinge chiefly on the amount that might be considered fair to both countries. A Paris report of
Wednesday to the New York "Times" indicates that
there has been no change in the French attitude
toward the debts. France is willing to pay the,
United States what she is supposed to receive from
Germany, and no more, it is said.
HE endless debate on international disarmament was conducted this week both in private
negotiations among leading diplomats and in the
public sessions of the League of Nations Assembly
at Geneva. Long private talks were held over the
last week-end by representatives of Great Britain,
France and the United States at Paris, while further conversations of a like nature were held this
week at Geneva, with Italian and German officials
as additional participants. Aside from indications
that views of these major Powers were drawing
closer, little developed at these gatherings. In the
formal League Assembly sessions great emphasis
was placed by all speakers upon the dire need for
disarmament, and appeals for progress were numerous. Such speeches, however, have been a feature
of Assembly sessions for years. As the representatives of all member States of the League were gathering last Sunday, it was noted by the Geneva corm
spondent of the New York "Times" that some slight
hope of a disarmament agreement prevailed, in contrast with the usual pessimistic attitude of the diplomats. "This hope," said the correspondent, "is
based on the feeling that the situation is now so bad,
and the alternatives to an agreement are so dangerous and widely recognized in high places, that no
government will take the responsibility of a purely
negative policy, and even less of a break-down."
Week-end discussions at Paris were conducted
chiefly by Premier Daladier and Foreign Minister
Paul-Boncour for France, and Stanley Baldwin and
Foreign Secretary Sir John Simon for Great
Britain, with Norman H. Davis of the United States
also a participant for a time. An attempt was made
to bring British and French views of international
armaments supervision closer together, and some
progress was apparently made. France originally
desired a four-year period of regular supervision
before beginning any disarmament on her own account, while Great Britain considered a period of
nine months more in keeping with the situation.
It was reported last Saturday that the British and
French had agreed tentatively upon a three-year
period of inspection, with actual disarmament to be
accomplished in eight years. On this matter Mr.
Davis also was said to be in agreement with British
T
Volume 137
Financial Chronicle
and French representatives. Apparently the question of sanctions and of American consultation was
raised in the discussions, and Mr. Davis is reported
to have repeated President Roosevelt's suggestion
for limited consultation, made last May. Reports
of the Paris conversations appear to have occasioned
some concern in Washington, as Secretary of State
Hull declared last Sunday that the United States
would avoid sanctions, but would throw no bars
across the enforcement of arms treaties by other
Powers.
British and French views on the relatively minor
point of the period of inspection having been reconciled to some degree, attention next was turned to
the infinitely more thorny problem of German and
Italian aims. Alarming rumors reached Paris last
Sunday that Germany would demand the right to
fortify some of her frontiers and to re-arm generally,
and these reports quickly modified the hopes for
disarmament raised by the modest Franco-British
accord. The British Foreign Secretary, Sir John
Simon, talked in Geneva last Sunday with the German Foreign Minister, Baron 'Constantin von Neurath, and is said to have assured him that nothing
was done behind Germany's back in the previous
negotiations at Paris. Full information on the conversations was placed at the disposal of the German
Minister, reports said, and the German press reflected thereafter a somewhat more hopeful attitude,
although nothing was said officially. Nor was anything divulged about a conversation held Monday
between Mr. Davis and Baron von Neurath. Geneva reports about the negotiations indicated that
the Germans were not pushing their demands for
the right to re-arm, as they had been expected to do,
owing to their obvious isolation. French and British spokesmen were reported adamant against
granting Germany the right to re-arm, but the suspicion prevailed in Geneva that they might let the
bars down a little in order to satisfy Chancellor
Hitler and make at least some sort of disarmament
,convention possible.
Italian representatives appeared on the scene
Tuesday, with a compromise proposal designed to
bridge some of the more obvious difficulties in the
way of an accord. Strict reserve was maintained
on the subject of this proposal, but it was reported
in some dispatches that it contemplated the superimposition of the Franco-British suggestions for
armaments inspection upon the MacDonald plan.
Since the latter proposal called for an increase in
German effectives from 100,000 to 200,000, there
were some hopes that this scheme might appeal to
the Reich. The Italian suggestions also provided
for a new definition of defensive armaments, under
which Germany might be permitted to possess pursuit airplanes and other paraphernalia not allowed
under the Versailles treaty, it was rumored. Such
suggestions alarmed the French, however, and intensive discussions continued on the matter in the
hope that all divergencies could be reconciled before
the scheduled meeting of the General Disarmament
Conference on Oct. 16.
Although French and German delegations at Geneva avoided each other persistently early in the
week, arrangements for a direct discussion between
Foreign Minister von Neurath of Germany and Foreign Minister Paul-Boncour of France finally were
made, and these two officials conferred at some
length Thursday. The conversation, a Geneva re-
2321
port to the New York "Times" said, revealed so wide
a difference between them that it is understood they
agreed the best thing to do was for Baron von Neurath to return to Berlin and report to the Cabinet
there. "It was learned authoritatively," an Associated Press dispatch said, "that M. Paul-Boncour
had urged Germany to join the peace move by accepting a four-year trial period which would involve the
control of existing armaments. Thereafter a second
stage would be reached during which the question
of German armaments could be re-opened." Baron
von Neurath is said to have offered counter-proposals, such as an increase in the German army, and
possession of "samples" of tanks and pursuit planes.
M. Paul-Boncour rejected such suggestions, and it
was then decided that the German Minister would
do well to report to his Government. This will probably take a week, it is believed, and no immediate
progress toward a Franco-German understanding
is looked for.
The slight indications of progress with regard to
land disarmament were not duplicated in the naval
sphere. It was made clear in Washington, Tuesday,
that the British Government had suggested modification of the new American ship program, but the
United States Government did not accede to the
request. The State Department made a brief announcement on the matter, as follows: "In reply
to suggestions from the British Government that
the laying down of any six-inch gun cruisers larger
than those now in existence might be deferred during the life of the disarmament conference, or at
least pending further discussion of the qualitative
limitations of future ships, the American Government has replied that it did not see its way clear
to alter its delayed naval construction program or
to suspend the laying down of any projected ships."
The British, it is understood, desire a 7,000-ton limitation for six-inch gun cruisers, as compared with
10,000-ton maximum of the London treaty.
ELEGATES from 64 nations assembled at Geneva, Monday, for the opening of the fourteenth annual session of the League of Nations
Assembly. Disarmament problems, as indicated
above, constituted the chief subject of discussion in
the formal meetings of the large League body, but
the addresses made were of little importance compared with the direct negotiations conducted simultaneously by representatives of the large Powers.
League activities have been pushed steadily into the
background by the developments of recent years and
popular interest in the sessions is waning in all
countries. The League Council met concurrently
with the Assembly and voted, early in the week, to
make a study of public works as a means for relieving unemployment. It was indicated at Geneva,
Tuesday, that Argentina probably will be elected to
membership on the Council, in recognition of the
Argentine Senate's decision of the day before to
join fully in League activities. Denmark and Australia also are likely to get seats on the Council,
it was said.
The Assembly meeting was opened by Premier
Johan Ilowinckel of Norway, in his capacity as
President of the Council. The Norwegian Premier
pleaded in his address, for pacificism in "torn and
divided Europe, where the words equality and fraternity are relics of a bygone age and where even
the most sacred rights of liberty—liberty of thought
D
2322
Financial Chronicle
and personal liberty—are not everywhere secure."
Public opinion is dissatisfied with the League, he
declared, because of its poor record in the Manchurian affair and the Disarmament and Economic
conferences. The large Powers, including the
United States, are responsible for this state of
affairs, Premier Mowinckel said, and he urged them
to reconcile their views and lead the way for the
smaller Powers. Satisfaction was expressed regarding the increasing co-operation of the United States
in League activities, and he expressed the hope that
it would become even closer. "Despite general disillusionment and discouragement, every responsible
person knows that we have in the League a marvelous instrument, and we are bound to do all that
lies in our power to make it strong and effective,"
Premier Mowinckel said. After conclusion of this
address the Assembly proceeded to elect Charles T.
te Water, of South Africa, as its permanent President. Mr. te Water made a brief extemporaneous
address in which he also pleaded for peace. Chief
interest in this initial meeting of the Assembly centered on the spectacular arrival of Dr. Joseph Paul
Goebbels, one of the leaders of Nazi Germany, who
entered the Assembly hall surrounded by a stalwart
bodyguard of young German Nazis.
Sir John Simon, Foreign Secretary of Great
Britain, took up the cudgels for the League in an
address delivered on Tuesday. He emphasized the
need for a disarmament agreement and remarked
that such political issues cannot be kept indefinitely'
in suspense and are not made easier by delay. Defending the League against charges of failure in
political matters, Sir John Simon pointed out that
much valuable technical work had been done by various League Commissions. "The true view," he said,
"is that the nations and governments that compose
the League have not been able even with the help
of its machinery and influence to compose their vital
differences." Dr. Engelbert Dollfuss of Austria
rose to address the Assembly amidst warm applause,
in which German delegates did not join. Without
referring once to the difficulties of his Government
with German propaganda, Premier Dollfuss dedared that his country is determined in "this grave
and troublous time of fratricidal strife" to follow
the path that offers the possibility of independent
existence and economic development. Dutch representatives began a movement for bringing before the
Council and the Assembly the question of the refugees from Germany who are now crowding toward
Holland, Switzerland, France and other lands, and
a formal demand for a League Committee to care
for the refugees was made yesterday. The League
sessions were overshadowed, beginning Wednesday,
by the almost continuous private negotiations on
the disarmament problem.
Sept. 30
1933
in new bonds for every £100 of the 4 % issue.
/
1
2
Those accepting will receive a special interest payment of 27s. 9d. on Feb. 1, and a full half year's
interest on April 1 on the new bonds. The remaining £100,000,000 of the new issue is offered for cash
subscriptions at 94. Funds realized on cash sub_ scriptions will be used to reduce the floating debt,
which has now reached a figure of more than £1,000,000,000. Books were opened on the conversion issue
Thursday, and an excellent response was reported.
Political stability in the United Kingdom is comparable with the financial assurance that has made
possible the long series of important debt conversion operations of the last two years. Small byelections have been the only important developments
since the National Government was organized two
years ago. A contest of this nature brought Prime
Minister Ramsay MacDonald into the political
arena again, and aroused some conjecture regarding the position of the former Labor party leader
in the Cabinet, which is dominated almost entirely
by the Conservatives. Mr. MacDonald asserted late
last week that he remained firmly convinced of the
need for forming a National Cabinet in 1931, and
reiterated that he felt justified in cutting party ties
and joining the Government then organized. Two
years ago the problem facing the Government was
not the distribution of wealth, but the existence of
the wealth itself, he declared. The achievements of
the National Government are especially noteworthy
in the currency field, he said, as the pound "is held
in as much general confidence as the very best and
in very much more than most currencies." There
are also encouraging signs of trade improvement
and a reduction in the unemployment rolls month
by month, the Prime Minister stated. But the work
is not yet finished, Mr. MacDonald added, and he
urged continuance of the National Government. In
a London report to the New York "Times," however,
it was noted that the political plea by the Prime
Minister served only to emphasize his waning influence in British politics. "Quietly but none the less
certainly he is fading from the political scene," the
dispatch said. The Conservatives dominate the
country to-day, and the real job of shaping British
policy is done by the triumvirate of Neville Chamberlain, Walter Runciman and Stanley Baldwin, the
correspondent remarked.
HANCELLOR ADOLF HITLER and his associates in the German Fascist Government are
at length evincing a tendency to modify some of the
onerous restrictions applied by the "totalitarian
State" to make the revolution effective and complete. Dr. Kurt Schmitt, the Nazi Minister of Eco110MiCS, announced Wednesday that discrimination
between "Aryan" and "non-Aryan" business establishments might result in serious harm to the plans
ONTRASTING sharply with the economic and for economic reconstruction, and was impossible to
political uncertainty prevalent in almost all achieve in any event. So long as the owners do not
countries of the world is the confident and assured violate the law or the principles of business ethics,
attitude of the British Government and people. The no ground exists for discriminating against any
admirable economic stability of Great Britain is enterprise, Dr. Schmitt informed the German people.
reflected in a further debt conversion operation, an- Dr. Joseph Paul Goebbels, the Minister of Propanounced by the Treasury on Tuesday. This con- ganda and Enlightenment, agreed with him on this
sists of the public offering of a £150,000,000 loan matter, Dr. Schmitt said. This announcement was
/
1
2
with 2 % coupons, due 1949 and callable 1944. viewed everywhere as an indication that the official
/
1
2
Holders of £50,757,037 4 % Treasury bonds due persecution of Jews in Germany soon will cease.
1934 are offered the opportunity to convert In Berlin reports of Thursday, however, Nazi leadFeb. 7
into the new loan at the exchange rate of £106 7/6 ers were quoted as saying it represented chiefly a
C
C
Volume 137
Financial Chronicle
desire to proceed cautiously. The Nazi program of
building a "pure Aryan State" has not been relinquished, such authorities declared.
But other extremes of Nazi policy also are being
modified. A "purity campaign" of Nazi Storm
Troops, which aimed at preventing women from
smoking or powdering their faces, was vigorously
denounced last Sunday by Colonel Ernst Roehm,
leader of the Hitlerite army. Chancellor Hitler
issued a brief announcement Thursday, in which he
condemned "all unatithorized and illegal revolutionary activities." In Geneva Dr. Goebbels spoke
on several occasions this week to groups of Journalists in defense of the Nazi regime, but he never referred to the League of Nations and did not address
the Assembly. The trial of five men in Liepzig on
charges of treason and incendiarism proceeded this
week without any startling developments. The four
Communists stoutly maintained they were not implicated in any way in the Reichstag building fire
on Feb. 27, while Manaus Van der Lubbe, who is
termed a Communist by the Nazis and an agentprovocateur by the Communists, admitted his guilt
before the Supreme Court yesterday.
RESIDENT RAMON GRAU SAN MARTIN reP tained this week his precarious hold on the
Government in Cuba, but in every dispatch from
lIavana it was emphasized that no progress whatever is being made toward solving the political and
economic problems of the country. Political leaders conferred every day in the effort to arrange a
coalition regime, as it is reported that the present
Government enjoys the confidence of only a small
minority of Cubans. The aim remains unrealized,
and in the meantime some of the more extreme elements appear to be taking matters into their own
hands. A huge demonstration of Communists was
staged in Havana, Tuesday, and the incident caused
much concern in responsible circles. The students,
who are among the chief supporters of President
Gran San Martin, are believed to be turning toward
Communistic ideas. In the interior small armed
groups are being organized everywhere, and in most
cases they are roaming the countryside inciting the
workers on plantations and in mines and mills to
join them in a revolt against the owners and operators. A general strike throughout the Island is
now believed possible, as a result of Communist
efforts to oust the President and set up a Soviet.
"The chance that Cuba can save herself from and 'thy is now so remote that it may almost be dismissed," a Havana dispatch to the New York
-Times" states.
2323
cow that Manchukuo, under Japanese instigation,
was preparing changes in the administration of the
railway which would virtually render Soviet representatives powerless. The Russian Government,
according to the note, considers Japan "the real
master in Manchuria," whereas Manchukuo is "powerless and incapable of answering for events." Moscow insisted that Japan "must assume direct responsibility for all violations of treaties on the Chinese Eastern Railway, as well as for the seizure of
the railway now being prepared."
The Chinese Eastern was built with Russian funds
supplied by the Czarist regime, and the covering
treaty provided for joint Sino-Russian management.
In view of the many difficulties which part ownership of the road caused to the present Soviet Government, negotiations for sale of the line to the
Manchukuan Government were initiated early this
year, but they have dragged on in true Oriental
fashion without apparent progress. The discussions for the sale have taken place exclusively in
Tokio between Russian representatives and Japanese officials who ostensibly are acting for Manchukuo. In a Tokio dispatch of last Saturday to
the New York "Times" it was indicated that the
Russians now are asking 200,000,000 gold rubles,
while Japan-Manchukuo is offering hardly more
than a tenth of this sum. The negotiations have
reached a "critical stage," the report states, and
it is quite possible that the rumored Manchukuan
aims are intended to occasion further reductions in
the Russian asking price.
—•-HURRICANE in 'Mexico and an earthquake in
Italy caused numerous deaths this week, and
destruction on a scale that surpassed even that
occasioned by tempests along our own coast recently. Three-fourths of the City of Tampico, Mexico's greatest oil part, was reduced to ruins Monday
by a hurricane that attained a velocity of nearly
150 miles an hour. More than 50 deaths were caused
by the wind and the waters that were driven inland
under its fury, while more than 850 persons were
injured. Twenty thousand families in the city itself
and the surrounding territory were rendered homeless. No Americans were killed or injured, while
damage was done mainly to wooden buildings in
the port and to railway lines. Martial law was
declared to control the terror-stricken inhabitants,
and extensive relief activities were hastily organized by the Mexican Government under the personal
direction of President Abelardo Rodriguez. The
earthquake in Italy occurred in the small hours of
Tuesday, and reports reaching Rome late the same
day indicated that 19 persons were killed and more
than 200 injured. The epicenter of the earthquake
was placed in the Abruzzi Mountain region, and
damage was heaviest in the towns of that area.
A
OFFICIAL communication couched in unusually strong terms was addressed by the
Soviet Government of Russia to the Japanese Foreign Office, late last week, in protest against alleged
plans of Manchukuan authorities to eliminate the
HE Bank of England statement for the week
last traces of Russian control over the Chinese
ended Sept. 27 shows a gain of £34,203 which
Eastern Railway. The note reflects the unrelieved brings the total up to a new high mark at L191,766,tenseness of the diplomatic situation created in the 643; last year the total was only £140,397,380. As
Far East by the Japanese conquest of Manchuria this gain in gold was attended by an expansion of
and the formation of the puppet State of Manchu- £284,000 in note circulation, reserves fell off £249,000.
kuo. Quite possibly, however, it is also to be inter- Public deposits decreased £1,730,000 and other
preted in the light of the current negotiations for deposits £7,818,783. The latter consists of bankers'
sale of the 1,000-mile railway to Manchukuo. The accounts which decreased £8,353,807 and other
Russian note, published without comment in Moscow accounts which increased £535,024. The reserve
on Sept. 22, was sent after information reached Mos- ratio rose to 51.34% from 48.56% a week ago; a
T
Financial Chronicle
2324
Sept. 30 1933
year ago the ratio was 40.46%. Loans on governHE Bank of Germany statement for the third
ment securities fell off £6,830,000 and other securities
quarter of September shows a further increase
£2,464,742. Of the latter amount £1,934 was from in gold and bullion, this time of 16,154,000 marks.
discounts and advances and £2,462,808 from securi- The Bank's gold stands now at 354,220,000 marks
ties. No change was made in the 2% discount rate. in comparison with 781,599,000 marks last year and
Below we show the different items with comparisons 1,374,409,000 marks the previous year. Reserve in
foreign currency, bills of exchange and checks, adfor five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
vances and investments record decreases of 11,144,000
marks, 100,729,000 marks, 20,120,000 marks and
Oct. 2
Oct. I
Sept. 30
Sept. 27
Sept. 28
1929.
1930.
1932.
1931.
1933.
83,000 marks respectively. Notes in circulation
£
E
E
E
£
r tom
reveal a decline of 75,793,000 marks the total of
370.754,000 359,784,231 357,208,682 359.386,483 363.347,695
Circulation_ a
8,992,562
16,488,000 23.417,643 30.069,090 21.645,391
Public deposits
0,534 114,023,631 115,206,969 96,107,056 102.951.560
which is now at 3,307,951,000 marks. Last year
141,23
Other deposits
6
Bankers'accounts_ 97,334,183 80,626,456 62,642,21 9 61,317,731 64,909,909
0
43,956.411 33,397,175 52,564,66 34.789,325 38,041.851
Other accounts
circulation aggregated 3,504,592,000 marks and the
73,825,963 69.918,094 68,975,906 44,536,247 73.766.855
Govt. securities
21.176,346 30,141,762 40,649,326 34,074,346 29,481,955
Other securities
previous year 4,173,886,000 marks. An increase
9,190,293 12,069,350 14,773,556 11,916,677 8,507.649
Disct.& advances_
11,986,056 18,072,412 25,875,770 22,157,689 20,974.306
Securities
appears in silver and other coin of 32,564,000 marks,
Reserve notes & coin 81,014,000 55,613,149 53,951,012 57,416,844 26,995,893
191,766.643 140,397,360 136,159,694 156,803.327 130,343.538
Coln and bullion
in notes on other German banks of 2,028,000 marks,
24.11%
48.76%
37.13%
51.34%
40.46%
Propor.of res. to liab.
61561
307.
661
4
20
7.
20
13nnk rnta/
in other assets of 29,466,000 marks, in other daily
a On Nov. 29 1928 he fiduciary currency was amalgamated with Bank of England
note issues adding at that time £234,199,000 to the amount of Bank of England
maturing obligations of 18,345,000 marks and in
notes outstanding.
other liabilities of 5,584,000 marks. The proportion
HERE have been no changes during the week of gold and foreign currency to note circulain the discount rates of any of the foreign tion stands at 12.2% in comparison with 26.5%
central banks. Present rates at the leading centres a year ago and 40.1% two years ago. Below we
are shown in the table which follows:
furnish a comparison of the various items for three
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
years:
T
T
Country.
Rate In
Date
Effect
Sep129 Established.
Austria_ ___
Belgium .
Bulgaria_ _ _
Chile
Colombia. _
Csechoslovakla_ _ _
Danzig_ _ ._
Denmark _ _
England_ _ _
Estonia__
Finland__
France _ _
.Germany..
Greece
Ilnlland1
Pre!nous
Rate.
Mar. 23 1933
5
314 Jan. 13 1932
814 May 17 1932
414 Aug. 23 1932
July 18 1933
4
6
24
9)4
bIS
5
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
Sept. 5 1933
Oct. 9 1931
Sept 31 1932
May 29 1933
Sent. 18 193.3
414
5
31.4
234
6)4
514
2
5
9
3
34
4
3
2
534
5
234
4
74
2W
Country.
Rate in
Date
Effect
Sept 29 Established.
Hungary.._
India
Ireland__,
Italy
Japan
Java
.
1.1th uanla _
Norway. _ Poland _ ___
Portugal__
Rumania __
South Africa
Spain
Sweden_ _
Switzerland
4)4
34
3
34
3.65
414
7
34
6
8
6
4
6
3
2
PreMous
Rate.
Oct. 17 1932 5
Feb. 111 1933 4
June 30 1932 34
Sept. 4 1933 4
July 3 1933 4.38
Aug. 16 1933 5
May 5 1932 734
May 23 1933 4
Oct. 20 1932 734
Mar. 14 1933 834
Apr. 7 1933 7
Feb. 2111)33 5
Oct. 22 1932 61.4
June 1 1933 334
Jan. 22 1931 254
REICHSBANK'S COMPARATIVE STATEMENT.
Changes •
Sept. 23 1933. Sept. 23 1932. Sept. 23 1931.
for Week.
Assets—
Gold and bullion
Of which depos. abroad_
Reserve in foreign cure.
Bills of exch. and checks
Silver and other coin._
Notes on other Ger. bks.
Advances
Investments
Other assets
Liabilities—
Notes In circulation-Other daily matur. oblig
Other liabilities
Propor.of gold & foreign
elm tn nntn riretil'n
Relchsmarks. Relchsniarks. Re:Om:arks. Relchsnuirks.
+16,154,000 354,220,000 781,599,000 1.374,409.000
99.551,000
78,779,000
63.351,000
No change.
603.000
47,758.000 146.241.000 297,
—11.144,000
—100,729.000 2.962,115.000 2,689,675,000 3,003.317,000
+32.564.000 268.496.000 266,429,000 124,566,000
12,243,000
12.067.000
14.238.000
+2,028.000
66,787.000 102,525,000 141,165,000
—20.120,000
—83,000 319,832,000 362,359,000 103.075,000
+29.466.000 538,588,000 794,804.000 933,140.000
—75.793.000 3,307.951.000 3,504,592.000 4,173,886.000
+18,345.000 407.864.000 357,960.000 540.291,000
+5.584.000 231,068,000 725.741,000 788.232,000
4-11 tot
12207.
26.561
1.
40.16
In London open market discounts for short bills
on Friday were 3/2@9-16%, as against %% on FriHE New York money market remained extremely
day of last week and 9-16% for three months' bills,
easy this week under the continual outpouring
as against %@7-16% on Friday of last week. Money
on call in London yesterday was /%. At Paris the of credit by the Federal Reserve banks, through open
open market rate remains at 23.1% and in Switzer- market operations. Call loans on the New York
3
Stock Exchange were 4% for all transactions of the
land at 13/2%.
week, whether renewals or new loans. In the unHE Bank of France in its statement for the week official street market call loans were reported arranged
ended Sept. 22 reveals a decline in gold holdings at M% Monday,/ Tuesday, and again at M% in
5 3%
of 57,152,363 francs. The total of gold holdings is all subsequent sessions. Time loan rates were unnow at 82,204,446,560 francs in comparison with changed, and there were also no variations in charges
82,621,794,767 francs last year and 59,346,170,306 on bankers' acceptances or commercial paper. An
francs the previous year. An increase appears in issue of $75,000,000 in 91-day Treasury discount bills
c.eedit balances abroad of 3,000,000 francs, in French was awarded, Monday, at an average discount of
commercial bills discounted of 580,000,000 francs 0.1%, which is the cheapest figure ever recorded
and in creditor current accounts of 741,000,000 except on a single issue sold last December at 0.09%.
francs while advances against securities is off 23,000,- Brokers' loans. against stock and bond collateral de000 francs. Notes in circulation show a contraction creased $19,000,000 in the week to Wednesday night,
of 406,000,000 francs reducing the total of notes according to the usual statement of the Federal
outstanding to 81,017,810,575 francs. Circulation Reserve Bank of New York.
a year ago stood at 80,200,291,100 francs and two
years ago at 78,173,081,590 francs. The proportion
EALING in detail with call loan rates on the
of gold on hand to sight liabilities is now at 79.59%
Stock Exchange from day to day, Yi% has
as against 76.87% last year and 57.02% the year
various been the ruling quotation all through the week for
before. Below we furnish a comparison of the
both new loans and renewals. The market for time
items for three years:
money has been at a standstill this week, no transacBANK OF FRANCE'S COMPARATIVE STATEMENT.
tions of note having been reported. Rates are
Changes
Sept. 221933. Sept. 23 1932. Sept. 251931.
for IVeek.
nominal at M% for 30 days, M@N% for 60, 90
Francs.
Francs.
Francs.
Francs.
and 120 days, %@1% for five months, and 1@13.4%
—57,152.364 82.204.446.560 82,621.794,767 59,346,170.306
Gold holdings
+3.000.000 1,288,483.166 2.911.834.38112.363,636.450
Credit bats. abroadfor six months. The market for commercial paper
•French commercial
bills discounted._ +580,000.000 3.184.529.526 3.622.438,541 5.880.429,273
showed up considerably this week, though transac1,345.765,409 2,081,338.660 12,829,950,505
b Bills bought abr'd Unchanged.
—23.000.000 2.738,706,445 2,752.065,602 2,754,051,284
Adv. against securs_
tions have been moderately active. Rates are 13/2%
Note circulation. _ _ _ —.406,000.000 81,017.810.57580.200,291.100 78,173,081,590
Credit current accts. +741.000,000 22.267.490.278 27,281,084,882 25.898.883.528
for extra choice names running from four to six
Propor. of gold on
57.02%
79.59%
76.87%
—0.32%
hand tn ataht nab_
4
months and 13 % for names less known.
Includes bills purchased in France. b Includes bills discounted abroad.
T
T
D
a
Financial Chronicle
Volume 137
acceptances have
THE market for prime bankers' the week. There
been moderately brisk during
has been a
modest increase in bills available but
transactions slowed up the latter part of the week.
Rates are unchanged. Quotations of the American
Acceptance Council for bills up to and including 90
days are %% bid, and h% asked; for four months,
%% bid and M% asked; for five and six months,
% bid and h% asked. The bill buying rate of the
New York Reserve Bank is 1% for bills running from
1 to 90 days, and proportionately higher for longer
maturities. The Federal Reserve banks' holdings
of acceptances decreased during the week from
86,932,000 to 86,681,000. Their holdings of acceptances for foreign correspondents also decreased
during the week, dropping from
6,701,000 to
$42,407,000. Open market rates for acceptances
are as follows:
SPOT DELIVERY.
—180 Days— —150 Days-- —120 Days—
Asked.
Bid.
Bid.
Asked.
Bid.
Asked.
Prime eligible bilis
Si
St
Si
Si
Si34
—90Days— —60Days— —30Days—
Asked.
Bid.
Asked.
Bid.
Bid.
Asked.
Prime eligible bills
34
34
34
,f
34
34
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
% bid
Eligible non-member banks
% bid
been no changes this week in the
THERE have rates of the Federal Reserve banks.
rediscount
The
of rates
now in effect
following is the schedule
for the various classes of paper at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate Ps
Erred on
Sept. 29.
Date
Established.
Previous
Rate.
3
234
3
3
334
334
3
3
334
334
3.4
3
June 1 1933
May 26 1933
June 8 1933
June 10 1933
Jan. 25 1932
Nov. 14 1931
May 27 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
June 2 1933
334
3
334
334
4
3
334
334
4
3
4
34
CTERLING exchange is steadier and has fluctuated
within comparatively narrow limits, in contrast
to the spectacular gyrations of last week. The pound
is still firm in terms of dollars, but has receded
greatly from the high point of 4.853/ registered last
week. Sterling is easy with respect to French francs
and the gold currencies of Europe. What really
happened is that the United States dollar has firmed
up gradually against the gold currencies from the
low point of 64.5 on Friday of last week to 66.3.
Foreign exchange traders say that business has been
limited in all markets, with transactions apparently
confined chiefly to normal business requirements.
Speculative forces seem for the moment quiescent.
The range for sterling this week has been between
4.6934 and 4.79 for bankers' sight bills, compared
with a range between 4.68% and 4.85h last week.
The range for cable transfers has been between 4.69%
and 4.793/i compared with a range between 4.6834
and 4.853/ a week ago. The weakness of sterling in
terms of gold may be judged from the London check
rate on Paris, which has been below 80 all week,
indicating that the Exchange Equalization Control
of London is apparently making no serious attempt
to hold the pound to any fixed ratio to Paris, or gold.
Only a few months ago it was apparent that the
London authorities were bent on keeping the pound
around 85 francs. A few weeks later the rate was
allowed to drop gradually to around 80, which level
was believed to constitute a new peg.
2325
Owing largely to the uncertainties as to dollar
exchange the Equalization Fund is finding it increasingly difficult to hold sterling at any fixed relationship to Paris. When on the gold basis the par of
sterling with respect to francs was 124.21. At this
season of the year the rate ordinarily fluctuated between 124 and 126 francs to the pound. The tables
immediately following give the London check rate on
Paris day by day and the mean gold quotation for
United States dollars in Paris:
LONDON CHECK RATE ON PARIS.
Saturday Sept. 23
Monday Sept. 25
Tuesday Sept. 26
78.937 'Wednesday Sept. 27
Thursday Sept. 28
79.34
Sept. 29
Friday
79.34
79.656
79.85
79.437
MEAN GOLD QUOTATION U. S. DOLLAR IN PARIS.
Saturday Sept. 23
Monday Sept. 25
Tuesday Sept. 28
64.7 'Wednesday Sept. 27
85.4 Thursday Sept. 28
Sept. 29
65.7 Friday
66.2
66.3
65.6
There is essentially nothing new in the foreign exchange situation from that prevailing for many weeks.
The subsidence of speculative drives is doubtless
only temporary. Surplus capital is everywhere extremely nervous and is still strongly inclined to seek
shelter wherever safety offers. There is for the time
being a pause in the outward movement probably
because all markets are rife with rumors that a positive pronouncement by President Roosevelt on monetary policy is about to be made. Up to the moment
of writing no indication of an official nature has been
given, but while markets everywhere are awaiting a
statement, there has been much discussion of the
feasibility of various plans of inflation, including
that of lowering the gold content of the dollar. For
the time being the sound money forces seem to be
gaining strength both here and abroad. Prime
Minister MacDonald in a recent speech at Kilmarnock asserted that it was Great Britain's determination to keep the pound stabilized, and criticized the
fluctuations of the American dollar abroad. He said:
"The currency of Great Britain is held in much general confidence as the very best, and in very much
mote confidence than most currencies. Trade is
showing signs which bid us hope. We have got
prices rising. Prices ought not to be encouraged to
be low if such lowness gains by someone being underpaid." However, there is a strong body of opinion
both here and abroad which is inclined t9 believe that
the stabilization of currencies on the gold basis may
be deferred for a much longer period than is generally
expected. Such views hold that many other adjustments must take place before we can hope for stabilized currencies on the gold basis. Thomas F. Woodlock, writing from London for the "Wall Street
Journal," discusses the conservative British view as
voiced by Professor J. H. Jones (Chair of Economics
at Leeds University) at a meeting of the British
Association, to the effect that for a general return to
the gold standard the following requirements must
be met:
First—There must be some kind of practical equilibrium in the trade of the various nations with each
other, the distribution of this trade being determined
in the main by costs of production and (reasonably
stable) tariff policies, and changes in this distribution
being rather gradual.
Second—The savings of people generally must in
the main flow into long-term permanent investment
SO that the amount of "liquid' capital does not grow
out of proportion.
Third—The long-term investments of each country
should be appropriate to and correlate with their
industrial structures.
2326
Financial Chronicle
Fourth-Tariffs must not be used to correct temporary clisequilibriums in the balance of international
payments.
Fifth-There must be somewhere a central bank or
reservoir which can mobilize the liquid credit and
direct it to wherever it may be needed.
Mr. Woodlock says that all these conditions were
present in greater or less degree before the war and
that none are present to-day. In closing his analysis
he asks: "Can anyone see much chance of this sort
of thing being within the range of any 'practical'
politics in the world today? This writer hardly
expects to live to see it!"
An important feature bearing on the immediate
future of sterling exchange and the London money
market was the announcement this week from London
on Tuesday that the British Government is offering
a £150,000,000 23/2% conversion loan. Part of the
loan will be devoted to the redemption of 43/2%
Treasury bonds of 1934, of which £50,000,000 are
outstanding. This will leave £100,000,000 to be
devoted to funding the floating debt. The total
floating debt of the British Treasury on Sept. 16
amounted to £1,022,205,000. The new conversion
loan will permit the refunding of about 10% of the
total, which still leaves a far larger floating debt than
usual, but included in the total is £350,000,000 which
has been borrowed by the Exchange Equalization
Fund and which has not been offered on the market.
After the funding of £100,000,000 and excluding the
£350,000,000 Equalization Fund, there will be approximately £650,000,000 floating debt in the market. It is considered that this amount is necessary
for the London money market, as there is a great
demand there for short-term prime investments which
under present conditions of world business depression
cannot be filled by commercial bills, and it is considered in London only right that the Treasury bill
should fill the gap. Although capital is leaving
London and going to France, Holland, and Switzerland in search of refuge, there is a large offsetting
movement of foreign capital into London whose
owners look upon Great Britain as the safest place of
deposit. Some of this capital is even moving from
France, Holland and Switzerland into London.
There is .continuous selling abroad of American
securities by foreign holders. Much of the large
accumulation of gold in the London open market
which from week to week is taken for Continental
account is held on deposit by London bankers. How
much is so held is never disclosed. It is variously estimated that American capital seeking safety in
London amounts to from $500,000,000 to $1,000,000,000. The superabundance of idle funds continues
to be reflected in the London open market money
rates, which remain practically unchanged from
week to week, though at present slightly firmer than
last week. Rates are expected to recede again
immediately. Call money against bills was in supply
1
at 4% to %%,two-months' bills at 7-16% to %%,
three-months' bills %% to 9-16%,four-months' bills
3
%% to 11-16%, and six-months' bills 4% to %%.
Gold continues to flow to the London open market
from all parts of the world and prices as expressed in
shillings and pence are at record high levels.
On Saturday last £460,000 was taken foe the Continent at a premium of 73'd. On Monday £400,000
was available and was taken for Continental account
2
at a premium of 73/d. On Tuesday £300,000, the
entire available supply, was taken for the Continent
Sept. 30
1933
at 73d. premium. On Wednesday £380,000 available was taken for the Continent at a premium of
103'd. On Thursday £660,000 was available and
was taken for an undisclosed destination at a premium
of 63/2G. Yesterday £330,000 was taken for Continental account at a premium of 8d. The following
tables give the London open market gold price from
day to day and the Mee paid for gold by the United
States Treasury:
LONDON OPEN MARKET GOLD PRICE.
Saturday Sept. 23
133s. 7d. Wednesday Sept. 27 __.._133s. Od.
Monday Sept. 25
132s. 9d. Thursday Sept. 28_ __ ___132s. 4d.
Sept. 29____....133s. Od.
Tuesday Sept. 26
133s. 2d. Friday
PRICE PAID FOR GOLD BY U. S. TREASURY.
31.35
31.75 I Wednesday Sept. 27
Saturday Sept. 23
31.05
Monday Sept. 25____ ______31.30 Thursday Sept. 28
31.33
Sept. 29
31.49 Friday
Tuesday Sept. 26
This week the Bank of England shows an increase
in gold holdings of £34,203, the total standing at
£191,766,643 on Sept. 27, which compares with
£140,397,380 a year ago, and with the minimum of
$150,000,000 recommended by Cunliffe committee.
At the Port of New York the gold movement for
the week ended Sept. 27, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$18,831,000, of which $16,666,000 was shipped to
France and $2,165,000 to Holland. There were no
gold imports. The Reserve Bank reported a decrease
of $16,666,000 in gold earmarked for foreign account.
The Reserve Bank reported the export of 44,029
ounces of gold recovered from natural deposits. In
tabular form the gold movement at the Port of New
York for the week ended Sept. 27, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK SEPT. 21--SEPT. 27, INCL.
Exports.
Imports.
816.666.000 to France.
2,165,000 to Holland.
None.
818,831,000 total.
Net Change in Gold Earmarked for Foreign Account.
Decrease: $16,666,000.
Exports of Gold Recovered from Natural Deposits.
44,029 fine ounces.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports of the metal or change in gold held earmarked for foreign account. On Friday there were no
imports of the metal, but $6,941,500 was withdrawn
for export, $6,666,700 of which was shipped to France
and $274,800 to England. Gold earmarked for foreign account decreased $6,941,500. There was also
exported 24,331 fine ounces of gold recovered from
natural deposits. There have been no reports
during the week of gold having been received at any
of the Pacific ports.
Canadian exchange continues at a discount. On
Saturday last, Montreal funds were at a discount of
23'%, on Monday at 23%, on Tuesday at 2%%,
on Wednesday at 2%%, on Thursday at 23/2% and
on Friday at 2 1-16%.
Referring to day-to-day rates, sterling exchange on
Saturday last was steady in dull trading. Bankers'
sight was 4.78 ® 4.79; cable transfers 4.78% ®
4.783. On Monday the pound was easier. The
range was 4.73 ® 4.769/s for bankers' sight and
4.733/i ® 4.763/i for cable transfers. On Tuesday
the range was narrow in dull trading. Bankers'sight
was 4.7332 © 4.753; cable transfers 4.7334
4.753%. On Wednesday the pound again moved
lower as the U. S. dollar firmed up. The range was
4.711 ® 4.733/i for bankers' sight and 4.7134
4
4.73% for cable transfers. On Thursday sterlsi
was steady. The range was 4.6934_®,..4.72% for
Volume 117
Financial Chronicle
2327
bankers' sight and 4.697 ® 4.737 for cable trans- of 354,220,000 rm., an increase over the previous week
A
fers. On Friday sterling recovered; the range was of 16,154,000 rm. Dispatches from Berlin on Thurs4.72 @ 4.757 for bankers' sight and 4.727 @ 4.76 day stated that the scrip system providing for
A
for cable transfers. Closing quotations on Friday partial payment of coupons on German loans was
were 4.755 for demand and 4.76 for cable transfers. declared effective as of Oct. 1. It is understood that
A
Commercial sight bills finished at 4.753.; 60-day bills the Reichsbank has agreed to provisions of the
at 4.747; 90-day bills at 4.743; documents for pay- American Federal Securities Act in connection with
ment (60 days) at 4.74%, and seven-day grain bills issuance and registration of the scrip, w'lich will be deat 4.7534. Cotton and grain for payment closed livered to bondholders in partial payment of coupons
on German obligations except the Dawes Plan,
at 4.75%.
Young Plan, and the so-called potash loan. BondXCHANGE on the Continental countries al- holders will receive 50% of the cash value of the
though receding from the high points of last coupons as provided by the plan, plus an additional
week continues firm in terms of the dollar and 50% through acceptance of the scrip, which may be
sterling. French francs, the leading gold bloc unit, resold to the German Gold Discount Bank at half
are weak against a number of the Continentals, its face value.
largely as a seasonal matter. France has been partItalian lire continue firm and generally display
ing with gold not only to Holland and Switzerland, less fluctuation than almost any of the Continental
but to some of the minor markets. It will be recalled currencies. Milan dispatches state that the revitalithat expressed in dollars the franc closed on Friday zation of financially clogged companies in Italy is
of last week at 6.089 for cable transfers. Yesterday making substantial progress under the auspices of
the closing price was 6.0134. The par of the franc the Italian Industrial Reconstruction Institute. It
is 3.92. The firmness of the franc with respect to is'stated as an eveidence of the progress which Italy
sterling may be judged by the fact that the London is making in bringing her international payments
check rate on Paris closed yesterday at 79.53, which into equilibrium that the current foreign trade
compares with 78.97 on Friday of last week and with returns indicate a good possibility that the visible
the gold par of 124.21 francs to the pound. The import trade balance for 1933 will be less than
weakness of the pound in terms of the franc is at- 1,000,000,000 lire for the first time since the War.
tributed in Paris to seasonal factors such as raw
The London check rate on Paris closed on Friday
material purchases for English industry. In Paris at 79.53, against 78.97 on Friday of last week. In
the conviction is strong that the pound will not be New York sight bills on the French centre finished on
allowed to depreciate unduly with respect to the Friday at 6.00%, against 6.087 on Friday of last
franc rate and that the British authorities will not week; cable transfers at 6.0134, against 6.08%, and
permit such gyrations in the pound as would injure commercial sight bills at 6.007, against 6.077.
the solidarity of the gold bloc currencies. Paris Antwerp belgas finished at 21.43 for bankers' sight
awaits anxiously some positive pronouncement as to bills and at 21.44 for cable transfers, against 21.69
American monetary policy. As noted above, the and 21.70. Final quotations for Berlin marks were
Federal Reserve Bank reports a shipment of $16,666,- 36.64 for bankers' sight bills and 36.65 for cable
000 gold to France. The general opinion in foreign transfers, in comparison with 37.14 and 37.15.
exchange circles is that this gold represents earmarked Italian lire closed at 8.07 for bankers' sight bills and
stock gold by the British Equalization Fund to the at 8.08 for cable transfers, against 8.147 and 8.15.
Bank of France or shipped to Paris by the British Austrian schillings closed at 17.25, against 17.40;
control, for deposit there to support sterling exchange exchange on Czechoslovakia at 4.56, against 4.61
when and where necessary. But no positive infor- on Bucharest at 0.927, against 0.93; on Poland at
mation can be obtained respecting central bank ear- 17.18, against 17.40, and on Finland at 2.15, against
marked gold operations. Nor do the European 2.19. Greek exchange closed at 0.87 for bankers'
central banks publish details of gold shipments. sight bills and at 0.877 for cable transfers, against
The best bankers can do is to deduce what has taken 0.87 and 0.877.
place from the various weekly bank statements.
Some of this British earmarked stock which has been
XCHANGE on the countries neutral during the
going to Paris constantly since March and which now
war follow much the same trends as have been
amounts to approximately $202,000,000 undoubtedly in evidence for many weeks. The guilder position is
does go to the Bank of France, for it is well known much stronger and Amsterdam seems to be enjoying
that Paris has been sending gold to other European complete recovery of confidence. For the past few
countries constantly in the past few months without weeks there has been a steady flow of foreign funds to
any appreciable diminution in the Bank's own gold Holland, which has been drawing gold from Paris.
holdings. The Bank of France statement for the The latest weekly statement shows an increase in
week ended Sept. 22 shows a decrease in gold hold- gold holdings of 12,000,000 gu;lders, bringing the
ings of fr. 57,152,364 the total standing at fr. 82,204,- total gold stocks to more than 841,000,000 guilders,
446,560, which compares with fr. 82,621,794,767 a or a gold coverage of 94%. Holland is glutted with
year ago, and with fr. 28,935,000,000 in June, 1928, idle funds seeking liquid investment and it is generally
when the unit was stabilized.
believed that The Netherlands Bank will make a
German marks are quoted exceptionally firm in further reduction in its rediscount rate, which now
terms of dollars, but mark exchange is largely nominal stands at 27%. It was marked down on Sept. 18
owing to restrictions enforced by Reichsbank control. from 3%. In June, when speculative attacks were
Every week brings new evidence of the Reichsbank's active against the guilder, the bank rate was raised
attempt to build up its gold reserves. Most of this to 47%. The steady reduction in the rate since
gold seems to be taken from France, while some of it June 29 have done much to alleviate nervousness,
comes from Russia. The Reichsbank statement for even though there have been some sporadic outbursts
the week ended Sept. 23 shows total gold holdings since that time. Swiss guilders are also strong, es-
E
E
2328
Sept. 30 1933
Financial Chronicle
pecially against francs, and much gold and foreign Treasury the buying rate for cable transfers in the
funds have been flowing to the Swiss centres in recent different countries of the world. We give below a
weeks. The Scandinavian currencies move with record for the week just passed:
sterling, to which they are attached. Spanish pesetas FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
are steady, though of minor importance in this marSEPT. 23 1933 TO SEPT. 29 1933, INCLUSIVE.
in
ket. The peseta is strongly inclined to move
Noon Buying Rate for Cable Transfers in New York.
sympathy with the French franc.
Value In United Stales Money.
Country and Monetary
Unit.
Bankers' sight on Amsterdam finished on Friday at
Sept.23. Sept.25. Sept. 26. Sept.27. Sept.28. Sept.29.
S
8
$
S
$
S
EUROPE61.84, against 62.74 on Friday of last week; cable
.173000 .169937 .171250 .170250 .169550 .170500
Austria,schilling
.215961 .213200 .212772 .210730 .210323 .212463
Belgium, belga
at 61.85, against 62.75, and commercial B
transfers
.013750* .012000* .011750* .013000* .012750* .013250*
ilgaria, ley
sight bills at 61.60, against 62.60. Swiss francs Czechoslovakia, krone .046000 .045285 .045357 .044950 .044735 .045162
.213340 .212045 .211891 .210658 .210366 .211572
Denmark, krone
closed at 29.79 for checks and at 29.80 for cable trans- England. pound
.785583 4.748303 4.741416 4.720892 4.710750 4.734484
sterling
.021183 .021016 .021020 .020916 .020900 .021050
fers, against 30.11 and 30.12. Copenhagen checks Finland, markka
060639 .059839 .059628 .059126 .059089 .059613
France,franc
.370058
finished at 21.27 and cable transfers at 21.28, against Germany, retchsmark .008716 .364430 .364640 .361192 .359978 .363457
.008600 .008615 .008518 .008504 .008630
Greece,drachma
.625109 .616736 .615250 .610138 .608991 .614276
Holland,
21.42 and 21.43. Checks on Sweden closed at 24.59 Hungary,guilder
.272166* .270500 .270333 .269166 .268166 .270000
pengo
.081263 .080273 .080336 .079525 .079311 .080000
and cable transfers at 24.60, against 24.75 and 24.76; Italy, lirakrone
.240136 .238616 .238175 .237125 .236709 .238060
Norway,
Poland,zloty
.173400 .170700 .172375 .170000 .170250 .171200
and cable Portugal,escudo
while checks on Norway finished at 23.94
.046700 .046033 .046316 .046012 .045966 .046133
Rumania.leu
.009300 .009266 .009000 .009050 .009125 .009300
24.12. Spanish Spain. peseta
transfers at 23.95, against 24.11 and
.129357 .127792 .127646 .126535 .126085 .127357
.248220 .244690 .244636 .243416 .242791 .244336
Sweden.krona
.295136
.295366
pesetas closed at 11.303/ for bankers' sight bills and Switzerland, franc .299815 .295584 .020700 .292575 .292500 .020900
.020475 .020733
Yugoslavia. dinar
.020966 .020766
ASIAat 11.31 for cable transfers, against 12.993/i and 13.00. ChinaCbefoo (Yuan) dol'r .305208
Hankow (yuan)don. .305208
.303750
.303750
.305000 .300833
.305000 .300833
.301875
.301875
.302708
.302708
Shanghai(yuan)dol'r .306093 .304375 .305625 .301562 .302656 .303593
XCHANGE on the South American countries
Tientsin (yuan)doll- .305208 .303750 .305000 .300833 .301875 .302708
.339218
.336718
Hong Kong
.340625
presents no new features of importance. So far India, rupee dollar .358800 .339062 .339843 .354200 .338437 .355156
.353750
.355900 .356605
278375 .277375 .270956 .278187 .277650 .278500
as New York is concerned there is practically no Japan. yen
Singapore (5.5.) dolls .556250 .550000 .552500 .551250 .547500 .551875
A USTRA LAS1Amarket in South American currencies. All quota- Australia, pound
3.800000 3.774166 3.772291 3.758541 3.747500 3.766866
New Zealand, pound 3.806250 3.783333 13.781666 3.767916 3.757500 3.775833
tions are highly nominal and the exchange and foreign
AFRICA
.688750 4.682812 4.665156 4.656250 4.676250
trade operations continue under the strict control of South Africa, pound 4.724583
NORTH AMER.Canada, dollar
.978229 .977343 .976927 .972916 .969375 .976750
local government boards in the various South Ameri- Cuba, peso
.999350 .999350 .999350 .999350 .999350 .999350
Mexico, peso (silver). .284275 .283660 .282100 .282100 .281720 .280975
can cities. Dispatches from Buenos Aires this week NeWfoundland, dollar .975750 .974500 .974375 .970625 .967000 .974575
SOUTH AMER..879621*
Argentina. peso
.894920* .884134* .890522*
state that Argentina is negotiating a loan from Great Brazil. milrels (gold) .082912* .081830* .081830* .875600* .873432* .081080*
.081580* .081830*
.089375* .088750* .089375* .088750* .088125* 088125*
Chile, peso
now frozen Uruguay, peso
Britain which will free the British credit
.743166* .711250* .735416* .721666* .715833* .720833*
Colombia, peso
.793700* .793700* .793700* .813000* .560000* .675700*
in Buenos Aires.
•Nominal rates: firm rates not available.
paper pesos closed on Friday nominally
Argentine
at 38% for bankers'sight bills, against 393/i on Friday
HE following table indicates the amount of gold
of last week; cable transfers at 3932, against 39%.
bullion in the principal European banks as of
Brazilian milreis are nominally quoted 7.81 for bankers' sight bills and 83. for cable transfers, against Sept. 28 1933, together with comparisons as of the
7.81 and 8%. Chilean exchange is nominally quoted corresponding dates in the previous four years:
,
8
93/2, against 93/2. Peru is nominal at 213/ against Banks of- 1933.
1931.
1929.
1932.
1930.
21.30.
8
8
£
£
8
E
T
XCHANGE on the Far Eastern countries continues demoralized as a result of the uncertainties prevailing in the monetary policies of both
Great Britain and the United States. The Chinese
units appear to be firmer when it is considered that
the silver quotations in New York this week have been
2
ruling close to 40 cents an ounce and as high as 403/
cents an ounce. The London quotation has been
ruling around 18d. per ounce., but if silver is guaged
by the gold price, rates for the Chinese units are
not so strong. The yen likewise appears to be
relatively firm in terms of the dollar, but on the
basis of gold the yen cannot be considered strong.
However, all foreign exchange trading in Japan is
under the strictest kind of Government control.
The Indian rupee fluctuates .of course with the
pound, to which it is attached at the fixed rate of
is. 6d. per rupee.
Closing quotations for yen checks yesterday were
,
8
283/ against 28 on Friday of last week. Hong
Kong closed at 343@34%, against 343'@34 15-16;
Shanghai at 30 11-16@31%, against 30 7 16@30%;
49.95, against 50; Singapore at 559,
Manila at
against 563/2; Bombay at 35%, against 363', and
Calcutta at 353's, against 363/a.
E
England.-- 191,766,643
France_ a - _ 655,435,372
Germany b.
13,772,050
Spain
90.402,000
Italy
75,960,000
Netherlands
69,081,000
Nat. Belg
77,170,000
Switzerland.
61,581,000
Sweden_
14,018,000
Denmark _.
7.397,000
Norway _ _.
6,570,000
140,397,380
680,974,358
35,912,300
90,279,000
62.190,000
86,223,000
74,140,000
89,165,000
11,443,000
7,400,000
7,911,000
Total week_ 1,263,153,065 1,266,035,038
Prey. week_ 1 2R3 oni RR' 12e.c rna 162
136,159,694 156,803,327
474,769,362 387,450,129
60,061,900 116,452,300
91,054.000 98,090,000
56,525,000
58,220,000
58,594,000
32,549,000
46,456,000
34,564,000
36,808,000
25,585,000
12,750,000
13,459,000
9,536.000
9,566,000
8,128,000
8,139,000
130,343,588
315,286,622
103,112,800
102,594,000
55,807,000
36,920,000
29,182,000
21.306,000
13,450,000
9,586,000
8,154,000
992,536,956
082775281
825,742,010
*921(12 4R
940,088,756
ORO RA0090
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Dank of Germany are exclusive of gold held
abroad, the amount of which the Present year is £3,938,950.
World Interests at Geneva-The Problems
Before the League.
The speech with which Premier Johan Mowinckel
of Norway, President of the Council of the League
of Nations, opened the fourteenth session of the
Assembly on Monday was well calculated, it would
seem, to spur the Assembly to more energetic and
constructive action than either that body or the
Council have taken for some time. Dr. Mowinckel
warned the Assembly of the danger of a world war,
pictured a "torn and divided Europe, where the
words equality and fraternity are relics of a bygone
age and where even the most sacred rights of liberty
-are not
-liberty of thought and personal liberty
everywhere secure," and declared that public opinion was not satisfied with the course which the
League, dominated by the great Powers, had taken
URSUANT to the requirements of Section 522 with Manchuria, the London economic conference,
of the Tariff Act of 1922, the Federal Reserve and disarmament. The London "Times," commentBank is now certifying daily to the Secretary of the ing editorially upon the speech, expressed surprise
P
Volume 137
Financial Chronicle
(we quote from a dispatch to the New York "Times")
that "while other international gatherings, including athletic meets and Boy Scout jamborees, are
hailed as means of improving international relations, there should always be doubt cast upon the
usefulness of the annual meeting at Geneva." Both
Premier Mowinckel and the "Times," however,
agreed that the League still had an opportunity to
exercise a mediating influence, while the "Times"
remarked that "the fact remains that despite all the
rumors of war in Europe, there has been no war,and
the frequent conversations of responsible statesmen
in Geneva, it may be, have had a good deal to do
with its prevention."
The particular stimulus to war talk is to be found,
of course, in the anxious uncertainty regarding the
policy which Germany is likely to pursue in its
international relations, and the continuance of
strained relations between Germany and Austria.
It was inevitable, therefore, that the question of
disarmament, the formal discussion of which in the
Disarmament Commission is scheduled to begin on
Oct. 16, should intrude upon the Assembly debates
and be prominent in unofficial conversations among
League delegates. The accord between Great
Britain, France and Italy, which was reported to
have been reached on Sept. 22, appears to have been
a hope rather than a substantial fact, at least as
far as the crucial issue of control of armaments is
concerned. Paris dispatches of Sept. 23 made it
clear that the spokesmen for the three Powers were
not unanimous—a fact which, it was pointed out,
would become of great importance if there should
be a change of Government in France at an early
date, as has been freely predicted—and attention
was called to reports that Germany was preparing
to make counter-proposals, among them the right
to erect defensive fortifications and to have "samples" of the weapons which are denied to it by the
Treaty of Versailles. It had been reported on
Sept. 21, although without official confirmation,
that Germany would ask for the right to fortify
parts of its eastern frontier and to increase its
armed forces sufficiently to garrison the proposed
works, and also to create an aviation force of light
pursuit planes suitable for defence against an aerial
attack.
Developments during the past week, at Geneva
and elsewhere, have shown not only the complications that might arise if international control of
arms were undertaken, but also the evident reluctance of the three Powers to put any serious pressure
upon Germany. There have for some time been reports, the correctness of which has been denied by
Japan, that Japan was fortifying certain mandated islands in the Pacific which under the Treaty
of Washington were not to be fortified. It has
been pointed out at Geneva that it would be illogical
for the League to approve a periodical inquiry into
the observance of the military provisions of the
Treaty of Versailles, and refrain from inquiring
into the observance of the naval provisions of the
London and Washington treaties, especially since
it is in the Far East that the darkest war clouds
are thought by some to be gathering. The evident
desire to avoid irritating Germany appears in the
report from Geneva, on Sept. 23, that the British
delegates had taken pains to inform Baron von Neurath, German Foreign Minister, of what had been
talked about at Paris. The presence at Geneva of
2329
Dr. Paul Joseph Goebbels, one of the two principal
lieutenants of Chancellor Hitler, as a delegate, has
naturally revived rumors that Germany intended
to press for the right to increase its armaments,
and the French press has been aroused by the publication of a sensational article by the London political writer, "Augur," on an alleged plan of Germany
for the invasion of France.
It becomes increasingly clear, however, that while
efforts will doubtless be made to save the Disarmament Conference from complete collapse, no direct
issue is likely to be made with Germany either on
disarmament or on anything else. French influence
at Geneva is still powerful for obstruction, and
nothing that France resolutely opposes is likely to
be done, but international leadership, as far as the
League and Germany are concerned, is obviously
passing from France to Italy and Great Britain.
The fundamental sympathy of Fascist Italy for
fascism in Germany cannot be ignored, and the
tour-Power pact, in its origin a Mussolini conception, gives the Italian Premier an instrument which
he has shown no disposition to abandon. The British attitude at Geneva has been one of restrained
friendliness for France and a cautious interest in
coming to terms with Germany, and since Italy, in
foreign affairs, has usually been counted upon to
follow the British lead, the Anglo-Italian combination is strong. It is highly improbable that the
Powers will consent to allow Germany to make any
large increase in its armament, but Great Britain
and Italy seem disposed to make concessions. If
Germany succeeds in avoiding false steps, there is
some reason for expecting that agreement will be
leached, and that the agreement will satisfy, temporarily at least, the spirit if not the letter of Germany's demands. Precisely what the German demands are has not yet been officially made known,
but it is expected that Baron von Neurath, who
received on Thursday night an explicit statement
of what France was prepared to do, will be able to
present the German demands after a conference
which he is to have with Chancellor Hitler.
Whether or not the vexed problem of disarmament
will be thus advanced toward solution depends, however, very much upon the attitude of the League
toward Germany at other points. The "long and
warm applause" which greeted the speech of Chancellor Dollfuss of Austria in the Assembly on Wednesday was a clear indication of the special friendliness with which Austria is regarded at Geneva
at the present time, but the friendliness will be
of little value unless it is extended also to the
Fascist scheme of government which Chancellor
Dollfuss is proposing to set up. The position of
Germany in the League will be materially altered
if the League consents to undertake an inquiry
into the treatment of Jews in the Reich, as it is
being importuned to do, for while the German Jews
can undoubtedly be classed as a racial and religious
minority, they are not among the minority peoples
for whose protection the so-called minorities treaties
undertook to make special provision. The question
of the Jewish refugees in other countries, on the
other hand, is not one on which the Reich would
necessarily object to seeing the League take action.
It was reported on Wednesday that the Dutch Government, with the probable co-operation of Belgium,
Switzerland, France, Czechoslovakia, Denmark and
Luxemburg, was preparing to bring the question be-
2330
Financial Chronicle
fore the Assembly, and that the representative of
Haiti had submitted a resolution for a convention
enlarging the protection now accorded to minorities
by special treaties, and in the meantime establishing a special League bureau for the benefit of minority refugees. This latter proposal was in part
embodied in a resolution presented by the Dutch
delegation yesterday, asking for a special committee to consider the situation of German refugees in
Europe.
The interest of the League is not confined to disarmament and the situations in Germany and Austria. The recent action of Prime Minister Ramsay
MacDonald, looking toward a reconvening of the
Economic Conference, has raised the question not
only of the desirability of calling the Conference
together again, but also of the usefulness of general
international conferences as such. The failure of
the London Conference has admittedly dimmed the
prestige of the international conference idea, and
the multiplying bilateral agreements and treaties,
especially those dealing with trade relations, seem
to offer to international relations a much more
satisfactory substitute. It is also apparent that
political agreements such as the four-Power pact
and the Little Entente are steadily encroaching
upon the field of League activities. The four-Power
pact is at the moment a more hopeful instrument
for the maintenance of peace in Europe than the
League, and the stated meeting of the Little Entente
was held on the day on which the session of the
Assembly opened. This latter body, it was reported
on Tuesday, took into consideration the opposition
of Hungary to economic co-operation in the Balkans
until the Hungarian frontiers have been readjusted,
the Franco-Russian rapprochement, and the attitude of Italy toward the Balkans—all of these, it
would seem, matters which naturally would interest
the League. There is also before the League a
project for a security pact among the States bordering on the Black Sea. The League intervention in
the Chaco controversy between Bolivia and Paraguay has not yet resulted in any real advance
toward a settlement, but it is expected that the
negotiators will meet in October.
A report from Geneva that the United States
was considering the development of closer official
relations with the League was denied by Secretary
of State Hull on Sept. 19 as "erroneous and misleading." According to the plan, as summarized in a
dispatch to the New York "Herald Tribune," the
Department of State was to create a Division of
League of Nations Affairs, with an assistant secretary, and a resident minister or a commissionergeneral was to be accredited to the League. The
plan, it was said, was being supported by the League
of Nations Association in this country, a propaganda organization which has for some time been
exerting itself to make the United States in practical effect a member of ,the League. According
to Secretary Hull, the United States "is not contemplating any change whatever in its political relations with the League. No project of such a nature
has been considered or is being considered in the
State Department." That the hope still persists
at Geneva, however, is evidenced by Premier Mowinckel's inclusion of the United States, in his address before the Assembly on Monday, with the
great Powers which he held collectively responsible
for dissatisfaction with the League, and his expres-
Sept. 30 1933
sion of hope that co-operation with the United
States, which he declared "never has been so important, so close and so varied," might "become even
closer." It is to be hoped that Secretary Hull's
denial of the report is definitive, and that the United
States will not become any more entangled in League
affairs than it is already. In the delicate political
situation that obtains in Europe, where alone the
influence of the League remains important, it is
more than ever the part of wisdom for the United
States to keep itself free of political alliances or
commitments.
Aid of Staunch Americans Needed to Help
Keep Country on an Even Keel.
Newspapers of the day constitute a mirror of conditions existing in the United States of America
which a short time ago no citizen of the Republic
would have thought possible to prevail. Strife and
antagonism appear to have been aroused to an unwonted degree. In the process of readjustment from
a prolonged depression there has been developed a
degree of personal selfishness never before attained
among a loyal, sober, industrious and home-loving
people. Nothing comparable has ever been experienced in the "Land of the Free" since the old
bell on the State House at Philadelphia rang out
the message proclaiming "Liberty throughout the
Land."
True the Nation was once involved in Civil War,
but the struggle which began in 1861 was clearly
defined, involving issues which had not and could
not be settled by any other method than resort to
the sword. Then the differences were clear-cut and
sectional, the North being for preservation of the
Union and the South for a new and separate Confederacy to be comprised of most of the States below
the Mason and Dixon Line.
Four years of bloody conflict under arms settled
for all time the question of slavery and the indissolubility of the Union. The principles at issue
were fundamental. Since the reconstruction following 1865 no people on the face of the earth have been
more highly prospered than the inhabitants of the
United States and the area has been extended either
by purchase or as a result of the Mexican and
Spanish Wars until it comprises Alaska in the Arctic
region, Hawaii in the Pacific Ocean, the Philippines
in the Far East and Puerto Rico in the Atlantic
Ocean, in addition to smaller islands.
As a united people the Americans constructed the
marvelously useful Panama Canal, bound the Atlantic Coast to the Pacific with bands of steel rails,
populated the Middle and the Far West, improved
rivers and harbors, developed industry and bore
themselves with honor in the greatest war which the
world had ever witnessed.
Following the mighty world conflict this country
prospered in a wonderful degree for more than a
decade. It is the history of mankind that an era of
extreme prosperity is followed by one of depression
and accordingly Americans in the usual course of
events have been compelled to bear their full share
of adversity since 1929.
As a people are we not now strong enough, sufficiently experienced and brave to combat adverse
circumstances? Or have we been so weakened by
the follies of 1929 that we have not the vitality required to maintain proper poise and work our way
out of the dilemma? Rather we should show our-
Volume 137
Financial Chronicle
selves to be good sports, take our medicine when
affairs go awry and struggle once more to put the
country upon an even keel which will bring happiness to all of its inhabitants.
Having experienced the inevitable recession individually and collectively we surely are brave
enough to combat adversity by renewed manly efforts towards upbuilding, devoid of all malice and
hatred towards our fellow citizens. It is a time to
bury petty grievances, to put shoulders to the wheel
and work for better times.
Self interest in periods like the present must be
subordinated in behalf of the entire population. If
prosperity has made us greedy in an inordinate degree we should comprehend that sacrifices must be
made by each citizen in the interest of the general
welfare.
Instead of pulling against each other, as seems
to be the popular idea at present, every man and
woman would better understand that concessions
should be made on behalf of the country as a whole.
A spirit of tolerance towards our neighbors, be they
rich or poor, and the exercise of united effort with
unselfish purpose, devoid of envy, are absolutely essential to put the United States back upon the road
to prosperity, a goal which may never be attained
without true co-operation.
One has only to read the headlines of the daily
papers to realize that as long as our hands are raised
against our neighbors only turmoil can prevail and
under such a condition no advancement worth while
may be possible.
At such times as the present men come to the
front as leaders who know how to sway the weak
and unthinking by appealing to the rabble in public
places. Their motives should be studied. Every
good and loyal American, of whatever sphere in life,
owes it to himself and the future of his children to
refrain from being misled.
A responsibility rests upon each citizen to be
patient and candid, to repress ulterior motives, to
forego temporary personal advantage and to look
ahead guiding his own course for the benefit of the
public weal knowing that by so doing he will be
working to his own best and permanent advantage.
We are living in a changing world. At no period
since the command was given "Let there be Light"
have people encountered conditions like those facing
Americans now. Let each citizen, not excluding
members of labor unions, who are now fomenting
strikes all over the country, take a second, sober
thought, "figure it out for himself," and then unflinchingly hew straight to the line as his unbiased
conscience may dictate. Then will America pull
through successfully as always in the past, thanks to
cur forefathers and their descendants who struggled
to found the Union and who on either side fought to
settle a controversy which could be determined in no
other way.
2331
for the 1932 term, on Oct. 3 last. What the reason
is for this sudden increase in the amount of litigation in the Supreme Court, we do not know. Nor
do we know whether this indicates a new higher
level in the normal amount of litigation which will
be sustained in the future years.
Almost one-half of the litigation this term consists of cases in which the Federal Government is a
party. By Sept. 18 the Government was a party in
200 cases, which is about 44% of the total amount
of litigation, as compared with 150 cases of last
term, which constituted about 40%. The relative
amount of Government litigation has shown a small
increase. But the number of cases which were
brought by the Government as petitioner or appellant increased considerably. This term the Government originated 46 cases, which constitutes 23%
of the total number of cases in which the Government is a party, as compared with 25 cases originated by the Government by the same date last term,
which constituted 16 2/3% of the total number of
cases in which the Government was a party.
Ever since the President launched the "New Deal"
both lawyers and laymen have been intensely interested in what the Supreme Court will do to the new
emergency legislation. Our guess has always been
that the Court would uphold it. By that we do not
mean that in every case which will come to the
Court, the statutes in their application will be held
valid. There may be instances in which the Court
may hold that the executive officers charged with
the duty of enforcing the laws have in a given manner exceeded their authority delegated to them
under the statutes, or, in extreme cases, that the
statute in its application is unconstitutional. But,
if there be such cases, we guess that the application
declared invalid will not have the effect of declaring
the entire statute or any substantial part of it unconstitutional.
Our guess is based on two main propositions: (1)
The cases will probably come to the Court on the
argument that the statutes violate the due process
and equal protection clauses of the Fourteenth
Amendment or the contract clause of Article I, Section 10 of the Constitution. These provisions have
always been held to give way to the police powers
of the States, and, in the case of the Federal Government, to the welfare clause in times of emergency.
Coupled with that, it must be remembered that cases
attacking the emergency legislation are apt to arise
in the form of equity suits, and there the plaintiff
is confronted with the famous dictum of Justice
Holmes that "there is no vested right in an injunction," and also with the recent pronouncements of
the Court that in granting equitable relief the Chancellor must balance the convenience of the plaintiff
against the hardship the relief would impose upon
others.
(2) As a practical matter, the Court cannot
afford to stand in the way of the present attempts
Supreme Court Opens Term.
of the Federal and State governments to cope with
[By GREGORY ILetisitr, Director Legal Research Service, Washington, D. C.)
a nation-wide economic emergency. Therefore the
(Copyright, 1933, Legal Research Service.)
Court will undoubtedly invoke and give effect to the
There has been a sudden increase in the number well-known proposition that in passing on the
of cases filed in the Supreme Court of the United validity of a statute all doubts must be resolved in
States this term. By Sept. 18, 460 cases had been favor of its validity. Since the existence of the
filed as compared with 376 on the same day of last emergency is itself a factor or element raising a
term, so that when the Court convenes on Oct. 2 doubt as to the validity of the statute, we suppose
next it will probably have over 500 cases to deal the Court will give the Government the benefit of
with, as compared with 422 cases when it convened that doubt.
2332
Financial Chronicle
The manner in which the validity of the legislation will be upheld will vary with the type of case
and the manner in which the case comes up. The
Court can affirm the judgment below in favor of
the legislation or reverse the judgment, if the decision below held the statute unconstitutional. But
in most instances it need not do either. About 85%
of the cases come to the Supreme Court on petition
for writ of certiorari. The Court can decline to
review the decisions of the lower Federal or State
Courts.
In the relatively few cases which come up on
appeal, that is, "as of right," the Court has always
dismissed a majority of these for want of jurisdiction or for the want of a "substantial Federal question." The meaning of this phrase is so nebulous
that it may fairly be said the right of appeal has
been reduced by the Court to the privilege of having
a review of the judgment below. And so, the Court
need not, if it does not wish to, burden itself with
the task of affirming judgments rendered in favor
of the validity of the present emergency legislation.
It may then only consider those cases in which the
lower Courts have taken a stand against the legislation. Such cases rarely ever come to the Supreme
Court on appeal, but only on petition for writ of
certiorari.
At the present time there are only three cases
before the Court involving emergency legislation of
the States. There are no cases as yet involving the
validity of the Federal legislation. Two of the State
cases came to the Court on appeal, the first involving the validity of the South Carolina banking legislation, and the second the Minnesota Mortgage Law.
The third case, which came on petition for certiorari
to the Supreme Court of California, involves a
statute which may be considered in the nature of a
moratorium statute. We shall state what these
cases are about without, however, expressing an
opinion or venturing a guess as to how the Supreme
Court will act on those specific cases.
The case from South Carolina was brought by a
depositor of a State bank, who attacked the constitutionality of the South Carolina law appointing conservators for insolvent banks. This Act, passed on
March 9 1933, gave the Governor of the State plenary
powers over banking institutions with power to appoint conservators to conserve the assets of the
banks. The depositor maintained that the assets
of insolvent banks belong to the creditors, and that
the assets must be administered through receivership and the assessment of stockholders' liability;
that the law therefore deprived him of property
without due process of law and was contrary to the
contract clause of the Constitution..
The conservator of the bank moved to dismiss the
appeal on the ground that the statute does not deprive the creditor of his right to contribution from
the stockholders' liability, and that he had no vested
right in the mere remedy of enforcing his rights
against the insolvent bank, namely, through the appointment of a receiver rather than the conservator.
In addition, the conservator argued that in view of
the fact that banking has always been regarded as a
business affected with the public interest, it was a
reasonable and proper exercise of the police powers
of the State, in view of the emergency, to vest the
Governor with plenary powers to supervise and control the banking department and the banks of the
State. Viewing this case from the standpoint of
Sept. 30
1933
the appellee, a serious question arises whether the
case involves a substantial Federal question.
The appeal which came from Minnesota attacked
the validity of the recent Mortgage Act of that
State. This was a suit on a mortgage which provided for foreclosure by advertisement, and also for .
a redemption period of one year from the date of
the foreclosure sale. The emergency Act provided
for the following: (1) That at the option of the
mortgagor all foreclosures by advertisement could
be converted into foreclosures by action in court;
(2) that the foreclosures could be delayed for a
period of two years; (3) that the redemption period
from prior mortgage foreclosure sales expiring less
than 30 days after the passage of the Act could be
extended to May 18 1933; (4) that at the option of
the mortgagor the redemption period from mortgage
foreclosures could be extended to May 21 1935; (5)
that no deficiency judgment could be had during
that period, and (6) that suit could be stayed until
May 1 1935.
The appellant attacked the statute under the contract clause, due process and equal protection
clauses. At the time of this writing, the appellee
had not yet filed an answer to the appellant's
"Statement as to Jurisdiction and Motion to Advance the Case." It is expected that the appellee
will argue that the case raises no question under
the equal protection clause because all persons similarly situated are equally affected, and that there is
no arbitrary and unreasonable classification; that
there is no violation of the due process clause, because it is within the power of the State to regulate
the procedure of the courts so as to prevent hardships on defendants; as to the contract clause,
although the statute in question was passed after
the contract had been entered into, all the changes
relate to matters of procedure or remedy which do
not violate the contract clause, unless those changes
affect the substantive rights of the parties.
The California case does not attack the validity
of the statute directly, but only the decision of the
Supreme Court of California, which petitioner
claims has given effect to a later statute. The decision, however, was rendered in April, and the
statute was not passed until June 1933. Therefore,
no question can arise under the contract clause of
the Constitution. As to the other questions raised
by petitioner, the respondent's answer is that the
Federal question was not timely raised.
We shall now turn to the 500-odd cases which the
Supreme Court will consider when it reconvenes.
Of these, 53 cases are ready for argument. That is,
they are cases in which the Supreme Court granted
writs of certiorari or held that proper jurisdiction
had been noted, toward the close of last term. A
number of these cases, however, involve the same
questions, and will be heard together so that all
the 53 cases may be heard as 38 cases. Considering
that the Court hears on the average of 15 cases per
week, it is expected that it will be in a position to
hear all the cases which are now ready for argument
in a period of two and a half weeks. That means
that when the Court returns, it will have to pass
quickly on appeals and petitions and grant a number
of them so that it will not be out of a job in these
days of unemployment.
Of the cases pending for argument, there are now
11 involving questions under the Internal Revenue
laws. Four involve the much-litigated question of
Volume 137
Financial Chronicle
the statute of limitations, namely, whether the
assessment imposed by the Commissioner of Internal Revenue was within the statutory period.
All involve the question whether a waiver filed after
the expiration of the period of limitations and after
the enactment of Section 1106 (a) of the Revenue
Act of 1926 was effective so as to permit the Commissioner -to assess the tax.
Four cases involve the same question of deductibility from the gross income of an estate of amounts
distributed to the beneficiaries. One case involves
the deduction of certain expenses as "ordinary and
necessary expenses" incurred in a trade or business,
and two involve the computation of the gross estate
under the provisions of the Federal Estate Tax law.
There are also ready for argument six cases involving matters of State taxation. The most interesting of these raises the validity of the Pennsylvania inheritance tax law as applied to personal
property, consisting of paintings loaned by a nonresident decedent for exhibition in Pennsylvania,
and while the pictures were being exhibited the decedent died a resident of New York.
Three of the State tax cases involve the question
of whether certain property taxes imposed upon
rolling stock, owned by an oil company, constituted
a burden on inter-State commerce and violated the
due process clause, seeing that rolling stock was in
the State for only a fractional part of the taxable
year. Another, which came from Minnesota, involves the question whether livestock purchased at
stockyards and sold for inter-State shipment could
be attached for personal property taxes. And
finally, there is one case which raises the question
of the validity of the gross receipts tax imposed by
the State of Illinois on fire insurance companies.
Three railroad cases are pending for argument.
One questions the validity of a Virginia statute
authorizing the State Highway Commissioner to
eliminate grade crossings. The statute was attacked
on the ground that the carrier was not given sufficient notice and hearing, on the necessity of the
elimination of the crossing. In another case, a
railroad which operated under Government control,
prior to 1920, received an amount under Section 204
of the Transportation Act as deficits sustained by
it, and the Government brought suit to recover the
amount paid on the theory that the L-S. C. Commission had misconstrued the word "deficit" in the Act.
The most important of the railroad cases, however,
is a rate case in which the I.-S. C. Commission
ordered inter-State carriers in Louisiana to charge
rates in intra-State transportation which could be
not less than those charged for inter-State transportation. The case involves the extent of the I.
-S.
C. Commission's authority to treat the rate cases
as revenue cases and the extent of the evidence required to sustain the Commission's conclusions, that
the intra-State rates do not contribute their proportionate share to the upkeep of the railroad. This
summer several other cases involving substantially
the same question were filed in the Supreme Court.
There are also three criminal cases pending for
argument. One is the case of John Factor, whose
extradition is sought by the British Government.
Of the other two cases, one involves a prosecution
under the National Prohibition Act and questions
the validity of an affidavit upon which a search
warrant was issued. The other involves a prosecution for murder, alleged to have been committed
2333
by an army officer. It involves the question whether
certain statements made by the alleged victim, his
wife, could be treated as dying declarations.
Most of the other cases relate to matters of private
law, of which one might mention four receivership
cases, coming from the Third Circuit, and attacking
the general problem of "friendly receiverships";
also two bankruptcy cases, one of which involves the
construction of the provisions limiting discharges
in bankruptcy, and the other the validity of a turnover order failing to describe specifically the property ordered to be turned over, if the bankrupt had
concealed the property and it could not be described
more specifically than by book values. The cases,
not yet ready for argument, consisting of the numerous appeals and petitions, filed during the summer,
will be treated in ancither article.
The Government Cotton Plan and the South.
The bountiful hand of the United States Government has again been extended to the distressed
cotton farmers of the South. In spite of the acreage reduction plan, which Secretary of Agriculture
Wallace put through last spring, a larger yield of
cotton per acre than expected has resulted in a
total estimated production of about 12,400,000 bales.
A crop of this size, when added to the large carryover, created a situation where the supply overbalanced the prospective demand. The crash last
July in the commodity markets, caused by the Crawford smash-up on the Chicago Board of Trade, drove
speculative support away just at a time when the
South was preparing to market the 1933 crop of
cotton.
Taking advantage of this situation, domestic and
foreign spinners have bought only on a moderate
scale, with the inevitable result that prices for the
Southern staple dropped down to around 8 c. a few
/
1
2
weeks ago. This was approximately the low price
level of a year ago, with prospect of even lower
prices as the movement of the cotton crop to market
increased, with consequent expansion of the hedge
selling in the New York and New Orleans trading
rings.
Out of this situation, which caused a political
clamor in the South, grew an agitation, led by Senator Pat Harrison, of Mississippi, and others close
to the Administration at Washington, in favor of
immediate inflation of the currency, as authorized
by the last Congress. A large delegation of cotton
growers from the South last week gathered in Washington, and, backed by their home Senators and
Representatives, demanded an audience with the
President. Through the kindly intervention of Senator Bankhead, of Alabama, the radical element of
the delegation was held in check, and a soft pedal
put on the question of inflation. A plan finally
submitted to President Roosevelt in person called
for the purchase by the Government of all the cotton
of this year's growth left on the Southern farms at
15c. per pound. The President took the matter
under consideration, and a few days later announced
that he had accepted in principle a plan by which
the rest of this year's crop still held by the farmers, estimated at about 8,000,000 bales, would be
taken by the Government as collateral for loans on
the basis of 10c. per pound. This would afford a
minimum price of 10c. per pound, or $50 per bale,
throughout the entire cotton belt, and as this would
2334
Financial Chronicle
assure a fair margin of profit, above growing expenses, to the producers, the official announcement
of the plan from Washington caused some degree
of jubilance in cotton circles in Dixieland.
The effect of the official announcement of the
new cotton plan on the markets was quite marked,
prices on both spots and futures rising sharply well
above the minimum price of 10c. at which cotton is
to be pegged by the Government. It is just possible
that now that a "bottom" has been put under the
cotton market by Federal action, trade demand and
speculation may take hold of the staple and carry
values considerably above the 10c. mark, but no one
can speak with assurance on that point. As outlined
in the tentative plan announced in Washington, the
financial relief given to the cotton growers of the
South is coupled with control of the acreage to be
planted in cotton for the years 1934 and 1935. All
farmers accepting loans from the Government agencies will sign an agreement for cotton acreage reduction for the next two years. The plan previously
announced by the United States Department of
Agriculture calls for a reduction of the total area
in cotton for 1934 to 25,000,000 acres. On such a
comparatively small acreage as this the crop, it is
argued, would probably not exceed 10,000,000 bales,
and, in the event of an unfavorable growing season,
might drop to 9,000,000 bales. With another reduced yield in 1935, surplus stocks would be wiped
out, unless consumption fell off materially. At
least, so the argument runs, but it does not allow
for the fact that the acreage remaining might, under
intensified cultivation, be made to yield a greatly increased product, and that the final result might be
to again load the Government up with immense
masses of unmarketable cotton. The cotton planter
is getting sufficient Government assistance as it is,
and further resort to artificial props might well be
abandoned.
Sept. 30 1933
that such paper depreciates in value much faster than the
printing press can produce new supplies. This is the essential fallacy of paper-money schemes. It is this fallacy which
makes paper-money inflation, as an eminent German authority, Dr. Peter Reinhold, has put it, "the most terrible
thing that can happen to any civilized state."
But it is the record of inflation of the currency that its
evils do not end with an accentuation of the problem that it
is expected to remedy. In the process it works an inequitable and cruel redistribution of a country's wealth. As one
historian has trenchantly written, "It leads to the absorption of the means of the workingman and the man of small
fortune; it impoverishes men living on fixed incomes,
salaries or wages, and creates on the ruins of this large
group a small class of debauched speculators, the most in- ,
jurious class that a nation can harbor—{more injurious than
professional criminals, whom the law can reach and throttle.:
it stimulates production at first, and leaves every industry
prostrate afterward; it breaks down the idea of thrift and
develops social and political immorality."
We want no experiments of that sort in the United States.
But there is grave danger that we may have them forced
upon us if those who are aware of their hidden dangers do
not make their opinions felt. Friends of sound money cannot afford to permit an issue fraught with such grave economic and social consequences to go by default.
The Course of the Bond Market.
The two-day recovery in bond prices which took place
Friday and Saturday of last week was succeeded by a general
easing off throughout this week. Railroad bonds as a group
showed greater losses than other groups, particularly the
lower grade and receivership issues. The public utility
averages were down slightly, but industrial bonds as a class
have shown no great fluctuation. The computed price for
120 domestic bonds now stands at 86.25, which is slightly
higher than the recent low of 85.61 made on Thursday of
last week.
The Federal Reserve banks added a little over $36,000,000
to their holdings of government bonds this week. The total
of over 23.1 billion dollars is the largest amount ever held,
and is 420 million dollars more than holdings at this time
last year. The excess reserves of member banks are at a
record high, but they have not thus far had any visible effect
on member bank loans and investments. Money rates continue abnormally low. Indications that the Administration
does not favor further currency inflation tended to strengthen
somewhat the market for gilt edge bonds this week, while
Time to Fight.
low grade and speculative issues continued soft with the stock
[Editorial in New York "Herald Tribune" for Sept. 23 1933.]
market. Government bonds have maintained their recent
The time has come when the intelligence of the country high price levels, remaining close to the year's peak.
There has been no uniformity of trend in the railroad divimust speak its mind on the question of currency inflation,
and speak it forcibly. It can no longer, it seems to this news- sion. For the most part the week was devoted to readjustment of price levels and relations after the precipitous depaper, stand by and permit the impression to gain ground
in Washington that the Pittmans, the Thomases, the Bank- clines of the preceding week. Both losses and gains have
heads and others of their kind are representative of the been limited to fractions in a majority of cases and to a point
or two in others. Great Northern 7s, 1936, moved from
responsible and thinking mass of opinion in the nation.
There can be no question that those who understand 80 to 79, New York Central 43/2s, 2013, from 613/2 to 613.1
monetary matters and who are familiar with the history and Union Pacific 4s, 1947, from 99 to 983/2.• Northern
of previous experiments in currency inflation are irrecon- Pacific 6s, 2047, gained 33/2 points from 783/2 to 82 and
cilably opposed to subjecting the country to the grave Oregon Washington Railroad & Navigation 4s, 1961, 33.1
4
dangers inherent in these fatuous proposals. Unlike the in- points from 813 to 85. Alleghany Corporation bonds
flationists, however, this great body of thoughtful citizens strengthened on the announcement that interest due October
lacks, at the present time, the leadership and the organiza- 1 on the 5s, 1950, would be promptly paid.
The industrial bond averages also showed little change
tion that are essential if it hopes successfully to combat the
uninformed but highly articulate propaganda of those who this week. There was a slight easing off among second grade
issues. Steel company bonds firmed up after losses of the
would resort to the printing press.
Any counter-movement launched against the inflationists preceding week. Youngstown Sheet & Tube 5s, 1970,
should be non-partisan politically and should have leader- closed the week with a net loss of 2 points, National Steel 58.
ship in which people could place confidence. Its objectives 1956, lost % point and Bethlehem Steel 5s, 1942, lost 1 s
should be two: first, to educate the public in the dangers points on the week. Oils were firm, with Texas Corp. 5s,
and fallacies that underlie demands for paper money infla- 1944, off 3.1 point to 973.1. The leading tire and rubber
tion; second, to organize informed opinion so that the latter bonds were firm and little changed for the week. National
Dairy 5Yis, 1948, closed the week at 84, unchanged since
would make itself effectively felt in Washington.
Those who do not already realize it should be made to last Friday. Tobacco issues were firm. After a moderate
understand that there is no more vicious illusion in the world rally in the early part of this week, prices fell away again
than the illusion that a shortage of money can be remedied toward the week-end and most of the leading industrials
by placing an official stamp on paper and declaring that such are now at approximately the same levels as on Friday, a
paper shall have a stated value. During every paper-money week ago.
Utility bonds were quite irregular this week and there was
inflation of the past, whether one takes the case of the
French assignats, the German marks or our own greenbacks, no definite tendency in evidence. High grades held up fairl3,
the result has always been the same: the faster the paper well but second grades and speculative issues moved up and
was printed, the greater and the more poignant the cry of down over a reasonably wide range and got nowhere. New
a "shortage of currency." The reason for this is, of course, York traction issues were quite strong immediately prior to
Financial Chronicle
Volume 137
the city's arrangement for easing its financial difficulties.
Some price changes for the week (from Friday to Friday),
were as follows: Interborough Rapid Transit 5s, 1966,from
63 to 66%, Consolidated Gas N. Y. 43/2s, 1951, from 92
3
to 933', Commonwealth Edison 4s, 1981, from 79% to 78%
and Texas Power & Light 5s, 1956,from 79 to 77.
The foreign bond market gave evidence of some strength
toward the end of the week. Argentine, Australian and German bonds in particular advanced noticeably, Norway issues
were steady and Danish and Finnish slightly up. Among
the "gold" issues, new highs were made by French Govern-
ment bonds but there was some recession in the prices of
Dutch East Indies and Swiss issues.
After several weeks of sagging prices, the apparent settlement of the immediate financial problems of New York City
brought an impressive rally in the city's bond prices, carrying
long term issues up five to six points. Banks are to lend on
a direct pledge of taxes rather than on the general credit of
the city. Other municipal issues were inactive but fairly
firm, off from the highs for the year.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1933
Dolly
Averages.
Sept. 29
28
27
26
25
23
22
21
20
19
18
16
15
14
13
12
11
9
8
7
6
5
4
2
1
Weekly
Aug. 25
18
11
4
Jttly 28
21
14
7
June 30
23
16
9
2
May 26
19
12
5
Apr. 28
21
14
13
7
1
Mar.24
17
10
3
Feb. 24
17
10
3
an. 27
20
13
6.
All
120
Domestic.
86.25
85.99
86.25
86.51
84.64
86.64
86.25
85.61
86.25
87.17
88.10
89.31
89.59
89.86
89.45
89.45
89.31
89.17
89.04
89.17
89.17
89.59
120 Domestics by Ratings.
Aaa.
106.25
106.07
106.25
106.07
105.89
105.72
105.54
105.37
105.54
105.89
106.42
107.49
107.67
107.67
107.67
107.49
107.49
107.49
107.31
107.31
107.14
107.31
89.86 107.14
90 69
91.25
91.39
91.67
91.67
90 97
91.87
00.41
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.67
75.61
74.46
74.77
77.88
79.11
74.67
78.77
81.30
83.23
82 38
83.11
82.99
83.85
141.66
92.39
74.15
/12.62
87.57
Aa.
A.
95.93
95.63
95.48
95.78
91.63
95.48
95.33
94.43
94.58
95.18
96.23
97.78
98.25
98.41
98.09
98.09
98.09
97.78
97.47
97.78
97.78
98.25
Stock
Stock
98.25
84.60
84.47
84.85
85.35
85.61
85.61
84.97
84.22
84.85
85.74
86.51
87.56
87.69
87.83
87.56
87.43
87.30
87.04
86.91
87.04
87.04
87.30
Exch
Exch.
87.83
107.67 99 04
107.85 100.00
107.85 100.33
107.67 100.00
107.14 99.52
106.96 99.36
106 96 99.04
106 25 97.62
105.72 96.54
105.54 95.33
105.20 93.85
104.16 94.43
103.82 93.99
103.99 93.26
103.32 92.25
102.30 90.55
99.36 87.30
99.68 85.35
97.78 83.35
Sloe
100.00 85.87
99.84 85.10
99.52 84.48
101.64 87.83
102.30 89.17
Sloe
99.04 85.48
102.98 89.31
104.51 90.83
105.89 92.68
105.37 92.53
105.54 92.39
105.03 91.81
105.54 92.25
104.85 90.69
108.03 100.33
97.47 82.99
103.99 89.72
85.61 71.38
Baa.
2335
MOODY'S BOND YIELD AVERAGES.?
(Based on Individual Closing Prim.)
120 Domestics
by Groups.
RR.
P. U. Indus.
66.47 86.38
66.21 85.99
66.38 86.38
66.81 86.91
67.16 86.91
67.25 86.77
66.73 86.38
66.21 85.35
67.42 86.64
68.58 87.43
69.68 88.50
70.81 90.13
71.09 90.27
71.87 90.55
71.19 90.13
71.38 90.27
70.90 90.13
70.90 89.86
70.90 89.5971.00 89.86
71.09 90.00
71.87 90.69
nge Clo sed
nge Clo sad
72.28 91.11
77.00
76.78
76.78
77.11
77.44
77.44
76.67
76.25
76.46
77.55
78.66
80.14
80.72
81.42
81.07
81.07
80.60
80.37
80.37
80.49
80.37
80.84
81.30
82.50
83.97
84.22
85.23
85.48
84.72
85.87
84.72
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.06
98 73
98.73
98.73
98.41
97.94
97.16
97.31
95.93
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.84
83.35
81.30
74.67
73.25
73.35
78.10
80.49
81.90
79.91
80.14
82.14
82.74
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
99.04
78.44
85.61
62.09
97.31
97.00
97.31
97.31
97.31
97.62
97.31
97.16
97.78
98.41
98.57
99.04
99.04
99.04
98.57
98.57
98.57
98.41
98.41
98.57
98.41
98 73
120 Domestics by Ratings.
Sept.29...
28._
27__
26..
25..
23.22-21.20._
19..
18..
16..
15..
14.13._
12._
11..
6...
WeeklyAug.25..
18..
11..
July 28 .
21..
14 .
June 30..
23..
16..
May 26..
19._
12..
Apr. A.
.21..
14..
13..
Mar.24..
17._
10..
3.
Feb. 24._
17..
10..
Jan. 27..
20..
13..
Aaa.
As.
A.
5.70
5.72
5.70
5.68
5.67
5.67
5.70
5.75
5.70
5.63
5.56
5.47
5.45
5.43
5.46
5.46
5.47
5.48
5.49
5.48
5.48
5.45
4.38
4.39
4.38
4.39
4.40
4.41
4.42
4.43
4.42
4.40
4.37
4.31
4.30
4.30
4.30
4.31
4.31
4.31
4.32
4.32
4.33
4.32
5.01
5.03
5.04
5.02
5.03
5.04
5.05
5.11
5.10
5.06
4.99
4.89
4.86
4.85
4.87
4.87
4.87
4.89
4.91
4.89
4.89
4.86
5.43
98.57
88.63 73.05 91.81
88.77 74.15 91.96
88.77 74.36 92.25
89.17 75.19 92.25
89.17 75.71 92.25
88.23 74.67 91.96
88.23 76.67 92.39
86.91 75.40 90.97
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.56 78.55
74.46 58.32 74.36
72.16 55.73 71.38
Excha tute Clo Red
73.95 54.80 71.09
72.65 53.28 70.62
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52* 74.57
Excite 'we Clo Red
72.06 54.18 69.59
76.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 64.31 75.71
79.34 61.56 71.96
89.31 77.66 93.26
71.87 53.16 69.54
78.55 67.86 78.99
54.43 37.94 47.58
All
1933
120
Daily
DomesAverages. tic.
4.33
4.88
5.83
.5.84
5.81
5.77
5.75
1.75
5.80
5.86
5.81
5.74
5.68
5.60
5.59
5.58
5.60
5.61
5.62
5.64
5.65
5 64
5 64
5.62
Stock
Stock
5.58
5.37
5.33
5.32
5.30
5.30
5.35
5.30
5 39
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.08
2..42;
6.70
4.30
4.29
4.29
4.30
4.33
4.34
4.34
4.38
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
4.81
4.75
4.73
4.75
4.78
4.79
4.81
4.90
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.34
5.62
5.77
5.93
5.52
5.51
5.51
5.48
548
5.55
5.55
5.65
5.77
5.83
5.91
5.92
5.97
6.06
6.15
6.27
6.51
6.72
i .,0
lit9
,5k
6.61
6.72
6.69
6.40
6.29
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
6.70
6.32
6.10
5.94
6 81
5.95
5.96
5.89
6.07
5.25
6.75
5.99
8.74
4.81
4.57
4.48
4.40
4 43
4.42
4.45
4.42
4.46
4.28
4.91
4.51
5.75
5.76
5.47
5.36
5.23
5 24
5.25
5.29
5.26
5.37
4.73
5.96
5.44
7.03
Baa.
120 Domestics
by Groups.
RR.
40
For
P. U. Indus. Motu.
5.69
6.48
7.57
5.72
6.50
7.60
5.69
6.50
7.58
5.65
6.47
7.53
5.65
6.44
7.49
5.66
6.44
7.48
5.69
6.51
7.54
7.60
5.77
6.55
5.67
6.53
7.46
6.43
5.61
7.33
6.33
7.21
5.53
6.20
5.41
7.09
6.15
5.40
7.06
5.38
6.09
6.98
5.41
6.12
7.05
6.12
5.40
7.03
5.41
6.16
7.08
5.43
6.18
7.08
5.45
6.18
7.08
5 43
6.17
7 07
5.42
6.18
7.06
6.14
6.98
5.37
Excha nge Clo *ed
Excha nge do sad
6.10
6.94
5.34
4.92
4.94
4.92
4.92
4.92
4.90
4.92
4.93
4.89
4.85
4.84
4.81
4.81
4.81
4.84
4.84
4.84
4.85
4.85
4.84
4.85
4.83
4.84
9.27
6.46
5.29
6.00
5.28
5.88
6.75
5.86
6.73
5.26
5.78
6.65
5.26
5.76
526
6.60
5.28
582
6.70
D.73
6.51
5.25
5.82
6.63
5.35
4.89
5.50
6.83
5.94
5.63
6.96
6.00
7.13
5.75
5.06
7.16
5.71
7.29
5.75
6.11
6.14
5.84
7.39
6.20
5.93
7.51
6.29
6.07
7.67
8.58
6.34
8.05
6.73
6.76
8.63
7.03
6.96
9.02
Excha nge do Red
6.70
7.06
9.17
6.77
6.84
7.11
6.90
9.42
7.03
6.83
9.32
6.88
6.38
6.80
8.79
6.59
6.71
1.45k 8.60
0c
6.17
sed
ha
;.YP 6.54
6.96 E917 ng
6.16
6.85
8.6fi
6.55
5.89
6.62
8.31
6.26
572
6.41
8.06
6.08
5.72
6 55
6 17
8 21
5.60
6.55
6.11
8.00
5.55
6.66
7.98
6.12
5.48
6.60
6.05
7.83
5.55
6.97
6.27
8.18
5.47
5.19
6.42
5.47
6.97
7.22
9.44
6.98
5.59
7.41
6.30
6.34
7.66
9.23 12.96 10.49
4.83
4.83
4.83
4.85
4.88
4.83
4.92
5.01
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
9.09
9.10
909
9.03
8.91
8.84
8.89
9.32
965
951
968
9.78
9.62
9.66
1006
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.78
10.73
6.35
5.95
5.80
570
5 76
5.69
5.67
5.60
5.69
4.81
6.35
5.75
8.11
11.19
11.05
10.40
10.05
10.20
9.88
9.85
9.62
9.98
8.63
11.19
9.86
15.83
9.39
9.43
9.49
9.52
9.56
9.60
9.62
9.52
9.50
9.45
9.39
9.32
9.36
9.31
9.34
9.37
9.35
9.35
9.34
934
9.31
9.28
High 1933
Low 1933
Low 1933
High 1933
High 1932
Low 1932
Low 1932
lily/ A 0 ) ll) 2
0
3
Year Ago
Sept. 29 1932
82.62 102.30 89.59 78:55 66.47 76.78 87.69 83.85 Sep. 29'32 5.99
5.59
5.89 10.00
6.50
6.34
4.61
7.57
5.45
Two Years Ago
2 Yrs.A oo
Sept. 29 1931
77.99 99.04 90.41 74.77 54.04 72.65 44.34 74.38 8en. 24'31 8.34
4.41
5.39
6.60
8.87
6.90
5.54
6.73 12.69
Noles.-• These prices are computed from average yield on the basis of
the average level or the average movement of actual price quotations. Theyone "Ideal" bond (454% coupon, maturing In 31 years) and do not purport to show either
merely
movement of yield averages, the latter being the truer picture of the bond market. f serve to 1 lustrate In a more comprehensive way the relative levels and the relative
The latest
the "Chronicle" of Sept. 9 1033, page 1820. For Moody's index of bond prices by months back complete list of bonds used In computing these Indexes was published in
to 1928, see the "Chronicle" of Feb. 6, 1932. page 907.
Edmund Platt Holds Banks Should Quit Federal Reserve
System-Would Illustrate Ability to Carry on
Without Deposit Guarantee.
From the New York "Journal of Commerce" of Sept. 25
we take the following:
The proposal of Jesse II. Jones, head of the Reconstruction Finance
Corporation, that the Wall Street banks assume leadership in selling 5%
preferred stock to the RFC is forcefully attacked by Edmund Platt,VicePresident of the Marine Midland Group, Inc.. in a letter to the "Journal of
Commerce."
Mr. Platt suggests that, instead of selling stock in order to set an example
tor the weak banks which would not quality for deposit insurance without
revising their capital structures, it would be better for the large institutions
to quit the Reserve System and "show that they can get along not only
without the insurance but without membership in the Reserve System."
Mr. Plates Letter.
The letter entitled: "An Example to the Small Banks," follows:
"Editor of the "Journal of Commerce":
"According to the news columns of the 'Journal ot Commerce' of this
morning (Saturday) 'Wall Street banks have been urged to assume the
leadership in the sale of 5% preferred stock to the RFC and are now negotiatin3 upon the amount so to be sold.' These negotiations are said to be
upon the insistence of Jesse H. Jones, head of the RFC,and for the purpose
of having the Wall Street bankers set an example to the smaller banks ot the
country In the matter of obtaining capital from the Corporation even
though they have no used for the funds whatever. The Jones argument is,
of course, that inasmuch as a considerable number of small banks are believed to be in need of additional capital so as to clean up and make themselves eligible for insurance under the Federal Deposit Insurance Corpora-
tion strong banks which not only have no need for such additional funds bul
have large surpluses of funds which they are unable to loan or invest with
a return greater than 3% should pay 5% on preferred stock simply as an
example.
"As a business proposition this is so silly that it is hard to believe that
any Wall Street banks are really negotiating with the RFC. If as generally
supposed, most of the small banks which may have difficulty in qualifying
are non-member banks, wouldn't it be a better example for some of the
large member banks of New York City to become non-members and show
that Utley can get along not only without the Insurance, but without membership in the Federal Reserve. As things stand to-day the Federal Reserve
banks are practically out of business as loaning corporations. The total
loans of the System on Sept. 20 were only $130.030.000. and the Reserve
Bank of New York was loaning only $40.000,000, none of it to the reporting
member banks of the city.
Effect of Withdrawal.
"Supposing such a bank as the Guaranty Trust Co. should withdraw
from the Federal Reserve System, how would it be affected? It could continue to carry its reserves in the Federal Reserve Dank as a non-member
clearing bank and could continue to use the clearing facilities of the Federal
Reserve Bank. Furthermore, it could adjust its reserves thrcugh the Federal Reserve by buying or selling acceptances or short-term governments.
This is exactly what the late Paul Warburg once declared that banks in
the financial district should do anyway, instead of rediscounting, and
would resemble very much the relationships between the chartered banks
of London and the Hank of England. Membership in the Federal Reserve
System does not seem to me to be at all a necessity for the Wall Street
banks. About all they would lose by withdrawing would be a small 6%
investment in the Federal Reserve stock, and about all the Federal Reserve
Bank of New York would lose would be a reduction of its capital which
would be a matter of small consequence."
Sept. 30 1933
Financial Chronicle
2336
Cotton Movement and Crop of 1932-33.
Our statement of the commercial cotton crop of
the United States for the year ended July 31 1933
will be found below. It was slightly larger than in
the previous year, though the actual growth was
much smaller. The commercial crop reached 15,171,822 bales, against 15,128,617 bales last year,
13,868,804 bales two years ago, 14,630,742 bales
three years ago and 19,281,999 bales, the record crop
raised in 1926-27. Exports from the United States
were 8,611,238 bales, against 8,844,382 bales in
1931-32, 6,933,804 bales in 1930-31 and 8,249,527
bales in 1928-29. U. S. spinners' takings were
6,800,029 bales, against 5,649,281 bales. The whole
movement for the 12 months is given in the following
pages, with such suggestions and explanations as the
peculiar features of the year appear to require. The
first table shows the export movement for the past
year (1932-33) in detail, and the totals for each year
back to 1920-21. The second table indicates the
stock at each port July 311933, 1932, 1931 and 1930,
and the receipts at the ports for each of the past
four years.
Experts for Year Ended July 31 1933 to
From
Ports of
Texas
Louisiana a
Georgia- -Alabama. _
Florida _ _ _
Mississippi
So. Caro_ _
No.Caro..
Virginia. _ New York.
Boston_ _ _
Baltimore _
Fhiladeria
San Fran_
Los Ang_b_
Seattle_ _
To Canada
Japan &
Russia. China. Other.
GerGreat
Britain. France. many.
Total.
____ 1,370,702 874.8635,121,502
983.653526.019
423.831239.313 34,000 432,618 199,223 1,874,200
23,297
9,125 303,650
102,151 8.871---45,493 23,072 383.519
__-166,499 26,258
4,743 163.010
16,966
88.59: 3,638
1.187
18.316
844
-2,000 11,727 252.195
3,450 34,708
7,20: 24.050
146,512229
1,043 42,277
11,414
136
2,007
1,309
1,383 49,566
52
298
9.131
6,314
7,203
637
200
677,109689,156
371.047 174,168
157.126 3.080
104,843 17,354
244
48,821
100
16,185
2
91,954
27,448
37.393
52
126
2,568
12,568
-555
35,648
120,293
5i
11,961
Total_ _ 1.547,240886,756 1,951,852828.68
For'n corn
exported
920
794
6,026 44,392
3,904 149,119
515
510
c168,146 c188.148
34,000 2,049,197 1313,5108,611,238
-
6,992
6,992
Total all 1,547,240886,7561,951,852828.683 34,000 2,049,197 1320,5028,618,230
Total in
_ _ _ 3,416,111 1269,004 8,869,160
1931-32. 1,372.578483,648 1,637,530690.289
1930-31_ 1,090,171 937.57 1,730.728 495.551 29,279 1,662.320 996,7696.942.393
1929-30_ 1,271,921 326,349 1,799,068666,81 129.021 1.240,267, 917,3966,850.841
1928-29_ 1.856,617 301,79 1,941,793 724.406 339,457 1.516.3551085.1808.265.598
1927-28. 1,446,849 396,554 2,189,612697,989 413,210 1,065.6561143,385 7,853,255
1926-27_ 2,582,4301024762 2,952,846 787,056 506.958 1,835.387 1550,956 11240404
1925-26_ 2,290.989917,268 1,736.812 745,868 245,588 1.199,151 1110,3408,246,016
1924-25_ 2,546,272 900,759 1,887.316 733.824 241.598 921.048 1032,767 8,263.584
1923-24_ 1,719,135720,028 1,309,782 553,061 184,711 573,780 774,9835,835,480
647,835, 817.159 4,867,831
1922-23_ 1,285,926 632,938 995,593488.38
913,479, 884,5496,337,769
1921-22_ 1,778,885 771,794 1,471,717 517,345
737.3171 875,854 5.806.325
1,751.784584,390 1,346,722 510,258
1920-21_
a Includes 159,946 bales exported from Lake Charles. La. b Includes exports
from Dan Diego and San Pedro. c These are shipments by rail to Canada: in addition, 23,516 bales went to Canada by water, making total takings of the Dominion
189,662 bales.
Receipts tor Year EndingPorts
of-
July 31 1 July 31
1932.
1933.
July 31
1931.
July 31
1930.
Stocks.
July 31 Aar 31 1 July 31 1 July 31
1931. 1930.
1932.
1933.
Texas..5614,6676.224.382 4,997,8004,957,157 1770,346 1,627.386 1,189.856 731.902
Loubra _ 2171,756 2,251.425 1,530.259 1,713,918 783,733 975.506 570.634326.316
oeorgia.I 225,680 390.906 783.391 534.526 105.494 203.478 343,422 103.815
Alaba
387,570 568.155602,511 410.61 127.213 160.7271 208,729 9,881
16,9941 17,948 1,098
39,225
Florida _ 185,482 125,183 85.924 32.15
1
1.30
1.327
2.011
Miss pp 18,316
33,398 97.445 153.990 63.555
So.Caro. 218,279 140.77 301.853 253.01
3,799 4.398
7.094
15,596
No.Car. 58,604 60.817 73,727 95.4
43.953 56.100 49,200
24.4
81,224 150.950 159.4
Virginia. 58
145.714 202.739 227.770239.215
1.175 59,
N.Yorka
14.184
2.880 5,917
2,19
17,910
6.590
933
Boston a
614
500
500
1.000
1,000
25,826 28,859 33,06
Beltim.a 19,451
5,293 5,176
5,389
5.389
7
12
7
Philalaa
98
1
San Fran
17,000 6,948
12,032
Los Ang.
Seattle.
Tacoma.
Port.Ore
Total_18959,2559,851,7098,584,1788.253.050 3081,4503,355,895 2.786,9411548019
a These figures are only the portion of the receipts at these ports which arrived
by rail overland from Tennessee. &e.
If we now add the shipments from Tennessee and elsewhere direct to manufacturers, and Southern consumption,
we have the following as the crop statement for the four
years:
Year Ended July 31-
1932-33.
1931-32.
1930-31.
1929-80.
Receipts at ports
bales 8,959,255 9,851.709 8,584.178 8,253.050
Shipments from Tennessee, &c., direct
705,640 1.009,040 1.222,944
754,609
to mills
9,713,864 10.557,349 9,573.218 9,475.994
Total
Southern mill takings not incl. above a5.457,958 54,571.268 4.295.586 5.154.748
Total cotton crop for year
15.171.822 15.128.617 13.868.804 14.630.742
. a These are Southern mill takings. Southern consumption was 77,192 bales less
than that amount, or 5,380,766.
S These are Southern mill takings which were 387,393 bales in excess of Southern
mill consumption, which amounted to 4.183.875 bales.
The results of these figures is a total crop of 15,171,822
bales (weighing 7,888,823,674 pounds) for the year ended
July 311933, against a crop of 15,128,617 bales (weighing
7,849,588,255 pounds) for the year ended July 31 1932.
NORTHERN AND SOUTHERN SPINNERS' TAKINGS in 1931-32 have been as follows:
bales_15.171.822
Total crop of the United States,as before stated
Stock on hand at conunencement of year(Aug. 1 1932)
223.312
At Northern ports
3.132,583- 3,355.895
At Southern ports
18.527.717
Total supply during year ended July 31 1933
Of this supply there has been exported to foreign
08,445,092
ports during the year
166,146
Sent to Canada direct from the West
35.000
Burnt, North and South_c
Stock on hand end of year (July 31 1933)
170,013
At Northern ports
2,911,437-3,081,450-11,727,688
At Southern ports
Total takings by spinners in the United States for year
6,800,029
ended July 31 1933
Consumption by Southern spinners (included in
5.380.766
above total)
-*5.457.958
77.192
Excess of Southern mill takings over consumptiond1.342.071
Total taken by Northern spinners
a Not including Canada by rail. c This is an estimate of the Census.
d Exclusive offoreign cotton. * These are U. S. Census figures.
1931-32.
Bales.
1,078,013
1930-31.
Bales.
1,372,492
1932-33.
Bales.
Takings and Consumption
1.342,071
North-Takings
5,380.766
South-Consumption
Excess of takings over
*77.192-5,457,958
consumption
4,571.288
4,295,586
a6.800,029
c5,649,281
55,668,078
8,445,092
166,146
8.663.842
180,540
6,732.847
200,957
8.611,238
35,000
8.844,382
66,000
8,933,804
28,000
15.446.267
Total distributed
Add-Stock increase(+) or decrease
(-) together with cotton imported -274,445
14,559,663
12.829.882
15,171,822
15,128,817
Total
Exports
Total,except to Canada by rail
To Canada by rail
Total exports
Bui-nt during year
Total crop
+568.954 +1,238,922
13,868,804
a Exclusive of 46,964 bales of foreign cotton consumed in the South and
85,430 bales in rest of country. b Exclusive of 60,194 bales of foreign cotton
consumed in the South and 119,399 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.
-The cotton industry for the year under
United States.
review did not open with any great degree of promise on
Aug. 1 1932 but it closed on July 31 1933 with conditions
quite encouraging. This statement applies alike to the raw
material, cotton, and to the cotton goods trade. The
contrast between the beginning and the end of the season
of 1932-1933 is sharp and noteworthy, and has few parallels
in the past. The improvement may be said to be due entirely
to the change for the better in the United States, though
exports of the staple were well maintained at the high figures
of the previous year while yet falling somewhat below these
high figures. The domestic mill demand continued good
from beginning to end of the crop year, and in the closing
months reached proportions never previously attained. The
crop was a short one, but there was at first no realization or
appreciation that it was to be a small crop, and, as it
happened, the Department of Agriculture at first underestimated the size of the production and as additions to the
prospective yield were made month by month they exerted a
depressing influence far beyond their due, inasmuch as the
crop remained a small one even after the additions to the
same. The Department of Agriculture as of Aug. 1 1932,
put the prospective crop at 11,306,000 bales and as of Sept. 1
at 11,310,000 bales and on Oct. 1 raised its estimate to 11,-
Volume 137
Financial Chronicle
425,000 bales, and on Nov. 1 further increased the same to
11,947,000 bales while in December in its final report for the
year raised the prospective yield to 12,727,000 bales. According to the ginning returns the actual size of the crop in 500
pound bales was 13,001,508 bales, but this nevertheless left
the crop a small one, especially as it contrasted with a crop
in 1931 of no less than 17,095,594 bales, this last the largest
crop with a single exception in the history of cotton planting.
In the early spring of 1932 tremendous efforts were made
to cut down the acreage. The States proceeded singly and
collectively in the attempt but without avail. Nevertheless by the voluntary action of the planters themselves some
reduction in the area planted to cotton was effected. This
proved quite a surprise, even though the decrease was not
very large, but it was a decrease nevertheless even though its
importance and significance were not recognized at the time.
The U. S. Census report issued on July 8 1932 indicated
a reduction in the acreage planted to the new crop of 93/%,
yet this passed unnoticed, and it was not until the appearance
of the August report estimating the new crop at only 11,306,000 bales (which, as just noted, proved considerably
short of the final yield) that the trade sensed what was going
on and prices surged upward in a very noteworthy fashion.
Unfortunately, however, this was followed by a quick relapse
as trade depression in the United States became intensified
and other unfavorable developments began piling up, one
after another, as related with greater detail in subsequent
portions of this report, where we deal with the action of
Federal agencies in seeking to strengthen the price situation.
Dealing first with the size of the crop, a distinction must
be made at the outset, as heretofore, between the commercial crop, as compiled by us, and the actual growth of the
staple for the season. Our figures deal with that portion of
the crop that finds its way to market, while the actual growth
of cotton is determined by the Census ginning returns.
The previous season, that is in 1931-1932 it happened that
the commercial crop fell far short of the actual production.
The actual growth of cotton in 1931 was 18,162,975 bales of
500 pounds, including linters, but the commercial crop
proved to be only 15,128,617 bales, the reason for the
difference having been that cotton farmers withheld considerable supplies from market, because of the desperately
ow figures to which market values of the staple fell. In
1932-1933, on the other hand, (the crop now under consideration) the reverse proved to be the case, and the commercial crop ran far in excess of the actual crop. This last,
as already stated;as measured by the Census returns was no
more than 12,709,647 running bales and 13,001,508 bales in
bales of 500 pounds, to which must be added 741,346 bales
of linters, making the total 13,742,854 bales. This means of
course that considerable supplies of old cotton came forward,
raising the total to a corresponding extent. As a matter of
fact, judged merely by the figures of the commercial crop
one might draw the conclusion-erroneously-that the
crops for the last two seasons had been about equal in size,
that for 1932-1933 having been 15,171,822 bales and that
for 1931-1932 15,128,617 bales, these of course being running
bales in both years. But that should not blind us to the
fact that the crop was really a small one and it deserves to
be noted, too, that it was raised under unfavorable conditions, the yield per acre having been only 173.3 pounds,
or the lowest yield per acre in all recent years. It follows
that it was the low yield per acre rather than the diminution in acreage that cut down the size of the crop so substantially. And this fact should be borne in mind, since in the
current season of 1933-1934 the indications are that the
yield will be quite high, to that extent offseting the reduction in the size of the crop because of the 10,000,000 acres
to be plowed under in the carrying out of the policy of the
Agricultural Administration. The small yield per acre in
1931-1932 was due in no small measure to the under-fertilization of the soil. The price of cotton at the opening of that
season was too low to make it profitable for the planter to
indulge in the purchase of fertilizers, and, besides, planters
were not in financial condition to make purchases. In the
current season, however, fertilizing material in the Southern
States appears to have been no more freely used than it was
last year. At all events a statement of the fertilizer tag
sales in the cotton States compiled by H. G. Hester of the
New Orleans Cotton Exchange shows only 468,916 tons of
fertilizers applied for all purposes in the cotton States for
the seven months ending with the close of February 1933, as
compared with 471,001 tons in the corresponding seven
2337
months ending with February 1932; 972,080 tons in the
similar period ending in 1931 and 1,571,743 tons in the
seven months ending with February 1930. Nevertheless the
Department of Agriculture at Washington in its latest report
forecasts a yield per acre for the United States as a whole of
197.8 pounds per acre.
As to the other causes operating to reduce the yield in
1932-1933 the boll weevil is reported to have been a main
cause of damage, with the loss repotted on that account at
15.2% for the cotton belt proper. This was considerably
above the loss from that cause in the previous two years and
it was the highe.it percentage attributed to that cause since
1927. In 1931 the loss in yield due to weevil was 8.3%;
in 1930, 5.0%; in 1929, 13.3% and in 1928, 14.1%. The
loss from that source was greatest in Georgia, Florida,
Alabama and Mississippi, and in those States the reported
percentages were higher than in any year since 1923.
The Large Consumption of Cotton in the United States.
Whatever the size of the crop now in the ground, a highly
encouraging feature is the large and active consumption of
cotton in the United States. The International Federation
of Master Cotton Spinner, and Manufacturers Associations
at Manchester has just made public its compilations of the
world consumption of cotton for the year ending July 31
1933 and from this it appears that the world consumed
14,167,000 bales (exclusive of linters) of American during that
period of 12 months, which it will be observed runs well in excess of the growth of cotton in the United States in the same
crop year, which was,as already noted, 12,709,647 in running
bales and 13,001,508 bales of 500 pounds. In the previous
season, that of 1931-1932, the world's consumption of
American cotton was no more than 12,319,000 bales. This
shows an increase in the latest season of 1,848,000 bales. A
significant fact is that 1,269,509 bales of this increase
represents expansion in the American consumption of the
staple, this having been (exclusive of linters) 6,135,525 bales
in 1932-1933 and 4,866,016 bales in the preceding season
and 5,262,974 bales in the season before. To be sure the
consumption in this previous season was quite low, but.full
and enduring recovery appears now to have been established
and it should not escape notice that beginning with September
1932 every monthly return of cotton consumed (with the
single exception of February when the month had one day
less than the same month of 1932, this last having been a
leap year) recorded expansion over the corresponding
month of the previous season and in June the quantity used
by the mills ran close to 700,000 bales (being 696,472 bales)
or more than double the quantity consumed in the same
month of 1932 which was only 322,706 bales, and the largest
consumption of any month since the U. S. Census has been
compiling the figures.
It is well known that the cotton goods trade was foremost
in the business recovery which came in the spring of 1933,
following the closing of all the banks in the country in March,
and the fact is that the cotton goods trade had nothing to
complain about earlier in the season as far as volume of
business was concerned though this does not imply that
prices realized for the goods were satisfactory-far from it.
The truth is, the low prices at which manufactures of cotton
sold acted greatly to extend the use of cotton goods, buyers
appearing who would otherwise have refrained from making
purchases. Now of course prices are enormously higher,
being in many cas double those prevailing previous to the
bank breakdown in March 1933, but everything else is also
higher, and this is part of the National Recovery program at
Washington. The following series of tables show the consumption of cotton in the United States for each month of
the last six years.
COTTON CONSUMED IN COTTON-GROWING STATES
-RUNNING SALES
Foreign Cotton Included.
1932.
August
September._...
October
November ____
December
January
February
March
April
May
June
July
Total
Linters
1931.*
1930.*
1929.*
1928.*
1927.*
338,170
407,966
414.572
421,499
371,079
1933.
397,774
370,607
412,305
389,316
514,221
565,644
483,230
341,765
377,531
378,144
355,347
344.206
1932.
358,048
366,601
398,205
310,946
287.657
275,832
239,069
284.035
313.912
351,849
333,278
321,515
1931.
355,419
341,439
383,766
390.062
361.680
356,674
353,944
428.771
423,189
488,660
424,437
353,072
1930.
450,620
381,365
393,906
412.232
370,087
320.190
302,650
403,431
381.012
471,357
469,503
404.807
1929.
508,221
451.562
479,328
477,940
504.513
431.450
409,141
464.530
462,378
449.297
469.252
401.633
1928.
442.330
428.741
431.812
396,510
442,583
392,052
332,724
5,086,383 4,033,351 4,147.573 4,749,179 5.392.265 5,113.842
341,347
192,291
313,765
334,073
369.254
315,593
Grand total- 5.427.730 4.225.642 4.461.338 5 illin 252 A 751 5110 A L90 VIA
•Includes revisions made subsequent to the publication
of the monthly figures.
-RUNNING BALES.
COTTON CONSUMED IN OTHER STATES
Foreign Cotton Included.
1931.•
1932.
64,431
83,689
87,672
82,223
.983
68
1933.
73,428
71.056
81,862
81,369
106,688
130,828
116,913
AtIllUst
September......
October
November ____
December ____
January
February
March
Aprli
May
June
July
1,049,142
416,349
Total
Linters
fIrsnot ...al
1 AOC An,
83,265
86,804
82,879
69,881
71,195
1932.
76,678
84.638
90,702
55,535
44,715
46,874
39,499
1930.*
1929.*
129.983
122.645
151.099
116.716
99,613
1930.
125.540
113.031
113.740
119,679
103.197
85.046
76.372
68,591
79,478
91,435
82.037
84.003
1931.
94.698
91.937
106,743
118.629
103.683
97.227
96,940
1927.*
1928.•
169.990
165,406
164.223
157.490
137.153
1928.
143,812
144.134
149,513
128.255
134.801
118.347
107,097
122,909
111,295
144.881
141.670
128,494
1929.
160,065
143,158
152.341
153.882
164.137
137.964
138.024
832,665 1,115.401 1,356.661 1,698.800 1,720,221
464.636
510,015
471,097
400.352
445,028
1 977 AC.
1 RIK 'VI
1 291 150
9 led 1257
9 9112 el c
monthly figures.
• Includes revisions made subsequent to the publication of the
COTTON CONSUMED IN WHOLE UNITED STATES
RUNNING BALES.
Included.
Foreign Cotton
1931.*
1932.
402,601
491,655
502,244
503,722
440,062
1933.
471,202
441,663
494,167
470,685
620,909
696,472
600,143
August
September.....
October
November......
December
January
February
March
April
May
June
July
Total
Linters
nmno mt.]
Sept. 30 1933
Financial Chronicle
2338
425,030
464,335
461,023
425,228
415.401
1932.
434,726
451,239
488.907
366,481
332,372
322,706
278,568
1930.*
352.626
393,390
443.284
415.315
405,518
1931.
450.117
433,376
490,509
508.691
465.363
453.901
450.884
1929.*
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
1928.*
1927.*
526.340
492,307
616.238
611.173
533,301
1929.
668,286
594,720
631.669
631,802
668.650
569,414
647,165
634,520
627,784
613.520
626.742
538.786
1928.
586.142
572.875
581,325
524.765
577,384
510.399
439,821
6,135,525 4,866,016 5,262,974 6,105,840 7,091.065 6,834.083
780.229
879.269
805.170
714.117
637,319
757,696
A nog 991 n snq 225 5 077 1101 8 011 11111 707(1 RRA 7814 909
aggregating no less than 8,844,382 bales, and the export
movement during 1932-1933 has been only moderately less
than this at 8,611,238 bales. The export shipments the
previous season had been swollen to an unusual extent by
the takings of cotton for the Far East, mainly due to
unusually short crops in that part of the world, the East
Indian crop having been heavily reduced and likewise the
China crop as also the Egyptian crop. But with the yield
in that part of the world once more restored the takings of
American cotton were again reduced. The exports from the
United States to Japan, which had increased from 1,233,711
bales in 1930-1931 to 2,321,995, bales in 1931-1932, fell
back to 1,741,250 bales in 1932-1933. The exports to
China, which had run up from 428,609 bales to 1,094,116
bales, have dropped to only 307,947 bales. With the Far
East taking such diminished amounts of American cotton it
is surprising that the total export shipments from the United
States should have suffered relatively so little. Germany
heads the list with export takings of 1,951,852 bales as
against 1,637,530 bales in the previous year; Great Britain
took 1,547,240 bales as against 1,372,578 bales; France
886,756 bales as against 483,648 bales; Italy, 828,683 bales
against 690,289 bales and so on through the list, there being
relatively few instances of a drop in the export movement
aside from the Far East in which should be included India
whose export takings, after having increased from 89,865
bales in 1930-1931 to 221,807 bales in 1931-1932, dwindled
to only 56,768 bales in 1932-1933. In the following table
we show the exports to each of the leading countries for the
last five years.
COTTON EXPORTED FROM THE UNITED STATES
•Include revisions made subsequent to the publication of the monthly figures.
-LINT
NORTH
COTTON CONSUMPTION OF SOUTH COMPARED WITH
AND LINTERS.
Running Bales.
1932-33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28.
5.427.7304,226,642 4.461,338 5,083,252 5.761.519 5.429.435
1.465,491 1,277,693 1.515.753 1,827.758 2.208,815 2.184,857
2 24/1 1178
It:ream ni cest•th _ 1 089 220 2 947 049 2 945 ER5 a 255 404 2 552 7(14
South
North
YEARLY PRODUCTION OF COTTON IN UNITED STATES
ACTUAL GROWTH.
Growth
Year.
Running Bales
Counting Round
as Half Bales.
Equivalent
500-lb.
Bales.
12,709,647
16.628,874
13,755.518
14,547,791
14,296,549
12,783,112
17,755,070
16,122,516
13,639,399
10,170,694
9,729,306
7,977,778
13,270,970
11,325,532
11,906,480
11,248,242
11,363,915
11,068.173
15,905,840
13,982,811
13,488,539
15,553.073
11,568,334
10.072,731
13,086,005
11,057,822
12,983.201
10.495,105
13,451,337
9,819,969
10.588,250
9.582,520
10,102,102
13,001,508
17,095,594
13,931,597
14,824,861
14,477,874
12,956,043
17,977,374
16,103,679
13,627,936
10,139,671
9,762,069
7,953,641
13,439,603
11,420,763
12,040,532
11,302,375
11,449,930
11,191,820
16,134,930
14,156,486
13,703,421
15,692,701
11,608,616
10,004,949
13,241,799
11,107,179
13,273.809
10,575,017
13,438,012
9,851,129
10,630,045
9,509,745
10,123,027
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
Linters
Equivalent
500-fb.
Bales.
*741,346
1,067,381
986,430
1,241,355
1,282,061
1,016,375
1,157,861
1,114,877
897,375
668,600
607.779
397,752
440,313
607,969
929,516
1,125,719
1,330,714
931,141
856,900
638.881
609.594
557,575
397,072
310,433
345,507
268,282
321,689
229.539
241,942
194,486
196,223
166,026
143,500
Total All
Equivalent
-lb.
500
Bales.
13,742,854
18,162,975
14,918,027
16,066,216
15,759,935
13,972,418
19,135,235
17,218,558
14,525,311
10,808,271
10,369,839
8,351,393
13,879,916
12,028,732
12,970,048
12,428,094
12,780.644
12,122,961
16,991,830
14,795,367
14,313,015
16,250,276
12.005,688
10,315,382
13,587,306
11,375,461
13,595,498
10,804,556
13,679,954
10,045,615
10,827,168
9.675.771
10,266,527
•These are running bales for this year.
-UNITED STATES
PRODUCTION OF LINT COTTON BY STATES
CENSUS GINNING RETURNS.
Gross Bales of
1932-33. 1931-32. 1930-31. 1929-30. 1928-29. 1927-28. 1926-27.
500 Lbs.
1,497,821
948,8541,419,689 1,473,287 1,341,5501,109,126 1,102,392 122,902
Alabama
91.6561
69,193 115,061 155,409 152,839! 149,458
Arizona
1,547,932
1 320,556 1,906,736 874,356 1,434,6601,245.982 999,983 131,211
Arkansas
91,1771
172.230
California.. _ _ 129,371 176,560 263,766 258,5591 19,203
31,954
16,496
28,578
50,306
15,151: 43,164
Florida
854,357.1,392,665 1,592,539 1,342.6431,029,499 1,100,0401,499,105
Georgia
714,529 808,8251 690,958 548,026, 829,407
.
Louisiana_ _ _ 610,509, 899,922
74,875 1,355,252 1,887,787
Mississippi_ _ _ 1,179,781 1,761,2031,464,311 1,915,4301,4
1 217,859
1
306,835, 288,9911 150,955 219,932' 146,909 114,584
Missouri
65,2941 71,000
83,544
88,450
69,8681 08,1241 98,462
New Mexico
861,468 1,212,819
663,359' 756,294 774,734 747,208 836,474 1,037,1411,772,784
North Carona
1,204.625
.
Oklahoma _ _ _ 1.083.7131,261,123 853,584 1,142,686 726,039 730,013 1,008,068
South Carolina 716,2251,004,730 1,000,892 830,0551 429,284 359,059 451,533
,
594,512 376,912 5j5 774
Tennessee..... 480,3531
4,356,2775,630,831
4 501,800;5,322,453 4,039,136 3,941,626 5,109,939
Texas
51,329
30,609
47,5271 43,711
41,952
31,1651 42,423
Virginia
16,032
6,576
6,018
8,3591
6,467
11,944
14,418
Allother Stat
374
17095 594 13931 597 14824 68111447787412956 043 17977
13001 508
Total
As to the foreign takings of cotton, as measured by the
export shipments from the United States, these also afford
much encouragement. The export shipments from the
United States the previous season had been of unusual size,
1932-33.
1931-1932.
1930-31.
1929-30.
1928-29.
Germany
Great Britain
Japan
France
Italy
Russia
Canada
Spain
China
Belgium
Rolland
Portugal
3weden
VIexico
Denmark
India
Vorway
3reece
stew Zealand
.
Vigra
kustralla
)ther countries
Bales.
1,951,852
1,547,240
1,741,250
886,756
828,683
34,000
189,662
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
1,312,578
2,321.995
483.648
690,289
Bates.
1,730,728
1,090,171
1,233,711
937,575
495,551
29,279
204,081
248,883
428 609
151,258
135.628
42,223
48.371
16,512
33,916
89,865
6,227
100
11,116
Bates.
1,799.068
1,271,921
1,021,107
826.349
666.819
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
566
15
7,274
Bales.
1.941.793
1.856.617
1.288,619
801,790
724,406
339,457
270,464
269.439
227,736
222.596
168,869
42.809
41,401
20.790
14,872
5.975
3,462
827
452
448
280
6.425
Total exports
8.611.238
8.844.382
6.933.804
6.840.636
8.240.527
To-
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
A question comes up as to the foreign supplies of cotton to
be drawn upon, especially from the Far East. The latest
figures show that the China crop which yielded only 1,700,000 bales in 1931-1932 against 2,250,000 bales in 19301931. recovered to 2,300,000 bales in 1932-1933; that the
East-Indian crop which dropped from 4,372,000 bales of
478 pounds in 1930-1931 to 3,368,000 bales in 1931-1932,
has recovered only part of the loss with a yield in 1932-1933
of 3,779,000 bales; furthermore the Egyptian crop which
dropped from 1,715,000 bales in 1930-1931 to 1,288,000
bales in 1931-1932, has been further reduced to 950,000 bales
in 1932-1933. There would appear to be nothing in these
comparative figures to indicate that supplies from the Far
East stand a great chance of displacing American cotton in
the immediate future. Egypt deliberately, cut down its
acreage a year or more ago. Cable advices in November 1932
stated that an Egyptian decree had been signed restricting
acreage to 40% for Sakellaridis and 50% for other varieties
of the cultivated areas, but is now enlarging the same again.
Thus Cario (Egypt)adviees Aug.7 to the New York "Times"
stated that the Ministry of Agriculture of the Egyptian
Government had on that day issued figures on cotton acreage
in 1933, and that a marked increase, which was shown over
last year, was believed to be due to the fact that the Fellahin
failed to find profit in cereals which they had been induced to
cultivate, because of extremely low prices, and therefore
resumed cotton planting. The statistics showed 1,804,209
feddans of cotton (a feddan is a small fraction more than an
acre) against 1,093,701 last year. We may expect therefore
that the Egyptian crop will once more get back to its old
proportions, but that is a prospective increase rather than an
immediate increase. In the following table we show the
Egyptian crop for the past four seasons and also the Egyptian
exports, and it will be noted that the Egyptian exports in
the past season were only 849,795 bales against 1,009,493
bales last season and 923,852 bales the season before.
Volume 137
Financial Chronicle
ANNUAL STATEMENT OF THE EGYPTIAN COTTON CROP.
Season
1932-33.
Season
1931-32.
Season
1930-31.
Season
1929-30.
Total receipts (Interior net
weight)
centers 4,947,699
Years Ending July 31—
Exports—
To 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
To Russia and Esthonla
To Sweden and Finland
Total to Continent
6,871,724
7,551,931
8,447,600
Bales.
166,807
134,453
Bales.
213,872
158,757
Bales.
156.244
131.369
Bales
143,465
151,756
301,260
370,629
287,613
295,221
133,382
39,552
2,604
60,737
30,921
7,444
20,496
11,063
108,923
1,894
4,773
2,685
1,455
3,445
98,819
44,818
1,394
78,326
32.286
24,465
20,853
10,223
105,608
602
5,612
1,240
44,231
1,540
123.133
50.010
1.502
67.545
48.940
7.270
20.780
11,233
82.828
1.084
9.286
1.225
55.538
1.180
126,118
34,186
1,306
58,032
42.876
7,684
18,444
7,557
71,421
1,090
4,704
802
50,972
777
429,374
470,017
476.554
425.469
To United States and Canada
40,807
48,619
23.504
102.052
To India.
16,628
50,103
81,048
5.975
To Japan and China
Total to all ports
Equal to canters._
61,726
70,125
65,133
35,253
849,795
1,009,493
923.852
863,970
6,437,931
7,450,724
6,801,860
6,360,979
With reference to the Jananese takings of cotton it would
appear that Japanese needs for the staple had not been fully
supplied the past season. A delegation of five representatives of the cotton spinning industry of Japan arrived in
New York City Aug. 29 en route to London where it was
stated they would attend a conference with British cotton
spinning interests on the subject of Anglo-Japanese competition in the world cotton goods trade. A number of other
conferences are also contemplated. An announcement by •
the New York Cotton Exchange stated that the conferences
had to do with the great expansion in exports of cotton goods
by Japan at the expense of British trade, particularly in
exports to India, and with the efforts of the British interests
to overcome the Japanese competition by having India
impose an import duty of 75% on Japanese goods while the
duty on British goods is 25%. India has also served notice,
Mr. Okada, the head of the delegation stated, that on Oct. 10
it would abrogate its existing commercial treaty with Japan
by which it extends to Japan most-favored nation treatment.
Mr. Okada said that the matter was so serious for Japan that
Japan had been obliged to notify India that it would not
buy Indian cotton. Since the first of May Japanese spinners
had not bought any Indian cotton and did not intend to buy
any until India treated Japan more fairly. Mr. Okada also
said that Japan normally buys about 1,500,000 bales of
Indian cotton a year and Japan would have to buy this
cotton from other countries, particularly from America, if
Japan did not buy it from India. When the Japanese
spinners stopped buying Indian cotton they had considerable
cotton on hand and so this has not yet resulted in increased
buying of other growths, but it would be necessary to buy
other growths more freely when these reserve supplies have
been exhausted. We have stated that the indications were
that Japan the past season had not fully supplied its current
needs and what Mr. Okada sari would appear to confirm
the statement, and the official figures of cotton importations
into Japan, furnish evidence to the same effect. Here are
the figures for the last four fiscal years.
Years Ended June 30—
Imported into Japan from—
India
United States
China
All other countries
1932-33.
Pk
-Ws,
1931-32.
Pleats.
1930-31.
Ptculs.
1929-30.
Pietas.
3,908,003
6,275,953
485,964
811,573
3,047,472
8,918,167
498,734
478,249
4,810,137
4,105,363
687,245
309,259
4,962,002
4,085,032
764,399
482,071
Total Imports into Japan_-- 11,481,493 12,942,622 9,912,004
10.293,504
500-0. Bales. 500-18.13ales. 500-lb-Bales. 500-1b.Bales.
3,065,508 3,455,680 2,646,221
2,748,365
Equivalent in 500-lb. bales
2339
decreased, and we may add that the Japanese mill stocks were
nevertheless reported larger at 647,000 bales for July 31 1933
as against 530,000 bales on July 31 1932. Japanese port
stocks however are lower. From all this the conclusion
would seem warranted that Japan will again have to take
increased amounts of American cotton; as a matter of fact
the movement has already begun, American export shipments to Japan in August 1933 having been 117,481 bales
as against only 58,464 bales in August 1932.
Tne export movement from India is also of interest at this
juncture and in the following we show the exports from India
for the season ended July 31 for a dozen years back. It will
be observeci that as a result of the Indian crop shortage in
the previous year the Indian exports dropped from 3,719,666
bales (400 pounds) in 1930-1931 to 1,758,304 bales in 19311932, but that for 1932-1933 there has been a partial recovery
to exports of 2,604,240 bales. Japan and China got 1,551,414
bales of Indian cotton as against 1,151,349 bales in 1931-1932,
but comparing with 2,309,642 bales in 1930-1931. In view
of these figures there can be no doubt that Japan is in
position to inflict considerable injury by discontinuing
purchases of Indian cotton.
EXPORTS FROM ALL INDIA TO—
Great
Britain.
1932-33
1931-32
1930-31
1929-30
1926-29
1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
1921-22
bales of 400 lbs.
Continog.
Japan &
China.
227,165
128,363
264.510
239.184
229,969
220,757
72,301
172.517
199.618
287.345
223.948
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
1,551,414
1,151,349
2.309,642
1,947.058
2.187,292
1.576.652
1.882,381
2.512.534
2.415.772
1.592.013
2.243.119
70,629
Season Ended July 31—
963.178
2,604,240
1,758.304
3,719,666
3,848.232
3.917,283
3.125.242
2,836.958
3.775.101
3.809.780
3,442,584
3,580,679
2.216,732
8.250,539
Total.
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 1933, was 14,167,000 bales
as against 12,319,000 bales in the previous year, an increase
of 1,848,000 bales, and have shown that the great part of this
increase 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 COM
PILED BY INTERNATIONAL FEDERATION AT MANCHESTER.
Bales Irrespective
of Weight—
1932-33.
1931-32.
1930-31.
Amer.cotton in U.S.
Rest of world
Bales.
Bales.
Bales.
6.003.000
8,164,000
4.747.000
7,572,000
5,091,000
5,817.000
5,803,000
7.2,0,000
Total American- —
East Indian cotton
Egyptian cotton---Smithies
14,167,000
4,200,000
936.000
5.029.000
12,319,000
4,789,000
980.000
10.908.000
5,863.000
853.000
4.864,000
13,023.000
6.087.000
937.000
5.162.000
All kinds of cotton
24.332.000
22.323,000
4,236,000
1929-30.
Bales.
22.488.000 25.209.000
Note.—The figures In this table relate to lint cotton only, and do not
Include linters.
WORLD'S COTTON MILL CONSUMPTION—IN BALES, REGARDLESS OF WEIGHT.
1932-33. 1931-32.
1930-31, 1929-30.
1928-29.
Europe—
Bales.
Bales.
Bales.
Bales.
Bales.
Great Britain___ 2,248,000 2,386.000 1,964.000 2,465.000 2.800.000
Germany
1.212,000 1.196.000 1,086,000 1.323.000 1,378.000
France
1,099.000
892,000 1,122,000 1.171,000 1.227.000
Russia
1.613.000 1,520,000 1.821,000 2,109,000 2.152.000
Italy
861,000
794.000
783,000 1,001.000 1,042,000
Czechoslovalda— 287.000
344,000
397.000
461.000
495,000
Belgium
303,000
303,000
358,000
461,000
452,000
Spain
396,000
403.000
393,000
412,000
404.000
Poland
257.000
194.000
223,000
225,000
251,000
Switzerland
86.000
92,000
88,000
101.000
105,000
Holland
156,000
154,000
198.000
206.000
190.000
Austria
81.000
104,000
97,000
117,000
149.000
Sweden
101,000
110,000
78.000
98,000
97.000
Portugal
71.000
53,000
85,000
92.000
87.000
Finland
31.000
32.000
34.000
30,000
34.000
Hungary
77,000
61,000
57.000
51,000
20.000
Denmark
29.000
25,000
24.000
22.000
22.000
Norway
11.000
9,000
8.000
9.000
7.000
Total Europe- 8,919,000 8,668.000 8,820,000 10,354,000 10.912.000
Asia—
With India having a larger crop available the Japanese India
2,636,000 2.700,000 2,513.000 2,419.000 1,997,000
2.900.000 2.769,000 2,565,000 2,997,000 2.766,000
importations, which had dropped from 4,810,137 pieuls in Japan
China
2,584,000 2.254,000 2,329.000 2,297,000 1,957,000
1930-1931 to 3,047,472 piculs in 1931-1932, increased again
Total Asia.. _ _ _ 8,120.000 7.723,000 7,407,000 7.713,000 6.720,000
to 3,908,003 piculs in 1932-1933; doubtless the takings
America—
would have been still larger if Japan had not stopped U.
S. A
6.109,000 4,847,000 5,246.000 6,060,000 7,033.000
altogether the taking of Indian cotton on the first of May. Canada
174.000
195,000
202.000
200,000
228.000
The importations from the United States which had increased Mexico
166,000
160,000
146.000
215,000
164.000
453,000
465,000
392,000
414,000
472.000
from 4,105,363 piculs in 1930-1931 to 8,918,167 piculs in Brazil
1931-1932, fell back to 6,275,953 piculs in 1932-1933. But
Total America- 6.902.000 5,667.000 5,986,000 6,889.000 7.897.000
391.000
265.000
270,000
253,000
the point which we wish especially to stress is that when this Sundries
353.000
cotton movement is converted into 500
Total all
24,332,000 22,323.000 22,483,000 25.209,000 25,882,000
-pound bales it is
found that the Japanese importations of the staple in 1932This shows that the total increase in cotton
1933 were only 3,065,558 bales, as against 3,455,680 bales of all kinds was only a little larger than that consumption
of American
in 1931-1932 and 2,646,221 bales in 1930-1931. In other cotton by itself, the grand total for the year ending July
31
words Japan imported altogether 390,000 bales less of the 1933 being 24,332,000 bales as against 22,323,000
bales in
staple in the latest year than in the previous year. Turning the 12 months preceding. The consumption of East
Indian
now to the figures on the world's cotton consumption cotton fell from 4,789,000 bales to 4,200,000 bales and
the
prepared by the Manchester Federation we find that the consumption of Egyptian cotton decreased from
mills of Japan consumed 2,900,000 bales of cotton in the to 936,000, but the consumption of sundry cottons 980,000
latest year as against 2,769,000 bales in the preceding year, from 4,235,000 bales to 5,029,000 bales. Nothing increased
appears in
that is more cotton was consumed, while the importations the Manchester statistics to show the composition
of this
2340
Financial Chronicle
made up
large amount of sundry cottons, but apparantly it is and of
almost entirely of Russian cotton, Chinese cotton
from
Brazilian cotton. The Federation has no returns
estimates
Russia and its figures are stated as being rough
for the
only. But the consumption ofsundry cotton by Russia must
that
latest year is estimated at 1,510,000 bales andlike manner
have been mainly cotton of Russian growth. In
official
the Chinese consumption of sundry cotton from
seems fair
returns is given as 1,646,000 bales and this, too, it Chinese
of
to conclude must have been composed chiefly
consumption of
cotton. Then Brazil is credited with a
bly consisted
453,000 bales of sundry cotton which presuma
of Brazilian cotton.
ACTIVITIES OF THE FEDERAL FARM
ADMINISTRATION.
Administration played
The activities of the Federal Farm
crop
part in the cotton situation during the
an important
in its influence affecting prices,
year 1932-33, particularly
years. The happenjust as it had in the two previous crop
previous years were fully detailed in our
ings in these two
of things at the
annual crop report for 1931-32. The state
cotton
of the crop year 1932-33 was that spot
beginning
1932 had touched 5.00c. on the
in New York on June 9
the lowest price
New York Cotton Exchange, said to be
that Exchange. At the same time cotton
In the history of
being heavily
consumption in the United States was still
pursued
owing to the rigid policy of curtailment
reduced,
reverse of what happened later
• by cotton manufacturers, the
consumption of
in the crop season (1932-33), when home
by rapid strides, the cotton textile induscotton advanced
became such a contries leading the business revival which
banks
feature of affairs with the reopening of the
spicuous
ons in March 1933. After the bad
after the general suspensi
part of the
break in June 1932, however, prices the latter
d, and the recovery extended into July and
month recovere
of the South
August of that year (1932). Large sections
apparently suffering from too much rain, while conwere
weevil was
siderable damage from the depredations of the
likely to
feared. Under-fertilization was also reported as
The United States Census report issued on
show its effect.
planted
July 8 (1932) indicated a reduction in the acreage
1932 crop of 9%%, but very little attention was paid
to the
August
to this, and it was not until the appearance of the
ng
1932 report of the Department of Agriculture, estimati
at only 11,306,000 bales, or from 1,000,000
the growing crop
comparto 1,200,000 bales less than private estimates, and
with an actual production in 1931 of 17,096,000 bales
ing
prices
(not including linters) that the downward course of
ted
was reversed and an upward movement was inaugura
month of the crop year (1932-33) under rein the opening
view, which unfortunately, however, proved short-lived. As
against 5.00c. touched on June 9 1932, the New York spot
(the
price had recovered to 6.05c. at the close of July 1932
d to a
end of the old crop year of 1931-32), and then advance
high of 9.20c. on Aug. 27 1932, after which, though, the
downward course of values was resumed, owing to a series
of unfavorable developments, more particularly the further
extension of business depression in the United States, which
was to last until the spring revival of 1933.
In August 1932 (the opening month, as already stated,
of the crop year of 1932-33), there came numerous indications going to show how the Federal Farm Board had been
and was influencing the cotton situation, present and prospective, and the part that its doings and performances were
having in acting as a stimulating agency to the upward
surge in values along with the sudden realization that the
cotton trade was facing a heavily reduced growth of cotton
from the harvest of 1932. One thing in particular appeared,
namely, that the huge accumulations of Government cotton
would not be allowed to hang heavily as a burden over the
cotton market for the time being. All through the month
of August 1932 the Farm Board, acting through its subsidiary, the Cotton Stabilization Corporation, appeared to
be engaged in disposing of some of its holdings of the
staple. The price kept steadily rising in face of these
sales. This action of the Farm Board, however, was in
accordance with a statement which it had given out the
previous May 2 (1932), saying that it would authorize sale
of Government-owned stabilization cotton not to exceed
650,000 bales during the cotton year beginning Aug. 1 1932.
The intention of the Board to liquidate a considerable portion of its holdings was confirmed in a number of state9
ments during August 1932. Thus on Aug. 4 193 , Carl
Williams, of the Farm Board, said that the Board expected
to dispose of 1,150,000 bales of cotton in the cotton year
Sept. 30 1933
bales of
1932-33 without any disturbance to prices, 500,000
Red
this representing cotton which the American National
with 45,000,000 bushels of
Cross was to receive (along
I'resiwheat) under a resolution of Congress approved by
on July 5 1932 for relief purposes. James C.
dent Hoover
Stone, Chairman of the Farm Board, made the same statereply
ment in a letter, also dated Aug. 4 1932, written in
Gore suggesting the advisability
to a proposal from Senator
of impounding until Aug. 31 1933 the cotton belonging to the
Cotton Stabilization Corporation and the cotton owned by
of
the Cotton Co-operative associations which are members
American Cotton Co-operatives' Association. In reply,
the
Mr. Stone said that the Cotton Stabilization Corporation
to
owned approximately 1,300,000 bales of cotton. Prior
1 1932 it had not bought or sold any cotton since
Aug.
July 1930. "However," he said, "the Stabilization cotton
cannot be held indefinitely," and he added that the previous
April (1932) "the Cotton Advisory Committee, which is
composed of spinners and cotton growers, had recommen12d
to the Board and the Cotton Stabilization Corporation that
an amount of cotton be sold during the present (1932-33)
cotton year of not in excess of 650,000 bales." A surprise,
however, came when on Monday night, Aug. 29 1932, Jesse
H. Jones, Director of the Reconstruction Finance Corporation, announced that $50,000,000 had been made available
to keep Government controlled cotton off the market until
1933. It appeared the next day (Aug. 30 1932) that of
the loan of $50,000,000, $15,000,000 was to be advanced to
the Cotton Stabilization and $35,000,030 to the American
Cotton Co-operatives' Association. Security for the advance,
it was stated, was to be cotton now held by the two organizations. On Sept. 5 1932 the Farm Board itself confirmed
'the arrangement and stated that of the 650,000 bales of
cotton proposed to be marketed by the Cotton Stabilization
Corporation prior to July 31 1933, more than 300,000 bales
had been sold. The Corporation would immediately withdraw its remaining stocks from sale until March 1 1933,
with the exception of certain small amounts now on consignment in foreign countries, and such cotton as might
be sold at 12c. per pound or more, based on the near month
of the New York Cotton Exchange. The American Cotton
Co-operative Association would maintain its present stocks
until July 31 1933, with similar exceptions for sales at the
'above prices.
A survey of the situation at that time appeared to show
that while the Farm Board originally held approximately
1,300,000 bales of cotton, through the Cotton Stabilization
Corporation, 500,000 bales of this was assigned to the Red
Cross and of the 650,000 bales proposed to be marketed by
the Cotton Stabilization Corporation prior to July 1 1933
more than 300.000 bales were sold during August 1932 before the change in policy occurred, leaving, therefore, less
than 500,000 bales remaining out of the total of 1.300,000
bales; in addition, about 1,400,000 bales, it was estimated,
were then in the hands of the Cotton Co-operatives. All of
this seemed to preclude the likelihood of these accumulated
stocks of cotton in the hands of the Government coming
on the market as an additional depressing factor in the
trade. Nevertheless, it proved impossible to prevent a new
downward plunge in prices. As a matter of fact, market
values began to tumble almost from the day news was received that the Reconstruction Finance Corporation had
come to the rescue with a loan of $50,000,000. At all events,
cotton reached its highest price on Saturday, Aug. 27, and
Monday, Aug. 29, just before definite word was received
on Monday night, Aug. 29, of the $50,000,000 loan. Spot
cotton in New York on both the days referred to sold at
9.20c., while on Sept. 17 it was down to 6.80c., and in November and December repeatedly was quoted below 6c. a pound,
and enduring recovery did not again come until after the
re-opening of the banks the succeeding March, following
the general closing down early that month. The main depressing influence was the growing prostration of trade and
business throughout the United States, as a result of which
commodity prices generally kept dropping lower and still
lower, though there was really no diminution, even early
In the season, in the actual consumption of cotton, the very
low prices recorded acting as a stimulus to buying.
The downward plunge, too, during that period continued
notwithstanding further efforts on the part of Government
agencies to aid and relieve the cotton planter in various
ways. Thus, on Oct. 5 1932, the Department of Agriculture
announced a plan for extending crop production loans in
cotton States by accepting the staple as collateral on flu,
Volume 137
Financial Chronicle
basis of 9c. a pound on middling uplands %-inch. In "certain areas" the Department, it was stated, would allow 9%c.
a pound on middling %-inch cotton. The announcement
made in behalf of the Department of Agriculture was given
out by Henry S. Clarke, Director of the 1932 Crop Production Loan Office, and said that at the request of a large
number of Senators and Congressmen, co-operative associations, and individuals in the cotton-growing States, the Secretary of Agriculture had agreed to liberalize the terms of
the Crop Production loans in these States for the relief of
the distressed cotton farmers. The plan, it was stated,
would ease the burden of repayment of such loans and should
result in improving the cotton market. The purpose of the
plan, it was set out, was "to encourage the storage of cotton,
relieving the pressure on the market, and assisting the
farmers to care for their families during the coming winter."
Borrowers who wished to take advantage of the collateral
plan •were to be required to deliever their cotton to the
Cotton Co-operative Association or to Federal bonded warehouses. All cotton so collateralized had to be accompanied
by an agreement signed by the borrower whereby he reserved
the right of selling such cotton at any time prior to March 1
1933, and authorized the Secretary of Agriculture to sell
the same in his discretion at any time subsequent to that
date. When the cotton was finally sold, the borrower was
to be credited with the proceeds of the sale in the event
that the proceeds were not sufficient to pay the full amount
of the loan. The balance was to remain, however, as an
obligation of the borrower.
All this did not serve to prevent a further shrinkage in
the price of the staple, and at the end of October the New
York spot quotation was 6.15c., and at the end of November
5.95c., while at the beginning of December the quotation
dropped to 5.70c., though it should be stated that the Department of Agriculture, which had put its estimate of the
growing crop on Sept. 1 about the same as on Aug. 1, namely
at 11,310,000 bales, as against 11,306,000 bales, on Oct. 1
raised the prospective yield to 11,425,000 bales, and on
Nov. 1 further increased it to 11,947,000 bales, and in
December, in its final return for the year, issued on Dec. 8,
further raised its estimate of the prospective 1932 yield to
12,727,000 bales [the ginning report the following spring
made the count in running bales 12,709,647 bales, and in
the equivalent of 500
-pound bales at 13,001,508 bales, which,
notwithstanding the increase, was nevertheless far below the
exceptional crop of the previous season, when the product
was 17,095,594 bales of 500 pounds].
Efforts, however, to relieve the agricultural interests of
the country continued unabated, and on Jan. 12 1933 the
House of Representatives, by a vote of 203 to 151, passed
the Jones Bill for Farm Relief, intended to restore pre-war
farm prices. The bill undertook to fix immediately, and
later to stabilize, the farm price of wheat, cotton, hogs,
tobacco, peanuts, butter fats and rice to a point bearing the
same relation to the general commodity price level that they
bore in pre-war days. This was to be accomplished in the
main by a processing tax on those products and by division
of the receipts among all the farmers raising the specific
products who agreed to cut their acreage. The aim was to
give to the grower, in the initial marketing period, 75c. a
bushel for wheat and 9c. a pound for cotton, and specifically
named prices for the other products and in subsequent
marketing years the "fair exchange value" determined by
the Secretary of Agriculture in accordance with the provisions of the bill. Deleting all provisions relating to hogs,
tobacco, butter, butter fat, rice and peanuts and rejecting
proposals for acreage control the Senate Agricultural Committee on Feb. 15 ordered a favorable repert on the measure, limited to wheat and cotton. No further progress, however, was made with the measure, and it died with the
adjournment of Congress on March 4.
On Feb. 11 1933 the Agricultural Committee of the United
States Senate voted to make a favorable report on the Smith
Bill (so-called because sponsored by Senator E. D. Smith of
South Carolina), designed to cut 1933 cotton production by
3,500.000 hales. The bill provided for a 3,500,000-bale Government pool, to comprise all cotton which the Farm Board
and other Federal agencies controlled. A share in this
would be allotted to producers who cut their production
30%. Out of this share it was reasoned the cotton farmer
would profit by the difference between the current price
and the price after Aug. 15, it being assumed that cotton
prices would rise because of the resulting smaller crop.
On Feb. 15 1933 the Senate Agricultural Committee, as just
2341
noted, also ordered a favorable report on the so-called domestic allotment plan, but confining its operations to wheat
and cotton. The Committee likewise eliminated the socalled "parity plan" and wrote into the bill the flat provision that growers should receive 12.4c. per pound for
cotton and 88.4c. per bushel for wheat, reaching this arbitrary figure by establishing it as the same as the 1909-14
average. The bonuses paid to growers of these• two commodities would be recovered by the Government through
taxes levied on processers or manufacturers of products
made for wheat and cotton. The Smith Bill passed the Senate on Feb. 18 and was approved by the House on Feb. 28,
with some amendments, in which amendments the Senate
concurred on March 1, but President Hoover killed the
measure with a pocket veto as the life of the old Congress
expired on March 4 1933. Somewhat similar measures
found their way into the statute book several months later,
when the new Congress functioned under President Roosevelt, but at this stage of the proceeding neither the grain
trade nor the cotton market paid much attention to these
measures. Nor did the cotton market take much notice of
the signing on Feb. 8 1933 by President Hoover of the bill
authorizing distribution of 350,000 bales of Governmentowned cotton to the American National Red Cross and other
organizations for relief of the distressed. Congress in the
previous July (1932) had provided 500,030 bales for the
same purpose, taking the cotton likewise from the stabilization stocks accumulated by the Farm Board. The price of
cotton, however, continued to rule low.
With the advent of the Roosevelt Administration to control of the Government, on March 4 1933, new schemes of
legislation for the relief and assistance of the cotton
planter came to the front, some of them not radically different from those which were•proposed in the old Congress,
and these were pushed with great rapidity and became laws
in ghort order. These we shall enumerate as we proceed
with this narrative of events. It seems pertinent, however,
to observe at this juncture that with the re-opening of the
banks after the general bank suspensions all over the
United States under Presidential decree, general trade and
business enjoyed immediate revival and business activity
grew apace. This, along with the program of inflation
promulgated by the Washington Administration, provided
a basis of recovery which so improved the cotton goods
situation, and the cotton goods industry—the price of
cotton rising with great rapidity—that the need for artificial aids to lift prices completely disappeared, and after
the legislation provided for the purpose had become effective
the Government could well have dropped recourse to the
same, or at least have deferred action under them for another year, as permitted by the laws themselves. However,
the Administration saw fit to put them into operation, and
its program for carrying them into effect, not only constitutes an important part of the history of cotton and the
cotton industry for the year, but unquestionably exercised
a very potent influence in shaping its course. For one thing
there never could :have been such a prodigious advance
in goods prices except for the processing tax and the store
tax which the Government imposed as a result of the new
legislation—even allowing for the fact that the inflationary
policy decreed by Washington was sure to swing the cotton
goods industry forward along with all other industries.
On March 22 1933, the House of Representatives at Washington, by a vote of 315 to 98, passed a Farm Relief Bill
urged for enactment by President Roosevelt in a special
message sent to Congress on March 16. With reference
to this measure, the President said that the "deep study
and the joint counsel of many points of view have produced
a measure which offers great promise of good results," and
he added: "I tell you frankly that it is a new and untrod
path, but I tell you with equal frankness that an unprecedented condition calls for the trial of new means to rescue
agriculture. If a fair administrative trial of it is made
and it does not produce the hoped-for results, I shall be
the first to acknowledge it and advise you." The bill was
favorably reported to the House on March 20 by the House
Committee on Agriculture. On March 21 the House, after
extended debate, voted 184 to 102 to consider the bill under
drastic procedure prohibiting amendments and forcing a
vote after four hours' discussion, thus assuring the passage
the next day of the Administration's proposal which then,
as stated, was approved by the House by a vote of 315 to 98.
The bill was rushed through with great rapidity, and
Associated Press advices from Washington, March 22, said
A.2342
Financial Chronicle
that actual details of the measure had been discussed only
casually. The bill's chief purpose was a grant of power
to President Roosevelt and Secretary Wallace to be employed in boosting farm buying power. In the Senate the
bill remained under consideration by the Agricultural Committee the rest of the month, not being reported to the
Senate until April 5.
Incidentally, it may be remarked at this point that on
March 27 President Roosevelt sent another special message
to Congress in which he transmitted an executive order
reorganizing the Agricultural credit agencies of the United
States. The President said: "This executive order consolidates in one agency—the Farm Credit Administration—the
functions of all present Federal organizations which deal
primarily with agricultural credit, namely, the Federal
Farm Board, the Federal Farm Loan Board, the functions
of the Secretary of Agriculture with regard to loans in
aid of agriculture, and those of the Reconstruction Finance
Corporation pertaining to the management of regional agricultural credit operations. The functions of the Federal
Farm Board with regard to the further stabilization operations are abolished by the order." Henry Morgenthau Jr.,
the Chairman of the Federal Farm Board, was named as
the head of the Farm Credit Administration. On March 30
Mr. Morgenthau announced that the Farm Board had ordered the liquidation of its commodity loans in both wheat
and cotton. This was at first taken to mean that some
1,600,000 bales in the hands of cotton co-operatives would
be put on the market. Another view, however, came to
the fore at this time. It was argued that if the Smith Relief Bill were enacted Government holdings would not be
dumped on the market, but would be withheld for the time
being. All this served to indicate the confused situation
existing regarding the working of the Relief Bill when
it became a law. In this situation the price of raw cotton
moved rapidly downward the latter part of the month, after
some display of strength in the early part. The close for
spot cotton in New York on March 31 was 6.30c.
Things now moved with great expedition. April proved
an eventful month, not alone in its bearing on the cotton
situation, but on the economic and financial structure of
the entire country. It saw the United States pass off the
gold standard to which it had consistently and persistently
adhered ever since the resumption of specie payments on
Jan. 1 1879, and it saw this done, not because of a shortage
of gold supplies within the country. but as a deliberate
matter of policy. It saw the action viewed, not as occasion
for deepest regret, but treated as an event for rejoicing,
with the great mass of the population according it approval,
and with the stock and commodity exchanges manifesting
unrestrained buoyancy, accompanied by most spectacular
advances in prices. It was on April 19 that public admission came that the Government meant to let the international value of the dollar shift for itself, and that the
purpose henceforth would be to make sure that the value
of the dollar should become so depreciated as to bring about
a commensurate rise in the general level of prices in the
United States. The result was a drop in foreign gold
values of the American dollar of startling dimensions. To
cap the climax, and to emphasize the fact that the Administration meant no longer to pay any attention to the foreign
value of the dollar, legislation was determined upon of a
most startling character designed to bring about credit and
currency inflation, with the view to raising the general level
of prices in this country. This new legislation was introduced in the Senate late on Thursday, April 20, by Senator
Thomas of Oklahoma as an amendment to the Farm Relief
Bill. On Friday, April 28, the Senate passed this Thomas
amendment to the Farm Relief Bill. Then by an almost
Identical vote approved the Farm Relief Bill itself. It
authorizes the President to initiate various measures for
"controlled inflation." The vote on the inflation amendment was 64 to 21, and that on the Farm Relief Bill, with
the amendment attached, 64 to 20. The price of cotton
now moved up with great rapidity, and the New York spot
quotation April 29 (April 30 was Sunday) was 7.90c.
against 6.30e. March 31.
In May a further stimulus to rising prices was the fact
that the fear of any dumping of Government holdings upon
the market, which had been so long an incubus on the
course of prices, was c(mpletely eliminated, the Farm Board
having disposed of the last of its holdings of both cotton
and wheat, while the holdings of cotton against which loans
had been made by the Farm Board were turned over to
•
Sept. 30 1933
the Secretary of Agriculture under the Farm Relief Act
to be held by him under the provisions of that Act. Accordingly, May 31 saw the New York spot quotation up to 9.35c.
The Farm Relief Bill, with the Thomas inflationary rider, •
became a law on May 12, with the signing of the bill by
the President. The House vote May 3 on the inflation
rider showed 273 Democrats, 30 Republicans and 4 FarmerLaborites casting affirmative ballots with 7 Democrats and
79 Republicans against the proposition. Under the provisions of the rider the President is authorized to arrange
with the Federal Reserve banks for the purchase of United
States Government securities to an aggregate of $3,000,000,000, in addition to the amount held at the time of the
approval of the Act, also to issue United States notes similar to the greenbacks during the Civil War period up to
$3,000,000,000 to retire Government obligations, of which 4%
would be canceled annually; likewise to reduce the gold
content of the dollar not to exceed 50%. The inflationary
rider also provides for the unlimited free coinage of silver
at a fixed ratio with the gold dollar, this ratio to be determined by the President. In addition, the President is authorized to accept silver up to $200,000,000 for a period of
six months in the payment of war debts due to the United
States, the silver to be valued up to 50c. an ounce—far in
excess of the current market price of the metal, the whole
providing the broadest kind of a scheme of inflation. But,
as if this were not enough, a joint resolution was introduced in Congress at the instance of the Administration
completely abolishing gold payments and making any kind
of coin or currency issued by the Government legal tender
for the payment of public and private debts, past, present
and future.
As already stated, the cotton trade during May was
relieved of the fear of any dumping of Government holdings
of the staple. On May 12 Henry Morgenthau Jr., Chairman
of the Federal Farm Board and Governor-designate of the
Farm Credit Administration, who had from the first evinced
a disposition to get rid of the remaining Government holdings of both wheat and cotton, announced that the last remaining cotton of the Cotton Stabilization Corporation
would be sold to the highest bidder at the Corporation's
office at New Orleans on May 16. This proved to be 19,306
bales of cotton belonging to the Cotton Stabilization Corporation, all in storage at various foreign locations. Storage
and carrying charges had been constantly accruing on this
foreign consignment of cotton ever since it was shipped
abroad the previous year. Mr. Morgenthau said the Farm
Board thought it wise to dispose of it so that the affairs
of the Cotton Stabilization Corporation might be completely
liquidated. All other remaining stocks of cotton of the
Corporation, it was pointed out, were in process of delivery
to the Red Cross for relief purposes as directed by Congress.
It was stated at the same time that the only other cotton to
which the Farm Board bad a claim was that pledged as
collateral in the 1930-31 season by the American Cotton
Co-operative Association and the Staple Cotton Co-operative Association. There was 1,557,000 bales of this cotton,
upon which the Farm Board had made loans to permit
advances to growers of 90% of the market value at the
time the advances were made in the case of the American
Cotton Co-operative Association cotton and 80% in the case
of the Staple Association cotton. By the provisions of the
Farm Relief Act the cotton held by the subsidiary corporations was to be acquired by the Secretary of Agriculture
and held for disposal to planters who agreed to reduce their
acreage in accordance with the terms of the Relief Act and
in pursuance of regulations issued by the Secretary of
Agriculture.
Further action under the Farm Relief Bill was not slow
In coming. Congress adjourned in the early morning hours
of June 16, with the largest program of new legislation
to its credit ever devised or carried through in peace times.
The most important piece of legislation not previously mentioned was no doubt the National Industrial Recovery Act,
which the President approved on the day of adjournment,
and which provides for Federal control of private business
for the revival of industry and also for a $3.300,000,000
program for expenditures on public works. Another measure was the Home Owners' Mortgage Relief Act, making
$2.000,000.000 available for the refinancing of mortgages of
small home owners. This latter provides for the establishment of a quasi-Federal agency to be known as the Home
Owners' Loan Corporation, with a capital of $200,000.000
subscribed in full by the Treasury and authorized to issue
Volume 137
Financial Chronicle
2343
up to $2,000,000,000 in 4% bonds guaranteed by the Governprocessing tax was fixed at 4.2c. a pound on cotton and
ment as to interest but not as to principal.
became effective Aug. 1. Levied to pay farmers cash beneAs far as cotton is concerned, the price of the staple now fits for reducing their acreage, it is to be collected from
spurted still higher with great rapidity in the general up- the manufacturer on the amount of cotton he converts into
ward movement of all commodity values, influenced very finished material. This processing tax was estimated to
largely by the spectacular slump of the American dollar as yield about $120,000,000. Mr. Wallace said that he expected
expressed in the terms of foreign currency units, this shrink- at least $100,000,000 would be paid to cotton farmers in the
age in the dollar value abroad being looked upon as part 16 States during the ensuing six weeks in return for their
of the general scheme of inflation by which the Washington agreements to reduce their acreage from 25% to 50%.
Administration was undertaking to establish a permanently George N. Peek, Chief Administrator, said that about 60%
higher level of values in this country. The latter part of of the growers showed a preference for the payment method
June the spot price of cotton in New York ruled above 10c. a under which they are given cash payments together with an
pound, and on certain days when the depreciation of the option on Government held cotton equal to the estimated
dollar became especially pronounced, the upward flight of
production of the land they offered to take out of producthe staple reached spectacular proportions. The ordinary
tion. He said that 2,000,000 bales available for this purspeculator now became active, and in July spot cotton in pose would be used to give growers options. The other 40%
New York sold as high as 11.75c. on the 18th of the month, preferred cash payments in proportion to the estimated
under the speculative fever that was then raging through
yield of the land they agreed to plough up. On July 17 it
all the commodity markets as well as on the Stock Ex- was made known by the Agricultural Adjustment Adminischange, but was doomed to be quickly followed by a col- tration that over 10,000,000 acres of cotton had been pledged
lapse all around, the result of which was that the spot for abandonment. It appeared that when the cotton processprice of cotton July 31 was back to 10.00c., and in August ing tax of 4.2c. a pound became effective on Aug. 1 a floor
(1933) dropped still lower. The Government tried in
tax on cotton goods also became effective on stocks in the
every way to extend assistance and on July 2 press accounts warehouses of spinners, manufacturers and wholesalers. It
from Washington stated that arrangements for loans of
was pointed out that retailers would have 30 days before
from $3,000,000 to $4,000,000 by the Reconstruction Finance the tax became effective on their stocks, but they would be
Corporation to finance the sale of 60.000 to 80,000 bales of required to submit an inventory of cotton materials on hand
cotton for shipment to Soviet Russia had been arranged. as of Aug. 1. This inventory could then be checked against
It was stated that under the terms of the loan the cotton the goods on hand 30 days later.
purchases were to be made in the open market and not
Carrying information with regard to Government operafrom any holdings of Government agencies. This provision, tions beyond the close of the crop year on July M. down to
it was noted, was included also in the agreement to extend
the present time, note must be made of the fact that Washthe loan for shipment of cotton to China. It might be ington dispatches, Aug. 1, stated that a $30,000,000 loan by
added here that on Sept. 16 press dispatches stated that the a group of private bankers, beaded by the Chase National
Reconstruction Finance Corporation was now completing
Bank of New York and the Guaranty Trust Co., was made
plans to extend a further credit of $50,000,000 to $75,000,000 to the Agricultural Adjustment Administration to finance
to the Soviet Government to be based on the purchase of the purchase of 1,019,814 bales of spot cotton from the Farm
American commodities, including cotton, copper and
Credit Administration. The loan was granted in two inaluminum.
stalments of $15,000,000 each, the first loan of $15,000,000
Definite, information came in July as to the method by
to bear interest at the rate of 2% and to run for 45 days,
which the Farm Administration meant to proceed for the and the second loan to run for 90 days at the rate of 2%%.
relief of the cotton grower. On July 19 Oscar Johnston, The cotton purchased by the Agricultural Adjustment Ad- .
Director of Finance, who was handling the negotiations for ministration from the Farm Credit Administration plus certhe Agricultural Adjustment Administration, stated that tain carrying charges, was to go, it was stated, into the
contracts had been completed for immediate delivery of general pool for option by farmers who signed agreements
1,019,184 bales of actual cotton and 455,200 bales of cotton
with the Secretary of Agriculture to reduce the current seafutures, and that delivery was expected some time between son's cotton acreage. It was stated in Washington advices,
Aug. 1 and Aug. 5 of between 150,000 and 200,000 bales, Aug. 1, to the New York "Times" that Sc. a pound was paid
making an available total of more than 1,624,384 bales. It for the old Farm Board holdings, which had been originally
was added that in addition to this amount of cotton the
acquired at 9%c., and to prevent a $54,000,000 loss to the
Farm Credit Administration was endeavoring to acquire Credit Administration, the Adjustment Administration paid
a title to an appreciable portion of the 788,000 bales of cot- the remaining 41 c. from its $100,000,000 fund provided by
,
ton upon which the Government held crop production loan the NRA.
liens. Acquisitions from this source, added to the cotton alPurchase of future contracts for 19.800 bales of cotton for
ready delivered, would provide sufficient cotton to cover the the account of the Secretary of Agriculture to offset
sale
options to producers who had agreed to reduce production. in the open market previously held as collateral for GovMr. Johnston stated that in the case of returns from some ernment crop and seed loans was reported on Aug. 3 by
900,000 producers submitting offers, between 500,000 and Governor Henry Morgenthau Jr., of the Farm Credit
Admin600,000 had asked for cotton options. It was estimated that istration. It was stated that of the 872,000 bales of
stored
the Government's requirements could not exceed 2,300,000 cotton held as collateral for such loans about
75,000 bales
bales, and that figure probably would be scaled down appre- had been sold by permission of farmer
borrowers, or reciably when some contracts were rejected because of legal leased for sale. The transactions, it was
pointed out, were
or other defects, or when growers in some cases might fail a part of the process of acquiring title
to cotton against
to carry out the terms of their offers. The reductions from
which Government agencies held claims, so that the Secrethose sources should reduce the amount of cotton required
tary of Agriculture might fulfill cotton option contracts
to cover these options to between 2,000,000 and 2,250,000 bales. in the acreage reduction program.
There was considerable uncertainty the early part of July
The Agricultural Bureau in its report on the acreage
as to whether enough cotton planters would sign the agreeplanted to cotton issued on July 8 put the area planted for
ment to plough under a portion of their acreage to make it the growing crop at
40,798,000 acres which compared with
possible for the Administration to put through its acreage 36,542,000 acres in
cultivation on July 1 of the previous
curtailment scheme. On July 8 President Roosevelt apyear, being an increase of 11.6%. This showed no disposipealed to cotton growers of the country to join in the Admin- tion on the part of
planters to make any curtailment at
istration's acreage reduction program as a "patriotic duty." all and in the view
of the Washington Administration
The appeal was embodied in a letter addressed by the
rendered action on its part imperative. The scheme for
President to Secretary of Agriculture Wallace, who broad- acreage reduction by means
of the processing tax, is outcasted it in a speech from Washington. Following the close lined above. In its return for August
1 the Department of
at midnight, July 13, of the Administration's cotton acreage Agriculture made the indicated area for harvest
29.704,000
reduction campaign, it was announced on July 14 that the
acres and said that this indicated area for harvest was
efforts toward curtailment had been successful, and that the estimated area in cultivation July 1
less the probable
processing taxes would be levied on the staple and on com- removal of 10,304,000 acres through the program
of acreage
peting products, including rayon. Secretary Wallace said reduction of the Agricultural Adjustment
Administration,
that enough growers had agreed to cut their acreage to less 10
-year average abandonment on the acreage not under
reduce this year's potential crop by about 3.500,000 bales. contract. In its return for Sept. 1 the acreage
removed
The tentative goal had been set at 3,000,000 bales. The was raised from 10.304,000 acres to
10,396,000 acres and it
was estimated that 1.2% of the remaining acreage had been
abandoned or less than usual, leaving the net area in cultivation 30,036,003 acres. Conditions for the new crop have
been exceptionally favorable affording the promise of an
unusually high yield per acre as compared with a relatively
low yield in the case of the 1932 crop. The Department
estimated the probable yield of the 1933 crop as of Aug. 1
at 12,314,000 bales, and as of Sept. 1 at 12,414,000 bales.
It will be seen that throughout the whole of the crop
year 1932-33 under review, and beyond, Government operations played an unusually prominent part in affecting the
cotton situation, just as was the case in the crop seasons
Immediately preceding.
In the following we show the New
York price of spot cotton for each day of the season of
1932-33 compiled from the records of the New York Cotton
Exchange.
DAILY PRICES OF MIDDLING UPLAND SPOT corroN IN NEW YORK
FOR SEASON OF 1932-33.
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
Month
and Year. 1932. 1932. 1932. 1932. 1932. 1933 1933 1933. 1933. 1933. 1933. 1933.
Days1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
ao
31
C.
6.05
5.90
6.00
5.95
6.0C
6.20
gun.
7.05
7.00
7.15
7,50
7.20
7.35
Sun.
7.50
7.55
7.45
7.60
7.50
7.60
Sun.
7.75
7.80
8.30
8.45
8.65
9.20
Sun.
9.20
8.70
S44)
c.
8.75
8.90
8.90
Sun.
Hol.
8.95
9.00
7.15
8.10
8.10
Sun.
7.75
7.40
7.25
7.25
7.05
6.80
Sun.
6.90
6.95
7.50
7.50
7.35
7.45
Sun.
7.50
7.50
7.40
7.00
7.25
C.
7.05
Sun.
7.15
7.15
7.10
7.05
7.05
6.65
Sun.
6.65
6.80
Hol.
6.45
6.55
6.50
Sun.
6.35
6.35
6.45
6.35
6.30
6.25
Sun
6.20
6.25
6.40
6.45
6.35
6.20
Sun.
6.15
C.
6.10
6.10
6.10
6.20
6.45
Sun.
6.30
Hol.
6.15
6.45
6.15
6.55
Sun.
6.40
6.40
6.40
6.40
6.35
5.90
Sun.
6.15
6.70
6.05
Hol.
5.90
6.25
Sun.
5.80
6.00
5.95
C.
5.95
5.80
5.75
Sun
5.70
5.80
5.75
5.75
5.90
5.90
Sun
5.95
5.90
6.20
6.00
6.00
6.15
Sun.
6.10
6.10
6.00
5.85
5.95
Hof.
Sun.
Hol.
5.95
6.00
6.15
6.10
Hol.
C.
Sun
Hol
6.10
6.30
6.25
6.25
Hol
Sun
6.30
6.40
6.25
6.25
6.25
6.25
Sun.
6.15
6.30
6.20
6.25
6.25
6.25
Sun.
6.30
6.30
6.25
6.20
6.25
6.25
Sun.
6.10
6.00
C.
5.90
5.90
6.00
5.95
Sun.
6.00
6.05
6.05
6.15
6.15
6.10
Sun.
Hol.
6.00
6.05
6.05
6.15
6.15
Sun.
6.15
6.10
Hol.
6.05
6.15
5.95
Sun.
6.05
6.05
C.
6.15
6.10
6.35
*
Sun.
*
*
•
*
*
*
Sun.
•
a
•
6.85
6.55
6.55
Sun.
6.55
6.25
6.35
6.45
6.50
6.45
Sun.
6.25
6.40
6.30
6.35
6.30
c.
6.40
Sun.
6.40
6.45
6.50
6.60
6.55
6.55
Sun.
6.60
6.75
6.70
6.85
Hot.
Hol.
Sun.
6.70
685
7.25
7.45
7.50
7.60
Sun.
7.65
7.60
7.60
7.60
7.50
7.90
Sun.
C.
C.
C.
8.25 9.35 10.30
8.25 9.25 Sun.
8.30 9.10 10.40
8.30 Sun Hol.
8.55 9.30 10.25
8.60 9.15 10.50
Sun. 9.25 10.30
8.40 9.10 10.25
8.35 9.25 Sun.
8.65 9.35 10.75
8.95 Sun. 10.65
8.95 9.45 11.55
8.85 9.40 11.40
Sun. 9.35 11.60
8.70 8.95 11.40
8.65 9.25 Sun.
8.75 9.05 11.65
8.60 Sun. 11.75
8.50 9.35 11.35
8.25 9.25 10.55
Sun. 9.40 10.10
8.40 9.35 10.20
8.60 9.50 Sun.
8.70 9.60 10.55
8.55 Sun. 10.50
9.00 10.45 10.65
9.15 10.40 10.90
Sun 10.25 10.50
9.20 10.15 10.50
Hol 10.15 Sun.
10410
9.35
*bank moratorium; Cotton Exchange closed
To indicate how the prices for 1932-33 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.
Low. Average,
Low. Average.
High.
High.
C.
C.
c.
C.
C.
C.
16.45
15.37
12.40
1932-33
11.75
7.37 1909-10
5.70
111:42
1931-32
13 15
8.15
9.00
6.34 1908-4/9
5.00
11.39
1930-31
13.55
13 15
9.90
10.38 1907-08
8.25
11.48
13.50
12.45
19 55
9.60
16.60 1906-07
1929-30
11.20
9.85
19.73 1905.06
12.60
17.65
1928-29.-21.65
913
11.65
6.85
20.42 1904-05
17.00
1927-28 ____23.90
12.58
15.15 1903-04
17.25
9.50
1926-27
12 IS
19.20
10 26
8.30
20.38 1902-03
13.50
1925-26....._24.75
17.85
24.74 1901-02
9%
11424-25.
22.15
9fi•
31.50
7"1.
934
12
31.11 1900-01
23 50
3785
8111
1923-24
9%
6%.(
26.30 1899-1900_10%
20.35
31.30
1922-23
6%
5fis
18.92 1898-99
611.
23.75
1921-22
12.80
8%
17.95 1897-98
13sui
buil
1920-21
10.85
40.00
8%
38.25 1896.97
711is
711s
1919-20
28.85
43.75
31.04 1895-96
854
7fis
954
25.00
19113-19 .......33.20
59 4
29.65 1894-95
,
0 11
754
21.20
1917-18
36.00
19 12 1893-94
91$
8
13.35
1Iss
7
61fis
27.65
1916-17
10
fila
11.98 1892-93
9.20
7114
13.45
1915-16.
8a"
807 1891-92
61111
7%
1914-15
7.25
10.60
124
9%
8
13.30 1890-91
11.90
1913-14
1450
this
1254
1031
12.30 1889-90
10.75
1912-13 ...._..1340
103ta
10.83 1888-89
11gis
920
954
191I-12....1340
15.50
12.30
19.75
1910-11
In the following table we also show the price of printing
-inch, 64 x 60, at Fall River each day of the season:
cloth, 28
-INCH 64 x 60) AT FALL RIVER
DAILY PRICES OF PRINTING CLOTHS(28
FOR SEASON OF' 1932-33.
Month Aug. Sept. Oa. Nov. Dec.
&Year. 1932. 1932. 1932. 1932. 1932.
Days- c.
1 ____ 2fis
2 ____ 2fis
3 __ 27.,
4 ____ 255
5 .... 235
255
7 ---_ Sun.
8..._ 254
- 234
9
_ 2%
10
11 ____ 2%
12 __ 232
I3..___ 2%
14_U Sun.
15 ____ 23.4
_ 2%
16
17 ____ 2%
18 .._ 251
234
20...._ 2%
21 ____ Sun.
22 ____ 254
23..___ 2.74
24____ 3
25....__ 3
26......_ 335
27....... 3.51
28 ____ sun.
29 ____ 3%
30 ____ 334
21
Sept. 30 1933
Financial Chronicle
2344
21(
e.
3%
352
334
Sun.
Fol.
3si
334
334
3%
334
Sun.
354
335
354
354
3
3
Sun.
3
3
3
3
3
3
Sun.
3
3
3
3
3
c.
3
Sun.
3
3
3
3
3
3
Sun.
3
234
Hol.
2%
235
234
Sun.
2%
251
2%
2%
2%
2%
Sun.
234
232
251
2%
234
2%
Sun.
244
C.
254
254
254
2%
254
Sun.
234
Hol.
2fis
2fis
Da
2fis
Sun.
2fis
2fis
2fis
2fis
2fis
2fis
Sun.
235
254
255
Hol.
254
255
Sun.
254
255
2fis
Jan.
1933.
c.
c.
2fis Sun.
2fis Hol.
234
2fis
255
Sun.
2%
234
234
2%
234
255
234 Sun.
235
234
255
254
2%
Sun.
254 271442%
255 27,s@234
2% 211.4[4)255
234 Sun.
254 27 s15234
255 2fie15255
Sun. 2fie@2%
2fis
235
2fis
235
2fis
234
235 Sun.
2/ss
235
2fis
255
2fis
Sun.
VI,
255
2%
255
2%
235
235 Sun.
255
254
214
MA
Feb. Mar. Apr. May June July
1933 1933 1933. 1933. 1933. 1933.
c.
255
254
234
2fis
Sun
2fis
231
2/1
2/1
234
255
Sun
Hol
254
234
255
234
2%
Sun.
23',
255
Hol.
254
255
255
Sun.
234
255
e.
2%
254
254
254
Sun.
255
255
234
255
255
2%
Sun.
255
2%
2%
2%
2%
2%
Sun.
234
255
235
255
255
254
Sun.
234
254
255
254
234
c.
254
Sun.
254
2%
255
23',
235
255
Sun.
234
234
234
2%
255
234
Sun.
2%
255
2%
2%
2%
234
Sun.
3
3
3
3
3
334
Sun.
C.
334
3%
3fis
37,
3fis
351
Sun.
3.32
3.31
3%
354
355
355
Sun.
355
334
355
334
3%
3%
Sun.
354
355
334
3%
4
432
Sun.
432
Hoi.
434
c.
4%
4%
41.4
Sun.
4%
434
432
4%
431
434
Sun.
431
4%
454
454
454
434
Sun.
455
435
454
454
455
455
Sun.
435
455
454
4%
4%
c.
4%
Sun.
434
Hol.
4%
in
,
4%
4%
Sun.
4%
4%
4%
5
5
5
Sun.
554
5%
534
5%
4%
434
Sun.
4%
4%
434
454
4%
4%
Sun.
434
We likewise subjoin the following compilation to show the
range of prices of printing cloths for a series of years. Like
the table above it sets out the highest and lowest quotations
for 64 squares 28
-inch printing cloths at Fall River and covers
each of the last 38 seasons-1895-96 to 1932-33, inclusive.
MO. Low.
High. Low.
High. Low.
C.
Cis. Cis.
1932-33_ -- 5
.flb 1906-07-- 5.25 3.38
1
C
,
2 1, 1919-20.-1711 11
32-- 3% ',711 1918-19.-13.00 6.75 1905-08-- 3.81 3:37
19311930-31-- 4% 354 1917-18-14.00 7.2r. 1904-05-- 3.50 2.62
1929-30„-- 534 434 1916-17- 8.00 4.2.5 1903-04-- 4.12 3.00
1928-29-- 6% 534 1915-16-- 4.25 3.25 1902-03-- 3.37 3.00
1927-2
8--1914-15-- 3.50 2.88 1901-02-- 3.25 2.37
1926-27--- 6
1913-14-- 4.00 3.62 1900-01---- 3.25 2.37
1925-26.... 7.00 5 00 1912-13---- 4.06 3.75 1899-00---- 3.50 2.75
1924-25--- 7.75 6.75 1911-12-- 4.00 3.12 1898-99-- 2.75 1.94
1923-248.75 6.85 1910
-IL.... 3.88 3.621897-98....- 2.62 1.94
1922-23-- 8.75 6.88 1909-10-- 4.25 3.62 1896-97-- 2.62 2.44
1921 -22---- 7.12 4.75 1908-09-_-- 3.62 3.00 1895-96-- 3.06 2.44
1920-21- -14.00 4.62 1907-08---- 5.25 3.00
Ri!
Record of Middling Upland Spot Prices of Cotton in
Liverpool.
The following table shows the price of middling upland
spot cotton in Liverpool for each day of the past season:
DAILY CLOSING PRICE OF MIDDLING UPLAND IN LIVERPOOL.
Month
Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
and Year. 1932 1932. 1932. 1932. 1932. 1933. 1933. 1933. 1933. 1933. 1933. 1933.
Days1
2
3
4
5
e
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
d.
Hol.
4.68
4.61
4.69
4.69
4.80
Sun.
4.87
5.27
5.22
5.48
5.51
5.54
Sun.
5.61
5.76
5.75
5.65
5.76
5.70
Sun.
5.85
6.02
5.98
6.39
6.45
6.76
Sun.
6.98
6.93
8.72
d.
6.50
6.57
6.85
Sun.
Hot.
7.20
7.00
7.10
6.38
6.44
Sun.
6.46
6.10
6.15
5.92
5.88
5.65
Sun.
5.58
5.59
5.67
6.13
6.07
5.94
Sun.
6.07
6.08
6.10
5.95
5.73
d.
5.87
Sun.
5.73
5.86
5.86
5.79
5.84
5.87
Sun.
5.55
548
5.69
5.64
5.43
5.55
Sun.
5.47
5.39
5.57
5.54
5.46
5.44
Sun.
5.48
5.56
5.52
5.61
5.62
5.59
Sun.
5.45
d.
5.43
5.37
5.42
5.39
5.55
Sun.
5.64
5.60
5.60
5.44
5.60
5.60
Sun.
5.56
5.47
5.54
5.61
5.61
5.53
Sun.
5.50
5.54
5.50
5.41
5.44
5.39
Sun.
5.39
5.35
5.38
d.
5.27
5.30
5.14
Sun.
5.12
5.15
5.17
5.03
5.04
5.14
Sun.
5.17
5.15
5.14
5.30
5.26
5.28
Sun.
5.32
5.21
5.21
5.15
5.07
1101.
Sun.
Hof.
Hol.
5.10
5.16
5.29
Hol.
d.
Sun.
Hol.
5.26
5.24
5.33
5.33
5.31
Sun.
5.30
5.25
5.32
5.27
5.30
5.27
Sun.
5.24
5.18
5.25
5.22
5.25
5.28
Sun.
5.22
5.14
5.14
5.16
5.15
5.18
Sun.
5.11
500
d.
5.02
4.93
4.94
4.94
Sun.
4.88
4.89
4.94
4.96
5.09
5.01
Sun.
4.99
5.02
4.89
4.97
4.95
4.95
Sun.
5.06
4.98
5.01
5.04
4.95
4.99
Sun.
4.90
4.85
d.
4.90
4.94
4.79
4.86
Sun.
4.72
4.79
4.99
5.00
5.17
5.18
Sun.
5.23
5.09
5.08
5.25
5.26
5.14
Sun.
5.13
5.15
5.05
5.08
5.13
5.10
Sun.
5.13
5.08
5.13
5.17
5.15
d.
5.06
Sun.
5.16
5.16
5.18
5.22
5.28
5.28
Sun.
5.31
5.35
5.35
5.37
Hol.
Hol.
Sun.
Hol.
5.36
5.29
5.27
5.30
5.33
Sun.
5.37
5.41
5.41
5.54
5.53
5.55
Sun.
si.
5.73
5.73
5.83
5.79
5.89
5.99
Sun.
6.01
5.87
5.96
6.12
6.19
6.18
Sun.
5.96
6.02
5.96
6.08
5.96
5.91
Sun.
5.88
5.99
6.12
6.05
6.07
6.27
Sun.
6.21
6.30
6.45
d.
6.28
6.37
Hol.
Sun.
Hol.
6.37
6.26
6.12
Hol
Hol
Sun
6.21
6.24
6.24
8.33
6.18
6.19
Sun
6.16
6.21
6.16
6.23
6.18
6.23
Sun
6.32
6.59
6.53
0.42
6.38
d.
6.42
Sun.
6.45
6.48
6.54
6.37
6.40
6.15
Sun.
6.01
6.15
6.21
6.45
6.33
6.45
Sun.
6.31
6.48
6.43
6.35
6.23
6.12
Sun.
6.13
6.23
6.18
6.30
6.47
6.37
Sun.
6.2
CARRY-OVER OF COTTON REDUCEb.
With consumption heavily increased, and running in excess
of the new growth, the carry-over of cotton into the new
)
season has been substantially reduced. Including linters t
carry-over of American cotton, July 31 1933 stands at
11,813,820 bales against 13,228,809 bales, on July 311932,
but comparing with 9,263,876 bales on July 311931; 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.
In U. B. consuming establishments
In U. S. public storage. &c
At Liverpool
At Manchester
At Continental ports
Afloat for Europe
Mills other than in United States (0)
Japan and China ports and afloat•
E.sewhere in United States (2)
Total lint cotton
Linters
In U. S. consuming establishments
In U.S. public storage. &c
Elsewhere in United States(a)
Total Unters
July 31
1933.
July 31
1932.
July 31
1931.
July 31
1930.
Bales.
Bales. Bales.
Bales.
1,299.150 1.164.011 921.428 1.047.946
5704,2456.661.021 4.491.068 2,803.801
391,000 263.000 357.000 245.000
44.000
63,000
69.000
89.000
822,000 592 000 691.000 432,000
78.000 123.000
300.000 180 000
1 266,000 1.395 000 954,000 937.000
450,000 500.000 350.000 300.000
1,080,000 1,760.000 850.000 470,000
11375395 12604038 8.761.496 6,402.747
321,694
31,731
85,000
301.689
53.082
270,000
253.657
48,713
200.000
238.747
87.090
160,000
438.425
624.771
502.380
485.837
11813820 13228809 9,263,876 6.858,584
• Estimated. a As animated by United States Census. 8 Taken from the
compilations of the International Federation of Master Cotton Spinners and Manufacturers' Associations.
Grand total
The foregoing figures deal solely with American-grown
But there are also considerable stocks of foreign
cotton.
-Bast Indian, Egyptian, Peruvian, &c. To make
cotton
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 AmeriFrom the statistics compiled by the International Federation of Master Cotton Spinners and Manu-
can cotton.
facturers' Associations it appears that the mill stocks of
foreign cotton during the late season were increased 548,000
bales. We bring the figures together in the following table,
and they show that there were 2,472,000 bales of foreign
cotton on hand in the mills throughout the world on July 31
1933, against 1,924,000 bales July 31 1932; 2,447,000 bales,
July 31 1931; 2,513,000 bales, July 31 1930; 2,734,000 bales
on July 31 1929, and 2,675,000 bales on July 31 1928.
Financial Chronicle
Volume 137
STOCKS OF FOREIGN COTTON AT MILLS.
MIll Stocks.
July 31
1933.
July 31
1932.
East Indian CottonBales.
European mills
250,000
Asiatic mills
1,249,000
Canada. United States.&c.
6,000
Elsewhere
3,000
Egyptian Cotton
European mills
182,000
Asiatic mills
30,000
Canada, United States, Oso.
18,000
Elsewhere
4,000
Sundry Cotton
European mills
303,000
Asiatic mills
283,000
Canada. United States.&e.
87,000
57,000
Elsewhere
Grand
9 479 owl
tntal
July 31
1931.
July 31
1930.
July 31
1929.
Bales.
Bales.
Bales.
Bales.
365.000
155.000
418,000
342.000
860.000 1.177.000 1,192,000 1,395.000
17.000
21,000
15.000
14.000
9.000
3.000
36,000
10.000
166.000
39.000
23.000
1,000
153,000
15,000
65.000
4,000
143.000
19.000
62,000
4,000
316.000
232.000
70.000
44.000
1
143.000
43.000
30.000
2,000
316.000
202.000
100.000
43.000
203.000
281.000
92.000
33,000
299.000
241.000
145.0110
60.000
024
rinn 2.447.000
2.513000 2.734 MA
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 some further decrease 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 1,790,000 bales July 311933, against 1,893,000 bales July 31 1932;
2,124,000 bales, July 311931; 2,313,000 bales, July 31 1930;
1,972,000 bales July 31 1929, and 1,934,000 bales July 31
1928.
STOCKS OF FOREIGN COTTON AT PORTS.
July 1933. July 1932. July 1031 July 1930. July 1929.
Bast/neon,&aril,dt4.Liverpool stuck
London stock
Manchester stock
Cont1 nental stock
Indian afloat for Europe
Egypt, Brazil, Ac., afloat.
Stock In Alexandria, Egypt
Stock I n Bombay,India_ _ _
Tntal tlage India ,as
Bales.
331,000
Bales.
327.000
Bales
417.000
Bales.
461,000
57,000
76,000
101,000
100,000
310.000
815,000
62.000
46.000
58.000
91.000
504.000
805.000
108.000
99,000
81.000
106.000
594,000
719.000
66,000
30.000
124.000
80.000
142.000
128.000
86.000
120.000
476.000
223.000
958.000 1.000.000
1 700 non
Bales.
391.000
1.893.000 2.124.000 2.313.000 1Q72 nun
It thus appears that in addition to the carry-over of
11,813,820 bales of American cotton on July 31 1933 there
were 2,472,000 bales of foreign cotton at the mills throughout the world and 1,790,000 bales of foreign cotton at the
ports, making the grand total of the carry-over of cotton of
all kinds 16,075,820 bales. This compares with 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 1?,,086,588 bales on
July 31 1927. In tabular form the comparisons are as
follows:
CARRY-OVER OF COTTON OF ALL KINDS.
July 31
1933.
July 31
1932.
July 31
July 31
July 31
1931.
1030.
1929.
SummaryBales.
BOY.
Bales.
Bales.
Bales.
Carry-over of American__ 11,813,820 13,223.809 9,263,876 8,888,584 4,918,523
Carry-over of foreign
At mills
2,472,000 1,924.000 2,447,000 2,513.000 2,734,000
At ports, Ac
1,790,000 1,893.000 2,124,000 2,313,000 1.972,000
Grand total of all
16.075.820 17.041.809 13.834.876 11.714.584 9.624.523
THE COTTON TRADE OF THE UNITED STATES.
Startling contrasts in conditions occurred in the cotton
textile industry during the 12 months which ended on
July 31 1933. The point of extreme distress was reached
late in February and early in March of 1933, with the first
indication of a change noted at the end of the National
"bank holiday." The months of April, May, June, July
were four of the best months which cotton mills have known
in a long time-in many years for quite a few organizations.
It was early in April that the Black bill became conspicuous
-hour week. While it was not
in Congress, asking for a 30
felt that this particular piece of proposed legislation would
be passed, there was a fairly broad realization that along
the lines of a shorter work-week, the Administration hoped
to alleviate its unemployment problem. By the latter part
of April it became known that many cotton mills were operating night and day, at capacity, turning out every possible
yard, and straining every point to stretch this production
to the utmost. A number of mills which had not run
looms at night for several years joined the procession which
became quite formidable in May, and even more so during
June. The cotton consumption figures tell the story of
this period, wherein during several months the cotton
mills turned out a record output for all time, for a corresponding number of months. Zeal in production became
greater as it was evident that the NIRA was inevitable,
2345
and that this would place a maximum of 80 hours per week
on operation of machinery.
During this same period, starting in April and going
through July, prices on goods rose rapidly and sharply, to
the point where it was conceded that the average mill
made handsome profits
-enough to insure a good statement
for the first half of 1933.
The so-called "mill margin"
-meaning the spread between
the cost of cotton used and the market price for the gray
cloth, reached a low point early in March. This was a
certain indicator that mills were taking severe losses on
any business accepted at the low levels then prevailing.
When the buying commenced late in March,and pricesstarted
to move upward, the "mill margin" broadened greatly,
making possible the profits to which reference has just
been made.
Threat of inflation, and confidence that President Roosevelt would take the aggressive in working out of the depression, was responsible for the start in buying. Prices
which had been unduly low, naturally responded. The
advance in cotton was another element in cloth quotations.
Buying later was further stimulated by the belief that shorter
hours and higher wages, conceded to be certain, made it
advisable to anticipate requirements. In addition, there
developed the heaviest speculative move in gray cloths
which the industry has known since the post-war period.
Substantial buying of gray cloths was done by interests
entirely outside of the textile business. All of this demand
had its effect on prices. Add then the increases in labor
costs resulting from the NRA-and on top place the processing tax, and one becomes aware that prices on many
cotton textiles advanced more than 100% from early March
to early August.
This was one year when buyers who had foresight and
bought early were able to benefit from this vision. After
the passage of the NIRA, the President proclaimed that
it would be within the spirit of the Act if buyers would
share in the increased costs resulting. When he issued
the Blanket Code, Mr. Roosevelt made this even stronger,
with the consequence that a general adjustment of contracts
followed and many mills were saved from tremen dous losses
which had been staring them in the face.
Starting in April, a number of mills had refused to sell
goods on contract unless protected by what was known as
"labor clauses," which made it incumbent upon the buyer
to pay any increases in costs through increasing of wages or
shortening of hours, or both, due to legislation. During
January and February there had been heavy sales of flannels
to the jobbers and to the garment manufacturers. These
flannels were sold at rock-bottom prices, which showed mills
a loss at the time of the sale. At that time, there was fear
that buyers might delay their flannel purchases and that
mills might have to close down. To assure •operation of
plants, prices weie made so low that buyers could not help
making liberal commitments ahead through the summer and
the fall.
These flannel mills were in a very awkward position, as
there had been absolutely no intimation during January or
February, or before Mr. Roosevelt's advent to office, that
the economic structure of the country was to be so completely transformed. On top of the losses originally sustained, flannel mills would have had to take the additional
"licking" from the increased costs resulting from the NRA.
Through the work of the Industrial Recovery Committee
of the Association of Cotton Textile Merchants of New York,
it was arranged that flannel mills would be compensated
fully for the increase in labor costs; also any other mills which
had taken contracts prior to April 7, the date that the Black
bill came to the fore. Between the period from April 7
to May 17 (the date of the introduction of the NRA), it
was decided that such contracts, where taken without
"labor clauses," should be arbitrated. Where a mill had
sold contracts without protecting itself, following May 17,
it was decided the mill would have to suffer the consequences of its neglect.
Mill shipments of cotton goods of all kinds during May
through July were the heaviest, taken together, for any
similar period on record. Buyers were endeavoring to "beat"
higher costs of production, and were requesting delivery
of merchandise, even though contracts called for shipment
during September and October. The large mail order houses
were among the first to sense that once goods were in their
own warehouses, instead of at the mill, they were sure it
would not be necessary to pay additional labor costs, if the
2346
Financial Chronicle
merchandise were received before all of the new schedules
went into effect.
Mills report they never had such a demand for anticipation of deliveries. In quite a few instances, though production was heavy,mills had the smallest stocks in years at the
end of July, by reason of the manner in which the goods were
being sent out. That there were some mills which had
piled up goods prior to the middle of July, to be shipped
out after the code became effective and thereby obtain the
extra labor cost, has been suspected by a number of buyers. However, it is not believed that this applied to the
majority.
During the height of the buying activity—late in May and
in June—certain kinds of fabric could not be obtained fast
enough, because of this widesiiread demand for anticipation
of delivery. The result was that quite a few buyers were
accepting substitutes, and a good many mills were able to
clean out old merchandise which had been in their possession
for a considerable time. The way all of this worked out,
placed most mills in the best position of years, so far as having
very little undesirable stock on hand.
As it worked out later—after Aug. 1—inventory had
switched—it was being carried by the distributor and the
garment manufacturer, instead of the mill. This meant that
the buyer had to pay the big burden of the floor stock tax,
so far as fabric inventory was concerned. Of course, the
mill was hit badly enough, as the floor tax applied to stock
in process in the plant.
Perhaps in another year or so, we'll be able to look back
and write more intelligently about the floor stock tax and
the processing tax—the product of the AAA. Right now,
so far as mill executives and their customers are concerned,
there is undoubtedly a great deal of prejudice. So much is
this so, that whet' the cloth business quieted down very
materially after the first of August, many of the mill folk
insisted this was the direct result of the Farm Act taxes.
They said that it was bad enough to add the higher labor
cost due to the NRA,but when the processing tax was added
on top of that, it was like the "straw that broke the camel's
back." The Department of Agriculture has not been satisfied with these contentions of the cotton textile industry,
for which reason a hearing maybe held by the Department,to
learn more about actual costs of production. Under the AAA,
Secretary Wallace has almost unlimited powers, important
among which are the explicit instructions to him that the
consumer be protected against undue price advances.
The working out of the land-leasing plan, under the
Farm Act, has been disappointing. After all of the ballyhoo,
in which farmers agree to plow down over 10,000,000 acres
of growing cotton land, the South is blessed with the most
ideal crop conditions which it has had in years, nullifying
considerable of the acreage reduction and threatening that,
even with the smaller area to draw from, the yield could go
as high as 14,000,000 bales, assuming a continuation of the
most fa vot able conditions. Mill people feel it is not fair to
pena ize the consumers of cotton materials—generally the
poorer classes—so that the farmers can be paid $110,000,000
or more—and yet the crop has a prospect larger than that
for the 1932-33 season.
That the processing tax would have considerable bearing
on mill operations, has been insisted by quite a few of the
industry's leaders. They mean that there are still quite a
few manufacturing companies which are in weak financial
condition, and who could not afford to pay the Government
$21 a bale processing tax, just to put the goods into stock.
In other words, if these mills ran out of orders, they would
simply have to shut down until business again increases.
Cotton manufacturing interests have been opposed from
the start to the imposition of the full amount of the processing
tax at one time, but have advocated a graduated scale for
the tax—one cent a pound for the first three months, two
cents a pound for the second three months, until the full
4.2 cents a pound were reached. The theory of this has been
that, aside from being gradual, it would be an incentive
for business, inasmuch as buyers would save by making
commitments now rather than waiting until later in the year
and paying a larger tax.
The floor tax created a great deal of confusion. Many
folks didn't learn until rather late that they would have to
pay the Government a tax on whatever merchandise they
had in which cotton was the component part of major value.
In fact, information came out so slowly that many were
fooled at various stages. When the subject of a floor tax
first came up, the trade had no idea it would apply to made-
Sept. 30 1933
up articles. The prevailing thought was that the floor tax
would go on piece goods. Quite a few garment manufacturers felt they could escape this tax by making up shirts,
dresses, or whatever the case might have been. There was
even the thought that, if the fabric were cut up, ready to
sew—in what might be called semi-manufactured state—
one might avoid the tax. Several big garment houses cut
up millions of yards on this theory. But when the tax details came out, every avenue of escape seemed stopped, for
it covered garments and whatnot.
Business dropped to a low point during August, after the
heavy buying of the three previous months. During August
there were fears that prices had been put too high, that consumer resistance would block the progress of operating under
the code. Some Manufacturers, in their alarm, started to
cut prices, with the result that recessions during August
became quite threatening. At the same time, cotton had
lost a part of.lts gains, dropping from nearly 12 cents to
about 9 cents, which added to the discomfort of the cloth
markets. Gray cloth markets started to take on new life
during the end of the first week in September, when talk of
inflation was revived.
The 1933 season in cotton dress fabrics was the largest on
record, though it was crowded into a comparatively short
space of time. For a number of weeks it was not possible
to get enough piques, or enough organdies, to satisfy the
demand. Mills produced these in large quantities; finishing plants ran their machinery overtime, and yet the cry
for more merchandise did not let up until late in the season.
Piques had enjoyed several successive good seasons, but nothing like that of this year. It has been many years since
organdies have been sold on such a huge scale. Imported
organdies found a good market here. In fact, it was considered quite extraordinary that during a period of depression
women should be willing to pay nom 79 cents to $1 a yard
for a cotton dress fabric.
Linens had a very large sale to the dress trade this year,
which fact influenced the character of some of the cottons
which were in demand. As with the piques and the organdies, this was probably the best linen year on record.
Cottons for men's summer wash clothing had a big season.
Seersuckers sold in a very substantial way. What was even
more important, was the numerous types of new cloths
brought out for these wash suits, light in weight, yet with
sufficient body to get away from old ideas about cotton
clothing for men.
It is well to point out, too, that the cotton pants business
expanded considerably this year. Cotton slacks were produced in fabrics with yarn dyed raised cords, which made
up well for golf, as well as for other sport wear, and they
became popular. As with the summer suitings, numerous
new items were introduced in pants fabrics. Clothing of this
type has been very low in price.
Statistics also show that work garments of various kinds
were produced on the largest scale on record during the
period starting with the first of 1933. Overalls had never
been sold so low as last fall and early this year, with the
result that retail buying was greatly stimulated. In spite
of this, however, the price of denims fluctuated widely
and, during the quiet interims, dropped to levels which
showed the mills substantial losses. However, as previously stated, the comeback of May, June, July, made
up for a great deal, making it possible to arrive at averages ,
which were quite attractive in the majority of instances.
As an industry, cottons enjoyed consumption right through
the depression that was exceptional, when compared with
what was going on in other industries. Those who could
not afford to buy apparel of cotton were able to get these
free from the Red Cross. Thus, it can hardly be said that
the industry suffered much from loss of consumption.
Congress donated to the Red Cross, as already pointed out,
considerable Government-owned cotton, with the provision
that this be converted into fabrics for the purpose of relief
of the unemployed and the destitute. Millions of yards of
goods were bought, including large quantities of denims,
ginghams, flannels, diaper cloths, blankets, &e. For a
period of a number of months, it was safe to say that the
Red Cross was the largest individual buyer of cotton materials
and of cotton garments in the country.
The bulk of this Red Cross purchasing was timed when
mills were in dire need of orders. For several months
cotton mills and their selling houses had representatives
spending much time in Washington, contacting with the
Red Cross, in the effort to get a share of the orders that
Volume 137
Financial Chronicle
2347
were handed out. There were instances where mills, which competitor in nearly all markets, for the entire world, has
had been shut down, were able to open up on the basis of been and still is, Japan.
Red Cross orders, or where they were enabled to continue
The past year has seen an important forward step in the
running by reason of the fact of such business. Another sheet and pillow case business-namely the recognition of
thing of interest is that many mills were able to dispose the desirability of the larger size sheets. Perhaps it was
of materials which they had had in stock for years, because because sheets had been so unbelievably inexpensive that
the Red Cross was interested chiefly in serviceability, rather women were willing to turn to the larger sizes. For several
than in style. Early in the year, when the Red Cross years, mills have been campaigning to teach women of the
decided to buy about 1% million cotton blankets, prac- numerous advantages from the use of the 81x99 sheets,
tically everyone of the cotton blanket mills, as well as rather than the 81x90 which had been the standard for years.
some mills which had previously not cared much for cotton Larger sheets, of course, mean that the mill turns out more
business, made a strong play for these orders. It meant poundage of cloth per given period. It is interesting that not
that mills could keep machinery occupied, whereas other- only did women "step up" to the 81x99, but that the sale
wise the looms in question probably would not have run.
of the 81x108 also showed creditable gains.
Another phase which indicates how the cotton industry
Sheets are among the items on which the retail mark-up
enjoyed a good market (this refers to breadth of distribution is such that it is causing considerable concern, even though
and not to profit) is in the reforestation camp program. The sheet sales for the month of August, with the scores, were
Government came into the market foi considerable quantities considered phenomenal. One chain store reported that
of overalls, work pants, underwear, hosiery, tents, &c. All sheets which it had retailed at 49 cents each, in June, were
of this took up big yardage and helped to ease a situation already up to $1.19 in September.
that might have pinched much more than it did. The
Blankets are affected likewise. Between competition
Government is still buying materials and garments for its among mills, and competition between the stores, blanket
reforestation workers.
prices sank to depths that were unreasonable in every respect.
The sad commentary on this large consumption of mer- Particulany where there is any wool in the blanket, the
chandise during a period when there was such general suffer- rise has now been terrific. Raw wool for the cheaper blankets,
ing, is that the mills themselves did not benefit from this which was obtained at 8 to 10 cents a pound during the
continuous movement of goods. There is this to be said, summer and fall of 1932, cost up to 35 cents a pound and
however, that the cotton mills had less unemployment than higher in the past few months. This has meant that cermost other industries; that mill workers in general did not tain all-woo blankets which opened the year at about 70
have to endure the privations of the depression.
No to 75 cents a pound, are now being quoted at about $1.50
doubt there was humanitarism behind mill operations at a pound. Department stores have had a good business on
times when it would have meant a saving to have plants closE all of these items which come under the "domestics" catedown. On the other hand, there were a number of others gory-and the stores have taken good mark-ups, it is genwho took advantage of the difficult conditions, and who cut erally understood.
wages repeatedly, in order to sell goods at absurdly low
A number of the bedspread mills had had a good season,
prices. It was admitted generally, that the rate of pay from the point of view of volume. Prices on these goods
in quite a few mills, before March of this year, had reached have jumped quite some. Cheap woven cotton bedspreads
an abnormally low stage.
which had cost 623 cents each in May, were quoted to the
However, it is also interesting that those mills who paid stores at $1.25 early in September. The same is true of the
the lowest wage scales are now paying the penalty under the candlewick bedspreads, which had been selling at 60 to 623
NRA, through the minimum wage. This is true because, cents earlier in the year, and or which prices had advanced
with such mills, the increase in cost has been greatest. A to $1.25 to $1.30 by September.
mill which had been averaging $5, $6 and $7 a week pay,
Towels have seen low points during the past year which
is very likely finding it harder now, than a mill which had it is doubtful whether they will ever witness again. Clas.sing
been paying $8 to $10 average per week.
as "heavy goods," the price advances in towels have been
The establishment of a minimum wage and a 40
-hour week, rather sharp.
limited to two shifts, through the NRA, are achievements
The whole picture is one which requires patience to analyze.
which were hailed by most leaders in the industry. Benefits Above all, optimism is essential in reckoning the future.
to mills must be eventual. In the meantime, it has been
As indicating the course of values of cotton goods from
possible to accomplish what co-operative efforts had not week to week during the season, we introduce here the
been able to achieve. For years, quite a few have wanted to Fairchild index numbers, which show for each week (1) the
pay a fair wage scale, but felt they could not do so amount weekly average price of middling upland spot cotton in New
of the inhuman competition which was kept alive by York; (2) the weekly average price of gray goods; (3) the
"taking it out" of the poor workers. Overnight, the $12 weekly average price of finished goods, and (4) the weekly
minimum wage in the South, was established-and $13 in composite price of cotton goods:
the North-one of the greatest events in the history of tex- FAIRCHILD COTTON AND COTTON GOODS INDEX PRICES.
tiles.
Average
Average
Composite
Equally in importance to the minimum wage, for the
Date.
Gray
Spot
Finished
Cotton
Cotton.
Goods.
Goods.
worker, as well as for the industry, is the 40
Goods.
-hour week.
Time was when cotton mills ran 72 hours a week. It was
1932.
Week
a struggle to reduce this to 60 hours, then to 54 hours. Aug 5Ended
4.078
5.99
9.625
5.927
12
7.02
4.411
9.880
6.233
Massachusetts was alone in its 48-hour week. All effort to
19
7.49
4.665
10.194
6.508
8.09
get the cotton textile States to agree on simultaneous legis- Sept.26 •
4.926
10.975
6.943
2
8.76
5.500
11.350
7.450
lation for a 48-hour week had failed. Now, at one stroke,
9
8.58
5.559
11.572
7.564
16
7.46
5.371
11.572
7.431
-hour stretch.
all drop operations to a 40
23
7.18
5.204
11.146
7.290
7.35
5.244
Whether an 80
11.350
7.297
-hour week (two shifts) is going to be suf- Oct. 30
7
7.09
5.170
11.238
7.193
14
ficient to cure the overpioduction problem in cotton textiles
6.62
5.052
11.222
7.109
21
6.38
4.900
10.972
6.924
is rot yet certain. In fact, it will probably take a year or so
28
6.31
4.788
10.916
6.831
4
614
4.659
10 777
6 698
before one can get the correct perspective. While it is Nov. 11
6.41
4.612
10.694
6.639
18
6.42
4.509
10.611
true that many mills which had been operating at 110 hours
6.603
25
6.10
4 508
10.347
6.454
a week and more were being cut down to 80 hours, it is also Dec 2
5.99
4.331
10.125
6.262
9
5.77
4.264
9.361
5.963
true that many others which had been content with 55 hours
16
599
4 272
5.959
9.333
23
603
4.342
9.333
6.000
changed over to run two shifts (80 hours) under the code.
30
6.05
4.268
9.305
5.947
Also, there was a rush to reopen mills which had been idle
1933.
few years or so. What the net result of it all is remains Jan. 6
for a
6.23
4.259
9.333
5.953
13
4.233
6.29
9.333
5.932
to be seen.
20
4.208
6.23
9 333
5.916
4.170
6.26
9.292
.5.877
The cotton goods export business is believed to be in dan- Feb. 27
3
4.152
6.03
9.138
5.814
10
606
4.128
9.111
5.789
ger of being wiped out almost entirely, through the higher
17
607
4.147
9.222
5.838
24
4.119
6.12
9.222
5.820
costs resulting from the NRA. How this can be avoided Mar. 3
4.076
6
4;10
9.000
5.717
10
4.432
is not evident, unless the Government is willing to subsidize
9.457
5.106
17
6.70
9.48.5
4.518
6.174
the export or to permit a drawback that would counteract
24
6.45
9.429
4.427
6.094
4.326
6.34
9.429
6.027
the increased labor cost, and thereby place American tex- Apr. 31
7
6.48
4 293
9.429
6.005
14
6.69
9.429
4.476
6.127
tiles on a competitive basis with foreign. Export trade has
21
7.15
4.705
9.828
6.413
already fallen off considerably. As is known,,the textile
28
5.023
7.59
101145
8.589
Financial Chronicle
2348
Date.
1933.
Week Ended
May 5
12
19
26
June 2
9
16
23
30
July 7
14
21
28
Aug. 4
II
18
25
Sept. 1
8
15
22
Spot
Cotton.
8.26
8.65
8.67
858
9.24
9.19
9.29
9.32
10.17
10.35
11.03
11.14
10.53
10.30
9.73
9.04
9.39
9.56
9.21
9.24
9.97
Average
Gray
Goods.
Average
Finished
Goods.
Composite
Cotton
Goods.
5.334
5.507
5.683
5.912
6.832
6.935
7.166
7.285
7.668
8 126
8.449
8.747
8.660
9.579
9.743
9.359 •
9.240
8 993
8.685
8.619
8.811
10.458
11.138
11.694
12. 00
13.388
13.555
13.833
13.833
14.000
16.558
16.588
16.669
16.669
17.497
18 768
18.712
18.406
17.760
17.495
,(49
17.
17.250
7.042
7.384
7.687
8.018
9.017
9.142
9.389
9.467
9.778
10.937
11.152
11.388
11.329
12.217
12.751
12.477
12.296
11.915
11.622
11 573
11.6E1
* Cotton E...ehange closed.
THE COTTON TRADE IN EUROPE.
Improved conditions have prevailed in the English cotton
industry during the past 12 months as compared with the
previous year. This improvement, although only comparatively slight, is shown in the official Government returns
regarding shipments of piece goods for the 12 months ended
July. Although the figures are in excess of the 12 months
ended July 1932, and are considerably higher than the year
1930-31, they are still below the exports during 1929-30.
Taking the whole of 1932 shipments of cloth from England
were 29% larger than in the previous year and an outstanding feature was the recovery in trade with India, the shipments to that outlet for that year being 598,886,000 square
yards, against 389,923,000 square yards in 1931. This is
equal to an increase of 53%. Other markets that took larger
quantities as compared with the previous year were China,
British West A flica, Foreign West Africa, the Straits
Settlements, Hong Kong and Australia.
It should be pointed out that the industrial production
throughout the world reached its lowest level in July 1932.
Since that date there has been a sharp increase in world
activity. This improvement was, of course, assisted by the
normal seasonal movement so that the subsequent decline
in production experienced by other trades and industries
towards the end of the year was only slight in the case of the
cotton industry. Prospects regarding the English cotton
industry in July last year were darkened by the labor situation. The Federation of Master Cotton Spinners' Associations, representing the spinning employers, and the Cotton
Spinners' and Manufacturers' Association representing the
weaving employers, abrogated the hours and wages agreements with the operatives at the beginning of 1932.
Following preliminary skirmishes the manufacturers
then proposed to reduce wages by approximately 2s. 9d.
in the £. Negotiations with the trade unions carried on over
a long period proved abortive. A deadlock was eventually
reached and a strike was declared from Aug. 27. Early in
September the British Ministry of Labor officials intervened but a settlement of the dispute was not arrived at
until the manufacturing section had been closed down for four
weeks and two days. Work was resumed in the weaving
sheds on Sept. 28. The wages agreement provided for a
reduction of is. 8d. in the £ off current earnings.
The spinning employers also attempted to reduce wages
by 2s. 9d. in the £. Here again the Ministry of Labor intervened and an agreement was reached for a wage cut equal to
is. 63d. in the £ on current earnings. The rank and file
of the spinning operatives, however, were dissatisfied and a
strike was declared. The stoppage of work started on Oct.31
but following a ballot the operatives decided to accept the
employers' proposal and, after the mills being stopped a
week, work was resumed on Nov. 7.
A feature of the agreements was the setting up of a Special
Conciliation Committee with an independent chairman to
deal with any deadlocks which might arise in the future.
The spinning employers also agreed to discuss the question
of exceptional wage rates for low-paid operatives so that these
particular workers should not have their wages reduced by
the agreed cut of Is. 63.d. in the L. It was not until early
this year, however, that the employers and operatives
reached an agreement on this question of low-paid operatives
and it was then decided that piecers' wages should not be
subject to the wage reduction.
Naturally these labor disputes seriously affected production in the Lancashire cotton industry.
Sept. 30 1933
Stoppages of work took place in both the spinning and
weaving sections and production was brought down to a
minimum. It is impossible to estimate what the strikes
cost the Lancashire cotton industry, but the loss to Lancashire must have run into millions of pounds, as the whole
of the weaving section was closed down for just over a month.
The Lancashire industry was the only cotton trade which
experienced a severe labor dispute during the 12 months.
Other countries were more or less free from trouble. It is
not to be wondered, therefore, that spinners and manufacturers became very disheartened and depressed. Lancashire, suffering very severely from competition by Japan
and other countries, was trying her best to make headway
in markets which she previously monopolized. In face of
all her ordinary troubles, however, she was faced with this
wages dispute. It is true that the reduction in production
costs has enabled spinners and manufacturers to sell on a
lower basis and thereby bring yarns and cotton goods on a
more competitive level with other countries. At the same
time during the period that the mills were stopped on account
of the strike other countries, espacially Japan, took advantage of the stoppage and flooded the markets with cheap
cotton goods.
Another important development in the labor situation
has been the agreement between the Cotton Spinners'
and Manufacturers' Association and the Operative Weavers'
Amalgamation regarding the more looms to a weaver system.
Following preliminary negotiations an agreement was eventually arrived at whereby the operatives would be guaranteed
a minimum wage of 28s. per week for working six looms
instead of four. This system began to operate from the first
week in January of this year. Serious difficulties, however,
have arisen. Many employers who found that they could
not adapt the more looms to a weaver system started to pay
the six looms rates of wage for weavers engaged on four
looms.
This, of course, was equal to a reduction on ordinary wages
and it enabled them to undercut manufacturers who were
paying standard rates for four-loom working. Matters
reached a climax early this year and the Ministry of Labor
officials conducted a special enquiry into the conditions of
work, &c. The report by the Ministry has been compiled,
but has not yet been published. In the meantime there
has been growing dissatisfaction throughout the whole of
the manufacturing section at this unexpected development.
Both the employers and the operatives are keen to stamp
out the employers who are not paying the agreed rates of
pay. It must be pointed out that these defaulting mills
are not members of the official employers' organizations
and they are, therefore, not compelled to work according to
the official agreements. The trade is faced with a difficult
task in eliminating these pax ticulal employers who are not
paying standard rates of wage. It has been suggested that
a Cotton Control Board should be set up with special powers
from Parliament to enforce the agreements. The question
of legalizing agreements by special Act of Parliament has
also been suggested, but this plan is not likely to be carried
out. On this point it is known that the Trade Union Congress,which represents the whole of the trade union movement
of the country, is opposed to legalizing agreements, for the
view is held that it might react unfavorably upon the
workers.
The settlement of the more looms dispute, therefore,
although hailed with satisfaction has only brought trouble
in its train. It would seem impossible for all sections of
the Lancashire cotton industry to be at peace. No sooner
is one dispute or matter settled, before another queston
arises. Even the Special Conciliation Committee which
was appointed to prevent strikes and lockouts has been
incapable of dealing with the situation and at the time of
writing strikes have actually occurred at a non-Federated
spinning mill and in certain manufacturing firms. The
labor movement in Lancashire remains strong and powerful
and although the trade union coffers are depleted on account
of the strikes last year when huge sums were paid out in
strike money to the operatives, they are still sufficiently
powerful to make themselves felt.
It will be seen, therefore, that the employers have had
to contend with innumerable difficulties from the labor
angle. In face of all these troubles, however, the amount
of trade done in yarn and cloth has been larger than in the
previous 12 months, but the future prospects are viewed
with a good deal of anxiety. Japan having left the gold
standard and depreciated the yen is now able to compete
Volume 137
Financial Chronicle
more effectively with other countries, including Lancashire.
Large quantities of Japanese fabrics have been imported
into India and other markets. This question of Japanese
competition has received a greater prominence during the
past 12 months than in any previous period. A special
organization called the Cotton Trade League was formed
of leading spinners, manufacturers and merchants. Mass
meetings were held in Manchester and Lancashire cotton
towns to protest against the flooding of British markets
by Japanese cotton cloths, and resolutions were forwarded
to the Government. All these fabrics were low priced and
Lancashire had definite evidence that they were being
dumped irrespective of the production price. It is actually
known that in India, Japanese cotton cloths were being
sold at the price of the raw cotton alone. This is really
astonishing when one considers that the cotton had to be
imported, manufactured into cloth and then shipped to
India. The big disparity in price between Lancashire
and Japanese fabrics carnot be attributed to increased
efficiency or better marketing methods by the Japanese.
It would appear that Japan has followed out a set policy of
dumping. It is no wonder, therefore, that Lancashire has
been up in arms.
The Manchester Chamber of Commerce also formed a
speeial committee to deal with the subject and the net
outcome of all this agitation was the appointment of a strong
deputation to go to India to hold discussions with Indian
and Japanese cotton interests regarding Japanese competition. This deputation, which comprised representatives
of spinning, manufacturing and merchanting interests,
sailed from England at the end of August. They will first
meet the representatives of the Indian mill industry and
will later hold discussions with representatives from Japan.
It is also understood that further talks will be held in London
between English and Japanese industrialists. Whether any
good will result from these talks remains to be seen.
An important development regarding Lancashire's trade
with India was the increase in the Indian import duties on
Japanese fabrics. The duty was raised in June from 50 to
75%, and as the duty on English fabrics remained at 25%
this left Lancashire with a preference of 50%. The Japanese
cotton industry protested against this increase in duty
and it is probable that the Japanese delegates to the India
talks will do all in their power to get the duty reduced.
A further development on the question of Japanese
competition was the announcement by the President of
the Board of Trade in the British House of Commons in
May that 12 months' notice had been given to terminate
the Anglo-Japanese Treaty in British West Africa.
The agitation in Lancashire which has gradually gained
impetus has caused the Government to realize the seriousness
of the position of the cotton industry and the hope is expressed that the Government will support Lancashire's ease
in preventing unfair Japanese competition in India, the
Dominions and the Colonies. The outcome of the discussions in India is awaited with great interest. It is
realized that much depends upon the success of the conference.
India is a British Dominion and Lancashire believes that
she should have a preference on her goods. Japan by
working long hours, paying low wages and depreciating the
yen, is able to undercut Lancashire. To a European mind
this is unfair competition, for although the Japanese operatives may be well satisfied with the long hours which they
work and the relatively low wages which they receive, they
do not compare with the wages and hours of work in force
in any European cotton trade. This question of East
versus West was discussed at the International Cotton
Congress held at Prague in June. The European delegates
in a polite manner accused the Japanese of unfair methods in
competition. The reply of Japan, however, is that her
workers are satisfied with the conditions; that she buys from
England more goods than England buys from Japan. Be
that as it may, the fact remains that Lancashire is unable to
compete with Japan and unless the position is remedied
Lancashire cannot hope for any improvement in trade in the
foreign markets. The Japanese have got a strong foothold
in India, Egypt and other markets and it seems only a matter
of time before she eventually decides to invade other outlets.
The leaders of the Lancashire cotton trade will, of course,
agitate to keep Japanese goods out of the British Empire
by tariffs. It certainly seems absurd that British capital
and brains should plan a country, build railways, roads and
docks and when everything is smooth running allow the
2349
Japanese to import goods on the same basis as Lancashire
cloths. It is the aim of the Cotton Trade League to place
an embargo on Japanese fabrics entering any market of the
British Empire, but whether or not the British Government
through the Colonial Office will agree to place a prohibitive
tariff on Japanese cloths remains to be seen.
With regard to the trade done in cotton piece goods Lancashire firms derived considerable benefit in India from the
decline in the anti-British agitation. This movement, of
course, has been led by Gandhi and for some time very little
has been heard of the boycott movement. The Indian
Government has adopted a very strong attitude as witness
the recent imprisonment of Gandhi. This has undoubtedly
helped to reduce the Nationalist movement and has, therefore, resulted in the freer distribution of Lancashire cloths.
Trade with India has been on a very fair scale. Even in face
of Japanese competition the exports to that outlet have actually shown an increase as compared with the previous 12
months. Business, of course, has been helped by the preferential tariff for British fabrics which enabled Lancashire
manufacturers to compete more successfully against the
products of Japan.
Early in 1932 the mills were very busy on contracts for
China. During the past year, however, demand has been
much quieter and the condilons throughout the Far East
have been fax too unsettled for trade to flow freely.
Trade in piece goods has to a considerable extent been
hindered by higher tariffs, import restrictions and quotas.
These developments have had a serious effect on many
countries on the Continent, especially in the southeastern
part of Europe, and South America. Owing to the restrictions on the export of credits, merchants have been afraid
to trade with numerous markets.
It cannot be said that there has been any improvement in
the financial position of manufacturing firms. Most concerns have had to accept the 'hest prices they could. In
many instances these have been below production costs.
Some of the larger combines have, of course, been able to
work at a profit, but generally speaking the past year has
been unsatisfactory.
Taken as a whole the spinning section has had a rather
more favorable 12 months than in the previous year. This
branch, however,is still working at a loss and more companies
have had to go into liquidation owing to financial difficulties.
Production has been very irregular and it is estimated that
the mills have been working at between 60 and 75% of
capacity. Fair buying movements have occurred from time
to time, but it has been hard work for spinners to improve
their position. Some company reports, however, were a
little better than in 1931, especially in the fine spinning
section.
It is pleasing to record that rather better financial returns
were made by the mills during 1932. I have made an
analysis of 210 companies and these paid an average dividend
of 1.41%, against 1.39% in 1931. In 179 cases no dividend
was declared. Dividends absorbing £323,526 equal to 0.75%
on the total paid-up ordinary share capital of £30,760,000
were paid by the remaining 31 companies. In 1931 the
distribution was £273,155, equal to 0.84% on a capital of
£32,528,000 for 225 companies.
With regard to the profits and losses I have analyzed the
returns of 136 companies. Twenty-one made profits totaling
to £46,885 and 115 made losses of £556,473, the average loss
per company being £3,747, as compared with £8,288 in 1931.
With regard to the profit and loss accounts 57 companies
have credit balances of £864,349 and 147 have debit balances
amounting to £6,931,314.
There were again fewer financial difficulties in the Lancashire cotton trade during 1932 as compared with 1931,
the total of bankruptcies, deeds, liquidations, &c., being
149, against 234. I have obtained figures for 63 firms and
their total unsecured liabilities amounted to £1,741,174 with
net assets of £524,653, a deficiency of £1,216,521. In 1931
the liabilities of 133 firms were £4,680,694 and the assets
£1,270,606, a deficiency of £3,410,088.
BRITISH EXPORTS.
The following table gives particulars of foreign trade in
yarn and cloth for the 12 months ended July 1933, with the
comparison for preceding years:
Yarn
Cloth
1931-32.
1932-33.
1930-31.
1929-30.
149,728,700
Ma 128,247.800
127,349,200
149,124.000
sq. yda.2,089,698,300 2.037,244,600 1,746,739.000 3,067,445.600
The following table of the index number of raw cotton,
yarn and cloth, in the Manchester market illustrates the
Financial Chronicle
2350
fluctuations in prices which have taken place since the
beginning of this year:
July 31 1914
1933—
Jan. 6
July 28 (High)
Mar. 3(Low)
Aug. 11
American American
Cotton.
Yarn.
Cloth.
100
100
100
80
97
72
89
91
101
86
97
100
106
95
105
Egyptian Egyptian
Cotton.
Yarn. Average.
100
100
100
89
100
80
94
92
100
85
98
90
101
84
97
BRITISH COTTON GROWING.
The quantity of cotton marketed by the British Cotton
Growing Association shows a satisfactory increase on the
figures of recent years. The number of bales and the value
of the cotton dealt with by the Association during the last
six years is as follows:
Year—
1927
1928
1929
1930
1931
1932
Bales.
171,600
124,182
124,790
89,350
121,362
149,855
5,012,084
4,160,049
3,683,567
3,683,567
1,338,657
1.976,243
The accounts of the Association showed a loss on the
year's working of £20,105 after adequate provision had been
made for depreciation. This reduced the total excess of
income over expenditure on Dec. 31 last to £453,277. The
loss was largely due to 'depreciation in the value of cotton
against which advances had been made.
The original object of the founders of the Association
was the promotion of the cultivation of cotton in the British
Empire, and the Association's officials are satisfied that the
results are eminently satisfactory despite the unfavorable
conditions which have ruled throughout the period. The
past few years have been a severe test for British Empire
cotton growing, but notwithstanding the low values of cotton
the industry has generally been well maintained and the
increased production in the Sudan and in Uganda was most
gratifying. One of the greatest steps towards world prosperity would be a better return for their energies to those
who produce cotton and other crops which would quickly
result in a renewal of confidence and an increas) in the
buying power of the agricultural population. The main
hope for tho future lies in the capacity of the world to purchase and consume on an increased scale and this depends
upon a return of confidence, freedom to trade and a removal
of the various complications—political and economic.
With regard to cotton growing in the British Empire, an
interesting development has been the formation of a Special
Committee to promote the greater use or Indian cotton by
the Lancashire industry. This Committee has been formed
as a direct result of the agreement concluded at Ottawa
between the British Government and the Government of
India when the former undertook that they would co-operate
in any practical scheme that might be agreed between the
manufacturing, trade and producing interests in the United
Kingdom and India for promotirg, whether by research,
propaganda or improved marketing, the greater use of
Indian cotton in the United Kingdom. This Committee has
done good work up to date. A large number of different
types of cloth have been manufactured from yarns made
from Indian cotton. The experiments are being continued
and it is hoped that eventually Lancashire will use an increasing quantity of Indian cotton. This movement, if
maintained, would go a long way towards Lancashire's plea
for a larger proportion of the trade in cotton-piece goods
in India to the exclusion of Japan.
With regard to the Empire Cotton Growing Corporation
spinners in Lancashire have for some years past paid a
levy of 3d. OD every bale used, which money went towards
carrying on the work of cotton growing in the British Empire.
The levy, however, was reduced this year from 3d. to ld.
per bale. The reduction had been rendered necessary by
the depression in the cotton industry.
PROSPECTS IN LANCASHIRE.
Taking Great Britain as a whole, the industrial outlook
rather tends to improve, but it cannot be said that any
progress towards better times is being made in the cotton
trade. In fact, during July and August there has been a
tendency in some quarters for ground to be lost and new
business has been less than the output of the spindles and
looms. It is estimated that at the present time between
70 and 75% of the machinery is working. This compares
with about 80% two months ago.
There are two factors at the present time which are
largely responsible for the slack state of affairs in Lancashire.
One is the poor purchasing power of our oustomers abroad
and the other is the lack of confidence on the part of buyers
Sept. 30 1933
in current rates. Cloth demand for many of the markets
overseas remains unsatisfactory. With regard to India it
remains to be seen whether the deputation which has now
sailed from Lancashire to have discussions with the Indian
and Japanese mill interests will be able to reach any agreement which will be of benefit to Lancashire.
During the past few weeks there have been discussions
between leading spinners regarding a scheme to control
production and prices. Already spinners of coarse yarns
have agreed upon a price basis. This scheme has not received any publicity in the press but it has worked satisid.
factorily and margins were immediately improved by Y
a lb., which to many concerns was the difference between
a loss and a profit. The talks are now taking place as to
whether the spinning section could be split up into different
groups, each producing the same type and qualities of yarns.
It will take months, of course, before any definite scheme
can be put before the trade. Even when everything has
been settled there still arises the question as to whether individual spinners will agree to carry out the scheme. In
the past voluntary efforts have failed—and failed miserably
—owing to the lack of unanimity. Compulsory powers will
have to be obtained if any scheme is to be a success. This
would mean the passing of a Bill in Parliament to enable
those in control to fine or penalize members who did not
carry out the provisions of the scheme. The Lancashire
spinner is famed for his individualism, but this individualism
becomes a danger when it degenerates into what Lancashire
terms "pig-headedness." In other words the losses in the
spinning section are due largely to about 20% of spinners
who through various reasons, financial or otherwise, are
compelled to sell the output of the mills, no matter what
the price. This minority fixes the price basis on 'Change
and it certainly seems absurd that the whole of the industry
should be ruined by the activities of a minority such as this.
The present move is to eliminate the actions of this minority.
EUROPEAN CONTINENT.
The cotton spinning and manufacturing industry on the
European Continent has again experienced a depressing
period. It is not possible to record any real improvement
in trade with the exception of certain countries.
AUSTRIA.
It is estimated at the time of writing that only about
54% of normal capacity is being worked. This unfavorable
position is almost entirely due to the lack of demand in
the home market. With regard to manufacturing, activity
has shown a slight increase in the past three months and
it is estimated that about 60% of the mills are working.
The outlook is considered to be unfavorable for spinners
and weavers, for there have been no indications of any
increased consumption. As regards wages, slight reductions were made in a section of the trade for day rates, although the official rates were maintained. These reductions
amounted to between 4% and 5% of the total wages paid.
BELGIUM.
The rise in the price of cotton during the past two months
has brought about a slight improvement in the cotton
trade in Belgium, but the majority of buyers treated the
rise as though it were only temporary and have since operated
from hand to mouth. Here and there manufacturers
have increased their activity, but generally speaking the
whole industry remains in an unsatisfactory position.
Owing to the fluctuations in the cost of living, the employers
have canceled the increase in wages of 2%% which was
granted to the operatives in November 1932.
FRANCE.
No better reports have been received from France. Prices
of yarn and cloth have not increased in sympathy with
the advance in raw cotton prices and margins remain poor,
especially in the fine spinning and weaving sections. At
the end of May the activity in both the spinning and weaving
sections was estimated to be between 72 and 75% of full
capacity, taking into account all the firms which were
completely stopped.
GERMANY.
With regard to the spinning section the second quarter
of 1933 witnessed a remarkable improvement and this was
maintained until the first half of July. More machinery
was working and prices improved. Demand, however, has
since become quieter and fewer orders have been booked.
It is a general complaint that owing to the poor offers
received from Germany's foreign customers transactions
have had to be arranged on an unsatisfactory basis. In the
Financial Chronicle
Volume 137
manufacturing section a strong buying movement was
noticeable during the second quarter of this year. During
April and May substantial orders were received, which
enabled manufacturers to extend their order books. Business, however, tended to taper off, though the present state
of order books is considered to be generally satisfactory.
The orders in hand will enable activity to be maintained
during the next few months.
HOLLAND.
With regard to the spinning section demand has been
unsatisfactory. Competition among spinners has been very
severe and transactions generally have had to be arranged
at below cost price. Many mills are working short time.
With regard to the manufacturing section, business has been
on a small scale and the prices that buyers have put forward
have been too high to enable business to result. Most of
the mills which cater for the export markets are compelled
to work short time, and a large number of mills are stopped.
The home trade demand has somewhat improved, probably
on account of the summer season and the firmer prices for
cotton, but the leaders of the trade are by no means certain
that this improvement will be maintained. The general
condition of the industry is still far from satisfactory and
there does not seem to be any immediate possibility of a
permanent improvement in trade.
ITALY.
An improvement was registered in the Italian cotton
spinning and manufacturing sections up to March of this
year and the situation remained more or less stationary until
the end of June. A slight setback then occurred. This was
attributed to the monetary situation in the United States
which introduced considerable uncertainty into international
commerce. There is a tendency for employment to increase.
SPAIN.
Although the demand for the home trade has been maintained, there has been a falling off in the export section,
chiefly as a result or he currency restrictions imposed.
by
several nations, those of South America being the principal
ones. This resulted in a falling off in business to the outlats
abroad.
SWITZERLAND.
As a result of the advance in cotton prices thc demand for
yarn and cloth improved during the second quarter of 1933,
but it is disappointing to record that there was no improvement in sellers' margins. Order lists, however, weie extended, but manufacturers were still compelled to sell at a
price which was not satisfactory. Production in the spinning
section has ranged between 65 and 87% of capacity and in
the weaving section it has varied between 71 and 90% of
normal. The lowest percentages were registered in the fine
sections and the highest in till average and coarse sections.
American Coll n.
Foreign COU071
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:
Linters.
Lint.
1932-33. 1931-32. 1932-33 1931-32 1932-33 1931-32
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton States
659,862 529,132 2.938 2,942 1,125 3,118
1,094,284 866.793 11.965 10,443 10.511 7,590
1,450,157 1,165.177 19,094 14,255 21,515 18.123
1,314,386 1,007,653 2,666 1.845 9,600 9,878
•
152,152 139,004
1,054 1,116
•
144,547 115,479
224,221 167,068 305,473 261,5138 3,159 3.220
t
Total
5,039.609 3.990,306 342,136 291,856 46.964 43.045
•Now Included in "all other" as large proportion represent 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:
Number of Spindles.
Southern Slates.
Consumption
Running
in Juts.
Bales.
1,873,518
3,297,286
6,136,702
5,677,322
627,348
643,038
797,116
1,718,488
3,077,866
5,624,784
5,542,832
527,254
643,038
553,170
663,925
1,116.760
1,490,766
1,326,652
153,206
144,547
532,853
19,052,330
19,137,559
19.108.856
19.122.896
18.848.216
18.508.322
18,169.026
17874.750
17,634,948
17.226,118
16.458.116
16.074.981
15.380.693
14.990.736
14.639.688
14.369 599
14 040.676
13 017.969
10 451.910
7.039.633
3.670.290
17,687,412
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
3,574.754
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
4050.844
4.489.150
3977.849
3 168 105
3 724 222
3.504.191
4.323.826
4.378.298
3 164.896
2 234.395
2049.002
1.227,939
Alive.
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton growing States....
Totals 1932-33
1931-32
1930 411
1929-34)
1928-29
1927-28
1926 27
1925 26
1924-25
1923-24
1922 -23
1921 22
19.0 21
1919-20
1918- 19
1917 18
1916-17
1914-15
1907-08
1902-03
1897-98
The following indicates the aggregate number of spindles
in the North and the South separately for each of the last
six annual dates:
Spindles.
North
South
1933.
1932.
1931.
1930.
1929.
1928.
11,841,640 12,570.952 13,564.356 14.901.970 15.971.318 17,031.634
19,052,330 19,137,558 19,108.856 19.122.896 18,848.216 18.508.322
In
1•0fal
Q0/ 070 21 70/ cln.29 A7/ 919
24 024.566 34.810.524 IA A42 129
Movement of Cotton at Interior Towns.
INTERNATIONAL COTTON CONGRESS.
The International Federation of Master Cotton Spinners'
and Manufacturers' Associations held its 16th Cotton Congress at Prague and Carlsbad, Czechoslovakia, in June.
Resolutions were passed upon the following subjects: False
packing of Anu rican cotton, currency, tariffs and credit
restrietior s; the futures markets; renewal of moisture agreement for Egyptian cotton; new varieties of Egyptian cotton
and cotton coveiing for Egyptian bales. A discussion also
took place upon the maintenance of the balance between
production and demand and there was a strong reeling expressed in the Congress that the system of double and treble
shift working should be gradually abolished. It was, however, found impossible to reach a unanimous decision on the
question and the Congress decided to postpone rurther
consideration. In the meantime all the affiliated associations
were recommended to devise and put into operation any
temporary scheme capable of maintaining the balance
between production and demand.
We are indebted to a special and well-informed European
correspondent for the foregoing review of the spinning industry in Great Britain and on the Continent in 1932-33.
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.
2351
COTTON CONSUMPTION IN SOUTHERN STATES—YEARS ENDING
JULY 31
[Quantities are given in running bales counting round as halt bales, except foreign
cotton which Is In 500-1h. bale,'
following table shows the movement to the interior
towns of the South during the last two seasons:
The
Towns.
-
-
Receipts.
-
-
Shipmeat,
1933.Year Ending Juig 31 19 2
Stocks. Receipts.
Ship.
menu.
Stocks.
Ala.. Birmingham__
46,379 7,269
43.766
82.983
100.087 9,882
Eufaula
17,238 5,747
17,054
12,076
14,326 5,931
54,346 34,796
41,611
Montgomery
39.590
39.468 47.521
Selma
76,907 25.865
62,434
89.567
83.088 40.338
Ark., Blytheville
204,271 16,894
191,706
120,215
102.152 29,459
Forest City
27,698 10.728
23,788
33.933
21.292 14.638
Helena
79.136 21,426
70,196
78,443
56,525 30.366
Hope
56.896
55,695 9,575
59.589
51,576 8,374
Jonesboro
21,403
20.855 1,866
21,236
20,892 1,318
Little Rock
165,485 44,004
165,874
193.037
162,850 43,615
Newport
53,406 8,243
51,096
, 48.588
40.292 10,553
line Bluff
150,888 25.469
140,424
180.279
152.275 35.933
W Milt Ridge.._
68,243 3,436
67.244
.
47,162
44,150 4.435
Ga., lbany
4,924 2,856
4,570
5.317
3.207 3.210
Athens
30,690
25,990 45,565
40.159
22,260 40,885
Atlanta
236.737
187.739 203.610
99.666 154.612
86.593
Augusta
161.085
128,284 90.464
188,143
160.030 93,387
Columbus
37,634
36,323 15.101
58,780
41.290 22.790
Macon
23,285
27,231 33,043
33,131
23.706 36.989
Rome
13.396
14,485 8,837
14.799
9.176 9,926
La Shreveport
83,157
121,130 28,488
113.348
105.857 66.459
Miss.. Clarksdale___
139,237
186,736 15.498
198.479
145.486 62,995
Columbus
17.898 5,093
17,128
23.065
20.075 5.863
Greenwood
138.720
167,336 36,014
171.144
124.276 64,630
Jackson
43,593 17.022
40.597
44,373
43.293 20,018
Natchez
11.100 3.034
9.858
12.750
12.988 4.276
Vicksburg
38.575
42,524 6,069
41,247
34.761 10.018
Yazoo City
32,533
37,975 8,940
36.252 14,382
47.371
Mo.. St. Louis
198,344
199,135
150,995
5
154,135
796
N C., Greensboro._
30,845
33,239 18,124
22,339
35,880 20,518
Oklahoma—
'Fifteen (15) towns*
761,941 16.669
747,120
609,765 31.490
622.993
S. C., Greenville
185,528
169,303 93,308
175,305
133,611 77,083
Tem.. Memphis
2,149,477 2,136,399 297,568 2,091.742 1,909.259 284,490
Texas, Abilene •
91,036
91,148
145
56,355
56,222
257
Austin
24,893
25,827 1.083
29,454
27.751 2.017
Brenham
19,209
21,127 2.220
19.532 4.138
20.042
Dallas
102,791
103.074 9,184
146.980
143.695 9,467
Paris
55,159
994
57,779
98.108
94.736 3.614
Robstown
9,884
10.258 2,296
33.737
32,464 2,669
San Antonio
14.723 1.491
15,810
17.942
18.916
404
Texarkana
48,559
44,964 11.364
65.878
60.618 7.769
Waco
78.666
82.438 2,446
82.931
79.898 6.218
Total. fili towns__ 5.718.015 5.825.160 1191844 5.701.098 5.148_277 1343712
•Includes the combined totals of fifteen towns In Oklahoma.
2352
Financial Chronicle
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.
Countr(es.
1932-33
Bales of 500 Lbs.-Nei
Great BMuslu
Continent
1931-32.
1930-31.
9,144.000 8.876.000 8,856.000 10 401000 11.028.000
11.465.000 x1.279 000 11.512.000 11.827.000 x2.200.000
x5,428.000 x4.227.000 x4,469.000 x5.091.001115 770.000
Total Europe
United States
-North_
South_ _
Total United States
East Indies
Japan
Canada
Mexico
6,893,000 5.506.000 5,981.000 6.918.000 7.970.000
2.201,000 2.272 000 2.079.000 1.975.000 1.622.000
2,727,00 2. 71.000 2,283.000 2,679.000 2,488 000
23:1.000
207.000
206.000
176.0011
199.000
215.0(10
164.000
160 000
146.000
167.000
Total India &c
Other countries
5,271,000 5.202 000 4,715,000 5.075.000 4,507.000
3,410,000 2.908.000 2.891.000 2.868,000 2,702.000
24,718,000 22.492.000 22,443,000 25,261.1)00 26,207.000
Total world
a As the weight of the bales 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 lia, 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.
1928-29.
1630 31. 1929-30.
1932-33. 1931-32.
('ountries/ •,a.
Bales,
Bales.
(4mays)coadagforward.)
Bales.
Bales.
15,172,000 15,129.000.13.869,000 14.831.000 15.858,000
United States
2,841,000 3.787.000 4,0(6000 5,0 7.000 4,804.000
East Indies a
984,000 1.374,000 1,564,000 1.676.000 1.622.000
Egypt
Brazil, Sec d
5,000,000 4.600,000 4,300,000 4,410.000 3,527.000
Total
Consumption 52 weeks
24,005.000 24,890 000 24,638,000 25.774.000 25.811.000
24,718,000 22,492.000 22,443.000 25,261,000 26,207.000
Surplus from year's crop k713,000 2,398,000 2,193.000
513,000 *398.000
Visible and invidble stock:
Aug. 1, beginning year.13,769,000 11.371,000 9,178,000 8.663,000 9,059.000
Aug. 1, ending year._ _13,056.000 13,769,000 11,371.000 9,176,000 8.663.000
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, &c., and
Japan and China cotton used in Japanese and Chinese mills.
k Imiletence In the year's new supply.
The above statement indicates, in compact form, the
world's supply of cotton in each of the five years, the amount
consumed and also th3 extent to which visible and invisible
stocks were augmented or diminished.
We now give a compilation which covers the figures of
consumption in detail for each cf 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 1932-33, inclusive, and are given in thousands of
bales. The figures for 1913-14 to 1932-33, inclusive, cover
the 12 months ended July 31; all earlier years are for the
period Sept. 1 to Aug. 31:
United States.
Europe.
Conll
neat.
East
AU
Mate: !mum Others
TOW
Vorth
South
3,721 5,721 9,441 2.44) 2.464
3,17 5,46, 8.631, 2,26, 2,261
3,77 5,461 9,231 2,23) 2,251
,
4.161 5,721 9,881. 2.59) 2.621
4,40, 6,001 .0,40) 2,881 2,841
4.301 6,004 ,0,301 2,701 2.97!
-- ,
Av.8 y'r> 3,92. 5.721 9,641. 2.48 2,571
1908-09 _
1909-10 __ .
1910-11 -.
1911-12 ....
1912-13 _
1913-14 ...
1914-15__
1915-16 -.
1916-17 __
1917-18 _.
1918-19 ...
1919-20Av.6 yen
Total
Total
4,912
4,533
4,48.
5.211
5.53)
5,686
1,653
1,517
1,494
1.607
1,6471,681
881
1,051,
1,087
1.357
1,354
1.521
5,051 1,599
,
1,209
3.90 5,001 8.901 2,761 3,03 5,801
,
4.001 5.001 9,004 3,231 3,87. 7,111
3.001 1.001 7.001 3,19-, 4,23: 7.43,
,
2.901 3.00 5.901 2,991 1.181 7,174
2,501 3.401 5.900 2,511 3,391 5,912
3,204 3.801 7.000 2.93 3,62' 6,562
_
---3,25) 4,03. 7,283 2.94 3.72 6.661
27r
449
441
511
CD
671
17,184
16,189
16,750
18.566
19.544
19,858
-497 18.012
854 1.8.747
761 10,344
991 18.925
74? .7 190
577 15.889
922 17.777
-1,643 1,696
809 18,097
1,649
1,72:4
1,72:
,
1.631
1.80;
1.536
1.53>
1,74;
1,772
1.651
1,706
1.763
1920-21 ___
1921-22 ___
1922-23 _
1923.241924-25 ___
1925-26 ....
2,100
2.800
2,754
2,751
3.150
3.10
4,400
4.800
5,01Y,
5,30
5,950
13,601
6,500
7.600
7.751)
8,030
9,100
9.60(
2,091
2,324'
2.681
2.099
2,330
2.491
3,117
3.891.
4,379
3.922
4.362
4.68:
5,208
8.226
7,068
6,020
6.692
7,17!
1,800
1,80(1
1.700
1,500
1,800
1.601
1,705
1.965
2.100
1.8011
2,040
2.40)
1.430 16 843
2.090 19,681
C,341 20,959
2.270 19.640
2,215 21.847
2,601 23,379
Av.6 y'rs
1926-27_
1927-28 ...
1928-29 _
1929-30° _
1930-31. _
1931-32__
2.75)
3,080
2.1161
2,942
2.578
2,035
2.500
5,342
7,000
7,7511
8.082
7,822
6,821
6.376
8.10'
10,080
10,710
11.028
10,400
8,856
8.876
2.33
2.500
2,16(
2,201'
1.827
1.512
1.279
4.08'
5.500
5.430
5.770
5.091
4.460
4.227
6.39
,
8.000
7,590
7,9711
6,91.
5,981
5.506
1.7111
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
2.157 311.338
2,570 23.200
2,750 25 025
3.099 26,207
3,289 25.261
3.244 22,443
3.267 22.492
Iv.6 y'rs-- 2.683 7,308 9,991 1.913 5.081 6,994 1,958 2.409 3.036 24,435
1932-33 ___ 2.373 6.771 9.144 1,465 5,428 6,893 2.201 2,727 3,753 24,718
•Figures are subject 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 specialboints we.haveisought to illus-
V(310)0
500-0,
Bales.
and
Invisiob
Supply
Beginfling of
Year.
1905-09.
1909-10.
1910-11.
1911-12.
1912-13.
1913-14
kverage
6 years
1,855.09
1,676,52
1.732.49
4,844.74
1,808.92
1,462,891
914-15.
915-16_
916-17.
917-18
916-19
919-20
I ventge
6 years
7.519,38:4,351.616
1.379.08.
4.477.49
1163.471,336,33,
Commercial Crops.
Untied
States.
.411
Others.
Total,
13,496,751
10.224,92:
11,804.74!
15,683.94
13.943,221
i 4,494.763
1,489,16!
1.021.60
1.057.98.
1,845.976
1,254.75!
1.419,89)
17,985,920
15,246,52>
16,862.731
10,529.91.
19,197,97!
10,914,661
Total
Actual
Consump
lion.
Balance of Supply
End of Year.
Visible.
17,164,48:
16.188.56r
16,750,484
18,565,731'
9.54,0'1
19,858.17.
Invisible.
1.875,14.
1,367,621.537,241
3,095,47>
3.015,211
3.877,301
1.801.386
1.364.867
1.307.495
4,713,449
1.447.688
1.642.083
1,496,284
3.045,48
2.585.491
2.795,98
,
1.277.01
4.530,45,
3.855,384
2.333.597
1.892.006
1.367.498
1.019.313
1,239.590
13.274,721 5,181,56 18,456,290 18,011,90
14,766,461 4,812,48'
12,633.961 1,737,20
12.670.091. 1,353.23
11.547,65), 5,238.011
11.410.191 1,551,76
11,814.45' 1.396,91.
19,578,93 18.746,661
,
17.371,16 20,343,75:
18.023,33' 18,924.92:
16.785,663 1.7099.67
16,961,95! 15.689.10
18.211,37. 17,777,66:
12.473.804 5.348,27' 17.822.07 18,096,96
920-21. 5.770.0411
921-22. 6.980.048
922-2:1 7,101.792
923-21. 6,102.705
924-25. 6,136,795
925-26. 0.931.792
11.173 Ills 8,680.000 17,853,918 16.643.830 5,795.209 1,184.839
11.152.720 80502)011 10.802.7211 19,680.971 3.600.006 3.501.792
10.960.777 9.009.011(1 19.980.777 20,959.774 1.953.0011 4.149.795
10.961 000 8.7102100 19.674.000 19.840.000 1.990.0(s• 4.116.795
14,392.0011 8.250,60' 22,6422100 21,847,001 2.130.001. 1.781.795
15,112,00. 9.000,00' 24.112.001 23.379.00( 2.850.001 1.814.795
tverage
6 years
928-27. 7,664.000
927-28. 10286000
1928-29. 9.059,001
029-30 R.681 (WV
930-31. 0,170.000
931-32. 11371000
1 verage
6 years
12,202.589 4.331.66c 19 674.233 20.358.43
.
10,282,000 4.540,000 27.822,000 25,200.000 4.893.000 5,013.000
14,373.0110 31,425.000 23.798.000 25.025.0th 3,860.980 5.200.029
15.858.00 . 9.753.000 25.811.000 26.21)7,1100 3.472.344 5,192,450
..1 63 no, (1.,41 006 l,774 00, ,- 28'.00( 4 7 '4.267 (44 .703
13,869,0e1) 10769000 24.634.000'22.443.1109 6.291.202 5,079,708
15.129,1100 0,761.00024,890.000 22.492.000 6,562,778 7.206.222
03223
15.524.000 9,899.000 15,423,000 24,438.000
nna non 94 712 ono a•290
12700nnn IS 179 nnnQ 292 nnn 94
nos. a, , 1
'
man°
To Illustrate the preceding, take the last season, 1932-33, and the results would
be 89 follows:
Supply
-Vi Able and invisible stock beginning of year
bales.13,769,000
Total crop during year
24,005,000
Total supply-bales of 500 pounds
Distribraton-Total consumption, dm
Leaving viable stock
Leaving InviAble stock
37,774.000
24,718,000
6 325,398
6,730,602
Total visible and invisible stock at end of year
13,056,000
There has been a further decrease the past season in the
world's spindleage, the decrease extending to practically
all parts of the world except the Orient, where there has been
considerable increase. The following table shows thenumber
of spindles in all the countries of the world for each of the
last five years:
NUMBER OF SPINDLES IN THE WORLD.
1933.
1932.
1931.
1930.
1929.
Great Britain
Contluent
49,001,000 51.908.000 54.240.000 55.207.000 55,917.000
49,008,000 49.534.000 48.466.000 48,1393,000 48,388,000
Total Europe
United States
North
South
98,039,000 101,442,000 102,712.000 103,900,000 104.305,000
Total U. 13
East Indies
Japan
China. Egypt. &el.._
WORLD'S COTTON CONSUMPTION.
500-1b. bale.
000s omttres Great
6r0'n
WoRLD's suPpLY AND DISTRIBUTION OF COTTON
1929 30 I 1928-29.
2,373,000 2.500.000 2,035.000 2,578.000. 2.945000
6.771.600 6,378.000 6.821.000 7.822.0001 8.083.1)00
Sept. 30 1933
trate by the statements are, first, the relative contribution
to the world's raw material by the United States and by
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.
30,894,000 31.709.000 32.676.000 34.025.000 34,819,000
9,506,003 9,312.000 9,125.000 8.907.000 8,701.000
8,209,000 7,798.000 7,312.000 7.072.000 6.530.1)00
4,535,000 4.285.000 4.054,000 3.829,000 3.602.000
11,842,000 12.571 000 13.587.000 14,903.000 15.971,000
19,052,000 19.138,000 19,109.000 19.122.000 18.848.000
Total India, dm
22,300,000 21,395.000 20.491,000 19.803,000 18.838.000
Canada
1,240,000 1,234.000 1,276,000
1,277.000 1.240.000
Mexico. So. Am..&e. 5,181,000 5,236.000 5.123.000 5,104.000 5,001.000
Total other
6.421,000
6,470.000
6,399.000
6.381,000
6,241.000
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.
1932-33
1931-32
Exported from New Orleans:
To foreign ports
*1,874.200
*1,480.209
To coastwise ports
c421,683
c309.398
Inland by rail, &a
48,359
97,786
Manufactured
35,884
22,417
Burnt
Stock at close of year
a783,733-3,163,859
a975,506-2,885,316
Deduct:
Received from Mobile
2.131
6.401
Received from Galveston
5,215
9.663
Received from Houston_ _ _
.
8.338
32,908
Received from Texas(Ay _
408
978
Received from Los Angeles_
235
Received from Corp. Christi
175
3,047
Received from San Francisco
100
Received from New York
2
Received from Calexico_
1.000
Received from Lake Charles
238
Stock at beginning of year.-- 975,506- 992.103
a579,654- 633.891
Movement for year_bales.
2,171,756
2,251.425
* Includes 69,076 bales exported from Lake Charles, La.. in 1931-32
and 159 bales in 1932-33. a Includes 48.538 bales stock at Lake Charles,
La., on July 31 1932 and 51,930 bales on July 31 1933. c Includes 25,937
coastwise from Lake Charles in 1931-32 and 20.214 bales in 1932-33.
Volume 137
Financial Chronicle
TEXAS.
1932-33
1931-32
Exported from Houston (Port):
To Mexico
16.193
Other foreign ports
2,568.323
2,655.094
Coastwise and inland ports_ 212.631
175.482
Local consumption
11,550
10,365
Burnt
Exported from Galveston:
To Mexico
7.519
Other foreign ports
2 016.850
2,190.186
Coastwise and inland ports.. 134,242
102.317
Local consumption
150
361
Burnt
12.561
Exported from Texas City:
To Mexico
Other foreign ports
166,006
179.441
Coastwise and Inland ports.
64,011
Exported from Corpus Christi: 87,130
To Mexico
To other foreign ports
313.752
345.646
Coastwise and inland
18,947
67,561
Exported from Beaumont, El
Paso, Eagle Pass, &c.:
To Mexico
To other foreign ports
17,409
32.189
Coastwise and inland
3.623
Stock at close of year:
At Houston
1.156.132
1,075.164
At Galveston
434.997
462,179
At Corpus Christi
149,266
74.957
At Texas City
12.896
15,086
At Beaumont
18,055-.7,341,038
-7.466.223
Deduct
Received at Houston from
other ports
6,854.
855
Received at Galveston from
other ports
92,131
71.130
Received at Texas City from
other ports
Stock at beginning of year:
At Houston
1,075.164
729.307
At Corpus Christi, &c
74.957
29.498
At Galveston & Texas City- 477,265-1,726.371
411.051-1.241.841
Movement for year...bales
5,614.667
6.224.382
ALABAMA.
1932-33
1931-32
Exported from Mobile:
To foreign ports
383.519
577.858
Coastwise, Inland, &c
29.738
31,943
Local consumption
8,402
7.146
Stock at close of year
127,213- 548,872
160.727
777,674
Deduct
Receipts from Florida, Pacific
Coast, &c
575
790
Stock at beginning of year160,727- 161.302
208,729- 209.519
Movement for year.. bales_
Exports
387,570
MISSISSIPPI.
1932-33
18,316
18,316
*FLORIDA.
1932-33
Exported from Pensaeola, Panama City and Jacksonville:
To foreign ports
163,010
To coastwise ports
252
Stocks at close of year
39.225- 202,487
Deduct
Received at Jacksonville from
Savannah
11
Stock at beginning of year-16,994- 17.005
568,155
193142
2.011
2,011
1931,32-126,120
17
16,994- 143.131
17.948- 17,948
Movement for year...bales185.482
125.183
*These figures represent this year, as heretofore,
only the shipments
from the Florida outports. Florida cotton has also gone inland
to Savannah.
&a., hut we have followed our usual custom of counting
that cotton at the
outports where it first appears.
GEORGIA.
1932-33
1931,32
-Exported from Savannah:
To foreign ports
265,404
461,728
To coastwise ports. Inland.
&c
19,905
24.556
Local consumption
236
257
Exports from Brunswick:
To foreign ports
38.246
44.459
To coastwise ports
Stock at close of year:
At Brunswick
At Savannah
105,494- 429,285
203,478- 734.478
Deduct
Received from Brunswick, &c..
127
150
Stock at beginning of year:
At Brunsw'ck
At Savannah
203,478-- 203.605
343.422-- 343.572
Movement for year..
225.680
390.906
VIRGINIA.
932-33
-1931-32-----Exported from Norfolk:
To foreign ports
42,277
53,799
To coastwise ports
17,475
21.598
Shipped inland*
20,613
3,804
Local consumption
224
76
Exported from Newport News,
&c., to foreign ports
Stock end of year, Norfolk---- 24,400- 104,989
43.953- 123,230
Deduct
Received from Wilmington,&c
Received from other No.Cam.
3,781
5,906
Received from Houston and
New One-ms
2.200
Stock at beginning of year
43,953- 49.934
56.100- 62,006
Movement for year-bales55.055
61,224
SOUTH CAROLINA.
1932-33
931,32
Exported from Charleston, &c.:
To foreign ports
252,195
196.695
coastwise ports, ml.,&c.:
To
Coastwise
3,512
1,263
Inland & local consumption:
Inland
29,134
8.535
Local consumption
Stock at close of year
33,398- 318,239
97.445- 303,938
Deduct
From Galveston, &c
2.515
9.178
Stock at beginning of year
97,445- 99.960
153,990- 163,168
Movement for year _bales_
218.279
140.770
2353
NORTH CAROLINA.
932-33
1931-32
Exported from Wilmington:
To foreign ports
34.708
43,420
To coastwise ports
1.529
26
Inland by rail
22,061
2,015
Local consumption
8.070
6.155
Coastwise from Wash.. &a__
3. 41
5 906
Stocks at close of year
15,596- 85,745
7,09.-64.616
Deduct
Received from other ports_
16.266
Stock at beginning of Year..
7.094- 23,360
3.799-3.799
Movement for year.. _bales_
62,3.35
60,817
TENNESSEE, &c.
1932-33
1931-32To manufacturers direct, net
overland
754,609
705,640
To New York, Boston, &c., by
mil
20,065
26,836
Total marketed from Tennessee, &c
774,674
732.476
Total product detailed in foregoing States for year ended July 31
1933
9.713.864
Mill takings in South, not included
a5.457,958
Total crop for United States for year ended July 31 1933_bales 15,171,822
a These are Southern mill takings. Southern consumption was 77,192
bales less than that amount, or 5,380,766 bales.
Overland Crop Movement.
The following shows the details of the overland movement
for the past three years:
A MUM ShippedYin St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virrinia points
Via other routes East
Via other routes West
1932-33.
199,135
168,689
470
18,816
12,891
121,171
8,452
a446,171
1931,32.
152,149
201.041
660
9.009
16,356
158,413
5.814
a364.945
1930-31.
303.339
246,512
1.645
24.243
2.947
179.192
27.1165
516,962
Total cross overland
975,795
908.467 1.301.945
Deduct Shipments
Overland to New York. Boston.&e
20,065
36.436
26.836
Between Interior towns
28.832
19.184
40.021
Texas Inland and local mills
31,129
36.164
76.609
New Orleans inland and local mills
43.646
72.948
84,158
Mobile hound and local mills
11,097
18.097
15.620
Savannah inland and local mills.
8,925
9,203
16.949
Charleston inland and local mins
29.134
11.578
8.535
North Carolina ports inland and local mills--30.131
8.295
8,170
Virainia ports Inland and local mills
18,227
3,633
3.127
Jacksonville inland and local consumption
-17
112
Total to be deducted
221,186
202.827
292.905
Leaving total net overland*
754,609
705.640 1.009.040
• This total includes shipments to Canada by rail, which in 1932-33 amounted to
166,146 bales. a 75,000 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.
1932-33
1911-32
1930-31
1929-30
1928 29
1927-28
1926-27
1925-26
1924-25
1923 24
1922-23
1921-22
Bales.
15.171.822
15.124.612
13.869.804
14. 30.742
15.358.313
14.372.977
19.281.999
15.452.267
14.715.639
11.326.790
11.248.224
11.494.720
Years.
1920-21
0-20
10,
1919-19
1917-19
1916-17
1915-16
1914-16
1913-14
1912-13
1911-12
1910-11
1909-10
1908-09
Bales.
11.355.190
12.217.552
11.602.634
11.911.896
12.975.569
12.953.450
15.067.247
14.894.901
14.128 902
16.043.316
12.132.332
10.650.961
13.828.846
Years.
1907-0R
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02
1900-01
1999-00
1999-99
1997-99
1896-97
Bales.
11.581.929
13.550.780
11.319.860
13.556.841
11.123.686
10.758.326
10.701.453
10.425.141
9.439.559
11.235.393
11.180.960
8.714.011
Weight of Bales.
The weight of bales the past season was somewhat heavier
than in the previous season, the average for 1932-33 having
been 519.97 pounds per bale against 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 19'46-27, and
511.95 in 1925-26. The crop was of good grade, averaging
about 10 points better than Middling. The average weight
of bales and the gross weight of the crop we have made up
as follows for 1932-33, and give 1931-32 for comparison.
Mooenumt
Through-
IOW .1auvu 4.44, On 1.500.
Number of
Bales.
Weight in
Pounds.
Cu,•
ammo.. vv., ea avv.a.
Aver. Number oil Weight in
Weight Bales.
Pounds,
seer.
Weight
Texas
5,614,667 2,982,617,511 533.00 6,224,382 3,324.940.377 534.18
Louisiana
2,171,755 1,145,384,114 527.40 2,251,425 1,182.2 m,810 525.13
Alabama 0
405,886 205,190,038 508.00 570,166 289.302,228 507.40
Georgia b
411,162 203.286,446 505.53 516.099, 263.091.850 509.78
South Carolina
218,279 110,230,895 505.00
140,770' 72.496,550 515.00
VIntinla
55,055 27,527,501)500.00
61,2241 30.612,000 500.00
North Carolina__
62,335 29,944,800 480.00
60.817 29,678.696
Tennessee, dm_ 6,232,632 3,178,642,320 510.00 5.303,744 2.657,175.744 484.00
501.00
Total crop.-- 15.171.822 7.888.823.674 519.97 15.126.e17I7.841.588_255 518145
a Including Mississippi. b Including Florida.
The relation of the gross weights this year to previous
years may be seen from the following comparison:
Crop.
Season of
-
A eic
t eraft
No. of Bates.
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
Weight. Pounds, per Bale.
15,171,822
15 118 *417
13.868.804
14.630.742
15.858.313
14.372.877
19.291.999
15.452.267
14.715.639
11.326.790
11.244.224
11.491.720
11.3.55.180
12.217.552
11.602.634
7,888.823.674
7.8, 588 255
9
7.213.364.418
7.638.942.456
8,250.547.617
7.418.414.991
9.924.773.826
7.910.892.917
7523.144.619
5.735.826.695
5.741.884.193
5.831.095.010
5.836.947.956
6.210.271.326
5.925.386.182
519.97
5i 4.85
520.11
522.14
520.26
516.14
514.71
511 95
511.23
5041.39
510.47
507.28
514 08
508 33
510.69
Sept. 30 1933
Financial Chronicle
2354
STATES
COMPLETE DETAILED STATEMENT SHOWING EXPORTS OF COTTON FROM THE UNITED
BY PORTS AND COUNTRIES OF DESTINATION.
Exports from-
Season of 1932.33.
Country and Part of
Destination.
Galreston.
England
Hull
195,148
Liverpool
03.506
Manchester
London
Scotland-Glasgow _
France-Bordeaux_
Dolmens
46,301
Dunkirk
183,249
Havre
Marseilles
Reval
Cette
Germany
276,862
Bremen
1,450
Hamburg
34,240
.
Holland-Rotterdam
4,149
Belgium-Antwerp _.
39,490
Ghent
18,461
Denmark-Copenh'n.
Alborg
Norway Bergen.
3,493
Oslo
Sweden-Gothenbur t17,935
Gefle
Norrkoping
Oxeland
Stockholm
Warberg
Poland
33.728
Gdynia
. 138,849
Spain-Barcelona
Alicanti
Gijon
747
Bilbao
799
•
Corunna
1,084
Malaga
1,145
Passages
283
Santander
Heislogfor
Tarragona
1,730
Portugal-Lisbon..._ •
17,445
Oporto
615
Lexfoes
Russia-Leningrad
Italy
5,225
Flume
133,570
Genoa
3,433
Naples
16,520
•
Trieste
500
Leghorn
51,546
Venice
Mestre
Finland-Abo
Mantyhwto
Wosa
Greece--Patras
MittIone
514
Piraeus
Saionica
Syra
Latvia-Riga
605,594
Japan
64,790
China
Canada
7,519
Mexico
Champerleo
-Martinique
W. Ind
Nassau
Puerto Rico
San Juan
Canal Zone-Cristobal
Colon
Philip. Isl.-Manila
Honduras-Tela_
Salvador-S.Salvado
Uruguay-San Felipe
Venezuela-Maracalb
Companca
Guatemala
200
Porto Colombla
Colombia-Bogota__
70
Buena Ventura
Barranquilla
Porto Barrios
258
Cartagena
Manizalls
Maddellon
2,046
Equador-GUaYatItillBolivia-Lapaz
Chile-Tachuana__
Arica
21,880
India
Bombay
Africa-Cape Town_
Durban.
Australia
New Zealand
(e)
Pensacola,
(f)
Jack(d)
(c) Lake
Gulf- son elite BrunsCharles
Witwick &
and
port
and
(b)
and Panama Saran- Charles- ming- NorNew
Corpus Other
ton. folk.
ton.
nah.
Houston. Christi. Texas. Orleans. Mobile. Clio.
224,959 33,566 38:195
64,678 12,177 14,805
New
York.
Booton.
(g)
Philo- San
del- Franphta. ctsco.
Los
Angeles.
Seattle
Total.
1,860
---------------------------------------- --------------8.169
1,860
52 --------11,918 ____
96,. 50,17 ____ 10,713 31,806
34
277,696 82.
____ 452,212
90,912 37,828 14,147 60,749 41,762 ____ 16.735 4,313 ------------600
1,031
25
____
277
579
41
154,423
717,705
6,162
1,050
____
190
200
167
____
___
____
___
____ ____
167
50
50
____ 1.873,348
70,441 410,602 159,012 87,070 95,019 133,134 6,88' 11,321 9,131 ------------11,961 ----78,
555,240 46,668
454
93 -------------------321
1,528 7,132 13,378
13,229 8,331
28,385 3,463 1,144
194 ------------142,290
100 _
32,901 13,930 3,465 9,557 1,572 ____ 1,000
41,864 7,105 1,362
2,133 9,647 ---------------------------------44,414
____
20,252 3,142
485
1,452
3,154
0
43 ------------------------ 156,09
508 3,450
727
650
34,096 2,619
61,780 8,459 4,268
39,539
____
37.5
14
20,489
--__ ----39
...
------------ ---- ---------------------39
--------------------100
100
9,147
--1,176
____93
4,386
499
54,
-----------------------------------------------10,225
450 1,208
24,591
235
-----------------------------------200
35
--------------------609
600
1,750
___
___ ___
_
1,750
330
-----------------------------------------------30
300
1,114
254 ____-----------------------------------------------550
700
600
100
195
800
39,844 3,172
78,478 7.436 2,367
301,329
--------------------------------------433
579
17,751
110,685 25,706 7,334
500
___
____ ____
____
______
____
100
400
447
---- -447---- ---- ---- ---1,350
-------------------------------603
3.000
___
____ ____
1,951
672
2,
----------------------------------------------__ii
__Li
1,123
3,828
___
____
____
___
---175
2,568
633
____
____
____
____
---- ---- ---350
8
____
____
_.____
___
-325
____
____
50
-11,168
----------------------------------4(0
____
---112
150
2,101
56,19
9
-----------------------------------____
15,453
270
131 2.472
20,304
---------------------------------------------6,247
200
448407
325
4,252
34,000
-----------------------------------------------34
.000
100
100
-9,763
------------------------------------------------1,000
500
3,033
-------------------- 591,681
____ 16,.,
137,454 15303 3277 571
209,138 16,541)
17,401
------__
4,894
ICO
____
100
7,364
46,584
---- ------4,834 1,232
____
54
23,926
1,675
____
__-____ ____
___
____
---650___
____
____
____
525
26 ------------------------ 154,220
____ 6,000
338 3,000
40,481 4:403
46,830 1,596
7,169
____
5,220
744 1,200
986
____
350
___
.500
136
1,900
____
___
_
---____
1,900
----------------------------------------------10
10
8
- _-_
____
____
____ ____
____
____
188
14
____
14
413
1,
------------------------------------ -------- ____
20
_
_
779
55052.
-----------------------------------------------25
224
___
___
____
____
__
____ ____
____
224
------------------------------------------------ ----1,175
1,175
1,250
____ 34,t 118i
i
___
____
501,244 73.000 10,617 332,103 32780 11,900 19.)
5 307,947
1,339
317 ____ 1.246
499
____
.
467 100,515 12,713 .5,066 4,000 2 000 ---_
107,576 7,414
519 al89,662
__
2 6,214 ___ 5,722
3,296
7,772
42,778
----------------------------------------1,170 ____
2,446
___ 15,499
16,133
1001
-----------------------------------------------10
__
____
__
170
------------------170
15
----------------------------------------------15
0
12
-----------------------------------------------49
80
0
50
-----------------------------------------------500
____
266
____
266
650
-56(5
____
50
300
4
____
____
--_
____
-------__
450
____
__„
____
---- ---700
___
-___ ---____
__-_
700
------------------------------------------------227
227
---200
____
---200
---- ---41
69,444 4,627 1,141
298,574 59,458 21,821
28.552 1,085
135,93f 15,870
___
244
2,580
500
-___ --_
_-_
____ -___
____
_
393 ____
____ ____
____
___
____
____
62 ---------------------------2,007
-------------------------------
,
3- iai
30
1.026
289
27,256
____
3,790
____
____
--------------------------------------------------200
-----------------------------409
------------------------------------------------------------------550
- - - 275
483
------- -_-2
----2 5
20
____
___
____
------------------------------------------------100
100
------------------------------------------------5,002
1,930
____
2.600
____
2,600
------------------------------------------------4
889
----_-_
---- ---- ---- ---- ---- ---- ---___----600
____
55,527
____
2,084 __
--------------------100
150
--------4,057
1,241
------- ---591(350 __
------------1,314
---------------- ---243
150
150
25
25
44
200
--------300
550
Ma S,811,236
020 44.392 140,119
9 n94 26') 2.584.500 313.712 198.875 1.874.200 401.835 163.010 303,6503252,105 34.708 42,277 49.566 7,203
to Dunkirk, 1,053; to Oslo, 93; to Gothenburg, 1,298; o Bremen, 65 488; to Gdynia. 1,548: to
Includes 166,146 bales shipped by rail. b Includes from Texas City
a
Rotterdam. .306:10 Genoa, 2.996:10 Barcelona 4.271:10 Japan, 10,6 7:10 China. 467;
.
8233 to Havre. 20 380; to Ghent, 4,210; to
Liverpool. 37.110: to Manehm(ter• 11)
Lisbon. 112; to Passages, 175: to Copenhagen. 375: to Leixoes, 448, From BeaurrOnt to Oporto 401; to Bremen,
to Oporto, 2,072: to Malaga, 14; to Antwerp, 150; to 1,085; to Gdynia. 819; to Piraeus, 20: to Dunkirk. 388: to Manchester, 2.082; to Antwerp, 335 to Ghent, 58:10
to Havre, 1,441; to Liverpool,
4.953; to Genoa, 665;
El Paso to Mexico, 15.460 c Includes from Lake Charles to Bremen, 32,928; to Warberg 673; to Gdynia,
Hamburg, 1,144; to Barcelona, 3,063: to Rotterdam, 56. From
6,736; to Havre, 34,799; to Abo. 200 ;to Naples, 1,284; to Genoa, 9,590:10 Oporto, 159: to Warberg, 100; to
768; to Ghent. 9.117; to Rotterdam, 3,402; to Liverpool.
3.572:10 Gothenburg, 1.250; to Antwerp, 649; to Japan. 22,879:10 China, 11.275; to Bordeaux. 1,036; to Leixoes, 101; 0 Canada, 3,206;
Manchester. 4,043; to Dunkirk,
Includes from Gulfport to Liverpool, 16,013: to Havre. ICC; to Bremen. 844; to Rotterdam, 406; to Manchester,
to MarKilles. 2011: Barcelona. 100; to Leningrad, 11,700. d
Panama City to Bremen, 16,702; to Liverpool. 9.461; to Hamburg. 597; to Menehestet. 2.788 to Rotterdam, 312. From Jack172: to Hamburg, 781 e Includes from 4.410; to
Rotterdam. 224; to Liverpool, 10,601; to Japan, 3.80f; to China, 3,800: to Genoa, 1,336; to Chest. 200. From PensaBremen,
sonville to Manchester. 1,395; to
Rotterdam, 2.929; to Ghent, 450; to Gdynia, 195; to Liverpool, 14,612; to Manchester. 9,964; to Havre,
Genoa.
cola to Bremen, 65,958; to Hamburg, 931: to 1,233; to1.941: to 18; to B trcelona, 433; to Xlettre, 5. f Includes from Brunswick to Bremen, 10,553; to Rotterdam, 1,647;
Irlette,
244; to Venice. 338; to lapel, 6.100: to China,
to Japan, 3.200; to China. 2.500. g Includes from Philadelphia to Great Britain, 126: to Poland, 600; to HolitlAnche3ter, 440:
to Ghmt. 50: to Liverpool. 10.856; to
land, 194.
Total
Date for Hearing on Cotton Processing Tax Scheduled
for October 2.
on the cotton processing tax which had
The hearing
originally been set for Sept. 7, but had been postponed before
that time until a date to be announced later, is now fixed for
Oct. 2. The hearing will be held to determine whether the
payment of the processing tax places cotton processors at a
disadvantage in competition with producers of certain other
fibers by reason of shifts in consumption to such commodities
or products thereof. From a Washington dispatch Sept. 22
to the New York "Journal of Commerce" we quote:
The cotton States' conference earlier this week sought removal of tho
processing tax on cotton, but has apparently receded from this position.
Secretary of Agriculture Wallace and his associates have asked cotton
farmers to find other means for raising money expended In carrying out
the 1933 acreage reduction program before becoming too insistent upon
the withdrawal of the processing tax.
Volume 137
Financial Chronicle
The hearing is the second to be held under Section 15-d of the Agricultural
Adjustment Act. Commodities to be considered include paper,jute, hemp.
sisal, henequen, abaca, 1stle or ixtle, phormium, kapok, crin vegetal, sunn,
cantala, piteria and coil* or plassava.
The official notice of the hearing follows:
Notice of Hearing with Reference to Processing Taxes on Commodities in
Competition with Cotton.
Under the Agricultural Adjustment Act, approved May 12 1933, as
amended, and under the General Regulations, Series 1. Revision 1, of the
United States Department of Agriculture, Agricultural Adjustment Administration, issued pursuant to said Act.
Notice is Hereby Given of a hearing to be held in the auditorium of the
National Museum. Constitution Ave. and Tenth St., Washington, D. 0.,
on Oct. 2 1933 at 9.30 a. m., at which interested parties may be heard as
to whether the payment of the processing tax upon cotton is causing or
will cause to the processors thereof disadvantages in competition from
paper, jute, hemp,sisal, henequen, abaca. hale or ixtle, phormium, kapok,
crin vegetal, Bunn, cantata. piteira, coir or piassava, by reason of excessive
shifts in consuhaption between such commodities or products thereof. This
2355
hearing is to be held pursuant to Section 15 subsection (d) of the aforesaid
Act, which provides that If the Secretary of Agriculture finds, after investigation and due notice and opportunity for hearing to interested parties,
that such disadvantages in competition exist, or will exist, he shall proclaim
such finding and shall specify in this proclamation the competing commodity and the compensating rate of tax on the processing thereof necessary
to prevent such disadvantages in competition; that thereafter there shall
be levied, assessed, and collected upon the first domestic processing of such
competing commodity a tax, to be paid by the processor, at the rate specified, until such rate is altered pursuant to a further finding under this
section, or the tax or rate thereof on the basic agricultural commodity is
altered or terminated; and that in no case shall the tax imposed upon such
competing commodity exceed that imposed per equivalent unit, as determined by the Secretary, upon the basic agricultural commodity.
(S) C. F. MARVIN, Acting .Secretary of Agriculture.
Dated: Sept.21 1933.
Washington, D. O.
Items regarding the proposed hearing appeared in these
columns Sept. 2, page 1659, and Sept. 9, page 1865.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, Sept. 29 1933.
Business activity showed a slight recession during the last
half of September. Usually a seasonal improvement sets in
at this time. However, the public works and related measures are still expected to make for a late seasonal rise in
general business activity to a new high level for the year.
The spreading of the strike movement in labor circles has
added considerably to the uncertainty in business and
industry. Steel and automobile operations held up fairly
well, but coal, electricity and oil activity shows a slight
falling off. Lumber production gained over the previous
week and new business was the largest since July. Carloadhags reached the highest total seen in two months. Automobile output was slightly under the August average weekly
rate, but indications are that the third quarter will show a
total more than 100% above that of the same period in 1932.
The steady gain in employment and consequent increase in
buying power helped retail business. After showing signs
of falling off for nearly two weeks retail buying was resumed
with more surety.
Retail sales in some districts ran far ahead of the comparative totals for any fall in the last three years, but there
was a decline in cities where the weather was unfavorable and
unemployment was yet to be relieved. When deductions
are made for these sections, the average dollar volume of sales
is only slightly above that of a year ago. Sales of shoes,
millinery, hosiery, jewelry, handbags and toilet accessories
were larger. High-grade furs and silk goods continued in
good demand and sales in the current season are expected to
be the largest in many years. . Sales of men's clothing were
the largest in three years, despite higher prices. Top coats
were in better demand. The trend of sales of furniture,
rugs and housefurnishings continued upward. Sales of
women's ready-to-wear clothing were larger. More interest
was shown in evening gowns. There wasa better demand for
office supplies and equipment. Whclesale buying showed
some broadening despite the religious holidays, and prices
were firm. There was an increased demand for dresses and
suits, but sales of coats were smaller. Jewelry reorders increased and there was a large movement of house-furnishings
and furniture. The weather retarded the fall buying movement to some extent yet the men's clothing division continued
to make a good showing. Cotton goods were more active
with sheets in good demand. Carpets, rugs, and floor coverings were in better demand. Wholesale hardware dealers
reported a better business. The production of cotton mills
was restored nearly to the August rate owing to heavier
sales during the last two weeks. Textile prices advanced
and are now double those in April. Many mills are sold up
on print cloths to the end of the year. Cotton yarns were
more active. Mills producing men's wear woolens and
worsteds reported a better business. In many cases they
refused to quote prices or promise deliveries.
Early in the week there were frequent scattered showers
over many parts of the country but rainfall was mostly light
to moderate, although in some sections precipitation was
quite heavy. Late on Sept. 24 a hurricane struck Tampico,
Mexico, which raged through the night, causing loss of life
and damage. The town was practically isolated as all wires
were down, railroad tracks washed out and roads flooded.
The latter part of the week there have been only
light scattered showers and temperatures mostly unseasonably high.
To-day it was 60 to 73 degrees here and mostly 'clear.
The forecast was showers Saturday afternoon or night with
mode temperatures. Overnight at Boston it was 60 to
66 degrees; Baltimore, 60- to 80; Pittsburgh, 56 to 72;Portland, Me., 56 to 72; Chicago, 48 to 68;Cincinati756 to 767
Cleveland, 56 to 76; Detroit, 52 to 68; Charleston, 74 to88i
Milwaukee, 50 to 62; Dallas, 72 to 92;
68 to 90;
kansas City, Mo., 60 to 76; Springfield,.Mo., 66 to 70; St.
Louis, 60 to 70; Oklahoma City, 70 to 92; Denver, 58 to 78
.
;
Salt Lake City,56 to 84; Los Angeles,58 to 70; San Francisco,
.58 to 74; Seattle, 50 fo
-62;
-Montreal, 54 to 68, and Winnipeg, 38 to 52.
Loadings of Revenue Freight Lower Than in Preceding
Week, but Still Show Gain Over Same Period Last
Year. '
The first 15 major railroads to report car loadings of
revenue freight originated on their own lines for the seven
days ended Sept. 23 1933 loaded 255,771 cars, as compared
with 260,161 cars in the preceding week and 241,023 ca.s in
the corresponding period last year. With the exception of
the Atchison Topeka & Santa Fe Ry., the Gulf Coast Lines
and the Missouri Pacific RR., all of these carriers showed
increases over the 1932 period. Comparative statistics
follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Lines,
Weeks Ended-
Rec'd from Connections,
Weeks Ended
-
Sept. 23 Sept. 16 Sept. 24 sex.23 Sept. 16 Sept.24
1933. 1933. 1932. 1933. 1933. 1932.
Ateh. Top.& Santa Fe Ry
21,038 21,149 21,282 4,841 4.602' 4,793
Chesapeake & Ohio Ry
23,223 22.799 21,031 8.913 8,348 7.257
Chic. Burl.& Quincy RR
16.307 15,662 15,865 6,634 6.463 6,212
Chic. Milw.St. Paul & Pac. By
18,523 18,057 18,354 6,522 6,271
Chicago & North Western Ry _ - 15,312 14,205 14,478 9,010 8,457 7,330
8.623
Gulf Coast Lines & subsidiaries_ _
1,636 2,008 2.161 1,389 1,230
International Great Northern RR 2,974 2,939 2.220 1,644 1,469 1.007
1.352
Missouri-Kansas-Texan Linea_ _ _ 5,943 5,605 5,545 2.656 2,718 2,476
Missouri Pacific RR
15,150 15,292 15,861 7.277 7,196 7,110
New York Central Lines
43.816 45.267 41,050 54,232 56,250 50.084
New York Chic.& St. Louis Ry.
4,686 4.718 4,203 7.997 7,715 7,065
Norfolk & Western Ry
21,157 21.019 16,333 4,304 3,860 3,379
Pennsylvania System
59,126 61,886 53,171 35.212 36,996 34,009
Pere Marquettte Ry
4.277 4,350 4,143
x
Wabash Ry
5,603 5,205 5,326 6,548 6758
6,844
Total
255.771 260,161 241.023 157,179 158,156 147.541
x Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended.
Illinois Central System
St. Louis-San Francisco Ry
Sept. 23
1933.
Sept. 16
1933.
Sept. 24
1932.
28,597
13.847
27,458
29,416
13,015
13,994
Total
42,444
40.471
43.410
-Lehigh Valley RR. car loadings for
Note.
Increase of 3% over the previous week and 8% the week ended Sept. 23 showed an
when compared with the corresponding week a year ago.
Loading of revenue freight for the latest full week-that
is, for the week ended Sept. 16
-totaled 652,016 cars, the
American Railway Association announced on Sept. 22.
This was an increase of 80,629 cars above the preceding
week this year, which included Labor Day holiday, and an
increase of 64,770 cars above the corresponding week in
1932. It was however, a decrease of 90,598 below the
corresponding week in 1931. Details for the latest full week
follow:
Miscellaneous freight loading for the week of Sept. 16 totaled
231.447
cars. an Increase of 26.892 cars above the preceding week, and
13.617
cars above the corresponding week in 1932, but a decrease of 44.130
cars
under the corresponding week in 1931.
Loading of merchandise less-than-carload-lot freight totaled
172.371
cars, an increase of 24,215 cars above the preceding week. but 4,577
cars
Sept. 30 1933
Financial Chronicle
2356
below the corresponding week last year, and 45,541 cars below the same
week two years ago.
Grain and grain products lbading for the week totaled 31,457 cars, an
Increase of 4.653 cars above the preceding week, but 4.433 cars below the
corresponding week last year and 8.733 cars below the same week in 1931.
In the Western Districts alone, grain and grain products loading for the
week ended Sept. 16 totaled 20,547 cars, a decrease of 4.007 cars below
the same week last year.
Forest products loading totaled 25,219 cars, 2.959 cars above the preceding week and 7.169 cars above the same week in 1932, but 1,344 cars
below the same week in 1931.
Ore loading amounted to 40,081 cars, an increase of 5.385 cars above
preceding week. 33.523 cars above the corresponding week in 1932, and
10.226 cars above the same week in 1931.
Coal loading amounted to 124.805 cars, an increase of 15.463 cars above
the preceding week, 18.013 cars above the corresponding week in 1932,
and 1.800 cars above the same week in 1931.
Coke loading amounted to 6.571 cars. 267 cars below the preceding
week, but 3.099 cars above the same week last year, and 1,965 cars above
the same week two years ago.
Livestock loading amounted to 20,065 cars, an increase of 1,329 cars
above the preceding week, but 1.641 cars below the same week last year
amd 4,841 cars below the same week two years ago. In the Western
Districts alone, loading of livestock for the week ended Sept. 16 totaled
last
15.430 cars, a decrease of 1,393 cars compared with the same week
year.
All districts, except the Southern and Southwestern, which showed
small reductions, reported increases in the total loading of all commodities
compared with the same week in 1932. but all districts reported decreases
compared with the corresponding week in 1931.
Loading of revenue freight In 1933 compared with the two previous
years follows:
1931.
1933.
Total
1932.
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
2.265,379
3,108,813
2,502,714
666,652
571,387
652,016
2,266,771
2.243,221
2,280,837
2,774,134
2,088,088
1,968,488
2,420,985
2,064,798
581,325
501,537
587,248
2,873,211
2,834,119
2,936,928
3.757,863
2,958,784
2,991,950
3,692,362
2,990,507
759.871
887.750
742.814
20,109,226
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Five weeks In July
Four weeks In August
Week ended Sept. 2
Week ended Sept. 9
Week ended Sept. 16
19,755,430
27,205,959
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended Sept. 16. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
Sept. 9. During the latter period a total of 50 roads showed
decreases as compared with the corresponding week last
year. Among the most important carriers continuing to
show increases over a year ago were the Pennsylvania
System, the Baltimore & Ohio RR., the Chesapeake & Ohio
Ry., the New York Central RR., the Norfolk & Western
Ry., the Louisville & Nashville RR., the Chicago & North
Western Ry., the Chicago Milwaukee St. Paul & Pacifio
Ry., the Southern Pacific Co. (Pacific Lines) and the Great.
Northern Ry.
-WEEK ENDED SEPT. 9.
OF CARS)
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER
Total Loads Received
from Connections.
Total Reenue
Freight Loaded.
Railroads.
1933.
1932.
1933.
185
4,288
8,446
2,549
1,577
10,000
934
168
3,449
7,801
1,551
1.452
8,632
954
27,979
23,807
1.053
2,463
6,768
856
2,690
9.095
812
662
2,249
0,206
560
2,090
8,589
821
1,082
3,042
8,443
711
3,188
11,220
570
•
23.537
20,997
28,256
Total
,
8.360
9,109
11,431
175
1,528
8,010
1,867
23,464
2,128
381
361
6,270
5,064
12,398
1,690
765
8.135
33
24,643
1,901
27
277
5,017
4,188
11,089
1,436
752
4,698
38
19,784
1,498
83
200
57,296
47,289
64,794
59,203
48,743
502
1,122
6,884
11
181
20'
1,37r
2,417
54
5,
3,60(
4,07
3,709
4,399
1,156
4,448
4,110
392
1,294
7.078
18
378
138
1,096
1,758
4,303
2,620
3,906
3,319
2,931
785
4,536
2,501
589
1,934
8,857
43
320
257
1,256
2,679
8,090
3,375
4,794
4.326
4,019
903
5,402
3.493
948
1.701
10,081
70
91
1.852
637
4,600
7,355
196
7,008
3,642
4,615
790
8,218
2,579
937
1,580
9,116
49
100
1,137
467
3,832
5,863
161
6,180
3.123
2,992
421
5,509
1,992
44,048
37,031
48,117
52,581
43.359
Grand total Eastern District...
124,881
105,317
141,187
139,763
115,909
Allegheny DistrictBaltin•ore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey.,..,.
Cornwall
Cumberland & Pennsylvania._
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
c Penn-Read Seashore Lines
27,407
3,895
288
5,334
3
259
80
1,094
55,653
11,081
8,013
74
2,699
1,345
20,926
1,111
141
4,484
(
183
6`
827
45,484
10,026
3,199
46
2,287
1,135
30,928
3,640
135
8,803
478
278
132
• 1,481
67,454
13,775
7,215
51
2.914
e
13,651
1,757
6
8,711
52
6
24
2,204
32,360
12,679
3.427
9,475
900
7,903
32
41
13
2,175
27,549
10,804
844
4,148
1,404
2,725
1,043
117,225
89,924
135,284
80,434
63,509
20,257
17,880
661
2,736
18,520
14,947
823
2,887
22,717
18,433
985
3,729
7,332
3,987
1,170
458
7,003
3,015
859
453
41,534
36,977
45,844
12,947
11,330
5,669
1,175
329
149
48
1,360
424
319
5,527
18,042
120
8,080
820
377
117
51
1,241
431
260
5,481
16,817
158
8,110
1,174
444
183
55
1,877
434
357
7,385
20.589
187
3.5.58
1,165
670
254
80
1,011
723
1,884
2,662
10,022
730
3,527
922
623
243
67
947
858
1,751
2,582
9,073
595
Total
Group C:
Ann Arbor
Chicago Ind. &
Cleve. Cin. Chic & St. Louis Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line._
.
Detroit Toledo & Ironton.
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
.
Pere Marvette
Pfttsbumh & Lake File
Pittsburgh & West Virginia .
IA abash
Wheeling az Lake Erie
Total
Total
Pocahontas District
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Lin
Virginian
Total
Southern District
Group A:
Atlanta Coast Line
ClinchfleId
Charleston de Western Carolina.
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound.,..
5
211
631
600
3,230
312
295
739
318
1,130
18,639
14,823
141
209
1,728
2,257
306
695
851
3,814
233
375
953
488
1,484
20,774
18,790
155
177
1,867
2,714
1933.
136
395
835
1,847
224
181
1,238
297
680
7,821
3,359
246
232
1,204
1,832
1932.
99
355
872
1.798
176
338
1,071
251
628
7,268
2,704
277
274
987
1,645
-iii
-526
"iai
-iii
44,808
45,534
54,002
20,856
19,108
Grand total Southern District_ .
75,970
77,385
94,777
43,415
40,074
Northwestern District
Belt Ry. of Chicago
Chicago & North Western. .
Chicago Great Western
Chic. Milw. St. Paul & Pacific •
Chic. Ft. Paul Minn.& Omaha .
Duluth Missabie & Northern._ .
Duluth South Shore & Atlantic
•
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern
•
Great Northern
Green Bay & Western
Minneapolis & St. Louis
Minn. St. Paul &S.S. Marie_
Northern Pacific
Spokane Portland & Seattle.-
583
16,028
2,053
15,297
2,969
11,905
381
3,852
246
14,042
45:
1,541
5,161
8,681
827
952
12,810
2,220
14,763
3,448
2,390
398
2,750
272
9,313
427
1,687
4,556
8,179
1,122
1,357
19,064
2,737
19.847
3,747
9,746
659
3,740
322
14,272
506
2.079
5,528
9,655
900
1,542
7,693
2,251
8,054
2,811
48
295
4,080
86
2,079
295
1,312
1,908
2,223
1,136
84,018
85,285
94,159
33,813
30,809
17,680
2,870
178
14,247
10,044
2,184
830
2,954
*537
976
664
199
18,142
200
284
11,127
375
1,471
18,276
2,853
111
14,461
11.324
2.351
871
2,870
483
821
542
185
13,942
203
325
11,079
461
1,228
23,604
3,188
195
17,745
12,727
2.795
1,102
3,208
572
1,108
746
114
17,377
301
266
14,181
617
1,451
3,960
1,639
30
6,109
5,095
1,862
1,046
1,913
21
881
244
3(
3,041
361
835
6,651
10
2,260
3,776
1,571
17
4,890
5,186
1,625
782
1.813
10
727
233
16
2,500
411
787
6,427
8
1,882
82,733
62,168
101,293
35,908
32.661
203
234
169
02,185
3,297
270
107
858
2,459
192
124
843
,
1- 207
535
1,182
616
233
186
231
2,010
6.169
28
104
2,683
848
Total
Total
Central Western District
Ateh. Top.& Banta Fe System. •
Alton
Bingham & Garfield
Chicago Burlington & QuIncY-Chicago Rock Island & Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver City
Northwestern Pacific
Peoria &Pekin Union
Southern Pacific (Pacific)
St Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Island
Burlington-Rock
Fort Sts ith & Western
Gulf Coast Lines
b Houston & Brazos Valley.
International-Great Northern..
Kansas Oklahoma dr Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & Northern Arkansas_
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Is San Antonio Uvalde & Gulf._
Southern Pacific In Texas & La_
Texas & Pacific
Tenr inal RR.Assn.of St. Louis
Weatherford AlIn.Wells & N.W.
166
145
132
1,224
126
220
182
1,244
1,971
2:180
1,229
191
1,384
1,318
319
812
*123
4,685
12,669
29
59
6,814
1,985
124
1,379
1,351
122
811
77
4,042
12,918
38
94
7,937
2,345
284
1,923
1,826
106
935
80
5,241
15,701
39
101
8,417
2,354
778
1,226
667
540
247
249
2,334
6,456
11
107
2,803
1,195
5",4i0
4.708
iiiii
2:236
iiii
3,449
1,874
29
3,431
1,568
15
3,897
2,003
36
2,491
1.865
20
r,..4C4*!
4,492
6.183
9,083
135
1,041
6,058
1.518
18,126
2.043
395
215
1931,
N
5,362
8,771
10,992
125
1,157
7,552
1,736
19,369
1,447
454
341
Group B:
207
.
Alabama Tenn. & Northern_ _
574
Atlanta Birmingham & Coast_ _
527
-West.RR.of Ala
& W P.
3,130
Central of Georgia
175
Colun bus & Greenville
288
Florida East Coast
710
Georgia
350
Georgia & Florida
1,296
Gulf Mobile & Northern
. 15.920
Illinois Central System
18,855
lout yule & Nashville
157
Macon Dublin & Savannah_.
196
Mississippi Central
1,789
Mobile & Chic,
2,372
.
Nashville Chatt.& it. Louis..
-d New Orleans Great Northern.
282
Tennessee Central
1932.
4 .NCOMMOVCVN01.0,
00.,-
Group B:
Delaware & Hudson
Delaware Lackawanna & WestErie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valey
Montour
New York Central
New York Ont.sio az Western_ Pittsburgh & Shavnnut
Pitts. Ehawmut & Northern -
Total Load Received
from Connections.
Total Rerenue
Freight Loaded.
1933.
1932.
1931.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston az Maine
Central Ver.' ont
Maine Central
New York N.H.& Hartford._ Rutland
Railroads.
,203
2
2,092
1,823
31
25.779
251.965
5.5.226
44.501
45.020
20.9aa
Total
22.559
40.775
31.831
31.162
lines of the West Jersey & Seashore RR., forIncluded
In Gar Coast Lines. c pennsylvarda-Reading Seashore Lines include the new consolidated
Read ng Co. d
a Estimated. b Included
formerly part of Reading co. 1931 and 1932figures included in Pennsylvania System and
merly part of Pennsylvania RR.and Atlantic City RR.,
Co.figures. *Figures of previous week.
in Gulf Mobile & Northern RR. e Included in Pennsylvania RR.and Reading
Total
Volume 137
Financial Chronicle
Guaranty Trust Co. of New York Views Events of
Past Few Weeks as Supporting Belief That Definite
Progress Toward Business Recovery Has Been Made
—Normal Autumn Influences Expected to Bring
Further Improvement—Federal Securities Act Presents Obstacles.
The decrease in business activity that began about the
middle of July has continued this month, though at a
slower rate, states the Guaranty Trust Co. of New York in
the current issue of "The Guaranty Survey," its review of
business and financial conditions in the United States and
abroad, published Sept. 25. "It has been most apparent
in the basic industries; but trade in many of its branches
continues to expand," says"The Survey," which continues:
Commodity prices have been distinctly firmer than last month, with
many irregularities but apparently with a slight upward tendency. As the
NRA movement passes from the phase of organization into that of operation,
visible developments in its progress become less striking. Viewed as a
whole, the events ot the last few weeks seem to support the belief that
definite progress toward recovery has been made and that the normal
stimulating influences of the autumn season may reasonably be expected
to bring further improvement.
Encouraging Features.
While the recession in business levels is disappointing to those who hoped
for a quick transformation in the economic situation under the influence
of governmental intervention, informed opinion inclines to the view that
it may very well prove to have been a wholesome development from the
long-term standpoint. As the upward movement approached its midsummer peak, evidence was rapidly accumulating that the expansion, in
many directions at least, was unsound and untenable. Where the bulk
of the output was intended to build up inventories in anticipation of
Inflationary price advances, as was clearly the case in many instances.
the revival in activity could not have been expected to continue steadily
for more than a brief period. And, as long as a serious possibility of
Inflationary action continues to hang over the country, a similar suspicion
will inevitably attach itself to every upward movement in trade and industry, however welcome the greater activity and the increased employment
may be for the moment.
An encouraging feature of the present situation is that the increased purchasing power brought into being by the larger payrolls and the more
optimistic sentiment of the last few months has begun to assert itself in
retail markets. This is a development that not only spells real and immediate relie to millions ot individuals but represents a broad economic
influence of the most constructive sort.
Sources of Uncertainly.
As far as the NRA movement is concerned, the events of the last few
weeks have emphasized both its strong and weak points. On the whole,
the country has shown a commendable willingness to co-operate in the
common Mort, even to the extent of temporarily submerging individual
interests and advantages, At the same time controversies have arisen
to illustrate the welter of conflicting interests that begin to press for recognition as soon as the Government or any other central agency assumes
even partial responsibility for the course of economic affairs.
Neither the recent reaction in business nor the practical difficulties of
the NRA program necessarily indicates that progress toward recovery is
not being made. On the contrary, setbacks and controversies were recognized from the beginning as inevitable; and the contrast between present
conditions and those that existed six months ago leaves little room for
doubt that a genuine upward thrust has occurred. If impatience can
be curbed and dangerous political influences held in check, the outlook
may be regarded as definitely favorable.
Stimulating Capital Expansion.
Increasing attention has recently been given to the problems of stimulating
the output of. and the demand for, producers' goods. This question has
been brought forward partly as a result of the NRA program, which is
designed primarily to increase consumers' demand. It has been pointed
out that consumers' demand alone can hardly form the basis of a true
Industrial recovery—at least, not within the near future—inasmuch as a
large part of the e dating industrial equipment is suitable only for the production of further industrial equipment. In other words, the modern
industrial mechanism is so designed that it can operate at a high level only
In a situation permitting a rapid growth in the total supply of capital
goods. The steel and construction industries are outstanding examples
of the many important branches of business that depend for their markets,
to a large extent, on industrial expansion, rather than current consumption.
Consequently, even if purchasing power could be so distributed as to
enable consumers to take a greatly increased amount of consumption
goods off the market, a large proportion of the aggregate plant capacity
could not participate in the production of such commodities.
This view is in accord with some of the most widely held theories of
business cycles. It is well known that the production and consumption
of consumers' goods vary comparatively little. The wide differences
between rates of output during prosperity and depression are due, for the
most part, to variations in the production of buildings, machinery, tools,
and other productive equipment. All this productive equipment, of
course, can be used only to produce goods directly or indirectly for the
ultimate consumer. According to several authoritative and widely accepted
theories, it is the tendency of productive equipment in times of prosperity
to expand too fast—that is, beyond the capacity of consumers to absorb
the output—which constitutes the principal factor operating to terminate
prosperity and bring on depression. It has been estimated that the industries producing capital goods represent, roughly, half of the country's
productive capacity and that in 1929 the total production of such goods
amounted to about $40,000,000,000, as against 830,000,000,000 in consumption goods.
Securities Act Presents Obstacles.
It is evident, therefore, that wide-spread industrial recovery, if It is to
take place within the reasonably near future, must include a revival of the
industries producing capital goods. But how to promote such a revival
is a difficult question. One line of thought on this subject emphasizes the
difficulties placed in the way of long-term borrowing by the new Securities
Act, which lays heavy responsibilities on investment bankers and on
the managements of corporations seeking to borrow. In the opinion of
some authorities, these provisions are so harsh that they will practically
prohibit the flotation of new securities by reputable concerns until the
law is amended. Inasmuch as the great bulk of industrial expansion
under modern conditions cannot take place without public borrowing,
it is obvious that any factor hindering such borrowing must necessarily
2357
prevent, at the same time, the industrial expansion that is essential to
business recovery.
It is true that the flotation of new securities in the last few months has
been practically at a standstill. However, the same situation existed for
some time prior to the passage of the Securities Act; and it is probable that
the inactivity of the capital market was also due in part to fundamental
factors. Business concerns will not borrow unless they have a reasonable
prospect of making money with the borrowed funds, and investors will
not lend unless thay are satisfied that the borrowers will be able to make
payments on account of the interest and the principal of the loans. Both
of these conditions depend on the present and prospective demand for the
products of industry. In addition, the investor is concerned with the
legal protection that will be given to his securities and with the purchasing
power of the money in which the loan will ultimately be repaid.
These possible alternative explanations of the present situation in the
Capital markets do not greatly alter the merits of the case against the
Securities Act. Markets for long-term capital issues may be inactive at
present from natural causes, but they cannot remain so indefinitely. To
the extent that business recovery proceeds and the monetary outlook is
clarified, the demand for investment securities, on the one hand, and for
new capital,on the other,should revive. If the flow of capital into industry
is paralyzed by an arbitrary and unreasonable piece of legislation, the
effect will be to hamper,if not actually prevent,sound business expansion.
Trade Well Maintained.
Recent developments in the business situation tend to emphasize the
extent to which the more pronounced recessions have been confined to the
basic industries. Both wholesale and retail trade appear to have been
comparatively well maintained, although recent gains are admittedly due
in large measure to seasonal influences.
Among the directions in which decreased activity has been noted are
steel production, automobile output, cotton textiles, lumber, and bank
debits to individual accounts. Railway freight traffic has increased irregularly, but hardly by the usual seasonal amount.
Department store sales, on the other hand, according to a preliminary
index, increased from July to August by considerably more than the estimated amount. The index for last month stands at 75, as against 71 a
month earlier and 68 in June.
Sales of cotton textiles. after an abrupt decline following the application
of the code and the processing tax, have advanced sharply in the last
few weeks. Commission houses report large volumes both in cotton
and woolen goods and anticipate a continuance of active business for
some time.
An encouraging feature of the situation in recent weeks has been the
growing number of corporate dividends resumed or increased. While the
movement has not yet become by any means general, it has been substantial enough to attract comment. The tendency is significant as an
Indication that some companies have experienced an improvement in their
business sufficiently marked and sustained to be reflected in earnings
and to inspire some con idence regarding future trends.
Another favoeable development is the consistent decline that has occurred
in business failures. Improvement in this direction has been visible for
several months, with the result that the total number of failures for the
year to date makes a conspicuously favorable comparison with that of
last year, when conditions were particularly difficult.
41110 •
-
Moody's Daily Index of Staple Commodity Prices
Continues Irregular Decline.
With the exception of last Saturday, the decline in basic
commodity prices, which began ten days ago, continued
during the past week. Moody's Daily Index of Staple
Commodity Prices closed the week at a net decline of 1.4
points and is now 131.5, or practically where it was two weeks
ago.
The action of individual commodities was again mixed,
six of the fifteen showing a net decline, four a net gain, and
five no change. The most important declines were in hogs
and hides, with sugar, silk, coffee and cocoa showing smaller
losses. Rubber was the only commodity registering a
sizable gain, while wheat, cotton and silver closed slightly
higher for the week, and corn, wool, steel scrap, copper and
lead closed at the same levels as last week.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.
Sept. 22
Sat.
Sept.23
Mon. Sept. 25
Tues. Sept. 26
Wed. Sept. 27
Thurs. Sept. 28
Fri.
Sept. 29
132.9
134.5
133.8
133.2
132.7
131.4
131.5
2 Weeks Ago, Sept. 15
Month Ago, Aug. 29
Year Ago,
Sept.29
1932 High, Sept. 6
Low, Dec. 31
1933 High, July 18
Low, Feb. 4
131.8
131.0
96.5
103.9
79.3
148.9
78.7
Monthly Indexes of Federal Reserve Board—Decrease
Reported in Industrial Production During August
as Compared with July—Employment Higher.
Under date of Sept. 25, the Federal Reserve Board issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board; 1923-25=100.).
Adjusted for
Seasonal Variation.
1933.
Aug.
Industrial production. total
Manufactures
Mineral,
Construction contracts, value a—Total
Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Detusrt.s'ent store 9.1iPS
July.
p92
p92
p92
x
100
101
90
21
13
x
28
73.3 70.1
61
r7S
65
71
1932.
Aug.
Without
Seasonal Adjustment.
1933.
Aug.
60
p91
59
990
65
p95
30
x
a
12
45
x
58.8 73.4
55.7
51
65
as
s57
July.
96
97
89
24
13
32
68.9
49.9
66
4
9
1932.
Aug.
69
58
66
32
11
48
58.6
40.1
53
49
Financial Chronicle
2358
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.*
(Adjusted for seasonal variation.)
Mining.
Manufactures.
Group and
Industry.
1933.
1932.
Aug. July. Aug.
Aug. July. Aug.
Iron and steel
80 100
Textiles
p114 130
Food products
p92 100
Paper and printing_ _ _
_ _ p104
Lumber cut
46
46
Automobiles
61
70
Leather and shoes.. p104 116
.
Cement
56
50
Petroleum refining_ _ _
__
155
143
Rubber tires
Tobaccorranufactures 123 117
1932.
1933.
Industry
p75
23 Bituminous coal
961
90 Anthracite coal
p137
85 Petroleum
57
84 Iron ore
23 Zinc
77
23 Silver_
84 Lead
56
48
135
68
108
76
67
132
40
71
34
36
50
48
104
8
31
41
33
-INDEXES BY GROUPS
FACTORY EMPLOYMENT AND PAYROLLS
AND INDUSTRIES.
(Underlying figures are for payroll period ending nearest middle of month.)
Payrolls.
Employment.
Group and Industry.
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Vasiations.
Adjustment.
Adjustment.
1932.
1933.
1933.
1932.
1933.
1932.
Aug. July. Aug. Aug. July. Aug. Aug. July. Aug.
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
73.2
57.1
91.2
99.8
69.6
89.7
88.1
46.6
51.4
59.7
86.4
53.9
66.1
92.4
78.3
81.9
67.7
66.3
51.7
90.3
97.6
71.9
83.6
83.4
43.8
49.3
58.8
85.7
51.6
60.3
87.5
76.4
76.4
67.3
50.6
46.4
64.8
66.1
61 5
81.0
80.9
36.7
44.8
49.8
74.0
40.5
46.4
74.0
74.4
62.7
68.3
72.7
57.1
87.8
96.4
66.9
89.3
86.9
47.6
51.7
60.9
88.7
55.8
65.4
89.9
79.7
83.3
67.6
65.3
51.8
85.7
94.1
64.7
83.1
82.5
44.0
49.2
58.4
85.4
51.8
59.5
84.0
78.1
77.0
65.6
50.4
46.4
62.3
63.8
58.4
80.7
79.3
36.4
45.1
50.8
76.1
42.1
45.8
72.2
75.8
63.6
68.3
52.7
38.9
67.0
77.0
46.9
71.7
70.8
28.9
43.9
52.5
69.3
34.6
50.4
72.2
66.7
64.4
48.2
42.4
35.7
58.9
67.2
41.9
68.2
67.8
24.6
38.3
46.1
64.2
30.2
46.5
67.9
66.1
65.2
47.3
22.1
27.1
42.3
42.1
42.6
67.9
67.4
19.3
31.6
32.7
51.7
23.9
28.9
60.0
68.2
41.5
49.4
* Indexes cf production, car loadings and department store sa es based on daily
averages. p Prelin Mary. a Based on 3-mon h moving averages, centered at 2d
month. x Complete data not yet available.
Wholesale Trade in Second Federal Reserve District
According to Federal Reserve Bank of New York
Sales of Reporting Firms During August 52%
Larger Than in August 1932.
The Federal Reserve Bank of New York, in its Oct. 1
"Monthly Review" states that "total sales of the reporting
wholesale firms in the Second (New York) District during
August averaged about 52% higher than last year, continuing
the unusually favorable year to year comparison shown for
July." The Bank adds:
Hardware and paper firms reported even larger increases in sales than
in the previous month and there was some further improvement also in
stationery sales. Most of the other lines reported smaller percentage
increases over a year ago than the record increases of July, but the gains
over a year ago continued to be large, especially i the case of me 's clothing
sales, orders for machine tools, and sales of diamonds and jewelry.
-11
Stocks of merchandise held by grocery and hardware firms showed larger
increases over a year ago at the end of August than at the end of July,
and the year to year reduction in drug and diamond stocks was som what
smaller than in July. Jewelry stocks continued tl be much smaller than
last year. In most lines, the rate of collections of accounts outstanding
continued higher than a year ago.
Percentage
Change
.4 ug 1933
.
Compared with
July 1933
•
Percentage
Change
Aug. 1933
Compared trUh
Aug. 1932
P. C. of ACCOutta
Outstanding
July 31
Collected in
Aug.
Commodity.
Net
Sales
Groceries
Men's clothing
Cotton goods
Mk goods
Shoes
Drugs
-0.8
+140.9
-20.9
•
+3.5
-3.0
Hardware
Machine tools x
Stationery
Paper
Diamonds
-1.5
+6.4
+15.2
+17.9
+5.7
Jewelry
+48.2
Welehtai nvarsura
.4.52,1
Stock
End
of
Month.
Net
Sales.
+9.5 +29.7
____ +115.1
+13.9 +25.4
•
.1 7
1 7:9
•
•
+36.7
-4.4
+2.5
+27.4
+102.8
____ +10.6
____
+28.5
+4.4
-6.7
+87.6
+59.9
4-A2 2
Stock
End
of
Month.
1932.
1933.
+46.5
76.2
29.9
28.8
79.2
21:6
23:9
-
+14.4
41.2
____
55.4
46.1
____
-32.9
-48.8
35.5
115.4
1 3.4
2
5014
MO
Percentage Change August 1933
Compared with Augus 1932.
Type of Store.
Number of
Stores.
• Figures reported by Silk Assoc% ion of America not yet available.
x Reported by the National Machine Tool Builders Association.
41.2
47.5
Total
Sales.
Sales per
Store.
-2.2
+0.1
-21.4
-23.7
+1.3
+14.0
-11.7
+11.1
-18.2
-4.9
+20.3
-3.4
-9.7
+11.0
+4.0
+24.6
+24.7
-15.2
-2.3
+5.9
+8.3
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Total
Sales of Department Stores During August 83/2% Over
August a Year Ago Reports Federal Reserve Bank
of New York-Largest Increase Reported Since
April 1930.
"August department store sales in the Second (New York)
District were about 83/2% higher than last year, the largest
increase reported since April 1930," states the New York
Federal Reserve Bank. "This favorable showing," the
Bank continues, "may be attributed to increased volume
this year, to the influence of rising retail prices, and to the
fact that the year to year comparison is with a month in
which sales were particularly poor." In its Oct. 1 "Monthly
Review" the Bank further states:
Stores in the Buffalo and Syracuse districts reported the largest year to year
increases In sales ever recorded by this Bank, and the Bridgeport and Rochester stores showed the largest increases in sales in over seven years. In
virtually all the remaining districts sales advanced by the largest percentages in two to four years. Sales of the leading apparel stores in this
district were 13% above last year, which is the largest advance over a year
previous since March 1929.
For the first half of September, sales of the leading department stores
in the Metropolitan area of New York were 7% lower than in the corresponding period a year ago. Although this comparison is with a month last year
that showed some improvement, it still appears that business during the
first half of September of this year did not hold the gain registered in August.
Department stores in practically Mil localities and also apparel stores
again reported a higher rate of collections on charge accounts than a year ago.
Total department store stocks of merchandise on hand Aug. 31, at retail
valuation, were larger than a year previous for the first time since December
1929, and apparel store stocks, also, have begun to show increases over a
year ago. A majority of the individual departments in the department
stores showed substantial Increases In the value of goods on hand; especially
large increases were shown in stocks of textiles and apparel.
Percentage Change
from a Year Ago.
Aug.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State_
Southern New York State_
Hudson River Vail. District
Capital District
All department stores
Apparel stores
P. C. of Accounts
Outstanding ,4
July 31 Collected
in Aujust.
Stock on
Hand End
of Month.
Feb.
to Aug.
Net Sales.
Locality.
+7.7
+20.0
+13.8
+26.0
+9.2
+1.88
+1.10
-10.3
+12.6
+11.0
+13.2
+8.6
+12.9
1932.
1933.
38.1
39.0
38.4
24.7
33.7
32.4
26.5
--8.2
--7.8
--13.1
--1.6
--12.8
--5.4
--7.4
+18.6
-7.1
-4.5
-15.3
+11.8
+5.7
-10.4
---
34.6
33.9
38.0
20.0
32.9
31.0
27.6
-111i3
+12:5
-8.4
+5.2
33.0
35.2
_
_
35.8
37.2
August sales and stocks in the principal departments are compared with
those of a year previous in the following table:
Net Sales
Percentage Change
August 1933
Compared with
August 1932.
46.0
30.9
44.3
-11:8
The August increase in average sales per store for all reporting chains
was larger than the rise in total sales, as there has been some reduction
from a year ago in the total number of units operated. In the case of the
drug and shoe chains large reductions in the number of units operated were
accompanied by increases over a year ago in sales per store. Ten-cent store
and variety chains, which have shown no material change in the number of
units operated, also had substantial Increases in sales per store in August.
87.2
_ __
+1.4
Sept. 30 1933
Cotton goods
Men's and boy's wear
Linens and handkerchiefs
Musical instruments and radio
Shoes
Women's and Misses'ready-to-wear
Woolen goods
Men's furnishings
Home furnishings
Furniture
Hbsiery
Women's ready-to-wear accessories
Books and stationery
Luggage and other leather goods
Silverware and jewelry
Toilet articles and drugs
Silks and velvets
Toys and sporting goods_
Miscellaneous
Stock on Hand
Percentage Change
Aug. 31 1933
Compared with
Aug. 311932.
+33.1
+58.2
+28.7
+4.6
-18.3
+30.1
+30.1
+55.8
+32.4
+4.2
-10.2
+46.1
+47.1
-17.4
+0.2
+24.9
+23.9
+22.9
+19.5
+19.3
+17.0
+13.6
+12.8
+1.7
+1.4
-1.2
-2.4
-3.3
--4.3
-6.2
-12.9
--14.7
+0.2
Increase of 6% Noted in Chain Store Sales During
-26.9
-18.6
August in New York Federal Reserve District as
+18.9
Compared With August Last Year
-Most Favorable
+16.1
+3.7
Year to Year Comparison Since April 1930.
The Oct.-1 "Monthly Review" of credit and business
conditions of the Federal Reserve Bank of New York has Upward Trend of Wholesale Commodity Price of U. S.
17following to say regarding...chain [store] trade in the
Department of Labor Continued During Week
nd (New York) District:
Ended Sept. 23.
In August, total chain store sales in this District were 6% higher than a
The wholesale commodity price index of the Bureau of
year ago, the most favorable year to year comparison since April 1930. Labor Statistics of the United States Department of Labor
Sales of the 10-cent and variety chains showed the largest increases since
continued its upward trend during the week of Sept. 23 and
Augt.st 1929, and sales of chain shoe stores declined ly the smallest percentage since May 1930. The decrease in sales of the drug chains, moremoved upward to the highest point that has been reached for
over, was slightly smaller than that reported in July, but the recessions
the present year. According to a report issued Sept. 27 by
shown by the grocery and candy chains were larger than in the previous
the Bureau, the index for the week shows an increase of 20%
month.
Financial Chronicle
Volume 137
over the low point of the year which was reached during the
week of March 4 with an index of 59.6. The report added:
The Bureau's index number of the general level of wholesale prices for
the week was 71.5 showing that an increase of nearly 1%% has taken place
in the all commodities total as compared with the previous week when the
Index was reported as 70.5. This is the first time since the Bureau began
the calculating of weekly indexes in Jan. 1932 that the general level of wholesale prices has reached this height. The Bureau's index is now up to the
level of Sept. 1931.
Wholesale prices of farm products are responsible for most of the increase
during the past week. They rose by more than 6% as compared with the
week previously. Steep advances in the market prices of grains, live stock,
and cotton account for the greater part of the rise in the prices of farm
products.
Of the 10 major groups of related commodities which comprise 784
separate price series, weighted according to their relative importance and
based on average prices for the year 1926 as 100.0. 8 groups showed an increase and 2 no change as compared with the preceding week. It is the first
week in the past 10 weeks that no decrease has been reported for any of the
10 major groups.
Manufactured foods and textile products each registered a gain of more
than 1% for the week. Other groups showing slight increases were, fuel
and lighting materials, metals and metal products, building materials,
housefurnishing goods, and miscellaneous commodities. No change was
reported for hides and leather products and chemicals and drugs.
The accompanying statement shows the index numbers of groups of commodities for the weeks ending Aug. 26 and Sept. 2, 9, 16 and 23. 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF AUG. 26,
AND SEPT. 2, 9. 16, AND 23, 1933.
•
(1926=100.0)
Week Ending
Aug.26
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Bouseturnl.hing goods
Miscellaneous
Sept. 2
69.6
58.2
65.0
92.8
74.2
66.7
81.2
80.7
72 5
76.9
65.2
69.7
57.1
65.3
92.9
74.2
67.2
81.4
81.0
72.2
77.0
65.2
Sept. 9 Sept. 16 Sept.23
69.7
56.6
65.0
92.8
73.9
67.6
81.7
81.4
72.3
78.6
64.9
70.5
55.9
65.1
92.0
75.5
72.5
81.7
82.0
72.1
78.7
64.8
71.5
59.3
65.9
92.0
76.4
72.8
81.8
82.3
72.1
78.8
65.1
Wage Rate Increases and Reduction in Number of
Hours of Work in United States Is Reflection of
Acceptance of NRA Blanket Code, According to
Secretary of Labor Perkins.
While National Recovery Administration codes in only
seven industries had been officially adopted and approved
by President Roosevelt prior to Aug. 15, the acceptance of
the blanket code by thousands of employers on Aug. 1 was
reflected by wage rate increases and a reduction in the
number of hours worked per week from July 15 to Aug. 15,
Secretary of Labor Frances Perkins announced Sept. 21.
These indicate, she said, how the $12,000,000 manufacturing
payroll increase for this period was distributed. Continuing,
Secretary Perkins further said:
The average hourly earnings as reported to the Bureau of Labor Statistics showed an increase from 42.7 cents per hour in the June 15
-July 15
period to 48.5 cents per hour in the July 15-Aug. 15 period while the average
hours worked per week dropped from 42.3 to 38.6 in the 89 manufacturing
industrits combined which were surveyed. As to the industries under the
code, we have the following picture.
The cotton goods industry on the basis of Bureau of Labor Statistics
figures showed an hourly rate increase from 23.2 cents per hour to 36.1
cents and a drop in hours per week from 49 to 36.5 for the period of the
survey. Wage rates in the woolen and worsted goods industry went from
35.8 cents to 43.3 cents with the hours dropping from 48.5 to 41.2. Shipbuilding wage rates roso from 56.4 cents to 61.7 cents with hours reduced
from 33.6 to 30.3. The electrical machinery group showed a wage rate
increase from 53.7 cents to 57.0 cents with hours cut from 38.1 to 35.4.
The women's clothing industry showed a wage rate raise from 34.4 to 43.3
cents and a drop in hours from 38.9 to 35.1. The corsets and allied garments
industry registered a wage rate increase from 35.3 cents to 41.3 cents and
an hour drop from 39.8 to 39.3.
Data on lace, the only other industry under the codes on Aug. 15, was
not available when the Bureau of Labor Statistics made its report.
In other industries only under the blanket code at the time, such as
dyeing and finishing textile, there was a decrease from 49.5 hours to 36.3
hours with an increase from 37.1 cents per hour to 49.7 cents. The silk
goods industry reported a change from 42.1 average hours to 36.7, with an
increase from 31.5 cents per hour to 41.5 cents.
The decreases in hours worked per week and the increase in hourly
earnings over the same period were correspondingly great in numerous
other industries.
Of the eight manufacturing industries which failed to report a shorter
work week, flour had been working much less than 40 hours per week, and
the increased hours worked in the industry still remained below this figure.
In the seven industries which failed to show increases in average hourly
warings the beet sugar industry showed the most pronounced drop, which
can be accounted for by the large number of lower paid workers taken on
at this time of year for seasonal expansion.
In the group of non-manufacturing industries for which man-hour data
are available, the dyeing and cleaning industry reported an hour drop from
47 to 40.5. The bituminous coal raining industry, due to increased production, reported an increase from 31.5 hours per week to 35 hours. The
anthracite mining industry also reported an increase in average hours
worked from 31.5 to 34.1.
While these increases in hourly or daily rates cannot be interpreted in all
instances as representing an actual increase in the employees weekly
wages, the number of hours worked per week in many industries has been
drastically cut to conform with the industry or blanket codes and the
increase in rates offsets the difference in hours worked.
Taking the average picture, which we are studying, the average worker
during this month received approximately the same weekly wages, had
more time for leisure and personal advancement and additional workers
obtained employment by the device of shortening of the work week.
2359
Increases in weekly or hourly wage rates averaging 24.3% and affecting
1,145,576 employees were reported by 3.776 of the 18,008 manufacturing
establishments reporting to the Bureau of Labor Statistics.
Practically 75% of the workers affected were in the following 10 manufacturing industries: Cotton goods, iron and steel, automobiles, knit
goods, dyeing and finishing textiles, boots and shoes, electrical machinery.
foundries and machine shops, paper and pulp, and slaughtering and meat
packing. The cotton goods industry reported the greatest number of
workers affected, 428 establishments in this industry reporting increases
in wage rates averaging 44.7%, and affecting 242.474 workers. Or 96%
of the total number of employees in these plants. One hundred and ten
plants in the iron and steel industry reported increases in rates averaging
15.2% and affecting 136,546 workers.
Wage-rate increases averaging 12.2% and affecting 128.333 workers were
reported in 73 establishments in the automobile industry. The knit goods
industry reported wage-rate increases averaging 35.5% and affecting 56.977
employees, and the dyeing and finishing textile industry reported 36.869
employees affected by wage-rate increases averaging 29.4%.
The boot and shoe industry reported 34,703 employees affected by wage
rate changes averaging 13.8%; the electrical machinery industry. 34.261
workers affected by wate-rate increases averaging 10.6%; foundry and
machine shops, 33,991 workers affected by wage-rate increases of 14.1%;
paper and pulp establishments, 26,523 workers affected by wage increases
averaging 16.7%; and the slaughtering and meat packing industry reported
wage-rate increases averaging 19.5%, affecting 24.751 employees.
Wage-rate increases affecting 129,591 workers in 14 of the non-manufacturing industries surveyed were also reported in August. In this non.
manufacturing group, the bituminous coal mining industry reported the
greatest number of employees affected, 76,731 workers, whose average
Increases in wage rates was 19.9%. Reporting establishments in the retail
trade group showed increases In rates averaging 17%. The canning and
preserving industry also reported large numbers of workers affected_by
wage-rate increases averaging 25.7%.
The Bureau of Labor Statistics' report was given in our
issue of Sept. 23, page 2172.
National Fertilizer Association Reports Further Advance in Wholesale Commodity Prices During
Week Ended Sept. 23.
Wholesale commodity prices again moved up decisively
during the latest week,according to the index of the National
Fertilizer Association. When computed for the week ended
Sept. 23 this index showed a gain of six points, advancing
from 68.8 to 69.4. (The three-year average 1926-1928
equals 100.) During the preceding week the index gained
15 points while two weeks ago it advanced only one point.
The latest index number is 26 points higher than it was a
month ago and 72 points higher than it was a year ago.
The Association further reported as follows under date of
Sept. 25:
During the latest week seven groups advanced, one declined, and six
showed no change. The advancing groups were foods, fuel, grains, feeds
and livestock, textiles, metals, fats and oils, and fertilizer materials. The
largest gains were shown in the food, and grains,feeds and livestock groups.
Miscellaneous commodities declined slightly.
/01
Thirty-two commodities showed higher prices, while 19 commodities
showed lower prices during the latest week. During the preceding week
there were 47 price advances and 21 price declines. Important commodities that advanced during the latest week were cotton, wool, burlap.
silk, lard, tallow, eggs, potatoes, heavy hogs, good cattle, cottonseed meal,
copper, silver, gasoline, and rubber. Listed among the declining commodities were pork, corn, oats. wheat at Kansas City and Minneapolis,
barley, choice cattle, heavy melting steel, and calfskins.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown In the table below:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928= 100).
Per Cent
Each Grasp
Bears to the
Total Inds:.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
Bowie furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
All groups combined
Latest
IVeek
Sept. 23
1933.
Pre
ceding
Week.
Month
Ago.
Year
Ago.
71.1
68.2
54.8
66.4
69.7
84.4
74.5
78.8
81.6
48.8
87.0
638
70.2
90.3
69.8
67.9
53.4
65.8
69.8
84.4
74.5
78.4
81.8
48.7
87.0
63.3
70.2
90.3
68.9
58.5
53.1
65.2
69.8
84.4
74.7
78.5
78.7
48.7
87.0
65.1
66.7
90.1
63.8
63.3
43.4
48.9
62.1
89.0
71.4
70.1
77.4
43.3
87.4
61.6
69.0
92.1
69.4
68.8
668
62.2
Both Employment and Payrolls in Manufacturing Industries Increased During August While Hours of
Work Declined According to Monthly Survey of
National Industrial Conference Board.
An increase of 8.6% in the number of persons employed
and an advance of 9.2% in average hourly earnings, accompanied by a decline of 8.9% in average hours of work per
week during the month of August were the outstanding
developments in manufacturing industry, according to the
regular montly survey made by the National Industrial Conference Board. The survey, issued under date of Sept. 28,
further noted:
Average hourly earnings of wage-earners in 25 manufacturing industries
reporting to the Conference Board rose from 45.5 cents in July to 49.7
cents in August, or 9.2%, while average hours of work per week fell from
42.6 to 38.8 or 8.9%. The net result of these two developments was a
slight rise of 10 cents, or 0.5%, in average weekly earnings, which were
$19.15 in July and $19.25 in August. Since, however, the cost of living
rose relatively more between these two months than did average weekly
earnings, real weekly earnings declined 1.8%.
The number of persons employed increased 8.6% in August over July
and, since the contents of the average weekly pay envelope increased
slightly in August, total payroll disbursements in the 25 manufacturing
industries rose over 9%. Total man-hours worked were 1.2% less In
August than in July. In the aggregate the changes noted reflect the
Government's industrial policies rather than increased business activity.
Female labor benefited relatively most from the adoption of minimum
rates of pay. The average hourly earnings of women rose from 30.3 cents
In July to 36.2 cents in August. or 19.5%. Their average hours of work
per week were reduced from 42.8 to 38.1. or 11.0%. Average weekly
earnings of female labor rose from $12.93 to $13.83. or 7.0%•
Average hourly earnings of unskilled male labor advanced from 37.5
cents in July to 40.9 cents in August, or 9.1%. A reduction of 10.0% In
the average hours of work,from 44.2 to 39.8. however, lowered the average
weekly earnings In this class from $16.48 In July to $16.17 in August, or
1.9%.
Average hourly earnings of semi-skilled and skilled male workers increased from 51.7 cents in July to 56.0 cents in August, or 8.3%: average
hours of work declined from 43.4 to 39.7, or 8.5%. while average weekly
earnings increased from $21.99 to $22.16. or 0.8%. during the same period.
Gas Sales Show First Revival in August.
Sales of manufactured and natural gas aggregated 77,396,700,000 cubic feet in August, an increase of 4.4% over the
corresponding month of the preceding year, it was announced
by the American Gas Association on Sept. 25. This was
the first increase registered by the industry as a whole in
nearly 33 years or since April 1930. The Association
further reported:
In spite of augmented sales however, revenues continued to lag. Income
for August amounting to $45,167,400 as compared with $46,187,800 in
August a year ago, a decline of 2.2%.
Most of the sales expansion of the industry was the result of pronounced
increases in gas sales to industrial users, particularly in the case of the
natural gas companies.
During August, sales of natural gas totaled 51,839,500.000 cubic feet. an
Increase of nearly 7%, while revenues for the month were $16,872,200, a
gain ot 2.3% over the preceding year.
Because of the relatively smaller proportion of industrial business, the
manufactured gas companies did not participate to the same extent in the
general sales increase, manufactured gas sales tor the month amounting to
25.557.200.000 cubic leet. or substantially the same as tor the preceding
year. while revenues were oft nearly 5%.
For the eight months ending August revenues of the entire industry aggregated $457.951.100 or 7% below the preceding year,while gas sales amounted
to 788.591.300.000 cubic feet, a drop ot 2.3%•
Percentage Increase in Electric Output, as Compared
With the Same Week Last Year, Declines.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended Sept. 23 1933 was 1,638,757,000 kwh., an increase of 9.9% over the corresponding
period last year when output totaled 1,490,863,000 kwh. A
gain of 12.7% was registered during the preceding week.
The current figure also compares with 1,663,212,C00 kwh.
produced during the week ended Sept. 16 1933, 1,582,742,000
kwh. in the week ended Sept.9 1933 and 1,637,317,000 kwh.
in the week ended Sept. 2 1933.
In most sections of the country comparisons with last
year were less favorable than in the previous week. A gain
of 28% was reported in the Rocky Mountain region as compared with 27.6% in the preceding week, an increase of
11.7% was shown in the Southern States region as against
10.7%, the New England region was up 8.6% as compared
with 9.5%, the Middle Atlantic region was 4.7% higher as
against 9.3%, the Central Industrial region was 13.5% as
compared with 17.9%, the West Central region 3.5% as
against 6.0%, and the Pacific Coast region was up 1.3%
as compared with 1.2% in the week ended Sept. 16 1933.
The Institute's statement follows:
PER CENT. CHANGES.
Major Geographic
Divisions.
"Annalist" Weekly Wholesale Price Index Declined
-Monthly Average Up.
During Week Ended Sept. 26
A decline of 0.8 points in the "Annalist" Weekly Index of
Wholesale Commodity Prices to 105.8 on Tuesday, Sept. 26,
from 106.6 Sept. 19 was due to the collapse of the new inflation movement last week, upon the refusal of the President
to favor the irresponsible measures proposed, and upon the
drawing of much of the inflationists'fire by the 10-cent cotton
loan program. The "Annalist" continued:
Cotton and the grains dropped, but still remained above the levels of a
fortnight ago. The fall of the index would have been considerably greater
except for further advances in hog and gasoline prices. On a gold basis
the index rose to 69.3 from 68.8, in consequence of the partial recovery of
the dollar from its recent drop, the dollar on the basis of quotations on
France, Switzerland. Holland and Belgium rising 1 cent to 65.5.
The monthly average for September, reflecting chiefly the rise of the weekly
figure last week, and its relative maintenance this week, rose to 104.8 from
102.7 in August, and 103.4 in July; on a gold basis it declined further to
70.7 from 74.6 and 74.0.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100).
Sept. 26 1933. Sept. 19 1933. Sept. 27 1932.
A11 nnynnlea9Ine nn on01 hind a h
90.2
105.6
'120.7
145.8
105.2
109.3
97.0
85.2
105.8
91.8
106.7
a121.3
144.8
104.8
108.6
97.0
86.6
106.6
sea
77.2
98.6
79.0
130.7
97.1
106.2
95.2
83.1
93.9
ass
* Preliminary. a Revised. b Based on exchange quotations for France. Switzerland, Holland and Belgium.
THE ANNALIST MONTHLY INDEX OF WHOLESALE COMMODITY
-MONTHLY AVERAGES OF WEEKLY FIGURES.
PRICES
Unadjusted for seasonal variation (1913=100)
Sept. 1 1933. Aug. 11933.
Farm products
Food products
Textile products
Fuels
MetaLs
BuLding materials
Chemicals
Miscellaneous
All commodities
A 11 nnynn9s111•Inia nn enIti haala il
89.3
105.7
121.9
139.2
104.8
108.4
97.0
86.0
104.8
70.7
89.3
104.2
127.4
121.9
104.4
107.6
97.2
86.5
102.7
74.6
Sept. 11932.
77.5
99.8
79.3
136.2
97.2
106.3
95.2
82.0
95.2
a Based on exchange quotations for France, Switzerland, Holland and Belgium•
Week Ended
Week Ended
Week Ended
Week Ended
Sept. 23 1933. Sept. 16 1933. Sept. 9 1933. Sept. 2 1933.
+12.7
+6.8
+17.4
+86
+4.7
+13.5
+11.7
+1.3
+3.5
+28.0 •
+9.5
+9.3
+17.9
+10.7
+1.2
+6.9
+27.6
+10.7
+7.7
+16.2
+8.4
+9.9
+2.6
+3.7
+26.7
+5.0
+1.9
+23.1
+9.9
New England
Middle Atlantic
Central Industrial._
Southern States
Pacific Coast
West Central
Rocky Mountain
+12.7
+11.1
+11.8
Total United States.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug. 12
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Sept.23
Sept.30
no. '7
Week of-
1933.
Week of-
Sales of Ordinary Life Insurance in Metropolitan Area
of New York During August Estimated at $57,887,000.
The Life Underwriters Association of the City of New York
announces estimated sales of ordinary life insurance for
August 1933, in the Metropolitan area, of $57,887,000.
Farm products
Food products
Textile products
Fuels
Metals
Building material*
Chemicals
Miscellaneous
All commodities
Sept. 30 1933
Financial Chronicle
2360
1,435,707,000 May 7
1,468,035,000 May 14
1,483,090.000 May 21
1,493,923,000 May 28
1.461,488,000 June 4
1,541,713,000 June 11
1,578,101,000 June 18
1,598,136,000 June 25
1,655,843,000 July 2
1,538,500,000 July 9
1,648,339,000 July 16
1,654,424,000 July 23
1,661,504,000 July 30
1,650.013,000 Aug. 6
1,627,339,000 Aug. 13
1,650,205,000 Aug. 20
1,630,394.000 Aug. 27
1,637,317,000 Sept. 3
1,582,742,000 Sept. 10
1,663,212,000 Sept. 17
1,638.757,000 Sept.24
Oct. 1
CIA*
II
1932.
1,429,C32.000 May 9
1,436,928.000 May 16
1,435,731,000 May 23
1,425,151,000 May 30
1,381,452,000 June 6
1,435,471,000 June 13
1,441,532,000 June 20
1,440,541,000 June 27
1,456,961,000 July 4
1.341,730,000 July 11
1,415,704.000 July 18
1,433,990.000 July 25
1,440,386,000 Aug. 1
1,426,986,000 Aug. 8
1,415,122,000 Aug. 15
1,431,910,000 Aug. 22
1,436,440,000 Aug. 29
1,464,700,000 Sept. 5
x1,423,977,000 Sept. 12
1,476,442,000 Sept.19
1,490,863.000 Sept.26
1,499,459,000 Oct. 3
1 MIR 910 nnn rim. le
1933
Over
1932.
1931.
Week of-
1,637,296,000
1,654,303.000
1,644,783,000
1,601,833,000
1,593,662,000
1,621,451,000
1,909,931,000
1,634.935,000
1,607,238,000
1,603,713.000
1,644,638,000
1,650,545,000
1,644,089,000
1,642,858.000
1,629,011,000
1,643,229,000
1,637,533,000
1,635,623,000
1,582,267,000
1,662,660,000
1,660,204.000
1,645,587.000
1 Age 200 nnn
0.5%
2,2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
15.4%
15.6%
15.0%
15.2%
13.5%
11.8%
11.1%
12.7%
9.9%
---
x Corrected figure.
DATA FOR RECENT MONTHS.
Monih of-
1933.
1932.
1931.
____
January.
February... _
March
April
May
June
July
August
September_
October_
November __
December_
6,480,897,000
5,835,263,000
6,182,281,000
6,024,855,000
6.532,686,000
6,809,440.000
7,058,600,000
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
7,184,514,00C
7,180,210,000
7.070,729,001.
7,286,576,000
7,166,086,000
7,099,421,000
7,331,380.000
6.971,644.000
7,288,025.000
Total
77,442,112 nun
RA
1930.
1933
Under
1932.
8,021,749,000 7.6%
7,066,788,000 10.1%
7,580,335,000 8.7%
7,416,191.000 4.3%
7,494,807,000 s5.0%
7,239,697,000 811.1%
7,363,730,000 1115.5%
-7,391,196,000
--7,337,106.000
-7.718,787,000
-7,270,112,000
--7,566,601,000
nan cm Ann 50 407 non non
a Increase over 1932.
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power Industry and the weekly figures are based
on about 70%.
Review by U. S. Department of Labor of Building
Operations in Principal Cities of the United States
During August-Reports Decreases in Estimated
Expenditures of New Residential and Non-Residential Buildings.
Building permit reports received by the Bureau of Labor
Statistics of the United States Department of Labor from
774 identical cities having a population of 10,000 or over
indicate an increase of 6.0% in the number of total building
operations, but a decrease of 2.2% in indicated expenditures
for total building construction in August 1933 as compared
with July 1933. Under date of Sept. 23 the Bureau said
that new residential buildings decreased 12.9% in number,
while indicated expenditures for such buildings decreased
11.3%. There was an increase of 7.3% in the number of
new non-residential buildings comparing August with July
and indicated expenditures for this type of building decreased
4.8%, according to the Bureau which added:
There was an increase of 8.2% in the number of additions, alterations,
and repairs while indicated expenditures for this type of operation increased 10.3%.
Comparing permits issued in 344 identical cities having a population of
25,000 or over, in August 1933 and August 1932
-Total building operations,
while showing an increase of2.2% in number,registered a decrease of 14.4%
In indicated expenditures.
There was a decrease of 7.4% in number but an increase of 4.7% in indicated expenditures for new residential buildings.
New non-residential buildings decreased 15.3% in number and 41.3%
In estimated value.
There was an increase of 9.1% in the number of additions, alterations,and
repairs. Expenditures for these repairs increased 21.7%.
The number of family-dwelling units provided in new dwellings in these
344 cities decreased 4.0% comparing August 1933 with the same month in
the previous year.
Permits were issued during August 1933 for the following important
building projects. In St. Louis, Mo., for a municipal office building to
cost $3,100,000; in Endicott, N. Y., for factory buildings to cost $298,000;
in Poughkeepsie, N. Y., for a hospital building to cost over $220,000; in
Muskegon, Mich., for an amusement building to cost $280,000, and in
Royal Oak, Mich.,for a church to cost $250,000.
ESTIMATED COST OF NEW BUILDINGS IN 774 IDENTICAL CITIES, AS
SHOWN BY PERMITS ISSUED IN JULY AND AUGUST 1933 BY
GEOGRAPHIC DIVISIONS.
New Residential Buildings.
Geographic Division.
CUtes
Estimated Cost.
July 1933. August 1933
New England
105
Middle Atlantic
179
East North Central_ _. 178
West North Central... 72
South Atlantic
80
South Central
81
Mountain and Pacific. 79
Total
Percent of change
774
Families Provided for
in New Dwellings.
July 1933. August 1933.
82062,005
2,645,748
1,524,471
916,750
928,010
732,369
2,421,665
461
688
344
292
378
363
740
429
576
318
258
286
325
672
$12,665,986 $11,231.018
-11.3
3.266
2,864
--12.3
$2,109,773
3,357,573
1.652,239
1,048,407
1,019,634
945,380
2,532,980
New Non-residential
Buildings, Estimated
Cost.
Total Construction (including alterations and
repairs), Estimated Cost.
July 1933. August 1933. July 1933. August 1933.
New England
105
Middle Atlantic
179
178
East North Central_
West North Central_ _ 72
South Atlantic
80
81
South Central
Mountain and Pacific_ 79
Total
Percent of change_ _
2361
Financial Chronicle
Volume 137
774
$672,848
2,865,660
1,526,093
4,006.660
584,863
1,988,513
1,807,803
8752,811
2,880.939
2,304,521
3,736.673
882,242
847,560
1,407,582
$4,245,801
10,236,382
4,765,622
5,944,356
2,787,261
3,724,354
6,315,621
$4,228,350
10,861.030
5,322.554
5,448,038
2,884,545
2,474,595
5.945.456
813,452,440 $12,812,328 $38,019,397 $37,164,568
-4.8
-2.2
Sales Set New Record.
For the fourth successive month a new high record in
the sales of household electric refrigerators in the United
States was made in August, according to the announcement
by the Edison Electric Institute, which further states:
August Electric Refrigerator
August sales totaled 95,413 units, compared to 25,583 sold in August
1932, and 68,465 in the corresponding month of 1931, the industry's peak
year.
Total sales for the first eight months of the year were 890,380 units, as
against 644,313 sold in the corresponding period of 1932 and 767.913 in
the first eight months of 1931. The sales in the entire year 1932 were
769,695 units.
With the impetus gained through the celebration of National Electric
Refrigeration Week, Sept. 30 to Oct. 7, the Electric Refrigeration Bureau
Is confident that the fall sales will bring the year's total to a new record
of well over a million units. The original quota set for the year by the
Bureau in its National sales promotion campaign was 800,000 units, which
figure was reached the first week in August.
Chain Stores Report Sales Improvement.
Substantial further progress was reported during August
in most sections of chain store trade, notably the apparel,
shoe and general merchandise divisions, according to the
"Chain Store Age." Instances of outstanding individual
gains of a contra-seasonal nature were again in plentiful
evidence everywhere, but chiefly in the groups above mentioned. Sales of grocery chains, however, despite the
continued improvement shown by some units, failed as a
whole to maintain the upward trend of recent months. The
publication goes on to say:
Therefore, although four of the component series advanced, the weighty
influence of the decline in grocery returns caused a drop in the "Chain
Store Age" bade t of chain store sales for the month to 84.3 of the 1929-1931
average as 100. from 86.2 in July. As compared with August 1932. however, the index figure for August this year showed a gain of 3.9 points
as against an excess of 3.0 points in July this year over the corresponding
month of 1932.
Average daily sales in August of 19 leading chain store companies used
by "Chain Store Age" in compiling the monthly Index, aggregated $6.662.000 as compared with $6,813,000 in July and $6,352,000 in August 1932.
The index of sales for three chains comprising the apparel group rose
to 91.3 in August from 79.4 (revised) in July, while that for two chains
comprising the shoo group advanced to 86.4 from 78.6 the preceding
month. In each case the August level was the highest for any month since
April 1932.
Business for these chains in August was greatly aided by vigorously
pushed "Buy Now" campaigns. Total average daily sales of the apparel
group were 21% ahead of August 1932 as compared with a comparative
increase of little over 5% in July. Average daily sales for the two shoe
chains in August were 28% larger than the same month of last year.whie.h
contrasts with a gain of only 7% in July.
The index of sales of two drug chains advanced to 95.0 in August from
94.8 in July. Average daily sales for these companies last month were
11.7% ahead of 1932, as compared with a comparative gain of 7.3 in July.
The sales index for the five-and-ten-department store group in August
was approximately 92.4, as against 92.3 in July and 80.4 in August 1932.
Total average daily business of these chains were 15% ahead of August
1932, against an increase of 9% in July.
Average daily sales of the six Companies used in the grocery index again
fell under 1932 levels after having shown encouraging improvement in
July. The index for the group in August was 80.4 as compared with 83.4
in July and 80.8 in August 1932.
Employment Conditions in Chicago Federal Reserve
District During August-Further Marked Improvement Reported-Number of,Employees Increased
8% and Payrolls 7%.
In reviewing employment conditions in the Seventh
(Chicago) Federal Reserve District, the Chicago Federal
Reserve Bank, in its "Business Conditions Report" of
Sept. 30, states that -employment in Seventh District
industries registered another marked improvement in
August, reports for a payroll period near the middle of the
month showing increases of 7% in number of employees and
8% in payrolls over the corresponding period of July."
The Bank continued that "this marks the fourth consecutive
month of expansion in industrial workers and brings the
employment index up to 68.2, the highest point reached since
September 1931." Continuing, the Bank said:
Payrolls have advanced steadily since last March, but the August index
of 46.7 reflects a level which is still below that prevailing during the first
quarter of 1932. Readjustments under the National Recovery Administration (code) were reported by a large number of establishments as responsible for the current increases.
Increases in employment were more extensive in manufacturing than in
-but except for public
non-manufacturing industries
-7%% as against 4%
utilities in which there was practically no change, every major Industrial
group made some contribution to the rise in this item. The smallest gain
recorded was that at coal mines where less than ji of 1% in additional men
were put to work during the month, and the largest was that of the stone,
clay, and glass industries in which employment showed an increase of 15%.
Exclusive of the last-named group, gains within the manufacturing industries ranged between the narrow limits of 7 and 9%. The changes in
payrolls were less regular than in employment. Two of the groups, rubber
products and coal.showed marked decreases, while the increases ranged from
2% for public utilities to 24% for the textile industries.
Practically all industries are operating with larger forces and paying out
more in wages than a year ago. Exceptions are to be found in the public
utilities and the construction industries, the former showing a general curtailment of about 5% and the latter employing almost as many men as a
year ago but paying out 20% less in wages.
-SUVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNING0
DISTRICT.
Per Cent Changes
from July 15 1933.
Week of Aug. 15 1933.
Industrial Group.
Metals and products.a
Vehicles
Textiles and products
Food and products
Stone. clay and glass
Wood products
Chemical products
Leather products
Rubber products_ b
Paper and printing
No. of Number
of
ReportWage
ing
Firms. Earners.
Earnings.
153,702
208,148
32,887
77,610
9,677
24,806
15.208
27,586
7,133
46,361
$2,996.000
4,903,000
522,000
1,478,000
170,000
328,000
323,000
434,000
143,000
1,020,000
741
177
146
355
145
272
106
86
8
317
Total manufg., 10 groups_ _ _ 2,353
274
Merchandising_ c
78
Public utilities
16
Coal mining
329
Construction
Total non-mfg., 4 groups__
Total 14 groups
697
3.050
603,118 $12,317,000
672.000
35.601
2,197,000
76,473
36,000
2.129
179,000
10.303
124,508
$3,084,000
EarnWage
Earners. ings.
+8.4
+6.7
+8.9
+6.4
+15.0
+8.2
+8.5
+7.6
+5.9
+7.1
+13.7
+7.3
+24.1
+6.2
+6.8
+11.1
+6.7
+13.3
-15.8
+7.1
+7.5
+10.1
-0.1
+0.3
+14.4
+9.2
+7.1
+1.7
-8.4
+8.9
+3.7
+3.1
727,624 $15,401,000
•Other than vehicles. b Michigan ana Wisconsin. c
+6.8
+7.9
.0.5 and Wisconsin.
Sales of Merchandise in Chicago Federal Reserve
District Through Both Wholesale and Retail
Channels Increased During August-Increases in
Most Instances Seasonal in Nature.
"The merchandising of commodities inYthe Seventh
(Chicago) District showed expansion in August over July,"
it is noted in the'Sept. 30 ."Business Conditions Report"
of the Federal Reserve Bank of Chig.Ftwhichsaid_ that
"the gain in volume of trade being partly seasonal in nature."
The "Report"further stated:
In wholesale distribution, grocery sales increased 1% over the preceding
month, hardware 3%. drugs 1815%. shoes 29%, and electrical supplies
,
The gains recorded in hardware and electrical supplies were counter
to trend for August, and that in drugs was greater than average, while the
increases in grocery and shoe sales were less than usual for the period. The
dry goods trade experienced a contrary-to-seasonal recession of 17%,
following a non-seasonal gain in July this year. As may be noted in the
table. all groups continued to have heavier sales than a year ago: in groceries,
hardware,and dry goods,the gains were smaller than in a similar comparison
for July, but in electrical supplies the increase was considerably greater
than a month previous, and in drugs contrasted with a slight decline. The
continued gains over last year in the dry goods and electrical supply trades
brought cumulative sales for the eight months of 1933 to a little over the
same months of 1932. Declines for the year to date in other groups amounted
10%.
Financial Chronicle
2362
to 6% in groceries, 5% In hardware, 16% in drugs, and 1% In shoes. In
the grocery trade,stocks on Aug. 31 totaled heavier than a year ago on the
same date, but remained lighter in the other lines.
Sept. 30 1933
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES
(Preliminary figures for 1933 corrected to Sept. 22 1933.)
MERCHANDISE.
WHOLESALE TRADE IN AUGUST 1933.
August.
Per Cent Change
From Same Month Last Year.
Net
Sales.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Stocks.
+5.5
+30.9
+24.8
+3.4
+5.3
+48.8
+5.6
-9.6
--7.0
-13.5
-26.5
+5.2
-2.7
+12.5
-4.4
-32.9
+17.2
+7.0
+12.2
+20.1
-10.6
-10.5
+40.4
109.9
240.1
294.2
226.9
202.3
195.0
Following a greater than usual recession n July department store trade,
the volume of August business expanded considerably more than seasonally.
The gain over the preceding month of 34% n the total for Seventh District
reporting firms compared with one of only 12% in the 1923-32 average for
August, and represented a larger increase than in any of those years.
Stores in smaller cities showed greater improvement in the monthly comparison than did those in the large cities, the total for the former group
gaining 41% over July. In the yearly comparison. Chicago continued to
make the most favorable showing, while the moderate increase In Detroit
trade was the first recorded since the fall of 1929. A further rising trend in
stocks is noted, and substantial increases in Chicago. Indianapolis. and
Milwaukee on Aug.31 over the same date a year previous brought the total
for the district to 6% heavier in this comparison. Stock turnover continues
to be more rapid than a year ago.
DEPARTMENT STORE TRADE IN AUGUST 1933.
Locality.
Per Cent Chanoe
August 1933
From
August 1932.
P.C.Change
8 Months
1933 From
Same
Period 1932
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Stocks End
of Month.
Net
Sales.
+43.3
+7.9
+32.1
+23.4
+20.9
+22.7
-27.1
+24.9
+9.3
-4.4
-0.1
-22.6
+29.3
+5.7
Ratio of August
Collections
to Accounts
Outstanding
End of July.
1933.
1932.
10.5
-9.4
25.2
30.6
35.6
31.8
26.4
20.1
24.8
33.7
29.6
23.8
-8.0
28.7
1,000
Dollars.
944,527
890,131
1,000
Dollars.
1,055,441
917,309
1,000
Dollars.
-110,914
-27,178
54,396
138,132
17,497
Exports
Imports
Excess of exports
R X1,101 of Imnnrfia
1,000
Dollars.
108,599
91,102
Increase(+)
Decrease(-)
1933.
24 nnn
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1932.
1933.
1931.
1930.
1929.
1,000
1,000
1.000
1,000
Dollars. Dollars. Dollars. Dollars.
120,589 150,022 249,598 410,849
101,515 153,972 224,346 348,852
108,015 154,876 235.899 369,549
105.217 135,095 215,077 331,732
114,203 131,899 203,970 320,035
119,794 114,148 187.077 294,701
144,194 106,830 180,772 266.762
131,000 108.599 164,808 297,765
132,037 180,228 312,207
153,090 204,905 326,896
138,834 193.540 288,978
131,614 184,070 274,856
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1928.
1,000
1,000
Dollars. Dollars.
488,023 410,778
441,751 371,448
489,851 420,617
425,264 363,928
38,8.013 422,557
393,186 388,661
402.861 378,984
380.564 379,006
437,163 421,607
528,514 550,014
442,254 544,912
426,551 475,845
8 mos. ending August 944,527 1.055,441 1,661,547 2,640,243 3,406,513 3.135,979
12 months ending Dec.
1,611,016 2,424,289 3.843,181 5,240,995 5,128,357
Imports
January
February
March
April
May
June
July
August
September
October
November
December
135,520 183,148
130,999 174,946
131,189 210,202
126,522 185,706
112,276 179,694
110,280 173,455
174.460
79,421'
91,102 166,679
98.411 170.384
105,499 168,708
104.468 149.480
97,087 153,773
96,008
83,748
94,860
88,412
108,874
122.251
143.000
155,000
310,968
281,707
300,460
307,824
284,683
250.343
220,558
218,417
226.352
247.367
203,593
208,638
368,897
369,442
383,818
410,666
400,149
353,403
352,980
369.358
351.304
391,063
338,472
309,809
337,916
351,035
380,437
345,314
353.981
317,249
317.848
346,715
319,618
355.358
326.565
339,408
24.7
In the retail shoe and furniture trades, unusually sharp declines in July
were followed in August by a contrary-to-seasonal expansion in the former
and a more than normal increase in the latter. Sales by reporting shoe
dealers and the shoe departments of department stores aggregated 19%
In excess of the July volume and 17% heavier than for last August, the
latter being the first gain in the yearly comparison since the early months of
1930. In the first eight months of this year, the volume sold totaled 9%
smaller than in the corresponding period of 1932. Shoe stocks expanded
26% during August. so that the total at the end of the month exceeded
that on the same date last year by 2%.
The gain of 44% over July in the retail furniture trade compared with an
increase in the 1927-32 average for August of but 28%. Furthermore. the
38% gain over last August represented the largest increase In the yearly
comparison in four successive months of expansion. Stocks gained slightly
between the end of July and Aug.31, and totaled about the same as a year
ago.
Aggregate sales in August of 14 reporting chains operating over 2,500
stores, exceeded those of the preceding month by 2% and were 12% greater
than in the same month last year. In the monthly comparison, drug,fiveand-ten-cent store, cigar, and .musical instrument sales increased, with
groceries, shoes, and men's clothing recording recessions, while as compared
with a year ago, all groups had larger sales.
-Imports and
Country's Foreign Trade in August
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Sept. 23 issued its statement on the
foreign trade of the United States for August and the eight
months ended with August. The value of merchandise exported in August 1933 was estimated at $131,000,000,as compared with $108,599,000 in August 1932. The imports of
merchandise are provisionally computed at $155,000,000 in
August the present year, as against $91,102,000 in August
the previous year, leaving an unfavorable balance in the merchandise movement for the month of August 1933 of approximately $24,000,000. Last year in August there was a favorable trade balance in the merchandise movement of $17,497,000. Imports for the eight months ended August 1933
have been $890,131,000, as against $917,309,000 for the
corresponding eight months of 1932. The merchandise exports for the eight months ended August 1933 have been
$944,527,000, against $1,055,441,000, giving a favorable
trade balance of $54,396,000 for the eight months, against
$138,132,000 in the same period a year ago.
Gold imports totaled $1,085,000 in August 1933 against
$24,170,000 in the corresponding month of the previous
year, and for the eight months ended August 1933 were
$186,095,000, as against $192,057,000 in the same period a
year ago. Gold exports in July were 1,473,000, against
only $18,067,000 in August 1932. For the eight months
ended August 1933 the exports of the metal foot up $260,552,000, against $809,379,000 in the corresponding eight
months of 1932. Silver imports for the eight months ended.
August 1933 have been $43,565,000, as against $13,595,000
in the eight months ended August 1932, and silver exports
were $12,386,000 compared with $9,531,000. The following
is the complete official report:
1,C00
Dollars.
131,000
155,000
1932.
1932.
8 mos.ending August
12 months ending Dec
890,131
917.309 1,448,290 2,174,960 3.008.713 2.750.495
1 322,774 2,090,635 3,060,908 4.399,361 4,091,444
GOLD AND SILVER.
8 Months. Ending Aug.
August.
1933.
Excess of exports
Excess of imports
SUM
Exports
Imports
1933.
1932.
Increase(+)
Decrease(-)
1.000
Dollars.
81,473
1,085
GoldExports
Imports
1932.
1,000
Dollars.
18,067
24,170
1,000
Dollars.
260,552
186,095
1,000
Dollars.
809.379
192,057
1,000
Dollars.
-548,827
-5,962
74,457
617.322
80,388
6,103
7,015
11,602
Excess of exports
Excess of imports_ __ _
433
1,554
12,386
43,565
9,531
13,595
4.587
1.121
31.179
+2,855
+29,970
4.064
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
Gold.
1933.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1932.
Silver.
1931. 1930.
1933.
1932.
1931.
1930.
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
14 107,863
54 8,948 1,551 1,611 3,571 5,892
21,521 128,211
14
207
209
942 1,638 5,331
28,123 43,909
290
269
26
967 2,323 5,818
16.741 49 509
193 1,617 3,249 4,646
27
110
22,925 212,229
628
82
235 1,865 2,099 4,978
26
4,380 228,117
40
343 1,268 1,895 3,336
85.375 23,474 1,009 41,529 2.572
828 2,305 3,709
81,473 18,067
39 39,332 7.015
433 2.024 4,544
____
60 28,708 11,133
868 2,183 3,903
61 398,604 9,266
-_
1,316 2,158 4,424
16 4,994 5,008
--__
875
872 4,103
13 32,651
38
__-- 1,260 2,168 3,472
8 mos.end.Aug. 260.552 809,379 1,837 90.523 12,386 9,531 19,104 38,255
12 mos.end.Deo____ 809,528 466,794 115,967 ..- 13,850 26,485 54,157
Imports
January
February
March
April
May
June
July
August
September
'
October
November
December
128,479
30,397
14,948
6,769
1,785
1,136
1,496
1,085
..
..0.4 00000-4
va.ww.....wr
14,
loW0'0,-bOWw1.501,2
.40.-40.vw-4.-4w,o..
nams...40-.00,...A.09
Commodity.
Ratio of
Accts. OutColstanding to
Accts. Outstanding. lections. Net Sales.
8 Months Ending Aug.
1933.
34,426
16,156
25,871
49,543
50,258
63,887
20.512
57,539
49,269
60,919
94,430
89,509
12,908 1,763
60.198
855
55,768 1,693
65,835 1.520
23,552 5,275
13,938 15,472
21.889 5,388
19,714 11,602
13,680
---35,635
.___
40,159
____
32,778
--_-
2,097
2,009
1,809
1,890
1,547
1,401
1,288
1,554
2.052
1,305
1,494
1.203
2,896
1,877
1,821
2,439
2,636
2,364
1,663
2,685
2,355
2,573
2,138
3,215
4.756
3,923
4,831
3,570
3,486
2,707
3,953
3,492
3,461
3,270
2.652
2,660
8 mos.end.Aug. 186.095 182,057 317.992 273,802 43.560 13,595 18,381 30,718
12 mos.end.Dee
___ 213.315 612.119 398 054
____ 10 650 25 664 49 761
Further Decline Noted During August by Federal
Reserve Bank of Chicago in Mid-West Distribution
of Automobiles-Schedules of Manufacturers Maintained July Levels-Orders Booked by Furniture
Manufacturers Decreased 26% as Compared With
July.
The Federal Reserve Bank of Chicago states that "manufacturers of automobiles maintained August schedules at the
July level, and operations continued to be more than double
those of a year ago. August output of passenger automobiles
in the United States totaled 195,076 in number," the Bank
said, "or a few cars more than the 195,019 of a month
previous and representing a gain of 157% over last August."
The Bank further reported as follows in its "Business Conditions Report" of Sept. 30:
Financial Chronicle
Volume 137
Truck production in the month, numbering 41,336. showed an expansion
of 9% over July and exceeded that of the same month last year by 187%.
j• For the second consecutive month, distribution of automobiles at wholesale in the Middle West recorded some decline Sales by dealers to consumers, however, totaled moderately larger in August than in the preceding
month. Both phases of distribution showed further notable gains over the
corresponding month of 1932. The number of used cars sold, in line with
new car sales at retail, increased over July and totaled considerably greater
than a year ago. Stocks of new cars declined between the end of July and
Aug.31,following some expansion a month earlier. In number, they totaled
above those on the same date last year, but their aggregate value was less,
principally due to certain dealers and distributors handling a wider range of
lines this year than at that time. The ratio of deferred payment sales to
total retail sales of dealers reporting the item, again rose in August,following a rather sharp drop in July, the current ratio being 44%, as against
36% a month previous and 45% a year ago.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in August 1933 from previous months.
Per Cent Change From
-hay 1933.
New cars:
Wholesale
Number sold
Value
Retail
Number sold
Value
On hand Aug. 31
Number
Value
Used ears:
Number sold
Salable on handNum her
Value
Companies Included.
Aug. 1932. July 1933. Aug. 1932.
-14.8
+196.5
+149.8
19
19
12
12
+7.0
+7.6
+137.1
+104.3
54
54
33
33
-4.8
--10.1
+12.1
--13.1
54
54
33
33
+9.1
+50.0
54
33
+0.9
+1.8
+24.3
-3.3
54
54
33
33
With regard to orders booked by furniture manufacturers
the Bank reported as follows:
From the peak levels reached In the preceding month, orders booked by
Seventh District furniture manufacturers reporting to this Bank receded
26% In August, remaining, however, except for the July volume, in excess
of any month since August 1931. 'Shipments gained markedly-45%-the
fifth consecutive gain in the month-to-month comparison. As compared
with the volume a year ago, both new orders and shipments registered the
fourth successive Increase, amounting currently to 80% in the former and
87% in the latter item. Owing to the very heavy gains in orders booked a
month previous and the comparative slowness of shipments, the volume of
unfilled orders outstanding so increased during August that at the close of
the month it totaled 118% of current orders, as compared with but 84%
on July 31. The August rate of operations was expanded 10 points over
that obtaining in July, averaging approximately 58% of capacity, or 14
points above that of a year ago.
Slight Decline Shown in Lumber Output in Southern
Pine Mills in August.
August production of lumber in Southern pine mills declined slightly from July but the average weekly production.
was 53% above that in August 1932, according to the University of Texas Bureau of Business Research. Average
weekly shipments and average unfilled orders per unit
declined 7% and 13% respectively from July. However,
shipments were 13% above and unfilled orders were 6%
above August 1932.
Average weekly production per unit exceeded shipments
by 3,812 board feet, whereas in July 9,022 and in August
1932, 54,430 more board feet per unit were shipped than
were produced, added the announcement.
Gains in Business Activity in San Francisco Federal
Reserve District Retained During August-Mixed
Tendencies Noted in Trade and Industry.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of San Francisco, stated under date of Sept. 23 1933 that "Twelfth
(San Francisco) District industry and trade showed mixed
tendencies in August but, on the whole, activity retained
most of its previous gains and continued higher than a year
earlier. Industrial employment increased substantially more
than is usual at this season, and," Mr. Newton said, "there
was considerable expansion in payrolls." He continued as
follows:
Harvesting of most grain and field crops progressed satisfactorily during
August and the first half of September. Deciduous fruit crops were
damaged to some extent by insects and high temperatures, however, and
are expected to be smaller in the aggregate than in 1932. Sept. 1 forecasts
continued to indicate larger citrus fruit crops than in 1932. Condition of
both ranges and livestock became poorer during the month. Although
farm products prices decreased somewhat during August, they were considerably higher In mid-September than a year earlier.
Electric power production changed little from July to August, whereas a
slight decline is ordinarily expected. Activity at lumber mills did not
increase as much as Is usual from July to August, although production continued at a relatively high level. New orders for lumber fell off somewhat
further during the month. California output of crude oil averaged higher
during August and the first part of September than in July, but was
reduced considerably in the week ending Sept. 16 to 489,000 barrels daily.
That was the first full week of production under the new Federal code
allotments. Operations at canneries expanded seasonally, despite the
restrictive influences of strikes among fruit pickers. Non-ferrous metal
mining was slightly more active in August than in July.
The seasonally adjusted index of department store sales was lower in
August than in July, entirely as a result of decreases in California, where
a 23-i % sales tax became effective on Aug. I. Railroad freight carloadings
and wholesale trade increased slightly less than is customary from July
to August, but continued substantially higher than a year ago. Inter-
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coastal traffic expanded sharply, reflecting the highest eastbound tonnage
in two years.
Banking and credit conditions in the Twelfth District continued to
improve during the five weeks ending Sept. 20. Commercial loans of
reporting member banks tended upward during this period, particularly
during September. At the same time interest rates charged customers by
the city banks were reduced. Net demand deposits increased while time
deposits showed little net change. Investment holdings averaged slightly
lower than in the preceding month. Member banks reduced borrowings
from the Reserve Bank with funds received from commercial transactions
with other districts and from net United States Treasury disbursements
In excess of collections in this area. Most of the currency withdrawn in
early September to meet derdands over the Labor Day holiday was returned
by the middle of that month. Seasonally increasing needs of trade normally
call for an expanding circulation through the remainder of the year.
Lumber Shipments Lowest Since May-Orders Heavier
Than During Most of Recent Weeks.
Lumber shipments from the sawmills during the week
ended Sept. 23 1933 were the lightest of any week since May;
lumber orders, though less than the week before, were
greater than during any of the eight preceding weeks,
according to telegraphic reports to the National Lumber
Manufacturers Association from regional associations covering the operations of 1,051 leading hardwood and softwood
mills. Increase in new business reported was partly but not
entirely due to the larger number of mills reporting. Total
production during the week was 188,116,000 feet which was
the lowest of any week but one since July 8. Shipments
were 175,021,000 feet; orders received, 174,406,000 feet.
The Association further reports as follows:
For the first week since early July new business booked in the Douglas
fir region was heavier than production. Orders in Northern hemlock and
Northern hardwobds were also above output. Southern pine orders were
16% below production; Western pine, 19% below; Southern hardwoods.
14% below; total lumber, 7% below.
All softwood regions reported orders during the week ended Sept. 23
below those of similar week of 1932, total softwood orders being 13%
below those of last year. Hardwood orders showed gain of 6% over those
of corresponding week of 1932. Shipments were about the same during
the current week as during that of last year. Production this year was
47% above that of similar week of 1932.
For the 38 weeks of 1933 to date, orders were 14% above production.
For the first six months of 1933, they were 40% above output.
Forest products carloadings of 25,219 cars were 2,959 cars above the
preceding week, 7.169 cars above the same week of 1932 but 1,344 cars
below corresponding week of 1931.
Lumber orders reported for the week ended Sept. 23 1933, by 562 softwood mills totaled 147.235,000 feet, or 7% below the production of the
same mills. Shipments as reported for the same week were 147,702,000 feet
or 6% below production. Production was 157.479.000 feet.
Reports from 513 hardwood mills give new business as 27.171.000 feet,
or 11% below production. Shipments as reported for the same week were
27,319,000 feet, or 11% below production. Production was 30.637,000
feet.
Unfilled Orders.
The 526 identical mills (softwood and hardwood) report unfilled orders
as 435,818,000 feet on Sept. 23 1933. or the equivalent of 15 days' average
production, as compared with 503,655.000 feet, or the equivalent of 17
days' average production on similar date a year ago.
Last week's production of 393 identical softwood mills was 144.032.000
feet. and a year ago it was 103,055.000 feet; shipments were respectively
133.280.000 feet and 134,933,000; and orders received 130,556.000 feet
and 150,227.000. In the case of hardwoods, 189 identical mills reported
production last week and a year ago 16,906,000 feet and 6.258,000; shipments 15,327.000 feet and 13,675,000; and orders 15,236,000 feet and
14.407,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 314 mills reporting for
the week ended Sept. 23
NEW BUSINESS.
Feet.
Domestic cargo
delivery _ _ _ _
Export
Rail
Local
Total
UNSHIPPED ORDERS.
Feel.
Domestic MVO
23,353,000 delivery__ _127.004,000
86,100,000
22,475,000 Foreign
73,565,000
30,353,000 Rail
8,967,000
286,669,000
85,148,000 Total
SHIPMENTS.
Feet.
Coastwise and
intercoastal
Export
Rail
Local
Total
27,628,000
17,553,000
27,213,000
8,967.000
81,361,000
Production for the week was 82,489.000 feet.
Southern Pine.
The Southern Pince Association reported from New Orleans that for
103 mills reporting, shipments were 6% below production, and orders
16% below production and 11% below shipments. New business taken
during the week amounted to 22.051,000 feet (previous week 22.991.000
at 108 mills); shipments 24,786,000 feet (previous week 24,706.000): and
production 26,399,000 feet (previous week 26.390.000). Production was
44% and orders 37% of capacity, compared with 42% and 37% for the
previous week. Orders on hand at the end of the week at 100 mills were
57.140,000 feet. The 100 identical mills reported an increase in production
of 31%,and in new business a decrease of 30%,as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore.. that for
114 mills reporting, shipments were 16% below production, and orders
19% below production and 3% below shipments. New business taken
during the week amounted to 36.226.000 feet (previous week 54.032.000 at
131 mills); shipments 37.292,000 feet (previous week 43.534,000); and
production 44.570.000 feet (previous week 45.190,000). Production was
38% and orders 31% of capacity, compared with 34% and 29% for the
previous week. Orders on hand at the end of the week at 101 mills were
88.895,000 feet. The 99 identical mills reported an increase in production
of 62%,and in new business a decrease of 14%, as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., repot''did
production from 7 mills as 3,620,000 feet, shipments 2,475,000 feet and new
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Financial Chronicle
business 2,750.000 feet. The same mills reported production 350% greater
and new business 9% less than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 24 mills as 401,000 feet,
shipments 1,788,000 and orders 1.060,000 feet. Orders were 8% of capacity
compared with 9% the previous week. The 15 identical mills reported a
decrease of 25% in production and a decrease of 12% In new business,
compared with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
Production from 489 mills as 29,678,000 feet, shipments 25.953.000 and
new business 25,509,000. Production was 38% and orders 33% of capacity,
compared with 38% and 29% the previous week. The 174 identical mills
reported production 161% greater and new business 6% greater than for
the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported hardwood production from 24 mills as 959,000
feet, shipments 1.366.000 and orders 1,662,000 feet. Orders were 19%
of capacity, compared with 13% the previous week. The 15 identical mills
reported an increase of836% in production and an increase of 5% in orders
compared with the same week last year.
Value of Canadian Exports of Newsprint Declined
During August as Compared with August 1932—
Volume Increased During Month—United States
Biggest Buyer.
During August total exports of newsprint paper from
Canada amounted to 331,760,000 pounds, valued at $6,237,054,as compared with 305,521,300 pounds, valued at $7,251,752 in the corresponding month last year, states a report
issued Sept. 19, by the Dominion Bureau of Statistics.
According to the Montreal "Gazette" of Sept. 20 the report
also noted:
The United States was the best customer, taking 265.704,300 pounds,
valued at $5.092.974.
The United Kingdom was in second place with 26.556.400 pounds, valued
at $492,172, and Australia was third with 10,551.300 pounds, valued at
$231,783.
Trade Agreement in German Automobile Tire Industry
Canceled—Its Purpose of Satisfactory Regulation
Admitted to Be Failure.
Dissatisfaction with the existing trade agreement in the
German automobile tire industry has resulted in its cancellation, according to advices from Consul Sydney B.
Redecker, Frankfort-on-Main, made public on Sept. 21
by the U. S. Commerce Department. This agreement
established at the beginning of the current year between
manufacturers and dealers to regulate the German trade in
automotive tires is generally admitted to have failed to
achieve its purpose of satisfactory regulation, the report
states, adding:
One cause of serious complaint is the reported excessively low prices
granted directly by manufacturers to very large buyers, such as automobile
manufacturers and concerns operating numbers of vehicles. Tire producers
have been so eager to keep up production to the maximum that in order to
secure these large contracts they have cut their prices to levels allowing
scant profit above production costs.
On the other hand, dealers are very dissatisfied because of their small
turnover and elimination from the important wholesale business. In spite
of strict regulation, considerable price-cutting has taken place among the
dealer trade.
One factor which has particularly adversely affected the dealers in recent
months is the law granting tax exemption to new automotive vehicles
brought into service after April 1 1933, thus stimulating a great demand
for new vehicles, equipped with new tires, with a very depressing effect
on the old vehicles, reflected also in a diminishing demand for tire replacements, supplied by dealers.
The whole matter of new reorganization of the entire tire trade has been
presented to the Ministry of Economy for study and it is believed that a
new agreement will be established in the early fall, embodying features
designed to correct present causes of dissatisfaction.
Increase Reported in Exports of Rubber From Dutch
East Indies During First Seven Months of 1933.
A 25% increase in rubber exports from the Dutch East
Indies occurred in the first seven months of 1933 compared
with the corresponding period of last year, according to
advices to the U. S. Commerce Department from its London
office. In an announcement issued Sept. 19 the Department
said:
Total shipments in the 1933 period amounted to 161.640 metric tons
compared with 128.149 tons in 1932. July exports approximated 33,000
tons against 28.810 tons in June and 18,546 tons in July 1932.
Native rubber production, the report points out,is rising rapidly, totaling
13.000 wet tons (10.500 dry tons) in July, compared with the monthly
average from July 1932, to April 1933, of 5.730 tons.
Rapid increase in rubber production is considered in British trade circles
as likely to influence production control measures now under discussion, the
report declares.
Malayan Rubber Output Increases Shown for August
in Production and Stocks on Hand.
From the "Wall Street Journal" of Sept. 25 we take the
following from London:
Production of crude rubber on estates over 100 acres in size in Malaya
totaled 21,356 tons in August against 20.870 tons in July and 20,284 tons
In August 1932. Estimated total stocks of rubber, dry weight, on the same
Sept. 30 1933
estates, were 19,410 tons on Aug. 31 against 18,935 tons on July 31 and
19,618 tons on Aug. 311932.
Dealers' stocks at the end of August were 17.346 tons against 16.085
tons at the end of July and 18,921 tons at the end of August, last year.
Gross exports, duty paid, were 34,269 tons in August against 38.368 tons
in July and 32,156 tons in August, last year. Exports, as declared, including re-exports to Straits Settlements, were 32,554 tons against 30,958 tons
in July and 23,114 tons in August 1932.
Financing of Seeding of Winter Wheat to Be Made by
Regional Agricultural Credit Corporations and
Seed and Crop Production Loan Offices—Will Not
Exceed 85% of Borrower's Average Annual Acreage
of Product for Past Four Years.
Regional agricultural credit corporations and the seed and
crop production loan offices will finance the seeding of not
to exceed 85% of a borrower's average annual acreage of
winter wheat for a base period of the last four years, it was
announced Sept. 26 by Governor Henry Morgenthau Jr., of
the Farm Credit Administration. A statement issued by the
Farm Credit Administration on Sept. 27, in which the announcement was contained also said:
The financing is limited to the 85% of the average annual acreage regardless of whether or not the borrowing farmer has signed a wheat acreage control contract with the Secretary of Agriculture. The effect of these
Instructions is to place the loaning policy of the Farm Credit Administration
entirely in accord with the wheat acreage control program of the Department of Agriculture, Mr. Morgenthau explained.
This limitation of financing to 85% applies if the average annual acreage was in excess of 95 acres. If the average annual acreage was less than
95 acres but more than SO acres, no loan will be made to finance the planting of more than 80 acres. No reduction will be required if the average
acreage was 80 acres or less.
Governor Morgenthau also pointed out that in cases where winter wheat
is considered necessary for forage for the livestock of the applicant for a
loan from a Regional Agricultural Credit Corporation, plantings up to 80
acres may be nrade regardless of the history of the land. The seed and
crop production loan offices are making no loans for planting forage crops.
In computing the average annual acreage planted to winter wheat, the
spring wheat acreage may be used for the crop year or years in which no
winter wheat was planted. However, if both spring and winter wheat were
planted in the same crop year, only winter wheat acreage will be used.
If the land to be farmed was planted to winter wheat for the crop years
1930, 1931, 1932 and 1933, then the base period shall be that four-year
period. If the land was planted to winter wheat for only three of these
years, then the average of these three may be used to determine what may
be planted. Likewise, if it was planted for only two or only one of these
years, then the two years or the one year, as the case may be, may be used
to determine the allowed acreage.
In determining the aveiage acreage to be planted by an applicant, the
record of the land is to be used, whether or not the applicant farmed this
particular land.
$1.50 Wheat Prediction May Increase 1934 Crop.
From Fort Dodge, Iowa, the New York "Times" of Sept.
24 reported the following special correspondence under date
of Sept. 22:
Dollar and a halt wheat tor the 1934 crop, which was predicted at a
regional farm comerence by William Settle, a member or the national
wheat advisory committee, has imparted a stimulus to wheat planting
in the Southwest.
Although the farmers have agreed to a 15% curtailment in wheat acrea're
for the crop: new land will be added this fall unless the conservative farm
leaders are able to dissuade the speculators.
Mr. Settle's prediction was based on the parity price which he said
would be established no matter if $1 a bushel processing tax became neces-
sary.
United States Estimate on Wheat Too Small, According
to B. W. Snow—Statistician Sees Supply Close to
Domestic Needs.
In the Chicago "Daily Tribune" of Sept. 16 it was stated
that the United States is materially closer to a domestio
basis on wheat than the country as a whole believes, according to Statistician B. W. Snow. The latter, said the
"Tribune," after a careful analysis of the supply and demand
situation, estimates around 682,000,000 bushels of wheat
will be consumed in the United States this season, although
the Government recently placed the total around 600,000,000
bushels. The item from which we quote added:
Mr. Snow's view is to a large extent confirmed by Nat C. Murray.
who places the probable requirements at 630,000.000 bushels.
Mr. Snow is inclined to the belief that the Government has made a
serious error in its estimates on the carryover from the previous crops, and
calls attention to the fact that in a recent revision of the 1931-32 figures
they were raised nearly 20,000,000 bushels, due largely to a change in farm
holdings.
A Sharp Drop.
According to the figures presented in the analysis of the domestic wheat
situation the carryover at the end of the 1933-34 season may be reduced
to only 135,000,000. a figure about equal to the normal amount on hand
before the Federal Farm Board started its stabilization operations, and threw
a monkey wrench into the world's economic machinery, which wrecked
the market to such an extent that less than six months ago prices were the
lowest in recent history.
In arriving at his conclusions as to the amount of wheat available for
the current crop year. Mr. Snow uses his own estimate on production of
471.000.000 bushels, and allows 346,000.000 bushels for carry-ovdr from
the previous year. The Government's September estimate suggested a
yield o'507.000.000 bushles, while the carry-over was placed at 389,000.000
bushels in excess of a year ago.
Volume 137
Financial Chronicle
Hearings in Portland.
No material export outlet is regarded as necessary this season in order
to cut down domestic wheat supplies, although the Government is now
holding hearings at Portland. Ore., to subsidize the shipment of 30.000.000
to 35,000,000 bushels from the north Pacific coast to the orient and elsewhere.
Mr. Snow believes that if this wheat is exported there is a possibility of
the carry-over at the end of the 1933-34 season dropping below 100.000.000
bushels, which he regards as very moderate insurance against another
crop shortage. It would seem, therefore, that such a disposition of the
relatively small surplus in Oregon and Washington might properly be
likened to the removal of the key log in a lumber jam, and result in a
general cleaning up of our wheat situation.
Estimates Indicate That Canada's Current Wheat
Production Will Be at Lowest Levels Since 1924.
Official Canadian estimates indicate that wheat production in Canada during the current year will be the lowest of
any period since 1924, according to advices to the U. S.
Commerce Department from Commercial Attache H. M.
Bankhead, Ottawa. Total yield of oats is estimated to be
the lowest since 1929; barley, since 1921; rye, since 1931;
and flaxseed the lowest on record. An announcement issued
by the Commerce Department on Sept. 25 said that the
report further stated:
The yield of all the small grain crops is below last year. the report states.
The late sown crops are in poorer condition than at the same time last year
and about 20% below average. There has been a further decline in the
condition of pastures. In Prince Edward Island, Ontario. and the three
Prairie Provinces pastures are extremely poor. In fact, the report declares,
in the whole Dominion the condition of pastures is the worst on the Dominion
Bureau of Statistics records since 1908, except for the year 1914.
The official government estimate of the 1933 wheat crop is 282.771.000
bushels, of which 268,628.000 bushels are spring wheat and 14.143.000 fall
wheat. The estimate of the production of oats is 316,966,000 bushels;
barley. 64,291,000 bushels; rye, 6,418,000 bushels; and flaxseed, 756,000
bushels.
Large Wheat Surplus Forecast for France.
Under date of Sept. 26 Paris advances to the New York
"Times" stated:
The French wheat surplus at the end of the present season is going to be
about 110.000.000 bushels, and not virtually nil as the Minister of Agriculture forecast, according to Deputy Jean Montigny in an article in to-day's
El Capital.
k M. Montigny says the Minister's figures were mistaken and the government's plans were "gravely insufficient." The only solution lies in sharp
reduction of acreage, he adds.
Meanwhile, the price of bread has again risen in correlation with the
price of wheat, which is now 120 francs a metric quintal—about $1.96 a
bushel based on to-day's dollar rate.
) Bread now costs 1.95 francs a kilogram instead of 1.90. Much unfavorable comment has been aroused by this fact.
Slight Increase in India's Current Wheat Yield
Estimated.
On Sept. 26 the Department of Commerce at Washington
stated:
p
•
Estimates of India's wheat crop for the 1932-33 season just issued in
India show an increased yield of 5% over last year, according to ViceConsul Nathaniel Lancaster, Jr., Bombay, in a report made public by
the Commerce Department.
The official figures, covering over 98% of the total wheat acreage of the
country, report the total area under wheat in the current season as 32,992.000 acres against 33.803,000 acres last year. The total yield of the
crop, which has already been harvested, is estimated at 9.452,000 tons
compared with 9.024.000 tons in the 1931-32 season.
This year's estimates of wheat yield, it is pointed out, show an increase
in all the important wheat-growing areas of India, except in the Central
Provinces and Berar, North-West Frontier Province and Rajputana.
The yield per acre in the present season is 642 pounds compared with
598 pounds last season.
Use of International Wheat Pact Doubted in Germany
—Russia Seen Wrecking the World Agreement—
Reich Not Affected Under New Policy.
From Berlin Sept. 23 a wireless message to the New
York "Times" stated:
There is skepticism here as to the efficacy of the international wheat
agreement and suspicion that Russia has designs to wreck it on the pretense
that her export quota is inadequate, although at present her shortage of
cereals is so acute that she has begun buying in Turkey. Germany is not
affected, as under this week's Government announcement she virtually
will be isolated from the international market.
) State has directly fixed internal wheat and rye prices, raising them
The
from 182 marks a ton for wheat in October to 195 in June 1934. and from
147 marks for rye to 165, from mark Brandenburg products, the changes
In other districts being made according to geographical position.
The State by regulating production and import and export, with punishments for selling below these compulsory rates, can undoubtedly maintain
prices. The trouble is that a living profit cannot be assured to farmers
unless agricultural wages and prices of fertilizers and machinery and the
interest rate are simultaneously fixed by the State.
Russia Again Prevents Agreement on Wheat Export
Quotas—Demands 75,000,000 Bushel Allotment and
Rejects Compromise Offer by Canada and United
States—Negotiations to Be Resumed in Two
Months.
Further Russian refusals to accept an export quota of less
than 75,000,000 bushels of wheat annually forced an adjournment of the wheat advisory committee, meeting in London
on.Sept. 28, and again caused fears of Soviet "dumping" of
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the grain which might imperil the world wheat agreement.
Officials of the Department of Agriculture at Washington,
however, indicated that Russia's failure to adhere to the
agreement did not constitute a serious threat to the pact.
It was also said that the Wheat Advisory Committee will
meet again in about two months, and that a satisfactory
accord with Russia may then be reached. The export quota
offered Russia was 37,000,000 bushels. In an effort to satisfy
the Soviet representative on the Committee, an offer was
made to increase the Russian allotment in 1934, contingent
upon an increase in all wheat exports, but this offer was
rejected. Associated Press advices from London on Sept.
28 said in part:
Canada and the United States met Russia's demand that she must
have at least 75.000,000 busheLs of the export quota—double her allotmentby offering her 8,000,000 more in the event such an increase was
found feasible.
The Russian delegate, Abraham Gourevitch, left the meeting before its
conclusion with the assertion the position of his Government had not
been changed.
"Why should we?" he asked.
Later an official announcement said "no definite conclusions have been
reached." but that "further negotiations will be carried on between the
governments."
Argentina and Australia delegates did not attend the session, the explanation being that, since any concessions which would be made would involve
only the United States and Canada, it was believed those two nations
only were concerned.
The Russian refusal was generally anticipated since it was recognized
the hypothetical offer of an increase of 8,000.000 bushels came nowhere
near meeting the Russian demands. Acceptance of the offer would have
placed the Russian allotment near the American figure, 47,000,000 bushels.
Czechoslovakia Adheres to International Wheat Pact.
On Sept. 26 Associated Press accounts from Geneva said:
Czechoslovakia notified the League of Nations to-day that she adheres
to the international wheat agreement, which entails eventual reductions
in tariffs, provided this step will not make it difficult to maintain a remunerative price for home-grown cereals.
Less Sugar Consumed in United States During August
Than During August 1932.
Sugar consumption (distribution) in the United States
during August 1933 amounted to 540,626 long tons, raw
sugar value compared with 589,178 tons consumed during
August 1932. This is a decrease of 48,552 tons or 8.24%,
according to a report issued Sept. 25 by B. W.Dyer & Company, sugar economists and brokers. The report showed
that consumption for the first eight months of 1933 amounted
to 3,978,687 tons, an increase of 39,946 tons or 1.01%,
compared with the same period of 1932.
Increase of 64,471 Tons Reported in Distribution of
Sugar in United States During First Eight Months
of This Year.
There was an increase of 64,471 tons, or approximately
1.6% in the distribution of sugar in the United States
during the first eight months of 1933, according to statistics
compiled by Lamborn & Co., members of the New York
Coffee & Sugar Exchange. Distribution from January to
August inclusive was 4,051,741 tons, compared with 3,987,270 tons distributed during the similar period in 1932. The
firm also reports the following statistical developments:
Russia, during the first six months of 1933. exported 24,557 tons of
sugar, a decrease of 12.485 tons (approximately 50%) compared with the
similar period of last year. Of this year's shipments, 11,540 tons went to
Persia, 6,607 tons to Egypt, 2,626 tons to Afghanistan. 2,672 tons to China,
while the balance 1,112 tons were exported to miscellaneous destinations.
Of last year's six months' shipments, 20.296 tons went to Persia, 6,843 tons
to British East India, 2.641 tons to Afghanistan, 3,201 tons to China.
2,049 tons to Turkey, while 2,012 tons were exported to sundry other places.
The Louisiana cane sugar crop, based on the condition of the cane as
of Sept.1, is forecast at 165,200 long tons as contrasted with 198,892 tons
produced last year, a decrease of 33.792 tons, or 16.9%. The forecast is
based on an average yield per acre of about 13.75 tons of cane, and a total
production of 2,434,000 long time. Last year, the yield averaged 13.84
tons of cane to the acre, and total production amounted to 2,577,000
long tons.
Government's Plan to Advance Cotton Producers 10
Cents Per Pound on Their Crop—Growers to Get
Funds Without Guaranty of Repayment Beyond
Federal Lien—Loans to Bear 4% Interest—Credit
Corporation to Be Set Up to Distribute Funds
Advanced by RFC.
The plans of the Government to advance to cotton producers 10 cents per pound on their present crop (to which
reference was made in our issue of Sept. 23, page 2179),
have been further developed during the week. The initial
announcement made by the Department of Agriculture
regarding the plan was issued as follows on Sept. 22:
Following a conference at the White House to-day between President
Roosevelt, Secretary Wallace, Administrator George Peek of the Agricultural Adjustment Administration and Senator John H. Bankbead. of
Alabama, it was announced that cotton producers will be given an opportunity to secure an advance of 10 cents per pound on their present crop
without liability to them.
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Financial Chronicle
Details of the plan to provide this credit to cotton producers are now
being worked out by the AAA in co-operation with the Reconstruction
Finance Corporation and the Farm Credit Administration. Oscar Johnston
Director of Finance, is representing the AAA in formulating these details.
The plan, approved by the President entails the lending of producers
10 cents per pound on their cotton crop, for the purpose of enabling them to
bold their cotton until prices are nearer their fair exchange value.
On Sept. 25 it was made known that the establishment
of a private corporation with Federal capital was decided
upon by the AAA for distributing up to $400,000,000 in
loans to cotton farmers under the program to lend them
10 cents a pound on this year's crop. Further advices from
Washington Sept. 25 are taken as follows from the New
York "Times":
Use of this expedient to circumvent legal impediments was decided
upon when it was discovered by officials that the RFC could not make loans
without an unconditional guarantee of repayment by the borrower.
Under the original plan, announced by President Roosevelt last Friday.
(Sept. 22) it was contemplated that the required funds would be advanced
by the RFC to the FCA. The latter organization was to have complete
jurisdiction over the distribution of the loans, in line with the policy of
placing all loans for agricultural purposes under a single Federal agency.
For the latter purpose the FCA was established at the behest of the
President. and Henry Morgenthau Jr. received authority over all such
Government credit activity.
Growers Not Fully Liable.
It is contemplated further in the cotton loan program that growers
taking advantage of it should not be liable for repayment of the loans
beyond giving the government a 10-cent lien on the cotton against the
loans. It is an integral part of the plan that, should cotton go below 10
cents a pound on the farm, despite the 40% reduction contemplated in
next year's plantings, the Government would stand the loss.
But since the RFC could not advance the required funds without an
unlimited liability on the part of the borrower, the matter was put up to
Mr. Morgenthau. He pointed out that he could not wisely guarantee
repayment because such an action would directly involve all the assets of
the FCA, including outstanding Federal Land Bank bonds, and the remnants of the Farm Board revolving fund, from which loans are made to
co-operatives.
Corporation to Be Formed.
Officials then turned to the private corporation idea, which is understood
to have been the suggestion of Oscar Johnson, Finance Director of the
AAA. He first though of utilizing an unused charter to the Staple Cotton
Growers Association of Mississippi. which was set up when the Farm Board
began lending 163i cents a pound on cotton in its stabilization operations.
Although confident that permission to use the charter could be obtained
from the Mississippi organization, officials found in it certain restrictive
clauses not suited to their purposes.
It is probable, as a result, that the AAA will seek the establishment of a
private corporation under Delaware laws. Stock would be purchased exclusively by the AAA by using part of the $100.000.000 fund made available
to the President under the Agricultural Adjustment Act. This fund was
intended to finance the establishment of the adjustment machinery until
proceeds from processing taxes would be sufficient for the purpose.
On the same day (Sept. 25) the following announcement
was issued by the Department of Agriculture:
In an effort to expedite the advance of 10 cents per pound to cotton
growers on the current crop, Oscar Johnston, Director of Finance, of the
AAA. has called a conference for Wednesday morning (Sept. 27) of cotton
co-operative executives, cotton factors and others engaged in the buying
and marketing of cotton.
Mr. Johnston was designated by George N. Peek, Administrator of the
AAA,to represent this administration in working out the details of making
the loans to cotton farmers. Conferences were held during the week-end by
Mr. Johnston and representatives of the RFC and the FCA.
"We are developing a mechanism that will make these loans available to
cotton farmers with the minimum delay," Mr.Johnston said. He explained
that he had invited those agencies which engage in marketing and selling
of farmers' cotton to the Wednesday conference here for the purpose of
securing their co-operation in the effort to make these loans immediately
available to the farmer.
Loans to producers under the Government 10 cent cotton
program are to bear 4% interest, it was revealed on Sept.
27 in a tentative plan for placing the advances into immediate
operation, laid before cotton interests by Oscar Johnson,
financial administrator of the AAA. The Washington
correspondent of the New York "Journal of Commerce"
reporting this added that a complete program calling for the
set-up of a Federal Commodity Credit Corporation to pass
the RFC funds on to producers through the Federal Reserve
banking system, had been prepared by the financial administrator for the conference of cotton factors, shippers, cooperative marketing association representatives and others
in the industry. Continuing, the dispatch stated:
It was Indicated that the program would be made effective with only
slight changes that might be made later.
Wallace Approval Necessary.
The FCCC is to be set up through an agreement with the Secretary of
Agriculture under the Agricultural Adjustment Act.
The loan agreement will provide for 10c. a pound on all cotton classing
%-inch or better, low middling or better in grade: Sc. on low middling
or better but less than h-Inch: and on lower than low middling, "if made
at all," shall be made at a ratio determined by the Credit Corporation.
Full loans are to be made only on cotton in Federal or State licensed
warehouses, class BB or better. On cotton in licensed warehouses below
class BB an appropriate deduction is provided from the full loan on account
of increased insurance charges.
Borrowers may not sell pledged cotton without fully liquidating the
loan against it, including all costs and expenses incident to the loan.
Provision for Call.
The Credit Corporation may call the loan and require payment If the
market on middling 74-Inch cotton is 15c. or over, on the average spot
market price. Otherwise, loans are to extend to June 1 1934.
Sept. 30 1933
Loans are to be made to producers only, on notes to be determined by
the Credit Corporation, which will obligate the borrower to co-operate
with the AAA cotton acreage reduction program for the coming year.
Storage charges, interest charges and commissions will be payable from
the proceeds derived from the sale of the cotton and will have preference
over the principal obligation, provided the commission for selling and
handling is not over 3% of the gross sale price of the cotton and the Other
charges are usual.
Loans are to be made through co-operatives, cotton factors or licensed
warehouses in which the cotton is stored, and these lending agencies are
to certify the grade of the cotton. Warehouse receipts are to be used as
collateral.
The Government's plan to lend to cotton farmers 10 cents
a pound on their holdings of this year's crop was conditioned
on the acceptance by the growers of the program of the
AAA for reducing the crops of 1934 and 1935. The advices
to this effect were contained in a dispatch Sept. 22 from
Washington to the New York "Times" which in part also
said:
Considered the most definite step taken by the Administration to stimulate commodity prices to their pre-war level, the offer involves potential
loans of $400,000.000 should all farmers still in possession of their 1933
cotton take advantage of it.
The agreement which planters must make is to reduce planting next
year by 40% under the acreage of the last five years and to reduce plantings
of 1935 by not more than 25% of the same base period. This would permit
plantings in 1934 of about 25,000,000 acres, as compared with 41,000,000
acres this year, when the prospective crop is 12.400,000 bales after the
destruction of 25% of the crop.
Higher Prices the Goal.
In entering upon this program, the Administration hopes to reduce
the cotton production next year to a point where there will be no heavy
surplus and higher prices will result.
Pointing to the recent rapid rise in retail prices of consumers' goods
under the National Recovery program, Secretary Wallace said:
"We don't want the farmer to get hooked in the next two or three months."
The 10 cents a pound assured to growers represents an increase over
prevailing market prices of about a cent a pound. This is because the
loans will be made against cotton "on the farm" where there is a differential
of about a cent a pound under market prices.
This, the second notable step taken by the administration this week to
Increase commodity prices is supplemental to the policy of buying cotton,
foodstuffs and other staple supplies for distribution among the destitute
unemployed announced yesterday by the President. The direct relief
program will represent an expenditure of 175,000,000 and will be swiftly
organized.
Expects Trade Stimulation.
Both moves were characterized by the President as a form of inflation
intended to aid the producers and stimulate prosperity, and came as the
administration's answer to urgings by the recent cotton conference here
for immediate inflation of the currency, repeal of the processing tax on
cotton and the Pegging of prices for that commodity at 20 cents a pound.
After the cotton farmers had suppressed their pleas for currency expansion, the President agreed to consider their request for a move to stimulate
prices.
In the Washington account Sept. 22 to the New York
"Herald Tribune" it was stated that the cotton loan plan,
not dissimilar to the costly and futile pegging operations:of
the Federal Farm Board, but based, Administration officials
believe, on the sound ground of controlling future production, was announced after a White House conference.
From that account we also quote:
Those participating in the conference were:
Henry A. Wallace, Secretary of Agriculture; George N.Peek, Agricultural
Adjustment Administrator: Lewis W. Douglas, Director of the Budget, and
Senator John H. Bankhead, Democrat, of Alabama, spokesman for the
cotton inflationist group which has been meeting in Washington for several
days.
The cotton group managed to see the President yesterday, after it had
withdrawn its demand for outright inflation, a move that resulted in the
retirement from the group of Senator Elmer Thomas, Democrat, of Oklahoma, who had insisted upon inflation as the only method of reaching the
farm price situation everywhere.
Announcement of the cotton loan plan was made at the White House,and
its details were disclosed later by Secretary Wallace and Administrator
Peek, together with the program from the cotton acreage reduction campaign for next year, seeking a reduction of planting to not more than
25,000,000 acres. The crop sown this year of 41,000,000 acres was reduced
by the "turn-under" campaign carried out by the Administration to
approximately 31.000,000 acres, with an estimated yield of 12,000,000 bales.
On the basis of the ginnings to date from the present crop, which for the
most part Is being picked now,the experts of the Department of Agriculture
estimate that there are more than 8,500.000 bales still on the farms.
It Is not believed that anything like this total amount will be made
collateral by farmers for loans as the program to advance 10 cents a pound
now Is designed as a price-pegging operation. The expectation is that when
cotton advances to more than 10 cents the demand for loans will cease.
It is not expected at all, Secretary Wallace said to-day, that the government will buy the entire cotton crop or any major portion of it at 10 cents
a pound or $50 a bale. In their original demand, the cotton inflationist
group visualized 20
-cent cotton as the result of inflation, and if that did not
work, asked that the government buy 50% of the 1933 cotton on farms at
15 cents on the condition that the seller would pledge an acreage reduction
in 1934.
"In simple language," said Secretary Wallace, who is confident of higher
prices for the staple. "It is a plan to get for 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."
The proposals for cotton price fixing at 20 and 15 cents
were referred to in these columns Sept. 23, pages 2177-2179.
Cotton Loans at 10 Cents Are Above the Present Market—Nine Cents a Pound on the Farm.
The following is from the New York "Times" of Sept. 23:
The differential In the price of cotton from plantations to markets varies
from 25 to 40 points between the principal Southern ports and the interior,
Volume 137
Financial Chronicle
so that a farm value of about 9 cents a pound is indicated by yesterday's
prices.
The spot prices in the South ranged from 9.01 cents a pound at Little
Rock to 9.60 cents at New Orleans, with Houston and Galveston quoting
9.55 cents. The New York spot price was 9.80 cents a pound, about X
cent higher than in the Southern ports.
Cotton futures here were strong yesterday, the markets having received
a variety of reports as to what the Government might undertake for the
solution of the cotton growers' problem. October cotton closed at 9.61
cents, against 9.43 to 9.46 cents at the end of business on Thursday. and
December cotton was 9.85 cents, against 9.65 to 9 68 cents the day before.
Futures recently have been above 10 cents a pound on the markets, a
sharp rally on Tuesday having set the best closing levels of the week at
10.27 to 10.28 cents a pound for the October delivery and 10.50 to 10.52
cents for the December delivery.
At the same time practically all Southern ports quoted cotton slightly
over 10 cents a pound, and the New York spot price was 10.45 cents,
making the value to the farmer a shade less than the 10
-cent level now
established as the loan value on farm cotton by the Government. The
highest level reached by the New York spot price this year was 11.75
cents, on July 18, corresponding roughly to 11 cents a pound on the
plantation
Accurate Cotton Statistics Suggested as Means of Easing
Pressure on Growers.
Statistics as a possible means of relief for cotton farmers
are suggested by State Senator Shelby Fletcher, who is an
important North Alabama cotton grower and mill operator.
We quote from Birmingham (Ala.) advices, Sept. 22, to the
New York "Times," which likewise said:
Senator Fletcher believes the total number of bales of cotton in the
country to-day may be considerably less than is indicated by Department
of Agriculture estimates. These figures, be points out, are obtained by
adding to the number of bales ginned each year, the number computed to
have been carried over from the preceding year, and he suspects that the
carry-over computations have been used for so many years now that numerous errors may have been multiplied. Many things, he believes, can have'
happened to both the figures and the cotton. As one of Alabama's representatives at the cotton conferences in Washington, he is urging a complete
count of every bale in the country.
"For years," he told newspaper men in Montgomery recently, "we have
been figuring a carry-over from the last year. The carry-over figures have
grown. But we do not know whether there are as many actual bales of
cotton as the carry-over figures indicate. I would not be surprised if an
accurate census count of every bale In the country did not seriously cut
down the indicated total."
Continued Improvement Noted in German Cotton Mills.
Improvement in the German cotton spinning mills was
maintained during August, although new orders registered
a considerable decline according to advices from Co,,sul
W. A. Leonard, Bremen, made public by the U.S.Commerce Department. However, it is pointed out that the
majority of the mills are reported to have orders on hand to
continue operations at the present increased level for at least
two months. An announcement issued by the Commerce
Department under date of Sept. 22 continued:
Conditions in the German cotton weaving mills, the report shows, are
similar to those in the spinning mills with business on hand sufficient to
enable present operations to continue for the next few months.
Demand for cotton goods and yarns during August is reported to have
shown a decline when compared with the immediate preceding months. It
is stated that an appreciable decline was noted in the demand for flag and
uniform material. The demand for cotton goods is expected to increase
during the coming months since orders for autumn and winter articles have
been placed in few instances and only for small quantities. The demand
for cotton yarns is reported to have shown a decline when compared with
the immediate preceding months. Mills producing fine yarns reported a
slight improvement in sales.
The underwear and glove industries reported that the receipt of orders
during August continued to be good.
The hosiery industry reported operations to have continued at the same
level as in the preceding months.
Decrease Reported in Cotton Business During August
in Bremen.
Business in the Bremen cotton market registered a marked
decrease in August as compared with months immediately
preceding, according to Consul W. A. Leonard, in a report
made public by the U. S. Commerce Department, Sept. 22,
which also stated:
Local cotton merchants state that after the heavy buying and price
fixing during the months of June and July, a reaction set in during August
when spinners practically withdrew from the market. It is stated that
whereas in former months spinners called forward purchases before date of
delivery, they now request postponement of their purchases to a later date.
The demand for raw cotton during the month continued to be chiefly for
medium grades of staple length. The demand for low grades declined somewhat which is a usual situation at the beginning of a season.
Local cotton merchants state that the demand for Egyptian cotton continued quiet as was the case in the preceding months. Activity in the
market for Indian cotton is reported to have declined somewhat during
the month.
British Cotton Prices—United States Product Up
327 % from 1932—Wheat Gains.
4
The New York "Times" reported the following from
London, Sept. 23:
The current price of American middling cotton on the British market is
5.42d. a pound which is slightly below the 6.07d. price of a year ago; but
the present price is 32X% above the lowest of 1932, which was 4.08d.. on
on June 1. During the violent fluctuations on the New York cotton
market last July, Liverpool remained relatively steady.
2367
For wheat the Liverpool market's low price was 4s. If. in February,
but the British price has subsequently risen 2534% from that figure.
Egyptian Exports of Cotton Lower During Cotton
Year 1932-33 Than Preceding Year—France, Germany and Poland only Countries to Increase
Demand.
Exports of cotton from Egypt during the cotton year
1932-33 amounted to 862,000 Egyptian bales of about
750 pounds, compared with 982,000 bales during the preceding year, according to Alexandria trade reports received
by the Bureau of Foreign and Domestic Commerce. An
announcement issued Sept. 27, in noting this, further said:
The decline was general with the exception of France. Germany and
Poland which countries took more Egyptian cotton this season than last.
Exports to Great Britain amounted to 306.000 bales against 363.000
bales last season; India. 18,000 bales against 50.000 bales; Italy, 65.000
bales against 83.000 bales; Japan, 52.000 bales against 59.000 bales; Spain,
38.000 bales against 45,000 bales; Switzerland, 30,000 bales against 32.000
bales; and the United States, 41.000 bales against 48.000 bales.
Exports to France amounted to 131.000 bales against 100,000 bales
last season; Germany. 109.000 bales against 106,000 bales; and Poland.
13.000 bales against 11,000 bales.
Exports to Hungary decreased to 2,117 bales from 15,656 bales last
season but the large exports last season were brought about mainly by
credits granted by the Egyptian Government to Hungarian spinners.
No exports were registered to Russia against 13.378 bales exported in
the 1931-32 season,
The exports of Sakellarides amounted to 255,000 bales, representing a
decline of 8% from the 1931-32 shipments; exports of Ashmouni amounted
to 475,000 bales, a decline of 14%;and exports of Mon amounted to 33,000
bales, a decline of 40%.
License Requirement for Dyestuffs Imported into the
United Kingdom—Recommended to Be Continued.
The United Kingdom Import Duties Advisory Committee
has recommended the continuance of the Dyestuffs Act
requiring licenses for dyestuffs and intermediate products
(but exempting colors and coloring matters, including lake
pigments, artists' colors and printers' inks) imported into
the United Kingdom, and the removal of the import duty
of 10% ad valorem on dyestuffs admitted under license,
according to a cablegram received in the U. S. Department
of Commerce from Commercial Attache Lynn W. Meekins,
London. An announcement issued by the Commerce Department Sept. 14, from which the foregoing was taken
added:
The Dyestuffs Act of 1920 prohibited the importation into the United
Kingdom (except under license issued by the Board of Trade) of all synthetic
organic dyestuffs, colors, and coloring matters and all organic intermediate
products used in the manufacture of such dyestuffs, colors and coloring
matters. The act was originally scheduled to expire on Jan. 15 1931.
but its enforcement has been extended annually.
Japanese Dye Industry to Receive Government Aid
300,000 Yen Set Aside for Encouragement of
Production.
A policy designed to make Japan self-sufficient in the
matter of dye-stuffs has been determined by the Government,
according to advices to the U. S. Commerce Department
from Assistant Trade Commissioner Donald W. Smith,
Tokyo. The report, according to an announcement issued
by the Commerce Department on Sept. 21, further pointed
out:
The tentative budget of the Ministry of Commerce and Industry for the
next fiscal year contains an item of 300.000 yen,to be used for the encouragement of production of 28 different kinds of special dyes. Most of this
amount will be given to the Institute for Industrial Research and the
chemical branches of the Imperial universities.
The Ministry of Commerce and Industry also plans to give substantial
grants to firms engaged in the production of dyestuffs, during the next
fiscal year.
Imports ofsynthetic dyes Into Japan during 1932 were valued at 9.066.438
yen. Ofthis total the United States accounted for 1,157.000 yen; Germany,
4,959,000 yen. and Switzerland, 2,025,000 yen. Imports of dyestuffs
into Japan from the United States consists chiefly of indigo and direct
cotton dyes.
Petroleum and Its Products—Texaco Supports Crude
Oil Allowable Reduction Ordered by Ickes with
Higher Prices—Dollar-a-Barrel Crude Level Established in Wide-Spread Advances—Mid-Continent and Texas Fields Benefit—All Major Buyers
Swing Into Line with Higher Prices.
The Texas Corp., followed by all major buyers in the
Mid-Continent and Texas fields, boosted prices in these
fields from 3 to 11 cents a barrel, firmly establishing a
dollar-a-barral level as Secretary Jokes, Petroleum Code
Administrator, slashed daily crude oil production allowables
for October.
Under the revised price schedule, established late Thursday by Texaco and met the following day by all major
factors, Oklahoma and Kansas top grade prices are now
$1.08 a barrel for 90-gravity and over. A dollar-a-barrel
level was established for 36.
-36.9-gravity, considered the
average gravity produced in the Mid-Continent fields.
2368
Financial Chronicle
The.company's increase pushed East Texas postings up
10 cents a barrel to $1 a barrel with Texas Panhandle prices
also moving up 10 cents a barrel. Gulf Coast crude was
raised 11 cents a barrel to $1.12 for 40-gravity and above.
"The Secretary of the Interior, with the support of the
State Commissioners," the company commented in announcing the advances, "has succeeded in effecting a substantial reduction in the output of crude oil and has thereby
rendered a distinct service to the industry. Still further
reductions, however, are necessary in order to bring production into balance with consumption, and we believe
that the industry will be able to co-operate in effecting this
balance. It will be easier to procure 100% cc-operation
from the producers if they feel that an increased price will
accompany a reduced output."
In Conroe field, the advances ranged from 3 to 8 cents
a barrel with oil of 35 degrees at $1.07 a barrel, up 8 cents,
the advance narrowing down to 3 cents on 40-gravity and
above, posted at $1.12. Pric3s of 10 cents a barrel were
posted in West Texas, New Mexico, Texas Panhandle,
Darst Creek, Duval Country, Saxet and Great Fields, and
Smackover, Arkansas, while the advance was 8 cents a
barrel in the Darst Creek area.
The rwised production allocation announced by Secretary Ickes, effective Oct. 1, lowered the allowable of California, Texas and Oklahoma, the "big-tbree," and provided
that excess production in September must be charged
against the October total. Allowabla output was incraased
slightly for Kansas and Oklahoma with amounts in the.
other States and areas holding unchanged.
While under the new schedule daily allowable output
during October is reduced to 2,337,500 barrels from 2,409,700
barrels, its provisions provided for a sharper cut in actual
production by wells than the 72,200-barrel slash. The new
ruling authorizes the withdrawal of 95,000 barrels of crude
from storage in five States, but the withdrawal must be
deducted from the total allowable in those States.
September production in excess of the total allocation was
about 77,000 barrels, which, combined with the 72,200barrel reduction in daily allowable total output, and the
95,000 barrels allowed for withdrawals from storage, would
result in a dip in the total flow from wells of approximately
244,200 barrels daily.
Some form of diciplinary punishment was indicated for
violators of the allowable total posted earlier this month by
Secretary Ickes in Washington dispatches which have reported that he was keeping his eye on the situation and would
take action at the proper time.
The Ohio Oil Co., effective immediately, advanced the
price of Illinois, Princeton and western Kentucky grades of
crude oil 11 cents a barrel and Lima 10 cents yesterday
(Friday).
Members of the Texas Railroad Commission were enjoined
late yesterday from forcing 28 East Texas refiners to make
reports of their operations and transportation of crude oil
and its products by a writ issued by Judge J. S. Hutcheson
and Judge W. L. Grubbs, sitting as Federal Court at Longview. The Commission also was denied the right to examine
the books and records of the plaintiff companies.
The Judges pointed out, however, in making the ruling
that they did not intend to affect the rights of the Commission and the Attorney-General and other officers to
enforce the statutes which prohibit the purchase, transportation or handling of crude oil produced in violation of
orders. They also said that the plaintiffs must continue to
furnish approved tenders before any oil is accepted for
purchase.
Price changes follow:
-The Texas Corp. posted advances ranging from
Thursday, Sept. 28.
Texas fields.
3 to 11c. a barrel throughout the Mid-Continent and
-The Stanolind Crude Oil Purchasing Co., subsidiary
Friday. Sept. 29.
the Sinclair-Prairie Oil Marketing Co..
of the Standard 011 Co. of Indiana;
subsidiary of the Consolidated Oil Corp.: the Magnolia PetroleumCo..
Co.and the Humble
subsidiary of the Socony-Vacuum Corp.; the Carter Oil
New Jersey:
011 & Refining Co., subsidiaries of the St ndard Oil Co. of
Pipe Line Co.. the Gulf Refining Co. of
the Tidewater Oil Co.; the Gulf
by Texaco.
Louisiana. and the Sun Oil Co.. met the advances announced
-The Ohio Oil Co. posted advances of 11c, a barrel
Friday. Sept. 29.
grades of crude oil
In the price of Illinois. Princeton and Western Kentucky
with Lima being advanced 10c. a barrel.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$ .71
$2.35 Eldorado. Ark.. 40
Bradford. Pa
1.03
1.20 Rusk. Tex., 40 and over
Corning, Pa
.60
1.08 Salt Creek, Wyo., 40 and over
Illinois
.48
1.23 Darst Creek
Western Kentucky
.90
Okla., 40 and above... 1.08 Midland District, Mich
Mid-Cont.,
1.10
Hutchinson, Tex., 40 and over.... 1.03 Sunburst, Mont Calif.,40 and over 1.34
1.03 Santa Fe Springs.
SPindletOp, Tex., 40 and over
1.00
.75 Huntington, Calif., 26
Winkler, Te
1.82
.70 Petrolla. Canada
Smackover, Ark., 24 and over
Sept. 30 1933
-CRUDE OIL ADVANCES STRENGTHEN
REFINED PRODUCTS
MID-WEST BULK GASOLINE MARKET-LOCAL COMPETITIVE CONDITIONS FORCE CUT IN SERVICE STATION
-OUTPRICES OF GASOLINE IN TWO SOUTHERN CITIES
LOOK IMPROVED.
Bulk gasoline prices in Chicago, which had been easy all
week under continued liquidation of supplies bought in anticipation of Government fixing of crude oil prices at higher
levels, strengthened on the increase in crude prices although
the price level held unchanged. The low-priced offerings which had been in marked evidence all week disappeared from the market Friday morning
and the bulk of the movement of low octane gasoline held at
434 to 43/i cents a gallon. With low octane gasoline avail4
able at 33 cents a gallon in East Texas and selling freely at
4 cents a gallon in Oklahoma, the outlook had been rather
dismal before the higher crude postings.
Mid-west distributing circles hold that higher prices will
develop within the next few days in view of the higher crude
prices. At any rate, they pointed out, the market is freed
from the pressure exerted by buyers liquidating stocks.
This, while the price of gasoline held largely unchanged was
highly unsettling and little activity was reported.
Gasoline originating at small refineries in East Texas and
distributed at low prices was held responsible for the 1 cent a
gallon reduction in service station prices of premium and
ethyl grades of gasoline posted Wednesday in Houston by
the Humble Oil and Refining Co.and other major marketers.
The new prices in Houston area are 183' cents and 203/
cents a gallon, respectively, for premium and ethyl grades,
including 53 cents a gallon in taxes. Third-grade gasoline
held unchanged at 163/i cents a gallon.
Friday saw a 1-cent a gallon reduction posted in servcie
station prices in Louisville, Ky., by the Standard Oil Co.
of Kentucky and other major marketers, with the market
reported flooded with stored gasoline. The new price schedule
holds ethyl at 21 cents a gallon, regular at 19 cents and thirdgrade at 173. cents a gallon, including 5 cents State and
13' cents Federal tax.
Continued strength in the Gulf Coast markets was refleeted by firmness of the price structure in the local market.
Price advances in the former area would most certainly be
followed by like advances in the New York market, trade
circles contend.
Prices here, however, held firm during the week with good
demand reported. The reports from the Mid-West markets
of liquidation of supplies and offerings of low-priced gasoline had a slightly bearish effect on the market, although
the strengthening of the Chicago market following the crude
oil advances lifted this depressing influence.
Trade cirlces are interested in the stiffening of the export
demand for American gasoline which has been reflected in
increased activity in the Gulf Coast markets. Soviet
Russia is now turning to America to fill her motor fuel
requirements, according to trade reports, and is also apparently unable or unwilling to furnish adequate supplies to
her European markets. In some circles, it is reported that
Soviet Russia apparently desires to conserve its petroleum
resources in view of unsettled world conditions and consequently American refiners and exporters may expect to reap
the benefit in increased demand abroad for American motor
fuel.
With trading in other refined products in the local markpt
largely routine, Grade C bunker fuel oil was in good demand
at $1.10 a barrel, refinery, while Diesel oil was well held
at $1.95 a barrel, same basis. Domestic heating oils continued strong despite the recent increase in prices.
Demand for water white kerosene has Picked up somewhat, aided by seasonal demand, and it is moving along in
good fashion at from 534 to 53/i cents a gallon.
Pennsylvania lubricating oils are in slightly better demand,
with the price list holding firm.
Price changes follow:
-The Humble 011 & Refining Co. and other
Wednesday, Sept. 27.
major marketers late Tuesday reduced service st %Lion prices of premium
and ethyl grades of gasoline 1 cent a gallon to 18% cents and 20M cents.
respectively, including 5M cents a gallon in taxes.
-The Standard 011 Co. of Kentucky, Stoll Refining
Friday. Sept. 29.
Co. and other marketers reduced the price of gasoline 1 cent a gallon to 21
i
,
cents for ethyl, 19 cents for regular and 173 cents for third grade.IncludIng
5 cents State and 1M cent Federal tax.
Gasoline Service Station, Tax Included.
New York
Atlanta
Baltimore
Boston
Buffalo
Chicago
Cincinnati
Cleveland
$ 185
19)
203
185
193
165
.21
.21
Denver
Detroit
Houston
Jacksonville
Kansas City
Louisville
Minneapolis
New Orleans
$.195
156
185
.20
14
19
159
193
$ 14
Philadelphia
San Francisco:
.166
Third grade_
Above 65 octane- .21
23
Premium
145
St. Louis
Volume 137
Financial Chronicle
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
New York:
Chicago
$.0234-.0334 I New Orleans,ex_ --3.0314
(Bayonne)
$.0534 I Los Ang.,ex_ .0434-.06
Tulsa
.0434-.0335
North Texas
.03
Fuel Oil, F.O.B Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
$ .95
Bunker C
$1.10
8.75-1.00 Chicago 18-22 D_ .4234-.50
Diesel 28-30 D
1.95 New Orleans C
.80 Philadelphia C
.85
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne):
I Chicago:
I Tulsa
L0134
28 plus G 0_3.033.1-.04 I 32-36 GO
$.0134 I
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne):
N. Y.(Bayonne):
Chicago
$ 05-.0534
Standard 011 N.J.:
Shell Eastern Pet_13.0675 New Orleans,ex_ .04-04)4
Motor, U. S__-3.07
New York:
Arkansas
04-.0434
62-63 octane-. .0625
Colonial-Beacon._ .0650 California
05-.07
vStand. Oil N. Y__ .07
:Te MS
0675 Los Angeles, ex_ 0434-.07
Tide Water 011 Co .07
Gulf
0625 Gulf ports
05-.053i
:Richfield 011(Cal.) .07
Republic Oil
0650 Tulsa
05-.0534
Warner-Quin. Co_ .07
Sinclair Refining_ .0634 Pennsylvania__
.0534
:Richfield "Golden." z"Fire Chief,' 8.07. v Long Island City.
Texas Company Initiates Sweeping Increases in Crude
Oil Prices Throughout Southwest-East Texas
Field Oil Quoted $1 Flat
-New Schedule for Oklahoma Ranges from 84 Cents to $1.08 a Barrel
Many Leading Companies Follow.
Sweeping crude oil price advances were inaugurated by the
Texas Co. throughout the southwest yesterday morning
(Sept. 29). The Texas Co., which is one of the leading in-.
dependent oil companies, named a flat figure of $1 a barrel for
crude oil in the East Texas field. A few months ago the
Texas Co. was posting a price of 10 cents a barrel in this
field. Schedules in other fields, reported in the New York
"Journal of Commerce" of Sept. 29 by Harry A. Rapp,
follow:
In Oklahoma the new schedule, on a gravity basis, ranges from
84c. a
barrel for 28 gravity and above, with a 2c. spread, fixing 40 degrees gravit
at $1.08 a barrel, an increase of 11c. a barrel, in all grades and bringing
the
top level to within 3c, a barrel of the long expected price of a $1.11 a barrel.
Other increases announced by the Texas Co. include: advances of from
3c. to 11c. a barrel, in the Conroe field, the price now ranging from $1.07
a
barrel for 35 degrees gravity with a lc.spread to $1.12 a barrel. In Winkler
County, the price was boosted 10c. a barrel to 75c., while Crane and Upton
counties were raised 10c. to 70c. a barrel.
North Texas, north central Texas and north Louisiana are marked up 11c.
a barrel based on 79c. a barrel for below 29 degrees gravity with a 2c. spread
up to 40 degrees gravity and above which will be $1.03 a barrel.
Is Gulf Coast crude prices were increased 11c. a barrel, while Gray, Carson
and Hutchinson were advanced 10c. Smackover, Ark., as well as Duval
were raised 10c. Lea County, N. M., was boosted 10c. to
75c.. while
Darst Creek was advanced 8c. to 85c. a barrel.
Many leading oil companies announced yesterday (Sept.
29) that they had fallen in line with the prices posted by the
Texas Co. They included: Subsidiaries of Standard Oil Co.
of New Jersey, Socony-Vacuum Corp., Standard Oil Co. of
Indiana, Consolidated Oil Corp., Tide Water Oil Co. and
Sun Oil Co.
2369
The report for the week ended Sept. 23 1933 follows in
detail:
DAILY AVERAGE CRUDE OIL PRODUCTION. •
(Figures in Barrels.)
Week
Ended
Sept. 23
1933.
Oklahoma
578,550
Kansas
127,150
Panhandle Texas
43,700
North Texas
53.100
West Central Texas
21,850
West Texas
128,600
East Central Texas
46,100
East Texas
470,600
Conroe
73.500
Southwest Texas
44,700
North Louisiana
25.700
Arkansas
32,650
Coastal Texas (not including Conroe). 111,550
Coastal Louisiana
48.500
Eastern (not including Michigan)
94,600
Michigan
28,750
Wyoming
31,000
Montana
6,950
Colorado
2,450
New Mexico
41,900
California
475,100
Total
Week
Ended
Sept. 16
1933.
Average
4 Weeks
Ended
Sept. 23
1933.
564,650
130,100
45,650
54,300
22,2.50
129,250
53.200
550.200
79.550
50,250
25,850
30,950
118,700
48,050
97.600
30,650
31,200
7,550
2.350
41,850
489.300
551,300
390,400
128,550
100.950
45.800
46.650
53,550
48,550
22.150
23.850
145,650
169,850
54,100
53,950
560.850
371.500
83,700
17.350
49,250
54,750
26.050
29,750
31,500
34.000
123,650 126.650
47,950
34,350
96.300
95.800
30,000
24,500
30.100
31,900
7.200
7.300
2.400
2,600
41,750
32.000
494,150
481,900
Week
Ended
Sept. 24
1932.
2,487,000 2,603,450 2,625,950 2.178,550
Toxna
MA 700 1.103.350 1.138.700 913.100
-The figures Indicated above do not Include any estimate of any oil which
Note.
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS. AND GAS AND FUEL
OIL STOCKS, FOR WEEK ENDED BEET. 23 1933.
(Figures in Barrels of 42 Gallons Each.)
Daily Refining Capacity
of Plants.
District.
Crude Runs
to Stills.
Reporting.
Potential
Total.
East Coast
Appalachian_ _
Ind., Ill., Ky_
Okla., Kan., Mo.
Inland Texas._
Texas Gulf
Louisiana Gult
North La.
-Ark _ _
Rocky Mountain
California
%
Daily OperAverage. ated.
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
582,000 582,000 100.0 443,000 76.1 13,460.000 9,160.000
150.800 139,700 92.6 103,000 73.7 1,808,000
845.000
436,600 425,000 97.3 367.6100 86.4 6.472.000 5,650.000
462,100 379,500 82.1 265,000 69.8 4,833,000 4,208.000
274,400 161.100 58.7
95,000 59.0 1,259,000 1,830.000
507.500 497,500 98 0 393,000 79 0 6,022,000 7,213,000
162,000 162,000 100.0 125,000 77.2 1,382,000 2,030.000
82.600
76,500 92.6
53,000 69.3
219,000
656.000
80,700
63,600 78.8
798,000
35,000 55.0
718.000
848,200 821.800 96.9 460,000 56.0 13,691.000 98,641,000
Totals week:
Sept. 23 1933_ 3,586,900 3,308.700 92.2 2,339.000 70.7 c49944000 130,951,000
Sept. 16 1933_ 3,586,900 3,308.700 92.2 2.387,000 72.1 49,621,000 130.652,000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of Sept. 23 compared with certain September 1932 Bureau figures:
A.P. I. estimated on B. of M. basis, week Sept. 23 1933.1s
51,850,000 barrels
U. S. B. of M. motor fuel stocks, Sept. 1 1932
57.592.000 barrels
U.S. B. of M. motor fueld stocks. Sept. 30 1932
52,289,000 barrels
Estimated to permit comparison with A. P. I. Economies report, which Is on
b
Bureau of Mines basis.
c Includes 28,149,000 barrels at refineries. 18.095,000 bulk terminals, in transit
and pipe lines, and 3,700,000 barrels of other fuel stocks.
Secretary Ickes Reduces Daily Allowable Oil Output
from 2,409,700 Barrels to 2,337,500
-Order Lowers
Allocations for Three States and Raises Quotas
Crude Oil Output Declined During Week Ended
for Two.
Sept. 23 1933
-East Texas Figures Off Sharply
Oklahoma Flow Rises-Imports Lower.
Secretary of the Interior Ickes on Sept. 28 ordored a
The American Petroleum Institute estimates that the downward revision of total allowable daily production of
daily average gross crude oil production for the week ended crude oil, under the coda for the peticleum industry. The
Sept. 23 1933 was 2,487,000 barrels, or about 87,000 barrels production allocation which will become effective to-morrow
a day above country-wide allowable figure set by Secretary (Oct. 1) reduced the daily total from 2,409,700 barrels to
of the Interior Ickes. This compares with 2,603,450 barrels 2,337,500, but in addition provid xl for heavier reduction
per day produced during the previous week, a daily average in actual output by wells. He also ordered that 95,000
of 2,625,950 barrels during the four weeks ended Sept. 23 barrels of crude may be withdrawn from storage daily in
and an average daily output of 2,178,550 barrels during the fiva States, but that the withdrawals must be deducted
week ended Sept. 24 1932.
from the total allowable in those States. Details of the
Stocks of motor fuel oil rose 323,000 barrels during the Secretary's order, as contained in Washington advices to
week under review, or from 49,621,000 barrels at Sept. 16 the New York "Journal of Commerce" on Sept. 28, follow:
In cutting the allowable daily production the Secretary decreased the
to 49,944,000 barrels during the week ended Sept. 23 1933.
allocations
In the preceding week inventories fell off 1,292,000 barrels. Production provided for Texas. Oklahoma and California for this month.
quotas for Arkansas and Kansas were increased
Imports of crude and refined oil at principal United States of the areas were left at the same figure made effective for and the rest
this month.
The allocation for Texas was placed at 965,000 barrels, a daily reduction of
ports totaled 515,000 barrels for the week ended Sept. 23,
10.000 barrels from the 975.000-barrel quota allowed this month. The new
a daily average of 73,571 barrels, compared with a daily regulations provide that 40,000
barrels daily
average of 129,000 barrels in the preceding week and a daily withdrawals from crude oil storage stocks. of the October quota may be
Oklahoma's daily quota was set at 495.000 barrels for the coming month,
average of 116,607 for the last four weeks.
a reduction of 45.000
the 540.000
Receipts of California oil at Atlantic and Gulf ports were month. It is providedbarrels from barrels daily barrels allocation for this
that 25.000
of the October quota may
nil for the week ended Sept. 23, against a daily average of be taken in storage withdrawals.
The
69,286 barrels in the preceding week and a daily rate of 25.000 California allocation was cut to 455,000 barrels daily, a decrease of
barrels from the 480.000-barrel quota allowed this month. Of the
44,250 barrels for the last four weeks.
October quota, California may take 15.000 barrels daily
in storage withReports received for the week ended Sept. 23 1933 from drawals.
Arkansas also received an increased allocation. The 29.000-barrel
daily
refining companies controlling 92.2% of the 3,586,900 barrel quota for that State
during September was boosted 4,000 barrels to 33.000
estimated daily potential refining capacity of the United barrels for October, No provision was made for storage withdrawals
in
States, indicate that 2,339,000 barrels of crude oil daily that State.
The Louisiana quota was left at the 70.000
-barrel daily limit for this
were run to the stills operated by those companies, and month, but it was provided that 5.000 barrels
daily might be taken in
that they had in storage at refineries at the end of the week, storage withdrawals.
28,149,000 barrels of gasoline and 130,951,000 barrels of asProduction allocations for the remaining areas were left at the same rate
provided for September: New Mexico, 41,400 barrels daily: Rocky
gas and fuel oil. Gasoline at bulk terminals, in transit Mountains States. 38.900 barrels; Appalachian States, 94,200 barrels,
and
and in pipe lines amounted to 18,095,000 barrels. Cracked Michigan. 30,000 barrels.
gasoline production by companies owning 95.1% of the
To Assign Withdrawals.
Storage withdrawals are to be assigned by the "appropriate State regupotential charging capacity of all cracking units, averaged
latory body to such persons as have received permission from the planning
487,000 barrels daily during the week.
and co-ordinating committee and the approval of the petroleum adminis..
2370
trator to make the withdrawals," it was provided in the Secretary's order.
No storage withdrawals were allocated this month. The order read
further:
"It is hereby further ordered in accordance with Sections 3 and 4 of
in
Article IL of the aforesaid code that excess production or withdrawals
that
any State during September shall be charged against the allowable of
to during subseState for October and the same policy rigorously adhered
quent months."
This provision was interpreted here as making it vitally important to the
industry to aid in blocking "hot oil" shipments in excess of production
allocations.
petroleum
The provision of the first allocation order limiting imports of
imports
and its products to an amount not exceeding the average daily
during the last six months of 1932 were continued.
-.Downward Trend in Steel Production Less Pronounced
-Operations Now at 41% of Capacity-Orders for
-Price of Fin1,000,000 Tons of Rail in Prospect
ished Steel Again Rises.
The launching of a Government-sponsored capital goods
program, the speeding up of public works and a renewed
wave of steel buying, set in motion by price advances, have
put new life into a flagging market, announces the "Iron
Age" of Sept. 28. At the same time the downward trend
in steel production is less pronounced, with a rise of two
points to 46% of capacity at Chicago partially offsetting
three-point declines to 29% at Pittsburgh and to 72% in
the Wheeling district. The National average of ingot output,
at 41%,is identical with the rate of a fortnight ago and two
points lower than the figure of last week. The "Age" adds:
The chief disturbing feature in the iron and steel outlook is the fact that
the continued upward movement of prices, forced by rising costa, has
driven in business considerably in excess of consumers' present needs.
Even the steel fabricating trade, which had long religiously restricted its
purchases to steel requirements for specific projects, is now purchasing
for stock.
The greatest current impetus to steel demand- has been supplied by
advances of $2 a ton on plates and shapes and $3 a ton on bars for the
fourth quarter, which become effective Oct. 1. Covering at lower prices
this week is heavy. Buyers are prompted to get under the wire not only
on account of the advances in base quotations but also because of revised
extras and more stringent contract terms which go into effect next Monday.
In stipulating that contracts for steel shall be as binding as contracts for
pig iron and other materials, the mills are introducing a reform which has
been attempted without success on various occasions in the past. As
long ago as January 1919, the directors of the American Iron and Steel
Institute approved a form of sales contract of the type which has just been
adopted. However, the means of enforcement now available under the code
were not then at hand.
Scrap shows further weakness throughout the country, and price declines
at Chicago and Philadelphia have reduced the "Iron Age" composite for
heavy melting steel from $11.17 to $11.04 per gross ton, the fourth consecutive recession since the last week in August. Notwithstanding this
unfavorable augury, the trend of prices in other primary materials seems
to be definitely upward. Labor disturbances in the western Pennsylvania
coal mines have become chronic and on Oct. 2 code wage scales will become
effective, which will make higher fuel prices inevitable.
The "Iron Age" composite price for pig iron is unchanged at $16.71 a
gross ton, but the finished steel composite has risen from 1.979c. to 1.992c.
a lb., with a further advance due next week when fourth quarter prices on
heavy rolled products go into effect.
As distinguished from billet steel merchant bars, both billet steel and rail
steel reinforcing bars are unchanged from prices recently announced. Rail
steel merchant bars, however, have been advanced $3 a ton,effective Oct. 2.
The steel industry is still making adjustments in selling practices to make
its code workable. It has given Into the pressure of the automobile industry
for a moditcation of the code stipulation that all-rail freight rates be
charged on all shipments of iron and steel, and has arbitrarily fixed freight
charges to Detroit at 15c. per 100 lb. on merchant steel bars and 20c. on
hot-rolled strip and sheets.
Southern producers' differential of 38c. a ton under delivered prices on
Northern pig iron has been restored after having been canceled.
Arbitrary switching charges of 50c. per net or gross ton have been established at all pig iron and steel basing points except Chicago, where the
arbitrary will be 60c.
The Government's capital goods program was bought nearer to realization by a conference between rail makers and President Roosevelt at
Washington on Monday. Close to 1.000,000 tons of rails are reported to
bids.
be ready to be placed upon the submission of satisfactory competitive
Steel companies did not bind themselves to reduce the present rail price of
$40 a ton but it is understood that a concession of possibly $2 a ton may
be made.
The rail program is expected to be followed by Government-sponsored
purchases of railroad equipment.
Public works continue to loom up as an increasingly important prospective
source of tonnage. New structural steel projects, most of them of a public
and
character, total 29.350 tons compared with 14,500 tons last week
mostly in small
24,500 tons a fortnight ago. Structural steel awards,
of
tonnages, aggregate 10,100 tons, the largest total since the first week
August.
tons
Iron and steel exports in August rose to 119,374 tons from 88,311
In July. The principal increase was in the scrap movement. August
total.
Imports, 46.839 tons, underwent a decline of 5,966 tons from the July
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
(Based on steel bars, beams, tank plates
Sept. 26 1933, 1.992c. a Lb.
1 979c.3 wire, rails, black pipe and sheets.
One week ago
1 979c.I These products make 85% of the
One month ago
1 965e. United States output.
One year ago
Low.
High.
1.867c. Apr. 18
1 992c. • Sept. 26
1933
1.928c. Feb. 2
1 977c. Oct. 4
1932
1.945c. Dec. 29
2.037e. Jan. 13
1931
2.018e. Dec. 9
2.273c. Jan. 7
1930
2.2830. Oct. 29
2.3170. Apr. 2
1929
2.217c. July 17
2.2860. Dec. 11
1928
2.2120. Nov. 1
2.402c. Jan. 4
1927
Pig Iron.
basic iron at Valley
Sept. 26 1933, $16.71 a Gross Ton. (Based on average of irons at Chicago.
$16.71 furnace foundry
One week ago
Philadelphia, Buffalo, Valley, and Bir16.71
One month ago
mingham.
13.64
One year ago
Sept. 30 1933
Financial Chronicle
1933
1932
1931
1930
1929
1928
1927
High.
$18.71 Aug. 29
14.81 Jan. 5
15.90 Jan. 6
18.21 Jan. 7
18.71 May 14
18.59 Nov. 27
19.71 Jan. 4
Lou.
313.58 Jan. 3
13.56 Dec. 6
15.79 Dec. 15
15.90 Dec. 16
18.21 Dee. 17
17.04 July 24
17.54 Nov. 1
Steel Scrap.
Based on No. 1 heavy melting steel
Sept. 26 1933, $11.04 a Gross Ton.
$11.17 quotations at Pittsburgh, Philadelphia,
One week ago
12.00 and Chicago.
One month ago
7.75
One year ago
Lou.
High.
88.75 Jan. 3
$12.25 Aug. 8
1933
6.42 July 5
8.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan. 6
1931
•11.25 Dee. 6
15.00 Feb. 18
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
A $2 per ton advance in plates and shapes and $3 in bars
becoming effective Sept. 30, fourth-quarter contracting for
these heavy finished steel products is expected to be brisk
this week, states the magazine "Steel" of Sept. 25, which
adds:
Accompanying this rise is a revision of terms calculated to make a contract for heavy steel as ironclad as a contract for pig iron long has been.
Beginning Immediately, producers will contract on the following basis:
(1) For a definite tonnage to be completely specified in time for shipment before the last day of the quarter: (2) for a tonnage from which
the buyer may deviate up 25% or the mill down 25%. and (3) for a stated
percentage of a consumer's requirements within a specified maximum. It is
possible that mills also will give protection on identified jobs for 60 days.
The fact that the present 1.60c., Pittsburgh, base on plates, shapes
and bars becomes 1.75c. and 1.80c. Saturday is a spur to coverage. However, there are balancing penalties for under- and over-estimating requirements, the former necessitating open market purchases at advanced levels
and the latter the payment for and stocking of surplus material.
General business still being confused and the fourth-quarter outlook
obscure, buyers normally would tend toward conservatism, but if the
prospect for inflation deepens this week, an investment in materials may
appear more attractive than the conservation of cash. In any event,
demand has been so negligible for several weeks that whatever contracting
develops will represent a marked gain.
An advance at this time is in the face of an ebbing market, which by the
usual tests would not support a price rise, but producers point to sharp increases under the steel code as offering no alternative. Ingot costs alone
have increased $2 per ton, with conversion costs bringing the total almost
to $4, due chiefly to labor and fuel.
During the past week specifications against expiring contracts were so
extensive the national steel rate sank only 1 point to 40%• Chicago mina
gained 4 points to 44% on the strength of rail releases. Youngstown mills
were up 2 points to 48% and Buffalo 3 to 48. Eastern Pennsylvania was
steady at 3534%, Detroit at .55. and Birmingham at 50. Pittsburgh eased
a point to 34, Wheeling 3 to 72. Cleveland 6 to 54. and New England 10 to
86. This week New England will drop 16 points and Pittsburgh 4 points,
Youngstown will gain 2.
Public work is more a factor in the structural market, prospective jobs
including 4,000 tons for Boulder Dam, 3.000 tons each for a bridge at
Quincy, Mass.. and for the Puget Sound Navy Yard, 3,500 tons for a
municipal auditorium at Kansas City, Mo.. and 3,500 tons for Middle
West bridges. Last week's awards were 12,645 tons.
Word from Washington concerning railroad purchases remains indefinite
but some support from this quarter appears certain. The New York Central's distribution of 8.230 tons of rails makes a total of 17.530 released this
year. Thirty-five thousand tons is said to be in prospect from the Santa Fe.
Whether tin plate mills can operate at capacity more than a month longer
rests with can-makers, who may bridge the approaching seasonal letdown
by manufacturing for stock at present prices. A few small lots of cast iron
pipe are coming out of the public works program. Buying of hot-rolled
strip has been a shade broader. Specifications for sheets, especially from
automotive users, have necessitated putting on additional capacity.
Pig iron shipments continue seasonally high. For the New York vehicular tunnel 25.000 tons will be placed shortly. More Indian iron is being sold
in New England. Scarp remains dull, with the easy tendency in prices
dominant. Coal strikes are firming coke quotations.
Merchant rail bars have been put up $3 in conformity with hot-rolled
bars, and cold-finished and alloy bars are likely to advance and retain their
differentials. Hot-rolled sheets No. 10 gage are now quoted at the new
price of 1.75c., Pittsburgh.
"Steel's" index of iron and steel is unchanged at $31.23. The finished
steel composite, however, is up 20 cents to $48.50, while the scrap index is
off 17 cents to $10.71.
Steel ingot production in the week ended Sept. 25 is
placed at a shade above 40%, according to the "Wall Street
Journal" of Sept. 27. This is fractionally over the rate
of 40% in the preceding week and compares with 42%
two weeks ago. The "Journal" further reports as follows:
For the U. S. Steel Corp. thb output is estimated at slightly over 37%,
against 38% in the week before and 40% two weeks ago. Independent
companies are credited with a rate of 42%, compared with a fraction over
41% in the previous week and nearly 4334% two weeks ago.
The following table gives the percentage of production for the corresponding week of previous years, together with the approximate change
from the week immediately preceding:
Independents.
U. S. Sheet.
Industry.
1734+1%
1734+334
1734+234
1932
31-1
27 28-1
1.031
5634+ 34
05 -1
80
1930
79 -2
8514-234
82 -234
1929
85 +4
85 +6
85 +5
1928
62 +2
8534+1%
84 +2
1927
Steel Prices Advanced by All Leading CompaniesBars, Plates and Shapes Raised $2 to $3 a Ton.
Schedules showing increased prices for steel bars, shapes
and plates for the fourth quarter were sent by all the leading steel companies on Sept. 22 to the American lion & Steel
Institute. According to the schedules, bars have been
advanced $3 a ton, bringing the new prices to $1.75 per
Volume 137
Financial Chronicle
100 pounds, Pittsburgh, and $1.80, Chicago. The prices
of plates and shapes were increased $2 a ton, the new quotations being $1.70 per 100 pounds, Pittsburgh, and $1.75,
Chicago, on both products. It was reported that no official
comment has been made with regard to steel rails, which
hold at 0 a ton. From the New York "Journal of Commerce" of Sept. 23 we quote in part:
The advance had been generally expected In trade quarters, as the costs
of production are definitely higher under the National Recovery Administration. It is probable that the prices will hold, as for the first time
the whole Industry is required to post cost data with the American Iron &
Steel Institute, the code administration agency, and is also required to
flie advance notice of price changes.
The industry has complained for the past two years of insufficient tonnage
and low prices. With tonnage substantially above the levels of a year
ago the profit outlook was improved until the higher costs came into effect.
It has not been indicated whether the price advance will do more than
equal the cost increase. The labor cost to the industry is said to have
jumped $100,000,000 as a result of the adoption of the code limiting hours
and setting minimum wages.
Steel men were hoping yesterday (Sept. 22) that considerable business
would be booked before the end of the month, but it was not finally decided
if present prices will hold on such orders.
In its issue of Sept. 29, the New York "Times" said:
Minimum prices on steel plates and structural shapes have been filed
with the American Iron and Steel Institute by all makers of these products
In accordance with the industry's NRA code. The new prices represent
a rise of $2 a ton for deliveries in the last quarter of the year. The advance
was announced last week.
The new prices, with the dates on which they become effective, follow:
Plates.
--$1.80 a hundred pounds, Sparrows Point, Md., effective
Sept. 30; $1.75, Gary, Ind., effective Oct. 1.
Floor I-gates.- 3.20 a hundred pounds. Pittsburgh, effective Sept. 30;
$3.25, Chicago, effective Oct. 2.
Struaural Shapes.
-41.80 a hundred pounds. Buffalo and Bethlehem, Pa.,
effective Sept. 30; $1.85, Birmingham, Ala., effective Oct. 2; $1.70. Pittsburgh. and $1.75, Chicago, effective Oct. 5. Standard sections only,
$2.10. Gulf ports. effective Oct. 5. Wide flange, $2.20. Gulf ports, effective
Oct. 1; $2.35, Pacific Coast ports, effective Oct. 1.
New minimum prices on bars have not yet been announced, although
some makers have made advances of $3 a ton. Until all producers have
adopted the new minimum no change will be made in figures on file with
the institute.
Daily Average Production of Bituminous Coal Again
Declines-Anthracite Output During Week Ended
Sept. 16 Highest Since Last February-August
Figures Show Gain.
Production of bituminous coal during the week ended
Sept. 16 1933 is estimated ay 7,170,000 net tons, a daily
average of 1,195,000 net tons. This compares with 6,510,000
tons in the previous week, in which the Labor Day holiday
was observed, or a daily average of 1,289,000 tons, and
with 6,145,000 tons in the corresponding period last year,
or a daily average of 1,024,000 tons.
Anthracite production in Pennsylvania during the week
ended Sept. 16 1933 was estimated at 1,251,000 net tons,
the highest weekly output recorded since last February,
and compares with 1,019,000 tons in the week ended Sept. 9
1933 and 884,000 tons in the week ended Sept. 17 1932.
During the month of August 1933 production was estimated at 33,190,000 net tons of bituminous coal and 4,396,000 tons of anthracite, as against 29,482,000 tons of bituminous coal and 3,677,000 tons of anthracite in the preceding month and 22,489,000 tons of bituminous coal and
3,465,000 tons of anthracite in the corresponding period in
1932.
During the calendar year to Sept. 16 1933 there were
produced a total of 224,506,000 net tons of bituminous coal
and 33,140,000 tons of anthracite,compared with 196,960,000
tons of bituminous coal and 32,226,000 tons of anthracite
during the calendar year to Sept. 17 1932. The Bureau's
statement follows;
2371
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
Sept. 16
1933.c
Sept. 9
1933.d
Calendar Year to Date.
Sept. 17
1932.
1933.
1932.
1929.
Bitum. coal a:
Weekly total 7,170,000 6,510,000 6,145,000 224,506,000 196,960,060 366,218,000
Daily average 1,195,000 1,289,000 1,024.000
1,028,000
902,000 1,675,000
Pa. anthm. b:
Weekly total 1,251,000 1,019,000 884,000 33,140,000 32,226,000 48,931,000
Daily average 208,500 203,800 147,300
153,100
148,800
226,000
Beehive coke:
Weekly total
16,800
18,800
9,900
584,200
498,300 4,887,500
Daily average
3.133
2,800
1,650
2,643
2.255
22,115
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised since last report.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (NET TONS
-000 OMITTED).
Week Ended
Sept. 9 Sept. 2
1933. 1933.
Alabama
Ark.and Okla.__
Colorado
Illinois
Indiana
Iowa
Kansas and Mo.
Ky.-Eastern
Western
Monthly Production.
Aug.
1933.
July
1933.
Aug.
1932.
?al. Yr. to End of Aug.
1933.
1932.
1929,
Michigan
Montana
New Mexico_ _ _ _
North Dakota._ _
Ohio
Pa. (Mural__
Tennessee
Texas
Utah
Virginia
Washington
West Virginia
Southern _ a _ _
.
Northern_b
Wyoming
Jther States_ __ _
188
56
108
541
226
21
75
639
131
24
2
37
20
24
380
1,755
59
15
54
170
22
218
73
132
733
258
40
95
760
173
29
2
43
18
32
458
2,196
92
15
42
202
31
1,425
465
67
6
1,747
523
83
15
Total bit. coal_
Pa.anthracite._
6.510
1,019
8.010 33,910 29,482 22,489 208,602 184,934 343,921
1.234 4,396 3,677 3,465 30,460 30,648 46,062
Total coal__ _ _
7.529
9.244 38.306 33,159 25,954 238,062 215,582 389.983
Maryland
10
153
90
82
2,250
8.690
378
65
168
948
95
840
147
205
2,425
916
150
292
2,815
510
110
8
120
80
60
1,630
8,560
320
65
112
871
85
593
88
270
1,720
754
210
370
2,355
827
81
13
108
85
53
910
5,785
230
51
153
596
96
7,919
2.508
282
15
6,922
1,992
248
5
5,434 45,872 39,369 66,323
1,416 11,952 13,388 23,960
281 2,150 2,427 3.994
84
10
111
127
960
278
374
2,820
1,128
175
417
3.290
665
150
5,637 4874 11,998
1.172
984 3,109
2,914 3,033 5,776
21,896 18,470 37,643
7,899 7,404 11,670
1,686 2,166 2,562
3,073 3,306 4,337
18,129 15,448 29,809
4,503 5,680 9,144
908
895 1,720
159
258
518
1,151
1,182 2,052
745 1,695
697
848
983
922
12,092 7,199 14,594
55,085 47.538 04,715
2.190 2.008 3,526
491
400
751
1,462 1,549 3,047
5,655 4.630 8,296
762 1.024 1,633
a Includes operations on the N.& W.,C & 0., Virginia, K.& M.,and B. C.& G.
b Rest of State, including Panhandle.
25,000 Silk Workers Still on Strike in Paterson, N. J.,
District--Efforts at Mediation Fail and Mills Remain Closed-Estimates Place Cost of Walkout to
City at $500,000 Weekly.
No settlement of the strike of silk workers in the Paterson. N. J. district appeared likely late this week and practically all of the larger mills have remained closed as negotiations between representatives of the employees and employers failed to reach any satisfactory conclusion. On Sept.
27 at a conference between manufacturers and strikers in
the Jacquard branch of the industry it was agreed to appoint a joint committee of eight to seek a wage and hour
accord. On the same day the Associated Silk Workers
Group brought all branches of the strike under one leadership when it appointed a general strike committee to represent broadsilk, jacquards, throwsters and dyers. More than
25,000 strikers will be represented by this committee during
the strike. Meanwhile local business interests have estimated that the walkout is costing the city of Paterson
$500,000 weekly. The unions have recently opened several
relief bureaus to meet the needs of impoverished members.
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 Sept. 27, as reported by
the Federal Reserve banks, was $2,392,000,000, an increase
of $28,000,000 compared with the preceding week and of
$141,000,000 compared with the corresponding week in 1932.
After noting these facts, the Federal Reserve Board proceeds as follows:
On Sept. 27 total Reserve bank credit amounted to $2,421,000,000.
an increase of $33,000,000 for the week. This increase corresponds with
an increase of $53,000.000 in member bank reserve balances and a decrease
of $3,000,000 in monetary gold stock, offset in part by decreases of 910,000,000 in money In circulation and $9.000.000 in unexpended capital funds,
non-member deposits, &c., and an increase of $2,000,000 in Treasury
currency adjusted.
Bills discounted increased $3,000.000 at the Federal Reserve Bank of
San Francisco and a like amount at all Federal Reserve banks. The
System's holdings of bills bought in open market show practically no change
for the week. Holdings of Treasury certificates and bills increased $33.000.000. of Treasury notes $2,000,000 and of United States bonds $1,000.010
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended Sept. 27, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 2420 and 2421.
Beginning with the statement of March 15 1933, new
items were included as follows:
1. "Federal Reserve bank notes in actual circulation." representing the
amount ofsuch notes issued under the provisions of paragraph 6 of Section 18
of the Federal Reserve Act as amended by the Act of March 9 1933.
g the
2. "Redemption fund—Federal Reserve bank notes," representin
the redempamount deposited with the Treasurer of the United States for
tion of such notes.
deposits—non3. "Special deposits—member banks," and "Special
received
member banks," representing the amount of segregated deposits
from member and non-member banks.
the amount
A new section has also been added to the statement to show
banks.
of Federal Reserve bank notes outstanding, held by Federal Reserve
against
and In actual circulation, and the amount of collateral pledged
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Sept. 27 1933 were as follows:
Increase(÷) or Decrease(—)
Since
Sept. 27 1933. Sept. 20 1933. Sept. 28 1932.
133,000,000 +3,000,000 —207,000,000
—27,000,000
7.000,000
2,274,000,000 +36,000,000 +420,000,000
7,000,000 —6,000,000 —7,000,000
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
000 +33,000,000
TOTAL RESERVE BANK CREDIT-2,421,000,
4 324,000,000 —3,000,000
Monetary gold stock
1,948,000,000 +2,000,000
Treasury currency adjusted
5 595,000,000 —10.000,000
Money in circulation
2,596,000,000 +53,000,000
Member bank reserve balances
non-member
Unexpended capital funds,
503,000,000 —9,000.000
deposits. &c
+180.000,000
+139,000,000
+113,000,000
—10,000.000
+327,000,000
+116,000,000
City and
Returns of Member Banks in New York
Chicago—Brokers' Loans.
the Federal
Beginning with the returns for June 1927,
also commenced to give out the figures of
Reserve Board
as those in
the member banks in New York City, as well
for
on Thursday, simultaneously with the figures
Chicago,
themselves, and for the same week, instead
the Reserve banks
which time the
of waiting until the following Monday, before
covering the entire body of reporting member banks
statistics
ready.
in the different cities included cannot be got
is the statement for the New York City member
Below
for the
banks and that for the Chicago member banks
full statement
current week, as thus issued in advance of the
available until
of the member banks, which latter will not be
City statement, of
the coming Monday. The New York
member
course, also includes the brokers' loans of reporting
e of brokers' loans the present
banks. The grand aggregat
of these
week shows a decrease of $19,000,000, the total
1933 standing at $806,000,000, as compared
loans on Sept. 27
record for all
with $331,000,000 on July 27 1932, the low
these loans have been first compiled in 1917.
time since
,000 to
Loans "for own account" decreased from $715,000
banks"
$997,000,000, and loans "for account of out-of-town
$102,000,000, while loans "for account
from $103,000,000 to
00.
of others" remain unchanged at $7,000,0
REPORTING MEMBER BANKS IN CENTRAL
CONDITION OF WEEKLY
RESERVE CITIES.
New York.
Sept. 27 1933. Sept. 20 1933. Sept. 28 1932.
6,698,000,000 6,742,000,000 6,801,000,000
Loans and Investments—total
Investments—total
Reserve with Federal Reserve Bank__
Cash in vault
_ _ 881,000,000
39,000,000
061,000,000
38,000,000
5,296,000.000
5 244,000,000 5,278,000,000.
763,000,000 761.000,000 829,000,000
388,000,000 388,000,000 273,000,000
73,000,000
67,000,000
69,000,000
1,122,000,000 1,179,000,000 1,270,000,000
806,000,000
Total
715,000,000
103.000,000
7,000,000
400,000.000
20,000,000
5,000.000
825,000,000
425,000.000
292.000,000
531.000,000
133,000,000
275,000,000
Chicago.
1,215,000,000 1,220,000,000 1,214,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government secur ties
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
879,000,000
37,000,000
543,000,000
282,000,000
701,000,000
698,000,000
767,000,000
342,000.000
359,000,000
342,000.000
356,000,000
445,000.000
322,000,000
514,000,000
522,000.000
447,000,000
299,000,000
215,000,000
300,000,000
222,000,000
253,000.000
194.000,000
374,000,000
32,000,000
355,000,000
28,000,000
229,000,000
17,000,000
1,031.000.000 1.017.000,000
347,000.000 347,000,000
61,000,000
61,000.000
853,000,000
326,000.000
32,000,000
217,000,000
272,000,000
211,000.000
284,000,000
199,000,000
268,000,000
4,000,000
+12,000,000
—267,000,000
Loans and Investments—total-- —16,592,000,000
8,560,000,000
Loans—total
—36,000,000
—710,000,000
3,703,000,000
4,857,000,000
—70.000,000
+34.000,000
—271,000,000
—439,000,000
8,032,000,000
+48,000,000
+443,000,000
U.S Government securIties____ 5,086,000,000
2,946,000,000
Other securities
+42,000,000
+6,000,000
+397,000,000
+46,000,000
1,883,000,000
189,000,000
+7.000,000
—6,000,000
+224,000.000
+15,000,000
10,519,000,000
4,502,000,000
865,000,000
—39,000,000
+18,000.000
+134,000,000
—70,000,000
+314,000,000
1.199.000,000
2,595,000,000
—28,000.000
+6,000.000
—116,000,000
—187,000,000
20,000.000
—2,000,000
—65,000,000
On securities
All other
Investments—total
Reserve with F. R.banks
Cash in vault
Due from banks
Due to banks
Borrowings from Federal Reserve BankLoans on secur. to brokers & dealers: 697,000,000
For own account
102,000,000
For account of out-of-town banks
7,000,000
For account of others
Loans and Investments—total
Increased $6,000.000.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $20,000,000 on Sept. 20, a reduction of $2,000,000 for
the week.
of
Licensed member banks formerly Included in the condition statement
weekly
member banks in 101 leading cities, but not now Included in the
net
statement, had total loans and investments of 3885,000,000, and
00 on Sept. 20,
demand, time, and Government deposits of $912.000,0
y, on Sept. 13.
compared with $871,000,000 and $912,000,000, respectivel
member
A summary of the principal assets and liabilities of the reporting
are included in the statement, together
banks, in 90 leading cities, that
with changes for the week and the year ended Sept. 20 1933, follows:
Increase 1+) or Decrease (—)
Since
Sept. 20 1933. Sept. 13 1933, Sept. 211932.
Net demand deposits
Time deposits
Government deposits
2,297,000,000 2,314,000.000 2,321,000,000
1,057,000,000 1,054,000,000 1,001,000,000
U.S. Government securities
Other securities
On demand
On time
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on Sept. 20 shows a decrease for the
week of $39,000,000 in net demand deposits, and increases of $18,000,000
In time deposits and $12,000,000 in loans and investments.
Loans on securities declined $80.000,000 at reporting member banks In
the New York district and $70,000.000 at all reporting member banks,
and increased $7.000.000 in the Chicago district. "All other" loans increased $9.000,000 In the San Francisco district, $8,000.000 in the New
York district. $6,000,000 In the Chicago district, and $34,000,000 at all
reporting banks.
Holdings of United States Government securities increased $65,000.000
in the New York district and $42,000,000 at all reporting member banks,
and declined $18,000.000 In the Boston district. $6,000,000 in the St. Louis
district and $5,000,000 in the Dallas district. Holdings of other securities
1,731,000,000 1,743,000,000 1,683,000,000
1,613,000.000 1,631,000,000 1,796,000,000
3,354,000,000 3,368,000.000 3,322,000,000
On securities
All other
Due from banks
Due to banks
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of 101 leading cities as formerly, and shows
figures as of Wednesday, Sept. 20, with comparisons for
Sept. 13 1933 and Sept. 21 1932.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves, and cover the
same week,instead of being held until the following Monday,
before which time the statistics covering the entire body of
reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Sept. 20:
3,344,000,000 3,374,000,000 3,479,000,000
Loans—total
Net demand deposits
Time deposits
Government deposits
Sept. 36 1933
Financial Chronicle
2372
Borrowings from F.R.banks
G. W. McGarrah Returns from Abroad.
Gates W. McGarrah, former President of the Bank for
International Settlements at Basle, has returned to this
country after being abroad for nine months.
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. It is important to note
that, beginning with the statement of Dec. 311927, several
very important changes have been made. They are as follows: (1) The statement is dated for the end of the month
instead of for the first of the month;(2) gold held by Federal
Reserve banks under earmark for foreign account is now excluded, and gold held abroad for Federal Reserve banks is
now included, and (3) minor coin (nickels and cents) has been
added. On this basis the figures this time, which are for
Aug. 31 1933, show that the money in circulation at that
date (including, of course, what is held in bank vaults of
member banks of the Federal Reserve System) was $5,612,121,521, as against $5,629,852,526 on July 31 1933, and
$5,692,053,976 on Aug. 31 1932, and comparing with
$5,698,214,612 on Oct. 311920. Just before the outbreak
of the World War, that is on June 30 1914, the total was
only $3,459,434,174. The following is the full statement:
Financial Chronicle
Volume 137
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•Revised figures.
a Does not include gold bullion or foreign coin other than that held by the Treasury,
Federal Reserve banks, and Federal Reserve agents. Gold held by Federal Reserve
banks under earmark for foreign account is excluded, and gold held abroad for
Federal Reserve banks is included.
b These amounts are not Included in the total since the money held in trust against
gold and silver certificates and Treasury notes of 1890 Is Included under gold coin
and bullion and standard sliver dollars, respectively.
c The amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money In the United
States.
d This total includes $35,633,867 gold deposited for the redemption of Federal
Reserve notes ($1,132,755 In process of redemption, $37,900,584 lawful money deposited for the redemption of national bank notes ($21,041,009 In process of redemption, including notes chargeable to the retirement fund), $8,024,650 lawful money
deposited for the redemption of Federal Reserve bank notes ($492,943 In process of
redemption, including notes chargeable to the retirement fund), $1,350 lawful money
deposited for the retirement of additional circulation (Act or May 30 190S), and
$59,284,381 lawful money deposited soot reserve for postal savings deposits.
e Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
f The money In circulation Includes any paper currency held outside the continental limits of the United States.
Note.
-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held In the Treasury for their redemption: United States notes are
secured by a gold reserve of $156,039,088 held in the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which are also secured
dollar for dollar by standard silver dollars held in the Treasury: these notes are being
canceled and retired on receipt. Federal Reserve notes are obligations of the United
States and a first lien on all the assets of the issuing Federal Reserve Bank. Federal
Reserve notes are secured by the deposit with Federal Reserve agents of a !Ike
amount of gold or of gold and such discounted or purchased paper as Is eligible under
the terms of the Federal Reserve Act, or, until March 3 1934. of direct obligations
of the United States if so authorized by a majority vote of the Federal Reserve Board.
Federal Reserve banks must maintain a gold reserve of at least 40%, Including the
gold redemption fund which must be deposited with the United States Treasurer,
against Federal Reserve notes in actual circulation. Federal Reserve bank notes
are secured by direct obligations of the United States or commercial paper, except
where lawful money has been deposited with the Treasurer of the United States
for their retirement. National bank notes are secured by United States bonds except
where lawful money has been deposited with the Treasurer of the United States
for their retirement. A 5% fund Is also maintained In lawful money with the
Treasurer of the United States for the redemption of national bank notes secured
by Government bonds.
2373
Otto H.Kahn and W. W. Aldrich Return From Abroad.
Winthrop W. Aldrich, President of the Chase National
Bank, arrived in New York from Europe on Sept. 29. Otto
H. Kahn of Kuhn, Loeb & Co. also arrived from abroad the
same day.
Gold Output Lower in Transvaal
-Production in
Eight Months 7,414,184 Ounces, Against 7,657,764
a Year Ago-Great Britain Continues to Show Big
Excess of Imports of the Metal Over Exports.
According to London advices Sept. 16 to the New York
"Times" the Transvaal gold output continues to decline
in consequence of the treatment of lower-grade ore which the
high price now obtainable for gold makes possible at a substantial profit. The account continued:
August production of 934.714 ounces compared with 991,322 in August
1932, while every month this year has seen a decline compared with last
year. The total output for the first eight months was 7,414,814 ounces,
against 7,657,764 in the same period of 1932.
British imports of gold in August amounted to £4,392,000. and exports
£7,009.000. This striking excess of imports over exports has been character'Stic of virtually every month this year, imports for eight months totaling
£162,197,000, against exports of only £51,315,000. In the corresponding
period last year imports were E109,000.000 and exports £88,000,000.
Of this year's imports, £46,000,000 came from Transvaal. £22.392.000
from India, £22.190,000 from France, £14,341.000 from Holland, £11,580.000 from Germany, £11,430,000 from Australia. £7,373.000 from Canada,
£9,883,000 from the United States, £2,553,000 from Rhodesia, £1.129,000
from West Africa, £607,000 from Belgium, £720,000 from New Zealand,
£642.000 from Egypt, £672,000 from South America and the remainder
from other countries.
Of the exports. £16,966.000 went to Holland. £16,372.000 to the United
States, £7.946,545 to France. £1,036,000 to Belgium, £857,000 to Switzerland, £407.000 to South America and the remainder to other countries.
The increase in the Bank of England's gold holdings since the beginning
of the year accounts for part of the excess of imports over exports, but large
quantities are being held here in foreign account and represent hoarding
to some extent.
London World's Chief Gold Market.
The importance of London as a world gold market is
revealed in a study completed in the Commerce Department's Finance and Investment Division. The Department
in indicating this on Sept. 13, said:
This study which was made by H. M. Bratter points out that the outstanding position of the British capital as a gold center is due to five principal factors:
(1) Great Britain's leadership and wealth.
(2) The fact that the bulk of the world's new gold is produced in British
countries.
(3) The fact that a large number of regular transportation lines not only
ensure the prompt delivery of gold in London, but also the prompt transfer
from London to practically any part of the world.
(4) Tradition.
(5) The existence of well-established and highly-specialized firms dealing
in bullion.
Because of those factors, the marketing of the world's gold centers in
London. Indeed, that city is the only place where there is an organized,
permanent market for gold, distinct and apart from the Treasury and the
Central Bank.
It is interesting to note, according to Mr. Bratter. that the suspension of
the gold standard on Sept. 211931. was not permitted to interfere with the
operation of the London gold market. It is true that for some time a great
deal of the world's newly-produced gold thereafter found its way to the
ultimate buyer without passing through London in the usual manner.
That situation has since been changed, and the market now operates
normally. Under the glod standard, the London price of gold was held
within very narrow limits, owing to the fact that the British Treasury.
through the Bank of England, stood ready at all times to buy and sell gold
at fixed buying and selling prices.
Now that the gold standard is in suspension, the pound sterling naturally
fluctuates, in terms of gold and, conversely, the price of gold in terms of
pounds sterling is no longer held within any definite limits, the study reveals.
When the Bank of England wishes to buy gold it must purchase in the market
like any buyer and bid the market price, which is to-day considerably
above the statutory buying price of the British mint.
Philippine Tax Asked on Gold Mining Profits-Insular
Senate Gets Bill to Apply Leasehold System to
Mineral Deposits.
Pointing out that the Philippine Legislature has awakened
to the fact that a boom exists in the gold mining industry
and has taken steps to enable the Insular Government to
share in the large profits being made by a number of the
big gold mines, most of which are located in the mountain
province around the City of Baguio, special correspondence
Sept. 12 from Manila, published in the New York "Herald
Tribune" of Sept. 24, went on to say:
A bill sponsored by Senator Jose Veloso, member of the Philippine mission which recently visited the United States with Senate President Manuel
Quezon, has just been introduced in the Senate. seeking to amend existing
mining laws. Going farther than mere participation in the gold mining
profits, the bill seeks greater control of all mineral lands in the Philippines
by prescribing regulations governing the holding system and the operation
ot the mines.
One ol the most significant teatures of the bill is the provision which seeks
to replace the freehold system with the leasehold system. The Government
would assume full ownership and control of all lands containing mineral
deposits, other than coal, petroleum. mineral oils and gas, and all corporations or individuals seeking to exploit or develop such deposits could only
lease the land trom the Government, paying a rental of $2.50 a hectare
(two and a half acres) every year.
2374
Financial Chronicle
Would Affect Old Claims.
It passed by the insular Legislature and approved by the President of the
United States, the new law would affect not only future holdings, but also
claims now tiled with the Government by individuals or corporations, with
the provision that parties who have claims now on file would be given
preference to lease their claims, so long as they file a petition to that effect
within one year atter the new law goes into effect.
The holdings through lease are limited in the bill as follows:
1. For metallic minerals in lode deposits: Not more than ten hectares
(25 acres) for an individual nor more than 100 hectares for a corporation.
2. For metallic minerals in placer deposits: Not more than 10 hectares
for an individual nor more than 500 hectares for a corporation.
3. For sand, gravel, earth or other mineral products: Not more than 10
hectares for an individual nor more than 30 hectares for a corporation.
4. For precious, ornamental and building stones: Not more than 10
hectares for an individual nor more than 30 hectares for a corporation.
Mineral Royalties Proposed.
In addition to the yearly rental the bill empowers the Government to collect royalties which for all minerals except gold would be at the rate of
% of the actual market value of the gross output. In the case o7 gold
mines the royalties would be 13i% 1:the value of the output does not exceed
% if the value exceeds 3500.000, but does not exceed $1,200,3500,000.
000; 33i% if the value exceeds $1,250,000 but is not more than $2,000,000.
and 5% when the value of the output exceeds $2,000,000.
Should the new law become effective the $2.50 a year rental, as well as
royalties, would be levied on all mineral holdings and claims, irrespective
of when these holdings were obtained.
The bill places control of all mineral lands in the hands of the Secretary of
Agriculture and Commerce.
Gold mining in the Philippines has taken on unusual activity during the
last year, but the actual boom has been in progress only for the last six
months. The main advance has been in the district around Baguio, where
the gold fever runs high. During the last year not less than 20 gold mining
companies have been organized and incorporated, with no material investment from outside the Philippines.
Shares Rise from Five Cents.
Among the gold mines which have proved valuable are the Benguet Consolidated Co., the Balatoc Mining Co., the Antamok Goldfields, the Gold
Creek Co. and the Rogon Mining Co. The Benguet Consolidated, organized in 1903, has been the most valuable mining property in the islands.
Its shares, originally sold for five cents each, are now quoted at $12.50,
with no sellers. Last June the company paid quarterly dividends of 25
cents a share on 2,000.000 shares, or a total of $500,000 for the second quarter this year.
Officials of the Benguet Consolidated have made the claim that, with the
exception of one mine in Alaska and another,one in the United States,
Benguet is the largest gold producer under the American flag.
The 13alatoc company,a younger organization, is capitalized at $1,000,000
divided into 2,000,000 shares. The current market price is $11.50 a share.
Last June the company paid dividends of 15 cents a share tor the second
quarter of this year. Balatoc is operated by the Benguet Consolidated.
The profits reaped by the Benguet and Balatoc companies during the last
few years brought about a sudden interest in gold mining, with the result
that within the last year no fewer than 20 new companies have been formed.
some of which show great promise. Some of these new companies are the
Antamok Goldlields, Eldorado Mines, Benguet Exploration, Bontoc Exploration, Demonstration Gold Mines, Fortuna Goldfields, Gold Creek.
Gold River, Midas Gold Mining, Salacot Exploration, Stove Consolidated
and Southern Cross,
Colombia Urged to Aid Gold-Mining Industry.
From the New York "Times" of Sept. 24 we take the
following special correspondence from Bogota Sept. 20:
Stimulation of gold production by extending Government credit for
financing such operations is proposed to Congress in a bill introduced by
Senator °spina Perez. He stated that in the 18th Century Colombia
produced 40% or the world's gold and now extraction has fallen to 1%.
"All the gold that was easily reached," the Senator explained, "has been
taken out. Civil wars that rorced those who formerly exploited gold mines
to abandon them and the lack of roads permitting the introduction of modern machinery have destroyed our mining industry. At present mines can
only be worked by very poorly paid labor. They were profitable when
worked by slaves."
14th Session of Assembly of League of Nations Is
Opened with Warning of War Threat to World—
Premier Mowinckel Hopes Four-Power Pact May
Aid Peace—South African Elected President—Preliminary Disarmament Discussions Continue at
Geneva.
The 14th session of the Assembly of the League of Nations
was opened at Geneva on Sept. 25 by Premier J3han Mowinckel of Norway, President of the Council, who warned
the delegates that the possibility of war threatens the world,
but who added that the Four-Power Peace Pactrecently signed
by Germany, Italy, France and Great Britain might prove
a bulwark for a "torn and divided Europe, where liberty of
thought and personal liberty are not everywhere secure."
One of the dramatic incidents at the initial session of the
Assembly was the entrance of Dr. Paul Joseph Goebbels of
Germany, accompanied by a bodyguard. Sixty-four
nations sent representatives to the Assembly, including
all League members except Japan, Argentina and Honduras.
A surprise recorded on the opening day was the election of
Charles T. de Water, the South African High Commissioner
to London, to be President of the Assembly. By a vote of
30 to 20 he defeated Francisco Castillo Najera of Mexico,
whose election had been widely anticipated. The Assembly
acted on Sept. 25 to adjourn until 1934 the task of harmonizing the League covenant with the various peace pacts
that have recently been concluded. The address of Premier
Sept.
30 1933
Mowinckel was described as follows in Geneva advices to
the New York "Times":
Looking down on Dr. Paul Joseph Goebbels of Germany, the first
League delegate ever to enter the building protected by a bodyguard,
as he sat in the front row, the Norwegian Premier invoked the pmific
spirit of Gustav Stresemann and Aristide Briand. He pleaded for "torn
and divided Europe. where the words equality and fraternity are relics of a
bygone age and where even the most sacred rights of liberty—liberty of
thought and personal liberty—are not everywhere secure."
Premier Mowinckel recalled that Herr Stresemann had told the 1929
Assembly "it is our prosaic duty to bring the people nearer together and
bridge over their differences," while all eyes continued to centre on the
small non-Ayran appearing figure of the chief Nazi propagandist. Dr.
Mowinckel, who is six feet of pure Nordic, ended by quoting this passage
from M. Briand's speech here in 1929: "When children are taught love,
peace and respect for other nations and to look for what men have in
common rather than for their points of difference, we shall no longer need
to apportion guarantees or apply Article XVIII of the Covenant. Peace
will already be enthroned among the nations."
Criticism of League Noted.
Dr. Mowinckel's review of the year, expressing his personal views,
stressed that public opinion, which is centred not on the important daily
work of the League but on big events, is dissatisfied with the League
because of the Manchurian, disarmament and economic conferences. He
stressed the responsibility of the great powers for this, including the United
States, and urged them to get together and lead the way. To the surprise
of the delegates of many small States, he thought the Four-Power Pact a
step in the right direction.
He found cause for League satisfaction in its work in the Persian, Letician,
Greenland and Chaco disputes, but most of all in the co-operation enjoyed
during the past year with the United States, "which never has been so
important, so close and so varied," and hoped it would become even closer.
"Despite disillusionment and despite the general discouragement that
prevails, every responsible person knows that we have in the League a
marvelous instrument and we are bound to continue to do all that lies
in our power to make it strong and effective," said Dr. Mowinckel.
The first commission of the Assembly,meeting on Sept. 26,
voted to increase the membership of the Council to 15,
thus providing an extra seat. It was reported that France
and Italy hope to obtain this place for Austria. Plenary
sessions of the Assembly were meanwhile postponed pending
a decision of Paul Joseph Goebbels of Germany to speak.
Most of this week's activity at Geneva, aside from the
formal opening of the Assembly on Sept. 25, was devoted
to disarmament discussions preliminary to the opening of the
Disarmament Conference on Oct. 16. The Italian delegates
played a prominent part in these discussions, and held a
series of conferences with the French and German representatives. A copyrighted dispatch from Geneva to the
New York "Herald Tribune" on Sept. 26 said that the
Italians were reported to have proposed a compromise
agreement which raises the following questions:
A four-year trial period, as the first stage before any disarmament by
France, Great Britain, Italy and the United States, should also be accepted
by Germany.
Control should be accepted, though Germany should have a hearing on
its objection to international inspection in favor of bilateral visits between
German and French experts, for instance.
German effectives should be doubled,as proposed in the British plan,
to 200,000 during the four-year period. semi-military organizations being
disbanded meanwhile.
Germany should be allowed to double its defensive armaments, leaving
to future negotiations whether these will consist of arms allowed by the
Versailles Treaty or whether they will be based on a now definition of defensive weapons which would allow the Germans pursuit planes.
Details of disarmament by France and the other countries during the
second stage should be specifically cited.
United States Refuses British Suggestion to Delay
Cruiser Construction —Navy Now Building Four
Ships of Type to Which British Objected.
The State Department announced on Sept. 26 that the
United States Government has notified Great Britain that
it cannot delay or modify its naval program in conformance
with recent British suggestions regarding the reduction of
tonnage of vessels in the cruiser B or six-inch gun class under
the London Naval Treaty. It was reported in Washington
that Norman H. Davis, United States Ambassador-at-Large,
had given this information to Sir John Simon, British
Foreign Secretary, at Geneva on Sept. 25. The State
Department announcement read:
in reply to suggestions from the Uritish Government that the laying
down of any six-inch gun cruisers larger than those now in existence might
be deferred during the life of the disarmament conference, or at least
Pending further discussion of the qualitative limitations of future ship-s.
the American Government has replied that it did not see its way clear to
alter its delayed naval construction program or to suspend the laying down
of any projected ships.
Washington advices to the New York "Times" on Sept.
26, commenting on this decision, said:
For the past ten years, British naval experts have been trying to secure
adoption of a limitation of 7,000 tons on light cruisers, instead of the
maximum limit of 10,000 tons under the London Treaty. The lighter
cruiser 18 better adapted to British Navy needs because of Britain's many
naval bases and stations, but American experts have constantly opposed
any such limitation for the United States Navy.
From the strategic point of view American experts feel that our cruisers,
in the event of war, would be called on to operate far from their bases.
They have insisted that the United States Navy needs cruisers capable of
steaming 3,000 miles to meet the enemy, carry through the engagement,
Volume 137
Financial Chronicle
and return to their home bases without touching land. A vessel of at least
10,000 tons is needed for such an operation, they claim.
Under the naval building program now under way, as part of public
works expenditures of the recovery movement, the navy is building four
of the cruisers to which the British object. Each will displace 10,000 tons
and be armed with six-inch guns.
Great Britain Offers Conversion Loan—New Issue of
£160,000,000 in Exchange for Short-Term Bonds—
Interest 23 %.
.
The British Government announced on Sept. 26 that it
would issue on Sept. 28 a new 2IA% conversion loan (194449) of £150,000,000 for dealing with a portion of the shortterm floating debt. The price of the issue is 94%,according
to London advices, Sept. 26, to the. New York "Times"
which gave details of the offering as follows:
Holders of 43 % Treasury bonds, due on Feb. 7 1934, may convert all
or part of their holding at the rate £106 7s. 6d. of the conversion loan for
each £100 nominal of Treasury bonds. Those accepting will receive a
special interest payment of 27s. 9d. on Feb. 1 and a full half
-year's interest
on April 1 upon the new 2%% loan issued in exchange.
Assuming the whole of the £50,757,000 worth of 4 % Treasury bonds
(1934-36) are converted, the government will effect an annual saving in
Interest of £934,000. It also will acquire funds to the extent of nearly
£100,000,000 which it can utilize for reducing the available volume of
Treasury bills or alternatively lessening the amount of borrowings on such
bills in the near future.
The new loan is really an addition to the existing 23 % conversion loan
(1944-49) of which £55,000,000 is outstanding. It will appeal mainly to
banks and other professional dealers in credit. At 94 it will show a flat
yield of £2 13s. 2d. and a total yield in 1949 of £2 19s. 7d.
British Bill Rate Lowest on Record.
From London,• Sept. 23, London advices to the New
York "Times" said:
Treasury bill allotments this week were the cheapest on record, being
45. 9.I5d. against 5s. 11.30d. a week ago and the previous low of 56. 4.95d.
In August. The current low is due to the fact that the bills represent
maturities of the end of December.
New
Australian Conversion Loan of T21,000,000
Disposed Of in London Now At Premium.
Canadian Press advices, Sept. 15,from London said:
The Australian conversion loan offered to reduce the interest rate on three
bond issues totaling approximately £21,000,000 was subscribed to-day
mmediately the list was opened.
The three issues are the 6% (1931-41) Commonwealth £15.000,000:
the 5h% (1925-35) New South Wales £4,901,000, and the 554 (1930.%
40) West Australian £1,050,000. They now will be converted into new
stock carrying 3g% interest, at 98, redeemable in 15 and 20 years.
On Sept. 28 the Canadian Press London advices stated:
The Australian conversion loan of £21,000,000 was floated successfully
as was the Canadian £15,000,000 loan of last month. Cash subscribers
were able to get only 10% of the amounts desired, and the loan to-day was
at a premium of 1%. Issued at 98, the new bonds bear interest of 3U%.
They will be redeemable in 15 and 20 years.
The loan was referred to in our issue of Sept. 16, page 2018.
France Warned of Inflation Peril—Senator Regnier
Sees Choice Between It and Balancing of the
Budget.
Noting that the question of inflation of the franc is now in
the forefront of the discussions about the French budgetary
deficit, although it is the opponents of inflation who occupy
the stage, advices, Sept. 24, from Paris to the New York
"Times" continued:
In speeches and editorials the subject takes only one aspect—a warning
that if the budget is not balanced inflation must follow.
It was Marcel Regnier, Senatorial budgetary reporter and one of France's
greatest fiscal experts, who led the way yesterday with an editorial in the
newspaper "Agence Economique et Financiere."
"It must be said and repeated without let-up," he wrote, "that it is a
choice between budgetary equilibrium or inflation. Equilibrium will doubtless be difficult and even painful, imposing upon the Government as well as
Parliament the hardest of duties, but it will assure safety. Otherwise, there
will come deadly inflation, the mother of misery, ruining the retired workers, the possessors of small savings who have already lost four-fifths of their
possessions, and risking the dragging of our country into the worst sort of
adventures."
That warning note is sounded to-day in at least three sections of the
country where Radical Socialist congresses were held, while one agricultural
meeting heard the same dire prophecy.
As regards the Government, one thing only is known with certainty—that
Premier Baladier is opposed to inflation and presumably would resign before
permitting it.
Exporters Appeal for. France's Help—Letter to Premier
Says Factories Must Be Closed if Business Is Not
Increased—Farmers Also Seek Aid.
According to Paris advices (Sept. 22) to the New York
"Times," an appeal, couched in terms of deep distress, was
sent to Premier Daladier, Sept. 21, by a group of exporting
organizations representing virtually all the exporters of
France. Their letter, which was called "our supreme appeal," said the exporting industries had reached the limit of
their resistance and would soon have to shut down if relief
were not granted. The account from which we quote continued:
2375
At the same time a group of delegates representing Chambers of .Agriculture all over France visited various Ministries and complained against the
importation of agricultural products. They demanded increased trade
barriers.
These two appeals give a striking picture of the extent to which the depression has finally hit France.
"Alarming" Drop in Exports.
"The situation is, in effect, extremely alarming," said the exporters' letter.
"Every one knows the exporting industries were the first and hardest hit by
the crisis. Our exports were 50,000,000,000 francs in 1929, 43,000,000,000
in 1930, 30,500,000,000 in 1931 and 19,800,000,000 in 1932, which represents a drop of 30,000,000,000 in four years.
"Moreover, while internal markets have been improving slowly but steadily
since the summer of 1932, exports have not improved in the slightest. It
proves our industries have reached a degree of weakness where they cannot
respond to stimuli.
"To-day the infinitely serious question arises as to whether our exporting
industries are to close. Their disappearance would have the gravest consequences.
•
"In the first place, from the monetary standpoint, our currency at present
benefits from exceptional prestige, due to the uncertainty created in all
minds by the instability of American and British currencies. But devaluation and stabilization of these moneys would make fully apparent the grave
danger which the annual deficit in the trade balance of 10,000,000,000
francs truly constitutes.
"From a social viewpoint the closing of our factories would put 2,000,000
persons out of work and bring on a serious underconsumption of agricultural
as well as industrial products."
Urges Production Cost Cut.
The letter concluded by asking the Govermnent first to reduce the cost
of living so as to permit a reduction in the cost of production and to facilitate
the access of French exporters to foreign markets.
The letter expressed keen interest in the Government's new quota policy,
which goes into effect Oct. 1. The new plan is intended to aid exporters
by directing French purchases toward countries which buy from France.
Agriculturists also are deeply interested in this development, though for
an opposite reason. They described what they called "the urgent necessity
for organizing efficacious protection for the national economy against the
world economic and monetary disorder."
After calling attention to the permanent excess of imports, particularly
of agricultural products, the group stressed "the imperative necessity for
reducing import quotas for the fourth quarter, particularly for secondary
cereals, cattle, meat, fruits, vegetables, certain dairy products and lumber."
They also asked that license taxes on imports be raised.
It is believed that the Government is more inclined to favor the agriculturists, for France is inexorably pushed toward a policy of self-sufficiency,
and there is a highly influential body of opinion here which believes France's
salvation, like that of the United States, lies in economic nationalism.
France Announces Two More Lotteries—Next Subscriptions Will Close on Oct. 5 and Oct. 20—First
Unexpectedly Popular.
The overwhelming response of the French public to the
Government lottery received official confirmation on Sept,23
in the publication of an announcement that the second and
third lotteries of 200,000,000 francs each would be issued
Oct. 5 and Oct. 20. The foregoing is from a Paris message,
Sept. 23, to the New York "Times," which also said:
Thereafter new lotteries of like amounts will be held every 15 days until
the public has had enough.
According to early estimates the first batch of tickets were oversubscribed
more than 15 times, so it is likely the Government will get far more out of
the lotteries than it originally expected.
There have been reports in the last few days that the Government would
resort to a huge lottery to help cover the budgetary deficit, but so far that
has been denied. It is presumed that even the extra amounts gained by the
present series will be applied to the pension fund.
The new French lottery was referred to in our issue of
Sept. 23, page 2187.
Belgian Lottery Loan Subscribed.
In its Sept. 16 issue, the "Wall Street Journal" reported
the following from Brussels:
The national 5% lottery loan of 1,500,000,000 Belgian francs, intended
to consolidate the Belgian floating debt and to finance public works, was
subscribed in a single day. It is understood that numerous subscriptions
were received from abroad and Minister of Finance Jasper asserts that all
classes in the nation subscribed, testifying to popular confidence in the beige.
The loan, which was offered at par, is redeemable by annual drawings for
70 years, but during the first 10 years drawings will be only for lottery
prizes.
German Reichsbank Gets Young Plan Bonds at Low
Prices in Paris.
Purchases of Young Plan bonds on the Paris market for
amount of the Reichsbank have been arousing interest in
financial circles in Paris, it was stated in advices from that
city, Sept. 26, to the New York "Times," which also had the
following to say:
Is is impossible to ascertain the amounts but the quotation on those
bonds yesterday rose from 424 to 443, and, according to the Agency Boonomique et Financiere, it was solely due to intervention of the Reichsbank.
To-day the Young I'lan bonds did not receive that help and dropped
back to 435.
As Germany has a favorable trade balance with France, the necessary
funds to make such purchases are always at hand. It will be recalled that
out of the original $300.000,000 of Young Plan bonds issued in 1930, France
marketed $130,000,000, while Germany herself took $100000000. The
Issue was oversubscribed here five times, while the German portion also
was overscribed.
The Reich at that time asked the French to give up part of their share
but the bonds already had been sold. Now the French wish they had let
2376
Financial Chronicle
some go, for the bonds, which were issued at 982.50, are now quoted at
about half that price. It is a far greater bargain for the Reich than ever.
since ultimately the bonds will be redeemable at par. Consequently the
purchases here are casuing no surprise.
Foreign Debt of Germany Totaled 18,967 Million
Reichsmarks at End of February According to
NICB—Long-Term Indebtedness 10,265 Million
Reichsmarks—Even Reduced Supply of Foreign
Exchange Regarded as Adequate to Meet Debt
Service Requirements in 1933.
The National Industrial Conference Board stated on
Sept. 24 that according to the latest official estimates of the
German. Government, the total foreign debt of Germany,
not including direct investments, amounted to 18,967,000,000 rm. at the end of February 1933. Of this total,
the long-term indebtedness amounted to 10,265,000,000 rm.
and the short-term debt to 8,702,000,000 rm. As compared
with the situation at the end of September 1932, there is a
reduction of 645,000,000 rm. in the short-term debt and an
increase of 84,000,000 rm. in the long-term debt. The
Board supplied these figures, together with further information concerning the German debt. In its statement the
Board said:
Germany,
As compared with the status of July 1931. the foreign debt of
not including direct investments, shows a decline of approximately 5.000.declined from
000.000 rm. During the same period direct investments
5,900,000,000 rm. to 4.200,000.000 rm.
the end of
The burden of interest and amortization payments from
February 1933, to the end of February 1934, is estimated at 1.299.000.at 622,000 rm. Interest payments on long-term debts are estimated
rm. These
000.000 rm., and those on short-term debts, at 382.000,000
dollar deof
estimates were made without taking into account the effect
Of the
preciation on the burden of interest and amortization payments.
1,299.000.000 rm., 605.000.000 rm, at the
total debt service charge of
States
par of exchange, or almost 50% of the total, is payable in United
with the
dollars, which show a depreciation of about 30% in comparison
German mark.
surplus of comDuring the first seven months of 1933. Germany had a
667,000.000 rm.
modity exports of only 315.000.000 rm., as compared with
expenditures,
in the corresponding period of 1932. The income from tourist
undoubtedly also
shipping services, and German investments abroad will
to the unfavorable condition of world
show a great decline in 1933. owing
political detrade and partly as a result of foreign reaction to internal
from these four
veiopments in Germany. The net income of Germany
if there is no
sources is not likely to exceed 900.000.000 rm. net in 1933.
400.000,000 rm.
revival in world trade. This figure would be approximately
by the Gerbelow the net requirements for foreign debt service estimated
not take into
man Government. The official estimates, however, do
on sums due to
account the saving of as much as 30% that can be made
they appear to
the United States owing to exchange depreciation; nor do
that has
take into account the repatriation of German foreign obligations
weight in estitaken place since July 1931. If these factors are given due
income
mating the foreign debt service of Germany and if the considerable
net income from
from the payment of Russian trade credits is added to the
foreign investments, it appears that even
merchandise trade, services, and
to meet in
the greatly reduced supply of foreign exchange will be adequate
Under the partial transfer
full the actual debt service requirements in 1933.
possible for the
be
moratorium arrangements, made this summer, it will
position.
German Reichsbank materially to strengthen its reserves
German Government Bars Discrimination Against
Jewish Firms—Minister of Economics Declares
Boycotts Would Harm Economic Recovery—Continuance of Drive on Non-Aryan Companies Would
Increase Unemployment, Dr. Schmitt Finds.
Nazi GovernA radical change in the racial policy of the
Germany was forecast on Sept. 27 when Dr. Kurt
ment in
Schmitt, Minister of Economics, in an address at Munich de"nonclared that discrimination between "Aryan" and
with the idea of boycotting
Aryan" business establishments
Jewish concerns "would unquestionably cause serious disturbances in the progress of economic recovery." Dr.
Schmitt's address and its probable significance, were described as follows in Berlin advices of Sept. 27 to the New
York "Times":
he said,
Discrimination with the idea of boycotting Jewish concerns,
progress of eco"would unquestionably cause serious disturbances in the
nomic recovery."
through the
"It would injuriously react upon the employment situation
continuance of the boycotting of commercial establishments and indirectly
other concerns creditthrough the effects being spread in widening radius to
ing them with supplies, thus hitting both the owners and the employees,"
the rescript states.
with
In conclusion, Dr. Schmitt emphasizes that "in complete agreement"
Dr. Paul Joseph Goebbels, the Minister for Propaganda, he can see no
ground for discriminating against any business enterprise, "so long as the
owners do not violate the law or the principles of business ethics."
This official pronouncement is easily the most emphatic issued by the
government in its attempts to curb National Socialist racial persecution in
so far as it threatens economic interests.
Goebbel'a Approval Cited.
The fact that Dr. Schmitt cites the approval of Dr. Goebbels, one of the
most exuberant promoters of the anti-Jewish campaign, would seem to
indicate the more responsible elements in the Hitler Government are taking
sane counsels on the issue. On it there had remained an unhealable cleavage
in the Cabinet since the proclamation of the anti-Jewish boycott on April 1.
That boycott was sternly opposed by the non-Nazi members of the Government, including Vice-Chancellor von Papen, Foreign Minister von Neurath
and Count Lutz Schwerin von Krosigke, the Finance Minister. It was
allowed to go into effect because the Nazi machine had made nation-wide
preparations for it and it could not be countermanded.
Sept. 30 1933
What appears to be the trouble is that the present rulers of Germany,
having discovered that they have over-reached themselves in preaching antiSemitism, are now finding themselves unable to head off the worst economic
effects.
It was found almost impossible to prevent the social ostracism pronounced
against Jews from spreading over to business; and the social ostracism
was being carried to a fantastic degree.
On July 7 Rudolf Hess, Herr Hitler's deputy in the Nazi organization,
issued tentative orders to cease propaganda against the department stores.
"Any procedure against them is condemned by the party management
and is inappropriate in view of the present economic situation," he wrote.
He emphasized that in trying to injure the business of the department
stores the Nazis would only counteract the new government's endeavors to
reduce unemployment.
How little effect, however, this admonition had is indicated by the fact
that Nazi district leaders continued to issue warnings for non-obedience
to these orders. To-day, however, the Nazi "labor trustee" for the Rhineland, Wilhelm Boeger, published a rescript repeating textually the manifesto of Herr Hess. He threatened that if violation of it, through open or
covert boycott of the department stores, "such as has constantly been reported to me and the Reich Economic Ministry," continue, "we will resort
to having the violators arrested."
Hitler Regime Seeks Peace with all Nations, Joseph
Goebbels Declares Before Leaving'Reich for Geneva
Conferences—Says Another War Would Be Madness.
The Hitler Government desires only peaceful relations
with other nations, while its domestic goal is that of providing bread for its citizens, Dr. Joseph Goebbels, Nazi Minister for Propaganda and Public Enlightenment, said in an
address on Sept. 24 at Ruedesheim, prior to taking an aeroplane for Geneva to attend the sessions of the League of
Nations and the Disarmament Conference. Dr. Goebbels,
speaking before a meeting at the Niederwald monument,
asserted that Germany "must have peace" and that "it would
be madness to plunge into fresh disaster while not yet recovered from the last one." His address was reported as
follows in Berlin advices of Sept. 24 to the New York
"Herald Tribune":
"I am inclined to believe," he said, "that the world looks askance at the
remolding .of the German nation into a unified front. The world is always
distrustful when Germany is gathering new strength."
•
National power, he said, was based, not upon armaments, but upon the
homage to pacifism are forever prewill to exist, "and the nations that pay
paring for the next war."
Referring to the charges of the Hitler Government's opponents that it
had driven people into exile, he declared that never before had a German
Government enjoyed such widespread support among the people. "The
people," he said, "is sovereign, and we are the executors of its will."
The Hitler regime, he declared, had confidently attacked two great tasks,
to give the people bread and peace, though aware of the difficulties confronting it. The former republican governments, he charged, had sought to discredit the National Socialists abroad.
"We will never tire," he said, "of telling the world that Germany wants
peace; that no nation, neither Germany nor any other one, would win anything by a war, but rather would lose, and that it would be madness to drive
the nations into a new disaster when they scarcely have recovered from the
previous one."
Exchange Dumping Is Feared in Berlin—Drops in
Dollar and Pound Cause Anxiety Among Financial
Leaders.
Except among those who owe money abroad and who
welcome every reduction in their burden, the new falls of
the dollar and sterling are taken unfavorably in Berlin, it
was stated in a wireless message from that city to the New
York "Times" on Sept. 23. These advices added:
Exporters apprehend exchange dumping.
Economists, remembering Germany's own experience, declare automatic
expropriation of American and British investors and savers will ultimately
Injure internal trade. They also predict the stimulus to trade and the stock
exchange through flight from the dollar and pound will disappear when the
exchanges are stabilized, still more so it they again appreciate.
It is considered that progressive depreciation ot the world's two greatest
currencies must check an advance in gold prices which should normally
occur under influence of trade betterment. This theory seems confirmed by
the reaction in gold prices in recent weeks.
It is regarded as certain that there will be an advance in public salaries.
prices and materials, while tax revenue remaining unincreased, will threaten
public finance. It is feared England may be obliged to embark on inflation
because the buying power of her present currency in circulation may prove
insufficient for business.
In general, the policy of currency depreciation is very unfavorably
criticized; therefore, the report that President Roosevelt contemplates
stabilizing the dollar was welcomed here. but it is repeated that stabilization probably will involve a temporary reaction in business and securities,
German Reichsbank Plans Praised as Sound—Dr.
Schacht Says Stability of Currency Is Basis of
the New Program.
A wireless message from Berlin Sept. 23 is taken as follows
from the New York "Times":
Critical reflection on the German Government's economic program,
announced last night, finds one surprise in it—its conservatism.
American banking representatives resident in Berlin view the announcement essentially as a pledge of economic orthodoxy. They attribute much
significance to the fact that at yesterday's session of the Economic Council
the discussion was led by Dr. Hjalmar Schacht and Finance Minister von
Krosigk, with the exponents of "socialism" relegated to the background.
For the expansion of the Reichsbank's functions, tormal assent of the
World Bank is required, but this may be taken for granted. It is contemplated to include abolition of the Reichsbank's General Council, which,
Volume
137
Financial Chronicle
Dr. Schacht said, "with the lapse of the Young plan and consequent withdrawal from the Council of its foreign members has lost all reason for its
being."
The chief innovation is that the Reichsbank will be able to buy and sell
gilt-edged bonds at will, and will include in its holdings such securities as
a part of its circulation coverage. The Reichsbank will thus tigure as a
main prop to the holders of German securities bearing fixed interest.
This is intended, Dr. Schacht explained, to assure that hereafter there
shall not be selling orders that produce serious and unjustified declines in
the bond market.
Furthermore, the steadying influence of the Reichsbank's appearing as
a buyer of German bonds at any critical time is to prompt wider investment
in such securities, the idea being "to restrict the short-term money market
to a degree and divert part of its funds to capital investment."
Dr. Schacht emphasized the changes required to give the Reichsbank this
enlarged radius:
"It may be regarded as a measure of the confidence the government has
in the directorate of the Reichsbank," and this will make use of its enlarged
mobility only "with scrupulous regard to the needs of currency."
"You may be assured," he added, "that the Reicbsbank adheres, as
heretofore, to the principle that there is only one sound currency policy—
that which maintains stability of currency."
Germany Provides Import Reprisals—Cabinet Decides
to Ban Goods of Lands Putting Embargo or Quota
on Reich.
A measure providing for reprisals against countries that
restrict imports from Germany was enacted at Germany's
Cabinet meeting on Sept. 22, according to a wireless message
on that date to the New York "Times," which also had the
following to say:
It also passed an addition to its employment-creation program increasing
government aid for certain perations and decreasing agricultural taxes.
There was also enacted a law framed by Dr. Paul Joseph Goebbels Propaganda Minister, under which German "culture" would obtain corporative
organization.
The Foreign Exclusion Law was officially explained as a purely defensive
measure. It has no connection with Germany's domestic economic situation, it said, and its provisions will not become operative except as is made
necessary by any action of foreign countries. In so far as these "attempt
to repress German exports by means of embargoes or quotas" they will
counter-action forbidding imports from them to be received in Germany.
The reduction in agricultural land taxes was said to aggregate 100,000,000,000 marks and to lower the individual taxpayer's burden by 16%.
Further relief is accorded by reduction of the turnover tax.
The provisions for use of the government's funds to aid building operations have been enlarged in scope.
Under-Secretary Reinhardt of the Finance Ministry said the government
oan involved the circulation of 2,000.000.000 marks.
"Of these 1.000.000,000 will lie paid in wages," he said. "This will
employ 1,000,000 workers for six months. If we succeed in thus carrying
1,000,000 unemployed through the Winter, we shall save 250,000,000 marks
in gold.
The government's measure for incorporating German "culture" provides
co-operative "chambers" for literary men, the press, the radio, the stage,
films, music and the graphic arts. All these several chambers to be coordinated in one "Reichskultur" chamber.
Decline in Germany's Unemployed.
The following from Berlin Sept. 23 is from the New
York "Times":
The census ot registered unemployed in Germany on Sept. 15 totaled
4,067,000. Their number thus had diminished by 57,000 in the first half
of September. The figure was 1,934,000 below the maximum of unemployment this year, which was in February.
Germans Warned on Overproducing—Farm Minister
Declares That Price Guarantee Is Based on Not
Exceeding Demand—Bans Grain Acreage Rise.
Richard Walther Darre, the German Minister of Agriculture, in announcing an undertaking by the Gwernment to
obtain "a just price" for the produce of German farmers,
especially grain, warned them on Sept. 16 that it was conditioned on their offering no more than the amount for
which there is a genuine domestic demand. He admonished
them especially against increasing grain acreage, said Berlin
advices Sept. 16 to the New York "Times," from which
we also quote:
"If any agriculturist does so, nevertheless, I shall find ways and
means
of making him pay the appropriate penalty," he declared.
Herr Darre also emphasized that Government price-fixing for agricultural produce was "a special measure undertaken in the interest of Germany's food supplies."
"No similar measures are in contemplation with respect to other branches
of economic enterprise," he declared. "By passing this law the Government, and above all the Chancellor, has manifested Rs especial confidence
in the sound common sense of the German peasantry. It is now up to us
to show ourselves worthy of this confidence."
Free Grain Market to Go.
The free grain market is apparently to be abolished, for the Minister of
Agriculture said:
"If in such a market the Government fixed the price it would also stand
ready to buy at that figure. The result would be an attempt to dump the
whole crop on the State."
The alternative envisaged does not yet appear quite clear, but Herr
Darre spoke of "a new marketing organization created by the corporative
consolidation of producers, middlemen, co-operatives and millers."
Lloyd George Warns on "Bullying" Germany—Fears
Interference Means Red Revolution,
David Lloyd George begged the British Government in
a speech at Barmouth at London on Sept. 22 not to "bully"
Germany, no matter how bad the excesses of the Nazi
2377
regime might be. He is reported as warning that the
outcome of too much interference from abroad would be a
Communist upheaval throughout the Reich, "and a Communist Germany would be infinitely more formidable than
Communist Russia." London advices Sept. 22 to the
New York "Times" went on to say:
"Germans would know how to use their communism effectively." he
declared. "That is why every Communist in the world, from Russia to
America, is praying that the Western Nations should bully Germany into
a Communist revolution.
"I entreat the British Government to proceed cautiously and not get
mixed up in another Deniken or Wrangel business, whether by blood or
blockade. [Generals Deniken and Wrangel were White Russian leaders.
who fought the Bolsheviki with Allied backing.j
"I know there have been horrible atrocities in Germany and we all
deplore and condemn them. But a country passing through a revolution
is always liable to ghastly episodes owing to the administration of justice
being seized here and there by an infuriated rebel.
"I am neither a Nazi nor a Fascist nor a Communist, but if the powers
succeed in overthrowing Nazi-ism in Germany, what will follow? Not a
conservative. Socialist or liberal regime, but extreme communism.Surely
that cannot be our objective."
Lloyd George blamed all the present tension in Central Europe on the
failure of the former Allies to fulfill the disarmament Iledge of the Treaty
of Versailles.
"Their failure has impaired the moral authority of the league," he
asserted. "I hope to God it has not destroyed it."
Another consequence, he said, was the overthrow of liberty and liberalism in Germany by the Nazi regime which "taught the German people to
believe they could no longer trust the word of their neighbors."
Treasury Department at Washington Issues Antidumping Orders—Imports from Japan, Germany
and Netherlands Affected. .
Anti-dumping orders affecting Japan, Germany and The
Netherlands were issued on Sept. 19 by Acting Secretary of
the Treasury Acheson. As noted in the Associated Press
accounts, anti-dumping orders do not bar importations;
the Customs Bureau, however, is authorized to assess import
duties upon these articles sufficient to raise their price to
what is considered a fair value. Regarding the issuance
of the orders on Sept. 19 a dispatch from Washington on
that date to the New York "Journal of Commerce" said:
The commodities involved were:
Incandescent light bulbs and lamps from Japan: rubber soled fabrics
topped footwear from Japan; celluloid thumb tacks from Germany and
saponified stearic acid from the Netherlands.
American industry "is being or is likely to be injured" by these imports,
Acheson found. The products were held as "being sold in the United
States at less than a fair value."
Dumping Duty Planned.
An anti-dumping duty will be assessed against the products sufficient
to bring their selling cost in the American market to that in the country of
origin. Dumping is a situation where the selling price in this market is below
that in the country ot origin and where American industry is injured or
is likely to be injured by such practices.
About the middle of last year the United States began to suffer a flood
of cheap priced commodities from foreign countries. Abandonment of the
gold standard abroad brought foreign production prices below those in the
United States. This enabled foreign producers to sell in the United States
at lower than American production costs, apparently setting up no violation
of the anti
-dumping laws.
However, the then Secretary of the Treasury, Ogden L. Mills, called
hearings before the Customs Bureau and for a month American producers
appeared and gave evidence as to the situation. Testimony was to the
e...ect that legislation was essential in view ot the tact that the anti-dumping
laws did not apply.
Complaints were made as to the imports of low priced
cement from Great Britain, rubber-soled footwear from Czechoslovakia,
scrap iron and steel products from a number of European countries, matches
from Japan, fish products from Japan, Norway, Portugal and the United
Kingdom, rag and tiber rugs from Japan and Czechoslovakia and other
products in addition to those on which dumping orders were issued to-day.
Germany Warned on Rise in Prices—Institute for Trade
Study Points to Reduction in Buying Power—
Retail Sales in Half Year Show Decline of 10%
—Food Imports at Record Low in August.
The Institute for the Study of Trade Fluctuations warns,
that the present wave of German price rises is not in accord'
with the Nation's reduced buying power. We quote from
Berlin advices Sept. 17 to the New York "Times", which
went on to say:
Trade reports are less favorable. The retail turnover for the first half of
the year was 10% below that of the same period in 1932. Many small retail
stores in Berlin have closed.
The heavy iron and steel industries are running at 45% of capacity. The
pig iron output in August was 473,000 tons, against 268,000 tons in August
1932. The number of Krupp Steel Works employees is 25% above that of
August 1932.
The Brussels steel market is dull and it is reported the Japanese competition is increasing in the Far East, whereas the American competition, in
consequence of increased production costs, is declining. Export prices of
those steel products which are not controlled by the international cartel
have declined, while prices of German copper semi-products have advanced.
Cotton weavers in the Spinners Association report that whereas old
orders guarantee satisfactory operation in the coming few months, new
orders have declined. Indeed, orders for certain grades of yarns which
normally increase in August are back at the level at the beginning of 1933.
The increase in exports in August was in accord with seasonal precedent but also was duo partly to belated booking of mass deliveries to Russia.
It is noteworthy that exports to two of Germany's biggest customers,
England and Holland, recovered.
August imports of foodstuffs were the lowest on record, being only
80.000.000 marks, which was 22% of the 1927 monthly average of 360.-
2378
Financial Chronicle
000.000 marks. Owing to the continued decline of these imports the outlook
for a favorable trade balance is good.
German Tariff Rates on Office Equipment Sharply
Increased—Duties Are Now Five Times as High
as Those of Year Ago—Other Products Also
Affected.
New duties on office equipment about five times as high
as those in effect a year ago were announced in the German
"Official Gazette," published at Berlin on Sept. 23. The
new rates apply to typewriters, adding machines, cash
registers and office furniture, while various other products
were also placed under the higher tariff. The announcement
was noted as follows in a Berlin cable to the New York
"Times" on Sept. 23:
German Importers and firms representing foreign producers are being
reminded by German trade officials that German products not only equal
foreign products but in many cases are superior."
"We are fundamentally opposed to the importation of such foreign commodities, but if you hold a contrary opinion we would be glad to have you
give us proof." says the official statement.
Among the categories coming within the purview of this ruling, in addition to o flee equipment, are automobile accessories and artificial silk.
The hardest hit by the new duties are Japanese electric bulbs, on which the
duty Is increased twentyfold. The Japanese have been laying down these
bulbs in Europe at five gold francs apiece, which German producers claim
covers only the labor item in production costs.
Germany Plans Tobacco Cartel to Remove Cut-throat
Competition from Industry.
To take 'cut-throat competition out of the industry and
place it on a sounder footing, a tobacco cartel will be formed
in Germany embracing the largest processors in the country,
said Associated Press advices from Dresden Sept. 23 to the
New York "Times," which also had the following to say:
With the founding of the cartel, experiments with German-grown
tobacco will be pushed in view of the favorable reports coming from the
research station at Forchheim in Baden where e cperiments have shown
that German climatic conditions could produce certain types of eastern
tobaccos for blending purposes.
Under the projected terms Hamburg and Dresden would have huge
tobacco processing plants from which the major German tobacco firms
would agree to buy one-'ourth of their needs. Through grouping this
purchasing power in two plants the foreign purchases might be used to
swing additional markets in Greece, Turkey and Bulgaria for German
exports.
With the principal tobacco factories under the cartel agreement, small
dealers would be protected from underselling competitors, the cartel
refusing to sell to those stores which sold below the stipulated prices.
Germans Complain of Official Waste—Business Men
Also Criticize Absence of Publicity Concerning
Budget.
In a Berlin wireless message Sept. 16 to the New York
"Times" it was stated that business men are sharply critical
of the increasing official extravagance and the confusion
between public and the Nazi party finances. There is
complaint also that the entire lack of budget publicity is
responsible for a suppression of expert criticism, said the
advices.
Chancellor Engelbert Dollfuss of Austria Completes
New Cabinet, in Which He Holds Five Portfolios—
Denies Rule Is a Dictatorship.
Chancellor Engelbert Dollfuss of Austria announced on
Sept. 21 that he had completed a new non-party and nonparliamentary government, and made public the personnel
of his Cabinet, in which he himself will hold five portfolios.
On the same day he denied that he hald any dictatorial aspirations and said the Cabinet was merely a step toward a
Cnnstian German corporative State. The new Cabinet
follows:
Chancellor and Minister of Foreign Affairs, Defense, Security and Agriculture—Dr. ENGELBERT DOLLFUSS.
Vice-Chancellor—Mayor EMIL FEY.
Justice and Education—Dr. KURT SCHUSCHNIGG.
Finance—Dr. KARL BURESCH.
Trade—FRITZ STOCKINGER.
Social Welfare—RICHARD SCHMITZ.
Without Portfolio—Dr. OTTO ENDER.
Without Portfolio—Dr. ROBERT KERBER.
The Under-Secretaries are:
,
Defense—Prince ALOIS of S hoenburg-Hartenstein.
Security—KARL KARWINSKY.
GLEISSNER.
Agriculture—HEINRICH
Justice—FRANZ GLAS.
Unemployment—ODO NEUSTAEDTER-STEURMER,
Tourist Traffic—ODO NEUSTAEDTER-STEURMER,
Hungary Reducts DIficit —Further Reduction Expected for Next Year.
Budapest advices Sept. 26, are taken as follows from the
New York "Times":
In a report published by the Hungarian Government to-day the Financial
Committee of the League of Nations declares the budgetary position of
Hungary has improved since the last report. Trig year's deficit Is 137,000,000 pengoes, compared with 160.000,000 last year. the reduction being
achieved by paring down expenditures. Next year's deficit Is estimated at
76.000,000.
Sept. 30 1933
The interest rate on Hungary's short-term debt has been lowered as a
result of negotiations with creditors. Despite a reduction in total trade.
Hungary's export surplus has increased. This year's harvest has been
very good.
Two Rothschilds Cede Big Estates to Austria—Action
Incident to Liquidation of Credit Anstalt.
Advices as follows from Vienna, Sept. 13, are taken from
the New York "Times":
Barons Alphonse and Louis Rothschild, the heads of the Austrian branch
of the famous banking family, ceded two estates in Gaming and Ybbsitz to
the Austrian Government to-day.
This was done in connection with the liquidation of the Credit-Axu3talt,
of which Baron Louis Rothschild was President and the other Baron a large
shareholder. The estates cover 35,000 acres and consist of valuable woods
and agricultural land.
The Austrian public has demanded that the Rothschilds be forced to make
partial compensation for losses of the Credit-Anstalt. The two bankers
sacrificed their stock in that institution.
This additional concession will enable the Austrian Government to use
the land for the colonization of several hundred settlers. The Gaming
estate was one of the most famous hunting preserves in Austria.
Austrian Banks Lower Interest Charges to Industry.
Bank and credit institutions belonging to the Society of
Austrian Banks and Bankers have lowered interest charges
on industrial loans, according to a report to the Commerce
Department from its Vienna Office. The Department in
announcing this on Sept. 23 added:
The average reduction is 2.45%. The banks have agreed to charge a
basic rate not over 1.5% above the official bank rate and to eliminate or
reduce handling charges. Sometimes in the past these extra charges have
raised a basic rate of 9% to an actual charge of from 13 to 15%. The
old rates, inclusive of the extra charges, averaged 12% while the new rates
will average 9.55%.
The banks had been built up to serve the old Austro-Hungarian Empire
and until recently had been burdened with overhead charges not In keeping
with the reduced volume of business. They were compelled therefor to
Increase the charges on industrial loans.
Early this year the Government forced reductions in bank pensions,
salaries, directors' fees, &c., which paved the way for the present reduction
in interest charges on industrial loans.
Rotterdam to Pay on Currency Basis Coupons Due in
November on Dollar Loan.
A copyright cablegram, Sept. 17 from Rotterdam to the
New York "Times" said:
The municipality of Rotterdam has decided to pay the 6% dollar loan
coupons falling due in November on a currency basis. With the present
exchange price of the dollar this means a difference of 25% with gold payments hitherto made. The Dutch financial authorities regard this move
unfavorably, as one of doubtful morality and definite tactlessness. It is
understood that the Committee of the Stock Exchange is likely to protest.
New York Stock Exchange Rules on Bonds of
State Bank of Jugoslavia.
Through its Secretary, Ashbel Green, the New York
Stock Exchange issued the following announcement on
Sept. 28:
NEW YORK STOOK EXCHANGE.
(Committee on Securities)
Sept. 28 1933.
Referring to the ruling of this Committee dated Aug. 25 1933 in the
of arrangements made to pay the six coupons maturing from Oct. 1
matter
1932. to April 1 1935, both inclusive, pertaining to State Mortgage Bank of
Jugoslavia Secured 7% Sinking Fund Gold Bonds, due 1957, and making
provision for dealing in bonds
(a) "with Oct. 11932. and subsequent coupons attached"
(b) "with all unmatured coupons attached (i.e. all matured coupons
detached)"
(c) "with Oct. 11935. and subsequent coupons attached":
The Committee on Securities further rules that in settlement of transactions made prior to Oct. 11933, under method (b) referred to above, bonds
must be delivered bearing the Oct. 11933,coupon; and that in settlement of
contracts made pn and after Monday. Oct. 2 1933, bonds must be delivered
bearing the April 1 1934 coupon.
ASHBEL GREEN, Secretary.
Bonds of City of Berlin and State of Hamburg (German)
Dealt in "Flat" on New York Stock Exchange.
The following announcements were issued on Sept. 28 by
Ashbel Green, Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE.
(Committee on Securities)
Sept. 28 1933.
Notice having been received that the interest due Oct. 11933. on City of
% Sinking Fund Gold Bonds, Municipal
-Year
Berlin (Germany) 25
External Loan of 1925, due 1950, will not be paid on said date:
The Committee on Securities rules that beginning Monday. Oct. 2 1933,
and until further notice the said bonds shall be dealt in "Flat" and to be;a
delivery must carry the Oct. 11933. and subsequent coupons.
The Committee further rules that In settlement of all contracts in said
bonds on which interest ordinarily would be computed through Oct. 11933.
Interest shall be computed up to but not including Oct. 11933.
NEW YORK STOCK EXCHANGE.
(Committee on Securities)
Sept. 28 1933.
Notice having been received that the interest due Oct. 1 1933, on State of
-Year 6% Gold Bonds, due 1946, will not be paid
Hamburg (Germany) 20
on said date:
The Committee on Securities rules that beginning Monday. Oct. 2 1933,
and until further notice the said bonds shall be dealt in "Flat" and to be a
delivery must carry the Oct. 1 1933, and subsequent coupons.
Volume 137
Financial Chronicle
The Committee further rules that in settlement of all contracts in said
bonds on which interests ordinarily would be computed through Oct. 1 1933.
Interest shall be computed up to but not including Oct. 1 1933.
ASHBEL GREEN. Secretary.
Sweden Denounces Truce on Tariffs—Stockholm
Understands Withdrawal is Solely to Gain a
Free Hand.
In a cablegram from Stockholm to the New York "Times"
it was stated that following the example set by Holland on
Sept. 4, Sweden on Sept. 27 renounced the temporary
tariff truce set up on the suggestion of the United States
at the World Economic Conference in London. The cablegram (Sept. 27) added:
P. A Hansson. the Swedish Prime Minister, who is now in Geneva, is
understood to have handed in a month's notice for termination of adhesion to the truce personally to the Secretariat of the League of Nations.
It is stated that the Government has decided it requires complete liberty
of action in the matter of raising import duties, although no immediate
move is contemplated in this direction.
On the same date (Sept. 27) Washington advices to the
`Timeq" said:
State Department off,cials refused to comment on Sweden's denunciation
of the tariff .ruce, as the State Department has not been officially advised
of it nor of the reason for it.
Turkey and Bulgaria Renew Treaty of Friendship—
Turks Had Hoped New Pact Would Be Signed
During Negotiations at Sofia.
The Turko-Bulgarian treaty of friendship which expires
in March 1934 was renewed for a period of five years after
a series of formal conferences which were concluded at Sofia
on Sept. 22. A wireless dispatch to the New York "Times"
from that city commented on the result of the negotiations
as follows:
This is a disappointment for Turkey. Ismet Pasha, in a toast at
an
official dinner in Sofia, definitely invited Bulgaria to join in a new TurkoGreek arrangement. The Bulgarians declined, because to do so
would
have meant abandoning Bulgaria's claims, admitted under the
peace
treaties, for access to the Aegean Sea.
The Turkish Premier then suggested to the Bulgarian Foreign Office
the conclusion of a Bulgarian-Turkish pact modeled on the Turkish pact
with Greece. This also proved unacceptable. Finally, renewal of the old
pact was agreed upon to avoid the appearance of complete failure.
It may be assumed that this is partly due to advice given to King Boris
by London, where he has just been inquiring personally as to British
opinion on Bulgaria's foreign policy. Bulgaria has now declined to form
part of the new Balkan combination devised by Italian statesmanship, in
which the Turko-Greek pact was to have been the first step, just as Bulgaria
held aloof from the Rumano-Yugoslav group controlled by
France.
Argentina Signs Tariff Treaties With Great Britain
and Italy—Former Provides Release of Frozen
British Credits by Loan.
Argentina signed two new tariffs accords on Sept. 26, one
with Great Britain being initialed at Buenos Aires, and one
with Italy being signed at Rome. The British-Argentine
accord supplements the trade treaty between the two countries and consists of a general tariff understanding covering
rates on 388 items of British manufacture, many of which
compete with American products. Two annexes to the
accord deal with Argentine exports to Great Britain, while
the treaty itself includes a provision for a large British loan
to free frozen British credits held by the Exchange Control
Commission. United Press advices from Buenos Aires
reported that the supplementary accord stipulates that the
rate of exchange for the proposed loan to release these
credits will be the rate prevailing on the day of signing.
The Argentine-Italian convention signed at Rome establishes preferential tariffs for 26 Italian products and 12
Argentine products. Transit duties are eliminated and equal
treatment is assured for foreign and native products.
Bankers Extend Argentine Loans—Brown Bros. Harriman Cut Interest to 41 7
/ o•
From the New York "Sun" of last night (Sept. 29) we
take the following (United Press) from the Buenos Aires:
The Government to-day obtained a renewal for six months on the
$17.100.000 loan from Brown Bros., Harriman
& Co. of New York and interest
was reduced from 5 to 4 % annually.
The same renewal and interest reduction were obtained on a miscellaneous
loan of $3,908,000.
The "Sun" commenting said:
At the office of Brown Bros. Harriman & Co. it was stated that the loan
in the reduced amount of $17,100,000 had been renewed for the period and
on the terms stated in the dispatch from Buenos Aires.
In the case of the smaller loan, the bankers had no information,since they
acted only as coupon paying agents. The bonds of the small short term
loan are held by industrial companies in this country which agreed to take
them some years ago through a conversion plan whereby Argentina met a
large maturity.
Dispatches from Buenos Aires to-day also stated that a saving
of 40,000.000 pesos on the annual debt service was an integral part of the government's economy plans, the Argentine Chamber having approved
a
budget of 47,000,000 pesos less than the Government's estimated requirements. These savings must be negotiated with bondholders and reduction
in interest on external short term debt is a contribution toward the general
purpose.
2379
Argentina Plans Debt Reconvers;on—Finance Minister Tells Chamber Formula Will be Equitable and
Reasonable.
A cablegram, Sept. 28 from Buenos Aires to the New York
"Times" said:
The Government is planning a reconversion operation for both the foreign
and internal debts, but will not take any drastic steps likely to hurt bondholders, according to an address by Finance Minister Pinedo in the course
of a Chamber of Deputies debate on the budget.
The Chamber approved a budget of 47,000,000 pesos less than the Government's estimate, insisting that the Government must save 40.000.000
pesos on debt payments by the debt conversion operation authorized by
Congress last year which former Finance Minister Alberto Hueyo refused
to undertake. Senor Pinedo told the Chamber he hopes to no;otiate better
terms directly with the bankers or bondholders. If this is impossible, the
Government will seek another solution which he said would be equitable,
reasonable and le ltimate. The budget as passed by the Chamber authorizes
expenditures of 792,000,000 pesos, of which 30% is for interest and service
charges on the public debt. Despite Senor Pinedo's statement that further
administrative economies are impossible, the Chamber cut down government
expenditures by 25,000,000 pesos. The peso is quoted at 38 cents.
Argentine Senate Authorizes Government to Join
League of Nations—Will Not Recognize Monroe
Doctrine.
The Argentine Senate voted unanimously on Sept. 25 to
authorize the Government to join the League of Nations,
thus terminating, after 13 years, the equivocal situation in
which the League considered Argentina a member while the
Argentine Government considered itself a non-member. The
House of Deputies authorized membership last'year, so the
measure becomes law upon signing by President Justo,
said a cablegram from Buenos Aires Sept. 25 to the New
York "Times," from which we also quote:
Argentina will join with the sp-cific reservation that it does not recognize
the Monroe Doctrine as an international regional agreement, although the
League Covenant so defines it.
Foreign Minister Saavedra Lamas told the Senate Argentina does not
owe the League 1,000,000 gold francs in back membership dues, as announced in Geneva Sunday. He also told the Senate the reservation regarding the Monroe Doctrine was not intended to be hostile toward the United
States and that he was not responsible for its inclusion in the present law.
Salvador Proposes American League of Nations.
Associated Press advices from Mexico, D. F., Sept. 22,
said:
Proposals for the formation of an American league of nations and an
American court ofarbitration will be made at the forthcoming Pan-American
conference at Montevideo by El Salvador, the Salvadorean Minister here
announced to-day.
No mention was made of the United States in the announcement, which
stressed the need of Hispano-American solidarity, but the Sal adorean
Minister, when questioned, said the United States would be included in
the proposed organizations.
This was interpreted in Latin-American circles here as a bid by the
Government of El Salvador for recognition by the United States.
Rulings by New York Stock Exchange on Bonds of
United States of Brazil.
Under date of Sept. 28, Ashbel Green, Secretary of the
New York Stock Exchange, issued the following announcement:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 28 1933.
Notice having been received that the interest due Oct. 11933. on United
States of Brazil 655% External Sinking Fund Bonds of 1926, due 1957.
will not be paid in cash but that provision has been made for payment in
20
-Year Funding Bonds of 1931:
The Committee on Securities rules that said bonds be quoted ex the
Oct. 1 1933, coupon on Monday, Oct. 2 1933: that the bonds shall continue
to be dealt in "Flat" and in settlement of transactions made on and after
that date, bonds, to be a delivery, must carry the April 1 1934. and subsequent coupons; and
That Funding Bonds or fractional certificates therefor received in payment of coupons shall not be deliverable with the bonds.
ASHBEL GREEN. secretary.
Rulings by New York Stock Exchange on Bonds of
Republic of Columbia.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following announcement on Sept. 28:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
Sept. 28, 1933.
Referring to the offer of the Republic to make partial payment of onethird in cash and the balance in scrip on account of the interest due Oct. 1
1933, on Republic of Colombia 6% External Sinking Fund Gold Bonds
of 1928, due Oct. 1 1961:
The Committee on Securities rules that beginning Monday, Oct. 2 1933,
the said bonds may be dealt in as follows:
(a) "With Oct. 1 1933, and subsequent coupons attached."
(b) "With April 1 1934, and subsequent coupons attached."
That scrip received in partial payment of coupons shall not be deliverable with the bonds;
That bids and offers shall be considered as being for bonds "with Oct. 1
1933, and subsequent coupons attached" unless otherwise specified at the
time of transaction: also
That beginning with transactions made on Oct. 2 1933, the bonds shall
be dealt in "Flat."
The Committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through Oct. 1
1933. interest shall be computed up to but not including Oct. 1 1933.
ASHBEL GREEN, Secretary.
2380
Financial Chronicle
S. M. Bruce Named Australian High Commissioner
in London—Relieved of Cabinet Post.
Stanley M. Bruce has been appointed Australian High
Commissioner in London, it was announced on Sept. 21.
A wireless dispatch to the New York "Times" of Sept. 22
from Melbourne, Australia, Sept. 21 contained the following:
Prime Minister Lyons said that the arrangements under which Mr.
Bruce had remained in the Cabinet while repreesnting Australia in London
had proved satisfactory, but that if continued indefinitely in the case of
this particular Minister it would involve a departure from the principle
of collective responsibility of the Cabinet, Mr. Bruce concurred in the view.
Mr. Bruce's appointment would mean a serious loss to his colleagues.
Mr. Lyons said, but his skill in financial matters had made it clear that he
should remain in London, as it was of vital importance to Australia to get
further relief from the existing burden of interest payments abroad.
United States Consulate at Corinto Nicaragua, to
'
-Day (Sept. 30).
Close To
The following, sent by Tropical Radio to the New York
"Times" of Sept. 10,is from Managua, Nicaragua, Sept. 9:
The United States Consulate at Corinto will close on Sept. 30 because
action will
of the small amount of work. Documents requiring consular
be handled by the United States Legation at Managua. The American
Consulate at Bindlelds has been closed for several months.
S. H. Brown of New Jersey Transferred as Vice-Consul
at Rotterdam to Vice-Consul at Batavia—Other
Transfers Made.
The State Department at • Washington announced on
Sept. 23 that Sidney H. Brown of Short Hills, N. J., now
Vice-Consul at Rotterdam, has been assigned as Vice-Consul
at Batavia. The Department also announced the following
additional changes in the foreign service:
Leo J. Callahan of Dorchester, Mass., Consul at Nairobi, Kenya, East
Africa. assigned Consul at Aden.
Ray Fox of Glenn, Calif., Consul at Aden, assigned Consul at Berlin.
Harold Shantz of Rochester, Consul at Barcelona, now temporarily at
the Legation at Prague, assigned Consul at Nairobi.
Labor Troubles Continue to Disturb Cuba as Agitators
Ask for Resignation of President Grau San Martin
—Efforts to Form Coalition Still Unsuccessful—
State Department at Washington Clarifies Regulations Governing United States Naval Forces.
of
Threats of a general strike to force the resignation
Grau San Martin were again heard in Cuba late
President
this week, and thousands of hand bills distributed on Havana
streets demanded that all business close until the President
would resign. Meanwhile labor troubles in the interior of
the island have persisted, despite the efforts of Government
troops to maintain order. Little further progress appears
to have been made in plans to form a coalition Government,
although President Grau San Martin has held almost daily
meetings with members of opposing factions. On Sept. 28
Dr. Carlos Finlay, Minister of Sanitation in the Grau San
Martin Cabinet, arrived in the United States by aeroplane
from Havana, and it was reported that he might hold political conferences in Washington within the next few days that
might have an important bearing on the question of recognition by the United States.
Evidence of unrest under the present Government was
afforded on Sept. 27, when between 40,000 and 50,030 members and supporters of the Spanish regional societies paraded
and met before the Presidential Palace in Havana to protest
against a decree requiring all physicians to join the Medical
New
College of Cuba. The Havana correspondent of the
York "Times" described the demonstration as follows:
business and proDespite a drizzling rain, the well-dressed throng of
with the crowds
fessional men and women and children, in sharp contrast
students, marched in
that have attended demonstrations organized by the
an orderly manner from Central Park.
addreesed the
President Ramon Gran San Martin and other officials
they would have
demonstrators from a palace balcony. Dr. Grau told them
to appeal to the courts.
houses, comThe possibility of a general lockout among commerdial
to dissatisfacpletely paralyzing industry and commerce, now looms owing
the demontion over the refusal of Dr. Grau to accede to the petition of
labor, which
strators and the failure of the Government to take steps against
demands
commercial interests assert is forcing the acceptance of impossible
by intimidation and acts of violence.
by
A report from Santiago said an orderly demonstration organized
Spanish societies there took place this afternoon.
Efforts to form a coalition Government were renewed on
Sept. 24, when Colonel Fulgencio Batista, Army Chief of
Staff, told a conference of various factions that a coalition
could probably settle the disturbed political situation. The
principal obstacle to an agreement however, was the refusal
of the students to co-operate with the opposing groups. It
was reported from Havana that strikes were again spreading and the food shortage was becoming serious. At the
State Department in Washington on Sept. 24 it was said that
conditions in Cuba were no worse, although occasional out-
Sept. 30 1933
breaks of violence were occuring at various parts of the
island.
Secretary of State Hull on Sept. 25 explained several
principles that would govern the action of United States
naval forces in Cuba in dealing with dangers to American
citizens and foreign nationals. The new policy would allow
somewhat greater latitude to naval officers. Mr. Hull said
that in cases of disturbance commanders of individual vessels
are to consult with Rear Admiral Charles S. Freeman, Commander of naval forces in Cuban waters, before taking action and provided there is time to do so. Commanders will
be permitted, however, to act on their own initiative in
emergencies where delay might endanger American lives.
The Secretary emphasized that naval forces now off Cuba
have been sent solely for the protection of American and
other foreign lives, and not to safeguard property. Property destruction will not be regarded as sufficient justification for sending landing parties ashore, he added.
On Sept. 25 President Gran San Martin received a visit at
the Presidential Palace in Havana from Colonel Juan Blas
Hernandez, rebel leader who had been reported in revolt in
Camaguey Province. Colonel Bias Hernandez, however, denied that he had revolted and said he had no intention of
doing so. Instead he issued an appeal to his followers to
support the present Government. The other important incident of the day was the termination of the strike of employees of Havana jobbers and wholesalers and the resumption of foodstuffs deliveries. The settlement of the dispute
was accomplished after wholesalers consented to the demands of the workers for shorter hours and higher pay. It
was welcomed principally as relieving the food shortage
which had threatened Havana for several days.
President Grau San Martin issued a decree on Sept. 26
creating a new armed force called the "Revolutionary
Guard." The term of enlistment is 90 days, and the Government is to provide food, lodging, uniforms and arms, but
will not pay any wages. The object of these troops is to
assist the army in maintaining public order. It appeared
that the decree was issued to legalize the student militia
which was formed to aid the present regime in retaining its
power.
New York Stock Exchange Abandons Plans to Move to
New Jersey After Mayor O'Brien Vetoes Stock
Transfer Levy and Tax on Gross Income of Security
Dealers—Mayor Acted at Suggestion of Samuel
Untermyer, Who Stressed Loss of Revenue to State
and Probable Depreciation in Real Estate Values—
Exchange Had Settled on Site in Newark, with
Stock Clearing Corporation in Jersey City—Mayor
O'Brien's Statement.
The New York Stock Exchange this week abandoned its
plans to transfer a large part of its dealings in securities to
New Jersey, after Mayor O'Brien had vetoed the two city
bills taxing stock transfers and the gross income of security
dealers. This action by the Mayor, on Sept. 26, followed a
recommendation by Samuel Untermyer, Financial Adviser
to New York City, who originally proposed the taxes, in
which he urged the Mayor to delay signing the two tax bills
until the Exchange had time to decide on whether or not it
would move to Newark if this part of the tax program were
not made law. After Mr. Untermyer had thus reversed his
position, Richard Whitney, President of the Stock Exchange.
Informed the Mayor that the Exchange would remain in New
York City if the proposed taxes were abandoned. The Governing Committee of the New York and New Jersey Stock
Exthanges supported Mr. Whitney's statement by adopting
formal resolutions, and on the same day (Sept. 26) Mayor
O'Brien vetoed the two measures, which had been expected
to provide $10,000,000 in new revenue for unemployment relief. The Mayor issued a long memorandum explaining his
veto, and declaring that no one had taken the possibility of
moving the Exchange to New Jersey seriously when it was
first mentioned. Details of the controversy between the
City Administration and the members of the Stock Exchange
were given in our issues of Sept. 16 (pages 2025-2028), and
Sept. 23 (pages 2192-2194).
The newly-created New Jersey Stock Exchange announced
on Sept. 23 that Newark had been selected as its location, and
that the Committee on Organization had chosen the Centre
Market Building in that city for the trading floor. At the
same time an announcement was made jointly by Howard
Froelick, Chairman of the Committee, and Mayor Hague of
Jersey City, that arrangements had been made to establish
a New Jersey branch of the Stock Clearing Corporation in
Volume 137
Financial Chronicle
the Pennsylvania Terminal in Jersey City. The terms of the
proposed lease on the Centre Market Building in Newark
provided for a payment of $25,000 for the first year, $50,000
for the second year, and $100,000 for the next three years.
Mayor Ellenstein of Newark, vvho was in Chicago, approved
the terms of the lease by telephone, and dictated the following letter to Mr. Froelick on Sept. 23:
In pursuance to our telephone conversations to-day by long-distance telephone, this is to inform you and your Committee that I, on behalf of the
City of Newark, will accept your proposal to lease to your Committee the
steel and concrete building known as the Centre Market and situated on
Commerce Street, Newark, N. J., for one year beginning Sept. 25 1933, for
the annual rental of $25,000, your group to make such repairs as you deem
necessary for uses as a stock exchange at your own expense.
Further, you and your Committee shall have the option of renewal for
four years additional at the expiration of the one-year term at the following
rental:
Fifty thousand dollars for the first year of such rental; $100,000 per
annum for each of the subsequent three years to complete the said option
of four years.
It is further agreed that the building is to be used as a stock exchange in
co-relation with or as a subsidiary of the New York Stock Exchange. Said
lease is not assignable or transferable without the consent of the City of
Newark; you and your Committee to surrender the building at the completion of the term in the same physical condition it now presents.
I have, previous to this writing, discussed these terms with the majority
of the City Commission of Newark, and these terms are agreeable to them.
After receiving Mayor Ellenstein's letter, Mr. Froelick
issued the following statement regarding the proposed new
site for the Exchange:
The Centre Market Building is ideally suited to the needs of the New
Jersey Stock Exchange. It will provide a trading floor substantially larger
than that of the New York Stock Exchange. Contractors have been engaged
and the work of preparing the new trading floor will be commenced immediately.
The close proximity of Jersey City to the offices of members of the Exchange at present situated in downtown New York makes it the logical place
for the stock clearing organization which will receive and deliver the securities dealt in on the New Jersey Stock Exchange. The Committee on Organization seriously considered locating the trading floor of the new Exchange
in the Pennsylvania Terminal in Jersey City. The space immediately available, however, was not sufficient for the needs of the new Exchange.
In announcing, on Sept. 23, that it would open a New Jersey branch, the Stock Clearing Corporation explained that
the new branch would operate a central comparison room in
connection with the trading floor of the new Exchange in
Newark and also would establish a central delivery department in Jersey City. The preliminary statement, outlining
the manner in which the-new Exchange would function, said,
In part:
Floor reports will be sent to the central comparison room by telephone
clerks as soon as trades have been reported by telephone from the floor to
the order room of the member firms.
These reports will be held in the central comparison room until exchange
tickets have been written from them. The writing of the exchange
tickets
must be done in New Jersey by clerks of clearing member firms. Stock
Clearing Corporation will provide facilities for the distributing of tickets.
This means that clearing member firms must be ready to supply as many
ticket clerks as their volume of business will require, to write exchange
tickets in New Jersey for those stocks which are traded in on the new
Exchange floor. Specialists also will be required to have clerks in this
central comparison room.
2. Separate night clearing sheets will be required for transactions made
on the New Jersey Exchange. You will continue to write up as in
the past
night branch sheets for stocks traded in on the New York Stock
Exchange,
but you will separately prepare exactly the same type of
sheet for stock
traded in on the New Jersey Stock Exchange. Sheets covering New
York
Stock Exchange transactions will be delivered, as in the past,
to night
clearing branch of Stock Clearing Corporation at 52 Broadway,
New York
City. Sheets covering New Jersey transactions will be
delivered to New
Jersey branch, central delivery department, Jersey City. The
dates for
delivery of said sheets will be in accordance with the regular
second day
delivery schedule now in effect.
3. Balance tickets for stocks traded in in New Jersey
will be available
for clearing members at New Jersey branch, Central
delivery department
in Jersey City. Security balance orders on stocks traded
in on the New
York Stock Exchange will be called for as usual at the
distributing department, 52 Broadway, New York City.
4. The central delivery department for stocks traded in
on the New Jersey
Exchange will be located in Jersey City. In it all deliveries made
in accordance with security balance orders for Jersey stocks must take
place. That
means that securities traded in on the proposed new Exchange
must be
received and delivered In New Jersey. Inasmuch as all stocks traded
in on
the new Exchange will be cleared, there will be no question involving
noncleared stocks or bonds at this time. The same type of stationery
as used
now for charge tickets or credit actual lists or fail tickets may
be used,
whether for the New York central delivery department or the
central delivery department in Jersey City. Delivery time in each central
delivery
department will continue to be 2:15 p. m.
The New Jersey branch will commence operations when the
New Jersey
StocK Exchange opens for business. The precise date will be announced
in a
later circular.
Definite indication that New York City would yield to
the
brokerage interests in the struggle over the tax program
was
seen at the formal public hearing on Sept. 25, when Mr. TJntermyer recommended that the Mayor delay signing the two
tax bills until the attitude of the Exchange on the City's offer
to abandon the measures was known. Mr. Untermyer, in his
statement, said that he was motivated by reluctance to endanger New York State's income of $30,000,000 or $40,000,000
2381
from stock transfer taxes, as well as the inevitable depreciation of real estate in the financial district. He remarked
that if the Exchange moved to New Jersey, New York City
would lose large amounts in real estate taxes in consequence.
He added that he was also concerned about the city's chances
of obtaining a loan of $72,000,000 from the bankers and did
not wish to jeopardize the success of these negotiations. His
statement read as follows:
Mr. Chairman, with respect to these two bills, I wish that I still believed
that the threats of the Stock Exchange to move away from New York were
a bluff, but the conviction has been carried to me that they are going away,
and that they have already gone. That the State of New York will lose upon
its stock transfer tax 30 or 40 millions of dollars, and that the City of New
York will suffer a great loss through deterioration in its property. I accordingly have the following recommendation to make:
I have been seriously considering the anticipated effect of the stock transfer and brokerage tax bills which are now before you upon the business of
the members of the Exchange in this city and adversely on other cities where
a large part of the business is now going. Its effect upon the real estate
values in the neighborhood of the Exchange and the consequent effect upon
the value of such property, but more particularly upon the revenues of the
State from this stock transfer tax, if the Exchange succeeds in dodging the
State and the city on transfer and brokerage taxes by carrying out its threat
to move to New Jersey.
Whilst I believe the ultimate effect of any such movement will be the
disintegration of business of the Exchange in this city until an Exchange
arises in its place, which is regarded as a certainty, I do not feel that the
city can in justice to the State permit any step to be taken that will injure
the revenues of the State and the real estate values of the city, urgent as
the need of the city for money from this tax for home and unemployment
relief, and that the law would automatically expire at the end of five
months and could not be renewed without an Act of the Legislature. By
that time the damage would have been done by the removal of the Exchange.
I would accordingly be willing to advise your Honor to reconsider these
bills if the Exchange will abandon the threat and terminate its negotiations
to locate outside of the State.
If the Exchange members refuse this proposal or suggestion, which is
offered chiefly to protect the city, there is no alternative except to ask
your Honor to sign these bills, both of which I regard as eminently just as
emergency measures in view of the pressing needs of the city. I have also
prominently in mind, Mr. Mayor, the delicate negotiations in which we are
now engaged, on which the future credit of the City of New York depends,
and am most solicitous that nothing be done at this critical time that will
complicate that situation. I ask you to do that thing advisedly.
Later on the same day (Sept. 25), Mr. Untermyer made
public another statement, in which he amplified his position.
This read:
I have no assurance that the Board of Estimate will adopt my recommendations. In making them I was largely influenced by the following
considerations:
I became convinced that the Exchange had determined to move out of
the State in order to escape the State and city stock transfer taxes and the
taxes on the incomes of the brokers. That would have cost the State over
$31,000,000 for the year, and I did not feel that the city had the right to
deprive the State of these taxes.
That New York City real estate values in the Wall Street district would
have suffered to the extent of perhaps $200,000,000, thus reducing the city's
income from these taxes about $5,000,000.
That tens of thousands of employees resident in the city would have been
thrown out of employment or gone to New Jersey.
That a large part of the business of the Exchange would have been
diverted to Chicago and Boston, both of which cities were angling for the
business.
That the bills had, as I have often complained, been so restricted and
emasculated by the Republican leaders in the Assembly that the sum collectable under them would have been problematical.
That the delicate and important negotiations with the bankers affecting
the entire future of the city would have been jeopardized.
The last consideration weighed very heavily with me.
The Stock Exchange was quick to accept the city's offer
to forego the taxes on the condition that trading activities
would continue in New York. Richard Whitney, President
of the Exchange, on Sept. 26, sent the following letter to
Mayor O'Brien:
lion. John P. O'Brien, Mayor of the City of New York, City Hall, New York.
My dear Mr. Mayor: I have seen in the press the recommendation in
regard to the local laws taxing stock transfers and the gross income of
persons engaged in the business of buying and selling securities, made to
you at the public hearing yesterday by Mr. Samuel Untermyer.
If you veto these bills, I will promptly recommend to the Governing Committee of the New York Stock Exchange and also to the Governing Committee of the New Jersey Stock Exchange, which will hold its first meeting
to-day, that the plan for the opening of a trading floor in Newark on Oct. 2
be dropped. In these circumstances, will you kindly let me know as soon
as possible what action you have taken in regard to the pending bills?
Faithfully yours,
RICHARD WHITNEY, President.
Shortly after Mr. Whitney sent his letter to the Mayor, the
Governing Committee met at the Stock Exchange and approved resolutions which assured that the Exchange would
remain in New York City. The Governing Committee of the
New Jersey Stock Exchange, which is the same as that of the
New York Stock Exchange, simultaneously approved a resolution agreeing to abandon the plan for opening the trading
floor in Newark on Oct. 2. Both resolutions were conditioned upon the vetoing of the tax bills by Mayor O'Brien.
The resolution adopted by the Governing Committee of the
New York Stock Exchange was as follows:
Resolved, That this Committee recommend to the Governing Committee
of the New Jersey Stock Exchange that its plan for the opening of a trading
2382
Financial Chronicle
floor in Newark on Oct. 2 1933 be dropped on condition that the Mayor of
the City of New York shall veto the bills now pending before him to impose
a tax on the sale or transfer of shares of stock and a tax upon the gross
income of persons engaged in the business of buying and selling securities.
The Governing Committee of the New Jersey Stock Exchange then approved the following resolution:
Resolied, That the plan for the opening of a trading floor in Newark on
Oct. 2 1933 be dropped on condition that the Mayor of the City of New York
shall veto the bills now pending before him to impose a tax on the sale or
transfer of shares of stock and a tax upon the gross income of persons engaged
in the business of buying and selling securities.
Sept. 30 1933
Exchange and a large number signed the constitution of the
new Exchange on Sept. 26, thus formally organizing the market. With the adoption of the constitution the work of the
Organization Committee was concluded, and the Governing
Committee of the New Jersey Stock Exchange assumed its
duties. Describing the reaction of brokerage firms to the
announcement that the usual trading activities would continue in New York City, the New York "Times" on Sept. 27
said:
Wall Street greeted with enthusiasm yesterday the news that Mayor
O'Brien would veto the stock taxes. The brokers had not relished the prospect of moving from the stately Stock Exchange building to a remodeled
garage in a much smaller city.
It was in the spirit of a "modern Boston tea party," as they described it,
that all had co-operated in the organization of the New Jersey Exchange,
and the inovem‘int's success brought a sense of relief to the embattled brokers.
Mayor O'Brien's Statement.
But the "tea party" was an expensive engagement for the Stock ExBefore the adoption of these measures by the Municipal Assembly, I gave
change, brokers admitted. Estimates of the cost ran from $50,000 to
• $100,000.
the subject of the proposed taxes involved herein, and other taxes adopted
Wall Street's exuberance was in sharp contrast to Newark's gloom after
at the same time, a great deal of serious thought. Indeed, it should be
recorded herein that during the past eight months the whole subject of proArthur Harris, Secretary of the Exchange's building corporation, sent home
new sources of revenue to meet the ever-increasing burden of unemducing
the incoming shift of 200 workmen, one of three altering Newark's Centre
ployment and home relief has been the most pressing problem before us.
Market, until the work was suspended at 4 p. m.
Before any action was taken on any form of new taxes designed to proNewark was left with a tenantless $5,000,000 market on its hands. Durduce revenues to care for the unemployed, I called a public meeting of the
ing the day the city obtained a judgment for non-payment of rent against
invited the representatives of a
Board of Estimate and Apportionment, and
the City Centre Corporation, whose garage there it had evicted.
very large number of organizations interested in public affairs to send their
Although the Exchange considers itself morally committed to a lease,
representatb es to the hearing for the purpose of securing a broad expression
Mayor Ellenstein said Newark could not agree to a $25,000 rental without
of opinion as to the best methods or measures of securing funds to carry
the benefits accruing from a trading floor. Richard Whitney, President
on unemployment relief.
of the Exchange, said he thought it would "meet the city on the question of
The meeting was attended by over 200 representatives of various bodies,
rental," and will meet Mr. Ellenstein to-day to discuss final action on
counsels, chambers of commerce, et al.,
taxpayers' organizations, community
the lease.
and the Mayor and the other members of the Board heard discussion for
Alteration of the Exchange Place terminal of the Pennsylvania RR. in
over five hours. Various other discussions have been carried on before the
Jersey City, proposed home of the New Jersey Stock Clearing Corporation,
Board of Estimate at its meetings upon this subject and a great variety of
also was suspended.
taxes suggested.
At the request of the Board, a special session of the Legislature was called
United States Government Bonds Eliminated from
by Governor Lehman to permit the introduction of bills designed to authorize
tax measures which were calculated to produce the necessary funds for relief
-Day Delivery Plan of New York
Operation of Two
purposes. As a result of the special session, the local authorities were
Stock Exchange—New York Federal Reserve Bank
empowered to impose taxes.
Requests Member Banks to Give Specific Date of
There followed quickly a discussion by the Board of Estimate and ApporDeliveries Under Plan.
tionment of the best means of relieving our situation with regard to unemThe provisions of the rules of the New York Stock Exployment relief; and as a result, four separate bills calculated to provide
adequate relief funds were determined upon and the above bills were introchange with respect to dealings in United States Governduced as two of the four revenue measures. All of the four projected measment bonds under the two-day delivery plan of the Exchange
ures were approved by the Board of Estimate and Apportionment and by
(under which securities are deliverable on the second full
the Board of Aldermen.
During and since the passage of these measures a great deal of discussion
business day following the transaction) were amended.on
has been carried on. Numerous protests were made before the two Boards
Sept. 27, as noted in the following issued by the Exchange:
at the time when the bills were being considered. Many written protests
At a meeting of the Governing Committee held Sept. 27 1933, the prowere forwarded to me and members of the Board, through resolutions, letters
visions of the rules with respect to dealings in United States Government
and telegrams. The above measures having been passed by both branches
bonds were amended so that beginning Thursday, Sept. 28 1933, In effect,
of the Municipal Assembly and a hearing having been held before me yesterthis class of securities Is eliminated from the operation of the two-day
day, Sept. 25 1933, where various arguments were made, these matters now
delivery plan.
come before me for action.
Unless otherwise specified, all bids, offers and transactions in such
Following the passage of the above measures, new facts and conditions
bonds are to be assumed to be "Regular Way," i.e., for delivery on the
have been disclosed. These happenings and activities have presented possifirst full business day following the day of the transaction.
bilities which though previously referred to by objectants to the tax measInterest on United States Government bonds sold "Regular Way" is
ures, were never seriously considered as likely to be realized. The situation
to be computed up to but not including the day on which delivery is due.
presented during the last 10 days or two weeks is extremely serious. It
George L. Harrison, Governor of the Federal Reserve
extends in several different directions, and in its most dangerous aspect
includes a seriously threatened action which might prevent any adequate
Bank of New York, issued the following statement on
return upon the State stock transfer tax, with the resulting loss to the
Sept. 28:
State treasury and the derangement of its budget.
With respect to the delivery of securities, either direct or through the
The threatened embarrassment to the City of New York in its plan emStock Clearing Corp., by this Bank for account of member banks, and
bodied in the above measures to care for, during the next 15 months, those
supplementing our Circular No. 922, dated July 11 1929, member banks
without employment, food and shelter, also has become so serious as to
are requested, when authorizing this Bank to deliver securities, to give
demand a complete review of the whole situation. Unfortunately for the
the specific date on which such deliveries are to be made under the new
purposes of the program enacted by the Municipal Assembly in these meastwo-day delivery plan of the New York Stock Exchange, which became
ures, the issues now raised come at a time when other equally serious probeffective on Sept. 8 1933.
lems must be met and solved. Whatever one may think about the lack of
Reference to the second-day delivery plan were given in
co-operation and spirit of sacrifice and the absence of local patriotism,
which have been manifested in connection with the adoption of these measour issues of Aug. 26, page 1498; Sept. 2, page 1675, and
ures, this is not just the time to discuss such subjects. I am confronted
Sept. 9, page 1850.
with a situation which I cannot control, wherein serious and pressing conclusions must be made.
Thus, I reads my decision without any reservation, which is to veto these
President O'Brien of Chicago Stock Exchange Names
measures. This attitude should not be and will not be construed as a change
Special Committee to Consider Plans to Improve
of mind with respect to the original necessity of passing the above measMarkets in the Securities Listed on the Exchange.
ures and the inescapable obligation upon me and the other members of the
At the request of Thaddeus R. Benson, Chairman of the
Board of Estimate and Apportionment of finding, wherever we may, the
Chicago Association of Stock Exchange Firms, M.J. O'Brien
means of carrying on relief work In this city and caring for all needy and
dependent persons.
•
President of the Chicago Stock Exchange,appointed a special
Mayor O'Brien studied the two resolutions, and on the
evening of the same day (Sept. 26) vetoed the two tax bills,
at the same time making public the following formal statement explaining his action:
The Mayor's statement added that he had not definitely
decided what action to take with regard to two other measures providing for new taxes on savings banks, public utilities and life insurance companies. Both of these measures
had met strenuous opposition, together with threats that if
they were signed the banks, insurance companies and utilities would protest their legality and would contest the issue
with the city in the courts. Meanwhile officials of the city
have this week held several conferences with Governor Lehman, and these meetings have also been attended by bankers
on whom the city is depending for loans to refund short-term
city securities and to defray salary and relief needs.
•
The cancellation of plans to begin security trading in New
Jersey on Oct. 2 does not indicate that the Stock Exchange
has any immediate intention of dissolving the newly-formed
New Jersey Stock Exchange, it was said this week. More
than 90% of the members of the New York Stock Exchange
had indicated their intention to join the New Jersey Stock
committee of floor members of the Exchange to consider plans
for the improvement of markets in securities listed on the
Chicago Stock Exchange. Mr. Benson, in commenting
on the meeting on Sept. 21, said:
This meeting to-day is the second step In a definite plan to improve
markets in our securities. The first was a meeting of Order Clerks held
Aug. 15.
In view of the tax situation in New York City we are naturally concentrating on those Middle-Western institutions whose securities are listed
on the Chicago Stock Exchange as well as in the East and whose markets
should be in Chicago because more of the stockholders reside in Chicago
and the Middle West.
Diamond Match Co., for instance, has already rebated its securities
on our Exchange for the benefit of its stockholders, more than 50% of
whom live in the Middle West.
The Chicago Association of Stock Exchange Firms has asked Its members
to furnish information concerning the potential volume of business originating in, or routed through, Chicago offices of members. We believe this
Information will disclose that a large percentage of the transactions in
these Issues originates in Chicago and the Middle West. When these
figures are compiled they will give us a definite basis on which to work.
When we have a basis on which to work. I know we can count on the cooperation of everyone concerned.
Volume 137
Financial Chronicle
Mr. O'Brien emphasized that in this program of development no unlisted department will be organized. He said,
"We will not change our requirements for listing securities
on our Exchange. We will continue to trade in only those
stocks regularly listed here." The personnel of the Floor
Committee is as follows:
R.A. Wood.Chairman
Morton D. Cahn
Virgil C. Webster
Earl R. Boorman
Ford C. Carter
John R. Burdick Jr.
Ralph M. Cleary
Frank I. Cordo
Lester M. Eiseman
Norman Freehling
W. W. Haerther
Thomas J. Harper
Elmer A. Kurzka
W. S. Mills
Irving E. Meyerhoff
Edward P. Molloy
Frank E. McDonald
R. W. Phillips
Sampson Rogers Jr.
Henry Selz
Robert P. Shimmin
Edward J. White
Hugh H. Wilson
Joseph W. Myers
Ralph W. Davis
Brokers,
&c. Put into Force by Secretary of State.
A code of ethics for security dealers, brokers and salesmen
—designed to protect the public from unscrupulous operators
—was put into effect on Sept. 15 by Edward J. Hughes,
Secretary of State for Illinois. The Chicago "Tribune"
states that the regulations were drawn up by Edward J.
Bippus of the State Security Department in co-operation
with Mr. Hughes. The code will apply in the case of
dealers, brokers, solicitors or argents registered under the
provisions of the Illinois Securities Law. From the "Wall
Street Journal" we take the following, from its Chicago
bureau:
Code of Ethics for Illinois Security Dealers,
These rules in effect form a code of ethics for the sale of securities in this
State.
Representatives of the Department state that the Chicago Stock Exchange, the Chicago Board of Trade and the Investment Bankers Association of America were consulted in the framing of the rules. They state
further that the issuance of these rules gives effect to views expressed at
conventions of State Security Commissioners for some years, but that the
matter was not in shape to be put in definite form until recently.
Text of the rules regulations, effective Sept. 15 1933, follows:
The word "registrant" as used in these rules and regulations and any
amendments thereto, shall mean and include every dealer, broker, solicitor
or agent registered under the provisions of the Illinois Securities Law.
The Rules.
The following rules and regulations are hereby issued in pursuance to and
under the express provisions of Section 25 of the Illinois Securities law.
1. The relationship between the registrant and customer is a fiduciary
one and shall be so considered by the re glstrant at all times.
2. If a broker is also a dealer in securities being sold or offered for sale,
the customer shall be specifically informed of that fact and also as to the
fact that the dealer or broker is expecting to make some other remuneration
in addition to the compensation for his services as broker.
3. Every registrant shall in all dealings with prospective Investors in
securities be unquestionably free at all times from just charges of fraud or
misrepresentation which would tend to work a fraud on the investor.
4. Every registrant shall employ full candor and fairness at all times in
dealing with customers.
5. The customers of a registrant shall not be deliberately misled in the
purchase or sale of a security to or for such customer.
6. Securities or other property pledged by a customer with a registrant
shall not be used by the registrant as if it were his own property but shall
be safeguarded as a pledge.
Bucketing Forbidden.
7. No person engaged in the business of purchasing and selling securities
as a registrant, being employed by a customer to buy and carry upon margin
securities of any kind, while acting for such customer in respect to such
securities, shall sell for his own account the same kind or issue of such
securities with intent to trade against the customers order, or who being
employed by a customer to sell securities of any kind, while acting for such
customer in respect to the sale of such securities, shall purchase for his own
account the same kind or issue of securities with intent to trade against
the customer's order. Such practice carried on to the extent of 10% or
more in terms of market values of all such securities bought or sold on
account of customers' orders shall be deemed prima facie evidence of intent
to trade against customer's order.
8. All printed matter of every kind and description issued by any person
selling or offering securities for sale shall be accurate and adequate to the
end of plainly stating material facts and of omitting no fact, which at the
time of the sale or offer for sale, if omitted, would render any act stated
misleading or inaccurate.
9. Investment counsel or advice, whether by one specializing solely in
rendering investment counsel or advice, or by a dealer or broker, incidental
to usual transactions in securities, shall be strictly on the basis of fiduciary
relationship between the counselor or advisor and the investor or prospective investor. In no event shall such counsel or advice be influenced or
colored by the element of profit or compensation through the sale or tradeout of any security held by the investor. Any advice or counsel given to an
investor must be solely on the basis of interest or pecuniary profit to the
investor.
Early Confirmation Demanded.
10. All purchases or sales of securities shall be confirmed to the customer
within a reasonable time and the terms of such sale or purchase shall be
expressly stated in the confirmation.
11. Long distance telephone calls by a registrant in canvassing for prospective customers shall be employed with due regard to (1) the bona fide
character of the proposed transaction, (2) the amount involved in any proposed sale and (3) the relation of prospective bona fide profits to the dealer
or broker from such proposed sale as related to the necessary cost or expense
incident to such call. Where prospective or resultant sales are so small in
amount as to limit bona fide profit, calculated according to generally accepted rules as to spreads or commissions,to or below the apparent necessary
cost and expense of such calls, such will be regarded as prima fade evidence
ot bad faith and unfair practices.
2383
12. Permitting or encouraging an investor to trade beyond his immediate
financial resources; reloading unreasonable delays in making deliveries of
securities; agreements to repurchase or resell securities; representations
that securities are to be listed, are all questionable practices and shall not
be indulged in, tolerated or permitted by a registrant.
13. Where any registrant offers to sell and contracts for the sale of any
security on the partial payment plan, whereby the purchaser is required to
make periodical payments against the total purchase price thereof tna is not
entitled to require delivery of such security until the purchase price is fully
paid or until a certain substantial portion thereof is paid, such registrant
shall have within his or its poss.ssion or control and set aside, segregated
and identified, and held for the sole benefit of the partial payment purchasers, cash, and (or) securiti,a of the kind so sold from time to time, equal
at all times to the total partial payment receipts then received against the
total sales price ofsuch s3curities, but in no event less cash or securities than
sufficient to meet the sellers current contract liability to the customers on
all outstanding contracts. Every registrant engaged in selling securities
on the partial payment plan shall at all times, while engaged in such business,
maintain a liquid position of not less than 20% over and above his or its
total current contract liability on all outstanding contracts.
14. No registrant shall solicit margin accounts or offer securities fr sale
on margin by communicating with any person at his home or place o; reddonee unless such person shall have previously given express permiss.on
in writing for such communication. The foregoing rules and any additions
thereto or changes made therein may herafter from time to time be revised,
amended or added to by the Secretary of State of the State of Illinois.
Massachusetts and Pennsylvania Lifts Restrictions on
Life Policy Payments.
Restrictions preventing life insurance policyholders from
securing cash from insurance companies for the surrender
of their policies or by borrowing on their policies, imposed
to protect the companies during the banking emergency last
spring, were rescinded Sept. 21 by Insurance Commissioner
Merton L. Brown of Maasachusetts.
All such regulations, the Commissioner announced, drawn up by his
department as authorized by the Legislature last March, are not to be
effective from now on.
C.F. Armstrong,Insurance Commissioner of Pennsylvania
has lifted restrictions on life insurance companies licensed
to transact business in the State of Pennsylvania. They
permit them "until further order to resume payments in
accordance with the terms of the various life insurance and
annuity contracts issued by such companies."
These rules are substituted for the emergency regulations issued in
Pennsylvania March 10 1933. and amended from time to time.
Federal Reserve Board in Monthly Review of Banking
Conditions Reports 30% Rise in Deposit Turnover
—Increased Velocity Important Factor in Financing Business Activity—Increase in Gold of
Central Banks.
The increase of 30% in the deposit turnover in member
banks during the period from March to July is noted by the
Federal Reserve Board in its September Bulletin, issued
Sept. 26; the Board states that there has been an increase of
about $1,000,000,000 in demand deposits since March, and
says:
The growth in the volume of bank deposits since last March has been
accompanied by an increase in the use made of existing deposits, as shown
by an increase in the volume of checks drawn against them.
This increase in the turnover, or velocity of deposits, has In fact been a
more important factor in financing the increased volume of business activity
than the actual growth in the volume of deposits.
Between March and July, while industrial production increased by 60%
and factory payrolls by almost 40%,deposits of member banks in 90 leading
cities increased by less than 10%, while the velocity of their turnover increased by about 30%.
In March net demand plus time deposits of these banks were turning over
at the rate of about 17 times a year, while in July they were turning over at
the rate of about 22 times a year.
The volume of check payments at the reporting member banks increased
from March to July by about $8,000,000,000, and amounted in July to
about $29,000,000,000. About two-thirds of the increase was at New York
City and Chicago, where it reflected in part increased activity in the organized exchanges for corporate securities and for basic commodities such as
cotton and grain. This increase was general throughout the country, however. At 139 cities, not including New York and Chicago, bank debits.
which measure the volume of payments by check, increased from April to
July by about $2,600,000,000, or approximately 30%, and increases were
reported for every Federal Reserve District.
Currency returned to the Federal Reserve Banks and the Treasury
between March 13 and Aug. 30 amounted to about $2.000,000,000. This
represented currency returned by banks from their holdings of vault cash
and currency taken out of hoards, since it occurred at a time when the
demand for currency for active use by the public was increasing with the
growth in the volume of pay rollsand retail trade. That the return flow of
currency was from hoards and not from active circulation is indicated by the
fact that the larger part of the paper currency returned to the Federal
Reserve Banks since last March has been in the larger denominations, $50
and over, such as are used relatively little in day-to-day transactions.
Figures of currency by denominations are available only for end-of
month dates, and it is impossible, therefore, to analyze the return flow of
currency by denominationsfrom the maximum amountreached on March 13,
From the end of February, when money in circulation was about $1,000,000,000 less than at the peak, to the end of July,currency of denominations
of $50 and over declined by about 5500.000,000. or 26%, whereas currency
of $20 denomination declined by $165,000,000, or 11%. and the circulation
of the denominations of $10 and under, which is the currency used largely
for business purposes, declined by 575.000,000, or 3%•
The following further account of the Board's comments is
taken from the Washington, advices to the New York
"Times":
2384
Financial Chronicle
From month to month since the end of November 1930, when the public
began to withdraw currency for hoarding whenever there was a sharp increase it was most pronounced for the denominations of $50 and over, less
pronounced for denominations of $20 and $10, and seldom substantial for
those as low as $5.
At the end of July, the latest date for which figures are available, the
outstanding volume of the larger denominations was lower than a year
ago, reflecting chiefly the return of currency from hoards, while that of
$5 and $10 bills was higher, reflecting chiefly improvement in business.
The volume of $1 and $2 bills showed relatively little change over the period.
Rise in Gold Reserves Abroad.
"The reduction in circulation since March has been chiefly in gold coin
and gold certficates, the hoarding of which has been prohibited, and in
Federal Reserve notes," the Board said.
"The amount of gold coin and gold certificates outside the Treasury
and Federal Reserve banks is at present smaller than at any other time in
many years, while the circulation of Federal Reserve notes, after a considerable reduction since last March,is still much higher than at any other time
since early in 1921."
The circulation of Federal Reserve notes has increased during recent
months and the amount of National bank notes in circulation, after a considerable gain since the middle of the year, is at the highest level since 1914.
Increase in Gold Reserves of Central Banks.
The Board reported that since the first week of July there has been a
substantial increase in the central gold reserves of several of the chief
European countries that have maintained the gold value of their currencies.
On the basis of reports through the third week of August, central gold reserves in France, Germany, the Netherlands and Italy have grown by an
aggregate amount of 395,000,000, and the drain on Swiss reserves has
ceased.
$75,082,000 in Bids Accepted to Offering of $75,000,000
or Thereabouts of 91-Day Treasury Bills Dated
Sept. 27—Tenders of $196,624,000 Received—Average Rate 0.10%.
Of tenders totaling $196,624,000, received to the offering
of $75,000,000 or thereabouts of 91-day Treasury bills dated
Sept. 27, Secretary of the Treasury William H. Woodin announced on Sept. 25 that $75,082,000 has been accepted. The
offering, referred to in our issue of Sept. 23, page 2197, was
issued at the Federal Reserve Banks, and the branches thereof, up to 2 p. m., Eastern Standard Time, Sept. 25. The bills
brought an average rate of 0.10% per annum on a bank discount basis, which compares with previous rates of 0.11%
(bills dated Sept. 20); 0.12% (bills dated Sept.6) and 0.14%
(bills dated Aug. 30). It is the lowest rate at wbich Treasury
bills have been sold except for one previous occasion when
the rate was 0.09% (bills dated Dec. 23 1932). The average
price of the bills to be issued is 99.976. Secretary Woodin's
announcement of the results of the offering said that the
accepted bids ranged in price from 99.980, equivalent to a
rate of about 0.08% per annum, to 99.972, equivalent to a
rate of about 0.11% per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was acCepted.
New Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated Oct. 4 1933.
A new offering of 91-day Treasury bills to the amount of
$100,000,000 or thereabouts was announced on Sept. 27 by
William H. Woodin, Secretary of the Treasury. The bills
will be dated Oct. 4 1933, and will mature on Jan. 3 1934,
and on the maturity date the face amount will be payable
without interest. On Oct. 4 an issue of bills amounting to
$100,010,000 will mature and the new issue will be used to
retire the same. Tenders to the offering, which will be sold
on a discount basis to the highest bidders, will be received at
the Federal Reserve Banks, or the branches thereof, up to
2 p. m., Eastern Standard Time, Monday, Oct. 2. Tenders
will not be received at the Treasury Department, Washington. In his announcement Secretary Woodin said in part:
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
Sept. 30 1933
all taxation, except estate and inheritance taxes. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter frn•
posed by the United States or any of its possessions.
New York Banks Solicit Loan Business--Leading Institutions Canvas Depositors and Former Borrowers
in Effort to Expand Credit.
Leading banks in New York City opened a definite campaign this week in an effort to expand bank credit, and several
institutions took action to "solicit" business of this chaiacter.
The Chase National Bank has communicated with depositors
maintaining balances of $25,000 or more, asking them if they
require credit. The Guaranty Trust Co. instructed its vicepresidents to communicate with former borx owers in their
distiicts who have not recently used credit lines, while the
National City Bank has been advising its customers that
credit is available if they require it. The "Wall Street
Journal" on Sept. 27 discussed the credit situation as follows:
So far as credit supplies are concerned,these are ample in the metropolitan
territory to provide for a potential expansion of close to $1,700,000,000 by
local reporting member banks of the Reserve system. Their excess reserve
approximated $171,000,000 on Sept. 20. last, each dollar of which is capable
of expansion 10 times in the form of bank credit.
At present the credit lines of local banks are being used by customers
only to the extent of from 10% to 24%. Rejections of applications for
loans have ranged from 10% to 12% of the number.
To assist in expanding credit, particularly to small borrowers, a committee of 14 banker representatives of the banks in the New York Clearing
House Association was organized a few days ago. This committee makes
its headquarters at the NRA and is devoting its attention primarily to
the study of complaints from small merchants. The study has not been
adequate to date to warrant a report, but it is probable that a definite
statement of findings will be made available within a week.
New Unit Planned by Bankers to Issue Small Trade
Credit—Bankers Study Revival of National Credit
Corporation.
The New York "Journal of Commerce" of Sept. 27
reported that in informed quarters it is stated that Wall
Street bankers are considering either the formation of a new
corporation or the revival of the National Credit Corp.
to meet the pressure for easier credit to small business.
If the National Credit Corp. becomes the vehicle for loans
to small business, it is believed, it may be possible for the
Corporation to sell its debentures to the Reconstruction
Finance Corporation, said the paper indicated. Continuing
it stated:
It is doubted that the funds of the Wall Street banks will be used for
this purpose.
Gap in Credit Facilities.
The purpose is to create an organization which, backed by ample resources,
will handle loans to small manufacturers, jobbers, shopkeepers, &c. Most
of the Wall Street banks deal primarily with large depositors. While New
York City also possesses several branch systems which handle neighborhood
accounts, business groups contend that facilities to finance small business
are insufficient.
Efforts have been made many times to form a new banking institution in
New York City for the financing of small business. Following the collapse
of the Bank of United States the tendency has been for the banks to deal
chiefly with larger business concerns so that small concerns had to finance
current operations through agencies charging high interest rates. Efforts
to organize a new bank up to the present time railed to find the necessary
capital.
Credit Corporation.
The present consideration being given to the revival of the National
Credit Corporation or to some similar device results principally from complaints of business men transmitted through the National Recovery Act and
the Administration. During the Hoover Administration the view became
widespread for a time that the sole basis for the depression lay in the refusal
of bankers to advance credit, and, in consequence, various agencies were
set up to placate those taking this position. While some bankers at the
present time feel that the demand for a new credit institution represents
only the repetition of this theory there are others who see an actual gap in
existing credit machinery.
The largo banks feel that to deal in small loans would be to shoulder the
burden of increased overhead. Naturally, the handling of small loans
would require additions to existing personnel.
(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 ex.
pressed on the basis of 100, with not more than three decimal places,
e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of
10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on Oct. 2 1933,
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds on
Oct. 4 1933.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
Receivers of National Banks Permitted to Exchange
Mortgage Holdings for Bonds of Home Owners'
Loan Corporation.
Permission to National banks to exchange mortgage holdings of closed institutions for bonds of the Home Owners'
Loan Corporation has been granted by Comptroller of the
Currency J. F. T. O'Connor. In a letter under date of
Sept. 23 to Chairman Stevenson of the Federal Home Loan
Bank Board, Comptroller O'Connor states that "we have
. . .decided to send instructions to all receivers authorizing them to submit for consideration to this office all cases
in which they believe it would be to the advantage of their
trusts to make the exchange." A month ago the Comptroller's office had taken the position that for the time
being the exchange of mortgages by receivers for bonds
would not be advisable. Comptroller O'Conner's letter
follows:
Volume 137
Financial Chronicle
Sept. 23 1933.
My Dear Mr. Stevenson:
Under date of Aug. 29 1933 we wrote you with reference to the position
of this office concerning the acquisition of Home Owners' Loan Corporation
bonds by receivers of National banks, and the position therein taken was
that for the time being, and pending further developments in the situation,
it would not be advisable for such bonds to be exchanged by receivers for
mortgages held by them.
Since writing you we have been getting a rather positive reaction from
receivers in various sections of the country indicating that in their opinion
it would be for the best interests of their trusts in many instances to exchange their mortgage assets for the Home Owners' Loan Corporation
bonds. They have pointed out that due to present economic conditions
an abnormally large number of mortgages have accumulated and that the
overhead expense involved in servicing these mortgages, taking care of
Interest and taxes and attending to other details in connection therewith,
is tending to mount up into substantial proportions, and that in view of
this situation and of the further fact that a market is being established
for the bonds and that the market for, the mortgages or the mortgaged
properties is abnormally slow, and having in mind also the loan value of
such bonds with the RFC, it would be advisable to adopt at this time a
general policy of permitting receivers to exchange their mortgages for bonds
where under the circumstances of the particular case such course seems to
be to the advantage of the trust.
Another consideration which has had considerable weight with us is that
our attention has been directed to numerous instances where the mortgagordebtor has reduced his mortgage substantially, and therefore has a worthwhile equity in the property, but is unable for the time being to continue
to carry the property by reason of lack of employment or reduced earnings
or otherwise, so that unless some relief is afforded the mortgagor-debtors
of this class will be liable to lose their equities in the properties.
The law requires, of course, that such exchanges be approved by court
order and that prior to the filing of the court proceedings the approval of
the Comptroller be likewise given to the exchange. Consequently this
necessitates that each case of proposed exchange be submitted to this office
for approval. We have, therefore, decided to send instructions to all receivers authorizing them to submit for consideration to this office all cases
in which they believe it would be to the advantage of their trusts to make
the exchange. We expect to systematize the operations in this respect
so as to facilitate the process as much as possible.
We expect, however, in each case of proposed exchange, to have a contract with the mortgagor-debtor permitting the bon 's held by the receiver
to be utilized in acquiring the mortgage held by the Home Owners' Loan
Corporation at such time, in each case, as may seem to be to the advantage
of the trust, and we assume that our policy in this respect will meet with
your approval in view of the provisions of the Home Owners' Loan Act
permitting such bonds to be used in payment of the outstanding mortgages.
The foregoing represents our present views in the premises, and we will
be glad to have any suggestions from you concerning the procedure or the
actual working out of the practical details, if you care to offer the same.
Very truly yours,
J. F. T. O'CONNOR, Comptroller.
Hon. William F. Stevenson, Chairman, Federal Home Loan Bank Board.
Washington, D. C.
W.J. Cummings of FDIC on Workings of Corporation—
"Temporary Insurance Fund" to Be Set Up Jan. 1
1934—"Permanent Fund" Effective July 1 1934.
The workings of the Federal Deposit Insurance Corporation
were the subject of a radio message by W. J. Cummings,
Chairman of the Board of Directors of the Corporation, on
Sept. 27. Mr. Cummings' talk, arranged by the Washington "Star," was broadcast from Washington over the
National Broadcasting network. Mr. Cummings explained
that the new corporation "is organized to insure the deposits
of all banks that are qualified under the law to receive the
benefits of deposit insurance." "As a first step," he
said, "the corporation is directed to set up a 'temporary
insurance fund' which commences Jan. 1 1934, . . . to
insure all deposits in eligible banks up to a maximum amount
of $2,500 each until July 1 1934." "On July 1 1934 the
'permanent fund,'" he explained, "goes into effect and
deposits up to $10,000 will be insured 100%; amounts in
excess of $10,000 up to $50,000 will be insured 75%, and
amounts in excess of $50,000 for 50%." We give herewith
Mr. Cummings' remarks in full:
It is with pleasure and gratification that I accept this opportunity to
outline to you one part of a most vital and important piece of legislation
called the Banking Act of 1933, which was passed at the recent special
session of Congress.
I refer to certain sections of the Act creating and relating to the FDIC.
The name means just what it implies—an insurance corporation, to insure
bank deposits—obtaining its capital from banks which become participants,
from the Federal Reserve banks and from the Treasury of the United States.
Out of the tragic events of last February and March, which left our
country tottering on the brink of economic ruin, came the necessity to
ware the people that their money could be put into a bank with full
assurance of withdrawal when needed.
The FDIC was created as a result.
No feature of the Banking Act of 1933 attracted such attention. To
almost a universal degree our people are interested and affected by that
Act which touches on their deposits of money placed in .our banks. The
demand for insurance of deposits became so insistent that the Banking
Act of 1933 passed the House of Representatives with but six dissenting
votes—while in the United States Senate the vote was unanimous.
The voice of the American people had spoken unmistakably on the subject
of banking reform through their representatives in Congress. The people's
sure instinct for progress and order had asserted itself, as it often has done
before at times of crisis in the history of our Nation. But it was the President
himself who first interpreted what was going on in the public's mind, and
here are his own words: "We do not want, and will not have another
epidemic of bank failures."
Many of the listeners to-night well remember the dramatic occasion
last March, when this mighty resolve came to them from the White House,
expressing so forcefully their own wish and determination.
2385
Let us go back six months to see where the Nation stood on the night
of that important broadcast from the White House—March 12. All the
banks in the country had closed and were only then beginning to open.
Anxiety and panic gripped the owners of 40 million deposit accounts.
Trade and industry were completely paralyzed.
Then, under authority of executive orders issued by the President, the
Honorable William H. Woodin, Secretary of the Treasury, began to bring
order out of the indescribable confusion into which the banks had been
precipitated by earlier events.
The first step was to determine the strength and fitness of each member
bank of the Federal Reserve System that applied for a license to reopen.
The next step was to co-operate with the banking departments of each
of the 48 States to the end that State banks outside the Federal Reserve
System might also be re-opened as quickly as possible.
Since those tragic days six months ago, much has been accomplished in
restoring credit, and those of us who saw the whole series of events at close
range can only marvel at the progress made to date. The period of hysteria
and fear is now past. Hundreds of millions of dollars have been returned
to the banks from their hiding places. Now that deposits are to be insured.
there will be a further tremendous increase in bank deposits, available
for investment in commercial enterprise.
The new FDIC is organized to insure the deposits of all banks that are
qualified under the law to receive the benefits of deposit insurance, and the
entire resources of the Corporation are placed behind every insured bank
to guarantee to each depositor the safety of his deposit.
As a first step in this program the Corporation is directed to set up a
temporary insurance fund, which commences Jan. 1 1934 (unless the President shall by proclamation fix an earlier date) to insure all deposits in
eligible banks up to a maximum amount of $2,500 each until July 11934.
About 97% of the depositors in our banks have less than $2,500 in their
accounts. This means that the vast majority of the depositors have 100%
protection even under the temporary plan.
On July 1 1934, the permanent fund goes into effect and deposits up to
$10,000 will be insured 100%; amounts in excess of $10,000 up to $50,000
will be insured 75%, and amounts in excess of $50,000 for 50%.
Under the law it is necessary for non-member State banks to be examined
to determine their eligibility for deposit insurance in the temporary fund.
All member banks of the Federal Reserve System automatically become
members of this fund. Bank examiners, under direction of the Corporation,
are now at work examining those banks that have already applied for
membership.
Let it be clearly understood that no discrimination against non-member
State banks will be permitted in these examinations. The law itself is
specific on this point. I quote roughly from Section 12-B of the Act_as
follows:
"It is not the purpose of this Act to discriminate in any manner against
State banks not members of the Federal Reserve System, nor in favor of
National banks or other Federal Reserve member banks; the purpose is
to provide all banks with the same opportunity to obtain and enjoy the
benefits of deposit insurance."
Quoting further from the Act:
"No bank shall be discriminated against because its capital stock is
less than the amount required for eligibility for admission into the Federal
Reserve System."
The whole purpose of the Act is to provide insurance protection for
depositors in as many banks as possible, thus extending the immeasurable
benefits of deposit insurance to every nook and corner of the land.
I assure you a fair and broad interpretation of those provisions of the
Act relating to the eligibility for insurance of any bank operating under
the charter of any State. The examinations are to be based upon solvency,
not upon liquidity. This Corporation has been created for the protection
of depositors by affording them insurance, and under such a system the
test of solvency can be substituted for that of liquidity without sacrificing
ultimate safety.
The insurance fund will stimulate the expansion of credit. The depositor
will be reassured. He will have no reason to withdraw his money. Dispelled in the future will be the causes for panics such as we witnessed last
winter, when depositors clamored for their money at the counters of virtually
every bank in the United States.
I would like to call attention to the immense capital resources of the
FDIC. The initial capital is to be furnished by the United States Treasury
in the amount of $150,000,000. In addition, the Federal Reserve banks
will subscribe one-half of their surplus. This amounts to about $140,000,000
more. Here we have $290,000,000 of capital initially provided.
During the first six months in which the temporary fund is operative,
all deposits up to a maximum of $2,500 are insured, and all banks that
have the benefits of deposit insurance are to subscribe one-half of 1% of
the amount of such insurable deposits, paying half in cash at the outset—
the balance being subject to call.
On July 1 1934. participating banks will subscribe to stock in the Corporation in an amount equal to one-half of 1% of their total deposit liabilities:
and on that date the insurance is increased to cover all deposits up to
higher limits. It is estimated that approximately $200,000,000 will be
subscribed by banks that become members of the permanent insurance
fund. Thus the Corporation will have a capital fund of approximately
$500,000.000, in addition to which it is authorized to borrow against its
assets up to three times the amount of its capital.
After July 1 1936, all banks participating in the insurance fund must
be members of the Federal Reserve System. The plan therefore looks
forward to a logical development of our banking system through insurance
of deposits.
There are many other phases of this Act which are highly important,
but to-night it has been my purpose to outline briefly only its insurance
provisions.
In conclusion let me emphasize that the Federal Deposit Insurance
Corp. will make your savings secure. Returning confidence and an end
to hoarding will result. For business and industry it means that our banks,
strengthened immeasurably by deposit insurance, can more readily supply
credit to finance legitimate enterprises.
I hope I have succeeded in giving you some idea of this new important
Act in the short time allotted.
RFC Advanced $111,495,630 For All Purposes During
August as Compared With $252,734,318 in July—
Advanced $17,381,800 To Banks and Trust Companies To Aid Reorganization.
The Reconstruction Finince Corporation advanced during
August for all purposes $11,495,630 as compared with
$252,734,318 in July, according to its monthly report issued
Sept. 25. The July total was swelled by the unusually
heavy authorizations to closed banks and an authorization
of a $50,000,000 credit to China for the purchase of American
2386
Financial Chronicle
cotton and wheat. The July authorizations also included
$74,000,000 to two Ohio banks which were in receivers'
hands. Continuing its efforts to speed reorganization or
liquidation of closed banks, to release tied-up deposits, the
Corporation auth3rized, in August, loans of $17,381,8C0
to banks and trust companies for such purposes.
According to advices from Washington to the New York
"Times" of Sept. 26, the report also contained the following:
The Corporation also authorized in August purchases of 32,895.000 of
preferred stock of banks,$500,000 of bank debentures,and loans of$126,000
on preferred stock.
These activities were in furtherance of the campaign accelerated in July
when $33.832.523.62 in loans. 812,732.500 of preferred stock purchases.
and 82.615,000 in loans on preferred stock of closed banks were authorized
by the corporation.
One of the features of the administration's present credit expansion program is to release with as little delay as possible the frozen deposits of closed
banks, and place thes3 banks in a position to obtain membership in the
that
Federal Deposit Insurance Corporation. It is expected, therefore,
as the
loans and preferred stock purchases may soon show a sharp increase
campaign gets under full headway.
had not
Many of the authorized loans to conservators and receivers
the report,
actually been disbursed by Aug. 31. the last day covered in
but th re is a sharp drive on now to get into full action.
loans authorThe balance sheet of the Corporation as of Aug. 31 showed
3272.489.ized to closed banks by the RFC up to that time aggregated
Taking into con760.95. of which $10,824,673.01 had been canceled.
disbursed less
sideration repayments of 860,382.550.67. the proceeds
but
repayments totaled $145,195,279.40, with $56,087.157.78 authorized
Sept. 30 1933
ASSETS.
Item—
Cash deposit with Treasurer of United States
Funds held in suspense by custodian banks
Petty cash funds
Deposit with bid for purchase of bonds
Allocated for cape .see regional agricultural credit corporations—
Farm Credit Administration
Advanced for Federal Emergency Relief Administration expenses_
Allocated to Secretary of the Treasury (1)
Allocated to Secretary of the Treasury (2)
Allocated to Land Bank Commissioner
$200,000,000.00
Allocated to Secretary of Agriculture (3)
Less—reallocated as caLital of
regional agricultural credit cor$44,500,000.00
porations
Reallocated to Governor of Farm
40.500,000.00
Credit Administration
85,000,000.00
Capital region agricultural credit corporations
Allocated to Governor of Farm Credit Administration
Loans under Section 5:
Proceeds disbursed (less repayments)—
8693,587,316.56
Banks and trust companies (4)
547,144.07
Credit unions
78,687,608.14
Building and loan associations
68,381,462.12
Insurance companies
25,800.000.00
Federal Land banks
9,830,191.18
Joint Stock Land banks
3,490,826.89
Live Stock credit corporations
158,797,132.31
Mortgage loan companies
Regional agricultural credit corporations..- - 96,457.013.54
2,145,169.20
Other agricultural credit corporations
331,100,906.06
Railroads (including receivers)
Proceeds not yet disbursed—
$63,649,058.12
Banks and trust companies (4)
429,322.21
Building and loan associations
7,098,637.50
Insurance companies
1,200,000.00
Federal Land banks
5,607,517.72
Joint Stock Land banks
547,500.00
Live Stock Credit corporations
12,144,000.35
Mortgage loan companies
5,039,063.82
Regional agricultural credit corporations_ _ _ _
4,148.50
Other agricultural credit corporations
27,305,092.43
Railroads (including receivers)
not disbursed.
Advances authorized in August included the following:
To banks and trust companies, related Institutions and $51,314,852.75
railroads
$29,295.28
For the export of surplus agricultural products Agricultural
For payment of the processing tax under the
$190,000.00
Loans and contracts for self-liquidating projects:
•Adjustment Act
2,895.000.00
Subscriptions for preferred stock of banks
500.000.00 ' Sections 201a—
Purchase of debentures of banks
Proceeds disbursed (less repayments) (by purchase of bonds,
126,000.00
Loans on preferred stock of banks
certificates and notes—par, $40,635,000.00)
3,500.000.00
To the Secretary of Agriculture to acquire cotton
Proceeds not yet disbursed (contracts, bonds, certificates and
4,500.000.00
Subscriptions to stock of Federal Home Loan Banks
notes—par, $17
0,478,650.00)
45.240.482.53
Loans for repair or reconstruction of property:
Direct emergency relief to'States
3,200.000.00
Damaged by earthquake, &c,—
Under the Emergency Farm Mortgage Act
authorized
Proceeds disbursed (less repayments)
During the month requests for $16,217.665 in loans previously
Proceeds not yet disbursed
were canceled, chiefly by banks and trust companies.
Loans under Section 201c:
in August
For financing sale of agricultural surpluses in foreign markets—
Applications for loans from banks and related institutions
including
Proceeds disbursed
numbered 221. of which 148 were by banks and trust companies,
liquidation of banks
Proceeds not yet disbursed
90 applications for loans to aid in the reorganization or
Loans to Institutions under Section 201d:
closed or in the process of liquidation.
Proceeds disbursed (less repayments)
was 33.862.000
Proceeds not yet disbursed
One of the first railroad loans authorized for some time
had been disRelief authorizations (1932 Act):
the Chicago & North Western By. Co., no part of which
to
Proceeds disbursed (less repayments)
bursed up to Aug. 31.
Proceeds not yet disbursed
companies,
Following were the loans authorized to banks and trust
Relief grants (1933 Act) (5):
related institutions and railroads:
Proceeds disbursed
Type—
Banks and trust companies (including receivers)
Building and loan associations
Insurance companies
Mortgage loan companies
Federal Land Bank
Agricultural credit corporations
Live stock credit corporations
Regional agricultural credit corporations
Railroad
Total
Amount.
$36,178,287.70
888,151.83
650,000.00
3,776,400.00
2,000,000.00
76,730.88
400,000.00
3,483,282.34
3,862,000.00
$51,314,852.75
In all, loans were
The largest bank loan authorized was for 88.877.696.
There were
made to banks in 31 States and the District of Columbia.three in New
and
three such loans in New Jersey, aggregating $538,500,
to banks in N. Y. City.
York, totaling $125,000. No loans were made
a loan of $500,000
One New Jersey building and loan association received
and a New York insurance company got $200,000.
following:
Subscriptions for preferred stock included the
$50,000
First National Bank at Bessemer, Ala
15,000
Choctaw Hank of Butler, Ala
City Bank of Tuskegee, Ala
Coast National Bank in Fort Bragg. Calif
First National Bank of Meeker, Colo
First National Bank & Trust Co., Covington, HY
Murray National Bank of Murray, Ky
Northern Maine National Bank, Presque Isle
Millbury National Bank of Millbury, Mass
National Bank of Grand Rapids, Mich
National Bank of Richmond, Mich
Albuquerque National Trust & Savings Bank N.M
First National Bank In Albuquerque
Guaranty Bank, Greensboro, N. C
Bank of Davie, Mocksville. N. C
Peoples Bank, Roxboro, N. C
National Bank of Lima, Ohio
American National Bank of Shawnee, Okla
Medford National Bank, Medford. Ore
Scranton National Bank. Scranton, Pa
First National Bank of Williamsport, Pa
Belton National 13ank of Belton, Tex
Citizens National Bank of Hampton, Va
First National Bank in Marlinton. W.Va
25,000
25,000
25,000
250,000
50,000
150,000
50,000
250,000
30.000
300,000
250,000
300,000
50,000
75,000
100,000
100,000
50,000
300,000
200,000
25,000
200,000
25,000
as follows:
Loans were made on the preferred stock of banks
Company, Eldorado. Ark.,
The Exchange National Bank and Trust
Oklahoma City, $26,000.
$100,000; Liberty National Bank,
was authorized for the
For the purchase of bank debentures. $500,000
County Trust Company of Maryland at Cambridge.
the Corporation
During August, 370.000.000 of the series 0 notes of
making $1,690,000.000 of notes
were sold to the Secretary of the Treasury,
outstanding on Aug. 31.
$154,175,390.51 by the
The monthly balance sheet showed receipts of
and trust companies of
Corporation, including repayments by banks
agricultural credit corporations;
830.396,777; $23,058,592 by regional
82.541.418 by building and loan
33,354,961 by mortgage loan companies;
borrowers. Loan disburseassociations, and smaller amounts by other
352.625,709 paid out to
ments as compared with authorizations showed
banks and trust companies.
its organization showed disburseThe corporation's balance sheet since
repayments, at $693,587,315.
,
mental to banks and trust companies, less
had received $331,100,906:
The next largest borrowers, the railroads,
and mortgage loan companies.
building and loan associations, $78,687,608.
8158.797.132.
According to the New York "Times" the Corporation's
statement of conditions as of the close of business, Aug. 31,
s as follows:
Proceeds not yet disbursed
Loans secured by preferred stock banks and trust companies:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Loans to Secretary of Agriculture (Agricultural Adjustment Act):
Proceeds not yet disbursed
Preferred stock banks and trust companies:
Purchased
Subscriptions authorized
Capital notes and debentures, banks and trust companies:
Purchased
Advances for care and preservation of collateral:
Proceeds disbursed (less repayments)
Proceeds not yet disbursed
Collateral purchased (cost lass proceeds of liquidation)
Accrued interest receivable
Reimbursable expense
$433,998.97
Furniture and fixtures
61,953.90
Less allowance for depreciation
Total
Amount.
$5,110,756.14
2,238,031.59
5,420.00
8,680.00
5,260,000.00
58,112.14
124,741,000.00
200,000,000.00
300,000,000.00
115,000,000.00
44,500,000.00
40,500,000.00
.
1,468,824,769.87
123,024,430.65
40,220,294.10
169,736,788.57
1,580,931.00
8,835,394.00
3,401,493.39
49,479,049.41
2,922,329.78
1,552,317.48
299,192,414.00
15,001.00
124,973,472.54
25,162,005.46
12,766,581.97
101,000.00
3,500,000.00
45,853,000.00
4,757,500.00
700,000.00
251,684.61
31,021.36
1,896,593.29
31,550,527.53
486,562.59
372,045.07
$3.258,609,207.54
LIABILITIES AND CAPITAL.
$72,271,000.00
Payable to Secretary of the Treasury (1)
199,000,000.00
Payable to Secretary of the Treasury (2)
294,600,000.00
Payable to Land Bank Commissioner
40,600,000.00
to Governor of }arm Credit Administration
Payable
Callable by Farm Credit Administration for expenses of regional
3,541,234.83
agricultural credit corporations
2,573,924.17
Liability for funds held as cash collateral
Proceeds not yet disbursed—
123,024,430.85
Loans under Section 5
169.736,788.57
Loans and contracts for self-liquidating projects. Section 20Ia
Loans for repair or reconstruction of property damaged by
8,835,394.00
earthquake, &c
Loans under Section 201c, for financing sale of agricultural
49,479,049.41
surpluses in foreign markets
1,552,317.48
Loans to institutions under Section 20Id
101,000.00
Loans secured by preferred stock banks and trust companies.
3,500,000.00
(Agricultural Adjustment Act)
Loans to Secretary of Agriculture
15,001.00
Relief authorizations (1932 Act)
25,162,005.46
Relief grants (1933 Act) (5)
31,021.36
Advances for care and preservation of collateral
Subscription authorizations preferred stock banks and trust com4,757,500.00
panies
13,182,344.38
Cash receipts not allocated pending advIces
5,179,970.28
Miscellaneous liabilities (including suspense)
31,229.67
Liability for funds held pending adjustment
1,520,440.27
Unearned discount
294,120.84
payable
Interest refunds and rebates
18,518,004.34
Interest accrued
8,509,71
Deferred credits—income on collateral purchased
1,690,000,000.00
Series "C" 33y % notes
500,000,000.00
Capital stock
17,804,757.73
Surplus Dec. 31 1932
Interest, earned, less interest and expenses (Jan. 1 1933, through
13,389,163.59
Aug. 311933)
4
$3,258,809,207.5
Total
•
NOTES.
amended by the
(I) Section 2 of the Reconstruction Finance Corporation Act, as
of the
Federal Home Loan Bank Act, provides that "In order to enable the Secretary
subscribed for
Treasury to make payments upon stock of Federal Home Loan banks sum of 5125.by him in accordance with the Federal Ilome Loan Bank Act, the
allocated
000.000, or so much thereof as may be necessary for such purpose, is hereby the Corof
and made available to the Secretary of the Treasury out of the capital obligations
proceeds of notes, debentures, bonds and other
poration and (or) the
by the SecreIssued by the Corporation." The amount of such stock subscribed for
tary of the Treasury is $124,741,000.
Loan Act of 1933 provides that "the Board
(2) Section 4b of the Home Owners
amount of capital
(Federal Home Loan Bank Board) shall determine the minimum Is authorized to
and
stock of the Corporation (Home Owners Loan Corporation) as may be necessary,
amounts
increase such capital stock from time to time in such
shall be subscribed
but not to exceed in the aggregate $200,000.000. Such stock
Financial Chronicle
Volume 137
for by the Secretary of the Treasury on behalf of the United States, and payments
for such subscriptions shall be subject to call in whole or in part by the hoard and
shall be made at such time or times as the Secretary of the Treasury deems advisable,
In order to enable the Secretary of the Treasury to make such payments when
called, the Reconstruction 1 Mance Corporations authorized and directed to allocate
and sake avallAble to the Sectettry of the Treasury the sum of $200.000,000, or so
much thereof .a3 may be necessary, and for such purpose the amount of notes, bonds,
debentures or other such obligations which the Reconstruction 1 Mance Corporation
Is authorized and empo ,ered under Section 9 of the Reconstruction Finance Corporation Act, as amended, to have outstanding at any one time, is hereby increased
by such no .Lt' es may be necessary." The amount of such stock subscribed for
by the Secretary of the Tressury is $200,000.000.
(3) SectIon 2 of the RFC Act, as amended, made available to the Secretary of
Agricult. re $200,000,009. Of this amount $135,000,000 was paid to him, of which
$20,000, 00 was returned to the corporation. Of the $85,000,100 difference $44,,
500,000 was reaPocsted as capital of the Regional Agricultural Credit Corporations
(Section 201 (e Emergency Relief and Construction Act of 1932). The ran (tinder,
340,000.nt.0. Is a,
(ursine to the uovernor of the ICA,under the provisions of Section
6(a)(1) of tne Farm CrLdit Act of 1933.
(4) Loans under Section 5 of the RFC Act to aid in the reorganization or liquidation of closed banks have been authorized in the aggregate an SUM of $272 4 9 .
.
760.95, of which $10,824,673.01 has been canceled. After taking into consideration
repayments of $50,382,550.67, items (4) of the balance sheet include the balance of
$145,195,279.49, representing proceeds disbursed (less repayments), and $56,087.257.78, representing proceeds not yet disbursed.
(5) Under the provisions of the 1 ederal Emergency Relief Act of 1933 the COITOMVon is authorized and directed to make available $500.0(.0,000 for expenditure by
the Federal Emergency Relief Administrator, payment to he made by the corporation upon certificate of the Federal Emergency Relief Administrator.
*
*
•
In addition to loans and other authorizations reflected on the statement of condition, the corporation has approved in principle loans in the amount of 8324,645,247
and purchases of preferred stock and debentures of banks and trust companies in
the amount of $58,290,000 upon the performance of specified conditions.
This statement of condition does not take into ens sideration expenditures incurred but not paid by the corporation at the close of bIALESS Ang. 31 1933, nor
Income of Regional Agricultural Credit Corporations whose capital stock was sub(gibed by the corporation.
H. N. Stronck Appointed Assistant to Director of
FDIC, Washington.
H. N. Stronck, formerly of Tucson, Ariz., has been appointed assistant to Director E. G. Bennett of the Federal
Deposit Insurance Corporation, Washington, Mr. Bennett
announced Sept. 27. He will assume his new duties at
once. The announcement further said:
Mr. Stronck was at one time special counsel on technical matters for the,
Comptroller of the Currency, while he also served as a special National
bank examiner. In addition, he formerly was senior partner of the H. N.
Stronck Co., bank management consultants of Chicago. Ill.
Besides Mr. Bennett, directors of the Federal Deposit Insurance Corp.
are Waher J. Cummings, chairman, and J. F. T. O'Connor, Comptroller
of the Currency.
Appointment of New Examiners to Examine into
Qualifications of Banks for Membership in Federal
Deposit Insurance Fund.
Under date of Sept. 29 Associated Press advices from
Washington said:
The Federal Deposit Insurance Corp. announced to-day the appointment of 99 new bank examiners to look into qualifications of banks for
membership in the deposit guarantee fund to be subscribed by the Government, the Federal Reserve banks and member banks. The corporation will
start guaranteeing bank deposits after Jan. 1. The force will supplement
the present staff of National bank examiners now under the direction of the
Comptroller of the Currency. Others are to be named later.
Letter to Banks By RFC Urges the Sale to Latter of
Banks' Preferred Stock—Move For Qualification
For Membership in Deposit Insurance Corporation
—Attitude of New York Banks.
The Reconstruction Finance Corporation has sent letters
to all of the banks in the United States recommending to
them that they sell preferred stock to the Corporation to
put them in condition for admission to the Deposit Insurance
Corporation when it begins to function, in accordance with
the provisions of the banking act of 1933, next Jan. 1. The
New York "Herald Tribune" of Sept. 23, from which the
foregoing is taken, further said:
This letter, which the RFC has sent out to banks far and near, follows
up the statement by Jesse H. Jones, Chairman of the Corporation, in
Chicago more than two weeks ago,that he would like to see the Government,
through the RFC, become a partner in all the banks of the country. With
the RFC the owner of preferred stock of all the banks, this partnership
would be achieved.
It was learned yesterday that the RFC officials and directors of the
Deposit Insurance Corporation were interested in persuading the large New
York banks to participate in the stock plan. Tentative discussions have
been held along this line, and strong indications have been given by local
bankers that they are willing to "go along" with the plan, if the authorities
think it advisable. Mr. Jones was able to approach bankers here informally
on the proposal when he came up from Washington last week.
Amounts Not Specified.
Discussions with New York bankers have not yet proceeded to the point,
however, of asking them to sell any definite amount of preferred stock to
the RFC. The amount would in all probability be nominal, but it would
have the effect, it was felt, of having the banks present a united front on
the preferred stock issue.
Local banks have a considerable amount of excess reserves now, the
total reaching up to around $170,000,000 on Wednesday night (Sept. 20),
and any preferred stock which they sold would be somewhat of an expensive
luxury for them. The preferred stock is supposed to carry a 5% dividend.
which is a rather higher return than the banks are now getting on their
loans and investments generally. But the expense would not be heavy,
it WM held, If the amounts were kept nominal.
Confer IVith Reserve Officials.
It is learned that bankers from various towns and cities in this District
are being called in to the Federal Reserve Bank here to discuss with officials
the details of the most recent examination of their institutions, and steps
are being taken to have every bank statement in shipshape condition.
2387
Those having charge of the deposit insurance work, bankers here say,
have every confidence that they will be able to give all banks their closest
attention and have all of them in shape to meet the entrance requirements.
The requirement laid down is that every bank have good assets equal at
least to its deposit liabilities. Preferred stock is one means of achieving
this balance.
Some of the bankers in other centers are balking at selling preferred stock
to the RFC unless the big New York banks participate in the plan. Appearone s y sterday suggested that the local banks would not be averse to
,
participating.
In the New York "Times" of Sept. 24 it was stated that
the larger banks in this city are strongly opposed to the
suggestion of the RFC that they should lead the way in
selling preferred shares of their institutions to the Government. From the same account we also quote:
The argument of the banks here is that if they sold only a small amount
of preferred stock to the RFC, it would be apparent to everyone that thr•y
were merely making a gesture, while if they were to sail a substantial
amount, equal to. say, 25 to 50% of their present capital funds, and if all
other banks throughout the country followed suit, the RFC would be put
to a tremendous outlay of funds, and banks, already surfeited with money
for which they can find no useful employment, would be left with a large
amount of unneeded capital, costing them 5%.
As a consequence the banks here feel that in asking them to sell preferred
stock to the RFC, the Government is making a request that can bring
little practical good and that can cause them inconvenience and itself
needless experse. Some of them take the stand that if the Government
insists on its point, they ought to accede, however much their inclinations
and judgment are opposed. Others will oppose probably the plan to the end.
If the RFC continues to insist on sales of preferred stock by the larger
banks which have no need of capital, it is considered likely that the banks
will attempt to reach a uniform stand on the subject through conferences
among themselves and with Government officials. Thus far, however,
they have not felt the issue pressing enough to call for a conference.
From Washington Sept. 22 a dispatch to the "Herald
Tribune" said in part:
The President, it became known, 113 definitely committed to a program
providing banks with more capital as a step in the development of the
Depositors' Guarantee Corp. to be set up in January to provide governmental guaranty of deposits up to $2,500. He realizes that many of the
banks, although solvent, do not feel that they are sufficiently liquid to
make the loans desired to support the recovery effort. The President, it
was explained, is going to see that they are made sufficiently liquid.
It was apparent further to-day that banks have not responded in the
manner expected to the proposal of the RFC to make loans at 3% for a
six months' period provided they were reloaned at 5% to supply industry
with the funds necessary to meet the requirements of the recovery program.
Few applications have been received, it was learned, after the President
conferred briefly with Jesse H. Jones, Chairman of the RFC. Mr. Jones
still places confidence in the development of community mortgage companies
to borrow from the finance corporation, and also in the purchase by the
finance corporation of preferred bank stock.
If these plans should not produce the desired result, it was indicated
that serious consideration might again begiven to the idea of reviving the
war-time credit corporation, or creating an agency along similar lines, to
extend loans at reasonable rates to small industries struggling to meet the
requirements of the NRA. Discussion of this idea, which has appeared
before in the Administration's dealings with the problem, has suggested
that it might be financed jointly with funds provided by private interests
and the RFC.
The declaration that action will be taken looking toward the release of
closed bank assets was interpreted generally as a reply to the statement
Issued last week by Walter L. Smith, President of the Federal Reserve
Advisory Council, in which he advised the banks not to make loans not
collectible within a reasonable time or eligible for rediscount at Federal
Reserve banks.
Mr. Smith's statement, it was later learned, was actuated by a feeling
in the advisory council that if the President desired to Innate credit, he
should do so by exercising his authority to issue Treasury notes for releasing
the funds of closed banks.
The call upon the banks by Jesse H. Jones of the RFC
to issue preferred stock was made in an address before the
annual Convention of the American Bankers' Association,
given in our issue of Sept. 9, page 1880, as well as in our
annual American Bankers' Convention number, issued
Sept. 23.
President Roosevelt Urges Cities to Speed Requests for
Allotments from $3,300,000,000 Public Works Fund
—Message to Conference of Mlyors Asks Prompt
Action on Construction Projects—Secretary Ickes
Denies Red Tape Impedes Loans—Sees Fund
Exhausted by Jan. 1.
The cities of the nation were urged to send immediately to
Washington their requests for allotments from the $3,300,000,000 public works fund, in a mesqn.ge sent by President
Roosevelt on Sept. 22 to the Conference of Mayors, meeting
in Chicago. In his message the President pledged that
allocations would be made with all possible speed. The
message was sent through Mayor Curley of Boston, President
of the Conference and read:
May I send through you, my personal greetings to the mayors who are
assembled in Chicago. I hope that during your deliberations you will
consider carefully the relationship of your States and subdivisions to the
recovery program of the Federal Government.
Congress has appropriated $3.300.000.000 to finance a comprehensive
program of public works, in part for Federal projects. Approximately
$1,600,000,000 already have been allocated. We are at the point now
where the States and municipalities interested in public works projects
should come forward quickly with proposals which will give immediate
work to their unemployed.
We want to co-operate to the fullest possible extent, and I assure you
that after your projects have been passed upon by the State Advisory
Boards they will be acted upon in Washington with a minimum of delay.
2388
Financial Chronicle
We will match speed with you. The money is available and we want to
put men to work.
Addressing the Conference on Sept. 23, Secretary of the
Interior Ickes declared that red tape was not impeding the
lending of public works funds, and said that "in many
parts of the country the Federal Government in offering a
grant of 30% and a loan of the other 70% was regarded as an
ungenerous or even niggardly stepfather." He added that
legal technicalities in local constitutions have been chiefly
responsible for delays. Mr. Ickes said that the Federal
Government would pay no attention to demands from
States and cities that the public works money be allocated
directly to the States for expenditure in any way they saw fit.
Any such system, he remarked, might result in inequalities
in distribution and might lead to charges of fraud or discrimination against certain sections. Before the formal
conclusion of the Conference, the 80 Mayors present passed
a resolution calling on the Federal Government to begin
with all possible speed the expenditure of $3,300,000,000
provided for public works to furnish employment. The
resolution added that unless some more simple system of
allocating the money is devised, "it will be difficult, if not
impossible, to prevent great suffering and possibly starvation
in all sections of America during the winter of 1933-34."
Before leaving for Chicago on Sept. 22, Mr. Ickes said
that enough worthy projects are before the PWA or in course
of preparation, to exhaust the $3,300,000,000 fund by Jan. 1.
Mr. Ickes on the same day announced the allocation of
$13,442,350 from the fund for the financing of several
Federal and non-Federal projects, of which the largest was
an allotment of ,990,000 to Cleveland for sewerage improvements. Other allotments on Sept. 22 included a grant
of $194,000 for the construction of incinerators in Cleveland,
$290,000 for sewer work in Louisville, $1,775,000 for construction of a lock and dam on the Savannah River below
Augusta, Ga.; $1,520,000 for a lock and dam on the Cape
Fear River in the vicinity of Wilmington, N. C.; $250,000
for a survey and investigation of the Bonneville Dam project
on the Columbia River, Ore., and $53,350 for repair of
public buildings in the Virgin Islands.
Other recent allotments of the PWA included $971,550
on Sept. 19 for the Department of Agriculture; $54,709,358
on Sept. 20 for construction and reconditioning work at 32
army posts in 19 States, and $14,800,000 on Sept. 21 to the
Coast Guard for equipment to combat an anticipated increase in smuggling in the event that the prohibition amendment is repealed. This last allocation will provide for immediate construction of seaplanes, patrol boats and cutters.
On the same day, the PWA approved an allotment of
$1,000,000 for construction of a seawall at Fort Monroe, Va.
Misunderstandings Relative to Liabilities Under Federal
Securities Act and Extent of Damages Recoverable
Clarified in Letter of B. B. Bane of Federal Trade
Commission's Securities Division.
Due to misunderstandings current with reference to the
liabilities imposed under Section 11 of the Federal Securities
Act and the extent of damages recoverable thereunder for
any violation of its provisions, the Federal Commission on
Sept. 22 made public an explanatory letter written by the
Chief of its Securities Division, Baldwin B. Bane. The
Commission points out that Section 11 of the Act has to
do with the liabilities for false registration statements of
persons, usually officials of a company, who sign such a
statement. The letter takes up:
(1) Recovery of damages by a person suing under Section 11 (e) in cases
where he may have sold his stock at a price in excess of the offering price:
(2) The probability of an underwriter's liability exceeding the aggregate
amount at which the securities were offered to the public; and
(3) The standards set up in the Act as to what facts must be disclosed
by an issuer of a security.
According to the conclusions of Mr. Bane, "the damages
recoverable under that paragraph [Section 111 must be
computed on the basis Of cost to the plaintiff not exceeding
the price at which the security was offered to the public.
In other words," he saii, "if the plaintiff had disposed of
the security at a price in excess of the offering price, no
damages would be recoverable." Mr. Bane also holds that
"both theoretically and practically there is no probability
of an underwriter's liability exceeding the aggregate amount
at which the securities were offered to the public." In
the concluding paragraph of his letter Mr. Bane says:
An omission of a material fact in order to create liability under Section 11
must be one of two types. It must either be an omission of a fact required
to be stated in the registration statement or it must be an omission of a fact
which renders the statements made in the registration statement misleading,
Sept. 30 1933
and, in both of these instances the omission must be of material facts. To
say in the light of this that the "practical effect" of the Act is substantially
to make an underwriter a "guarantor against failure to disclose every
material fact," neglects the express qualifications in Section 11(a) itself, to
say ntohing of the provisions of that section which absolve a person of
liability, if such person be not the issuer, if in any case he can prove that he
exercised reasonable diligence such as that common to persons occupying
fiduciary relationships."
The text of Mr. Bane's letter follows:
Sept. 5 1933.
Mr. S
New York, N. Y.
Dear Sir:
I beg to acknowledge receipt of your letter of Aug. 31, enclosing a copy
of an opinion rendered by
, making certain observations with reference to liabilities imposed by the Securities Act of 1933.
Allow me to make the following observations upon their conclusions with
reference to each of the numbered questions:
1. The contention is advanced that 11 (e) of the Securities Act may
permit a person who sues under paragraph (2) thereof to recover damages
In cases where he may have sold his stock at a price in excess of the offering
price. This contention neglects the relationship of paragraph (2) of this
section to paragraph (1). Paragraph (2) gives an alternative remedy for
damages only where the person suing no longer owns the security. Where he
owns the security, he can recover back the consideration paid for it, but
under Section 11 (g) this cannot exceed the price at which it was offered to
the public. But an alternative remedy is provided, in order not to compel
the holder of a security in order to have a remedy to hold that security
until he is enabled to bring suit. Instead he may seek to cut his losses, so
far as he is able, by disposing of the security. This obviously should not
deprive him of a right which he would possess if he continued to hold the
security. Viewed in this light the alternative right given by paragraph (2)
is really derivative from (1), and consequently the damages recoverable
under that paragraph must be computed on the basis of cost to the plaintiff
not exceeding the price at which the security was offered to the public. In
other words, if the plaintiff had disposed of the security at a price in excess
of the offering price, no damages would be recoverable.
The other view neglects both the relationship of the one paragraph to
the other and the practicalities of the situation.
2. The question as to whether it is at all possible for an underwriter's
liability to exceed the total amount raised from the public plus interest
thereon, must be approached with one caveat. Our legal system, adequate
or inadequate as it may be, on occasions does bring about the conviction
and execution of the innocent despite the safeguards with which we surround
the accused. Your question must then be reduced to the more reasonable
one as to whether such a legal happening is at all likely.
Such an occasion could happen only as the result of a series of suits
occurring under paragraph (2) of Section 11 (e) upon the same security by
different plaintiffs, because, as I indicated above, the individual recovery
granted to any one plaintiff could not exceed the price at which the security
was originally offered to the public by the underwriter. Examination of the
basis for liability under Section 11—a matter which finds no consideration
In the opinion submitted—shows that liability is rested upon damage consequent to material misstatements or misleading or inadequate misstatements of a material character in the registration statement. "Material"
in this connection, as is abundantly illustrated by the cases under the
English Companies Act, has a relationship to the purported value of the
security as reflected in the offering price. Of course, everything that is
required to be stated in the registration statement is prima facie material,
but it takes little ingenuity to find matters required to be stated in that statement which, even though mis-stated, could not be deemed as material misstatements. Pursuing this thought further, one sees immediately that
trading losses as distinguished from losses
e to material, misleading or
Inadequate statements as of the time of offering the security, afford no
ground for action. Totaling the former type of losses in the hands of successive holders of the same security may very well bring a sum in excess of
the offering price of the security. But totaling the latter type of losses as
a maximum can theoretically never exceed the price at which the security
was offered to the public. Thus traders whose successive transactions have
been liquidated prior to the market's discovery of any fault in the'registration statement would have no claim for market losses. Theoretically
there may, indeed, be successive actions for "faulty registration losses,"
but practically one doubts whether the first such action will not in almost
every case absorb the entire amount ofsuch loss. Thus both theorectically
and practically there is no probability of an underwriter's liability exceeding
the aggregate amount at which the securities were offered to the public.
3. The third contention advanced is that there is no standard set by the
Act as to what facts must be disclosed by an issuer, for it is stated that the
failure to disclose any material fact may involve the persons designated in
Section 11 in liability.
Frankly it is difficult to see just how such a conclusion can oven be
seriously advanced in view of the explicit statements in Section 11 especially
when contrasted with the difference in language used in Section 12. Section 11 places liability for omission where a person has "omitted to state a
material fact required to be stated therein (1. e. in the registration statement)
or necessary to make the statements therein not misleading." Section 12
makes no such qualification inasmuch as it is not necessarily tied to the
registration statement in the manner that Section ills. This conclusion
is obvious on the face of the language but it gets even further emphasis
from a sentence in that important interpretative document,the Statement
of the Managers on the Part of the House. I quote from page 26 of that
document:
"The House Bill made the liability depend upon the making of untrue
statements or omissions to state material facts. This phrase has been
clarified in the substitute (I. e. the bill as enacted) to make the omission
relate to the statements made in order that these statements shall not be
misleading, rather than making mere omission (unless the act expressly
requires such a fact to be stated) a ground for liability where no circumstances exist to make the omission in itself misleading."
In other words an omission of a material fact in order to create liability
under Section 11 must be one of two types. It must either be an omission
of a fact required to be stated in the registration statement or it must be
an omission of a fact which renders the statements made in the registration
statement misleading, and in both of these instances the omission must be
of material facts. To say in the light of this that the "practical effect"
of the Act is substantially to make an inderwriter a "guarantor against
failure to disclose every material fact," neglects the express qualifications
in Section 11 (a) itself, to say nothing of the provisions of that section which
absolve a person of liability, if such person be not the issuer, if in any case
be can prove that he exercised reasonable diligence such as that common to
persons ocupying fiduciary relationships.
Very truly yours,
BALDWIN B. BANE,
Chief of the Securities Division."
Volume 137
Financial Chronicle
Ruling of Federal Trade Commission Confers Power
to Amend Registration Statements Under Federal
Securities Act on Person Authorized to Receive
Communications from Commission Concerning
Securities Filed.
The Federal Trade Commission announced on Sept. 22
the adoption of a rule under the Federal Securities Act conferring certain powers upon the person who is designated in
each registration statement as authorized to receive all communications from the Commission concerning the security
issue filed for registration. The Commission's announcement
said:
According to the new ruling, such person shall have power to amend the
registration statement by altering to a subsequent date the date of the proposed offering of the securities registered; power to withdraw the registration statement or amendments thereto; and power to consent to entry of
an order by the Commission prior to effective date of the registration refusing to permit the registration statement to become effective until It has
been amended in accordance with the order.
A consent order entered by the Commission under this ruling is to be
"without prejudice to the right of the registrant thereafter to have such
order vacated upon a showing to the Commission that the registration
statement as amended is no longer incomplete or inaccurate. . . ."
Accompanying the rule is an explanatory note covering the arbitrary
delaying of the proposed date of offering of a security in instances where
the registration statement is incomplete or inaccurate, but "can be corrected with ease by an amendment." The purpose is to permit of a method
whereby an extension of 20 days can be afforded to registrant so as to
allow him, without threat of stop order proceedings, time to make and tile
the necessary amendments. The procedure is designed with the idea of
permitting the Commission not to make a record against a registrant who,
the Commission has reason to believe, is ready to conform to the Act.
Under this procedure the Commission can afford him sufficient time to
make his registration statement conform to the Act, at the same time preventing him from selling securities until the necessary amendments shall
have been made.
Other rules adopted by the Commission pertain to (1) the withdrawal of a
registration statement or an amendment thereto; (2) amendments filed
pursuant to an order oi the Commission; (3) a deilnition oi "distribution"
as used in Section 2 (11) of the Act; and (4) the incorporation by reference
of exhibits filed with previous registration statements. The purpose of
the last named rule is merely to facilitate the second and subsequent registrations, and to avoid a filing of unnecessary exhibits with such registrations.
The full text of the new rules follows:
Amendments Filed Pursuant to an Order of the Commission.
An amendment made prior to the effective date of the registration statement shall be deemed to have been made pursuant to an order of the Commission within the meaning of Section 8 (a) of the Securities Act so as to
be treated as part of the registration statement only when the Commission
shall, after the filing of such amendment, find that it has been filed pursuant to its order.
Withdrawal of Registration Statement or Amendment Thereto.
Any registration statement or any amendment thereto may be withdrawn
upon the request of the registrant if the Commission consents thereto.
The fee paid upon the filing of such registration statement shall not be returned to the registrant. The papers comprising the registration statement
or amendment thereto shall not be removed from the files of the Commission
but shall be plainly marked with date of the giving of such consent and in
the following manner: "Withdrawn upon the request of the Registrant,
the Commission consenting thereto." Such consent shall be given by the
Commission with due regard to the public interest and the protection of
investors.
Conferring of Powers of Amendment. Withdrawal and Entry of Consent Order.
(1) All registrants shall hereafter center upon the person designated in
the registration statement as the person authorized to receive service and
notice of all notices, orders, communications and other documents which
may be issued by the Commission in connection with the registration
statement:
(a) a power to amend the registration statement by altering to a subsequent date the date of the proposed offering of the securities for which the
registration statement is filed: and
(b) a power to withdraw the registration statement or all amendments
thereto, or an amendment made by virtue of the power conferred in paragraph (a) above; and
(c) a power to consent to the entry of an order issued under Section 8 (b)
of the Securities Act, waiving notice and hearing, such order being entered
wi,hout prejudice to the right of the regcstrant thereafter to have such order
vacated upon a showing to the Commission that the registration statement
as amended is no longer incomplete or inaccurate on its face in any material
respect.
(2) The naming of a person in accordance with the forms promulgated
by the Commission as a person authorized to receive service and notice
of all notices, orders, communications and other documents which may be
issued by the Commission in connection with the registration statement,
shall be deemed also, unless there is an express statement to the contrary.
as an authorization by the registrant of the person so named as having the
powers specified in paragraph (1) of this rule.
Explanatory Note.—The Commission upon finding that a registration
statement is on its face incomplete or inaccurate, or includes an untrue
statement of a material tact or omits to state a material fact required to
be stated therein or necessary to make the statements therein not misleading, but also finding that such incompleteness, inaccurace, untruth or
omission can be corrected with ease by an amendment, and recognizing
that the case is not one that requires immediate steps to be taken to issue
an order under Section 8 (b) or 8 (d) of the Securities Act, but recognizing
that it is desirous that no securities for which such registration statement is
filed should be legally sold until the necessary amendments shall have been
made. may thereupon request the person referred to in the above rule to
file an amendment prior to the effective date of the registration statement
delaying the proposed date of the offering of the securities for which the
registration statement is tiled. Such amendment, which may under the
above rule be filed by the person named in the above rule, if filed prior to
the effective date of the registration statement, will under Section 8 (a)
of the Securities Act automatically delay the effective date of the registration statement for 20 days after the filing of such amendment, until
and unless some further action is taken by the Commission. The other
necessary amendments properly executed may thereafter be forthcoming.
Upon their filing the Commission can consent to such filing, with due regard
to the public interest and the protection of investors, thereby making such
amendments part of the registration statement. Such a procedure does
2389
not necessitate delaying the original effective date of the registration statement, if the amendments are duly e .ecuted and filed prior to such date.
At most, it necessitates a delay in the date or otfering the security for one
day, and even this day may be eliminated by requesting the withdrawal
of the amendment first filed. This procedure permits delaying the coming
el an etfective date when the registration statement unless amended is
inaccurate or incomplete. At the same time. it affords a registrant the
opportunity to amend without having initiated against him proceedings
looking forward to the issuance of an order under Section 8 (b) or 8(d).
Lack of co-operation on the part of a registrant by failing promptly to make
the necessary amendment, will require the Commission to initiate proceedings looking forward to the issuance of an order under Section 8 (b) or
8 (d).
A registrant may seek to avoid the making of such an amendment or
the initiation of proceedings looking forward to the issuance of an order
under Section 8(b) or 8(d) by requesting that his registration statement be
withdrawn or by requesting that an order of the type specified in paragraph
1 (c) of the rule above be entered.
Incorporation by Reference of Exhibits Filed with Previous Registration
Statements.
The issuer of a security for which a registration statement is in effect
may, in filing a subsequent registration statement, incorporate by specific
reference such exhibits or parts thereof which may have been filed with
any of its previous registration statements as it may choose. If the inclusion of additional items would be necessary to make such a reterence complete, the issuer will be deemed to have complied with the requirement, if
along with the reference, it also files such additional items. If alterations
have taken place in any document, a copy of which was filed as an exhibit
with a previous registration statement, the copy so filed may be incorporated
by reference. if the issuer files along with the reference a statement indicating all deletions, and containing the text ot all substitutions and additions,
and stating the date or dates on which such changes took effect. The
Commission, however, may refuse to recognize any incorporation by reference in any case where in the opinion of the Commission such incorporation
by reference is unclear or confusing.
.Distribution Under Section 2 (11) Defined to Include Certain Activities.
A person, the chief part of the business of which consists in the purchase
of the securities of any one issuer, its subsidiary and (or) affiliate and in
the sale of its own securities to furnish the proceeds with wlaich to acquire
the securities of such issuer, subsidiary and (or) affiliate, is to be regarded
as engaged in the distribution of the securities of such issuer, subsidiary
and (or) affiliate within the meaning of Section 2 (11).
Federal Securities Act Needs Change Roger W. Babson
Says—Financial Expert Points Out Law Curbs
Flow of Money to Industry.
Roger W. Babson is quoted in the following from Babson
Park, Mass., Sept. 16 (copyright), published in the Washington, D. C., "Post" of Sept. 17:
The Securities Act of 1933 has been the chief factor in practically drying
up new security offerings as well as refunding issues.
I am heartily in favor of the underlying purposes of the act—namely,
that the seller of securities should share with the buyer a definite responsibility.
However, I cannot believe that the Administration intended to pass
an act which, even though accomplishing its purpose, paralyzes the major
industries.
Effect on Financing.
Since the Securities Act became effective, investment bankers have
become ultra-cautious. The result has been the drying up of legitimate
financing. This works a great handship on industry and wage workers
as well as security houses and salesmen.
Much of the criticism aimed at the legislation is justified. I am sure
that automobile men would protest vigorously if a law were passed making
each salesman personally responsible for any defective part in every motor
car he sells, not for the first 90 days, but during its entire lifetime. Nobody
could afford to sell automobiles. The same is true with the Securities Act
of 1933.
To show how drastic has been the effect of this new program on security
offerings, let us review some financing statistics. For the first seven months
of 1933 new issues floated amountei to only $112,535.000. compared with
$5,802,127,000 for the same period in 1929.
Securities Offered in July.
Total corporate securities offered in July of 1933 amounted to M.954.000, against $111,871,000 in July. 1932. and $862.847.000 in July of
1929. Since 1929, new flotations have dropped 93%, and the corporate
financing business as a whole has been deflated 89%. While fears of inflation have also been a handicap, I believe the Securities Act has been
the real brake on financing.
Every reader knows that security houses put out many disreputable
issues in boom days, leaving the innocent public holding the bag. This
situation had to be remedied. At the same time it should be remembered that it is as difficult to stop an investor from choosing a poor security
as it is to keep a man from choosing a poor wife.
Truth in Securities.
As part of the "New Deal" program, the "Truth in Securities" bill
was enacted to place the responsibility for unwarranted and fraudulent
bond and stock offerings on those engineering the issue. It is ridiculous.
however, to allow such a law to destroy an essential business and handicap
recovery, even for such a good motive.
Prior to the enactment of the Securities Act of 1933, it was only nemssazy
to have all the facts accurate in offering securities. Under the new law,
however,the issuers are held personally responsible not only for the accuracy
of the figures presented but the omission of any material facts.
This provision has so frightened security houses that they do not dare
to attempt any financing and lay themselves open to law suits and prosecutions. Moreover, investment bankers are held liable for statements
by word of mouth as well as by printed circulars. This section of the new
legislation has been the chief target of criticism.
Defeating Its Purpose.
Before any new bonds or stocks can be offered to the public it is necessary to register the issue. To prevent the omission of any motorist facto,
such registration requires the filing of voluminous information with the
Federal Trade Commission.
I was surprised to learn that one large holding company prepared 100,000
sheets of data to comply with the provisions of the ct. Naturally, the
average investor has neither the time nor the inclination to wade through
this mass of statistics.
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Financial Chronicle
In this way, much of the vital information concerning companies completely escapes notice. Thus, instead of teaching investors to study
securities more carefully before they invest, this huge volume of material
actually discourages them. The act then defeats its main purpose.
One Unfortunate Effect.
One of the most unfortunate effects of the "Truth in Securities" Act
to date has been its failure to eliminate tipster sheets and stock promoters.
Re ent activity in securities has brought out a flood of new tipsters and
renewed the energies of old ones. The public, under the impression that
new securities now offered under the new law must be sound, have placed
their funds In various promotional and fake stocks.
Gold mining, television, rayon and brewing enterprises have mushroomed up all over the country. In unconsciously protecting this particular phase of fraudulent security selling, the new program has missed
Its mark.
Sentiment to Modify Act.
Already there is a huge public sentiment in favor of modifying and
softening the provisions of the law. This sentiment is growing every day.
It is said in well-informed circles that such modification is part of the
legislation now being considered in Washington.
Just what changes will be made, it is impossible to say at this time.
Something, however, must be done as it is rumored that investment bankers
will be forced to allow several sound companies with bonds maturing in the
near future to default on principal.
What does all this mean to the millions of people in the United States
who own no securities? They are not interested in how much money the
broker is making, how big are the bond salesmen's commissions, or whether
the investment banker is busy.
Federal Trade Commission to Open Hearings October 3
on Exemption from Registration Requirements
Under Federal Securities Act of Notes and Bonds
Secured by Real Estate Securities Rulings—Not
Broad Enough It Is Held.
In an effort to shape its regulations under the Securities
Act as closely as possible in accordance with the needs of
those coming under their scope, the Federal Trade Commission has decided to hold open hearings on disputed rulings,
it was stated in the "United States News" of Sept. 16, from
which we also quote:
The first of these hearings has been set for Oct. 3 and will deal with a recent exemption granted by the Commission to certain securities backed by
first mortgages and deeds of trust.
"Real estate and mortgage organizations of the country have requested
this hearing so that they may present their views and suggestions regarding
a rule adopted July 27 by the Commission," the official announcement of
the first hearing read.
The two classes of securities which were exempted and which will be discussed at the hearing, according to the Commission, are:
"First, the transactions where the entire mortgage or deed of trust is transferred with the entire amount of notes or bonds to a single purchaser at a
single sale.
"Second, the transaction where the notes or bonds secured by the mortgage or deed of trust are transferred to more than one person in more than
one sale, the number of notes or bonds so secured not to exceed 25."
These exemptions, the Commission explained, were made because "the
enforcement of the registration provisions did not appear to be necessary
in the public interest nor for the protection of investors because of the small
amounts involved and the limited character of the public offering."
Several objections to the ruling, all claiming that the exemption is not
broad enough, have been raised by mortgage companies. The exemption of
issues which are sold entirely to one purchaser, the first class mentioned
above, was unnecessary because such issues are not public offerings and
therefore do not come under the act, it is claimed.
The second exemption, that to issues of not more than 25 notes,should be
revised to set a limit not on the notes or securities Issued but on the number
of purchasers, mortgage men advocate.
At the time the Commission announced the adoption on
July 27 of the rule exempting from the requirements of
registration under the Securities Act of 1933 certain securities
it stated that enforcement of the registration provisions did
not appear to be necessary in the public interest nor for the
protection of investors, because of the small amounts involved and the limited character of the public offering.
Various conditions and requirements regarding transactions
in either class were stated specifically in the Commission's
ruling, full text of which follows:
Various conditions and requirements regarding transactions in either class were stated specifically in the Commission's
ruling, full text of which is as follows:
Notes and Bands Secured by Real Estate Mortgages.
The Federal Trade Commission in pursuance of the authority conferred
upon it by the Securities Act of 1933, finding that the enforcement of the
Act with respect to the following securities does not appear to be necessary
In the public interest and for the protection of investors by reason of the
small amount involved and the limited character of the public offering,
exempts the following securities from the requirement for registration when
offered, sold, extended, renewed, or exchanged to the public under the
conditions herein described.
(1) Notes or bonds directly secured by first mortgage (or deed of trust)
on a contiguous plot of real estate. or a leasehold (other than oil, gas or
mining leasehold) when the entire mortgage (or deed of trust) is transferred
together with the entire amount of notes or bonds to a single purchaser at a
single sale, if (a) neither the face value nor the offering price of such notes
or bonds exceeds $100.000; (b) If the commissions, discounts, brokerage
charges, and all other expenses to the borrower for procuring the loan do not
exceed a total of five percentum of the face value of the loan; (c) if, In the
case of a construction mortgage, the notes or bonds are plainly stamped or
inscribed with a statement that the security underlying them is of the nature
of a construction mortgage, subject to prior mechanics', materialmen's and
similar liens (the character of such similar liens being specifically described):
and (d) the aggregate face value of such notes or bonds (not including
Interest rates or coupons) secured by such mortgages (or deed of trust)
does not exceed 65 percentum of the fair market value of the real property
or leasehold on the date of the issue ofsuch securities.
Sept. 30 1933
2 Notes or bonds directly secured by first mortgage (or deed of trusty
on a contiguous plot of real estate or a leasehold (other than oil, gas, or
mining leasehold) if (a) neither the face value nor the offering price of such
notes or bonds exceeds $60.000:(b) if the real estate is not further removed
from the residence or place of business of the purchaser of the notes than 150
miles; (c) if the entire number of notes or bonds secured by the mortgage
or deed of trust is not in excess of 25: (d) if the commissions, discounts,
brokerage charges and all other expenses to the borrower for procuring the
loan do not exceed a total of five percentum of the face value of the loan:
(e) if in the case of a construction mortgage the notes or bonds are plainly
stamped with a statement that the security underlying them is of the
nature of a construction mortgage, subject to prior mechanics', materialmen's, and similar liens (the character of such similar liens being specifically described); (f) if the aggregate face value of such notes or bonds (not
Including interest notes or coupons) secured by such mortgage (or deed of
trust) does not exceed 65 percentum of the fair market value of the real,
property or leasehold on the date of the issue of such securities: (g) if the
Person offering such notes or bonds to the public is not controlled by or
Pecuniarily interested in, by way of stock ownership or otherwise, the
trustee (or person performing similar functions) under the mortgage (or
deed of trust), and such trustee or other person is not similarly controlled
by or pecuniarily interested in the person offering such notes to the public:
and (h) if the person offering the notes or bonds to the public sha 1 at the
time of their sale give the purchasers a written statement briefly setting
forth, and shall in all prospectuses dealing with such notes or bonds, briefly
set forth, (i) the person or persons who have examined the title to the
underlying property; (ii) the total amount of the notes or bonds authorized
under the terms of the mortgage (or deed of trust); (iii) the assessed value
of the underlying property as of the time of the sale of such notes or bonds
and the value for which it was appraised in connection with the mortgage
(or deed of trust) under which such notes or bonds are issued;(iv) the aggregate taxes assessed against the underlying property for the year prior to the
time of the sale of such notes or bonds, together with a statement of any
special assessments that may have been made against such property but
remain unpaid;(v) the rights of the noteholder or bondholder upon default
in payment of the interest or any amortization payment;(A) a description
of the underlying property, Identifying it and stating the purposes for
which it is to be used; (vii) the amount of insurance outstanding upon the
underlying property, Its character and the obligations of the mortgagor to
maintain the insurance: (v111) the nature of the amortization provisions, if
any; and (ix) the amount of commissions received or to be received by the
Person controlled or affiliated with him, for effecting such sale, extension,
renewal, or exchange.
Neither of the above exemptions shall apply to any such note or bond
where the payment of the principal or interest thereof is guaranteed by
some person other than issuer, unless such guarantor shal have filed a
registration statement in the form prescribed by the Commission, and a
prospectus based upon such registration statement is furnished to the purchaser at the time of sale.
List of Companies Filing Registration Statements of
New Issues With Federal Trade Commission Under
Federal Securities Act—Securities Registered Total
Approximately $225,000,000.
The Federal Trade Commission announced on Sept. 23
the filing of ten additional registration statements under the
Securities Act of 1933, bringing the total amount of securities
filed with the commission to approximately $225,000,000(revised). In its announcement of Sept. 23 the commission
said:
In no case does the act of filing with the Commission give any security
the approval of the Commission or indicate that the Commission has passed
on the merits of the issue, or that the registration statement itself is correct.
The list of registration statements is as follows:
Accumulative Royalties Corp. (2-221), Tulsa, Okla., a Delaware corporation, producers and marketers of crude oil and buyers, sellers and
owners of oil royalties and leases, dealing in certificate of interest in oil
and gas mining leases. Amount of offering, $50.000. Registration fee
paid the Commission is $25. Among officers are: Wade H. James. Tulsa,
President, and A. A. Scarpati, New York, Secretary.
Central Idaho Mining & Milling Co. (2-225), Seattle, Wash., an Idaho,
corporation, miners and millers of gold and silver. Amount of offering,
250,000 shares of common stock at a par value of
a share. Registration
fee paid the Commission is $25. Among officers are: II. W. White, Seattle,
President, and Stephen F. Chadwick, Seattle, Secretary.
Cram's, Inc. (2-224), Portland, Ore., an Oregon corporation, engaged
in mining and refining cinnabar ore and marketing quicksilver. Amount
of offering. $30,000 in common stock at a par value of $1 per hart*. Fee
paid the Commission,$25. Among officers are: Henry S. Cram, President,
and James Cram, Jr., Secretary-Treasurer, both of Portland.
Eagle Bird Mine, Inc. (2-227), New York, a Delaware corporation,
producers of gold, silver and other metals. Amount of offering, $187,500
in common stocks. Registration fee is $25. Among officers are: Edmond
B. Bronson, President, and Frederick C. Hart, Secretary-Treasurer, both
of New York. Underwriters are: Coronado Holding Corp., New York.
Faith Oil Corp. (2-226), Wichita Falls, Texas, a Texas corporation, oil
producers. Amount of offering, $200,000 bond issue. Registration fee
paid the Commission is $25. Among officers are: W. J. Green, Gilmer,
Texas, President, and S. A. Man, Wichita Falls, Texas, Secretary,
Gulf Coast Water Co. (2-229), Bay City, Texas. a Texas corporation
engaged in supplying water for irrigation to rice farmers and for industrial
uses. Amount of offering, $700,000 first mortgage 5% bonds. Fee paid
the Commission, $70. Among officers are: E. J. Croffoot, President, and
R. G. Wertz, Secretary-Treasurer, both of Bay City, Texas.
Kelly Gold and Sliver Mines, Inc. (2-228), Wilmingotn, Del., a Delaware
corporation, miner of gold and silver, proposes to issue 200,000 shares of
common stock at a par value not to exceed $10 per share. Registration
fee paid the Commission is $200, indicating total aggregate proceeds not
to exceed $2,000,000. Among officers are: Edward H. Fennessy, President,
and H. Tracy Rogers. Secretary-Treasurer, both of New York.
Mines & Metals Corp., Tucson, Ariz., (2-220), a Delaware corporation,
engaged in all phases of mining and dealing in gold, copper, silver and
other metals, proposes to issue 200,000 shares common stock at a par value
of $1 each. Registration fee is $25. J. Ryan,is Preisdent of the company,
and Ward L. Hill, Secretary-Treasurer, both of Tucson, Ariz. E. P. Gage,
Jacksonville, Fla., is underwriter.
Morgan Industries, Inc. (2-223), Dover, Del., a Delaware corporation,
manufacturers of electric devices and apparatus. Amount of offering,
$500,000 common stock. Fee paid the Commission, $50. Among officers
are: Morgan J. Lewis, President, and George W. Breyer, SecretaryTreasurer, both of Philadelphia.
Volume 137
Financial Chronicle
New University Realty Co., Inc. (2-222), New Orleans, La., a Louisiana
corporation, a real estate holding company. Amount of offering in first
mortgage bonds is $250,000. Fee paid the Commisssion, $25. Officers
are: Walter Schuttler, President, and L. M. Nicolson, Vice-President and
Treasurer, both of Chicago. Underwriters are Nusloch, Bandon & Smith,
New Orleans.
Our last reference to the list of registration statements filed
with the Federal Trade Commission appeared in these
columns Sept. 23, page 2206.
Amended Registration Statement of Transcontinental
Precious Metals Co. Under Securities Act of 1933
Made Effective by Federal Trade Commission—
Statement of Southern Crude Corporation Withheld by Commission Pending Furnishing of Additional Data.
The Federal Trade Commission has made effective the
amended registration statement of one company against
which it had formerly issued an order suspending the effectiveness of its registration statement under the Securities Act,
and also issued a stop order against another company which
had failed to furnish all information required in its registration statement. Regarding this action, an announcement
issued by the Commission on Sept. 21 said:
Last month the Commission refused to permit the registration statement
of Transcontinental Precious Metals Co. (2-138). Flint, Mich., to become
effective until certain deficient data, principally in the advertising prospectus, were furnished the Commission. The company having amended
its registration statement under date of Aug. 24 and Sept. 1, 11 and 18,
the Commission now declares its statement in effect so that the securities
registered may now be placed on the market.
The Commission has suspended effectiveness of a registration statement
of Southern Crude Corp. (2-157), Los Angeles, until certain essential data
not appearing in the statement are furnished to the satisfaction of the
Commission. The company, among other things, failed to submit balance
sheets and profit and loss statements as well as an advertising prospectus.
The withholding of the registration statement of the Transcontinental Precious Metals Co. was noted in our issue of
Sept. 2, page 1706.
Limit of 30% of Income Which Purchasers Should Pay
for Homes Advocated in Report of Committee
on E:_onomic Policy of United States Building &
Loan League.
No purchaser of a home should contract to pay more than
30% of the family's income for his shelter, according to the
recommendations of the Committee on Economic Policy of
the United States Building and Loan League. The Committee reported, at Chicago, on Sept. 14, before the 41st annual
convention of the League, which is the trade association of
the building and loan institutions. The Committee emphasized that it was merely making recommendations, and
points made are not yet binding upon any individuals of the
League. The report said:
Prospective home owners should be discouraged from "saving" the downpayment by purchasing speculative subdivision lots, which are frequently
never used, because when the time for building comes, it is found advisable
to build in some other territory. Instead, they should be encouraged to save
the down-payment in a savings institution, thus developing habits of thrift
essential to the orderly repayment of a monthly mortgage.
No home should be purchased with less than 25% of the purchase price
paid in cash, unless the purchaser agrees and shows his ability to pay at
least 1 1i times as much as the monthly rental value of the home.
7
The Committee recommended that every State should have
a savings and loan supervisory department separate and distinct from every other financial institution's supervising
authority. It said:
Every savings and loan supervisory department should have as part of its
structure a board of three savings and loan managers, appointed by the
Governor of the State, to serve without compensation. Such board should
have advisory powers and should also have the power to determine broad
policies of the supervisory department.
Every Association should deal with each borrower individually, so far as
the foreclosure problem is concerned, keeping in mind social interests, the
point of view of the community, the Association's borrowers and its savers.
Where lending institutions adopt this policy, every general mortgage moratorium is inadvisable.
Every Association should make new mortgage loans totaling at least lh of
1% of its assets each month, if worthy loan applications are available.
HOLC a Temporary Institution to Supplement Activities of Federal Home Loan Bank System, According
to W. F. Stevenson of Home Loan Bank Board—
$6,600,000,000 of Home Mortgages Held by Building
and Loan Associations in United States.
Terming the Home Owners' Loan Corporation a temporary
institution to supplement the permanent activities of the
Federal Home Loan Bank System, William F. Stevenson,
Chairman of the Federal Home Loan Bank Board, addressed
the annual convention of the United States Building and
Loan League in Chicago, on Sept. 14. "Building and loan
associations hold $6,500,000,000 of home mortgages in the
United States. Savings banks which are eligible for membership in the Federal Home Loan Bank System just as the
building and loan associations are held $3,500,000,000 so that
2391
the classes for whom the System was devised hold half of all
the mortgages on homes in the country," said Mr. Stevenson.
He added:
Other institutions which have been engaged in the same business are
rapidly retiring from that field and it takes no profit to see that within a
few years the loans will be long-time and so amortized that the frugal owner
of the home can pay off his loan by reasonable monthly payment and loans
will be confined to institutions which will either be actual or potential
members of the Home Loan Bank System.
The System has grown since the 20th of March so quietly that little attention has been paid to it, but its loans actually paid out to its members are
now over $60,000,000 in contrast to about $10,000,000 when this program
was started. Its stock owned by members has risen to $15,000,000 and is
growing rapidly. Its banks are nearly all past the stage of paying off the
expense of organization and are making profits every week.
Speaking of the fact that the Federal Home Loan Bank
System would celebrate its first anniversary on Oct. 15, Mr.
Stevenson said that some of the regional banks in the System
are prepared to pay a dividend both to the Government and
to their stockholders. He further said:
While people short on information but long on idle assertions continue to
say it was a failure and has now disappeared, there is no sounder system of
finance than this Federal Home Loan Bank System in the entire country.
Its ability on a sound co-operative basis which has been a growth of more
than a century and had its roots in the American desire to own a home which,
next to love of life itself, dominates the aspirations of our citizens.
The building associations grew up, watered and fed by that sentiment,
and when they organized and made the fight for a great reserve system based
on business principles and guided by long experience, they wrested from a
hesitating Congress their system, not perfect, but workable, and capable of
improvement from year to year.
Unlike the National banks, who had to go into their system, although most
unwillingly, the associations left it to the choice of the potential members
to go in or stay out, and one year's experience was demonstrative that they
have recognized the merit of the plan and have corny in to the extent of
1,632 members, taking stock already to the amount named above.
Speaking of the Federal Savings and Loan Associations
which are provided for under the terms of the Home Owners'
Loan Act of 1933, Mr. Stevenson said that these are organized
and fostered wherever they do not conflict with established
institutions. He also observed:
They are not to be established for the benefit of promoters who desire to
use them to exploit their own schemes, but to encourage the plodding, frugal
and industrious man to save and find him the capital to become a home
owner; and that is the spirit of the law and the policy of the present Board.
In 10 years these associations will be a powerlul force in the great organization, as they must be members of the Home Loan Banks, and I predict
that the members of the Home Loan System will in that time hold 15
billion of the 20 billion mortgages on homes in this country. Member associations, if they desire, can convert into Federal associations, but the Board
makes no bid to induce them to do so. The States that created them must
consent, and no doubt will do so, or in many cases by charter rights conferred may hate done so already.
President Roosevelt in Letter to Senator Capper
Says Efforts Are Being Made to Speed Up Operations of FCA in Refinancing of Distressed Mortgages—Farm Loans Will Be Accelerated.
President Roosevelt, in a letter to Senator Capper, received yesterday (Sept. 14), gave assurance that the Government would speed up farm loan operations "to the end that
the refinancing of distressed mortgages may be accomplished
as rapidly as is consistent with sound business." The PresidOnt's letter, according to the Topeka "Capital" of Sept. 15,
was in reply to a letter which Senator Capper sent him recently complaining of the delay of the Farm Credit Administration in functioning for the relief of owners of mortgaged
farms. From the paper quoted we take as follows President
Roosevelt's letter:
The President's Letter.
My dear Senator Capper:
I am glad to have your recent letter in regard to the policies and operations of the Federal Land Banks. A tremendous responsibility has been
placed upon these institutions. It is highly important to agriculture and
to the Administration that they should carry out the mandates of Congress
in a vigorous and constructive manner.
Most of the criticisms voiced in your letter and the accompanying documents relate to delays in action on applications for loans and to the hardboiled attitude of those in active charge of Land Bank operations. It is
difficult for anyone not in close touch with the actual operation of the Land
Banks to realize the enormity of the burden that has been placed on them by
reason of the tremendous increase in the number of applications in recent
months. Governor Morgenthau, of the Farm Credit Administration, informs
me that during July the number of applications received by these banks
exceeded the total number received during the preceding 29 months. August
will run somewhat ahead of July.
Had to Change Old System.
AS you know, we inherited the Land Bank system and personnel. The
inevitable result of the operation of these institutions during 13 years of
continuously declining land values was an attitude of rather extreme conservatism. The Farm Mortgage Refinancing Act called for a complete
'flange of attitude, but this could not be effected immediately. In every
ease the officials of these institutions have expressed their wholehearted
belief in the present program of the FCA and are exerting every effort to
carry out these policies in a constructive manner.
I have been keenly interested in the success of the farm mortgage refinancing program, and have consulted Governor Morgenthau frequently regarding
its progress. He tells me that on May 12, when the bill was signed by me,
there were in all about 200 appraisers In all of the Federal Land Banks.
This force has been built up as rapidly as possible until, at the end of last
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Financial Chronicle
week, there were 1,498 commissioned appraisers actually at work and 834
additional men in training. This appraisal force will be increased as rapidly
as possible until it is large enough to handle applications more rapidly than
they are being received. For several weeks most of the time of the experienced appraisers was required in training new men in order to build up the
force to its present strength. While this has involved delay, it seems to have
been unavoidable under the circumstances.
To Speed Up Dire Cases.
Governor Morgenthau tells me that arrangements have been made to speed
up all cases where quick action is imperative. Where a considerable delay
is involved, the prospective borrowers are also being informed that they
can withdraw their appraisal fee until the approximate time when the application can be made. This will give farmers the use of the money until it is
powible to appraise their properties.
Considerable confusion has been caused by the fact that mortgage loans
have been made both on the ordinary Land Bank plan and also from the
$200,000,000 fund allocated to the Land Bank Commissioner by Congress.
This difficulty has recently been corrected by providing for one application
blank and one application fee for each borrower, regardless of whether his
needs will be met by one or the other type of mortgage loans or by a combination of the two.
During the entire year 1932 the total volume of farm mortgage loans
closed by all of the Federal Land Banks was slightly less than $28,000,000.
Although loaning operations were continued during the first five months
of this year at approximately the same rate as in 1932, the rate has been
speeded up so that the total volume of mortgage loans closed by these banks
during the eight months ending Aug. 31 amounted to slightly lees than
$30,000,000, and thus exceeded the total loans for last year. It is expected
that the volume of mortgage loans closed by these banks during September
will approximate the total for the first eight months of this year. Starting
at dead level in the middle of May, it has been impossible to gain full
momentum quickly. I believe, however, that it is safe to count on a continued increase in the volume of loans closed each month, DOW that the
machine has attained some momentum.
Appraisal Is Big Problem.
The question of appraisal is another problem of peculiar difficulty. It Is
manifestly impossible to loan the full face amount of the indebtedness of
many farmers who are in financial distress. All of the funds for making
Federal Land Bank loans come from the sale of bonds. The confidence of
investors must be retained if the program of refinancing is to be effective.
Since the passage of the Emergency Farm Mortgage Act, the Federal Land
Banks have attempted to appraise land on the basis of normal prices for
farm products, considering normal prices those received by farmers during
the five-year period immediately preceding the war. Mistakes in appraisal
have undoubtedly been made, largely because of the conservative phychology
resulting from the economic situation of agriculture in recent years. Every
effort is being made to correct this tendency and to make full and fair
appraisals and to loan all that sound business judgment will permit under
the law. Where mistakes seem to have been made, Governor alorgenthau
tells me that they will be glad to make careful, independent investigations
and to increase the amount to be loaned if such an increase is found to be
justified. In the past some loans have been refused because the officials of
the Land Banks found themselves unable to loan the full amount asked for.
The present policy is to offer to make a loan as large as can safely be made,
giving the prospective borrower the opportunity of obtaining such a scale.
down of his indebtedness as may be necessary under the circumstances.
Governor 3forgenthau assures me that every effort will be made to speed
up all operations of the FCA to the end that the refinancing of distressed
mortgages may be accomplished as .rapidly as is consistent with sound
business.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Van Schaick Rules on Listing Mortgage Lien Holders—
To Give Names When Not Sought to Buy Up
Certificates Cheaply.
George- S. Van Schaick, Superintendent of Insurance of
the State of New York,in granting the application of Alber A.
and Rose Goldfluss for a list of mortgage certificate holders
in connection with a protective committee, declares that the
power to make public such lists rests with him under the
insurance law creating guaranteed mortgage participation
certificate protection corporations. He states that the
restrictive nature of the law was intended to give certificate
holders the benefits derived from a unified, competent and
non-profit making quasi public agency and not to create
chaos in connection with reorganizations pertaining to this
type of corporation. Mr. Van Schaick's statement, issued
Sept. 25, follows:
Article XII of the insurance law relative to guaranteed mortgage particiption certificate protection corporations was intended to give certificate
holders the benefits derived from a unified,competent and non-profit making
quasi-public agency. The need for such agency was made particularly
urgent since in many instances certificates in small amounts representing
interests in large issues had been sold to investors widely scattered throughout the State who have no means of communicating with each other or
forming associations among themselves to protect their common interests.
The indiscriminate release of lists containing the names of such investors
would lead only to a multiplicity of committees with attendant heavy
expense to investors, delay in accomplishing reorganization of certificate
Issues and further demoralization of the real estate market.
The Legislature, bearing in mind the chaos that has been and would be
created by the wholesale, unrestricted trafficking in lists of investors,
provided in Sectint 437 of Article XII that lists of certificate holders shall
only be furnished to applicants approved by the Superintendent of Insurance. in whom is vested rule-making power as to such applications. Sucl.
administrative control supplements Section 553 of the Penal Law which
makes it a criminal offense to traffic in original lists of 500 or more customers.
Since all lists of certificate holders are part of an original list which contains
In excess of 500 names, it is believed the statute is applicable.
The Superintendent has no desire to use the power to refuse lists except
Irsofar as it is necessary to protect the interests of the certificate holders.
Lists will be furnished to applicants acting in good faith, where the Superintendent is satisfied that a useful purpose will be served and that other
certificate holders will not be exploited.,
Sept. 30 1933
Where the information sought will be used to buy up certificates from
unsuspecting holders at a fraction of their true value and there is reasonable ground to believe such is the purpose, the information will not be furistied. The history of reorganizations has been marked by the use of lists
In some quarters to stir up needless litigation and promote selfish interests.
All the authority possessed by the Department will be employed to prevent
a recurrence of such activities.
I, The denial of an application should not necessarily be interpreted as a
reflection on the applicant. Such denial may be necessary to promote the
best interests of the greatest number of creditors. Lists may be denied
where the Superintendent believes that adequate steps are being taken for
the protection of the interests of the certificate holders. Public policy
demands prompt reorganizations and hearings on reorganizations already
under way should be facilitated and not hindered.
Mortgagors who seek the names of the participants in the mortgages on
their property will be granted such information if the request meets the
same test of good faith and sound purpose required of other applicants.
Steel Leaders Confer with President Roosevelt Re-Ton
garding Plan for Federal Financing of 700,000
Rail Purchase—Myron Taylor, Eugene Grace and
L. E. Block Agree to Compete for Business—
President Warns Price Must Be Under $40.
The Federal Government is prepared to lend to the railroads public works funds to finance the purchase of 700,000
tons of steel rails, provided steel companies will enter "the
lowest competitive bids," President Roosevelt told the beads
of three leading steel companies at a White House conference on Sept. 24. Those who attended the conference were
Myron C. Taylor, Chairman of the United States Steel Corp.;
Eugene G. Grace, President of Bethlehem Steel Corp., and
L. E. Block, President of the Inland Steel Co. J. F. Wilborn,
Chairman of the Colorado Fuel & Iron Co., had also been
invited to the conference, but he advised the President that
he had referred the invitation to the receiver for the company, who was en route to New York. President Roosevelt
presented his program as one which might stimulate both
steel production and railroad maintenance operations, with
consequent gains in emplpyment. Others who attended the
conference were Joseph Eastman, Federal Co-ordinator of
Transportation, and Donald Richberg, General Counsel of
the NRA. The Washington correspondent of the New York
"Times" described the conference, in part, as follows:
He made it very clear that the bids must be competitive, and that the
price must be less than $40 a ton, at present the standard for rails.
At $40 a ton, 700,000 tons would come to $28,000,000, and the steel
man indicated on leaving the White House that they were not unmindful
of what such an order would mean to their industry, now operating far
below capacity.
The President's bold stroke was looked upon as a major move in his program of "priming the pump of industry." It would have the two-fold effect
of stimulating the steel industry to greatly increased activity and pushing
up employment on the railroads.
Both from the point of view of the public good and from that of private
advantage it was apparent that it would be very difficult for the steel men
to say no.
This was evident from their brief comment on leaving the White House.
They had assured the President that such a large volume of orders within
the space of a few weeks would greatly stimulate their industry and lead
to increased payrolls.
While saying little, they were evidently impressed with the difficulty of
refusing to abandon in the emergency their standardized price.
"We are out for orders and are prepared to bid on any business that is
offered," was all that Mr. Taylor would say.
Asked whether the steel companies would consent to bid against one
another for the orders, he was interrupted by Mr. Grace, who remarked:
"All the other companies will compete with the United States Steel."
More absolute indications of their attitude was contained in reports from a
responsible quarter that all the steel men had told the President they would
bid on the rail orders.
Their reported consent was believed to be based on the present low state
of the rail business. In 1932 the production was only 402,566 tons as
against 1,157,751 tons in 1931. Thus the new orders would total more
than the entire rail business for 1932.
Mr. Eastman, who has been working on a number of plans to improve the
condition of the railroads, presented figures to show that the lines could use
more than 600,000 tons of steel rails, and indicated that orders might be let
for this equipment with little delay if the steel men agreed to competitive
bidding.
Mr. Eastman, after to-day's White House conference, refused to comment
in any way, saying that it was agreed among those present that any announcement or discussion of the project would ,be left to the President.
President Roosevelt Studying Plan to Finance Purchase
of New Rolling Stock by Railroads—Project Is
Extension of Rail-Buying Plan—Secretary Roper
Says Public Works Program Will Catch Up with
NRA Within 30 Days.
Capital goods industries will be stimulated by Federal
credit as the next step in carrying out the Administration's
credit expansion program, according to an announcement
by President Roosevelt to newspaper correspondents on
Sept.27 on his arrival at his home in Hyde Park, N. Y., where
he planned to spend several days. The President was reported as indicating that a study is being made of a plan to
finance the railroads out of emergency public works funds
in the purchase of rolling stock and other operating equipment. This project would be similar to that already suggested for buying steel rails, but would probably be larger
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Financial Chronicle
in scope. It was said that the President had discussed the
matter with Joseph B. Eastman, Railroad Co-ordinator, before leaving Washington.
Further efforts to speed the public works part of the recovery program were revealed on Sept. 26 by Daniel C.
Roper, Secretary of Commerce, who told the National Association of Commercial Organization Secretaries, meeting
In New York City, that the works movement is now progressing rapidly and will be brought into line within the next
30 days. His comments upon public works activity were reported in part as follows in the New York "Times" of
Sept. 27:
Urging that local chambers of commerce help their communities in
furthering public works, Secretary Roper asserted that the lagging of the
program was not the fault of any one in Washington but was due to the
fact that, while large projects had been planned in advance, the projects in
smaller communities had not been ready.
"It takes time for local communities to properly investigate, decide
upon and engineer local projects," he explained.
"I think you will find in the next thirty days a very satisfactory approach
to co-ordination in the uniform frontage of line between the National Recovery Administration and the public works program, and a satisfactory development of purchasing power."
General Johnson is starting in the NRA a statistical study of the question
of prices and purchasing power in order to provide guidance "for all concerned," Secretary Roper said.
"But we cannot accomplish this price control except through industry
recognizing the importance of keeping up purchasing power. We can only
act as a clearing house for education."
NRA Urges Rapid Formation of Local Compliance
Boards to Protect Signers of Codes and Re-employment Agreements—To Take Action Against "Wilful
Chiselers."
Rapid organization of local compliance boards was urged
on Sept. 25 in a statement issued at NRA headquarters in
Washington by Boaz Long to all State and District Recovery
Boards. He emphasized that this action is essential to
afford complete protection to that part of industry and trade
which has signed codes and re-employment agreements. Mr.
Long's letter, stressing the importance of speedy formation
of local compliance boards, said:
You can now perform a most valuable and beneficial service by keeping a
close and friendly contact with the boards, thus insuring a uniform and
100% compliance. Those employers and employees vvho have unselfishly
and willingly signed the President's re-employment agreement must be protected from the small group of wilful chiselers who, through their selfish
motives, are jeopardizing' the success of the President's agreement. This
small group will rapidly increase if permitted to continue with its misuse of
the blue eagle. The surest method of effecting compliance and bringing this
minority into line is by the immediate creation and active co-operation of
all NRA compliance boards. To this end we ask your immediate
assistance.
In an accompanying letter to local NRA Chairmen, Mr.
Long wrote:
The National Labor Board is contemplating the establishment
of regional
agencies for labor dispute mediation, and it is requested that any
future
disputes brought to your attention should be immediately forwarded to
NRA
in Washington.
•
Eugene Grace, President of Bethlehem Steel Corporation Urges Use of Employee-Representation
Plan—Asserts Benefits of NIRA May Be Obtained
Without Affiliation with a Union.
Asserting that it is unnecessary for an employee of a
company to be affiliated with a labor union to derive benefits
from the NIRA, Eugene Grace, President of the Bethlehem
Steel Corp., writing in the current issue of the "Bethlehem
Review," declared that all the benefits of collective bargaining given under the act are available to the Bethlehem
employee without cost to him. Mr. Grace explained that
he issued his comment "in view of misleading statements
on the much-discussed subjects of the open and closed
shop, of union and non-union labor and in fairness to our
employees." He said:
In view of misleading statements on the much discussed subject of the
open and closed shop, of union and non-union labor, and in fairness of our
employees, I feel it my duty to say plainly that no Bethlehem employee
Is required to belong to a labor union to get the full advantages of collective
bargaining under the NIRA.
The Act provides for collective bargaining quite independent of an employee's affiliation or non-affiliation with any organization, union or otherwise. All these benefits of collective bargaining are afforded under our
employees' representation plan, without coat to the employee.
No outside agency could possibly take the place of our plan, without
destroying that all-essential direct contact and relationship so necessary
to insure to employees the best possible working and living conditions,
and to management, the co-operation of an intelligently informed body
of employees. Under the plan the employees have been kept constantly
advised, through their elected representatives, of the conditions of our
business, and the part they have played in counseling and originating
constructive labor policies is an attainment of which every employee can
well be proud.
The principles of our plan have been adopted by all other important steel
companies and by many lrage organizations in other industries. Meeting
the requirements of the NRA,our employees' representation plan continues
to serve as the medium of representation just as it has in the past. I urge
all employees to continue to use to the full the facilities of the plan for
presenting their needs and views. This is its purpose. No question can
be raised by an employee that can react in any way against him.
2393
Bethlehem has whole-heartedly joined with the other companies in the
steel business to have our great basic industry co-operate with the President
and his Administration in overcoming the causes of the present depression.
To this end we and all other important steel companies have subscribed to
a Code of Fair Competition for the conduct of the industry during the
emergency. Mutual understanding and united effort on the part of all are
necessary to accomplish this great purpose. The code aims to reach this
objective for the industry as a whole; and within our company an effective
agency for accomplishing this co-operation is the employees' representation
plan. Let us, therefore, continue to so operate the plan that we may. as
employees and citizens, make our full contribution toward national recovery.
H. I. Harriman Declares NIRA Prohibits Closed Shop—
Declares That Any Group of Workers May Bargain
—Warns Employers to Avoid Coercion.
American industry is in no danger of having the closed
shop imposed upon it, according to Henry I. Harriman,
President of the Chamber of Commerce of the United States
and member of the NRA Industrial Advisory Board who
addressed members of the Chicago Association of Commerce
on Sept. 20. Mr. Harriman said that he understands that
Gen. Hugh S. Johnson, Recovery Administrator, regards
the closed shop as prohibited by the National Industrial
Recovery Act. Mr. Harriman interpreted the act to mean
that employers may deal with their workers through federated
unions, company unions or individually, but must be careful
not to coerce workers in making a choice on collective bargaining. Mr. Harriman said:
The NIRA clearly indicates that, in the future, there are to be three
partners in industry. They are the employer, employee and the public.
The first proposition of thelabor section of the Act is that employees
have the right to organize. This right is already well settled by decisions
of the United States Supreme Court,
The NIRA, however, does not prescribe any particular form of organization: furthermore, employees may bargain individually if they so prefer.
The second proposition is that employees have the right to bargain
collectively. Collective bargaining has a definite meaning, but it contains
no implication, direct or indirect, as to the number of employees who must
participate before collective bargaining exists.
Collective bargaining is a method. As a method it may be used by
some employees of an employer, by all employees of an employer, by some
employees of a group of employers, or by all employees of all employers
In a given industry.
The third proposition is that employees are to be free from interference
or coercion on the part of employers in selecting their own representatives,
and they may choose an employee, or non-employee, of their employer,
as they may determine. There is no room to question this right, but there
Is also no doubt that in exercising it the worker should be free from coercion
from sources outside his employment as well.
William Green Attacks Views of H. I. Harriman and
R. L. Lund on Open Shop and Organized Labor—
Declares Employers and Not Workers Have Impeded Recovery Drive—Asserts NIRA Does Not
Prohibit Closed Shop.
Continuing the debate on the interpretation of the labor
provisions of the NIRA, William Green, President of the
American Federation of Labor, on Sept. 21 issued another
statement in which he criticized views on the open shop
and organized labor which had been expressed on the preceding day by Henry I. Harriman, President of the Chamber
of Commerce of the United States, and Robert L. Lund,
President of the National Association of Manufacturers.
Mr. Green's statement said in part:
Mr. Harriman is quoted as having said in a speech in Chicago, "If I
read the language fof General Johnson] correctly, it means that General
Johnson considers the closed shop prohibited by the NIRA," while Mr.
Lund is represented as having said that labor's organizing campaign "IS
the most serious obstacle to the attainment of the objectives of the NIRA."
I hesitate to challenge the good faith of these gentlemen, so I shall be
forced to challenge their intelligence. The NIRA does not prevent the
closed union shop and I Mean by that term just what we have always
meant by it. I mean the shop which is union by agreement between the
workers and the employers. There never was any other kind and there
never can be any other kind.
What the NIRA does is to give the workers their freedom to organize,
so that we now have a great many more really union shops than ever before
and the number is growing daily and rapidly. What hurts Mr. Harriman
and Mr. Lund is that the workers now have this freedom and having it
are using it.
These gentlemen are dismayed at the steady stream of workers who
are joining unions. They are dismayed because wage earners are free to
follow their own counsels and are no longer under the necessity of paying
tribute to the company union schemes of employers who hate to abandon
their role of industrial dictators and are no longer under the necessity_of
signing individual or yellow dog contracts.
It is rather interesting to find these spokesmen for the employers so
vitally concerned over the question of whether or not workers join unions.
And as for Mr. Lund's assertion that labor is impeding the progress of the
NIRA, let me ask Mr. Lund what interests have opposed in every code
hearing the proposals for shortening of hours and raising of wages so as to
effectuate the purposes of the NIRA?
Without such provisions in industrial codes the NIRA is robbed of all
Its power to promote recovery, and yet day after day we observe employers
opposing with all their might even the most moderate provisions for increasing employment and purchasing power in this way. If the NIRA
could get from employers half the support it has had from labor we should
have double the number of newly employed.
Labor believes the thing to do under the NIRA is to give it real service,
not lip service. Labor has given the NIRA genuine service. The Labor
Advisory Board has found it possible to join in working out solutions
to many vexing problems, and to do so through precisely the type of negotiations that take place in workshops between employers and employees.
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Financial Chronicle
We have found the employers of the Industry Advisory Board able to come
together with us in the same spirit.
The battle hymns of such gentlemen as Mr. Lund and Mr. Harriman
have little place in the picture to-day. They sound too much like the
alarm drums of special privilege, aroused by the determination of a nation
to regain mastery over itself and to establish industrial freedom as a companion to our political freedom.
R. L. Lund, President of National Association of
Manufacturers, Attacks William Green's Assault
Plans—Declares
on
Employee-Representation
American Federation of Labor Head Is Hampering
Re-o:ery Drive—Says Wages Paid Members of
Company Unions Exceed Those of Federation
Affiliates.
Robert L. Lund, President of the National Association of
Manufacturers, on Sept. 20 issued a statement in reply
an attack on the preceding day by William Green,
President of the American Federation of Labor, on companies
dealing with their employees through plans of employee
representation, although not affiliated with the A. F. of L.
Mr. Green had charged that these corporations were violating the provisions of Section 7(a) of the NIRA. Mr. Lund
said that a recent canvass of the membership of the National
Association of Manufacturers indicated that more than
80% were operating either under codes of fair competition
or under President's re-employment agreements. His statement then continued:
Mr. Green's statement about organizations set up by workers in cooperation with their employers is not surprising, because he and his associates look upon these organizations as competitive to their own. Considerably more workers are in such organizations than in those under the
leadership of Mr. Green and his associates. In fact, the American Federation of Labor unions include probably less than 10% of the workers in the
industries where they are represented.
The relations between workers and employers in plants where the organizations to which Mr. Green objects exist are the best in the country. This
applies to both wages and working conditions. Furthermore, none of the
labor difficulties which are so seriously obstructing the recovery program
have arisen from such organizations.
On the other hand, the efforts of the American Federation of Labor and
other organizations which co-operate with it, to secure control of labor,
have proved the most serious obstacle to the attainment of the objective
of the NIRA. Perhaps the control of this situation does not lie entirely
with Mr. Green and the leaders associated with him. They have started
agitation which perhaps they will not be able to guide, because it is clear
that a great deal of the organizing effort and agitation resulting from it
Is the work of men, some of them of very radical beliefs, who pay little
attention to those leaders, nominally representing them but actually concerned only with their own selfish purposes. This situation is fraught with
great danger because there is reason to fear that these activities may, in
a large degree, destroy the recovery program. In fact, they are already
having this effect.
Mr. Green's attack upon the workers' organizations, which he does not
like, seems gratuitous, because the NIRA itself provides for its administration and penalties for failure to obey its provisions.
National Association of Manufacturers Bulletin Asserts
Closed Shop Violates NIRA—Legal Opinion Opposes Contract with Single Union—Taking Issue
with William Green, Counsel Says Choice Rests
with the Worker.
A closed union shop under which labor contracts were
made with a single union would violate the intent of the
NIRA,according to a copyrighted bulletin issued on Sept. 25
by the National Association of Manufacturers and prepared
by John C. Gall, associate counsel of the Association. Mr.
Gall's interpretation of the Act was in direct contrast to that
of William Green, President of the American Federation of
Labor, who had charged large companies with "astonishing
evasions" of the law in furthering company unions. The
Association in its bulletin informed employers that under
the law they could advise workers against joining a labor
union or could offer special inducements, within limits, to
employees who would join and bargain with a company
union. Such an inducement, for example, might be group
insurance, the bulletin said.
Mr. Gall added that "since the NIRA leaves to the employee the clear
option as to the form of collective bargaining he desires, if any, there is no
difference whatever under the law between a company union, on the one
hand, and an affiliate of the American Federation of Labor, on the other.
Either a closed shop agreement is invalid whether made with one or
the other types of labor organizations or both kinds of closed shop agreements are valid, and by a bona fide agreement with the employees through
a company union the employer may outlaw other unions in his plant.
The attorney added a belief that both forms of closed
shop were invalid.
New York City NRA Finds"Strikes and Walkouts
Increasing Despite Settlement of Many Labor Disputes-16,000 Painters, 25,000 Underwear Workers
and 3,000 Coal Yard Men Return to Jobs—Walkout
of 20,000 Outerwear Workers Threatened—Transit
Men Seek Higher Pay While A. F. of L. Seeks to
Displace Company Unions.
Strikes and labor disturbances continue to impede business
activity in the New York metropolitan area this week, and
while some of the most important disputes were settled
Sept. 30 1933
through the mediation of the local National Recovery Administration committee, other large walkouts were threatened late in the week. More than 16,000 painters, whose
week-long strike had halted much of the building and renovating work in the city, returned to their jobs under new agreements on Sept. 27. The Association of Master Painters, ax4
well as 200 individual employers not members of the association, signed an agreement which provides for a 7-hour
day and a 5-day week at $9 a day or $1.28 an hour. Another
strike which was settled involved nearly 3,000 employees of
more than 75 Brooklyn coal companies, who returned to
work on Sept. 28 under an agreement with the Brooklyn
Coal Dealers' Association, providing that Brooklyn employees are to receive the same consideration granted to coal
company employees in Manhattan, except that Brooklyn
employees will receive pay for five holidays during the year
instead of ten.
On Sept. 27 Grover A. Whalen, Chairman of the New York
City NRA, was presented with a complicated strike situation involving a jurisdictional dispute between two large
unions affiliated with the American Federation of Labor
which threatened a general walkout of 20,000 worlprs in
the knitted outerwear industry. Earlier in the week Mr.
Whalen's intervention resulted in the settlement of a threeweek-old strike of 25,000 underwear workers, members of
the White Goods Workers Union, an affiliate of the International Ladies' Garment Workers. Describing the settlement of this dispute, the New York "Times" on Sept. 26
said, in part:
The agreement which brought to a conclusion the strike of 25,000 underwear workers was made by the White Goods Workers Union, the International Ladies' Garment Workers, the parent organization; the Lingerie
Manufacturers Association, the Allied Underwear League and the Negligee
Manufacturers Association. These associations represent the bulk of the
industry. The agreement is to be in force for two years.
The terms of the agreement included the 37- hour week, week-work
scales of $21 for operators. $17 for pressers and $17 for examiners; a piecework scale of 65 cents an hour for an average minimum worker; an auto
made increase of approximately 10% for all workers receiving these scales;
registration of all outside contractors with the union, and unequivocal
recognition of the workers' organization. The agreement established the
closed shop by obligating the employers to employ only members of the
union and to co-operate in every way in the maintenance of union standards.
According to Samuel Shore, strike leader, the settlement terms represent
a wage increase averaging from 25 to 35% for week workers and imply a
reduction of 25% in working hours. He said the industry was now virtually
100% unionized, whereas it was only 25% organized before the strike.
The terms of settlement of the painters' strike were summarized as follows in the "Times" of Sept. 27:
Settlement of the painters' strike was on the basis of a compromise
granting the workers the 35
-hour week in place of the 40
-hour week previously prevailing and an increase of $1 a day over the old rate of $8. The
new 35-hour schedule is to be worked within five days. The new wage
rate of $9 a day is to apply to maintenance and repair as well as to new
work.
After considerable discussion the employers finally yielded to Mr.
Whalens' advice to abolish all overtime and to enforce this provision by
accepting the union's demand for double time pay for any overtime that
may appear to be unavoidable.
"Our experienc • in all the industrial disputes that we have had to handle
at the NRA has been that employers realized the wisdom of doing away
with all overtime work as an essential feature in the movement for the
shortening of workday and the spread of employment," Mr. Whalen said.
"I have become thoroughly convinced that overtime has been the bane of
industry and that it should be eliminated as much as possible. This is
to the interest of employers, employees and industry as a whole."
The master painters also accepted the union's demand for double pay
for Sundays. New Year's Day,Independence Day, Election Day, Columbus
Day, Thanksgiving Day and Christmas.
The threatened strike of 20,000 workers in the knitted
outerwear industry, after the request for mediation was filed
with Mr. Whalen, was noted as follows in the "Times" on
Sept. 28:
The request was filed by the United Textile Workers' Union and was
supported by the Knitted Outerwear Manufacturers Association, the
employers' organization. The union demands recognition of its organization, Local 1,793 of the United Textile Workers, no discrimintaion for
union activity, a 25% wage increase and the 35
-hour 5
-day week.
These demands supersede a recent agreement concluded between the
United Text:le Workers and the employers association on the basis of the
textile code. That agreement was opposed as inadequate by the International Ladies' Garment Workers' Union, which stepped into the situation
with the assertion that the agreement was invalid, inasmuch as the United
Textle Workers had no jurisdiction over the knitted outerwear industry,
which is engaged largely in the manufacture of coats and suits, a domain
over which the I. L. G. W. U. claims control.
The latter organization charges that the agreement should have been
concluded not on the basis of the textile code, with its inferior wage and
hours provisions, but on the basis of the coat and suit code.
David Dubinsky, President of the I. L. G. W. U. has protested the
agreement to William Green, President of the American Federation of
Labor, with the demand that the A. F. of L. call upon the United Textile
Workers to transfer jurisdiction of the 20,000 knitted outerwear workers
to the I. L. 0. W. U.
The dispute between the United Textile Workers Union
and the International Ladies Garment Workers Union on
the question of jurisdiction appeared to have been adjusted
late yesterday (Sept. 29) following a settlement which would
grant wage increases ranging from 10 to 20% to the knitted
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Financial Chronicle
outerwear workers, together with a working week of 373's
hours. Three thousand employees who had been on strike
returned to work yesterday and it seemed likely that the
17,000 more who were awaiting strike call would not be
summoned to a walkout. The settlement was achieved by
negotiations between both unions and the employers.
Although no strike call has as yet been issued to workers on
New York City transit lines, NRA officials on Sept. 27
answered an inquiry by a representative of the company
union of the Brooklyn-Manhattan Transit Co., with a
membership of 12,000 employees, and stated that the men
were not bound to accept the minimum 30-cent wage provided in the National transit code, but under the NIRA
might bargain collectively for a higher figure. This inquiry
followed a move by the Amalgamated Association of Street
and Electric Railway Employees and Motor Coach Operators, an A. F. of L. affiliate, to organize the men on the
I. R. T. and B.
-M. T. surface and bus lines. Officials of
this union said last week that they would soon demand a settlement on the issue between the company unions maintained
in New York and the A. F. of L. organization, which has
sought for years to enter the New York field.
Almost all of the disputes revolved around demands for
shorter hours or higher wages or both. A week ago it was
estimated that at least 100,000 persons were on strike in
New York. Col. Leopold Phillip, Chairman of the New
York NRA Compliance Board, conferred in Washington
with General Hugh S. Johnson, National Recovery Administrator, regarding rulings on matters of compliance pertaining
to labor. On Sept. 18, Senator Robert F. Wagner,Chairman
of the National Labor Board, in a radio address appealed
to employers and employees to avoid industrial disputes
and to bring controversies to the Board for settlement, if
necessary. Describing the status of the principal strikes in
the New York area, the New York "Times" of Sept. 20
said in part:
The growing army of strikers in New York City was augmented yesterday
by the addition of 15,000 painters who responded to the strike call of the
Brotherhood of Painters, Decorators and Paper Hangers of America,
District 9, and walked out in support of the union's demands for shorter
hours and more pay. The demands are for a 6
-hour day, a 5
-day week
and $1.65 an hour. The men now receive $8 for an 8
-hour day.
The painters' strike marked the outstanding development yesterday in
the battle between capital and labor which has been extending on an everwidening front in this city for the last several weeks. The strike resulted
in the stoppage of work in thousands of apartment houses, private homes
and business establishments where renovating work was under way. Many
office buildings and hotels also were affected.
Simultaneously with the painters' walkout and the preparations of
furniture drivers for a strike, 7,500 automobile service men employed in
some 2,400 garages in all parts of the city took steps to enforce demands
for pay readjustments and improvement of working conditions. Meetings
will be held this afternoon, at which strike action may be taken.
While some progress was being made toward settlement of the strike of
25,000 underwear workers, now in its second week, no settlement appeared
likely immediately, although Grover A. Whalen, Chairman of the local
NRA organization, held further conferences with employers and representatives of the union at the NRA headquarters in the Hotel Pennsylvania.
Refusal by retail furniture houses to grant their truck drivers and helpers
a 48
-hour week, instead of what the men characterized as the unlimited
hours now prevailing, will precipitate a general strike of 2,000 men next
Monday morning [Sept. 25). William Snyder, General Manager of the
Teamsters Union, Local 138, said.
Should all divisions of the teamsters' local, involving more than 5.000
men,go out on strike there will be a complete tie-up of flour, bakery, grocery
and furniture deliveries in the metropolitan area. Hospitals and public
institutions, as well as private concerns, would be affected.
The union is not demanding any wage increases, but is confining its
demands to a 48
-hour week for grocery drivers and furniture trnck chauffeurs and helpers, and a 45
-hour week for the flour truck drivers. The
union insists, however, that alleged wage scale violations by the employers
cease.
Mr. Whalen revealed last night that one big stumbling block to a settlement of the strike of 25,000 underwear workers was the competition experienced by the industry from cheap labor and low-standard plants in
Puerto Rico and the Philippines.
Mr. Whalen said that the cheap production of goods in Puerto Rico
and the Philippines raised the question of applying industrial codes under
the NRA to insular possessions.
Patrick J. Hurley Terms NRA Plan "Americanism"—
Secretary of War Under President Hoover Expresses
Approval of Purpose of Act and Urges Co-operation
of Nation in Recovery Program—Offers Suggestions
to NRA.
Declaring that the National Recovery Administration
plan "is not Bolshevism,Socialism, Fascism or Collectivism—
it is Americanism," Patrick J. Hurley, Secretary of War in
the Hoover Administration, expressed approval of the
broad purposes of the National Industrial Recovery Act in
a radio address on Sept. 27, and asked that President Roosevelt be given "a character of non-partisan support too often
denied to his predecessor." Mr. Hurley said that while
he was not in agreement with all the provisions of the NIRA,
he nevertheless believed that it had been passed in response
to a demand of a majority of citizens, and he urged that a
2395
fair trial be accorded to the will of this majority. Other
portions of his address were quoted as follows in Washington
advices to the New York "Herald Tribune":
Seeking to allay the misgivings of those who fear that the recovery
program will "eliminate individual initiative and freedom of action," and
who "see in it a step toward the socialization of industry, or collectivism,"
Mr. Hurley said:
"Instead, the NRA is attempting to inaugurate self-government in
industry. Under it wages and profits go to the individual,and not to a
collectivist commission, or to the State. The NRA plan is not bolshevism;
it is not socialism; it is not fascism; it is not collectivism; it is Americanism."
Mr. Hurley offered the following suggestions to the Recovery Administration and champions of the NRA:
"Its ardent supporters should cease using the words 'compulsion,'
'coercion,' boycott,' and 'dictator.' They should use rather the words
'leadership,' co-operation."welfare,' and 'progress'.
"In the control of production, and the attempts to establish prices,
more adequate means will have to be devised to protect the consumer.
"One of the most hurtful charges made against the NRA is that it is
beneficial to individuals and institutions with surplus capital or credit and
that it will tend to establish a monopoly of business in their hands; on the
other hand, that it will work a hardship on smaller enterprises. . . .
These small institutions cannot survive under the NRA unless credit is
provided for them. Nothing could be more detrimental to the ultimate
success of the NRA than to force the small merchants and industrialists
out of business for want of credit. General Johnson fully understands this
situation and has already suggested a plan whereby a powerful flow of
credit for these smaller operators can be acquired through the Reconstruction Finance Corporation.
Loosening of Credit Urged.
"In that connection, may I suggest a change in the public works feature
of the NRA. A public works program is helpful only so long as the money
is expended on projects that are needed and that will return a dollar's
worth of service to the public for every dollar expended. It gives temporary
not continuing employment. More people would be more quickly and
more permanently re-employed if some of the public money now earmarked
for public works could be diverted into credit channels to sustain small
business enterprises.
Some enthusiastic and loyal supporters of the NRA tell the public,
day after day, that our democratic form of government may be making
its last stand; that if the NRA fails, democracy will fail, and be succeeded
by some form of dictatorship, or absolutism. That is a great mistake.
That is the doctrine of despair. It is the psychology of fear. It disregards
America's experience of 150 years of freedom and the power of universal
education."
Broadcasting Industry Still Unprofitable Despite Huge
Increase in Advertising Expenditures Since 1927,
NRA Hearing is Told—Radio Code Would Add $1,328,000 to Annual Payrolls—Actors Submit Complaints.
Although annual expenditures by radio advertisers have
increased from $3,832,150 in 1927 to more than $70,000,000
in 1931, the radio industry as a whole has not yet operated
on a profit basis, according to testimony given by representatives of the broadcasting industry at a hearing on a
tentative code of fair competition before the National Recovery Administration on Sept. 27. It was estimated that
compliance with the code, which was submitted by the
Naticnal Association of Broadcasters will increase by 765
the number of full time employees, who now total 11,000,
and will increase payrolls by $1,328,000 annually. A
W ishington dispatch to the New York "Times" on Sept. 27
summarized other testimony at the hearing as follows:
Alfred J. McCosker, President of the National Association of Broadcasters, who was the first witness, said that the association includes less
than half of the licensed stations in the United States. The member stations,
however, do about 81% of the total commercial business of the industry,
he added.
The problem of the actor was called to the attention of Deputy Administrator Sol A. Rosenblatt by Frank Gillmore, President of the Actors Equity
Association, who said that of the 1,869 actors employed in the broadcasting
industry, 1,078 are Equity members. One of the "major abuses" of the
industry. said Mr. Gillmore, is the practice of requiring rehearsals and
auditions without pay.
Mr. Rosenblatt, answering a question by J. N. Weber, President of
the American Federation of Musicians, assured him that the musicians
would be taken care of in the finished code that goes to the President.
The code provides for a 40
-hour week and a minimum wage of $15.
NLB Plans to Create Regional Agencies to Mediate
in Labor Disputes—Compliance Boards to Report
to NRA Pending Their Appointment.
The National Labor Board is planning the early creation
of regional agencies to adjust labor disputes, it was revealed
in a joint statement issued on Sept. 22 by Senator Wagner,
Chairman of the Board, and General Hugh S. Johnson,
Recovery Administrator. Until these agencies are appointed
the local compliance boards will report such disputes to the
National Recovery Administration dead quarters in Washington for reference to the NLB. The text of the statement
follows:
The NLB was set up by the President as a part of the NRA to handle
labor disputes. The NRA has recently asked all communities to organize
local compliance boards to secure adherence to the President's re-employment agreement. These local compliance boards have never been given
authority to deal with labor disputes.
It is contemplated that in the near future the NLB will set up regional
agencies for mediation in the case of labor disputes. Until that time,
when there is an active or threatened lockout or strike in a community,
which is brought to the attention of the local NRA compliance board, this
board should report that fact immediately to the NRA for reference to the
NLB.
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Financial Chronicle
Similarly. if any case of non-compliance which the compliance board
handling threatens to turn into a labor dispute this case should be similarly reported for reference to the NLB in Washington.
There has never been any difference of opinion or conflict of authority
between the administrative side of the NRA and its NLB. They have
clear and definite functions. We are working together in the closest
harmony for the common good.
is
President Roosevelt Signs Coal Wage Agreement—
Attaches Memorandum Extending Wage Schedule
to Non-Union Members—Regards Compact as
Among Most Important in American Labor History.
President Roosevelt on Sept. 22 formally approved the
wage agreement between the United Mine Workers of
America and the bituminous coal operators of the Appalachian
field. In signing the compact, the President attached to it a
memorandum which read:
In approving this agreement it is with the understanding that the hours
and wages and conditions of employment recited herein may also be applied
to the employees who are not parties hereto and that the requirements of
Section 7 (a) of the NRA will be complied with in carrying out this agreement."
The President's signature of the agreement conformed to
Section 7(b) of the NIRA which provides that the President
shall offer employers and employees every opportunity "to
establish, by mutual agreement, the standards as to the
maximum hours of 1 tbor, minimum rates of pay, and such
other conditions of employment as may be necessary in
such trade or industry, and the standards established in such
agreements, when approved by the President, shall have the
same effect as a code of fair competition, approved by the
President under Subsection (a) of Section 3." The text of
the coal wage agreement was given in our issue of Sept. 23,
pages 2208-10. It was signed for all operators in the Appalachian field except those of Western Kentucky and Alabama.
Even if these operators fail to sign the agreement, they are
nevertheless covered by the coal code and must therefore
comply with the wages specified in the wage schedules.
It was reported from Washington that after President
Roosevelt signed the agreement on Sept. 22, he indicated
that its successful formulation was decidedly gratifying to
him, and that the compact was one of the most important
wage agreements ever made in American labor history. It
was said that it would affect more than 300,000 miners.
Shoe Code May Be Delayed by Inclusion of "Merit"
Clause—Labor Advisory Board Protests Modification of Collective Bargaining Section — Higher
Wage Rates Advocated as Code Is Prepared for
General Johnson's Consideration.
A revised code of fair competition for the boot and shoe
industry was prepared by the NRA for submission to General
Hugh S. Johnson, Recovery Administrator, this week, following its formal filing on Sept. 20. Acceptance of the code
appeared doubtful, however, because of the fact that the
manufacturers refused to delete the so-called "merit" clause,
which President Roosevelt has eliminated from other igreements. Both the Labor Advisory Board and the legal division of the NRA made reports on the code which contained
strcng objections to the section which specifies that employers may hire and dismiss without regard to union affiliation. The Labor Board in its report also objected to the
minimum wage provision and suggested instead a flat
schedule of $18 weekly for unskilled workers, $30 for skilled
workers and $40 for those highly skilled. The original code
provided for minimum wages ranging from $14 to $15 weekly
for men and $12 to $13 for women. The shoe industry, in
urging the inclusion of the "merit" clause, attached the
following memorandum to the revised cods:
The Act clearly grants the rights of collective bargaining to the employees. These protective provisions are expressly set forth in the code.
But the picture is not complete without a clear portrayal also of those
rights of the employer which are guaranteed by law and which were not
repealed by the NIRA.
Those rights are not expressly set forth or even mentioned in the wording
of the Act; nevertheless they remain a part of the law of the land. Under
the law, the employer has ever had the right to select, retain and advance
his employees for individual merit.
The NIRA did not repeal this legal right of the employer. To write
into the code those provisions of the law defining the rights of the employee
and omit those defining the rights of the employer will promote misunderstanding and breed industrial strife.
Industrial strife has already resulted from the fact that the workers have
seen only that part of the picture in which their rights are painted in vivid
language, while the other part of the picture has not been understood by
them.
President Roosevelt Signs Modification of Shipbuilding
Code—Committee of Fair Practice Increased from
Eight to Ten Members, of Whom Four Will Be
Selected by President.
President Roosevelt on Sept. 22 signed a modification of
the code for the shipbuilding and ship repairing industry.
This modification enlarged the Planning and Fair Practice
Sept. 30 1933
Committee to ten members, of which six will be named by
the industry and four by the President. The original code
provided five representatives of the industry and three members without vote to be named by the President. The
members of the Committee, and the reasons for making the
change in number, were noted as follows in a Washington
dispatch of Sept.22 to the New York "Journal of Commerce":
The shipbuilders and ship repairers maintained that as the locations of
the companies are so scattered a committee of six members,instead of five.
could best function in performing the duties imposed. It was also suggested
that at a later date an additional increase might be sought to take care of the
Mississippi River and its tributaries.
Secretary of the Navy Swanson pointed out that since the operation ofthe
code would have an important bearing on naval construction, it was advisable for the Navy to be represented on the Committee.
Capt. Henry Williams was formally named to-day by the President to be
the Navy's representative, while others appointed are Robert L. Hague,
Standard Shipping Co., New York, as industrial and consumer adviser;
Joseph S. McDonagh, International Brotherhood of Electrical Workers,
labor representative.
Representatives of the industry are H. G. Smith, National Council of
American Shipbuilders; Joseph Haag Jr., Todd Shipyards; S. W. Wakeman, Vice-President, Bethlehem Shipbuilding Corp.; Roger Will'ams, VicePresident, Newport News Shipbuilding & Dry Dock Co.; Robert Haig,
Vice-President, Sun Shipbuilding & Dry Dock Co., and W. H. Gerhauser,
President, Great Lakes Ship Building & Repair Association.
Oil-Burner Code Becomes Effective—Establishes Uniform System of Cost Accounting and Prohibits
Selling Below Cost.
The National Recovery Administration code for the oil
burner industry became effective Sept. 25, following its approval by Pres.Roosevelt. The code provides that no member
of the industry may sell or exchange any product at a price
below his own individual cost, which will be determined
by a standard cost accounting system to be set up by a code
autnority for the industry, with the approval of the NRA,
within 120 days after the effective date of the code. It was
further specified that members of the industry must file
with the code authority within five days after the effective
date "a net price list or price list and discount sheet as the
case may be, individually prepared by him, showing his
current prices or prices and discount terms of payment."
The wages and hours provisions were summarized as follows
in the New York "Herald Tribune" on Sept. 25:
In so far as its labor and wage provisions are concerned, the code sets up
flexible working hours in line with practical seasonal requirements and
stipulates that in manufacturing operations the maximum average work
week for one year shall be 36 hours and in installation and service operations 38.
The minimum wage rate for both groups IS fixed at not less than 45
cents an hour and for office employees engaged in managerial executive
capacities at not less than $15 a week. Since the code does not draw
any distinction between the wages to be received either by men or women,
It is interpreted to mean that the code calls for equal pay for equal work.
The maximum work week for one year for office and salaried employees,
receiving less than $35 a week, is fixed at 40 hours a week averaged over a
six-month period and not to exceed 48 hours during any one week of that
period.
Shipping Code Submitted to NRA—Virtually All Lines
Unite in Agreement That Is Expected to End
Costly Waste—Foreign Companies May Co-operate
for Stability—Rate Regulation Continued in More
Rigid Form.
A code of fair competition for the steamship industry was
submitted to the NRA on Sept. 25 by J. Caldwell Jenkins,
Chairman of the Code Committee of the American Steamship Owners Association, who said that the Association and
its affiliated organizations on the Gulf of Mexico and the
Pacific represent practically the entire shipping industry.
He added that the code will result in unprecedented cooperation. It is expected that foreign lines will co-operate
so far as possible in the code provisions, since most of them
have signified their intention to subscribe to the agreement.
This foreign co-operation would extend to terminal operation
and office work, but could not be applied to the management
of foreign ships.
A. D. Whiteside, Deputy Recovery Administrator, said
on Sept. 25 that one of the most important features of the
proposed code is the proposed continuance of rate regulation, although this is placed under more rigid control both
by the industry and by the Government. This control is
expected to replace "conference agreements" with regard to
rates which shipping interests have entered into in the past.
The code would apply to "all owners, operators and agents
of all vessels of all flags engaged in foreign commerce and all
American vessels of more than 100 gross tons engaged in interstate commerce, not including vessels (except active oceangoing) operating on the Great Lakes or inland waterways,
and owners, operators and agents of any other vessels who
voluntarily become members of the code." It is specified,
however, that the hours of labor, minimum rates of pay and
conditions of employment "shall not apply to sea-going
Financial Chronicle
Volume 137
personnel on ships in the foreign trades, except as otherwise
provided in a division or subsidivision in this code." Labor
and wage provi:ions of the code were detailed as follows in a
Washington dispatch of Sept. 25 to the New York "Times":
Divisions of the industry are defined in the code as foreign trade, intercoastal, Atlantic and Gulf coastwise and Puerto Rican, Pacific Coast,
tanker, bays and sounds and general.
In its labor provisions the code contains Section 7 (a) of the National
Industrial Recovery Act and the following provision:
"Except as otherwise in this article provided, nothing in this code shall
be deemed to control negotiations between employers and employees as
provided in the NIRA."
48 Hours for Shore Workers.
It also provides that longshoremen, tally clerks, checkers, cargo repair
men, maintenance men and all other dock workers, except watchmen,
baggage clerks and ship caretakers, shall work not more than 48 hours a
week "averaged over a period of four weeks."
The minimum pay for these workers is set at "not lower than the basic
day-time wage scale in effect July 1 1933: but in any event not less than 40
cents an hour, unless the same class of work on July 15 1929, was less than
40 cents an hour,in which latter case not less than the hourly rate on July 15
1929, and in no event less than 30 cents an hour, unless otherwise provided in a Bays and Sounds Division code."
Office employees would work not more than 48 hours per week "averaged
over a period of eight months," at slightly under $12 to $15 weekly, based
on the population of the city in whih they are employed.
W. H. Davis, Deputy Administrator, sail" that briefs had been received
from the National Association of Americala Seamen, and the United Licensed Officers, U. S. A., in regard to minimum wages.
While not strictly comparable, due to definition, the rates suggested by
the three sources follow:
Rating.
Master
Chief mate
Second mate
Third mate
Fourth mate
Boatswain
Carpenter
A. B.seaman
Ordinary seaman
Deck boys
Quartermaster
Master-at-arms
Radio operator
Chief engineer
First assistant engineer
Oilers
Firemen
Wipers
Purser
Chief steward
Chief cook ..
Waiters
Mess men
Mess boys
Utility men
National
Ass'n American Seamen.
$315
185
165
150
135
75
80
62.50
47.50
25
70
70
105
300
205
72.50
67.50
57.50
150
50
50
42.50
50
United Licensed
Officers.
Code
Rates.
8345 to 8310
205 to 200
185 to 175
175 to 160
175 to 150
8140
120
105
50
50
40
30
75
31010 300
205 to 195
140
50
40
30
100
85
35
30
30
Code for Jobless Asks $14 a Week-50 Cents an Hour
for Relief Work Also Demanded by New York
State Federation of Unemployed Organizations.
A code for the unemployed, establishing a minimum grant
of $14 a week in cash for each unemployed person, with
$3.50 added for each dependent, was mailed to President
Roosevelt and the National Recovery Administration on
Sept. 22 by the New York State Federation of Unemployed
Organizations. This was indicated in the New York
"Times" of Sept. 23, which also said:
The proposed code would fix a minimum of 50 cents an hour for all
emergency work and abolish all discrimination because of race, religon or
political affiliation in the distribution of relief.
It would set up collective dealing between relief agencies and the unemployed organizations. It proposed the establishment of a complete
system of public employment exchanges and commissaries to sell necessities at cost to the unemployed.
2397
a view both to economy and the improvement of service. It is anticipated
that this study may eventuate in a reduction in personnel of the bureau,
which at the time of the transfer was 924, of which 463 were in the field
and 461 in Washington.
The Government fleet at the time the Shipping Board became a subsidiary of the Commerce Department numbered 297 vessels, only 58 of
which, however, were in active service on the three remaining Government
lines—American France, American Pioneer and American Republics. Of
the remainder, 144 ships were in layup, with 95 vessels remaining to be
delivered for scrapping among the 124 ships sold some months ago. The
incorporation of the Shipping Board as part of the department is intended
to promote efficiency through elimination of duplication and otherwise,
it was explained by Secretary Roper.
"It is the intention of the Department to interfere as little as possible
with the essential activities of the board and its corporate subsidiary,
Merchant Fleet Corporation," he asserted.
Personnel of CSB Completed—W. W. Riefler Is Named
Chairman of Body Created by Executive Order.
The personnel of the Central Statistical Board, which
was created by an Executive Order issued by President
Roosevelt on July 27, was completed early this week and
the organization is ready to begin its duties of appraising
the value of data collected by the various agencies of the
Government, with a view to planning for the improvement
and co-ordination of the work. The new Board is a successor to the Federal Statistics Board. It is granted advisory powers only, and will not itself collect, compile or
analyze statistics. The various Government agencies interested in the problem named members of the Board, of
which Winfield W. Riefler is Chairman. Other members
were listed as follows in a Washington dispatch of Sept. 24
to the New York "Journal of Commerce":
These members are:
Interior Department, Oscar E. Kiessling, chief economist of the mineral
statistics division, Bureau of Mines.
Agriculture. Mordecai Ezekiel. economic adviser to the Secretary,
Louis H. Bean,economic adviser to the Agricultural Adjustment Administration, alternate.
Commerce, Assistant Secretary John Dickinson; William L. Austin.
director of the Census Bureau, alternate.
Labor, Isador Lubin, Commissioner of Labor Statistics.
Federal Reserve Board, E. A. Goldenweiser, director of Research and
Statistics.
National Recovery Administration, Alexander Sachs, Chief of the
Economic Research and Planning Division.
Committee on Government Statistics and Information Services, Meredith
B. Givens, Executive Secretary.
This group has completed the organization of the Board by the selection
of five additional members, as follows:
E. Dana Durand, Chief Economist, Tariff Commission.
Corrington Gill, Director of Research and Statistics, Federal Emergency
Relief Administration.
Stuart A. Rice, Assistant Director of the Census Bureau.
0. M. W. Sprague, Financial Executive Assistant to the Secretary of the
Treasury.
W. R. Stark, Chief of the section of Financial and Economic Research,
Treasury Department, alternate.
0. C. Stine, Chief of the Division of Statistical and Historical Research,
Bureau of Agricultural Economics, Department of Agriculture.
Public Works Administration Placed on Double Shift
to Speed Allotments for Non-Federal Projects.
The staff of the Public Works Administration was placed
on two shifts daily, by an order issued on Sept. 25 by Secretary of the Interior Ickes, who explained that he took this
action to expedite the allocations of public works funds for
non-Federal projects. In announcing the double-shift basis,
Mr. Ickes estimated that several hundred additional persons
will receive employment. His statement read as follows:
Secretary of Commerce Roper Announces Permanent
Day and night as well as Sunday work has been the order for weeks,
Organization of Shipping Board Bureau of De- but on a single shift basis, which was exhausting the staff as the drive was
partment of Commerce.
pushed.
Lack of office space immediately available for the staff brought the
The permanent organization of the Shipping Board Bureau
decision to install two shifts of workers so that all facilities now at hand
of the Department of Commerce was announced on Sept. 20 would be utilized pending securing of additional room.
by Secretary Roper. Major-General Charles McK.Saltzman
of Panora, Iowa, and Thomas F. Woodward of Washington
National Association of Real Estate Boards Asks
were named Vice-Presidents of the Merchant Fleet Corpora,
Federal Loans for Home Building—Presents Protion and with Admiral H.I. Cone, President of the Corporagram for Recovery in Series of Conferences.
tion, these officials will act as a permanent Advisory Board
The request that the Federal Government at this time
to the Secretary of Commerce in operating the Bureau, make available direct loans to qualified individuals and
which functioned as an independent unit prior to Aug. 10 firms engaged in home building was made by the National
1933. Commenting on the appointments and the future Association of Real Estate Boards in a series of conferences
policies of the Board, Washington advices to the New York with officials of the National Recovery Administration
"Journal of Commerce" on Sept. 20 said:
and with other Administration heads. The Association,
Both of the new Vice-Presidents have had previous experience in the
in indicating this on Sept. 18, added in part:
Government service. General Saltzman was retired from the
Army in
1928, and the following year was appointed a member of the Federal Radio
Commission. Since the inauguration of President Roosevelt he has been
working in close co-operation with the department, particularly in the
question of departmental reorganization.
Thomas M. Woodward, a practicing lawyer in Washington since 1918,
spent several years in the I. C. C., where he was engaged in rate studies.
Within the past few months he has been called upon frequently by the
Agricultural Adjustment Administration to serve as Deputy Administrator
in highly important hearings.
Thorough Study Planned.
With the organization of the board completed it is expected that a thorough
study will at on.ce be undertaken of the activities of the organization with
Such loans, opening new activity in the one field which is clearly recognized as presenting a present definite shortage, would constitute a strong
push toward recovery,the Association points out. So early as May ot this
year a survey conducted by James S. Taylor, Chief of the Division of
Housing of the United States Department of Commerce, found that there
exists a present though largely unrecognized shortage of approximately half
a million homes.
Home'construction, with its large proportionate outlay for labor costs,
and its division into a multitude of small contracts, would do more than
any other type of co .struction to distribute widely both new employment
arid new credit, it is pointed out. The government might act as mortgage
lender on new homes for a short period,say six months, the loans to be longterm amortized loans, the Association,suggests.
2398
Financial Chronicle
Loans such as are asked could be made either through the Public Works
Administration, the Reconstruction Finance Corporation, or both. They
should be at fair competitive interest rates, so as not to injure the savings
institutions or retard their ability to resume normal functioning.
Important action on the subject in loans for housing and home building
may be expected soon, it is believed.
W. C. Miller, Washington, D. C., President of the Association, and
Herbert U. Nelson, Chicago, Secretary, together with members of the
special committee now negotiating a general code affecting real estate,
represented the Association in the conferences, which presented a new
aggressive platform of Federal action for encouragement of home ownership.
Asks Mortgage Freedom; Protests Codes Doubling Home Costs.
Further important Federal action called for to safeguard projected new
home building is as follows:
1. That regulations covering mortgages under the Federal Securities
Act be simplified and clarified, and that no attempt be made to supervise
and regulate the ordinary small home mortgage.
The investor has always been well protected in this field, and always is in a
position to protect himself. The present regulations, issued by the Federal
Trade Commission, July 27.introduce a number of new uncertainties which,
unless removed, will retard the resumption of normal mortgage lending on
homes.
2. That care be exercised to avoid at this time any sharp increase in
home building costs such as would be entailed in some of the codes and
regulations now before the Recovery Administration. . . .
Text of Loan Proposal.
A memorandum which has been the basis of the informal discussions with
various officials embodies the suggestion ot the Association as to how
direct loans proposed for home builders might sately be made. The memorandum, as addressed to Robert D. Kohn, head 01 the Housing Division of.
the PWA,is given in lull below. The Association in presenting this memorandum was represented by J. C. Nichols, Kansas City, Mo., Chairman of
its Land Development and Home Builders Committee; Hugh Potter.
Houston, Tex., its President-elect, and Herbert U. Nelson, Chicago, its
Secretary.
Memorandum on Use of Public Creditfor Home Building.
It is the opinion of the undersigned, representing the National Association
of Real Estate Boards, that there are a considerable number of cities and
towns where a moderate amount of home building for purpose of sale could
be undertaken at this time with good results in the matter of re-employment. Assuming some continued improvement of business conditions, we
believe that the real estate market will absorb from 10,000 to 15.000 lowpriced and moderate priced homes throughout the country during the coming
winter and spring season. Due to present lack of first mortgage funds from
usual sources, use of public credit is necessary if any home building IS to be
done soon.
We suggest that loans be made for home building on the following conditions:
1. Loans to be made only to individuals and companies able to show good
business standing, successful experience, and high quality of past work.
2. Home3 built to be sold by the builder under appropriate lease or contract arrangement and title to be held by the builder as security for the
advances from the Government.
3. Loans to be made up to 15 years and to be amortized to 50% of original
amount at maturity.
4. Building sites should as far as possible be contiguous and arranged in
accordance with a community, neighborhood or a group plan.
5. Preference to be given to projects in which no extensive land assembly
is necessary.
6. Sites should not exceed 52.000 in the final sales price to the home
buyer, except in very unusual cases.
7. Home sites to contain not less than 5,000 square feet or have less than
40 foot frontage on the street.
S. Preference to be given projects where street improvements aro already
installed and utilities are immediately asailable.
9. Sites to be restricted for single family dwellings for 25 years and until
owners by majority agree to c an e.
10. Preference to be given projects where home owners are organized for
maintenance of neighborhood amenities, control of architecture, and
protection of neighborhood values.
11. Value of Improvements to be at least 234 times the value of the site.
12. Dwellings to be single family,freestanding, modern, well built and of
good design.
13. Home builder should make reasonable showing as to need and probable market for dwellings and be able to provide junior financing.
14. Building lines, side yards, and percentage of land coverage should be
in keeping with the best practice of the community.
NATIONAL ASSOCIATION OF REAL ESTATE BOARDS,
J. C. NICHOLS. Chairman,
Land Development and Home Buildings
Committee.
HUGH POTTER, President-Elect.
H. U. NELSON, Secretar .
National Association of Real Estate Boards Files NRA
Code Affecting Real Estate.
proposed general code affecting real estate and suppleA
mentary codes for five special divisions have been filed with
the National Recovery Administration by the National
Association of Real Estate Boards, according to an announcement issued by the Association on Sept. 11, from which we
also quote:
Supplementary codes filed are:
1. For the real estate and insurance brokerage business.
2. For the real estate and building management business.
3. For the real estate mortgage business.
business.
4. For the land development and home building
appraising.
5. For the profession and business of real estate
Owners Included.
for
It is provided that other supplementary codes may be incorporated
estate by
any other divisions that may be developed. Operation of real
to which the general and
an owner is included in the interests and activities
supplementary codes are applicable.
Ask Co-operation of Other Groups.
received
The code has been completed in accordance with suggestions
from all over the country, in conference with other groups in the field,
the NRA. Text
especially the construction industry, and in sessions with
as iled is now going out to all member boards for their study and suggestions.
Date for hearings on the code has not yet been set.
Sept. 30 1933
It is the hope of the Code Committee that real estate interests and
activities may arrive at a general code for real estate to which all the
national organizations in the field will agree. In submitting the code the
Association has endeavored to cover the activities of its own membership
and in addition provide a basis for such general co-operation. The supplementary codes have been filed with the general code so that additional codes
filed or to be filed by other groups may be more readily co-ordinated.
Would Adjust Production to Current Needs.
"Despite the fact that real estate represents so great a share of the
national wealth, there has been in the field a lack of co-ordination," the
Association states through its president, W. C. Miller, Washington, D. C.,
and its code committee chairman, J. W. Cree, Pittsburgh, in the letter of
transmittal which accompanied the general code. "For this reason there
has not been sufficient planning with respect to the production of improvements and their adjustment to current needs. As a consequence we have
periods of feast and famine. Lack of co-ordination has also produced costs
that are an obstacle to home ownership.
"The present crisis offers an opportunity for the major interests and
activities in the real estate field to work together for more intelligent
development of cities, better planning and construction, sounder financing
methods, and more productive management."
The problems which exist in the various special fields of real estate cannot
be solved separately but only in the light of their relationship to one another
and to the whole field of real estate activity. The general code submitted.
it is believed, offers the framework within which such solutions can be
worked out. Such a broad program is the only sound one for real estate.
it is believed.
Adpinistration.
The code provides for a General Real Estate Code Committee to be
charged with the responsibility and authority to administer the code under
the direction of the National Recovery Administration. The Committee,
It is proposed,shall consist ofrepresentatives elected so as to give representation to the interests and activities involved and to the various sections of the
United States. The Committee would be empowered to cause complaints
of violation to be arbitrated or to initiate proceedings before the appropriate
governmental agency to prevent or punish violations. It would be given
authority to make surveys and compile reports necessary for the purposes el'
the NIRA and further to collect data and develop recommendations for
the improvement of real estate interests and activities.
Sub-committees may be appointed by local groups or associations for
specific purposes with the approval of the General Real Estate Code
Committee, which committee, it is provided, shall appoint one of its own
members as an ex-officio member ofsuch sub-committee.
Defines Certain Unfair Practices.
Each supplementary code contains an enumeration of unfair competitive practices which would constitute a violation of the general code. The
outlawing of destructive practices would advance the interests both of
the sound operator and of the general public. The code for the profession
and business of real estate appraisal, for example, contains a notable
statement of standards of unfair and fair practices which if given the
authority of NRA should do much toward safeguarding appraisal for loans
and for new construction. This should constitute an important bulwark
for the safety of a new and sound real estate activity.
Hours and Wages for Employees.
The code covers maximum hours and minimum wages for all types of
employees. It takes account of seasonal variations in employment, of
time lost in land development, land maintenance and home building
through climatic conditions,and of the problem raised by building managers,
custodians, caretakers and others whose chief remuneration is free rent of
quarters occupied. It covers the question of emergency maintenance and
repair work and the problem raised by employees working a major part of
their time outside the office, or by employees whose work hours are necessarily not continuous.
The codes point out the service nature of the real estate business as meaning that most of its problems cannot be approached from the same angle
as those of industry.
Home Building Costs Involved.
In presenting its proposed supplementary code for the land development
and home building business the Association calls attention to the fact that
a code has been filed by the Construction League covering the construction
Industry which might be interpreted to include the home building business.
The home building business, it points out, has always been largely composed
of small business units and never has conformed and cannot now conform
to costs common to the construction industry. Inclusion of home building
under the general code affecting real estate is asked in the belief that
inclusion of the business under any code other than one including its allied
business, the development of the site, would not only tend to oppress and
destroy the business of those now constituting it, but would place further
and undersirable obstacles in the path of home ownership.
The Code Committee of the Association consists of the
following, the committee having been given full power to
act:
J. W. Cree Jr., Pittsburgh, Chairman.
Hugh Potter, Houston, Texas, President-elect of the Association.
.1. Soule Warterfield, Chicago.
J. C. Nichols. Kansas City, Missouri.
Harry E. Gilbert, Baltimore.
Letters of transmittal for the supplementary codes are
by the following:
H. Clifford Bangs, Washington, D. C., Chairman of the Brokers Division of the Association.
Kenneth C. Brown, Chicago, President of the Institute of Real Estate.
Management of the Association, formerly its Property Management
Division.
August C. Sehrt, Milwaukee, Chairman of the Mortgage and Finance
Division
Guy T. 0. Hollyday, Baltimore, Chairman of the Land Developers and
Home Builders Division of the Association.
Philip W. Kniskern, New York, President of the American Institute o(
Real Estate Appraisers of the Association.
A previous item regarding the proposed code appeared
in our issue of Aug. 19, page 1352.
Says NIRA Violates Basic Law —Judge Bruce Holds
Line Must Be Drawn.
Both Amendments V and X of the Federal Constitution
are contravened by the National Industrial Recovery Act,
Volume 137
Financial Chronicle
Judge Andrew A. Bruce, Professor of Law at Northwestern
University, told the Chicago Kiwanis Club at a luncheon
mee.ing in the Hamilton Club, Chicago, on Sept. 21, according to the Chicago "Journal of Commerce" of Sept. 22,
which further reported:
Expressing the hope that the constitutionality of the NIRA may never
be tested in the Supreme Court, Judge Bruce said that this Judicial body
would have to resort to metaphysics and much legal acumen to sustain
the Act. Sanction of this legislation, he continued, would overrule a long
line of decisions and would be tantamount to recognizing an intellectual
and industrial revolution as complete as has occurred in Germany and Italy.
Makes Government Supreme.
"Formerly," Judge Bruce declared, "our theory was that the Federal
Government was a government of limited and of delegated powers. Now
an attempt is made to make it supreme. Formerly we insisted upon a
theory of individualism, of State rights and of local police control, and the
Supreme Court had repeatedly held that even the power to regulate interState commerce could not be used to control the domestic policies of the
several States. Now the State is being forgotten and has been practically
made a County in the Federal organization.
"Under the presumed power to regulate commerce the Federal Government is controlling prices, controlling output, controlling hours of labor and
fixing wages. Formerly our constitutional policy was one of individualism
which frowned upon monopolies of all sorts and favored freedom of competition.
Would Stretch Constitution.
"Should the Supreme Court sustain the NRA. the justices will be acting
as statesmen or politicians, rather than as judges interpreting and administering established law. They will be stretching the Constitution
much as Mr. Marshall did to weld 13 States into a nation.
"Personally I would say that we should get behind the NRA, but at
the same time we should say: 'Step warily. This far you may go, and no
further.' Even if we concede that the Tugwellian t..eories may be temporarily helpful, we must not permit the destruction of the fundamentals
of our Government or our hope in America."
Hearing on Hotel Code Strikes Obstacle in "Merit"
Clause—NRA Insists on Its Elimination Before
Agreement Can Be Approved—American Federation
of Labor Objects to Hours and Wage Provisions.
Hearings on a code of fair competition for the hotel
industry, held before Deputy Administrator Whiteside in
Washington this week, were suspended after the hotel men
had declared they would not remove from the agreement the
so-called "merit" clause, which stipulates that employment
shall be open to capable workers, without regard to their
membership or non-membership in any labor organization.
National Recovery Administration officials indicated, however, that the section must be eliminated before a code
could be submitted to President Roosevelt for his approval.
Negotiations on this and several other controversial features
of the code continued late this week.
At the initial hearing on the hotel code on Sept. 25 certain
sections of the agreement were attacked by both William
Green, President of the American Federation of Labor,
and some of the hotel operators who testified. Summarizing
the testimony on Sept. 25, Associated Press Washington
advices of that day said:
Mr. Green, after detailing objections to hour and wage provisions,
expressed hope that the representatives of employers and workers would
get together and. "in co-operative effort, draw up a code which will more
adequately effectuate the purposes of the NRA than does the one now
presented by the hotel employers."
E. 0. Romine, New York hotel operator, described the hotel industry
as in "shaky financial condition." tie warned that the raising of wages
and trimming of working hours would risk further defaults and receiverships
for many hotels.
Mr. Green said the maximum schedule of 56 hours a week for men and
48 for women as provided in the code would not accomplish the aim of
putting some 70,000 idle hotel workers back to work.
As to wages, Mr. Green said, the code was confused by conditioning
some wages on the amount of "tips" an employee received. This, he
asserted, would render toe worker insecure and result in "virtual peonage."
The wage scale ranging from 20 to 28 cents an hour was described as inadequate, Mr. Green asserting that the 30% reduction from this minimum
allowed for "learners" would destroy the wage set-up as employers could
rotate new help in such a way as to keep a continuous force of "learners."
Mr. Rennin° said $5,000,000,000 was invested in hotels in this country
and that 80% of hotel mortgages were in default, with bonds selling on
the average of 15 cents on the dollar. In many instances, he said, not even
pay rolls were being earned, but notwithstanding this hotels had maintained
employment throughout the depression.
Another obstacle in the path of a successful conclusion
of a hotel code arose during the second hearing on Sept. 26,
when officers of the American Hotel Association reiterated
their insistance that the controversial "merit" clause be
included in the agreement. On the preceding day Deputy
Administrator Whiteside announced that consideration of
the code would be deferred until the merit clause was
deleted. No reply was made at that time, and Mr. Whiteside assumed that the hotel operators were willing that the
clause should be omitted. On Sept. 26, however, Lucius M.
Boomer, Chairman of the Hotel Association's Industrial
Recovery Committee, said that he wished to correct an
impression that the industry had deleted the clause. This
testimony was described in part as follows in Washington
advices to the New York "Times":
Speaking directly to Deputy Administrator Whiteside, who was conducting the hearings. Mr. Boomer said:
2399
"I am sure that you do not feel as the result of what was done and said
yesterday that we agreed to the exclusion of the very important merit
clause. We have not agreed to its exclusion, and do not agree to its
exclusion."
"That compels me to make a statement," Mr. Whiteside replied. "I
did not allow discussion of the merit clause because it would have led us
nowhere. That is a matter of administrative policy which has not been
changed and cannot be changed so far as 1 am concerned.
"The policy at this time is that the merit clause cannot be included in
a code. You say it cannot be withdrawn. The matter will have to be
Ironed out later."
When he said to-day that the "matter will be ironed out later," be
meant that Recovery Administrator Johnson or, if need be, President
Roosevelt would be asked to make the final decision.
The clause in question provides that hotels shall be open to capable
workers, "without regard to their membership or non-membership in any
labor organization," and that the right to hire or dismiss employees "on
the basis of individual merit subject to the fluctuating conditions of the
business shall not be limited or abridged."
Wholesale and Retail Grocers File Codes with NRA—
Hearings on Labor Provisions Set for Oct. 5—
Retail Pact Specifies 48
-Hour Week, with Overtime
Permitted in Peak Periods and Minimum Pay
Placed at $15.
Hearings on the labor provisions of a code of fair competition for retail and wholesale grocery establishments
will be held before the National Recovery Administration
on Oct. 5, it was announced in Washington on Sept. 27
after codes were submitted on that day. Sections of the
codes dealing with fair practice will go before the Agricultural
Adjustment Administration. The retail grocery code provides a 48-hour maximum week of not more than six days,
while the wholesale agreement specifies a maximum 44
-hour
week of six days. The codes do not include professional
persons, outside salesmen and collectors, watchmen and
detectives. Maintenance and outside service employees of
retail grocers are permitted to work 52 hours or more weekly,
provided they receive time and a third for all time over
52 hours. The wholesale code would grant overtime after
48 hours' work. Other provisions of the two codes were
listed as follows in Associated Press Washington advices of
Sept. 27:
both codes provide that at Christmas, inventory time and at other
peak periods, not to exceed two weeks in the first six months of the calendar
year and tnree weeks in the second six months, employees may work not
more than 56 hours a week and 10 hours a day. with payment for overtime.
The retail code provicies a minimum of $15 a week in cities of more than
500.000 population; $14 in cities of 100,000 to 500,000; $13 in cities of
from 25,000 to 100.000; a 20% increase in villages and towns of 2,500 to
25,000 to fix wages between $10 and $11, and in communities of fewer
than 2,500 a 20% increase up to $10.
The following minimum wage scale is set up for wholesale employees:
In cities above 500,000. $14.50 for a 44
-hour week and $15 for a 48
-hour
week; between 100,000 and 500,000, $13.50 for a 44
-hour week and $14
for a 48
-hour week; 25,000 to 100,000, $12.50 for a 44
-hour week and $13
for 48 hours; in communities from 2,500 to 25,000 the wages of all classes
would be increased from the rates existing on June 1 by not less than
20%, provided this did not require an increase above $11 and that no
employee receive less than $10. In villages of fewer than 2,500 population
a 20% increase up to $10 would be provided.
Both codes permit one extra hour of work on one day a week, as long
as the maximum hours are not exceeded. The retail code limits to one in
six the number of inside workers who may be exempted from the maximum
hour provisions, this including executives, proprietors, partners or persons
not receiving monetary wages.
Under the retail code grocers in any buying area, town or city, by mutual
agreement of two Ultras of the operators, subject to approval of the NRA
Administrator, would establish uniform store operating hours which would
be binding on all stores.
Hours so established could not be under 63 a week or over 78, except
that any establishment which was operating on a schedule under 63 hours
on June 1 might continue on the same basis, but not reduce further.
Gilbert H. Montague on NRA Codes, Price Fixing and
Anti-Trust Laws
--Before National Petroleum Industry Says Code Provisions Containing Debatable
Phrases Are Liable to Be Thrown Out in Courts.
Gilbert H. Montague of the New York Bar, speaking
before the National Petroleum Association at the Hotel
Traymore at Atlantic City on Sept. 22, stated that "for many
weeks to come, the National Recovery Administration must
rely upon industry to propose properly drafted code provisions by which, in the words of the President's May 7
radio address, the strong arm of the Government may prevent unfair practices on the part of 'the unfair 10%,' and
may prevent the 'cut-throat underselling by selfish competitors' mentioned in the President's May 17 address to
Congress." he added that "code provisions containing
ambiguities and debatable phrases are liable to be thrown
out as too indefinite, when tney come up for enforcement
in the courts, or in tne Federal Trade Commission, or ai the
Attorney-General's office. .Vor this state of affairs," he
continued, "the remedy must be sought, not in the overworked staffs of the NitA, but in improved drafting ability
and higher specialized competence in the industry committees which submit codes to the NRA."
The subject of Mr. Montague's address was"NRA Codes,
Price Fixing and Anti-Trust Laws," and in his comments
he said:
2400
Financial Chronicle
While NRA bill was being drafted, the President in his May 7 radio
address declared that the "Government ought to have the right, and will
have the right, after surveying and planning for an industry, to prevent,
with the assistance of the overwhelming majority of that industry, all unfair practices, and to enforce this agreement by the authority of the Government," and thus curb "the unfair 10%" and free "the fair 90%" from the
situation of being "compelled to meet the unfair conditions" created by
"the unfair 10%."
The President and the Congress have done their part, and the NRA
now offers to business men a splendid opportunity.
It will be a pity if this opportunity is lost, because of lack of specialized
competence and bad draftsmanship in the codes that are now being submitted to the NRA.
Will code provisions fixing prices be upheld by the courts?
No one can safely venture a prophecy on this question.
In the past 20 years, in upwards of a dozen decisions,repeated legislative
attempts to regulate prices have been upset by the Supreme Court of the
United States—some on the ground that they were too indefinite for enforcement, and some on the ground that they were inapplicable to general
business.
In the NIRA and in the emergency to which it is addressed.the Supreme
Court may find grounds on which to excuse a departure from this long line
of decisions.
The difficulty in finding constitutional support for price fixing provisions
in NRA codes is great, but so is the difficulty in finding constitutional
support for the obligatory provisions in NRA codes regarding collective
bargaining between employers and employees, maximum hours of labor
and minimum rates of pay, which constitute the very heart of the NRA.
The most valuable result of the NRA may turn out to be a changed national attitude toward the anti-trust laws.
Since 1890 our national thinking on this subject has been enslaved by a
congeries of economic notions, political ideas, legal theories and popular
beliefs which have become compacted through the years into a national
state of mind entirely unlike that of any other nation.
"There must be power in the States and the Nation,"said a great Justice
of the Supreme Court in March 1932,"to remould,through experimentation,
our economic practices and institutions to meet changing social and economic nees. . . . To stay experimentation in things social and
economic is a grave responsibility. Denial of the right to experiment
may be fraught with serious consequences to the Nation. . . . If we
would guide by the light of reason, we must let our minds be bold."
Obviously we are now at the point where immediate emergency relief
may help more than any delayed legislative masterpiece—where a prompt
temporary remedy may be a greater necessity than any postponed statutory
utopia—where speed may be more important than absolute perfection—
where prolonged discussion may perhaps help very little, but a certain
amount of sound and prudent experimentation can possibly help a great
deal.
History may record, as the greatest accomplishment of the NRA, that
it freed the Nation from the slavery of an unsound national state of mind
regarding the anti-trust laws, and that it aroused the Nation to break
through its 40 years of encrusted economic notions, political ideas, legal
theories and popular beliefs regarding these laws, into a sound and realizing
sense of social and national actualities.
From the Atlantic City account Sept. 22 to the New York
"Times" we take the following:
Mr. Montague assisted General Hugh Johnson in drafting the NIRA
blanket code. He is Chairman of the NRA Committee of the New York
State Bar Association.
Overlapping codes are bound to cause a great deal of confusion among
the various industries in their effort fairly to interpret the requirements
and to live up to the obligations, he declared.
Vague Provisions Found.
"No lawyer would ever think of trying to get a conviction in court on
some of those vague and so-called elastic provisions in many of the codes,"
Mr. Montague said. "The conscientious manufacturers will obey. The
others will not. It is bound to bring a tremendous reaction against the
whole NRA.
"That casual hearing on the top floor of a Washington hotel, on an
industry we never thought we belonged in, may be writing the law that
governs other Industries apparently far removed.
"I am not blaming any one. Apparently that is the only way the
NRA can be put in effect rapidly enough to serve its purpose. But remember that when a code is passed it constitutes an Act of Congress. Often an
industry does not know that an overlapping code which will cover its
operations is coming up for hearing until the very day.
11 "It 113 bad enough to have a schedules cover too much, but still worse
to have it contain unfair competition clauses which do not adequately
hit any one."
"Whatever may be the short comings of the NIRA in restoring employment, it will certainly greatly relieve unemployment among lawyers."
Mr. Montague said.
$270,647,352 Paid to Depositors in Closed National
Banks Between March 5 and Sept. 23—Before
Advertising Club in Washington Comptroller of
Currency O'Connor Reviews Duties of Office-Repayments of Loans Made to Closed Banks by
RFC—Work of FDIC.
Depositors in closed National banks throughout the
United States were paid a total of $270,647,352 between
March 5 and Sept. 23 of this year, J. F. T. O'Connor,
Comptroller of the Currency,told members of the Advertising
Club of Washington at their luncheon in the Hotel Raleigh
on Sept. 26. In a review of the duties of his office, Comptroller O'Connor also pointed out that his Department is
directing the work of 1,140 receiverships now; he explained
the fallacy of expecting the entire deposits of banks in
receivership to be recovered; gave details as to the number
of licensed and unlicensed banks, and spoke of the work of
the Federal Deposit Insurance Corporation. The Comptroller said:
The Reconstruction Finance Corporation has co-operated magnificiently with my office and we have been able to pay to depositors in closed
banks from March 5 1933. to Sept. 23 1933. $270,647.352. Since March
1932, 666 loam have been made by the RFC to banks in receivership in
the amount of $68,409,600. of which $50,636,798.36 has actually been
Sept. 30 1933
drawn by receivers and used in payment of dividends. Of this amount
$40,850,665.41 has been repaid to the RFC as of Aug. 31 1933.
He explained that the lending of this money permits a
more orderly liquidation of a closed bank's assets. On
Sept. 23 1933 Mr. O'Connor announced, the Comptroller of
the Currency was directing the work of 1,410 receiverships,
the total deposit liability of such banks being 18,012,438;
continuing, he said:
There has been considerable comment about the effect on business if
this amount were released at once. In reality there is no such sum to
be released to depositors. The figure given represents the total deposit
liability in receiverships as of the date given. If there were no losses a
bank would not be in receivership, and just what the losses amount to is
of course impossible to ascertain, Your guess is as good as mine. However, I believe it is very important to point out this fact to our people.
On Sept. 25 last, the Comptroller pointed out, deposits in
unlicensed National banks aggregated $707,762,000. At that
time, he added, banks licensed totaled 620, reorganization
plans had been approved for 362, plans were under consideration for 122, no feasible plan had been submitted by
38 banks, and plans had been disapproved and a receiver
recommended in the case of 303 banks. "When present
approved plans are consummated," Mr. O'Connor declared,
"less than 2% of total deposits will be frozen in National
banks. The remaining banks which are in the hands of
conservators will be either reopened through reorganization,
consolidation, sale of assets under the Spokane plan, or placed
in receiverships before Jan. 1 1934."
Washington, the Comptroller said, presents a good idea
of the work of his office in the reorganization, consolidation
and merger of banks. "Here," he said, the reorganization
division worked day and night for months and finally
merged seven Washington banks into the new Hamilton
National Bank for which a charter was issued on Saturday
Sept. 23, and it opened for business yesterday morning
Sept. 25. This bank made available for depositors in the
old banks approximately $9,000,000. I regret sincerely
that the depositors of the United States Savings Bank did
not also take advantage of this merger which would have
made available to them 50% of their deposits. However,
court action prevented this happy result. To-day there is
being distributed to the depositors of the Commercial
National Bank over $1,000,000."
Mr. O'Connor explained the operation of the new FDIC,
of which he is a director with E. G. Bennett and Walter J.
Cummings, who is Chairman. The temporary insurance.
whereby bank depositors will be guaranteed their accounts
up to $2,500, goes into effect Jan. 1. The speech of Comptroller O'Connor follows in full:
The office of the Comptroller of the Currency has jurisdiction over all
National banks and has direct charge of all receiverships and conservatorships. Through the banks in receivership practically every known business is directed: some 200,000 acres of land, cotton plantations, orange
groves, pineapple plantations, wheat, tobacco, factories, hotels, apartment buildings, coal mines, railroads, various manufacturing plants, and
in fact every branch of industry is represented in the numerous conservatorships. In former days when a bank was placed in liquidation and a receiver appointed, dividends were paid to depositors only as they were
collected from the borrowers. In many instances this meant great delay
and not infrequently, great hardship upon the borrowers. This system
has been entirely changed. When a bank is placed in receivership and
the proper notice to creditors is published, the Comptroller instructs the
receiver to make application to the RFC for as large a loan as it is possible
to receive on the frozen securities in the bank. The RFO has co-operated
magnificently with my office and we have been able to pay to depositors
in closed National banks from March 5 1933 to Sept. 23 1933, $270,647,352.
Since March 1932, 666 loans have been made by the RFC to banks in
receivership in the amount of $68,409.600, of which $50,636,798.36 has
actually been drawn by receivers and used In payment of dividends. Of
this amount $40,850,665.41 has been repaid to the RFC as of Aug. 311933.
The great advantage of this system is at once apparent as It permits a
more orderly liquidation of the assets of a closed bank and holds off the
market stocks, bonds and other securities which, if dumped upon the
market, would bring a much lower price.
At the present time the Comptroller of Currency is directing the work
of 1.140 receiverships as of Sept. 23 1933. The total deposit liability
in these banks is $818,012,438. There has been considerable comment
about the effect on business if this amount were released at once. In
reality there is no such sum to be released to depositors. Tho figure given
represents the total deposit liability in receiverships as of the date given.
If there were no losses a bank would not be in receivership, and just what
the losses amount to is, of course. Impossible to ascertain. Your guess
is as good as mine. However, I believe it is very important to point out
this fact to our people.
Then we have what is known as unlicensed National banks. On Sept.
25 the deposits in these banks amounted to $707,762,000. The following
data will be of interest:
620
Banks licensed
362
Reorganization plans approved
122
Plans under consideration
38
Banks submitting no feasible plan
303
Plans disapproved and receiver recommended
1,445
Total
We have completely cleared the slate in 23 States. When present
approved plans are consummated less than 2% of total deposits will be
frozen in National banks.
The remaining banks which are in the hands of Conservators will be
either reopened through reorganization, consolidation, sale of assets under
the Spokane plan, or placed in receiverships before Jan. 1 1934.
Financial Chronicle
Volume 137
No better general idea of the work of the Comptroller's office in the reorganization, consolidation and merger of banks can be found than in the
City of Washington. Here the reorganization division worked day and
night for months and finally merged seven Washington banks into the
new Hamilton National Bank for which a charter was issued on Saturday.
and it opened for business yesterday morning. This bank made available
for depositors in the old banks approximately $9,000,000. I regret sincerely that the depositors of the United States Savings Bank did not also
take advantage of this merger which would have made available to them
50% of their deposits. However. Court action prevented this happy
result. To-day there is being distributed to the depositors of the Commercial National Bank over $1.000.000. The distribution of this money
in both instances has been due to cash collected in conservatorship on
loans. sale of some assets, and loans from RFC. I give you these two
illustrations and call your attention to the fact that this is what we are
doing all over the United States.
Permanent prosperity in this country must be built upon a sound banking structure.
Time will not permit me to give you in detail the work of the FDIC.
This corporation was organized on Sept. 11, at which time Walter .1.
Cummings, E. G. Bennett of Ogden, Utah, and myself were sworn in as
directors, and five days later there were sent out from Washington 50
bags of mall containing over 5,000 letters to every non-member State bank
and other institutions in the United States eligible to qualify for Insurance
in the Deposit Fund. These letters contained instructions. applications•
for admission, a copy of the Banking Act of 1933. blanks on which banks
are to list all securities and deposit liabilities, and other information.
Therefore every bank in the United States is fully advised as to the requirements of membership.
An experienced and efficient National bank examiner has been selected
in each State and for several days has been actually working with the
State Banking Commissioner In each of the respective States, securing
data and necessary information to make up the record of the banks of
that State. These examiners were selected without reference to their
political affiliations and were chosen from the list of National examiners
by W. P. Foiger, Chief National Bank Examiner in Washington. Experienced assistants in each State have been appointed under these supervising examiners and actual examination of banks has commenced. You
will be intereeted.to know that at noon to-day there were 617 applications
for membership in the insurance fund. The insurance provisions of the
Banking Act of 1933 provide that a bank must certify "upon the basis of
a thorough examination of such bank whether or not the assets of the
applying bank are adequate to enable it to meet all of its liabilities to
depositors and other creditors as shown by the books of the bank."
Jesse H. Jones, Chairman of the RFC, has advised all banks in the
nation that he stands ready to purchase preferred stock in banks which
need capital strengthening. The President of the United States has said
"the object of the insurance provisions of the Bank Act was to insure as
many non-member banks as possible."
The temporary insurance which will insure each depositor up to $2.500
In banks which become members of the fund will become effective on Jan.
1 1934.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of Sept. 23 (page 2218),
with regard to the banking situation in the various States,
the following further action is recorded.
COLORADO.
Purchase by the Reconstruction Finance Corporation of
a $1,500,000 new preferred stock issue of the Colorado
National Bank of Denver, Colo., thereby increasing the
capital of the institution from $1,000,000 to $2,500,000,
was announced on Sept. 21 by Harold Kountze, Chairman
of the Board of Directors of the bank. The Denver "Rocky
Mountain News" of Sept. 22, authority for the above,
quoted Mr. Kountze in his announcement as saying in part:
During the past few years many borrowers in all sections of the country, who, in normal times, met their obligations promptly, have been unable to do so, owing to the nation-wide conditions, over which they
had
no control, involving rapidly falling values for their commodities, agricultural and live stock products, securities and real estate. Such borrowers
are entitled to consideration and help. Naturally their notes are not as
liquid as would ordinarily be the case, although practically all such paper
will be paid in a reasonable time and as general business recovery develops.
In spite of a long continued practice of investment in almost entirely
short time domestic securities of the highest class, with a very limited
amount of investment in local bond issues to care for our share
of the
community needs, there has been some slight depreciation in even
these
security holdings.
We have taken this opportunity to eliminate all doubtful notes and
depreciation of securities from the assets of the Colorado National Bank.
We are proud that the Government of the United States has decided
us worthy enough to Invest in $1,500,000 of preferred stock of the Colorado National Bank, and this has been done with the full approval of
the Comptroller of the Currency, the RFC and the Federal Reserve Board
at Washington, and the full co-operation of the Federal Reserve Bank
of Kansas City.
The reopening shortly of the Grand Valley National Bank
of Grand Junction, Colo., is indicated in the following dispatch from Washington, D. C., on Sept. 23 to the Denver
"Rocky Mountain News":
Plans for the reopening Oct. 15 of the Grand Valley National Bank
Grand Junction, Colo., are being rapidly completed, it was disclosed here
-night. W. 0. Kurtz, representing depositors of the institution, who
to
has been here conferring with Senator Alva B. Adams, left Washington
to-night for his home.
ILLINOIS.
As of Sept. 25, the directors of the RFC authorized the
purchase of $50,000 preferred stock in the Security National
Bank of Cairo, Cairo, Ill., a new institution. This is contingent upon the subscription of like amount of common
stock by_those interested in the new bank.
2401
Proposed reorganization of the First National Bank of
East St. Louis, Ill., with capital of $200,000 and a surplus
of $50,000, was announced on Sept. 22 by A. C. Johnson,
its President. The institution was placed on a restricted
basis on Feb. 28 last and failed to re-open after the National
banking holiday in March. Under the reorganization plan,
stockholders will be asked to surrender their holdings for
cancellation, and depositors will receive trustees' certificates
of participation. The St. Louis "Globe-Democrat" of
Sept. 23, authority for the above, went on to say:
The plan, Mr. Johnson said, will become binding when two-thirds of the
capital stock is surrendered and three-fourths of the depositors and other
creditors have signed waivers.
Stockholders in the Illinois State Trust Co., an affiliate of the First
National, will also be asked to surrender their stock for assignment to the
trustees. This stock has a book value of $415,000.
The reorganization plan contemplates two loans from the RFC. the
first for $200,000, and an additional loan of not more than $715.000.
Assets or equities in assets of the bank, which are to be assigned to the
trustees, amount to $2.118,644, including $974.066 In "good" notes receivable and bonds and securities, and $1,553.951 in slow. doubtful and
lost accounts.
N. C. McLean, senior member of an East St. Louis real estate firm;
H. Grady Vien, attorney. and Mr. Johnson will serve without pay as
trustees for "waiving" depositors. Mr. Johnson hopes to complete the
reorganization plan within 15 days or soon thereafter.
The State Auditor for Illinois, Edward J. Barrett, has
authorized the Rock Island Bank & Trust Co. at Rock Island
to reopen without restrictions.
The Chicago "Journal of Commerce" of Sept. 25 stated
that the Tompkins State Bank of Avon, Ill., would reopen
on an unrestricted basis on that day, according to an announcement by Edward J. Barrett, the State Auditor.
LOUISIANA.
The directors of the Reconstruction Finance Corporation
have authorized the purchase of $50,000 preferred stock in
the Citizens' National Bank of Morgan City, Morgan City,
La., a new bank which is to succeed the Bank of Morgan
City & Trust Co. and the Peoples State & Savings Bank of
Morgan City.
The preferred stock authorization is contingent upon the
subscription of an equal amount of common stock by those
interested in the new bank.
MARYLAND.
Three small Maryland banks, all located in Carolina
County, were reopened on Sept. 21, according to the Baltimore "Sun" of that date which went on to say.
One of these is the Peoples Bank, Denton, with a branch at Ridgely.
This bank has a capital of $50.000: surplus. $10,000. and deposits of $540,000. H. T. Nuttle is President. and J. Frank Wright, Cashier. G. L.
Wilson is Manager of the Ridgely branch.
Another is the Caroline County Bank, Greensboro. This bank has a
capital of $40,000, surplus of $15,000 and deposits of $725,000. Dr. W. W.
Goldsborough is President, and T. C. Horsey. Cashier.
The third bank is the Hillsboro-Queen Anne Bank, Hillsboro. with a
branch at Cordova. This institution has a capital of $25,000, surplus of
$5,000 and deposits of $380.000. Charles Jarrell Is President. and H. P.
Flowers, Cashier. Ralph E. Swartz is Manager of the Cordova branch.
These three banks . . . all followed the same form of reorganization. The capital structure of each was revamped by the issuance to
depositors of 5% of their respective deposits in stock and 30% In beneficial interest certificates. The remainder of deposits is made immediately
available.
We learn from the Baltimore "Sun" of Sept. 21 that the
Talbot Bank at Easton, Md., a small institution with
combined capital and surplus of 0,000 and deposits of
$800,000, reopened for business on Sept. 21. The reorganization was effected, it was stated, by reducing the old
capital from $25,000 to $10,000 and then increasing it to
$50,000 by the sale of ulditional stock of the par value of
$10 a share at the price of $22 a share. Charles B. Lloyd
is President of the institution and W. W. Spence, C tshier.
MASSACHUSETTS.
Advices from Pittsfield, Mass., on Sept. 20, appearing in
the Springfield "Republican," stated that reorganization
of the Berkshire Trust Co. of Pittsfield had been completed
and that Arthur Guy, State Banking Commissioner for
Massachusetts, had removed all banking restrictions from
the institution. Cummings C. Chesney, President of the
bank, was quoted as saying on Sept. 20 that the company
has more than $800,000 in cash and no indebtedness. The
steps taken in the reorganization were given in the dispatch
as follows:
1. Sale of $300,000 in preferred stock "A" to the RFC.
2. Sale of $300,000 in preferred stock "B" to stockholders, depositors,
banks and other individuals.
3. Reduction of the common stock structure from $300.000 to $150,000.
4. Charging off the worthless and questionable loans, and sale of real
estate mortgages to banks of Pittsfield and the surrounding county.
The advices furthermore said in part:
All bills outstanding have been liquidated, including the original loan of
$500,000 made by the RFC over a year ago.
Common stock in the company was reduced from $300,000 to $150,000
by reducing the par value of each share from $100 to $50. To this $150,000
in new common stock is added the $600,000 in issues of preferred stock.
bringing the total capital structure of the company to $750.000, as compared with $300,000 previously.
The RFC becomes the bank's largest stockholder with its purchase of the
preferred stock "A" issue. It consists of 6,000 shares with a par value
of $50 apiece. It will bear 5% annual interest for the next five years. and
6% annual interest thereafter. Under agreement with the RFC, the
company is required to set up a retirement fund, into which will be put
annually not less than 50% of the net earnings of the company until preferred stock "A" is retired.
Officers of the Berkshire Trust Co. in addition to Mr.
Chesney are Harry S. Watson, Vice-President and Treasurer;
Benjamin M. England, Vice-President; Erenest J. Waterman, Vice-President and Trust Officer; and John Hainsworth and William F. Retalliek, Assistant Treasurers.
MICHIGAN.
The Board of Directors of the RFC has authorized the
purchase of $40,000 preferred stock in the National Bank
of Ypsilanti, Mich.,a new bank to succeed the First National
Bank of Ypsilanti. The preferred stock authorization is
contingent upon the subscription of common stock by those
interested in the new bank.
On Sept. 25 the directors of the RFC authorized the purchase of $25,000 of preferred stock in the First National
Bank in Ontonagon, Ontonagon, Mich., a new bank which
is to replace the First National Bank of Ontonagon. The
preferred stock authorization is contingent upon the subscription of an equal amount of common stock by those
interested in the new bank.
In regal d to the affairs of the two closed Detroit banks—
the First National Bank-Detroit and the Guardian National
Bank of Commerce—the following statement was issued
at Washington on Wednesday of this week, Sept. 27, by
J. F. T. O'Connor, Comptroller of the Currency:
Despite published reports that the Comptroller of the Currency has
refused to approve plans made by the RFC for the rehabilitation of the two
leading closed Detroit banks, the fact is that the RFC has suggested no
definite plan for the reorganization of these banks.
Plans are under consideration for further assistance to the Detroit
closed banks.
Two small Michigan banks. the Lee State Bank of Dowagiac and the Antrim County Savings Bank at Mancelona
have feopened. In zeporting this the Michigan "Investor"
of Sept. 23 had the following to say:
The Dowagiac Bank was reorganized under a plan of 100% assessment
of stockholders, two of the largest being Fred E. Lee and A. B. Gardner.
At the same time all doubtful assets were removed and the balance written
down to present-day values. Ten per cent of deposits were made available at the reopening, and more than $40,000 was deposited the first day.
The Mancelona bank is the first to be reopened in that section of the
State since the moratorium. E. L. Mills, Cashier for 40 years. acted
as conservator until the reorganization was completed. The distribution
of the deposits will be made through certificates bearing interest. No
earnings of the bank will be paid as dividends to stockholders until a
surplus is established equal to 20% of the capital stock of the bank, or
$5,000.
MISSOURI.
We !eau) from the St. Louis "Glebe-Democrat" of Sept.
24 that a loan of $3,660,000 to the Lafayette-South Side
Bank & Trust Co. of St. Louis, Mo., which is undogoing
reorganization, was approved by the RFC in Washington
on Sept. 23. A brief statement given out at the bank said:
In connection with the reorganization plan of the Lafayette South
Side Bank & Trust Co., the RFC to-day approved a loan of $3,660,000,
an amount sufficient to consummate this detail of the proposed plan.
The paper mentioned continued as follows:
J. L. Rehme. President of the bank, was in Washington last night
(Sept. 23) and could not be reached for a statement.
It was not known here last night what form the details of the reorganization plan would assume. In Rehme's absence other officials of the bank
declined to comment in addition to the prepared statement. The RFC
loan, however, is considered an important factor in the plan, and as soon
as the remaining details have been approved by the necessary Federal and
State banking officials, an announcement is expected to be made.
The bank has not reopened since the banking holiday last March.
MONTANA.
The RFC has authorized the purchase of $25,000 preferred stock in the Farmers National Bank in Chinook,
Chinook, Mont; a new bank which is to succeed the Farmers'
National Bank of Chinook. Tne preferred stock authorization is contingent on the subscription of an equal amount of
common stock by those interested in the new bank.
NEW JERSEY.
About 500 depositors of the Collingswood National Bank
at Collingswood, N. J., have approved a plan looking
towards the organization of new institution to replace the
present bank now in the hands of a conservator. The
Philadelphia "Ledger" of Sept. 22, from which this is learnt,
eontinuing said:
Under the plan, each depositor with $100 or more to his credit would
assign 15% of his account toward shares in the new bank. This action
Sept. 30 1933
Financial Chronicle
2402
would create $100.000 of capital and $50,000 surplus. The new bank
would take over certain assets of the old institution, while the so-called
present "frozen" assets of the old bank would be liquidated for the benefit
of depositors when market conditions are deemed right.
On Monday of this week, Sept. 25, the Orange Valley
Bank of Orange, N. J., closed since the National banking
holiday in March last, reopened for business. Although the
4,500 depositors were permitted to withdraw 10% of their
deposits, only $2,000 was withdrawn by 50 of them and new
accounts exceeded $18,000. Colonel William Freiday of
South Orange is President of the reorganized institution,
while the other officers are Clarence R. Britten, VicePresident; John J. Brothers, Cashier, and Miss A. M.
Sautter, Assistant Cashier. In reporting the election of the
officers in its issue of Sept. 22, the Newark "News" said in
part:
The bank was reorganized under a plan approved by State Banking Commissioner Kelley.
It involved the selling of $243,750 of preferred stock to depositors. The
amount was raised over a month ago in a week's campaign under direction
of a depositors' committee. When the bank opens Monday all depositors
will be entitled to withdraw 10% of their accounts less the amount subscribed for the preferred stock.
All new accounts after the reopening will be available in full on call.
Plans have been begun by the reorganization committee
and the depositors of the First National Bank of Carteret,
N. J., for the reopening of the institution on a restricted
basis as soon as the necessary amount of waivers is received
from the depositors, according to advices from that place
on Sept. 27 to the New York "Times," which continuing
said:
The bank was closed on March 3 in the national moratorium and was
reopened later on a restricted basis with a conservator. About $1,200,000
in deposits were tied up.
Under the new plans the depositors will have available immediately
about $600,000. and the remaining $600,000 will be liquidated by trustees,
and as it is made available it will be turned back to the depositors. It is
said that $75.000 of the required $120,000 new capital has been subscribed
and that the remainder is in view.
With reference to the affairs of the First National Bank
of Secaucus, N. J., now in the hands of a conservator, the
"Jersey Observer" of Sept. 26 carried the following:
Contingent upon successful reorganization under the modified Spokane
plan, the Treasury Department yesterday (Sept. 25) advised the depositors'
committee and Conservator William Hilbert, Jr., of the First National
Bank of Secaucus, that a $447.000 loan had been recommended by the RFC.
Application for the loan was made in July, and the amount approved
by the RFC will provide for a 55% initial withdrawal dividend for depositors, in addition to retirement of bills payable.
The modified Spokane Plan, submitted by Town Attorney John E.
Degelmann, representing the depositors' committee, Conservator Hilbert,
and Counselor G. P. Moser, bank lawyer. provides for an issuance of 4,000
shares of common stock with a par value of $25 a share. The capital of
the new bank, under this plan will be $100,000 and the surplus $20,000.
Nothing of a definite nature has developed from negotiations with an
"outside group" who manifested interest in the Secaucus Bank some time
ago, Mayor John J. Kane. Chairman of the depositors' committee reported.
He stated that a representative of this un-named group is to let him know
their decision to-day. If the plan to have the group aid the bank falls through,
the Mayor said he will call a meeting of the depositors and have them vote
on the plan approved by the RFC under which the loan will be granted.
NORTH CAROLINA.
A new plan is now under way for the reorganization of the
Page Trust Co. of Aberdeen, N. C., and its 13 branches
throughout that State. At Raleigh on Sept. 20, 50 or more
representatives of the depositors of the parent bank and of
its various branches met officials of the State Banking
Department and of the trust company and unanimously
approved the new plan. Following the meeting, Gurney
P. Hood, Commissioner of Banks for North Carolina, stated
that the new arrangement provides for the organization of a
State bank only, the new institution not to be nationalized
as was the case with the Security National Bank, organized
recently to succeed the defunct North Carolina Bank &
Trust Co., and in which, under the original plan, the Page
Trust Co. was to have been included. The new institution
will be capitalized at $150,000 with surplus of $75,000, the
former to consist of 15,000 shares of common stock of the
par value of $10 a share, which will be sold at $15 a share
and thereby provide the surplus. We quote below in part
from the Raleigh "News & Observer" of Sept. 21,from which
also the foregoing information is obtained:
Commissioner Hood said yesterday (Sept. 20) that a 20% dividend to
depositors in the Page Co. is contemplated. The plan of reorganization
states that "the existing bank will distribute to its unsecured and partially
secured depositors through the new bank all cash on hand, all proceeds from
the assets sold to the new bank, and all proceeds derived from the stock
assessment prior to the consummation of this plan except the amount paid
for capital stock in the new bank. To provide an additional amount for
distribution to the depositors, the existing bank will borrow from the
RFC and pledge its assets as security for the amount so borrowed."
The Page Trust Co. has been operating on a restricted basis since March 3
of this year and has been in the hands of a liquidating agent for some time.
the agent being appointed for the purpose of levying a 100% stock assessment against stockholders. At that time the entrance of the Page company
into the plan for reorganization of a State-wide bank composed of the Page,
the North Carolina Bank & Trust Co.. and the Independence Trust of
Financial Chronicle
Volume 137
Charlotte was contemplated. The deposit liability of the institution when
it went on a restricted basis was approximately $2,800,000. . . .
A summary of the new plan follows:
At the request and option of the existing bank,the new bank will purchase
with cash the best unpledged assets of the existing bank in any amount
offered, not in excess of $225,000. but no assets shall be so purchased except
such as are acceptable to an appraisal committee of the new bank. Purchaseable assets shall consist of the following:
1. United States bonds and other United States obligations.
2. State of North Carolina bonds and notes.
3. Notes fully secured by United States or North Carolina bonds or
notes.
4. Notes fully secured by marketable collateral.
5. Sound notes so classified by the State Banking Department.
After consummation of the plan, the liquidating agent will be removed
and liquidation of the existing bank will be made by a board composed of
four representatives of depositors, two representatives of stockholders and
one representative of other creditors, acting under the supervision of the
Commissioner of Banks and pursuant to such regulations as he may
Issue. . .
The Commissioner of Banks will defer the subsequent reappointment of
a liquidating agent for the existing bank for three years from the date the
new bank begins business, unless in his opinion the condition of the bank
makes advisable such reappointment at an earlier date or the board of
depositors', creditors' and stockholders' representatives request such
reappointment.
At the request and option of the existing bank,the new bank may assume
the payment of all fully secured deposits in the existing bank. The new
bank would receive from the existing bank the security for such deposits
and would account for the same at the existing market value at the time
such securities are taken over.
After 15 days' notice, the new bank will take over all cash on hand and on
deposit with the Federal Reserve bank of Richmond, which the existing
bank holds in trust for the special deposits received since March 3 1933. and
the new bank will assume full payment of these special trust deposits.
Each depositor and creditor of the existing bank will share ratably in the
assets retained for liquidation and will receive a participation certificate
representing the balance of his deposit or claim.
The branches of the Page Trust Co. are located in the
following places: Apex, Albemarle, Carthage, Hamlet,
Liberty, Raeford, Raleigh, Ramseur, Sanford, Siler City,
Thomasville, Troy and Zebulon.
That trust powers have been given to the new Security
National Bank of Greensboro, N. C., (which represents a
reorganization of the North Carolina Bank & Trust Co.), is
indicated in the following dispatch by the Associated Press
from Greensboro under date of Sept. 21:
The Security National Bank now "has full authority to exercise trust
Powers" the bank was advised in a telegram received to-day (Sept. 21)
from the Federal Reserve Board in Washington and a formal certificate
authorizing the institution to operate a trust department will be received
from Washington in an early mail.
Within the next few days C. M. Vanstory, Jr., Trust Officer of' the
Security National Bank, stated to-day, the trust department will begin
business here in Greensboro and in the cities in which the bank has branches,
namely Raleigh, Wilmington and Tarboro.
OHIO.
Concerning the affairs of the closed First-Central Trust Co.
of Akron, Ohio, advices from Akron under date of Sept. 19,
printed in the Clevelani "Plain Dealer," contained the
following:
"Gratifying results" were reported to-night by members of the reorganization committee at the end of the first day of its drive to reopen the
closed First
-Central Trust Co. here.
More than 1,200 depositors had submitted their "proofs of claim" and
of these, 1,053 had signed the reopening agreement, H. H. Kuhn, General
Manager of the Hardware & Supply Co. and member of the committee,
reported.
More than $6,000,000 will be released to depositors if holders of 85%
of the frozen funds agree to the reorganization plan.
Seventy-nine of the 2,200 stockholders had approved the reorganization
agreement, it was reported when the tellers closed heir windows at 9 p. m.
"While the number that showed up to sign the agreements to-day was
not as large as we had expected, we are pleased and expect the number
to increase from day to day," Mr. Kuhn said.
Robert B. Keeler, for the past 18 months in charge of the
St. Louis office of the Guaranty Co. of New.York, has been
chosen Executive Vice-President of the National Bank of
Lima, Ohio, the new institution which succeeds the Lima
First American Trust Co., which failed to reopen after the
banking holiday in March. Previous to his connection with
the Guaranty Co., Mr. Keeler was senior partner of R. B.
Keeler & Co. of Cleveland.
A press dispatch from Bryan, Ohio, on Sept. 26, printed
in the Toledo "Blade," stated that assets of the closed Union
Savings Bank of Bryan were nearly equal to the deposits,
according to the report of officers of the depositors'committee
who said they believed the bank "may pay out well over a
period of years." The dispatch continued:
The report states that the deposit liabilities are $368,000. The assets
are given as approximately $94,000 in mortgage loans; $85,000 on collateral
loans; $15,000 other loans; $102,000 in bonds;$22,000 in real estate;$12,000
in cash, $30,000 of cash now tied up. Examiners said the figures are actual
values.
It was estimated by the officers that there are 95 shares, valued at $50
each, on which double liability might be collected, but this action, it was
said, may not be advisable due to the cost.
Assurance of a reorganization of the People's Bank &
Savings Co. of Cincinnati, Ohio, at the earliest possible date
was given last week with the announcement at Washington
that the Reconstruction Finance Corporation had authorized
2403
the purchase of $325,000 of the capital "A" debentures of
the bank. The People's Bank & Savings Co., which is in
the hands of a conservator, has been operated on a restricted
basis since the banking holiday last March. Word that the
pm chase had been authorized was received by former State
Attorney-General Gilbert Bettman, attorney for the People's
Bank, in a telegram from James B. Alley, attorney for the
RFC at Washington, and stated that the reorganization
plans of the bank had been approved and the request of the
Secretary of the Tieasury endorsed by President Roosevelt
authorizing the purchase had been granted. The Cincinnati
"Enquirer," from which the foregoing is learnt, went on to
say in part:
Mr. Bettman said that the action of the RFC constituted the climbing
of the biggest hill on the path to reopening of the Peoples Bank. He said
that several further capital debentures by the RFC means that the plan of
reopening has also met the approval of the corporation. That plan calls
for the freeing of depositors' claims to the extent of 50% and the issuance
of participation certificates to depositors in the less liquid assets to the
extent of the remaining 50%•
Stockholders will be called upon for contribution to the extent of$200,000.
and subscription to capital debentures in the sum of $175.000 will be sought
from stockholders and the general public. . . .
Mr. Bettman said that virtually all of the actions by the stockholders
and depositors which are required by the action of the Governmental
bodies have been agreed to in advance.
Permission of the Ohio State Banking Department is also to be obtained
after the completion of the purchase of the debentures.
The bank must now match the RFC purchase with a sale of an equal
amount of debentures. This will be sold in Cincinnati, where stockholders
have already pledged themselves to purchase a part of these notes, it is
understood.
The Cleves National Bank, Cleves, Ohio, was formally
opened on Sept. 21, as the successor of the Hamilton County
National Bank of Cleves, which has been closed since the
banking holiday. The new institution is capitalized at
$50,000 with surplus of $10,000 and occupies the former
quarters of its predecessor. The Cincinnati "Enquirer" on
Sept. 22, in noting the opening, went on to say in part:
Dr. J. H. Walton, Sayler Park, is President of the new bank, and S. E.
Howard, who was cashier of the Hamilton County Bank is Vice-President
and Cashier. . . .
In the organization of the new bank 50% of the restricted deposit liabilities
of the old bank were taken over. All monies set aside on the 5% accounts,
and all deposits since Feb. 27 with the conservator, will be transferred to
the new bank after Oct. 5.
J. B. Bonham, conservator for the closed bank, has consented to remain
as conservator for the present and collect all accounts due the former bank.
Funds collected will be made available to depositors on the balances of their
restricted accounts.
PENNSYLVANIA.
A plan for reop?.ning the Keystone National Bank of
Pittsburgh, Pa., and releasing approximately $2,300,000
tied up in the institution sine) the banking holiday last
March, was approved on Sept. 20 in Washington, according
to the Pittsburgh "Post-Gazette" of the following day,
which added:
Dispatches said the only step remaining to be taken was the selling of
Preferred stock in the bank to the Reconstruction Finance Corporation,
application for which already had been made.
As soon as the required amount of stock has been sold, a license will
be issued by the Comptroller of the Currency and unrestricted operation
of the bank may start, it was announced in Washington. Details of the
plan were not available at the bank yesterday in the absence from the
city of A. S. Beymer, conservator and former President of the institution.
Probable re-opening in the near future or Lycoming Trust
Co. of Williamsport, Pa., and the First National Bank of
that city, is indicated in the following dispatch horn Williamsport by the Associated Press under date of Sept. 23:
Hopes for re-opening Williamsport's two largest banks, restricted since
last March, were strengthened to-day, after the re-organization committee
of the Lycoming Trust Co. reported raising $652,000 in new capital. The
First National previously had raised $375,000 in new capital.
Re-opening of the banks, expected in several weeks, will release more
than $3,500,000 in "frozen" deposits. The First National's plan calls for
release of 50%, and the Lycoming Trust's for 40%. The remainder is to be
paid as rapidly as liquidation of assets will permit.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
Supplementing its statement of Sept. 13 (noted in our
issue of Sept. 16, page 2053), the Federal Reserve Bank of
New York issued the following list on Sept. 27 showing
additional banking institutions in the Second (New York)
District, which have been licensed to resume full banking
operations:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1286, Sept. 27 1933.]
MEMBER BANKS.
NEW JERSEY.
Hackettstown—The Hackettstown National Bank.
NEW YORK STATE.
Dunkirk—The Merchants National Bank of Dunkirk (effective 9:00
a. m., Saturday. Sept. 30 1933).
Norfolk—The First National Bank of Norfolk.
Financial Chronicle
2404
NON-MEMBER BANKS.
NEW JERSEY.
Orange—Orange Valley Bank.
NEW YORK STATE.
Clymer—Clymer State Bank.
GEORGE L. HARRISON, Governor.
•
tion
Ten Forum Leaders Announced for Annual Conven a at
of Investment Bankers Association of Americ to
-Nov. 1—Feature
Hot Springs, W. Va., Oct. 28
Be in Addition to Reg.ular Program.
c subLeaders of the 10 forums on financial and economi
t interest to investment bankers, to investors
jects of foremos
ed
and to business men in general, which have been organiz
s
open debate by members of the Investment Banker
for
the organization's 22nd Annual
Association of America at
, Va., were
Convention, Oct. 28 to Nov. 1 at Hot Springs
Association's office at Chicago on Sept. 24.
announced at the
regular
The forums, it was said, will be in addition to the
ion Sessions at which the Association's Committees
convent
their year's
and research groups customarily make reports of
Association
work. The purpose of the forums, officers of the
current problems close-up, immediate
asserted, is to give
representation
and co-ordinated consideration by as large a
be
an and Canadian investment bankers as may
of Americ
Detailed agenda for each forum
practicable to assemble.
that each may
is being prepared to be sent to all members so
questions or to contribute facts and
be prepared to ask
The
opinions on financial and economic problems of to-day.
it was siad, has for several years been developing
Association,
convention
forum discussions as a supplement to its regular
and the
program. The outline for the 10 forums this year
announced as follows:
leaders thereof were
Distribution—
1. Oct. 28, 11:30 a. m. The British Method of Securities
the United States. The forum
Its Application to Securities Distribution in
& Webster and Blodget,
will be conducted by F. Kenneth Stephenson, Stone
n will be by E. Gerald
Inc.. New York, and the introductory discussio
Board of Governors.
Hanson, of Montreal, a member of the Association's
Inc., which was founded in
Colonel Hanson is a partner in Hanson Bros.,
Mr. Stephenson is
Montreal 50 years ago by his father, Edwin Hanson.
Securities Distribution.
Chairman of the Association's Committee on
Operations and Methods
2. Oct. 28. 2:30 p. m. Improving Syndicate
Loeb & Co., New
of Syndicate Allotment. George W. Bovenizer, Kuhn.
a Vice-President of the
York. will conduct this forum. Mr. Bovenizer is
es.
Association and an active member of Important committe
as Educational Essentials
3. Oct. 29. 11:30 a. in. News and Advertising
Daggett, Marshall & Ilsley Bank, MilIn Business Recovery. James H.
of its Education
waukee. a Vice-President of the Association and Chairman
In addition to
Committee the last three years, will conduct this forum.
y-known corporation
Investment bankers who will participate, nationall
the discussion.
executives, editors and publishers will take part In
Banker—His Current
4. Oct. 30. 10:30 a. in. The Local Investment
Wampler, Lawrence
Problems and His Future Opportunities. Cloud
Wampier is Treasurer
Stern & Co., Chicago. will conduct this forum. Mr.
Chairmen's Committee.
of the Association and Chairman of its Group
Recovery Program—A
5. Oct. 30, 11:30 a. in. The Railroads Under the
The discussion will
Discussion of Its Effect on the Investment Outlook.
New York. Mr. Bailie is
be led by Earle Bailie, J. & W.Seligman & Co.,
s Committee.
Chairman of the Association's Railroad Securitie
Banking Business under the
6. Oct. 30. 3:00 p. in. The Investment
conducted by Ralph T. Crane.
Securities Act of 1933. The forum will be
Introduction of the discussion
Brown Brothers Harriman St Co., New York.
the Association's Committee
will be by Paul V. Keyser, Washington,
Dean of the law firm of Sullivan
Counsel, who will be followed by Arthur H.
members of the Association, who
& Cromwell. New York. and by various
ons under the new law.
will give their experiences with and observati
Bankers Association of America
7. Oct. 31. 10:30 a. m The Investment
to Its Members? Trowbridge
—Can It Be of Greater Practical Benefit
lead this discussion. Mr.
Callaway. Callaway, Fish & Co., New York will
1929-30. His discussion of
Callaway was President of the Association in
Foundation at Northwestern
investment banking ethics, before the Vawter
investment banking doctrine
University in 1929, when he announced the
has been widely quoted.
of "caveat vendor," let the seller beware,
Banking Business.
8. Oct. 31, 11:30 a. m. Trends in the Investment
Paine, Webber tic Co., Boston.
The forum will be led by Albert P. Everts,
s. Mr. Everts is also
Governor
a member of the Association's Board of
"Trends of the Business."
Chairman of the Association's Committee on
Dunstan,
Municipal Bonds. E. Fleetwood
9. Oct. 31. 2:30 p. m.
discussion. Mr. Dunstan is
Bankers Trust Co., New York, will lead this
Committee, which has
s
Chairman of the Association's Municipal Securitie
g and curing municipal defaults.
contributed notably in its work in preventin
Utilities Under Present Day Conditions.
10. Nov. 1, 10:15 a. in. Public
W.Clark & Co.,Philadelphia,
This forum will be led by Sydney P.Clark,E.
s and of its Committee
a member of the Association's Board of Governor
the Committee on InvestPublic Service Securities, and Chairman of
on
ment Companies.
Bankers AssoCentral States Group of Investment
to Century
ciation Suggests Pre-Convention Visit
Progress Exposition at Chicago.
of
Bankers AssoIn its September Bulletin the Investment
ciation of America printed the following:
of Progress, which has unBecause of the great interest in the Century national significance. the
a of
folded an amazing and colorful panoram
addressed a letter to eastern
Central States Group of the Association has
informal pre convention visit to
members of the Association suggesting an
following which they may travel
Chicago during the week of October 23,
the Association at Hot
from Chicago to the annual convention of
direct
Springs, Va., from October 28 to November 1.
the suggested trip offers a
Inasmuch as the Fair closes on October 31.
remarkable spectacle, at
last opportunity for an inspection of this truly
convention on the return
same time permitting members to attend the
the
Sept. 30 1933
trip. As a special inducement, the special railroad rates in effect for the
convention may be applied to the complete roundtrip, so that the railroad
fare from New York. for instance, will amount to $49.40 for the circuit.
Pullman rates will of course be in addition, and based on compartment
occupancy will amount to $29.63 per person.
It has been sug ested that special parties plan to arrive in Chicago early
,
In the week of October 23. thus allowing them three or four days for sightseeing at the Exposition, prior to the departure of the Chicago special train
to the convention on Friday afternoon. Although the Central States
Group is not planning formal entertainment for visitors, the Fair is the
social center of Chicago this summer and the many clubs, restaurants and
cafes are the popular gathering places of the moment.
The office of the Association is desirous of co-operating with visitors to
any extent possible, and will provide information on hotels, transportation
and other pertinent matters. It should be emphasized that hotel reservations must be made as promptly as possible, for the Fair is brincIng great
crowds to Chicago and the loop hotels are well filled at all times. No
difficulty Is anticipated, however, in making a suitable reservations several
weeks in advance.
40th Annual Meeting of Savings Banks Association of
New York State to Be Held in New York City,
October 16 and 17.
The 40th annual meeting of the Savings Banks Association
of New York State, with the Association entering the 40th
year of its existence, will be held this year at the WaldorfAstoria Hotel, New York City, Oct. 16 and 17. It was
said that plans are now under way and announcements regarding the meeting will be made shortly.
Problem of Constructive Operation of Long-Term
Credit Foremost World Problem, According to
President Gordon of Investment Bankers' Association of America.
In our issue of Sept. 23 (page 2215), we published an
item under the above head, but by some mishap throughout
the item the speaker was made to appear as Frank M.
Pope, instead of Frank M. Gordon.
Annual Meeting of New York Group of Investment
Bankers' Association of America—Officers Elected.
Pierpont V. Davis, Vice-President of the City Company
of New York, Inc., was elected chairman of the New York
Group of the Investment Bankers' Association of America
at the annual meeting and election of officers of the group
held on Sept. 26 at the Bankers' Club in New York City.
Mr. Davis, who was Vice-Chairman of the group, succeeds
Robert E. Christie Jr., of Dillon, Read & Co., the group's
head officer for the last two years, who has been nominated
President of the Association. Lewis L. Strauss, a partner
of Kuhn,Loeb & Co., and a member of the group's Executive
Committee, was elected Vice-chairman. The announcement issued by the group said:
In its choice for Secretary-Treasurer, the group again unanimously
elected Frank L. Scheffey, a partner of Callaway. Fish & Co., for the 12th
asurer of the New
consecutive year. Mr. Scheffey has been Secretary-Tre
in 1921, at which
York group since the local organization was founded
led the
time the growing importance of the investment banking business
States and Canada for
Association to develop its 17 groups in the United
. Mr. Davis and
the handling of local investment banking problems
on
Mr. Scheffey are members of the Board of Governors of the Associati
ion
and hold Important committee positions in the national organizat
of the New York
For the last three years Mr. Scheffey has been Chairman
given imgroup's Education Committee, which during that time has
University
portant educational courses in co-operation with New York
and the City College.
Officers of the group are members of the Executive Committee, other members of which were chosen at this week's
meeting as follows:
Francis T. Ward, J. P. Morgan & Co.
Reginald G. CoImbe, Edward B. Smith & Co.
E. Fleetwood Dunstan, Bankers Trust Co.
Nevi] Ford, First of Boston Corp.
Hearn W. Streat, Bancamerica-Blalr Corp.
George S. Stevenson. Stevenson, Gregory & Co., Hartford,
The New York group comprises members of the Investment Bankers' Association in New York, Connecticut and
New Jersey, and is the Association's largest group in number
of members. Among the Committees to be named by the
group's new administration are Committees on Business
Conduct, Membership, Education and Municipal Securities.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
ship
The transfer of a New York Stock Exchange member
the
was arranged Sept. 28, at $150,000, unchanged from
tion on Sept. 21. The following memberprevious transac
Howard S.
ships were posted for transfer on the same day:
James A. Bogle and Leonard J. Marquis to Ellett
Filston to
G. Scarritt, both at $150,000.
on the
The two memberships held by Edward A. Crawford
auctioned off Sept. 27, at
Commodity Exchange, Inc. were
purchasers were
$5,000 and $5,075, respectively. The
William G. Daub, both for others.
Floyd Y. Keeler and
Volume 137
Financial Chronicle
Immediately after the auction the second membership held
by Clarence Lovatt was sold to Jack R. Aron for another
at 85,000.
A Boston Stock Exchange membership was sold Sept. 29,
at $10,500, an increase of $500 over the last previous sale.
A membership on the Chicago Board of Trade was sold
Sept. 27, for $10,000, off $100 from the last previous sale.
At a meeting of the Board of Directors of Sterling National
Bank & Trust Co. on Sept. 28, Arthur L. Barnes was elected
Vice-President, and will make his headquarters at the main
office at 42nd Street and Lexington Avenue. Mr. Barnes
has been connected with the Manufacturers Trust Co. and
merged institutions for the past 19 years and until recently,
as Vice-President, was in charge of the branch at 4th Avenue
and 27th Street. Prior to that he was in charge of the
Chatham Phenix branch in the Lincoln Building in the
Grand Central Zone.
The Bank of Manhattan C- o. of New York City opened
on Sept. 26 a new building and office at Madison Ave.and
64th St. The building, which is a departurefrom the ordinary
type of commercial bank building, is of the early colonial
design. The facade copies that of a colonial residence, the
old Morris House in Philadelphia, an example of postcolonial architecture of the period around 1799 when The
Manhatan Co. received its charter. The officers' platform
is a reproduction of the drawing-room in the eighteenth
century house of John Emlay at Allentown, N. J. It
has a fireplace and fine ornamental cornices. Leading
from the main floor is an elliptical staircase, copied from
an old Philadelphia mansion. The decorations in form,
material and color make a harmonious design in the spirit
of early American architecture. Originals of the various
parts of the bank may be found in the American Museum of
the City of New York.
Authority was granted to th- e Chase National Bank, New
York, on Sept. 18 by the Comptroller of the Currency, to
open a branch office at the corner of Rockefeller Plaza and
49th Street. A previous reference to the branch was given
in our issue of Aug. 19, p. 1359.
Henry E. Cooper, Conservator of The Harriman National
Bank and Trust Co. announces that, in order to reduce
operating expenses, he has moved to quarters at 100 Park
Row, New York, where all communications should be
addressed and where all business will be transacted.
The First National Bank of Pittsfield, Pittsfield, Me., with
capital of $100,000, was chartered by the Comptroller of the
Currency on Sept. 19. The new bank, which replaces The
Pittsfield National Bank, is capitalized at $100,000, made up
of $50,000 preferred and $50,000 common stock. A. P. Bigelow is President and Geo. A. Moore, Cashier.
On Sept. 22, the Comptroller of the Currency granted a
charter to the Webster National Bank of Webster, Mass., an
institution which succeeds The Webster National Bank.
The new bank is capitalized at $100,000. Joseph N. Roy is
President and Arthur R. Terrien, Cashier.
Thomas Wilcox Stephens, President of the Bank of Montclair, Montclair, N. J., and a former director of the Federal
Reserve Bank of New York, died of heart disease at a private
hospital in Boston on Sept. 26. Mr. Stephens, who was 67
years old, was stricken while returning from Yarmouth, Me.,
to his Montclair home. The deceased banker began his banking career in Omaha, Neb., where he was born. He moved
to Montclair in 1885 and four years later with others founded
the Bank of Montclair, becoming its first Cashier. He became Vice-President in 1906 and President in 1912, the office
he held at his death. In 1898 Mr. Stephens was co-founder
of the private banking firm of Wilson & Stephens, which
later became T. W. Stephens & Co., with offices at 2 Wall
Street, New York. He served as President of the organization until 1914, when it was dissolved. In addition to his
banking interests, Mr. Stephens in 1903 was elected President of the photographic firm of Anthony & Scobill, which
two years later became the Ansco Film Co. of Binghanipton,
N. Y. He retired from the company as Chairman of the
Board in 1925. On Jan. 1 1930, Mr. Stephens was made a
director of the Federal Reserve Bank of New York and
served until Dec. 31 1932. Among other interests at the time
2405
of his death Mr. Stevens was President of the Watchung
Title & Mortgage Guaranty Co. of Montclair, a trustee of
the Montclair Savings Bank. a director of the Montclair
Building & Loan Association.
On Monday of this week Homer J. Van Duyne became
Manager of the new business department of the Union
National Bank of Newark, N. J. Mr. Van Duyne, according to the Newark "News" of Sept. 23, has had 16 years
of banking experience. In 1921 he became Deputy Director
of the Newark Department of Revenue and Finance, which
position he held for four years. The last eight years he has
been Receiver of Taxes for Newark.
The Corn Exchange National Bank & Trust Co. of Philadelphia, Pa., one of the leading banks of that city, celebrated its 75th anniversary on Sept. 23. The Philadelphia
"Ledger" of that date said:
Founded on Sept. 23 1858, the Corn Exchange began business with capital
of $130,000 and deposits of $250,000. The last official statement of the
bank, as of June 30 1933, showed capital of $4,550,000, surplus and undivided profits of $9,680,932, deposits of $65,634,148, and total resources of
$84,488,733.
The institution was started on what proved to be an active career near
the close of the panic of 1857-58. In the latter year it had a President, a
Cashier and five clerks. To-day it has 26 officers and 400 employees.
At the outset the Corn Exchange was a purely local bank. At present
its activities are world-wide.
A third 10% dividend, totaling $150,000, was to be distributed on Sept. 18 to depositors of the Tarentum Savings &
Trust Co. of Tarentum, Pa., according to the Pittsburgh
"Post-Gazette" of Sept. 18. The institution closed nearly
two years ago.
A payment of 7%% was to be made to the depositors of
the Miners' Bank of McAdoo, Pa., on Sept. 28, according to
an announcement by the Pennsylvania Banking Department.
In reporting the matter, the Philadelphia "Ledger" of
Sept. 23 furthermore said:
The payment will amount to $16,903, and will be made to 1,441 accounts.
It will mark a total of 50% in payments made to depositors of the institution, which closed its doors Jan. 4 1932.
J. S. Odland, receiver of the First National Bank & Trust
Co. of Monessen, Pa., on Sept. 21 announced a second dividend of 7%%,amounting to $180,283.31, according to advices
from that place appearing in the Pittsburgh "Post-Gazette."
A charter was granted on Sept. 22 by the Comptroller of
the Currency to the United States National Bank of Johnstown, Pa. The institution, which succeeds The United States
National Bank of that city, is capitalized at $800,000. John
W.Walters heads the new bank with F. C. Martin as Cashier.
We learn from the Baltimore "Sun" of Sept. 24 that James
Bruce has resigned as President and director of the Baltimore Trust Co. of Baltimore, Md., now in course of liquidation, and also as a director of its successor, the Baltimore
National Bank. Mr. Bruce took this action in order to
qualify for his new position as financial adviser to the Board
of Directors of the Home Owners' Loan Corporation, the
paper mentioned said.
The Comptroller of the Currency on Sept. 18 granted a
charter to The Garrett National Bank in Oakland, Oakland, Md. The new bank, which is capitalized at $50,000,
succeeds The Garrett National Bank of Oakland. Charles
W. Ream and H. O. Riggs are President and Cashier, respectively, of the new bank.
On Sept. 16 the Comptroller of the Currency issued a
charter to the Citizens' National Bank of Hampton, Va. The
new institution, which succeeds The First National Bank
of Hampton, is capitalized at $400,000, consisting of $200,000
preferred stock and $200,000 common stock. Joseph B.
Healy is President of the institution.
J. F. Brown, President of the Citizens' National Bank of
Brazil, Ind., was arrested on Sept. 18 for alleged violation
of the National Bank Act. In reporting the matter, the
Indianapolis "News" of Sept. 19, continuing, said:
P The Federal Grand Jury indictment charged that Brown extracted
r.
$10.200 worth of Vanderbur County road bonds that belonged to the
bank and transferred them to another official of the bank. whom Federal
authorities are seeking. The transfer, according to the charge, was made
In January, 60 days before the bank was placed in the hands of W. S.
Henderson, the cotservator.
Browns bond was_fixed at $3,000.
2406
Financial Chronicle
Proposed consolidation of two Huntington, Ind., banks, the
First State Bank and Citizens' State Bank, is indicated in
the following dispatch from that place on Sept. 19 to the
Indianapolis "News":
will form
The coming merger of the First State and Citizens' State Banks
an institution of exceptional strength, it is asserted.
and
The decision to combine resources, join the Federal Reserve System,
obtain the Federal Guaranty of Bank Deposits was announced late yesterday
(Sept. 18).
• The State Banking Commission and directors of the Federal Reserve Bank
at Chicago have given their approval.
Effective Aug. 19 1933, The First National Bank of Williston, Williston, N. D., with capital of $75,000, was placed in
voluntary liquidation. The institution was succeeded by The
First International Bank of the same place.
Lincoln, Neb., advices by the Associated Press on Sept. 15
stated that the following dividends were paid on that day
by the Nebraska State Banking Department to depositors in
the following two failed State banks:
South Omaha State Bank, a 5% dividend of $39,056, bringing the total
return to 45%, or $351,506.
Norfolk Savings Bank, a 5% dividend of $7,729, bringing the total return
to 20%, or $30,918.
As of Sept. 15 last, the First National Bank of Frederick,
Okla., went into voluntary liquidation. The institution,
which was capitalized at $100,000, was succeeded by the First
National Bank in Frederick.
On Sept. 16, The First National Bank of Black Rock, Ark.,
changed its title to The First National Bank of Lawrence
County at Walnut Ridge, and its location from Black Rock
• to Walnut Ridge, Ark.
Concerning the affairs of the defunct Vandeventer National
Bank of St. Louis, Mo., the St. Louis "Globe-Democrat"
of Sept. 23 carried the following:
Depositors of the Vandeventer National Bank will be paid their third
liquidating dividend, increasing the total paid to 68% of the deposits,
as soon as the checks can be prepared in Washington. D. C., it was announced yesterday (Sept. 22), by Joseph F. Holland, receiver.
When the bank closed in January 1932, there was $1.001,769 on deposit.
The first disbursement was made in July 1932, when $238.862. or 25%.
-was paid out. The second payment was made the following October
6330.000, or 34%, being disbursed. The third dividend, amounting to
$90,143, or 9%, is soon to be paid, bringing the aggregate to $681.163,
or 68%.
Holland stated a substantial portion of the 6250.000 due from stockholders under the double liability provision, of its charter has been collected. Suits against some stockholders are pending.
Sept. 30 1933
with Seadepositors, with the additional aid and service which can come
board's greater capital and increased facilities, Mr. Fawcett said.
in
Depositors In the Bank of Willows, at Willows, Calif.,
which closed in January of the present year, recently received a dividend, according to the following dispatch from
that place on Sept. 15, printed in the San Francisco
"Chronicle":
Willows
Checks for approximately 1,900 depositors of the defunct Bank of
yesterday.
were mailed to-day (Sept. 15) as a result of a dividend declared
receive
Depositors in the commercial department will, under the dividend,
15%.
. 20% of their claims, while those in the savings department will receive
The dividends in the two departments total $194,913.32. Carl Wagner,
special deputy in charge of the liquidation of the institution to-day stated
that with favorable conditions another dividend would be declared within
a six months' period.
Senator J. M. Wilson has been appointed President of the
Banque Canadienne Nationale (head office Montreal) to succeed the late Hon. F. L. Beique. Beaudry Leman, General
Manager and a director, has been named Vice-President.
Sir Alexander Kemp Wright, General Manager of the
Royal Bank of Scotland, Edinburgh, and an outstanding figure in the Scottish financial field, died suddenly in Edinburgh on Sept. 21. Sir Alexander, who was knighted in 1926,
was born in 1859, the son of Andrew Wright of Methven,
Perthshire, where he received his early education. Later he
attended Edinburgh University. From 1898 to 1907 he was
Honorary Secretary of the Edinburgh Chamber of Commerce
and Manufactures, and in 1919-20 Chairman of the same
body. He served as President of the Institute of Bankers in
Scotland from 1921 to 1924, and was also Chairman of the
Scottish Savings Committee. Among his many other activities were directorships in the P. & 0. Banking Corp., Ltd.;
Scottish Equitable Life Assurance Society, and William
Deacon's Bank, Ltd.
He wrote several articles on banking and other financial
subjects, and made many addresses in connection with the
national savings movement.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Price fluctuations on the New York stock market have
been irregular the present week, but for most of the time
strongly in the downward direction. Considerable weak-
ness was apparent from time to time and there were frequent
periods of liquidation that pulled prices down. Call money
3
renewed at % of 1% on Monday and remained unchanged
at that rate throughout the week.
The stock market continued to extend its gains during
The Citizens' National Bank in Gastonia, Gastonia, N. C.,
-which replaces The Citizens' National Bank of Gastonia, was the abbreviated session on Saturday. The tone of the
chartered by the Comptroller of the Currency on Sept. 21. market was strong and most of the advances were held
The new institution has a capital of $200,000, consisting of until the close. Air Reduction attracted a lot of speculative
$100,000 preferred and $100,000 common stock. A. G. Myers attention and worked into a new top, and stocks like National Lead, International Business Machine and Allied
heads the new bank, while Allen H. Sims is Cashier.
Chemical & Dye were sharply up. Metal issues were active
A charter was issued on Sept. 20 by the Comptroller of and strong and the so-called wet stocks like National Disthe Currency to the First National Bank of Temple at tillers, United States Industrial Alcohol and American
Temple, Tex. The new bank succeeds The First National Commercial Alcohol were from 1 to 2 or more points higher.
'Bank in Temple and is capitalized at $200.003 of which half The oil stocks were represented on the upside by Standard
Is preferred and half common stock. Z. A. Booth is Presi- Oil of Kansas which broke through to new high ground.
Toward the end of the session, realizing became apparent and
dent of the institution and H. C. Surghnor, Cashier.
part of the early gains were erased. The principal advances
The 2,600 depositors of the defunct Marine Bank of of the day were Air Reduction, 23% points to 1063%; American
Santa Monica, Calif., received checks in the mails, amounting Car & Foundry pref., 25,4 points to 433%; American Loco2
to $45,000 Sept. 20 from Bruce McBirney, Special Deputy motive pref., 5 points to 55; Atchison, 3 points to 613/;
of the California State Banking Department. The checks Brooklyn Manhattan Transit, 2% points to 313%; Celanese,
represented 5% of the principal of all claims allowed. A 23% points to 47%; Du Pont, 4 points to 114; Gulf States
dispatch from Santa Monica, appearing in the Los Angeles Steel, 25 points to 25; International Harvester, 2 points to
%
'Times," reporting the above, added:
40; National Lead, 33% points to 130; Norfolk & Western
It was the third dividend paid since December 1931. and brings the
33% points to 1563%; Owens Illinois Glass, 23/ points to
total returned creditors to 37%.
783%; Remington Rand pref., 3 points to 29, and Western
.
2
the outstanding stock of the Hollywood Union Telegraph, 1 point to 613/
Substantially all of
The market lost part of its Saturday gains as prices fell
National Bank of Los Angeles, Hollywood, Calif., has been
the early trading on Monday. As the day proacquired by the Seaboard National Securities Corp., which off during
Seaboard gressed, a sharp rally in the grain market stiffened prices
also owns, with affiliated interests, control of the
the trend again turned upward
National Bank of Los Angeles, according to the Los Angeles all along the line and as
some of the early losses were made up. The day's turnover
continuing, said:
Times" of Sept. 19, which,
amounted to 1,308,810 shares as compared with Friday's
Consummation of the deal was announced yesterday (Sept. 18) jointly by
transactions, which totaled 3,315,000 shares. The losses
K. L. Carver, President of Seaboard Natioral Securities Corp. and W. R.
Fawcett, President of the Hollywood National Bank.
included American Smelting, 23% points to 4534; Atchison,
In its statement of June 30 last, the Hollywood National Bank revealed
23/2 points to 59; Auburn Auto, 2 points to 993%; Celanese,
an increase of more than 30% in deposits over the previous quarterly report,
23% points to 383%; Cerro de Pasco, 23% points to 363%;
with resources in excess of $1,000,000.
Mr. Fawcett said that the officers of his bank were convinced that the
Freeport Texas, 2% points to 43; Homestake Mining, 20
step was sound and that definite advantage should accrue to the banks and
points to 340; Illinois Central (4), 4 points to 453%; Ingersoll
customers alike through the joining of hands with the Seaboard National.
Rand, 33/2 points to 533%; Johns-Manville, 2% points to 50;
The Hollywood bank will continue with its present personnel to serve its
Volume 137
Financial Chronicle
National Distillers, 3% points to 553 ; J. C. Penney, 3
4
points to 103; Peoples Gas, 23/2 points to 48; Safeway Stores,
33/2 points to 85; Union Bag & Paper, 33j points to 433/2;
Union Pacific, 134 points to 115; United States Industrial
Alcohol, 23 points to 66%; West Penn Electric A, 73%
%
points to 403/2; Western Union Telegraph, 23i points to
5934; Westinghouse, 234 points to 373/2; Worthington
Pump, 2 points to 24; Pullman Co., 2 points to 47, and
Allegheny Steel, 234 points to 18.
Stocks moved irregularly lower on Tuesday, the downward
reaction in wheat bringing renewed selling all along the line.
There was some buying in the railroad shares and rail equipment issues during the first hour due to the overnight report
from Washington that President Roosevelt had won the cooperation of steel interests in the Administration's plan to
stimulate steel operations by substantial purchases of Government
-financed rails and rail equipment. The gains, however, were mostly replaced by moderate losses before the
close. Amer. Tel. & Tel. and some of the recent inflation
favorites, particularly the metal shares, were weak. The
volume of sales was small, the total barely reaching 1,433,010
shares. The bulk of the day's changes were on the side
of the decline, the recessions including such prominent stocks
as Amerada 13/2 points to 42, American Can (4) 1 point to 90,
American & Foreign Power (7) pref. 234 points to 203/2,
Amer. Tel. & Tel. 23 points to 1225 , Associated Oil 434
4
%
points to 32, Auburn Auto 234 points to 473 , Brooklyn
4
Manhattan Transit 23 points to 3334, J. I. Case Co. 13
4
4
points to 6834, Commonwealth & Southern pref. 3 points
to 37, Du Pont 3 points to 111, Eastman Kodak 294 points to
82, Endicott-Johnson 434 points to 52, Hercules Powder 234
points to 44, Homestake Mining 5 points to 335, International Silver 2 points to 38, McKeesport Tin Plate (4) 434
points to 81, Norfolk & Western 3 points to 14994, Peoples
Gas 834 points to 343 Sterling Products 2 points to 55,
/
2,
United Gas Improvement pref. (5) 4 points to 86 and Standard Gas & Electric pref. (7) 23 points to 353/s.
4
Prices continued their downward course on Wednesday,
thus practically making a continuous decline since the
week started. Leading issues were down anywhere from
1 to 5 points and the total dealings were approximately
2,320,236 shares. Liquidation was in evidence throughout
the day and many of the speculative favorites dropped to new
lows for the current movement. American Tel. & Tel. was a
weak spot and railroad shares, as a group, were close to the
June lows. The recessions for the day included among
others, Air Reduction, 23 points to 10634; Alaska Juneau,
4
234 points to 233/8; Allied Chemical & Dye, 2 points to 134;
American Beet Sugar pref., 23/2 points to 60; Amerada, 4
points to 38; American Commercial Alcohol, 33/s points to
553'8; American Smelting (2) Pref., 334 points to 60; American
Woolen pref., 434 points to 47; Armour Illinois pref., 33
4
points to 513 ; Atchison, 43/2 points to 55; Brooklyn Man%
hattan Transit, 334 points to 30; Cerro de Pasco, 334 points
to 333 8; Colorado Southern, 3 points to 24; Delaware & Hud/
son, 4 points to 60; Eastman Kodak, 4 points to 79; Federal
Mining & Smelting,5 points to 85; Freeport Texas, 10 points
to 140; General Cable, 6 points to 20; National Steel,
33/2
points to 38; New York Central,3 points to 57; Peoples Drug,
434 points to 60; Pittsburgh Steel, 5 points to 56; Seaboard
%
Oil, 35 points to 373 ; Union Bag & Paper, 4 points to 38;
4
Union Pacific, 33/2 points to 1103/2; United States Rubber
pref., 5 points to 25; Western Union Telegraph, 332 points to
553/2; and Worthington Pump pref. A,5 points to 373/2.
The downward drift of the stock market turned into a
moderate rally on Thursday, and while the upturn was
gradual, a few of the outstanding market leaders registered
gains ranging up to 2 or more points as trading closed, but
most of the advances were restricted to about one point
and the market did not, at any time, show an especially
buoyant tone. Among the advances were such stocks as
Allied Chemical & Dye, 234 points to 13634; American Can,
1% points to 883 ; American Smelting, 25 points to 42%;
4
%
5
American Woolen pref., 334 points to 5034; Brooklyn Manhattan Transit, 2 points to 32; Celanese, 43/2 points to 423/;
3
Homestake Mining, 29 points to 340; Industrial Rayon, 33
4
points to 693/2; National Distilleries, 33/2 points to 9734;
Peoples Gas, 234 points to 3234; Union Bag & Paper, 2
points to 40; Vulcan Detinning Co., 2 points to 50; United
States Steel, 134 points to 4734; Public Service of N. J.
(2.80), 1 point to 353/2, and Cerro de Pasco, 15 points to
%
34%.
Price movements were generally unsettled on Friday, the
weakness in Amer. Tel. & Tel. being due to persistent selling
2407
extending to all parts of the list as the day advanced. At
one period during the morning trading, the specialties group
showed substantial gains, especially United States Smelting
& Refining, Celanese and Commercial Solvents, but in the
late downward movement, a goodly part of these advances
were canceled. The changes at the close were largely
fractional, though there were a number of fairly active stocks
that ended the day with a gain of a point or more. Among
the latter were Amerada (2), 134 points to 2934; American
Sugar (2), 2 points to 63; Atlantic Coast Line, 1% points
to 35; Colorado Southern, 334 points to 23%;Federal Mining
& Smelting, 10 points to 95; Ingersoll-Rand, 2 points to 53;
International Business Machines,3 points to 13534; Laclede
Gas pref., 3 points to 45; National Distillers, 2% points to
8934; Norfolk & Western, 2 points to 14534; Union Bag &
Paper, 23/2 points to 423/2, and United States Steel, 234
points to 4538. The market was soft at the close, many
of the pivotal issues yielding to fresh selling.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended
Sept. 29 1933.
Male.
Railroad
Mocks.
Number of and Miscell. Municipal dt
Poen Ronde.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
-,-.....
1,004,748
1,308,810
1,432.010
2,320,236
1,443,990
1,643.950
34,251,000
5,885,000
6,073,000
6,897,000
5,347,000
5,659,000
n 105 'AA
525119000
114 902
Ann
1932.
1933.
Stocks
-No.of shams _
Bonds.
Government bonds_ __ _
State & foreign bonds_ _
Railroad & mLsc bonds_
5374,000
933,000
1,301,000
1,007,000
842,000
1,645,700
56.211,000
9,401,000
10.048,000
10.446,000
8,555.500
9,846,700
VI 102700
S.54 50R.200
Jan. Ito Sept. 29.
Week Ended Sept. 29.
Sales at
New Yotk Stock
Exchange.
Total
51.586,000
2,583,000
2,674,000
2,542,000
2,366,500
2,542,000
Total
Bond
Sales.
United
States
Bonds.
1932.
1933.
9,153,744
8,695,490
545.912,738
349,694,005
$6,102,700
14,293,500
34,112,000
55,375,600
15,684,000
31,130,000
5330,345,500
576.213,000
1,632,887,900
5496,185,350
580,329,600
1,292.302,000
554,508,200 552,189,600 $2,539,446,400 82,368.816.950
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
Sept. 29 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
. --
Shares. Bond Sales. Shares. Bond Sales
525
1.542
1,532
1,024
1,258
1,354
12,243
16,976
16,529
24,630
16,559
5,335
51,000
$43,500
92,272
516,000
7,235
527,500
ccri
.
101 R19
SR C00
10.373
525.400
17,005
22,564
26,786
35,219
20,439
5,013
5100
36,400
1,000
3,000
127,026
.
Baltimore.
Shares. Bond Sales.
3,000
15,000
$4,000
4,500
9,000
3,000
7,000
THE CURB EXCHANGE.
Curb market trading has been comparatively quiet this
week, and with the exception of the modest rally on Tuesday
when stocks were moderately higher all along the line, price
movements have been irregular with a general tendency
toward lower levels. Public utilities were weak on Monday,
but displayed moderate improvement as the week progressed.
Oil shares have attracted moderate speculative attention and
liquor issues have been somewhat mixed. Considerable
selling has been in evidence from time to time due in part
to the assumption that currency inflation had been put in
the discard as a monetary policy and that the Administration
intended to go ahead with its credit program. The real soft
spots were, as a rule, among the relatively inactive stocks.
On Saturday, curb prices were somewhat higher as many
active stocks in all parts of the list joined in the advance
though, on the whole, the changes were within a narrow
channel. The public utility group extended its gains of the
preceding day, the advance being under the leadership of
Electric Bond & Share which was up a point at its top price.
and Columbia Gas & Electric cony. pref. jumped about 2
points. The liquor stocks were stronger, Hiram Walker
moving up about a point followed by Distillers Ltd., Allied
Mills and Canadian Industrial Alcohol A and B. Armstrong
Cork also showed moderate improvement. Oil shares were
featured by another advance in Creole Petroleum to a new
top for the year at 1034. Standard of Kentucky, Standard
Oil of Indiana, South Penn Oil and International Petroleum
were fractionally higher. Humble Oil, on the other hand
was inclined to ease off. The active issues in the industrial
group included Aluminum Co. of America, General Tire,
Cord Corp., Tubise Chatillion and Great Atlantic &
Pacific Tea Co.
Lower prices all along the line and irregular price movements characterized the trading on the curb market on
Monday, and while the dealings were limited, the list of
active stocks was larger than on most recent trading periods.
2408
Financial Chronicle
The public utility group lost most of the gains registered in
the preceding rally, and in several instances, stocks broke to
new lows for the movement. Among the latter were such
prominent issues as Electric Bond Sr Share, American Gas
& Electric and Columbia Gas & Electric pref. Oil shares
were somewhat easier with the possible exception of Gulf Oil
of Pennsylvania which closed fractionally higher. Humble
Oil, Standard Oil of Indiana and Standard of Kentucky lost
ground. In the industrial group, Aluminum Co. of America
dropped about 3 points on a small turnover and in the alcohol
stocks many of the active issues were hard hit, Hiram Walker, Canadian Industrial Alcohol A and B and DistillersSeagrams losing from fractions to 3 or more points.
Prices were somewhat firmer on Tuesday, and while there
were a few soft spots, they were largely among the inactive
stocks. Public utilities were mixed in their movements,
Commonwealth Edison dipping about 4 points at one time
and Pacific Lighting pref. slipping back about 6 points. On
the other hand, Pennsylvania Water & Power soared about
5 points, Northern States Power A advanced 5 points and
Electric Bond & Share and American Gas improved about a
point. Oil stocks moved around in a similar way, Humble
Oiladvancing 1%points to 86%,while Gulf Oil of Pennsylvania
showed a small loss. The so-called wet stocks continued in
demand, Hiram Walker and Distillers-Seagrams being the
outstanding features of the group. Pittsburgh Plate Glass,
General Tire, Walgreen, Great Atlantic & Pacific Tea Co.
and Pepperell Manufacturing Co. closing with substantial
gains. Most of the mining issues were in supply at small
declines, particularly New Jersey Zinc which dropped over
a point. Newmont Mining was an exception and moved
up about 13 points.
The curb market turned heavy on Wednesday as selling
flurries continued to dominate the trading. The sag was
particularly noticeable in the larger groups, though the declines, on the whole, were not especially noteworthy and the
trading was light. In the specialties group, losses predominated, Pittsburgh Plate Glass, Sherwin Williams,
Parker Rust Proof and Montgomery Ward slipping downward during most of the session. Distillers•Seagrams and
Hiram Walker yielded ground and stocks like Swift & Co.,
Pennroad Corp., Aluminum Co. of America and Cord Corp.
were off from 1 to 3 or more points. Toward the end of the
session, a brisk rally developed, and while the losses were not
entiraly cancelled, much of the early dip was made up before
the close. Mining shares failed to move back with the rest
of the list and stocks like Bunker Hill, Newmont and Lake
Shore were down from 1 to 4 or more points at the close.
Leading stocks on the curb market generally moved lower
on Thursday, and while the trading continued dull, there
were some wide declines recorded by many of the more
active stocks as the session came to an end. The alcohol
shares did not show much change at the close, though there
were a few in the group that displayed a stronger tone. In
the industrial group Aluminum Co. of America was the
weak feature during the early trading, but met support later
in the day and moved up % point before the close. General
Tire & Rubber continued under pressure and recorded a
further loss of I % points to 76, and stocks like Parker Rust
Proof and Pittsburgh & Lake Erie showed a recession of
about a point. Movements among the public utilities were
narrow and irregular, Electric Bond & Share and American
Gas & Electric making small gains, while most of the rest
of the group showed fractional losses. Aside from Humble
Oil and Gulf Oil of Pennsylvania, the fluctuations among the
oil stocks continued within a comparatively narrow channel
and mostly on the side of the decline. In the industrial
section, Jones & Laughlin Steel dipped about 5 paints which
was attributed to labor troubles, and Seeman Brothers
yielded 43 points to 353%. Newmont was the feature of the
4
mining shares and moved briskly forward about 2 points
at its top for the day.
Firmer prices were apparent among the leading stocks on
the curb market on Friday, though the changes,on the whole,
were largely fractional. The advance of ten cents a barrel
in crude oil ordered by the Texas Co. helped the oil stocks.
Creole Petroleum breaking into new high ground with an
/
advance of over a point to 107s. Gulf Oil of Pennsylvania
gained over 3 points, Humble Oil about 2 points and Standard Oil of Indiana advanced over a point at its top for the
day. Alcohol issues were generally higher, the strong
stocks including Hiram Walker and Canadian Industrial
Alcohol shares. Public utilities were mixed and most of
the changes were fractional. Mining shares were repro-
Sept. 30 1933
sented on the upside by Lake Shore Mining which, at one
time, was up about 3 points. Most of the gains were
made during the early trading, and as the day progressed
a part of the morning advances were erased.
The changes for the week were largely on the side of the
decline, the recessions including among other prominent
stocks, Aluminum Co. of America, 71 to 65; American Gas &
Electric, 253. to 233%; American Superpower, 33% to 33%;
Atlas Corp., 123% to 12; Commonwealth Edison, 473% to
403%; Cord Corp.,93% to 83%; Duke Power,45 to 40; Electric
Bond & Share, 183% to 173%; Ford of Canada A, 13 to 12;
Gulf Oil of Pennsylvania, 533 to'53; Hudson Bay Mining,
4
103% to 10; Humble Oil, 863% to 813%; New Jersey Zinc,
64% to 603%; New York Tel. pref., 1143% to 113; Niagara
Hudson Power, 73% to 7; Parker Rust Proof, 59 to 573%;
Pennsylvania Water & Power Co., 50 to 473%; Standard
Oil of Indiana, 31 to 293%; Swift & Co., 173% to 165 ;United
%
5
Founders, 13% to IN; United Shoe Machinery, 543% to 53%,
and Utility Power, 13 to 13.4.
%
A complete record of Curb Exchange transactions for the
week will be-found on page 2440.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Sept. 29 1933.
Stocks
(Number
of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
153.835 $1.705.000
181.635 2.029.000
192,105 2.380.600
258,474 2,203,000
213,895 2.099.000
245,280 2,209,000
$96,000
84,000
104.000
54,000
63,000
122,000
1.245,224 $12,625,000
$523.000
Week Ended Sept. 29.
Sales at
New York Curb
Exchange.
Total.
$88,000 $1,889,000
173.000 2,286,000
141,000 2.625.000
154,000 2,411,000
75,000 2,237.000
81,000 2,412.000
$712,000$13.860000
Jan. 1 to Sept. 29.
1933.
1932.
945,937
1,245,224
Stocks-No. of shares_
Bonds.
Domestic
$12,625,000 $18,787,060
889.000
Foreign government_
523.000
805,000
Foreign corporate
712,000
83,320,326
45,498,477
$685,378,000
32,087.000
31.381,000
$654,515,100
24.674.000
48.638,000
$13,860.000 $20.481,000
$748,846,000
$727,827,100
Total
1933.
1932.
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. 30) bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns
will be 3.2% below those for the corresponding week last
year. Our preliminary total stands at $4,447,503,846,
against $4,595,747,757 for the same week in 1932. At this
center there is a gain for the five days ended Friday of 3.2%.
Our comparative summary for the week follows:
Clearings
-Returns inx Telegraph,
Week Ended Sept. 30.
1933.
1932.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Loa Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,283,689,476 $2,259,452,567
160.252,811
147,708,570
190,000.000
215,000,000
159,000.000
142,000,000
47,656,566
44,781.201
46,500,000
45,800.000
80.286,000
69,673,000
No longer will report clearings.
69,933,372
62,134,528
46,948,443
45,956,802
44,539,275
44,405.829
32,776.649
40,893.569
18,742,000
23,907.847
Twelve cities, 5 days
Other cities, 5 days
$3,180,324,592
402,595,280
$3,141,713,913
378,065.874
+1.2
+6.5
Total all cities. 5 days
All cities, 1 day
$3,622,910,872
824,583,974
$3,519,779,787
1,075,967.970
+2.9
-23.4
‘4,447.50.(49
(4.5 15.747.757
,
-3.2
Total all cities for week
+ 1.1
+8.5
-11.6
+12.0
+6.4
+1.5
+15.2
+12.6
+2.2
+0.3
-19.8
-21.6
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous, the week ended Sept. 23. For
that week there is an increase of 10.3%, the aggregate of
clearings for the whole country being $4,863,647,503, against
$4,410,776,748 in the same week in 1932. Outside of this
city there is an increase of 4.3%, the bank clearings at this
center having recorded a gain of 13.8%. We group the
cities according to the Federal Reserve districts in which
they are located and from this it appears that in the New
Volume 137
Financial Chronicle
York Reserve District, including this city, the totals record
a gain of 13.7% and in the Boston Reserve District of 14.7%,
but in the Philadelphia Reserve District there is a loss of
7.3%. The Cleveland Reserve District records an increase of
3.2% and the Atlanta Reserve' District of 14.9%, but in the
Richmond Reserve District the total shows a decrease of
14.3%. In the Chicago Reserve District the totals are
larger by 9.3%, in the St. Louis Reserve District by 8.4%,
and in the Minneapolis Reserve District by 19.3%. The
Kansas City Reserve District falls behind but only to the
trifling extent of 0.6%, while the Dallas Reserve District
enjoys a gain of 18.6%. The San Francisco Reserve District
records a decline of 2.0%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week ended Sept. 23 1933.
1933,
Inc.or
Dec.
1932.
1931.
1930.
Federal Reserve Dias.
$
lot Boston
12 cities
221,185,352
2nd New York_.J2"
3,221,379,497
3rd Philadelphia 9 "
217,494.307
4th Cleveland
5 "
182,818,891
5th Richmond.. _ 6 "
82,082,405
6th Atlanta_ _ _10 "
.
93,986,998
7th Chicago.- _19 "
319,589,480
8th St. Louis..
4 "
97,479,128
9th Minneapolis 7 "
85,601,298
10th Ka88363 City 9 "
90,310,616
11th Dallas__ _ 5 "
46,318,632
12th San Fran. 13 "
175,397,899
$
192,913,353
2,833.274,943
267,031,600
177,081,868
95,818.161
81,792,026
292,393,657
89,912.272
71.767,633
90,832,622
39,039,242
178,909,371
%
+14.7
+13.7
-7.3
+3.2
-143
+14.9
+9.3
+8.4
+19.3
-0.6
+18.6
-2.0
$
362,889,267
5.405,036.387
410.118,964
292,613,776
141,750,946
101,721,699
519,968.862
112,870,848
85,629,735
122,480,846
50,518,832
243,953,103
$
469.896,123
6,339,466,180
443,028,609
352,658.510
158,597,567
143,636,014
791.859,180
153,316,417
117,866,554
166,497,377
63.139,913
292,068,532
Total
111 cities
Outside N. Y. City
4,863,647,503
1,727,495,053
4,410.776,748 +10.3
1,655,771,960 +4.3
7,852,553.265
2,570,321,840
9,493,031,006
3,287,605,598
323.632,805
252,678,933 +28.5
301,945,661
368,765.043
Canada
32 cities
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
TVeek Ended Sept. 23.
Clearings at
1933.
First Federal
Se.
-Bangor__- Portland
.lass.-lioston _ _
Fall River_ - - Lowell
New Bedford
Springfield_ _
Worcester
3onn.- Hartford
New 1faven_ _ _
0. I.
-Providence
6.11.-Manches'r
Total (12 cities)
1932.
Inc. or
Dec.
8
$
%
Reserve Dist rict-Boston 514,945
309,376 +66.4
1,586,744
2,004,445 -20.8
194,720,953 167,353,879 +16.4
593,868
750,237 -20.8
281,641
228,339 +23.3
514,064
447,266 +14.9
2,260,517
2,392,228 -1.7
1,148,949
1,498,286 -23.3
8,801,975
7,350.556 +19.7
3,191,368
3,397,630 -6.1
7,201,300
6,748,500 +6.7
349,028
432,611 -19.3
221,185,352
192,913,353 +14.7
Second Feder al Reserve D Istrict-New
6. Y.
-Albany
8,703,097
4,497,946
Binghamton_ _
.
771,747
640,359
Buffalo
26,857,216
22,533,654
Elmira
478,806
519,454
Jamestown_ __
.
441.833
485,617
New York_ _
3.136,152,450 2,755,004,788
Rochester
5,011,482
5,657,820
Syracuse
2,917,242
2,993,519
. .-Stamford
..'onn
2,700,202
2,144,043
6. J.
-Montclair
391,900
339,364
Newark
13,470,110
16,882,928
Northern N. J_
23,478,412
21,575,451
1931.
$
1930.
$
497,640
2,852,577
324,193,386
781,717
409,493
771,784
3,746,677
2,756,081
11,057,918
6,146,795
9,223,300
451,897
595,149
4,236,284
424,088,782
764,422
402,321
807,534
3,754,736
3.178,365
14,106,673
6,759,007
10.617.800
585,050
362,889,267
York
5,711,150
5,569,421
+93.6
+20.5
889,942
1,104.769
+19.2
44,668,914
36,416,368
-7.8
782,443
748,672
-9.0
691.100
1,100.293
+13.8 5,282,231,425 6,205,425,408
7,765,240
-11.4
9,626,857
3,751,886
4,105,465
-2.5
+25.9
3,089,166
3,498,400
+15.5
365,700
603,133
25,278.402
-20.2
27,912.994
38,097,336
+8.
35,068.083
Total(12 cities) 3,221.379,497 2,833,274,943 +13.7 5,405,036.387 6,339,466,180
247,494,307
Fourth Feder al
)hio-A kron ........
Canton
Cincinnati__ _ _
Cleveland
Columbus
Mansfield
Youngstown.....
Pa.
-Pittsburgh _
267,041,600
-7.3
Reserve D istrict-Clev elandc
c
c
c
c
c
37,836,178
40,909,000 -7.5
59,498,625
58,388.543
+1.9
7,583,900
6,291,500 +20.5
1,091,510
829,930 +31.5
c
c
c
76,808,678
70,662,895 +8.7
410,118,964
1,325,477
c
931,157
1,855,227
424,000.0 0
2,677,023
4.394.048
3,088,275
1,750,402
3,007,000
443,028,609
c
c
59,927,205
90,221,742
8,948,900
1,911.334
c
131,604,595
c
c
49,075,170
118,935,019
14,142,400
2,014,444
c
168,491.477
+3.2
292,613,776
352,658,510
Fifth Federal Reserve Dist Het-Rich:1i ondtV.Va.-liuntIon
116,681
306.286 -61.9
Va.-Norfolk._....
2,361,000
1,965,401 +21.1
ItIchinohd
25,387,930
28,638,759 -11.3
3. C.-Charlestot,
937,968
752,626 +24.6
Md.-Baltimore.
41,927,076
48,22 .587 -13.1
13.C.-Washing'u
11,331,750
15,937,500 -28.9
550,407
2,773,667
35,641,620
1,416.871
80,034,216
21,334,165
811,295
3,376,604
42,544,000
2,224,083
88,273,959
21,367,626
95,818,161 -14.3
141,750,946
158.597.567
Sixth Federal Reserve Dist rict-Atlant aTenn.-Knoxt Ille
3,906,610
2,225,627 +75.5
Nashville
9,526,354
8,608,605 +10.7
(58.- Atlanta..
36.760.209
25,400,000 +44.7
1,041,704
Augusta
1,075,369 -3.1
Macon
735,604
467,535 +57.3
Fla.-Jack'nville_
9,824,000
6,552,387 +49.9
Ala.-birm'ham_
11.174,550
8,313,160 +34.4
1,224,034
t Mobile
852,961 +43.5
Miss.-Jaelcson
c
c
c
137,194
i Vicksburg
107,861 +27.2
-New Orleans
La.
19,656,739
28,188,521 -30.3
3,298,147
10,440,295
32.400,000
1,255,662
603,813
8,700,426
11,571,907
1,122,847
c
104,973
35,223,629
2.102,517
18,669,660
50.000,000
1,808,586
1,068,485
9,493,143
17,066,813
1,605,199
c
155,858
41,645,783
104,721,699
143,636.044
Total(5 cities).
Total(6 cities).
Total (10 cities)
182,818,891
82,082,405
93,986,998
177,081,866
81,792,026 +14.9
Week Ended Sept. 23.
Clearings at
1933.
Inc. or
Dec.
1932.
1931.
$
,
,
$
$
Seventh Feder al Reserve D istrict-C h i cago-Adrian _ _
Mich.
37,315
169,711
71,025 -47.5
Ann Arbor__
293,882
892.591
371.624 -20.9
Detroit
69,545,863
70,612,702 -1.5 136,220,824
Grand Rapids.
1,663,204
4.064,139
3,388,402 -50.9
Lansing
778,255
2,857,800 -72.8
8.902.726
Ind.
-Ft. Wan
425,370
803,479 -97.1
1,305,736
Indianapolls
9,524,000
9,260,000 +2.9
13,032,000
South Bend
448,171
1,129,879
903,778 -50.4
Terre Haute_ _ _
3,014,132
3,562,098
2,550,474 +18.2
Wis.-Milwauke
11,405,933
11,176,493 +2.1
18,588.953
Ia.-Ced. Rapid
257,491
2,490,040
650,260 -60.4
Des Moines__ _
6,334,792
4,425,819 +43.1
5,597,540
Sioux City__
2,299,367
3,380,337
2,071,546 +11.0
Waterloo
C
c
c
c
Ill.-Bloomingt'
.325,000
1,138,597
876,505 -62.9
Chicago
208,849,008 177,860,499 +17.4 313,230.988
Decatur
455,075
791,205
385,307 +18.1
Peoria
2,536,140
2,413.269
1.829,552 +38.6
Rockford
1,281,531
521,193
417,689 +24.8
Springfield_
875,289
1,880,703 -53.5
1,776,698
Total (19 citieS)
1930.
$
169,077
1,102,215
183,175,521
6.078,925
5,131,772
2.757.795
16.975.000
2,156,733
4,472.977
24.560.526
2.842.996
7,432,648
5,548,099
c
1,566,203
519,679.430
953.629
3.391.736
2,329,921
2,033,977
+9.3
519,968,862
791,859,180
Eighth Federa I Reserve Die trict-St.Lo Ws
Ind.-Evansville_
b
b
b
Mo.-St Louis__
.
64,000,000
60,000.000 +6.7
Ky.-Louisville.._
19,032,889
16,466,263 +15.6
Tenn.-Meniphis
14,101,249
12,977,297 +8.7
Ill.-Jacksonville
b
b
b
Quincy
345,000
468,712 -26.4
b
82.100,000
19,752.666
10,333,456
b
684,726
b
102,800,000
33,362,117
17,179.851
b
974,449
112,870,848
154,316,417
Ninth Federal Reserve Die tact-IR I n n ea pollsMinn.
-Duluth_ _
3,704,978
3,025,67s
3,305,571 -8.5
M inneapolis _
58,896,528
60,950,78:
47,881,673 +27.3
St. Paul
17,501,613
17.939.630
16.476,987 +6.2
N. 60.
-Fargo.... _
1,437,384'
1,837,914
1,576,268 -8.8
S. D.
-Aberdeen
488.289
704,041
561,246 -13.0
Mont.
-Billings.
332,142
436,744
275,394 +20.6
Helena
1,868,406
2,109,900
1,690,494 +10.5
7,505,260
81,303,522
22,369.437
1,908,097
952,017
663.974
3,164,247
Total(4 cities)_
Total(7 cities)_
319,589,480
97,479,126
85,604,298
292,393,657
89,912,272
+8.4
85,829,735
117.866.554
Tenth Federal Reserve Die trict
-Ka ns as CityNeb.-Fremout__
47,945
1 89,302
107,024 -55.2
Hastings
C
c
c
c
Lincoln
1,687,955
2,552,721
1,514,852 +11.4
Omaha
21.892.096
30,226,418
20,512,325 +6.7
Kan.
-Topeka _.
1,425,012
1.368,943 +4.1
2,191,921
Wichita
1,585,912
3.384.910 -53.1
4,351,474
Mo.-Kan. City.
60,157.699
60,398,868 -0.4
77,893,570
St. Joseph
2,710,373
3.125,996
2,464,210 +10.0
Col.
-Col. Spgs_
405,565
522,580 -22.4
873.807
Pueblo
398,059
1.075,637
558,910 -28 8
194,089
c
3,049,224
39.859.585
2,578,317
5,795,859
107,929,042
4.761,697
987,136
1,342,428
71,767,833 +19.3
469,896,123
Third Federal Reserve Dis Wet- Phila delphl a_
'a.
-A ltoona __ _
326,229
326,643 -0.1
679,538
Bethlehem_ _
c
c
c
c
Chester
208,412
294,958 -29.3
716,207
Lancaster
749,528
1,008,093 -25.6
2.087,708
Philadelphia_
239,000,000 257.000,000 -7.0 393,000,000
Reading
943,681
1,590,706 -40.7
2,690,398
Scranton
1,805,088
2,110,013 -14.5
3,220,173
Wilkes-Barre_
1,259,626
1,690,235 -25.5
2,730,208
York
960.743
814,952 +17.9
1,520,732
6. J.
-Trenton_.
2,241,000
2,206,000 +1.6
3,474,000
Total (9 cities)_
2409
Total (9 cities)_
90,310,616
90,832,622
-0.6
122,480,846
166,497,377
Eleventh Fede ral Reserve District
-D
Texas-Austin__ _
821,119
621,108
Dallas
35,797,820
28,907,861
Ft. Worth
4,995,704
4,836,643
Galveston
2,760,000
2,359,000
La.
-Shreveport.
1,943,989
2,314,630
alias
+32.2
+23.8
+3.3
+17.0
-16.0
1,468,658
37,504,188
6.480,407
2,316,000
2,749,579
1.529,843
44,108,573
9.371,243
3,149,000
4,981.254
39.039,242 +18.6
50,518,832
63,139,913
Total(5 cities)_
46,318,632
Twelfth Feder al Reserve D istrict
-San Franc iscoWash.
-Seattle_ _
23,294,428
21,665,256
28.739,528
+7.5
Spokane
5,170.000
5,662,000 -8.7
8,832.000
)(akin's
492.122 -0.8
488,328
821,025
Ore.
-Portland_ _
19,445,295
16,925,152 +14.9
25,325,854
Utah-S. L. City
9,853,270
8,834,311 +11.5
12.908,189
Calif.
-L.Beach
3,337,897
2,640,679 +26.4
4,869,186
Los AngelesNo longer will report clearings.
Pasadena
2.349,500
2.461,954 -4.6
4.008,239
Sacramento _ _ _
4,779,092
8,531,462 -44.0
10,881,181
San Diego_ _
No longer WI ii report clear logs.
San Francisco_ 102,216,075 107,310,275 -4.7 140,492.656
San Jose
1,703,317
2,496,786
1,575.777
+8.1
Santa Barbara_
786.539
831,792 -5.4
1,498,101
Santa Monica.
1,600,368
853.157
770,494 +10.7
Stockton
1,121,001
1,480,000
1,208.097 -7.2
35.628,714
11,055.000
1,125.633
32,055,167
16,330,216
6,520,233
4.403,667
6,391,425
170.503,771
2,824,502
1,606,584
1,859.620
1,764.000
Total(13 cities) 175,397,899 178.909,371 -2.0 243,953,103 292,068,532
Grand total (iii
4,863,647,503 4,410,776,748 +10.3 7,852,553,265 9,493,031,006
cities)
Outside N. Y._
1,727,495,053 1,655,771,960
+4.3 2,570,321,840 3,287,605,598
Week Ended Sept. 21.
Clearings at
1933.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine HatPeterborough
Sherbrooke
Kitchener
Windsor
Prince Albert......
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
89.667,521
101.678,097
73,561,928
13,125,470
4,075,593
3.734.146
1.985,533
4,091,739
6,104,324
1,464,648
1,298,178
2,515.627
3,360,784
5,859.726
334,316
422,024
1,292,514
592,238
730.990
543,648
419.593
257,551
622,655
534,281
908,774
2,673,434
292,285
683,832
595.551
373,383
355.843
531,599
Total(32 cities)
324,632,805
1932.
$
71,612,700
79,514.837
45,367,738
12.054,335
4,208,678
3,564,388
1,917.998
3,944,879
5,088.893
1,428.243
1,358.791
2,5015,558
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
892,41
2,142,747
261,762
591,230
598,96
369,28
386,00
420.850
Inc. Or
Dec.
1931.
1930.
%
+25.2
+27.9
+62.1
+8.9
-3.2
+4.8
+3.5
+3.7
+20.0
+2.5
-4.5
+0 4
-11.5
+29.7
-14.6
+18.7
-20.1
-19.1
+4.6
-9.8
-0.9
+18.5
+12.3
-1.8
+1.8
+24.8
-7.4
+15.7
-0.6
+1.1
-7.8
+26.3
$
100,046,614
86.309.302
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
484.188
294,702
803.381
648,243
923.666
2,321,741
318.817
710,010
685,854
388.823
424.777
619,571
$
108,035,300
111.196.032
59,070,916
23,956.573
6,322.486
5.650.168
3,1)45,359
5.648,118
8,985.311
2,345,451
1,334,195
2,935,383
4,892,833
6,500,435
566.917
525,871
2,456.597
1,169,904
964,436
807.005
861.837
357,770
916.234
720.176
1,158,444
3,104,791
542,571
700,000
809,951
554.190
700.000
1,028.889
252,678,933 +28.5
301,945,661
368,765,043
b No clearings available. c Clearing House not functioning at present.
• Estimated.
Sept. 30 1933
Financial Chronicle
2410
-The statement of condition of the National banks under the CompCondition of National Banks June 30 1933.
troller's call of June 30 1933 has just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including June 30 1932 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON JUNE 30, SEPT. 30 AND DEC. 31 1932,
AND JUNE 30 1933.
June 30 1933
Dec. 31 1932
June 30 1932 Sept. 30 1932
(6,150 Banks). (6,085 Banks). (6,016 Banks). (4,902 Banksa).
Assets
Loans and discounts (including red icounts)_b
Overdrafts
United States Government securiti ; owned
Other bonds, stocks, securities, &c.. owned
Customers' liability account of acce ytances
Banking house, furniture and fixtur 38
•
Other real estate owned
Reserve witn Federal Reserve Oanks
•
Cash in vault
•
Due from banks
Outside checks and other cash Items
Redemption fund and due from Uni ted States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with endorsement
•
Securities borrowed
Other assets
Liabilities
•
Demand deposits
Time deposits (including postal savi ags)
•
United States deposits
•
Due to banks..c
•
Total deposits
National-bank notes outstanding..
Agreements to repurchase U. S. Go -ernment or other securities sold
Bills payaole and rediscounts
Acceptances of other banks and bills of exchange or drafts sold with endorsement
Acceptances executed for customers
A ecentsnces exe-uted by other ban s for account of reporting banks
Securities borrowed
Interest, taxes, and other expenses ccrued and unpaid
Other liabilities
Capital stock (see memorandum bel we)
•
Surplus
Undivided profits, net
Resenes for contingencies
Total
$
03,000
9,919,6
4,901,000
3,662,669,000
3.780.623.000
234,544,000
756,494,000
155,125.000
1.381,065.000
295,607.000
2,108,813.000
33,315.000
37,792.000
4,601.000
7,892,000
182.951.000
$
$
9,844,036,000 8,116,972.00.1
2,800.000
3,688,000
3,760,886,000 4,031,576,000
3,822.550,000 3,340,055,000
225.835.000
198,486.000
641,694.000
760,269,000
132.187.000
169.835.000
1,625,840,000 1,412,127,000
288.478,000
308,716.000
2,518,412,000 2,381,333,000
37.008.000
60,959,1)00
37,428.000
39.408.000
4,912,000
5.422,000
4,359,000
8,027.000
203.727.000
184.440,000
22,367,711.000 22,565.995,000 23,310,974.000 20.860.491.000
.
Total
$
10,281,676.000
4.701,000
3,352,666.000
3,843,986.000
262,943,000
760,057,000
143.585.000
1,150,575.006
338.404,000
1,956.154.000
40,728,000
32.711.000
7.182,000
7.951.000
184.392.000
7,940,653.000 7,848.753,000 8,276.715,000
7,265.640,000 7,237,933.000 7,376.563.000
252.529.000
374.150,000
213,287.000
2,041.333.000 2,221.081,000 2,612.300,000
17,460,913,000 17,681,917,000 18,518,107,000
780,069.000
743.080,000
652.168.000
22.053.000
26.595.000
39.535.000
348,596.000
443,644,000
506,890.000
5,422.000
4,601,000
7.182,000
207,368,000
239,053,0..0
279.220,000
2.747.000
2,019,000
3,098,000
8,027,000
7.892,000
7.951.0(10
46.208,000
68.934,000
49,439,000
127,985.000
104,125,000
81,467,000
1.568,983.000 1,563.232,000 1.634.484,000
1.259.425.000 1,205.939.000 1,173.278,000
269.785.000
308,384.000
302.521.000
166,845.000
d166,580.000
d148,919.000
7,894.127.000
6,216,917,000
449,661.000
2,213,410.000
16,774,115,000
730,435,000
9.223,000
117,855,000
4.912.000
229,364.000
3,374,000
4.359,000
41.617,000
88,743.000
1.515.647.t1J0
940,598.000
235,600.000
164.709.000
22,367,711,000 22.565.995,000 23,310,974.000 20,860.491,000
•
,
Memorandum:
Par val le of capital stock
Class A preferred stock (re irable at 658.596.000)
Class B preferred stock (re irable at 32,700.000)
Common stock
1,568.983.000
1,634.484.000
51,193,000
2,600.000
1,463.412.000
1,568,983,000
Total
1.563,232,000
1,563.232.000
1,634.484.000
1,517.205,000
Details of Cash in Vault1.034.000
12.753.000
12,778,000
12.372.000
uolo coin
1.245.000
21.887,000
22,755,000
26.188,000
Gold certificates
286,199,000
274,076,000
260,074.000
299,844.000
An other cash in vault
Details of Demai d Deposits
6.709,556,000 6,879.752,000 7,202.331.000 6,825.317.000
India(dual subject to check
75,490.000
95,569.000
78,521,000
100.236.000
Certificates of deposit
848,475,000
851,715,000
782,361,000
1,005.930.000
State, cour ty and municipal de posits
8,901,000
(
Deposits of other banks, trust ompanies located in United States
1.000,000
Foreign countries
•
127300,00,1 134,904,000
108,119,000
I 124,931,000
Other demand deposits
Deposits
Details of Time
240,913.000
267,135,000
250,542.000
247,980.000
State. county and municipal de posits
766.783,000
996,172.000 1.013.744.000 1,024,642,000
C ertificate of deposit
5,035,483.000 5,126.931,000 4,281,521,000
lass book
5.202.948,000
repeal ts evideced by savings
1 34.912,000
Christmas savings and similar ccounts
365.358.000 1 249,206.000
372,958.000
5 324.429.000
Open accour ts
574,713.000
542,948.000
522,039,000
450.275,000
Postal savings
46.563.000
49,250,000
40.910.000
39.093,000
Depos is of other banks and truat companies located in United States
711,000
299,000
2,257,000
4,743,000
Foreign countries
Deposits. tne payment of which has been deferred beyond the customary period by
21,595.000
agreement with depositors
Percentages of Reserve
11.30
1133'
11.60%
1l.64V
Central Reserve cities
6.94%
6.74%
6.74
6.76
Other Reserve cities
8.65 o
8.55°!
8.37
8.32V
All Reserve cities
4,69e7
4.78 Jo
4.70%
4.729'
Country banks
7.16%
6.999
6.799/,
6.72%
Total United Statss
a Licensed banks which were operating on an unrestricted basis. b Includes customers'liability under letters of credit. c Includes certified and cashiers'
checks, and cash letters of credit and travelers' checks outstanding. d Includes reserves for dividends.
Foreign Trade of New York-Monthly Statement.
Merchandise Movement at New York.
Month.
Imports.
1931.
1932.
Exports.
1931.
1932.
July
August- - _
September
October
November
December_
37,656,849
43,067.631
48.988,212
54,474,928
51,828,170
82,453,858
84.823,0
81,423,455
94,872,046
92,059,201
86,585,105
87,837.295
35,157.319 67,058,129
31.607.397 59.208,716
36,988,907 67,749,087
38,279,461 65.352,268
38,899,469 51,967,285
38,645,03e, 55.939,911
January_ _
February,
March.__
April
1933.
49,288,867
42,911.432
48,268,303
43,203,671
1932.
65,450,212
68,324,224
67,088,157
61,785,558
1933.
38,168,036
36,186,782
77.379,206
34,200,531
Customs Receipts
at
New York.
1932.
1931.
7,704,834
11,864,718
14,253,710
13,883,709
13,273.841
11,000,515
$
17,237,635
20,162,713
21,683,259
18,506.473
15,161,993
15,902,204
1932.
1933.
1932.
44.388,825 10,670,817 13,177,166
47,040,635 8,865,580 12,756,949
48.261,354 10,386,765 12,047.238
42,176,624 9,493,105 10,741,892
Total__ 470,117,921 790,248,343405,512,143549,142,834 111,397,594 157.377,523
Movement of gold and silver for ten months:
Gold Movement at New York.
Silrer-New York.
Exports.
Imports.
Exports.
1932.
$
213,623
738.216
781,306
353,207
478.3.53
872.429
$
533,848
272,409
554,106
650,348
397,704
541.384
1932.
1933.
1932.
1933.
5.750107,842,041
January_ 111,598,294 19,057,937
February _ 20.423.202 7,221.315 21.491,025 128,185,769
2.238.052 6,630.355628,052,452 43.902,866
March_ __
735,518 3,164,462 16,594,167 49,480.976
April
1933.
872,419
134,305
757,710
834,386
1933.
541,384
38,986
109,091
645
Total...258,443.554(153,635,278 707.758,899795,163,323 6.035,954
3,639,905
GOLD.
The Bank of England gold reserve against notes amounted to £100,285,361
on the 6th inst.. as compared with £190,283,342 on the previous Wednesday.
Purchases of bar gold by the Bank during the week under review amounted
to £90.769.
A sharp decline In gold prices from the high levels reached last week was
seen during the week, following a reaction in the French exchange in favor
of sterling. In the open market, supplies of gold were again on a substantial scale, but were disposed of readily, the demand from the Continent
continuing to be keen.
Quotations during the week:
Equivalent Value
of E Sterling.
Per Pine Ounce.
12s. 11 64d.
131s.
Sept. 7
12s. 11.74d.
130s. lid.
Sept. 8
13s. 1.80d.
129s. 2Hcl.
Sept. 9
13s. 2 31d.
128s. 9Hd.
Sept. 11
13s. 3.81d.
127s. 7d.
Sept. 12
13s. 1.85d.
129s. 2d.
Sept. 13
13s. 1.53d.
129s. 5.33d.
Average
1932.
$
$
$
10,926,608 23.472,951 1,000,328
32,500
25,844,79 18,058,424
35,000 28.690,327
35.034,945
35,000398,471,056
25,656,339
8,560 4,034,936
6,840,308
5,570 32,622,524
13,248,219
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. 13 1933:
Month.
Imports.
1931.
1932.
July
August_ _ _
September
October_
November
December_
$
2,484,659
10.268.482
16,170,722
10,759,539
811,521
82,953,565
1932.
1931.
An Exchange Telegraph message from Washington dated Sept. 6 stated
that the Treasury, under the new gold regulations, will sot a daily price for
newly mined metal eligible for export. This price will be based on the
highest quotations in free markets abroad and will be the standard for sales
by the Federal Reserve. The standard price will be the highest free
market quotation less charges for handling.
According to a Reuter telegram from Washington on Sept. 8, the U. S.
Treasury announced on that day the Federal Reserve banks "may sell
newly mined gold to the arts and crafts and foreign purchasers at $29.62
an ounce." This Is the first announcement of the daily price to be established by the Treasury.
Prices have since been announced daily, varying between $29.10 and
$29.21.
Financial Chronicle
Volume 137
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 4th inst. to mid-day on the 11th inst.:
Imports.
Exports.
France
£1,363,814 France
£154.038
Netherlands
19,545 Netherlands
387,515
Iraq
14,708 Switzerland
3.771
United States of America.. 316,800 Other countries
3,510
Mexico
157,129
Venezuela
20,560
Peru
20.500
Alaska
20,719
British South Africa
1,856,155
Canada
472,885
British India
1,010,565
British Malaya
38,033
China
242,188
Salvage from SS. Egypt
37,970
Other countries
47,651
£5,639,222
£528,834
The SS. Kaisar-i-Hind which sailed from Bombay on the 9th inst. carries
gold to the value of about £819,000, of which 2773,000 is consigned to
London and +46,000 to Amsterdam.
The Transvaal gold output for August 1933 amounted to 934,714 fine
ounces as compared with 923.671 fine ounces for July 1933 and 991,322
fine ounces for August 1932.
SILVER.
The market has continued to show a very steady tone, prices showing
little change from the level maintained last week. China has again given
support and the demand was met chiefly by sales from Continental sourres.
but there have also been further re-sales by speculators. America on the
whole has been more disposed to buy than to sell, the enquiry being mostly
for near delivery.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 4th inst. to mid-day on the 11th inst.:
Imports.
Exports.
Netherlands
£31,258 France
£1,810
Germany
46,020 Germany
3,718
United States of America
64,673 Denmark
1,070
Mexico
32,400 Syria
1,480
Japan
12,149 French Possessions in India
3.500
British West Africa
11,692 Persia
5.025
British India
13.227 Malta
10.000
Australia
11,543 British India
2,580
Salvage from SS. Egypt
17,655 Other countries
2,328
Other countries
2,794
£243,411
Quotations during the week:
£31.511
IN LONDON.
IN NEW YORK.
Bar Silver per Ounce Standard.
.
.
(Cents per Ounce .999 Fine.)
Delivery.
Delivery.
Sept. 7
181-16d.
183-1
Sept. 6
37
Sept. 8
184d.
184d.
Sept. 7
374
Sept. 9
1S1-16d.
184d.
Sept. 8
3734
Sept. 11
184d.
184d.
Sept. 9
364
Sept. 12
183-163.
186-163. Sept. 11
374
Sept. 13
184d.
184d.
Sept. 12
37 11-16
Average
18 115d.
18.229d.
The highest rate of exchange on New York recorded
during the Period
from the 7th inst. to the 13th inst. was $4.593( and the lowest
S4.5134.
INDIAN CURRENCY RETURNS.
_ (In Jews of rupees.)
Sept. 7.
Aug. 31.
Aug. 22.
Notes in circulation
17,945
17.976
17.912
Silver coin and bullion in India
10.510
10,541
10,477
Gold coin and bullion in India
2,931
2.931
2,923
Securities (Indian Government)
4,504
4,504
4.512
The stocks in Shanghai on the 9th inst. consisted of about
126,800.000
ounces in sycee, 290,000.000 dollars and 6,340 silver bars, as
compared with
about 124,600.000 ounces in sycee, 290,000.000 dollars and
6,340 silver
bars on the 2d inst.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
Mon.,
Sept. 23. Sept. 25.
Silver, per on
18)4d.
18 7-16d.
Gold, p.fine oz 1338.534d. 132a.9d.
Consols, 28% Holiday.
7354
British 3Si%W. L
Holiday.
10034
British 4%1960-90
Holiday.
11154
French Rentes
fin Paris)3% fr. Holiday.
67.30
French War L'n
fin Paris) 5%
1920 amort__ Holiday.
109.30
Tues.,
Wed.,
Thurs.,
Frt.,
Sept. 26. Sept. 27. Sept. 28. Sept. 29.
1834d .
185
-led. l87
-16d. 187-16d
133a.2d. 1338.2d. 1328.4d. 13313.8c1.
7854
743.4
7454
7454
10034
101
10154
101)4
11034
1103.
11034
11034
67.70
67.80
68.30
68.10
110.80
111.90
111.40
111.30
The price of silver in New York on the same days has been:
Silver in N. Y.,
per on. (Ota.)
4014
3954
3954
393.4
3834
393.4
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.23 Sept. 25 Sert.26 Sept. 27 Sept. 28 Sept.29
1933.
1933.
1933.
1933.
1933.
1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
Banque de Parts et Pays Ban
Banque d'Union Parlsienno..
11053
Canadian Pacific
DAY
Canal de Suez
Cie Distr d'ElectrIcitie
Cie Generale d'Electrieltie
..
12,400 12,400 12,500 12,400
1,630
1,630
1,630
1,630
343
338
330
310
15e
247
245
242
19,775 19,690 19,780 19,520
2,535
2,495
2,520
2,525
2,080
2,050
2,100
2,100
12,500
1,630
247
2,120
2411
Sept.23 Sept.25 Sept.26 Sept.27 Sept.28 Sept.29
1933.
1933.
1933.
1933.
1933.
1933.
Francs. Francs. Francs. Francs. Francs. Francs.
Cie Generale Transatlantique
Citroen B
Comptoir Nationale d'Escompte
Cot7 Inc
55
537
Courrieres
Credit Commercial de France
Credit Fonder de France
Credit Lyonnais
Distribution d'Electricitie la Par
Eaux Lyonnais
Energie Electrique du Nord....
Energle Electrique du Littoral
French Line
Galeries Lafayette
Gas le Bon
Kuhlmann
VAir Liquide
Lyon (P L M)
Mines de Courrierea
110LIMines des Lens
DAY.
Nord Ry
Orleans By
Paris, France
Pathe Capital
Peehlney
Brutes 3%
Rentes 5% 1920
Rentes 4% 1917
Rented 4 Si% 1932 A
Royal Dutch
Saint Gobain C & C
Schneider & Cie
Societe Andre Citroen
Soelete Franealse Ford
Societe Generale Fonciere
Societe LyonnaLse
Societe Marseillaise
Suez
Tubize Artificial Silk prof
Union d'Eleetricitie
Union des Mines
Wagon-Lila
545
57
550
1,110
1,110
1,110
337
798
4,870
2,230
2,510
2.660
728
961
91
1,050
770
942
340
430
1,400
900
1,010
71
1,230
67.30
109.30
78.30
84.60
1.790
1,292
1,600
540
74
125
2,710
569
19,700
164
860
200
96
56
550
1,100
1,110
230
230
230
230
333
336
332
_ __
791
808
804
_
4,860
4,830
4,860
4,900
2,220
2,210
2,230
2,210
2,510
2,480
2,520
2,520
2,660
2.700
2,690
2,710
__ _
724
737
734
963
985
965
__
54
56
56
57
91
91
91
91
1,020
1,030
1,050
1,030
650
650
650
650
770
770
780
770
949
968
965
--330
330
340
330
440
430
430
430
1,460
1,400 1,435
1,450
____
9C5
896
_ _
980
980
980
980
65
67
68
1,220
1,220
1,220
1,230
67.80
67.70
68.30 68.10
110.80 111.90 111.80 111.30
79.70 80.50
78.90
80.10
84.80
85.80
85.10 85.80
1,810
1,780
1,790
1,790
1,288
1.300
1,289
1,599
1,595
1,599
_
550
540
550
550
74
72
74
73
125
123
122
125
_
2,665
2,685
2.690
569
569
564
- --19,700 19,800 19,600 19,600
169
168
_
168
860
850
860
860
190
200
200
190
98
96
99
-
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.
23.
25.
26.
27.
28.
29.
Per Cent of Par
Retchabank (12%)
139
Berliner Handels Gesellschaft (5%)
84
Commerz-und Privet Bank A G
46
Deutsche Bank und Disconto-Gesellschaft... 47
Dresdner Bank
39
Deutsche Relcbsbahn (Gel Rya) prof(7%) 99
Aligemeine Eiektrizitaets-Gesell(A EG)-__ 18
Berliner Kraft u Licht(10%)
110
Dessauer Gas (7%)
98
Gesfuerel(5%)
73
Hamburg Elektr-Werke (834%)
104
Siemens & Halske(7%)
140
IC. Farbenindustrie(7%)
118
Salzdetturth (734%)
Rheinische 13munkohle (12%)
172
Deutsches Erdoel(4%)
97
Mannesmann Roehren
53
Hapag
11
Norddeutecher Lloyd
12
139
84
45
46
39
99
19
112
99
73
106
139
117
159
174
96
53
11
12
139
84
45
46
38
99
18
112
98
72
105
141
117
160
174
9.5
52
11
12
142
84
45
46
37
100
18
114
102
74
106
146
118
-178
97
52
10
12
141
84
44
45
37
100
18
113
101
73
105
147
116
_
180
95
51
10
11
141
84
43
45
36
100
18
113
100
74
106
146
116
182
96
53
10
11
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Sept.29
1933:
SW
Anhalt 78 to 1946
/23
Argentine 5%, 1945, 8100
pieces
72
Antioquia 8%, 1946
124
Austrian DefaultedCoupons 165
Bank of Colombia, 7%,'47 /25
Bank of Colombia. 7%,'48 125
Bavaria 610 to 1945
nit
Bavarian Palatinate Cons.
Cie 7% to 1945
(13
Bogota (Colombia)6H,*47 j21
Bolivia 6%, 1940
18
Buenos Aires scrip
/15
Brandenburg Elec. 6s, 1953 5712
Brazil funding 5%,'31-51 4212
British Hungarian Bank
7 Hs,1962
(46
Brown Coal Ind. Corp.
134s. 1953
f53
Call (Colombia) 7%, 1947 JI4
Callao (Peru) 734%. 1944 /3
Ceara (Brazil) 8%. 1947.. f 5
Columbia serip
115
Costa Rica funding 5%. 51 34
Costa Rica scrip
(34
City Savings Bank, Budapest. 71). 1953
/39
Deutsche Bk 6% '32 unst*d f75
Dortmund Mon URI 13s,'48 36
Dulaberg 7% to 1945
115
Duesseldorf 7s to 1945_ _ _. 118
East Prussian Pr. 68, 1953. 38
European Mortgage & Investment 734s, l966.,
/al
French Govt. 514s, 1937
137
French Nat. Mali SS.66,
152 134
Frankfurt 7s to 1945
/15
German All Cable is, 1945 3;l2
German Building & Landbank 64%.1948
26
German defaulted coupons. /70
Haiti II% 1953
65
Hamb-Am Line 614s to 40 77
Hanover Harz Water Wks.
6%, 1957
(22
Housing & Real Imp 78,'46 38
Hungarian Cent Mut 78;37 /36
171st price.
Asir
26
bid
Flungartan Discount & Exchange Bank 7s, 1963...
75 Hungarian defaulted COUPS
26
Hungarian Rai Ilk 7348,'32
____ Koholyt 634s. 1943
28 Land M Bk, Warsaw 88.'41
28 Leipzig Oland Pr 6 lis,'46
30 Leipzig Trade Fair 7s, 1953
Luneberg Power, Light &
18
Water 7%, 1948.
23 Mannheim & Paint 78. 1941
Munich 7s to 1945
11
25 M unie 13k, Hessen,7810'45
59 Municipal Gas & Elec Corp
Recklinghausen, 78, 1947
4412
Nassau Landbank 6 Hs,'38
48
Natl. Bank Panama 612%
1946-9
56 Nat Central Savings Ilk of
16
Hungary 734s, 1962....
6 National Hungarian & Ind.
10
2.5
Mtge.7%. 1948
Oberpfalz Elec.7%,1946._
__ -- Oldenburg-Free State 7%
to 1945
Porto Alegre 7%, 196841
Protestant Church (Ger
many). 7s, 1946
40 Prov Bk Westphalia 68,'33
18 Prov Bk Westphalia 66,'36
23 Rhine Westph Elec 7%,
'36
41 Rio de Janeiro 6%. 1933._
Rom Cath Church 6 Hs,'46
63 R C Church Welfare 7s.'46
144 Saarbrueeken M Bk 6s,'47
138 Salvador 7%, 1957
20 Santa Catharina (Brazil)
4312
8%, 1947
Santander(Colom)75, 1948
29 Sao Paulo (Brazil) 6s, 1947
. __ Saxon Pub. Works 5%,'32
_
75 Saxon State Mtge 68. 1947
80 Stem & Halske deb 66.2930
Stettin Pub Util 7s. 1946..
26 Tucuman City is. 1951_
42 Tucuman Prov 7s, 1950._
38 Vesten Elec Ry 78, 1947._
Wurtemberg is to 1945_
Ask
160
301?
- -- -
170
37
611
671
25
8912
29
58
40
/28
20
60
43
30
25
271.
/47
3012
52
(2812
39
40
.
(48
42
/45
47
2912
20
/
23
3612
/57
/46
/35
r25
/64
433
4
50
/16
/24
/10
116
(30
(57
181)
f34
(24
45
(20
26
50
3112
25
25
38
......-
iii"
27
66
443i
60
18
26
13
18
--59
-- -37
26
49
23
30
Financial Chronicle
2412
CommercialantiPliscellaneonsnexus
-All
Breadstuffs Figures Brought from Page 2484.
the statements below, regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Oats.
Corn.
Wheat.
Flour.
Barley.
Rye.
.561bs.
bbls.196lb8.bush.60 lbs.bush.56 lbs. bush.32lbs. bush.481bs.bush
215.000
7.000
.535,000
248,000 3.022,000
162.000
Chicago
710,000
71.000
709,000
322,000
1,416.000
MinneapolLs
117.000
45,000
286,000
17,000
1,779.000
Duluth
444.000
1.000
208,000
555,000
00
2
4.0 8
11.000
Milwaukee-1,000
2,000
70,000
40.000
241.000
Toledo
17,000
7,0
12,
9,000
23.000
Detroit
130,000
450,000
57,000
Indianapolis
9,000
6.00
108,00
365,000
278.000
124.
St. Louis_ _
28.000
2,000
56.000
388,000
40,000
38,
Peoria
64.000
336,000
490,000
11,
Kansas City-58.000
270.000
448,000
Omaha
34,000
159.000
135
St. Joseph- - 4,000
14.00
195,
Wichita
22,000
13,111
52,000
16,000
Sioux City
187.000
1.308.000
Buffalo
Total wk. '33
Same wk. '32
Same wk. '31
346,000 6.673.000
12.376,000
405,
9.535,
526
5.999.000
4,101.000
2,788,000
2.287,000
1,918,000
1,816.000
141.000 1,750.000
1,086.000
531.
1,049,000
416.
Since Aug.I12,521,000
54.457.000 31.136,000 27,471,000 2,898,
2.396
1933
34,720,000 36,178.000 3,418,00010,767.000
91.529,
2.944,
1932
9,947,000
3.956.000 116,764,000 22,337,000 21,995,000 1,296,
1931
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Sept. 23, follow:
Receipts at-
Oats.
Corn.
Wheat.
Flour.
Barley.
Rye.
bbls.tgelbs.bush.60 1bs.bush.56 lbs.bush.32 lbs.bush.481bs.bush.b6lbs.
2.00
276,000
116,000
New York_ _ _
3,000
1,
4,000
8,000
29,000
Philadelphia__
3.000
10.000
5,000
13,000
52.000
10,000
Baltimore__ __
1,000
Newport News
1,000
Norfolk
30,000
75.000
27.000
36,000
New Orleans*
8,000
Galveston
107,000 2,010.000
Montreal_ _ _
232,000
Sorel
4,000
15,000
Boston
542,000
Quebec
8.000
Halifax
Total wk. '33 323,000 3,155.000
Since Jan.1'33 10,984.000 67.181.000
43,000
88,000
4.275.0001__3.299,000
13,000
250.000
6,000
521.000
126.000
31,000
330,000
86.0001
294,000 5.147.000
Week 1932
Rine. Jan i'52 11.836000109.800000 4.424.000 7.200J00510.855.000 6.882.000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 23 1933, are shown in the annexed
statement:
Exports from•
New York •
Norfolk
Newport News
New Orleans
Galveston
Montreal
Sorel
Quebec
Halifax
Wheat.
Corn.
Oats.
Flour.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
22,740
1,000
490.000
1,000
1,000
5.000
7,000
1,000
7,000
1,000
107,000
2.010,000
232.000
542,000
8.000
Total week 1933._ 3,281.000
game week 1932_ 5,073,000
2.000
85,000
147,740
65,145
5.000
205,000
30,000
125,000
The destinat'on of these exports for the week and since
July 1 1933 is as below:
Flour.
Exportsfor Week
Since
Week
and Since
Sept. 23 July 1
July 1 to-1933.
1933.
Wheat.
Week
Sept. 23
1933.
Since
July 1
1933.
Corn.
Week
Sept. 23
1933.
Situe
July 1
1933.
Bushels.
Bushels.
Bushels.
Barrels. Barrels.
837,400 1,609.000 11,832.000
United Kingdom_ 89,390
202,892 1,661.000 16,070.000
24,740
Continent
69.000
10.000
12,000
2,000
So.& Cent. Amer_
1.000
4,000
1,000
193.000
19,000
West Indies
3.000
__ - Brit.No.Arn.Cols.
1.000
151,000
61,175
. 12,610
Other countries_ _
Bushels.
2.000
85,000
22,000
484,000
Total 1933
Total 1932
147,740 1,309,417 3,281.000 28,126,000
812.994 5.073.000 42,634,000
65.145
19,000
3,000
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
-The Citizens Nat. Bank of Hampton. Hampton, Va...- $400,000
Sept. 16
Capital stock consists of $200.000 preferred stock and
$200,000 common stock.
President, Jos. E. Healy. Will succeed the First National
Bank of Hampton. No. 6842.
50,000
-The Garrett National Bank in Oakland. Oakland, Md-Sept. 18
President, Chas. W. Ream. Cashiers, it. C. Riggs.
succeed the Garrett National Bank of Oakland.
Will
No. 6588.
-The First National Bank of Pittsfield. Pittsfield, Me__ 100,000
Sept. 19
Capital stock consists of $50,000 preferred stock and
$50.000 common stock.
President. A. P. Bigelow Cashier, Geo. A. Moore.
Will succeed the Pittsfield National Bank. No. 4188.
200,000
-First National Bank of Temple. Temple.Tex
Sept.20
Capital stock consists of $100,000 preferred stock and
Common stock.
$100.000
President, Z. A. Booth: Cashier, IT. C. Surghnor. Will
succeed the First National Bank in Temple No. 13206.
Sept. 30 1933
Sept. 21-The Citizens National Bank in Gastonia, Gastonia, N.0 $200.000
Capital Stock consists of $100,000 preferred stock and
$100,000 common stock.
President. A. G. Myers: Cashier. Allen H. Sims. Will
succeed the Citizens National Bank of Gastonia.
No. 7536.
100.000
-Webster National Bank, Webster. Mass
Sept.22
President. Joseph N. Roy; Cashier, Arthur R. Terrien.
Will succeed the Webster National Bank, No. 11236.
-United States National Bank in Johnstown, Johnstown,
Sept.22
800,000
Pa
President, John W. Walters; Cashier, F. C. Martin.
Will succeed the United States National Bank of
Johnstown. No. 5913.
CHANGE OF TITLE AND LOCATION,
-The First National Bank of Black Rock, Ark. to "the
Sept. 16
First National Bank of Lawrence County at Walnut
Ridge.'
Location changed from Black Rock. Ark. to Walnut
Ridge, Ark.
VOLUNTARY LIQUIDATION.
-The First National Bank of Williston, Williston, N. Dale. 75.000
Sept.18
Effective Aug. 19 1933. Liq. Agent, W. S. Day dson,
Williston, N. Dale,
Succeeded by the First International Bank of Williston,
N. Dak.
100.000
-The First National Bank of Frederick. Okla
Sept. 21
Effective Sept. 15 1933. Lig. Agent, J. B. Beard Jr..
Frederick. Okla.
Succeeded by First National Bank in Frederick, Charter
No. 13760.
BRANCH AUTHORIZED.
-The Chase National Bank of the City of New York. N. Y.
Sept. 18
Location of Branch. Corner of Rockefeller Plaza and 49th St..
Borough of Manhattan, N. Y. City. Certificate No. 892A.
-The National Bank of Commerce of Seattle, Seattle, Wash.
Sept. 19
Location. of branch: 331 Pacific Street, Bremerton, Kitsap
County. Wash.-Certificate No. 894A.
-The First National Bank of Portland, Ore.
Sept. 19
Location of branch: City of Salem, Marion County, Ore. Certificate No. 893A.
-Among other securities, the following
Auction Sales.
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:
$ Per Sh.
Shares. Stocks.
$75 lot
750 Peoples Trust & Savings Bank of Chicago, par $100
$50 lot
and past due
Six notes totaling $35,322.25
5.5 lot
238 Marion Cafeteria, Inc.(N. Y.). "B," par $100: 4 "A," par $100
$4 lot
Gilliland 01' Co. (Del.) common temp. ctf., no par
200
$5101
common class A. no par
40 Peoples Light & Power Corp.(Del.)
$3 lot
155i Bush Service Corp.(Del.) common v. t. o., no par
15 Bush Service Corp. (Del.) preferred, series A, Par $100; 50-100ths 7% lot
55
rum. preferred .nterim receipt. par $100
$13 lot
200 Detrolt & Canada Tunnel Co.(Mich.). common, no par
$29 lot
$100
6 Brooklyn Academy of Music (N. Y.), par
37 lot
41 Clinbrook Realty Co.(N. Y.), par $100
$3101
42 6-7 Delaware Valley Utilities (Del.), common, no par
861 lot
50 Delaware Valley Utilities (Del.), pref., no par
Bonds
$7.000 City of Coral Gables, Fla., 6% bonds ($1,000 due 1938; 51.000 due flat
10%
1940; $3,000 due 1949; 52.000 due 1953)
In form of a
A mtge. affecting No. 25 Runyon Road, Yonkers, N Y., givenconveyances.
deed and now held by National City Bank of N. Y. by memo
and which said last-mentioned deed was recorded in Westchester County
Register's Office on Dec. 15 1931, which said personal property is held and
will be gold for the account to recover advances in the aggregate sum of lot
$50
$78.21
By R. L. Day & Co., Boston:
$ per Sh.
Stocks.
Shares.
61X
40 Naumkeag steam Cotton Co, par 5100
68
$100
5 Appleton Co., pref., par
20
570 Crown Manufacturing Co., par $100
$6 lot
Slrobroco Stone Co. common
20
Toll, Lee Higginson receipts. non-nego105 Kreuger & Toll; 80 Kreuger &
tiable; 2,400 kronens Kreuger az Toll 5s, Lee Higginson receipts, non-nego- lot
52%
tiable
$1 lot
143 Insull Utility Investment Inc., common
37
20 Greenfield Tap & Die Corp., preferred, par $100
10
5100
50 B. F. Sturtevant Co.. common, par
Per Cent.
Bonds4445,Sept 3 1937. 8500 Mem_.10151
$5.000 City Clneinnat Mill Creek trunk sewer
coupon
9254
82.000 City of Boston 4s. Jan. 1960, Dorchester Tunnel loan
Customers'leases and notes receivable of various dates and maturities in the following amounts, payable with interest to the Poland Laundry Machinery
Co.and endorsed in blank:
*1,250.00
• $50.00 Leader Laundry
Appleton Laundries, Inc
*1,700.00 La Blanc Cleansers & Dyers,Ino *505.00
Bryan Laundry Co
C.dc W.Dyeing & Cleansing Co_ *225.00 Mass. Dye House,!. Tailors, Inc.4,000.00
*3,021.13
*6,507.94 Modern Steam Laundry
John R. Crowell
*756.85
Daylight Laundry Co., Inc.....3,514.93 Monarch Laundry
*1.230.00
*1,435.00 Paramount Cleansers
Luze Laundry
De
*535.00
*540.00 Rapid Cleansers & Dyers, Inc
Eastern Overall Co
*400.00
*215.00 J. E.Saxon
0..!. V. Co
*2,513.00
*1,533.00 Sun Laundry Co
General Laundry Co
*145.00
*180.00 Sunbeam Laundries
Globe Laundry
*355.00
*585.00 Superior Laundry Co., Inc
John Hoffnagel
*2.125.00
Tom Ricci Laundry
Holland Cleansers & Dyers of
'600.00
*29,191.50 Universal Laundry
Maryland, Inc
*500.00
*513.18 Wesco 13Ieachery
Home Laundry, Inc
'5,100.00
*7,508.59 Wonder Laundries Co., Inc....
Horton Laundry Co., Inc
'$15,000 lot.
•1,550.00
House of Liederman. Inc
By Barnes & Lofland, Philadelphia:
$ per Sh.
Shares. Storks.
6 Si
2 Philadelphia Rapid Transit Co., 7% cumulative preferred
lot
20 United States Electric Power,common (with warrant for com,stk. attached)871
United Founders Corp., common
107
1
153 30-40 Central States Electric Co.,common
Stint
60 Evaul Brothers, capital stock
$1 lot
50 Evaul Realty Co.. capital stock
$1101
120 South Jer,ey Realty Corp., capital stock
81101
100 South Jersey kfortgage Co., common
$1 lot
8 Homelands Development Co.. capital stock
El lot
5 Haines & Hand Co., capital stock
57 lot
10 P. A.Stewart Land & Development Co.. capital stock
84 lot
25 Goodwin Co., Inc., capital stock
81 lot
230 Merchantvile Nattatorium Co., capital stock
El lot
11 Broadway Stevens Co.. capital stock
$1101
73 J. W. Paxson Co., capital stock
$1 lot
stock
200 Audubon Wire Cloth Co., capital
81 lot
133 South Jersey Amusement Co., common
Si lot
49 South Jersey Amusement Co., preferred
$11.1
common
600 Suburban Laundry & Carpet Cleaning Co.,
52
8 Suburban Commercial Bank of Barrington, Barrington, N.J
5200 lot
21 J. It. Quigley Co., capital stock
3)4
100 Northwestern National Bank dr. Trust Co., par $20
19
5 Chester Can bridge Bank & Trust Co., Chester, Pa., par $20
74
100 Girard Trust Co.. par 810
89
5 Real Estate Trust Co.. par $100
33
10 Florida Realty Co., capital stock, par $100
Volume Lrl
Financial Chronicle
BondsPer Cent.
$3,000 C. M.St. P.dr P.RR..5% cony.ad.
mtge.,ser. A. due Jan. 1 2000._ 13
$10.000 Berkelash Country Club &s, 1947
$100 lot
$500 N. W. corner Third St. & Lehigh Ave., Philadelphia. 534% let mtge..
due Aug. 1 1933. reglitered
2
52.000 Boyd Theatre, Philadelphia. 534% let mtge.. ser. A. due June 1 1933. 36
$500 NW. corner Thirteenth & Locust Sta., Philadelphia, 6% 1st mtge..
due 1933 (minus guarantee policy)
26
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 The Como Mines
50 United Office Building preferred with 50 shares common
8 Per Sit.
$0.20
$40 lot
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Public Utilities (Continued).
United Pow.& Light (Kan.).7% pt(gm)
United Telep.(Kans.),7% prof.(qu.).-6% preferred (guar.)
Quarterly
West Penn Elec. Co.,7% cum.prof.(gu)
6% cum. preferred (guar.)
Wisconsin Telephone,common (qua:.)..
Preferred (guar.)
Worcester & Suburban Elec..(guar.)-
2413
Per
When
Share. Payable.
$134
134%
114%
$134
$1%
Books Closed.
Days Inclusive.
Oct. 2 Holders of rec. Sept. 15
Oct. 15 Holders of rec Sept.30
Oct. 15 Holders of me. Sept.30
Oct. 15 Holders of rec. Sept.30
Nov.15 Holders of rec. Oct. 20
Nov. 15 Holders of rec. Oct. 20
51 Sept.29 Holders of rec. Sept. 21
Bank and Trust Companies.
Commercial Natl.Bk.& Tr.(N.Y.)
(gu)
52 Oct. 2 Holders of me. Sept.28
Fire Insurance Companies.
Hartford Steam Boiler Insp. dr ins.(gu.)
400 Oct. 2 Holders of roe. Sept.27
Miscellaneous.
Abraham & Straus, Inc., pref. (qua?.)... VA Nov. 1 Holders of roe. Oct. 14
Affiliated Products Co., Inc.. corn.(mo.)
5e Nov. 1 Holders of roe. Oct. 18
Ajax Oil & Gas (guar.)
2% Oct. 16 Holders of roe. Sept.30
Alaska Juneau Gold Mining Co.(gu.)_
15o Nov. 1 Holders of rem Oct. 10
Extra
15e Nov. 1 holden of rec. Oct. 10
Allied Chemical& Dye Corp.,corn.(gu.) $114 Nov. 1 Holders of rec. Oct. 11
Per
When
Books Closed
American Can Co., corn.(guar.)
$1 Nov. 15 Holders of roe. Oct. 250
Name of Company.
Share. Payable.
Days Inclusive.
American Factors, Ltd.(mo.)
We Oct. 10 Holders of rec. Sept.30
American Ice Co., prof.(guar.)
$114 Oct. 25 Holders of rec. Oct. 6
Railroads (Steam).
Appleton.7% pre
Cincinnati Sandusky & Cleveland
65114 Nov. 1
Austin Motors. Ltd., ordinary
6% preferred (5.-a.)
25%
$115 Nov. 1 Holders of rec. Oct. 24
Bonus
Lehigh & Hudson (guar.)
75%
$1 Sept.30 Holders of rem Sept. 21
Preferred
Norfolk & Western (guar.)
20%
51 Nov. 18 Holders of rec. Oct. 31
Autollne Oil Co.,8% pref.(guar.)
Reading.common (guar.)
20e Oct. 1 Holders of rec. Sept.25
25e Nov. 9 Holders of me. Oct. 11
Bloomingdale Bros., Inc.. prof. (qua?.). $134 Nov. 1 Holders of rem Oct. 20
Sharon (semi-annual)
$1)( Oct. 2 Holders of rec. Sept.23
Boots Pure Drug Co., Ltd., Arner. dep.
Vermont & Massachussetts (s.
-a.)
$3 Oct. 7 Holders of roe. Sept. 12
rec.ordinary regQuarterly interim
Public Utilities.
=6% Oct. 9 Holders of roe. Sept.25
Ordinary registered
Amer. Cities Pow.& Lt. cl. A (guar.).- 1750 Nov. 1 Holders of me. Oct. 5
=6% Oct. 2 Holders of roe. Sept. 15
Amer. Light & Traction Co.. corn.(gu.)
$134 Sept.30 Holders of rec. Sept.23
400 Nov. 1 Holders of rec. Oct. 14a Boston Storage Warehouse (guar.)
Preferred (mar.)
40e Oct. 16 Holders of roe. Sept.30
8114 Nov. 1 Holders of rec. Oct. 14a Bridgeport Hydraulic Co.(guar.)
Amer. Water Works & Elec.. corn.(gu.)
Bridgeport Machine Co., pref
hit Oct. 10 Holders of roe. Oct. 5
25c Nov. 1 Holders of rec. Oct. 6
Attleboro Gas Light (quar.)
Byers (A. M.) Co.. Prof
500 Nov. 1 Holders of roe. Oct. 16
$3 Oct. 2 Holders of rec. Sept. 15
Bell Telep. Co.,corn.(guar.)
Calansba Sugar Estates,corn.(guar.).
40e Jan. 2 Holders of rec. Dec. 15
$2 Sept 30 Holders of rec. Sept.30
Canadian Fairbanks Morse, pref.(guar.) $134 Oct. 14 Holders of ma. Sept.30
7% preferred (guar.)
35c Jan. 2 Holders of ree. Dec. 15
Cameron Machine, 8% pref. (guar.)...
Central Hudson Gas & Elec. Corp.
$2 Sept.30 Holders of roe. Sept. 21
6% preferred (guar.)
Canada Packers,7% pref.(guar.)
$134 Oct. 2 Holders of rec. Sept. 16
$114 Oct. 2 Holders of rec. Sept.22
7% preferred
Quarterly
h$314 Oct. 2 Holders of roc. Sept. 16
20c Nov. I Holders of rec. Sept.30
Voting trust certificates (guar.)
Carpel Corp., (guar.)
260 Oct. 1 Holders of roe. Sept.22
20e Nov. 1 Holders of roe. Sept.30
Central Maine Pow. Co.. 7% pref.(gu.) 2134 Oct. 1 Holders of roe. Sept. 10
Case Lockwood & Brainard (qua:.)
ESA Oct. 2 Holders of rec. Sept.20
6% preferred (guar.)
Cincinnati Advertising Product Co.slit Oct. 1 Holders of rec. Sept. 10
Comn.on (guar.)
$6 preferred (guar.)
250 Oct. 1 Holders of rec. Sept.25
$134 Oct. 1 Holders Of roe. Sept. 10
Cincinnati Postal Terminal & Realty
Central Pow. Co..6% & 7% pref. div. deferred.
Chesapeake & Potomac Telephone Co.of
$134 Oct. 16 Holders of rec. Oct. 5
634% preferred (guar.)
Baltimore City, cum. prat. (guar.)... $134 Oct. 16 Holders of rec. Sept.30
Citizens Wholesale Supply, 7% M.(qu.) 8734e Oct. 2 Holders of roe. Sept.30
6% preferred (guar.)
Commonwealth Edison Co.(guar.)
760 Oct. 2 Holders of roe. Sept.30
$1 Nov. 1 Holders of roe. Oct 14
Cleveland Graphite Bronze (guar.)
Dayton Pow. & Light, 6% prat. (mo.).
260 Oct. 2 Holders of roe. Sept.25
50r. Nov. I Holders of rec. Oct. 20
Des Moines Gas,8% pref. (guar.)
Cleveland Union Stockyards Co. (gu.). 1255c Sept.30 Holders of rec. Sept.25
51 Oct. 2 Holders of rec. Sept.20
Collyer Insulated Wire (guar.)
7% preferred (guar.)
260 Oct. 2 Holders of rec. Sept.25
87340 Oct. 2 Holders of rec. Sept. 20
Edison Elec. Ilium. Co.of Boston (gu.). $214 Nov. 1 Holders of rec. Oct. 10
Preferred (guar.)
$114 Oct. 16 Holders of rec. Sept.29
Columbia Mills (guar.)
Franklin Teleg., 2)4% gold stock (s -a.) $134 Nov. 1 Holders of ma. Oct. 14
50c Oct. 2 Holders of rec. Sept 26
Gas securities Co., corn.(mo.)
Comm.Invests., manage.sir.(qua?)....
10e Oct. 2 Holders of rec. Sept 25
G A ofI% Oct. 2 Holders of rec. Sept. 15
Preferred (monthly)
Commonwealth Life Ins.(Icy.)(qua?.)..
40e Oct. 2 Holders of rec. Sept.26
50c Oct. 2 Holders of rec. Sept. 15
General Water. Gas & Elec.. $3 prof-Consol. Cigar Corp., pref.(quar.)
5144 Nov. 1 Holders of rec. Oct. 16
76e Oct. 2 Holders of rec. Sept. 22
Harrisburg Gas. pref.(guar.)
Preferred (guar.)
tlfi Oct. 16 Holders of rec. Sept.30
$134 Dec. 1 Holders of rec. Nov. 15
Hartford Elec. Light (guar.)
Consolidated Dry Goods, 7% pref
6$214 Oct. 2 Holders of rec. Sept.23
6844c Nov. I Holders of rec. Oct. 14
Haverhill Gas Light (guar.)
Consolidated Royal 011 (guar.)
5e Oct. 16 Holders of rec. Sept.29
56e Oct. 2 Holders of roe. Sept. 27
Holyoke Water Pow.(Mass.)(guar.)
Coro Products Refining Co. (qua?.)..
s75e Oct. 20 Holders of rec. Sept. 29
$3 Oct. 2 Holders of rec. Sept. 22
Home Tel.& Tel.(Ft. Wayne)(guar.)._ 6234 Oct. 2 Holders of rec. Sept. 28
Cresson Consol. Gold Mining & Milling_
le Nov. 15 Holders of rec. Oct. 31
Houston Natural Gas Co., pref. (gu.)... 8734e Sept.30 Holders of rec. Sept. 25
Curtis-Wright Export, 6% pref. (guar.) $134 Oct. 15 Holders of rec Sept.30
Iowa Power & Light, 7% pref. (guar.)._ $134 Oct.
Danaby-Faxon Stores (guar.)
250 Sept.30 Holders of rec. Sept. 16
Holden of roe. Sept.20
6% preferred (guar.)
Debenhams. Ltd.. div. omitted.
Holders of mc. Sept.20
$134 Oct.
Kansas Power & Light, 7% pref.(guar.) $144 Oct.
$3
Discount Corp. of New York (qua?.)
Oct. 2 Holders of rec. Sept.30
Holders of rem Sept. 20
6% preferred (guar-)
Dominguez Oil Fields (mo.)
$134 Oct.
15o Oct. 2 Holdcrs of rec. Sept.23
Holders of rec. Sept. 20
Kansas Utilles, 7% pref. (guar.)
Dominion Rubber Co., prof. (guar.).- $134 Oct. 16 Holders of rec. Oct. 10
$114 Oct.
Holders of rec. Sept. 20
Kentucky Utilities Co.,6% pref.(guar.) 1 A% Oct. I Holders of rec. Sept.25
Dravo Corp., 6% preferred
250 Oct. 2 Holders of rec. Sept.30
Kittanning'Perna.(guar.)
Eagle Lock Co.(guar.)
50e Oct. 2 Holders of rem Sept.22
50c Oct. 1 Holders of rec. Sept.27
Lake Erie Pow.& Lt. pre! (guar.)
Eaton Mfg. Co., common
.
200 Nov. 15 Holders of me. Nov. 1
$114 Oct.
Holders of rec. Sept.23
Lawrence Gas & Electric (quar.)
90c Oct. 1 Holders of rec. Sept. 19
$1 Nov. 1 Holders of roe. Oct. 16
Eureka Pipe Line Co. (guar.)
Louisville Gas & Electric Co.(Ky.)Fafnir Bearing
The Sept.30 Holders of rec. Sept. 19
7% cumulative preferred (guar-)
Ferro Enamel Corp., corn
100 Oct. 10 Holders of rec. Sept.30
134% Oct. 1 Holders of rec. Sept.30
6% cumulative preferred (guar.)
1)4% Oct. 1 Holders of me.Sept.30
Common
100 Dec. 20 Holders of rec. Dec. 10
5% Cu aulative preferred (guar.)
Plberlold Corp., 7% pref. (guar.)
1)4% Oct. 1 Holders of rec. Sept.30
$114 Oct. 2 Holders of rec. Sept.22
Lowell Elect. Light(guar.)
900 Oct. 1 Holders of rec Sept.25
Firensans Fund Ins. Co
75e Oct. 16 Holders of roe. Oct. 5
Maritime Telep.& Teleg.,7% pret.(gu.) 17)4e Oct.
Firestone Tire & Rubber Co.,corn.(gu.)
10c Oct. 20 Holders of rec. Oct. 5
Holders of rec. Sept.20
Quarterly
lfre Oct.
First Finance Co.of Detroit, Cl. A (gu.). 3734e Oct. 2 Holders of rec. Sept.25
Holders of rec. Sept.20
Mississippi Power Co., $7 prof. (qua?.). $1)4 Oct.
3714e Oct. 2 Holders of rem Sept.25
Holders of rec. Sept. 21
$134 preferred (guar.)
$6 preferred (guar.)
First Finance Co.of Iowa, $114 pt.(au.) 3714o Oct. 2 Holders of roe. Sept.25
$114 Oct.
Holders of rec. Sept. 21
Missouri Power & Light, $6 pref.(guar.) $114 Oct.
First Secs. Corp of Iowa, pt.& pt. A (gm) 3734e Oct. 1 Holders of rem Sept.25
Holders of rec. Sept.20
Mohawk Hudson Pow.Corp., let pf.(gu) $114 Nov.
First Shares Corp., Des Moines,pf.(gu) 3714e Oct. 1 Holders of reo. Sept. 2.5
Holders of rec. Oct. 16
2d preferred-No dividend action
Fisk Realty Corp.. partial cap. distill)._
Holders of rec. Sept.30
$30
Montreal Telegraph Co. (guar.)
x80o Oct. 1 Holders of rec Sept.30
Food Machinery, 634% preferred
653 Sept.30 Holders of rec. Sept.25
Montreal Tramways Co.,corn.(quar.)
$234 Oct. 1 Holders of rec. Oct. 5
Fosteria Pressed Steel Corp.(guar.).15c Sept.30 Holders of rec. Sept.25
Newark Telephone (Ohio).6% pret.(gu.) $114 Oct. 1 Holders of rec. Sept.30
Foulds Milling Co.. pref• (guar-)
52 Oct. 10 Holders of roe. Sept.30
New Bedford Gas & Edison Lt.(guar.)-Frick Co.,6% pref.(guar.)
760 Oct. 1 Holders of rem Sept.28
750 Oct. 1 Holders of rec. Sept.20
New Brunswick Telephone (guar.)
General Candy, class A
1214c Oct. 1 Holders of rem Sept.30
h250 Oct. 20 Holders of roe. Oct. 10
New Hass pshire Pow., a% pref.(guar.).
$2 Oct.
General Stockyards Corp.. corn. (guar.)
Holders of rem Sept. 15
50o Nov. 1 Holders of me. Oct. 16
North Indiana P.S.,7% pref.(guar.).- 87 Ac Oct. 1 Holders of rec. Sept.30
$6 preferred (guar.)
$134 Nov. 1 Holders of roe. Oct. 16
6% preferred (guar.)
760 Oct. 1 Holders'of rec. Sept.30
Gold Dust Corp., com. (guar.)
300 Nov. 1 Holders of rem Oct. 10
534% preferred (guar.)
68440 Oct. 1 Holders of rec. Sept.30
Great Lakes Transit Corp., 7% pt.(gu.) $114 Oct. 2 Holders of rec. Sept. 23
Old Colony Light & Power Assoc
$1 Oct.
7% preferred
Holders of roe. Sept. 21
6$1 Oct. 2 Holders of rec. Sept. 23
6% preferred (guar.)
Guarantee Co. of North America (guar.) $114 Oct. 16 Holders of rec. Sept.30
Holders of rec. Sept. 21
PM Oct.
Pacific Lighting Co., corn. (guar.)
760 Nov. 1 Holders of rec. Oct. 20
Extra
$214 Oct. 16 Holders of rec. Sept.30
Panama Pow. & Light, 7% pref. (guar.) $134 Oct.
Harbison-Walker Refractories. pf. (qu.) 134% Oct. 20 Holders of rec. Oct. 10
Holders of roe. Sept. 26
Peninsular Telephone (guar.)
250 Oct.
Hawaiian Commercial dc Sugar(monthly)
Holders of roe. Sept. 15
250 Oct. 5 Holders of roe. Sept.25
Philadelphia Elec. Co., 5% pref. (guar.) $134 Nov.
Hercules Powder Co., pref. (guar.)
Holders of roe. Oct. 10
$134 Nov. 15 Holders of rec. Nov. 3
Philadelphia Suburban Water, pt. (gu.) $134 Dee.
Hershey Chocolate Co., corn.(qua?)....
Holders of roe. Nov. 11
750 NOV. 15 Holders of rec. Oct. 26
Power Corp. of Can.. Ltd..6% Pf.(gm) 134% Oct. 1 Holders of rec. Sept.30
Preferred (qua?.)
$1 Nov. 15 Holders of rec. Oct. 25
6% non-cum. preferred (guar.)
760 Oct. 1 Holders of rec. Sept.30
Holly Development(guar.)
lc Oct. 16 Holders of roe. Sept.30
Public Service Co. of N. Ill., corn.(gu.)
500 Nov.
Ilolophane, preferred (s.
Holders of rec. Oct. 14
$1.05 Oct. 2 Holders of roc. Sept.22
-a.)
6% preferred (guar.)
$114 Nov.
Honolulu Plantations (monthly)
Holders of ma. Oct. 14
25e Oct. 10 Holders of roe. Sept.30
7% preferred (guar.)
$154 Nov.
Horn dr Hardart(N. Y.). com•(guar.).
Holders of rec. Oct. 14
41:c Nov. 1 Holders of rec. Oct. 11
Public Service Co.of Ind.,$6 pmt.(gu.).
750 Oct. 1 Holders of rec. Sept.30
Hutchison Sugar Plantation Co.(guar.).
30c Oct. 5 Holders of rec. Sept.30
$1 preferred (guar.)
87340 Oct. 1 Holders of roe. Sept.30
Imperial Lite Assurance Co. (guar.).$334 Oct. 2 Holders ot rec. Sept.30
Rhode Island Public Service, cl. A (gu.)
Nov. Holders of roe. Oct. 16
$1
Industrial Cold Storage & Wareh.(s.-a.)
$1 Oct. 2 Holders of rem Sept.28
Preferred (guar.)
50e Nov. Holders of roe. Oct. 16
Internat. Printers Ink,6% pref. (guar.) $114 Nov. 1 Holders of roe. Oct. 14
San Diego Consol. Gas & Elec., pt.(gu.) 14% Oct. 1 Holders of roe. Sept.30
Investors Mtge.& Guaranty (quar.).... 3714c Sept.30 Holders of rec. Sept.21
South Berkshire Power & Electric
600 Sept.2 Holders of rec. Sept.21
7% preferred (quar.)
$114 Sept.30 Holders of me. Sept.21
Southern California Gas. $634 pref.(gu.) $144 Nov.2 Holders of rem Oct. 31
Jaws Inv. Corp.(Los Ang.). $6 A pf.(qu) $115 Oct.
Holden of rec. Sept.20
Southern Canada Power Co., common
20c Nov.1 Holders of rem Oct. 31
Jones(J. Edward) Roy,nor D part. els_ $7.72 Sept.2 Holders of rem Aug. 31
Southern New England Tel.(guar.).- $1 34 Oct. 1 Holders of rec. Sept. 30
Series E participating certificates.....
91c Sept.2 Holders of rem Aug. 31
Stamford Gas & Elec.. corn. (quar.)._... $234 Oct. 1 Holders of roe. Sept.20
Kalamazoo Vegetable Parchment (gm).
15e Sept.3 Holders of roe. Sept.20
Suburban Elec.Security,6% let pf.(gu.)
$114 Nov.
Kress (S. H.)& Co., corn.(guru.)
Holders of rec. Oct. 15
25e Nov. Holders of rec. Oct. 10
Tennessee Elec.Pow.Co..5% pref.(gu.) $114 Jan.
Special preferred (guar.)
Holders of rec. Dec. 15
15c Nov. Holders of rec. Oct. 10
6% preferred (guar.)
$114 Jan.
Common (extra)
Holders of rem Dec. 15
.150c Nov. Holden) of rec. Oct. 10
7% preferred (guar.)
Laclede Steel Co. (guar.)
$134 Jan.
Holders of rec. Dec. 15
160 Sept.3 Holders of rec. Sept.23
$1.80 Jan.
7.2% preferred (guar.)
Lane Bryant. Inc., 7% pref. (guar.)_
Holders of rec. Dec. 15
114% Nov.
Holders of rec. Oct. 16
6% preferred (monthly)
50c Nov.
Lane(The) Co., pref.(guar.)
Holden of rec. Oct. 14
$114 Oct.
Holders of rec. Sept.23
6% preferred (monthly)
Quarterly
500 Doe.
Holders of roe. Nov. 15
$2 Oct.
Holders of me. Sept.23
6% preferred (monthly)
500 Jan.
Extra
Holders of ree. Dec. 15
50c Oct.
Holders of mc. Sept.23
7.2% prefs rred (monthly)
60e Nov.
Lawyers Title Ins.(Rich.,Va.).pf.
Holders of rec. Oct. 14
(a-a)
$3 Oct. 1 Holders of roe. Oct. 10
60c Dec.
7.2% preferred (monthly)
Leaders Filling Station,8% prof.(guar.)
Holders of rem Nov. 15
Holders of rec. Sept.22
$1 Oct.
preferred (monthly)
Lee & Cady Co
Holders of roe. Dec. 15
600 Jan.
7.2%
16e Oct. 1 Holders of rec. Oct. 2
Toledo Light & Pow. Co., wet (guar.). $115 Oct.
Macbeth-Evans Glass
Holders of roe. Sept. 15
65.789c Sept.3 Holders at rec. Sept.23
United Lt & Rye.(Del.),7% pt.(mo.) 58 I-3c Nov.
Main Agricultural. Ltd.(monthly)
Holders of rec. Oct. 16
Sc • t.
Holders of rec. Sept. 22
6.36% preferred (monthly)
53c Nov.
Maine Gas Cos.(guar.)
Holders of rec. Oct. 16
35e Oct. 1 Holders of rec. Sept.26
Preferred(guar.)
Holders of rec. Oct. 16
50c Nov.
6% preferred (monthly)
$114 Oct. 1 Holders of rec. Sept.26
preferred (monthly)
58 I-3e Dec.
Holders of rec. Nov. 15
Mass. Utilities Assoc., pref.(guar-)
7%
13214e Oct. 1 Holders of rec. Sept.30
Merchants Nat'l Realty, pf. A & B (au.) 5134 Oct.
53c Dec.
6.36% preferred(monthly)
Holders of rec. Nov. 15
Holders of rec. Sept. 25
Merchants Refrigerating of N.Y.(gu.).._
50c Dee.
Holders of rec. Nov. 15
260 Sept.30 Holders of roe. Sept.29
6% preferred (monthly)
58 1-3e Jan.
Preferred (guar.)
Holders of rec. Dec. 15
$114 Nov. 1 Holders of rem Oct. 25
7% preferred (monthly)
Metropolitan Ind. Bankers (guar.)
6.36% pr. ferred (monthly)
Holders of me. Dec. 15
53e Jan.
Se Oct. 2 Holders of reo. Sept.27
50c Jan.
58 Nov. 1 Holders of rec. Oct. 6
Mohawk Mining Co., liquidating
Holders of rec. Dec. 15
6% preferred (montlhy)
Sept. 30 1933
Financial Chronicle
2414
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Missouri River Sioux City Bridge
Oct. 16 Holders of rec. Sept.30
Preferred (quar.)
$1% Oct. 2 Holders of rec. Sept.20
Moock Electric. pref. (guar.)
15e Oct. 2 Holders of rec. Sept. 26
(q)
Morris Plan Corp.of Amer.,6% Pf.
, Municipal Gas Co.(Texas),$7 pf.(qu.). $1% Oct. 1 Holders of rec. Sept. 15
20c Mt. 2 Holders of rec. Sept. 21
National Equity,8% pref.(guar.)
$134 Oct. 10 Holders of rec. Sept. 30
Natomas Co. (guar.)
$1% Jan. 2 Holders of rec. Dec. 20
Quarterly
50c Nov. 10 Holders of rec. Oct. 20
New Jersey Zinc Co. (guar.)
500 Oct. 2 Holders of ree. Sept. 25
North American Finance, el. A (guar.).
8734e act. 2 Holders of rec. Sept.25
7% preferred (guar.)
100 Dot. 2 Holders of rec. Sept. 21
North American WI Cons
2% Nov. I Holders of ree. Oct. 19
Northern Securities CO
$I )et. 1 Holders of rec. Sept. 30
Norwich Ph..rmaeal Co. (guars)
2.50 Oct. 2 Holders of rec. Sept. 22
'Ohio Leather (guar.)
82 Oct. 2 Holders of rec. Sept.22
1st preferred (guar.)
$131 Oct. 2 Holders of rec. Sept.22
2nd preferred (guar.)
$2 Oct. 2 Holders of rec. Sept.30
Co., pref. (guar.)
Ohio Loan
Pacific Southw.Realty,634% prof.(c111.) $1% Oct. 2 Holders of rec. Sept. 22
$114 Oct. 2 Holders of ree. Sept. 22
5%% preferred
25c Mt. 25 Holders of rec. Oct. 10
Pacific We.tern(MCorp.,Initial
Page-Hershey Tubes. 7% prof.(quer).- $1% Oct. 2 Holders of rec. Sept.20
$214 opt.30 Holders of rec. Sept. 25
Penberthy In ector (guars)
/41% Oct. 2 Holders of ree. Sept. 22
Pennsylvania Glass nand, $7 pre
25c let. 2 Holders of rec. Sept. 22
Peter Paul (guar.)
25e act. 2 Holders of rec. Sept. 22
Extra
8750 Nov. 1 Holders of rec. Oct. 14
Phoenix Security Corp., pref
50e Oct. 2 Holders of rec. Sept. 26
Plu ne & Atwood Mfg. (quar.)
30 Nov. 1 Holders of rec. Oct. 15
Quarterly Income Shares,Inc.(quar.)
h50c Oct. 1 Holders of rec. Sept. 30
Randall Co., class A (guar.)
Corp., class A (qu.). 2340 Nov. 1 Holders of me. Oct. 14
Rayon Industries
25.0 Oct. 10 Holders of rec. Sept. 30
Republic Stamping & Enameling (qual.)
80e Oct. 2 Holders of rec. Sept.21
*Reversible Collar
(qua?.),. $1% Oct. 2 Holders of rec. Sept. 21
Rhode Island Elec. Protective
1140 Oct. 2 Holders of rec. Sept.20
Rice Ranch 011 (guar.)
$1% Oct. 2 Holders of rec. Sept.23
Sabin-Robbiles Paper, prof.(guar.)
50c Oct. 16 Holders of ree. Oct. 6
St. Croix Paper (guar.)
750 'opt.30 Holders of ree. Sept.20
St. Joseph Steelyards (guar.)
$1 Oct. 2 Holders of rec. Sept. 22
Cement(quar.)-.
Santa Cruz Portland
Oct. 17
Scott Paper Co., class A prof• (qua?.).,, $1% Nov. I Holders of ree. Oct. 17
$1% Nov. 1 Holders of ree.
Class B. preferred (quar.)
250 Oct. 2 Holders of rec. Sept. 21
Security Invest. Co.of St. Louis (guar.)
$2 Oct. 2 Holders of rec. Sept. 21
Preferred (guar.)
62340 Nov. 1 Holders of rec. Oct. 16
Seeman Bros., Inc., cons. (guar.)
234% Nov.30
Selfridge Provision Stores, Ltd
50c Nov. 1 Holders of rec. Oct. 17
Sharp de Dohme,Inc., pref., cl.A (On.)..
831 Nov. 1 Holders of rec. Oct. 17
Class A preference
10c Oct. 2 Holders of rec. Sept. 26
Shawsnut Association (guar.) •
Short Term Trust Shares (coup.stg.).- 4.152c Oct. 2
/al Oct. 2 Holders of reo. Sept. 22
Silverwood Dairies,7% pref
40c Oct. 2 Holders of rec. Oct. 2
Smythe Mfg.(quar.)
$1 Oct. 2
(quar.)...
Southwest Portland Cement
$2 Oct. 2
Preferred(gum.)
The Oct. 15 Holders of rec. Oct. 3
Spicer Mfg. Corp.. $3 prof. (qual.)
Sept. 29
Standard Natl. Corp.(N.Y.), pref.(qu.) $134 Oct. 2 Holders of rec. Sept.20
130 Oct. 15 Holders of rec.
Supervised shares, Inc. (qual.)
25c Nov. 1 Holders of ree. Oct. 14
Sons(guar.)
Squibb (E.R.)de
3134 Nov. 1 Holders of me. Oct. 14
$6 preferred (quar.)
250 'ept.30 Holders of rec. Sept. 15
Taylor Colquitt (guar.)
31% Oct. 2
Preferred (qua?.)
25e Nov. 1 Holders of rec. Oct. 16
Telautograph Corp. (guar.)
90e Nov. 15 Holders of rec. Oct. 31
Thatcher Mfg. Co.. cony. pref. (quar.)_
Si" Oct. 1 Holders of rec. Sept. 27
Tip-Top Tailors. 7% pref. (guar.)
10c Nov. 1 Holders of rec. Oct. 16
Tobacco Products Export Corp_ ___
3.847c Oct. 2 Holders of rec. Sept.30
Trust Fund Shares, registered
3 847e Oct. 2
Bearer
$114 Oct. 14 Holders of rec. Sept. 30
Tuckett Tobacco Co., pref.(guar.)
$1% -ept.30 Holders of rec. Sept.20
Union etockyards of Omaha (guar.).United Investment Shares, Inc.
184.4e Oct. 15 Holden of rec. Sept 30
Series A. per 100 shares
151 534 Oct. 15 Holders of rec. Sept 30
Series C. per 100 shares
50e Oct. 16 Holders ol ree. Sept. 27
lJnfted Securities. Ltd., corn.(quer.)_
United States Smelting Ref. & Min.
25c Oct. 14 Holders of rec. Oct. 5
Common (guar.)
500 Oct. 14 Holders of rec. Oct. 5
Extra
8734c Oct. 14 Holders of rec. Oct. 5
Preferred MUIr
Van de Kamp's Holland Dutch Bakeries
$1% Oct. 2 Holders of ree. Sept. 9
$614 preferred (guar.)
214e 'ept. 20 Holders of rec. Sept. 15
Western Exploration (gum.)
250 Sept. 30 Holder] of rec. Sept. 28
Co. (qua?.)
Woclson Spim
$1% 'opt.30 Holders of rec. Sept.28
6% preferred (quar.)
$134 Nov. 15 Holders of rec. Nov. 6
Worcester Salt, pref. (guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table:
Nang Cl Company.
Want
Per
Wsare. Payable
Railroads (Stemma.
3%
Alabama & Vieksburg. cap.etk.(8.-a.)-$4
Allem) & ,onquehalibl.(-ed_
50e
Bangor & Aroostook. corn. (guar.)
134%
Preferred (guar.)
150e
Beech Creek (guar.)
750
Belt RR. & Stockyards (guar.)
75e
Quarterly
$2
Boston & Albany, capital stock
82 125
Boston & Provides/re foliar /
81
Carolina ClInehfleld & Ohio (guar.)
$134
Guaranteed Mts.(guar.)
$334
Chesapeake & Ohio. pref.(8.-a.)
70e
Comm° (quar.)
$2.80
Commons, $100 Par. (guar.)
eine. Union Term 1 Co.,5% pref.(qu.). $134
$i
Cloy. CM. Chic. & St Louis, pref
874e
Cleveland & Pittsburgh. guar (qual.)
50e
Special guaranteed (guar.)
$14
Cleveland fly. Co.(guar.)
8734c
-a.)
Dayton & Michigan (s.
81
8% preferred (guar.)
81
Delaware (n -a.)
83
Dover & Rockaway,6% gtd.Stk.(8.-a.)
81
-a.)
Elizabeth &Trenton (s.
5%. preferred (s.-a.)
Erie & Pittsburgh 7% guaranteed (guar.) 8714e
800
Guaranteed betterment (guar.)
$24
Georgia RII. & Banking (guar.)
$1%
Joliet de Chicago
$1
Lackawanna RR.of N.J., 4% gtd.(qu.)
$6%
Maboning Coal. corn. (guar)
$2%
I ondon Northern (guar.)
New
N. Y. Lecke.& West .5% gtd.(quar.)- $134
North RR of New Jer 4% red (Qatar.) 81
$2
Norwich & Worcester.8% pref. (qu.)....
$I%
Old Colony (guar.)
SI el
(8.-a.)
Peterhomugh
$24
Philadelphia & Trenton (guar.)
The
Pitts Bees. Jr Lake Erie corn.
14%
6% preferred (guar.)
%
Pittsburgh Fort Wayne & Chicago(qu)
134%
7% preferred (guar-)
131%
Quarterly
4
1%8
7% preferred (guar.)
$214
Providence & Worcester (guar.)
Pittsburgh Youngstown & Ashtabula
14%
7% preferred ((mar I
Books riose4
Days inclusive.
Oct. 1 Holders of rec. Sept. 8
loilers of reo Hee 15
Jan.
Oct. 2 Holders of rec. Sept. 2
Oct. 2 Holders of rec. Sept. 2
Oct. 2 Hold+ rs of ree. Sept. 15
Oct. 2 Holders of rec. Sept. 20
Holders of rec. Sept. 20
Oct.
9ept.30 Holders of rec. Aug. 31
a
1 Holders of rec. Sept 20
et
Oct. 10 Holders of me. Sept. 30
Oct. 10 Holders of rec. Sept.30
Jan. 1 Holders of rec. Dec. 8
Oct. 2 Holders of ree. Sept. Its
Oct. 2 Holders of rec. Sept. ha
Sept. 30 Holders of rec. Sept.20
Oct. 31 Holders of rec. Oct. 4
Dee 1 Holders of reo. Nov 10
Me I Holders of rec. Nov 10
Oct. 1 Holders of rec. Sept.25
Oct. 2 Holders of rec. Sept. 16
Oct. 3 Holders of rec. Sept. 16
Jan V34 Holders of ree. Dec 15
Oct. 2 Holders of roe. Sept.30
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of ree. Sept.20
)00. 10 Holders of reo. Nov. 30
Dee. 1 Holders, of roc Nov 30
Oct. 15 Holders of rec. Sept. 30
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of rec. Spot fi
Nov. 1 Holders of rec. Oct. 16
Oct. 1 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Dee. I Holders of roc Nov 20
Oct. 1 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 16
Oct. 2 Holders of rec. Sept. 25
Mt. 10 Holders of rec. Oct. 1
Oct. 2 Holders of rec. Sept 15
Dec. I Holders of ree. Nov. 15
Oct. 2 Holders of rem Sept 11
Oct. 3 Holders of ree. Sept 11
Jan.E34 Holders of ree. Dee, 9
Jan.434 Holders of ree. Dee 9
Oct. 2 Holders of rec. Sept. 13
D.O. 1 Holders of reo Nov.
Name of Company.
When
Per
Share. Payable.
Books Cloud
Days Inclusive.
Railroads (Steam)-(('oncluded).
500 Oct. 12 Holders of me Sept. 21
bit ',referred moue I
Ressoissat
52 Oct. 2 Holders of rec. Sept. 15
Southern Ry.. Mobile & Ohio stk. tr
$134 Oct. 2 Holders of ree Sept. I
Union ('acific, corn.(guar.)
Oct. 2 Holders of rem Sept. 1
$2
Preferred (s. a.)
$24 Oct 10 Helder+ of me Sept 20
reited I'S J RR & Canal rev
$3 Nov. I Holders of rec. Oct. 15
Utica Chenango & Susq. Valley (IL-al-Vicksburg Shrev & Pao., cone.(8.9e.)- - - 234% Oct. 1 Hold, rs of rec. Sept. 8
214% Oct. 1 Holders of me. Sept. 8
Preferred (8.-a.)
West Jersey & Seashore. corn (8.-a.).-- $114 Jan IP34 Holders of me Dec. 15
114% Dec. 1 Holders 01 me. Nov. 18
6% special guaranteed
es
Public LI
$151 Oct. 2 Holders of ree. Sept. 15
Alabama Power Co.,$7 pref.(quar.)V% Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
$1.51 Nov. 1 Holders of rec. Oct 16
$5 preferred (guar.)
$1 Oct. 15 Holders of rec. Sept. 15
Amer. DI•trict Teleg. Co.of N.J.(qu.)
$134 Oct. 15 Holders os rec. Sept. 15
Preferred (quar.)
25e Oct. 2 Holders of reo. Sept. 7
Anserlean Gas & Elec. Co..corn.(qu.).
5134 Nov. 1 Holders of me. Oct. 6
Preferred (guar.)
3740 let. 2 solders of rec. Sept. 18
American Power Jr Light.$6 pref
31140 Oct. 2 Holders of rec. Sept. 18
$.5 preferred.
Amer.Superpower Corp.. lst prof.(qu.). 3134 Oct. 2 Holders of rec. Sept,. 18
$214 Oct. 16 Holders 01 rem Sept. 15
American Tel. & Tel Co.(guar )
Anserlean Water Works & Electric Co.,
$134 Oct. 2 Holders of ree. Sept. 8
let preferred (guar.)
$6
Appalaehlan Elec. Pow.,$6 pref.(qu.)._ $I% Oct. 2 holder, of rec. Sept. 5
$1151 Oct. 2 Holders of rec. Sept. 5
$7 preferred (quar.).
58e Oct. 2 Holders of rec. Sept. 15
Arkansas Pow.& Lt. Co..$7 pref.(oat.)
50e Oct. 2 Holders of rec. Sept. 15
$6 preferred (guar.)
5155 Oct. 2 Holder, of rec. Sept.15
Atlantic & ohlo Tense. Co.(guar.)
Bangor Hydro-Eleo. Co.,eons.(guar.) -- 37340 Nov. 1 Holders of rec. Oct. 10
I %% Oct. 2 Holders of ree Sept. 11
7% Preferred (guar s
% Oct. 2 llolder. of reo Sept.11
6% preferred (guar.)
$14 Oct. I holds rs of rec. Sept 20
Battle Creek Gas,6% pref.(guar.)
r $14 Oct. 16 folders of rec. Sept 23
liell Telep. Co.of Can.. cons. (guar.)
/4% Oct. 14 11011cr, of me. Sept.20
Bell Tel.of Penna..64% pref (guar.)
Binghao ton Gas Works. 7% pref. (qui al% Oct. 2 Holders of rec. Sept.20
870 Oct. 2 Holders of rec. Sept. 22
Biro Ingham Elec.. $7 preferred
750 Oct. 2 Flolder, of ree. Sept.22
56 preferred
$134 let. 2 Holders of rem Sept. 9
Boston Elevated Ry.. co .(quar)
$14 Oct. 2 folder, of roc. Sept. 15
Brazilian Traction I.t. & Pow pref.(qu )
600 Sept.30 holders of rec. Sept. 15
Bridgeport Gas Light Co. (quar.)
,
r500 Oct. IS folder of rec. Sept.30
BrItIsh Columbia Pow., A (guar.)
r$134 Oct. 2 Holders of rem Sept. 15
7
,
Brit. Col. Tel..6e pref. (guar.)
5154 Oct. 10 Holders of rec. Sept.30
Brooklyn Borough Gas (guar.)
75o Oct. 2 Holders of ree. Sept.20
6% participating preferred (guar.)._
6340 Oct 2 Holders of reo. Sept.20
Extra
Brooklyn Manhn Transit pref. (ou.).-- $14 Oct. 16 Holder' of rec. Sept.30
Bklyn. Jr Queens Transit Corp., pt. (oat.) 81(4 Oct. 2 Holders ot ree. Sept. 15
3151 Oct. 2 Holders of reo. Sept. 1
Brooklyn Union Gas Co.(guar.)
400 Oct. 2 Holders of ran. Sept. 15
Buffalo.Niagare Jr Eastern Pow.. pf.(qu)
$154 Nov. I Holders, of ree. Oct. 14
5% 1st preferred (guar.)
4134 Oct. 2 Holders of ree Sept.20
Calm Water Co.,7% prof.(guar.)
Calgary Pow.Co., Ltd., corn.(a usr.)--- 1%% Oct. 2 Holders of rec. Sept. 15
$134 Oct. 2 Holder' of rec. Sept. 5
Caen lelee. Generating, prof. (quar.)
The Oct. 25 Holders of rec. Sept 30
Can. Northern Pr. Corp. Ltd cone (qu )
154% Oct. 16 Holders of ree. Sept. 30
7% preferred (guar.)
888e Oct. 2 Holders of rec. Sept. 15
Carolina I ow.& Light,$7 pref
h75o Oct. 2 Holders of me. Sept. 15
$6 preferred (guar.)
$234 Oct. 2 Hoidens 4]1 rec. Sept. 25
Carolina Tel. Jr Tel. Co.(quar.)
Central Illinois Light Co..7% pref.(oat) 115% Oct. 2 Holders of rem Sept. 15
114% Oct. 2 Holders of rec. Sept. 15
6% preferred (guar.)
..
50c Oct. 15,Holders of rec. Sept.20
Central 1111nol, Pub.Sera. $6 pref
50e Oct. 15 Holder, of ree. Sept.20
6% preferred
Central Kan Pow.. 7% pref.(guar.).
- 3131 Oct. 15'Holders of ree. Sept. 30
SI % Oct. 15 Holders of rec. Sept. 30
6% preferred (
(Marl
Dec.
s151 Jan. 15 Holders of ree Den. 31 .
7% preferred (guar.)
31.
5134 Jan. 15 Holder+ of ree
6% preferred (guar.)
A (qu ) 8114 Oct. 2 Holders of rec. Sept. 15
Cincinnati Gas & Elec.,5% pref.
Oct. 151iolders of me Sept. 30
Chi. Newport Jr Covington Lt. Jr Tr(qu) SI
$1 125 Oct. 15 Holders of rec. Sept. 30
$434 preferred (quar.)
$1.13 Oct. 2 Holder+ of rec. Sept 20
Cincinnati Suburban Bell Tel.(qua?.)
,
$1 31 Oct. 2 Holder 01 ree. Sept.20
1/a.) 7% prof (qual.)
Citizens Water(
400 Oct. 1 Holders of reo. Sept. 20
Cleveland Elms. Illum.(guar.)
$154 D. 1 Holders of rem Nov. 15
6% Preferred (guar.)
SI% Oct. lit Holders of ree Oct. 2
Clinton V Apr Works, 7% pref (guar.)
3114 Oct. 1 Holders of me. Sept. 15
Colun bus Hy., Pow. Jr Lt.. 1st pf.(qu.)
$14 Nov. 1 Holders of rec. Oct. 14
64% preferred 13 (0use.)
Comn.onweulth Jr Fio.Corp..$6 pref.(qu ) 5134 Oct. 2 Holders of reo. Sept. 8
Commonwealth Water & Light5154 Oct. 2 Holders of me. Sept.20
$7 preferred (guar.)
3114 Oct. 2 Holds rs of rec. Sept.20
Sit preferred (guar.)
,
750 Oct. 1 Floeler of ree. Sept. 15
Connectleut Flee. Service Co (guar.)._
Connecticut River Pow.,6% pref.(oat.)- $154 Dec. 1 Holders of me. Nov. 15
V% Nov. I Holders of me. Sept.29
Conrail. Gas Co.of N. Y.. end.(0uer.)._
Elect. Jr Pow Co. of Halt.
CA)11.01.
90o Oct. 2 Holders of reo. Sept. 15
Common (guar)
gr.. 2 !Meier. of rec. Sept 15
5% series A preferred (slats?)
t
2 Holders of ree Sept 15
6% series I) preferred (guar
$154 Mt. 2 Holders of ree Sept 15
54% eeriest E preferred (guar)
Consume ers Gas Co.of Toronto (guar.)._ 3254 Oct. 2 Holders of rec. Sept. 15
Consumers Power Co., $6 prof (guar.). $14 Oct. 2 lissIsiere ssf me. Sept. 15
3134 Jan. 2 Holders of rem Dee. 15
85 preferred (gum.)
$14 Oct 2 Holders of reo. Sept. 15
6% preferred (guar.)
5154 Jan. 2 Hoidens ol rec. Dec. 15
preferred (guar.)
6%
$1.66 Mt. 2 Hoidens of ree. Sept. 15
6.6% preferred (Qatar)
$1.65 Ian. 2 Holders of rec. Dec. 15
6.6% preferred (guar.)
$1 34 let. 2 Hoidens of me Sept. 15
7% preferred (guar.)
$131 Jan. 2 holder, of roe. Dec. 15
7% preferred (quar.)
50e Mt. 2 Holder,, of roe. Sept. 15
gel preferred (monthly)
50c Nov. 1 Holders of ree. Oct. 16
6% preferred (monthly)
50e Dec. 1 Holders of roe. Nov. 15
6% preferred (mon(hly)
50e Jan. 2 IIoldsrs of rec. Dot,. 15
6% preferred (monthly)
55e let. 2 holder.. oh rev Sept. 15
6.6% preferred (monthly)
6 6% preferred (monthly)
.
534, Nov. 1 Holders of rev. Oct. 16
55e Dee. 1 Holder, of ree. Nov. 15
6.6% preferred (monthly)
55e Jan. 2 Holders of rec. Dec. 15
6.6% preferred (monthly)
Continental 0.Jr El. Corp.,7% Pf.(ou) 5154 Oct. 2 Midere of ree. Sept. 13a
3134 Oct. 2 Holders of reo. Sept.30
Dakota Central Telep..84% pref.(ciu.)
500 Oct. 1 Holders oh rm.. Sept.20
Dayton Pow. Jr Lt. Co.,6% pref.(m0.)
$1 Oct. 16 Holders of ree. Sept. 30
Detroit Edison Co.,cap.stk.(q uar.).-_
Dlemond State Tel..634% pref.(guar.) 144% Oct. 14 Holders of rec. Sept.20
$1 Oct. 2 fielders of reo. Sept. 15
Duke Power
5151 Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
3154 Oct. 16 Holders of me. Sept. 15
Duquesne Light Co., lot pref.(qtuar.)
$314 Oct. 2 Holders of rec. Sept.20
-a.)
East Missouri Pow.. 7% pref.(s.
$134 Oct. 1 Holders of rec. Sept. 15
East. Gas & Fuel Assoc..6% pt.(qu.)._
51.125 Oct. 1 Holders of rec. Sept. 15
4S4% prior preference (guar.)
Eaetern New Jersey Pow..6% pref.(qu ) $14 Oct. 1 Holders of ree. Sept. 15
Electric Bond de Share CO.,$6 Pref.(WI ) $14 Nov. 1 Holders of rec. Oct. 6
$131 Nov. 1 Holders of rec. Oct. 6
$5 preferred (guar.)
% Oct. 16 Holders of ree. Sept. 29
El Pam Elec.(Del.).7% pref. A (guar.)
514 Oct. 16 Holders of ree. Sept fal
pref B and 6% pref.(quar.)
$h
$/ Oct. 2 Holders of reo. Sept. 27
Elizabethtown Consol. Gas (guar.)
31 Dec. 1 Holders of rec. Nov. 27
Extra
$1 Jan. 2 Holders of rec. Dec. 26
Quarterly
Dee. 1 'oldest% of 'so NOT. 20
Empire & Bay State Tel.,4% std. (011.). 81
2154 Oct. 1 Holders of reo. Sept. 15
Empire Power Corp.. $6 prof.(quar.)
Esesumba Pow. Jr Trio].6% pref. (Oat.).. 1(4% Nov. 1 hioldoics of ree Oct.
14% - l-'34 Holders of ree Jan. 27
6Ts Preferred (guar I
50c Oct. 2 Holders of rec. Sept. 15
Fall River Elect. Light(guar)
Foreign lAght & Pow. Co.,6% pf.(quar.) $1 54 Oct. 1 Holders of reo. Sept.20
3114 Oct. 2 Holders of reo. Sept. 15
Georgia Power Co., $6 pref. (guar.).$14 Oct. 2 Holders of reo. Sept. 15
35 preferred (guar.)
$114 Oct. 1 Holders of rec. Se-t. 30
Gold & Stack Teleg.(quar.)
51 Oct. 2 Holders of ree. Sept. 15
Greenfield Gas Light (guar.)
75e Nov. 1 Holders of me. Oct. 16
6% preferred (Qum%)
3154 Oct. 2 Holders of me. Sept.20
Greenwich %Vat. Jr Gas 6% pt.
$14 Oct. 2 Holders of ree. Sept 20
Gulf Power Co.. $6 pref. (guar.)
50c Sept.30 Holders of rec. Sept. 14
IIartford Gas Co., corn.(guar.)
50e Sept.30 Holders ot rec. Sept. 14
Preferred (guar.)
I
Financial Chronicle
2416
Name of Company.
When
Per
Share, Payable.
Books Closed
Days Inclusive.
Name of Company.
Sept. 30 1933
Per
WhenBooks Closed.
Days Inclusive.
Share. Payable
Miscellaneous (Continued).
Miscellaneous (Continued).
$24 Oct. 2 Holders of rec. Sept.25
Canadian Foreign Invest..8% pref.(qu.)
Sc Oct. 1 Holders of rec. Sept. 18
Affiliated Products, Inc.(no.)
7Sic Oct. 16 Holders of rec. Sept. 30
15
Canadian General Invest.. reg
Agnew Surpass choe Stores, pref. (quar.) $14 Oct. 2 Holders of rec. Sept. 30
7340 Oct. 16
Coupon (quar.)
16 Holders of rec. Sept.
75c Oct.
Air Reduction Co. (guar.)
4134 Oct. 16 Holders of me. Sept. 30
Canadian Industries, pref.(guar.)
75e Oct. 16 Holders of rec. Sept. 30
Extra
$2 Oct. 2 Holders of rec. Sept. 201
Canadian Oil Cos., Ltd., pref. (qual.)..
10c Oct. 2 Holders of rec. Sept. 22
Alles & Fisher, common (guar.)
50e Oct. 2 Holders of rec. Sept. 20
Canadian Westinghouse (guar.)
$15
Allied Atlas Corp., liquidating
$14 Sept.30 Holders of roe. Sept. 20
Sept. 11
Canfield 011 Co.,7% pref.(quar.)
Allied Chemical dr Dye Corp.. pret.(qua 134% Oct. 2 Holders of rec. Sept. 15
25e Sept. 30 Holders of rec. Sept. 18
Cannon Mills(guar.)
h371.4c Oct. 2 Holders of rec.
Aluminum Co. of Amer., 6% pref
10c Sept. 3i) Holders of rec. Sept. 18
Extra
be Oct. 1 Holders of rec. Sept. 20
Aluminum Goods Mfg. Co. (quar
75c Oct. 1 Holders of rec. Sept. 18
Capital Administration, pref. A
110c Sept. 30 Holders of roe. la pt. 16
Mu num Mfg., Inca coin.(Quer.)
$114 Oct. 1
Carnation Co.,7% pref.(quar.)
Dee. 31 Holders of rem Dec. la
50c
Common (guar.)
1-1-34
$1%
7% Preferred (guar.)
$134 dept. 30 Holders of roe. Sept. 16
Preferred (quar.)
87)40 Jan. 31 Holden of roe Jan 14
Cartier. Inc.. 7% prof
$134 Dec. 31 Holders of roe. Dec. 15
Preferred (guar.)
$1 Oct. 1 Holders of roe. Sept. 12
Case (J. 1.) Co.. pref.(guar.)
Holders of rec. Sept. 15
% let. 2
Amerlean Bakeries Corp.,7% pt.(qu.)
Oct. 1 Holders of me. Sept 18
lei% Oct. 2 Holders of rec. Sept. 110 Celanese Corp.of Amer.,7% pr. pf.(qu.) $134 Sept.30 Holders of rec. Sept. 18
American Bank Note Co.. pref.(quaral
$4
7% 1st preferred (guar.)American Brake Shoe & Foundry Co.—
37340 Oct. 2 Holders of rec. Sept.25
Central Aguirre Associates (guar.)
of rec. Sept. 22
15e Sept. 30 Holders
Comn on (guar.)
Cent.Franklin Proc.,7% 1st & 2d pf.(qu) V% Oct. 2 Holders of roe. Sept.30
134% Sept.30 Holders of rec. Sept. 22
Preferred (quar.)
ma Nov. 15 Holden, of ma Nov et
lei % Oct. 2 Holders of rec. Sept. I50 Centrifugal Pipe Line Corp cap mk.igu.) 37.4e Oct. 1 Holders of roc. Sept. 20
American Can Co.. pref • (guar.)
Chain Store Products, pref.(guar.)
rec. Sept. 12
500 Oct. 2 Holders of
Ana Mean Chicle Co.(quar.)
Champion Coated l'aper Co.,
25c Oct. 2 Holders of roe. Sept. 12
Estee
$134 Oct. 1 Holders of rec. Sept. 20
1st & special preferred (guar.)
8134 Oct. 2 Holders of rec. Sept 15
American Cigar Co.. pref. (quar.)
$134 Oct. 1 Holders of rec. Sept. 20
Champion Fibre Co.. pref.(quar.)
734e Oct. 2 Holders of rec. Sept. 20
American Discount Co.(Ga.)(quar.)_
$134 Oct. 2 Holders of rec. Sept. 15
Champion International (guar.)
10e Oct. 2 Holders of rec. Sept. 20
Extra
$l% Oct. 2 Holders of ree. Sept. 15
Preferred (guar.)
Hee. 1 Holders of rem Nov 26
American Envelope Co 7% Pt (quar... 134%
& Copper, gtd. pt. A (guar.) $14 Sept. 30 Holders of roe. Sept. 15
22
Chase Brass
$134 Oct. 2 Holders of rem Sept.
American Express Co.(guar.)
l'i% Oct. 2 Holders of rec. Sept 20
(N.C.).7% pf.(qua
Chatham Mfg Co.
10e Oct. 10 Holders of rec. Sept. 30
American Factors(monthly)
14% Oct. 2 !folders of rec. Sept.20
6% preferred (guar.)
75e Oct. 1 Holders of rec. Sept 23
American Glans:toff Corp.. pref.(qu.)_ _
88134 Nov. 1 Holders of rec. Oct. 15
Cherry-Burrell Corp., pref.
$152 Oct. 1 Holders of rec. Sept. 23
Preferred 3100 par value (guar.)
50c Oct. 2 Hclders of rec. Sept. 11
Chesapeake Corp..corn.(guar.)
$2 Oct. 2 Holders of rec. Sept. 15
American Hard Rubber Co.,8% pf.(qu.)
$l% Oct. 2 Holders of rec. Sept 20
Chicago Daily News, pref.(guar.)
25e Oet. 1 Holders of ree Sept 16
Amerimen Hardware maw./
$234 Oct. 2 Holders of rec. Sept. 15
Chic. Junct. Ry.& (Jo. Stkyds.(qua
250 1-1-34 Holders of roe Dee 16
Quarterly
$14 Oct. 2 Holders oh me. Sept. 15
7% preferred (quar.)
250 Oct. 1 Holders of rec. Sept. 16
American Hawaiian Steamship (quar.)_
3114 Oct. 2 Holders of rec. Sept. 21
20c Oct. 2 Holders of rec. Sept 140 Chicago Towel Co.. preferrence (quar.)
American Home Products Corp.(mo.)
Oct. I
20e Nov. 1 Holders ot rec. Oct. 14a Chicago Transfer-Clearing. 6% pr. (qua $1% Oct. 2 Holders of rec. Sept. 18
Monthly
el%
Christina Securities. 7% pref.(quar.).
c Oct. 2 Holders of rec. Sept. 20
American Invest. Co. of III., 7% pf.(qu.) 434
40e Sept. 30 Holders of rec. Sept. 16
21
Union Stockyards. corn.(qr.)
Cincinnati
$1 Sept. 30 Holders of roe. Sept.
American Maize Products, corn
Cincinnati Wholesale Grocery, pt.(qu.). $1 34 Oct. 1 Holders of rec. Sept 15
$14 Oct. 2 Holders of rec. Sept. 15
An.erican Mfg.Co., pref.(quar.)
el% Jan. 2 Holders of roe. Dec. 15
Preferred (guar.)
American Mutual Liab. Ins.(monthly).. 20%
25e Oct. 16 Holders of roe. Oct. 2
Chickasha Cotton Oil (special)
$134 Oct. 2 Holders of ree. Sept. 16
American Optical Co.. 7% pref.
UM slept. 30 Holders of rec. Sept. 15
City fee & Fuel, common (quar.)
$134 Jan. 1 Holders of roe. Dee. 16
7% preferred (glum)
el% Oct. 2 Holders of rec. Sept.27
City Investing Co., pref.(guar.)
rec. Sept 8
750 Sept.30 Holders of
American safety Razor Corp.(guar.).—
25e Oct. 2 Holders of rec. Sept.20
Claude Neon Elec. Prod.corn.(quar.)...._
20e Oct. 2 Holders of rec. Sept. 19
American Screw Co. (guar.)
35e Oct. 2 Holders of rec. Sept.20
Preferred (guar.)
3% Oct. 2 Holders of rec. Sept. 13
American Snuff Co., corn.(guar.)
50e Oct. 1 Holders of rem Sept. 20
Clorox Chemical Co.,el. A (guar.)
134% Oct. 2 Holders of rec. Sept. 13
Preferred (quar.)
60e Jan 1'34 Holders of rec. Dec. 20
Quarterly
50e Sept.30 Holders of rec. Sept. 15
Steel Foundries, pref
American
el% Oct. 2 Holders of roe. Sept. 21
Cluett Peabody, 7% prof. (guar.)
50c Oct. 1 Holders of rec. Sept. 15
American Stores Co.(guar.)
400 Oct. 1 Holders of rec. Sept. 15
Coca-Cola Bottling, A (guar.)
b0c Dee. I Holders of roe. Nov. 15
Extra
813-4 Oct. 2 Holden' of roe. Sept. 12
Coca-Cola Co.,common (quar.)
50e Jan 1'34 Holders of rec. Dec. 15
Quarterly
$3 Oct. 2 Holders of roe. Sept.12
of roe. Sept. 50 Coca-Cola Internat. Corp.. corn.(qua
50e Oct. 2 Holders
Amer.:sugar Reflulug Co..COM•(gum.)
Oct. 1 Holders of rec. Sept. 11
$1 34 let. 2 Holders of rec. Sept. 150 Colgate-Palmolive-Peet Co., pf.(Qua— - 81 34 Jan. 1 Holders of rec. Dec. 11
Preferred (guar.)
$134
Preferred (guar.)
87tic Oct. 2 Holders of rec. Sept. 20
American Thermos Bottle Co. pref.(qu )
$2 Oct. 2 Holders of roe. Sept. 12
Collateral Loan (guar.)
rec. Sept. 9
1 % let. 2 (folders of
American Tobacco Co.. pref.(guar.)
$5 Oct. 2 Holders of rec. Sept.30
Colonial Life Insurance
624e Oct. 2 Holders of rec. Sept. 15
American Wringer Co.(quar.)
25e Sept. 30 !folders of rec. Sept. 9
Colt's Patent Fire Arms Mfg. Co.(qu.)_
15c Oct. 2 Holders of rec. Sept. 19
Anchor Cap Corp.. corn. (guar.)
yic Oct. 1 Holders of roe. Sept.20
Vise Mfg.(guar.)
19
Columbian
$14 Wt. 2 Holders of rec. Sept.
3634 preferred (quar.)
750 Sept. 30 Holders of rec. Sept. 9
Commercial Credit,$3 el. A cony
Sc Oct. 1 Holders of rem Sept. 15
Angostura- Wuteufn,Initial(guar.)
8750 Sept. 30 !folders of me. Sept. 9
$3 class A cony
Oct. 2 Holders of rec. Sept. 30
88154
Apex Liectrie Mfg.. pref. (guar.)
50c Sept.30 Holders of rec. Sept. 9
8% preferred el. 11 (guar.)
50e Oct. 2 fielders of roe. Sept. 15
Apponaug Co., ewe. (guar.)
431‘c Sept.30 Holders of rec. Sept. 9
7% 1st pref.(guar.)
$134 Oct. 2 Heidi rs of me. Sept. 11
Armour & Co.of Del.. Prof (guar)
$134 Sept. 30 Holders of rec. Sept. 9
634% 1st pref.(quar.)
of rec. Sept. 21
10e Oct. 2 !folders
Arrow Hart dr Hegernan Elec.,corn.(qu)
50o Oct. I Holders of rec. Sept. 5
Cornell Invest. Trust Corp. corn.(qua.
$134 Oct. 2 Holders of rec. Sept. 21
Preferred (guar.)
Convertible pref.. one, series 1929(qu) m$1 14 Oct. 1 Holders of rec. Sent. 5
50c Oct. 2 Holders of rec. Sept. 25
Arundel Corp.(quar.)
100 Oct. 2 Holders of rec. Sept. 15
Royalties(guar.)
Commonwealth
123.ic Oct. 2 Holders of rec. Sept. 15
Asbestos Mtg. Co. (guar.)
81 Sept. 30 Holders of rec. Sept 25
Confederation Lite Aroma (quar.)
Associated Breweries of Canada. Ltd.
el Dee. 31 Holders of rec. Dec. 25
Quarterly
Oct. 2 Holders of rec. Sept. 15
$151
7% preferred (quar.)
prof. (qu.) 134% Nov. 1 Holders of roe. Aug. 15
Congoleum-Nairn,Inc.. 7%
$1 Sept. 30 Holders of rem Sept.20
Associates Investment Co., COLA.(qu.)._
25e Sept.30 Holders of roe. Sept. 14
Congress Cigar Co.(guar.)
$134 Sept.30 Holders of rec. Sept.20
Prefei red (guar.)
Connecticut Gas & Coke Security—
250 Oct. 16 Holders of rec. Sept. 30
Atlas Brewing Co. (Chicago)
10e Oct. 2 Holders of rec. Sept. 15
Common (guar.)
17%c Oct. 3 Holders of rec. Sept.25
Atlas Thrift Plan,7% pref.(guar.)
75c Oct. 2 Holders of rec. Sept. 15
$3 preferred (guar.)
50e Oct. 2 Holders of rec. Sept. 21
Auburn Automobile (guar.)
Connecticut General Life Insurance Co.
Oct. 13
250 Nov. 1 Holders of rec.
Austin. Nichols & Co.. pr. A (quar.).__
20e Oct. 2 Holders of rec. Sept. 21
(Hartford) (guar.)
25e Oct. 2 Holders of roe.. Sept. 16
Automobile Ins. Co.of Hartford (qu.)
3134 Oct. 16 Holders of roe. Sept. 30
Consolidated Car Heating (guar.)
$5 Oct. 2 Holders of rec. Sept. 30
Avondale Mills(guar.)
17 Sic Oct. 2 Holders of rec. Sept. 20
Paper. 7% pref.(guar.)
Cense!.
800 Oct. 2 Holders of roe. Sept. 15
Axton-Flsher Tobacco. A (qual.)
50c Sept.30 Holders of rec. Sept. 15
Continental Assurance Co. (guar.)
400 Oct. 2 Holders of rec. Sept. 15
Class B (quar.)
el Oct. 1 Holders of roe. Sept.18a
Continental Baking,8% prof.(qua?.)...
$134 Oct. 2 Holders of roe. Sept. 15
Preferred (guar.)
-& dons Co.
Cottrell (C. B,)
25e Oct. 2 Holders of rec. Sept. 20
Babcock & AblIcox (quar.)
Iti% Oct. 1
6% Preferred (qual.)
25e Oct. 1 Holders of rec. Sept. 20
& Hardware Stores, pf.(qu)
Badger Paint
114% 1-1-'34
6% preferred (guar.)
$134 Oct. 14 Holders of roe.(*pt.30
Baldwin Co.. cum. preferred (guar.)
500 Oct. 2 Holders of rec. Sept. 25
Cream of Wheat Corp.stock tr.(guar.)
18e Oct. 1 Holders of roe. Sept. 20
Bancohlo Corp.(guar.)
$134 Oct. 10 Holders of rec. Oct. 1
Creamery Package Mfg. Co.. pref.(Q11.)
29.171c Oct. 1 Holders of rec. Sept 1
mg
Bank Stock Trust Shares. C-1
Oct. I Holders Of rec. Sept. 13
Crown Willamette Co.. 1st pref.(guar.) 891
1
29.1164 c Oct. 1 Holders of rec. Sept.
C-2 registered
10e Dec. 14 Holders of rec. Oct. 5
Crum & Forster, corn. (guar.)
111 es Oct. 1 Holders of rem Sept 26
Barber(W. H.). pref. (qual.)
*2 Dee. 30 Holders of rec. Dee. 20
8% preferred (guar.)
Oct. 15 Holders of rec. Sept. 30
$134
Bayuk Cigars, Inc.. 1st pref. (guar.)._
Cudahy Packing Co.. common (qual.).. 623-ic Oct. 16 Holder) of rec Oct. 5
Beattie.* Creamery Co., 7% pref.(guar.) 3134 Oct. 1 Holders of rec. Sept. 14
34% Nov. 1 Holders of rec. Oct. 20
7% preferred (semi-ann.)
75e Oct. 2 (folders of roe. Sept. 12
Beech Nut Packing Co..corn.(guar.)._
3% Nov. 1 fielders of rec. Oct. 20
6% preferred (semi-ann.)
1 Holders of rec. Oct. 14
1% Nov.
Belding Corticelli, Ltd., coin.(guar.)._
500 Oct. 2 Holders of rec. Sept. 20
Mills. corn
Davenport Hosiery
250 Oct. 16 Holders of rec. Sept. 25
Beat & Co., corn.(guar.)
500 Oct. 1 Holders of rec. Sept. 20
DeLong Hook & Eye, (guar.)
15e Oct. 2 Holders of roe. Sept. 23
(guar.)
Bickfords. Inc. common
25e Oct. 1 Holders of rem Sept. 20
Extra
of rec. Sept 23
624e Oct. 2 Holders
Preferred (quar.)
5e Oct. 2 Holders of rec. Sept. 20
Denver Union Stockyards (quar.)
$134 Dec. 1 Holders of roe. Nov. 25
Black Clawson Co.. Pref.(guar.)
$134 Dec. 1 Holders of me. Nov. 20
Preferred (quay.)
37(40 Nov. 15 Holders of roe. Nov. 11
Bloch Bros. Tobacco(guar.)
33-ie Om. 2 Holders of rec. Sept. 1
Deposited Bank Shares, N. Y
$134 Sept. 30 Holders of roe. Sept. 25
Preferred (guar.)
Mic Oct. 2 Holders of me. Sept. 1
Series A
$14 Dec. 31 Holders of rem Dec. 25
Preferred (guar.'
Devoe Raynolds Co.. 1st & 2d pref.(qua 3134 Oct. 2 Holders of roe. Sept. 20
250 Oct. 2 Holders of rec. Sept. 15
Bohn Aluminum & Brass(guar.)
115.78c Oct. 20 Holders of rec. Sept. 30
011 Co.
Devonian
$1 Oct. 30 fielders of rec. Oct 15
Bon An.I Co.. common A (guar.)
15e Oct. 2 Holders of rec. Sept. 15
Diamond Shoe Corp.. corn. (quar.)
50e Oct. 1 Holders of ice. Sept. 24
COLODIOD B (qual.)
8134 Oct. 2 Holders of roe. Sept 15
64% preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 15
Borg-K arner Corp. pref. (guar.)
Shares B(seml-anna- 14.632c Oct. 1
Diversified Trustee
250 Jan. 12 Holders of rem Jan. 12
Bernet, Inc., Maw A
25e Oct. 20 Holders of rec. Sept. 30
Dome Mines, Ltd.(guar.)
Boston Storage & Warehouse Co.(qu.)__ $134 Sept.30
25e Oct. 20 Holders of rec. Sept. 30
Bonds
50e Oct. 10 Holders of rec. Sept. 30
Bourfols, Inc
Dominion Bridge Co., Ltd., corn.(guar.) r60e Nov. 15 Holders of rem Oct. 31
6834c Nov. 15 holders of roe. Nov. 1
Preferred (guar.)
Dominion Glass Co., Ltd.. corn.(guar.). 81 34 Oct. 2 Holders of rec. Sept 15
Holders of rec. Sept. 22
Brandt.len & Kluge. 7% pref. (guar.).— 873-ic Oct. 1
314 Oct. 2 Holders of rec. Sept. 15
Preferred (guar)
r500 Oct. 15 Holders of rec. Sept. 20
Brantford Cordage Co.. pref. (guar.)._
u300 Oct. 2 Holders of reo. Sept. 15
Dominion Stores, Ltd.(guar.)
250 Sept.30 Holders of rec. Sept.20
r$1 Oct. 2 Holders of rem Sept. 15
Briggs & Stratton Corp.,emu.(guar.)...
Dominion Textile Co., Ltd., corn.(qua
of rec. Sept. 15
15e Oct. 1 Holders
Brill° Mfg. Co., Inc., corn.(guar.)
ei Oct. 16 fielders of roc. Sept.30
(guar.)
Preferred
50e Oct. 1 Holders of rec. Sept. 15
Class A (guar.)
60e Oct. 2 Holders of rec. Sept. 2
Draper Corp.(guar.)
r20e Oct. 2 Holders of rec. Sept.16
British Amer.011 Co.. Ltd.. cap.stock..
3134 Oct. 1 Holders of rec. Sept. 20
Driver Harris Co., 7% pref.(guar.)._
British American Tobacco Co., Ltd.—
8134 Oct. 2 Holders of rec. Sept. 21
Duncan Milk. pref. (guar.)
Amer. dep. rec. ord. bearer. Interim._ 6:n0d Oct. 7 Holders of roe. Sept. 5
$2 Oct. 2 Holders of me. Sept.20
Duplan Silk Corp.. pref.(guar.)
Amer. dep. rec. ord. reg., interim.... wl0d Oct. 7 Holders of rec. Sept. 5
E.I.duPont de Nemours & Co.—
Amer. dep. rec. 5% pref. bearer (sane) rte234% Oct. 7 Holders of rec. Sept. 5
813-4 Oct. 25 Holders of roe. Oct. 10
Debenture stock (guar.)
-a.).- rie234% Oct. 7 'folders of rec. Sept. 5
5% pref. reg.(5.
Amer. dep. rec.
123-ie Oct. 2 Holders of rec. Sept.30
Duquesne Brewing A (guar.)
20e Oct. 1 Holders of rec. Sept 18
Broad Street Investing Co
81 Oct. 2 Holders of rec. Sept. 26
Eagle Warehouse .hr Storage (quar.)._
h50e Oct. 2 Holders of rec. Sept. 22
Bucyrus-Erie Co., pref. (guar.)
250 Sept.30 Holders of me. Sept.20
Early & Daniel Co.,corn.(guar.)
25e Oct. 2 Holders of rec. Sept. 19
(qua?.)
Building Products, A & B
$134 Sept. 30 Holders of rec. Sept.20
Preferred (guar.)
75e Oct. 1 Holders of rec. Sept. 21
Stereo. Inc.. prof. (quar.)
50c Sept.30 Holders of rec. Sept. 19
Eastern Magnesia Talcum (guar.)
Oct. 1 Holders of rec. Sept. 15
$1
Burger Bros.. 8% prof. (qua?.)
Eastern Steamship Lines, 1st pf. (qu.) - $134 Oct. 2 Holders of rec. Sept. 15
Burma Corp., Ltd., Am. dep. rem (final) te33-4A Oct. 21 Holders of rec. Sept. 14
873-ic Oct. 2 Holders of rec. Sept. 15
Preferred, no par (quar.)
to% A Oct. 21 Holders of rec. Sept. 14
Bonus
Eastern Steel Products 7% prof.(qua?.). 134% Oct. 2 Holders of roe. Sept. 15
r50e Oct. 2 Holders of rec. Sept. 15
Burt(F. N.)& Co.,corn.(quar.)
75e Oct. 2 Holders of rec. Sept. 5
Eastman Kodak Co..corn.(guar.)
$14 Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
81 14 Oct. 2 Holders of rec. Sept. 5
Preferred (qum.)
40e Oct. 1 Holders of rem Sept. 15
Calamba Sugar Estates, corn. (qual.)..
Economic Investment Trust (seml-ann.) 18 3-43 Oct. 1 Holders of rec. Sept. 20
35e Oct. I Holders of roe. Sept. 15
Preferred (guar.)
Edmonton City Dairy,634% pref.(qu.). $134 Oct. 2 Holders of rec. Sept. 15
Calaveras Cement Co., 7% pref (guar.) $14 Oct. 15 Holders of rec. Sept. 30
250 Oct. 1 Holders of rec. Sept. 15
Egry Register Co.class A
50e Oct. 2 Holders of rec. Sept. 21
California Ink Co.(guar.)
25c Dec. 1 Holders of rec. Nov. 15
Class A
Holders of rec. Oct. 10
50c Oct. 15
California-Western States Life Ins.(qu.)
82 Oct. 2 Holders of roe. Sept.21
pref.(guar.)
Elder Mfg., 1st
$1 Oct. 2 Holders of rec. Sept. 15
Cambria iron Co.(s-a)
Electric Auto-Lite Co., pref.(qua!).... $134 Oct. 2 Holders of rec. Sept. 22
cl. A & B (Qr.) 124e Oct. 2 Holders of rec. Sept. 21
Cambridge Invest. Corp..
25e Oct. 2 Holders of rec. Sept.20
Electric Controller & Mtg. CO.(quar.)..
15e Oct. 16 Holders of rec. Sept. 30
Canada Bud Breweries(guar.)
50e Oct. 2 Holders of rec. Sept. 18
Electric Storage Battery Co., coin.(qua
250 Oct. 16 Holders of rec. Oct. 2
Canada Dry Ginger Ale (guar.)
50e Oct. 2 Holders of rec. Sept. 18
Preferred (guar.)
$234 Oct. 1 Holders of rec. Sept. 15
Canada Permanent Mtge.(guar.)
$134 Sept. 30 fielders of rec. Sept. 15
Electrical Securities Corp.(quar.)
8%
Canada Starch, Ltd.. 7% pref
50e Oct. 2 Holders of rec. Sept. 20
Emerson's Bromo Seltzer, A St B (qual.)
r5c Oct. 2 Holders of rec. Sept. 15
Canners, 2d preferred
Canadian
50c Oct. 2 Holders of rec. Sept. 20
Preferred (quar.)
13134 Oct. 2 Holders of rec. Sept. 15
1st preferred (quar.)
75e Oct. 2 Holders of rec. Sept. 21
(qua?.)..
Endicott Johnson Corp., corn.
r43c Oct. 10 Holders of rec. Sept. 25
Canadian Car & Fdy. Co.. Ltd. (guar.).
81 34 Oct. 2 Holders of rec. Sept. 21
Preferred (guar.)
pref.(qu.)_ 18134 Sept.30 Holden of rec. Sept. 18
Canadian Celanese Ltd., 7%
25e Oct. 2 Holders of rec. Sept 15
Equitable Office Bldg.Co.corm (quar.)
Canadian Cotton. Ltd.. pre. (qual.)... 81 34 Oct. 4 Holders of rec. Sept. 16
Els( Oct. 2 I elders of rem Sept. 15
7% preferred (atlas-.)
750 Oct. 1 Holders of rec. Sept. 15
Canadian General Elec.(guar.)
Sc Sept.30 Holders of rec. Sept. 15
Eureka Standard Consol Mining (guar )
Oct. 1 Holders of rec. Sept. 15
r873-ic
Preferred (quar.)
Volume 137
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Ewa Plantation (guar.)
600 Nov.15 Holders of rec. Nov. 4
Fairmont Creamery (Del.), corn. (guar.)
25e Oct. I Holders of rec. Sept. 21
Preferred (guar.)
$134 Oct. 1 Holders of rec. Sept.21
Falstaff Brewing Corp. Initial (quar.)__ _
25e Oct.
Holders
Family Loan Society $334 prof.(quar.)_ 8734o Oct. 16 Holders of rec. Oct. 2
1
of rec. Sept. 20
Extra
3734c Oct. 1 Holders of rec. Sept. 20
Fanny Farmer Candy Shops (guar.). _ _ 25e Oct. 2 Holders of me. Sept. 15
Far.. ers& Traders Life Ins.(guar)
$214 Oct. 10 Holders of rec. Sept.20
Extra
$214 Oct. 10 Holders of rec. Sept. 20
Faultless Rubber Co., coin. (guar.)__
50c Oct. 1 Holders of roe. Sept. 15
Federated Dept. Stores (qua.)
15e Oct. 1 Holders of rec. Sept. 21
Filene's (Wm.)Sons Co., corn. (quar.)
20e Sept.30 Holders of rec. Sept. 20
Preferred (guar.)
$154 Oct. 2 Holders of rec. Sept. 20
Finance Co. of Am.cl. A & B com.(qu.)_
10e Oct. 16 Holders of rec. Oct. 5
7% preferred (guar.)
4334c Oct. 16 Holders of rec. Oct. 5
7% preferred (guar.)
854o Oct. 16 Holders of rec. Oct. 5
Finance Co. of Penna.(guar.)
$214 Oct. 2 Holders of rec. Sept. 16
First National Stoles (guar.)
62)4c Oct. 2 Holders of rec. Sept. 11
1st preferred (guar.)
Si X Oct. 2 Holders of roc. Sept. 11
8% preferred (quar.)
20e Oct. 2 Holders of rec. Sept. 11
First State Pawners Society (quar.)
$134 Sept.
Fishman(M. H.) Co., pref., A & B(gur.) $154 Oct. 30 Holders of rec. Sept. 20
15 Holders of rec. Oct. 1
Florsheim Shoe Co., prof. (guar.)
Oct. 2
Flour Mills of Amer., Inc., pref. A (cOl.)- $154 Oct. 2 Holders of rem Sept. 15
$2
Holders of me. Sept. 16
1 referred
852 Oct. 2 Holders of rec. Sept. 16
Fortnum & Mason, 7% pref.
17 tie Oct. 2 Holders of rec. Sept. 20
Franklin Process
26*.te Oct. 2!folders of rec. Sept.22
Freeport Texas Co. preferred (guar.)...- 81 54 Nov.
Frelhofer (Wm.) Baking 7% 1st pf.(qu.) $154 Oct. 1 Holders of rec. Oct. 13
2 Holders of roe. Sept. 23
Frieman (A. J.). 6% prof. (guar.)
$114 Oct. 2 Holders of rec. Sept. 15
Fruehauf Trailer 7% pref. A (quar.)-8734c Oct. 2 Holders of rec. Sept. 20
Fundamental Investors, Inc.(quar.)__
3c Oct. 1
Gotland Mercantile Laundry (quar.)___ 8734c Oct. 1 Holders of me. Sept. 15
Holders of rec. Sept. IS
Gannett Co.. Inc., $6 pref.(quar.)
51 54 Oct. 2 Holders ot me. Sept. 15
Garlock Packing Co.common (quar.)__ _
10c Oct.
General American Investors Co.. lif.(q11.) $134 Oct. 2 Holders of ree. Sept. 23
1 Holders of rec. Sept. 20
General Baking Co.(quar.)
25c Oct. 2 Holders of rec Sept. 16
Prof. (guar.)
$2 Oct. 2 Holders of roc Sept 16
General cigar C.o., pref.(gnat.)
$134 Dec. I Holders of ree. Nov.24
General Electric(glum)
100 Oct. 25 Holders of rec. Sept. 29
Special(guar.)
15c Oct.
General Mach. Corp. 7% pref. (quar.).... $1 5( Oct. 25 Holders of roe. Sept. 29
2 Holders of rec. Sept. 20
General Mills. Inc., pref. (guar.)
$134 Oct.
General Motors Corp., $5 pref. (quar.)_ $154 Nov. 2 Holders of rec. Sept. I48
1 Holders of rec. Oct. 9
Gen. Printing Ink Corp.. pref.(guar.).- $1
Sept.30 Holders of rec. Sept. 19
General Hy. Signal Co., corn.(quar.)--25e Oct. 2 Holders of rec. Sept. 8
Preferred (qua )
5114 Oct. 2 Holders of rec. Sept. 8
Gibson Art Co. (quar.)
15e Oct. 2 Holders of rec. Sept. 20
Gillette Safety Razor (guar.)
266-15 Sept.30 Holders of rec. Sept. 5
$5 preferred (guar.)
$114 Nov. 1 Holders of rec. Oct. 2
Glidden Co., pref. (guar.)
$134 Oct. 2 Holders of rec. Sept. 18
Goldblatt Bros.,coin.(guar.)
37140 Oct. 2 Holders of rec. Sept. 11
Gold Dust Corp., $6 pre( (quar.)
$I% Sept.30 Holders of rec. Sept. 16
Goodyear Textile Mills prof.(quar.)
$134 Oct. 1 Holders of rec. Sept. 20
Goodyear Tire de Rubber, 7% pref.(qu.)
50e Oct. 2 Holders of
Goodyear Tire & Rub.of Can.,com.(qu.) r60c Oct. 2 Holders of rec. Sept. I
rec. Sept. 15
Preferred (quar.)
rEl
Oct. 2 Holders of rec. Sept. 15
Gorton-Pew FIsherles (guar.)
50c Sept.30 Holders of rec. Sept.20
Gotham Silk Hosiery Co. 7% prof. (11.1.) $154 Nov. I Holders of
ree. Oct. 11
Gottfried Baking (0., Inc., el. A (qua.)
75o. Oct. 1 Holders of ree. WPC 20
Preferred (qua.)
154% Oct. 2 Holders of rec. Sept. 20
Preferred (guar.)
IX % Jn.2 '34 Holders or rem Dee. 20
Grace(W. R.)& Co.class A pref.(qu.).
$2 Sept.30 Holders of rec. Sept. 28
6% preferred (8.-a.)
3% Dee 21 Holders of rec. Dee 27
Grand Rapids Varnish
10c Sept.30 Holders of rec. Sept.20
Granite City Steel Co.(guar.)
25e Sept.30 He Hers of ree. Sept IS
Grant(W. T.)(guar )
25e Oct.
Holders of rec. Sept. 12
Great Lakes Engineering Wks.
Sc Nov.
Holders of rec. Oct. 25
Great West Electro-Chenalcal (guar.)-be Oct.
Holders of rec. Sept. 20
1st preferred (guar.)
Oct.
Holders of rec. Sept. 20
Great Western Sugar Co.,corn.(guar.).- $154 Oct.
60c
Holders of rec. Sept. 15
Preferred (quar.)
Holders of rec. Sept. 15
$154 Oct.
Green (Dan'1), pref (guar.)
Holders of rec. Sept. 15
$134 Oct.
Greif (L.)& Bros. 7% pref.(guar.)
$134 Oct.
Holders of rec. Sept. 20
Class A (guar.)
87140 Oct.
Holders of rec. Sept. 20
Griggs Copper
50c Oct.
Holders of rec. Sept.25
Preferred (guar.)
$15' Oct.
Holders of rec. Oct. 1
Curd (Chas.) & Co., pref.(guar.)
$134 Oct.
Holders of rec. Sept. 15
Halold Co.,cont.(guar.)
25e Oct.
Holders of rec. Sept. 15
Extra
25e Oct. 2 Holders of rec. Sept. 15
7% preferred (guar.)
5114 Oct. 2 Holders
Hamilton United Theatres, 7% pt. ((lu.) $13 Sept. 30 Holders of rec. Sept. 15
,
4
of rec. Aug. 31
Hamilton Woolen Co.(cola.)
$2 Oct. 10 Holders of rec. Sept.30
Hammermill Paper Co.,6% pref.
(gnarl 1 Si% Oct. 2 Holders of ree. Sept. 15
Hammersmith Paper. 6% pref. (guar.) - $1
14 Oct.
Hanes (P. II.) Knit. Mills, pref. (qu.)__ $134 Oct. 2 Holders of rec. Sept. 15
I Holders of rec. Sept. 20
Hannibal Bridge Co.. cum (guar.)
$2
Oct. 20 Holders of rem Oor 10
Harbauer Co.,7% Pret (quar.)
134% Oct. 1 Holders of reo Sept. 21
7% preferred (guar.)
134% I-1-'34 Holders of mc. Deo 21
Hardesty HU,7% prof (qua?.)
134% Dee. I Holders of ree. Nov. 15
Harriman Investors Fund (guar.)
25c Oct. 1 Holders of ree. Sept 15
Hart dr Cooley (quar.)
31.125 Oct. 2 Holders of rem Sept. 19
Hazel Atlas Class Co.(quar.)
31 Oct. 2 Ile iders of ree. Sept. 16
Heath (D. C.) & Co., pref. (guar.) $134 Sept. 30 Holders of rec. Sept. 28
Helme(Geo. W )Co.,eons.(guar.)
5114 Oct. 2 Holders of rec. Sept. 9
Preferred (quar.)
$1.4 Oct. 2 Holders of rec. Sept. 9
Heyden Chemical Corp.. prof. (quar.)
Hibbard, Spencer, Bartlett & Co.(mo.)_ $134 Oct. 1 Holders of me. Sept. 21
be Oct. 27 Holders of rec. Oct. 22
Monthly
10c Nov. 24 Holders of rec. Nov. 20
Monthly
100 Dec.-29 Holders of rec. Dec. 22
Hickock oil. 7% pref.(guar.)
$134 Oct. 2 Holders of rec. Sept 23
Hollinger Consolidated Gold Mines—
Capital stock (monthly)
1%
Horn & Hardart Baking (N.J.) (quar.).. $15' Oct. 7 Holders of rec. Sept. 22
Oct. 2 Iloiders of rec. Sept. 20
Household Finance Corp.—
Comn on A & B (guar.)
75e Oct. 15 Holders of rec. Sept. 30s
Participating preference (quar.)
$1.05 Oct. 15 Holders of rec. Sept.30
Howe Sound Co.(guar.)
25e Oct. 14 Holders of rec. Sept. 30
Howes Bros., 7% lot pref.(guar.)
$134 Oct. 1 Holders of me. Sept. 20
7% preferred (guar.)
$134 Oct. I Holders of roe. Sept.20
6% preferred (guar.)
$1 54 Jet. 1 Holders of ree. Sept. 20
Humble Oil & Refining Co.(guar.)
50c Oct. 1 Holders of rec. Sept. 1
Hunts, Ltd., A & 13 (guar.)
12)4c Oct. 2 Holders of me Sept. 15
Huron & Erie Mtge.(guar.)
$1)4 Oct. 2 Holders of rec. Sept. 15
Hutchinson Sugar Plant
30c Oct. 5 Holders of rec. Sept. 30
Huyiers of Bela.7% pref. stamped (gm)
$1 Oct. 2 Holders of ree. Sept. 15
7% Preferred unstamped (guar.)
$1 Oct. 2 Holders of rec. Sept. 15
Hygrade Sylvania Corp. corn.(quar.)___
500 Oct. 2 Holders of rec. Sept. 9
$654 preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 9
Ideal Cement Co. (guar.)
25c Oct. 1 Holders of rec. Sept. 25
Ideal Financing Assoc., $8 pref.(guar.). $2
Oct. 1 Holders of rec. Sept. 15
$2 cony. preferred (guar.)
50e Oct. 1 Holders of rec. Sept. 15
Class A. (guar.)
12340 Oct. 1 Holders of rec. Sept. 15
Illuminating Shares A (quar.)
50c Oct. 2 Holders
Imperial Chemical Industries, Interim _z w235% Dee. 8 Holders of rec. Sept.20
of rec. Oct. 13
Imperial Life Assn.of Canada (guar.) ___
$354 Oct. 3 Holders of rec. Oct. 3
Im penal Tobacco Co.of Can..ord.shs__ r134% Sept.30 Holders
of rec. Aug. 30
Preferred (s.-a.)
r3% Sept.30 Holders of rec. Aug. 30
Incorporated InvecItors
234% Oct. 16 Holders of roe. Sept. 22
Independent Pneumatic Tool (guar.)._
25e Oct. 2 Holders
Clenera I service Co..6% pf.(qU.) $135 Oct. 2 Holders of rec. Sept. 25
Indiana
of ree. Sept. 5
Indiana Pipe Line Co
150 Nov. 15 Holders of roe. Oct. 20
Extra
10e Nov. 15 Holders of rec. Oct. 20
Industrial Rayon Corp.(guar.)
SI Oct. 1 Holders of rec. Sept. 18
Inland Investors, Inc.(guar.)
1214e Oct. 1 Holders of rec. Sept. 20
Inter-Island Steam Nay.(guar.)
30e Sept.30 Holders of rec. Sept. 20
Interlake Steamship. common (quar.)__
25e Oct. 1 Holders of
Internat. Business Mach. Corp (quar.) $114 Oct. 10 Holders of rec. Sept. 21
ree. Sept.
Internat. Button Hole Sew. Mach.(qu.)
20e Oct. 2 Holders of rec. Sept. 220
15
International Carriers. Ltd.(guar.)
Sc Oct. 2 !folders of rec. Sept. 28
International Harvester Co.,corn.(qu.).
15c Oct. 16 Holders of rec. Sept. 20
Name of Company.
2417
Per
When
Share. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Cannnued).
Internat. Nickel of Can. pref.(quar.)-- r$154 Nov. 1 Holders of rec. Oct. 2
Internat. Safety Razor Corp., cl. 13(O.) 125c Oct. 2 Holders of ree. Sept. 20
International Salt Co.(guar.)
3734c Oct. 2 Holders of rec. Sept. I5a
International Shoe. corn. (quar.)
50c Oct. 1 Holders of me. Sept. 15
Preferred (monthly)
50c Oct. 1 Holders of rec. Sept 15
Preferred (monthly)
50e Nov. 1 Holders of rec. Oct. 15
Preferred (monthly)
50a Deo. 1 Holders of ree. Nov. 15
Intertype Corp let pref. (s.-a.)
Oct. 1 Holders of rem Sept. 15
$2
Investment Foundation, Ltd., pref.(au.)
37e Oct. 16 Holders of rec. Sept. 30
Preferred
813e Oct. 16 Holders of roe. Sept. 30
investors Corp (R I.) $6 1st pref.(qu.). $134 Oct. 2 Holders of rem Sept. 20
Investors' Royalty Co., pref.(quar.)_ _
50c Sept.30 Holders of rec. Sept.20
Irving Air Chute, corn. div. action defer red.
Irving Investors Found. Inv.sits
50o Oct. 15 Holders of rec. Sept.30
Island Creek Coal Co.,rem.(guar.)
50c Oct. 2 Iloiders of rec. Sept.21
Preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 21
Jeffer,on Lake Oil. pref
70e Oct. 16 Holders of rec. Oct. 1
Jewel Tea Co., Inc.. corn.(quar.)
75c Oct. 16 Holders of rec. Oct. 2
Jones & Laughlin Steel Corp. 7% prof--250 Oct. 2 Holders of rem Sept. 13
Kahn's (E.) Sons. 7% pref. (guar.)
$1% Oct. 1 Holders of rec. Sept. 20
Katz Drug Co.. prof. (quar.)
$194 Oct. 2 Holders of rec. Sept. 15
Kaufmann Dept. Stores, pref. (quar.)- - $134 Oct. 2 Holders of rec. Sept. 20
Kaynee Co., prof. (guar.)
$134 Oct. 1 Holders of rec. Sept. 20
Kimberly Clark Corp., vet% (quar.)---- $134 Oct. 1 Holders of rec. Sept 12
King Royalty 8% pref.(Otter.)
$2 Sept.30 Holders of rec. Sept. 15
Kingsbury Breweries Co. (guar.)
15e Oct. I Holders of rec. Sept. 20
Extra
10e Oct. 1 Holders of rec. Sept. 20
Klein(D.Emil)(guar.)
25e Oct. 1 Holders of rec. Sept 20
Knapp Monarch,$334 prof.(guar.)
81Xe Oct. 2 Holders of rem Sept.25
Koppers Gas 6, Coke Co.
6% preferred (guar.)
154% Oct. 1 Holders of rec. Sept. 11
Kresge (S. S.) Co., corn.(guar.)
20c Sept.30 Holders of tee. Sept. 16
Preferred (guar.)
$134 Sept. 30 Holders of rect. Sept. 16
Kroger Grocery & Baking 1st pref. (qu.) $114 Sept.30 Holders of rem Sept.20
2d preferred (guar.)
$134 Nov. 1 Holders of ree. Oct. 20
Lambert Co., corn. (guar.)
$1 Oct.
Holders of rec. Sept. 19
Landers, Frery & Clark (guar.)
37Si c Sept. 30 Holders of rec. Sept. 20
Landers Fmry 4,Clark (Maar.)
37340 Sept.30
Quarterly
373.40 Dec. 31
Landis Machine. 7% pref (qua.)
$134 Dec. 15 Holders of me. Dec. 5
Langendort United Bakeries A
25e Oct. 15 Holders of rec. Sept.30
Laru.s Bros., B (guar.)
$234 Oct. 1 Holders of rec. Sept. 20
8% preferred (guar.)
$2 Oct. 1 Holders of rec. Sept. 20
Lazarus(F.& R.)& Co., corn.(guar.)._
100 Sept.30 Holders of rec. Sept.20
% preferred (guar.)
$194 Nov. 1 Holders of rec. Oct. 20
Leaders of industry Shares A
$4.516
Lehigh Portland Cement CO., pref.(qu.) 87 Xe Oct. I Holders of rec. Sept. 14
Lehman Corp.(guar.)
60c Oct. 4 Holders of rec. Sept. 22
Libbey-Owens-Ford Glass Co..com.(gu.)
30c Oct. 2 Holders of rec. Sept. 15
Life Insurance of Virginia(guar.)
750 Oct. 2 Holders of rec. Sept. 23
Liggett & Myers Tobacco Co pref.(qu.) $154 Oct. 2 Holders of rec. Sept. 11
Lincoln National Life Ina Co cap, stook
70e. Nov. I Holders of rem Oct. 28
Linde Air Products,6% pref. (guar.)._
$134 Oct. 2 Holders of rec. Sept. 20
Link Belt Co.common (guar.)
be Dec. 1 Holders of ree. Nov. 15
634% Preferred (quar.)
134% Oct. 1 Holders of ree. Sept. IS
Preferred (guar.)
$134 Jan. 2 Holders of rec. Dec. 15
Lock Joint Pipe Co (monthly)
340 Sept.30 Holders of rem Sept.30
8% preferred (qua?)
$2 Oct. 2 Holders of rec. Oct. 2
Loew's. Inc., corn.(guar.)
25e Sept. 30 Holders of rec. Sept. 15
Loomis Sayies Mutual Fund (guar.).—
500 Oct. 2 Holders of rec. Sept.
Loewe Wiles Biscuit Co.. Pref• (quar.). $104 Oct. 1 Holders of rec. Sept. 15
I80
Lord & Taylor Co. (quar.)
$23.4 Oct. 2 Holders of rec. Sept. 16
2d preferred (qua?.)
$2 Nov. 1 Holders of me. Oct. 17
Lorillard (P.) Co.,corn.(guar.)
300 Oct. 2 Holders of ree. Sept. 15
Preferred (guar.)
$134 Oct. 2 Holders of me. Sept. 15
Loudon Packing (guar.)
250 Oct. 2 Holders of rec. Sept. 15
Lumbermans Ins. Co.(Phila.)(quar.)- - $134 Oct. 14 Holders of rec. Sept.
30
I.unkenheimer Co.. pref (guar.)
$1% Oct 2 Holders of ree. Sept 22
Lycoming Mfg.. 8% pref. (guar.)
$2 Oct.
Ilolders of rec. Sept. 26
M.& P. Stores, 7% pref. (guar.)
$154 Oct.
Holders of rec. Sept.27
Macy (E. H.)& Co., common (quar.)
50c Nov. 15 Holders of ree. Oct. 20
Mack Trucks, Inc., corn. (guar.)
25e Sept.30 Holders of rec. Sept. 15
Magnin (1.) & Co.,8% prof (guar 1_
134% Nov. 16 Holders of ree. Nov 5
Manischewitz (B.) Co.. prof. (quar.)__ $154 Oct.
Holders of rec. Sept. 20
Mapes Consolidated Mfg. Co.(guar.)--75e Oct.
Holders of rem Sept. 15
Extra (guar.)
25c Oct. 2 Holders of rec. Sept. 15
Quarterly
75e Jan 234 Holders of rec. Dec. 15
Quarterly
750 Apr 234 Holders of rec. Mar. 15
Quarterly
75e July2'34 Holders of rem June 15
Marine Midland Corp., corn. (quar.)...
10c Oct. 2 Holders of rec. Sept 16
Marlin.Rock well Corp. (special)
25c Oct. 2 Holders of rec. Sept.
Mathieson Alkali Works, corn. (guar.)... 3730 Oct. 2 Holders of rec. Sept. 21
8
Preferred (guar.)
$154 Oct. 2 Holders of rec. Sept. 8
MacAndrews&Forbes, Inc. corn. (qu.)
50c Oct. 14 Holders of rec. Sept. 300
Preferred (guar.)
$134 Oct. 14 Holders of rec. Sept.300
McCall Corp., corn. (emir.)
50c Nov. 1 Holders of ree. Oct. 14
McCiatchy Newspaper,7% pref.(qua.) 4334e Dec. 1 Holders of
Dee.
McColl-Frontenac Oil Co., 6% pt. (qu.) r$134 Oct. 14 Holders of ree. Sept. 1
rec.
30
McKee (Arthur G.)& Co.. Cl. B.,(guar.)
50c Oct. 1 Holders of rec. Sept. 20
McKeesport Tin Plate Co. (guar.)
$1 Oct. 2 Hoiden; of rt c. Sep.. 15
McQuay-Norris Mfg. Co.(quar.)
750 Oct. 1 Holders of rec. Sept. 22
Mead Johnson dr Co.(qua.)
750 Oct. 1 Holders of rec. Sept. 15
Merchants & Miners Transport (quar.)100 Sept. 30 Holders of rec. Sept. 16
Nlercharts Nat Realty. A. 6, B pf (qu.) $154 Oct. 1 Holders of roe. Sept.
1
Merck Corp., pref.(guar.)
$2 Oct. 2 Holders of ree. Sept. 16
Preferred (guar.)
$2 Jan. 2 Holders of ree. Dee. 16
Mesta Machine
250 Oct. 2 Holders of rec. Sept. 16
Preferred (quar.)
$154 Oct. 2 Holders of rec. Sept. 16
Metal Packing Corp (guar.)
$1 Oct. 2 Holders of rec. Sept.
Metal & Thermlt, 7% pref. (guar.).- - - 134% Oct. 1 Holders of rec. Sept.12
2/3
Metropolitan Coal, 7% pref. (quar.)_
$1 34 Sept.30
Midland & Pacific Grain, 7% prof. (qu.) $134 Oct. 2 Holders of rec. Sept. 24
Midland Steel Products, 8% preferred__
$1 Oct. 1 Holders of rec. Sept. 19
8% preferred
882 Oct. 1 Holders of rec. Sept. 19
Mill Factors Corp.. cl. A & B (quar.)- 50c Oct. 1 Holders of rec. Sept. 20
Minneapolis Honeywell Regulator—
preferred (guar.)
$114 Oct. 1 Holders of rec. Sept. 20
Minnesota Mining & Mfg. (guar.)
12340 Oct. 2 Holders of rec. Sept. 22
Mitchell (J. S.) & Co.. Ltd.. pf.(quar.). $154 Oct. 2 Holders of rec. Sept. 15
Mock-Judson-VoehrInger, pief.(gm)- -- $134 Oct. 2 Holders of rec. Sept.
Monogban (Victor) Co., 7% pref. (qu.) $134 Oct. 2 Holders of rec. (Sept. 15
20
Monroe Chemical, pref (guar.)
87 340 Oct. I Holders of rec. Sept. 15
Monsanto Chemical Co.(quar.)
31140 Oct. 2 Holders of rec. Sept. 9
Moore Corp.,6% pref. A (guar.)
c$134 Oct. 2 Holders of rec. Sept. 15
7% preferred B (guar.)
r$134 Oct. 2 Holders of rec. Sept. I 5
Moore (Wm.) Dry Goods Co.(guar.)
$134 Oct. 2 Holders of rec. Sept. 20
Quarterly
$114 I-1-'34
Morris Philip) & Co.(guar.)
250. Oct. 16 Holders of rec. Oct. 3
Morris (Philip) Consol., class A
855 .979225 Oct. 2 Holders of rec. Sept. 18
Class A (guar.)
4334c Oct. 2 Holders of rec. Sept. 18
Morris Finance, A (quar.)
$154 Sept.30 Holders of rec. Sept. 20
Class B (guar.)
27 Xc Sept. 30 Holders of rec. Sept. 20
7% Preferred (guar.)
$134 Sept. 30 Holders of rec. Sept. 20
Morris Sc. & be,to 31 Sta..7% pf.(qu.) 154% Oct. I Holders
of rec. Sept. 20
7% preferred (guar.)
134% 1-2-34
Morris Plan Ins. Soc. (guar.)
51
Dec. 1 Holders of rec. Nov. 24
Motor Finance Corp.(guar.)
20e Nov. 29 Holders of rec. Nov. 22
8% preferred (guar.)
$2
Sept. 30 Holders of rec. Sept. 21
Mountain Producers, (guar.)
15e Oct. 2 Holders
Morrison Cafeterias. 7% pref. (guar.)._ $114 Oct. 2 Holders of rec. Sept. 15a
of rec. Sept. 24
Murphy(CC.)Co.,8% pref.(au.).
$2 Oct. 2 Holders of rec. Sept. 21
Murray (J. W.) Mfg..8% prof. (quar.)$2 Oct. 2 Holders of rec. Sept. 20
Myers (F. F.) & Bro. Co., common__
25e Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
3114 Sept.30 Holders of rec. Sept. 15
Nashua Gummed & Coated Paper
50e Dec. 15 Holders of rec. Nov. 8
7% preferred (guar.)
$134 Oct. 2 Holders of rec. Sept. 25
7% preferred (guar.)
3154 Jan. 2 Holders of rec. Dec. 21
Nation Wide Securities, 31 par, vot. sins.
170 Oct. 1 Holders of rec. Sept. 15
25e par, voting shares
600% Oct. 1 Holders of rec. Sept. 20
National Battery Co., pref.(guar.)
55e Oct. 2 Holders of rec. Sept. 18a
National Biscuit Co., corn.(guar.)
700 Oct. 14 Holders of rec. Sept. 22
Financial Chronicle
Volume 137
Name of Company.
Per
When
Share. Payable.
Books Closed
Days !natant.
Public Utilities (Continued).
Hackensack Water Co.,el. A pref.(au). 4340 Sept.30 Holders of roe. Sept. 18
15e Sept.30 Holders of rec. Sept. 15
Honolulu Gas (toOlithIP)
Sept.30 lioldere of rec. Sept. 29
$2
Illinois Bell Telephone CO.(mar.)
Indhum & M lehigan Elec.7% pref.(an.) $131 Oct. 2 Holders of reo. Sept. 5
$1% Oct. 2 Holders of rec. Sept. 5
6% preferred (guar.)
Indianap. l'ow. & Lt.64% pf (qu.)..... $14 Oct. I Holders of roe. Sept. 5
$14 Oct. I Holders of rem Sept. 5
6% preferred (guar.)
Indheruspolls Water Co.,5% pf.(qu.)--. 1(4% Sept.30 Holders of rec. Sept. 1 lo
Iowa Public Service $7, 18t pref.(guar.). $1% Oct. 1 Holders of rec. Sept. 18
86%, 1st preferred (guar.)
$14 Oct. 1 Holders of rec. Sept. 18
$1% Oct. 1 Holders of rec. Sept. 18
$7 2d preferred (guar.)
$14 Oct. 1 Holders of rec. Sept. 18
$8 2d preferred (guar.)
International Hydro Elect. System
8740 Oct. 16 Holders of rec. Sept.25
$34 series preferred (guar.)
$14 Oct. 2 Holders of rem Sept.30
Internat. Ocean Telt g (guar.)
Jamaica Public Service,7% pref.(guar.) 134% Mt. 2 Holders of rect. Sept 15
$1% Nov. 1 Holders of rec. Oct. 11
Jamaica Water Supply,74% pret(s-a)
Jersey Cent. Pow.a Li. Co..7% PL(gu.) $14 Oct. 1 Holders of rec. Sept. 9
6% preferred (guar.)
$14 Oct. 1 Holders of rec. Sept. 9
$14 Oct. I Holders of rec. Sept. 9
54% preferred (guar.)
$14 Oct. 16 Holders of rec. Oct. 2
Joplin Water Works,6% pref.
$14 Oct. I Holders of rec. Sept. 14
Kramer/ City Pow.& Lt. Co.. tat pf.
Oct. 2 Holders of rec. Sept. 15
KAMM Elec. Pow. CO., 7% pref.(guar.)
$I 4" Oct. 2 Holders tel rec. Sept. 15
6% Junior preferred (guar.)
Kansas Gas & Elect. Co.. 7% pref.(au) 14% Oct. 2 Holders of rec. Sept. 15
$14 Oct. 2 Holders of rec. Sept. 15
$8 preferred (guar.)
700 Oct. 2
Keystone I ub. Serv. Co., $2.111.. pt.(qu.)
% let. 2 Holders of rec. Sept. 18
Mugs County 1.Xilt. 7% Pref.B(guar.).
5% preferred D (guar.)
14% /et. 2 Holden of rec. Sept. 18
Sept 30 Holders of rec. Sept. 18
Lindsay Light Co., 7% pref.(guar.).
- 17
Lockhart Power Co., 7% pref. (s.
-a.).-- $34 Sept.30 Holders of rec. Sept.30
line sep, 30 Holders of rec. Sept. 15
Lone Star(las(*ore tem.(guar.)
$14 Sept.30 Holders of rec. Sept. 15
8% preferred (guar
1 Holders of rec. Sept. 15
Long Island Lighting. 7% pref. A (guar.) $14 let
I Holder, of rec. Sept. 15
$14 (let
81 preferred B (guar.)
%
Malone Light dr Pow. Co.$6 pref.(cm.). $14 Nov. I Holders of rec. Oct. IC
50c Xt. 2 Holders of rec. Sept.20
Manchester Gas Co.(guar.)
$14 Get. 2 Holders of rec. Sept.20
Preferred (guar.)
Marion Water Co., 7% pref.(guar.). - 814 Oct. 2 Holders of me. Sept. 20
Massachusetts Lighting 8% pref. (guar.)
$2 Oct. 16 Holders of rec. Sept.30
$14 Oct. 18 Holders of rec. Sept.30
6% preferred (guar.)
Memphis Natural Gas Co.,57 pref.(qu.) $14 Oct. I Holder. of roe. Sept. 20
$14 Oct. 2 Holders of rec. Sept. 16
Memphis Pow & Lt.. $7 pref.(guar.)
$14 oct. 2 Holders of rec. Sept. 16
$8 preferred (qua?.)..
Metropolitan Edison. $7 pref. (guar.)-- $14 Oct. 1 Hold. roof rec. Aug. 31
$14 Oct. 1 Holders of reo. Aug. 31
$8 preferred (guar.)
$14 Oct. I Holders of me. Aug 31
$5 preferred (guar.)
Minnesota this Light.5% part units(gu.) $14 Oct. 1 Holders of rec. Sept 20
Minnesota Power & Light CO.
87%c Oct. 2 Holders of roe. Sept. 11
7% Preferred (guar.)
75e Oct. 2 Hold( ns of rem Sept. II
$8 preferred (guar.)
Oct. 2 Holders of rec. Sept. 15
Mississippi River Pow.,6% pref• (guar.) $I
Misstessippi Vail. P.S.,8% p1. B (guar.). $14 Oct. I Holden of rec. Sept. 21
Monongahela Valley Wetter, pref. (qu.) 614 Oct. 16 Holders of rec. Oct. 2
Monongahela West Penn Pub. Serv. Co.
434e Oct. 2 Holders of rec. Sept. 15
7% prefernul (guar.)
370 Oct. 31 Holders of rec. Sept.30
Montreal Lt., Ht.& Pr. Cons.com.(au.)
$2 Oct. 18 Holders of rec. Sept.30
Mountain e testes Tel.& Tel.Co.(guar.).
8c Oct. 20 Holders of rec. Oct. 10
Mutual Telep. Co.(Hawaii), monthly__
I Heade r. of rec. Sept. 15
Naefecuet Suffolk 1.tre Co .7% pt.(gu.). 14% (let
National Pow.& Light. $8 pref.(guar.). $114 Nov. 1 Holders of rec. Oct. 16
$I Nov. 1 Holders of rec. Sept.30
Nevada-Calif. Elec. Corp., pref.(gu.)..._
New Eng. re & E A1440(1., $5% pt. (gu.) $14 (let. 1 Holders of rec. Aug 31
50c Get. le Holders of roe. Sept 30
New England Pow. Assn.(guar.)
Preferred (guar.)
$14 Oct. 2 Holders of rec. Sept. II
preferred (guar.)
500 (let. 2 Holders of rec. Sept. 11
$2
11 14 Sete • 31 11014c r' of rec. Sept II
New England Tile p. & Teleg.(guar.)._
New Jersey P.& Lt..$6 prof (guar.).- $14 Oct. 1 Holder, of rec. Aug 31
$14 Oct. I Holders of rec Aug. 31
$5 preferred (guar )
New Jersey Water, 7% pref. (guar.).- $14 Oct. 2 Holders of rec. Sept 20
4
New York Pow. & Lt., 7% pref.(cut)._ $14 Oct. 2 Holders of rec. Sept. 15
$14 Oct. 2 Holders of rec. Sept. 15
$8 preferred (guar.)
New York steam Corp.,$7 pref.(guar.). $1 4 ()et. 2 Holders of rec Sept. 15
$6 preferred (guar)
$114 (let. 2 Holders of me. Sept 15
New York Telephone.814% peel.(guar.) 14% Oct. la Holders of rec. Sept. 20
$14 Get. 2 Holders of rec. Sept. 15
Newport Elec..6% pref.(quaar.)
$14 Oct. 1 Hecklers of ren Sept. 10
North • hags. Oa.. prof (guar.)
7% preferred (guar.)
$14 Gee. 2 Holders of roe. Sept 9
$14 Nov. 1 Holders of rec. Oct. 10
. e tall.. Inc. 7% pf.(qu.)
North
Northern ontarlo Power Co.. cons.(qu.)
50c Oct. 25 Holders of rem Sept 30
14% (let. 25 Holder' of rec. Sept 30
6% preferred (guar.)
100 Nov. 1,Holders of rec. Sept.30
Northern States Pow
Nor.States Pow.Co.(Dela.)7% pt.(qu.) 14% Oct. 20 Holden of rec. Sept 30
6% praerred (actor)
14% Oct 20 Holders of rec. Sept 30
1% Nov. 1 Holders of rec. Sept 30
Class A e0inn on (guar.)
Northwestern Bell Telephone
$14 Oct. 14 Holders of rec. Sept. 20
64% preferred (guar.)
Nova Scotia Light & Power (luar.)
75e Oct. 2 Hold( is. of rec. Sept. 16
$14 Oct. 2 Holders of rec. Sept 15
Ohio Edlson Co • $5 pref. (guar.)
$I 4 Get. 2 Holder, of rec. Sept. 15
$6 preferred (guar.)
$1.65 oct. 2 Holders of rec. Sept 15
$6.60 preferred (qua?.)
$14 Oct. 2 Holders of rec. Sept. 15
$7 preferred (guar.)
$1.80 Oct. 2 Holder; of me. Sept 15
$7.20 preferred (guar.)
Ohio Public Service Co., 7% pref.(mo.) 58 I-3c Oct. 2 Holders of rec. Sept. 15
500 Oct. 2 Holders of me. Sept. 15
8% preferred (monthly)
41 2-3e Oct. 2 Hecklers of rec. Sept. 15
5% preferred (monthly)
Ohio Telep. Service. 7% pref. (guar.)._ $14 Sept.30 Holders of roe. Sept. 24
Orange & Roekland Elec.,6% prof.(att.) $14 Oct. I Holders of rec. Sept. 25
I Holders of roe. Sept. 25
$14 Oct
7% preferred (guar.)
Ottawa Lt.Ht &Praw. Co.Ltd.com.(qu.) 14% Sept 30 Holden of rec. Sept. 15a
Preferred (guar.)
14% Oet. 1 Holders of roe. Sept. 15
$14 Oct. 1 Holders of rec. Sept. 15
Otter Tall Power. $8 pref.(guar.)
$I% Oct. 1 Holders of rec. Sept. 15
$e% preferred (guar.)
374o Oct. 18 Holders of rec. Sept.30
Pacific Gas & Elec., corn. (guar.)
Pacific Lighting Corp. $13 pref.(guar.)._ $14 Oct. 16 Holders of rec. Sept.30
$14 Sept.30 Holders of rec. Sept. 20
Pacific Tel.& 'rel (guar.)
$14 Oct. la Holders of rec. Sept.30
Preferred (guar.)
. 7% Vet. (guar.) 14% Nov. 15 Holders of rec. Nov. 6
'o..
Peninsular l'elep(
134% 2-15-34 Holders of roe. 2-6-34
7% preferred cellar.)
Penn Central Light & Power
Oct. 2 Holders of reo. Sept. 11
$1
$5 preferred (guar.)
70e Oct. 2 Hecklers of rec. Sept. 11
$2.80 preferred (guar.)
$134 Oct. 2 Holders of rec. Sept.20
Penna. Gas dr Elea $7 pref.(guar.)
$1% Oct. 2 Holders of rec. Sept 20
7% preferred (guar.)
$IM Oct. 2 Holders of roc. Sept. 12
Penna.Pow.& Light,$7 pref.(Qua?.)
$14 Oct. 2 Holders of rec. Sept. 12
$6 preferred (guar.)
$14 Oct. 2 Holders of rec. Sept. 12
$5 preferred (guar.)
14% Mt. 2 Holders of rec. Sept. lb
Pennsylvania Tel Co.,6% pt.(guar.)
Pennsylvania Water & Power Co.
75e Oct. 2 Holders of rec. Sept. 15
Common (guar.)
$14 Xt. 2 Holders of roe. Sept 15
Preferred (guar.)
6240 Oct. 2 Holders of roe. Sept. 15
Peoples Natural Gas,5% prof.(qua?.)
Peoria Water Works,7% pref. (guar.)._ $14 let. 2 Holders of rec. Sept. 20
12%c Oct. 25 Holders of rec. Oct. 2
Philadelphia Co., common (guar.)
e Holders of rec. Sept. 1
$14
$6 preference (guar.)
Oct. 2 Holders of rec. Sept. 1
$1
$5 preference (guar.)
14% Nov. 1 dHoldem of roe.Sept.30
6% cumulative preferred (sea.)
50e Oct. 1 Holders of rem '(Opt 5
Philadelphia Eke Pow.00..8% PM•(111)
$2 Oct. 2 Holders of rec. Sept. 11
-a.)
Philadelphia Traction Co. (s.
$1% Oct. 2 Holders of rem Oct. 2
Union Water (guar.)
Plainfield
134% Oct. 2 Holders of roe. Sept. 15
Ponce Electric.7% Pref.(guar-)
Porto Rico Pow. Co., Ltd.7% pt.(qu.) 14% (let. 2 Holders of rec. Sept. 15
250 Oct. 2 Holders of roe. Sept. 11
Providence Gas(guar.)
$1% Oct. 2 Holders of rec. Sept. 20
Public Service Co. of Okla.,7% Pf.
$14 Oct. 2 Holden of rec. Sept. 20
preferred (guar.)
8%
700 Sept.30 Holders of rec. Sept. 1
Public Service Corp. of N.J.,corn. 01113
$2 Sept.30 Holders of rec. Sept. 1
8% preferred (guar.)
$14 Sept 30 Holders of rec. Sept. 1
7% preferred (guar.)
Sept.30 Holders of roe. Sept. 1
$1
$5 preferred (quer)
50c Sept. 30 Holders of rte. Sept. 1
6% preferred (monthly)
500 Oct. 31 Holders of roe. Oct. 2
6% preferred (guar.)
Name of Company.
2415
Per
When
Share. Payable.
Public Utilities feenaluasal.
Public Service Co.of Colo., 7% pf.(mo.) 58 1-3e
8% preferred (monthly)
50c
5% preferred (monthly)
41 2-3c
Public Service Elec. &(Jae. 7% pf.(qu.) 134%
$5 preferred (lima )
$14
Queens Bore Gas & Elec.,8% pref.
(MO 14%
Richmond Water Works,8% pt.(guar.). $14
Rochester Telephone Corp.134%
6(4% 1st preferred (guar.)
5% 2d preferred (qua?.)
14%
Rockville- dililmantio ttg., 7% pf.(rm.) $134
6% preferred (guar.)
$134
8-7% preferred (guar.)
$134
St. Joseph Ry., Lt., H.& P..5%pfd.(qu) $14
Scranton Elec. Co.,$8 pref.(qua?.)
$114
Shasta Water (titian)
40c
snenango Valley Nate Co 6% pt (an.) 14%
South Carolina Power Co.. $8 pt. (qu.). $t
South Counties Gas of Calif.,6% pt.(qu) Me
South New England Tclep. Co.(qua?.)
$134
South Pittsburg Water Co., 7% pf (qu.) $14
6% preferred (qua?.).
$114
Southern California Edison Co., Ltd.
Original preferred (qua?.)
2%
13e%
54% preferred, series C (guar.)
Sou. Calif. Gas.6% pref. & prof A (qu.) 37%0
Southern Canada Power Co., Ltd.
6% preferred (guar.)
14%
Southern Indiana Gas& EL.7% pt.(qu.) 3134
6.6% preferred (guar.)
$1.65
6% preferred (guar.)
$14
S'western Bell Tel.,7% pref.(quar.)--- $14
Southwestern Gas & Electilc Co.
8% preferred (guar.)
$2
7% preferred (guar.).
$134
Southwestern Light & Power Co.
$8 preferred (glue.)
50c
Springfield City Water. pref. A & B (qu.) $14
Preferred C (qua?.)
$13$
Springfield Gas & Liec. 0..;7 pref.(qu) $14
(
Standard Gas & Elec. Co.. $6 pr. pf.(qu) $114
$7 cu n. preference (guar )
3134
Standard Pr. & Lt. Corp., pref. (guar.). $134
Superior (Vat. Lt.&
cv.,7% pref.(qu.) $151
Taunton Gas Light
$1.60
eeleptione Invent corp. Onthly I .....
200
Tennessee Elec. Pow Co.,7.2% p1.(an.) $1.80
7% preferred (quo?.)
$134
6% preferred (qua?.)
$I%
5% preferred (quer.).
SIX
72% preferred (monthly)
600
6% preferred (eflambee)
50o
Texas Electric Service, 56 pref. (guar.). $14
Toledo Edison Co.. 7% prof.(mo.)
58 1-3c
6% preferred (monthly)
50c
5% preferred (monthly)
41 2 3e
Twin State Gas & Eleetrie7% prior lien (qua?.)
$14
Union Elec..Lt.& Pow. 1 111.).6%Pthllt0 $14
.
Union Elec. Lt.& Pow (Mo.) % pt.
a
(qu.) $14
Union Public Service (MInn.)7% preferred A & B (qua?)
$14
6 preferred C & D (guar.)
$14
United Companies of New Jersey (qu.). $21
4
United Corp., preference ((ruse.)
75c
United Gas & Elec Corp., pref. (guar.). 134%
United Gaa Improvement (quer.)
300
Preferred (guar.)
$1
United Light & Pow..7% pref.(guar.).- $14
140
United Stales, Elec.& Pow. c- hares(Md.)
Vermont Lighting. 8% pref. (guar.).
- $114
Virginia, Publle service. 7% pref.(guar.) $14
6% preferred km tr.)
$114
West Kootenay I r. & Lt. Co., pt.(qu.). $134
West Penn Electric Co., close. A (guar.). $14
West Penn Power Co.. 7% prof.(qua?.) 134%
6% preferred (guar.)
14%
750
West exas UtIlfries Co.. 56 Pf. (qua?.).
50e
Weetern Mass. Cos. (guar.)
Western New York Water. 55 prof. (gut.) $IX
Western Power Corp., 7% prel.(guar.). 14%
14%
Western United G.& El.. 84% Pf•
14%
6% preferred (guar.)
Wersci °rebind Water. $6 prof. (qua?.).. $14
$134
Wichita Water Works. 7% pref. (cru.)
Wisconsin El. Pow.,6%% prof. (qua?.). 134%
114%
6% Preferred (guar.)
Wisconsin ('.us* Elm...6% mei' C (qu.) $I 4
Wisconein Hydro-Elec.. 8% pref. (qu.). $14
Books Closed
Days Include&
Oct. 2 Holders of roe. Sept.15
Oct. 2 Holders of rec Sept. 15
Oct. 2 Holders of No. Sept. 15
Sept.30 Holders of rec. Sept. 1
Sept.30 Holders of rec. Sept. 1
Oct. 1 Holders of roe. Sept. 15
Oct. 2 Holders of rec. &MS°
Oct. 2 Holders of rec. Sept.20
Ott, 2 Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 2 Holders of reo. Sept. 5
Oct. 1 Holders of rec. Sep..20
Dee. 1 Holders of fee. Nov. 20
Oct. 1 Holders of rec. Sept. 15
Oct. 14 Holder, of rec. Sept.30
Oct. 18 Holders of rec. Sept.30
Oct. 18 Holder, of rec. Oct. 2
Oct. 16 Holders of rec. Oct. 2
Oct. 15 Holders of rec. Sept. 20
Oct. 15 Holders of me. Sept. 20
Oct. 14 Holders of rec. Sept.30
Oct. 18 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Seat.23
Oct. 1 Holders of rec. Sept.23
Oct. 1 Holders of rec. Sept. 23
Oct. 1 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept.22
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Bolders of rec. Sept 15
Oct. 25 Holders of rec. Sept.30
Oct. 25 Holders of roc. Sept.30
Nov. 1 Holders of rec. Oct. 14
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 15
Oct. I Holders of rte. Sept.20
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of roc Sept. 15
Oct. 2 Holders of rem Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept.15
Oct. 2 Holdera of rec. Sept 15
Oct. 2 Holders of me. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept.20
Oct. 2 Hollers of rec. Sept. 20
Oct. 10 Holders of nem Sept. 20
Oct. 2 Holders of roe. Aug. 31
Oct. 1 Holders of rec. Sept. 15
Sept.30 Holders of roe. Aug. 31
Sept.30 Holders of rec. Aug 31
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holden of rec. Sept. 15
Oct. 2 Holders of rec. Sept.21
Oct. 1 Holders of rec. Sept. 11
Oct. 1 Holdc re of rec. Sept. 11
Oct. 2 Holden of rec. Sept 22
Sept.30 Holders of rec. Sept. 18
Nov. 1 Holders of rec. Oct. 5
Nov. 1 Holders el rec. Oct. 5
Oct. 1 Holders of rec. Sept. 15
Sept.30 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept.22
Oct. 2 Holders of rec. Sept. 25
Oct. 2 Holders of rec. Sept. 18
Oct. 2 Holders of rec. Sept. 18
Oct. 2 Holders of rec,. Sept. 20
Oct. 18 Holders of rec. Oct 2
Oct. 2 Holders of rec. Sept. 21
Oct. 2 Holders of rec. Sept. 21
Oct. 18 Hollers of r .c. Sept.30
Oct. 2 Holders of rem Sept. 15
Bank and Trust Companies.
Bank of New York & Trust Co.(guar.)._
3334 Oct. 2 Holders of rec. Sept.22
Bank of The Manhattan Co. (gusr.r.-50c Oct. 2 Holders of rec. Sept. I4a
Bankers Trust Co. (qua?.)
74% Oct. 2 Holden. of rec. Sept 15
Brooklyn Trust Co. (guar.)
$1(let. 2 Holders of rec. Sept. 25
Central Hanover Wink A I reel Co.(qu.) $I 14 Oct. 2 Holders of rec. Sept 19
Chase National Bank (educe?
350 Oct. 1 Holders of rec. Sept. 8a
Cheer Ica' Bank & Truet Co.(qua?.)
45e. Oct. 2 Holders of roe. Sept. 19
Clinton Trust Co. (ccu .r
50c Sept.30 Holders of rec. Sept. 15
Continental Bane it l'ru-t Co. (guar.)._
200 Oct. 1 Holders of rec. Sept. 15
Empire Trust CO.(guar.)
250 Oct. 2 Holden of roe. Sept. 20
Fifth Ave. Bank (N. Y. (guar.)
$6 Oct. 2 Holders of ree. Sept.30
Met Nat Bk.of the aty of N.Y.(qu.)_ $25
Oct. 2 Holders of rec. Sept. 25
Fulton Trust Co. (guar.)
$3
Oct. 2 Holders of rec..ept. 25
Guaranty Trust Co (guar.)
$5 Sept.30 Holders of rec. Sept. 8
Irving Trust Co (guar I
,
250 Oct. 2 Holder of rec. Sept. 11
Lawyer.' County Trust Co.(guar.)
600 Oct. 1 Holders of rec. Sept.220
Merchants Bank of New York........
50c Oct. 10 Holders of rec. Sept. 30a
National City Bank of New York
1250 Oct. 2 Holders of roe. Sept. 16
New Rochelle Trust Co.(N. Y.)(guar.).
75e Oct. 1 Holders of rec. Sept. 15
New York Trust Co.(guar.)
5% Sept.30 Holders of rec. Sept. 230
Public National Bank & Trust CO.(qu.). 3740 Oct. 2 Holders of rec. Sept. 20
Tfue Guarantee & Trust Co. (guar.)...
20e Sept.30 Holders of rec. Sept. 21
United States Truet Co.(guar.)
$15 Oct. 2 Holders of rec. Sept.20
Extra
$10 Oct. 2 Holders of rec. Sept.20
Free Insurance Companies.
Aetna Fire Insurance Co.(guar.)
AgrieulturslIns.
(Watertown.N.Y.)
(au.)
Allemanla Fire Ins.(qua?.)
An encan Insurance Co.(Newark)(8.-a.)
Hoene ins Co (a a ).
Buffalo Ins. Co. (guar.)
Clem Falls Ins (guar.)
Hanover Fire Insurance Co.(guar.).Hartford Fire insurance Co.(Quar.)National Fire Ins. Co.(guar.)
New Hampshire Fire Ins. Co (guar.).North River insurance (guar.)
Northwestern Natl. Ins. Co.(Quer.)- - - PhIladelphla Nat. Fire Ins. Co.(guar.)
Phoenix Fire Insurance Co.(guar.)
Reliable Fire Insurance Co. (guar )---Springfield Fire & Marine Ins. (guar.)._
Miscellaneous.
Abbott Laboratories, Inc.(guar.)
Abraham & Straus. Inc., corn.(quar.)
Acme Steel Co. (guar.)
Adams Express Co . prof. (guar.)
Aetna Casualty & Surety (nusr
400 Oct. 1 Holders of rec. Sept. 11
55c Oct. 2 Holders of rec Sept. 20
Sc Oct. 2 Holders of rec. Sept. 23
250 Oct. 2 Holders of rec. Sept. 9
Oct. 2 Hoiden. of me. Setn 20
$4
$3 Sept.30 Holders of rec. Sept. 19
400 Oct. 1 Holders of me. Sept. 15
40c Oct. 2 Holders of roe Sept. 18
50a Oct. 2 Holders of rec. Sept. 15
50c Get. 2
400 Oct. 2 Holders of rec. Sept. 18
15c Dec. 11 Holders of roe. Oec. 1
$14 Sept.30 Holders of rec. Sept.18
50c Oct. 10 Holders of roe. Oct. 1
500 Oct. 2 Holders of rec. Sept. 14
90e Oct. 2 Holders of rec. Sept.27
$1.13 Oct. 2 Holders of roe. Sept. 18
50e
300
250
$14
Oct. 1 Holders of rec. Sept.14
Sept.30 Holders of rec. Sept. 21
Oct. 2 Holders of rec. Sept.30
Sept.30 Holden; ot rec. Sept. 15
(let. 2 14n1Apre ot roe.. °met 19
Name of Company.
Per
When
Share. Payable.
Miscellaneous (Continued).
531
National Bearing Metals Co., pref.-$134
Preferred (guar-)
r 40c
National Breweries, Ltd.,corn.(quar.)_
r 44c
Preferred (qua?.)
25c
National Candy Co., corn. (guar.)
$1/4
1st & and preferred (guar.)
$2
National Carbon Co., pref. (guar.)
$1
National Casket (5.-a.)
$7 preferred (guar.)
3134
50c
National Container Corp.. pref. (guar.)
30c
National Dairy Products, coin. (guar.)
$154
Preferred A & B (quar.)
(n)
National Distillers Products Corp.. corn
15c
National Finance Corp. of Amer. (qu.)
15c
6% preferred (guar.)
lfic
Extra
20e
National Finance Corp. Balt.,A&B (qu.)
I referred (guar.)
20c
25e
National Fuel Gas, common (quar.)....
National Gypsum Co. 7% pref.(guar) $134
National investors CA;r1/.—
213534
$5% preferred (specie!)
$134
Natrona, Lead Co. common (quar.)
31%
Clan It preferred (guar.)
$134
National Lleorce.6% pref.(guar.)
3134
National 011 Prod., pref.(guar.)
I5c
National Pacific Mtge.. Prof• (quar.)_._
30e
National Standard Co., quarterly
8(sc
Special
25e
National eteel Corp.. corn. (guar.)
60e
Nations.'Sugar Refining Co.of N • J. Cote
I5c
National Tea Co., corn.(guar.)
80c
Naunkeag Steam Cotton (guar.)
150
Nelson Baker & Co.(guar.)
Newberry (J.J.) Realty 634% A pl.(qu.) 51)4
5134
6% H preferred
New Departure Mfg.,7% pref.(guar.)
134%
$2
New England Equity, 8% prof. (guar)
New York hipbuilding Corp.—
.
100
Participating (guar.)
be
Founders,
' bares (guar.)
$131
Preferred (guar.)
15c
New York Transit Co.(guar.)
15e
Newberry (.1 J.) Co., coin.(guar.)
Niagara Alkali, pref. (guar.)
$14
Niagara Share I sap ur Md.—
$1 34
Clan A $e preferred (guar.)
$134
Class A te preferred (Qua?.).
h75c
Niagara Wire Weaving Co., prof
bee
.elan A (Qum ,
/411wItiel. 111111(11'1 1 I
,
50c
Noblett-Sparks Industries
02%
Norh American Co.. common (qua?.)
Preferred (guar.)
1)4%
200
North a Judd Mtg. (guar.)
83ee
North Star Oil. 7% prof. (gum.)
No Cent.Texas 0110o., prof.(qua?.)_. $134
75e
Northam Warren Corp., pref. (quar.)..
Norwalk Tire & Rubber Co.. prof. (qAL) 87140
$I
Norwich Pharinacal Co.(guar.)
$134
Novadel Ageue Corp. (guar.)
5134
7% preferred (guar.)
I5c
Oahu Ry. & Land( eonthly)
fic
Oahu Sugar Co., Ltd.(monthly)
30c
Extra
30
Occidental Petroleum (quar.)
$2
Ogilvie Flour Mills Co., Ltd.corn.(qu.).
25e
Ohio Finance Co.(guar.)
$2
8% preferred (guar )
$2
Class A (guar.)
$2
Omnibus Corp.. pref.(guar.)
200
Once. ea Sugar (nionthly)
1215c
Ontario Mtg. Co.. corn.(guar.)
S13i
Preferred (guar.)
15c
Otis Elevator Co., corn.(guar.)
$134
Preferred (guar.)
Sc
Pacific Finance of Calif. (guar.)
3134
Pacific Lighting Corp.,$6 pref.(guar.)
50c
Pacific Mutual Life Ins. Co. (quar.)
h75c
Pectfle Southern Inv., $3 prof
700
Page Nervy Tubes, Ltd.. corn. (guar.).
$154
Preferred (guar.)
200
Parke Davis & Co (guar.)
30c
Penney (J. C.) Co.. coin. (guar.)
3134
Preferred (guar-)
750
Penne ane, Ltd. corn. (quar.)
31%
Preferred (guar.)
Pa. Co. for Ins. on Lives & Granting An40c
nuities (guar.)
Pennsylvania Conley Tank Car
$2
8% preferred (quer )
75e
Pennsylvania Salt Mtg. Co. (guar.).
--,250
Peoples I rug etorns. Inc.. corn.(guar.).
50c
Perfect Circle Co.corn.(guar.)
Perfection Petroleum, 6% prof. (guar.). 3754c
p300
Perfection Stove Co.. corn. (guar.)
5134
Pet Milk Co.. preferred (qua?.)
A75e
Phoenix Securities, pref
$134
Pie Bakeries. Inc., pref. (guar.)
53134
Preferred
15e
Pioneer Gold M nesof B.C..corn.(guar)
Se
Pioneer Mill Co., Ltd.(monthly)
30c
Extra
15c
Pittsburgh Plate Glass(guar.)
200
Polygraphic Co. of Amer., pref. (guar )
Powdrell & Alexander, Inc., pref. (qu) $134
1214c
Pratt & Lan ben. Inc.(guar.)
u3c
Premier Gold Mining (guar.)
3754e
Prima Co., preferred (guar.)
$2
Procter & Gamble Co.,8% pref.(guar.).
$134
Provincial Paper, 7% pref. (guar.)
5134
Prudential Investors.6% pref.(quar.)—
3134
$6 preferred (guar.)
Publication Corp. 7% orig. prof. (qar.) $134
$4
Puritan Ice Co.. preferred (sea.)
$1
Quaker Oats(M.,corn.(qua?)
$14
preferred (quar)
6%
500
Rath Packing Co.,corn.(guar.)
20e
Reece Button Hole Sewing Mach.(qu.).
Sc
Reece Folding Mach.Co.(guar.)
200
Reed Roller Bit Co.(guar.)
Reliance Mfg. Co.(III.) 7% pref.(qu.).. $134
200
Republic Supply Co.. corn. (guar.)
75e
Reynolds (R J.) Tobacco Co. (quar.)-Rice-Stix Dry Goods Co., 1st dr 2nd
$134
preferred (quar)
750
Richman Bros.(quar.)
$134
Rich's. Inc., preferred (guar.)
$I%
Rike-Kun ler Co., 7% prof.(guar.)
250
Riverside Silk Mills. class A (guar.)
25e
Robinson Cornet Cone (gear.)
5%
Rolls Royce, Ltd (9.-a.)
30e
Ross Gear & Tool Co., corn.(quar.)....
200
Royal Baking Powder Co.,corn.(qu.)._
$154
6% preferred (quar.)
1254c
EL M. A. Corp.(guar.)
750
Safeway Stores. Inc., corn. (guar.)
$134
7% preferred (guar.)
51 34
6% preferred (guar.)
$15e
St. LOI16 National Stockyards (quar.)Savannah Sugar Refit. Corp., corn.(qu.) $154
I Ye el,
Preferred (guar
Sept. 30
Financial Chronicle
2418
Books Closed
Days Inclusive.
Nov. 1 Holders of roe. Oct. 16
Nov. 1 Holders of roe. Oct. 16
Oct. 2 Holders of roe. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 12
Oct. 1 Holders of rec. Sept. 12
Nov. 1 Holders of rec. Oct. 20
Nov. 15 Holders of roe. Oct. 28
Sept.30 Holders of rec. Sept. 19
Dec. 1 Holders of rec. Nov 15
Oct. 2 holders of rec. Sept. 18
Oct. 2 Holders of rec. Sept. 18
Oct. 16 Holders of rec. Oct. 2
Oct. 1 Holders of rec. Sept 11
Oct. 1 Holder. ol rec. Sept. 11
Oct. 1 Holders of me. Sept II
Oct. 2 Holders of roe. Sept. 23
Oct. 2 Holders of rec. Sept.23
Oct. 15 Holders of rec. Sept. 30
1 Holders of rec. Sept. 16
Oct
Sept.30 Holders of rec. Sept. 15
Sept. 30 Holders of roe. Sept. 15
Nov. I Holders of rec Oct. 20
Sept. 30 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 25
Sept.30 Holders of rec. Sept.20
Sept.30 Holders of rec. Sept.20
Sept.30 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept 1
Oct. 1 Holders of roe. Sept. 14
Oct. 2 Holders of rec. Sept 25
Sept.30 Holders of rec. Sept.26
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 16
Oct. 2 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept.25
Oct.
Oct.
net.
On.
Oct.
Oct.
2 Holders of rec. Sept.21
2 Holders of rec. Sept. 21
2 Holders of rec. Sept. 21
14 Holders of rec. Sept 22
1 Holders of roe. Sept 15
2 Holders of rec. Sept. 19
Oct. I Holders of reg. Sept. 15
Jan2'34 Holden of ice. Dee 15
Oct. 2 Holders of rec. Sept.26
i
,
Nov lb Holden or ree Nos
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept 5
/et 2 Holders of rec. Sept 5
Sept.30 Holders of rec. Sept. 16
Oct. 2 Holders of rec. Sept. 15
oct. 2 Holders of rec. Kept. 11
Deo. 1 Holders of roe. Nov 155
Oct. 1 Holders of rec. Sept 22
Oct. I Holders of roe. Sept 20
Oct. 1 Holders of rec. Sept. 15
Oct. I Holders of rec. Sept.. 15
Oct. 16 Holders of rec. Oct. 11
Oct. 14 Holders of rec. Oct. 6
Oct. 14 Holders of rec. Oct. 6
Sept.30 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept.21
Oct. I Holders of rec. Sept. 9
Oct. 1 Holders of rec. Sept 1
Oct. 2 Holden of rec. Sept. 11
Oct. 2 Holden of rec. Sept 15
Oct. 20 Holders of rec. Oct. 10
Sept. 30 Holders of rec. Sept.20
Sept.30 Holders of rec. Sept.20
Oct. 16 Holders of roe. Sept.25
Oct. 16 Holders of roe. Sept.25
Oct. 2 Holders of rec Sept. 18
Oct. 16 Holders of rec. Sept. 30
Oct. I Holders of rec. Sept.20
Oct. 2 Holders of tee. Sept. 15
Oct. 2 holders of me. Sept. 20
Oct. 2 Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept. 19
Sept.31 Holders of rec. Sept.20
Sept.30 Holders of roe. Sept '20
Nov. 15 Holders of rec. Nov. 6
Nov. 1 Holders of rec. Oct. 21
Oct.
1 Holders of rec. Sept. 15
.ept.30 Holders of rec. Sept 20
Oct. 14 Holders of rec. Sept. 30
I Holders of rec. Sept 8
(sot
Oct. 1 Holders of rec. Sept.25
Oct. 1 holders of rec. Sept. 20
Sept.30 Holders of rec. Sept.20
oct
1 Holders of rec. Sept. 9
Nov. 1 Holder., of rec. Oct. 14
Mt. 2 Holders of rec. Sept 22
Oct. 2 Holders of roe. Sept 22
Oct. 2 Holders of rec. Sept. 8
Oct. 2 Holders of rec. Sept. 21
Oct. 2 Holders of rec. Sept. 21
Oct. 1 Holders of rec. Sept 9
Oct. 5 Holders of rec. Sept.30
Oct. 2 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 18
Oct. 15 Holders of roe. Sept. 15
Oct. 1 Holders of rec. Sept. 25
Oct. 14 Holders of rec. Sept. 22
Oct. 2 Holders of rec. Sept. 15
Oct. 16 Holders of rec. Sept. 30
Oct. 16 Holders of roe. Sept. 30
Oct. 2 Holders of rec. Sept. 20
1 Holders of rec. June 30
Oct
Oct 16 Holders of rec. Oct. 2
Nov. 29 Holders of rec. Nov. 1
Oct. 1 Holders of rec. Sept.20
Oct. 2 Holders of rec. Sept. 15
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 20
Oct. 2 Holders of rec. Sept. 21
Oct. 5 Holders of rec. Oct. 2
Oct. 2 Holders of rec. Sept. 18
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 22
Sept.30 Holders of rec. Sept. 15
Oct. 1 Holders of roe. Sept.23
Oct. 1 Holders of roe. Sept. 15
Oct. 2 Holders of rec. Sept. lb
(let.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
I Holders of rec. Sept. 20
2 Holders of rec. Sept. 11
2 Holders of rec. Sept. 11
2 Holders of rec. Sept. 20
1 Holders of rec. Sept. 19
1 Holders of roe. Sept. 19
1 Holders of rec. Sept. 19
2 Holders of me. Sept. 25
I Holders of roe. Oct. 14
I Holders of rec. Oct. 14
Name of Company.
When
Per
Share. Payable.
1933
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
75e Oct. 2 Holders of rec. Sept. 18
St. Paul Union Stockyards (guar.)
SI Oct. 2 Holders of me. Sept.20
Sayers <lc Scovill Co.(guar.)
$114 Oct. 2 Holders of rec. Sept. 20
6% preferred (guar.)
Scheeneman (J.), Inc., 1st prof.(guar.). 5134 Oct. 2 Holders of rec. Sept. 19
137540 Sept.30 Holders of rec. Sept. 15
Scott Paper Co., corn. (guar.)
Scottish Type Investors. Ine.—
15 5-19 Sept.30 Holders of rec. Aug. 31
VISAS A & B (quar.)
250 Oct. 2 Holders of rec. Sept. 12
Scoville Mfg.(guar.)
$I% Oct. 2 Holders of rec. Sept. 20
Seagrave, $7 pref. (guar.)
50c Oct. 2 Holders of roe. Sept. 23
Second International eecuritles,6% pref.
$1 Oct. 1 Holders of rec. Sept. 20
Security Investment Trust. pref.(sa).
Selected Industries, Inc. —
$14 Oct. 1 Holders of rec. Sept. 16
35% prior sock (guar.)
234% Nov.30
Selfridge Provincial Stores, corn
$134 Oct. 1 Holders of rec. Sept. 30
Shaffer Stores,7% pref.(guar.)
fic Oct. 10 Holders of rec. Sept.20
Shattuck (Frank O.) Co.(guar.)
oat. 20 Heiden I o eec Seta 40
or..r
ruseaffer in 4
$2
.
150 Oct. 2 Holders of rec. Sept.20
Silver Kings Coalition Mines
$134 Sept.30 Holders of rec. Sept. 9
Singer Mtg. Co.(guar.)
3754e Nov. 15 oottens of rim. •ov 15
Sioux City .irkyrle se of ('inra•)
3e Sept.30 Holders of rec. Sept 15
8151.0 0014 Mines, Ltd.(guar.)
$134 Oct. 1 Holders of rec. Sept 15
Slattery(E.T.)7% pref.(guar.)
$2 Oct. 1 Holders of rec. Sept. 20
&mot* Products,8% pref.(guar.)
20e eept.30 Holder; of rec. Sept. 15
South Penn oil Co.(quar.)
60c Oct. 2 Holders of roe. Sept. 12
South Porto Rico Sugar Co., corn.(qu.).
2% Oct. 2 Holders of rec. Sept 12
Preferred (qua?.).
El Oct. 2 Holders of rec. Sept. 15
South West Penn Pipe Line,(quar.)-Southern Arid & Sulphur Co.. Inc.
lee% Oct. 1 Holders of rec. Sept. 10
7% preferred (guar.)
Southern Franklin Process. 7% pref.(gu) 3134 Oct. 10 Holders of rec. Sept.30
5c Oct. 14 Holders of rec. Sept.30
Southland Royalty. corn. (guar.)
200 Sept. 30 Holders of rec. Sept. 9
Sparta Foundry (guar.)
150 Sept. 30 Holden of rec. Sept. 9
Extra
200 Sept. 30 Holders of rec. Sept 15
Spencer Kellogg & Sons. Inc corn.(qu.)
123.40 Sept.30 Holders of rec. Sept. 15
Spencer Trask Fund (guar.)
$14 Oct. 2 Holders of rec. Sept.20
Stahl-Meyer, Inc., $6 prof. (guar.).
25c Oct. 2 Holders of rec. Sept. 5
Standard Brands, Inc., corn.(quar.)
814 Oct. 2 Holders of roc. Sept 5
$7 preferred, series A (gtmr•)
12540 Oct. 1 Holders of rec. Sept. 20
Standard Coosa-Thatcher(guar.)
134% Oct. 15 Holders of rec. Oct. 15
7% Preferred (guar.)
Standard Fuel, Ltd., 6 1 % pref. (guar ) $134 Oct. 2 Holders of rec. Sept. 15
4
ye% Oct. 16 Holder, of rec. Sept 30
Standard 01! of Ohio,5% pret (qua?.)
50c Oct. 2 Holders of rec. Sept. 19
Standard Screw Co., corn. (guar.)
750 Oct. 1 Herders of rec. ern 15
Standard Steel Construction. pf (quar.)
30e Oct. 15 Holders of rec. Sept. 14
Stand. Wholesale Phosphate & Acid (qu)
200 Oct. 2 Holder, of rec. Sept. 15
Stanley Works (guar.)
3754c Nov. 15 Hold,re of rect. Nov 4
6% preferred (qu Sr.)
$154 Sept. 30 Holders of rec. Sept. 18
Starrett (L. S.) Co. pref.(guar.)
State & City Bldg., 6% pref. (quar.).. $154 Oct. 2 Holders of rec. Sept.20
$2 Oct. 2 Holders of rec. Sept. 23
State Theatre Co.. pref.(quar.)
3fic Nov. 1 Holders of rec. Oct. 7
Steel Co. of Canada (guar.)
4334c Nov. 1 Holders of rec. Oct. 7
Preferred (guar.)
51% Oct. 2 Holders of roe. Sept. 15
Stein (A.)& Co.. pref.(quar)
4334e Oct. 10 Holders of rec. Oct. 2
/Aix. Baer & Fuller, pref. (guar.)
25e Dec. 15 Hoidens of roc Nov 25
Sun
Co • corn (guar.)
14% Doe. I Holden of ree Nov 10
Preferred (qua:)
200 Oct. 2 Holders of rec. Sept. 15
Supertest Petroleum, corn. reg.(quar,)
200 Oct. 2 Holders of roc. Sept. 15
Ordinary registered (guar.)
250 Oct. 2
Bearer (quar )
25e Oct. 2
Ordinary bearer (guar.)
3134 Oct. 2 Holders of rec. Sept. 15
Class A preferred (qu tr.)
3714c Oct. 2 Holders of roc. Sept. 15
Class B preferred (Oust.)
250 Dec. 15 Holders, of rec. Dee. 1
Sylvania Industrial (quar)
234c Sept.30 Holden of rec. Aug 31
Sylvanite Gold Mine
50c Sept. 30 Holders of roe. Sept 10
Tacony-Pale yra Bridge Co., corn.(MO
50c Sept.30 Holders 01 rec. Sept 10
Clan A (guar.)
1$1 14 Nov. 1 Holders of rec. Oct. 10
% pr steered (gum.)
25c Oct. 2 Hold-rs of rec. Sept. 10
Taylor Milling Corp.
250 Oct. 1 Holders of rec. Sept 1
Texas Corp.(gurr.)
15e Sept.34. Holders of rec. Sept. 16
Texon Oil & Land Co., corn. (guar.).-.250 Oct. 10 Holders of roc. Oct. 2
Thoeiroon (John II.) Co. (guar.)
rlOc Oct. 1 Holders of rec. Sept. 23
Thrift Stores, Ltd., cola (quar.)
rl% Oct. 1 Holders ot rec. Sept. 23
634% preferred (giro.)
rl% Oct. 1 Holders of rec. Sept. 23
7% preferred (guar.)
37540 Oct. 1 Holders of rec. Sept. 16
Time, Inc. (guar.)..
3134 Oct. 1 Holders of rec. Sept. 15
$634 preferred (guar.)
Timken Detroit Axle Co., pref. (quar.). $I% Dec. 1 Holders of rec. Nov. 20
Sc Sept.30 Holders of rec. Sept. 15
Tintic Standard Mining (quar.)
250 Sept.30 Holders of rec. Sept. 20
Todd Shipyards Co.(guar.)
Oct. 15
Toronto Elevator; 7% Pref.(guar ). - $I% Oct. 2 Holders oh rec. Sept. 15
Toronto Mtge.(guar.)
50c Oct. 2 Yielders of rec. Sept 16
Torrington Co. (guar.)
5154 Oct. 2 Holders of rec. Sept. 23
Towle Mfg. (qua?.)
$4 Oct. 1 Holders of rec. Sept. 18
Travelers Insurance Co. (copra
Tr -Continental Corp.. $6 ore. (qua?.). 5134 Oct. 1 Holden of rec. Sept 16
621
4e Oct. 2 Holders of roe. Sept. 12
Trim Products, common (quiz.)
ere25% Oct. 3 Holders of rec. Sept. 6
Triplex Safety Glass Co., ord. reit
=25% Oct. 10 Holder, of rec. Sept 6
Amer. dep. rec. for ord. erg
Trumbull-Cliff Furnace,6% pf.(qu.)... $154 Oct. 2 Holders of rec. Sept. 15
Underwood Elliott Fisher De., coin.(qu) 12340 Sept 30 Holders of rec. Sept 124
3134 Sept.30 Holders of rec. Sept I26
Preferred (quar.)
200 Oct. 2 Holders of rec. Sept 1
Union Carbide & Carbon, cap. stk.(qu )
$13.4 Sept.30 Holders of rec. Sept. 20
pref.(guar.)
Union Twit
United Aircraft & Transport Corp.—
750 Oct. 1 Holden of ree. Sept. 8
Preferred (guar.)
200 Oct. 2 Hold re of roc. Sepia 16
United Carbon Co., corn. (guar.)
10e Oct. 16 Hold re of rec. Oct. 2
United-Care Fastener, corn. (quar.)..
75e Oct. 2 item, is of rec. Audi. 31
United Corp., $3 cum. preference (qu.)
United Dyewood Corp., prof. (guar.)._ $134 Oct. 2 Holder, of rec. Sept. 250
50c Oct. 14 Holders of roc. Sept. 21
United Fruit Co. (quar.) '
81
United Grain Growers
314 Oct. 1 Holders of rec. Sept. 20
United Loan Corp.(guar.)
50e Oct. 1 Holders cf roc. Sept. 20
Extra
50o Dec. 1 Holders 01 100 Nov 15
United Milk Crate Corp. cl A (guar.)
75e Oct. 2 Holders of rec. Sept. 15
United Milk Prod. Co., $3 pref. (quar.)
United Piece Dye Wka.. ri % Pf.(qtr.)-- lei% Oct. 2 Holders of rec. Sept. 20
5% Oct. 1 Holders of rec. Sept. 296
United Profit-Sharing Corp., pt. (s. a.)
United Shoe Mach. Corp.. corn.(qua?.). 6250 Oct. 5 Holders of rec. Sept. 19
373.40 Oct. 5 Holders of rec. Sept. 19
Preferred (guar.)
70 Oct. 1 Holders of rec. Sept. 18
United States Banking (monthly)
10e Oct. 2 Holden of rec Sept. 156
United States Foil Co.. corn. A & B (qu )
$14 Oct. 2 Holders of rec. Sept 111d
Preferred (quar.)
$4 Sept.30 Holden of roc. Sept. 22
United States Guarantee (guar.)
Oct. 2 Holders of ree. Sept. 15
United States Gypsum Co., corn.(guar.) 25e
513.4 Oct. 2 Holders of rec. Sept. 15
Preferred (guar.)
(3 Pipe & Foundry Co.. corn.(guar.) 12340. Oct. 20 Holden of rasa Sept.50
Common (guar.)
12340. 1-20-84 Holden of reo Dec. 30
300. Oct. 20 Holden of roe. 1.
-es 30
lit preferred (guar.)
300. 1-20-34 Holden of rec. Des. TO
lit preferred (guar I
250 Oct. 2 Holders of roe. Sept. 2C
United States Playing Card Co.(guar.).
$1.10 Oct. 2 Holders of rec. Sept. 18
United States Tobacco, COM. (guar.)
$14 Oct. 2 Holders of rec. Sept. 18
Preferred (quar.)
10c Nov. 1 Holders of rec. Oct. 2
United Verde Extension Mining (guar)
500 Nov. 1 Holden of rec. Oct. 20
Universal Leaf Tobacco,corn.(guar.)
$2 Oct. 2 Holden of rec. Sept. 22
Preferred (guar.)
52 Oct. 1 Holden, of rec. Sept. 15
Upreeslt Metal Corp., 8% preferred
1254e Oct. 2 Holders of roe. Sept 15
Vortex Cup,corn.(guar.)
Clas.s A (guar.)
6234c Oct. 2 Holden of reo Sept. 15
% Oct. 20 Holders of roe. Ott. 64
Vulcan Manning Co.. pref (quiz.)
Wagner Electric, preferred (guar.)
5134 Oct. I Holders of rec. Sept. 20
$134 Oct. 1 Holders of rec. Sept. 20
Walgreen Co., pref. (quar.)
$14 Oct. 2 Holders of rec. Sept. 20
Valve Bag Co.. pref. (guar.)
50o Oct. 2 Holders of rec. Sept. 15
Ward Baking Co., pref.(guar.)
30e Oct. 1 Holders of rec. Sept. 15
Waukesha Motor Co., corn. (guar.).....Weeden & Co.(quar.)
50e Sept.30 Holders of rec. Sept.20
Weinberger Drug Stores (guar-)
250 Oct. 2 Holders of rec. Sept.25
Wesson 011 & Snowdrift Co., Inc.—
113.158e Oct. 2 Holders of rec. Sept. 15
Common (guar.)
$1 Oct. 5 Holders of rec. Sept. 25
West Coast Oil, pref.(quar.)
$I Oct. 2 Fielders of roc. Sept. 18
West Point Mfg. Co
51 Oct. 2 Holders of r13e. Sept. 18
Extra
am
Financial Chronicle
Volume 137
Per
Share
Name of Company.
Mitt ellaneou• (ronauded).
West Virginia Pulp & Paper,common.-Western Grocers, Ltd.. pref. (guar.).—
Western Maryland Daffy, e6 pref.(gu.)
Western States Life Ins. Co.(QUar3 ---•
Western Tablet & Stationery,7% pf.(gu)
Westiaghouse Air Brake Co.(guar.).—
Westmoreland, Inc (guar.)
Westvaco Chlorine Prod Corp.
7% preferred (guar.)
White Rock Mineral Springs, corn.((N)
let pref. rred (guar )
2rni preferred (guar)
Whitten Can, Ltd., 616% pref. (guar.).
Wichita Union Stockyards. (guar.)
Wilcox Rich Corp A (guar.)
Will & Ban er Candle Co., pref.(guar)
Winn & Lovett Groe. Co., cl. A (Quar.)Preferred (guar.)
Winstead Hosiery Co.(guar.)
Wiser Oil(quaz.)
Quarterly
Wolverine Tube,7% pref.(Musa
Wright-Hargreaves Mines (guar.)
Extra
Wrigley (Wm.) Jr. Co.—
Capital stock (monthly)
Capital stock (monthly)
Capital stock (monthly)
Wyatt Metal .tz Roller Works (guar.)
Yale dr Towne Mfg.Co.(guar.)
Young (J. 8.) Co., common (guar.).—
Preferred (gu tr.)
When
Payable
100
Si 44
$1 14
50c
154%
25e
30e
Oct.
Oct.
Oct.
Oct.
Ott.
Oct.
Oct.
814‘
500
1K %
$214
Oct. 1 Holders of roe. Sept. 14
0.t. 2 Holders of rec. Sept 20
Oct. 2 Holders of rec. Sept 20
Oct. 2 Holders of rec. Sept 20
Oct. 2 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 21
Sept.30 Holders of rec Sept 20
Oct. 2 Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept.20
Oct. 1 Holder* of rec. Sept 20
NM., 1 Holders of reo Oct 16
lot. 2 Holden of reo Sept. 12
1502'34 Holders of ree Dee 12
Dec. I Holders of roe. Nov 15
Oct. 2 Holders of rec. Sept. 9
Oct. 2 Holders of rec. Sept. 9
5116
624e
$2
50c
1K%
$14
2he
25e
al Si
utre
u5c
Books Closed
Days Inclusioe.
2 Holders of rec. Sept. 19
15 Holders of rec. Sept. 20
2 Helders of roe. Sept 20
15 Holders of rec. Oct. 10
2 Holders of rec. Sept. 20
31 Holders of rec. Sept. 30
1 Holders of roe. Sept. 16
Oct.
Vov.
Dee.
'et.
Oct.
Oct.
Oct.
2 Holders of rec. Sept.20
1 Holders of rec. Oct. 20
1 Holders of rec. Nov.20
I
2 Holders of rec. Sept.21
1 Holders of rec. Sept. 22
1 Holders of rec. Sept. 22
I be ‘es sure Stook Exemiuge na* ruled that stuck will aot be quoted exdividend on this date and out until further notice
2 The New York Curb Exchatme Ansoeiation nu ruled that steak will not be
tthoted ex dividend on this date and not until re.teer notice,
a Transfer books not closed for the dividend
al Correction * Payable In stook.
Pa.able In common stock. p Payable n scrip. h On account of accumulated
nislrlemt• / Payable an preferred stock.
1 Subject to the 5% NIRA tax.
m Co innerclal Invest Tr pays div. on convertible preference stock, optional
series of 1929. at the nate of I-52 oil share of common stock, or. at the option of the
holder, lt, cash at the rate of $1.50.
is Nat. Iffatillers Prod. dividend In warehouse receipts of
one ease of whiskey
containing 24 pint bottles for each five shares of amount stock held
WhLskey
withdrawn only as authorised by law and upon payment of Government taxes.
together with $4 per ease for bottling and (311,81111( and 15 cents per case per month
from Oct. 1 1932 to cover storage, guarding, insurance. certain State and local taxes
and other minor costs (Approximate charges to accrue to delivery of warehouse
receipts sill be 45.95 per case.)
North American Co. pays dividend on the common stock of 2%, payable In
common it0(•K and (or) scrip at the rate of 1 511th of a share for each share so held.
p Perfection Stove Co. declared an extra dividend sufficient to cover the 5%
NRA tax.
q
Shareholding pays div. of 11-250th of a share of common stock, or at
the option of th. boldcr $116 cash.
r pay .hie an Canadian funds, and as the case of non residents of Canada a
deduction of a tan or sq. or toe .ntoont of opt. divlolgovi en' he made,
a Corn Produnta Refining Corp. pays 75c. In cash and 1% in common on the cons.
t Am 'lean Cltisa Pow_.r & Light pay a div. of 1-32 a share of class B stock on
the cony. class A optional series or 750. in cash.
NI as rote 11, U. ca. funds.
I A unit
Is less depositary expenses.
it Legit tan.
g A deduction has been made for expenses.
2419
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT. 23 1933.
Clearing House
Members.
*Surplus and Net Demand
Undivided
Deposits.
Profits.
Average.
•Capital.
Bank of N.Y.& Tr. Co.
Bank of Manhattan Co._
National City Bank
Chemical Bk & Tr Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Han Bk.& Tr. Co
Corn Each Bk Tr. Co__
Fred National Bank
Irving Trust Co
$
6,000.000
20,000,000
124.000.000
20,000.000
90,000,000
32,933,000
21,000.000
15,000,000
10,000.000
50.000.000
Continental Bk dc Tr.Co
Chase National Bank—
Fifth Avenue Bank
Bankers Trust Co
Title Guar. & Tr Co.—
Marine Midland Tr. Co
New York Trust Co
Carnal Nat Bk.& Tr-Co.
Public Nat.Bk.& Tr.Co
4.000.000
148,000,000
500,000
25,000.000
10.000,000
10.000.000
12,500,000
7,000.000
8,250,000
$
9,413,500
31,931,700
55,695,500
46,856.300
177,266,300
20,297,500
61,112,500
17,535,800
73,105,000
62,863,100
Time
Deposits,
Aterape.
$
78,630,000
237,392,000
a841.093.000
231.887,000
5847,595,000
199,249,000
469.183.000
171,312,000
323,364,000
301.229,000
V
9.828,000
32.910.000
156,293.000
28,214,000
64,748.000
97.089.000
53,484.000
21,362.000
27,913,000
53.456,000
4,546,600
29.571,000
58,704,600 *1,152.455,000
3,105,400
42,547,000
62,519,500 d498,475,000
10,521,100
25.157,000
5,272,800
42,074,000
21,694,500
184,641,000
7,732,200
43.479,000
4,518,800
39.809,000
1,660.000
99.365.000
2,604,000
56,790,000
218.000
4,302.000
14,4'0,000
2,236.000
29,619.000
Totals
614 183 non 734 692.701 8.767.142.000 756.659.000
* As per official reports: National, June 30 1933: State. June 30 1933: trust
companies, June 30 1933
Includes deposits In foreign branches: 5212,107,000: b 563,242,001: c 575,656.0001
d 535,707,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers' Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended Sept. 22:
INSTITUTIONS NOT IN THE CLEARING uousu wrru THE cLosiNo
OF BUS1NESS.FOR THE WEEK ENDED FRIDAY. SEPT. 22 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans,
Disc. and
InvaamentS.
Manhattan—
Gruee National
Trade
Dip Other
Banks and
Trust Co.,.
Res, Dep.,
N.1'. and
Elsewhere.
Cash.
s
$
$
S
20,599.800
2,898,129
113,500
73,092
1,398,900
767,156
nnn
100 000
290000
Brooklyn—
K 07n
Gross
Deposit:.
$
2,587,500 20.333,100
153,250 3,157,885
29 000
at
11911
non
TRUST COMPANIES—AVERAGE FIGURES.
Weekly Return of New York City Clearing House.—
Res. Dip. Dip. Other
Loans,
Beginning with March 31 1928, the New York City Clearing
Disc. and
N. F. and Banks and
Cash.
Gross
Elsewhere. Trust cos
Investments
Deposits.
House Association discontinued giving out all statements
Manhattan—
$
S
S
$
$
previously issued and now makes only the barest kind of Empire
51,887,700 *2,175,000 7,132.300 2,340,700 53.442.700
335,561
59,046
5,838,153
282,587 5,348.223
a report. The new returns show nothing but the deposits, FY Aeration
Fiduciary
8,855,835
*424,466
221.787
526.188 8,421,674
along with the capital and surplus. The Public National Fulton
16,999,100 *2.310.200
335,200 15.318,600
481,700
672,400
Lawyers' County
30,863,600
Bank & Trust Co. and Manufacturers' Trust Co. are now United States ___ 27.727,100 *4.621,600 11,539,841
70,760,021 6,533,333
60,719,272
members of the New York Clearing House Association, Brooklyn—
having been admitted on Dec. 11 1930. See "Financial Brooklyn
86,786,000 2.457.000 17.298,000
158.000 91,516,000
Ulm.. I•nimte
94 005 719
1 ARR (11•11
4.464.757
23.546.314
Chronicle" of Dec. 31 1930, pages 3812-13. We give the •
• Includes amount with Federal Reserve as follows: Empire. 51,604.500; Fldustatement below in full:
1 clam, $208,002; Lawyers County, 53.954,000; Fulton, $2,159,800.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the Mose of business Sept. 27 1933. in
comparison with the previous week and the corresponding date last year:
Resource.—
Gold with Federal Reserve Agent
Gold redemption fund with U.S.Trees y-
Sep 27 1933. Sept. 201933. Sept.281932.
636.706.000
6,0i5.000
Gold held exclusively apt. F.R.notes-
642.741,000
Gold settlement fund with F. R. Board__
Gold and gold certificates held by bank--
208,213,000
145.375,000
Total gold reserves
Other cash•
Total gold reserves and other cash
Redemption fund—F.R.bank notes
Bills discounted:
Secured by U. S. Govt. obligations-Other bills discounted
Resources(Concluded)—
856,706.000 581.872.000 Due from forebto banks (tee note)
6,291,000
6,373.000 F. it. notes of other banks
Uncollected Items
682.997.000 588,245,000 Bank premises
All other resources
208,178.000
93.832,000
144.936,000 259,714 000
Total resources
994,329,000 1,014,111,000
60,390,000
60.916,000
941,791.000
79,049,000
1,054,719,000 1,075,027,000 1,020,840,000
3,169.000
2,828,000
14,584.000
27.351,000
12,341,000
27.900,000
38,033.000
32,803,000
Total bills discounted
41.935,000
40.241,000
2,033.000
2,033,000
171,705,000
327,173.000
292.415,000
172.013,000
321,689.000
282.419,000
791,943,000
782,121,000
Total U. S. Government securities-.
Other securities (see mote)
Total bills and securities (Si. note)----
1,177.000
1,237.000
837.088,000
825,632.000
2,044,446,000 2,089.793,000 1.966.089,000
14
F. It. notes in actual circulation
632,963,000 640.787.000 572,785,000
F. R. bank notes In actual circulation_.
52,924,000
53,110,000
Deposits—Member batik—reserve acc't-. 1,049,401.000 1.646,929.(00 1,120,351.000
Government
25,382,000
26,151.000
18,821,000
Foreign bank (see note)
4,824,000
5,801,000
3,017,000
Special deposIts—Member bank
6,487,000
6,235.000
Non-member bank
802.000
878.000
Other deposits
21,126,000
22,851,000
12.475,000
70,836,000
131118 bought In open market
U. B. Government securities:
Bonds.
Treasury notes
CertIncates and bills
Sept. 27 1933. Sept. 20 1933. Sept.281932.
S
3
a
1,429,000
1,565.000
949,000
4,846,000
4,975,000
5,142,000
99,080,000 116,498,060
95.310.000
12,818,000
12,818,000
14.817.000
31,297, 00
30,450,000
25,995,000
Total deposits
Deferred availability items
10,551,000 Capital paid in
Surplus
189,251,000 All other Ilabthties
152.846,000
376,695.000
Total liabilities
718,792,000 Ratio of total gold reserves & other cash•
to deposit and F. R. note liabilities
2,857.000
combined
Contingent liability on bills purchased
803,036,000
for foreign correspondents
1,108,022,000 1,108,843,000 1.154,664,000
94,944,000 111,545,000
91,520,000
58,497,000
58.497,000
59.020.000
85,058,000
85.055
75,077.000
1,000
12,038,000
11,913.000
13.023,000
2,044,446,000 2.069,793.000 1.966,089,000
60.6%
14,170,000
61.4%
15,600.000
59.1%
14.726,000
•"Other cash" does not include F. R. notes or a bank's own F. It. bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new Items were added in order to show separately the amount of balances held abroad
and
due to foreign correspondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was amounts
changed
to "Other securities." and the caption, "Total earnings assets" to "Total bills and securities." The latter term was adopted as a mor. accurate description of the total
of the discount acceptances and securities acquired under the Provisions of Sections 13 and 14 of the Federal Reserve Act, which It was stated are the only items Included
therein.
1
Sept. 30 1933
Financial Chronicle
2420
Weekly Return of the Federal Reserve Board.
Th( following is the return issued by the Federal Reserve Board Thursday afternoon.Sept. 28.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."
OF BUSINESS SEPT. 27 1933.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S.Treas._
Sept.281932.
Sept. 27 1933. Sept. 20 1933. Sept. 13 1933. Sept. 6 1933. Aug. 30 1933. Aug. 23 1933. Aug. 16 1933. Aug. 9 1933.
$
3
$
$
S
$
S
s
s
2,713,026,000 2,732,226,000 2,740,651,000 2,748,851,000 2.779,519.000 2.779,984,000 2,752,404,000 2,756,489,000 2,166,537,000
48.538,000
37.729.000
37.003,000
36,277.000
35.033,000
35,913,000
36,719,000
36,162,000
35,723,000
2.789.407,000 2.794,218.000 2,215,075,000
Gold held exclusively asst. F. R notes 2,748,749,000 2,768.368.000 2,777.370.000 2.784.764.000 2.815.152.000 2,816.261.000 548,124.001) 541.709.000 264,984,000
592,547,000 570.051,000 565,831,000 561,834,000 531.788,000 530,103,000
Gold settlement fund with F It. Board
252,527,000 247,254,000 241.783.000 241,057,060 243,110,000 244,636,000 241.860.001) 399,087.000
Gold and gold certificates held by banks_ 250,503,000
3,591,799,000 3,590,966.000 3.590,455,000 3,588,381,000 3,587,997.000 3.589.480.000 1.582,167,000 3.577,787.000 2,878.646,000
Total gold reserves
a
a
a
a
a
a
a
a
Reserves other than gold
231,762,000 230,835.000 238,121,000 221.136.000 239.933.000 243,577,000 240,939,000 248,833,000 289.853,000
Other cash5
3.823.106,000 3.826,620,000 3,168,499,000
Total gold reserves and other cash.... 3,823,561.000 3.821.801.000 3.828.576,000 3.809.517,000 3.827,930.000 3.833,057,000
a
a
a
a
'a
a
a
a
Non reserve cash
8,839.000
8.505,000
8,451,000
8,200,000
8,224,000
8,534,000
8,528,000
9,497.000
Redemption fund-F. 11. bank notes - _
Bills discounted:
37,412,000 107,059,0t0
36.026.000 042,925,000
27.092,000
29,030,000
38 217 000
37,704,000
31.219,000
. .
Secured by (J. S. Govt. obligations
102,014,000 103.069,000 104,203,000 107,089.000 115,003,000 114,119,000 0123,466,000 118.856.000 232.588,000
Other bills discounted
133,233,000 130.161,000 133,233,000 144.793.000 153,220,000 150,145,000 165.891,000 156,268.000 339,647,000
Total bills discounted
33.604,000
7,636,000
7,456.000
7.350,000
6.900,000
6.974,000
7.347,000
6.932.000
6.681.000
Bills bought In open market
442,011,000 441.396,000 442.231.000 441.985,000 441,087,000 442,903,000 442,771.000 941.796.000 421,482,000
U.S. Government securifies-Bonds
826.941,000 736,083.000 402,866,000
937,374,000 934.624,000 890,877,000 874.846,000 860,945,000 848,506,000
Treasury notes
'
Special Treasury certificates
895,010,000 861.760.000 869,552,000 849,540,000 826.140,000 802,605,000 789.141.000 870.401.000 1,029,335,000
Other certificates and bills
2.048.280.000 1,853,683,000
.
.05
Total LI S. Government securities 2,274,395,000 2,23/.780.000 2,202,660,000 2.166,371,000 2,128,772,000 2,094.014.000 2 8.853 000
4,872,000
1.861.000
1.851.000
1,854.000
1,854,000
1.939,000
1,789,000
1,789,000
1,729,000
Other securities
loans on gold
Foreign
2,416,038.000 2,376.662.000 2,345,029,000 2.320,077.000 2,290.746.000 2.253,363.000 2,234.051,000 2,214,095.000 2,231,806,000
Total bills and securities
Gold held abroad
2,663,000
9,020.000
4,020.000
3,740.000
3.710.000
3,713.000
3.713,000
3,909,000
3,775,000
Due from foreign banks
15.648.000
15.822,000
15.970.000
19,799.000
18,667,000
19,577,000
19.323,000
15.290.000
14.916.000
Federal Reserve notes of other banks...
389,001,000 435 845.000 422,779,006 376.616,000 343,469.000 349.018,000 409.598.000 331,005.000 341,295.000
Uncollected Items
58,126.000
54,452,000
54.452.000
54,454.000
54,541,000
54.455,000
54.542.000
54,551.000
54,554.000
Bank premises
44,046,000
51,384,000
50.729,000
51.206,000
52.013,000
52.952,000
55.575.000
49,112,000
54,681.000
All other resources
6,770.430,000 6,775,207,000 6,738,325,000 6.640,930,000 6.595,439,000 6.571.956,000 6,600,431.000 6.506.187,000 5,862,083,000
Total resources
LIABILITIES.
2,720,988,000
2.972,782.0002.986.781.000 2
.989.121.000 3.010.949,000 2,979.180.000 2,934.978,000 2.996,319.000 2.999.245.000
F. R. notes In actual circulation
128,188,000 126,563.000
F. R bank notes in actual circulation _ . 145,627,000 137,170.000 133,638,000 132.687.000 131,244,000 129,296,000 2.370.866.000 2,375.866.000 2,268.521.000
-reserve acci_ 2,595,634,000 2,543.328.000 2,541,745.000 2.439.393,000 2.426.589,000 2.431.915.000
Deposits-Member banks
24.403.00048,405,000
48.383,000
49.173,000
67.988.000
56,002,000
55.695.000
46,004,000
59,123.000
Government
9,864.000
30,922.000
29,878.000
21.538.000
39.782.000
32.033.000
21.207.000
15,197.000
16,174.000
Foreign banks
81,049.000
80.775.000
76.511.000
74,310,000
75,703,000
75,865,000
76,665,000
73,629.000
Special deposits: Member bank
21,341.000
19,421.000
19.330.000
18,436,000
17,036,000
16,448,000
16.214.000
15,315,000
bank
Non-member
26.352.000
62,017,000
67.152.000
57,871,000
69.934,000
43,778,000
53.185.000
55,118.000
51,942.000
Other deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus
Ail other liabilities
2.807.779.000 2,766.622.000 2.745,047,000 2.673.045.000 2,697.039.000 2,656,338,000 2.616,475.000 2.595.598.000 2,353,142.000
387,711,000 428,340,000 414,240,000 370.581,000 339.604.000 348.045.000 407.210.000 328.816.000 334,900.000
145.862.000 145.858.000 145,889,000 146.030,000 146,147.000 146,187.000 146,182.000 146.243.000 152,996.0011
278,599,000 278,599.000 278.599.000 278,599.000 278.599.000 278.599,000 278,599.000 278,599.000 259.421,000
40,636.000
27,454.000
31.123,000
28,513,000
28,626,000
29.039,000
32,070,000
31.789,000
31.837.000
6,770,430.000 6,775,207,000 6,738,325,000 6,640,930,000 6,595,439,000 6.571,956,000 6.600,431.000 6,506,187,000 5,862,083,000
Total liabilities
Ratio of gold reserve to deposits and ;
56.7%
63.9%
63.8%
63.6%
63.2%
63.1%
62.1%
62.6%
62.4%
F. Ft note liabilities co Mned
Ratio of total reserve to deposits and
60.8%
.
F FL note liabilities c,,,mbined
Ratio of total geld reserve, & other cash to
62.4%
68.4%
68.1%
67.9%
87.5%
67.0%
65.8%
66.4%
86.1%
eit-posit & F.11 note liabitities,mmbined
Contingent liability on bills purchased
43,486,000
36.885,000
38.257.000
39,096.000
39,099.000
43,362,000
41.402.000
46.701,000
42.407.000
for foreign correspondents
Maturity Distribution of Bills and
Short-Te ,, Securities
1-15 days bills discounted
18-30 days bills dh3counted
81-80 days bills dbmounted
41-90 lays bills discounted
Over 90 days bills discounted
$
$
$
$
$
$
$
$
$
99,041,000
9,949,000
10.979,000
12,317,000
927.000
95,693.000
10,907.000
11.430.000
10,838,000
1,291,000
96.670.000
11.961,000
12,415,000
11,092,000
1,095.000
109.555.000
12.751.000
11.714.000
9.670.060
1.103,000
118,190,000
11.150.000
12,840.000
9,768.000
1,272,000
111.036,000
13,529,000
15,058,000
9.071.000
1,451.000
126,956,000
13,277.000
13,370.001
9.680.000
2.608.000
115,589,000
13,580,000
16,160,000
9,304,000
1.631,000
236,003.000
27,998.000
41,266,000
27,174.000
7,206,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market._
81 80 days bills bought In open market._
61-90 days bills bought In open market_
Over 90 davs bills bought In open market
133,233.000
1,110,000
2,118.000
565,000
2,888,000
130,161.000
3,207.000
863 000
2,018.000
844.000
133,233.000
2,877.000
1,065.000
744,000
2,661,000
144,793,000
1.436.000
3,052.000
704,060
1,782.000
153.220,000
1,756,000
2,552.000
1,495.000
1,097.000
150,145.000
199,000
631.000
1,450.000
5.070.000
160,891.000
968.000
409.000
692.000
5.187,000
156,268,000
1.317,000
157,000
1.325.000
4.837,000
339,647.000
2,267,000
1,644,000
1,792.000
27,871,000
30,000
Total bills bought in open market__
1-15 days U. S. certificates and bills.__
16-30 days U. S. certificates and bills...
El 60 days U. S certificates and bills__
61-90 days U. S. certificates and bills.__
Over 90 days certificates and bills
6.681,000
78,088,000
38,425,000
109.867.000
294,179,000
374,451.000
6,932,000
80,183.000
46,300,000
97.972.000
325,199.000
311..106,000
7,347,000
187,431.000
78,088,000
97.472.000
151,6,0,000
354.891,000
6,974,000
159,036,000
80.183,000
86,525.000
135,017,000
388,779,000
6,900,000
19.500.000
190,031.000
110,913,000
97,867.000
407,829,000
7,350.000
50.450.000
167,101.000
125,883,000
82.972,000
376.199.000
7.456,000
46.700,000
158.676.000
139.413.000
86.472,000
357.880,000
7,030.000
103,995,000
48,450.000
279,189,000
58,025.000
367,742.000
33,604.000
19,822,000
150,417,000
156.349.000
23,000,000
677,747,000
Total U.S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
81-80 days municipal warrants
81-90 days municipal warrants
Over 90 days municipal warrants
895,010,000
1,650,000
861,760,000
1.710,000
869,552,000
1,877,000
23,000
849,540,000
1,777.000
33,000
826,140,000
1.739.000
802,605,000
1,739,000
23,000
23,000
789,141,000
1.701.000
38,000
23,000
37,000
42,000
37.000
42,000
37.000
42,000
37,000
92,000
92,000
92,000
89.000
870.401.000 1,029.335.000
4,632,000
1,701,000
25,000
38,000
33.000
10.000
205,000
89,000
1,729.000
1.789,000
1.939,000
1,854.000
1,854,000
1.851,000
Total municipal warrants
1.789,000
1,801,000
4,872.000
Federal Reserve Notes3,256,549,000 3,266.879.000 3,274,216,000 2,972,797,000
Issued to F. R. Bank by F. R. Agent__ 3,250.979,000 3,279.097,000 3,282.847,000 1,269.611,000 3,244.977,000 271.511,000 270.565,000 274,971,000 251,809.000
278,197.000 292,316,000 293,724,000 258,662.000 270.797,000
Held by Federal Reserve Bank
2.972,782,000 2,986,781.000 2.989,123,000 3.010,949,000 2.974.180.000 2,984,978,000 2,996,314,000 2,999,245.000 2,720,988,000
In actual circulation
Collateral Held by Agent as Security
for Notes Issued to Bank
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
O. S. Government securities
1,521,091,000 1,518,291,000 1,521,916,000 1.525.116,000 1,524.784.000 1.523,749.000 1.515,169.000 1.517,054,000 1,030,622,000
1.191,935,000 1.213,935.000 1,218,735,000 1.223,735,000 1,254.735,000 1,256,235.000 1,237.2:15,000 1,239,435,000 1,135,915,000
97.207.000 323.915,000
95.004,000 106,958.000
98,143,000
90.727,000
81,215,000
79,464,000
84,057.000
525,200,000 527,200,000 507,700,000 483.700.000 437,700.000 433,700.000 442,700,000 475,700,000 503,800,000
2,994,252,000
3.322.283.000 3.338.894.000 3.329.566.000 3.323.278.000 3.315.362,000 3,308,688.000 3,302.062,000 3,329,396,000
Total
"other cash." b Revised.
cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve bank note.. a Now included In
•"Other
AT CLOSE OF BUSINESS SEPT. 27 1933
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 17 FEDERAL RESERVE BANKS
Two Ciphers (00) omitted.
From.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. LouU. Mint:cap. Kan.Ctry. Dallas. San
Total.
Federal Reserve Bank ofS
S
s
s
$
$
s
$
$
s
s
s
s
RESOURCES.
68,249,0 99,290,0 34.464.0 185,253.0
loll with Fed. Res. Agents.... 2,713,026,0 224,316,0 636,706,0 180,200,0 213,770.0 116.130.0 88,135,0 750,767,0 115,696,0 1,622,0 1,244,0 1,029,0 6.696,0
2,900,0 1,626,0
3,919,0 4.905,0 1,870,0 2,708,0
6,035,0
35.723.01 1.129.0
lold redm.fund with U.S.Treas.
100,574,0 35,493,0 191.959.0
Gold held excl. Best. F.R.notes 2,748,749,0 225,445,0 642,741.0 184,119,0 218,675,0 118.000,0 90,843,0 753,667.0 117,322,0 69,911.0 26,942,0 22,923,0 10,363,0
Iola settlem t fund with F.R.Bd 592.547,0. 21,902,0 206,213,0 11,943,0 43,348.0 17,202,0 19,529,0 165,064,0 31.046,0 15,027,0 12.592,0 3,832,0 34.402,0
422,0
407.0
6,788,0
0 145,375,0 15,421,0 4,391.0 1,410,0 3,336,0
lold & gold ctfs. held by banks. 230,503 0' 22 127"
'I
'I cal 700 n 000 ,171 n nnA 'Ion n 'HI 500 n ona 114 0 120 019 n 100 700 0 1190 clan Ian 770 fl RA 2800 140 Ing 0 62 253.0 242.724 11
r...., onld ratasirawo
2421
Financial Chronicle
Volume 137
-
New York.
Boston.
Total.
Two Ciphers (00) omitted.
Return of the Federal Reserve Board (Concluded).
V
$
231,762.0 21,804,0
RESOURCES (Concluded)Other webs
Phila.
Chicago.
Cleveland. Richmond Atlanta
$
$
$
$
$
60,390,0 26,587,0 21.497,0 11,673,0 11,134,0
5,871,0
451,0
133.233,0
6,681,0
41,935,0 28,995.0 10,772,0 10,266,0
606,0
239,0
649,0
2,033,0
$
8,755,0
$
5,888,0
$
8,633,0
$
$
5,914,0 16,463.0
958,543.0 157,530.0 91,248,0 148,741,0 68,167,0 259,187,0
532,0
839.0
50,0
119,0
195,0
2,210,0
Total gold reserves&other cash 3,823,561,0 291,278,0 1,054,719,0 238,110,0 287,911,0 148,285,0 119,842,0
853,0
512,0
430,0
3,169,0
588,0
9,497,0
Redem fund-F.R. bank notee_
Bills discounted:
240,0
14,584,0 5,282,0 3,163,0 1,666,0
31,219,0 2,799,0
See. by U.8 Govt.obligatlotus
27,351,0 23.713.0 7,609,0 8,600,0 6,448,0
102,014.0 3,072.0
Other bills discounted
Total bills discounted
Bills bought In open market
U. B. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
St. Louts. Minneap. Kan.City. Dallas. San Fran.
$
33,024,0
977,0
5,436,0
115.0
3,336.0
139,0
3,865,0
123,0
3.491.0
1,409,0
7,225,0
6,413,0
803,0
6,688,0
214,0
722,0
1,868,0
2,590,0
174,0
3,451.0
118,0
4,004,0
177,0
3,614.0
177,0
8,634.0
1,040,0
77,138,0 14,366,0 16,360,0 13.001,0 17,419,0 25,075,0
158,368,0 36,793,0 23,380,0 32,155.0 19,682,0 66,526,0
442,011,0 23,752,0
937,374,0 61,150,0
171,705,0 28,322,0 32,605.0 11,551,0 10,717,0
327.773,0 66,283,0 86,505,0 30,642,0 28,117,0
895,010,0 57.726,0
292.465,0 62,540,0 81,663,0 28.927,0 26,545,0
176,601,0 34,734,0 22,072,0 30,356,0 18,581,0 62,800,0
Total U.S. Govt.securities_ 2,274,395,0 142,628,0
1,729,0
Other securities
Bills discounted for, or with
(-).other F. R. banks
791,943,0 157.145,0 200,773,0 71,120,0 65,379,0
510.0
1,177.0
412,107,0 85.893,0 61,812,0 75,512,0 55,682,0154,401.0
42,0
2,416,038,0 148,950,0
Total bills and securities
284,0
3,775,0
Due from foreign banks
382.0
19,323.0
Fed. Rea. antes of other banks..
389,001,0 45,264.0
Uncollected items
54,554,0 3,230,0
hank Premises
711,0
54,681,0
All other resources.
837,088,0 187,299,0 212,151,0 81,625,0 72,281,0
130,0
367,0
145.0
409,0
1,429,0
430,0 1,189,0 1,530,0 1,177,0
4,846,0
99,080,0 29.932,0 36,313,0 34,742,0 11,100.0
12,818,0 3,618,0 6,929,0 3,238,0 2,422,0
31,297,0 4,032,0 2,510,0 3,879,0 4,372,0
419,323,0 88,657,0 65,423,0 79,693,0 59,473,0 164,075,0
260.0
108,0
108.0
12.0
17,0
506,0
293,0 1.855,0
641,0 1,486,0
645,0
4,849,0
51,235,0 16,375,0 10,864,0 20,954,0 14,644,0 18,498,0
7,609,0 3,285,0 1,747,0 3,559,0 1,795,0 4,254,0
557,0 1,251,0 1,949,0 1,310,0 1,045,0
1.768,0
146,629,0 449,706,0
6,770,430,0 490,737,0 2,044,446,0464,260,0 548,223,0273,444,0 211.836,0 1,446.043,0 267,261,0 171.305,0256.540.0
Total resources
LIABILITIES.
F. R.notes in actual circulation. 2,972,782,0 222,769,0 632,963,0 238,191,0 292,441,0 137,884,0 116,202,0
2,709.0
52,924,0 7,237,0 16,477,0
F. R bask notes in act'l circa') 145,627,0 12,162,0
Deposits:
Member bank-reserve account 2,595,634,0 171,442,0 1,049,401.0 126,932,0 145,935,0 70,642,0 55,170.0
25,382.0 3,983,0 2,765,0 3,147,0 3,457,0
56,062.0 2,000,0
Government
545,0
607,0
4,824,0 1,635,0 1,542,0
15,197,0 1,137,0
Foreign bank
6,487,0 9,085,0 6,542,0 3,154,0 2,150,0
73.629,0 1,323,0
Special-Member bank
246,0
982,0
197,0
802,0 1,812,0
15,315,0
Non-member bank
481,0 2,495,0 4,644,0 2.298,0
21.126,0
51,942,0 2,683,0
Other deposit,
509,901,0 80,552,0 49.780.0 108.412,0 67.748,0 159.719,0
685,0 4,345.0
4,605,0 2,576,0 1,331,0 1,786,0
452.0 1,080,0
452,0
358,0
530,0
2,025,0
344,0 5,338.0
30,738,0 4,565,0 1,721,0 2,182,0
793.0
134.0
333,0
6,604,0 3,412,0
314,0 1,243,0 7.501,0
3,543,0 4,591,0 1,023,0
159,476,0 83,176,0 63,866,0
36,334,0 34,838,0 10.805,0
12.363,0 4,936,0 4,840,0
28.294,0 11,616,0 10,544,0
994,0 2,870,0
2,838,0
557,416,0 96.226,0 54,546,0 113,280.0 70,472,0 178,786.0
51,102,0 18,478.0 10,670,0 20,555.0 16,186,0 19,837,0
13,141.0 4,013,0 2,868,0 4,228,0 3,725,0 10,686.0
39,497,0 10,186,0 7,019.0 8,263.0 8,719.0 19.701.0
735,0 2,674,0 1,783.0
4,009,0 1,046.0 1,187.0
2,807.779,0
387,711,0
145,862.0
278,599,0
32,070,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
178,585,0 1,108.022,0
94,944,0
45.208,0
58,497,0
10,788,0
85,058,0
20,460,0
12,038,0
765,0
143,928,0
28,754,0
15,777,0
29,242,0
1,131,0
749,847,0 134,664,0 93,173,0 108,521,0 31,930,0 214,197,0
958,0 12,923,0 4,716,0
31,031,0 2,648,0 1,842,0
146,629,0 449.706.0
6,770,430,0 490,737,0 2,044,446,0 464,260,0 548,223,0 273,444,0 211,836,0 1.446,043,0267.261.0 171,305,0 256,540,0
Total liabilities
Memoranda.
Ratio of total gold reserves and
other cash' to deposit & F. R.
note liabilities combined
03ntingent liability on bills purchased for fOr'n correspondents
72.6
60.6
62.3
63.7
67.1
66.6
73.3
68.2
61.8
67.1
66.6
66.0
3,095,0
14,170,0
4,452,0
4,197,0
1,654,0
1,484,0
5,512,0
1.442,0
975.0
1,229,0
1,229,0
2.968,0
66.1
42,407,0
•
"Other cash does not include Federal Reserve note. or a Bank's own Federal Reserve ban* note..
FEDERAL RESERVE NOTE STATEMENT.
Total.
Federal Reserve Agent at-
Boston. New York. PAWL
$
$
Two Ciphers (001 omitted.
Federal Reserve notes:
Issued to F.R.Bk. by F.R Agt. 3,250,979,0 247,681,0
Held by Fed'I Reserve Bank_ 278,197,0 24,912,0
$
$
Chicago.
Cleveland Richmond Atlanta.
8
$
$
3
$
Bt. Louis. liftman,. Kati.Citv. Dallas. 'Waft:a,
$
$
S
8
708,983,0 254,955,0 304,383,0 147.129.0 136,468,0
76,020,0 16,764,0 11,942,0 9,245,0 20,266.0
797,662,0 143,310,0 98,596,0 116.744,0 35,425.0 259,643.0
47,815,0 8,646,0 5,423,0 8,223,0 3,495.0 45,446,0
In actual circulation
2,972,782,0 222,769.0
Oollateral held by Agent as security for notes Issued to bks:
1,521.091.0 73,499,0
Gold and gold certificated
1,191,935,0 150,817,0
Gold fund-F. R. Board
84.057,0 3.855,0
Eligible paper
U.S. Government securities-. 525,200,0 25,000,0
632,963,0 238,191,0 292,441,0 137,884,0 116,202,0
749,847,0 134,664,0 93.173,0 108,521,0 31,930,0 214,197,0
97.450,0 107,270,0 51,625,0 21,135,0
82,750,0 106,500.0 64,505,0 67.000,0
12,978,0 9,202,0 6.850,0 4,227,0
62,000,0 90,000,0 25,000,0 47.000,0
441,767,0 43,496.0 29,789.0 21,490,0 20.464.0 89,500.0
309,000.0 72,200,0 38,500,0 77,800.0 14,000.0 95.7113,0
2.021,0 1,863.0 1,767,0 2,776.0 3,311.0 7,307,0
75,000,0
50,000,0 27.000,0 29.200,0 20,000,0
S vee ',S fl OV1 171 n
720 Ana 11 995 175 n 212 979 n 147 oszn n IRO 2620
802.788.0 144.559.0 99.256,0 122,066,0 37,775,0 267.570.0
523,606,0
113.100,0
27,900,0
75,000.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve AMU atTwo COWS (00) omitted,
Federal Reserve bank notes:
Issued to F. R. Bk. (outstdit.)
Held by Fed'I Reserve Bank_
Total.
Boston. New York.
Chicago.
Cleveland Richmond Atlanta.
i
i
i
i
Phila.
i
Si. Louis. Minnears. Eati.Citg• Dallas. San Fran.
$
i
i
$
$
$
i
i
Total collateral
62,943.0
10,019,0
8,592,0 21,833,0
1,355,0 5,356,0
5.342,0
2,633,0
32,830,0
1,799,0
3,015,0
367,0
2,014,0
172,0
973,0 16,589.0
15,0 3,666,0
7,222.0
2,506,0
145,627,0 12,162,0
52,924,0
7,237,0 16,477,0
2,709,0
31,031.0
2,648,0
1.842,0
958,0 12,923.0
4.716,0
2,202.0
201,674.0 20.000,0
1.492,0
64,274,0 10,000,0 25,000,0
248,0
6,000,0
40,000,0
326.0
5,000,0
2,400,0
136.0
1,000,0 18,000.0 10,000,0
203,876,0 20,000,0
In actual circulation
Collat.pledged aget.outst. notes:
Discounted & purchased bilis_
U.S. Government securities__
174,721,0 13.368,0
29,094,0 1,206,0
64.274,0 10,000,0 26,492,0
6,248,0
40,000.0
5,326,0
2,400,0
1,000,0 18,136.0 10.000,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan.9 1929, the loan figures exclude "Aoceptanoes of other banks and bills of exchange or drafts sold with endorsement" and Include
all real estate mortgagee and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were Included with loans, and cOMII
of the banks Included mortgages In Investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U.8. obligations and those secured by commercial
of bank holidays
Paper. only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities after the declaration
or moratoria early In March 1933. Publcation of the weekly returns for the reduced number of cities was omitted in the weeks from March 1 to May 10, but a !luminary
of them is to be found In the Federal Reserve Bulletin The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPT. 20 1533( n millions of dollars).
Federal Reserve District-total
Leans and Investments
-total
Loans
On securitles
All other
-total
Investments
1:7. B. GOvstiewint securities
Other securttles
Renerlia with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Total.
Boston. New York
s
$
1,203
8,560
3,703
4.857
$
16,592
Phila.
Cleveland. Richmond Atlanta.
Chicago.
325
509
378
$
1,676
880
232
181
214
213
895
403
477
88
144
49
132
57
157
61
152
221
674
150
652
236
144
295
165
781
98
52
384
268
134
102
85
59
187
108
113
52
464
317
22
5
146
133
31
62
55
2
382
37
1,189
466
74
261
329
46
6
272
160
24
71
82
27
5
188
125
5
59
70
65
11
347
168
15
118
159
1
37
7
217
124
36
82
79
94
14
564
864
55
132
127
1
$
1,532
485
176
177
231
234
61
115
59
118
653
161
448
205
113
48
68
17
506
443
49
68
121
9
26
10
181
130
8
47
56
7,688
$
1,118
697
3,916
514
251
446
1,970
1,946
252
262
8,032
506
3,772
517
5,086
2,940
310
196
2,479
1,293
271
246
1,883
189
10,519
4,502
865
1,199
2,595
co
120
18
711
392
61
103
145
921
48
5,661
1,187
418
102
1,231
a
75
11
537
310
89
94
141
$
M. Lout*. Minoan). Kats•Cblb• Dallas. BaltrIes•
468
337
$
327
$
1,031
1
$
8
$
$
2422
Financial Chronicle
,00 gill""A"Ert
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IT rv-nfat>
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zer, William D. Riggs:
Treaa . William Tl5.,a Plaihort• Rec.. Herbert is Seibert Addresses of all. Office of Co.
Wall Street, Friday Night, Sept. 29 1933.
Railroad and Miscellaneous Stocks.
-The Review of the
Stock Market is given this week on p2ge 2436:
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Sept. 29.
Sates
for
1Veek.
Range for Week.
Lowest,
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par Shares. 5 per share. $ per share. $ per share.$ per share.
RailroadsCleve & Pittsburgh-5
50 643.4 Sept 26 6414 Sept 26 60
Feb 6434 Sept
0
Duluth S S & AtL.100
100 134 Sept 27 I% Sept 27
24 Feb 234 July
1-referred
ill
100 134 Sept 27 1% Sept 27
34 Feb 334 July
I R T ctis
100 1334 Sept 26 8% Sept 26 5
Aug 834 Sept
,
jut Rys of C Am etre-•
10 3 Sept 26 3 Sept 26 134 Mar 4 June
Ireferred
100
110 1434 Sept 28 1534 Sept 26 434 Apr 20
Aug
Market St Ry
100
70 1 Se t 23 1% Sept 27
% Feb 33.4 July
New Orl Tex & Met. 100
10 15 Sept 26 15 Sept 26 9
Feb 31
July
Norfolk ec West pref 100
420 81 Sept 28 83 Sept 23 74
May 8734 Sept
Northern Central_ _ _ _ 50
60, 74 Sept 27 75 Sept 28 69
Feb 7634 Aug
Pitts C C& St L___ _100
60, 733. Sept 23 7334 Sept 23 7354 Sept 733-4 Sept
Pitts Ft W & Chic pf100
120144 Sept 26 147 Sept 28 134
Apr 150
Sept
Indus. & Miscell.Abrah'm & Straus p1100
10 9134 Sept 26 913.4 Sept 26 80
Ma 97
July
Am Mach & Mete ctts_•
400 3% Sept 28 3% Sept 28
I.( Feb 534 June
Amer Radiator & Stand
Sanitary pref _
_100
10 118 Sept 28 18 Sept 28 8114 Apr 118
Sept
Art Metal Construct_10
140 6 Sept 28 634 Sept 25 314 Feb 934 July
Beneficial Ind Loan_ _ _* 4,000 1334 Sept 23 1434 Sept 27 13% Sept 15
Aug
Blumenthal & Co pf 100
Apr 50
10 4634 Sept 25 4634 Sept 25 24
July
5 10,900 3234 Sept 29 3834 Sept 23 29
Bristol-Myers
Sept 38% Sept
Burns Bros pref._ _ _100
10 634 Sept 28 634 Sept 28 1% Jan 13 June
City Investing
100
Apr 55
Sept
10 50 Sept 25 50 Sept 25 40
City Stores class A_ __ _•
120 334 Sept 26 434 Sept 23 134 Jan 8% July
34 Mar 2% July
Certificates
• 10,100 1% Sept 23 134 Sept 23
Col Fuel & It pref.. _100
160 19 Sept 25 2134 Sept 27 16
Apr 54
June
Col Gas az Elec pref B-•
30 65 Sept 27 68 Sept 23 40
May 74% June
Comm Cred pref (7)_25
250 2434 Sept 23 2474 Sept 28 1834 Mar 25
Sept
Cons Cigar pr pf x-w100
30 48 Sept 27 4834 Sept 27 38% Apr 62% July
Cwzbm Sons pf (7%)100
20 93 Sept 28 93 Sept 28 74
Mar 96% Aug
29,700 2734 Sept 27 3234 Sept 23 24% July 49
Deere & Co
July
134 Sept 28 13i Sept 23
Fairbanks Co ctfs___2
% Aug
June
Gen Baking Co pref.-.
30 105 Sept 29108 Sept 25 99% Mar 108% Sept
20 1734 Sept 27 1754 Sept 27 5
Guantanamo sug p1100
Feb 37% July
Basel-Atlas Co
25 2,81,0 72 Sept 28 78 Sept 23 65
July 8534 July
Ran City Lt&Pr pf B_•
2010235 Sept 28102% Sept 27 100 June 110
Jan
1001 4 Sept 29 4 Sept 29 1
Kresge Dept Stores_ __•
May 7% June
1
kreferred
Jan 25
20 12 Sept 25 12 Sept 25 10
May
Laclede Gas pref _ _100
201 42 Sept 23 45 Sept 29 3734 Apr 61
Jan
Life Savers
5 6,200 1734 Sept 29 1934 Sept 23 17% Sept 2234 Sept
MacAnd Ac Forbes pf100
Apr 90
July
Id 90 Sept 25 90 Sept 25 74
Martin-Parry Corp- -* 3,6001 4 Sept 23 434 Sept 29
34 Jan 534 July
Mexican 1 etroleum_100
Apr 72
July
10, 65 Sept 26 65 Sept 26 55
Omnibus Corp pref_100
Jan 86
Sept
200' 84 Sept 27 8434 Sept 23 64
Pacific Western Oil_ _ _ _ 6.900 734 Sept 28 934 Sept 29 7% Sept 934 Sept
Peoples Drug Stores_ _•
100 25 Sept 27 25 Sept 27 10% Jan 32
July
10 82 Sept 26 82 Sept 26 65
64% cony pref__100
Apr 87
July
Penn Coal & Coke_ __50 1,100 4 Sept 27 434 Sept 23
34 Feb 9% July
400 17 Sept 25 18 Sept 26 4
Pierce-Arrow Co p1.100
Apr 21% Sept
Schenley Distillers__ _ _5 24.600 3254 Sept 27 38 Sept 23 32% Sept 45% Aug
12,800 5334 Sept 27 59 Sept 23 50
Sterling Products_
Sept 60% Sept
United Drug
5 23,900 834 Sept 29 1054 Sept 23 7
Sept 12
Sept
United Dyewood pf_100
120 65 Sept 28 65 Sept 24 2
Sept
834 Jan 70
U S Tobacco pref_ _A00
2012434 Sept 27124% Sept 27 124% Sept 1303-1 Mar
Unlv Leaf Tob pref_100
50113 Sept 27 113 Sept 27 96
Apr 12054 June
10 65 Sept 27 65 Sept 27 2054 May, 65
Van Raalte 1st pref.100
Sept
Vick Chemical
2754 Sept 28 23% Sept 23 2634 Sept 31
5
Sept
1
9% Sept 28 1134 Sept 26 234 Feb 15
Virginia It Cl dc C_I00
May
Vulcan Detinning pf 100
100100 Sept 27 102 Sept 27 57
Feb 102
Sept
Wheeling Steel oref.
100 44 Sept 24 44 Sent 23 15
_100
Feb 67
July
* No par value.
8.5,4
Foreign Exchange:
To-day's (Friday's) actual rates for sterling exchange were 4.72©4.75%
for checks and 4 723.4@4.76 for cables. Commercial on banks: ,
ight,
47534; 60 days. 4 7434: 90 days, 4.7434; and documents for payment. 60
trays. 4.75. Cotton for payment 4 7534.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.93@
6.0034 for short. Amsterdam bankers' guilders were 61.20
(61.80.
Exchange for Paris on London, 79.53; week's range. 79.65 francs high
and 78.93 francs low.
The week's range for exchange rates follows;
Sterling ActualChecks.
Cables.
High for the week
4.79
4.7934
Low for the week
4.69%
4.6974
Paris Bankers, Francs
High for the week
6.0734
6.0754
Low for the week
5.87
5.8731
Germany Bankers' Marks
High for the week
37.06
37.08
Low for the week
35.80
35.82
Amsterdam Bankers' Guilders
High for the week
62.69
62.70
Low for the week
60.49
60.53
Sept. 30 1933
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, Sept. 29.
Maturity.
Int.
Rate.
Bid.
Asked.
Maturity.
Int.
Rate,
Bid.
Asked.
June 151934....
Dec. 151933....
Mar, 15 1934...
Aug. 1 1935_
Aug. 1 1934___
Feb. 1 1938_ _ _
Dec. 15 1936.Apr. 15 1936._
34%
34%
44%
114%
234%
244%
254%
234%
100
100
9.1
1009n
1014::
l0112::
101
102"zs
102"zz
1002 2
100"zz
100"n
1016:
1012.::
101.n
102"zz
102"zz
June 15 1938....
May 2 1934_ .._
June 15 1935...
Apr, 15 1937_
Aug. 11938.,..
Sept. 15 1937...
Dec. 15 1933...
234%
3%
3%
3%
334%
334%
454%
101,3n
101"zz
103"zz
102an
103,4::
102"n
100",
1011en
101.
4n
10301os
102431:
10311st
103
101
U. S. Treasury Bills-Friday, Sept. 29.
Rates quoted are for discount at purchase.
Bid.
Oct. 4 1933
Oct. 111938
Oct. 18 1933
Oct. 25 1933
Nov. 1 1933
Nov. 8 1933
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Bid.
Asked.
0.20%
0.20%
0.20%
0.20%
0.20%
0.20%
0.15W.
Nov. 15 1933
Nov.22 1933
Nov.29 1933
Dec. 6 1933
Pec. 12 1933
Dec 20 1933
Dec. 27 1933
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
older
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Sept.23 Sept. 25 Sept. 26 Sept. 27 Sept.28 Sept.29
First Liberty LoanH Igh
3Si% bonds of 1932-47..11.0w.
(First 354,)
Close
Total sales in 81,000 units.Converted 4% bonds of High
1932-47 (First 4s)
Low.
Close
Total sales in $1,000 units..
Converted 434% bundl H lab
of 1932-47 (First 414s) Low_
Close
Total sales in 81,000 units.-Second converted 414%1 H fah
bonds of 1932-47 (First LOW,
Second 4 4.0
Close
Total sales in $1.000 units...
Fourth Liberty Loan
{High
434% bonds of 1933-38._ Low
(Fourth 434s)
Close
Total sates in $1,000 units...
Treasury
{High
454s. 1047-52
Low.
Close
Total sates in $1,000 units...
(High
4s. 1944-54
w_
Close
Total sales in $1.000 units...
(High
354'. 1948-58
Low.
Close
Total sales in $1,000 unit,...
{Hih
3
%s. 1943-47
Low_
Close
Total sales in $1,000 units...
IHigh
38, 1951-55
Low.
Close
Total sales in $1,000 units...
(High
334e, 1940-43
Low
Close
Total sales in $1,000 units..
(High
3349, 1941-43
,
Low_
Close
Total sales in 81,000 units.._
(High
314s, 1948-49
Low.
Close
Total sales in $1,000 units...
(High
334s. 1941
Low
Close
Total sales in $1.000 nom__
10214:: 10212m 102"zz 10211
6 102"n 1021.zz
:: 102"zz 10242n 102"n 102.zz
1024
:: 1022
10214:1 102,2n 102",, 102"zz 102"zs 102.zz
41
11
40
12
13
104
_
10 -2 ; 101.iz; 10--;
2
221; 10- ; 10213s,
2
10224n 1022.82 10222o 102"n 10220
:: 102Wat
10224ss 102.h, 10222n 102"zz 102..zz 10Pon
162
15
1
20
144
32
- _
_
10- =i; 02;;;
1
102..zz
102..n
52
110"zs
110"zz
110"zz
3
106un
108.zz
108.3z
3
101"zz
101"n
1041.zs
2
101"z:
101"zz
101"zz
6
93"zs
08to4
,
98"zs
12
101"zz
101.
4n
101"zz
9
101"ss
10112s:
1011:„
36
0011,,
nes0,
2
993
%2
68
101 1n
100"n
101,
n
170
10241s:
10224
::
45
1101431
11041
1102n
11
10014.,
10814::
10610::
49
10142s:
10144s:
101na:
138
0014,
983h,
142
1012cha
10111,2
101,
h,
14
1012,32
101,712
1012132
48
100
99042
100
132
1017n
10014,
1014n
143
102"zz
1022.zz
10220
.2
441
110"zz
110"zz
110"zz
73
106"n
1013"zs
106"zz
20
104..n
101"n
104.
01:
88
101"zz
101"zz
101"zs
166
98"n
9821n
982
.n
159
101"n
101..zz
101"sz
60
101",,
101"zz
101"zz
107
100ln
100
100
76
101.12
1014::
101.z:
83
1034;
-10224n
102un
143
110"zz
110"zs
110"zs
88
1051.zz
105"zs
105"zs
11
10122
::
101",,
10142s:
120
102
101"zz
102
56
99
9320n
98..n
78
102
101.
1n
101..n
29
102
101"sf
-
_
102.%
102..zs
37
110"sz
110.sz
110.ss
20
105"n
10!Pss
105.n
124
101l.n
101",,
101"zz
31
101"zs
101"zz
101..n
2
981.11
98"n
9824n
175
1011,22
101"it
101"S
3
101",2
101"S
101,2/2
56
135
100 1s 100.n
,
100
1001,1
100sai 1001m
58
126
,
Minn 101 s,
101 1
%
101"m 101.n
143
308
_
_
102"32
102"zz
102we
45
1108n
110in
1108,2
10
103"zs
103
105.zs
8
10loss
22
9867::
9310
::
9822
::
127
10144
::
10114::
10112::
89
101,1
”
1011712
101"zz
183
100.11
993
.1,
9930::
410
101 4::
100",,
100,032
331
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
7 4th 430
102,033 to 1022
.n
5 Treasury
3348
99"zz to 99"n
The Curb Exchange.
-The review of the Curb Exchange is
given this week on p2ge 2437.
A complete record of Curb Exchange transactions for the
week will be found on page 2140.
CURRENT NOTICES.
-A.Merriman Casey and George L. Nicholas Jr. announce the formation
of the Baltimore Stock Exchange firm of Casey, Nicholas & Co. to deal
in investment securities. The offices of the new firm will be located in the
Mercantile Trust Building, Baltimore, Md.
-James Talcott, Inc., has been appointed factor for Feinstein Bros.
Textiles, Inc., New York City, distributors of silk linings, and for Nelson
Kershaw, manufacturer of turkish towels, Clifton Heights, Pa.
-C. G. Novotny & Co., Inc., 80 Broad St., N. Y. 0., specialists in
Land Bank bonds announce that their telephone number has been changed
to Bowling Green 9-5544.
-Courts & Co., members New York Stock Exchange, Atlanta, announce
that maion C. Courts and William F. Broadwell have been admitted as
general partners.
-Laird & Co. announce that Thomas D. Smith has become associated
with them as manager of the stock department of their Philadelphia office.
-Frederick Peirce & Co., Philadelphia, have established a financial
advice department as an aid to investors.
-Schafer Bros., 1 Wall St., New York, announce that Jack A. 08hOrMSII
IS DOW associated with them.
-Clinton Gilbert & Co., New York, have issued a circular on Central
Hanover Bank & Trust Co.
2423
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
12e FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 23.
Monday
Sept. 25.
Tuesday
Sept. 26.
$ per share
5912 6112
63 633
4
37
38
3018 3012
30
31
*3512 37
*9312 95
*17
22
*512 6
*523 593
2
2
2918 3112
78
76
2 per share
5813 60
62
63
*35
38
2814 30
297 2978
8
3412 3512
95
95
*17
22
*5
6
*40
59
2912 303
4
*7014 76
$ per share
59
604
61
615
8
36
38
283 297
4
8
2912 297
2
3412 3412
"94 101
*17
22
6
63
4
*5232 59
317 3372
2
76
77
Wednesday
Sept. 27.
Thursday
Sept. 28.
Friday
Sept. 29.
$ ver share
55
58
62
63
32
354
265 29
8
2614 2712
3412 3412
*9412 101
*17
22
2
612 67
*523 593
2
2
2972 3214
*7014 77
$ per share
55
5614
61
8114
3312 34
263 274
4
27
2872
*34
3512
*9512 101
*16
21
*53
4 712
*523 59
2
307 3212
2
*71
77
$ per share
5418 574
6118 6118
34
3512
27
2812
27
28
3314 3314
*9512 101
*15
22
7
7
*523 593
2
2
3112 33
*743 77
4
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sttwe Jas. i
-share ,ots
On basis of 100
Lowest.
Highest
Shares.
16,100
1.800
2,800
45,300
3,500
600
40
Railroads
Par 3 per share I per share IS
Atoll Topeka .1 Santa Fe 100 345 Feb 25 8018July 7
8
Preferred
100 50 Apr 3 793
4Jube 3
Atlantic Coast Line RR.....100
1612 Feb 25 59 July 19
Baltimore & Ohio
100
84 Feb 27 377
8July 7
100
911 Apr 5 3914July 7
Preferred
Bangor & Aroostook
50 20 Jan 5 4114 Aug 29
Preferred
100 6852 Jan 4 110 Aug 30
Boston & Maine
100
6 Apr 19 30 July 1
2,700 Brooklyn & Queens Tr _No par
312 Mar 29
9 8June 8
3
Preferred
No par 35 4 Apr 19 6012July I*
3
42,000 BkIrn Manh Transit_ _.No par 213 Feb 26 4114July 12
4
300
$6 preferred series A.No pat 64 Mar 2 8312June 13
414 July10
Brunswick Ter &
12 Jan 11
SegNo par
iiiz II% 14,8 1112 1558 Ii14 ii38 ii ai3i2 1118 i4i8 iii - 5- 76.6 Canadian Pacific Ry
4,
2July 7
25
74 Apr 3 207
*7014 78
*7014 78
*7014 78
*70
78
*70
78
Caro Clinch & Ohio stud_ _100 5014 Apr 4 7912July 19
*7014 78
*62
85
*62
85 '62
*6212 85
85
70
400 Central RR of New Jemey_100 38 Apr 4 122 July 6
70 70
70
423 43 2 4112 4314 4212 43
4
7
41
42 4 4112 413
3
4 4114 4214 34,400 Chesapeake A Ohio
25 245 Feb 28 4914 Aug 29
8
23
4 23
4 *23
4 3
'2 4 3
*23
4 27
8 *23
4 3
23
4 23
4
200 Chic & F.aat Ill Ry Co
3
100
4 Apt 18
8 July 10
*23
4 3
'2 4 3
3
*234 3
2 4 2 4 *158 3
3
300
3
6% preferred
812July 10
3
3
4 Apr 5
100
312 3 4
*33
4 4
3
352 352
7 3July 8
5
312 3
52
3 2 312
,
312 314 1.900 Chicago Great Western-100
138 Apr 6
94 912
83
4 83
4
9
9
812 94
Preferred__
84 812
8
812 2,300
100
219 Apr 5 147
8July 6
612 63
4
614 63
4July 19
4
612 652
6
65
2
5 2 612
7
53
4 614 8.800 Cble Milw SIP & Pact__No par
1 Apr 6 113
1012 103
4
912 103
2
97 1012
2
9
10
912 93
4
8
Preferred100
112 Feb 28 1814July 20
914 97 19.700
9 8 1014
7
914 10
912 10
Ws 11.000 Chicago & North Western. 100
8
5a 913
83
4 014
114 Apr 5 16 July 7
Ws
17
17
1612 17
1614 17
15 '1514 1314 1314 1412 147
8 2,000
Preferred
100
2 Apr 5 3434July 6
5
514
5
4 5
412 43
412 43
2 Apr 6 1012July 7
512
43
4
412 412
4 3,700 Chicago Reek lid & Paelne_100
*714 9
714 712 *8
84
3
712 812
7 2 732
3
814 814
900
7% preferred.
.100
3i2 Apr 10 I912July 7
6
8
612 613
612 612
632
612 612 1,100
3
15 July 7
6
6% preferred
10C
27 Apr I 1
63
2 612
30 30
*29
130 Colorado & Southern.-.100 1514 Feb 24 51 July 13
30
20
2314 2314
27
27
20
2812 24
*20
25
*20
25
*21
25
*21
80
3
25
21
21
*2012 25
CY 1st preferred
100 1212 Apr 10 42 4July 19
•1618 20
*1618 30
*1618 30 *.__ - 30 *__ _ _ 30 •_ _ _ _ 30
40 2d preferred
7;
100 10 Mar 2 30 July 21
338 312
4
4
*358 4
338 312
312 4
33
4 3/8 1,300 Como' RR of Cuba pref 100
114 Feb 24 10 8June 12
3
4,558 7
5
212 Jan 6 18 June 7
*53
8 7
*5
7
*5
7
'5
7
5
20 Cuba RR 6% pref
100
6312 6412 6114 63
6012 603 603
4
100 3758 Feb 25 93
54July 7
63
64
60
6312 60
i 4,400 Delaware & Hudson
3014 3118 2714 293
4 2814 303
8 265 29
4
8
261 2814 263 283 31,70) Delaware Lack & Western.50 1714 Feb 25 46 July 6
3
73 8
7
7
8
7
6
61
*67
8 7
2 Feb 28 19 4July 19
3
714 *512 67
3
1,000 Denv & Rio Or West pref 100
1714 18
17
3
177
2 1612 173
16
173
2 7.900 Erie
34 Apt 4 25 4July 20
4 15 4 167
3
2 1512 17
100
18
1914 19
19
*16
1812 *15 2 1812 1612 lO1s 1612 1752
First preferred
100
412 Apr 4 2912July 5
3
900
1472 147
2 14
14
*1012 15
300
100
213 Apr 4 2314 July 19
*1012 157
2 14
14
*11
1412
Second preferred
2172 223
4 203 21
2
21
223
2 1912 2112 193 208 1914 2112 19,000 Great Northern pref
100
3
43 Apr 5 33 4July 7
8
4
*5
63
2 *4
63
2 *4
632 *4
*414 63
2
134 Mar 31
1112July 7
63
2 *414 5
Gulf Mobile & Northern... 100
*15
1612 15
15
*13
17
100
*12
17
*12
17
*1212 16
Preferred
..
100
212 Mar 31 2312July 19
*1
114
114
1
1
4June 8
52-lune 3
23
200 Havana Electric Ry Co No par
7
8
7
2
*3
4
13
4
*3
4 114
.4
3
1612 1712 16
17 4 1512 175
,
612July 21
19 June 13
2 141. 1552 1412 143
1412 1534 8.500 Hudson & Manhattan- 100
3312 3414 31
34
313 33 2 2912 3152 30
4
5
3
30
3232 41,800 Illinois Central
100
812 Aor 5 50 4July 20
31
•37
46
*36
46
*37
46
3612 3612 *36
42
*36
42
200
100 16 Mar 31 CO's July20
6% pref series A
6012 5012 4612 4612 *48
53
4712 4712 *4612 55
4612 461
120
Leased lines
100 31 Mar 3 80 July 19
22
22
•21
24
*21
24
*20
24
*20
24
44 Apr 18 34 July 19
*20
24
50
RR Sec mix series A...1000
712 9
8 2 87
7
2
83 10
4
83
8 98
t
812 10
83
4 9 40.600 Interboro Rapid Toth• 0 100
3
Vs Feb 27 10I4June 19
14
15
*1213 1478 14
12
12
13
1212 13
1,400 Kansas CID Southern
sJuly 18
14
13
1041
61y Feb 27 247
*193 22
4
*19
22
22
22
*19
22
*18
100
100 s12 Mal 81 3414July 19
23 *18
23
Preferred.
1812 187
8 17 8 184 17 4 185
3
4July 5
3
8 1612 1741 1612 17
1614 173
4 9.000 Lehigh Valley
852 Feb 24 273
50
46
4614 45
k 42
43
484 44
4212 44
4514 4112 447
4,900 Louisville & Flaabville---- 101
2114 Jan 3 6712July 18
1612 161
1814 1814
1812 21
1812 181 .17
19
*17
19
200 Manhattan Its 7% guar-- 100 12 Mar 18 25 July 19
iSIS 1412 15
14
15
164 15
161
15
153
4 1512 16
16,000 Mann Ry Co mod 5% aura 101
6 Jan 3 17 July 12
*412 61
5412 51
*412 514
412 41
8 June 9
*312 412 *312 412
300 Market St Ity prior islet. 100
17 Mar 3
8
*1
113
us
11
1
1
214July 7
1
1
1
1
1
la Jan 23
1
900 Minneapolis, & St Louis_ 101
*112 21
•112 21
*112 21
*112 214 *112 212 *112 2 2
5 2July 8
7
Minn Si Paul & SS Marie. 1011
',Mar 2
,
*1
4
*1
4
4
4
*112 412 *112 412 *112 412
812July 8
200
100
ti Apr II
7% preferred
414 41
*5
67
*5
7
5
5
*412 714 *412 7
520
4% leased line ctis
100
4 Apr 10 14I2July 8
10
103
2
97 101
2
93 bIt
4
958 10
9
914
914 912 6,000 Mo-Kan-Texas KR____No pa
54 Jan 3 1712July 7
2112 22
*21
22
•21
22
20
2012 197 20
2
*2012 2112 1.100
Preferred aeries A
100 114 Jan 3 3714July 7
452 452
2
4
412
414 414 '2,400 Missouri Pacific
452 47
2
452 45
2
47
2 47
1041
10't July 8
112 Apr I
718 714
612 612
63
4 67
2
6
63
4
54 6
3
612 612 2,800
Cony preferred
153 Apr 1
1514July 7
100
*34
40
35
35 "37
40
37
37
36
36
"35
38
60 Nashville Chalk & St Louis 100 13 Jan 5 .57 July 7
8 172
*114
17
8 91
17
s
17
8 *118
14
30 Nat Rya of Me: 1st 4% pf.100
312June 27
114 *114
17
8 *14
18 Mar 16
7,2
5
2
5
2
512
52 1.200
712
5
2
12
12
12
12
*12
1:8June 8
2d preferred
ly Jan 3
100
4212 43 4 39 4 413
,
3
4 39
417
8 363 40
4
373 3914 3712 3912 120.400 New York Central
4
100 14 Feb 25 5812July 7
18
1812 173 1812 173 18
4
*15
17
*1512 163
4 167 17
4
2
1,400 NY Cble & St Louis Co.
218 Jan 25 275 Aug 28
3
--100
21
223
4 2214 2214 21
22
*19
21
*20
247
2 2014 2014
1.000
Preferred series A
100
258 Apr II
3414July 20
*118 123 "120 125 "118 125
118 118 *115 11912 *115 120
20 N Y & Harlem
8
.50 100 Mar 31 158 aune 13
2234 2312 2112 2214 2112 2214 20
2112 197 203
g
8 2018 213
8 9,400 N 'Y N II & Hartford
100 1118 Feb 27 3478July 19
*35
39
38
35
35
38
*37
39 4 35
3
35
35
36
900
Cony preferred
101
18 Apr 4 56 July 6
10
14 1112 *1014 1012 1012 1012
9
52 1012
912 1012 10
103
2 1,600 N V Ontario & Western
100
75 Jan 4 15 July 7
2
*114 112 *114
112
152 2
13
2 112
13
2 112
152 152 1,500 NY Railways pre!
312July 7
No par
la Mar 15
*13
4 212
13
4
13
4 *112 2
112
112 *13
4 2
*13
4 212
200 Norfolk Southern
47 July 10
8
t2 Apr 4
100
15614 15614 1523 153
4
1493 1493 148 150
4
4
14712 14712 14512 150
1.900 Norfolk & %Vattern
100 11112Mar 2 177 July 7
23
2312 2212 233
2372 217 23
4 2312 243
4 22
2
213 2352 17,300 Northern Pacifie
4
2July 7
95 Apr 5 347
8
100
*212 3
*23
4 4
*3
4
234 3
212 212 *212 3
190 Paeltle Coast
7 July 11
1 Jan 25
100
32
3212 31
3158 31
324 297 31
8
29 4 3012 293 307 44,500 Pennsylvania
3
4
8
.60 tA Jan 3 4214July 7
*3
412 *3
6
*3
6
*3
6
*3
6
*3
412
Peoria & Eastern
100
la Feb17
9 July 11
20
20
*1512 2212 •18
23
18
20
20
18
517
22
300 Pere Marquette
100
3 3 Mar 3 37 July 13
7
.15
25
*10
24
*20
24
2312 2312 *1012 30
*10
25
100
Prior preferred
100
6 Jan 3 4412July 7
*10
23 *10
23
*10
23
*10
20
*15
2 4 *1012 23
63
Preferred
412 Fen 28 3812July 7
100
•21
2912 *21
*215 2912 *213 2912 *213 28
4
2912 .21
4
4
2912
Pittsburgh & West Virginia 100
813 Apr 19 353
4July 7
47
47
45
45
47
47
*45
47
45 45
443 45
4
1,100 Reading
60 2312 Apr 5 6212July 6
*29
33
*297 33
2
33
*30 • 33
2
323 323 *297 33 .30
4
4
200
lat preferred
50 25 Apr 25 38 July 12
*3114 33 .3114 33
*3114 33
*3114 33
*3114 33 .3114 33
2d preferred
37 July 6
SO 2312 Mar 31
*914 17
*914 17
.912 17
*9
127
2 *9
17
*914 17
Rutland RR 7% pref
100
6 Jan 6 1812July 3
3 2 33
3
2 1,300 81 Louis-San Franclaco-100
32 3
5
52 *312 3 4
3
312 3 2
,
312 3 4
3
32 3 2
7
7
72 Jan 30
932July 7
312 312
312
312 1,400
312 3 2
5
312 3 4
312 3 8
3
3
312 312
let preferred
100
1 Apr 17
914July 8
*1212 15 *1212 15 *1212 15 *1212 15 *1212 15 *1212 15
St Louis Southwestern,.,..100
514 Mar 15 22 July 14
14
17 •____ 20
*2314 29
•17
20
*17
20
*17
20
17
20
Preferred
1011 12 June 7 2632July 18
112 15
2
13
2
112
112 112
13
2
112
13
2 13
2
114
112 5,600 Seaboard Alr Line
No par
14 Jan 3 3 July 7
2
2
2
2
*2
218
2
2
2
2
17
8 2
900
Preferred
100
43 Mar 25
47
8July 7
2412 253
2 2314 243
213 23 2 2218 2312 2212 24
4
7
2 23
25
38,600 Southern Pacific Co
100 Ilia Feb 25 3834July 7
27
2814 247 265
2
2514 2412 2614 39,000 Southern RallwaY
2 2512 267
5
2 23 2 2652 24
100
414 Mar 2 31 July 19
2512 28
255 263
2
2 253 2712 9,200
2914 293
4 2612 2852 263 29
8
4
Preferred.
100
54 Jan 3 49 July 17
•20
38
*20
39
*20
39
*21
39
.20
38
*20
38
.
Mobile & Ohlostk tr etts 100
8 Jan 5 4014July 10
612 8
8
7
7
73
7
7
7
2 712 6,200 Third Avenue
514 7
100
44 Feb 25 1218June 3
17s
172 1,000 Twin City Rapid Trans No par
218 214
2
2 18 '17
8 2
*214 2 8 5214 2 8
3
5
tly Jai) 10
44
4June 8
4 812
*8
812 *8
812
2 812 *73
8
8
*7 4 812 *73
3
20
Preferred
100
573 Apr 19 15 June 8
11512 11612 11412 116
4
11012 114
114 115 4 11012 11312 1103 111
3
10,500 Union Patella
100 6114 Apr 6 132 July 7
6712 6714 673
67
67
66
*663 6812 67
4
2 1,100
63 4 643
3
4 66
Preferred
100 56 Apr 8 7512July 12
3
12
312 312
3 g 312
3
33
2 33
2
312 2,300 Wabash
32 3
1
312 312
100
111 Jan 4
712July 10
33
4 33
4
44
3 4 414
3
4
4 14
3
4
1,800
*3
4
3
52 3 4
Preferred A
100
115 Apr 5
9 2July 7
7
11
9 4 9 4 1014 1014 3.200 Western Maryland
3
3
10
1014 107
2
2
97 1014
1012 11
100
4 Feb 27 16 July 13
100
2d preferred
*123 1514 *1212 1514 *1212 1514 *1212 1514 1212 1212 *1412 15
4
100
5 8 Jan 12 I912July 7
5
33
4 33
412 412
3 8 414
7
4 *4
452 1,200 Western Pacific
4 4
33
912July 3
100
1 Apr 22
3 4 414
3
7
7
VS 104
614 614 *614
1.700
614 612
WV
Preferred..
17
8Mar 2 16 July 8
On 712
100
Industrial & Miscellaneous
45
•321 1 45
*33
*33
45
*33
45
*33
45
Abraham & Straus
No par
45
*35
812 812
812 8 2 12,900 Adams Express
5
No par
83
2 852
2
83
4 9
83
4 93a
858 87
*6714 68
68
100
Preferred_
100
68
*6714 7014 *6714 7014 *6714 7014 *6714 68
• Rid and asked prima, no sales on this day. a Optional sale. a Sold 15 days
s Ex-dividend
y Ex-rights.
1318 Feb 23
3 Feb 28
39 Apr 11
4012July 20
1314July 7
71 June 20
PER SII A RE
Range /en Presto 8
Year 1932.
Lowest.
High
Per share 2 Per , ACP.
Jai
177 June 94
8
Jai
35 July 88
934 May 44 Sens
3 4 June 213 Jan
3
3
6 June 4112 Jai
3
918June 35 4 Au
50 June 91 Sept
4 July
10 4 Sew
1
1014 Mar
2 8 July
7
2314 June 58 Mat
1112 June 504 Mat
2
8112 June 783 Mal
212 Aug
It Apr
714 May
203 Mat
1
Feb
to
39 July
25 June 101 Sept
9 4 July
3
3113 Jai
33 Aug
4
12 July
12 May
5 AUS
14 June
5 3 hull
3
212 May
1213 Jan
%June
412 Aug
8 Aug
118 May
144 Aug
2 May
Jan
4 Dec 31
112 May
183 Jan
3
314 Dee 2713 Jan
2 May 244 Jan
4' Julie 294 Sept
8 Mar 30 Sept
5 Mar 18 Sept
1
Der
114 Jet,
212 Der 20 Aug
32 July 921s Sept
812 June 4573 Sept
Jan
14 May
9
113 Seim
4
2 May
252 May
157 Aug
2
2 May
1012 Aug
Jan
25
512May
10 Sept
2 May
212 Der
1512 Sept
152 Oct
, Oct
4
8 May
30 4 Jan
3
4114 June 247 Sept
8
912 July 38 Sept
1512 June 45 Aug
1412 Jan
4 May
1453 Mar
214 June
214 June 16 4 Sept
,
6 June 2514 Sept
6 June 294 Sept
712 May 3814 Sept
8
9 Sept 463 Mir
4 June 20 4 Mar
3
212 Dec
9 Jan
12 Jan
5 Aug
2
12 Der
43 Sept
2
6 Sept
3 May
4
5 Dec 2012 Sept
13 Sept
114 May
314 June 24 Sept
Jan
11
14 May
Jar.
24 May 26
712 May 307 Sept
s
7 Sept
2
4 May
13 Feb
7 Sept
,
8
5 4 June 363 Jar.
13
Da May
9 4 Sept
3
2 June 153 Jan
3
82'May 1274 Aug
1
6 May 3111 Jan
117 July
s
WA Jab
3 s July
5
16 4 Sept
3
le Dee
Feb
1
14 Dec
3 4 Sept
3
57 June 135 BCD'
253 Sept
2
512May
34 Sept
1 Mar
612Jun
233 Jai,
2
72 May
514 Sept
l¼Junc
18 Aug
26 Aug
312Jun
24 Aug
212Jun
6 18
, 2112 Aug
912 June 5414 Sept
Jab
33
15 July
38 f4ept
15 May
3 May
1412 Sept
52 May
652 Jai,
1 May
8'4 jai.
3 May
137 Sett(
2
8 Der 2012 Jai.
52
1 Sept
Is Jan
l, Jan
612 J one
212 May
3 July
312 June
37 May
8
112 De,
7 June
273 July
3
40 May
%Jun.1 June
112May
2 May
Is June
58 May
11 &DI
1
375 Jab
2
154 8810
233 New
4
25 Feb
14 Map
411 Junt
244 Jan
9411 Feb
714 Aut
.11
414 A,
J&D
6
111 Sep
4
1114 Sept
43 Aug
4
8 1 Aur
7
10 June
Ds May
22 June
241 Aug
4
911 Sept
73 Sept
New York Stock Record-Continued-Page 2
2424
Sept. 30 1933
gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NO?' PER CENT.
Saturday
Sept. 23.
Monday
Sept. 25.
Tuesday
Sept. 26.
Wednesday
Sept. 27.
Thursday
Sept. 28.
Friday
Sept. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share S per Share 3 per share $ per share $ per share $ per share Shares. Indus. & Miscall. (Con.) Par
1712 163 17
1712 1712 17
2.500 Adams Mills
No par
4
16
17
1612 17
1614 17
9
93
4
812 8 8
.9,
912 2,800 Address St ultigr Corp_ _No par
8 94
7
83
8 812 .834
83
4 9
No par
*514 53
4 *512 57
8 *512 53
500 Advance RumelY
4
5
5 14 *43
4 53
4
5
5
7 4 318
3
712 77
8
8 4.700 Affiliated Products Ino_No par
74 7
'2
73
4 77
714 712
714 74
107 112
107 11012 10612 112
10412 1.0712 x104 106
No par
14.800 Air Reduction Intl
105 108
238 212 .23
8 212 .24 212
214 24
214 212
1.500 Air Way Elea Appliance No par
23
s
212
27
2738 2434 2612 2518 263
8 23
2512 2318 247
8 247 264 92.500 Alaska Juneau Gold Mln___10
8
*4
512
512 512
512 6
6
6
6
400 A P W Paper Co
No par
6
6
6
438 412
412 47
8
4
44 478
44
No par
4
44
4
4 14 22,700 Allegheny Corp
Pier A with $30 warr_ _ _100
104
914 914
87
8 84
4 10
9
814 9
94 2.400
912 103
1012
78 8
3
*9
1012 *8
Pref A with $40 warr_-.100
.712 94
600
712 712
712 812
*8
Pre( A without warr____100
10
107
8 *74 1012 *8
83
2 83
100
812
8 *7
94 *7
*1812 20
18
1812 *17
19
1912 1912 *17
170 Ailettheny Steel Co_ __ _No par
18
*17
18
8
13412 13718 13514 1383 19.000 Allied Chemical & Dye.No par
137 1385 13414 13612 135 1393 133 136
4
4
*123
•12314. _ •1234
_ 12314 12314 .12314 _
100
Preferred
300
1234
-12 17 -- 14 1512 163
1712 1712 1612 17
15; 1512 1i
104 5.800 Allis-Chalmers Silit____No par
4 1514 - -7
*1412 1614 *1412 1614 .1518 1614
1412 143 *1412 143
8
4 1414 1518 1,000 Alpha Portland Cement Vo par
300 Amalgam Leather Co_ _No par
*64 714
6
614 614
6
*53
4 614 *514 6
612 612
.263 3012 *26
4
30
*26
323 .26
4
323
30
4
*26
100
323 *26
7% preferred
4
43
41
4312 4112 444 38
42
42
No par
38
383
4 3912 4112 9.200 Amerada Corp
2814 263 277
8
8 2612 27
26
28
2612 2514 27
2512 26
3,300 &neer agrloCrom (Del) No par
1512 14
4 154 157
153 16,
14l
4
8 14
1412 1414 3,503 American Batik Note
10
8 1614 16,
*41
4112 *41
4112 414 414 4112 4112 .41
Preferred
30
4112 *41
SO
411 2
1314 134 124 124 1214 124 1118 1214 11
10.010 American Beet Suger__No par
115
8 114 12
6212 634 5712 63
62
6312 604 63
5712 5912 1.450
59
100
60
7% preferred
31
31
31
31
3014 32
3112 3112 2,303 Am Brake Shoe & Fdy_No p sr
293 30
2912 30
4
97
09514 98
*97
99
97
*97
Preferred
99
"9514 98
50
*9514 99
100
90
924 9312 893 92
927
8 87
4
891
874 89
25
83 4 9012 33.503 American Can
3
203
132 132 *13212 135 •133 135 .133 135
Prefe-red
133 133 *1323 135
.
4
IOJ
28
284 2712 30
3014 264 281
2914 2612 28'2 28
15,033 America Car & Fdy___No par
28
90)
44
41
44
46
4314 *4014 44
4412 4512
4314 4314 44
Preferred
_100
100 American Chain
.514 7
.514 7
No par
7
7
84
•
7
84 .7
*514 7
*14
23
25
*14
*14
16
20
*14
94
18
•17
7% preferred
25
100
803 American Cnicle
46
*45
46
474 *4514 47
46
431g
46
454 453
4 43
No par
.27
.27
8 4
8 4
*27
.27
8 3
*27
8 4
8 4
*24 3
Amer Co1,4rty oe Co
10
5518 454 563 603 68,001 trn Cornell Alcohol Corp 20
4
4
60
62
8 5412 58
563 60
4
5712 603
*212 3
*212 3
20) Amer Encaustic Piling_No par
212 212
212 212 *214 314 0214 3
933 Amer European Sec's__No par
64 7
4
7
63
4 63
77* 71
712
. .7
78
2 74
77
97 1012
8
93
8 97
8
9
103 11
93
8
4
914 1018 23,10) Amer & For'n Power___No par,
97 1012
8
217 2314 23
8
19
23
2.103
2014 204 1918 20
207* 2012 19
Preferred
No par
*1112 12
1112 1212 1114 12
*1112 1212 2,209
13
13
1212 13
20 preferred
No par
8 15
15
2 157 157
1312 1312 1312 1312 .133 15
2
1,103
15 4 163
3
4
56 preferred._ _____ No par
1412 4,103 Amer Hawaiian 8 S Co_ _AO
1412 1614 15
1512 1412 14 8 1414 1412 14
,
15'2 15
9
9
9
.812 1012
9
7 4 84
3
7
712
712 812 2,700 Arne, tilde & Leatber_Pro par
.3512 40
8 3312 3512 3434 36
1.40
384 3818 3334 355
38
38
Preferred
100
8 3318 3314 3234 334 327* 3212 33
337
8 334 333
1.700 Amer Rome Products__No par
33
33
734 8
8
73
8 814
814 4,70 American the
814 814
,
No par
712 8
77
8 84
03612 4913 040
04012 44
44
44
*4012 44
*40
44
_ . 6% non cum pref
*36
100
8
4
9
81
4 914
914 933
9 14 __10.403 Amer Internet Corp. No par
84 914
914 97
94 93
14
11
1
118
1 18
118
5118
114
118
114 1,000 Am L France & FoamIte No par
its *1
*418 6
0414 6
*414 61
.44 612 *44 612 .44 6
Preferred
100
3112 3412 29
,
3112 31
31
327
8 30 4 311
334 12,300 American Locomotive...No par
313
4 32
54
54
56
54
56
54
*5112 55
54
55
557 56
8
1,10)
100
Preferred
0157 163
8
8
8 1512 1614 1512 1512 1512 1512 2,500 Amer Mach & Fdry Co.No par
4 1614 1812 163 163
5
*33
*414 44 *3
4 5
33
4 33
4 *37
103 Amer Mach & Metals_.No par
8 412 034 412
193 204 183 lO'u
4
1912 163 174 167 173
4
8
4
18
8
8 173 1918 18,503 Amer Metal Co Ltd.. __No par
07012 7212
*70__ - *704 73
7014 7012 .703 73
303
8
100
71
6% cony preferred
71
2534 25 4 *26
*253 28
*27
4
28 .25414 28
3
120 Amer News Co Inc__ _No par
28
26
26
814 83
814 83
4
812 84
734 814
77
8 818 26,400 Amer Power & LIght__No per
73
4 3
221s 20
213 214 22
4
20
20 12 2012 .20
2012 20
No par
20 12
56 preferred
803
17
17
17
18
18
1712
18
1712 1712
164 164 .16
900
No par
$5 preferred
144 147
8 134 143
4 137 1412 123 134 124 1318 124 1334 42.803 Am Had & Stand SAW? No par
8
4
204 173 1912 18
185 197
8
8
8 19
20
21
19
173 1914 32.403 Amerlcan Rolling 34111
8
25
36
37
3612 3612 36'2 37
363 3714 365 364 •37
4
39
1.000 American Safety Rasar No par
8
3
3
3
3
312 31
3
1,900 American Seating v t o_No par
3
3
34
24 3
112
112
112
112
8
112 15
138
13
8
15
8
138
112 2,200 Amer Ship & Comm_ __No pa
13
8
213 213 .1912 213 .____ 20
4
4
183 183 *1512 1612 1612 16,
4
4
50 Amer Shipbuilding Co.No p47
2
437 474 4012 443
4612 4812 434 46
8
8 41
4314 4212 461 4 192.900 Amer StneltIng & Refg_No par
82
82
83
82
*8212 86
8012 82
83
83
82
82
1.100
Preferred
100
6212 631 *62
63
64
60
64
623
8 61
64
63
063
700
2d preferred 6% cum
100
4912 5012 49
.4814 494 4912 491
50
1,300 Amertcan Snuff
*4812 50 .483 50
4
25
.10514
•10514 _ _ •10514
*106
•106-- .106
_ _ . __
Preferred
100
1918 If 21 13 2018 II 2012 - -13- 2114 - - _ _
203 -2118
8
23_____ Amer Steel FoundriNo par
2 4
74
74 .60
5914 60
06912 74 .60
160
060
Preferred
74
5912 61 18
100
03812 3912 *3812 3912 38
3812 *3714 3912 *39
39
39
3912
800 Amerman Stores
No par
63
61
63
61
63
634 654 6212 63
61
6212 6312 3,200 Amer Sugar Refining
100
.103 1093 903 10718 *103 108 .10318 10518 1044 10418 *10318 105
8
100
Preferred
100
17
17
16
17
16
17
154 1618 1512 1618 2,000 Am Sumatra Tobacco__No par
17, 18
8
4
8
12614 12712 125 12614 12258 12614 12018 1223 1205 12134 11718 1221g 64,300 Amer Telep & Teleg
IOU
84
85
8512 823 83 4 8212 83
84
8
,
843 85
4
823 8414 2,100 American Tobaeco
4
25
8712 8812 8412 87
8414 853
8814 8912 8614 88
Common claw Li
4 8478 8614 14,50
35
600
*11412 11612 .11414 11512 11412 11412 114 114 .1133 1161g 11412 11412
4
Preferred
100
12
*10
13
1012 11
612 10
1312 134 12
7
73
4 2,100 Am Type Founders____No per
2234 224 213 213
22
20
8
20
8 21
530
1712 203
8 1612 18
Preferred
100
204 2138 2014 2258 16,800 Am Water Wks & Elec_No par
2218 193 21
4
2214 23
8
207 2214 21
21
2012 214 1912 193
22
2212 21
22
22
4 2018 21
2.900
Common vot Cr etts_No pa
66
*56
100
66 .56
52
.52
66
*51, 66
051
4
let preferred
66 .51
No par
8
1214 1118 115
12
1212 12
8 195 1112 11
5.400 American Woolen
12
1212 11
NO par
5114 47
4812 47
100
504 50
Preferred
5212 6,700
50 8 5112 4912 5118 51
3
0112 2
*112 2
.112 2
100 Am Writing Paper ette_No par
*112 24
112 112 .112 2
7
320
7
Preferred certificates No par
7
6
614
7
64 63
.6
4 *614 64
64
3,200 Amer Zinc Lead & Smelt.....1
4 7
65
8 718
714 818
0712 74
64 71 4
63
7 8 74
3
400
514 52
Preferred
.46
52
52
*45
.497 5312 514 514 52
25
8
52
8 16
164 15
163
72,200 Anaconda Copper Mining_.50
8 16
17
1512 1518 16
167
173
8 15
•104 13
11
905 13
8
11
400 Anaconda Wire & CableNo par
11
*11
11
13
1112 11 12
2118 207 2214 2,600 Anchor Cap
8
8
No par
24
233
2412 2312 2312 23
4 217 2212 21
080
83
*80
8112 *8012 84
$6.50 cons preferred. No par
83
*80
823 .80
4
8412 •80
8
5
100 Andes Copper MInIngNo par
.84 12
.83 1112 083 11
8
.812 1012
84 8 8 0812 12
.2512 26
GOO Archer Daniels Mtal*d_No par
2512 253
264 27
8 2514 2514
02612 27
*2612 27
4
10
100
7% preferred
4
111 111 *106 115 *106 115 *106 115 *106 1143 .106 1143
800 Armour & Co (Dell pref 100
773 .73
8
7312 7312 7312 7412
7812 7812 77
7612 070
75
438
458
414 44
458 5
414 412 19,500 Armour of Illinois class A-21
43
4 5
44 54
Class B
9.000
25
8 3
4
4
33
4 3
24 3
3
314
23
4 23
27
34 33
Preferred
5512 58
100
51
5314 10.000
554 504 513
8 52
591.2 564 57
58
4
418
414 41 4
418 44
.33
4 44 1,500 Arnold Constable Corp_No par
412 412
37
8 4
170 Artloom Corp
No par
414 414
4
414 414
*4
412 .4141 6
4
*3 4 6
3
14
14 13
17
8
178
4 1,200 Assoelated Apparel Ind No par
17
8
17
8
17
8
14
2
17
8
2
1
14
4
145
8 3,400 associated Dr1 Goods_
1312 14
15 4 15 4 133 15
3
154 16
3
16
16
6% let preferred
.40
49
040
*424 58
*4238 58 .425 58
100
.58 .40
58
8
040
41
41
103
43
7% 211 preferred
47
*41
47 .41
47
*41
100
47
*41
34
*28
9.) Aaioelated 011
2714 2714 .30
25
3512 *3012 35
•31
3012 3012 34
*21
23
23
23
*21
021
23 .21
23
*21
*21
Ati 0 & W I SS LInes__No par
23
29 .2514 30
Preferred
100
29 .25
*2514 30
29 .25
*25
28 .25
25
27
2518 253
25
4 257 264 18,700 Atlantic Refining
8
275 277
8
8 2612 273
4 2718. 28
25
800 Atlas Powder
2314 2514 02412 2512 25
No par
26
26
26
264 263
8 26
85
*7712 85
*78
10
Preferred
*7712 85
*7712 80
100
7712 7712 *7712 85
2612 2512 26
2512 2614 9.000 Atha, Tack Corp
No par
2712 2814 274 2814 264 273
4 26
5112 5212 4818 5112 4712 5012 4614 48
4612 4712 4653 4912 19,200 Auburn Automobile...No par
800 Austin Niebobt
5
5
.5
512
412 5
No par
512 512
53
8 55
8 •514 6
812 878
83
4 918 33.700 Aviation Corp of Del (The). _5
812 918
912 10,8
913 93
4
87
8 912
8
123 133
4
8 1214 13
123 134 1218 1318 1212 1314 123 1358 76,000 Baldwin Loco Works No par
8
40
*35
4012
300
Preferred
.31
3912 404 4012 *3712 3912 40
100
39
39
95
95
*93
093
Bamberger (L) & Co pref_.100
*93
95
*93
95
*90
95
.93
95
4
3
200 Barker Brothers . __No par
3
3 18
4
4
312 312
*312 43* *33
4 4
8 16
16
20
167 *1614 187
8
18
*11
*16
19
18 .16
19
6% cone preferred.....100
918 03
8
814 9
85
8 94 27,500 Barnsdal Corp
84 918
83
9
9 12
4 94
3
30
3012 •
34
8
3412 .317 344 *317 344 03012 34
31
3512
8
500 Rena Clgara be
No par
60
1st preferred
•8712 89
89
8712 8712 .8712 8812 x8712 8712 x8712 894
100
88
8
8
13
*125 13 .125 134 1,600 Beatrice Creamery
133 137
4
8 13
50
137
8 134 1318 13
75
100
7212 7212 *72
Preferred
•72
75
*7212 75
*7212 75 .724 75
100
52
700 Beech-Nut Parking Co
6312 62
6114 61 14 .62
6112 613
20
4 8312 6312 *6114 63
pi, 914
914
83
4 918 4,200 Belding Ilemlnway Co_No par
938
912
914
84 9
9
9 14
8
8 925 0318
900 Belgian Nat Rys part pref.__
94
94
9312 9312 •9212 937
8 9218 9218 914 913
•Rld and asked orleeq, no sales on rhts day
a optional ale.
r Ex-r lvtdend
PER SHARE
Range Sine* Jan 1.
On basis of 100 share lots
to Es rights. r Cash sale.
3 ;or share
8 Apr 7
518 Apr 15
13 Feb 21
4
55 July 21
8
4718 Feb 25
18 Feb28
114 Jan 14
1 Jan 5
7s Apr 4
1 Apr 5
118 Apr 17
114 Mar 30
5 Mar 30
703 Feb 27
4
115 Apr 21
6 Feb 27
53 Jan 10
4
5 Feb 21
8
5 Feb 23
1812 Mu. 2
74 Mar 1
8 Mar 2
34 Apr 7
i Jan 30
23 Jan 5
4
918 Mar 3
60 Mar 28
494 Feb 25
112 Fen 27
618 Jan 23
15 Feb28
15 Mar 31
8
318 Star 1
34 Star 2
2 Feb 24
13 Feb 27
1 Jan 5
34 Apr 1
34 Feb 27
74 Apr 4
43 Apr 4
8
614 Apr 4
418 Jan
212 Mar 2
1312 Feb 11
2912 Mar I
34 Feb 24
25 Feb 15
414 Feb 27
14 Apr 21
14 Jan 3
54 Jan 3
173 Jan 3
4
84 Feb 27
1 Jan 2
34 Feb 24
518 Jan 4
17 Jan 20
4 Feb 27
94 Apr 6
9 Apr I
453 Feb 27
54 Mar 2
2018 Apr 6
74 Mar 20
18 Apr 8
114 Mar 3
104 Feb 25
31 Jan 10
2018 Jan 2
3218 Jan 10
10218 Jan 9
43 Feb28
8
375 Mar 28
8
30 Feb27
2118 Jan 19
80 Jan 19
6 Jan 13
8612 Apr 18
49 Feb 23
5034 Feb 25
1023 Mar 1
4
43 Apr 10
8
10 Apr 6
104 Apr 7
94 Apr 4
35 Mar 24
34 Mar 2
2238 Feb 16
ss Feb 8
14 Feb 17
214 Feb28
20 Feb 21
5 Feb28
44 Jan 6
8 Jan 20
6218 Jan 11
24 Feb 7
934 Mar 3
95 Feb 23
41 Jan 3
112 Feb28
4 Feb 20
7 Feb 27
118 Jan 19
2 Mar 27
.114 Apr 17
318 Feb 20
18 Feb 23
15 Jan 19
63 Mar 24
4
413 Mar 22
418 Apr 11
1238 Feb28
9 Feb 14
60 Apr 5
118 Feb 27
3114 Feb28
4 Feb 2
518 Feb 27
318 Apr 12
918 Apr 4
6814 Feb28
32 Jan 4
518 Apr 19
3 Mar 2
314 Jan 6
27 Jan 18
7 Mar 2
45 Feb 24
45 Jan 5
34 Feb 20
6214 Apr 7
Highest.
PER SII A RE
Range fOr Praetor's
Year 1932.
Lowest.
Highest.
$ Per share $ per share 3 per share
2138July 12
12 June 304 Mar
813 Dec 14 Sept
1212June 19
938July 7
114 June
47 Aug
8
113
4May I
414 May
1612 Mar
112 Sept 25
3072 July 6318 Sept
4 May 23
12 June
318 Sept
714 June 165 Jan
33 Aug 29
8
95 July13
5
7 Dec
8
4 Ma
814 July 7
352 Sept
ki May
217
8July 7
14 May
814 Sept
21 July 7
8 Sell.
3* June
20 July 7
8 Sept
3 June
4
26 July 19
5 May 15 Sept
4212 June 8814 Sept
14.512SE9t 18
124 Sept 6
9612 Apr 120 Dee
264July 8
4 June 151 Sept
4
24 July 17
411 July
10 Jan
914 July 19
24 Sept
14 Apr
40 July 19
4 Dec 10 Mar
47 Sept 1
12
Jan 223 Sept
4
35 July 18
312 June
1518 Sept
5 Stay 2218 Sept
2312July 13
497
81une 2
28 June 47
Feb
4July IS
1113
14 Apr
27g Aug
1
64 Sept 22
Apr
93 Aug
4
4212July 7
618 June
1778 Sept
106 Aug 1
40 July 90 Feb
93148e9t 18
294 June 734 Mar
134 July 19
9312 June 129 Mar
4July 17
34 June
17 Sept
393
593
4July 3
15 Dee 50 Aug
14 July II
17 Apr
8
714 Sept
31 12July 18
7 June 26
Jan
18 June 38 Nov
51'4 July7
618 June 7
2 July
814 Sept
11 Slay
89& July18
27 Sept
34 Dec
5
6 June 20
Jan
13 July 3
24 Apr
1554 Sept
2 Slay
15 Sept
194 lune 12
5 May
447
8.1une 13
381s Jan
24 stay 214 Aug
2714June 12
8June 13
33 June 33 Jan
4
353
2112July 17
3 May
64 Aug
16 June 6
I May
674 Sept
47 May 27 Sept
8
5712June 13
42125lay 31
25 June 5138 Mel'
8
33 Dec 215 sfar
8
1712June 29
577
0une 29
35 Dec 68 Mar
3 12 June 12 Sept
1518July 3
312June 28
14 Jan
3 Aug
4
12 June 28
1 July
414 Aug
34 July
1514 Aug
3918July 3
1718 Doc 49 Sept
63 July 7
8July 3
718 June 2214 Jan
223
1 June
33 Mar
4
6 June 2
233
8July 18
14 June
94 Aug
618 June 32 Aug
72 June 20
Jan
14 July 33
3012July 8
3 June
1714 Sept
8July 13
197
Jan
1514 June 58
41 1s July 17
493 Jan
4
10 July
35 July 13
1214 Sept
19 July 7
318 June
317
8July II
3 May
184 Sept
473
4July 13
133 June 32914 Mar
4
74July 13
14 June
33 Sept
4
18 Apr4 Sept
41:June 20
254 Jan
4June 19
10 June
363
5312Sept 19
518 May 274 Sept
87 Sept 18
Jan
22 June 85
15 July 65 Feb
73 July 6
213 June 3618 Aug
4
51 14 Sept 9
90 Jan 106 Sept
112 July 25
27 July 7
:, .M44
,
154 Sept
July 60
Feb
85 July 10
4778July 7
21, May 363 Mar
4
13 June 3914 Jan
74 July 13
45 May 90 Aug
11214July 15
23 Ayr
4
1014 Aug
26 July 18
6934 July 13738 Feb
4July 13
1343
4012.1une 863 Mar
8July I
907
4
44 June 8934 Mar
943
4July 7
9514 June 11818 Oct
120 July 18
Jan
1 June 25
25 July 5
8July 18
Jan
1012 July 70
377
11 May 3418 Mar
4314July 13
8June 12
11 May 31 Mar
357
26 June 75 Jan
80 June 13
I May
10 Sept
17 July 5
1513 Jan 397 Sept
617
8
4JulY 17
4 May
214 Aug
418Juue 27
143
4July 8
• July
8 Aug
2July 10
14 May
107
64 Sept
66 July 17
10 June 35 Aug
8July 19
3 June 193 Sept
227
4
3 Apr 15 Sept
1512June 8
3914 July18
514 May
1712 Mar
40 Slay 75 Seel
90 June 18
1412June 3
13 May
8
9 Sept
7
Apr
1512 Sept
2914July 20
115 July 18
85 Am 10014 Oct
90 July 15
24 May 61 Aug
73
4June 6
3 June
8
214 Sept
2 Sept
5 July 14
3* June
93 July 14
312 Slay 15% Aug
7 July 17
8
1 Slay
35 a ug
9I2June 24
14 lhe
554 Sept
%June
3 Aug
514June 11
20 July 17
3 May
11 Sept
18 Dec 42 Sept
34
61 12July 18
1212 Del
35 Mar
513
4July 17
64 July
164 Aug
3512July 14
26 July 19
438 Der
1214 Aug
33 8July 17
7
53 De(
4
1513 Jan
8July 7
83 Feb 217 Sept
8
317
8
3918July 5
7 Dec 2518 Feb
454.1une 7012 Jan
8318 Sept 12
34 Aug
1 July
2814 Sept 23
4
283 May 1513 Jan
4
8414July 13
93 July 18
178 Sept
4 Feb
878 Dec
103 July 17
8
14 June
2 May 12 Aug
1758July 7
8 May 374 Aug
60' July 18
62 July 99 Feb
997 Aug 7
8
4 Apr
318 Aug
714June 20
241* July 18
7 Dec 30 Jan
11 July 7
7 Sept
33 June
8
2 Dec 13 Feb
5212July 13
Jan
30 Dec 59
100 July 10
1018 Nov 4312 Jan
27 June 29
Jan
62 Dec 95
85 May 25
2914 May 45 Dec
7012June 27
'4
834 Sept
23 Jan
8
1212July 6
3
573 June 623 Dec
4
9612Sept 15
New York Stock Record-Continued-Page 3
2425
Eir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 23.
Monday
Sept. 25.
Tuesday
Sept. 26.
Wednesday
Sept. 27.
Thursday
Sept. 28.
$ per share
1618 1612
28
2812
343 3512
4
573 5734
4
2412 2412
1212 13
*1018 1814
41
41
.6512 74
2312 2412
1614 163
4
2
•1I
1018 107
8
.143 1612
4
68
71
0483 51
8
1012 1012
•75
8 9
1118 11,
8
*53
61
614 612
2612 267
8
4
418
3 8 35
5
8
73
4 73
4
15 4 161s
,
.234 3
.33
8 5
8
818
13
4
lh
3
33
8
312 3,
2
27
285
8
6012 6012
24
2412
1 18
118
612 612
*9
10
30
3112
28
2914
'7
8
02712 2812
$ per share
1514 1614
2712 2712
341s 3512
5612 57
*2312 247
8
1112 1234
*1018 1814
3812 40
*6612 7212
2318 233
4
1514 1614
.14 2b,
95 1012
8
.
*1512 17
.68
69
4838 483
8
103 103
4
4
78 8
5
*1012 11
$ per share
153
8 6
2714 277
8
345 363
8
4
58
60
25
2512
.12
1214
*1018 1814
3912 4012
•6638 7218
233 2418
8
153 1614
8
*114 212
93 10
8
*143 17
4
*69
7412
*47
50
113 113
4
4
712 712
.103 1118
8
S per share
143 1512
4
2614 263
4
3218 357
8
5618 5618
23
2312
1112 1218
.1018 1814
3612 4012
•6512 7018
2212 2312
4
143 153
4
.13
2 2
9
93
4
.143 1612
4
6812 6812
*45
48
. 93 1012
4
*718 712
10
1018
61
'53
,
5o 6 4
263 263
4
4
438 514
.35
8 37s
0
612 7 4
3
137 147
8
8
23
4 23
4
4
*314 43
74 74
3
3
.1
17
8
27
8 27
8
3
314
2414 263
4
*6028 6912
2218 2212
1
1
5s 6
3
8511 9
287 31
8
27 2714
*6
7
2712 2712
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share
143 1514
2
2512 2614
325g 34
57
5812
23
2312
1012 11
01018 1814
3618 377
8
*6512 7018
2214 223
4
143 15
4
0112 212
914
9
1512 1512
68
68
47
47
912 1034
7
7
10
10
•53
61
53
4 6
2618 2638
412 43
4
312 35
8
63
8 65
8
1378 1414
212 23
4
33
8 33
8
8
84
,
13
4
134
23
4 23
3
38
,
243 253
8
4
*5618 6912
.2118 2112
1
1
512 53
4
*8
83
4
29 303
8
263 27
4
*6
7
*2712 2812
Friday
Sept. 29.
Lowest.
$ per share Shares. Indus. & Miceli. (Con.) Par
145 155 20.000 Bandit Aviation
8
8
5
No par
253 2612 3.300 Best & Co
4
47,500 Bethlehem Steel Corp No par
327 35
8
7% preferred
1,700
58
58
100
290 Bigelow-Sant Carpet IncNo par
223 23
4
1012 113
8 2.300 Blaw-Rnox Co
.No par
Bloomingdale Brotbers_No par
*11018 1814
3714 3512 5,500 Bohn Aluminum & 13r_No par
Bon Am! class A
.6512 7018
No par
225 2312. 17,000 Borden Co (The)
8
25
10,200 Borg Warner Corp
1518 16
10
Botany Cons Mills class A..50
*112 2 2
,
912 18,300 Briggs Manufacturing_No par
9
*143 1614
4
100 Briggs & Stratton
No par
700 Brooklyn Union Oas
673 68
4
No par
300 Brown Shoe Co
*45
49
No par
1012 1012 2,200 Bruns-Balke-Collender_No par
SOO Bucyrus-Erie Co
71s 714
10
Preferred
900
10
10
6
*53
61
*53
61
53
53
10 7% preferred
100
63
8
614 63
4
7,900 Budd (E 0) Mfg
No par
6
53
4
2612 27
2712 2712
2618 2612
100
400 7% preferred
418 412
45
8 5
No par
412 478 9,000 Budd Wheel
.35
8 37
035
8 3s
s
7
No par
800 Bulova Watch
312 312
77
8 77
8
73
4 73
4
No par
700 Bullard Co
.
6h 7
15
153
8
153
4 15
15
11,100 Burroughs Add Mach_No par
14
.23
4 3
212 23
No par
700 Bush Term_
.
212 23
4
.318 6
*31s 5
*314 4
100 Debenture
100
97
8 97
8 *518 10
90 Bush Term Bides gu pref_100
82 82
,
,
17
8
178 *134
178
700 Butte dt Superior Mining.._ 10
13
4 13
4
318 314
318 318
5
4 23
4 1,000 Butte Copper dr Zinc
23
3 4 314 *314 31
,
No par
3113 318 1,300 ButterIck Co
27
275
8 263 285
4
8
245 263 13.700 Byers Co (A MI
8
8
No par
.6028 6912 *6018 691
100
10 Preferred
*5518 6912
24
2412 2312 24
-No par
21
213
4 1,600 Callfornla
1
118
1
118
Packing_10
1
1
3,100 Callahan Zinc-Lead
618 63
8
618 614
55/3 57
8 7.300 Calumet & Recta Cons Cop_25
*9
934 *9
98
5
500 Campbell W & C Fdy._No par
812 834
2912 313
4 3014 3214
5
2295 3112 32,000 Canada Dry Ginger Ale
8
273 28
4
*2714 30
No par
263 2634 3.000 Cannon Mills
4
*7
8
7
7
.6
7
No par
100 Capital Adminis el A
.2712 2812 *2712 2812
50
60 Preferred A
26
2712
7012 723
4 6712 703
8 673 7212 6412 6818 66
100
4
6912 35,100 Case (J I) Co
677
8 66
.67
77 .70
7012 *60
77
77
70
70
Preferred certificates--_100
*68
82
69
30
2114 22
20
217
8 2018 2114 1918 20
1918 195
9.800 Caterpillar Tractor__ No par
8 1912 20
383 4112 371 4 393
4
4 3814 4114 365 393
8
4 3318 425
4
8
8 425 443 221.400 Celanese Corp of Ana-No par
*212 33
8 *23
No par
4 33
4
23
300 Celotex Corp
4 23
3
4 *212 3 8 •212 33
8
8 *212 33
*112 212
112
112
112
112 112
No par
158 .112 2
Certificates
400
.112 2
*512 714 *5
714 0412 714 *412 714 *514 512 .412 512
100
Preferred
3412 35
3414 343
4 34
343
4 3114 33
3214 33
,
3314 33 4 3,600 Central Aguirre Asso_.No par
0714 8
400 Century Ribbon Millis_No par
.
714 77
8 0712 78
7
7
7
7
7
7
•75
93
80 80
93
Preferred
•75
'75
100
93
290
7518 7518 *75
93
4 343 363
4
37, 383
2
4 3512 3814 33
8 34
3614 3212 345
3618 117,400 Corrode Pasco Copper_No par
312 3 4
3
3
33
4 34
37
8 37
3
318
8
314
3
3
312 5.900 Certain-Teed Products_No par
*20
25 .20
25
*20
25
*15
100
25
7% preferred
*15
25
*15
25
1634 17
1612 1678 .16
167
8 16
No par
16
1512 1512 1512 1512 1,100 City Ice & Fuel
06514 6612 *6514 6612 .6514 6512 65
Preferred
100
6514 65
160
65
65 65
016
17
16
16
*16
18
16
16
5
16
16
700 Checker Cab Mfg Corp
1614 1612
4012 417
42
8 41
4138 413
8 3812 40
No par
3.600 Chesapeake Corp
373 38
4
3812 39
712 814
8
8
73
8 8
612 7 8
3
65
7
7 14 3,800 Chicago Pneumat Tool_No par
8 714
17
177 *1612 1712 1738 1818 17
8
17
1618 1614 17
No par
1,100
Cony preferred
17
0 113 12
*12
4
1218
117 12
8
*113 12
4
No par
113 113
12
4
4 12
500 Chicago Yellow Cab
2414 2414 23
2314 *23
22
24
223
4 22
10
22
x22
2214 1.300 Chickasha Cotton 011
•53
8 614 .512 6
512 538
512 57
534 584 *514
650 Childs Co
No par
538
.14
173 *14
4
173 .14
4
175 0I4
8
1738 *14
1612 .14
Chile Copper Co
25
175
8
453 463
8
4 425 4512 4214 4518 405 43
8
8
403 4212 401e 4318 449,900 Chrysler Corp
4
5
15
8
17
8
178
17
8
13
4
134
138
184 1,900 City Stores
17
138
134
No par
138
8
9
8
8 14
8
8
714 714
718 718
712
480 Clark Equipment
No par
718
.26
30
*27
29
*2712 29
2612 277
1,400 Cluett Peabody & Co-No par
27
8 253 26
26
4
09024 97
*9014 97
•9014 97
90
9014 *9012 95
Freferred
100
20
.9038 95
.89
90
88
8812 8712 88
85
8714 867 867
8
8 8712 8712 3,500 Coca-Cola Co (The)___N,. par
4712 4712 *4712 4912 *4712 4912 .4712 4912 *4712 4912 48 48
No par
200
Class A
1412 1514
1412 147
1418 1414
1518
8 15
1414 1412 1414 141
6,300 Colgate-Palmolive-Peet No par
•82
8818 *82
86
*82
8512 *82
8518 8112 82
81
1,400
100
81
6% preferred
8
2112 213
4 2014 2112 203 2112 19
20
185 2012 1912 203
8
4 9.300 Collins & Mk man
No par
*712 12
*712 12
*712 10
*712 9
*712 9
Colonial Beacon 011 Co_No par
*712 9
5 4 57
3
8
5 4 618
3
618 63
4
6
5 4 618
3
6
6
6
4,100 Colorado Fuel & Iron_ No par
57
5714 5414 56
4
545 5712 513 55
8
51
5212 52
54
7.100 Columbian Carbon v t e No par
23
23
2314 23
23
23
22
2212 *2212 23
2112 25
3.400 Columb Pict Corp v t e_No par
1518 157
8
15
1512 1478 153
8 1418 15
14
1458
1418 15
51,700 Columbia Gas & Elee_No par
663 6912 .67
4
69 .67
67
67
69
67
67
*6712 68
Preferred serlesA
500
100
155 1614
8
1618 1718
1512 1614
1478 153
8 143 1614
4
16
17
16,600 Commercial Credit____No par
*3711 3812 *3712 3912 .3712 3812 03712 3912 37
37
*3712 391
Class A
500
50
2418 2412 243 243 *2412 243 02412 243
4
4
4
4 243 243
4
4 243 245
4
300
Preferred B
25
9412 9412 9412 9412 *9412 95
9412 9412
9412 9412 9412 95
150
6 Si% first preferred____ 100
3614 365
8 3512 367
35
8 343 3612 3414 35
3514 353 365
4
4
8 5.700 Comm lavest Trust _No par
•85
9314 .83, 841. .85
8
9412 .897 9412 *89% 9412 .917 9
8
8 4'2
Cony preferred
No par
363 3712 3458 365; 3434 365
8 3312 3514 337 353
8
g
4 35
373 206,300 ComnSercial Solvents_ _No par
8
238 212
238 212
214
212
214
23
8
214 23
8
2 4 23 62,200 Commonwlth & Sou_ _No par
,
s
30
32
33 .30
30
3058 2934 30
2814 29
2812 293
4
1,700
$6 preferred series
No par
0312 6
*312 6
*312 6
*312 6
.314 6
*312 6
Conde Nast Publiens.No par
22
223
4 2114 2212 2114 2214 2012 213
4 2034 21 12 2112 221 10.200 Congoleum-Nairn Ino_No pat
•1114 1412 •113 12
1114 1114 103 11
3
.1114 14
8
*93 1113
4
300 Congress Cigar
No par
0812 83
4
814 814
838 812
8
8
812
8 18
812 81
1.300 Consolidated Cigar__No par
.4812 497 *4812 49
8
4812 4812 4812 4812 4812 4812 *48
52
60
Prior preferred
100
0314 3
5314 312
.312 3 3 '314 35
5
8
521
312 35
8
500 Congo]film ladwi
314 314
I
93
8 93
8
9
10
93 10
4
85
8 912
85
8 878
834 1)
3,200
Preferred
No par
8 405 413
8
8 4118 42
4312 4414 4112 4212 4114 427
4018 4212 48,600 Consolidated Gas Co
No par
85
*8412 85
85
843 8514 85 85
4
x84
84
84 7 84,
8
8 1,900
Preferred
No par
23
4 23
4
23
4 234 0234 278
25
8 23
4 *212 3
234 23
4
700 Congo! Laundries Corp.No par
1314 137
2 133 133
8
4
123 135a
4
12
1312 1218 13
1238 • 133 145.400 Consul 011 Corp
8
No par
4
1043 1043 .102 106
4
106 106 *100 106
10418 10418 .100 106
100
300
8% preferred
13
8
122
114
13
8
13
8
112
112
138
114
138
114
138 7,700 Consolidated Textile___No par
8
8 14
778 77
75
8 8
8
712 7 4
3
712 8
.712 8
1.900 Container Corp class A
20
027
8 3
27
27
8 27
3
8
23
4 23
4
212 25s *234 27
2
1.000
Class 11
No par
127 127
2
2 123 1312 1212 13
4
1214 123
8 113 1218 12
4
123
8 4.400 Continental Bak clam A No par
13
4
17
8
155
13
4
13
4
13
4
13
8
13
4
158
13
4
112
15
8 4,000
Class B
No par
•81
63
6112 61 12 .61
8 61
6212 6112 615
61 18 '60
6212
900
Preferred
100
6514 663
8 6514 667
8 6514 6612 63
05 4 6214 6438 6412 653 10,500 Continental Can Inc
,
8
20
*97 11
8
.9
934 10
11
912 912 .812 9
9
918
600 Conti Diamond Fibre
5
27
27
253 27
4
27
28
,
25 4 2
8 2.200 Continental Insurance...A.50
3
614 25 8 2518 2512 257
15
8
112
17
8
158
15
8
lh
112 138
13
4
15
8
112
15
8 6,900 Continental Motors_ No par
1654 173
17
165 173
8
1714 18
16
8 16
8
163
8 1714 1714 74.000 Continental 011 of Del_N0 par
88
8912 8512 8814 873 89
4
8512 8712 r8518 87
8614 873 16,400 Corn Products Refining__ _25
4
139 139 al37 137 *138 140
139 139 *13614 139 *13614 139
110
Preferred
100
412 5
412 412
438 48
5
8
5
414
412
412 412 5,500 Coty Inc
No par
3012 2958 30
3012 31,
8 30
4 3012 307
2918 293
8 29
2918 2.800 Cream of Wheat ctifs
No par
912 93
8
912 912
8
9
9
912 93
812 812 • 8 914
1,000 Crosley Radio Corp
85
No par
42
423
4 3914 41
3912 41
3812 39
383 39
4
38
40,
4 5,300 Crown Cork et Seal._. No par
3614 3614 357 357 .351fl 3612 *35 s 3612 *3518 3612 3514 3514
8
a
,
400
92.70 preferred.
No par
538 538
3
518 512
518 512 5,000 Crown Zellerback •t e_No par
512 5 4
812 54
53
4 57
8
2312 2312 217 22
28
.23
28
•23
22
22
23
23
600 Crucible Steel of America-104
53812 43
38
3812 39
3812 37
38
*3812 42
383 383
8
8
900
Preferred.
100
15
8
15s
15
8
112 15/
112
1 12 *1 12
3
1 14
Ili .114
700 Cuba Co(reel
112
No par
538
53
2 538
,
514
45
57
8 434
8
412 5 4
518
414 414 7.500 Cuban-American Sugar_ __ .10
.29
30
31
29
8
29
.2912 297 .29
25
2812 22
2318
Preferred
110
100
45
45 12 4512 46
4712 4812 *4612 4812 4612 4612 45
46
1.100 Cudahy Packing
50
21
1912 20
20
20
2114 2112 21
1918 1914
1.500 Curtis Pub Co (The)._No par
193 20
8
52
52
52
50
5112 *50
52
51
51
*49
52
52
Preferred
No par
600
255 27
23
8 23
4
212 23
4
212 288
212 238 26,100 Clirtles-WrIgta
1
238 24
54 512
438 514
53*
512 512
43
4 5
518
45
Class A
4 5
3,300
1
•1312 14
1312 135
*1314 14
8 13
13 '1214 1234 1,100 Cutler-Hammer Inc___No par
1338 13
07
.7
8
712 712 *7
8
*7
7,2
75
8
712 8
1,000 Davelta Stores Corp
6
• 281,1 and a.,ked prlees, no sales on this day. 4 Optional sale
r Ex.rli 'friend
PER SR ARE
Rance Since Jan. 1
On basis of 100-share tots.
c Cash sale.
y Ex-rightv.
$ per share
618 Feb 27
9 Mar 2
1018 Mar 2
2514 Feb 28
618 Apr 5
311 Feb 28
65 Feb 28
8
912Mar 2
52 Feb 23
18 Feb 27
512 Feb 28
52 Apr 17
25 Feb 24
8
714 Feb 28
6312 Apr 5
2818 Mar 3
134 Mar 3
2 Feb 27
4
23 Feb 23
Mt Mar 31
34 Apr 15
3 Mar 16
1 Feb 8
7 Mar 2
8
212 Feb 17
618 Feb 14
1 Apr I
1 Apr 3
712 Apr 26
1 Feb 10
12 Mar 31
114 Apr 10
812 Feb 25
30% Mar 2
7 4 Mar 2
3
14 Jan 19
2 Feb 7
2 Feb 28
712 Feb 25
14 Feb 2
412 Feb 24
2518 Jan 18
3012 Feb 27
41 Feb 27
512 M ar 2
418 Feb 27
II Mar 15
38 Feb 4
112 Jan 6
14 Jan 3
2 Apr 19
52 Feb 27
57 Jan 4
8
1 Jan 9
4 Mar 27
718 Mar 3
45 Apr 7
712 Mar 23
1,7 Jan 3
8
218 Star 31
512 Feb 28
618 Jan 4
5 Mar 2
2 Feb 28
6 Apr 4
714 Mar 3
14 Feb 28
5 Mar 24
10 Jan 27
90 Jan 4
7312 Jan 3
44 Apr 19
7 Mar 30
49 Apr 3
3 Apr 4
514May 10
312 Apr 4
2318 Feb 27
135 Mar 27
8
9 Mar 31
59 Mar 2
4 Feb 2;
16 Feb 27
1818 Mar 21
70 Mar 24
18 Mar 3
84 Jan 4
9 Feb 25
138 Apr 1
21 Apr 4
3 Apr 4
73 Jan 31
8
612 Feb 24
312 Apr 8
31 Apr 5
134 Jan 4
538 Mar 21
40 Apr 3
080 Apr 24
218 Apr 17
5 Mar 3
9512 Mar 1
38 Mar 1
118 Jan 10
14 Feb 15
3 Mar I
12 Jan 5
36 Jan 3
3514 Feb 23
312 Feb 25
1012 Mar 28
1 Mar 27
472 Mar 3
453 Feb 25
2
11712 Mar15
a2 Mar 24
23 Feb 25
214 Mar 28
1114 Feb 27
2412 Feb 27
1 Apr 10
9 Mar 2
16 Feb 27
li Feb 21
118 Jan 16
10 Jan 9
20h Feb 21
812 Mat 3
30 Feb 23
lit Feb 23
2 Mar 30
414 Jan 6
15 Feb 23
8
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per Share $ per share 3 per share
21 14July 17
412 Ma) 183 Jan
4
3318 Aug 25
53 June 247 Feb
4
8
49 4July 7
,
714 June 2958 Sept
82 July 3
1614 July 74
Jan
2912June 30
612 Dec
1512 Aug
1914July 19
358 June
10 A.
21 July 18
614 June 14
Feb
5412July 6
478 June 2214 Jan
74 June 13
31 June 55 Nos
3712July 3
20 July 4312 Mar
2158July 5
338 May
1414 Sept
412July 5
14 APT
1, SeP1
4
278 June 11 3 Mat
1458July 18
4
4 May
183
4July 19
1012 Jan
46 June 8912 Mar
8812Juue 12
23 July 36 Feb
537
8July 18
118 July
1812June 26
412 Sept
127
8June 20
1 12 June
7 4 Sep,
,
193
8June 20
212 May 101e SW
72 June26
35 June 80 Sem
12 API
97
8July 3
31it Sept
35 July 3
312 July
Jan
14
53
4July 5
412 Jan
38 May
5 June 29
312 Jan
118 Apr
1314July 3
8 Sept
2 8 May
,
207
8July 3
1314 Aug
614 June
3 Dec 213 Mar
8 June 8
4
912June I
7 Dec 65 Mat
2312 Jan 5
85
1214 July
Jan
12 July
27
8June 2
17 Sept
8
414June 2
2 Sept
12 Apr
57 Sept
8
15 June
712June 13
8
7 May
4314July 18
243 Sept
2
3514 May 69 Sept
SO July 18
343
4July 17
414 June 19 Sept
la June
214June 5
lla Sept
93
8June 2
112 Slay
77 Sept
8
1614July 15
914 Aug
212 June
4112July 19
6 June
15 Sept
1018 June
3512J0ly IS
233 Sept
4
218 Apr
1212July 13
912 Sept
19 June 32 Aug
3512July 13
10312July 17
4
163 June 1553 Sept
4
86 July 10
30 Slay 75
Jan
293
4July 7
Jan
43
8June 15
587
8July 3
114 June 1238 Seta
5 8July 3
7
33 Jan
2
7 Aug
8
43
8July 5
214 Feb
5 Dec
8
123
4July 5
712 Mar
l's Dec
41 July 17
73 June 2012 Sept
8
1158July 19
614 Jan
23
8Juue
55 Dec 85
95 June 20
Jan
443
4Sept 19
312June 1512 Sept
732July 3
5 Dec
8
338 Feb
3014July 18
Sts Dec 185 Aug
25 June 29
11
Oct 2812 Feb
433 Nov 68
72 July 17
8
Jan
2073 Jan 18
1612 Aug 3018 Sept
8
47 June z203 SeD1
5212July 7
4
123
8July 20
1 May
63 Jab
4
1214 Sept
212 June
2514June 20
2238May 31
14 Slat
6 Dec
5 June 1212 Sept
34 July 18
8 Sept
1018July 5
112 June
5 Dec
21 12July 18
16 Sept
527 Sept 14
8
5 June 213 Sep,
4
358July 7
14 July
218 Jan
1414June 22
83 Jan
4
314 July
4112July 17
10 Apr 22 Mar
100 June 2
90 June 96 Fel
105 July 17
6812 13ec 120 Mal
415 July 50 Mar
48 Sept 19
8
1014 Dec 3112 Mar
223
8July 19
65 June 95 Mat
08 Aug 18
4
107 Mar
8
23 May
26 Sept 11
9 Jan
12 Jan 4
1212 Oct
27 July
175
8
8July 7
1472 Sept
7112July 3
8
1312 May 417 Mar
273
4Sept 14
147a Au
414 May
414 June 21 Sept
2818Ju1y 19
40 Apr 797a Aug
83 June 12
37 June II Mar
19 Sept 18
8
1134 July 28 Sept
3912 Aug 31
1012 June 21 Sept
25's Sept14
40 June 75 No%
957 Sept 1
8
107 June 2778 Slat
4312July 3
8
5512 June 82 No,
8
977 Jan 31
5724 July 18
312 May
133 Sept
4
618June 12
6012June 7
II June 13
275 July 18
8
18 June 7
1934June 7
65 June 8
5241May 29
143
45lay 20
6418June 13
99 Jan 3
512 Jan 10
4July 6
153
106 Sept 26
314July 5
1014July 18
412June 12
181* July11
312July II
64 July 10
69 Sept 18
1718July 7
3612July 7
4 June 8
193
8Sept 18
9038 Aug 25
1453 Jan 21
4
712June 13
391 2July 10
143
4June 8
65 July 13
3812July 14
812July 17
3712July 10
60 8July 19
3
4,
2June 7
1112May 29
68 June 5
5912June 8
3214June 12
66 June 12
438July 12
8 July 13
21 July 14
4July 14
83
Wm Aug
15 June
8
2738 June 6811 Mar
5 May
12 Betu
612June 1214 Sep,
4 May
11 Sept
35e Dec 2412 Jan
17 June 60 Mar
1 June
53 Jar,
8
4
1114 Mar
23 June
31 12 June 6834 Mar
7212June 9914 De4
4 Dee 107 Jan
2
9 Aug
4 June
79 Feb 101 Sept
13 Aug
8
14 Mar
%June
212 Feb
14 Slay
1 13 Jun
27 May
8
8 Sept
13 Aug
2
It Apr
4
8
247 June 473 Mar
8
175 June 41 Mar
1
Apr
812 Sept
4May 2514 Aug
63
5 May
8
33 Sent
4
338 June
932 Sept
24h July 553 SePt
a
9912 June 140 0.1
112 May
712 Sept
1312June 2612 Oct
714 Sept
214 May
r77 May 237 Dec
8
2
173-8 June 30, Nov
2
3 Aug
12 June
6 May 2314 Jan
14 Dec 4974 Jan
312 Sept
12 June
3 May
8
37 Aug
4
312 May 28 Aug
20 May 3512 Mar
Jan
7 June 31
373 1)ec 86
4
Jan
7 May
8
314 Sept
112 Mar
4
43 Sept
312 May
12 Sept
214 Oct
738 Sept
2426
New York Stock Record-Continued-Page 4
Sept. 30 1933
4.3- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, 4 EE FOURTH '• AGE PRECEDING.
HIGH AND LOW SALE PRICE -PER SHARE, NOT PER CENT.
,Saturday
Sept. 23.
Monday
Sept. 25.
TuesdayWednesday
Sept. 26. ' Sep,. 27.
$ per share $ per share S per share
*212 5
*212 5
3213 5
123 1234 13
4
13
13
13
•64
66
1364
66
66
66
*27
29
*25
2812 a2712 30
1
2312 24 • 2312 23 4 23 4 2418
3
2912 2912 295 295
8
8 295 295
8
8
38
367
8 3418 355
8 3414 353
4
*19
21
2114
20 4 2012 21
3
1412 15
1434 14
14
145
8
*1113 12
*1112 113 *1112 113
4
4
'6
7
316
6 12 316
63
4
47
4818 __ _
_ __ _
_ _
.9
10 *5 16
6 -6"
.191s 215
8 19111 1918 183 20
4
•90
94
*90
94
92
92
412 5
47
8 5
43
8 43
4
81
8212 80
803
4 82
8312
*12512 126 *1253 126 *125 4 126
4
3
113 12
4
114
1118 1218 11
6 per share
*212 5
1212 1212
64
64
28
28
1
23 4 24
•2912 30
327 3418
8
21
21
1314 13 3
5
1112 1112
6
6
-- - - -
Thursday
Sept. 28.
Friday
Sept. 29.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share
*212 5
1212 123
4
x64
64
27
27
2312 24
a2918 295
8
z323 337
8
4
18
2018
1314 1418
113
4
*10
6
6
-- - - -
$ per share
•
212 5
*12
1212
63
63
27
27
24
2518
*2912 30
3414 3618
8
8
175 195
1318 1412
4
113
*10
*418 8
-- - 4 li *i - .
6
i i
*18
20
*17
1918 17
17
94
94
*94
96
98
96
4
4 14
Cs 418
4
4
7812 793
4 79
80
80 80
126 126 *1257 128 *1257 128
,
8
11
114 1012 114 113 1214
4
78
783
4 754 7714 7514 78
73124 76
7314 143
4 7412 764
114 114 .11012 11512 111 111
11012 11012 110 110 *110 11512
314 314
314 312
314
3
314 312
34
3
3
318
*1412 16
14
*1411 18
*1412 17
14
*14
15
*1412 1612
185 1914 1814 18 4 177 183
8
3
8
1612 1718
8 1618 17
4 165 177
8
*8212 86
*8212 88
*8218 88
*8218 88
*8212 88
*8212 88
418 4 8
4
,
4
412
4
4 14
312 4
33
4 44
312 33
278
278
278
278 278
278
23
4 27
8
23
4 278
2 8 314
,
63
8 678
614 64
612 7
614 64
8 63
4
614 65s
63
163 1638 *1412 1512 147 15 4 *147 1512 1518 1518 143 1514
8
8
3
8
4
1212 13 8 13
5
13
123 133
4
4 13
13
13
*123 133
4
4 13
7
4312 4312 *4212 44
43 8 43
7
4112 4214 405 4112 *4214 4312
8
114
114
11. 112 *114
112
114
14 *114
114
112
114
•2
*2
24
24
2
17
8 2
2
*17
8 214
17
1t
17
8
*53
59
*52
55
52
527
8 513 513 *51
4
59
*52
59
4
*117 11812.11712 11812 *11712 11812 *11712 11812 *11712 11812 *11712 1181z
1
6
6
54 6
*512 6
512 512
512 5 2 *512 6
,
19
19
*18
23 8 *19
5
234 *19
23
18 *1918 235
8 194 1918
20 20
•19
22
*20
22
*19
22
20
20
1913 1912
*22
26
*22
26
21
21
*21
26
26
2013 2012 •20
3
93,
87
8 88
7
7 4 818
9
84 9
814
WS
83
4 914
9
9
918 918
918 918
812 84
314 812
814 812
4
4
418 414
44 44
4
4
4
4
4
18 414
10
10
*10
10 4 10
3
10
3110
103 *10
4
10 4 *10
3
103
4
*114 2
*114 2
*114 2
*114 2
*114 2
*114 2
3
*412 734 .412 7 4 *412 7 4 *412 7 4 *412 73, •412 73,
3
3
*7
8
7
7
*614 718
*612 7
614 614
3164 71
3130
31
*30
347 .30
8
347 *30
8
347 *30
8
347 3130
8
347
8
PER SHARE
Range Sines Jan. I
pn pato of on-mare lots.
. ,h....,.
Lowest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Shares. Indus. & MIscell. (Con.) Par $ per share $ Per saare 6 per share S per sh,
,re
Debenbam Securities
112May 20
1 June
5 June 12
238 Dec
20
3
700 Deere & Co pref
64 Feb 24 18 8June 22
64 June 1514 Jan
1.500 Detroit Edison
100 48 Apr 3 9112July 10
64 July 122
Jai)
161 Oct
4
10 mar I 337 Aug 9
7 May
8
900 Devoe & Reynolds A__No par
3.500 Diamond Match
No par 174 Feb 28 2912July 7
12 Apr 1918 Sent
500
Participating preferred. .23 264 Feb 27 31 July 19
4
204 May 263 Dee
44,900 Dome Mines Ltd
No par
12 Feb 28 39128ept 19
74 Jan
127 Dee
8
3,200 Dominion Stores Ltd.-No Par 104 Feb 27 263
8July 18
1114 June 1812 Sept
9,400 Douglas aireratt oe Inc No par
1014 Feb 11 181* July 17
5 June
1853 Hein
100 Dresser(SR)Mfg cony A No par
63 Feb 27 18 June 12
5 July 23 Feb
4
300
Convertible class B__No par
218 Mar 1
10 4June 2
3
15 Dec 1212 Feb
8
6.800 Drug Ina
10 29 Mar 31 6312June 29
23 May 67 Feb
400 Dunhill InternationaL _No Pa
VS WM,
4July 19
4
N. flee
,
7 Apr 10 143
3
500 Duplan Silk
912 Apr 22 28 8June 30
No par
512 June 15 Sept
8
220 Duquesne Light tat pref__100 90 May 4 10218June 13
87 May 1015 Nov
2.100 Eastern Rolling MIlls_No par
1 18 Mar 30 10 July 3
1 June
612 Sept
5.400 Eastman Kodak 4S7 D_No par 46 Apr 4 893
4July 14
3514 July 873 Jan
4
20
6% cum preferred
100 110 May 2 130 Mar 20
99
Jan 125
Oct
7.100 Eaton Mfg Co
No par
318 Mar 2 16 July 17
3 June
9 8 Sept
7
48,000 El du Pont de Nemours____20 3218 Mar 2 85 4JUly 17
3
22 July 593 Feb
4
500
6% non-voting deb
80 4 June 10518 Aug
3
100 9712 Apr 20 117 July 7
514July 14
3,200 EltIngon SchIld
No par
34 Feb 4
18 June
2.8 Sept
100
641% cony 1st pret____100
214 Slav
1212 Jan
4 Mar 29 23 June 12
14,400 Elee Auto-Lite (The)
fo. June 324 Mat
5 10 Apr 4 2712July 13
61 June 10014 Fe'.
100 7814 Mar 29 881sJu1y 18
Preferred
212 Jan
13,000 Electric Boat
814July 3
3
1 Jan 3
12 June
13.800 Else & Mug Ind Am shares_-414July 15
4 Jan
%June
1 Feb 14
15.900 Electric Power & Light No par
3
16 Sept
23 July
4
34 Feb 27 15 8June 13
No par
vs Apr 4 364June 12
1,100
Preferred
103 July 64 Jun
4
2,100
66 preferred
614 Apr 5 32114June 13
87 July 5512 Jan
8
No par
1,300 Elea Storage Battery __No par
21 Feb 16 54 July 10
1248 June 3314 Mar
14 jue
4 June 19
84 Aug
400 Elk Horn Coal Corp
No par
1e Jan 4
6 June 7
500
50
58 Apr 29
4 Jan
1 Sept
6% part preferred
16 July 3714 Sept
300 Endicott-Johnson Corp
7
50 26 Feb 27 62 sJuly 18
98 May 115 Nuv
Preferred
100 107 Feb 17 122 Aug 23
4 June 25 Feb
700 Engineers Public,Serv__No par
4 Feb 23 14114.1une 12
Feb
1512 Apr 7 47 June 13
16 July 51
200
$5 cony preferred____No par
$514 Preferred
300
18 July 57 Mar
No par
15 Apr 4 494June 12
4
25 June 613 Mar
200
$6 preferred
No par 2012 Apr 19 55 June 13
8July 7
1012 Dee
19 Jan
64 Mar 27 133
4,400 Equitable Office Bldg..-Vo par
74 Mar
2 June
1,700 Eureka Vacuum Clean_No par
3 Apr 4 1814July 7
712June 28
2.200 Evens Products Co
4 Mar 1
212 Sept
5
12 May
1134 Jan
1112July 19
9 4 Jan
3
20 Exchange Buffet Corp_No par
10 Jan 4
258June 8
1 Sept14 Sept
Falrban Ica Co
8May 17
25
7
1 June
4 Aug
814June 13
Preferred
100
1 Feb 23
618 Aug
200 Fairbanks Morse & Co-No par
212 Mar 23 II4June 2 2 14 Dec
5
10 Dec 47 4 Mar
Preferred
100 10 Feb 25 42 June 3
.2 Jo: ••
14 Sept
3 June 8
Fashion Park Assoo___ _No par
38 Jan 26
_
_ __ _ _ _ __
112 July
7 8 Jan
7
7% preferred
3 Feb 23 11 June 2
100
814 •S
18
-.
til4 *8 Ili
814 Dec 22 Jan
i
ti
•7i4 43 Apr 6 141:June 12
4
15
812
712 712
700 Federal Light & Tree
3156
59
56
56 •____ 59 *___ 59 •____ 55 *_ _- 55
30 June 1i4 Mar
10
Preferred
No par 38 Apr 20 5912July 20
88
90
13 JUne 35 Sept
*75
80
3170
85
85
85
*75
900 Federal Min & Smelt Co..100 15 Mar 31 103 Sept 19
95
90
96
112 May
4
4July 10
*64 7
5
618 618
•618 63
33, Feb
6
63, 6 s
618
04 Mar 16 113
64 618 1,700 Federal Motor Truck._No par
*2
212
12 May
2
2
23 Aug
8
*2
214 *2
214
47
8July 7
500 Federal Screw Worka._No par
2
218
218 218
3 Feb 27
4
314
212 3
24 258
"3
212 25
214 Dec 103, Mar
8
4June 12
212 212 *212 2 4 2,000 Federal Water Seri A._No par
3
14 Feb 25
,
63
•26
28
*2512 28
273 .25
4
25
3
6'2J,lfle 15 4 Sept
2514 *23
200 Federated Dept Stores.No par
2712 *23
26
712 Feb 27 30 July 18
27
3264 263
2678 27
27
4 2534 2612 253 2614 *25
4
May 273 Jan
4
264 1,200 Fidel Phen Fire Ins N Y-2.50 104 Mar 27 36 July 6 6
2478 255
8 23
245
8 223, 243
4 2218 22 8 2218 227
s
1012 June 187 Aug
7
23
513 12,100 Firestone Tire & Rubber---10
8 22
918 Apr 4 3112July 18
72
72
72
717 717 *72
8
72
8
73
*6914 72
*7012 72
400
Preferred aeries A
45 July 88 Aug
100 42 Mar 3 75 June 7
52 8 52 8 5112 52 4 51
7
7
1
517
8 4914 50 4 49 4 5012 49 4 50
4,500 First National Stores-No par 43 Mar 3 70 4July 7
35 July 5412 Dec
3
3
3
3
*10
1
1434 *1212 14 4 3110
143 *1414 143 *1212 1434 •123 143
4
414 Apr 10 Feb
4
Florehelm Shoe class A_No par
,
4
712 Feb 7 18 July 5
__ *98 _
*98
_
_
63 July 99 Nov
*100 _ -- •100 - - ___
100 80 Apr 19 101 Sept 5
8% preferred
'9 -10 *98*8 10
59
84 Sept
--- *812 - -3
93
4
2 Jun
9 4 *812 500 Follansbee Bros
No pa
,
9
211 Feb 28 19 June 7
812 14
*1234 1312 *1314 1414 *1312 1414 *1314 1414 *1314 14
612 Apr 19 16 July 13
*1312 1414
3 4 May
3
1014 Feb
Food Machinery Corp_No par
157 1612 15 8 16
8
3
1412 1512 134 144 135 14
157 Sept
8
8
14
3 May
1514 4.700 Foster-Wheeler
No par
412 Feb 28 23 July 7
14
14
13
1438
13
131/ 1314 *1212 1314
144 1412 .13
1 July
3
600 Foundation Co
2 Feb 27 23 3July 17
714 Aug
No par
20
20
1914 1912 1912 21
19
194 19
1,500 Fourth Nat Invest w w
19
19
l
134 Mar 1
1014 June 223, Sept
19
2614June 13
16
16
16
1614 1618 17 8 15
5,800 Fox Film class A new _Aro par 1212Sept 6 19 Sept14____ _,.....
,
1512 16
1612 15
1514
042
*42
50
50
*42
Fkln Simon & Co Inc 7% pf100 12 Jan 24 50 Aug 15
50
50
*42
*42
50
50
*42
15 Oct - 212 Jan
7
4412 4538 42
44
42 4 445
3
8 4013 4214 4018 424 42
43 4 16.200 Freeport Teta.; Co
3
8
sSept 20
10
111.8 Feb 28 473
10 May x285 Nov
•140 160 .140
200
6% cony preferred
140 140
•140
_ __ 140 140 *14012 145
100 97 Apr 19 150 Sept 13
*13
20 Fuller (0 Al prior oret.No par
16
16
25 .13 •1212 20
•13
16
20
16
June 13
Oct
*13
9 Jan 9 31
- May 24
26
12
10 .10
*95 11
10
8
10
12
*95 12
50
*10
8
10
$ti 2d pref
No par
4 Jan 19 23 June 13
3 June 32 Feb
314 314
234 254
4 *212 234
3
:212 2 4 .212 23
3
3
3
500 Gabriel Co (The) c. A .Vo par
312 Sept
1 Feb 27
14 JUile
54 Aug 18
4 1842 1914 *1512 1914 *1612 194 1612 1612 1612 1612 1612 18
,
100 Gamewe.I Co (The)
512 Dec 17 Jan
612 Jan 20 2078 Aug 25
No Par
814 814
7 8 83
3
74 712
734 74
12 June
712 712 2,300 Gen Amer Investors__ _No par
512 Sept
s
2 8 Feb 28 12 June 20
3
712 72
75
3170
*70
*70
80 "70
80 '70
75
*70
80
80
Preferred
28 June 71 Sept
No par 42 Feb 23 85 July 7
•
3314 333
313 13.500 Gen Amer Trans Corp
4
8 3012 3112 31
3
4 3112 32 4 3112 3312 3012 317
4
S 133 Feb 28 4314July 19
912 June 353 Mar
4
177 1812 1612 18
8
18
1612 17
163 17
17
8
163 1712 6,000 General Asphalt
4
44 Mar 3 27 July 18
1512 Jan
No par
43 Jone
4
1418 1453 133 144 14
14
147 15'8
8
8
4,900 General Baking
145 15
4
143 15
4
7
5 1112July 21 20 8July 10
1012 June 194 Mar
612 658
54 6
63
8 63
6
65
8
8
618 63
6
8 6,300 General Brunie
68
,
5 Aug
5
218 Feb 6 1012July 7
12 June
35, 47
8
518
4
5
5
43
5
8
5
414 44 2.700 General Cable
5
14 May
114 Mu 31 1111June 9
5 Sept
No par
.1012 1112 1112 114 *8
1114 *8
1012 *618 9
100
Class A
112 My
11 12 Sept
5618 9
No pa
, 214 Feb 27 23 June 9
•18
24
•18
20
23 *18
*1512 234 *1512 2318
2218 20
100
7% cum preferred
,
618 Mar 30 46 June 9
3 4 June 25 4 Sept
3
100
301 31
8
20 June 38118 Mar
3014 307
8 303 30 4 304 30'8 2,600 General Cigar Inc
8June 23
4
3
304 31
No par 29 Jan 3 485
304 31
•108 110 •10814 110 *10814 110 *10814 110 *10814 109 *1084 109
7% preferred
76 June 106 Dec
103 90 July 28 112 Jan 25
20 8 213
7
8 19
s 20'8 21
20 8 x187 1912 1918 20
1
98,055 Genera, Electrle
2018 207
8
8 12 May 2618 Jan
No par 10 8 Apr 26 3014July 8
7
•113 117
4
8
x115 117
8
4
8
4 117 12
117 12
8 113 117
8
4
2,900
8 113 113
8
Special
117 Sept
104 July
10 1118 Apr 20 1214July 24
14.900 0 netal Foods
3614 373
8 3512 3612 3534 36 4 3412 3514 341 351
38
8 35
,
4
1914 May 401s Mar
NO 1101 21 Feb 24 397 Sept18
s
1
114
1
118
1
1
118
118 lls
lig 5,900 11810 Gag & Elea A...__No par
s.lime 6
1
114
23 Feb
4
3 July
8
27
54 Apr 1
11
1012 1012 *1012 1112 10 4 10 4 1012 11
11
3111
1118
3
3
3 June 24 4 Jae
600
Cony pref series A.
34 Apr 9 11312.1une 6
-No par
,
•10
13
13
12
12
12
12
3112
*12
13
11
11
280
$7 pref class A
7 Apr 20 1812June 20
No par
514 July 30 Aug
*1112 18
*12
*1318 18
18
18
*12
18
18
*12
*13
No par
68 Prof class A
6 Apr 8 20 June 10
514 July 40 Feb
*4512 4612 46 46
46 3 463
8
8 46
700 Gen Gal Edison Elea Corp.- 244 Jan 9 4638Sept 26
•463
s
4614
-18:8 Apr25 Mar
66
6612 8512 6612 66
8
65 *453,___-63 4 6518 645 6512 3,300 General Milt
3
28 May 4811 Sept
6612 64
No par 3512 Mir 3 71 June 28
•1043 108
4
600
1043 1043 10312 10412 10314 10314 *10312 10412 10412 1044
Preferred
4
4
100 9212 Mar 28 10812Sept 19
76 July 9612 Dec
8 293 3114 297 31
8
8
3114 31.7
2818 29s 280.100 General Motors Corp
283 29
8
7-'sJ,lne 2453 Jan
2814 30
10 10 Feb 27 35 4 Sept 14
,
90
89
893 *89
4
*89
885 8912 1,300
8912 891
8
883 89
4
$5 preferred
90
5614 July 8714 Mar
No par 6512 Star 3 95 July 15
300 Gen Outdoor Adv A
•101 13 8 •101 133 •101 13
8
5
*101 13
8
8
4
105 105 *104 13
8
8
8
9 Feb
4 June
No par
518 Jan 9 24 June 13
4 Jan
53
8 538 *514 512 1.000
8
54 5 8
3
104June 12
Common
212 Mar 1
25 NoV
No par
512 553
_ *51z 5 4
3
2
31104 1214 *1012 1214 *1012 1214 9012 12
9012 1112 1012 104
100 Genera' Printing Ink___No pa.
314 Jan 4 17 June 10
212 July
14 Jan
10
*723
S6 preferred
4
2712 JUil
.723
4
_ __ *781z 8112 •72 . _
3
60 Feb
-- 723 72 4 *72
No par 31 Mar 18 82 Aug 3
4
314 314
3
31e - -12 3,800 Gen Public Service
3
1 May
314 _34
3
34 - 3
3s
71e AMC
No par
314 33
8
2 Apr 6
814June 12
8
*3612 373
4 374 3712 374 39
4 3512 3612 1,300 Gen Railway Signal.„-No par
61s July 281 Jan
35
3714 341 343
1314 Jan 3 4912July 6
10,200 Oen Realty A Utilities
218 214
218 2'8
218
2
2
218 218
2
24
24 Sept
2
14 May
45
8June 24
I
3 Feb 16
8
19
300
16
1612 1316
19
17
*17
17
19
163 Sept
4
*17
*1714 20
S6 preferred
4June 26
5 Jun
512 Jan 19 223
No Par
1,000 General Refractories...NO par
83
4 9
1518 Sept
9
87
s 94
918
14 Jun
812 812
4
914 914
312 Feb 27 194July 5
84 83
10 Gen Steel Castings pref No par
*29
*29
321
29
52914 32
29
3212 *29
32
*28
8 Mar 27 Aug.
3212
94 Feb 17 3912July 14
5
133 144 1314 14
135 144 13 8 14
4
8
8 1318 133 18,300 Gillette Safety Flaser_No par
4
133 135
8
94 A.,r 20 2014 Jan II
104 Jan 2414 Mar
*Ws 5812 •5538 563
55
*521 4 5618 *51 18 561
200
Cony preferred
45 June 7212 Aug
8
8 554 554 55
No par 473 Apr 19 75 Jan 9
4
45
8 44
45
8 43
45
8 47
4 5.600 Giu3ble Brothers
47
8 5
5
5
5
518
3 4 AUK
7 8June 27
3
5
No par
3 Feb 9
4
7 June
8
Jan
100
*2018 28
*1912 29
*1818 23
*1818 23
*2018 28
20
20
63 Dee 31
8
100
Preferred
514 Mar 1 33 July 7
/
1
8 5,600 Glidden Co (The)
15
3
15 4 1612 1514 1614 15 4 161
1512 152 157
3
8 1514 iS7
34 Mar 2 20 July 14
3,Jun
104 Sept
s
No par
8512 8512 *854 8712
80
8514 8514 *854 871
*8514 8712 318514 86
Prior preferred
35 Apr76 Sept
100 48 Apr 22 914 Aug 1
834 912 23,700 Gebel (Adolf)
3
912
24 May
8
9
8 Aug
834 912
7 8 78
3
7
712 818
No par
3 Feb 16 16 July 13
2034 12,200 Gold Dust Corp v t 0
,
195 20
8
2078 21
8
20
8
2018 20 4 205 2112 191 2014
3
84 May 20 8 Sept
No Par
12 Feb 27 274July 18
100
3197 106
101 12 Dec
*97 106
$13 cony preferred
1017 1017 1397 106
*97 106
8
*97 106
70 Jul
No par 100 Jan 18 105 July 21
13
8
14
124 1438 134 137
123 Sept
20,400 Goodrich Co (B F)
8
1518 155
8 144 147
8 143 1514
8
214 M.y
No par
3 Mar 2 2112July 18
34
3414 35
2
35
1,400
367 367
3138
8
39
7 Mov 3314 Sept
38
38
13367 39
100
Preferred
9 Fab 24 83 July 13
2914 Aug
3318 34
33
32
524 343
52 May
3412 3612 3453 37
34'8 30,400 OtadlYear Tire& Rubb No par
3653 38
914 Feb 27 474July 17
1,500
65
65
65 12 66
661
1st preferred
19-'iJune 6912 Aug
*64
66
65 653
4 6612 664 65
No par 274 Mar 2 804July 6
8114 9
,
•1012 103
914 94
714 Jun 30 4 Sept
94
85, 91
912 912
1712June 12
No par
7 8 Apr 4
5
014 2,400 Gotham Silk Hose
4
614 62
*60
50
62
69
•60
Preferred
69
69
504 Jun 7012 Oct
•60
60's 60'8 *60
100 41 Apr 3 73 July 3
4 8 Jan
5
27
8 3
17.500 Graham •Palge Motors
27
8 3
27
8 31
34
1 May
318 34
5 8July 12
5
3
318 314
1 Apr 3
1
8
115 Sept
95
8 9 8 10
5
104 3,700 Granby Cons M Sin & Pr.-100
105 1034 1058 1112 107 107
8
8
8
23 Jun
8
95 1014
8
7
3 8 Mar 2 154June 13
934 Mar
512 512 1,400 Grand Union Co tr lilts...V. par
8
55
8 55
314 Julie
6
34 Star 2 105
6
6
6 18
3
8June 26
54 5
3
6 s 64
3
400
2614 2814 .26
2112 24
26
Cony pref series
22 June 3514 Mar
2414 241 4124
26
277 3120
8
No ov 214Sept 29 3638July 3
17 Sept
5
300 Granite City 8teel
8
*245 27 •24 8 27
8
8 2418 25
64 Ju,ne
8
245 245
8
8 245 24 8 245 245 0
5
No par 114 %1,r 24 3058July 11
4 2618 264 •2614 273
2678 27
14,2 May 304 Max
4 1,000 Grant(W T)
2614 265
26
27
*26
27
15 4 Feb 28 3638July 7
8
No Pa
1314 Jan
1118 12
3,900 (It Nor Iron Ore Prop No par
11
11
1212 1212 12
5 June
1212 1212 1212 1118 i2ls
4July 11
54 Feb 27 163
12 Aug
314 Apr
38
394 75.300 Great Western Sugar__No par
404 4112 39
40 4 383 404 373 39
3
4
67 Jan 19 414 Sept 22
8
374 39
170
48 Juue 83 Aug
*10812 110
Preferred
1094 110 *10912 109 4 110 110
110
3
3 110 Sept 6
4
100 7212 Jan
1083 1083 1110812
4
23 Sept
4
12 Apr
212 232
21 1
232
2
21/
4 24
214 232
24 6,900 Grigmby-Grunow
44July 13
24 214
No par
5 Mar 3
8
•
9nd 4484.1 newt, no anion on thin day
a Optional soils
r Ps-dividend
v Ey-right.
!or FOR
New York Stock Record-Continued-Page 5
II Bill AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 23.
2427
SALFS DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE
PRECEDING.
Monday
Sept. 25.
Tuesday
Sept. 26.
Wednesday
Sept. 27.
Thursday
Sept. 28.
Friday
Sept. 29.
S per share $ per share S per share $ per share $ per share. $ per share
134
13
4 *134
2
15
8
13
4
8 2
15
8 158 *15
15
8
152
24
25
*24
25
*24
25
*23
24
*22
25
*22
24
*40
45
*40
43
*40
42
*40
47
*40
43 .40
43
*2113 2212 .2112 2212 *213 2212 22
4
22
22
22
r- 4 2212
213
*2712 2814 2712 2712 271. 2712 *27
2814 27
27
27
27
6
6
5 8 57
5
11
5; 57
5
8
5
55
8
43
4 5
47
2 512
*2612 27
2612 2612 25
25
2412 2412 2312 2312 18
22
412 412
412 458
458 43
4
418 432
438 438
414
438
*418 6
*5
6
*5
514
514 514 *418 6
*41g 6
*26
33
*26
30
*26
30
*27
30
*27
30
*27
30
*80
8012 80
8012 80
80
80
80
80
80
80
80
*1512 1712 *1512 1612 15
1512 143 15
4
*143 1513 143 1514
4
4
---- ---- ---- -___ ____ ____ ____ ____ ____ __ _ _ __ _ _
-.31s 312
3
3
.31,9
314
-----213 3
*20
23 *20
23
20 20
*10
20
*10
20
*10
20
13
8 15
8
112
138
pp
11.
114
112
114
112
114 11
4
*WW2 105 *10114 105
102 102 - •10112 105 *10112 105 *10112 105
*1214 13
*1214 13
*1214 13
1214 1214 *10
13
*10
13
47
471; 4614 487
46
43 437
8 44
8 42 8 4234 43
5
4312
•1043 107
2
10438 10412 *102 10412 10412 10412 *103 10412 *103 10412
*493 53
4
5012 5012 50
50
51
51
51
51
50
51
.79
80
80
4
8012 80 803 *81
82
8218 8218 *81
83 8
3
58 5 8
3
7
514 5 8
5
552 55
45
8 5
8
514 5 8
5
3
5
3
712 713
714 7 12
712 75
8
712 753
7143 7
*758 77
8
*350 363
340 3457 335 340
311 331
8
340 340
341 350
10
10
10
10
*913 12
•912 10
912 913 *8
10
*3 8 3 4
5
3
314 3 8
3
33 38
3
3
314 312
314 33
8
358 33
8
*4612 477 *4612 477 *4612 477 *4612 48
8
8
8
*45 4 47
*4534 47
3
2818 281
4 28
293
8 2713 297
8 2512 2712 2518 2612 2612 28
512 612
614 514
5% 53
3
47
8 558
5
552
48 5
2978 303
8 28
30
2818 3112 263 2814 x26$4 2914 29
4
3058
13
133
8 113 127
4
8 115 123
8
4 1012 113
4 1012 1114 104 113
4
38 414
7
3 4 414
3
3 4 414
3
312 3 8
35
8 4
7
33
4 37
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Ranee BOW Jan. 1
-share Sots.
On basis of 100
Lowest.
Shares Indus. & Miceli.(Con.) Par $ per More
1.200 Guantanamo Sugar----No Par
14 Jan 23
200 Gulf States Steel
No par
8 4 Feb27
3
Preferred
100 1614 Jan 16
300 Hackensack Water
25 15 Mar 18
240
7% preferred class A
25 25 Apr 8
11,000 Hahn Dept Stores
No par
1 144 Feb 28
Preferred
1,000
9 Apr 1
100
1,600 Hall Printing
_10
31 Feb27
.
212 Apr 5
100 Hamilton Watch Co. No par
Preferred
100 15 Feb 11
160 Hanna(MA)Co 37 pt_No par
4512 Jan 4
1.200 Harbison-Walk Refrao_No par
n.s Feb 25
______ Hartman Corp class B.No par
Is Apr 3
Noar
14 Mar 18
Class A
p
180 Hat Corp of America Cl A_ _I
7 Mar 16
8
100
518 Apr 5
634% Preferred
3,600 Hayes Body Corp
No par
1 Feb27
4
100 Hdme(OW)
25 6912 Jan 16
100 Hercules Motors
No par
3 Mar 20
2.200 Hercules Powder
No par lE Feb27
100
$7 sum preferred
100 85 Apr 5
1,400 Hershey Chocolate----No par 3518 Mar 29
Cony preferred
900
No par 841 Apr 5
4
2.100 Holland Furnace
No par
34 Jan 4
1,500 Hollander & Sons(A) No par
214 Mar 2
1,800 Homestake Mining
100 145 Jan 18
900 Houdallle-Hershey el A No pa
4% Apr 7
Class B
2.300
1 Mar 2
No par
Household Finance part pf.50 43 4May 16
1
6,200 Houston 011 of Tex gem otte100
814 Mar 13
2.700
Voting trust Ws new.__36
17 Feb 28
8
20,700 Howe Sound v to
512 Jan 3
25
19.700 Hudson Motor Car--No pa
3 Feb 28
15,800 Hupp Motor Car Corpr
10
158 Mar 3
Indian Motooyole
No par
14 Mar 18
*234 3
3
3
*5i2 312
-----1900,
Indian Refining
118 April
1
38
69
70
67
69
68
7112 6412 68
6412 69
68
7113 11,800 Industrial Rayon
No par 24 Apr 4
.5513 57
5312 55
5312 5514 497 5214 5014 51
8
5112 54
5 100 Ingersoll Rand
No par 19I4 Feb27
*34
36
3312 34
33
34
*3314 36
.31
3312 3312 3312
700 Inland Steel
No par 12 Feb27
618 6t2 .614 612
618 618
512 618
55
8 57
8
55
2 57
8 2,100 InspiratIon Cons Copper.. _ 20
2 Feb 25
3
3
3
27g
3
*23
4 3
27
8 .23
2 3
27
8 27
2
400 Insuransharee Ctrs Inc_ No pa
114 Mar 29
*2
214
218 218
214
21 4
218'218
218 21g
900 Insuranshares Corp of Del._ 1
212 214
14 Apr 5
*214 3
*218 23
4 *21 4
23
4 *214 27
Intercont'l Rubber
No par
53 Mar 21
200
8
214 214
214
214
*713 8
712 712
718 718
612 7
218 Mar 1
1,100 Interlake Iron
6
No par
6
*614 612
238 23
8 nr: 258 *212 23
4 *212 2 8 .212 25
5
8
212 212
No par
7 Feb 17
g
400 Internet Agricul
*15
193
4 15
15
*13
15
15
15
*12
16
13
13
300
Prior preferred
100
5 Jan 3
144 145
1443 1443 14412 14412 13212 14058 13214 13214 135 13512 3.500 Int Business Machlnes_No par 7534 Feb 28
4
4
6 8 67
5
8
63
8 7
618 612 *614 63
,,
1
27 Jan 16
8
4
613 63
13 2.200 Internat Carriers Ltd
63
8 6
3012 3112 29
293
4 29
2
914 28
13h Mar 2
3,500 International Cement_ _No par
2814 2612 2712 2712 28
39
40 8 38
3
4 365 385
3918 3818 393
8
8 363 3814 363 383 34,900 Internet Haryester____No par
4
135 Feb 28
8
4
4
•11612 11912 .11612 119 .11612 11818 *118 11818 118 118 *117 118
Preferred
100 80 Jan 5
100
6
6 14
6
6%
53
4 6%
213 Apr 4
518 5 4
1
6.800 Int Hydro-El Sys el A_ _No par
518 53
4
538 55
312 312
312 312 *3
34
3
3
114 Jan 4
400 Int Mercantile Marine_No par
3
*3
312 *3
314
2058 207
8 1912 201
65 Feb 27
4
2 193 203
4
8 187 2
8 1912 2018 143,200 Int Nickel of Canada_ No par
8 018 1918 195
107 107
107 107 *108 110 *105 10913 *105 108 .10314 108
Preferred
100 72 Jan 11
200
•10
17
10
10
*11
15
1112 12
*11
17
100
213 Jan 4
160 Internat Paper 7% pref
11
11
5
5 18
54 54
3
3
*514 53
4
45
8 518
412 412
12 Apr 21
412 458 1,100 Inter Pap & Pow el A_ _No par
*212 3
*24 212 *214 23
2
2
2512
214 214 .218 212 1,400
14 Apr I
Class B
No par
*13
4 2
13
4 13
4
13
4
13
4
158
17
g
13
4 2
Class C
No par
2,800
14 Jan 6
13
4 2
12
1212 113 13
4
113 113
4
4 1012 1158 10
Preferred
100
2 Apr 5
1034
9 4 105
3
8 5,600
9 4 94
3
*11
3
1112 11
9 4 10
3
11
1014 1014
1012 101z 2,300 lot Printing Ink Corp_No par
312 Feb 23
*65
70
*6512 68
6512 6513 65
6518 *67
69
67 67
Preferred
100 35 Apr 18
80
24
2412 24
24
2318 233
8 2258 2314 23 23
22 4 2314 2,200 International Salt
No par 1314 Mar 28
3
4612 47
*463 47
4
46
463
4 4112 4512 41
42
3,100 International Shoe__ No par 2438 Jan 3
42
42
40
42
39
40
38
3912 3512 36
35
37
383 39
4
100
934 Feb 25
1,900 International Silver
5712 501 4 52
4
573 573 *55
4
5112
5012 52
100 244 Mar 2
4912 51
50
7% preferred
250
14
13'2 1414
143
8 1312 1414
1212 13 8 1212 13
7
125 1313 74,300 Inter Telep & Teleg- _No par
8
618 Feb 28
512 512
514 514
5
5
1I2 Mar 2
43
4 43
4
413 41
43
8 433
800 Interstate Dept Stores_No par
*2514 297 *2514 297 *251 1 297 •2514 297 *2514 27
8
8
8
Preferred
8
100 12 Apr 7
*2514 29
*612 9
*6% 814 *614 8
614 614 .614 71
17$ Jan 24
*614 81
No par
100 IntertYPe Corn
*25
27
*2412 2714 2513 2512 2412 2512 *23
11 Feb27
2614 27
1
27
600 Island Creek Coal
*34
3712 *33
35
3478 347 *32
8
3478 .32
34 .3114 33
No par 23 Feb27
100 Jewel Tea Inc
52
53
4918 51
4834 5214 4614 49
47
No par 1214 Mar 2
50,700 Johns-ManyIlle
503* 4914 53
*96 101
101 103 *101 1033 100 100
4
*923 99
4
*9234 99
Preferred
100 42 Apr 5
90
*713
*70
74
723 *70
4
75
*70
737 *70
8
737
8 70
70
10 Jones & Laugh Steel pref _100 35 Feb I
*73
3 713 *7
712
7
3a
73
8
7
7
7
7
258 Mar 15
7
7
700 Kaufmann Dept Stores $12.50
16
16
1514 16
1514 157
8 15
1512 15
1514 15
15'n 5,200 Kayser (J) & Co _ _
Os Feb27
25
3
3 14
27
8 3
278 3
234 234
23
4 278
5.300 Kelly-Springfield Tire
7 Mar 2
2
25
8 27
6
*15
17
15
15
*14
15
14
14
1212 121 *1212 14
6 Feb 28
400
6% pest
No par
4
4
*4
412 *4
412 *4
4l2 *4
41
*4
41
2 Feb27
100 KelseyHayeeWheelconv.cl.A 1
.214
313 *212 312 *212 3 2 *212 312 *212 313
3
1
2 Mar 27
212 31
Class It
1214 13
12
1234 113 1212 1114 1178 1114 1134 1112 12
4
26,100 Kelytnator Corp
3is Feb28
No pa
*60
65
60
60
60 60
60 60
*57
65
*57
65
150 Kendall Co pt pf sec A_No par 30 Jan 10
23
2312 2158 23
215 225
8
8 20
2238 2014 21
2078 221i 93 100 Kennecott Copper
73 Feb 28
8
No par
•163 18
4
*163 18
4
*163 18
4
163 16% *15
4
17
*15
17
100 Kimberley-Clark
No pa
57 Apr 6
8
3 8 33
3
3 *33
a 313 *358 312
3 8 312
3
3
33g *2
31
800 Kinney Co
No par
1 Apr 3
•147 25
8
*147 22
8
*10
23
*11
2318 •11
25
*11
25
Preferred
ess Feb 14
No par
121 13
4
1212 127
8 123 123
8
4 12
1213 12
1214 12
123 13 600 Kresge (8 8) Co
8
512Mar 2
10
*9913 106 0100 106 1100 106
100 10018 *100 106 *100 106
100 88 Apr 4
7% Preferred
50
*32
341. *3112 341 .
; 13113 3412 3112 3113 3013 3018 *32
200 Kress (811) & Co
27 Jan 17
No pa
3458
2312 2378 2258 233
8 223 23'2 2238 2314 2218 2212 22% 23's 10 900 Kroger Groo & Bak
8
No par
144 Feb 23114 3114 3018 317
32
8 31
297 3012 2913 303
8
4 30
31
5,100 Lambert Co (The)
No par 2218 Mar 2
*434 5
*413 5
412 412
412 413 *412 7
80 Lane Bryant
*412 7
3 Feb 8
No par
*912 10
87
8 9,
914
,
85
8 9
4
9
2
9 2 93
914
3
9'2 2,600 Lee Rubber & Tire
5
3 4 Mar 2
•15
16
*15
16
15
15
14
14
13
1334 *1318 1314
500 Lehigh Portland Cement...50
5 8 Jan 5
7
*7512 90
*7512 90
*7512 90
*7513 90
*7512 77
7634 77
310
7% preferred
100 34 Feb 9
31
*314 4
318
11318 3 8
3
3
31s
23
4 3
27
8 27
3,500 Lebtrrh Valley Coal----No pa
1 Jan 13
63
613 61.
4 63
4 *65
8 8
618 618
63
4 614
6
14 814
1,500
Preferred
50
212 Apr 10
*70
7112 70
70
685
685 7018 68
8 67
8
6713 68
688
8 2,000 Lehman Corp (The) _No par 3712 Feb 28
181* 1818 1812 1812 *183 19 4 19
8
3
1918 1814 185 •18l4 19
8
1,100 Lehn & Fink Prod Co
5 14 Feb27
8
2914 297
8 283 2914 2818 2912 2512 2814 2612 273
27
2812 35,900 Libby Owens Ford Glass No par
434 Mar I
963 963
4
4 96
96
94
8
953 957 .91
4
94
94
*9212 95
900 Liggett & Myers Tobacoo-25 49 Feb In
9714 977
8 9612 9714 963 98
4
93 4 9614 9312 943
3
4 943 95
4
Series B.
7.000
25 4914 Feb 18
*136 13812 *136 13812 *136 13812 *136 13818 13813 1381 *136 1411
4
100
Preferred
1011 121 Mar 22
16
16
16
16
16
16 .15 4 16
3
1518 155
8 1513 1513
800 Lily Tulip Cup Corp-No par 13 Apr 8
2712 28
28
30
263 27
4
28
283
4 28
283
4 2818 2918 4,800 Lima L000rnot Works_ _No pa
10 Jan 17
137 137 *133 1514
8
8
4
1312 1313 13
13
13
13
1212 1212 1.000 Link Belt Co
No pa
6 Apr 17
/
1
4
30 303
4 293 30
4
28
2818 27
28
2611 277
2 273 28
2
5,600 Llould Carboni.,
No par 1014 Feb 25
32
3212 301 3213 315 33
8
8
29
3114 29
3018 2934 31)3 27,700 Loeves Incorporated-No par
812 Mar 22
*72
793 •66
4
80
*70
80
*70
78
*70
75
*70
75
Preferred.
No pat 36 Apr 4
213 212
212 258
212 213
214 212
214 213
214 238 5,700 Loft Incorporated
No par
18 Feb24
4
*218 212
212 .218 213 *218 21
214 213 *214
*218 214
300 Long Bell Lumber A No par
13 Feb 28
3912 383 383
*39
397
4
8 39
4 37
373
4 37
3714 373 38
4
1,400 Loose-Wiles Hlaoult
25 1914 Feb27
•11714 119 *118 119 *118 119 *118 119 *118 118 2 118 118
)
10
7% 151 preferred
100 11312May 9
2152 2118 2152 2014 207
213 2218 21
2
2 201 2114 21
2
2134 13.800 Lorillard (P) Co
No par
103 Feb 16
8
9812 9813 *98 10512 •100 1051 *10014 10518 *102 10518
*98 101
8
100
7% preferred
Illf) 8712 Feb 23
213 212
212 212 *2
22
2
2
*2
21
*2
218
500 Louisiana OH
No par
se Jan 5
15
*12
1812 *12
15 .____ 1812 *10
•12
17
15
15
10
Preferred
312 Feb 24
100
17
17
•17
1718 1713 16
171.4
1718 131613 167
1612 1612 1.000 Louisville Gm & El A_No pa
137 Apr 8
8
1114 12
12
11
1112 12
12
10
11
11
103 101
4
4 2,100 Ludlum Steel
1
4 Feb 2R
*47
58
•47
58
*46
58
*48
58 .34
.58
*45
.56
Conv preferred
8
No par 143 Mar 28
29
29
28
2918 28
28
272 273 2283 28
4
4
2814 2814 1,100 MacAndrews & Forbes_ ___10
91 Feb18
:
3312 3412 3312 3414 3012 3314 303 32
35
35
8
305 3214 5,200 Mack Trucks [no
8
131: Feb 27
No par
57
58
*583 57 4 5512 5618 53
4
3
53
54
5512 53
5414 2,300 Stacy (R Elt Co Ine___No pat 244 Feb 25
3$
*23
4 318
27
3 27
8 *23
4 3
.23
4 27
8 *23
4
*23
4 3
100 Madison Sq Gard•t o_No pa
15 Mar 30
8
4
1714 143 1512 *143 151
•16
4
1412 15
•1412 15
15
15
700 Magma Copper
1238 Mar 2
No par
214 214
214 214 •2 4 212
Di
214
,
218
21,8
218 214
800 Stallinson (H R1 & Co_No par
7 Feb it
8
1012 11) *10
31112 18
1612 *10
14
*1112 16
*10
18
50
7% preferred
100
3 Feb 10
•Ity
314 .112 314 *112 314 *112 23
14 Jan 4
4 *13
4 2
Manatl Sugar
*114 214
101
*312 41
*313 41
*312 414 *312 4
*312 4
*312 41
Preferred
ion
h Jan 6
412 413
413 41
*411 558
478 4 8 •418 45
7
8 *418 512
120 Mandel Bros
No par
112 Jan 3
14
14
111312 1412 1313 13% 13
16
1314
13
*1312 1412
400 Manhattan Shirt
26
512 Apr 1
3
3
3
3
3
28
318
1123
3
23
23
4 24
4 3
1,600 Maracaibo 011 Explor_No par
lz Jan IS
714
7'2
713 7 4
3
7 4 77
3
8
714
713 8.100 Marine Midland (Wm
712 7 8
1
10
712 72
514 Mar 31
• Rid and mited pri.rts. no sales on this day a optional gale. e Varth sale. *Sold 15 days r Ex-dIsIdend
g Et-rights
Highest.
PER SHARE
Range for Previous
Year 1932,
Lowest.
Highest.
8 Per share 8 per Chart $ per Mare
412May 18
18 Mar
1 Sent
212June 2118 Sept
38 July 13
64 June 12
12 July 40 Oct
15 May
2512July 17
23 Jan
287 Jan 12
8
19 May
28 AM
912July 6
5 July
8
414 Aug
35 July 17
718 July
28 Aug
1012July 7
312 July
1112 Jan
2 June 12 Feb
9 July 14
35 July 17
20 Ort 30 Mar
85 Aug 28
33 May 70 Jan
2512July 11
7 May
18 Sept
114June 6
Is Dee
2 Sept
214June 6
%June
4 Mar
712June 21
12 Dec
3 Aug
30 June 21
5 Aug 20 Sept
14 June
312July 17
3 Sept
13
50 June 811 Sent
10212Sept 1
/
4
4
17 July 8
43 June
8 Jan
12
63 July 1
1378 Aug 2912 Sept
110 July 19
70
12June 95
Jan
72 July 18
431k July 83 Mar
90 July 18
57 June 83 Mar
1012June 20
314 Dec 121 Aug
1012June 7
2 4 Dec 10 4 Mat
3
1
37() Sept 22 110 Feb 163 Dee
15 June 8
6 Dec
712 Nov
1 May
4June 9
412 Sept
63
5114 Jan 12
4214 June 5718 Jan
as July 17
8141 May 2814 Bets
73
8July 7
533 Sept
1% May
47 Dec 1811 Jan
317 Sept 19
8
183
0uly 17
4
27 May 111 Jan
8
1
1% May
7 4July 13
3
5 Jan
%June
238June 6
218 Sept
214 Nov
1
Apr
4itJune 21
718 June 40 Sept
8212July 17
k
143 Apr 447 Sept
4
78 July 18
457
8July 7
10 June 27 3 Sept
7
734 Sept
912June 2
58 May
1 June
378.1une 8
3 8 Jan
7
31 July
412 Jan 10
81s Sept
18
413July
3% Aug
14 Apr
12 July 13
714 Sept
18 July
3
31: Aug
14 Apr
538July 18
3 4 Apr 15 Aug
3
2712July 19
5218 July 117 Mar
15314July 18
114 May
107 July 7
8
512 Jan
3
40 July 17
358June 18 4 Jan
46 July 17
10 8 July 3418 Aug
3
68I*June 108
Jan
11918 Aug 15
25sJune 11% Mar
3July 19
137
7 June
8
67
8.1une 20
414 Aug
31 May 1212 Sept
22 3 Sept 19
1
50 June 86 Mar
1097 Sept 12
8
11aJune 12 Sept
213
4July II
13 Jun
10 July 10
4 8 Aug
1
2 Aug
14 May
5 4July 10
3
lh Sept
4 July 11
14 Apr
134 Dec 123 Sept
8
2212July 11
13 July 3 3
Dec
8 4 Mar
3
71 Aug 23 124h Jan 45 Not
9 4June 23% Feb
3
4July 5
273
3
8July 17
2014 July 44 2 Jan
583
7 July 26 Sept
:
1
5912July 17
7178July 17
26 May 85 Feb
4July 14
2% May 111 4 Sepi
213
1
113 May 11
8 8July 7
7
Jan
40 8July 12
3
18 June 82 Jan
12
7 Apr
2 Dec
13
1114July 7
1014 Apr 2013 Aug
32 July 15
1518 May 35 Feb
45 July 7
3k
10 May 33 Sept
60 8July 17
3
1
45 July 99 4 JIM
10614July 11
Jan
30 July 84
91 July 18
8June 9
3 may
93
914 mar
141 Sepi
8
4114 July
1912July 5
6'g July 13
--- ---_
_--- 3118June 2
8 May 12
4June 26
63
3
21 May10 8 Feb
155 Sept 14
8
17 July 38 Feb
73 July it
8
47 June 1914 Sept
26 Sept 19
612 Dee 1912 Jan
25 8July 7
3
ii Apr
5 Sept
(Patine 7
3 June 19 Ain
30 July 7
19 Jan
65* July
I67
8July 8
88 May 110 Mar
105 June 14
4414 July 13
Jab
18 June 37
353
8July II
10 May 18% Mai
4
25 May 563 Jan
41I8 July 17
752 Aug
2 May
1012June 28
818 Bent
13 Apr
4
123 July 19
8
11 Aug
35 Apr
8
27 June 20
JaD
40 Dee 75
78 Sept 5
45 Aug
4
1 May
618July 14
11.2 Aug
12 June II
114 July
7938July 7
3012 June 5174 Seta
6 May 2414 Mat
2314June 6
3738July 15
93 sent
8
3 4 May
3
32.4 June 6512 Oct
98 Sept 18
99s Sept15
3418 May 8714 Selo
14018Sept 18 100 May 132 ()et
14 June 21 Mar
21.2May 16
8
812 Apr 193 Aug
3114July 3
612 June 14 Mar
I93
4Ju1y 5
9 May 22 Mar
50 July 18
1314 May 3758 Sep
3612Sept 18
,
39 July 80 Sept
7818July 19
17g June
5 Sew
414June 8
2 s Aug
7
14 May
512June 19
4212 July 12
1618 July 3558 Feb
Oct
120 Jan 14
96 July 118
9 May
2514July 6
183 Sent
3
7318 Jan 108, Sept
2
10512July 8
13 Jan
214 July
4 July 12
3 Der
29 July 21
18
Jan
25 4June 13
1
813 June 23% Mal
8
118 Jan
113 Sept
2013July II
612 Jan 28 dein
60 July IX
94 Aug
1514 Feb
2918Sept 23
,
463
10 June 285 Sept
8July 7
17 June 6012 Jan
65 4July 7
3
412 Sent
218 Jan
7 June 26
413 Apr
1958July 19
135 Sep'
4
4 Sep
,
14 Jan
514June 29
263
4July 6
4 Aug 1018 Sept
24 Sept
5 4July 10
5
13 Mar
I4 Apr
8July 19
97
314 P911
978June 10
1
Dec
43 Sept
4
312 June
23 July 18
9 Aug
h June
4 June 12
112 Aug
rot June 143 Aug
8
1112 Jan 9
New York Stock Record-Continued-Page 6
2428
Sept. 30 1933
or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 23.
Monday
Sept. 25.
Tuesday
Sept. 26.
Wednesday
Sap. 27.
Thursday
Sept. 28.
Friday
Sept. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
S per share $ per share $ Per Share $ Per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par i per share
*143 1612 *143 16
4
4
*1434 1512 *143 1514
100 Marlin-Rockwell
No par
6 Feb 27
4
1434 143 *143 16
4
4
Marmon Motor Car.....No par
14May 5
1612 17
16
17
414 Jan 30
1612 17
157 1612 24.000 Marshall Field & Co.-No par
8
1512 16
153 16
4
3912 4012 38
40
3912 413
3918 9.400 Mathieson Alkali WorksNo par 14 Feb 27
4 3714 3914 38 387
8 38
*29
297
8 30
30
1,300 May Department Stores_25
*30
3114 2912 3058 31
31
29
30
914 Feb 24
5
5
512 612
No par
Ils Apr 10
412 412
43
4 43
4 1,200 Maytag Co
514 514
44 514
Preferred
No par
318 Apr 4
115 115
8
8 113 115
8
8 1 112 11l2 11
*1012 12
600
11
*1012 12
10
Prior preferred
No par
115 Apr 5
*3518 45
*3518 45
*3518 45
*354 45
45
45
*27
467
8
1,400 McCall Corp
No par 13 Mar 3
•28
29
*28
29
*28
2612 27
283
4 25
28
25
25
118
13
8
13
8
38 Apr 15
112
13
8
112
114
13
8
1 18 114 7.800 McCrory Stores class A No par
1
111
Class 13
No par
112 13
4
13
4 17
112
112 1,500
114 Jan 13
8
17
8 2
*138 2
*112 17
8
5
514
5
5
514 514 2.800
Cony preferred
100
4
5
5
5 14
514 512
212 Mar 17
*418 518 *418 518 *418 47
4
4
300 McGraw-Hill Pub Co_No par
3 Apr 4
8
414 414
4
4
437 4518 415 423
8
8
4 4114 4314 3834 4158 3858 42
4212 4514 96.400 McIntyre Poreuptne Mines- -5 18 Mar 16
6.700 McKeesport Tin Plate_No par 444 Jan 4
57
873
4 8512 86
4
80
8712 79
80
793 81
80
79
4
5
134 Mar 2
718 714
67
8 74
6
64
614 63 11,000 McKesson er Robbins
63
4 7
614 634
Cony pref series A
1614 17
1512 1512 1,600
50
33 Mar 3
8
*16
17
16
16
1518 16
167
8 15
8
13
8 138
No par
'4 Feb 24
112 15
8
112 13
118 114
138
13
8 *13
8 15
8 2,100 McLellan Stores
8
8
250
8% cony pref ser A
100
218 Jan 16
814
'8
9
812 812 *8
9
*8
10
*8
No par
84 Feb 27
*2612 267
26
26
2612 1,900 Melville Shoe
8 26
26
2618 26
26
2534 26
1
1012 11
97 1018 4,200 Mengel Co (The)
8
2 Mar 1
11
11
1012
93 10
4
104 1114 10
10
7% preferred
*3118 38
100 22 Jan 28
*2918 38
38
*3318 38
*3012 38
303 303 *31
4
4
1,200 Mesta Machine Co
17
17
5
7 Feb 24
*1814 20
17
*1614 17
18
1814 17
1712 17
300 Metro-Goldwyn Pict pref-_27 1312 Mar 1
21
*2014 22
*2012 22
2012 2012 21
203 203 *2018 22
4
4
5
6
6
512 6
5 8 53
3
8
5
5 14
5
514
514 514 2.800 Miami Copper
15 Mar 3
8
334 Mar 2
133 1312 1212 133
8
8 13
123
4 1258 1278 11,600 Mid-Continent Petrol__No par
8 12
1312 1218 133
1158 1178 1112 1178
3 Mar 2
1112 1158
,
912 103
103 10 2 3,100 Midland Steel Prod__No par
8
4
83 10
4
8% cum let prof
100 26 Mar 3
*60
72
72
*60
72
*60
72
*60
72
*60
72
*60
400 Minn Honeywell Regu.No par
2312 2312
*25
2612 *2512 2611 2512 2512 25
25
*2312 25
13 Apr 4
8 2,600 Minn Moline Pow Impl No par
rs Feb 3
212 25
234 234
23
4 23
4
2 4 214
,
25
8 23
4
212 212
Preferred
No par
*15
19
*15
19
6 Feb 7
19
*15
19
*15
19
*15
19
*15
1412 1314 133
7 Jan 23
4 1514 1514 3,400 Mohawk Carpet MIlls_No par
1514 1514 *1452 1512 1512 1512 14
4 3.200 Monsanto Chem Wks_ No par 25 Mar 3
6412 643
4 634 65
6412 66
6312 6631 6312 6414 6412 683
8
85 Feb 25
8
223 233
8
8 213 2212 2118 2212 1914 214 1958 2014 195 208 112,000 Mont Ward & Co looNo par
8
43
200 Morro' (J) dc Co
No par 25 Jan 6
8
40
*38
437 *38
*32
44
437 43 8 40
8
7
•3214 44
5,100 Mother I.ode Coalition.No par
1
1
1
1
1
1
18 Jan 9
1
118
1
1
1
14
14 47 22.800 Moto Meter Gauge&Eq No par
14 Jan 5
418 45
8
4
8
47
8 53
8
43
4 514
47
8 514
414 5
6,500 Motor Products Corp_ _No par
2812 30
2918 2712 28
73 Mar 1
4
8 27
3018 3158 2812 2914 2814 303
No par
9
9
018 918 5.700 Motor Wheel
112 Mar 1
87
8 912
94 912
9
9 12
9 8 93
3
4
No par
14 Mar 21
43
4 5
6
512 512
5
53
4
6
514 54
514
514 1,200 Mullins Mfg Co
*104 12
130
Cony preferred
14
1012 12
No par
5 Mar 21
10
12
13
13
15
14
15
1212 13
600 Munsingwear Ino
No par
5 Mar 30
*1212 1412 13
13
13
*12
13
13
13
13
11,100 Murray Corp of Amer
10
Ds Feb25
6
614
512 6
514 57
s
55
8 6
618 64
618 614
200 Myers F & E Bros
No par
4
8 Jan 25
*1618 18
*1618 1818 *1618 1818 1618 1618 *1618 1818 163 1634
4
No par 1118 Apr 12
2114 22
4
2018 2118 20
21
19
203
4 183 1978 1914 203 20.200 Nash Motors Co
1.100 National Acme
10
412
412
4
4
118 Feb 28
*412 514 0412 512 *412 512
458 5
300 National Belles Hess pref__100
14 ,an 27
512 512
*5 8 612 *53* 5 4 *53
3
*5 8 613 *512 6
3
3
8 6
10 3112 Feb 25
54
543
4 523 54
4
5238 54
51
524 5138 5214 504 5214 13,000 National Biscuit
200
7% cum pref
100 118 Mar 3
•13912 14418 14218 14218 *14218 14418 *14212 14418 14212 14212 *14112 14418
518 Mar 2
16
16
13,900 Nat Cash Register A-_ _No par
175 18
8
1714 18
165 1712 1512 165
8
8 1512 16
No par 1012 Feb 27
143 1518 1414 1412 1414 14a 36,600 Nat Dairy Prod
8
1512 16
15 8 157
3
8 15
1514
11
1,000 Nat Department Stores No par
18 Mar 15
13
8
138 *118
112
118
114 *14
112 *118
114
1
90
Preferred
100
114 Feb 23
*54 6
*55
8 6
*558 6
5 8 5 8 *512 55
5
3
8 *512 5
4
4
8
885 943 180,500 National Distll Prod___No par 167 Feb 15
973 101
4
93 4 973
3
4 96 10012 93
9712 9412 98
: .60 preferred
__ ____ ____ ____ ____ ____
40 24 Feb 8
400 Nat Enam & Stamping_No par
5 Feb 2
017
19
016
17
016
1412 15
1614 *15
15
15
16
800 National Lead
100 4314 Feb23
127 130 *123 130
124 124 *11514 130
120 120 *11712 130
100
Preferred A
100 101 Mar I
*12518 12712 *12518 12618 *1254 12712 12518 12518 *12518 12712 *12518 127
Preferred B
100 75 Feb 23
•104 108 #104 115 *104 115 *104 108 *104 108 *104 108
67 Apr 1
8
1112 1214 1112 113
8
4
104 115
8 1018 104 1012 107 26,600 National Pow & Lt____No par
8 104 107
14 202 National Steel Corp_No par 15 Feb 27
4414 4512 4278 433
4 4112 443
8 377 414 363 3812 3714 40
8
8
50
4 Apr 6
1514
1312 14
1418 1418 2,100 National Supply of Del
157 163 *15
8
4
17
*15
163
8 14
220
100 17 Feb 23
*3718 4012
Preferred
*3912 41
3818 3912 3912 3912 38
38 18 •37
39
34 312
34 33
8
34
32
8
34 34
34, 34
314 34 1,400 National Surety
10
114Slay 3
3.600 National Tea Co
No par
612 Jan 4
19
20
185 1912 183 19
8
4
174 18
1714 1712 1712 18
300 Nelsner Bros
No par
112 Jan 16
67
8 *612 7
*612 10
*612 10
*612 10
67
8
63
4 64
_ _ _ _ ___ Nevada Consol Copper_No pa
4 Feb 28
7
1,400 Newport Industries
I
13 Sfar 29
8
873*g - -12
7
654 14
3
63
4 -7
7
7
- .12
7
63
4 i
ii4 - 14
1714
1,200 N Y Air Brake
No par
6, Apr 4
,
17
1714 *1512 163
3
*1512 1712 17
4
173 175
8
8 15 4 16
160 New York Dock
100
412July 22
*54 618 *518 618
518 5 8
,
8
5
5
5
13
5
100
612 Mar 30
220
Preferred
*914 11
*918 10
8
94 10
918 94
8 *95 11
93
8 93
7
8
7
8
*7
8
1
No par
12 Apr 3
3
4 5,900 NY Investors Inc
1
1
3
4
7
8
3
4
4
7
8
6,500 N Y Shipbidg Corp part atk_ _ 1
14 Jan 4
1314 1414 1314 135
8 133 14
4
143 16
4
147 154 1414 1514
8
50
7% preferred
*75
77
100 31 Jan 9
77
*7714 80
7614 77
*75
75
75
*75
77
N Y Steam 56 pref
*8612 90
No par 80 Mar 'A
*8612 90
*8612 90
*8612 90
*8612 9312 *8612 90
*8812 106
40
$7 1st preferred
No par a9314 Apr 25
98
98
*8812 106
•95 10212 *95 105
*98 106
8
No par 173 Jan 14
5
4
8 35
3578 18.900 Noranda Mines 1,td
363 37
8
3412 357
8 343 3618 33 8 3412 333 345
4
No par 154 Apr 4
184 1712 183 a1714 1812 173 183 25,500 North American Co
4
4
4
19
1914
1818 19
18
*3518 36 , 500
35
Preferred
50 32 Feb 28
3512 3512 35
37
37
*36
37
36
36
55
8 618 15,800 North Amer Aviation
512 54
5
4 Feb 27
6-58 612
618 612
6
63
8
54 6
3
200 No Amer Edison prel_ _No par 48 Apt 19
*5214 60
*4214 60
60
*51
60
*5512 60
60 60
*51
North German Lloyd
478 *312 438 *33
418Sept 7
4 44 *312 5
*312 512 04
514 *4
3412 *33
38
Northwestern Telegraph _ _ _ 50 263 Apr 27
*33
4
35
*33
38
*33
*33
38
*33
38
3
1,200 Norwalk Tire & Rubber No par
3
314 314
14 Feb 23
3
8
3 8 33
312 312
31 2 312 *312 4
147 16
8
34.600 Ohio 011 Co
1414 1514 1414 1478
No par
43 Feb 27
4
1614 1514 16
157 1612 15
8
8 4.800 Oliver Farm Equip
34 4
3
3 8 33
5
4
34 37
No par
118 Feb 27
418 414
3 8 44
7
37
8 414
400
15
15
17
Preferred A
*15
No par
15
*1314 15
314 Feb 28
15
1518 *1314 1612 15
14 Mar 2
6
6 14 612 1,900 Omnibus Corp(The)yto No par
612 63
4
6
6 12
6
*6
612
6
6
600 Oppenhelm Coll & Co_ _No par
212 Feb 28
9
812 812
812 812
9
8 *812 10
814 814 *812 97
Orpheum Circuit Inc pref.
13 Jan 30
8
.100
8
7,300 Otis Elevator
14
1 4 1418 1412 145 15
No par 104 Feb 27
145 16
8
143 1514
4
15
15
30
Preferred
10012 10012
14/0 9312 Apr 5
10012 1033 *10012 110 *10012 110 *10012 110
4
*1033 110
4
418
438 4,900 Otis steel
414
8
4
No par
414 45
/ 14 Mar 1
45
8 43
4
414
412
412 43
4
8
700
9
8
Prior preferred
100
24 Feb 28
4 *8
912 *8
*818 93
712 8
*712 8
79
7312 7414 77
7,100 Owens-Illinois Class Co_ _ _25 3112 Mar 3
75
.
7512 7712 74
4 7514 77
7714 793
2012 215
8 6,800 Pacific Gas & Electric
25 20 Apr 7
8
8 2118 215
8 203 2112 2205 21
4
2114 213
8 2118 215
No par 254 Mar 31
2512 2614 2614 2612 4.000 Pacific Ltg Corp
2512 26
26
2612 26
284 254 26
100
6 Feb 21
25
2312 2312 2414 2414 2,100 Pacific Mills
*23
24
2514 2412 26
243 26
4
8414
520 Pacific Telep & Teleg
83
100 85 Mar 3
83
84,
8 83
8512 8512 8512 8512 8512 8512 84
35,900 Packard Motor Car_ _.No par
33
4 4
14 Mar 24
33
4 34
4
4 18
4
418
3 8 418
7
34 4
*814 14
100 Pan-Amer Petr & Trans new 5
*858 14
*814 14
8 June 2
*814 13
*
813 13
10
10
4,200 Park-TlIford Inc
2612 27
No par
5 Jan 20
2610 2712 2614 27
8 273 28
4
2814 2812 2718 277
13
8 13
113 Mar 21
8 1,020 Parmelee Transporta'n.No par
112 112
112
112 15
8
13
8
112
112
17
8
17
8
2
1,200 Panhandle Prod & flet_No par
88 Apr lit
2
2
2
*2
218
2
2
24 218
*2
24
112 112 11,000 Paramount Publix ctfs. -.10
112 15
8
4 Apr 5
134
112 153
134
112
153
112
112
3
3
5.700 Park Utah C 81
278 318
1
14 Jan 9
314
3
3
3 14
27
8 3
318 314
114
114
114
114
2,0011 Pathe Exchange
No par
ls Jan 4
13
8
14
14
112
13
8
112
112 112
8
8
2,800
114 Jan 26
712 74
Preferred class A -...No par
77
8 814
84
3
812 812
*8
83
4 *8
,
8
4
552 Jan 16
193 203
4
4 1914 1934 183 1954 1712 1912 175 1812 183 19 8 28,000 Patlno Mince & Enterpr No par
4
418
458 4,700 Peerless Motor Car
418 414
3
14 Feb 16
8
414 414
438 45
43
8 412
43
8 43
8
*54
56
3,000 Penick dr Ford
No par 4512 Feb 27
54
54
57
57
573
4 57
573
4 54
563 57
4
No par 194 Mar 2
4312 4412 4312 4514 12,100 Penney (2 C)
47
473
4 4414 47
4712 473
4 4612 47
100
Preferred
10
) 90 Jan 4
1
103 103 *103 108 *10318 105 *103 105 *103 105
•103 107
412
3 Jan 25
4
4
418 412 5,000 Penn-Dixie Cement___No par
8
412 47
478 5
5
5
44 5
600
100
418 Mar 2
143 •12
8
1412 *1218 14
Preferred series A
16
163 1634 14
4
15 8 15 8 15
5
5
7,900 People's G L & C (Chic). 100 29 Sept 27
3212 304 3212 314 34
29
44
46
43
45
3412 38
12
12
1212 1212
600 Pet Milk
No par
64 Feb 2
12
4 1212 1212 12
*123 133 '1212 133
8
4
1134 125
1112 12
8 7,350 Petroleum Corp of Am_No par
452 Jan 3
4
125
8 1112 113
1212 125
8 113 123
4
4 12
8
-Dodge Corp
25
412 Jan 4
164 1518 1614 155 164 29,900 Phelps
163 1714
4
163 17
8
1612 174 15
*25
30
30
Philadelphia Co 8% pref___50 25 Apr II
30
*25
31
*26
*25
31
*25
31
*25
*43
45
45
16 preferred
No par 45 Sept 22
*43
*43
45
043
45
*43
45
*43
45
458 478 12,000 PhIla & Read C& 1_ __ _No par
45
. 5
212 Feb 27
412 518
514 512
3
54
,
52
3
54 5 8
123 13
4
800 Phillip Morris & Co Ltd_ _.10
8 Feb 33
4
8 123 13
*1314 1414 *133 14
8
1312 1312 1314 133
14
Phillips Jona/. Corp....No par
14
*9
3 Feb 8
*9
*9
14
*9
14
12
13
*9
*9
8
154 1512 165 50,400 Phillips Petroleum
No par
454 Jan 4
8
7
1614 17
1512 165
8 153 1812 147 15 8 15
4
100 Phoenit llosterY
8
0712 8.2
8
5
15 Mar 15
8
812
83
4 *8
8
*8
*8
918
8
3
3
2,300 Plerce-Arrow class A__No par
34
3
112 Apr 18
314
3
34 318
*3
312 *34 312
7
8
1
7
8 5.200 Pierce 011 Corp
25
14 Jan 3
7
8
7
8
1
1
7
8
1
118
1
1
18
500
912 •8
912
Preferred
100
34 Feb 27
914 *8
812 83
4 *8
812 812
83
8 88
3
17
8 2,900 Pierce Petroleum
No par
ss Jan 23
134
17
8
134 13
4 *13
4
178
14
*17
8 2
17
8
17
8
400 Pillsbury Flour milie.. No par
4
At Feb 24
*22
24
*213 23
4
2134 2131 2214 2214 *2034 2212 2134 213
500 Pirelli Co of Italy Amer shares 3338 Apr 4
*655 70
8
*643 70
4
*6434 70
*643 70
4
6412 65
*654 70
300 Pittsburgh Coal of Pa
13
4 Feb 25
14
1318 1418 13
100
3
*13
153 *13
4
153 *1412 15 4 013
4
107)
Preferred
35
35
100 17 Jan 25
39
____ *35
*35 ____ *35
39
*35 ___ *35
r Ex-dividend
r (1a4h sale
u Ex right
a Optional 1.,to. e gold 15 day,
• Bld and asked prim's. no sales on this day
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share $ Per share $ Per share
53 may
4
132, Sept
2014June 3
218June 6
12 Apr
312 Sept
183
8June 3
3 July
1312 Jan
433
4Sept 20
9 June 2078 Mar
33 Sept 18
912 June 20 Jan
812July 10
1 July
6 Aug
1514 Aug 28
3 Apr 1012 Sept
5318 Aug 28
2218 Dec 354 Jan
303
4Sept 15
10 May 21
Jan
8June 8
47
812 Dee 16 Apr
6 Jan 6
5 Dee 19 Jan
21 Jan 9
20 Dec 62 Feb
84.1une 12
24 may
712 Jan
4718Sept 20
13 May 2158 Dec
95 4 Aug 2.
3
1
28 June 6214 Feb
1312July 3
1 18 June
612 Sept
25 July 1
34 May 23 Feb
338 July 11
3 July
8
4 Mar
8July II
227
7 Dec 38 Mar
28 Sept 18
778 Dec 18 Jan
20 July 19
1 July
5 Aug
57 July 18
20 May 38 Jan
21 Sept 12
514 May 1912 Jan
22 Sept 1
14 June 2214 Jan
4Jurie 2
112 June
614 Sept
93
16 July 7
334 Ayr
87 Sept
8
1754JulY 7
2 June 123 Sept
8
72 Sept 6
25 June 65 Sept
2818July 19
11 June 2312 Jan
5
14July 18
338 Aug
58 June
30 July 18
4 Dee 1453 Aug
22 July 17
512 June 14 Sept
7412 Aug 10
134 May 303 Mar
4
28%8July 7
312 May 1612 Sept
56 July 3
20 May 3514 Mar
218June 22
34 Aug
4 May
4Sept 14
63
114 Sept
14 Apr
73 June 293 Sept
8
364 Sept 14
8
11,, July 10
,
2 June
65 Sept
8
103
4July 18
2 June 1338 Jan
25 June 9
5 June 2712 Sept
8June 27
7 Aug
1518 Sept
183
1112July 17
218 July
97 Mar
8
20l July 10
74 June 19 Feb
27 July 10
8 May 193 Sept
4
73
4July 7
114 May
514 Sept
8July 18
97
Is Slay
6 Sept
605
8June 28
2014 July 4672 Star
145 Aug 18 101 May 14214 Oct
4
233
2July 19
2614 Dee 183 Sept
143 June 314 Mar
8
4July Ill
253
212June 26
24 Aug
14 June
14 Dee 10 Aug
10 June 6
13 June 2714 Aug
1244July 17
2018 May 3212 Feb
115 June 28
81s Sept
338 July
4Sept 18
183
Jai
130 Sept 23
45 July 92
126 Aug 22
87 July 125 Mar
Jan
61 July 105
10918July 19
652 June 2034 Sept
2012July 13
1312 July 334 Sept
5518July 7
8June 12
312 June 13 Sept
285
1312 Slay 3918 Aug
6014JUIle 3
8
197 Aug
412 July
812 Jan 6
312 May 107 Aui
8
27 July 18
1218June 26
112 Apr
512 Jan
113
8.1une 2
2 12 May 1014 Sept
324sept
lI2June
113
4July o
414 June 1412 Sept
2:312July 7
8June 23
318 Dec 10 Sept
117
22 June 23
20 Apr 30 Aug
4June 12
ttJurie
33 Aug
4
23
2212 Aug 9
15 Dec
8
614 Feb
20 June 57 Mar
90 June 19
70 May 100
1014 Aug 8
Oct
90 June 10918 Mar
110 Jan 11
387 Sept 20
8
8
101 May 213 Sept
1354 June 4314 Sept
3612July 13
2512 July s48 Sept
46 Jan 12
114 May
65 Dec
8
9 July 17
79 July 13
49 July 88 Sept
10 June 7
25 June
8
8
Jan
43 June 6
15 June 33 Aug
h Feb
24 Aug
l7 July 18
5
1778July 6
Jan
11 Aug
4July 7
It Apr
83
4 Aug
212May 1014 Aug
3034.1une 9
112 Jan
434 Mar
83
4July 18
3 June
15 June 2'.
97 Jan
8
7 June 9
314 June 15 Sept
9 May 2212 Jan
2514July 18
106 July 19
90 May 106 Nov
94June 13
114 May
914 Sept
2134June 13
318 May 203 Sept
8
4July 13
963
12 Julie 424 Nov
32 July 12
Feb
167 June 37
8
433g Jan II
2034 Julie 4712 Aug
14 Aug
29 July 5
314 May
943
4July 14
58 June 1043 Mar
4
672July 14
Pk July
514 Jan
14 July 10
323
4July 13
Apr
10 Sept
3 July 1
2 Jan
14 June
414June I i
14 Jan
14 Dec
212June 6
414 July 18
5 Apr
2
2 Sent
212July 10
14 Stay
114 Aug
97
2July 18
114 June
53 Feb
4
2218July 17
318 July
912 SePt
918July 17
34 Juno
44 Apr
593 Aug 29
4
16 June 3234 Mar
523
8Sept 18
108 Aug 1
912Jutie 19
32 July 5
78 Jan 9
1514June 8
15 July 3
187 Sept 19
8
36 July 7
62 July 8
912July 14
147 une 7
8J
4July 18
183
183
4Sept 18
1278June 7
10 June 26
14July 12
1314July 12
234June 21
264June 7
6134 Sept 20
23 July 18
48 July 14
13 May 3412 Mar
60 June 91 Mar
12 Apr
212 Aug
3 Nov
8 Sera
Jan
39 July 121
6 De/
1212 Jan
738 Sept
23 May
4
34 June
115* Sept
18 June 41 Mar
48 June 76 Sept
2 June
77 Sept
8
7 June 13 Aug
312 Apr 1234 Sept
818 Sept
2 June
918 Ault
2
Nov
9 Jae
1 14 June
14 Jun
h SeP1
9 Aug
312 Jan
12 May
15 Sept
8
912 Dec 2212 Jan
21 June Mak Mar
115* Sept
3 May
Jan
17 Dec 40
New York Stock Record-Continued-Page
2429
7
330
-FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS L.ST, SEE SEVENTH PAGE PRECEDING.
111011 AND LOIV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Sept. 23.
Monday
Sept. 25.
Tuesday
Sept. 26.
Wednesday
Sept. 27.
Thursday
Sept 28.
Friday
Sept. 29.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Rance Since Jan. I
On beats of t00-sharr tots.
Lowest.
Highest.
PER SHARE
Rance for Previous
Yam 1932.
Lowest.
Highest.
S per share S per share 5 per share $ per share S per share S per share Shares. Indus. & Stilwell. (Con.) Par $ per share S Per share $ per share $ per shore
8
8
8
8
.75
8 818 *73
4 8
1134July 6
600 Pittsburgh Screw &13olt.No par
73
4 73
4
4
17 Feb 15
8
73
4 73
2 Apr
47 A(lb
8
912 June 241 Sept
1014 JAL 6 3834Nlay 26
1
/
4
.....-- 3 .
3
1
3
11* '1118 3112 3
P 3
1
*418 3A
"
67 July 18
2 Feb 8
8
.
1
212 Aug
1, July
P*12
.12
18
18
*12
18
*12
173 "12
4
173 '12
4
6% preferred
4 Jan 18 2312July 20
100
173
4
5 Dec
1212 Mar
*312 3 4 *312 33
*312 4
. 12 4
3
4
3
312 312 *214 4
100 Pittsburgh United
lb
Ss F'eb 6
5 Dec
8
612July 18
314 Sept
*46
50
46
46
.46
50
46
46
*40
48 '40
55
Preferred
50
100 15 4 Fer)27 64 July 19
14 Mn, 44 Sept
3
*3
4
*3
358 *3
33
8
3
.212 3
3
•218 312
100 Pittston Co (The)
/ Apr 1
1
4
No par
7 June 19
12 Dee
3 Sept
14
1412 133 143
4
4 1318 14
8 137 143
1318 1312 135 143 16.400 Plymouth Oil Co
61 Feb 24 1758July 7
8
4
5
83 Nov
8
1212 Sept
1112 117
1118 1184 113 1214
1012 11 18 103 1114
4
1114 1112 2.500 Poor & Co class B
4
184 Apr 3 133
4July 7
No par
112 May
65 Sept
8
45
*412 5
8 45
8
458 45
412 412
418 414 *4
414
800 Porto Rio-Am Tob el A.No par
8 June 6
158 Mar 23
114 May
65 Sept
8
*13
•13
4 2:8 .13
4 2
4 218 .13
4
17
8
112
lh
15
8
500
112
Class B
par
No
4 May 17
es Feb 27
2 Aug
/
1
4
h May
2112 22
2014 207
8 2012 2214 1918 2012 1918 2034 1912 21
8.200 Postal Tel & Cable 7% pre 100
4 Feb 27 40
34.1une 7
lh .11113
, 1712 Sept
*19
22
*1914 22
*19
22
*19
2114 *17
21
.1712 21
Prairie Pipe Line
25
7 Mar 22 22 July 6
51,June 1214 Sept
25
8 25
8
212 23
23
23
4 312
27
23
314
4
3.300 Pressed Steel Car
23
3
114 June
No par
512June 8
53 Jan 21
4 Aug
*812 9
*8
9
87
3 913 •718 10
*718 97g •718 10
400
Preferred
100
3 Jan 27 18 June 7
25* June 17 Seta
41
413
8 403 4112 40
8
4112 384 39
3918 40
40
4012 4.500 Pi vter 4 (1..rnble
No par
195 Feb28 50 Apr 20
8
197 June 423 Jan
4
*10412 105
105 105
104 10412 10312 10312 104 104 *10312 10414
60
5% pre!(ser of Feb 1 '29)100 97 Apr 18 105 Sept 19
81 July 10312 Dee
.11
/ 1 12 *114
4
Ds
118
% Jan 3
118
118
118
114
11
/
4
Ds
11
/
4
1,300 Producers & Refiner 'jorp_50
278Juue 21
/ Slay
1
4
11 Mar
/
4
*51 612
/
4
518 57
518 518
6
612 .6
8
63
91 Mar
250
6
6 12
50
Preferred
3 Feb 2 13 June 21
1 May
3612 379
4 35
3612 3512 3618 3412 3614 3418 353
14.400 Pub Ser Corp of N J___No par 3314 Apr 4 5718June 13
4 3514 36
28 July 60 Mar
7112 *7114 73
70
7114 7114 6914 6914
70
7058 7018 70
$5 preferred
700
62 June 907 Sept
No par 6612Sept 20 8812 Jan 31
8
87
8712 *8612 8712 .8512 873 .85
4
873 *85
4
8712 x8412 8412
400
8
100 80 Apr 4 1013 Jan 24
7112 June 10218 Aug
6% Preferred
09
99
*9712 100
9913
*977 10018 977 977 *9714 9912 *96
8
8
200
100 917 Apr 17 1121 Ian 2
7% preferred
/
4
9212 May 114 Mar
.104 115 *105 11118 .105 1108 *105 11118 "1053 11118 .1053 11118
8
8% preferred
4
_100 107 Apr 25 125 Jan 9 100 July 13014 Mar
*94
977 *94
978 *94
8
977o '94
96
.94
96
957 957
100 Pub Ser El & Gas uf $5 No par 8912May 3 10312 Jan II
8
83 June 1031 Der
/
4
48
49
47
4918 4814 503
4 47
4812 47
48
4812 5114 14,100 Pullman Inc
No par
812 Jan 4 58',. July 7
1012 June 28 Sept
333 143
4
8 1318 1418 13
137
8 1214 1338
1214 127
8 124 1312 59.700 Pure 011 (The)
/
1
212 Mar 2 153
27 Jun
8Sept 20
8
No par
612 Aug
64
*641 66
/
4
663
4 63
66
6212 6312 6212 63
62
6412
750
8% cons preferred
8
100 30 Mar 3 697 Sept 19
50
Jan 80 Aug
17
/ 183
1
4
4
1714 1714 .1712 18
1614 17
1534 16
16
1612 4,700 Purity Bakeries
578 Feb 24 23's JulyII
No par
15% Mar
43 May
8
738 8
ns 8
73
713
4 814
714 73
4
712 818 83.100 Radio Corp of Amer- __No Par
714
212 May
1312 Sept
3 Feb 23 12'. July 8
2818 2818 *27
28% .27
2818 *2718 28
2434 271 *253 2612
900
Preferred
10 June 32% Jan
50 1314 Feb28 40 May 31
18
1812 1714 18
1714 18
153 163
4
4 155 1638
8
1612 173
Preferred B
4 7.700
33 May 235s Sept
8
No par
612 Feb28 27 July 8
21
3
3
318
3
3
27
8 3
234 27
25
8 278
8 3.800 Radio Keith Orph
5 4 I utte 8
,
No par
1 NI ar 31
112 June
734 Sept
1714 18
173 173
4
4
1712 18
165ft 1713 163 167
8
8 163 173
5 Feb 23 20s Sept 14
44 July 3123 Aug
/
1
4
8 4.700 Raybestott Nlanhattan_No par
4
1212 121. •1212 121 1212 121
1212 13
/
4
1214 1214 1,40 Real Sflk llosierY
1214 1214
8June 12
10
2111 Jul
812 Sept
512 Feb 27 207
*50
55 '50
55 - *513
55 .50
55
*45
55
50
50
Preferred
100
100 25 Jan 4 60 May 16
7 June 30 Sept
*2
218
2
2
2
2
2
2
17
8
17
8
412July 18
14 Jan 3
90(1 Reis (Robt) & Co
17
8
17
8
No par
Ilt Sept
Is Apr
*12
1312 *1218 1312 12
12
*104 11
/
1
1012 1012
118 Jan 3 1812June 22
el
97 1014
90
8
100
let preferred
Dec
75* Sept
814 85
8
712 818
75
8 814
714 73
212 Feb 23 1114July 17
7
1
712
1 May
758 73
4 9,600 Remington-Rand
712 Aug
29
29
29
29
*28
294 28
/
1
3717 July 1.1
28
27
27
27
27
let preferred
712 Feb 27
4 June 29 Aug
500
100
•2912 30
29
29 .27
2812
32 .27
31
*26
29 .26
5 June 31 12 Aug
10
100
8 Feb 27 3514July 13
2d preferred
3%
33
8
3% 312
3% 35*
23
4 314
33 Sept
27
8 3
314 13.200 Reo Motor Car
5
lh Feb28
63
112 Apr
8June 7
3
1512 153
14
1512 15
1573 1418 15
138 1438 14
1434 18,500 Republic Steel Corp_ __No par
4 Feb 27 23 July 13
17 June 137 Sept
8
8
3512 36
.3212 34
3 3012 3153 31
36
363
3312 333
100
9 Feb28 5412July 13
32
6% cony preferred
4,500
5 June 287 Sept
8
*6
8
614 614 .6
8
.6
8
.6
8
.6
8
1% Jan 10 12 June 2
100 Revere Copper & Brass_No par
1 July
614 Sept
*512 14
•512 14
12
12
.7
18
*914 19
Class A
214 Mar 2 25 June 2
*512 18
2 Dec 1212 Aug
100
No par
17
17
1614 173
4 1612 1612 15
6 Feb 27 2112June 27
/ 1614 15
1
4
8
55 July 117 Sept
8
1512 1512 1512 3,500 Reynolds Nletal Co___.No par
912 912
912 912 *912 10
No par
912 912 *9
10
Da Feb28 15 4 July 12
3
10
800 Reynolds Spring
10
127 Sept
8
3 Feb
14 5138 501 511 481 50
5118 52
50
/
4
/
4
/
4
/ 493 4978 50
1
4
8
5078 27,000 Reynolds(R J) Tob class B.10 2612 Jan 3 z5414Sept 15
261* June 4014 Jan
.60
61
.60
61
.60
61
.60
61
.60
61
10 60 Jan 5 623 Jan 24
61
Class A
•60
64 May
4
71 18 June
1, Feb 21
__. Richfield 011 of Calif_ __No par
3 June 8
8
13 July
% June
"IF Ti" ;145- li" ;HI Ii5; ;ill
9 ;1614 I35i 115- -115- ---100 Ritter Dental Mfg
12
612 Feb 25 1634June 29
4 July
No par
Oct
8
434 5
5
53
8
514 5 4
3
5
514
112 May
8
2 Apr 8 107 lune 13
45
8 5
5
912 Aug
"453 5% 2,900 Rossla Insurance Co
3514 353
5 341 341 .351 357
/
4
/
4
/
4
8 351 3518 3434 3514 3512 3512 2.500 Royal Dutch Co (N Y Shares) 1 75* Mar 2 373
/
4
1218 Apr 233 Sept
8Sept 18
4
2812 2914 27
29
263 273
4
4 251 263
/
4
4 2518 26
618 Feb 27 313 Sept 19
4
10
257 273 15,200 St Joseph Lead
8
8
453 July
171 Seta
/
4
44
443
8 4212 44
433
413 43
413
30,g July 5914 Mar
41
No par 28 Mar 3 6238July 17
•_
ab_ 8912 85 85 *80 4 44 *80 8 86 '80 42 .80 4212 5.800 Safeway Stores
88
100 72 Apr 5 9412July 13
86
6% preferred
60 May 90
10
86
Oct
i 99 97 97 98 99 98 98 9778 977 95 95
69 June 99 Oct
370
100 8014 Feb 15 105 Sept 12
7% preferred
614
6
6
6
6
6
514 6
214 Apr 3 12 July I
73 Feb
8
*6
11 July
/
*6
4
812 1.400 Savage Arms Corp____No par
7
3
6
6
512 5 4
53
4 53
51
4
5
512
4
12 Dec
5
Jan
5
3.600 Schulte Retail Stores_ ...'..0 Par
5
h Mar 3 1014 JulyIi
.1912 263
4 1912 1912 .1818 23
20
20
*18
23
5 Oct30 Jan
23
100
23
Preferred
318 Apr 25 35
40
34July 12
•4114 4112 .4114 42
.4112 42
41
41
.40
403 .39
4
18 May 42 Feb
No par 28 Jan 24 447 July 19
10 Scott Paper Co
408
4
3612 3714 354 4018 3917 433
/
1
2
8 37. 4118 37
393
4 3814 401 120,010 Seaboard 011 Coot Del_N0 par 16 Feb 13 433
/
4
8
65s Apr 203 Dec
8Sept 26
.234 4
*3
4
27
8 3
*3
312 *3
4July 13
318 314
No par
Apr2 4 Jan
314
43
11 Feb 25
3
/
4
1
600 Seagrave Corp
42
433
8 4014 423
8 3912 4238 38
4014 3818 40
97 June 3738 Jan
8
3812 407 71,700 Sears. Roebuck & CoNo par 1212 Feb 25 47 July 17
8
•238 27
8
2
/ 23
1
4
8 *214 3
214
214
214
21
11 Feb285 June 7
.218 23g
/
4
1
12 July
3 Aug
500 Second Nat Investors
*3414 37
*3414 37
*3414 37 ,*34% 37
*34% 37
Preferred
*3414 37
2114 Jun
1 24 Feb 24 48 July 6
3618 Aug
1 8 11
,
/
4
11 173 .158
/
4
178
112
15
8
112
112
112
pp
3
/
1
4June 2
18 Mar 28
1,500 Seneca Copper
/ May
1
4
No par
1 Aug
58 5
3
/
1
4
514 512
512 5 8
,
5
512
47
8 51
113 Feb 4
112 June
5
5 14 17.70.1 Servel Inc
1
712July 18
53 Jan
8
83 83
8
8
58
8
8
811
73
4 8
51 Apr 8 1314July 8
712 8
5 May 123 Mar
75s 73
4 4.600 Shattuck (F (1)
4
No par
*6
712 *6
8
7
7
73 Sept
618 618
*8
7
618 6'g
112 July
400 Sharon Steel hoop
No par
112 Feb 23 12 July 14
5
5
5
5
412 5
412 41
414 45
8
85 une 28
178 June
8J
43
8 5
212 Feb 27
No par
7 Sept
4,600 Sharpe & Dohme
30
3012 .2912 3212 3014 3058 3014 3014 *301
1112 July 3014 Jan
Cony preferred ger A.No par 2114 Mar 2 4178July 13
3 36
00
3212 3212
9
814 812
73
8
8 11
814 85
8
77
814
83
8
8
1158July 7
83 31.200 Shell Union 011
8
53, Sept
212 Apr
312 Feb 1.
No pa
53
/ 54
1
4
544 543
/
1
4 5412 5412 53
541
53
53
5234 5334 1.200
Cons preferred
18 May 6514 Sept
100 28% Mar 28 61 July 7
2212 233
8 2112 23
2158 225
8 2014 2114 2014 213
4 2012 2214 22.200 Simi:none Co
/
1
24 June 133 Sept
4 8 Feb28 31 July 19
8
3
No par
•1012 11
1012 1012 1018 1018
95 10t3
8
97
914 912
47 Feb28 123
94
3
2.900 Simms Petroleum
8June 2
10
712 Aug
3% AV
8
8
7
/ 8
1
4
.81 83
/
4
4
714 8s
7
/ 75
1
4
8
77
8 8
1.500 Skelly 01. Co
8June 2
97
4
212 Feb
25
53 Sept
3 Feb 20
*54
56
54
54
54
55
*52
571 .54
55
55
55
12
700
Jan 3312 Sept
Preferred
100 22 Feb28 5712July 20
*17
28
.10
28 .15
28
*15
28
*16
25 .15
28
Sloss-Sheff Steel & IronI00
334 June 193 Sept
7 Jan 3 35 July 14
4
2018 2018 *20
24
22
22
*20
/ 29 '203 27 '203 27
1
4
4
70
7% preferred
2912 Sept
6 July
814 Feb 7 42 July 15
100
57
612 653
612 613
612
58 5
5
3
53
8 512
6
6 14 3.100 Snider Packlng CorpNo par
17 Dec
8
9 4July 13
58 Mar 31
3
712 Sept
1212 125*
1218 127
8 123 123
8
4 111 121
/
4
1112 12
1134 1214 57.600 Socony Vacuum Corp
1512July 7
5% May 12% Sept
25
5 Mar 23
81
81
.80
80% 8018 81
8012 82 '82
87
8418 8418
1.000 Solvay Am Invt Tr pref._ _100 58 Feb 25 92 July 3
35 June 67 Sept
4214 433
4 41
42
41
42
39
4058 38 4 40
,
393 413
4 7.300 So Porto Rico Su r___No par
1834 Sept
412 Apr
8July 17
/
1
4
15 Jan 12 483
127 127 .127 129 .127 129
126 127 .123 125 *123 125
70
Preferred
86't Slay1124 Dec
/
1
100 112 Jan 4 132 July 14
1818 1812 18
183
8 18
1812 173 18
8
173 18
4
1818 183
8 8,400 Southern Calif Edison
25 17 Apr 7 28 Jan 11
/
1
4
153 June 323 Feb
4
4
53% 4
*3% 4
*3% 4
*3% 4
.318 4
3% 318
100 Southern Dairies! cl B__No par
4June 10
114 May
3 Feb
114 Feb28
73
.8
11
*8
11
8
8
*8
11
8
8
.8
11
200 Spalding (A G)& Broti-No par
41 July 12
/
4
4 Jan 18 111
/
4July 14
Jan
.40
46
*40
46
*40
46
40
40 '40
45 .40
45
lot praerred
10
25 Dec 95
100 2518 Mar 28 61 June 27
Jan
•1012 13 .1012 13
*1012 13
*1012 13 .1012 13 .1012 13
Spang Chalfant&Co IncNo par
1.512July 19
8 4 Star
,
034 Nlar
412 Feb 18
.25
45
*25
45 .25
45 .25
38 .25
35 '25
35
Preferred
15 Nov
100 1712 Feb 9 50 June 13
4812 Jan
514 5
/
1
4
514 55
8
54 5
,
/
1
4
47
s 514
45
8 5
5
512 8,400 Sparks Withington_ _ _No par
8 June 12
34 Feb28
I May
5 Sept
.
*212 318 *214 318
*218 31
214 21
.214 3
*214 3
50 Spear & Co
512June 20
Is Jan 10
No par
12 July
15* Apr
.15
18
*1553 17
"1512 l6's 1512 151 *1512 1612 161 1612
/
4
200 Spencer Kellogg & Sons No par
74 Apr 10 22 July 19
8 May
/
1
11 Sept
5
53
8
47
8
518
478
511
412 5
412 47
8
412 424 19.800 Sperry Corp (The) v t c
1
218May 3
7'2 July 18
1 2 10
*612 12
.6
.6 2 10
,
.012 10
*612 12
.612 12
Spicer NIfg Co
5 Jan 3 16 June 12
No par
- 3 Dec
8% Sept
.2314 2914 *2314 2914 .2314 2958 2314 231 •2314 29, .
4
23'4 291,
10
Cony preferred A_ No par
3212.1une 12
1154 Al ar 21
S'zJune 18 Sept
15
15
1414 1414
1313 13
14
14
13
1312 14
14
1,400 Splegel-May-Stern Co_No par
1 Feb28 1714Sept 16
58 May
5 Aug
/ 2414 2512 241 2511 23
1
4
2518 25
/
4
244 23
/
1
23
/ 233 243 110.200 Standard Brands
1
4
4
4
13114Mar 2 37h July 18
No par
8
83 Jun
8
177 Aug
.12012 124 .12012 12212 *1203 1221 .1203 12212 •120h 12212 •1203 12212
4
Preferred
No par 120 July 11 124 May 4 110 June 123 Dec
63
8 7
.61
63
4
6
614
5 8 53
5
6
6
6
612 2.400 Stand Comm Tobacco_No par
1 .4.0 3
93 Aug 28
8
78 July
2 Jan
1114 12
1012 113
4 103 1112 10
4
10
/ 10
1
4
1012 103 103
8
4 8.800 Standard Gas & El Co- No par
5% Mar 31 2212June 13
7bsJune 34% Mar
1114 123
4 1112 1112 1113 113
4 1014 115
8 108 1118 1112 1178 3,500
Preferred
No nar
85 Apr 3 2578June 13
8
4114 Jan
914 Jun
34
.29
*29
34
.31
34
.293 34
4
*30
31
331 •29
/
4
$6 cum prior pref__No par
17 Apr 4 61 June 13
21 July 6212 Aug
33
3358 .35
38
357 358 35
8
35
2323 323
4
4 2212 33
1,000
$7 cum prlor pref__No .,
ar 20 Apr 4 66 June 13
28 June 75 Jan
•112
17
8
112
112 *112
5112
17
Ds .
112
17
8
112
11
400 Stand Investing Corp_.No par
12 Mar 31
14 June
214 Aug
8June 2
27
102, 10258 *101 8 1013 10112 1011 101 10114 1007 101
8
,
4
/
4
8
10078 10078 1,000 Standard 011 Export pref__100 9212 Mar 3 1023
4Sept 15 381 June 10012 Dec
4I4 423
417 43
8
4114 427
3818 42
3818 393
3918 41
39,000 Standard Oil of Calif...No par
1912 Mar 3 417
1518 Jun
3I7 Sept
8
8Sept 20
14 304 34
32
33
/
1
3312 35
*33
3412 "33
34
33
33
10,100 Standard 01101 Kansas____10 12h Apr 4 35 Sept 26
1612 Aug
7 Apr
415 42
8
403 4112 4034 413
4
39
403
4 387 3212 3912 403 67.400 Standard 01101 New Jersey_25
8
4
/
1
224 Mar 3 43 8Sept 20
7
197 Apr 373 SeP4
8
s
*712 1012 *712 914 *7
914 '712 914 *7
914 '712 914
Starrett Co (The) L S__No par
4 Feb 16 1112June 14
3 July
884 Sept
2
2
.17
17
218
17
17
8
I%
13
4
I% *17
2
400 Sterling Securities al A_No par
58 Jan 11
3 8June 13
7
Is Slay
214 Sept
543
41 5
/
4
43
4 434
*43
4 5
4 5
484 5
"47
5
900
Preferred
No par
112 Feb 10
73
4June 13
5 July
8
4 Sept
*2812 30
*2812 32
a28l2 2812 •2812 32
2814 2814 2818 2818
500
Convertible preferred__ -_50 20 Mar 2 3614 July 3
1312 June 28 Aug
5
7
7
/
1
4
6 8 63
4
65
8 718
612 61
/
4
6
/ 612
1
4
64 63
/
1
8 5,100 Stewart-Warner Corp
10
212 Feb 24 1112July 19
812 Sept
17e May
9
93
8
9
914
83
4 9
8
884
7
/
1
4
14
814 83 14.700 Stone & Webster
55 Feb 27 1914 July 13
78 Sept
No par
45 July
8
518
478
5
5
518
412
5
5 14
458
458
4
4 12 16,300 Studebaker Corp (The) No par
112 Mar 20
83
8June 6
212 May
131 Sept
4
"2135 2812 .2114 2812 .2114 26
.2114 24
2114
*22
2412 19
80
Preferred
100
9 Apr 3 3818June 5
30 Nov 1047 Star
8
47
4612 .46
47
46
47
47
47
4612 4612 47
47
1,500 Sun 011
No par 35 Feb 25 50 July 18
241 Apr 397 Oct
/
4
8
102 102
102 102 *102 103
•10112 102
102 102 .1001 103
/
4
Preferred
50
100 89 Mar 16 103 July 26
68 July 92 Dec
211 4 *20
4
21, *19
2012 19
.19
19
19
20
.1012 22
507 Superheater Co (The)__No par
712 Feb 17 27 July 19
7 June 1414 Sept
278 314
2
/ 314
1
4
3
3
2
/ 3
1
4
234 2
/
1
4
21 3
/
4
6,800 Superior 011
No par
44 Jan 4
412July 13
14 Jan
2 Sept
/
4
11
103 111 1014 104 104 104 1012 11
4
8
/
4
113 111 10
/
1
/
1
/
1
2,700 Superior Steel
100
2 Feb28 22h July 13
214 May
914 Sept
012 612
6 2 6:2
,
63
4 63
4
6
6 14
512
512
512
512
SOO Sweets Cool Amer (The)___50
1 Mar 22 10 July 19
11
158 July
Jan
.1
•1
2
2
.1
2
112
112 .1
112
11 11
/
4
/
4
300 Symington Co
No par
le Apr 6
3 June 7
14 Mar
1 Sept
27
212 212
8 27
4
25
8 25
23
4 23
8
25* 23
4
3
3 12 1,700
Class A
514July 3
14 Apr 11
No par
12May
2' Aug
1218 123
8 123 123
121 1214
4
/
4
4 12
13
*12
1214 12
1214
1,100 Telautograph Corp __Nopar
/
6 July
4July 7
81 Feb 17 161
/
4
134 Mar
/
1
558
512 5
'1
/
1
4
5
5
512
512 04
514 512
5
514 3,300 Tennessee Corp
lh Feb28
No par
714 Aug 10
1 Slay
41 Sept
/
4
8 2612 2818 2518 2612 25
/ 2612 275
1
4
2718 27
257
8 2514 267 43,400 Texas Corp (The)
25 10 Feb 2
/
1
4
, 301sSept 18
914 June 1814 Sept
373 3912 3658 37
8
/ 363 39
1
4
8
3512 3714 3512 3
38
/ 54.000 Texas Gulf Sulphur_ _No par
1
612 36
4
1514 Feb 20 41 Sept 19
12 July 2634 Feb
3
37
4
3
4
334 37
33
4 34
3
312 33
8
3
/ 4
1
4
(511
4,600 Texas Pacific Coal &10
13 Mar 3
8
612May 29
112 Apr
4 Aug
83
4 87
8
812 9
83
4 83
4
8
8 12
8
8
8
/ 85
1
4
1118June 12
31 Mar 31
/
4
8 8.100 Texas Pacific Land Trust.. _ __1
212 June
812 Sept
.,,,
_ ":2
.
T2i 33., 12 PittrsterVaaluemor_TN-J iprir
• Old and asked prices, no sales ot this day. a Optional sale. z Ex-clIvl lend.
y Ex-rights. c Cash sale.
New York Stock tiecord-Concluded-Page 8
2430
-
Sept. 30 1933
coP SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Sept. 23.
Tuesday
Sept. 26.
Monday
Sept. 25.
Wednesday
Sept. 27.
Thursday I
Sept. 28.
Friday
Sept. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Indus & Hiegel!.(Coml.)Par
,
Thatcher Mfg
No par
83.60 oonv pret
No par
The Falr
No par
7% preferred
100
Thermold Co
No par
Third Nat Investors
1
Thompson (J it,
26
Thompson Products IncNo par
Thompson-Starrett Co_No par
33.50 cum prey
No par
Tidewater Assoc OH_ _ _No par
Preferred
100
Tide Water 011
No par
Preferred
100
Timken Detroit Axle
10
Timken Roller Bearing_No par
Transamerica Corp. _ __No par
Transue & Williams Bel NO par
TrI-Contineatal Corp-No par
6% preferred
No par
64
*6012 63 4 .6012 64
*61
3
63 4 *61
3
*6012 63 4 *6012. 64
3
1,300 Trico Products Corp. No par
32
33
33
32
33
34
32
33
34
3214 3214 *31
*2
234 .134 23
100 Truax Traer Coal
234 .112 234
4 *13
No par
4 23
4
218 24 *1 14
/
1
714
712
714
712
718
738
63
8 714
612 634
612 63
10
4 4,700 Truman Steel
212 1,200 Ulan & Co
2
212 234
218
2
*23
214
2
No par
4 312
212 212
2912 2812 2812 29
2912 2.000 Under Elliott Fisher Co No par
31
31
29
297
8 2914 3012 29
463 463
4
4 4312 4538 42
4412 38
421 4312 5.600 Union Bag & Pap Corp.No par
4112 3712 41
:
11
43
31.500 Union Carbide & Carb_No par
4514 46
42 8 45
5
4212 41
423 444 40 8 43
4
41
/
1
3
20 4 2112 1918 203
3
25
8 20
7
21
4 1918 19 8 19 4 20314 10.700 (10100 011 California
21's 217
1.900 Union Tank Car
18
No par
s
4 173 1712 18
8 1714 173
8 1714 183
8
*1712 177 *1714 175
8
8 2918 3038 29
8 287 317
4
/ 3238 304 327
1
4
313 112.900 United Aircraft & Tran_No par
3
3238 33 8 30
200
6% pref series A.
64
65
64
65 "60
64
66
64
64 '60
60
6618 *64
2,700 United Biscuit
2238 217 2214 213 217
8
2212 2212 2214 227
8
s 2112 22
8 22
100
Preferred
100
*10814 110 '10814 110
11818 121 *10814 110 *10814 109 .10814 109
4 23 4 2412 2312 24
4
3
26
2312 2412 5,900 United Carbon
No par
2614 243 2512 2518 253
618 612 51,100 United Corp
618 638
No par
/
1
4
612 63
4
612 7
618 6
63
8 6
/
1
4
Preferred
2818 2818 2738 2818 2714 273
29
4 277 2818 28
29
283
s
No par
8 3,400
310 United Dyewood Corp---100
5
5
5
514
5
512
5.4 5 4 *5
7
5
3
*5 4 6
3
.814 612
6
6
*6.
612
500 United Electric Coal-No par
6
6
3
6
*512 5 4
6
10,000 United Fruit
59
60
60 4 5814 6018 5812 59
3
6012 6112 60
No par
6014 59
1618 1638 1618 163 25.100 United Gas Improve
1612 17
1614
8
No par
163 167
4 16
8
8 164 163
Preferred
500
893 *88
87
4
4
893
.87
4 86
893 *8512 893 *85
4
8718 *86
No par
300 United Paperboard
23
4 2
*23
8 3
/ *23
1
4
2
/
1
4
24 25
8 3
*23
8
8 3
25
8
100
*11
4
13
11
11
2
11
1212 1012 113 •103 1112 1,400 United Piece Dye Wks_No par
'1012 13
573 8 100 '73 8
6/s% preferred
8
100
3
*733 80 "733 80
8
/
1
4
3
"733 100 '73 100
8
2,200 United Stores Mese A-_No par
318 312
31 53
3
/
4
3
31
3
3
318
27
8 3
Preferred class A ___ _No par
1.000
"491 1 72
*4914 69
*491 4 60
60
5114 5114 "51
"51
60
4212 4438 43
/
4
44 44
8 2,300 Universal Leaf Tobacco No par
4318 4312 443
441 4414 43 43
22
20 Universal Pictures lat pfd. 100
*24
*19
24
29
24
*24
22
*19
29
29
*19
2
1,500 Universal Pipe & Rad-No par
2
*2
2
/ 2
1
4
2
2
/
1
4
214
2
2
2
2
1414 1414 1438 6,100 US Pipe & Foundry
15
1514 1512 1418 1512 x14
20
15
/ 15'8 151
1
4
lst preferred
700
157 157
8
No par
8
4 157 157 *153 1614 *1552 16
3
8
15 4 153
8
3
8 15 4 16
300 U S Distrib Corp
23
8
21 21
/
4
*2
No par
2
312
2
25
'2
8 •2
3
'2
U 8 Express
1
•19
100
•14
118 ' 1
*1
4
1
4
12
1
•1
14 0
900 US Freight
2214 22
No par
/ *2112 23
1
4
/
20 - 20
4
21 14 211
21
2112 2112 21
1,000 US & Foreign Secur
No par
10
4
111 1178
4 11
10
/
4
11
113 113
10
101s 10 4
10
3
Preferred
65
*64
No par
6812 *64
65
65
•64
65
*64
65 '64
*64
2,900 US Gypsum
/ 43
1
4
44
/ 42 4 4312 411 423
1
4
4312 44
20
43
/ 4414 42
1
4
4 43
3
/
4
50
119 119
*11818 121 *1181 121 *11818 121
7% preferred
/
4
118 1181s *11814 120
100
300 U 8 Hoff Mach Corp__No par
818
•812 914
8
814 814
8's 918 *Ws 918 *814 918
6914 61,700 US Industrial Aleohol.No par
/ 6212 67
1
4
6812 7012 66
/ 6314 6512 65
1
4
6812 6612 69
012 93
8
1412 912
3,600 US Leather v t e
932 10
1012 11
No par
912 10
1012 11
171s 18
C161111 A v t el
No par
4
4 2.000
163 163
17
8
1614 1614
163 177
4
8 173 1814 17
Prior preferred• e
*
80
*78
8112 "78
100
78
*74
8112 *78
79 '76
80
'78
8 3,600 US Realty ,k Impt----No par
*85
812 93
8 87
8
914
8
73
8
712 818
812
8
7311
1712 1814 167 177
No par
1512 1614 1614 173 35,500 US Rubber
8
1814 15
17
3
8 17
tat preferred
100
8 253 273
2812 2518 267
8
4 6,100
25
30
3114 2918 3012 30
30
9912 91
50
8914 897 9814 126,500 1.1 8 Smelting lief & Min
9412 8612 9614 83 4 8812 86
3
95
8
Preferred
400
60
4
5714 5712 5614 5614 5614 5614 *56
5712 .553* 5618 *56
573
/
4
100
/
4
49
48
503
8 473 49
5018 4514 4812 461 4712 451 4814 137,200 US Steel Corp
4
Preferred
100
82
8012 8112 79 4 82
823 8412 4,800
8214 81
4
82
8211 81
3
98
No par
98
98
500 U S Tobacco
9814 9814 9812 985
8 9812 9812 *97
'984 100
No par
8 5,800 Utilities Pow dr IA A
34 4
3
38 3
5
3
/
1
4
34 4
3
312 37
7
312 3 4
3
/ 3s
1
4
No par
112 112
*138
112 112 .3.000 Vadsco 991013
8
134
112
112 13
138
112
112
Preferred
300
100
2514 24
*24
25
251 '24
/
4
247 24 '24
24
8
.24
/
1
4
/ 2512
1
4
4 2114 2214 15.000 Vanadium Corp of Ara_No par
2212 2312 22
22
23
233
4 2012 215
8 205s 213
610 Van ltaalte Co Inc
No par
8 53
4
*47
47
8 5
478
478 5
538
5
47
5 18
8 5
60
7% 1st pref stamped-100
30
30
2812 2812 *29
30
*30
4
*3112 3212 313 313
4
32
314
314
314 312 1,400 Virginia-Carolina Chem No par
312
31, 312 *314
312 312
312 33
4
200
16
4 16
6% preferred
100
163
17
164 •14
/
1
17
17 '14
*15
17
*15
100
70
70 '56
'55
70
70
*55
7% Preferred
*55
70 '50
•55
70
30 Virginia El & Pow $6 pf No par
5733, 75
73 4 *7312 75
3
75
•70
73
75 .73
75
75
490 Vulcan Detinning
53
100
4912 51
48
5012 50
51
4
493 5312 473 4912 48
4
1,000 Waldorf System
7
7
No par
7
7
7
71 714
/
4
7
*714 7
718 712
/
1
4
334 43
No par
8 7,500 Walworth Co
418 43*
5
412 412
5
5
5
57
8
518
Ward Baking class A--No par
12
*10
*1012 143 *1012 12
*1012 143 *1012 15
.1012 15
4
4
Class B
No par
4 1,500
23
4 23
3
8
3
8 3
3
3
3
3
*23
4 27
27
100
Preferred
1,000
35
35
35
35
*33
35
35 '35
35
37
37 '35
73 50,700 Warner Bros Pletures
5
4
714
74 71
/
1
/
4
74 712
/
1
7
/ 8
1
4
78 78
3
5
8
7
/ 77
1
4
$3.85 cony pref
No par
200
23
'18
2012 21
21
*193 23 '20
22
•1912 2114 *19
4
Warner Quinland
No par
500
*218 238 *214 238
21s 24
/
1
218 218
214 214
238 238
No par
812 97s 6,900 Warren Brae .
9
9 18
8 8 912
7
93 1014
8
3
9 4 1018
9 4 1018
3
Convertible pref----No par
19
1912 *12
*12
'1512 21 '17
20
20 "13
20
*12
4 7,100 Warren Fdy & Pipe--.No par
2014 2012 22 4 20
1912 20 4 20
3
3
8 2114 213
224 2012 217
No par
55
8 53
8 1,100 Webster Elsenlobr
512 512
6
6
6
512 512
6
6
6
I
550 Wells Fargo & Co
/
4
/
4
"112
13
4 '11 11
134
'112 2
138
112
112
112
112
/
1
2412 25
25
25
25
2512 24
2412 2412 2412 2412 244 2,200 Wesson 011 at Snowdrift No par
Cony preferred
200
No par
3712 *57
457
,
5712
57
*56
59
/ "57
1
4
*56
57
57
59
583 32,200 Western Union Telegraph_100
8
5712 6112 5818 617
8 55
573
60 4 62
3
55
8 554 59
/
1
8,000 Westingh'se Air Brake.No par
4
2734 2912 2712 28
2918 x2714 2712 273 29
2812 3014 27
3
39 8 40 8 36
4 364 3812 35
3
/
1
5
/
4
/ 393
1
4
8 345 363 53,800 Westinghouse El & Mfg.---50
37
/ 341 357
1
4
1st preferred
90
86
50
*78
*81
84
86
80
8311 8314 '8012 86
81
"78
500 Weston Elea Instrum't_No par
/
1
4
712 712 *712 8
7
7
7 12 .714 814 '714 812
7
Class A
_No par
100
__
'1512
•164_ _ •16
16
*1512
_
16
_ __ •16
50 West Penn Elm)elms A_No par
47 46
46
*45 - 46
50
4012 4
012 4612 - - -12 *45
4812
4
6
Preferred
120
100
5314
53
60
5314 5314 53
/
5212 5314 5312 534 *53
1
55
130
8% preferred
100
*4512 48
4518 4518 46 4618 '4514 48
*454 48
451 46
/
4
80 West Penn Power pref.--100
10814 10814 '
107 108
108 108
1108 109 *108 109 *108 109
50
6% preferred
100
87
"85
87
/ *8514 86
1
4
86
*85
86
883
4 87
883 '85
4
1,000 West Dairy Prod Cl A._No par
4
4
5
4
4
4
418
412 412 *4
*412 5
Class B v t o
No par
1 12 1,200
112
13
2
152
912 138
13
4
4
1 12
14
,
17
2 17
2
13
400 Westvaco Moline ProdNo par
"141 16
/
4
18
8
15 8 15 8 *15
3
15
*1514 18
3
1518 *147 18
No par
900 Wheeling Steel Corp
16
16
1618 16
16
16
*17
18
18
•18
1812 .17
60
100 White Motor
*1514 21
1914 1914 *1514 21
21
*1514 21
•1914 21
*1514
200 White Rock Min Spr otf No par
2612 2612 265* 265 *2612 28
8
*27
2812 *2714 2812 .2712 28
2
700 White Sewing Machine_No par
218
*238 212
2
212
214 214
2
2 8 23
3
8 *214
Cony preferred
No par
83
4 2.200
88
5
8
8
83
4
9
8
814 83
8
4
84 83
/
1
4
1,600 Wilcox 011 & Gas
31s
5
3
3
/
1
4
3
3
3
34 314 '314 312
*3
4 312
100 Wilcox-Rich ol A cony-No Par
8
/
4
"247 291 *2474 2914 244 247 *2412 2918 '241 2918 *243 2918
8
/
4
8
/
1
No par
8 3,400 WUBOD & Co Ina
*63
512 53
8 63
6
4
6 18
6
512 6
612
514 512
Class A
8 143 1538 3,400
No par
4
1418 147
1614 161.1
15
15
16
1512 1614 15
Preferred
4812 1,700
100
4712 4712 4612 4612 48
*4912 62
49
49
48
49
10
8
8
4 375 3812 3814 387 22,600 Woolworth (F W) Co
8
39 8 40
3
8
391 40
/
4
383 404 375 383
23
100
2312 3,500 Worthington P & M
22
2512 26
2312 21
24
4 21
24
233 243
4
Preferred A
36 '3514 40
200
100
*3712 44
*3712 42
3712 3712 36
•3712 42
Preferred II
100
324 '3014 34
/
1
32
"30
'30
341 "30
/
4
3312 *30
3312 *30
*1414 16
14
14
40 Wright Aeronautical. -NO par
14
8 1412 1412 *1414 16
14
157 157
8
2,000 Wrigley (Win; Jr (Del- ..No par
50 52
2
5134 53
)
4
523
4 523 53
4 52
4 523 523
4
5 4 523
23
1,100 Yale & Towne Mfg Co
"17
18
20
26
18
*15
*17
18 "15
15
20
19
19
514
12,700 Yellow Truck & COW% al B.10
45
8 5
514
412 458
512
4
/ 51
1
4
43
8 514
5
/
4
Preferred
10
30
100
30
*281 35
/
4
4
*2812 35 '2812 35 '2812 293 '2812 35
8(5) Young Spring & Wire_No par
1212 1212 1212
8 12
8
13
13
1212 1212 127 127
8 127 127
8
8
2212 23
2014 2112 203 2112 2118 217
8 6,700 Youngstown Sheet & T.N0 par
2112 22 4 217 23
3
8
218 218 02
213
218
400 Zenith Radio Corp.- - -No par
*218
212
218 218 *218 21. *218
5,000 Zorn* Products (Inn)
1
58 6
7
53
8 6
512 6
6
5
6
/ 61
4
5
/ 6
1
4
$ per share
127 13
8
*385 40
8
4
70
.51
7
74
/
1
•15
18
*8
812
18
18
3
/ 4
1
4
*23
25'8
3
912 9 4
•49
5112
*17
25
.67
73
478 5
8
2812 287
614 to,
4
1014 103
5
/ 6
1
4
$ per share
.1212 1278
39
39
714
714
*51
72
7
614
*15
16
*814 83
4
173 183
4
8
34 4
3
*23
30
9
/ 10
1
4
18
51
513
8
*17
25
*67
72
43
4 4
/
1
4
2812
27
618 614
1012 1012
3
58 5 4
3
$ per share
121. 1212
'39
40
s
*712 77
.51
70
612 7
167
8
*15
'814 8
/
1
4
1814 19
8
3 4 37
3
*23
297
8
10 8 113
3
4
53
54
*23
25
'70
73
8
45
8 47
2738 2914
614
6
1012 1112
4
5
/ 57
1
4
$ per share
12
12
383 39
8
714 74
70
*51
614 612
*15
167
8
814 814
1714 1838
4
312 33
*23
297
8
8
1018 113
53
533
8
*20
25
717 71
8
/
1
4
412 4
/
1
4
2612 2712
534 614
97 1012
8
514 5'
2
$ per share
105 11
8
*3812 40
714 74
*51
70
6
612
8
153* 153
•73
s 8
/
1
4
1718 18
8
33
8 35
26
*23
1014 11
53
53
*18
25
72
72
418 412
2612 27
53
4 6
10
1012
514 53
4
3 per share Shares.
2,100
1034 , 11
300
*3812 40
300
74
/
1
*7
10
51
51
618 612 2,700
100
*15
167
8
100
"712 8
1712 1818 19,200
3
/ 3 8 5,300
1
4
5
*23
36
105 1112 186,500
8
5334 5418 2,700
100
20
20
700
7212 7212
/
4
41 41 4.800
/
4
13.600
28
26
23,200
57
8 6
3.100
10 4 11
3
5
/ 512 5.500
1
4
•Bid and listed prices, no sales on this day. a Optional sale
a Sold seven days. z Ex-dividend
PER SHARE
Range Since Jan. 1
On bast, of 100 share lots.
y Ex-rights.
Highest.
?RR SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share S Per share $ per share $ per share
2 Apr
10 Nov
6 Feb 16 2218July 19
37118 Feb b 44 July 18
221 Apr 32 Dee
/
4
121:June 1
21: Dec
2 Mar 31
/
1
4
814 Sept
38 July 85 Jan
33 Feb 28 70 July 5
is June
1 Feb 28 1012July 17
4 Sept
10 May
2114 July 18
10 Mar I
1712 Dee
63 Mar 18 1512June 2
4
7 Nov 16 Mar
/
1
4
/
1
4
54 Jan 6 204 Sept 14
2 4 June 10 Feb
1
94
/
1
June 19
12 Mar 3
ss June
214 Aug
12 Jan 10 30 June 19
12 June 171 Sept
:
4
55: Sept
318 Jan 13 113 Sept 26
2 Apr
23i, Apr 6 55 July 3
20 Feb 60 Sept
914 Apr 20 20 Sept 29
5 June 10 Aug
45 Feb 2 7212Sept 29
80 Feb 62 Sept
11 Mar 22
/
4
814J une 20
2 July
6 4 Sept
3
13 4 Feb 23 3512July 7
3
7 4 July 23 Jan
3
912July 13
24 Mar 2
/
1
21s Jan
7 Sept
/
1
4
81: Sept
27 Mar 21
8
214 July
1712July 19
834July 7
234 Feb 27
112 May
512 Sept
41 Apr 8 x75 May 16
42 Jan 72 Sep
193
8May 311 Mar
201 Feb 25 3878July 17
/
4
:
514 July15
II Apr 4
14 May
3 Jan
/
1
4
4June 12
2 Mar 3 123
2 Apr
714 Aug
6I4June 19
/May
1
4
8 Jan 16
4
3 Aug
/
1
4
7 8 July 244 Sept
3
914 Feb 24 3912July 7
/
1
61: Jan 13 60 July 18
51:June 111 Aug
/
4
8July 18
1934 Feb 24 517
151: May 36 Mar
/
1
4
812Mar 2 2338July 7
8 July 15 Sept
/
1
4
4June 2
111 June 1914 Jan
/
4
1011 Feb 21 223
61: May 346: Sept ,
164 Mar 2 4673Ju1y 17
/
1
511:Mar 1 68 June 18
3014 May 58 Dee ,
3July 10
11 July 281 Mar
131: Feb 24 273
:
75 July 103 Mar
92 May 2 x110 July 14
5
1014 Feb 25 30 s July 17
6 June 18 Sept
/
1
4
312 June 14 Sept
47 Mar 31 1412June 13
8
.1une 13
404
/
1
20 June 39 8 Sept
24 Apr 1
/
1
4
3
sJune 21
7 Apr
11
67
3 Sept
/
1
4
3 Feb 17
4
8 8 July 14
7
2 s July
3
1 Mar 31
6 Aug
/
1
4
1014 Pine 323* Aug
2314 Jan 3 68 Aug 31
914'Wile 22 Sept
14 Mar 31 25 July 13
85 May 1 100 Jan 9
70 June 99 Dec
Is Dec
512July 13
/ Jan 23
1
4
3 Aug
4
334 June 1178 Sept
/
4July 19
3i2 Mar 3 211
641: June 931 Jan
:
50 Apr 19 85 July 13
8 May
4
714July 6
3 Jan
, Feb 28
4
27 Jan 4814 Mar
45 Mar 21 66 July 20
2112 Apr 1 5112July 17
11 May 31 Sept
10 4 Dec 60 Jan
5
10 Apr 24 35 June 13
3 8July 13
3
12 Apr
21 Aug
:
14 Apr 4
714 June 181 Sept
61s Mar I 2218July 5
/
4
1112 June 163 Aug
8
124 Apr 10 19 May 26
/
1
2 June
6 June 13
5 Dec
/
1
4
11 Aug 30
/
4
14 Jan
2 .1une 8
/
1
4
114 Sept
/ Jan 30
1
4
311 May 153 Sept
4
7 Feb 16 2938July 7
4July 8
11 June
/
4
61 Sept
/
4
3 Feb 23 173
/
1
4
26 June 64 Sept
3611 Max 28 84 July 19
10's June 27 Sept
18 Feb 25 5312July 8
844 June 105 Oct
/
1
10114 Jan 9 121 Sept 20
84 Apr
sJune 8
6 Sept
138 Apr 3 I I7
1314 June 3614 Sept
131: Feb 28 94 July 17
114 May
7 Sept
/
1
4
174 July 18
2 8 Mar I
3
4July 18
314 June 16 Sept
414 Feb 25 273
4414 June 7018 Sept
30 Feb 23 7814 Sept 20
2 June 111 Sept
/
4
2 Feb 28 1412July 7
/
1
4
114 June 1014 Aug
2 1 Feb 27 25 July 18
7
3 June 20 Aug
/
1
4
7
23 43:July 18
/
1
4
512 Feb
10 June 22 Aug
1312 Jan 3 10358sept 19
/
1
4
31 July 45 Aug
/
1
4
391 Jan 4 58 Sept 20
/
4
2114 June 52 Feb
233*Mar 2 6712July 18
/
1
4
53 Mar 2 10512JulY 17
5113 June 113 Feb
55 June 66 Apr
69 Jan 9 085e Sept 26
/
4
111 May 104 Jan
8 8June 13
7
/
1
11 Apr 18
/ Mar
1
4
/
1
4
3 July 19
11 Sept
/
4
2
3 Jan 6
12 June 20 Jan
/
1
154 Jan 11 244Sept 28
/
1
738 Mar 2 3614JuIY 19
514 May 233 Sept
4
2 Dec
7 Feb
13
8May 5 10 July 6
35 June 26
147
5May 11
733July 19
-: Mar
2 Aug
/
1
4
Is Feb 23
3 s Mar 2 2612July 18
3
S's Feb 1114 Aug
20 Apr 6934 Nov
3538 Mar 31 6312July 18
60 JUDO 90 Sept
/
1
4
6.514 Apr 17 85 Jan 26
714 July 347 Lug
12 Feb 25 6778June 8
/
1
4
s
718 May 19 '
65:Mar 29 12 July 5
Jan
8 June 27
/
1
4
/June
1
4
72 Apr 5
4 Aug
/
1
4
214 May 1014 Jan
2 Mar 15 20 July 11
/
1
4
44 May
5 8Ju1y 10
6
2 Jan
/
1
4
/ Apr 13
1
4
/
1
4July II
111 Apr 17 44
/
4
12 May 40 Mar
/
1
4
1* June
918 Sept 15
41: Sept
1 Feb 25
414 Feb 7 22 July 10
4 June 20 Feb
4
/
1
4June 10
12 May
214 Aug
1 Mar 21
*
/
1
4
Mg Feb 28 22 June 19
114 May
8 Sept
/
1
4
7 Feb 14 35 June 17
/
1
4
2 June 1714 Jan
/
1
4
714 May 1414 Sept
4
5 Feb 20 223 Sept 26
8 July 8
1 Jan 16
re May
2 Jan
312Juna 9
18 Apr 11
14 July
13 Sept
8
7 Mar 3 3712July 18
8 July 20 Sept
/
1
4
40 Mar 3 63 July 18
424 July 5812 Sept
4
1238 June 50 Feb
1714 Feb 26 7714July 18
111 Jan 3 356:July 7
/
4
/
1
9 Apr 184 Sept
/
1
4
4July 14
153* June 434 Sept
193 Feb 25 583
8
6014 Feb 2 96 July 18
521
:June 82 Sept
2 Apr
/
1
4
3 Feb 27 1314July 8
/
1
4
9 Feb
/
1
4
10 Mar 31 2214July 20
1314 Apr 19 Jan
25 May 80 Sept
80 Apr 22 73 June 14
4June 14
Jan
22 June 76
37 Apr 4 773
20 June 70 Jan
33 Apr 6 69':July 14
/
1
4
80 June 111
92 Apr 13 1103: Jan 19
Oct
/
4
661
:June 1011 Mar
81 Apr 3 101 Jan 11
4June 12
2 Apr 5 111
/
1
4
34 Nov
164 Mar
4I4June 12
1 June
4 Mar
/
1
4
7 Mar 31
2
3 June 12 Mar
5 Mar 3 2012July 13
/
1
4
71: Jan 4 35 July 3
5 June 15 Sept
61 June 2714 Sept
/
4
14 Jan 26 2612July 13
111 Apr 1
/
4
383
8JulY 19
11 July 2812 Mar
4July 6
43
214 Aug
12 Jan 20
14 Apr
23 Sept
118 Jan 14
4
3 Apr
4
1012July 8
814 Aug
23 May
4
512Jurie 2
2 Mar 2
131 June 201 Mar
:
2714Sept 13
15 Mar 1
/
4
%June
7: Jan 3 11 June 7
13 Mar
4
4 Sept
/
1
4
14 May
/
1
4 Jan 3 22 June 0
11 June 31 Mar
19 Mar 2 72l July 15
2
22 JUDO 455 Max
/
1
2518 Apr 8 504July 8
8July 7
5 May 24 Sera
4 Mar 2 397
JOA3
141:June 41
14 Mar 15 51 June 7
12 May 31 Sept
14 Feb 28 47 June 6
3 Apr 1813 Sept
/
1
4
6 Apr 5 24 May 27
AID
2514June 57
3412 Feb 28 5314 Sept 20
15 Sept
61g July
7 Jan 20 23 June 17
734 Sept
4July 7
13 June
8
73
21 Mar 2
/
4
12 May 401s sent
18 Mar 2 42 July 10
117 Setn
8
3 June
:
31 Mar 30 1918July 19
131
4 May 2712 144
74 Feb 28 3738July 18
/
1
Jan
12 May
2
312July 18
I: Feb 27
974 Mar
nee
4
812July 8
3 8 Feb 23
3
• New York Stock Exchange —Bond Record Friday, Weekly and Yearly
2431
,14 Jan. I 1909 the , xchange method of quoting bonds was changed and prices are now "and
'
e
truerest"—except for income and defaulted bonds
N
BONDS
Y. STOCK EXCHANGE
Week Ended Sept. 29.
4... 3
2't"
1
4%
U. S. G00000mint.
First Liberty Loan—
J
3l,% of 1932-47
Cony 4% of 1932-47
J
Cony 4)4% of 1932-47
J
2d cone 4)4% of 1932-47
J
Fourth Liberty Loan—
442% of 1933-38
A
treasury 4)4o
1947-1952 A
Treasury 4s
1944-1951 J
Treasury 3348
1946-1956 M
Treasury 343e
1443-1947 .1
-treasury 38___Stpt 15 1951-1955 M
Treasury 34e June 15 1940-1943 J
Treasury 3448 Mar 19 1941-1943 M
Treasury 31
4,June 15 1946-1949 1
Treasury 358'8
Aug 1 1941 F
Pried
Week's
"
Range
Friday
Range or
i -`?
Since
Sept. 29.
Lou Sale
fa,. 1
—
Rig
40 Low
Moll No. Low
High
N
.2.
BONDS
Y,
Y. STOCK EXCHANGE ... -.
Week Ended Sept. 29.. r:
.5
.
Price
Friday
Sept. 29.
reek's
Range ar
Last Sale
i_
A -.
3:
Range
Since
Jan. 1
— -Low
High
Bld
Ask Low
iligh VO
Deutsche Ilk Am part "If 65 1932
201 99 4410314n
,
stamped extd to Sept 1 1935..
4
...
703 Sale 70
7118 68
60
85
_ _ 101 1020., Dominican Rep Cust Ad 54s '42 M fl
57 Sale 54
5812 20
4212 62
264 99 42 1034 2
,
151 ser 5%, of 1926
56
1940 A 0 48
48 Sept'33
354 59
_-- 101 1.44102
2d series sink fund 5 Sig__ 1940 A 0 423 48
4
51 Sept'33
03414 56
Dresden (('ity) external 78_1945 M N
2912 Sale 29
3112
18
27
)3512
0 1029132 Sale 102742103%2 830 10011
.103.44 Dutch East Indies extl (9_1947 J J 14418 Sale 1413
4
144, 169
2
93 14518
0 110.22 Sale 11042 1109,42 198 103144111 4u
40
-year external fla
1962 M 13 1433 Sale 14134
8
1433 139
8
9314 14612
D 10642 Sal% 106
106922 258 994400744
March 1962 coupon on
13758 Sale 135 Aug'33 ____
127 136
8 104,
42101,
42 041232104142 242 98141105".
30-year en'5 48—__ Nov 1953 M N 1383 Sale 13844
4
141
39
924 1413
8
D 101142 Sale 101942 102
442 97444102r44
30-year ext 6 4s_ .. Mar 1953 M 8 13812 Sale 13812
14118
51
91% 141 18
8 933242 Sale 98142 99
755 93,
429 014,
,
March 1934 coupon on o
125 Aug'33 ____
___
125 125
D 101032 Sale 101142102
218 94 102142 El Salvador (Republic) 89 A1948 J 1 35
51
44 Sept'33 _26
64
S 109742 Sale 1011232102
505 96 42102.n
,
Certificates of deposit
8
J J --_- 427 40 Sept'33 ____
321, 55
II 991°32 Salt 99142100722 762 on..onm,,,
Certifs of del) coupon off _
.
--- --- --- 45 Aug'33 __ _
45
43
.32
A 1003 Sale 100242101 1322 1209 001.221094.2 Estonia (Republic
of) 7s____19(37. 1 503 Bale 4812
4
..1
50 4
3
15
4212 55
Finland (Republic) ext 65_ _ _1945 M S 73
78
75
75
6
5813 793
4
State & City—See note below.
External sinking fund 713_1950 M 13 79 Sale 7812
79
3
5918 85
N Y City 44e
4
May 1957 NI N --------973 Feb'33 ____
9734 9734
External sink fund 6 48_1958 M S
74% 7214
73
75
44
57
8012
External sink fund 5440_1958 F A
733 Sale 8725
8
7312 66
54
76
Foreign Govt. & Municipals.
Finnish Mun Loan 84s A__1954 A 0 671? Sale 67
6712
557k 7612
14
Agile Mtge Bank of Ss
26
29
1947 F A
30
30
1
1715 3714
External 693, series 13
1954 A 0 ____ 697 75 Sept'33
,
55
78
Sinking fund to A_ _Apr lb 19411 A 0 26
29
2912
29
8
1718 363 Frankfort (City on e(6 481953 M N
2234 Sale 21 8
,
2412 --69
204 51
With oct 15 1933 coupon
zr
28 Sept'33 --__
26
31
28
28
French Repubile extl 744s. _1941 J 9 153 Sale 1423
4
153
406 118 153
Akershus (Dept) ext
75 Sale 75
-. 1963 IFIN
7518
14
83
7812
External 7s of 1924
..1949 J D 15312 Sale 14614
1533 164 411212 15314
4
Antioqula (Dept) coll 78A .1945 J 1
912 Sale
5a..,
912
113
8
14
7
20 8 German Government Interne
5
External of 7sser 13
934 10.8 10%
113
8
1945 J -1
3
64 204
[tonal 35-yr 5%o of 1930_ .1965 1 9 443 Sale 391?
8
44% 429
3514 6414
External s t 7s see C
1945 J 1
9 4 12
3
113
8
11%
1
8% 208 German Republic ext! 70_ .1949 A 0 637 Sale 58
533 gm,
63 8 250
,
External of 7sser 9
931 1034 ii
1945 J 1
113
9
1
8
20% German Prow & Communal itke,
External a f 7s 1st ger
1957 A
0818 Sale a812
912
r
6
192
(Cons Agile Loan) 898 A _1958 J D
27 Sale 27
293
4 50
26
554
External sec of 7s 2d ser..1957 A
912 Sale
912
912
2
5
18
Graz (NI unIcipality) 8a
55.8 _ _ 544
1954 M N
544
1
45
64
External sec of 711 3d ser._1957 A
812 Sale
81?
105
45 18% Gt Brit & Ire(UK of)5 4s. _1937 F A 11615 Sale 114
8
9
116,,, 112 10114 1247
Antwerp (City) external 5,..1958 1
8
8018 8412 a7312
833
4 27
71
91's
Registered
F A --------1203 Aug'33 ___
4
10514 121%
Argentine Govt Pub W19(9_19)30 A
5412 Sale 54
541. 12
41
75
,3
84% fund loan £ opt 1960_199n M N al05 Sale al0418 10614 256 a72
Argentine Nation (Govt of)—
al0712
Greek Government of ger 75.11464 Ni N
24 Sale 2378
24
15 air,
Sink funds 65 of June 1925-1959 1
284
54 Sale 5018
54
39
41
7538
Sinking fund sec 65
1968 F A
1918 24
19
20
8
141
4 2378
Est! if 6s of Oct 1925____1959 A
5414 Sale 505
8
5412 38
4012 75
August 1933 coupon __ _ _ ..
_
161?
15% Sale 1538
6
153 20
8
External sitssertes A__ __1957 M
5514 Sale 51
553
4 87 a4018 7512 Haiti (Republic) of fls series A- '52 A 0 68, 74
__.
2
71
70
13
67
External as series II_ _Dec 1958 1
78%
54 Sale 05014
54
24 0403, 75 4 Hamburg (State) 68
3
1946 A 0 297 Sale 27
8
30
19
25
69
En! of 6,01 May 1926_ _ _1960 M ' 5312 Sale 503
8
54
28
40 8 7538 Heidelberg (German) extl 74051 J 1
3
2112 25 25
r257
5
2
23
External 8 f 6a (State Ry)_1960 M
60
55 Sale 51
55
99 a4018 75
Heisingfors (City) ext 8930.. 19431 A 0 684 Sale 6818
72
14
47
75
Esti as Sanitary Works_ _1981 F
54 Sale 5038
543
4 56
4014 7538 Hungarian 51unic Loan 745 1945 J 1 24
28
2712 Sept'33 __
Esti (19 pub wka May 1927 1961 M
15% 31
53,2 Sale a503
8
5312
6
41
754
Unmatured coups attached. J J 25_ 23 June'33 ___
Public Works extl 5)4,.1962..
2018 23
4814 Sale 46
F
50
32
38
6913
External s f 78 (coup). —1946 J J
2618 412
273
273
4
10
19
Argentine Treasury Si _ _1915 51
2938
70 Sale 6913
4
70
4978 92
_
Unmatured coups attached J J --------16.2 May'33 ____
161 2 'Cl,
Australia 30-yr 68_ _ _July15 1955 J 1 8714 Sale 8418
i-4
873 321
,
7114 873 Hungarian Land M Inst 744s '61 M N a363 Sale a363
4
4
38
7
24
41
External bs of 1927_ _Sept 1957 M 9 8714 Sale 844
8712 143
7214 8712
sinking fund 74415er 11.. 1961 M N
36, Sale 3618
8
External g 4 48 of 1928_1956 M N
3618
10
2312 41
8114 Sale 78,
3
298
82
6818 8214 Hungary (Kingd of) of 7%o•1944 F A
37
41
4012
403
8
2
Austrian (Govt.) 8 f 78
3114 49
1943 1 D
86
8834 86
89
63 085 100
Irish Free State esti s f 68...19)3)) M N 103 Sale 103
a10314
764 10513
15
Internal (Milting fund 7o..1957 J 1 4712 Sale a4312
48
66
431? 64% Italy (Kingdom of) esti 7s_ _1951 J D
9612 Sale 0931?
961? 191 (1854 WI
Bavaria (Free State) 6 45_1945 F A (33412 Sale
304
23
35
30
89
Italian Cre0 Consortion, is A'37 M 8 9413 983 943
s
4
9613
8
Belgium 25-yr esti 6.45
894 101
1949 51 9 9512 Sale 95
961?
11
8013 10212
External see s f 7s aer R._ _1947 M r
9112 Sale a87
911?
7j 82
External s f as
97
1955 1 J
94
95
94
96
47
87
98
Italian Public Utility extl 713_1952 1
8513 Sale 08218
851? 42 a7212 ()A14
External 30-year g i 78_ __ _1955 J D 97 sale 97
10012 37
,
947 10812 Japanese Govt 30-yr oft 40_1954 F A
82 Sale a811.4
83
124
4514 90%
Stabilization loan 78
1956 51 N
1)6
98
9614
973
8
11
9312 10712
Esti sinking fund 548—.1965 M IN
721? Sale 7212
733
4
70
Bergen (Norway)—
3513 81
Jugoclavla (State Mtge Bankl—
Esti sink funds 6s. _Oct 15 1949 A 0 73
85
77 Sept'33 ____
65
887
Secured of g 70
5
1957 A 0 2314 30
2311
27
19
12
28
External 5Inking fund 58_1960 M S 6934 78
902 Leipzig (Germany) 9 f is...1947 F A
2
83
31 Sale 2935
31
Berlin (Germany) 8 f 648_1950 A 0 27 Sale 77, Sept'33 ____
15
293 64
8
2512
278j 36
2512 60
Lower Austria (Pray) 740_ _1950 .1 D
50
____ 521?
4914 6114
2
521?
External a 16s __June 15 1958 1 D
27 8 2838 2514
5
2844 43
2418 57
Lyons (City on 15
-year 65 .1934 M N 148 Sale 142
148
58 dill 149
Bogota (('Ity) extl of 8s_ __1945 A 0 224 Sale 217
8
2212 22
16
30
Marseille('(City of) 15-yr 88_1934 M N 148 Sale 142
148
56 1101 14 149
Bolivia (Republic of) esti 86_1947 M N
814 Sale
8.4
9
23
4
15
Medellin (Colombia) 6 48._ _1954 J 0
101? Sale 10
1012
75 23
12
External secured 70 W011_1908 J 1
614 Sale
614
612
6
312 131? Mexican lrrig Asstng 4 Ses_ .1943 MN
2
514
4 Sep.
-'33 ____
External of 78(flag)
24 612
1969 M 9
614 Sale
534
7
57
314 1314 Mexico (US) extl 58 of 1899 £ '45 Q 1
4 SCl/V33 __ -Bordeaux (City of) I9-yr 68.1934 Si N 150 Sale 142
4
4
150
52 a10114 150
Assenting 58 of 1899
1945 ------------814 Sept'33 ____
Brazil (US of) external 85..1941 J D
318 101,
30 Sale 2
3118 45
838
1838 43
Assenting be large
2
57
5 4 54 June'33 __
,
External 51 64s of 1925.1957 A 0 274 Sale 253
578
4
28
111
15 4 39
3
Assenting 48 of 1904___.._
___
-__- ---51? Sept'33 ___
External of 645 of 1927_1957 A 0 273 Sale
214
8
4
26
273
4 62
1434 39
AseentIng 48 of 1910_ _ ___. ___
5 June'33 ____
_ ___76 (Central ay)
h
5
1952 1 9 25 Sale 2312
2538 30
124 3612
Assenting 4/ of 1910 large ......6
4
7
6 Sept'33 _
Bremen (State of) extl 70
24 8
1935 NI 9 42 Sale 3558
42
39
341' 7212
,
Assenting 4s of 1910 small. _.
6
Brisbane (City) s f 58
..
83
8 5
5
10
214
1957 M 9 743 Sale 7112
8
75
63
•
6412 75
Tress 66 of'13 assent (large)'33 J J
Sinking fund gold be
*
1958 F A
7 75
814
67 723
7412 68
8
4
83
Small
*
*
20
•
-year e f 68
1950 1 9
6
614 80
8318
8
704 8318 Milan (City, Italy) esti 644s 1952 A 0 833 Sale a793
4
Budapest (City) ext1 of 88_1962 1 D 146 148
4
83 4 96
74 • on
,
3014
3012
5
2418 3518 Minas Geraes (State) Brazil—
Buenos Aires(City) a %s2 11 1955 2 J
293 31
,.
47 Sept'33 ____
37
64
External 8 1 8411
2312 287 267
1958 M Fl
8
External 5 f as ser C-2_ __ _19(10 A 0 27
8
2814
36
36
12
27.2 5712 Sept'33 ____
374 5418
Ext sec 64413 series A _ _ _ _1959 M S 2678 Sale 26%
Externals 165 ser C-3._ _ A960 A 0 27
29
99
111? 38
273
Sept'33 ____
3413 64
Montevideo (City of) 7s_ _ _ _1952 1 9 41 Sale 4012
Buenos Aires (Prov) extl (9.1961 M 8 3021 32 4 54
42
27
125 42
8
30%
32
8
16
4212
External s f (is series A._ _1959 M N
Stpd (Sept '33 COUD OW 1961 M S
334 Sale 32,
3318
2
3318
11
11
28 Sale 27
28
71
2012 417 New So Wales (State) extl be 1957 F A
8
External of 844s
86
8612 8214
861? 141
1961 F A
714 86 2
,
3214 Sale 3214
321 1
10
1738 3934
External s 1 be
Apr 1958 A
Stpd (Aug 1 '33 coup on)1961 F A
84
8612 8214
8812 116
71
8612
22
32
28
311?
6
21
4134 Norway 20-year ext fle
Bulgaria (Kingdom) 0 1 78_1967 1 1
1943 F A
97% Sale 9612
9714
34
8112 98
15
183 18
4
18
1
14
231
.
20
-year external 68
1944 F A
98 Sale a9618
Stabil'n 0 1 73424__Nov 15 1988 51 N
98
35
8118 98
204 21 1.4 21
2114
6
21
274
30
-year external Cs
1952 A 0 9412 Sale 9314
9412 28 68012 961
40
-year of 548
1985 J 9 93 Sale 9412
Caldas Dept of(Colombia)744s'46 1 1
93
44 a7412 94,
13
4
15
1338
154 26
11
24
External a f 5s_ _Mar 15 1963 M S 9112 Sale 91
Canada (Dom'n of) 30-yr 45.1961 A 0 9112 sale 9114
92
71 67212 9238
92
145
79
9214
Municipal Bank extl at 58_1967 J 0 8812 Sale 86
50
8914
24
7414 891 1
1952 M N 1023 Sale 102
4
103
132
9018 10518
Municipal Bank extl 0154.197)) 1 I) 88
440
___ 8514
853
1936 F A 1003 Sale 1003
4
1 075
RN
4
4
101 12 131
934 1017 Nuremburg (City) extl 68_1952 V A
8
Carlsbad (City) 8 f 8a
2714 Sale 26
2714
4
1954 1 J
24
52 3
,
01
7212 a70,
2
7108
10
69
88
Oriental Devel guar Co
1953 M 13 67 Sale 663
Cauca Val (Dept) Colom 734046 A 0
4
68
31
35
72
10
15
12
12
13
84
217
Esti deb 54411
1958 Ni N
Cent Agile Bank (Ger) is. _1950 M 9
6214 64 64 3
8
64
37
3112 71
Sale 04112
4738
4738 83
3914 75
Oslo (City) 30-year of 6(i
1955 M N
Farm Loan 8168__July 15 1960 „I / 44 Sale 3714
8518 91
861? 18
ill
110
86
44
104
3212
Farm Loan of 6.._Oct 15 1966 A 0 403 sale
Sale 98
98
14
8
3438 40% 294 3213 87 Panama (Rep) esti _5)-4s..._1953 1 9 98 Sale 3418 3434 30 85 iii234
68%
Esti 8 1 58 ser A _ May 15 1963 M N
Farm Loan 885er A Apr 15 1938 A 0 41 Sale 36
3438
1814 46
4118 164
351s 7512 Pernambuco (State of) extl 70 '47 M S
1012
Chile (Rep)—Exti 4 t 7e_ ___ i942 M N
93, 10
1012
912 sale
1
6 4 21
,
912
1012
51 21
IS
Peru (Rep of) external 7s_ _1959 Ni S
External sinking fund 88_1960 A 0
814 10
812
81?
818 sale
8
5
05
15,
z
/
134 78
5
171?
Nat Loan esti s f 68 1st ser 1960 J D
Ext sinking fund 8a_ _ Feb 1961 F A
6% Sale
8
612
83
4 814
714 104
31
, 1438
9
11
47 17,4
8
Nat loan esti s f 68 2d ser_1961 A 0
614
Re ref ext 1 f 88
31 1414
712 612
Jan 1961 J J
7
19
8
83
4 8
47 1714 Poland (Rep of)
8% 72
gold 6s___1940 A (3 5812 60
Est sinking fund 6e__Sept 1961 NI S
59
5912
5212 6213
3
814
835 Sale
83
8
4
5
1714
Stabilization loan ,f 7e___1947 A 0 77 Sale 75%
External sinking fund 65.19)12 M 8
8 sale
8
78
130
514 SO
11,4
11
5
171?
External sink fund g 8s...1950 J J
External sinking fund 65.1963 M N
69 Sale 69
70
08 Sale
32 a59
7414
73
4
83
4 46
5
17
Porto Alegre (City of) 8s_ _ _1981 J D
Chile Mtge lik 648 June 30 1057 .1 9 11
21 Sale 2014
41
25
94 30
12
11
11
12
714 18
Esti guar sink fund 7 Sig_ _1966 J J
13 f 6494 01 1925. _June 30 1961 J D
2212 24% 22
25
16
8 4 3013
133 Sale 1312
3
4
17
6
912 204 Prague (Greater City) 748. 1952 M N
Guar a f 6a
Apr 30 1961 A 0 1014 Sale 1014
80
85
81
8212
7714 993
4
4
II
51
613 173 Prussia (Free State) extl 844s
5
Guar,f 68
'51 M S
1962 M N
3514 Sale 2838
3514 243
28
104 Sale 1018
53,
103
8 56
612 165
8
External a f 88....
Chilean Cons Mimic 78
1952 A 0 3212 Sale 25%
1961 NI S
714
321? 115
25
614
734
74
538
1
44 153 Queensland (State) extl 8 f le 1941 A 0
8
Chinese (Ilukuang Ity) 50_1951 J D
1003 Sale 99
101
27 Sale 2514
21
88 101
27
7
12
27
25
-year external 68
ChriPtiania (Oslo) 20-yr s f as '54 M El 8218 _ _ 86
1947 F A
92
9612 38
9412 59
78
9412
Sept'33 ___
81
90
Rhine-Main-Danube 70 A _ _ _1950 M S 3912 Sale 3612
rologne(City)Germans 61481950 M Fl
,
40
26
3518 7112
29 Sale '
49
2214 57% Rio Grande do Sul extl of 85_1946 A
Colombia (Rep) 6901 '28_0ct '61 A 0 3513 Sale 3512
0 234 Sale 22
24
12
34
18
3814 63
1612 49
External sinking fund to..1968 J D
July 1 '33 coupon on__Jan 1961 .1 J
24 Sale 2112
24
87
84 31
3914 Sale 3914
4012
7
1614 49 2
,
External of 78 of 1920_ _ _ .1968 M N
July 1 '34 coupon on_ _Jan 1961 _—..
24 Sale 2112
__ 40
24
33
9
31
38
39
7
37
4014
External s f 7s muntc loan 1967 J D
te
Colombia Mtge Bank 848 of 1947 A 0 ____ 27
24 Sale 221.
24
2414
26
29
84 30,4
24
1818 36
Rio de Janeiro 25
-year of 841_1946 A 0 1638 Sale
Sinking fund 7s of 1928...1946 M N
165
8
_ 28,8 237
161
2
9
264
29
33
19% 37,2
External of 84e
Sinking fund 78 of 1927_..1947 F A i_ __ 297 2712
1953 F A
1655 Sale
16
19
39
63 26
8
29
IR% 3714 Rome (City) extl 6448
6
Copenhagen (City) 58
1952 A 0 8334 Sale 8114
1952 J D 6518 66
833
4 50
7812 927
62
s
64
5
59
7312 Rotterdam (City) esti (9_1964 M N
26-year e 493o
1953 M N
11318 Sale al0012 114
61 Sale 5814
58 as812 114
62
211
58
895 Roumania (Monopolies) 76_1959 F
Cordoba (City) en'9 I 711- -1957 F A
A
3218 Sale 30
9
3218
13
2812 45
15
1512
1512
1
163 233 Saarbruecken (City) (is
4
4
External 8 f 78. _._Nov . 1937 51 N
1953 J .1
15
52
607 5714 Sept'33 __ _
8
344,
__ 34
50
3414
7213
2
2414 40
Sao Paulo (City) 8 f 8s.. _Mar 1952 NI N
Cordoba (Prov) Argentina 7.1942 .1 J
2114 Sale 20,
32
4
22
-12
35
104 25
32
32
5
2434 58
External s f 644s of 1927..1957 M N
Costa Ries (Republic)—
17 Sale
71
1614
17
47
24
San Paulo (State) extl of 88_1938 1 1 217 Sale
is Nov 1 1932 coupon 00_1951 NI N
5
2713 Sale 2612
20
2214
26
144 3214
.712
8
234 30
External sec 8 f fis
714 May 1 1936 coupon 00.19111 --, 1714 Sale 1714
1950 J J a1514 Sale 1514
173
4
18
134 27 4
1714
,
3
14
23
External a f 78 Water L'n_1956 M S
Cuba (Republic) 58 011904_ _1944 M 8 75 Sale 75
157 16% 153
8
1538
2 0113 267
4
07812
16
75 100
External s t 88
External be, of 1914 ser A_.1949 F A
19614 J J
1514 Sale 15
1514
9014-_ ._ 9014
26
9 8 284
,
91
25 a7914 9314
Secured a f is
External loan 44e
194(1 A 0 64% Sale 6314
1949 F A
65
7413 Sale 74
77
50, 74 4
4
7412 '20
,
82
85
Santa Fe (Prov Arg Rep) 78.1942 M S
Sinking fund 64e Jan 15 1953 1 J
183 Sale. 17
8
22
71 Sale 70,
14
123 3))14
4
2
72
16 0 4 8312 Saxon Pub Wks(Germany) 7e '45
63
Public wks 540 June 30 19452 I) 361+ Sale
F A
4113 Sale a39
42
37
351? 773
36,2
39
28
32
69 4
,
Gen ref guar Clio
Cundlimmarra (Dept) Colombia
1951 NI N
3414 Sale 3212
35
94
30% 694
Saxon State Mtge Iron 7m___1945 J D
External s f O140
1959 M N
1z3 14
6118 657 61
4
5
63
19
52
744
1244
143
4 22
1018 223
4
Sinking fund g 6 4e__Dee 19462 D 693 Sale
(7sechosiovakla (Rep of) 88_1951 A 0 90 Sale
69
a(315
52
5 33
8.
08912
90
38
8612 9914 Serbs Croats 5, Slovenes 643__1962 M N
Sinking fund 88 ser II
22 Sale 21
1952 A 0 90
22
28
1338 2634
92 089 2
,
9312 20
8512 0‘34
External see loser B
1992 M N
Denmark 211-year esti as_ _ _ _1942 1 J
2012 Sale 19
203
4 31
12, 2412
3
85 Sale 0813
4
86
63
75
93
Stasata (Prow of) esti To _ __ _195. .1 D
External gold 549
44 Sale 44
1955 F A
45
5
40 05014
79 Sale 7712
80
73
69
814
Silesian Landowners Man to 19 7 F A
,
External g 44' Apr 15 1962 A n 65 Bale 61
24
2878 27
281?
5
2514 5012
66
'260
19314 7738 Soisfaing (C19 of) evil 6._ 19341 M N
,
)4314 Sale 137
143)41 11 100 14512
r caah sale. a Deferred delivery. t
Accrued interest payable
NOTE.—State and City Securities.—Sales of State and City at exchange rate of 34.8665. • Look under list of Matured Bonds on page 2436.
securt es occur very rarely on the New York Stock Exchange
such securities being almost entirely at private sale over the
and usually only at long Intervals, dealings In
counter. Bid and Asked quotations, however, by active
quent page tinder the general head of "Quotations
dealers In these securities will be found on a subsefor Unlisted Securities."
D
D
D
D
102142 Sale 102122 1021.22
101
10342 1.021242Scp'33
102 42 Sale 1021421023,n
(
101 142 ____ 102 Aug'33
2432
New York Bond Record—Continued—Page 2
;
Range
Week's
.'2
g
...
Prim
BONDS
Since
3
gl-._
PridesRange or
N. Y. STOCK EXCHANGE .1' t
Jan. 1.
.ii (Z.
Last Sale.
Sept. 29.
Z.' ii
Week Ended Sept. 29.
—
High
High Ns Low
Ask Low
Biel
Foreign Govt. & Municipals.
57%
45
6
5014
49
60
50
Styria (Ploy) external 75_ 1941' F A
42% 421.
4218 May'33 ____
Unmanned coups attached_ F A ..._..„, ____
8
987
88
9512 173
8
2
Sweden external loan 510_1954 M N 094, Sale a897
210 610212 152
Switzerland Govt ext1 530_1940 A 0 14612 Sale 144% 152
8214
40
81
66
1955 F A 8014 Sale 7812
Sydney (City). f 510
33% 11912
41
64
ralwan Elec Pow a 1 514s_ _1971 3 J 64 Sale 63
6718
28
6
67,ti
rokyo City 5, loan of 1912_1952 M S 66 Sale 66
33% 73
8 14
647
196 I A 0 62% 6514 6212
External s f 510 guar
6
18
1312
8
11
104 14
1947 51 N
rolima (Dept of) extl 7s
8412
61
8
683 80 Sept'33 ____
Frondhjem (City) 1s1 648.1957 M N 63
12
54
4514 6211
4
1945 J G 523 Sale 52
Upper Austria (Prod)
41% r56
7
4814
Externals f 8 4s.June 15 1957 .1 D 4814 Sale 4518
78.21 12 5018
2
39
39 Sale 39
Uruguay (Republic) esti gm 1946 F A
33
31
21
33
Feb 11934 & subs coup att._ --- 33 Sale 33
1512 4018
2918 56
Sale 28
2918
196. M N
External s f 6a
4
29
163 40%
8
17
2812 Sale 267
External ti 6s. _ _ _May 11984 M N
94 104
8
Venetian Prov Mtge Bank 7,'52 A 0 1047 ____ 103 Sept'33 ___
5212 6818
16
57 1u
Vienna (City of) ext1 at 6s 1952 51 N 5612 Sale 53
4312 5318
4812 14
Unmatured eoupons attached. 51 N 4812 Sale 4312
S
50
44
35
4
4
433 Sale 433
Warsaw (City) external 7s 1958 F A
4
357 74
6612 37
Yokohama (City) en! fia_ _ _1981 J 0 65 Sale 65
Railroad
75
8012 Sept'33 ---Ala 'at Sou 1st cons A 68_5943 J 0 8318 90
60
80 Sept'33 ____
80
1st cons 48 ser 11
1943J D 72
78
8
89
Alb & Soso let guar 310_ _1948 A 0 89 Sale 87
65
7712 Aug'33 ____
1998 A 0 7712 _
Alleg & West let gu 4,
89
9814 18
1942 M S 9814 Sale 9712
Alleg Val gen guar g 4,
2212
11
38
3712
3718 42
4
Ann Arbor 1st g 4,_ __July 1995 1 J
823
9314 270
8
Atoll Top & S Fe—den g 4e_1995 A 0 927 Sale a92
8912
_ 9112 Sept'33 ____
A 0 ____
Registered '
76
7
8314
875 - 8 a82
Adjustment gold 4s_ July 1995 Nov
8514 24 a7518
8
8
843 Sale 843
Stamped
July 1995 M N
83%
M N-__ 85 July'33 ___ _
Registered
73
1
8
a783
Cony gold 4s of 1909—__1955 3 D a78% Sale 77
19
79
72
1955 1 D 79 Sale 78
Cony 4, of 1905
73
5
7812
7814 7812
Cone g 4a issue of 1910.-1960 1 D
8
973 198 4179
1 D a95 Sale a95
1948
Cony deb 4 4,
78
3
84
8212
8114 84
Rocky Mtn Div let 4,_ _ _1965 1 J
89
8
95
1
Trans
-Con Short I. let 45.1958. 1 a9112 Sale 9112
8714
91 18
3
9112 91
89
Cal-Ariz 15t & ref 44e A.1962 M 5
8_1946 J 0 10014 10512 10312 Feb'31 ____ ___.
All KI1Oxv & Nor tat g 5
75
79
8938 Sept'33 ____
All & Charl A L let 4%,A...1944 J 1 n
67%
2
9314
let 30-year 5,series 13__1944 1 1 8812 9512 9314
65
4
793 74 June'33 ____
Atlantic City lot eons 4e_ _ _1951 1 1 67
66
8512 17
4
843
87
All Coast Line 181 cone 4,July '52 51 13 85
51
8
73
1964 1 0 73 Sale 73
General unified 410 A
45
684 23
I, & N coil gold 4s__0ct 1952 MN 65 Sale 65
9
42
1314
37
40
1948 3 1 37
Atl & Dan iota 45
8
37% Sept'33 __
1612 33
19483 J
5
20
4
45
4
443
52
41
1949 A 0
All di Yad lat guard,
75
79 Sept'33 ____
82
Austin & N W lot gu g 55 1941 1 1 75
8912 89
Bait & Ohio 1st g 48___,Itily 1948 A 0 884 Sale 8612
75 May'33 ___
Registered
July 1948 Q .1
49
66
& gen 58 aeries A_ 1995J 0 621: Sale 6112
Refund
75
99
let gold Ss
July 1948 A 0 9838 Sale 9818
741z 35
Ref & gen 6s serles C__1995 1 0 74 Sale 71
63
82
7914 Sale 79
P L E & W Va Sys ref 43_1941 M N
46
84
19541 J J 8212 Sale 8112
Southw Div let 5s
18
66
6512
71
Tol & Cln Div 151 ref 4s A.1959 J 1 66
45
64
Ref & gen 5, aeries D___ .2000 M S 63 Sale 61 18
54
213
4
523 Sale 5114
1960 F A
Cony 410
52
65
1996 M S 6212 Sale 6114
Ref &gen NI 5.s ser F
4
100
9912 100 100
Bangor & Aroostook 181 55_194:1 J J
16
7812 Sale 7812
79
Con ref 4s
1951 J J
62 Aug'33 ____
Battle Crk & Slur let gu 30_1989 J 0 41 18 42
4
I931i J J 913 9212 913 Sept'33 ____
Beech creek let gu a 48
1
8918
89,2
93
20 guar g 5s
1936 J 1 90
____ 70 Sept'33 ____
Beech Crk ext lot g 3411
1951 A 0 66
__ ____
_ ____
Belvidere Del cons gu 310_1943 1 .1
8812 96
-Big Sandy let 4, guar
1944 1 0 91--- 90 Sept'33 ---7538 80 Sept'33 ____
Balton & Maine let 6a A C_1967 51 S 68
16
76
8
8
1955 M N
747 Sale 747
let 51 Ss series II
9
71
1961 A 0 68 Sale 68
Iota 4314t ser JJ,
65
7
6212
65
Boston & NY Air Lino lot 4,1959 F A 60
9412 9412 Sept'33 ____
93
Bruns & West 1st gu g 0_1938 i J
100
4
Ruff Reel) & Pitts gen a 541_1937 51 S 100 101 100
5412 43
4
533 Sale 53
Consol 4%,
1957 M N
5
497
5012 15
53
Burl C R & Nor lot & coil 58.1934 A 0 45
91
91
94
1
19112 A 0 91
Canada Sou cons gu fas A
9712 41
Canadian Nat guar 410
1954 51 S 9712 Sale 96
56
98
19.57 J J 9714 Sale 9612
30-year gold guar 4 4s
9814 66
8
Guaranteed gold 414s. _19624 J 13 9738 Sale 963
1033
72
Guaranteed g Eii
_July 1969 J 1 10318 Sale 102
60
8
Oct 1969 A 0 1033 Sale 10212 104
Guaranteed g 55
10412 21
197. F A 10312 Sale 103
Guaranteed g 641
78
101
Ouar gold 4 Sts_June 15 1955 1 D 10034 Sale 100
99
181
99 Sale 977
1956 F A
Guar g 434a
9912 115
Sept 1951 SI S 99 Sale 98
Guar g 410
8 46
Canadian North deb of 7,...1941) 3 0 104 Sale 10338 1047
19463 3 10814 Sale 4110714 10812 14
25
-year, f deb 610
10 yr gold 410___Feb 15 19353 J 1004 Sale al0014 10014 16
6012 287
6018 Sale 58
Canadlan Pac Ry 4% deb stock
177
73
1946 M S 7238 Sale 6818
Coll It 410
9812 64
Os equip tr etre
1944 J 1 9814 Sale 97
771s 107
Coll It g 58
Deo 1 1954 J 0 7718 Sale 074
684 138
4
1960 3 J 683 Sale 6514
Collateral trust 410
19 . June'33 _
4
19391 J
203 75
Car Cent 1st cons g 4s
9
9912
54_1938 1 D 9914 10038 9912
Caro Clinch &0 lot 30-Yr
5
96,2
1s1 A cons g es ser A_Dee 10'52 J 0 9618 Sale 9512
684 Sept'33.
1981 J 0 6338 68
Cart 4 Ad 1st gu g 4a
5
487
48
50
Cent Branch U P let g 4s..1948 1 D 48
1
56
56
56
51
Certral of Ga 1st g 55__Nov 1945 F A
12
25
Consol gold 5,
1945 MN 22 Sale 21
8
157 1612 Sept'33 ____
Ref & gen 610 serlea B 1951/ A 0 113
21
15
8
914 167 15
1959 A 0
Ref & gen 55 aeries C
3212 3212 July'33 __
Chatt Div put money g4a 1951 J D 22
Mac• Nor Dly 1st a 56.1946 J .1 --------35 June'33 ___
3312 28 July'33 ____
Mid Oa & All Div pur m 61'473 J 25
1
30
30
35
1946 J 3 28
Mot4le Div 1st g 5a
8
70
70 Salo 70
Cent New Engl let gu 48_1961 1 J
2
61
59
5812 61
Cent RR & Ilkg of Oa coll 56.1937 M N
97
6
1987 J J 97 Sale 97
Central of N J gen g 5s
1987 Q 1 ____ 97% 98 Aug'33 ____
Registered
8
19873 J ____ 877 9112 Aug'33 _
General 4s
76,2 171
76 Sale 75%
Cent Par lot ref ail g 4a_1949 F A
4
F A --------783 Jan'33 --Registered
5
8012
Through,Hhort L lot gu 0_1954 A 0 8012 83 8012
68
67
1960 F A 65 Sale 6412
Guaranteed g 55
____ 111 June'31 ____
Charleston & Sav'h lot 75 1936 1 J 93
1054 80
4
8
Chet & Ohio lot eon g 513_1939 M N 1053 Sale 1047
1
1989 M N 10238 105 10310 10312
Registered
10014 65
18
1992 M 6 9912 sale 99:
General gold 434/1
M B ____ 9812 92 May'33 ____
• Registered
92
8
29
1993 A 0 92 Sale 897
Ref & Impt 4%
,
917
48
4
1995 1 1 913 Sale 91
Ref & !met 410 ser B
1940 3 J ___ 100 100 Sept'33 ____
Craig Valley 1s1 55__May
87 Sept'33 ____
87
Potta Creek Branch let 40_1946 J 1 85
1
9912
99%
R & A Div lot eon g 4a..,.19893 1 843.1 100
9412 90 A02'33 ---1989 1 3 88
2d consul gold 4s
93 May'33 --__
Warm Spring V lot g 58..1941 M S ___ 102
54
34
Chic & Alton RR ref a 35_1949 A 0 52 Sale 51
90
30
,
Chic Burl & Q-1111314 340_1949 J J 8912 Sale 8918
8612 July'33 ____
_— 88
J
IS Registered
4 31
973
J
1949 J J-9618 Sale 9612
Illinole Division 45
9318 35
1954 M 8 9212 Sale 9134
General 4s
8912 29
89 Sale 8812
1977 F A
lot & ref 434s ser 13
95t 19
95 Sale 943
1971 F A
lst & ref 56 ser A
r Cash sale. a Deferred delivery • Look under list of Matured
9413
83
9014
7712
8
987
45
9718
94
89
90
85
84
86
81
102
87
9912
99
...
90
96
7518
4
913
821 x
4
743
52
50
53
8412
4
923
74
80
72
3318 76%
a7918 100
37% 83
6112 87%
89
55
4512 74
343 75
2512 67
34
69
60
88 10014
84
65
62
62
93
KO
8912 9212
66
71
.
.___
9712
8714 --83
53
541: 8312
7878
48
5412 6812
4
843 941 2,
85 10012
3338 6738
45
7038
8
787 147
7914 984
79% 99
79% 993
48418 10438
84 105
8
a843 105
80% 10112
997
80
7914 10014
963 10;
94% 109%
8
90 1013
49 £70
8312
a55
8012 9914
5812 9012
53% 8012
19
15
8
80 1003
99
08
684
58
60
24
64
32
938 41%
28
3
212 2734
33
15
35
35
28
28
35
24
7412
55
8
663
25
82 10218
98
83
758 91 12
6312 8812
4
:
781 783
87
a134
80
45
_ _
.___
3 - 0100 8 10712
105
10138
8738 10414
0012 92
953
80
96
79
90 100
89
81
8438 100
9012
83
93
93
5818
30
91
80
8612 81312
8712 99
78
9578
68
9214
70114 Iren,
Bonds om
-;
Sept. 30 1933
Price
s
BONDS.'
Pridag
N. Y. STOCK EXCHANGE g
.a. Sept. 29.
Week Ended Sept. 29.
'hicago & East III lot 6s___1934 A 0
C Kill 11y (new co) gen 54.1951 M N
•
Wag° & Erie 1st gold 56_1982 M N
Chicago Great West 1st 45__1959 M S
Chic Ind & Loulsv ref 6s__1947 J 1
19473 J
Refunding gold 55
1947 J J
Refunding 4s series C
1966 M N
1st & gen 5. aeries A
let dr gen 6s series II May 1966 J 1
Chic Ind & Sou 50
-year 45_1958 J J
Chic L S & East 1st 410_1969 1 D
Chi M & St P gen 4,ser A 1989 J J
Oen g 34s ser B___May 19593 J
Gen 434. ser C
May 19893 3
Gen 414n ser E
May 19893 3
Oen 44s ser F
May 19893 J
Chic Mllw St P & Pac 5s A.A975 F A
Cony ad) 5..
Jan 1 2000 A 0
Chic & No West gen g 3145_1987 MN
Q F
Registered
1987 M N
General 4,
Stpd 49 non-p Fed Inc tax '87 M N
Gen 412setpd Fed Inc tax_1987 MN
Gen bs Mad Fed Inc tax.,. 1957 M N
1987 MN
410 stamped
16-year secured a 614s _1936 M S
let ref g 53
May 2037 J D
1st & ref 44s stpd_May 2037 J D
let & ref 410 ser C_May 20373 D
Cony 4%s series A
1949 51 N
Range
Wad',;
Range or
_.., 7,
Since
Last Sale.
, Jan. 1.
Z
-- ----Rid
Ask Lew
Nigh IV°. Low
High
58 Sept'33 ____
58
58
32
45
8
97
13
10 Sale
56
4
33 20
92
a92 Sale 91
20 08614 99
4112 125
38 Sale 38
20
5014
6( 18
8
423 ____ 60 Sept'33 ____
28
___ 4912 Sept'33 _--4912
371
44
55 Aug 33.--2____ 57
57
33
36 Sept'33'...-29
17
9
48
34
27
2712
30
21
54
12
78 Aug'33 .._
5014 78
6112 7812
Sale 100
10012
100
3
94,s 10314
73
33
3
6212
4
4
593 Sale 593
64 Sept'33 ---64
53
64
35
66
66 Sale 66
3
40
77%
4
66 , 24
653 Sale 64
77
40
8
697 65
65
66
7
79
38
5912
43
ii
517
4114 Sale 3912
4
18 1259
154 Sale143
314 314
15
7
53
62
53
34
53% 59
417 Aug'32
___ 64
4
583
59
58
59
7 -513- - -17l1 2
59
59
--__ 60
59
36
1
67 Aug'33 -____ 73
47
73
8212
40
4 12
763
7012 7514 7012
--------58 Sept'33 ___,
59
58
79
79
81
78
13
435 923
4
4418 20
4314 Sale 4012
15
56
8
403 115
8
39 Sale 357
15
47%
40% 105
39 Sale 36
15
48
327 6271
: ,
41 44 2
3014 Sale 2914
5738
5512 Sale 55
14! 50
1988 3 J
Chic R 1 & P Ry gen 4s
7012
24
103
19
39
1934 A 0 2014 Sale 20
Refunding gold 45
_ -- 2412 Sept'33 _.--1 2412 25
---------Certificates of deposit
25 55
18% 38
Secured 410 series A
1952 M S 23 Se 2212
4
13,
2 94
114 Sale 113
0
28
1960 M N
Cony g 412s
89 Sept'33 ____
87
90
72
Cb St LA N 0 5sJune 15 1951 1 D 83
J D --------6412 Nlay'32 ____
Registered
6312
63- - 1
2
63,
June 15 1931 1 D 49._ - 6312
Gold 34s.
67% 7012 Sept'33 ____
id
72,4
Memphis Div 1st g 4s ___1951 J D ____ 8
63
2' 36
7314
Chic T 11 & So East let 58_1960 3 0 6112 637 63
45
9
141 644
4
lee gu Is...
Dee 1 1960 M S 4312 Sale 4312
91 102
Chic Un Sta'n 1st gu 434, A_1963 J J 100 100% 9914 1004 42
8
105
5
95 10812
1st 5s series B
111633 J 100 1047 105
9812
9812
6
92s, 10312
1944 1 D 9918 102
Guaranteed g 5s
112% 19 1033 114
8
1st guar 6348 series C
19633 1 11118 11212 Ill%
44
76
4
8
597 8012
Chic & West Ind eon 0... 1952 J J 743 Sale 7212
90
88
17
6618 95
1st ref 51 series A.
0
1962 M S 8812 90
1
8
607
8
807
8
593 61
50 60%
Choc Okla & Gulf POUR 5s
195: VI N
_ 9038 Aug'33 _-_9012
85
Cin 11 & I) 20 gold 4
90%
_193 / J
99
92
915%
C 151 LA C 1s1 g 4,.,Aug2 193, .3 F 9712 --- 92 Juae'33
SO_____ 9438 Aug'33 ___94% 949.
193, 2 F ___ _
August 2
Registered
81 Aug'33 --85
82
803, 83
Chi Lob & Nor 1st Conga 40.194. M N
93 102
z 12
100,
4
Cln Union Term 1st 448_202 1 J 100 101, 9914
105% 17
96% 107s,
2021 1 J 105 Sale 103
lot rntge 55 series 11
96% 1117
1st mtge a 5e series C
195; M N 105 Sale 1023, 10518 81
72 May'33 --72
72
Clearfield & Slab 1st gu 5s I913 1 J 76'S,_....
79
2
7938 79
68
85
Cleve Cin Chi & St L gen 45_1993 1 D 76
96 Aug'33 ---85
96
General Se series 11
1993 / D 6614 96
82 July'33 ....-49
82
85
1911 1 J 75
Ref & Impt 68 ser C
8212
47
75 Sept'33 -- .:
Ref & Impt 51 ser D
1963 1 3 -, 73
66
20
37
77%
Ref & !mid 410 ser E1977 1 J 0412 Sale 64%
9378 95 Aug'33 .-7
95
95
Cairo Div Ist gold 45_1939 1 J 88
77
73
73
60
1
Cin W & Ni Div iota 0_1991 .1 .1 7014 73
310
66
7114 7812 76 Sept'33 ____
St L Div let coil V' g 0_1990 M N
93 Sept'33 ____
94
93 93
1940 NL S 87
Sin & Col Div let g 4s
76
8
72
W W Val Div Isle 4s_
1940 1 J 9014 937 7312 Sept'33 -9638 10172
9912 101 100 Sept'33 .-_C C C & I gen eons g 68_1934 1 J
4
8
997 Sept'33 ....
9312 100
Cleo Lor & W con 1st g Is..J933 k 0 993 100
a37
2
____ 081
80.4 89
Cleveland & Mahon Val gee 1938 1 J 87
____ 97 June'33 -99
97
Clev & Mar let gu ad 48.--1935 M N 99
96% 98
Clev & P gen gu 430 ser B 1942 A 0 99 ---- 98 June'33 .___
Jan'33 ---86
86
1942 A 0 86% ---- 86
Series B 310
96 10111
Series A 410
1942 1 J 89'. _ 10114 Sept'33 ___1948 M N ___ 9S12 91 Aug'33 .___
91
84
Series C 310
Oct'3. .___
1950 A F --------83
Series ID 310
9
o i" - -f__ 91 Sept'33 ___
1977 F A ____
Gen 4 49 ser A
84
84
86
87
70
1
Cleve Sho Line 1st ggu410_1961 A 0 8112 -8618 17
8012 90
Cleve Union Term 1st 510_1972 A 0 84 Sale 84
8212 14
79
82
54
8612
1973 A 0 79
let s f 5s series It
7212
6
707
4914 773
4
1st s f guar 434, series C I977 A 0 71% 75
8612 9312
1945 1 D 8912 9214 93 Sept'33 .___
Coal River Ry let gu 4s
6712 94%
20
85 ..
86,4 08312
Colo & South ref & ext 4 y0_1935 M N 83
21
83s
47
77
General nage 410 ser A 19/80 51 N - - 8912 69
4
8518 97
1948 A 0 5L3 ____ 9534 Sept'3.) .- _Col & 11 V let ext g 40
90
92
1955 F A 9412 ---- 9014 Juna'33 ..._
Col & Tol 1st ext. 45
77
77
Conn & Possum Rlv ist 40..1943 A 0 70 ---- 77 Junc'33 ___,
60%
38
2
50%
Consul Ry non-cony deb0 1954 1 J 5014 Sale 5014
40
62
Non-cony deb 4s
1955 1 3 --------53 Aug'33 ---. 4612 Sept'32' ____
1966 A 0 ____
Non-cony deb 4,
50
1 % 53
1956 J J ____ - _- 5312 Sept'33--.„ -,-.9- - - -1Y
Non-cony deb 4e
28
41
10
1942 1 D 2638 Sale 24
Cubs Nor Ry 1st 514a
40
2412 22
15
415
Cuba RR let 60-year 56 9_1952 3 1 2412 Sale 1838
23
4
213 Sale 20
15
1936 3 D
41
lot ref 710 series A
2212 Sept'33 --11
34
1936 J 0 103 25
1s1 lien A ref 8s aer 13
Del A Hudson it & ref 4s 1943 M N
1935 A 0
Sa
1937 M N
Gold 5%.
D RR & Bridge MLitt) g 4s_1936 F A
1936 J J
Den & 11 0 let cons a 4s
1936 1 J
Consol gold 4340
Den & R 0 West gen 5. Aug 1955 F A
Ref & Inapt 558er 11—Apr 1978 A 0
1935
Des M & Ft 0 lot gu 4s
J J
Certificates of deposit
Dea Plaines Val lst gen 410_1947 M 8
19553 D
Det & Mac let lien a 40
19953 D
Second gold is
Detroit River Tunnel 410_1981 M N
Dul Missabe & Nor gen 55_1941 1 J
•
Dul & Iron Range 1st 5a1937 0
_1937 1 J
Dul Sou Shore & Atl a
55_East Ry Minn Nor Dl, lot 4a '48 A 0
East T Va & Oa Div 1st 55_1958 M N
Elgin Joliet & East lot g 50.1941 M N
19455 A 0
El Paso & SW lot Sa
Erie & Pitts g gu 310 Der B 1940 J J
1940 J 1
Series C 33411
Erie RR let cons g 4s prior_1996 1 J
1996 1 J
Registered
1s1 consul gen lien a 411_1996 J J
1998 1 J
Reglatered
1951 F A
Penn cull trust gold 4s
50-year cony 0 series A 1953 A 0
1953 A 0
Series B
1953 A 0
Gen cony 4,series D
ltd r er Impt 6,01 1927__1967 M N
Ref & !mat 5m of 1930
1975 A 0
Erie A Jersey 1s1 s fas__1955 J 1
Geneeeee R. ver lin a f 6a_.1957 J J
Fla Cent & Pen let cons g 51 1943 J .1
Florida East Coast lit 430_1959 1 13
1s1 dr ref 5.series A
1974 M S
Certificate., of deposit ___. ---Fonda Johns & Glov 1st 4101952
Proof of claim filed by owner__ M N
(Amended) 1st cons 2-45 1982
Proof of cIllm Mel by owner M N
1131LV 2.136.
8
833
9718
9438
9(114
8
473
56
26
32
Sale
9912
Sale
---Sale
Sale
Sale
Sale
,
83 8 48
81
673 8912
4
9912
91
2
93
8
977
9712
955
79
9
9412
96
96 Sept'33 ____
9)3
51
59 /220% 66
47
67%
27
55
5
6012
2912 123,
25
814 52
32
361 5 12
11
60
33
4 212 Sept'33 ____
69% Aug'33 ____
68
37 Sept'33 ____
45
2912 30 July'33 ___ _
6
90
8612
90
- 104 Sept'33 ____
10314--103% 10412 103 Sept'33 --23
30 Sept'33 ____
30
9012 9212 9212
9212
1
911 Sale 083
90
4
8
983 9838 Sept'33 ____
96
____ 61
Fcb'33 _-__
63
____ 90 Aug'33 __
90
_
____ 90 Aug'33 _-_90
7778 34
76 Sale 7512
____ 80
7814 Aug'33 _-__
5912 Sale 5912
65% 41
57 June'33 _
_ — 63
99'e..._ 99 Sept'33 __
57
12
5312 5514 5314
3
5514
8
533 56% 5514
____ ____ 40 Mar'33 --__
205
55
8212 Sale 5012
5538 137
5312 Sale 504
99
6
99 sale 98
24
102
4
993 1003 993
4
3912 Sept'33 ____
39
27
60 Aug'33 ____
8
563 60
25
9
8 Salo
7
11
,
84
612
612 9
3
56
____
___
8
841-
612 Sale
__
___
612
____
1
314
8
693
45
33
4014
25
30
91
75
10112 104
09 105%
12
39
93
84
98
65
8
4
781 983
72
61
90
90
883, 90
6712 315
7814 78,
4
401: 74
57
41
99 100
301a 68
30% 67
4018
40
2014 6712
20% 6712
81 10318
75 102
40
15
3412 63
21'4
3
21
2
1
43
612
_ - _ - .---
----
-- - -
612
New York Bond Record—Continued—Page 3
ISONDS
N. Y STOCK EXCHANGE
Week Ended Sept. 29.
II
t
Ng"
rm.=
Sept. 29.
Week's
Range 07
Last Said.
c `3
,
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 29.
131
t
2433
PrIce
Friday
Sept. 29.
Week's
Range or
Lost Sale.
,
53
Range
Since
Jan. 1.
Hloh No Low
Ria
Ask Lew
Ask bow
MO
High No. Low
High
High
40
Jan'33
63
40
87 Nov'32
Milw & State Line 1st 340_1941 33
40
1
98
88 9712 -1 98
0
66- Minn & St Louis 1st cons 58_1934
54
53
8
55 Sale
8
5
9012 98
9014 14
818
4
893
8
5414 901 1
Ctfs of deposit
1934 54 N
234 43
_
8 3 July'33
lj
612
1st & refunding gold 48
1949 MS
1
4
1418 27
118 11
314 Aug'33
27 July'33
518 27
Ref & ext 50-yr 58 ser A 1962 Q F
Oa & Ala Ry 1st eons 55 Oct 1945 J J
112
314 312 Aug'33
45
8
Q E
Certificates of deposit
GR Caro A, Nor 1st an g 5s 19293814 17
38 Sale a3758
24
18
2618 July'33
2618 M St P & SS NI con g 48 Int gu '38 J
48
F:xtendc9 at 6% to July 1 1C34 J J 23
1
31
23
343 31
16
4
2312 50
3912
1st cons 55
Georgia M 1diand let 3s___1946 AC) 35 13 - 50 July'33
1938 J J
1
J
43
43 Sale 43
100 ..lan'31
2812 5412
let cone Seen as to int
Gouv & Oswegatchie 1st 5s__1942 it)
193R
26
313 30 Sept'33
8
97
84 I6 4
-11 let & ref 65 series A
9134 Sept'33
912 34
Or 11 & I ext let gu g 4 411_ _1941 J J 89
1946 j
_
22-2 21 Sept'33
10434 66
4
25
-year 544e
0811 3172
963 10614
1949 MS ) 21
Grand Trunk of Can deb 7a_1940 AG 10312 Sale 10318
3
57
5814
63
37
10214 Sale 10114
10212 54
933 10312
4
1st ref 544e ser B
71
1978 j j 55
15
-year s f 68
1936 141
90 July'33
96 Nov
let Chicago Term 5 1 4s.._1941 SI N
90
90
Grays Point Term le', be_ _ 1947 JD
4514 - 14 Mississippi Central 1st 5s
8412 July'33
8112 107
66
85
65
Great Northern gen 7s sec A_1936 J J 79 Sale 79
1949 J J
7918
80
3
663 87
4
79
1st & ref 43.je series A_ _ 1961 J J 78
6
72
15
16
1612 alai
66
32
68
16,
2
8612 July'33
8612 Mo-III RR 1st 55 ser A
Std (without Jly 133 coup)
_
1959 J J
79
78
39
6812 8812
7312 18
83 2 Mo Kan dr Tex 1st gold 4s_ _1990 3D 78 Sale 7612
,
General (54s series 13
J 7312 Sale 71
1952
59
2
724 25
4012 774 Mo-K-T RR pr lien be ser A _19(12 J J 6912 Sale 69
8714
J J 6812 Sale 6812
6812
General be serlex C
1973
9
6114
68
65
24
74
40-year 4s series B
5118 73
64
37
General 4 Sis series D
1962 J J 60 Sale 59
1197682
1976 J J 64
Aug'33
74
Prior lien 44s ser D
55
7712
J J
34
General 4 ha aeries E
65 4 36
,
1977 J J 6514 Sale 6212
81 143211 6512
0
44
32
Sa1e 74
723 4
32
32
6
29
32
Cum adjust 58 ser A_Jan 1967 AC)
Green Bay & West deb ctfs A___ Feb 2018 32
51
4
1812 44
2912 Sale 28
67
8 63 Aug'33
_
314 10
Mo Pac let & ref 5s ser A
Feb
Debentures etre 13
4
1965 FA
2412
3,
1212 94
42
8814 90
7
90 Sept'33
General 48
Greenbrier Sty let gu 4s____1940 MN 89
1975 MS 1212 Sale 1212
180
- 1- 643
18
66 2
2212 68
44
Gulf Mob & Nor 1st She B 1950 AO
4
6
1st & ref 58 series F
65
1977 MS 2912 Sale 2814
3232 48
10
61
29 Sale 29
23
1812 4412
60
62
11
6612
let 3r ref 58 ser 0
1st mtge bs series C
1950 AG 60
1978 LI _N
139
812
3
8
4212 45
24
Gulf 3, S I tat ref & ter beFeh 1952 .1 .1 547
- 45 June'33
Cony gold 540
1949 iv. 914 Sale
,
1812 44
3 ,2 65
2
4014 4014
2912 Sale 2814
8
1st ref g 58 serlee El
Stamped (July 1 '33 coupon on) 32 547 ---- 4014 June'33
129
1814 4414
2914 Sale 28
let dc ref Sever I
j 955 99
9612
5012 074
73
75 a74 Aug'33
8
9612
Mo Pac 3d 75 ext at 4% July 1 993\FAI
Docking Val 1st cons g 4 Ha 1999
84 100
1198''1 MN
:
8
46 June'33
46
91
Hot anionic fly cons g be_ _ _1937 MN 8512 Sale 8512
46
85 2
75
90
Slob & Bir prior lien g 55
,
1945 J J 75
11 & C 1st g be hit guar_..1937
367 60
2
90
44 Aug'33
J 96 Sale 96
96
8512 96
J J 65
Small
Mr.?. 5978 53 Aug'33
Houston Belt dr erru 1st 5'1_1937 J J 853 91 100 June'33
78 100
4
1st NI gold 45
J
1945 j J
44
44 July'33
44
55
Hurl & Manhat Is; 5s ser A.1957 FA 78 Sale 76
72
60
7812 45
887
8
Small
28 r72
1738 30 Sept'33
4712 111
3918 593 Mobile & Ohio gen gold 4s_ .1938 1 S 17
4
Adjustment income 58 Feb 1957 AO 45 Sale 45
1
25 Sept'33
1614
5
714 37
23
Slongomery DIv let g be. 1947 .. . 18
3 A
"
5
414 213
.1977 At
1312 1712
Illinois Central 1st gold 46_ _1951 .1
8
7811 89
Re? & Moot 444s
8512
8
8612
7612 79kt
16_ 75 sen3713 16
15
lst gold 3)0
79 Sept'33
414 25
193 M S 69
8
14
Sec 5% notes
!2
.
_
1951 32
62
72
753
4
72 May'33
72
Slob & Stal let gu gold 4s_ _1991 M S
Extended tat gold 340._ _ 1951 AC)
9 1
181 gold 3s sterling
874 94
94
91 Sept'33
90 - 73 Mar'30
Mont C 1st gii 64
1961 MS
37 J
1917 j
933 Sept'33
8
Collateral trust old 4s
90
934
87.8 90
1st guar gold 52
6818
693
4 12 "EC 78
1952 AC) 6T2 70
1
38
7312 20
5
76
45
7018 804
Refunding 4s._
72
80
Morris & Essex let gu 340.2000 1 0 76 Sale 7 18
1955 /41 N 7018 76
8618 Aug'33
677 8618
8
90
Purchased lines 340
55
56,
55 June'33
8
Constr M Is ser A
1952 J J
1955 M N 82
60
4
62- 58
57E8 40
763 78 Sep.'33
a60
82
Collateral trust gold 48_1953 lii N
6
6918
Ccnstr M 414e ser B
1955 \I N 75
8112 8312 Sept'33
Refunding be
5218 88
.1955 MN 73
5
15
7912
7912
7818 83
-year secured 6445 g.._1936 J J 9012 Sale 90
6018 94, Nash Chatt & St 1. 48 ser A 1978 F A
80
9012 15
4
8618
937
5612 Sale 55
40
97
3
N Fla & S 1st gu 2 5s
97 Sale 9612
-year the___ __Aug 1 1966 F A
73
85
30
97
5814 74
Cairo Bridge gold 4a.
5012 85
18 July'28
Nat NY of Mex pr lien 444e 1957 J J
85 Sept'33
1950 JO
17
8
17
4
8
J
Litchfield Div Ist gold 38_1951
68
734
7338 Aug'33
Assent "ash war ret No. 4 on -,--,..
L011181 Gh & Term g 34s 1953 J
,
123 July'31
4
J 70, 75
_
58
Guar 4s Apr '14 coupon_ .1977 A
7012
2
7012 Sept'33
' _
Omaha Div 1st gold 3s_ _1951 F A
1
13-4 112 Sept'33 _
6818 Sept'33
58
68,8
743
Assent cash war ret No. Son ---4
St Louis Dly & Term g 38_1951 J J
53
7012 Aug'33
7012 Nat RR Men pr lien 44a Oct '26
2 4 Aug'33
3
238 3
Gold 3446
J J 6012 80
62
1
Assent cash war ret No. 4 on -.--,,,
74
5
74 Sept'33
22 Apr'28
Springfield DIY 1st ft 3449_1951 J J
75
75
1st roneolci 4s
75 Aug'33
195 1
1951 A "
FA
2
Western Lines 161 g 43
66
214 212 Sept'33
853
4
Assent rash war ret No. 4 on --80
80
1
Ill Cent and( hic St L &-1951
7112 Nov'32
65.8 83
Naugatuck RR let g 4s. _ _ _1954 MN
N 0—
75
387 7412 New England RR cons Is...1945 J
s
6i- 83
80
8212 80
Joint 1st ref 58 series A...1963 JD 66 Sale 6412
6612 50
7412 Eept'33
69
7412 79
76
1st & ref 441. aeries C_ _1963 JD 5712 Sale 57
37
Coneol guar 45
60
35
.
19A5 J 1 68
92 Nov'30
Ind Bloom & West 1st ext 4s 1940 AO 88.2 8912 9278 Aug'33
927 927 NJ Junction RR guar 1st 4s 1986
8
2
!A
48
Ind 111 .5 loua let g 4s
-55" -70
65 58 Sept'33
75
85
NO& NE ist ref dr 'mot 44418 A '52
'
1950 J J 7812 ---- 83 Sept'33
5 49 75
Ind A Louis% Ille let gu 48_1916 J
65
27
5478 New Orleans Term let 48.. 195:' J
65 Sale 65
45 Sept 33
1812 35
1812
2
Ind U111(111 Ily gen laser A
85
995 N 0 Tex & Mex n-c Inc 521_1935. 0 1812 Sale 1812
8
4
1965 j j 9312 100,2 99
99
A
0 20 2114 2018 20,8 1 1612 3512
Gen & ref be sell, 13
9912
let Is series II
100
85 100
9912
1905 1 J
5
1954
.
1814 5412
6
lot & Ors Nor bat 68 ser A_ _1952 J J 33 Sale 33
3518 40
18(2
21
183 21
4
163 36
4
let be series C
1956 F A
1
3
163 36
20
1st 4 48 series D
Adjustment 6s ser A_July 1952 AO 103 Sale 1034
25
4
4
4
1214 76
195fi F A -,-- 193 20
1st 50 Belles 13
21
22
14
21
23
17
1st 544s series A
2711, 31
16
50
32
3612
1956 J J
27
16
1954 A
181 g Is series C
16
90
85_ 9312 Aug'33
4912 N & C ridge gen guar 444s.._1945 1
9312
3012 27
1956 J J 2712 Sale 27
Int Rye Ord Amer 1st Is B 1972 MN
101
101 101
5018 55
3314 6512 NYB&M13Istcong5s 1935 A
98 102
50
51
4
let Coll trust 6% g notes..1941 MN
5412 59
37
608
60 Sept'33
1st .len & ref 64s
48
8612
7
8532 8414
83
50 Sale 46
92
50
1947 FA
8 25 55 N Y Cent RR cony deb 6e__1935
Iowa Central 1st gold 58
A
18
5712 8418
75
74
7812 74
Consol 4s series A
1938
1998
3D
Certificates of depoelt
3412 74
64
51
2
6114 Sale 6114
212 514 514
10
Ref & impt 4348 series A 2013 A
514
1st& ref g 4a
S
39
3
69
81
653 Sale 65 4
4
80
2
1
6
Ref & impt 55 series C__ _ _2013 A
314 23 Sept'33
1951
4
6834 83 8.
8212 37
805 Sale 7814
8
7
NY Cent & Stud Rh,Si 341131997
James Frank SE Clear 1st 4s 1959 JD 69
8312 Sept'33
70
75
60
7712
74
Registered
72 Sept'33
1997
Kal A & G R let au g bs
60
863 205
8
93 4
3
Debenture gold 413
---- 103 Mar'31
1938 J J
1934 MN 8414 Sale 82
Kan & M 1st gu g 4e
64
84
8412 84
82
60
76
30
8612
-year debenture 4s____ 1942 J
87
75 Aug'33
1990 AC) 68
KCFtS,55t Ity ref g 4s 1936 AG 36.8 407 3612
3412 74
6312 83
32h 61 12 Ref & Impt 434s ser A.....2013
6112 Sale 61
8
42
21
AG 35
Cc'iflcatt8 of deposit
60
737
8
32
7418
7
77
45
5712
Lake Shore coil gold 340_ 1998 FA
52 Aug'33
Kan ('Ity Sou 1st gold
6912 Sept'33
68
71
6712
_1950 AO 5912 Sale a563
Registered
4
5914 67 a48
1998 FA
Ref & impt Is
65
74 Sept'33......
74
47
4
80
78
Mich Cent coil gold 340_1998 FA
Apr 1950 J J 603 Sale 603
4
6614 18
Kansas City Term let 48._1960 J J 92 Sale 9118
57 (9
69 July'33
__
83
96
Registered
925
8 70
1998 FA
Kentucky Central gold 4s__1987 I J 8914 Sale 8914
7414 93
66
78
8.4.4 8814 Sept'33
913
NY Chic & St L lst g 4s
4
8914
3
1937 AG
J
Kentucky & Hid Term 4443_1961
14
51
65
50
80
84 Aug'31
6712
Refunding 54s series A 1974 A 0 4938 Sale 4812
J J 66
Stamped
51 S 4112 Sale 3912
57
12
43r2 167
80
75 June'33
1,5
Ref 444s series C'
5614
1961
1978
Plain
J J
4412 Sale 43
70
4712 87
89 Apr'30
3-yr 6% gold notes
1951
514 67
1935 AG
87 100 )
9812 31
N Y Connect let gu 444s A.1953 FA 9814 Sale 974
Lake Erie & West 1st e 58
J J
58
88
93
89 10318
6
78
1st guar Is series B
8612
86 2
,
2
1953 P A 10318 -- 10212 10318
-1937
26 gold 58.
_
55
7812 N Y Erie 1st ext gold 48_1947 MN
86
78
73 Sep-'33
89
1941 J J _ _
-. a88 July'33
Lake Sh & Mich Sag 3 Ms_ _1997 3D g4i2
7114 86
Sale 84
5134 65 .
65 Sept'33
N Y Greenw L gu g W...1946 MN 634 76
8412
9018- 6
D
Registered
7212 77
80
84
N Y & Harlem gold 348_2000 MN
88
8
4
1997
8
7612 853 853 Sept'33 _
767 June'33
Lehigh & N Y 1st gu g 45_ A945 NI 5 61
46
7o., N Y Lack ar W ref 4 418 B_ _ _1973 MN 93
65
61 Sept'33
85
8912
96
96
58
I eh Val harbor Term gu be 1954 FA 813 86
79.4 90
8512
8512
4
N Y Jr Long Branch gen 48_1941 51 S
78
76 June'33
76
I.eh Val N V 1st gu g 4345_1940 J J
5972 S7
8
87 Sept'33
817 89
9512 July'29
NY&NE Tian Term 4s_ _1939 A0
Lehigh Val (Pa) cone g 48_2003 MN 49, Sale 4014
25
62
2
45
3
65
5012 10
70
NYNII&lIn..cdeb4s_
1947 MS -a- gale 65
MN
28
Registered
_ 45 June'33
45
44
65
65 Aug'33
68
Non-cony debenture 3446 1947 MS 60
General cons 448
3214 6412
53 Sale 51.2
54
44 a65
2003 MN
1
56
Non-cony debenture 348_1954 AO
20
56
General cons ba
33
62
55
5498
57
6812
20(13 MN
45
1
13
71
62
6212 62
Non-cony debenture 4p 1955 J J 60
AO 9112 993 99 Sept'33
Leh V Term Ity 1st gu g 6s 1941
89 1001a
4
71
45
6212 Sept'33
Non-cony debenture 4s
1956 MN
Let & East let 50-yr be gu_1965 AO 95 100
76 10012
97
10012 11
43
Cony debenture 3441;
60
55 Sept'33
1955 ▪ j
Little Miami gen 4e series A.196: 54 N 8012 -- 8112
8112 8112
8112
Cony debenture 58
57
13
84
65 4 82
81.e:
a
9912
1948 • J 82
I ong Dock consol g Ge
9012 101
1 3
1935 AG 1001
.
- 10012 Sept'33
90 Aug'33
80
90
Registered
Long island—
59
8414
Sale8412
Collateral trust (is
95
8512
1940 A0
General gold 4a
__ 9912
954 993
4
1938 JD 9912
993
4
6
347 65
8
1
53
Debenture 46
523 53
4
1957 MN 30
Unified gold 46
82 r97
95 -- 927
Sat & ref 444s sec of 1927_ _1967 JO 64 Sale 64
1949 M
8
96
45
8
753
8
8is
6712 15
D 1011, Sale 10112 10112
Debenture gold ba
97 10112 Ilarlem N & Pt Chea 1st 4.5 1954 MN
1934
4
2
8234 9012
86
86
20
-year p m deb 5s
90 100
9218
1937 MN 9314 97
95
6
Guar ref god 46
76
95
9212 20
1949 MS 9212 Sale 92
NY 0.5 W ref g 45June
84
59
6018 67
59 Sale 5512
59
1992 M
Louisiana & ArJl 1st 5.ser A _1969 J J 453 Sale 43
20
57
4
463
4 42
43
General 4s
6118
27
533
8
55
1955 3D
Louis 3, Jeff lidge Co gd g 4a 1945 MS 8214 85 82
70 r83
N Y Providence & Boston 49 1942 AC) 80
82
1
5672 985
53817512 85 Nov'32
Louisville & Nashville ba_ _1937 MN 10114 103 1023 Sept'33
9684 r104
N Y & Putnam 1st con gu 48.1993 AG
4
84
78
2
74
74
Unified gold 4.8
8112 98
5
N Y Susq & West tat ref 58_1937 J J
1940 J J 957 Sale 9438
8,
9614 62
2312 65
56 Sept'33
J J
Registered
77
85
2d gold 44418
82 Apr'33
33
4112
4112 June'33
65
1937 FA _
let refund 541s series A__2003 AC) 923 94
8
9214
94
General gold be
8 6512 99
1612 52
4
4212
44
1940 P A 5T8 49
1st & ref 58 series II
834 9212
2003 AO 88 Sale 88
883
4
8
Terminal 1st gold be
64 e6-1
98 a75 Sept'33
1943 MN 69
AO 8312 853 83
1st & ref 440 sales C
8312
2003
4
597 90
8
NY W Chea & 13 tat ser I 440'46 .1 .1 47 Sale 46
4
31
60
39
47
Gold Is.
87 1023
1941 AO
101 101
8
1023
8
2
Paducah & Mem Div 48_1946 FA
56
70
75.8
,
75 June'33
Nord fly ext sink fund 640 1950 AU 124 Sale 1237
983 127a
4
8
12412 16
St Louis Div 2d gold 38_1980 MS 5414 - -1 55 Sept'33
43
58 4
60
Norfolk South let & ref A 58.1961 FA
Slob & Montg 1st g 440_1945 NI
82
9318
92
_ a92
9212
3
Certificates of deposit
13
13
13 Aug'33
South Ity joint Monon 46_1952 J J _
40
73
-C6 x 72 Sept'33
.
Norfolk & South 1st gold be..1941 MN
6
298
25 Aug'33
23
6
AtI Knoxy & Cin Div 4s 1955 MN
75
92 4 Norf & West RR impt&ext 61 '34 FA 101 12 103 10112 Sept'33
,
893 853
4
8
8512 13
101 10412
NA W Ry 1st cons g 4s___1996 AG 973 Sale 0963
87 10012
4
9814 100
4
Mahon Coal RR 1st 58
1934 J J
9514 10114
1004 July'33
Registered
944 944
9418 Jan'33
1966 AG
Sienna flit (South Linea) 45 1939 MN 493 59
a4934 54,
4
5414 July'33
4
Div'l tat lien & gen g 48_1943 J J 10014 Sale 987
9312 1014
8
1003
4 58
tat ext 46
1959 MN
45
50
65
52
JO 993 Sale 9914
July'33
51
Pocah C & C joint 48
8912 100
4
4
100
1941
Manitoba SW Colonlza'n Is 1934 JD 9212 97 a93
70 a9412 North Cent gen & ref 55 A 1974 61 8 10012
94
25
99 100,
10012 Sept'33
2
Mau 0 11 .5 N W 1st 3448_1941 J J 50
47
47
60
47 Feb'33
Gen & ref 4(4s aer A
85 Aug'32
1974 MS
Mel Internal 1st 46 amid__ _1977 M S
North Ohio 1st guar g
2 Sept'32
-11
_1945 AG -5?)- 41) 42 Sept'33
Michigan Central Detroit & Ray
_8122 sale_ 81
North Pacific prior lien 4s 1997 @
73
8912
91
a83
City Mr Line 4s
1940 J J 90
9314 934
@
9514 9314 Sept'33
Registered
7452 85
833 Aug'33
4
Jack Lana & Sag 34-48
1951 NI
79 May'26
Gen lien ry & Id g 38_Jan 2047 Q F 56u 3:1e 56
48
Sale
.5812 90
62
1952 MN 833 1st gold 3418.
79 60
4 8912 8918 Sept'33
Regtstered
5512 5515
5512 Jan'33
Jan 2047 @ F
1979 J J 71
Ref & impt 4 418 ser C
61
75
80
75
Ref & Imp% 440 series A_ _2047 3
75
12
50 z7812
68 Sale 6712
9
68
Mid of N J 1st ext 58
1940 AC) 6218 71
40
753
4
71 Sept'33
Ref & Imp; es aeries 13.....2047 3 1 82 Sale 7912
60
82
44
9212
Si)
1111 .5 Nor 1st ext 44a (1880)1934 3D 68
76
J
Ref & impt 5s series C____2047
- 76 Sept'33
5912 84
74
80
75
76
10
.
1934 3D
Cons ext 448 (1884)
6814 70
Ref & Imp; 58 series D____2047 J J 6314 7812 76
68 Sept'33
76
5614 83
4
Mil Spar .5 N W tat gu 45_1947 MS
3412 66
No Ry of Calif guar g 58_1938 AG
62
62
100 100
100 Sept'33
Fort St II D Co lat g 4 4s__1941 J j
Ft W & Den C 1st g 54s...1961 JO
Frem Elk & Mo Val 1st 66..1933 AO
a 1 1,11 , rred
' .
I Ile re
e
ionel
.
.4ent.5. 82 o110 at 75. z Optional *ale Sept. 21 y2.000 at 83.
5 Look under Ilst of Matured Bonds on page 2436
New York Bond Record Continued—Page 4
2434
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 29.
Price
Friday
Sept. 29.
Week's
Range or
Last Said.
e
4 4
Range
Since
Jan. 1.
BONDS
N. Y STOCK EXCHANGE
Week Ended Sept. 29.
Etr
t
Sept. 30 1933
Pries
Friday
Sept. 29,
West's
Range or
Last Said.
4?4
A .1 cow
814
& L Cham 1st
60
50
g 48-1948 J J 50
Ohio Col:meeting By let 4s_1943 MS 89
_
97
Ohio River RR 1st g 50____1936
D 85% 100
90
General gold 58
91
1937 AG 80
91
Oregon RR & Nav corn g 48_1946 JD 91
93
91
Ore Short Line let cons g 50_19 6 J J 10212 Sale 102
,
Guar stpd cons 55
1946 J J 10312 Sale 103%
Ore-Wash RR & Nay 4s1961 J
845 85 a825
8
8
Pac RR of Mo let ext g 43..1938 PA
2d extended gold 58
1938 J
Paducah at Ills let s f g 438_1955 J J
Parls-Orleans RR eat 6%5 1968 MS
Paulista Ry let ref a f 78_1942 MS
Pa Ohio & Del let &ref 4%a A '77 AO
Pennsylvania RR cons g 45_1943 MN
Consol gold 48
1948 MN
4e sterl stpd dollar May 1 1948 MN
Comm' sinking fund 4%8_1960 PA
D
General 4%8 series A
1965
General be series B
1968 JD
15
-year secured 615s
1936 FA
40-year secured gold 5s_1964 MN
Deb g 4355
1971 AG
General 4)4s ser D
1981 AO
Peoria & Eastern let cons 441_1940 AG
Income 48
April 1990 Apr
Peoria & Pekin Un tat 512s_A974 PA
Pere Nfarciuette let ser A 58_1950 J
let 4e aeries B
1956 JJ
let g 414s series C
1980 MS
Phil& Halt & Wash 1st g 48.1943 NI N
General be series B
1974 FA
General g 414s series C. _1977 J J
Philippine Sty let 30-yr s1 4s '37 J J
P C C az St L gu 4%3 A
1940 AO
Series B 4128 guar
1942 AO
1942 SIN
Series C 430 guar
1945 M N
Series D 48 guar
Series E 434e guar gold
1949 F A
Sertes F 48 guar gold
1953 J D
Series G 48 guar
1957 M N
Series A cons guar 48_ _ _1960 F A
Series I cons guar 415s_ _1963 F A
Series J CODS guar 4140_1964 M N
1970 J D
General Ni Is series A
Gen mtge guar 5 ser B 1975 A 0
Gen 4145 series C
1977 J .1
Pitts McK & Y 24 gu 68
1934 J J
Pitts Sh & LE 1st g 5s
194C A 0
let Co11301 gold be
1943 J J
Pitts Ala & Char let 4s
1943 M N
Pfes at W Va let 434s sec A _195S J D
1st Ni 435e series B
1958 A 0
let NI 412s Relies C
1960 A t:t
Pitta Y at Ash 1st 44 ser A 1948 .1 D
1st gen 58 series B
1962 F A
Providence &cur deb 48_1957 M N
Providence Term let 48_
1956 M 13
Reading Co Jersey Cen coil 48'51 40
Gen & ref 412e series A_1997 .1 J
Gen & ref 434e series 11
1997 J J
Rensselaer & Saratoga 68
1941 MN
Rich & Merch let g 4e
1948 NI N
Richm Term Ry let gu 58_1952 .1 .1
Rio Grande June let gu 55 1939 JO
Rio Grande Sou let gold 48_1919 J J
Guar 45 (Jan 1922 coupon) '40 J .1
Rio Grande West let gold 48.1939 J J
let con dc coll trust Is A.. _1949 AO
It I Ark & Louis let 4%8_1934 MS
Rut-Canada 1st go g 4s
19'9 J J
Rutland let con 4145
1941 J J
High No. Lou
High
Bid
Ask Low
High No,
Sept'33
3813 5814 Southern Ry let cons g 58_1994 j j 84 Sale 83
87
70
Mar'32
j
Registered
-__- 851s 85 July'33
Aug'33
36- -- 9
6
53,8 127
-1
Devel & gen 48 aeries A._1956 AO 50 Salo 491e
Aug'33
91
70
Devel & gen 68
4
6914 68
1950 AG 66 Sale 643
93
26
8418 98
Devel & gen 6(4s
1956 AO 7114 Sale 70
72
52
10212
99 10712
Mem Div let g 5s
80 Sept'33
80
1996 J J 56
105
12 100 10713
St Louie Div let g 48
70 Sept'33
70
1951 ii 60
8518 104
75
91 Sept'33
90
East Tenn reorg lien g 53_1938 NI S 80
91
49
Mobile & Ohlo coil tr 48..1938 NI S 4312 49
12
49
91 Sale 91
91
7312 93 8 Spokane Internet 1st g 55 1955 J
7
14
14
13
1
14
88
90 4 8812
,
1
8812
75
90
Staten Island By 1st 41.0_1943 it!
60 May'32
_
9414 9414 Aug'33
9412 Sunbury & Lewiston let 48_1936• j 91 100
93
97 Nov'31
11814 Sale al17 5 121
,
53 a9(112 123
6114
5112
- 51 12
1
52
36
Tenn Cent 1st 68 A or B
48
50
54
9
1947 AG 49
-- - 897 Sept'33
91%
8
9313 Term Assn of St L let g 43-(s 1939 AO 10112 10214 0112 Sept'33
71
081,
10118
10118
1
95 4 101 8
,
,
let cons gold 58
102
1944 FA 102 Sale 01
7
9912 gale 98 2
,
99,
2 19
91 101 12
.1 88 Salo 8712
Gen refund s f g 48
89
51
1953
9912 Sale a98
100
20
90 100% Texarkana & Ft S let 5325 A 1950 P A 77 Sale 765
8
78
9
103 Sale 103
▪ j 65
103
22
9412 105
Tel & N ()con gold be
65 Sept'33 _
__
1943
87 Sale 88
8
73% 947 Texas & Pac let gold 6s
8914 145
91
,
41
2000• D 90 8 Sale 90
96 Sale 9512
98
147
78 1003
2d Inc 5s
95 Nlar'29 _ _ _ _
4
(Mar'28 coon)Dec2000 Nfar
10312 Sale 10312 10418 49
,
Gen & ref 5s series B
95 105 8
6214
63
3
1977 A0 6112 6
8812 91
90
9112 48
73
98
Gen & ref bs series C
63
7
1979 AO 62 Sale 6112
74 Sale 73
77% 171
6712 62%
56
8614
Gen & ref 58 series D
1980 J D 62
6218
4
82 Sale 81
8314 126
68
9012 Tex Pac-Mo Par Ter 51is A 1964 M S 71 Sale 71
71
1
-_
69
62 Sept'33
72
30
Tol & Ohio Cent 1st gu 58_1935 J J
9712
9712 100
9712
2
64 9
5
73 Sept'33
4
1114 1612
9812 Sept'33
98
Western Div 1st g 55....1935 AO 02
89 Sale 8714
89
3
69 4 90%
,
General gold 58
1935 J 0 83% 91% 92 Aug'33 64 Sale 6314
65
13
28 4 76
,
Tol St LA W 50
__ 67 67 Sept'33
-year g 4s
1950 AG
58
6314 61 Sept'33
28
63
Tol W V & 0 gu 4s ser C
9618 Apr'31
1942 NI S 86 587 Sale 587
8
8
59,
3 13
28
6812 Coronto liam & Buff let g 4s 1940 J D 707 -- - 80 Feb'33
0
8 9
99 Sale 987
8
9914 30
04 101 14 Union Pac RR lot & Id gr 48 1947 J J
100
304
9812 Sale 98
102 Sale 02
102
3
93 10212
98 Sept'33 _ _ _ _
J J
97
Registered
9312 100
95
95
1
90
lot lien & ref 48
92
81
June 2008 NI 13 92 Sale 89
41
25 Sale 22
.1 8812 Sale 86
26% 44
19
Gold 4125
35%
8812 101
1967 .1
lot lien & ref 55
40
June 2008 MS 102 Sale 10112 104
102
___ 1013 10212
I
5 a93 4 102%
,
40-year gold 48
817
8 75
817 Sale 8018
8
1968 J
102 Sale 102
'1025
8
8
94 102% UN J RR & Can gen 4s
101
90 101 100
11
1944 M
10212 ____ 10212 Sept'33
99 10212 Vandalia cons g 48 series A 1955 FA
85
9218
Apr'33
9812 _
9812
985
8
4 149418 9858
Cons e f 45 series B
1957 Ni N 79% - - 85 June'33
91 18 ____ 8912 Aug'33
218 Sept'33
8912 8912 Vera Cruz & P mat 430
Zia -3
1933 J .1
97% Aug'33
9618 9718 Virginia Midland gen 58._ 1936 MN 9818 99
993 Sept'33 _ -4
98
92 May'33
_
92
9212 Va & Southwest let gu 50_2003• J __ 80
76 Sept'33
9618 Sept'33
9015 9814
1st cons 58
66
4
6512 65
1958 AG 63
10212 103 102
103
4
99
91 18 103
49
Virginian fly lot 5s series A.1962 MN 0814 Sale 9718
10212
02 Sept'33
9412 10212
9212
1st mtge 4%8 series B
5
9412 9212
1962 MN 90
9518 Sale 95
96
9
78 10018
94
97
0712 Sept'33
,
7612 99 4 Wabash RR 1st gold 58
70
11
1939 MN 69 Sale 68
8712 Sale 8712
881
8 12
69
93
2d gold 5.3
48
54
50
12
1939 FA 50
1001 1 ..-- 101 14 Sept'33
98% May'29
9958 101 14
Deb 68 series B registered 1939 J
100%
100 4
3 100 102
,
3712 Apr'33 -let ilen 50
74
-year g term 48.1954 J J _
100 Mar'33
J
100 10012
7
79T8 9818 76 Aug'33
Det & Chic Ext lot 58_1941
9018 94 94 Sept'33
94 94
50 Aug'33
45
Des Moines Div let g 4s 1939 J J 31
60
66
63 Sept'33
40
4
6978
40
Omaha Div let g 3 titt
30
1941 A0 2014 48
60
66
66 Sept'33
50 Aug'33 -- _ _
6R5
8
Toledo & Chtc Div g 4s_ _1941 MS 5518
30
63 Sale 6114
63
1714 91
4
17
30
7012 Wabash Ity ref dr gen 514s A 1975 MS 1714 gale 143
95 Aug'33
37
16
95
95
16
1712 1458
Ref&gen 5s(F'eb'32 coup)B '76 P A
---- 105 Sept'33
17
97
105 105
Ref & gen 410 series C...1978 A0 17 Sale 1412
35
__ 71 8 July'31
,
31
16
Ref & gen Se series 0
1980 A 0 16 Sale 15
7918 ___- 80 June'33
_
Warren let ref gu g 3148._ _2000 FA
50 Feb'33
80 80
Washington Cent let gold 4e 1948 QM 60%
_ 52 Feb'33
795 84
8
7912
82
20
66
0018 Wash Term 18t gu 314a
91
1945 FA 88 - -12 92 Aug'33 ---8912 Sale 8912
9112 20
,
1st 40-year guar 48
75 4 95
1945 FA
97 July'33 9614
90 Sale 90
9212
5
95
Western Maryland let 4a
6912 24
78
1952 AO 6912 Sale 68
Oct'30
113
16
let & ref 5348 aeries A
79
7712 Sale 76
1977 .1 .1
40 July'33
38
40
West NY & Pa 1st g Es
,
1937 J J 101%
-- 100 8 10012 12
9912 June'33
88 Sept'33
9712 9912
General gold 48
_
8
6
1943 AG 8312 - 3512 81
83 Sept'33
63 85
Western Pac 1st 5s ser A...1946 M
39
47
3614 Sale 3614
Dec'32
114
1
8112 41
West Shore 1st 4e guar
2361 j j 8114 Sale 78
212
j
314 July'33
Registered
78 Sept'33 — _ 2361
1
314
65
73
73
74
15
Wheel & L E ref 43 ser A_1966 NI S _
831e Sept'33 - 85
55
87
-is
57 Sale 5214
57
Refunding Sc series B
15
1966 NI S 8208 _ -. 6518 Aug'33
2512 64%
17 Sale 17
RR let consol 48
20
21
17
8912 31
1949 MS 88 Sale 88
38%
4814 5114 5114 Sept'33
1942 J O 35 Sale 35
35
2
3558 5712 Will, & East let gu g 58
WIII & S F let gold 611
5614 58
6012 Sept'33
64
86 Sept'33
_
1938 3D
39
Winston-Salem S B let 46_1960 J
8514
a8612
7
8514 89
a89
8814 9012 a89
4
Wis Cent 50-yr let gen 48..1949 J J
93
70
13
1612
5
16% 15
60
75
64 June'33
6484
Sup & Dul env & term let 48'36 MN
64
1112
2
1014 14
11-18
66
80
70 June'33
Wor & Conn East 1st 4 Sis 1943 J J
68
70
8514 Sept'31
St Joe & Grand Isl let 4a
1947 J J
St Lawr & Adr let g be
1996 J J
211 gold So
1996 AO
St Louie Iron Mt & Southern—
Itiv & 0 Div 1st g 4a
1933 MN
St L Peor & N W let gu 58.1948 J J 63
St 1 -San Fran pr lien 4s A 1950 J J
1514
Certificates of deposit......
1414
Prior lien be series 13
1950 JJ
16
Certificates of deposit______
16
1978 MS 15
Con Ni 412e merles A
Certifs ot ueposit stamped_ _
14 4
,
St I. S W let g 4e bond ctfs_1989 It N 5912
28 g 4s Inc bond etfs Nov 1989 JJ 43
lot terminal & unifying So.1952
51
1990 J J __—
Gen at ref g 5s tier A
Sale
Sale
17
18
Sale
53
15
14
1614
16
15
Sale 1412
63 4 5914
,
47
4714
Sale 51
4718 45
St Paul & K C Sh L let 4148_1941 FA 32
35
St P at Duluth let con g 4s 1968 SD 7514 90
St Paul E Gr Trk lot 4%8_1947 J J 45
60
St Paul Minn & Manitoba—
Cons NI 5s ext to July 1 1943..
9812 Sale
Mont ext let gold 411
1937
92 Bale
Pacific ext g.I 4e(sterling)_1940 J J 867 90
8
St Paul Un Dep let & ref 58_1972 J
100 1017
8
S A & Ar Pass let int g 4s
1943 J J
Santa Fe Free & Phen let 58_1942 MS
1934 AG
Say Fla & West let g fis
1934 I1
let gold be
Scioto V & N E lot gu 48_1989 MN
Seaboard Air Line let g 48_1950 AO
1950 AO
Gold 45 stamped
Certtfs of deposit stamped_ _ AG
Oct 1949 PA
Adjustment 58
1959 AO
Refunding 4s
Certificates of deposit......
let & cons Se series A.._1945 Si-i
Certificates of deposit......
Atl & Birm 30-yr 1st g 48_1933 Si-i
Seaboard All Fla let gu 8g A 1935
AO
Certificates of deposit
1935
Series II
PA
Certificates of deposit
So & No Ala cons gu g 5e.._1938 FA
Oen cone guar 50
-year 59_1963 AO
So Pac cell 4s(Cent Pac coll).40 JD
1st 410 (Oregon Lines) A 1977 MS
1934 JD
20-year cone be
Gold 410
1968 MS
Gold 434e with warrants 1969 MN
Gold 412s
1981 MN
San Fran Term let 4e
1950 AG
N
So Pac of Cal let con gu g 5a 1937
So Pac ('oast let gu g 48
1937 J J
So Pac RR let ref 4a
1955 J J
Stamped (Federal tax)_ _ _1955 ii
r cash males
a Deferred delivery.
•
60
13
1612 13
1614 57
18
8
18
10
2
16
15 4 116
,
aOl
82
4714
9
2
5112
47
14
35
35
75 June'33
58 Sept'33
6
98
9912
92
9212
897 Sept'33
8
00
10012
69
5
Sale 60
64
100
98 Sept'33
,
-- -- 00 8 Sept'33
0012 Sept'33
98
00 Sept'33
•
•
15
17
15 Sept'33
412
4 Sale
338
6
7
814 Aug'33
612 Sale
6
712
6 Sale
8
712
•
8
_
61
9812
100%
100
97
4
318
Sale
7
313
4
3
2812
8
813
10
9
1e
083
8
04
49
33 2
,
19
12
65
3012
30
33
30%
2912
2612
7212
5314
6714
56
INDUSTRIALS.
Abitibi Power & Paper let be 1953.5 D
Abraham dc Straus deb 5%8_1943
A ct 9512 Sale 95%
With warranta
2
9512
Adams Express coil tr g 40...1948 M
66
717 68
1
a
68
Adriatic Elec Co mai 7s__1952 A 0 101 108% 113 Sept'33
Albany Perfor Wrap Pap& 1948
51
55
54
54
1
165
Allegany Corp coll tr 58.....1944 FA 55 Sale 54
60
Coll & cony be
1949• D a51 Sale 48
5214 116
Coll & cony be
1950 AO 3112 Sale 26
3112 309
Allis-Chalmers Mfg deb 5s_..1937 MN 8612 Sale 8534
8712 18
534 ____ 5112
525
8 11
Alpine-Nfontan Steel let 78.1955 M
8018
79
6212 Amer Beet Sug cony deb 68_1935 FA
80
80
80t2 American Chain deb 8 I 68_1933 AO
•
917 91%
8
Amer Cyanamid deb fa_._ _1942 AO 81
917
8
58
39
Am & Foreign Pow deb 58_2030 MB 35 Sale 34
9712 100
American Ice 8I deb 58____1953• D 69% 7114 70
7012
75
84 Sale 077 4
Amer 10 Chem cone 514s. _1949 M
96
8512
,
70
72 Sale 72
9018 Am Interest Corp cony 5141 1949 J J
73 4
,
105
Amer Nlach & Fdy af 6a____1939 AG 105 106 105
89 104
96
,
Amer Metal 515
1191,— 1934 AO 94 4 Sale 94
e 997
8
8
54
8
8012 Am Sm & B let 30-yr loser A '47 AO 997 Sale 975
-year 8a...__1937 ii 105 Sale 104 4
82 100
, 105
Amer Bug Ref 5
95 10012 Am Telep & Teleg cony 48_1936 MS a1003 Sale a100 8 102
8
,
1946 J
106
a10512 Sale 10518
94 100
30
-year coIl tr Se
1960 J J 103 4 Sale 102 4
,
35
-year 5 1 deb 53
90
98
, 104
1943 MN 10612 Sale 10518
1065
20
-year 51 534s
•
8
1939 J J 112 Sale 111 4
Cony deb 43.0
, 115
1965 FA 103% Sale 0102 4 104
Debenture 58
3
2314
,
12. 11 4 Am Type Found deb fie__ .1940 AO
52
62
52
,
97
Am Wat Wks & El coil tr 53_1934 AO 9512 Sale 9518
1975 MN 7412 Sale 73
1412
2
75
Deb g Os series A
23 17%
4
Am Writing Paper let g 68_1947 ii 425 4712 45
114 18
8
45
•
Anglo-Chilean Nitrate 78_ _A945 MN
43
4 655 413
518
Ark & Mem Bridge & Ter 58_1964 MS
79 Sept'33
89
1
9 4 Armour & Co (III) let 430_1939 3D 88 Sale 8712
,
.▪ 1 84 Sale 8314
Armour & Co of Del 53i8-1943
86
1
712 Armstrong Cork cony deb 55.1940 J D 935 Sale 9312
8
9384
Associated 011 6% g notes_1935 Ni
9912 102
103 Sale 103
10418
1947 JD 0612 __ 98 4 Feb'33
75
96
Atlanta Gas L let 58
,
40
All Gulf & W I SS coil tr 53 1959 J J
71
5212 Sale 52%
53
53
Atlantic Refining deb 58...1937 ▪ ./ 1025 Sale 10212 103
80
8
6714 9312 Baldwin Loco Works let 58..1940 MN 99 101 100
100
Batavian Petr guar deb 412[1.1942• J 9712 9814 96%
3814 74
9712
3714 7412 Belding-Heminway Os
1936 .1 J 98 100
98 Aug'33
3014 7212 Bell Telep of Pa 5s series 13_1948 J J 105% 1073 105
10712
2
let & ref 158 series C
070 4 95
,
1960 A0 10614 1091s 10613 0101312
974 10213 Beneficial Indus Loan deb fis 1946 M
9014 Sale 9014
92
95
Berlin City Elec Co deb 6140 1951 JD 37 Sale 3412
95
37
Deb sinking fund 610— -1959 FA 3812 Salo 3218
60
84
3812
Debenture 6s
1955 A0 33 Sale 2815
3414
Berlin Elec El & Underg 8(4s19541 AO 30
36
3512
38
Beth Steei 1st & ref 53 guar A '42 M
101 Sale 1007
8
103
30
-year pm A impt of 53.1936 J
98% Sale 97%
99
a28
70
45
•
21
98
52
10
4 Sept'33
02 Sept'33
94 94 Sept'33
79
a5218 Sale 52
5618 33
6712 Sale 66
69
87
80
85 85
85
2
56
54 Sale 53
37
a53 Sale 5214
5412 98
54
5212 Sale 5012
159
9214 Sale 9112
94
201
10112 ---- 0212 Sept'33
95 Aug'33
72
7012 Sale 69
157
9212 May'30
5 Look under list of NI aturcd Bonds on page 2436.
19
6
308
9
110
32
1
142
204
10
24
89
110
236
49
205
2
37
13
3
23
57
91
30
15
7
21
5
27
56
37
14
39
72
80
48
49
110
Range
Since
Jan, 1.
Low
55
5812
17
20
207
2
40
36
60
20
1312
High
9618
85
64%
8.5
90
8114
76
91
665
8
30
25
58
96 10213
9112 103
68
9112
59
86%
60
65
857 10012
4
4213
4314
43
50
86
80
73
44
75
763
8
75
73
9712
9812
93
71
-i35903
4
9372 9914
a78
93%
95
a75
95 10714
a093 aS912
4
98 10112
85 85
85 83
11 5
/
4
80
99 4
,
00
85
3612 70
81 101 14
78
9414
43
33
85
70
2 371-3 1 - 2
7(1
62
35
5018
2712 47
41
56
5 4 32
,
Ste 32
4
3212
4 2 32
,
50
60
a51 4 52
,
87
9214
9212 97
74
53
52
8412
9914 103%
79 2 93
,
20% 58
67
8512
6414 80
65
84
8212 80
91
70
18 4 45
,
85
87
76 4 92
,
8 4 2714
,
2112
80
5312
92
24%
251z
a1913
5
65
50
99
73
11412
5612
69
60
49
9412
62
2614 85
•
7012 94 4
,
235 5814
2
52
72
84
89
6612 86%
10214 106
60
9712
78 100
1028 10612
8
09612r105
100 10711
93 1071
:
9912 109%
99 119
9212 10714
35
67
7412 98
49
8914
a2114 5618
21s 1412
78% 85
77
92 4
,
7118 00
93 4
,
65
10112 10418
4
08% 983
35
68
97 104 4
,
79% 104
904 10218
83
08
101 III
1004 111%
9312
75
33
704
894
32
2818 844
a28
63 8
7
,
71 104 4
79 1004
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 29.
z3
r
Pries
Frtelay
•1' t
.f.. Sept. 29.
4
;
Week's
Range or
g l'
Last Said.
co v8
Range
Since
Jan. 1.
Ask Low
High
Mob No. Low
Bid
25
5
8
25
Bing & Bing deb-63411
1950 M S. 25 --_- 25
b
2712
153
8 44
Botany Cons Mille 844a _ _ 1934 A 0 14 Sale 14
1412
1412
17
5
418 2012
Certificates of deposit
A 0 15
Bowman-Bill Hotels 1st 7s...1934
4
412
NI S -------- 412 May'33 ____
Strrip as to pay of 3435 pt red
912
93
4 15
2
4
11
93 10
B'way & 7th Ave 1st cons 65_1943 J D
1
10
Certificates of deposit
J D --------10 Aug'33 ____
6512 76
8
7114
Brooklyn City RR 1st be_ __1941 J 1 71 Sale 71
3
Bklyn Edison Inc gen be A__1949 1 J 10512 Sale 10518 10612 32 100 4 108
1055
8 24 100 108
Gen nage be aeries E
1952 J J 10512 106 105
91
183
8
844 96
Bklyn-Nlanh R T sec 6s
1968 .1 J 9018 Sale 89,
57
60
59 Aug'33 ____
Bklyn Qu Co & Sub Con gtd bs '41 51 N __-_ 59
__
_
let ba stamped
1941 J J --------50 Nov'32 ____ ___
80
74 87
8
Bklyn Union El lot g be_ _1950 F A
10
7
78
10938 36 1013 112
8
4
Bklyn Un Gas lot cons g - 8_1945 M N 1093 Sale 107
5
,
4
1st lien & ref 6s series A1947 M N 108 2 __ 114.2 Sept'33 ____ 1043 1174
1936 a J 103 iss 158 Feb'33 __ r. 158 158
:
Cony deb g 54es
1173
4 26
93 105
D 9714 Sale 97
Debenture gold be
1950 J
10312 10
977
8r1073
4
lot lien & ref series 13
1957 M N 104 1043 10258
103
31
9712 10512
Buff Gen El 444s series B.. _1981 F A 101 Sale 1005ti
42
5
42
8712
Bush Terminal let 45
1952 A 0 42 Sale 42
13
1214 Sale 1214
4
5
3314
Consol be
1955 J J
30
38
19
6412
Bush Term Bldgs be gu tax ex '30 A 0 38 Sale 34
60
60 18
37
747
8
3
By-Prod Coke 1st 5445 A.-1945 MN ---- 61
Cal0& E Corp unf dr re lbs_1937 SIN
Cal Pack cony deb bs
1940.3 J
Cal Petroleum cons deb 5 f Se '39 F A
Cony deb a f g 644s
1938 MN
Camaguey Sugar etre of deposit
for lot 7s
1942 --Canada SS L 1st & gen 63_1941 A 0
Cent Dist Tel lot 30-yr bs 1943 J D
Cent Hudson 0 & E 5s_Jan 1957 M S
Cent III Elec & Gee let 511-1951 F A
Central Steel lot go f 8s_ .__1941 M N
Certain-teed Prod 54.4s A
1948 M 8
Chesap Corp cony bit May 15 47 M N
Ch 0 1.. & coke bit gu g bs_ _1937 J J
Chicago Railways let bs stpd
Aug 1193325% part. pd
F A
Childs La aeb be
1943 A 0
Chile Copper Co deb be
1947 J 1
CM 0 & E 1st 51 45 A
1968 A 0
Clearfield Bit Coal 1st 45
1940 1 Il
Small series B
1940 1 J
Colon 011 cony deb 613
1938 1
Cob Fuel dr Ir Co gel' s I' 69_1943 F A
Col Indus 1st & coil be gu
1934 F A
Columbia GA E deb 6 May 1962 M N
11
Debenture 5a
Apr 151952 A 0
• Debenture be
Jan lb 1961 J J
Columbus By PAL 1st 4443 1937.3 rJ
Secured cony g 5345
1942 A (3
8
1045
aill
0614
100
105 10458
Sale 91118
08
963
4
1005 100
8
33
4
4
163
106
105
494
10318
4412
97
10214
83
4 53 Sept'33 __
4
1712 1612
1612
2
106
Sale 105
7
105
2
Sale 105
50
Sale 4812
26
105 10412 1043
4
3
Sale 433
4
4612 47
Sale 964
730
101
103
Sale 102
19
Commercial Cretin of Os A_.1934 SON
Coll tr a f 534% notes__ _1935 J J
Comml Invest Tr deb 540_194e F A
Computing-Tab-Rec a f 6.4 1941 3 3
Conn By & List & ref g 440 1981 J ,1
1951 .4 .3
Stamped guar 4%s
Consolidated Hydro-Elec Works
of Upper Wuertemberg 78_1956 1 J
Cons Coal of 51d 1st & ref 68_1950 J D
Consol Gas(N V) deb 5448_1945 F A
Debenture 4 %a
1951 J D
Debenture Es
1957 J J
Consumers Gas of ChM gu 581936 J D
Consumers Power 1st be C 1952 SIN
Container Corp let Os
1946 J D
16
-year deb bs with warr_1943 1 D
Copenhagen Teter)58-Feb 15 1954 F A
Coro Prod Refit 1st 25-yr a f 614'34 MN
Crown Cork & Seals 1 6s1947 J D
Crown Willamette Pater 85_1951 J J
Crown Zellerbaeh deb Sow w 1940 M 5
Cuban Cane Prod deb 8s... 1950 1 1
Comb T & T let & gen 50_1937 J J
10114
101
10034
10618
98-8
99
•
3412 37
62 Sale
95 4 Sale
3
45 ___
__
80
4567
39 Sale
27 Sale
74 Sale
7212 85
7314 Sale
8612 Sale
____ 100
1043
4
91
09712
100
11
11
11
8
•
35
3812 43
61
6512 33
95
96
26
38
Apr'33 ____
____
___ ---83
70
69
38
395
8
8
21
45
27
723
4
74
42
6
72
7314
72
733
4 62
21
88
864
97
98
11
10138
Sale 10114
5
101
i
101
Sale 10014
157
101
10638
10612 10612
9
102 101 Aug'33 ____
102
3
99
9914
35
33
37
1412 1612 1412
10412 Sale 1023
4
9312 Sale 92
995 Sale 98
8
100 Sale 98
1035 10511 10314
8
6812
6814 71
55 Sale 54
71 Sale 6912
10112 Sale 10138
10014 Sale 100
815 8234 81.8
8
71 2 7212 713
,
4
•
10514 Sale 104
11
a36
113
4
6
105
147
9412 130
100
150
100
2
3
104
5
6912
55
23
8
71
10112
8
1004 11
8334
6
7312 33
Del Power &Light 1144 5446_1971 J !310112 10212 10112
let & ref 4404
1969 1 IJ 07 Sale 97
lot mortgage 444s
8
1969 3 J 1005 10111 101
Den Gas & El L let & ref of 59, M N 8812 Sale 8812
51
Stamped as to Penn* tax_195I M N 8812 0012 89
Detroit F.dison be .4er A
19411 A 0 11812 Sale 97
Gen & ref bs aeries 11
4
1955 J D 9712 Sale 963
Gen & ref bs series C
08
1962 F A ____ 98
Oen & ref 44.3 ee
4rlea D_ _1961 F A 8812 Sale 87
Gen & ref be aeries E
4
1952 A 0 9712 Sale 963
Dodge Bros cony deb 68__1940 M N a963 Sale 09612
4
Dold (Jacob) Pack let 6(3_1912 51 N
7914
7812 80
Donner Steel 1st ref 7.3
91.2
92
1942.3 .1 90
Duke-Price Pow lot as ser A _1966 M N 703 Sale 70
4
Duquesne 1.ight 101 4340 A 1967 A 0 1043 Sale 104
8
let M g 441s serles B..- .1957 M 18 1023 1047 104
4
8
10112
b
97
1
101
1
8912
5
00
5
9912 31
08
14
98
2
883
4 62
977
8 40
9712 137
793
8
6
92
2
64
73
10412 73
7
105
10514
6
*
East Cuba Sag 15-yr a t g 7418 '37 M S
•
Ed El Ill Ilklyn 1st cone 43_1939 1 J lOns 10258 10214
1
10214
Ed Elec(N Y) lot cons g 58_1995 J J 10712 113 113 Sept'33 ____
El Pow Corp (Germany) 83.4* '50 M S 36 Sale 34
39
44
1st sinking fund 64431.._ _1953 A 0 34 Sale 31
34
31
Ernesto Breda Co let M 78_ _1954
7912 80
With stock purchase warrant, F A
795g
795
8
2
Federal LIght dr Tr 1st 50
1942 M 8 68
1st lien s f 5oetamped
1942 M 8 68
lid lien (Is 'tamped
1942 M 8 69
30-year deb Os series B
1954 J D 58
Federated Metals a f 741._ _..1939 1 13 101
Fist deb of 57*
1948.3 J 100
Framerican Ind Dev 20-yr740 42 .1 J 9612
.
Francisco Sug lot a f 734o....1942 MN __
6912
70
Sale 68
6912
72
Sale 58
Sale 100
Sale 0993
4
06
98
40
50
6912
70
70
5858
101
100
96
40
1
16
2
2
25
7
5
2
Gannett Co deb Go ser A - 1943 F A 76, 78
2
7612
7612
1
Gas & El of Berg Co eons 5501058 1 D 103 ,-,- 105 J1111e33 - --_
Gelsenkirehen Mining Os.... -1934 M B 3912 Sale 3714
3912 38
Gen Amer Investors deb Is A1952F A
82
841 8212 Sept'33 ____
Gen Baking deb of 544.4
1940 A 0 101 10113 1003
8 101
5
Oen Cable Ist a 11 5416 A1947 J 1 51 Sale
524
8
Gen Electric deb g 344s_ _ _ _1942 F A 00 100
a983
4 9914
3
Gen Elec (Germany) 76 Jan 15'46 1 r.3 373 387 37
4
8
3734 11
St deb 640
19401 D 34 Sale 34
343
4 40
20-year of deb Os
1948 M N 33 Sale 31
33
50
Gen Petrol lot of be
1040 F A al033 Sale 103.8
10378
4
11
Gen Pub eery deb 544s
1939 J J 83
84
85
84
12
Gen Steel Cast 54413 with wart'49 1 .1 66
70
20
721s 69
•
•
Gen Tbeatres Equip deb 60_ _1940 A 0
Certificates of deposit
34
358 Sale
---35a 35
Good Elope Steel & 1r sec 75_1945 A 0 48 Sale 48
52
20
Goodrich (II F)Co 1st 8418_1947 J / 93 Sale 9214
93
21
1945 J D 65 Sale 65
Cons deb Os
6614 86
Goodyear Tire & Rubb lot be1957 M N 8512 Sale 8512
807 126
s
Gotham Silk Hosiery deb 641_1936 J D 88
8912 85 Sept'33 ____
•
Coupler Is; s f (38 ._ _1940 F A
Ot Cone El Pow (Japan) 76_1944 F A 6112 Sale 6118
6l7
e 20
1950 J 1 5612 SO's 563
4
59
24
let & gen of 6348
1942 .1 D 20
.
Gulf Suites Steel deb 51 4e
70 Sept'33 __
70
Hackensack Water let 40_ _1952J 1 0812 Sale 98
98 12 23
c8.41 al....,
a Deferred del very
100 1063
4
623 9212
4
081 09712
083 100
2435
z
Price
Week's
;
Range
BONDS
E3
Friday
g
Range or
4_
N. Y. STOCK EXCHANGE
..;.3.; Sept. 29.
Last Sale. ,
z),
Jan. 1.
Week Ended Sept. 29.
--Bid
Ask Lew
High Na. Low
Iiwk
33
27
29
61
Hansa SS Linea 613 with warr.1939 A 0 33 Sale 3114
595
8 26
8
39
Harpen Mining Os with warr_1949 J J 595 Sale 5618
7212
25
327 2918
8
30
1
18
4014
Havana Elec consol g 5s____1952 F A
314 15
7.2 Sept'33 ____
7
9
Deb 5445 series of 1928_A951 M S
*
•
Hoe(R)& Co 1st 644s ser A.1934 A 0
3418 Sept'33 --_50
177 3718
8
Holland-Amer Line 6s (flat)1947 MN 37
38
6312 20
73
Houston Oil sink fund 5 As__1940 M N 6318 Sale 63
70
50
4
2712 64
Hudson Coal lot s f 5s ser A_1962 1 D 493 Sale 48
104 10612 105 Sept'33 ___, 10138 1084
1949 M N
Hudson Co Gas 1st g bs
10312 37 1003 1044
8
Humble OR & Refining 5s-1937 A 0 10314 Sale 103
8
Illinois Bell Telephone 5g.1956 J D 10614 1067 10558 10612 38
8 10212 42
1940 A 0 10138 Sale 1013
Illinois Steel deb 440
3714 25
liseder Steel Core nage 613- -1948 F A 3714 Sale 3314
Ind Nat Gas & Oil ref 5s
1936 M N ---- -___ 944 June'33 __-85
17
1978 A 0 81 Sale 79
Inland Steel let 444s
80
80
76
81
2
1981 F A
lst /31 of 4445 ser B
67
547
Interboro Rap Tran 1st 511_1966 1 J 604 Sale 63
•
•
1932 A 0
10
-year 6s
2312 2612 22 Sept'33 ------Certificates of deposit
•
•
10
-year cons 7% notes___1932 M 5
,
68
150
67 Sale 64 2
Certificates of deposit
6
55
Interlake Iron 1st 543B
1951 WIT 50 Sale 50
Int AgrIc Corp 1M & coil tr ba
0
62
MN 62 ____ 5912
Stamped extended to 1942__
77
42
lot Cement cony deb bs
19:18 MN 75 Sale 75
144
42
4
Inteenat Hydro El deb 6s
1944 A 0 4012 Sale 393
49
25
Inter Mere Marine of 6s_ _ _1941 A 0 49 Sale 37
5784 Sale 573
4
6012 25
Internet Paper 5s set A &B_1947 1 J
37
4
47
1955 M S 323 Sale 3212
Ref s f 6s series A
4212 104
Int Telep & Teleg deb g 444a 1952 1 J 4014 Sale 3912
4812 231
1939 J J 4412 Sale 4412
Cony deb 444a
4512 143
4112 Sale 4112
1955 F A
Debs be
86
____ 86
16
J D 86
Investors Equity deb be A 1947
9012 854 Sept'33 ---Deb 55 ser B with warr_1948 A 0 86
893 Sept'33 ---4
90
1948 A 0 86
Without warrants
100 8
5
95
263
4
947
8
86
65
47
1074
105 8
3
5102
9712
90
90
70
14
3012
52
32
734
70
3812
a50
244
02912
39
10
1712
204
18
75
80
75
65
84
59
5812
68
49
56
67
593
4
923
8
92
9252
14 1314
1034 27
102 108
100 107
48
76
7012 1043
4
26
5712
4
964 105
6312 110
K C Pow & Lt let 44431 ler B-1957 J J 10318 1033 102 Sept'33 ---4 25
96 1051
4
1981 F A 10212 Sale 10212 1033
97 1057
1st 51 444s
s
8312 31
72
95
Hawes Gas & Electric 4445_1980 J D 82 Sale 8012
1614 28
16 Sale 1414
133 414
4
Karstadt (Rudolph) 1st 68_1943 NI N
•
183
4
13
16
15
1412 Sale 13
Certificates of deposit
25
5512
4634 18
294 61
27
713 Keith (B.F.)Corp. lot 65___1948 Al El 4.44 Sale 4514
4
32
6412
507 49
8
5
497
8
A 0 47
Kelly-Springfield Tire 811-1942
90 100
79
55
14
73
Kendall Co 544s with warr__1948 M 5 7212 Sale 72
38
38
1
71
71
73
647 75
8
70
- - Keystone Telep Co 1st be---1935 J J
105 1053 10514
4
I 101 108
10514
a32 71 Kings County El LA P 55__1937 A 0
7 1153 135
130
4
1997 A 0 128 140 128
Purchase money 6s
3318 6818
18
72
71 Sale 70
6812 7712
Kings County Elev 1st g 4a_1949 F A
1912 56
8
4
99 1054
1954 J 1 1037 1043 10418 Sept'33 _--_
66
893 Kings Co Lighting let 5a
8
1954 J J ____ 113 11018 Sept'd3 ____ 110 1144
First and ref 644s
6812 89
90
98
90 Aug'33 ---- 042
6612 8778 Kinney(OR)& Co 744% notes'36 J D 52
6814
70
4
3114 8312
9
84 0100 Kresge Found'n Coll tr Ca.._1936 1 D 683 71
Kreuger & Toll class A aria of deP
97 106
67
13
1959 M S 13 Sale 1214
10
183
4
for see 5 f g 5s
97 10314
75 1013
983
8 19
9712 9612
S 95
4
8
96 1015 Lackawanna Steel lot be A 1950 M
8612
7918 974
9
1934 A 0 8314 Sale 8314
95114 1047 Laclede G-L ref & ext ba
8
48
5412 14
70
Coll dr ref 544e series C.-1953 F A .54 Sale 53
104 10818
487 69
8
4
51
537 Sale 5212
8
1960 F A
Coll & ref 514s series D
95 10112
47
8
6
512 Sale
60
212 144
Lautaro Nitrate Co Ltd 65_1954 / J
95 102
7712 9112
4
9114
89
Lehigh C & Nay a f 410 A _ _1954 1 -1 ---- 913
8
78
91
1
8
894
3012 68
Cons sink fund 4 44e set C.1954 1 J 897 Sale 897
76 ____ 76 Sept'33 ___45
78
618 3012 Lehigi Val. Coal 1st &refs(Ss'44 F A
4134 Sale 4114
20
3
413
4
55
1954 F A
is; dr ref at 5s
9812 10714
42 Sept'33 __3112 45
1612 55
Is; & ref at be
1984 F A
8712 1017
8
4
31 12 393 390 Sept'33 ____
4
22
50
1974 F A
1st & ref s f ba
93 10512
7818 Sept'33 _--57
7818
07 1053
secured 6% gold notes_ 1938 J .1 7812 80
4
3 1174 12612
2
Liggett &Myers Tobacco 70_1944 A 0 al3212 Sale al23, 12312
97 107
4
,
4 19 102 11012
2
1901 F A 1093 Sale a108 2 1093
35
764
16
85
48
89
1941 A 0 84 Sale 84
163 6312 Loew's Inc deb a f 6s
4
34
87
7412 9014
1952 1 D 87 Sale 8412
065
8014 Lombard Elec 7s ser A
4 4110212 120
11512
1944 A 0 112 116 115
101 1044 Lorillard (P) Co deb 75
90 10558
16
10014
99 100 100
1951 F A
5a
79 10012
9414 10812
4 10014 15
56
88
Louisville Gas & El(KY) 58_1952 M N 100 10012 973
49
42
2
49
55
53
36
7514 Lower Austria Hydro El 6348 '44 F A 49
•
McCrory Stores Corp deb 5448'41
100 107
4612 61
28
8
57
57 Sale 477
Proof of claim filed by owner. _ _
2312 6512
564 179
5512 Sale 5514
fa
94 10212 McKesson & Robbins deb 6448'50 M 4
*
•
Nlanati Sugar lot at 744e1912 A 0
893 99
4
31i 35
15 Aug'33 ---2
21
9512 10218
Certificates of deposit ____
•
•
A0
88 100
Stamped Oct 1931 coupon 1942 .-2712 July'33 __-14
3
2
2712
_
88 r 63
Certificates of deposit
0 4
417 164
8
29
4312
4
__--8518 104
Manhat Ry (N Y) cons g 443_1990 A0 403 Sale 38
19
39
223 484
8
3012 391 387
8
863 103
4
Certificates of depoelt ____ __ _
2
31
175 3313
5
307
8
8418 1034
2d 4s
2013 J 13 2814 32
873 9434
4
943 Sept'33 ____
4
90
Manila Elec RR At Lt of be 1963 M S 72
76 100
84 103
Mfrs Tr Co ctfs of partic In
40
75
66 Aug'33 ____
71
70 4 99
3
A I Namm dr Son lot 8a_ 1943 J D 63
254 59
8 10
497
65
8034 Marlon Steam Shovel a f(03_1947 A 0 48 Sale 48
57
757
8
6912 16
57
92
Market St RY 7s aer A _AprIl 1940 Q J 6914 70'2 68
30 <157
6314 24
43
8112 Mead Corp lot (38 with warr_1945 M N
6214 Sale 6112
87 13018
38
9718 1053 Meridlonale Elec 1st 75 A
8
1957 A 0 010712 Sale 10712 109
82
1
99
8812
96 107
Melt Ed lot & ref be ser C1953 .1 .1 8812 Sale 8812
13
7111 90
78
4
lot g 442e wiles D
1968 M S 773 Sale 7714
6518 81
•
72
81
Metrop Wat Sew & Dr 5445_1950 A 0 81 Sale 78
95 1044 Met West side El(Chic)48_1938 F A
11
19
3
1612
1514 1834 1612
30
674
38 Sept'33 ____
Miag 51111 Mach 1st at 70_1956 J D 3812
106 120
80
314 683 Midvale St & 0 coll tr 8 t ba 1936 M S 9614 "97
96
903
4 35
4
994
30
63
34
70
MIlw El By & Lt let So B.1961 J D 685 Sale 6858
68
874
8
62
85
3
70
let mtge fai
1971 1 J 69 Sale 69
93
80
72
82
26
79
80
Montana Power let be A
1943 J J 8012 85
78
45
1
Deb 56 series A
6212
6212
8
1962 J D 635 69
83
75
Montecatini Mln & Agric3 a374 9812
85
9412
Deb g 75
723
8
9412
8
1937 J J 935 97
8
785 94
4
68
7712 Montreal Tram let & ref 55..1941 J J 93
93
9312 0212
48
5914 a7414
6912
Gen & ref s f be series A_ _1955 A 0 ____ 74 07414 July'33 ____
6858 7478
81 101
Gen & ref a f be set B
743 July'33 ____
8
1955 A 0 ____ 75
573 63
4
93 1063
(Ion & ref s f 414e ser C 1955 A 0
8
_ __ 83 June'33 ____
94 102
663 7414
4
Gen & ref a f bs ser D
7414 Aug'33 ____
621955 A 0 ____ 85
78
914
Morris & Co let a f 4449
1011 .53
8812 32
1939 J J 88
8912 88
.
Mortgage-Bond Co 4o See 3 1966 A 0 2014
__ 4038 Dec'32 ____ _-_94
66
80
69 -12
Murray Body let 640
89
,
1934 J D 773 -T9 48812
4 I
103 105
Mutual Fuel Gas let fru g 50.1947 NI N 90 10112 102 Sept'33 _
945 1074
8
3512 75
Slut Un Tel gtel &eat at6% 1941 MN 76
75
934
2
9012
903 9012
8
76
87
97 10312 Namm (A 2) AL Son__See Mfrs Tr
36
754 Nassau Else gu g 40 stpd_1951 J J 5314 5412 5312
bl
5412 25
594
96 10214 Nat Acme lot 0 f 813
70
53
___ 70 Aug'33 ____
1942.3 D 56
2914 624 Nat Dairy Prod deb 554s
7714 96
8534 12i)
84 Sale 84
1948 F A
954
984 5712 Nat Steel let coil ba
69
1956 A 0 00 Sale 8912
9112 77
25
3 10212 10714
5578 Newark Consol Gas cons 55_1948 J D 1053 ____ 10512 10512
4
101 105
65
9
Newberry (JJ) Co 644% notes'40 A 0 86 Sale 8512
88
883
4
7138 89
New Eng Tel & Tel 543A
8
1952 J D 10712 Sale 10534 10712 57 100 1113
let g 440 aeries B
47
85
10314 30
9812 1074
1961 M N 10212 103 10218
05
76
NJ Pow & Light 1st 4445
10
78
1960 A 0 78 Sale 77
1
7 4 New Or! Pub Sery 101 be A 1952 A 0 48 Sale 4712
3
8
4818
434 644
37
8518
444 85
4812 22
First dr ref be series 13
1955 J D 48 Sale 48
62
45
63
13
47
N I' Dock lot gold 45
97
1951 F A a46 Sale 046
26
4712
Serial 5% notes
a3312 7554
20
4
37
193 A 0 3534 Sale 353
,
4
1103
8 24 1063 115
4
68
913 NY Edison let & ref 640 A_1941 A 0 11018 1103 10914
4
8 51 10114 Imo*
lst Ilen &ref So series B___1944 A 0 1057 Sale 10412 1057
8
7412 87
20 101 1084
106
1st lien & ref Is eerie(' C
1951 A 0 10578 10612 105
8
10914 15 1014 1123
N Y Gas El Lt II & Pow g ba 1948 J D 109 Sale 1085
375 75
8
8
Purchase money gold 48_1949 F A 101 Sale 1003
111 12 31 a9114 101
31
66
4
76
75
75 May'33 ___
51 1( LEA W coal dr 11.11 548'42 M N ____ 88
42
82
923 9934 N )( L E & W Dock & Imp 5s '43.3 J 80
8
113 100 Jurie'31
• Look un ler 11,r of %I nttered Ilona., or, "-Hp, ,411
New York Bond Record-Concluded-Page 6
2436
BUNDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 29.
:I
It 1:
lir
.t., E..'
Piled
Friday
Sept. 29.
;
Week's
,c,:i.'
Range or
LAI( Sale.
''' ,71
.
Range
Since
Jan. 1.
- -
Sept. 30 1933
Fg
r
Week's
Price
4
Range
Friday
Range or
g3
Since
4
4
.., 5
: Sept. 29.
Lail Sale.
al c.
Jan. 1.
------ -----Bid
Ask Low
High No Lose
High
Stand 011 of N Y deb 4 45..1951 J D 1011 s Sale 9814
1013
8 93
884 102
•
*
*
Stevens Hotel let fin series A _1945
.
*
•
Studebaker Corp 6% a notes 19422 D
333 39
8
3412
35
7
3412 45
Certificates of deposit
4
Syracuse Ltg Co list it 58 _1951 1 D 1074 108 1063 Sept'33 _-__ 103 11014
_ 104
104
1
Tenu Coal Iron & RR gen 58_1951 J J
97 1044
/
1
6812
60
Tenn Copp & Chem deb 6s B 1944 !VI 5 104-- - 66 Sept'33 ___
50
76
73
50
6914 10014
Tenn Elec Pow lot Bs
1947 J D 73 Sale 6914
311
8 a98
7714 9912
1944 A 0 9714 Sale 967
Texas Corp cony deb 58
4812 54
Third Ave Ry let ref 4s
38
5512
1960 1 J 47 Sale 4638
2812 220
Ad)Inc 55 tax-ex N Y_Jan 1980 A 0 27 Sale 2512
204 37
/
1
1937 2 5 8818 873 89
4
9012 11
83
Third Ave RR let g 5e
9412
4
89 10212
Tobacco Prods (N J) 64a_ _2022 MN 1003 Sale 10012 10112 88
7818 25
Toho Mee Power let 7a 1955 M 9 784 Sale 77
41
79
Tokyo Elec Light Co Ltd
4
623 135
68
4
1st 68 dollar series
30
1953 J D 623 Sale 6012
/
1
4
103
1 10212 106,
Trenton 0 & El let g 58._ 1949 M S 103 106 103
4
3514 38
3012
38
7
1512 48
Truax-Tmer Coal cony 04411-1943 l'l N
3912 83 4
723
8
3
Trumbull Steel let of 6s. _ _1940 M N 724 73
3
723
s
25___.._28 Aug'33 ____
15
Twenty-third St Ry ref 58_1962 1 .1
28
Tyrol Hydro-Elec Pow 7441.1955 M N
50
45
6312
5
50 Sept'33 ---/ 4818 Sept'33 ---1
4
Guar sees 17*
4712 6214
1952 F A ---- 49
BONDS
N. Y. STOCK EXCHANGE
Week Ended Sept. 29.
High
Ask Low
Rld
Niok No Low
6
N Y Rye Corp Inc fig_ _Jan 1965 Am* 10 Sale
/ 8
1
4
1014 1135
Prior lien 88 series A61
32
16
61
1965 J J 61 Sale 59
N Y & Riches Gas let 611A--1951 M N 954 100 10018
/
1
983 10514
1011
4
/
4
5
N Y State R2s 1st cons 4 tis A '62
M N
3
Certificates of deposit
3 Sale
412
1
9
33
4
50-yr let cons 648 ser B_ _1962
314
2
112 412
_
_ 3
, 3
Certificates of deposit
N Y Steam Ss ser A
104
- -12
18
98 109
- N
1947 114i- 10412 106 101
. 1st mortgage 58
90 10412
99
/ 20
1
4
993 Sale 9712
4
1951 M N
let M 5s
9914 Sale 9612
90 104
9912 34
1956 MN
4
N Y Telep let & gen 8144s-1939 M N 1033 Sale 1027
8 10414 130
984 106
/
1
N Y Trap Rock lot es
1946 J D 5214 56
4
387 8714
8
57
56
Nlag Lock &0 Pow let 58A-1955 A 0 101 Sale 10012 10212 12
9478 105
Niagara Share deb 54s_ - _ _1950 M N 51
74
5312 52
53
21
54
3912 Sale 3812
Norddeuteche Lloyd 20-Yr 8038'47 NI N
2818 60
4012 85
Nor Amer Cam deb 61.4s A 1940 M S 2018 287 20 Sept'33 __
1018 32
8
North Amer Co deb be
6714 Sale 65
89
/
1
4
60
683
4 97
1961 F A
No Am Edison deb Sneer A.1957 M S 684 7112 70
87
64
/
1
2
70
/
4
67
8
16
611 893
65
6812 65
Deb 5,4e ser B___Aug 15 1963 F A
Deb 5e series C._ -Nov 15 1969 M N 61 Sale 5918
844
/
1
57
6112 70
Nor Ohio Trac & Light 681947 M 9 903 9312 9214
4
93
21
88 10714
_
Nor States Pow 25-yr Is A 194 I A 0 987 Sale 98
8
/
1
9914 54
9018 1044
let & ref 5-yr 68 ser B
101
2
98 10612
1941 A 0 101 18 10312 101
3712 78
7112
7212 22
North W T let fd g 445 gtd_1934 1 J 9712 984 9618 Sept'33 ____
8
1.711gawa Elec Power of 7s-.1945 M 9 65, 70
97
86
/
1
Norweg Hydro-El Nit5)4e..1957 M N a7612 Sale a72
6314 8112 Union Eiec Lt de Pr (Nfo)773
8 68
2
/
4
/
1
94 1047
Gen mtge gold be
1957 A 0 101 Sale 1004 1011 41
10212 14 100 106
Ohio Public Service 748 A 1946 A 0 934 993 92
Un EL & P (III) let g 5f4 A 1954 1 J 102 Sale 102
90 105
4
9
/
1
94
,
20 Aug'33 -.- 1947 F A
Union Elm, Ry (Chic) 5a_ _ _ _1945 A 0 1514 20
1st & ref is series B
86
143 20
8
86 104
90
89
/ 90
1
4
1
21
Old lien Coal 1st 65
17
993 108
4
14
35
11010a Oil 30-Yr 8 A-May 1942 F A 10712 Sale 10712 10712 11
1944 F A 2012 Sale 2012
8
10112
9
1st Ilen oils ger C___Feb 1935 A 0 10114 Sale 10114
9812 102
Ontario Power N F 1st 5s 1943 F A 102 Sale 101
9318 103
10212 15
4 09814 40
Deb 544 with
75
99
Ontario Transmission let 53_1945 M N a97l8 Sale 9612 a9718
897 10014
8
3
AP1' 1945 2 0 a9814 Sale 973
1011 13
/
4
Oslo Gas & El Wks exti 5 1993 M S 82 Sale 7912
2
United Biscuit of Am deb 68_1942 M N 101 Sale 100
9512 103
84
15
64
82
warr_67
United Drug Co (Del) be
97
Otis Steel 1st NI 6s ger A
43
94 46
2714 55
1953 M 9 64 Sale 6212
71 12
1941 M 5 27 Sale 2512
2012 19
19
United Rye St L let g 45. _ _1934 J 2 18
2
14
34
Pacific Coast Co let g Is.
2214
23
mu% I D 3312 3514 27 Aug'33 --__
64
58
294 75
Pacific Gas & Elgen & ref bs A '42 J J 104 Sale 034 1043
U 8 Rubber lot & ref 5e ser A 1947 1 .1 62 Sale 6012
/
1
9914 107
4 59
9018
1
Par Pub Serv 5% notes_ - - -1936 NI 9 657 67
75
91
67
607 8812 United SS Co 15
8
8
2
67
-year (is_1937 M N 9018 9712 9018
8
31
36
4
Pacific Tel & Tel 1st 551937 1 J 10512 Sale 10514
10512
2612 604
3 101 1073 Un Steel Works Corp 6 tie-A_195i 1 D 303 Sale 29
4
Ref mtge Ss wiles A
371
See of 8%,series C
2512 60
1074 11 10012 1083
31
1951 1 D 30 Sale 29
1952 M N 1074 Sale 0618
2912 54
Sink fund deb 84e ger A I947 J J 2912 Sale 02412
2334 694
*
/
1
Pan-Am i'etCo(of Cal)conv 68'40 J 0
9
104
____
3112 354 3112
381 Un Steel Works(Burbach)7s 1951 A 0 104 Sale 103
/
4
/
1
8
93, 1043
3112
4
1
Certificates of deposit
25
3112 14
25 4
3012
.42
33
2612 27 Aug'33 ----I
10
32
Universal Pipe & Raildeb 6e 1936 J D 20
Paramount-13'way 1st 544e-1951 2 J 31
353
Unterelbe Power & 1.1ght 65_1953 A 0 35 Sale I 34
4 28
30
38
/
1
--_- 3112 344 35 Sept'33 _-__
32
661
/
4
Certificates of deposit
5514 27
Utah Lt & Trac 1st & ref 5..1944 A 0 54 Sale 5312
5212 73
Paramount Fam's Lasky 65_1947
/
1
4
2912 333 Utah Power & Light let 55.1944 F A 61 Sale 584
31
613
4 48
25
Proof of claim flied by Owner.. J 0 31 Sale 2912
56
79
10i2 3412 Utica Flee L & P 1st s f g 5s_1950 J J 104 107 100 May'33 ---- 100 105
1
3012
Certificates of deposit, ____ ____ 3012
____ 10712 Sept'33 ---,
Utica Gas & Flee ref & ext 58 1957 J 1 105
9912 1084
/
1
Paramount Publix Corp 54s 1950 ...--''' ,-..
.-.
....,,
27 1 55
UUI Power ds Light 54s
1318 41
Proof of claim riled by Owner ---2912 35
1947 J D 27 Sale 2518
304 16
do's 3, ,,
's
26 Sale a23
26 I 176
Deb 55 with warrante
712 35
12
2912 33
4
37
Certificates of deposit
1959 F A
---- 2812 Sale 273
25 June'33 ---- 14
/
1
4
1814 38
Deb Is without warr_ _1959 F A
Park-Len let leasehold 64s 1953
/ 25 8
1
4
3
9
11
97
a8
18
1
8
97
8
Certificates of deposit_
67
Vanadium Corp of Am cony 5s'41 A 0 65 Sale 64
20
3484 81
29 Sept'33 ____
63 35
4
Parmelee Trans deb Ss
0 264 30
1944 i-1
/
4
Pat & Passaic0& El cons be 1949 M ,,,S 193'3 Sale 10312 10312
1 101 1061 Vertitntes Sugar let ref 7s 1942
__
5
51g
7
3
5
Certificates of deposit
112 1814
Pathe Exch deb 75 with warr 1937 ""
4711 87
2
75
743
4
80
. 75
1953 .4 2 15
21
21 Sept'33 ---101 21
/
4
943 9514 Victor Fuel 1st s I 5e
4
Pa Co gu 34s coil tr A reg_ _ 1937 NI 5 9514 ___ 9514 Aug'33 __
101
8
8
95 1053
7
811 Va Elec & Pow cony 5 48_1942 M S 100 10014 1003
/
4
811 July'33 ____
/
4
75
Guar 314s coil trust ser B_1941 F A 8512
73 May'33 ____
64 Aug'33 ---88
64
Va Iron Coal & Coke 1s1 g 5s 1949 M 5 56
471 65
/
4
74
73
Guar 34e trust etre C..- _1942. 0 8518 1
8112 July'33 ___
78
823 Va Ry & Pow 1st cis ref 58
2
10012 22
9712 103
Guar 3428 trust ctfe 0...A 944. 0 8112 _ _
1
5934 J J 10012 Sale 10014
8i 85
80
85
86
.
1
Guar 4s ser E trust ctts
1952 M N ____ 18 Sept'33 ---18
10
35
Walworth deb 614e with warr '35 A 0 10
748 95
4
4
Secured gold 41
883
8
8912 39
/
4s
1963 MN 883 90
21 July'33 ---161 4 25
Without warrant%
Penn-Dixie Cement 158 80 A 1941 M 5 63 3 Sale 61
63
/ 30
1
4
34.2 753
A 0 114 37
4
'
76
0612
123
84 43
87
A 0 8518 Sale 844
11
let sinking fund 6s ger A _ _1945 A 0 25,4 Sale 2514
/
1
28
Penneylvl nla P de L let 445 1981
164
12
46
48
Warner Bros Pict deb 6s__ _ _11439 NI 5 4512 Sale 433
4
8
Peop Gag L & C let cons 68_1943 A 0 10312 1077 10812 Sept'33 ____ 103 114
25 Sept'33 --.10
/
1
4
9618 19
,
3018
90 10712 Warner Co 1st 6s with warr.1944 A 0 18 8 30
Refunding gold Is
1947 M S 93 Sale 93
25 Sept'33 --__
124 40
/
1
Without warrants
68
2
91
Ma Co sec bs aeries A __ 1967 J 0 7512 Sale 72
7712 59
A 0 18, 25
1312 344
18
30
33
PhIla Elec Co let & ref 440_1967 NI N 1023 104 1033
4
31
4 104
97 10512 Warner-Quinlan Co deb 68_1939 M 44 2918 34
1971 F A 957 Sale 95
Warner Sugar Refin let 70_1941 J D 105 Sale 10412 105
8
9614 65
let & ref 4s
6 10212 106
90 100
747 Warren Bros Co deb 65
2
50
5
Phila & Reading C & I ref 5s1973 i J
48
30
55
754
15
1941 M 5 45 Sale 45
51
53
53
102
1949 M S 4512 Sale 4512
20 100 100
3212 6912 Wash Water Power s f 55. 1039 J J 10018 101 100
49
67
Cony deb 68
106
2 102 1101
/
4
89
Phillips Petrol deb 5 sis__ _ _1939, 2 8773 Sale 871
70
6718 904 Westchester Ltg 5s Med gtd_1950 .1 D 105 Sale 105
/
4
1
West Penn Power ser A 58_1946 M 5 105 Sale 10414
105
5 10018 108
95 107
Pillsbury F1'r MIlls 20-yr 68_1943 A
14
'
10513 Sale 10512 106
1963 al s 105 Sale 105
1,t 5s (series E
10612 17 10014 1094
a991 10212
/
4
Pirelli Co (Italy) cony 7s .A952 al N 100 101 10112 Sept'33 __
7107
13
let sec Is series CI
9912 107
7014
66
Pocah Con Collieries let s. '57 J .1 81
66 Sept'33 ____
60
19541 1 D 104 Sale 104
f 58
Western Electric deb 5e
78
81 102
4
73
Port Arthur Can & Dk Os A _1953 F A _ __ - 70
68 Sept'33 ____
50
1914 A 0 993 Sale 9812 100
93
Western Union coil trust 58_1934 1 .1 923 Sale 9212
20
4
73
lot m(314 series B
71
52
1953 F A ____ 80
73 July'33 __
934
73
Funding & real est g 448.1950 M N 70 Sale 70
6
3712 84
Port Gen Elec let 444s ser C 1960 NI 5 54 Sale 54
44
4312 7034
57
9614 33
15
95
2
-year 64s
55 100
95 Sept'33 __
94 101'
96'8 98
1936 F A
Portland Gen Flee lot Es_ _1935 J 1 9312 96
3712 lei
18
52
Sale a733
25
4
76
41
-year gold Is
3612 884
1951 I D 74
Porto Rican Am Tob cony 6s 1942 J J
37 Sale 37
70
Iwo M 5 7312 Sale 73
92
30
-year 5s
364 87,2
/
1
Postal Teleg & Cable coo 58.19532 J 43 Sale 413
1618 57
8
4
457 127
•
8
3412 138
Westphalla Un El Power 641.1953 J J 3412 Sale 293
2312 671
Pressed Steel Car cony g 541_1933 J J
/
4
*
80
80
Pub Serv Ei & 0 1st & ref 414.67 J D 1023 Sale 1013
22
52
8
8
97 1057 Wheeling Steel Corp lot 5%,1948 „I J 81 18 84
10314 20
86
8
lot de ref 44s series Ii„.._1953 a 0 71 Sale 695
71
15
8
411 75
/
4
let de ref 44e
974 10658
8
102
/
1
4
1970 F A 10112 10212 10214
45 June'33 _-__ 827
/
1
45
let & ref 48
9014 1004 White Sew Mach 6s with warr '36 1 J 4212
96
111
1971 A 0 95 Sale 95
45 Sept'33 ____
45
Pure 011 s f 54% notes_ _1937 F A 89 Sale 893
Without warrants
224 50
/
1
1 J 4212 - /
1
4
4
68
/ 92
1
4
9112 32
47 Sept'33 -__
46
50
Panic 8 I deb Os
El f 54% notes
6312 89
2214 50
1940 MN
M 9 87 Sale 87
8712 60
1940
Purity Bakeries s t deb 5s_ _1948 2 J 83 Sale 8212
8512 Wickwire Spencer Sri let 78.1935
65
83
6
512
Ott dep Chase Nat Bank ___ _ ____
Vs 16
512 Sale
6
3
7s(Nov 1927 coupon) Jan 1935
Radlo-Kelth-Orpheum part paid
512 Sale
512
/ 1414
1
4
MN
Ctf dep Chase Nat Bank__
512
_
5
etre for deb is & corn stk 1937 MN 1418 24
6() Dee'32 ____ __
• _-*
•
*
Willys-Overland e f 6s A__ _ _19-i M 5
Debenture gold 8s
1941 J D
9912
84
9912 39
_1941 A 0 9812 9912 9812
Remington Arms 1st 8 1 68-1937 M N 9812 99
984
68 10018 Wilson de Co lot g f is
99
13
75 Sale 75
76
52
52
85
/
1
4
Rem Rand deb 54e with war '47 M N
A__Sale 7012 a74
14 84114 7812 Youngstown Sheet & Tube 5s '78 1 J
76
1970 A 0 7312 7612 74
624 85
27
1st mtge e f 55 ser B
Repub I & S 10-30-yr 58,f 1940 A 0 7912 8512 85
92
75
89
10
65
Ref de gen 54s series A_ _1953 2 J 6512 7012 67
76
3
30
7012
Revere Cop & Brags 6s set A 1948 NI 5 8514 8712 85
4
8
492 90
86
Rheinelbe Union s f 7s
1946 .1 J 334 3412 31
/
1
35
64
2812 8818
Rhine-Ruhr Water sertes 6_ _1953 J J 25
294 38
/
1
2212 5712
% 29
28
5918 Sale 5818
Rhine-Westphalia El Pr 713_1950 M N
59
/ 39 a42
1
77
4
(Negotiability Impaired by Maturity)
Direct mtge 6s
31
414 157
7012
1952 M N 4014 Sale a3518
Cons NI (ie of 1928
A 4114 Sale 38,
2
303 7014
4
4112 142
1953 F
Con NI 6s of 1930 with warr '55 A 0 37 Sale 03412
Week's
Prtee
MATURED BONDS.i4
32
70
Sanaa
374 139
Friday
Richfield 0110! Call!88
Range or
13
ut
*
1944 M N
N. Y. STOCK EXCHANGE 55
•
Slued
4153
Certificates of deposit
Z.; p. Sept. 29.
Last Sala.
1912 32
Jan, 1.
M N a26 Sale 26
Week Ended Sept. 29.
2712 16
alma Steel let s f 75
1955 F A
----- ----- -47
5212 50 Sept'33 ____
3712 53 2
,
Koch 0 dc El gen NI 5%s ear C .48 M 5 100 10112 103
Ask Late
Bid
Mos No Lose
High
Foreign Govt. S, Municipals.
9612 107
4
103
Gen mtge 44e series D
10 Sept'33 ____
89
/ 99
1
4
212 10
14 Mexico Treas is assent large '33 J J
384 1114
8
1977 M S 91
---- 897 June'33 ____
Gen mtge Ss series E
J J ____ ____
Small
912 July'33 ____
96 10514
101
16
314 10,2
1962 M 9 101 Sale 99
Koch & Pitts C de I p m 53.1946 M N
a5712 a5712
73
____ 5712 May'33 __
Royal Dutch 4s with warr.1945 A 0 9514 Sale 9412
Railroad.
83 10118
9514 96
Ruhr Chemical s t Se
Norfolk South 1st de ref Se A_1901 F A
61 Sale
/
4
818
4
53
4 15
8 1333 62
212 16
1948 A 0 373 Sale 363
4
373
4
4
9t Louis Iron Mt & Southern
St Joseph Lead deb 54e_ _1941 MN 11414 Sale 11212 11514 155
49
4814
49
1933 MN 48
8
81 1 15
_
35
/ 614
1
4
Iliv &0 Div 1st g 48
St Jos Ity Lt Ht <4 Pr 1st5&1937 NI N 1144 115
93
79
/
1
78 Sept'33 ____
St L Rocky Mt & PS,stpd.1955 .1 1 78
Seaboard Air Line let g 48..1950 A 0 20
35
31 Sept'33 ____
307 50
8
11 31
/
4
84
40 Sept'33 ___
St Paul City Cable cone Is...1937 2 J 47
Gold 4e stamped
42
51
51
1950 A 0 15
1812 15 Sept'33 -- -51 Aug'33 ____
1112 2612
Refunding 4e
61
1951 A 0 a512 Sale 0512
Guaranteed 5s
60
69
52 Sept'33 _
1937 2 J
6
23
13s 163
4
San Antonio Pub Serv 1s8 Os 1952 1 J 8012 Sale 8012
5
Atl & Bine 30-yr 1st g 45_1933 NI 5 17
7414 92
20
18 Sept'33 ____
6
81
31
Schuico Co guar 634s
25
19482 J 2612 41
50
40 July'33 ____
Industrials
Stamped (July 1933 coup ow
2012 50
2612 _ _ 4012 Aug'33 ____
Guar s f 8 441 series B _ __ _1946 A0 2612 - - 40 Aug'33 ____
Abitibi Pow & Paper 1st 5,19532 D 2312 Sale 227
28
50
8
50
--25
69
10
/ 33
1
4
4
58, American Chain deb s f fis._ _1933 A 0 97 Sale 95
,
35 Sept'33 __
_
35
2612 35
38
97
97
16
Sharon Steel Hoop of 5%8_1948 F -A 31
Stamped16
564 Chic Rye Is stpd 25% part paid . F A
424 41 Sept'33 ____
/
1
/
1
51
58
58 Sept'33 ____
49
70
Shell! Pipe Line s f deb Is ,1952 NI N r9234 Sale 9012
Cuban Cane Prod deb _ _1950 1 J
93
69
r923
43 Sale
8
_
13
4
84
4 12 91
4 91
Shell Union 011$ f deb 56 ___1947 M N 91 Sale 903
65
921 4 East Cuba Sug 15-yr a f it748'37 5 5 1112 16
8
9214 78
4
10 Sept'33 ____
Os21 3312
/
4
Deb be with warrants__ _1949 A 0 091 Sale 90
6312 9214
911 95
/
4
6014
8
28
8578 Gen Theatres Equip deb U 1940 A 0
5111nYeteu El Pow 1st 645_1952 J D 6014 Sale 60
43 Sale
4
412
1
914
518 37
Siemens & EIaleke 0 f 78____1935 1 J ____ 744 75 Sept'33 ____ a73
Gould Coupler 1st s f 8s
95
/
1
12 Sale 12
/
4
19411 F A
3
41 20
12
Debenture 8 f 64s_ _ _. _1951 M S a52 Sale 4512 a52
71
46
12
/ 2912
1
4
8212 Hoe (...) & Co 1st 6 isser A 1931 A 0 23
8
2912
2812 26
Sierra & San Fran Power -8_1949 F A 89
Teterboro Rap Trail 85
90
89 102
1
/ 93
1
4
90
1932 A 0 2512 Sale 21
76
12
26
33,2
5
Silesia Flee Corp 8 f 6 48_ _1946 F A
10
-year 7% notes
26
2918 317 28
29
5912
8
4
5112 75
1932 M S 6712 Sale 66
59
68
Silesian-Am Corp coil It 7s__1941 F A 3312 3412 3312
4612 Menet] Sugar ist 5 f 7 qs
32
34
5
3412 19
1942 A 0 1514 23
/ 154 Sept'33 ____
1
4
Sinclair Cons 011 I5-yr 7s___1937 M S 1011 Sale 101
/
4
2
29
/
1
4
177 Sept'33 ____
8
102
54
150 ,0 Oct 1931 coupon...1942 A 0 1514 23
,31
904 103,2
let lien 648 8811$8 is
1938 J D 10018 Sale 100
101
61
8812 102
Sinclair Pipe Lines f Se
9912 1031 Pan-Am Pet Co (Cal) cony (14 '40 1 D 35 Sale 33
/
4
8
g
1942 A 0 10278 103 1027 Sept'33 ____
251s 397
13
35
Skelly 011 deb 534,
/
1
4
59
/ 8614 Premed Steel Car cony g 5s .1933 .1 J 5314 Sale 50
1
4
8412 18
1939 M 9 84 Sale 8418
3514 59
5314 20
Solvay Am Invest 54 eer 5..1942 M 9 9614 99
9618
812 30
9812 40
9912 Radlo-Keith Orpheum 63_1911 J D
57
1418 24
23 Aug'33 ___
South Bell Tel & Tel let Of be '41 J J 10512 Sale 10412 10512 41
Richfield 011 of Calif Ils
21
323
99 107
1944 M N
4
41
27 Sale 2612
28
S'weet Bell Tel let & ref 58..19.54 F A 10512 Sale 1053
281t
8 106
10
1945 J J
60 100 10712 Steven, Hotels &elm A
7
18 Sale 18
18
Southern Colo Power fis A 1947 J J 6512 7212 66
2014 4614
3
59
66
81 Studebaker Corp 6% notes,_ 1942 J 0 35 Sale 343
8
371 60
/
4
Stand Oil of NJ deb 54 Dee 15441 F A 1043 Sale 103
/ 1045 123 MA 10512 Wills's-Overland e f 6 48....1933 NI S 3518 3714 40 Sept'33 ____
1
4
s
8
35
79
4
.
r Cash sales. a Deferred dellvery. I optional ..ale, ;my 6, 51,00) at :10,g. •i,00k under do 01 Matured Honda on his page
Matured Bonds
Financial Chronicle
Volume 137
2437
Outside Stock Exchanges
Boston Stock Exchange.—Record of transactions at
the Boston Stock Exchange, Sept. 23 to Sept. 29, both inclusive, compiled from official sales lists:
?rattily
Sates
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High Shares.
Range S nee Jan. 1.
Low.
High.
Chic Towel Co cony pref.*
20 5834 Sept 6734 July
5834 5831
Chicago Yellow Cab can- •
6
1134 124 1,700
Apr 22
May
Range Since Jan. 1.
Cities Service Co corn._.•
234
234 234 8,500
64 May
2
Feb
Commonwealth Edison 100 46
6,150 42
48
42
Jan
Sept 82
Stocks—
High.
Low.
Congress lintel Co com_100
44% 45
90 44% Sept 45
Sept
Consumers Co—
Railroad—
Common
5
600
14 May
Boston & Albany
34
34
34 Apr
100 1154
4 114 1174
01 80
Jan 121
July
6% pi tor
100
4% 434
134 Apr
July
6
100
Boston Elevated
100 5634 5634 5734
Feb Cord Corp pref A
192 5314 MILY 70
9
44 Jan
5
1034 23,250
1544 July
Boston & Maine—
Class A 1st pref stpd_100 144
1434 144
74 Mar 2934 July Crane Co—
20
Common
25
634
Feb 114 July
3
634 7
550
Class 11 lot pfd stpd_100
July
2334 2314
Apr 29
5 10
Preferred
100
36
Feb 59
60 15
37
July
Prior pref stpd
100 33
Feb 57
94 17
3014 34
July Curtis Lighting Inc corn..* 36
3
50
3
234 Jan 104 July
Preferred stud
100 11
11
11
31
July Curtis Mfg Co
16
Feb
6
corn
5
Mar 104 July
170
4
834 9
Preferred
100
11
11
7
June De Mets
814 May 12
Inc pref
•
16
434 Jan
30
Aug
15
1534
Boston & Providence_ _100
136 136
5 1284 Apr 138
June Dexter Co (The)
corn..
Jan
5
4%
4
84 July
2
90
Chic Jet fly & Un Stk Y100
May
85
Aug Diamond
85
85
85 75
Match
2434 25
Sept 2534 Sept
400 23
Eastern Mass St fly adj 100
234
Apr
2
100 17c
June Elec Honsehold Co corn.* 25
4
Utll Corp 5 1035
Feb 13% June
1,150
1034 11
3
East Mass St fly coin_..100
1
1
26 20e
July Fitz Simons
Jan
3
& Connell
Preferred B
100
30
Jan
334 334
8
1
July
Dock
Dredge Co corn*
May
10
12
100
434 Feb
104
1st pref
100
6
134 Jan 10
5
6
July GardnerA
Denver
Aug
714 May 21
10
1834 1834
Maine Central pref __100
25
22 15
25
May
31
July General Candy Co corn.*
434 July
240
N YN Haven& liartford100
334 34
24 Jan
1914 2214
246 114 Mar 344 July Gen Household Corp cl A_5
Utll
17
1834 2,200 10
17
Pennsylvania RR
July 23(4 July
50 3034 2934 323/
760 1374 Jan 424 July Godchaux Sugar Inc cl
B..*
144 July
250
34 Ma
431 6
Miscellaneous—
2734 June
150 1031 Ma
Amer Pneu Service pref.50
Apr'534 June Goldblatt Bros Inc corn * 2134 21% 22
434 5
1
75
Great Lakes Aircraft A
•
800
2 June
34
34
Common
35
34 Feb
25
14
134
134
145 25c, Mar
234 July Great Lakes D & D
• 154 1434 1534 1.800
13% Fe
Amer Tel & Tel
20
May
100 118
118 12714 3,419 8644 Apr 13434 July Grigsby
Grtmow Co com.•
2
2% 3,950
2
44 July
Arnoskeag Mfg Co
Apr54
64
64 734
July
11
205
14 Mar
Hall Printing common...10
434
314 Ma
434 434 1,050
914 July
Andes Petroleum
1
8c
10e
4,400
8c
Apr 33c June Harnischfeger Corp com *
Sc
July
8
8
100
Bigelow Sanford Carpet__
10
24 Ma
2234
2234 244
Feb 30 June Hart-Carter Co
210
6
cony pf_ _*
434
334 Jan
434 44
834 June
100
Boston l'ersonel Prop Tr...
July Hart Schaffner&M
634 Apr 14
25
1114 1114
corn 100
18
5 May 28
50
18
July
Brown Co6% cum met100
734
14 Jan
60
July Hormel & Co (Geo)coin A*
734
14
7
July
19% 20
Fe
150 12
25
East Gas & Fuel Assn—
Houclaille-Hershey el B. •
Feb
34 331
250
1
64 June
Common
6
252
334 Apr
June
12
734
Class A
•
10
100
334 Mar 144 June
10
6% cum pref
100
46
51
100 3534 Apr 69
July Illinois Brick Co
25
434 414
May
8
334 Jan
50
434% prior preferred 100 55
55
58
Apr 69
168 54
Dec Iron Fireman Mfg v
•
64 64
550
3
Feb
Eastern Steamship corn_ •
834 July
9
9
July Jefferson Electric Cot c_ •
17
Jan
.5
1034
785
com_
12
12
110
334 klar 15
Aug
Preferred
loo
38
45
Sept Kalamazoo Stove com.....• 12
225 2634 Apr 45
22
21
Feb 3734 June
150
Edidon Elec Ilium
4
100 149
1484 150
Jan Kellogg Switchbd—
Mar 183
913 133
Employers Group
45
731
5
734
104 June
7
Jan
Common
10
U' Apr
14 24
. ieneral Capital Corp-May
24
7
100
21
224
208 1344 Mar 28
JulY Kentucky Util Jr cum pf 50
16
50
1634
6% May 25
May
Gilchrist Corp
134 May
24 54
72
7 June Keystone Steel & WIrecom•
Afar 16% July
100
4
3111ette Safety Razor
1334 1434
486
944 Apr 2044 Jan Kingsbury Brew Co cap...1 1014 104 11
950
9
Sept 164 July
Hygrade Sylvania Lamp.• 25
93-4 94 10
25
26
185 12
July Lawbeck 6% cum pref_100
Feb 29
284 284
Inter Button-hole Much..10 134 134 134
30 1234 Apr 2814 Sept
1334 Sept Libby McNeill dr Libby.10
525
834 Feb
34 44 3,050
74 June
14 Feb
International Hydro Elec.. ____ _
.
134 July Lincoln Printing Co com_.*
54 634
415
24 Apr
450
34 Sept
Loew's Boston Theatres....
231 May
44
114
Jan Lion 011 Refg
May
8
5
10
534
534 54
Co corn......
7
7
450
'lass Utilities Assoc v t a_•
74
834 July
134 Feb
24
2
2
987
144 Apr344 June Loudon Packing
• 16
1544 1634
coin
350 10
June
Mar 18
Mergenthaler Linotype...* 2534 25
2534
102 1514 Feb 34 June Lynch Corp corn
324 3734
1,96
Feb 44
Sept
8
National Service
•
1
1
1
60 40c Mar
114 May McCord Rad & Nffg A....*
7
50
34 Apr 104 July
7
New England PS com
*
14 24
4
Jan McGraw Elec corn
Mar
100
134
•
100
New Eng Tel & Tel....100 87
134 Apr
June
431
44 434
6
86
91
312 87
July McWilliams Dredging Co •
june 102
1434 1434
7
50
1634 May
Jan
Pacific NIllis
100 244 23
2614 2,450
544 Mar 2934 July
Mapes Cons Mfg cap......•
3434 35
3
May 36
30
Sept
4hawmut Assn tr eats. •
834 94
545
64 Jan log July
Marshall Field common. • 15% 1534 1731
444 Feb IR
5,50
June
Stone & Webster
•
714 914
982
514 Feb
1934 July Nier & Mfrs Sec cl A corn*
14
34 May
14 .14
-Witt & Co
50
234 June
25 164 1614 1714
369
7
Feb
2414 July
MIckelberry's Food Prod—
Torrington Co
404 414
Apr 43
71 22
Aug
Common
1
15
United Founders corn__ _•
244 Feb
331 331
74 June
134
134 134
490
July
3
31 Apr
Middle West Utll
34
44 Jan
U Shoe Mach Corp
34
44 May
34 20,900
25 554 524 55
1,907 33
Jan 564 July
•
56 cony pref A
134 1%
334 May
200
l'referred
34 Feb
31
25
314
57 304 Jan
3214 June Midland Util 6% Pr In 100
234 234
1
4% June
Union Twist Drill
14 May
10
10
30
5
Apr 1231 July
7% prior lien
100
3
3
Venezuela holding Co..
2
3 Feb
June
8
•
2
234
650
34 June
334 Sept
7% pref A
100
Venezuela Mex (MI Corp 10
20
1
1
4
May
Sep
5
334 5
475 25c Slur
834 Sept Miller &Hart Inc cony pt.*
94 94
100
Waldorf System Inc
Jan 2134 June
5
7
73/ . 179
54 Feb1314 June Modine Mfg corn
Warren tiros Co
11
50
11
64 Apr 154 June
834
•
734 10.3'
780
244 Feb224 June Monroe Chemical Co corn •
50
2
Mining—
Apr
24 234
434 May
Muskegon Motor up el A..5
6%
634 6%
Calumet & Heels
80
934 Aug
144 Apr
25
4
63/
230
14 Feb94 July
Nachmann Sprgfield corn •
Copper Range
50
34 Ma
535 534
10 June
25
314
331
591
7
900
134 Apr
July Natl Leather Cern
134
10
Isle Royale Copper
14 114
750
4 Ma
3
May
25
134
134
134
125
34 Apr
3
July
National Secs lily com_ 1
Mohawk Mining
34 Mar
1)4 134
100
231 June
25 11
94 11
316
7
June 134 Feb Natl Stands corn
North Butte
d
2034 21
Feb 25 June
100 10
2 50 64c
60c 65c
1,250 20c
Jan
134 June Nat Union Radio com_.1
Quincy Mining
34 May
134 2,250
134
1
3 June
25
13e
2
200 30c
Feb
434 June NoblItt-Sparks Ind corn..• 244 2434
Utah Apex
94 Mar 29% July
26
750
1
5
14
110 31c
Jan
134 June No Amer Car corn
Utah Metal & Tunnel -_ I
5
5
•
100
24 Apr
May
8
1
134
2,455 250
Jan
144 July
No Amer Lt & Pow com.•
Bonds—
14 Apr
3
3
50
734 June
Northwest Bancorp corn..•
Amoskeag Man Co 6s_1948
6
6
635 1,450
14
Feb
5
June
65
654 $31,000 31
Feb 684 July Nor West UM
7% pref_1011
Boston & Maine 4348_1941
334
2
Mar
100
2
6 June
71
71
5,000 71
Sept 71
Sept Oshkosh Overall corn
Brown Co 534s
•
34 Apr
300
434 5
64 Aug
1946 43
43
43
1,000 17
Mar 45 June Penn Gas
& Elec A corn.*
Chicago Junction fly &
734
634 731
300
5
May 10 June
Peoples G L & C cap _100
Union Stk-Yds 5s_ _1940 994 9834 9934 2,000 85
Sept
31)
30
60 30
Sept 30
May 10074 Aug
Perfect Circle (The) Co_
Ea Muss St RR serA 44'48 353.4 3534 3534
100 16
x2334 2334
Jan 2734 June
1,000 24
Jan
45
Aug Pines Winterfront corn.. •
E Mass St ay ser 11 5s_1948
.5
5
1
July
Feb
234 235
5
,
37
37
3.000 25
Jan 46
July Potter Co (The) corn
ti May
334 434
434 Sept
•
400
•No par value. s Ex-dlyidend.
Prima Co common
• 16
1334 1734 4,55
10
Feb 344 July
6
Process Corp corn
5
1
Apr
334 334
May
Chicago Stock Exchange.—Record of transactions at Public Service of Nor III—
Chicago Stock Exchange, Sept.23 to Sept.29, both inclusive,
Common
•
400 16
2234 2834
Jan
Apr 48
Common
100 27
15
27
27
Apr 47
16
Jan
compiled from official sales lists:
6% preferred
100
374 Apr 85
15
5731 59%
Jan
Priaag
7% preferred
awes
65
60
100
Apr 95
40
9
Jan
Last Week's Range for
Quaker Oats Co
Range Since Jan. 1.
•
Sale
of Prices.
Common
IVeek.
125 1254
63
42
July
Fe 145
Bonds-Price. Low. High. Shares.
Preferred
Low.
100
11534 11634
Apr 1174 Aug
7 106
High.
Rath Packing Co corn_ .._10
21
21
150 1534 Jan 27
May
Abbott Laboratories corn.*
3814 3834
2134 Jan 40
Sept Raytheon Mfg Co—
Acme Steel Co
28
25
30
Common v t c
10
Feb 394 July
50c
24
2
350
231
134 Jan
8
Stay
Adams (J D) Mfg corn...*
8
84
8
67 preferred v t c
5
Apr
1134 June
5
1
1
100
64 June
1
Sep
Adams Royalty Co corn....*
2
2
2
Sept
434 July Reliance Mfg Co—
Advanced Alum Castings.5
4
331 4
Co I mon
34 Sept
10 124 12
1234
750
54 July
Feb 18% June
6
Ainsworth Nf1g Corp corn10
934 931
634 Sept 104 June Sears. Roebuck & Co corn • 3934 3834 43
July
2,700 134 Feb 47
American Pub Sem, peel 100
5
5
• 21
21
234 Apr 1354 June S'western L & P pref
Sept
20
2 20
Sept 21
Asbestos Mfg Co corn... _1
4
314 4
2
Apr
3334 33%
734 June St Louis NatStkyds cap _ •
10 32
Sept 4134 July
Assoc Tel CBI—
Standard Dredge—
Common
•
Common
44
44
4 Apr
144 June
134 1
34 Mar
May
4
100
Bastlan Blessing Co oom_•
5
5
7
3
Feb 154 Jun( Storkline Fur cony preL25
434
44 434
May
July
8
3
50
Bend% Aviation com__—• 15
1434 164
644 Feb 2134 July Sutherland Paper com__10
8
8
50
24 May
9
Sept
Berghoff Brewing Co____1 114 104 124
Swift International
104 July
16
1834 June
26
25
1,100 1234 Feb 324 June
ilinks Nlfg CIA cony
*
234
234
1
25 164 164 174 11,450
Apr
8
June Swift & Co
7
Feb 244 July
Borg-Warner Corp eom.10 15
144 1614
Tel Bond & Share 1st p1100
54 Feb 214 July
34 Apr 144 Aug
10
6
6
Brach .tz Sons(E J) corn _ ..•
755 735
Class A
334 Apr 10
Jun(
2
2
2
Apr
4 June
1
Brown Fence & Woe—
Thompso f.) It) com___25
834
8
800
64 Mar 154 June
Class A
64 64 64
•
S Gypsum
4 June
744 Aug
20
42
42
52% July
100 18
Ma
Bruce Co (E L) corn
• 12
114 1434
444 Jan
2434 Jul) Utah Radio Prod corn_•
1%
134
134
600
34 Sept
34 Jan
Bucyrus-Monighan el A. _• 12
12
12
Utli & Ind Corp
10
July
•
14
134 14
Jun(
25
54 Feb
354 June
Butler Brothers
10
34
334 4
Convertible I • -- —•
14 Feb
• ed
64 JUDI
4
334 4
1,90
June
7
134 Mar
Canal Const Co cony pf__•
234
24 3
UM Pow & Lt c, n v_ 1
331 Jun(
134 Apr
134
1
100
Feb
24 June
1
Castle& Co(A M)com _ _10
1134 1144
Viking Pump Co—
734 Apr 20
June
Central Cold Storage com20
54 54
Common
4
Jan
•
534 Sep
2
2
50
2
Sept631 June
Central 111 PS prof
• 20
20
21
I'referred
1444 May 334 Jai
22
22
50 20
Apr 2834 June
Cent-Ill Scour—
Vortex Cup Co corn
•
634
634 731
444 Fel
300
104 June
Common
1
Class A
4 Mar
%
34
• 244 24% 2531
2 Juno
300 17
Mar 2754 July
Convertible preferred..•
Wahl Co corn
634 64
5
Feb
•
8
14
134
150
Juni
July
3
4 Jan
Central Ind l'ower pref 100
6
6
Walgreen Co common_
6
Sept 16
jun,
1834 5,200 1134 Feb214 July
17
•
Central l'ub UM—
Warchel Corp corn
3
3
3
•
3
Sept
30
354 Aug
Class A
•
Ward (Monte° & Cool A •
4
4 Feb
X
1
63
57
310 4734 Feb 8334 July
Jun,
Cent S W 11611 common....
14
14 1%
Waukesha Motor corn_
Feb
1
mw
5
*
2534 2534
20 12
Feb 45
June
Preferred
vkiebuldt Stores Inc corn •
534
534 73/4
•
Mar 24
5
1135 114
200
Jun,
Au
4
144 June
Chain Belt Co corn
16
16
Yates
-Amer Afach pt pf •
9 Mar 174 Jul:
14
134 14
200
34 Jan
334 July
Mc City & Con fly pfd
Zenith Radio Corp COM- •
2
214
750
34 Mar
354 July
Certificates of deposit__
2
231
Bonds—
1
June
234 Ma:
Chicago Corp Commun..•
24
24 3
Chicago Railways 58—
Feb5 Jun
1
Preferred
• 2434 2434 2544
Certificates of deposit_
124 Apr 344 Jul:
54% 55
$6,000 484 Mar 674 July
Chic Mee Mfg A
*
Holland Furnace 6s
334 334
33/4 Feb
1936
55
55
1,000 43
54 Jun
Apr 55
sept
Chl Flexible Shaft corn...5
834 94
208 So La Salle St Bldg
34 May
1234 Jul;
Chicago Mail Order com.5 124 124 14
1st mtge 545
1)158 29
1234 July
29
2934
4,000 1814 Feb 39% July
22
Jul
'hi.'. N W Its corn
1110
934
834 1034
114 Apr
18
Jul
• Vo tsar v.61•15
7 k. 4 51.1 “14
o 5s..w vr mtg.
000
0000
4000000
.
ma
.4. lokm
.
.
Co .
m
00000000
.
m
.
mb. .
.
4a
i41-m. 14 1,D1
.
aaaaooac CAC.00000 0M000tZ0c
,
,
, 0000000 00000000
Friday
Sales
Last Week's Range for
Sale
IVeek.
of Prices.
Par Price. Low. High. Shares.
2438
Financial Chronicle
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, Sept. 23 to Sept. 29, both inclusive, compiled from official sales lists:
•
Stocks-
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
CO
r
175
175
185
220
285
183
215
July
July
July
July
Sept
July
July
"
215
'
ze,:,,%
•No par value.
High.
July
4
July
10
July
40
July
7
July
118
6 June
2259 Sept
July
19
July
3.85
July
7
July
21
July
28
619 June
July
21
38% July
9% July
76% July
July
31
10% July
4534 July
June
12
Sept
10
10% July
July
14
Sept
80
11% July
July
20
22% July
Sept
60
July
40
39% July
20% July
July
97
21% July
15% June
16% July
July
5
Sept
140
July
190
July
10
27% July
July
14
July
4
29% Aug
July
21
639 June
107% Apr
734 June
July
105
23.25 July
1359 July
759 July
July
18
48% Aug
215, July
July
21
July
11
11% June
17% July
July
107
July
125
July
4
22
AUg
12
Aug
239 Aug
July
70
16% July
July
26
Sept
20
45
JUIY
July
52
19% July
July
33
July
34
70
Aug
2% Sept
234 Sept
7% July
July
66
July
18
July
18
5959 Sept
"Ma"M""
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8
27
5
13
.-*. .. ..
150
1534
147
30
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150
1559
147
30
672
23
33
97
59
50
43
X X
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Loan and Trust
Canada Permanent _ _ - _100 150
Huron & Erie 20% paid_ •
Toronto General Trusts 100
Union Trust Co
100
150
159
161
196
282
157
198
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,
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vci
v
14639
157
160
190
281
281
155
155
197% 19759
149
157
X
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100
100
100
100
100
100
100
XX
XX X
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Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
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XXX X
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4.4
4
Abitibi Pr & Paper coin. • 1.75
1.50 1.75
1.000
6% preferred
loo
15
634 534
Alberta Pacific Grain p1100
10
20
20
Beauharnois Power corn. •
494
326
4
Bell Telephone
613
109% 111%
100 110
Blue Ribbon Corp com_ •
4
200
3
659% preferred
50
70
2234 2234
Brazilian T,L & Pr corn_ _• 1334
13
1459 12.607
Brewers & Distillers corn." 2.35
12,635
2.30 2.50
B C Packers com
•
115
434
Prererred
100
lock
1531 15%
B C Power A
82
• 25
24% 25%
13
5
5
5
Building Products A
25
• 16%
1651 1655
Burt(FN)Co corn
25 3359 3334 34%
65
Canada Bread corn
•
4%
459 5
310
1st preferred
1
100
60
60
B preferred
100
30
3
30
Canada Cement com
•
6%
1,510
659 754
Preferred
•
33
118
31
Canadian Bakeries A_
80
259 2%
•
Preferred
100
10
10
30
Canadian Canners com___*
165
6% 7
6%
Cony preferred
326
• 1059 10% 1151
1st preferred
16
100
80
80
Canadian Car & Fdy com_•
195
5% 734
Preferred
25 16
16
35
1651
Can Dredge & Dock come 19
18% 19
115
Can General Elec pref_.50
59
58
80
Canadian Ind Alcohol A__• 1794
17% 1951
5.820
B
100
17
17
Canadian 011 corn
1334 14
30
*
Preferred
100 9359 93
94
50
Canadian Pacific By__ _25 14% 13% 1551 4,00
•
8
Cockshutt Plow com
9
415
8
Consolidated Bakeries. _ _• 10
410
10
11
Consolidated Industries_ *
110
151 2
Cons Mining & Smelting 25 135
1,348
132 140
Consumers Gas
140
100 18255 182 183
Cosmos Imperial Mills_ _ -•
95
759
7% 755
Dominion Stores corn...._ _• 1859 18% 21
1,252
Eastern Steel Prod com___•
5
5
5
55
Easy Washing Mach corn_*
25
154 1%
•
Fanny Farmer pref
27% 27%
30
Ford Co of Canada A_ _ _ _• 12%
12
13% 2,922
General Steel Wares corn.*
165
2% 3%
Goodyear T & R pref__100 105% 105 106
120
Gypsum, Lime & Alabast_*
667
131 4
134
International Mill 1st pf100
99
10
99
International Nickel corn _• 20.00 19.50 21.20 17,982
tat Utilities A
•
6
6
5
Kelyinator of Can com___*
4
160
3
4
Lake of Woods Mill com_ •
30
13
13
Laura Secord Candy corn_• 4759 47
62
48
Loblaw Groceterias A_ ___• 15
14% 15
2,220
13
125
• 14% 14% 14%
Maple Leaf Milling corn_ _•
5
5
25
Massey-Harris corn
1,845
•
434 559
434
Moore Corp corn
12% 13%
85
A
99 103
100
115
B
20
100
104 110
Mulrheads Cafeterias com •
180
1
1
National Sewer Pipe A_ _ _• 15
100
15
15
Oat Equitable 10% palc1100
11
10
65
Orange Crush corn
55
51
%
Page-Hersey Tubes corn_ _* 63
105
65
63
Photo Engravers & Elea_ •
240
1459 15
Pressed Metals corn
• 18%
585
1859 20%
Russell Motors com_ __ _100 19
25
20
19
Preferred
35
100
35
40
Simutson's Ltd, pref _ _ _ _100
33
83
31
Stand Steel Cons corn_ _ _..*
2,937
8% 1259
1034
Steel of Canada corn
396
28
27
• 2734
17
Preferred
32
25 32
32
35
Tip Top Tailors pref.. __100 60
60
65
Traymore Ltd corn
259 3,990
2
•
234
10
Preferred
259 259
20
390
Union Gas Co com
4% 434
45.1
•
47
Walkers, Hiram, corn__ • 43
23,070
40
2.802
14% 1551
Preferred
• 1434
10
25
10
Western Can Flour corn •
1,120
56
Weston Ltd, Geo. com___* 5454 52
167
18
167
40
July
Jar
Jar
Ain
Toronto Curb.
-Record of transactions at the Toronto
Curb, Sept. 23 to Sept. 29, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
1311tmore Hats corn
•
6% 7
559 6
•
Brewing Corp corn
559
1251 135.1
Preferred
• 13%
Can Bud Breweries com-• 1259 12% 13%
Canada Malting corn_ _ .• 31% 31
32%
Canada Vinegars corn_._'
22% 23
5%
Canadian Wineries
5
•
8
Can Wire Bound Boxes A.
8
•
5
5
Cosgrave Export Brew_ _10
28
Distillers Seagrams
• 2559 25
Dominion Bridge
• 27% 2759 28%
1% 2
Dom Motors of Canada_10
2
Dufferin Pay & Cr Stone
30
28
Preferred
100
12
12
English Elm of Can A_ _ _*
100 104%
Goodyear Tire & Rub corn • 100
Hamilton Bridge corn__'
6% 8
734
1.00
.95
Honey Dew corn
•
25
25
Hum berstone Shoe corn_ _•
11%
11
Imperial Tobacco ord- --5 11
3659
36
Montreal LII & P cons •
27
2759
National Breweries corn_ •
90
90
National Grocers pref._100
6
6
Ontario Silk n it corn
1
repr,..
100
30
28
Range Since Jan. 1.
Low.
50
880
920
3,585
1,510
95
335
25
15
4,517
335
697
3%
59
X
5%
13%
1359
1%
359
1%
4
1459
1
45
200
55
280
835
10
241
11
20
5
240
It
5
5
40
254
%
1451
7
26%
16%
85
4
28
Jan
Jan
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Feb
Feb
Apr
High.
9%
959
19
18
40
26
9%
955
8
5159
33
5%
June
July
July
July
July
July
July
July
July
July
July
July
Sept
Jan 30
July
Feb 19
Mar 114% July
Apr 11% July
3% July
Mar
Sept
Jan 25
Feb 1199 Sept
July
Apr 42
Mar 28% July
July
Aug 100
July
Feb
9
Sent 45
Aug
Sept. 30 1933
Friday
Saks
Last Week'. Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares,
Rogers Majestic
•
Robert Simpson pref. _100
Service Stations corn A_ •
Shawinigan Water & Pwr_*
Stand Pay & Mat corn...'
Toronto Elevators com- •
United Fuel Invest pref 100
Waterloo Mfg A
011
British American 011
*
Crown Dominion 011
*
Imperial 011 Limited
•
International Petroleum _ _•
McColl Frontenae Oil corn'
Preferred
100
North Star 011 pref
5
Supertest Petroleum ord_ _•
259
3
14%
355
13%
19%
12
74%
2
2%
75
75
8
8
17% 18
2% 3
18
20
5
5
3%
3
1454
3%
13%
18%
12
74
2.50
1739
15
3%
14%
1956
12%
75
2.50
18
Range Since Jan. 1.
Low.
High.
220
10
35
25
200
60
15
230
%
4659
2%
9%
51
12%
4%
159
Mar
Mar
Apr
Feb
Apr
Feb
May
Feb
4
85
11
21%
6
27
1734
8
July
July
July
July
July
May
June
June
7,040
100
4,872
3,401
1,070
146
220
200
759
139
751
10%
759
54%
1%
11%
June
Apr
Apr
Mar
Mar
Apr
Apr
Mar
16
6%
16
2034
15
80
4%
2254
July
July
July
Sept
July
June
July
July
•No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Sept. 23 to Sept. 29, both
inclusive, compiled from official sales lists:
Stocks-
Friday
sates
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High Shares.
American Stores
•
3759 3759
Bankers Securities pref__50
6% 634
Bell Tel Cool Pa pref _100 11334 11359 113%
Budd (HG) Mfg Co
651 651
*
Budd Wheel Co
4% 5
*
Camden Fire Insurance-5
1234 1251
Electric Storage Batt'y _100
42
42
Hon]& Hardart(NT)com •
1759 1734
Insurance Co of N A_ __ _10 40
40
4034
9
Lehigh Coal & Navigation •
8
Lehigh Valley
1659 1834
50
I%
159
Mitten 13k Sec Corp pref 25
134
•
3
3%
Pennroad Corp v to
3
Pennsylvania RR
50 29% 2951 3234
Penna. Salt Mfg
4751 47%
50
Phila Eiec of Pa 85 pref.-• 9734 9734 99
Phila Elec Power pref___25
3134 3134
Phlla Rapid Transit__ _ _50
259
234 3
559
5
5
7% preferred
50
Phila & Head Coal & Iron_•
534 555
39
Scott Paper
39
*
%
X
Shreve El Dorado Pipe L 25
%
al
Tonopah-13elmont Devel_l
I%
Tonopah Mining
139
1
659 6%
Union Traction
50
United Gas lmpt com____• 1634
17
16
Preferred
• 89% 8634 90
Victory Insurance Co_ -10
6
6
BondsElec & Peoples tr car)4s'45
4598
1970
Southern Pac Co 4%8_1981
Range Since Jan. 1.
Low.
High.
Feb 4734 July
1,000 30
8% Feb
651 Sept
200
Sept
150 10634 Mar 116
9% July
59 Mar
100
559 July
% Mar
300
9
Apr 1454 July
100
10 2159 Feb 5359 July
100 1734 Sept 25% June
Mar 4559 July
400 25
700
5% Mar 1334 July
8% Feb 2751 July
609
2% July
% Feb
100
1% Mar
6,500
634 July
July
6,400 13% Jan 42
25 2534 Mar 4859 Sept
Sept 103% Jan
130 89
Jan
300 2834 Apr 33
July
6
151 May
300
Feb
3
300
1134 July
40
9% July
234 Feb
Sept
Jan 41
15 28
51 Sept859 Aug
200
% July
40C
*it Jan
51 Jan
3,100
134 Sept
3% Mar 1234 Jan
400
Mar 2934 July
8,900 14
May 99% Jan
50 86
Sept
Mar
6
1
100
2034 2094 51,000
7359 7339 10,000
5,000
51
51
Apr 23% June
15
7334 Sept7339 Sept
Jar
5039 Jan 52
*No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Sept. 23 to Sept. 29, both inclusive, compiled from 'official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Appalachian Corp
250 250
• 25c
Arundel Corp
• 21% 2134 2334
Black & Decker corn
659
6
654
•
Ch & Pot Tel of Bait p1100 116% 1169.4 116%
Commercial Credit Corp
634% 1st preferred_ _100 9434 9434 9434
7% preferred
2459 2459
25
Consol Gas,E L & Power.* 5034 50
52
6% preferred ser I3_100 107
106% 107
539% pref w 1 ser E__100
101% 101%
5% preferred
9759
100 9755 97
• 2259 2259 2255
Eastern Rolling Mill
9
Fidelity & Guar Fire Cp_10
9
Fidelity & Deposit
50 2434 2459 27
359 4
Finance Service corn cl A 10
334
Houston 011 preferred_ _100
459 5
439
3
3
Insurance Shares Md etre-•
234
Maryland Casualty Co_ _.2
259 251
31
31
Merch & Miners Transp._. 31
Mt Vern-Woodb M pref100
20
26
.y_10 13
New Amsterdam Cas
1234 13
Penne Water & Power__ •
49% 50
359 334
US Fidelity & Guar
_10
Bonds
Baltimore City
413 sewerage impt._1961
1951
4s annex Impt
1951
4s paving loan
4s1'& B (coupon).._1946
45, 2d A & P (coup) 1938
Md Pa RR 1st 4s
1951
Roland Pk Nionteb 5145'41
Southern Bankers Sec Corp
5% coil trust notes_1938
Un Ry & El fund 55 flat '36
1949
1st 65 flat
Income 4s (flat)___ _1949
1949
1st 45 (flat)
Wash 13alt&Annap55 flat'41
98
98
98
9954
9954
453-4
45
%
Range Since Jan. 1.
Low.
High.
Jan 60e
60
50
9% Apr 33
2,160
1
Feb
950
834
Apr 11634
139 112
Sept
July
July
Feb
Mar 95
25 70
40 1859 Mar 2434
Apr 70
650 43
22 10334 May 11034
Apr 107
9 97
47 91% Apr 102
10 1539 Apr 2734
150
434 Mar 15
Mar 3959
225 15
459
259 June
120
7%
425
259 Mar
Aug
3
25
334
1,190
1034
93.4 July
75 193-6 Jan 3459
939 Mar 35
10
Apr 17%
260
7
Apr 60
175 40
1,435
151 Mar
7
Sept
Aug
June
Feb
Jan
Jan
July
June
July
Apr
July
Sept
July
July
July
Jan
Jan
June
81,000
98
1,500
98
98
2,000
1,000
9954
9959 3,000
4559
1,000
45
1,000
87
94
95
9951
9934
4534
45
May 10234 Feb
Feb
June 101
June 10034 Jan
Sept 9951 Sept
Sept 9934 Sept
Aug
Sept 49
Sept 60
Aug
1,000
1,000
2,000
5,000
6,000
2.000
1334
1%
934
55
859
2%
Feb
Sept
Apr
Apr
Apr
Feb
6294 6259
151
134
10
10
34
34
959 10
259
255
6259
3
1434
159
1459
5
Sept
Jan
June
Feb
June
July
•No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Sept. 23 to Sept. 29, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
•
Armstrong Cork Co
Blaw-Knox Co
•
Clark(DL)Candy Co....
Columbia Gas & Elec. •
Devonian Oil
10
Duquesne Brewing
5
Chuis A
5
Fort Pittsburgh Brew_...l
Herb Walker Refectories_•
Koppers Gas & Coke p1100
Lone Star Gas
•
Mesta Machine
16
11
651
1%
54
7
16
1059
651
1459
8%
6
5%
159
15
54
7
16
18
12%
8
1551
8%
6
559
1%
15
57
8
18%
415
542
320
515
115
100
100
1.600
100
150
6,163
155
Range Since Jan. 1.
Low.
451
4
3
9%
7
2
5%
1%
651
45
5
7
Feb
Feb
May
Mar
Apr
Sept
Aug
Jan
Feb
Mar
Mar
Feb
High.
23
19
11
28
9
7
8%
2%
25%
67
1259
2059
July
July
July
July
June
June
July
Mar
July
June
June
Sept
Financial Chronicle
4155
16
4155
17%
17%
7
7
90
75
19%
20
116
8
8
90
90
Bonds—
Natl Bearing Metals 6s '47
95
Aetna Rubber corn
Apex Electrical Mfg
City Ice & Fuel
•
Cleve Elec III 6% pref.
-100
Cleve Ry "ets dep"_ _ _ _ 100
Cleve Worsted Mills com_•
Cliffs Corp v t c
•
Dow Chemical corn
•
Enamel Products
•
Fostoria Pressed Steel_
*
Greif Bros Coop CIA
•
Interlake Steamship com_•
Jaeger Machine corn
•
Lamson Sessions
•
McKee Arthur G & Co elB•
Metrop Pav Brick pref _100
Mohawk Rubber com_
•
Murray Ohio Mfg corn_ •
Myers FE & Bros
National Acme com
10
National Carbon pref _ _100
National Refining com_ _25
National Tile corn
Nestle-LeMur cl A
•
Nineteen Hund Corp cl A •
Ohio 13rass B
Patterson Sargent
•
Republic Stamp & En_
•
Richman Brothers com___*
Robbins & Myers v t c seri.
Seiberling Rubber com _ _ _•
Sherwin-Willlams coin_ _ _25
AA preferred
100
Stouffer Class A
Thompson Products Inc_•
Trumbull-Cliffs Furn WOO
Truscon Steel prof
100
Union Metal Mfg com___•
Van Dorn Iron Wks corn_ *
Weinberger Drug
West Resinv 6% prpref 100
Youngstown S & T pref 100
• No par value.
1555
373.4
11
1215
634
154
1334
4155
31-4
3634
3
234 255
634 534
153-4 17
105% 106
37% 40
9
11
83.4 834
66
68
6
6
6
6
20% 22
23
2335
555
53.4
5
5
12% 1255
52
52
355 34
8
8
1635 163-4
455
43-4
13255 13255
655 7
255
234
154
13-4
2255 22%
13
14
1315 1355
12
12
413.4 453-4
4
54
315 4
35
39
96
96
12
12
1735 1855
70
70
37
37
3
3
I%
155
715 8%
25
25
40
40
Range Since Jan. 1.
Low.
High.
15
15 Jan
3
Sept
150
4
755 July
Feb
935 Apr 25
160
July
61 9534 Mar 110
Jan
240 29
Apr 49% July
240
4
Jan
15 June
50
335 Feb
July
19
350 30
Jan 78
July
100
Sept
6
Sept
7
30
715 June
334 July
185
8
Mar 25
Aug
136 14
Feb 29
July
235 Apr
15
7 June
25
615 July
134 Feb
35 1234 Aug 20% May
10 52
Sept
Sept 52
100
I
Mar
715 July
225
3 May 10
July
15
Apr
8
1955 May
2
200
Apr
755 July
25 110
Mar 136
Sept
29
3
Apr
July
9
10
455 June
1
Jan
620
54 Apr
3 June
200 2054 May 24
Jan
165
5% Jan 20
July
10
May
93-4 Jan 20
100 12
July
July
12
351 2255 Apr 53
July
40
15 Sept
55 Sept
1
165
Ma
7 June
225 1355 Feb 43
July
310 70
Ma
9855 July
50
5
12
Feb
Aug
470
Sept
63-4 Feb 20
33 60
Jan 75
Aug
50 30
May 38% Sept
100
3 June
3 June
50
14 Apr
354 May
125
7
Feb
9 June
15
3
Feb 25
July
50 1774 Feb 53 June
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange, Sept. 23 to Sept. 29, both
inclusive, compiled from official sales lists:
American Laundry Mach20
1215 1214
Amer Products pref
•
7
7
Amer Rolling Mill
25 18
18
1815
Burger Bros
•
1
1
Carey (Philip) torn.. 100
53
53
Champ Coat spec pref_100
80
80
Champ Fibre pref
100
78% 7834
Churngold Corp
*
2
23-4
CInti Adv Products
18
•
18
CNO&TPpref
100
85
85
Cintl Gas dr Elec pref__100 6855 62
68%
Cincinnati Street
43.4 5
414
50
Cincinnati Telephone_ 50 69
68
69%
Chat! Union Stock Yds- •
1655 1655
Coca-Cola A
•
555 555
Cohen (Dan) Co
oya
*
955
Eagle-Picher Lead
20
6
6
6
Early & Daniel
•
1755 1755
Formica
• 12% 12% 1215
Gruen Watch
•
2% 254
Preferred
7
100
7
Hobart
• 20
20
18
Kroger corn
•
2215 23%
Nash(A)
20
100
20
Procter dr Gamble
•
40
40
5% preferred
100 10334 103 10355
Pure Oil 6% vet
56
100
5654
Randall
10% 1055
11
A* 3%
*
315 3%
US Playing Card
17
10
17%
la 41 Print com
•
25-4
235
.W..
.10,4
.0t010 0lWWOW.000.0.10W.0.tZMOW
W4t‘at--1
.-..0000.0.0.0000CV...
000W 0 0.
Crt
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
614
5
635
I
25
76
70
15
10
75
62
455
573-4
1694
555
655
215
12
5
155
5
10
15%
10
19%
9715
20
4
3
9
1
High.
Mar 19
Mar
8
Feb 3054
Feb
215
Apr 60
June 80
Apr 83
Feb
8
Apr 30
June 85
Sept 93
Mar
9
May 75%
Sept 24
Sept
534
Apr 1155
Feb
854
Jan 20
Jan 2115
Mar
5
Apr 15
Feb 27
Feb -35
Apr 30
Mar 46%
May 1034
Apr 5655
Feb 1215
May
4
Mar 25
Anr
RI4
July
June
July
June
Aug
Sept
July
June
June
Sept
Jan
May
July
July
Sept
June
July
July
June
June
June
June
July
May
July
Aug
Sept
July
Aug
June
in14
• No par value.
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange, Sept. 23 to Sept. 29, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.
Coca-Cola Bottling com_ _1
Consol Lead & Zinc A_ ___•
•
Coma Mills corn
5
Curtis Mfg corn
Columbia Brew corn
5
Ely & Walker D Gds Com25
100
2d preferred
Ham-Brown Shoe coin_ _ 25
ii,,Iroodic ,' Briek mei_ 100
1%
455
13
11
954
1%
12
8%
455
13
70
3%
11
10
1%
12
815
5%
13
70
355
11
256
525
5
50
295
50
65
10
10
Range Since Jan. 1.
Low.
High.
655 May
1215 June
250 Mar
2
May
855 Mar 13
July
oi Apr 00 Aug
414 Sept
515 Sept
6
Mar 18 ,June
55
May 72
July
2% Feb
5
July
45.5 Feb 15
.1111v
95
275
75
45
260
95
10
180
57
165
10
50.000
Low.
26
9
2455
54
3
70
50
15
10954
4%
75
95
High.
Mar 55
Jan 20
Mar 44%
Mar 22
Feb
10
Feb 90
Apr 80
May 29
Apr 118
Apr 1215
Mar 9035
Sept
95
July
July
July
July
June
Sept
Sept
June
Sept
July
Sept
Sept
San Francisco Stock Exchange.—Record of transactions
at San Francisco Stock Exchange, Sept. 23 to Sept. 29, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Alaska Juneau Gold Min__
2454
Anglo Calif Nat Bk of S F__
1154
Assoc Ins Fund Inc
Atlas Imp Diesel Eng A_ _ ......
.
Bank of Calif N A
Byron Jackson Co
434
Calamba Sugar corn
18%
7% preferred
California Copper
%
854
Calif Cotton Mills corn_.._
Calif Packing Corp
Calif West Sts Life Ins Cap
18
Caterpillar Tractor
193-4
Clorox Chemical Co
Coast Cos G & E 6% 1st pf
Cons Chemical Indus A___
2615
Crown Zellerbach v t c_ _
555
Preferred A
Preferred B
Eldorado 011 Works
Emporium Capwell Corp ......
Flremans Fund Ins
1315
Food Mach Corp corn
Foster &Kleiser com
Galland Mere Ldry
General Paint Corp A conl_
Golden State Co Ltd
Haiku Pine Co Ltd Pre
4835
Hawaiian C & 3 Ltd
Home F & M Ins Co
26
Honolulu Oil Corp Ltd_ _ _ _
Honolulu Plantation
Investors Assoc (The)
Langendorf Utd 13ak B
Leslie Calif Salt Co
L A Gas & Elec Corp pref
86
12
Lyons Magnus Inc A
B
5
Magnavox Co Ltd
%
Merchant Calif Mach com_
115
7255
Natomas Company
No Amer Inv corn
534% prof
North Amer Oil Cons
9
Occidental Ins Co
1634
Oliver United Filters A __ _ _
834
B
3
20%
Pac G & E com
2135
6% 1st pref
555% preferred
Pac Lighting Corp com
2654
6% preferred
77
Pac Pub Sec non-vot corn..
15
Non-vot pref
235
Pac Tel & Tel com
84
6% preferred
Paraffine Cos corn
Pig'n Whistle pre
135
Ry Equip & Realty 1st pf _
Roos Bros corn
Shell Union 011 com
8
Southern Pac Co
2255
Spring Valley Water Co _ _ _
514
Standard 011 Co of Calif... 40
Tide Water Assd ()Hewn_
1034
6% preferred
5354
Transamerica Corp
515
Union 011 Co of Calif
193-4
Union Sugar Co corn
53.4
7% preferred
United Aircraft
31
WelLs Fargo Bk & U Tr_
208
Western Pipe & Steel Co_ _.
Range Since Jan. 1.
Low.
1,706 113-4
2655
23
1,441
855
1134
11
200
1%
15
134
4
100
4
2
19 101
150 150
1.990
1
39-4 434
1,801
18%
17
8
100 11
1915 1954
34
400
35
15
135
835 9
.11
1,624
855
2155 24
19
538 13
18
515
1934 21% 8,320
769 13
19
193-4
60
30 57
63
265 11
263-6 2614
2,799
1
53-4 6
37
36
37
734
3655 37
7
70
2355 2334
295 105-5
255
247
6 34 634
248 3415
5254
51
1,163
14%
13
55-4
1
150
214
23-4
5 2655
3694 3614
8
205
8
354
319
634 63-4
334
20
134
5
5
329 2715
48
4855
26
26
50 18
14
14%
700
835
5155 5134
50 30
6
6
255
100
315
355
100
334
2455 2454
185 1134
88
869.4
85 8355
2,950
514
113-4 13%
5,563
1
434 6
15
94 4,760
%
274
15
134
13.4
9,332 15
73
67
5% 53/4
50
2
23
21
50
715
834 934 9,375
334
1634 1634
30
8%
3%
150
894 835
3
335 3.305
54
5,651 2055
2015 2154
3,340 213-4
2134 22
739 1915
1915 1954
1,092 2555
2515 26%
82
77
80 77
535
15
34
35
664
215
2
274
8355 8655
120 67
109 110
15 9935
2415 2494
200
855
479
154
15
35
515 555
55
394
169
555 555
2
7% 8.
4
3
4 2,667
22
2.455 1155
25
555 555
215
20
3815 4294 4.082 20
1135 6,294
10
315
543-4
274 24
50
455
534 694 41,086
19
2,629
2155
955
515 6
134
400
17
17
25 1154
33
29
1,333 17
208 210
50 165
12
12
200
555
Jan
May
Apr
Feb
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Apr
Feb
May
May
Mar
Feb
Mar
Mar
Feb
Feb
Mar
Jan
Jan
Mar
May
Apr
Apr
Jan
Apr
Feb
Mar
Mar
June
Feb
May
June
June
Mar
Feb
Feb
Feb
Apr
Apr
May
Jan
Feb
Apr
Mar
Sept
Mar
May
Mar,
Apr,
Apr
Apr
Feb
Sept
Apr
Jan
Feb
Feb
Apr
Feb
Feb
Apr
Mar
Feb
Mar
Apr
Feb
Apr
Feb
High.
,..1,741:4.70tote,e0t00..e...liggliegtqq.:Vgreglimqq'gqqq..7.gqqqqgmqqqq"Sgqq
qqfgg
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
11 eel.
Par Price. Low. High. Shares.
95
47
16
42
18
7%
90
75
20
117
815
9054
• No par value.
• No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange, Sept. 23 to Sept. 29, both in
elusive, compiled from official sales lists:
43
tOW
5
t0t4WCW
9155 June
July
6
International Shoe corn_ _ _*
Laclede Steel corn
`0
,
141eQuay-Norris corn
•
National Candy corn
•
Rice-Stlx Dry Goods corn_•
100
1st preferred
100
2d preferred
Southern Acid & Sul corn..•
S'western Bell Tel pref_100
Wagner Electric corn....15
100
l'referred
gg gg g
Sept
Mar
May
July
July
June
July
May
June
May
June
June
June
June
July
July
June
tmt_
Apr
Apr
65
1
5
10
40
5%
1
393.4
114
17%
2%
12
24
315
20
1%
35%
5835
10
gg g ggxg
43
10
Sept
Sept
Mar
Jan
July
Mar
Feb
Feb
Sept
May
Feb
Mar
June
Sept
Jan
Feb
Mar
g xxxgg g
6
Unlisted—
Lone Star Gas 6% pref _100
Pennroad Corp
•
5
4
10
1%
1
13
1%
6%
134
6
10
1
14
85c
12%
19%
4%
Range Since Jan. 1.
g
IN
18
2
18
50
387
510
420
720
188
1,195
165
1,610
50
10
125
270
700
411
565
1,470
5
4
25
4%
1
34
715
13
155
10
18
2
18
850
26%
34%
5%
High.
gg xx
1
34
7%
5
4
27%
5
I
35%
855
13%
1%
1055
18
2
18
850
3055
40%
655
75
74
255
23-4
5
Low.
riaay
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
xggsx xxxxx
Penn Federal pref
100
Pittsburgh Brewing
50
Preferred
50
Pittsburgh Forging Co_ •
Pittsburgh Oil& Gas
5
Pittsburgh Plate Glass_ _25
Pittsburgh Screw & Bolt_
Plymouth Oil Co
5
Renner Co
1
Ruud Manufacturing_ _ •
United Engine & Fdy _ _ _ _ •
U S Glass Co
25
Vanadium Atloy Steel. ___*
Victor Brewing
1
Westinghouse Air Brake_ •
We,tinghouse El & N1fg_ 50
West Public Service vtc_ _•
Range Since Jan. 1.
to
riday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
2439
.1
,
014ttO
W
1..cOtO
W.
W.,0
tOit.WWW
to
W
0 tO4tolt
tO ,
IWWWW. t.z
,
-.1000.4WWWWo...75MWOWWWWtntO0=AWWW.CAWW .400
WWWWWW.r.c00W0
.•00ZOOGSCOA Mt.
t
Volume 137
Los Angeles Stock Exchange.—Record of transactions
at the Los Angeles Stock Exchange, Sept. 23 to Sept. 29,
both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. thigh Shares.
Alaska Juneau
Barker Bros pref
100
Barnsdall Corp "A"
5
Bolsa Chlca Oil "A"____10
Byron Jackson
•
California Bank
25
Chrysler Corp
•
Citizens Natl Bank
20
Claude Neon Elec Prod..
Cons Oil Corp
Douglas Aircraft Co Inc _ •
Goodyr Textle Mills pf 100
Goodyr Tire & Rub pf 100
Goodyear Akron corn
Hal Roach Studios8% pf 25
Hancock 011 corn "A"....
Los Angeles Gas AL El pf 100
Los Angeles Invest Co .10
MonTth Mind Cmnt pf 10
Pacific Fin Corp corn...10
Pacific Gas AL Elec corn_ _25
Pae Gas & El 6% 1st pf _ _25
Pacific Lighting corn_ _ _ _•
Pacific Mutual Life Ins_ 10
Pacific Western Oil Corp_•
Republic Petrlm Co Ltd.10
San Joao L&P
pr pf 100
•6% prier pref
100
Sec 1st Nat Bank of L A 25
Sh^11 Union 011 Corn rem •
25
355
4
42%
85-5
12%
13%
90
33%
7
8615
634
2015
2655
834
4%
35
834
25
18
8%
355
4
3055
4055
31
8%
12
13%
90
61
3334
7
8
86
3
5
611
20%
21%
2515
25
655
4%
80
66
3454
8
26
18
8%
311
4
3055
4655
31
9
12%
1 33-4
90
61
35
7
853
8655
3
5
755
20%
21%
2655
25
9%
5
80
66
35'4
8
400
20
200
1,300
300
50
2,200
150
1,300
300
100
16
50
1,200
10
700
60
100
300
2,000
200
100
300
300
6,100
4,400
4
6
1,00
son
Range Since Jan. 1.
Low,
14
555
3%
155
1
30%
935
26
6
53-4
1155
60%
22
33%
555
355
82%
155
4
20
21%
254
19
235
115
78
60%
3455
4*4
Apr
Apr
Mar
Jan
Feb
Sept
Mar
Mar
Jan
Jan
Jan
Feb
Mar
Sept
Jan
Feb
Apr
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Apr
June
Sept
Mar
High.
32%
1934
11
555
634
38
51%
38
13%
1555
18
92
72
42%
7
1255
98
554
6
1115
3035
25%
43
3055
9%
5
98
66
4555
1
Aug
Aug
Sept
July
July
Jan
Sept
Jan
July
Jan
July
Aug
July
July
May
July
Jan
June
Sept
July
July
Jan
Jan
July
Sept
Sept
Jan
Sept
Jan
v
2440
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Sept. 30 1933
Friday
Last Week's Range
Sale
of Prices.
High.
Stocks (Concluded) Par. Price. Low. High.
-aSo Calif Edison Ltd com_25 1835
1735 1834
2,400 174 Apr 274 Jan Eldorado Gold
1
431 431
Original preferred.. _25
May 40% Jan Elizabeth Brew
30% 3134
187 30
234
2%
235
1
7% preferred "A" __ _25 2235
2235 23
900 2234 Sept 2731 Feb Fade Radio
135
135
1
134
6% preferred "B"...._25 1934
19% 20
2,400 1931 Sept 24% Jan Falstaff Brew
1
935
84 10
535% preferred "C"...25 174
1735 18
900 1735 Sept 2234 Jan Fashion Park
41c 500
• 50c
So Counties Gas 6% pr_100
86 odd It 2 834 Apr 90
86
Feb
Preferred
235 235
100
Southern Pacific Co.. _ _100 2334 234 24
400 114 Feb 3834 July Flock Brew
2
235 235
Standard Oil of Calif
• 393.4 384 4231 3,500 20
Feb 4435 Sept Fuel 011 Motors
12c
Sc
10 10c
Taylor Milling Corp
•
12
12
100
Sept Fuhrmann & Schmidt ___ _1
14
Jan
4
2
134 2
Transamerica Corp
•
54 631 8,500
535
94 July General Electronics
435 Apr
1
334 335
34
Union Oil of Calif
25 20
3,700
2131
19
July Gold Cycle
934 Feb 23
10
1635 1631
Hamilton Mfg A
10
1031 1031
* No par value.
Honey Gold
1 1.12
1.12 1.25
335
3
335
*
New York Produce Exchange Securities Market.- Indian Motor
135 2
1
Following is the record of transactions at the New York Jotter Brew
Kildun Mining
1
335
335
231
1
10
10
Produce Exchange Securities Market, Sept. 23 to Sept. 29, Kingsbury Brew
Kuebler Brew
1
3
3
3
both inclusive, compiled from sales lists:
I.ock Nut
131
131
1
Macassa Mines
99c 1.15
1 1.10
Friday
Sales
Mcfadden pref
15
15
Last Week's Range for
Range Since Jan. I.
Marmon Motor
•
170 17c
Sale
of Prices.
Week.
Metal Textile
431 431
431
*
StocksPar Price. Low. High. Shares.
High.
Low.
Newton Steel
331
34
•
334
Oneida Brew
1
1
1
Abitibi Power & Paper___*
14
1,900
135
135 Sept
334 Aug Paramount Publix
131
131
lf,
134
Admiralty Alaska
1
120
1,500
12c
5c Mar 19c
Feb Paterson Brew
134
131
131
1
Aetna Brew
1
135
135
300
131 July
3 June Petroleum Conversion _1
35
35
Allied Brew
531
1
535
114 June Polymet Mfg
7,600
735
435 July
235 24
1
234
Altar Consolidated
1
2
235 Aug Railways N
1,000
214
131 June
2
434
4
434
1
Amer Republics
231
*
331 June Rayon Industries
1,400
135 June
135 231
635 634
635
A
1
Arizona Comstock
24
1
235 9,800 1.15 July
231
24 Sept Reno Gold Mines
1
1.00 1.00
Bancamerica Blair
1
435 435
1,000
135 July
431 SeptRhodesian Selec Tr ___5 sh
334 334
Bear Exploration
1
71c 71c
500 71c Sept 71c Sept Richfield oil
38c 50c
*
Brewers & Dist v t c
14 July
231
231
•
335 July Ross Union Distill__ .5.50 380
231 13,500
194 234
2131
Buiolo Gold
5
Aug 20
20
50 15
Sept Rustless Iron
20
235 231
234
•
Carnegie Metals
11.38
1.29 1.50
Sept 1.60
9.300 1.29
Sept Shortwave & 'I elevlsion__1
25e
25c
Central Am Mines
1
1.55 1.80
1.700 50c July 1.80
Sept Simon Brew
134
1
134
Color Pictures
•
235
235 Sept
100
235
235 Aug Squibb PattLson Br pref1
6
6
6
Como Mines
1 200
20c 20c
8c May 20c May Standard Brew
500
•
234
235
Continental Shares
. 8c
35 May Sylvanite Gold
100
•
8c
8c Sept
1
1.15 1.25
Cosdon Oil
1
231
231 Sept
200
231
3.34 Sept Trent Process
70
70
70
*
Croft Brew
131
1
131
1
July
231 July United Cigar
2,800
1
731
731
731
5
Davison Chemical
31
*
300 15c May
31
24 June Venezuelan N w I
Holding
1.50 1.50
Drug Inc
1.800 4331 Sept 4634 Sept WIllys-Overland
4331 4634
10 44
25e
20e
5 20e
E0gle Bird Mines
11.25
1.25 1.50
1,200 1.25
Sept 3.75
July
• No par value.
El Canada units
5
1,200
64
434 June
835 Aug
Range Since Jan. 1.
Low.
Sales
for
Week.
Shares.
Range Since Jan. 1.
Low.
High.
Feb
53.5 July
100 1.30
335 June
5,300
134 Aug
8,1(0
135 Sept
235 MaY
2,800
May 2035 May
7
1,400 38e Sept
135 June
435 June
14 Aug
100
54 June
1,200
24 Sept
5,500
8c 14ept 28e Feb
500
135 Sept
335 July
231 Jan
May
4
1,000
835 Mar 1734 Aug
106
July
100 1031 Sept 13
800 56c Mar 1.25
Sept
300
234 July 335 Sept
14 Sept
200
335 July
4,900
Mar
1
July
5
100 10
Sept 1731 July
July
331 Aug
3,40C
3
100
w, Sept 135 June
Sept
26,100 19c
Jan 1.15
10 11
May
1531 Feb
31 June
300 160 Sept
Sept
431 Sept
1
100
May
2
100
1031 July
100
Sept
34 July
1
234 July
5,700 12e Mar
131 Sept
200
3 June
1,100 38e
Apr
135 Feb
3,400
131 Sept
July
5
435 Sept
3,800
31 Apr
22,200
435 July
635 Sept
100 1.00
July
Sept 2.60
Jan
1,100
1
Sept
4
1,200 38c Sept
June
1
Jan 32
1,450
1
July
1,400
231 Aug
335 July
200 150 Apr
31 June
1,600
135 Sept
134 Aug
Sept
6
1,600
6
Sept
235 July
100
535 May
700 95r., July 1.45
June
4,200
70 Sept
7c Sept
500
7 Sept831 Aug
Sept1.50
100 1.50
Sept
3,b00
6c Mar
35 June
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Eept.23 1933) and ending the present Friday,(Sept.29,1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Week Ended Sept. 29.
Stocks-
Indus. & Miscellaneous.
•
Ainsworth Mfg corn
235
Air investors, corny t, 0......•
4
Warrants
Ala Ot Sou RR ord__ _50
• 1035
Allied Mills 100
Aluminum Co common-.
• 65
100 60
6% preference
Aluminum LtdCommon
•
100 50
6% preferred
Amer Beverage Corp-.--6
American Book
100
Amer Capital Corp clA___.
2
•
34
Common class B
$5.50 prior pref
•
American Corporation- •
Amer Cyanamid Class B-• 108%
Amer Dept Stores Corp..-•
35
Amer Founders Corp_. _1
6% 1st pref ser D____50
American Investors
1
warrants
Amer Laundry Nlach___20
American Salamandra_50
American Thread pref____5
33-4
American Trnasformer__ •
Anchor Post Pence
•
24
Apex Electrical Mfg
•
Armstrong Cork dun ____• 17
Art Metal Wks torn
5
Arundel Corp
5
Assoc Elec industries,Amer dep rots
El
Assoc Rayon corn
•
Atlas Plywood Corp
"
Atlas Corp corn
• 12
$3 preference A
• 39
.. -.-.
534
Automatic Voting Mach__*
Baldwin Loc,,,,,otive wartLselianca Aircraft v t c___1
Benson & Hedges
•
Slue Rlage corpCommon
1
6% opt cony pref
• 2831
Botany Consol Mills
•
13ourJols Inc
Bridgeport Machine
''
Brill Corp class A
•
Brill° Mfg Co
•
British Amer Tobacco Ltd
Amer dep rcts for bearer_
Am dep rcts for regis_ __
27
British Celanese LtdAm dep rots rea shs
334
Burma CorporationAm dep rcts for reg she_
334
Butler Brothers
34
10
Can Indust Alcohol A__• 1714
Class B non-voting____• 15%
Carnation Co
•
Carrier Corp
Celanese Corp of America
0 let partle pref.
7;
__leo 104
,
7 , prior pref
100
Celluloid Corp corn
15 1934
$7 div preferred
2 47
Centrifugal) ipe Corp_ ___•
Chicago CorpCony preferred
•
Chicago Nipple class A_ _50
t:ales Service oonunon___•
24
Preferred
• 124
Preferred BB
•
rls,,,b •.....0, I Whit.
,,
%.0
I
Range Since Jan. 1.
Low.
835
231
34
38
104
62
55
935
231
35
40
1135
71
6834
32
50
2
41
2
35
464
hi
1035
34
74
1234
3
%
12%
9
3
431
235
5
1635
2
2331
32
100
100
50
2
200
42
60
100
2
h
200
4631
100
3<s
200
12% 17, 0
40
1,300
1
4,000
1
25
1235
100
3
7
4
100
100
1234
100
9
335 3,900
431
50
234 2,600
100
5
1,400
1835
1,000
23-1
50
2331
13
20
134
34
1
3is
3034
35
334
34
34
9
2
7 ,
631
4
235
2
31
5
435
35
10
Mar
Feb
Feb
Mar
June
yen
Jan
Apr
May
Apr
Mar
Feb
Mar
Apr
Jan
Feb
Sept
Mar
Mar
Feb
500
435 44
700
235 24
335
200
33.4
1134 1334 20.200
4035 1.300
39
534 631 3,300
300
24 231
935 935
400
200
431 435
135
135
100
23.4
35
14
534
33
234
131
7
134
135
Apr
Apr
Apr
Apr
Mar
Feb
June
Aug
July
June
1,700
1,300
100
600
Mar
Mar
June
May
Mar
Feb
Feb
Jan
Jan
234 234
2835 294
34
35
435 435
400
1,800
400
125
4,100
2,600
400
134 Feb
35 Jan
35 Jan
8
Jan
3
Apr
3731 Feb
Mar
37
,
h,
100
231
7
100
200
131
2134
34
24
31
35
634
2635 263-4
27
27
100
100
164
164
IS,.
231
7
334
354
3,600
1
34
334
1634
14
1431
104
34
335
1831
164
1434
118%
1,100
800
7,900
1,100
300
700
134
135
24
74
531
4
10031
75
1631
40
331
10431
7931
2035
47
374
575
175
1,200
150
300
50
2531 2531
4
100
35
231 235 44,800
1235 1335
900
10
50
1035
1.200
1
31
Mar
Feb
mar
Apr
Feb
Feb
May
July
Mar
Feb
Apr
27
Apr
51
Apr
2
May
20
231 Jan
1336
%
s2
1034
5
14
Mar
June
Feb
Mar
Apr
An
,
ffigh•
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low. High Shares.
Cleveland Tractor
•
10 June Colt's latent lire Arms_25
335 Juue Consolidated Aircraft...•
Aircraft. _.
8
June Consol Auto Merch v
1
55
July
33.50 preferred
•
1534 Aug Consol Theatres v t 0___.
•
1.
954 June Continental S'ecuritles_
•
7735 July Cooper-Bessemer Corp..
33 pref A w w
•
534 June Cord Corp
5
935
65
July Corroon & Reynolds
1
534 Mar Courtlauds Ltd
55
July
Amer dee vets ord_ .gl
335 July Crocker Wheeler Elec____•
531
134 June Crowley Miler
*
52
Aug Crown Cork Internal A..-•
74
% June Cuneo Press Inc
7
•
1534 June Detroit Aircraft Corp.__.
•
31
17 June Distillers Co Ltd
4
El
1931
231 June Distillers Corp Seagrams.
• 2434
20 June Doehler Die-Casting
*
6
June Dow Chemical
• 66
13.4 June Driver Harris corn...... 10
184 July
7'- preferred
100 49
9
July Dublier Condenser corn __I
July
4
Duval Texas Sulphur___..•
54
431 Sept Easy Wash Mach 11
•
73.1
3
Sept Economy Grocery Stone-•
June Eisler Electric Corn
13
•
July Elee household Util_ __ _10 1036
24
435 May El.° Power Agent,com----1
534
July
31
Class A
I
Electric Shareholding
534 July
Common.
•
536 June
Cony pref with warn. •
635 June Emerson's Bromo cl B. •
1834 June Equity Coop corn
2
10c
4335 May Ex-Cell-0 Aircraft & Tool*
June
10
Fairchild Aviation
1 5
33s June F E D Corp
•
Aug Ferro Enamel Corp
11
•
Sept '
7
,
Mello Brewery
1
234
5
May First Nat Sts 1st pref__100 112
Fisk Rubber Corp
1
834
435 June
$6 Preferred
100
374 June Flintokote Co Class A_
•
1 4 July Ford Motor Co Ltd7
Amer dep rots ord reg.il
535 July
535
14 June Ford Motor of Can al A_.• 1131
534 July Foundation Company
1114' Apr
Foreign shares
•
Garlock Packing
• 13
2635 Sept General Alloys Co
•
135
27
Sept General Aviation Corp...1
631
Gen Elec Ltd Am der Ms • 1035
44 June Gen Investments Corp_ __5
$6 preferred
•
34 July
Warrants
35
635 June General Rayon A stock_ •
3834 July General Tire& Rubber _ _25 81
34
July
6% preferred A
100 65
May Olen Alden Coal
18
• 144
17
July Globe Underwriters Exch.•
535
Godchaux Sugars cl A_
•
•
5
110
July
Class 11
8635 May Gold Seal Electrical
34
1
234 Sept Gorham Mfg corn v t C. • 20
46
Sept
Common A
•
44 July
53 cony pref with warn_•
Grand Rapids Varnish....•
July Gray Tel Pay Station_
32
•
34 June Gt Alt & Pao TeaNon vot row stock.__.• 1314
634 May
May
30
7% let
_um 123
May
Groc Stores Prod v t c_ 25c
25
preferred..
June Happiness Candy Stores •
2
Range Since Jan. 1.
Low.
fliyh.
200
100
700
400
300
SOO
200
500
300
8,300
200
131
8
1
'ii
35
31
134
I
6
434
35
Apr
Jan
Mar
Jan
May
July
Jan
Mar
Mar
Feb
Apr
6
1931
12
35
1
235
6
11
20
1534
4
July
July
July
June
June
June
June
July
July
July
July
835 94 1,800
600
54 64
100
34 335
731 2,100
7%
100
1634 1635
31
7,100
31
2034 17,700
19
233.4 2731 16,100
200
331 4
600
654 674
300
13
12
49
10
49
iii
.
4
300
5,000
6
4
1,600
64 834
2235 2235
100
1
300
1
100
104 103.4
1,000
5% 531
534 535
200
4%
24
3,2
214
91.1
35
1734
15
171
30
331
49
Mar
Feb
Sept
Jan
Apr
Jan
July
July
Feb
Mar
Feb
Sept
Feb
Feb
Jan
Sept
Apr
Sept
Apr
Apr
1034
11
835
934
1635
liii
214
494
5
78
263.4
67
135
8
9
2535
2
1035
124
114
July
July
June
July
Sept
June
Aug
July
June
July
July
June
June
Aug
Sept
Sept
July
Sept
June
June
335
3
234 Mar
200
931
35
35
200 35
Apr 5935
22
22
25 17
June 25
134 234 2,900
135 Sept
235
100
4
4
131 Feb
636
431 5
300
235 June
634
731
735
300
33-5 Mar
834
94 107%
600
934 Sept 164
234 231 5,700
231 Sept
431
112 112
20 10835 Mar 115
734 834 10,900
14 Apr
934
1,600 18
573.4 61
Jan 61
34 335
100
135 Fell
73/4
,
534 535
7,200
235 Feb
64
114 13
900
44 Feb 19%
June
June
Aug
Aug
July
July
July
July
Aug
July
July
Sept
June
3
1534
734
34
31
31
231
435
14
835
2
4
1235
131
6
1034
134
1231
an
2
7534
6431
144
535
11
5
A
1831
131
1831
735
1534
4
1.534
835
34
14
135
331
435
14
1031
2
4
13
134
735
10%
135
1335
,
%
2
85
65
17
535
1234
535
A
25
14
1831
84
16
128 135
122 123
1
1
,,,,.
'1
200
200
2,900
600
2,000
100
200
1,100
100
600
100
4,100
600
200
400
1,300
5,500
200
100
400
150
'III
4
1%
223i
4
10
234
235
231
4
35
236
635
134
11
4
35
23
51
634
4
11
2%
35
6
131
91.4
431
835
Mar
434
Nfar
1435
Mar
44
Jan
1034
Jac
1031
Sept
235
1334
Sept
July
gill
May
10
Apr 140
May 90
Apr 2431
Feb
7
Sept 2034
Apr
15
14
Jan
Jan 294
Sept
5
19%
Jan
914
June
Apr 29
July
July
Aug
July
July
July
July
July
Sept
Ally
June
July
July
July
July
July
July
June
Aug
June
June
Sept
July
290 125
Sept 18134 MaY
Aug
Mar 125
120 118
100
3 June
35 Jan
400
7• Mar
36 June
Volume 137
Financial Chronicle
Stocks (Continued) Par.
Helena Rubenstein corn •
Hires(Chas E)Co cl A com*
horn (A C) Co
•
Born & Harden coin_
•
7% preferred
100
Ilydro-Elec Secur com_ •
Bygrade Food Prod
5
Imperial Tobacco of Can_5
Imperial Tob of Gt B & Ire
Am dep rcts for ord shsEl
Insurance Co of No Arn_ 10
liiternati Cigar Mach_
•
Internet' Products corn _ _•
Interstate Equities Corp_ 1
$3 cum pre ser A
50
Irving Air Chute
1
Jonas & Naumburg corn_ •
Jones & Laughlio Steel_100
Klein (Emil) Co corn
*
Knott Corp
1
Kolster Brandes Ltd...,fl
Kreuger Brewing
1
Lakey Foundry & Mech..'
I.and Cool 1 lorlda
Letcourt Realty com_ _ _ _I
Preferred
•
Lehldb Coal& Navigation •
Lerner Stores com
64% pref w w
100
Libby-McNeil & Libby_ 10
Ltmtalana Land & Explur_•
P rtattv
Zatc.,
Last Week's Range for
Sale
of Prices.
Week.
price, Low.
High. Shares.
434
40
1%
12
%
4
2
8
51
44
14
Maryland Casualty Co_ .._2
2%
Massey Harris Co corn_ •
Mavis Bottling cl A
1
Ibis
Mayflower Associates_
•
McCord Rad & Mfg
•
Metal Johnson & Co corn_ •
NI erritt Chapman &Scott •
Nlesabi Iron
Slichlgati Sugar
•
, referred
10
334
Midland Steel Prod
"
Midvale Co
•
Minneapolis HoneywellRegulator pref
100
Molybdenum Corp v t 0_1
34
\tuntitowery W aid & CoClass A
•
Moore Corp 1,td
* 12
.s.at American Co
•
National Aviation
• 109-4
Nati Belles Iles. com
I
294
.at inyedtureaunnunn.__1
1
534 '70 preferred
Warrants
National Leather coal_ ...•
194
Nat Screen Service
•
31
N at Service common
I
Nat Steel warrants
National Toll Bridge A_ __• 3694
National Union Radio_ __ I
Neptune Meter A corn__ •
Newberry 7% preferred too
New Me deo & Ariz Land.'
New York ShinbuildingFounders shares
1
Niagara Share of Nid ol 13_5
Class A preferred_ _100
Nitrate Corp of k tile
Ctfe for ord B shares- --.
____
North & South Amer A_ •
Novadel Agent Corp._ __•
Ohio Brass class 11
•
Outboard Motors Corp
class A cony pref
•
Pacific East ern Corp _ _ ..1
.
Pan- American A irw aye_ 10
Paramount Motors
•
l'are.. Lice!, R CO
•
Parker Rust-Proof
•
Pentiroad Coro v t c
I
Pepperell Mfg
100
Ph9lii, Morris hit
10
Phoenix SecuritiesCommon
I
83 Cott pref 8er A____10
Pie Bakeries coin v t c__ •
. lerce Governor coin
•
pituey Bowes Postage
Meter
•
Pittsburgh 1-urgings
•
Pittsburgh & Lake Er1e_50
Pitt& urgh plate Glass..25
Potrero Sugar
5
Povilirell & Alexander_
•
Propper McCallum
•
Prudential Investors
•
$6 preferred
•
Pyretie Slanufacturing _10
Railroad Shares
•
Railways & Utilities Invest
Class A common
1
Rainbow Lundu ProdClass A
•
*
Class 11
Reliance Internet A
•
Itellance Slanagement---•
Republic Gas commun._ •
Rey barn Co
10
Reynolds Investing
I
Roosevelt Held Inc
5
Ros.sla International
Royal Typewriter
•
Rus.sek's 1 ifth Ave new 5
Safety Car II tg & Ltg...100
St Regis Paper corn
10
-18prefd
7%
Seaboard Utilities Shares_l
Securities Corp general •
Seeman Bros corn
•
segal Lock & Hardware,,,.
Selby Shoe Co corn
•
Selected Industries lineCommon
__I
Allotment certificates_ ..
Sentry Safety Control com•
Seton Leather Co
•
Shenandoah Corp-Common
1
83 cony pref
25
Sherwin W Illiams com25
6% preferred AA_ _100
Singer NItg
100
Amer deli rec ord reg Cl
Sonotone Corp
Southern Corp corn
•
Spanish & Gen CorpA ill deprecforord bearer£1
Standard Brewing
•
234
52
574
3
72
1
Range Since Jan. 1.
Low.
1
2234
114
174
834
651
434
10%
224
154
1855
84%
614
434
1034
300
100
100
900
30
100
700
200
54
17
14
174
834
354
234
651
Mar
Apr
June
Apr
Sept
Mar
Mar
Feb
131
24
51 i"
2534
95
954
9
11
June
July
Aug
June
July
July
July
July
26
394
224
1%
134
2234
454
4
40
12
24
%
1434
54
511
2
9
74
1334
51
3%
14
26
41%
2255
19-4
19-4
23
5
54
46
12
2%
56
16%
1
'is
2
951
9
1331
51
4%
151
100
SOO
100
200
200
200
1,300
1,000
110
100
100
200
1,20
300
100
100
1,800
1,300
100
50
SOO
2,000
15
25
15
4
%
9
354
51
19
951
1
54
1451
4
lie
%
3
534
4
17
134
oil
Feb 2656
Mar 4534
Mar
28
Feb
4
Jan
134
Am
24%
Sept
SYS
Feb
231
Jan 80
July
1354
Slay
3%
Jan
194
Sept23%
Jan
14
Sept151
May
314
Apr 1054
Apr 14
Jan 164
Feb 51
Feb
834
AP
2%
Sept
July
June
June
July
July
May
June
July
Aug
Aug
June
June
May
May
July
July
June
Sept
Sept
June
May
2% 234
100
454
5
600
.
4 134 14,300
7
47
474 1,000
33.4 3%
500
50
5034
200
254 3
600
31
51
900
1% 1% 1,300
354 4
300
54 534
100
2154 214
100
134
44
34
27
1
3834
4
4
194
34
13.4
11
Apr
5
Sept10%
Jan
234
Mar 48
Feb
6
Feb69
Jan
44
May
1lta
Sept
334
Sept
751
Apr 12
Mar 2954
June
July
July
Sept
July
May
July
May
July
July
June
July
7254 7254
334 334
10
1,700
59
Apr
34 Sept
734 Sept
6
July
63
220
12
100
4
500
11
2,700
2% 12,200
2
1,100
3534
50
4
200
154
400
4
400
71
800
694
800
379-4
700
154
300
4
200
80
50
1
200
4694 Fel,
Julie
10
4 Jan
44 Apr
4 Jan
I
I. eb
24
Apr
56 Apr
51 Feb
534 Apr
34 Mar
4 Feb
iii Sept
4 Jun
34 Aug
65 Slay
54 Jan
82
15
134
13%
434
4
48
251
34
13
2%
144
51
254
4
8451
174
100
700
25
14 Jan
3
Apr
43 Slay
20% Aug
9
June
50
June
1,500
200
200
50
Jan
'is Feb
344 Feb
6
Feb
4
34
5654
1934
100
154 Feb
57
12
4
1054
2%
1%
35
56
1%
A
914
5
36%
154
331
80
1
1551 154
354 4
45
45
's
ars
'is
46% 48
1234 14
24
254
504
54
214
53
3
70
35i
255
234
200
5234
1.900
6Y
400
94
21
300
59
725
334 12,600
74
170
3.
4 1,100
'Is
June
Aug
May
June
Sept
July
July
JulY
Mar
I eb
Jan
Apr
354
25
674
634
June
Aug
June
June
h.
94
171
154
3%
336
454
7734
3394
14
27
134
634
63
3
55
33
/
4
434
7544
3651
1 14
27
2
64
65
3
34
1,700
100
100
1,925
100
100
200
800
100
500
700
2
474
28
13
4
8
34
3
57
2
31
1
1
1.200
34
48
374
32
34
234
874
4
255
34
%
154
36
154
94
954
251
44
334
32
'is
356
3434
34
1651
%
234
74
0.5
134
56
194
94
955
274
48
454
324
'le
4
3534
31
1634
2
254
52
5234
51
51
834 10
% June
54 June
434 Sept
85
July
3914 July
254 July
27
Sept
4
July
10% July
79
July
514 June
134 June
19.4 July
600
1,500
500
200
150
3,900
120
500
200
300
1,500
100
Apr
131 June
Feb
94 June
Feb44 June
May
3 June
FOb
4 June
Apr
3
June
Met
14 July
Jan
33.4 July
Mar
14 June
Mar
1294 June
Apr
236 Sept
Feb 80
July
Mar
8% July
Mar 56 June
Apr
151 June
Apr
10 June
Jan 40
Sept
Jan
14 June
Apr 20.4 June
1,800
100
:100
700
34
2634
4
14
Feb
Mar
Jar
Apr
14
123-4
1274
80
90
154
34
34
soo
2
1834
41
97
13955
3
34
2
100
300
2,675
100
90
200
700
100
Tit
231
%
3
300
400
1
Feb
Sep t
Mar
Feb
Mar
Mar
May
F el
Slur
Slay
Mar
%
%
134
%
%
4
%
4
54
554
13.4
164
134
124
%
2
26
54
931
100
100
100
100
500
200
2
183-4
34
97
136
136
3
355
334
2
354
451 July
434
584
811
2774
6974
63-a
78%
43-4
1,600
600
100
200
x
June
Mar
Aug
July
Apr
Feb
Feb
Mar
Mar
Mal
}el
Pct,
134
1 9:
24
23
34 3
4
356 3%
34
July
July
Ju,..e
Sept
July
June
July
June
May
Sept
May
June
June
June
Sept
Aug
July
114
20
254
124
204
14
264
134
14
343-4
High.
4%
70
34
1434
June
July
June
July
Feb
5
May
2654
Mar 45
May 984
Star 175(4
Jan
354
Sept314
Jai
234
June
July
July
Sept
July
July
Sept
May
is Sept14 July
1
236 Sept
Sept
2441
'
,
naafi
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price, Low. H. Shares.
Standard Cap & Seal
5
Standard Investing Corp
854 cum cony pre
•
Starrett Corporation
1
6% pref
10
Stein Cosmetics
•
Stutz Motor car
•
Sullivan Machinery
•
Sun Investing corn
Swift & Co
26
Swift Internacional
15
Tastyeast Inc class A____•
Technicolor Inc coin
•
Tobacco l'roducts Export •
Todd Shipyards Corp
•
'Torrington Co. of Maine_•
Transcont Air Trarui
•
Trans Lux Pict Screen
Common
1
Tri Continental warrants.
Triplex Safety Glass LtdAm dep rcts ord reg £1
Tublze Cnatillon Corp
I
Tung Sol Lamp wks_
•
83 cony. preferred
•
Union To bacco Co
•
United Carr Fastener_
•
United Chemicals Inc.
Common
•
United Dry Docks
•
United Founders
1
United Molasses Co
Am dep rcts ord ref CI
United Shoe Mach com..26
l'referred
25
United Stores Corp v t c_•
U S Foil Co cl B
1
1.1 S dr Internet' occur
Common
•
1st peel with wart _ •
U S Playing Card
10
Utility Equities common •
Priority stock
•
Utility & Indus Corp,,_
Preferred
•
Waco Aircraft
•
Wahl Co corn
•
Waltt & Bond cID
•
Walgreen Co corn
•
Hiram V1 alter Gooderhan,
& Worts Ltd coin
•
•
Cumulative pref
Wataon (John Warreni. •
Western Air
_ _10
\Vest Cartridge 6% PL100
ExpressWest Va Coal & Coke__ •
Wil-low Cafeterias cony pf•
Woolworth (F' W) LtdAm den :cts for ord elsPublic Utilities-'Alabama Power 87 pref_ •
$6 preferred
•
Am Cities Pow & Lt
New class B
1
Amer Common'Ith Power
Class A common
•
Class B common
American Elec Power Corp
86 preferred
•
Amer & Forego Pow warr_
Amer Gas & Elec corn.._.,
•
Preferred
•
Amer L & Ti' corn
25
Am Superpower Corp eom•
Preferred
•
Arkansas P&L $7 pref •
Assoc Ga & Eleo-New 4corno,ou
Ciao A new
9! pr efrrrt d
,
Warrants
Assoc Telep 31.50 pref_ _..•
Assoc Telep 1.1111 own
•
Brazilian Tr L & P ord___•
Buff Nies & East Pow_.25
35 1st preferred
•
Cables & V‘ Weloos l.ttlAt, dep ref. A ore' shs_ t
Am dep rcts B ord alas_LI
Cent & tio'w rat Util$7 preferred
•
Cent Hod G & E v t c___•
sent States Elea new oom I
Cities Service P & L 86 pfd
Cleveland Elec Ilium coat •
6% preferred
100
Columbia Gas & Elec.Cony 5% pre
101
Commonwealth Fdlson. RS
Common & Southern Corp.
Warrants
Community Wat Serv_1
Co/viol() E LAP Balt corn •
Range Since Jan. 1.
Low.
2454 25
15
1
734
114
16%
244
1
7%
4
18
15
%
2
1
634
955
231
1654
2434
1
751
4
18
41
3
6
Feb
% Apr
Tie Apr
% Feb
6(4 Sept
454 Mar
154 Feb
7
Feb
12% Feb
4 Apr
234 Feb
54 Jan
10% Feb
30
May
24 Jan
1.4
15
134
1%
27-4
55
lit
154
4434
3654
134
4
114
42
1051
15
50
134
900
234
700
1
200
734
700
11(4
275
274
100
1734 11,400
264 1,700
154 7,600
74 2,400
51
200
1854
300
41
25
314
1,300
1%
24
23-4
234
1,400
800
16% 16%
, 14
154
4
43.4
15
15
*Is
Si,
74 754
300
1,200
50
100
1,200
200
57-4
2
154
754
3t•
194
High.
2934 June
28
234
6
334
20
1251
5
244
32%
24
104
13.4
284
41
635
14 Mar
34 Apr
3
3
100
14 1%
500
134 131 12,700
Feb
Apr
Jan
Jan
May
Feb
251 Aug
54 Mar
74 Apr
July
June
June
July
July
July
June
July
June
Jut'
Ma(
June
June
Sept
May
334 June
44 July
16%
28(4
9%
20
4
8
Sept
June
June
June
June
Sept
June
6
3% June
July
3
254
334 41,900
5294 55
1,07
3154 3154
10
'is
'is
100
64 7
3,300
134
304
30%
4
234
Feb
Mar
Star
Jan
Apr
54
56%
32
2
11%
July
Sept
June
June
June
154
444
17
134
333-4
13-4
334
1055
134
14
1751
14
4734
17(4
2
38
194
4
1194
131
154
18%
1,300
600
75
400
205
100
900
1,900
200
200
900
'is
1756
8
I%
25
1
154
8
14
4
16
Jan
Msr
Star
Apr
Apr
Feb
Apr
Aug
Slay
Mar
Sept
3%
65
28
434
5034
3%
7%
1356
394
4
18%
July
July
July
June
June
404
144
r•is
14%
69
54
104
4574 78,100
14%
1,700
500
I
1434
100
69
25
100
4
1034
50
354
734
%
114
534
94
73.4
Feb
Feb
Jan
Feb
Apr
June
Feb
6434
1794
154
17
7134
154
12
July
July
July
July
Aug
July
July
1194
Jan
21
Sept
2051 2051
35
32
2%
Feb
36
32
700
40
10
35
32
Sept
Sept
6534
5656
June
June
June
J-ly
July
Sept
Jan
Jan
1
17
1331
14
231
1,900
2% Sept
634 June
54
34
2334
69
14
334
17
234
'ii
Ye
1,400
1.500
11• Star
lie Mar
4 June
34 June
3
651
2334
69
123-4
334
17
28
3
50
754
900
25% 10,500
69
100
1454 3.800
374 7,900
2051
700
29
30
2
24
1754
69
12
234
15
28
Jan
6
APr
13%
Mar 50
Sept9134
Apr
26%
Mks
94
Apr 50
Sept 46
Aug
June
June
Jae
June
June
June
July
1
194
1,400
1
151 13,000
3
3%
840
lis
he
1,000
16
17
75
,
is
54 2,000
1
1
254
lis
1536
34
Sept
Sept
Sept
Jan
June
Mar
June
July
June
June
Jan
June
13
16
74
14
9134
74
51
Duke l'ower Co
100 41
Last Gas & Fuel Assoc. •
6'; preferred
100
East States l'ow corn 13_ •
Last WM Assoc COM
•
Cony stock
•
Edison El Ilium (Ilos) _ _100 149
Elec Bond & Share com._b
1631
15 cumui preferred__.,,' 33
$6 preferred
• 38
Elec Pow & Lt
Warrants
Empire Gas & Fuel
6./ preferred
100
7% preferred
I00
8% preferred
100
Empire l'ower part stk_ •
European Electric Corp
Class A
10
Option warrants
1
Gen GA E cony pre B. •
Georgia Pow $ti pref
•
Hamilton Gas coin v t c--1
alHartford El Light
25
Illinois 1'& L 26 pref
* 14
Internet llydro Elec83 50 met new
• 2054
Intermit UtilityClass A
4
Claes B
1
13-4
Warrants
Italian Superpower A
•
Warrants
Kings County LightIng
13 7% preferred
100
1374
1631
75
2,300
300
400
6
Feb
154 June
74
Sept
174 July
22 I J•n
9234 Jan
134
Ills Apr
lig Feb
13.4 July
34 July
A
•
ls
400
1,500
8
1031
/
I%
11
254
1664
8
11
174
12
2554
10651
40
1.300
4,400
150
100
50
8
1094
14
951
204
9914
914 94%
4055 474
925
1,300
Apr 138
68
July
4054 Sept 8294 Jan
•11
1054
134
34
24
1056
4
1854
134
he
7a 10,200
.4
5
4
100
50
54
900
Jan 2474
Sept15
1 el
414
Mar 25
Air 37
May 110
gni Apr
56 May
433.4 API'
July
June
June
May
July
Jan
134 June
2(4 June
7056 Jane
37
45
225 37
Sept 76
July
694 7
900
4
Ma
1234 Jth e
50
51
275 39
Slay 68
July
154 14
500
174 Mar
474 Julie
154 1534
50 1354 Apr
2634 July
3
331
200
136 Apr
63-4 July
149 149
30 1324 May 17456 Jan
1631 19
59.500 10
Feb 41% JUnt
3234 34%
1,400 2234 Apr 5934 June
3754 4151
1,700 25
Apr 66
June
3
354
300
154 Feb
13
13
1334 1454
16% 1694
7
74
25
200
50
200
6
Apr
751 Apr
10
Mar
6
Sept
21
25
25
1534
May
June
June
June
8
34
11
49
°le
49
13
834
1
11
49
"11
49
14
1,200
3,100
200
75
1,500
25
200
234 Mar
34 Apr
3
Apr
4334 Apr
54 Jan
4834 Mar
13
Sept
874
134
15
7054
4
59
3434
Sept
July
July
Jar,
June
June
Jan
20
214
450
4
1
4
151
'is
134
4
100
5,800
200
600
100
4
14
%
74
54
100
9011
'Is
174
54
90% 92
20
94 July
Sept27
Sept11
leo
394
Feb
:4
Feb
3
May
1
gent
94
July
June
June
June
June
June
vv',
Financial Chronicle
2442
Friday
Sales
Lasi Week's Ra..ge for
Week.
Sale
of Prices.
Public Utilities
Par. Price, Low. High. Shares.
(Concluded)
Long Island LtgCommon
•
50
7°' preferred
100
64 13 pref
Marconi 55 Ire] T of Can.1
Mass CBI Assoc v t c.....•
5
Memphis Nat Gas
Middle West URI eom •
*
$6 cony pref A w w
Montreal Lt lit & Pow...
Mohawk & Stud Pr 1st pt...
National P & L 26 pref __•
New England Pow Assn•
36 preferred
N Y Telep 64% pref__1(lo
Niagara Bud Pow15
Coalmen
Class A opt warrant...
Class B option warrants_
Nor Amer Lt & row $6 tn
.
Nor states Pow corn A.100
Pacific 0 & E 6% let pf 25
*
Pacific LW $6 pref
*
l'a Gas& Flee cl A
Pa Pr & Lt $7 pref
•
Pa Water & Power Co...'
Puget Sound P & L$5 preferred
$6 preferred
Shawinigan Wat & Pow_ •
Sou Calif Fdleon25
7% pref series A
25
5% pref series 13
54% Preferred C_-- 25
25
So Cob Pr class A
Southern Nat Gas com_ •
Standard P & L pref
*
Swiss Amer Flee pref....100
•
Union Gas of Canada_
United Corp warrants
United Gas Corp com__-_ 1
•
Pre/ non-voting
Option warrants
•
United it A Pow corn A•
Common class B
•
$6 cony 1st pref
US Elee Pow with warr_.1
Warranty
*
Utah PA 1.37 pref
Utica G & E 7% pref_ _100
Util Pow 87 Lt new com....1
1
V t c for class B
100
7% Preferred
Winnipeg Rice Co
•
Former Standard 011
Subsidiaries25
Chesebrough Mfg
25
Rumble Oil & Ref
Imperial Oil (Can) collo-•
•
Registered
National Transit.__ _12.50
10
Northern Pipe Line
South Penz. oil
25
Standard 011 (Indiana) 25
Standard 011 (Hy)
10
Standard Oil (Ohio) corn 25
Other Oil StocksAmer Maracaibo Co
1
Arkansas Nat Gas COM- •
•
Common clase A
100
Preferred
25e
Carib Syndicate
•
Colon Oil Corp pom
Columbia Oil& Gas rte.._ •
10
Consol Royalty 011
Coeden Oil Co1
New common
Ctfs of deposit
5
Creole l'etroleum
Crown Cent Petro leom- •
Darby petroleum new____5
*
Derby Oil& unicorn
Gulf MCorp of Penna__25
International Petroleum_•
*
K Irby Petroleum
Leonard Oli Develop___25
Lion Oil Refining Co....*
Lone Star ;as Corp
•
•
Michigan Gas & 011
Middle States Petrol•
Class A v tc
Mountain Producera____ 10
•
National Fuel Gas
New Bradford Oil Co_ --25
5
Nor Cent Texas Oil
•
Pacific Western 011
Pantepec Oil of Venez__ •
Petroleum Corp of AmerStock purchase warr____
Producers ItoyaltY
1
Pure 011 Co 6% pref-100
•
Reiter Foster 011
25
Richfield 1.11 pref
1
Root Refining com
10
Cony prior pref
10
Salt Creek l'rod Assu
5
Savoy 011 Co
Southland Royalty Co___5
5
Sunray Oil
Texon 011 & Land Co_ _.•
.
Venezuela NIex 011Corp..10
5
Venezuela Petrol
1
Woodley Petroleum
52
64 74
56
5835
42
4215
3
311
214 24
334 4
'II
11
135 IN
,
34% 3434
34%
57
57
50
54
113
384 43
113 114%
6%
3
24
334
I%
3,000
90
75
8,500
400
1,300
700
300
100
124
900
Low.
6
56
42
51
155
234
5.4
5.5
2134
55
34
High.
Sept
Sept
Sept
Apr
May
Feb
Sept
Apr
Apr
Sept
AM
16
8214
74
34
3%
64
55
355
36
85
7254
June
Feb
Jan
Sept
June
May
May
June
July
Feb
June
6214 July
200 264 Apr
July
725 109% Apr 119
Jan
June
June
June
July
Jan
Jan
June
Jan
Mar
64
rui
155
5
23%
214
78
6
7634
39
Sept
Apr
Mar
Sept
Apr
AM
May
Jan
May
Apr
163-5
2
5
1334
5315
254
94
0
9535
60
12
7
8
Apr
Sent
Feb
June
28
2334 June
20% July
500
23
600
20
17% 1,300
200
2
400
he
200
3134
200
40
400
4
24 1,700
335 16.900
600
26
1.500
I
44 6,200
100
5
1454 3,000
4 6,000
4 2,000
175
21
10
85
155 2,300
200
3
151)
94
100
2
2234
1934
174
15.1
rig
16
1855
151
151
115
13
34
2
214
855
4
In
20
85
155
3
555
2
Sept
Sept
Sept
Sept
Mar
Apr
Mar
Apr
Mar
Feb
Feb
Feb
Mar
Feb
Apr
Sent
Apr
Mar
Sept
Sept
Sept
Apr
Sept
27
2434
224
634
1
50
4334
74
64
655
45
155
915
1211
4134
14
34
42
90
234
415
274
2
Jan
Jan
Jan
June
June
July
July
July
June
July
July
June
June
June
June
June
June
June
Aug
Aug
July
June
Sept
50
108 108
794 864 5,700
4,100
14
13
200
13% 134
900
74 7.14
731
500
515 515
174 18% 1.900
18
29% 294 31% 20,600
1,700
15% 1615
16
150
2834 284 30
71
40
654
655
54
455
11
17
834
1534
Apr 118
Mar 8814
Mar 154
Apr 15
10
Apr
615
Apr
Feb 224
Mar 34
1934
Mar
Mar 41
Sept
Sept
July
July
May
June
July
Sept
July
July
234
5%
4
455
755
4
215
2%
June
June
July
July
June
May
7
%
14
47
1434
615
1954
17%
2
28
374
2%
274
4
34
12%
35
34
115
3
6%
4
135
5
2834
21%
81
7%
78
47
735 14,900
800
4
900
1%
25
5
200
294
2134 1,500
100
81
100
73-4
100
784
500
50
1451
13
634 8
1634 1654
224
1934
174
2
514
27
374
4
2%
2%
24
74
335
5
1234
15
31
20
85
134
3
9
2
150
270
200
8111
1334
14
10%
634
2
5115
19
14
7
43
455
14
I%
%
55
56
555
6
z515
"14
5
14
July
5.100
iiii
300
3,100
900
9.900
3 000
1,000
300
14
al
2
34
35
4
1
Mar
Feb
Mar
Feb
Feb
Feb
Apt
Jan
100
215 215
200
231 3
855 10% 73,100
300
y,7
4
5% 634 1,100
100
2
2
3.400
4854 55
1835 194 15,300
400
134
131
600
Yi,
he
64. 8% 2,100
756 2,200
7
1,300
4% 5
254
14
455
55
435
4
24
8.854
55
55
155
44
1
May
Feb
Aug
Mar
Mar
Feb
Jan
Apr
Apr
AM
Feb
ION
14
6%
2%
62
1974
2
115
955
1155
615
Sept
July
July
June
July
July
June
June
July
June
Sept
1,100
2,300
900
400
200
800
4,400
4
24
10
54
15
3
35
Jan
Jan
Feb
Jan
Apr
Mar
Mar
4
614
20
2
5
754
34
June
June
May
Sept
is Jan
,
lie Ma,
AM
21
15 Apr
% Jar,
% June
315 May
Feb
3
35 June
334 Feb
4 Jan
64 AP
3
Aug
4 Jan
135 Mar
55
155
57
13-5
23,5
1%
8
911
155
615
115
1351
8%
115
335
1%
1%
14
235
454
2
155
135
114
215
415
2
114
131
135
2
111
215
5
215
155
14
14 2%
434 434
1455
14
1% n2
14 14
654 7%
155 14
% 9,100
14
700
%
55
630
5515 5635
600
4
4
500
74
54
200
1% 1%
200
515 5%
515 6% 2,500
300
115
51
900
5
z54
4 1,700
'be
900
755 74
300
4
5
135
17-5 11,000
100
2
2
Mining250
404 4635
Bunker 11111 & Sullivan__10 45
Bwana NI'Kubwa Copper1,200
134 15/
American shares
500
14 1%
115
Como' Conner Nilnee__ _5
20
Consol NIM & Smelt Ltd 25134 134
4
4 4,600
51
1
Cresson Consol 0 M
5,800
34
X
34
Mexican Mining-50c
Curd
100
6
6
6
Eagle Picher Lead Co___20
200
li
he
Evans Wallower Lead_ •
.
55
55 3 400
A
- -1
Falcon lead NI inn3,200
X
5/4
Goidfleld Consul MInes_10
1,900
6
615
651
25
Ilecla Mining Co
5,500
915 1055
floIllbger Consol 0 M---6 10%
9% 1015 10,800
• 10
Flud Bay Mmn & Smelt...
94 114 1,200
931
Internet Mining Corp....„1
1,300
4% 411
451
Warrants
100
154 1%
10
Iron Cap Copper
1,100
54
15
4
4
Kerr Lake Nilnes
514
4 1,300
H1rkland Lake 0 M Ltd.!
Lake Shore alines Ltd...! 4834 4494 4934 22,000
100
10
10
25 10
Mohawk Mining
25 604 5834 6454 3,200
New Jersey zinc
5235 13,500
47
Newmont Mining Corp 10 49
100
2134 214
NY & Honduras Ftnarlo10
Range Since Jan. 1.
Sept
Jan
June
234 Sept
635 June
June
Sept
July
June
June
Sept
July
June
June
July
June
June
June
June
Slay
Sept
June
July
514 Sept
1414
Jan
14
35
55
514
35
455
35
'le
518
24
53-4
234
755
215
q
%
3.1
2574
8
2636
114
734
155 June
Jan
Apr
24 June
Sept
Jan 140
55 June
Jan
155 June
Jan
75.4 July
Apr
14 June
Feb
Apr
1.4 June
D., July
Jan
855 June
Feb
11
Sept
Jan
Jan
1215 July
1215 Sept
Aug
Aug
5% Sept
25.1 June
Jan
134 June
Jan
15 Feb
Jan
Mar 4974 Sept
June
Apr 12
Mar 654 Sept
Mar 5715 Sept
Feb2854 Sept
Sept. 30 1933
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Mining Stocks
Par. Price. Low. fityk. Shares.
(Concluded)
Niptssing Mines_
5
Ohio Copper Co
1
Pioneer Gold Mines Ltd 1
I
Premier Gold Mining
Roan Antelope Copper
American shares
St Anthony Gold Mines_ _1
Shattuck Deno MinIng___5
So Amer Gold & Pint____5
Standard Silver Lead ____I
Teck-Flughes Mines
1
1
Tonopah Mining
United Verde Exten5lon 50e
Utah Apex Mining Co__ _3
Wenden Copper M ming_ _1
W right-Hargreaves Ltd •
5
Yukon Gold Co
2%
35
11
14
2,300
2% 254
55 4.700
31
1034 1155 26,400
155
135 7,800
26%
5.4
34
2
5.4
64
151
3%
15
2534 2634
a
5
34 311
14 2%
4,400
4,700
100
2,400
he
7,100
751
15
3iri
615
134
34
4
4
74
35
64 20,500
1% 5,600
3% 2,100
300
1%
900
5.4
815 58,100
800
54
Range Since Jan. I.
Low.
Htgh•
Jan
514 Jan
355 Jan
514 Apr
4
4
1534
115
July
June
July
June
Mar
Jan
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Feb
284
4
455
3%
4
715
14
6
1%
Sept
June
June
Aug
Air
July
Sept
June
June
1
7%
59
4
55
114
34
54
14
N
'is
34
44
'ii Jun.
855 Sept
June
1
Bonds
$
Alabama Power CoSept 100% Jan
3,000 69
1946 73
1st & ref 54
7234 73
Jan
Sept 97
9,000 62
1951
66% 67
let & ref 58
Jan
Apr 95
65% 3.000 61
65
1956
1st & ref Is
66% 10.000 584 Apr 89% Jun
64
1968
1st A ref 5s
Sept 8134 Jan
34,000 53
58
let & ref 4%s
1967 5651 54
Jan
Apr 99
74,000 80
98
Aluminum Cos f deb 55'52 9734 97
2,000 474 Mar 80 June
68
67
Aluminum Ltd deb 58_1948
Amer & Com'wealthe Pow
555 July
54 AM'
111 24 34,000
1940 al%
Cony deb 6s
Jan
8
1% June
135 2% 28.000
155
1953
5134
Apr 85 Stay
11,000 64
80
80
Amer & Continental 581943
July
11,000 51255 Apr 40
24
Am El Pow Corp deb 68'57 2234 22
Jan
Apr 92
Amer (1 & El deb bs_ _ 2028 744 7335 7514 45,000 69
July
Apr 42
5,000 13
Am Gas & Pow deb 65_1939 244 2434 28
Apr 374 July
24% 25.000 11
19
Secured deb be
1953 20
49% 110,000 3234 Apr 7315 July
Am Pow & Lt deb 65_2016 49% 47
Apr 1014 Sept
18,000 83
100 101
Am Radial deb 44s...1947 100
July
Apr 81
6954 21.000 33
674
Am Roll NIIII deb 54..1948 68
July
Apr 105
994 395.000 45
44% notes__ _Nov 1933 994 98
9715 9955 313,000 9634 Sept 1024 Aug
Certificates of deposit. 98
July
Apr 51
7,000 22
a434 46
Amer Seating cony 68.1936
Sept
6,000 9634 Jan 105
103 105
American Tread 545.1938
30,000 7115 Apr 9731 Jan
81
79
Appalachian El Pr 58.1956 81
Feb
A or 105
3,000 94
103% 104
Appalachian Power 55. 1941
Apr 854 Feb
2,000 63
73
Deb Gs
2024
70
Apr 9055 Jan
Arkansas Pr & Lt 55_ 1956 654 6435 654 28,000 62
29 105,000 2534 Apr 474 Jan
Associated Elea 445_1953 284 27
I
Associated Gas & El CoMar 2634 July
Cony deb 555s
1938 1635 14% 1634 80,000 13
Jan
7,000 1215 Mar 27
144 15
445
1948 15
Cony deb 443
1949 1334 124 14 171,000 1134 Mar 2634 Jan
Jan
Sept 28
Cony deb 55
1950 144 134 15 106,000 13
Jan
Mar 27
Deb 55
1968 1434
1355 14% 216,000 13
Jan
1,000 21315 Sept 25
Registered
1334 1314 1334
29,000 1434 Sept 3555 Jar,
Cony deb 53511
1434 17
1977 1534
Jan
Apr 52
7,000 33
ASSOC Rayon 58
4194 44
1950 44
Feb 473.5 July
48,000 15
Assoc T & T deb 648 A '65 3834 34
39
Mar 2434 Jar.
5
Assoc Teiep Utll 545_1944 1054 104 1234 83,000
Apr 534 Jan
5,000 11
6% notes
134 14
1933
Mar 53 June
Atlas Plywood 545..1943 a4935 a4915 04915 2,000 27
Baldwin Loco Works
July 117% Aug
6s with ware
1938 10934 1064 112 206,000 102
July 8234 Aug
7315 147,000 70
6s without warr
1938 7234 71
Bell Telep of Canada
Aug
Feb 103
76,000 87
1st M 5s series A
1955 1014 1004 102
181 51 58 series B
1957 101% 10055 101 51 57.000 8535 Apr 102% Sept
Mar 1024 Sept
let Si 5s ser C
1960 1014 100% 10115 20,000 87
May 112 June
19.000 99
Bethlehem Steel 6s
1998 103% 108 109
Jan
Apr 102
5,000 85
89
94
Binghamton I. II & P 5s'46 89
Jan
Sept 80
56% 13,000 .52
ItIrmingharn Elee 454s 1968 56% 52
July
Feb 66
Birmingham Gas 58
51
5234 12,000 40
1959
Jan
104% 1044 10,000 0031 Apr 105
Boston Consol Gas 5s_1947
1,000 2714 Apr 4855 Jai
33
33
Broad River Pwr 55 A.1954
Feb 1074 Jan
8,000 101
10554 106
Buffalo Gen Flee 5s___1939 106
Apr 1024 June
Canadian Nat ity 7s_ _193b 101% no% unli' 13,000 98
July
Mar 78
33,000 59
7134 73
Canada Northern Pr 58 '53
Canadian Pao Ry 65--1942 101% 101% 10654 176,000 704 Mar 113% JulY
Capital Adminis 58__1953
July
Apr 83
7,000 67
73
75
73
with warrants
7955 July
Apr
$6.000 54
58
62
Carolina Pr & l.t 68_1956 58
Mar 90% Sept
9914 8,000 88
Caterpillar Tractor 58_1935 99% 99
Sept
28,000 864 Mar 104
103% 104
Cedar Rapids M & P be '53
7,000 7734 Apr 113% Apr
83
80
Cent Arizona L dr P58.19110 80
3,000 33% Sept 64% Jan
34
34
Central German Pow 65 '34
Jan
1034 103% 1,000 98% June 105
Central III Light 58___1943
Central III Pub Service
July
Apr 80
6154 62% 8,000 52
1956
685eries E
48,000 4834 Apr 7415 July
54% 58
1st & ref 4155 sec F_1967
Jai)
Apr 78
20,000 52
63
60
&swim 0
1968 60
Jan
Apr 73
5,000 48
58
56
1981
4355serles II
Jan
May 101
6,000 85
90% 91
Cent Maine Pow 5s D 1955
Sept 93% Jan
3,000 80
8115
80
1957 80
4355 series E
Jan
5315 Apr 76
5511 5815 12,00
Cent Ohio Lt & Pow 55 '50
Jan
Apr 75
52
5215 5,000 49
Cent Power be ser D_.1957 52
Jan
Apr 67
49% 66,0110 42
Pow & Lt let 68_1956 4951 47
Cent
July
53.000 274 Apr 56
37
Cent States Elea 5s___1948 343-5 34
Deb 5%8 Sept 15 1954
Apr 564 July
36 104,000 28
3335 32
With warrants
Apr 5335 July
8,000 27
35
35
without warrants
July
68,000 2315 Apr 54
Cent States P & 1.5345 '63 39% 35% 40
15.000 6815 Apr 844 Jun
67
65
Chic Dist E ec Gen 4558'70 67
Jan
Apr 494
2,000 74
81% 85
1035 85
Deb 548.
Chic Junction fly & Union
3,000 0355 May 9955 Sept
9915
99
1940 99
Stock Yards 53
6534 July
3,000 234 Jan
56
55
ChM Pneu Tool 648._'42
Mar 6634 July
5435 17,000 47
1927 5436 54
Cble Rys 6a °Bs
Cincinnati Street Sty
9,000 404 Sept65 June
434 45
1952 45
54s series A
Sept65 June
1,000 48
48
48
1955 48
6s series B
May
1966 2936 2834 2934 17,000 244 Mar 46
Cities Serviee 5s
2935 3055 '250,000 2455 Mar 454 May
1950 30
Cony deb ba
July
Feb 67
Cities Service Gas 6155 '42 5155 49% 5134 36,000 42
Jan 784 June
Cities Seri Gas Pipe I. '43 6411 63% 645-5 11,000 64
Apt 4334 June
27% 3035 107,000 25
Cities Serv P & L 53481952 29
44,000 254 Apr 434 June
32
1940 304 30
6148
105 10515 34,000 1134 M. el 0715 May
Cleve Elec III let 58.....1939 105
4,000 1024 Apr lossi Jan
105 106
1954
5s serles A
Jan
Apr 110
5,000 102
105% 106
1961
5seeries B
Commerz und Privet
5731 38,000 464 JulIe 5534 Jan
1937 5734 52
Bank 5355
Commonwealth Edison9615 984 14,000 0115 Apr1064 Jan
1953 98
1st Ni be series A
Apr 10535 Jan
1954 9631 96
973-4 23,000 92
let M 58 series B
1st 47-4s serifs C
1956 874 8615 8854 27,000 z8355 Apr 1024 Jan
88% 22,000 833.4 Apr 10134 Jan
let NI 44s series D.1957 8814 87
Jan
Apr 101
874 894 7,000 82
1960
455s series E
113,000 7435 Apr 9334 Jan
81
1st 51 4s series F___1981 78% 77
Apr 10655 Jan
9955 10135 45,000 95
6155 series 0
1962 100
Apr 8714 Jan
35,0110 57
Com'wealth Subeld 63-4s '48 6455 6435 72
69
June
Community Pr &I.,158 1957 404 394 4234 49,000 3635 AM
Connecticut Light & Power
4
1014 1014 2,000 07 1, May 10534 Feb
434s series C
1956
9,000 0734 May 107% Feb
1034 105
1.162 105
Is series D
May 10034 Sept
9615 48,000 89
95
Conn River Pow 5s A 1952 96
Sept
99% Mar 105
103 103% 8,00
Consol G, EL & P 44s '3.5
1,001 10255 May 1034 Jan
106%
Consol Gas(Balt City)55'39 10651 106%
101% 10335 5,000 974 Apr 1074 Jan
Gen ridge 455e
1954
Consol Gaa El Lt & P (Bait'
Jan
Apr 106
3,000 98
105 105
1960
4545 series G
10115 1034 12,000 954 May lin% Jan
435s series It
1970
MIR
May 100
149
9834 9434 064 55,00
19111
lid ref 8 f 4s
Volume 137
Hondo (Contfnued)Consol Gas VIII Colet & coil 66 ser A__1943
Consumers Pow 4446_1958
1st & ref 58
1936
Cont'l Gas & El 58_1958
Continental OH 6(L. 1937
CraneCoOs.Aug11940
Crucible Steel 58 ___1940
Cuban Telephone 7348 1951
Cudahy Pack deb 5461937
Sinking fund So.__ .1946
Climb Co P & I. 449_1956
Dallas Pow & Lt 69 A.1949
58 serimi C
1952
Dayton Pow & Lt 56_1941
Del Elec Power 549_1959
Denver Gas & Elec 5e1949
Derby Gail & Elea 58..1946
Dot City Gas as fier A 1947
5s let series B
1950
Dixie Gulf Gas 648 1937
With warrants
East Utilities Assoc 58_1935
Eastern Utilities Investing
58 ser A w w
1954
Edison Elea III (Boston)
2-year 5s
1934
5% notes
1935
Elec Power & Light 58_2030
El Paso Nat Gas 648_1943
With warrants
Elmira Witt L A RR 591956
Empire Diet El 59....1952
Empire Oil A Ref 5 481942
Ercole Nloreill El 6448_1953
With warrants
Erie lighting Is
1967
European Flee 6 4s___1965
Without warrants_
European Mtge Inv 7s C'67
Fairbanks Morse deb 58242
Farmers Nat NI tge 79.1963
Federal Sugar Ref 6s_1933
Federal %Inter Serv 5 49'54
Finland Residential Mtge
Banks lis_ _
1981
Firestone Cot Mills 56.48
Firestone Tire A Rub 56'42
Fla Power Corp 5 49.1979
Florida Power & 1.t Se 1954
Gary El Or Gas 5sser A 1934
Gatineau Power Lot 5e 1958
Deb gold fle June 16 1941
Deb 68 series B_ _1941
General Bronze 68. .1940
Gen Motors Accept Corn
5% serial notes_ _1934
serial notes
1934
5% rierial notes_ _1936
(Jon Pub FBI 6446 A 1926
1933
2 yr cony 0%s
Gen Refractories 6s_ _1938
General Vending 68..1937
lien 11 at 11 ke & El 5s 1943
Georgia Power ref 59..1967
Gesfurel deb lis
1953
Without warrants
Gillette Safety Razor Is'40
Glen Alden Coal 4s._1965
Glidden C,o 514s
1935
Gobel (Adolf) 6 46_1935
With warrants
Godchaux Sugar 745_1941
Grand (1 W) Prop 68_1948
,
Gram' Trunk its 6 43e 1936
Grand Trunk 11 est 49.1950
Great N.,r Pow 55----1935
Great Western lower fis' 4)1
Guardian Investors 59_1948
Gull 011 of a 56
11/37
58
1947
Gulf States Util 59...1956
Hackensack ii ater 58_1938
56 series A
1977
Hall Printing 5441‘....1947
hamburg Elec 78_ _1935
Hamburg El & Und 5448'38
Hanna 6s
1934
Hood Rubber 78
1936
Houston Gulf Gas 6s_ _1943
Hoes I. & P 1st 443s E 1981
let & tel 4438ser 0.1978
58 series A
1953
Hudson Bay NI & S(4_1935
Hung-Italian Bk 7345.1963
Hyradulic Power 55_1951
1st & ref 58
1950
I lygrade Food i'rod be 1949
Imam Power 5to
1947
Illinois Central RR 4 Sit'34
IV Northern 1 ill 5s...1957
111 Pow A I let tie ser A '53
Registered
let & tel S sot stir 11.1954
let & ref 58 set C._ 1936
S I deb 548.- MaY 1957
Indep Oil & Gas 68._1939
Indiana Electric Corp
66 series A
1947
644s aeries B
1953
58 series C
1951
Indian Gen Son 5s.._ _1948
,
Indiana Hydro-Elec 58 '58
Indiana A Mich Maoist & tel be
1956
Is
.1987
Indiana Service &I.__ 1963
let & rei 5e
19E0
Ind'polls P & I. asser A '57
International Power SeaSecured 6 40ser C..1955
7s serial E
1957
1952
7s series F
international Salt 5e...11151
International Sec be_ _1947
ntenitate IF & 8tee15436'46
Interstate l'ower be. _ .1967
I Mbenture 68
1952
Interstate Public Service
58 series D
1956
446 series F
1958
Invest Cool Amer 59..1947
Without warrants
Iowa-Nen 1. & P 58. _ 1957
1961
Is series B
Iowa Pow & Lt 4449_1958
Iowa Pub Serv 58. .1957
Imre() Hydro Elea 78 1952
Italian Superpower of Del
R. without war '63
Financial Chronicle
Fr Wog
Sales
Last week's Range for
Sale
of Prices
Week.
Price. Low. High.
38
36
38
100% 100 10031
10334 1034
44
424 454
1004 1004 10045
834 8344 8445
6645 674
70
70
96
9311 96%
10344 10444
8341 85
105 10534
1024 10134 1024
104 104%
74
7634
99 100
66
66
6945
864 864 89
7944 81%
83%
9145
14
83%
82
9145 9144
al3
15
Range Since Jan. 1.
Low.
21,000 21
56,000 904
12.000 100
169.000 37
18,000 92
21,000 65
5.000 25
1.000 5544
31.000 87
11.000 99%
9.000 72%
3.000 100
5.000 9831
21,000 99
11,000 60
3.000 964
12.000 60
22,000 75
20,000 68
3,000
2,000
70
00
Jan
Apr
Mar
Apr
Mar
Apr
Apr
Apr
Mar
Mar
Apr
Apr
Slay
Apr
Apr
Apr
May
Mar
May
Apr
May
High.
484 July
654
16°4 14
1004
02
814
81
10034
105
9131
10843
1034
881
1061
02
183
9844
91
June
July
June
July
July
July
June
Feb
Jan
Aug
Jan
June
Julya n
J
Jan
Jan
94% July
984 Jail
15,000
9% Feb
102
102 10241 30.000
10131 101
101% 52.000
33
3134 364 97,000
994 Apr
9544 Apr
Apr
2,
103% Jan
1034 Jan
July
59
40
Apr
Sept
58
Apr
37
28% Apr
Sept
65
Jan
88
July
87
5834 July
50
444
61
58
49
4344
96
794 81
96
96
80
33
61
5,000
58
1,000
25.000
50
444 40,000
7.000
1.000
23
Jan
63
88
June 8134 Sept
May 104
Jan
79
33
65
45
6
24
80
35
70
45
57.00
11,00
2 00
32,00
6
1,1100
28% 20,000
60
23
46
24
24
18
Mar
Apr
Apr
Mar
Jai
Apr
80
3944
7244
4544
9
43
Sept
Aug
July
Aug
June
684
85
89
58
544
38
73
6611
65
68
70
8731
89%
58
57
4044
7534
67
6531
38
68
71
44
48
3534
Jar
Mar
An
AP
Ma
Mar
704
894
92%
74
7044
72
1434
72%
73
74
Aug
July
Aug
July
July
1014
10344 10394
1034
30
2944
41
41
100
634
404 40
6644 6644
10134
10345
10314
3034
424
101
634
43
70
24
70
87
89
574
5445
74
654
95
59
9444
84
10034
094
10014
9931
71
35
944
58%
94
7534
98
744
1004
72
994
101
37%
10043
98
71
8634
98
744
10044
724
99%
10141
3794
10131
101
73
59
5441
100
2744
82
88%
8894
5244
61
4644
35
57
70
664
156.000
4,000
3,000
28.000
6.000
5.000
7,000
1,000
55.01)0
40.000,
8,000i
15,000
17.000
11.000
1.0110
41.000
3,000
9.000
26.000
34,000
4.000
25,000
22,000
1,000
1.000
1,000
5.1100
18,000
23.000
8,000
83,000
2,000
34,000
97.000
72.000
19,000
65
72
59
10131
5441
69
4.000
724 3.000
61
12,000
1014 4,000
56
10,000
8846
100
274
274
80
884
1,000
1004 8,000
2344
8,000
30
10.000
82
73,000
8531
8734
824
89
5294
60
454
344
89
884
83
8931
56
61
4844
37
57
53
60
14.000
5544 23,000
744
70
69
7841
70
76
7444
1,000
72
18,000
70
15,000
80
14,000
70
1,000
7731 9,000
644 67
Mar
39
Mar
39
1434 Apr
July
Jan
July
July
July
Aug
4.000 100% Mar 10334 Aug
5,000
Mar 1034 Aug
12.000 100
Mar 104% July
33.000
12
Mar 38
June
3.000
1744 Mar 48
June
33 000 100
Sept 108% Aug
6.000
2
May
Aug
11
10 000 3844 Mar 60
May
87,000 60
Apr 90% Jan
37
11 000
95
13 000
59
47,000
9434 41.000
10131 10034101%
10044 102
68
67
68
63
63
4944 44
4941
101
101
67
65
63
48
47
4944
864 864 8744
8634 8744
98 100
112 116
51
51
104 104
1054 10534 10531
49
50
9634 914 9634
71
67
71
00
89
90
5734 56
5941
56
56
54
56
5331 52
5314
444 444 4643
100 10134
65
28.000
24.000
8,0110
28.000
101.000
14,000
120.000
9.000
21,000
23,000
76,000
13.000
8,000
13,000
31,000
72,000
28,000
49,000
3144 June 69% Jan
89
Apr 102
Feb
45
Apr
7141 July
75
Apr 9444 Sept
55
77
7
94
50
89
93
2644
92
92
50
Apr
Feb
Apr
Ant
Apr
Apr
Ma.
Apr
Apr
Mar
Apr
9334
100
12
102
754
1014
1064
50
10234
10244
82
July
July
Jan
July
Sept
Sept
JEW
June
July
Aug
Jan
Bond.(ConlInued)Jacksonville Gas 5s___1942
Jersey C P & 1.5813_1947
44s series C
1961
Jones & Laugh'n Steel 59'39
Kansas Gas & Elec 68.2022
Kansas l'ower 53
1947
Kansa. Power & Light
68 series A
1955
58 series B
1957
Kentucky Utilities Co
let 51 5s
1961
5448 series F
1955
55 series 1
1969
Kimberly Clark 5s_..1943
KopPerit & C deb 15a 1947
Sink fund deb 5 49_1950
Kresge(SS) Co 5s. _ _1945
i'erttficates of deposit _ _
Laclede Gas 533....,.1935
Lehigh Pow Secur 68_2026
Leonard Tietz 7348. _ _1946
Lexington Utilities 58_1952
Libby MaN & Libby 58 '42
Long Island Ltg 68_ _1945
Los Angeles Gas & Elea
-
2443
Friday
Sales
Lass Week's Range for
Sale
of Prices.
Week.
Price. Low. 11195.
42
90
8141
57
72
80
89
6534
41
90
814
10344
76
6545
Low.
43
7,000 30%
934 7,000 86
84% 58,000 80%
10344
1.000 101
76
1,000 69
68
4,000 65
9134 92
81
83
57
644
57
90
72
76
91
89
5644
644
25
65
68
89
Range Slue Jan. 1.
59
6444
59
91
76
83
91
92
59
674
26
6644
68
89
2,000
9,000
4,000
10,000
29,000
7.000
33,000
20,000
1,000
3,000
26.000
33,000
8,000
16,000
2,000
6,000
fligh.
Apr 53% July
Apr 101% Jan
Mar 9631 Jan
Apr 1034 Aug
Apr 854 Jan
May
Feb
SO
83
71
Apr
May
55
56
52
72
70
72
77
664
47
56
25
5644
464
80
Mar
7744
Apr 82
Apr SO
Apr 91
Apr 84
Mar 8734
Apr 96
Mar 93
Mar 8034
Apr 884
June 68%
Apr 74
Mar 77
Apr 100
9534 June
9044 Aug
June
June
July
Sept
Aug
July
Jan
July
July
Jan
Jan
July
June
Jan
103 104%
2,000 1004 Mar 10634 Jan
5448 series F
1943
9914 10044 4.000 974 Apr 10334 Aug
544 eeriest
1949 10044 100 10044 6.000 984 May 10644 Jan
1st & gen 58
1961
95
96
7,000 914 May 1034 Jan
Os
1942 10244 1024 10244
1,000 100
Mar 105
July
Louisiana Pow lk Lt 581957 7694 7531 77
23.000 7344 May 9444 Jan
Louisville G & 1165 A_1937
1004 101
2,000 99
Star 102% Jan
444s series C
1961
91% 9346 20,000 9044 Sept 102
Feb
Manitoba Power I 46_1961 2844
22,000 20
2744 32
Apr 53
July
Mansfield Mining & Smelt
With warrants
49
49
10,000 47
Apr 55
July
Mass Gas Co
Sink fund deb 5/1-1955 8041 804 8214 32,000 71% Apr
944 Jan
54s
1946 8745 8634 874 15,000 75
Apr 99
Jan
NfeCallum Hosiery 644s '41
34
34
5,000 34
Sept 41
Jan
McCord Rad & Mfg
68 with warrants_ _1943
39
40
4,000
8% Apr 47
July
Memphis Power & I.t Is '48
93
93
1,00
May 103
81
Jan
Metropolitan EdisoneerIes F
1971 70
70
72
5,00
Apr 86
68
Jan
55 series F
•
1962 824 8244 8444 6,00
79
Apr 9714 Feb
Middle States Pet 648 '45
Si
51
1,00
27% Mar 60
July
Middle West Utilities
Is certificates olden 1932
74 6834 8,00
334 Ma 18 July
58 Ufa of deposit__1933
744 8
6,00
July
18
334 Ma
5s MN of deposit_ __1934
7
a834 13.00
344 Ma
July
18
58 etts of depuelt_ _1935
1,000
844 834
444 Mar
July
18
Milwaukee Gas Lt 4%s '67 99
984 1004 8,000 91
AD
Minneap Gas Lt 445_1950 7644 7641 7644 6,000 724 Apt 10241 Aug
Jan
90
Minn Gen Elea 5s____1934 10234 102 10231 5,000 100
Mar 103% Feb
Nlinn P & L 56
1955 6744 6744 714 13,000 66
87
Jan
AD
1st & ref 445s
1978
67
684,1 19,000 57
Apr 81
Jan
Mississippi Pow 58. _1955
47
48
16.000 44
AD
7344 Jan
511&9 l'Ow A IA 59....1957 5745 573-5 60
21,000 50
Ay
83
Jan
M1.99 River Fuel lls__ _1944
Without warrants
90
90
10,000 79
Feb 92
July
With warrants
93
93
93
2.000 79
Ma
9644 July
Miss River Pow 1st 56.1951 10144 101 1024 12,000 98
Ma
10514 Jan
Missouri Pow & Lt 546'55 86
85
86
13,000 79
Apr 9341 Sept
Missouri Public Serv 58'47
44
45
7.000 37% Ant 65
Jan
Mont-Dakota Pow 514834
4445 4444
1,000 27
Apr 50
June
Montreal I. H & P
A ref Sass, A._1951 10241 101% 10244 72,000 84
Feb 103% Sept
5e series 18
1970 10141 101 10141 13,000 82
Feb 10244 Sept
Munson 8 Line 645s-1937
With warrants
15
15
40,000
16
Feb 31
8
July
Narragansett Flee Sc A '57
1957
Na
Issefie9BI.t 68 A.._ /026
Deb Ss series B..__2030
Nat Public Service 66 1978
Certificates of deposit.National Tea Is
1935
Nebraska Power 448_1981
(38 series A
2022
Nelsner Bros Realty 69 '48
96
Ma 1044 Sept Nevada Can! Llec 55.1956
904 Ay
10334 Aug
N E (ias & El Assn 59_1947
49
Mar 7244 July
Cony deb As
1948
6234 Apr 86% Jan
Coot deb 5s
1950
40
Sept 724 Jan
New Eng Pow Assn 56.1948
92
Jun 101% July
Debenture 545- - -1954
44
Feb 78
July
New Orl Pub dery 449'35
3134 Mar 61
July
6is series A
7114 Apr 96% Jan
N Y Cent Elec 548___ 1949
50
7894 Apr 963.4 Jan
N TA Foreign Investing
88
MM 104
Jan
5448 with warrants_1948
77
Apr 120
July
N 1 Penna & Ohio 4444 '35
,
3544 Feb 55
July
N Y P&L Corp let 449'87
98
May 106
Jan
N Y State0 & E 449_1980
0994 Apr 10741 Jan
5%.
1962
41
Apr 65 June
NY A Westch'r Ltg Is 2004
8544 Man 102% Jan
Debenture 58
33
Apr 85% July
Niagara Falls Pow 66.1954
19
60
85
May 100% Feb
Nippon Elec Pow 6448 1953
52
Apr
7741 July
No American 1,t & Pow56
Sept 56
Sept
5% serial notes
50
Apr
74
July
5% serial votee
193
93
6
5
4544 Apr
71
Jan
448 merles A
1956
Apr 60% Jan
38
Nor Cant ;Jill 5449
1948
8444 Mar 101% Sept
Nor Ind G & E (16____1952
Northern Indiana P 857
Apr 91
Feb
5s series C
1966
62
Apr 91
Jan
5s series D
4844 Apr /7834 Jan
544s series E
197
9
6
98
Mar 105
Jan
Nor Ohlo Pow & Lt 549'51
49
May
76
Jan
Nor Ohio Tr & Lt 55.._1956
No t3tates Pr 543% notee'40
80
Apr 99
Jan
Refunding 4 4s.._ _ 1961
94
May 105
Jan
Northern Texas Util 75 '35
124 Ain
4044 July
N'western Elec 65_ _1935
Apr 44
14
July
NI'western Power 6s A 1960
7344 Apr 9544 Jan
Ctrs of deposit
N'weidern Pub dery 88 1957
74
July 91
Feb Ogden Gas 5s
1945
70
May 90
Jan Ohio LcUsou let 56_ _ __1960
45
Apr 83% Sept Ohio Power 1st 54 13_ .1952
7444 Mar 90
Sept
let&rel494sserDl9S6
40
Mar 614 July Ohio Public Service Co
21
Apr 674 June
Os series C
3834 Apr 64
July
let & tel 55 eer
_1953
1 64
2034 Apr 5345 July
545 series E
1961
Okla (las & Elea 56_1950
4644 Apr 784 Jan
fis series A
1940
45
Apt 72
Jan Okla Pow A Water 56_1948
Oswego Falls On
1941
Ma
63
July Pacific Coast l'ow 58_1940
76
Apr 84% Jan
63
Pacific Ga. A LI Cu634 May 8444 Jan
lst 6.series B
1st
1946
91
6
74
May 92% Aug
let A ref 56
C___1952
604 Apr 8343 July
Se series D
71
Ay
86% Feb
let & tel 448 E....1957
let di rdt 448 F. _ _ 1960
374 Si
72
1 lent 56
Aug Pse Pow
1955
12,000
10031 1004 101
1004 10044 1004 3.000
63
63
6734 23,000
53
5244 55
47,0()0
14
87
37
57
42
414
51
5244
4241
57
974
85
69.4
191
85%
994
3131
27
8434
58
85
831
60
8244
89
78
77
71
42
10
9734
98
87
36
56
4144
41
41
4944
52
404
29
57
14
974
98
87
40
584
4343
42
44
5144
544
4234
294
59
56
9541
84%
6931
8734
93
10134
105
6534
56
9744
8745
72
8754
93
10134
107
6534
60.000
10,000
1,000
2,000
19,00
35,000
22,000
42,000
97.000
82,000
75,000
220)0
3,000
3,000
944 Stay 104
Aug
96
Apr e103% Aug
Mar 85
50
Jan
41
Mar 74
J80
10
8334
88
80
17
4734
37
38
374
354
40
40
254
56
Sept 23% Jan
Jan 9854 July
May 1024 July
Apr 984 Jan
Apr 50
July
Apr 7634 July
AP
59% June
Sep
60
Jan
Apr 5931 Jan
Mar 6844 June
Mar 724 June
AP
65
Jan
Apr 49% Jan
Sep
82
Jan
12,000 56
Sept 7845
102,000 88
Apr 994
143.000 8034 Sept 99
34.000 6743 Sept 91%
1,000 80
Apr 105
9,000 82
Apr 9744
2.000 98% June 105
16,000 1014 Mar 10844
19,000 35% Feb
6744
Mar
Sept
Jan
Jan
Jan
Jan
Feb
Jan
July
954
894
3144
27
84%
9541 4,000
89% 14,000
34% 58,000
29
3,000
844 2,000
74
68
2141
22
7844
Apr 96
May 9231
Apr 47%
May 43
May 102%
66%
65
58
884
8634
80
844
96
7041
67%
68
63
89
8845
80%
8544
98
704
14,000
11,00
16.00
14,000
3,000
3,000
56,000
3,000
1.000
594
59
54
80
77
70
75
8334
704
Apr 90% Feb
Apr 91
Feb
Apr 8544 Jan
Apr 103% Jan
May 1004 Jan
Mar 96
July
Apr 9741 Jan
June 9944 July
Sept 93
Jan
831
57
82
80
98
884
944 2,000
604 37,000
82
1,000
824 62,000
99
6,000
90
35,000
834
55
82
73
904
81
Sept 164
Am 7544
Sept 10134
Apr 914
May 1044
Apr 994
July
July
Feb
Jan
Jan
84
72
78
7641
71
41
48
83
84
1.000
7534 16.000
78
3,000
7734 20.00
714 7,000
4444 22,000
50
0,00
83
1,000
75
64
70
70%
63
35
36
7934
Apr
Mar
Apr
Apr
Mar
Mar
Apr
May
Jan
Jan
Jan
Jan
July
July
July
Feb
1064 1074
101% 10134 10234
9941 99 100
93
91
934
93
92
9345
53 14 51
544
954
8934
90
9144
8344
63
5944
93
Aug
Sept
July
July
Feb
Jan
32,000 101
Mar 11244 Jan
59,000 984 Apr 10631 Jan
21,000 9444 Slay 105% Jan
55.000 8614 Apr 10144 Jan
63.00
86
Mar 1014 Jan
44
An
63 00
73
July
Financial Chronicle
2444
Bonds (Continued)
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
['rice Low. High.
Pacific 1 esters 011 645'43
.1
ss Rh warrants
Palmer Corp of La 6s_1938
Penn tent I. & P434, 1977
Penn Electric 4$ F___ _1971
Penn Ohio Edison
Deb 5158 series B___1959
Penn-Ohio P & L15%8 1954
1966
Penn Power 58
Penn Pub Serv 68 C___1947
Penni% at&Posv415813.1968
1940
rss
Peoples Oas Lt & Coke
4155 serial notes___ _1935
41434 serial notes 1936
19131
4s series 13
1957
68 series C
Peoples Lt & Pvvr 5s_1979
,
Phil, Electric Co 58_196
Phil, Elec. Pow 5158. _1972
Phila Rapid Transit 6s 1962
Piedmont Hydro El Co
1st & re/ 63s cl A__1960
Piedmont & Nor 5.5_1954
Pittsburgh Coal 6s____1949
Pittsburgh Steel 68_1948
Pomerania Elec 68_1953
1939
Poor & Co 6s
Portland Gas & Coke 5s '40
Potomac Edison 68 E_ 1956
l'ower Corp(Can)415513 '59
Power Corp of N Y1942
6158 series A
Power Securities 65 1949
American series
Procter & Gamble 434e '47
Prussiao Elec deb 68..1954
Pub Serv (Nil) 4155 B 1957
1'ub Serv of N J pet ctis
Pub Serv of Nor Illinois
1956
1st dr ref 58
1966
58 series C
1978
415s series D
1st & ref 4155 set E.1980
1st & ref 4158 ser F.1981
1937
633. series 0
1952
634seerlesH
Pub Seri of Oklahoma
1961
5s /swim C
1957
Miseries D
Pub Serv Sub 515s A.1949
Puget Sound P& L 59s 49
181 & ref .58 set C___1950
lst & ref 4155 ser D_1950
1968
Quebec Power 158
Queens Boro 0 & E 5118'52
Reliance Management 5s54
With warrants
Republic Gas
1945
6s A
6.4 ctfs of deposit__ 1945
Rochester Cent Pow 55 '53
Rochester Ry & Lt 58-1954
Ruhr Gas Corp 648..1953
Ruhr Housing 6158- 1958
Ryerson(JosT)& Sons 55'43
Safe Harbor Wet Pr 4 sle7
St Louis Gas & Coke 68 '47
San Antonio Pub Serv 58'58
San Diego G & E 5155D '60
San Joaquin L & 11
1952
6s series B
1955
Sauda Falls 58 A
Saxon Pub Works 68..1937
Schulte Real Estate 65 1935
Seattle Ltanting 5s-1941,
1948
Servel Inc 5s
Shawlulgan W & P4348 6
.
1968
448serles B
1970
1st 58 series C
1970
let 4%s series D
1048
Sheffield Steel 5%s
202t
,
Southeast P & L 68
Without warranta
Sou Calif Edison 5s___1951
1952
Refunding 58
Refunding 58 June 1 1954
1939
Oen & ref 5s
Sou Calif Gas Co 5145 1952
1957
Is
1961
415's
1087
High.
Low.
75
90
6315
66
35,000
80
92
21,000
6535 35,000
2,000
66
574
7915
60
5134
Ap
Apr
Apr
Apr
July
81
94% Aug
8015 Feb
74% Jan
4711
90% 90
1004
83
994 99
1,000
4731
92
14,000
102
8,000
84
10,000
9934 18,000
105% 15,000
44
85
96
81
944
99%
Sept
May
Mar
Apr
May
Apr
75% Jan
10394 Feb
Feb
104
Jan
100
Jan
liii
108% Aug
Mar
1,000 97
2,000 9315 Mar
Apr
16,000 86
94.000 87% Sept
54.1 Apr
1,000
28,000 10215 Mar
31,000 1014 Mar
8,000 4315 May
10015 Jan
101% Feb
93% Jan
10614 Jan
814 May
110% Jan
Feb
108
60% Jan
7714
90%
63%
10534
9934 9911
n100 n100
6935 74
90% 87% 91%
4% 415
103% my, 103%
105% 105 106%
4435 46%
46
7134
6311
7731
90
80%
28
a86
a86
91
7911 794
53
85
45
45
1054 105
3635
37
91
10904 109%
71%
77.4
90
81%
324
86%
9334
82%
54
85
71.000
1,000
1,000
15,000
34,000
14.000
8,000
19,000
8,000
2,000
65
60%
82
63%
28
41
82
74
28
Jan 76%
Apr 83%
%
Apr 951
Feb 82
May 5915
Apr 92
May 100
Apr 91%
Apr 64
80% May
4515 9,000 44
10511 15,000 983.4
2,000 3615
37
91
8,000 85
110
4,000 103%
Jan
July
July
July
Jan
July
Jan
Aug
July
994 Feb
July
Apr 67
May 1054 Aug
Jan
Sept 70
Apr 9511 Feb
Jan
Apr 119
7314
74%
65
6611
65%
83
80%
75
75
6715
68
68
88
82
19,000
5,000
20.000
21,000
61.000
162.000
10,000
66
61
60
61
6034
8015
754
Apr 100% Jan
Jan
Apr 98
Apr 90% Jan
Apr 9115 Jan
Jan
Apr 93
Apr 107% Jan
Feb
Apr 100
52
48
4611
74%
74
48
49%
46
44
75
75
50%
53
49
47
26,000
48,000
10.000
76,000
27,000
49,000
52%
54
42
47
454
40
Apr
Apr
Apr
Apr
Apr
Mar
Aug
78
July
81
80% Jan
67% Jan
Jan
66
Jan
63
88
69
88
59
8915
75
4,000
2,000
71
69
Apr
Sept
96
87
Ally
Jan
55% 55%
3,000
55
Feb
68
June
734
664
6611
67
8631
8015
74%
7434
Apr 24% June
Apr 24% June
Jan
Star 48
Mar 10831 Feb
Jan
Sept 67
May 60% Jan
July
Mar 96
Jan
Apr 102
Sept 16% Jan
May 84% July
Jan
Mar 106
18% 184
616
17%
al6
31
32
3233
10611 10611 106%
3634
3411 33
30
32
95% 9515
9935 97 100
7
7
714 72
72
10111 102
1.000 14
13.000 13
52,000 25
1,000 lin
15,000 33
5,000 23%
2,000 80%
44,000 90
1,000
6
10,000 265
7,000 99
97
97
10335 1034 10315
37% 3814
9
9
3315 2911 3334
74
7615
71
68
70
66% 71
70
7715 80
79
72
68
70
87
88
88
2,000
7,000
11,000
1,000
16,000
3,000
02,000
47,000
31,000
31,000
5,000
50% 55
99% 10011
99% 100%
99% 99% 101
1014 105%
981.4.a99
099
87
87%
8231 8211
Sept
35,000 46
May
50,000 94
59,000 941‘ Apr
May
33.000 94
Feb
14,000 101
May
8,000 94
8,000 80 51ay
Apr
5,000 79
52
100%
84% 8535
Sou Calif Gas Corp 58_1637
93
93
Southern Gas Co 615s 193o
102% 102%
Sou Indiana G & El 5158'57
50
55
Sou Indiana fly 4s_ _ __1951 50
Southern Natural Gas 6844
644
6404 58
Stamped
58% 55% 59
Umtata ped
43% 4314
S'western Assoc Tel 55 1961
65
65
Southwest CI dr E 68 A.1957 65
62
64%
1957
58 series B
53
50
Sou'west Lt & Pow 58_1957
3211
_1945 32% 31
Sou'west Nat Gas ils44
4515
S'western Pow & Lt 6s 2022
6111
59
Stand Gas & Elea 68..1935 61
1935 6135 59% 61%
Cony 68 •
19,51 42% 41% 42%
Debenture 68
43
Dec 1 1966 424 40
Debenture 6s.
7531 754
Standard Investing 5155'39
71
71
1937
5$ ex warrants
38
40
Stand Pow & Lt tls.-__1957 40
1615 18
Stand Telephone 5145_1943
Stinnes (Hugo) Corp
374 38
7s without warr Oct 1'36 38
78 without warr___1946 3231 324 3335
103% 104
1939
Bun 011 deb 5158
100 101
1934
Is
1940 10111 101 101%
Sun Pipe Line 5s
68
67
Super Power of III 430.'68 67
68
66
1970
18t 4158
80
80
1961
1st mtge 6s
Swift & Co 1st m ef6s.1944 1034 10215 10315
99
1940 98% 98
6% notes
Tennessee Elec Pow 551956
Tennessee Pub Serv 5$ 1970
Terni Hydro Elec 6 358 1953
Texas Etee Service 58_1960
Texas Gas UM Os_ _ - _1945
Texas Power & Lt 58..1956
1937
Is
1934
Thermold Co 6s
With warrants
Tide Water Power 56_1979
1982
Toledo Edison 55
Twin City Rao Tr 515s 52
1944
U,Ien Co deb es
Union Elec Lt & Power
Range Since Jan. 1.
2,000
1,000
4,000
7,000
May 107
Mar 105
Sept 67%
17,15
Apr
Sept 54
Jan 7615
Apr 80%
Apr 80%
Mar 87
Mar 81
Apr 92
Jan
Jan
Jan
July
July
Sept
July
July
July
July
Sept
82% Jan
105% Jan
105% Jan
1054 Jan
Jan
108
Jan
103
9911 Jan
Jan
95
Sept
72
May 93
9115 Jan 1004 Aug
Apr 105% Jan
98
July
Apr 64
34
72%
75
59
8215
82
78%
43
6815
77
77
62
60%
79
79%
59
3214
July
July
July
Jan
Jan
Aug
May
July
July
July
June
July
Aug
Aug
June
Jan
65
59%
104%
102
10114
84
8314
93
10535
100%
Jan
Jan
Sept
Aug
Sept
Jan
Jan
Jan
July
July
4,000
74.000
2,000
11,000
9,000
8,000
7,000
10,000
62,000
53,000
20,000
33,000
1,000
2,000
62,000
4,000
39% Apr
Apr
39
Mar
35
eso Apr
Apr
52
Sept
50
Mar
26
Apr
32
NIar
35
Apr
3.5
28% Apr
28% Apr
Apr
63
Apr
63
264 Apr
Apr
10
30,000
50,000
5,000
2,000
18,000
10,000
9,00
4,00
27,000
36,000
304
29
994
99
95%
59
60
76%
96%
87
July
July
Apr
Feb
June
Slay
Apr
May
Apr
Mar
16,000
3,000
66,000
44,000
19,000
20,000
28,000
55
68
69
68
114
70
90
Sept 9531 Jan
Sept 94
Jan
Jan 8141 Fen
Jan
Apr 90
Aug
Feb 33
Jan
Apr 92
Jan
Apr 104
9811
55
68
72%
71%
13
77
97%
58
72
75%
7334
1635
7815
99
49
88
21%
33
49
49
87%
19
33
3.000
49
5415 6,000
89%, 81,000
25
24,000
3315 3,000
97
97
98
57%
72
75%
72
13
92%
9734
36%
7
28%
4915
49
50
57
484
65
69.000
26% Apr
44% Apr
80% Apr
Sept
19
Jan
16
673.1 July
69
Jan
99% Jan
34% May
July
43
87s4
99%
Apr
Sept
Bonds (Concluded)-
Sept. 30. 1933
bales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
$
Un Gulf Corp 50.July 1'50
United Elea (N .1) 48_1949
Un'ted Elec Sort 70_1956 75
,
United Industrtal 6.49 1941
1st 85
1945 41
United Lt &Pow Os.....1975 39%
1st 5158. __ April 1 1959 67
deb g 6155
1974 404
Un Lt & RY 6358
1962 4234
65 series A
1962 68
U S Rubber
3
-year 6% notes
1933
3
-year 6s
1936 8904
634% serial notes ._i944 984
635% serial notes...1935
636.7 serial notes___I936
0
615% aerial notes_ _1937
615% arruti noies__19 o.
615% serial notes__1939 6134
615% serial notes_ _1940
Utah Pow & Lt 6s___2022
Vamma Wat Pow 5155 '57
Va Elec & Power 5w...195s
Va Public Serv 515s A 1946
lat ref 58 aer ft
1950
Waldorf-Astoria Corp
75 with warrants...1954
Ctfs of deposit_ __ _ .__ _____
Ward Baking 6s
1937
Weeds Gaa Light 58_1958
Wash Water Power 58_1960 85
West Penn Elea 5s_ __ _2030
West Penn Pwr 4.1 11_1961 9834
West Texas Utll Is A.1957 49%
Western Newspaper Union
69
1949 23
Western United Gas dr Eler
1955 6715
let 5(4s set A
Wheeling Electric 5s 1941
1954 9931
Wise Elm Fowls
Wis Minn Lt & Pr 55_1944 7034
Wiso Pow & Lt 58 E
195e
Is series I'
1950
Yadkin River Pow 5s__'41
7735
Foreign Government
And MunicipalitiesAgri° Mtge Ilk (Colombia
7s
1946
Baden 78
Buenos Aires (Prov)-1951
Extl 7158
1947
7158 stamped__ _ _1047
External 7s
1952
1952
7s stamped
Cauca Valley 78
1948
Cent 13k of German State &
Prov Banks 65 B
1951
68 serles A
1952
Danish 515s
1955
5,
1953
Danzig Port & Waterways
25
-year 6)513
1952
German Cons Munk: 78.'47
Secured Ils
1947
Hanover (City) 78
1939
Hanover(Prov)6338.1949
Indus Mtge Bk (Flaland)1st mtge coil s I 78.._1944
Lima (City) 6155
1958
Nlarannao 75
19,58
Medellin Munie 78_1951
Mendoza 7%s
1951
Mtge ilk of Bogota 75_1947
75 issue of May 1927_
78 Issue of Oct 1927_
Mtge Bk of Chile 6s__1931
l'arana 75
1958
Rio de Janeiro 6349
1959
Russian Govt
615s
1919
6158 certificates
1919
1921
654e
54s certificatee. ...1921
Saarbruecken 75
1935
Santiago is
1949
Range Since Jan. 1.
Low.
High.
Feb
Jar
Feb
Jal
16,000
15,000
71,000
5,000
15.000
51,000
6,000
31.000
135,000
11,000
96
95
67
35
3511
2731
544
2934
314
84
Apr 103
Mar 103
July 834
May 66
May 68
Apr 60
Mar 82
Apr 65
Apr 61
Apr 8334
June
July
July
July
July
100
893-3
933-4
783i
6515
65
63
6114
67
45
87
9334
58
5815
100
1,000
9035 12,000
9834 9,000
79
2,000
68
2,000
9,000
67
67
4,000
67
7,000
68
3.000
49
9,000
87
2,000
9434 12,000
65
34,000
59
2,000
68
89)5
504
2915
27
25
27
27
25
45
68
89
57
64
Apr z110
Sept 94%
A yr 99
Feb 90
Feb 81
Apr 8015
Feb 8033
Feb 83
Feb 80
Apr 6794
Jan
88
May 101
May
77
Apr 714
May
June
Aug
July
July
July
July
July
July
July
July
Jan
Jan
Jan
4
94%
8211
85
54
93%
4715
4
6,000
95% 0,000
85
19,000
88
20,000
5.000
54
99
3,000
50
68,000
23
27
10115
10031
7534
4035
4094 4135
36
3934
69
67
3934 4234
4171 46
6731 70
101
100
7215
3911
65
10214
99%
7034
664
6611
7715
214 Feb
1() May
Apr 9734 Aug
Mar 9433 Feb
Sept 1024 Jen
May 71
June
Jan
May 101
Apr 67
July
sou
78
85
4495
93
3515
9,000 z21
6915 37,000
10215
1,000
99% 6,000
74
4,000
68
5,000
6635 2,000
78
5,000
31
14,000
2434 32
22
26% 7,000
344
34
3434
33%
3234
2935
834
4634
25
7634
67
Jay
64
99
97
70
6234
59
75
Feb
35
June
Apr 8915 Feb
May 10434 Jan
Nlar 103
Jan
Fell
Apr 91
May 89
Jan
May 8911 Jan
May 9035 Aug
1735 Apr
21
Sept
41
July
5711 Jan
1,000
343-4
34
7,000
354 2,000
3335 17,000
5,000
9
254
34
2911
2934
7
Jan
May
May
May
Mar
44
4316
41
4534
194
July
July
July
July
July
63,000
51
2614 11,000
8015 10,000
68
4,000
363.3 May
Sept
22
Mar
58
Jan
57
66
55
85
741;
Jan
Jar
Sept
Sept
3234
31
41
41
1,000
293-3 3215 65,000
26
313-4 92,000
37
May
2634 June
26
May
54
6234
6133
Jas
Ja,
Jan
38
38
38
36
3931 25,000
3934 32,000
38
28
Sept
May
Mat
61
5434 Jan
81
6
1511
1233
29
844 23,000
6
1,000
1534 8,000
14
3,000
30
4,000
59
4
611
104
17
Mar
Feb
Jan
Mar
NIar
924
11
22
23
39%
July
July
July
July
July
1815 Feb
2))
Mar
715 Sept
Jun
5
7
Jan
35
35
1515
164
2294
July
July
Juno
July
July
3334
0
4635
26
80%
1234
8
84
44
434
27
28
13,000
23
27
8,000
735 8
7,000
811 834 3,000
1634 18
37,000
2
Apr
815 July
434 59-3 9,000
331 4
20.000
14 Mar
74 July
44 r7
15,000
2
Mar
84 July
4
4
3,000
134 Apr
7% Jul)
1,000 10311 Jai: 10333 May
10334 1033/
54 615 2,000
4
Star
1315 Juin
• No par value. a Deferred del very. 0 0d Certificates of deposit. cons COO
solIclated. cum Cumulative. cony Convertible. s See note below. in Mott
gage. n Sold under the rule. n-v Non-voting stock. r Sold for cash. vs C Votina
trust certificates.
w 1 When issued.
w w With warrants.
z Ex-dividend
w 1,VIthout warrants.
z See alphabetical list below for "Deferred delivery" sales affecting the range
for the year:
American Nlanufacturing. pref., Feb. 7. 30 at 434.
Arkansas Natural Gas, coin., class A, March 15, 400 at 35.
Associated Gas dr Elec. 55 1968. registered, Mar. 29. $1,000 at 13.
Beneficial Industrial Loan corn, April 19, 200 at 8.
Central States E‘eerr c 55 1948, April 7, $16,000 at 274
Cities Service, com., April 13. 100 at 1%.
Commonwealth Edison Is. series A. 1953, April 24. $5,000 at 91.
Commonwealth Edison 4358, series C 1956, April 24, $2,000 at 83.
Gen. Bronze Corp. 6s, 1940* low, Apr. 10. $7,000 at 43.
Indiana Electric 5,, series C. 1951, Feb. 1, 87,000 at 80.
International Petroleum, Feb. 2, 200 at 815.
Jersey Central Pow & Light 515% pref., Stay 29, 25 at 58.
Lercourt Realty Corp., pref. Apri 4, 100 at 2%
Ludlow Mfg. Associates, July 11, 30 at 82.
Niagara-Hudson Power class 13 option warrants Starch 21, 10.
Peoples Light & Power 5s. 1979, April 18, 32.000 at 34 •
San Antonio Public Service 55, 1958, May 3. 51,000 at 64.
Syracuse Lighting 5145, 1954, Feb. 1, $1,000 at 10934.
Union American Investment 5s w. w. 1948, April 12, 31,000 at 72
Valvoline Oil 7s, 1937, July 10, $1,000 at 6013.
Western Newspaper Union 6s, 1944, NIarch 16. $1,000 at 21.
•See alphabetical list below for "Under the rule" sales affecting _the range for
the year:
Associated Telephone $1.50 preferred, Feb. 9, 100 at 1914.
American Community Power 5155, 1953, June 16, $1,000 at 10.
Chicago District Electric 5158, 1953. Feb. 2, 87,000 at 9534•
Cleveland Electric Illuminating 5s 1939, June I, 51.000 at 107% •
Hygrade Food Products 6s, series B, 1949, July 25, $1,000 at 62%.
Narragansett Electric Is. series B. 1957, Jan. 17.81.000 at 104.
New York & Westchester Ltg 5s1954, Mar. 27, 35,000 at 10615.
Singer Mfg. Co. Am. dep. rcts.. July 6, 12 at 315.
Tennessee Puollo Service 5s, 1970. Jan. 13. $1.000 at 9514•
United States Rubber 65, 1933, May 19, $8,000 at 10015.
U S. Rubber 65. 1936, July 31. $2,000 at 90.
Financial Chronicle
Volume 137
2445
Quotations for Unlisted Securities-Friday Sept. 29
Port of New York Authority Bonds.
8(5
Ask
Public Utility Bonds,
Bid
Arthur Kill Bridges 4 he
series A 1934-46
ild&S
Bayonne Bridge 48 series C
78
1938-53
86
J &I 3
Inland Terminal 43(e ser D
Geo. Washington Bridge
IVI&S
1936-60
45 series 111936-50._ _J&I) 55 00 4.75 Holland Tunnel 4 h s series E
41s ser B 1939-53__M&N 55 00 4.75
1934-60
M&S
Ask
78
86
70
SO
94
93
Bid
98
10312
100,4
10014
Ask
103
111412
1003
4
1003
4
U. S. Insular Bonds.
Philippine Government
48 1934
de 1946
430 Oct 1959
4 34s July 1952
58 April 1955
5s Feb 1952
6148 Aug 1941
Hawaii 4148 Oct 1956
Bid
A25
97 100
90
94
93
97
03
97
02
97
95 100
101 104
99 102
Honolulu 58
US Panama 3e June 1 196E
28 Aug 1. 1936
28 Nov 1 1938
Govt of Puerto Rico
41.45 July 1958
5s July 1918
102
103
98
99
Federal Land Bank Bonds.
Bid I Ask
Is 1957 optional 1937.M&N 852 863 41.4s
41
4
Is 1958 optional 1938_M&N 85 4 863 414s
3
4,
the 1966 opt 1936____J&J 86341 873 4148
4
4)45 1957 out 1937.J&J 863 8734 434s
41
the 1958 opt 1938 __M&N 8634 8734 4145
5s 1941 optional 1931_51&N 97
98 4 he
the 1933 opt 1932___J&D 1003 1007s 4 h s
s
1942
1943
1953
1955
1956
1953
1954
opt 1932__M&N
opt 1933____J&J
opt 1933.___J&J
opt 1935____J&J
opt I936____J&J
opt 1933____J&J
opt 1934_ _ _J&J
Bid
Ask
91341 923
4
91341 922
4
891 9012
.
8912 9012
8912 90,2
913 9224
4
t
913 923
4
New York State Bonds.
Bid
Canal & Highway
55 Jan de Mar 1933 to 1935 53.00
55 Jan & Mar 19311 to 1945 53.40
Is Jan & Mar 1946 to 1971 83.70
.4:5
Bid
World War Bonus
Vie April 1933 to 1939._
4)4s April 1940 to 1949__
Institution Building
4s Sept 1933 to 1940
Highway Imp 414s Sept '83 11612 11912
4s Sept 1941 to 1976
Canal Imp 41(s Jan 1964..... 11612 11912 Highway Improvement
Can & Imp High 41f s 1966_ 111 12
413 Mar & Sept 1958 to '67
Barge CT 44s Jan 1945... 10612
Canal Imp 4eJ az I '60 to'67
Barge CT 4s Jan 1942 to '46
-.-
Ask
53 00
53.50
53.25
53.40
84)2 Ask
Bid Ask
a3s Ntry 1935
91
9212 a4 he June 1974
8612 88
d3 hs .day 1954
751, 78 041(8 Feb 15 1978
8612 88
a3 he Nov 1954
8612 88
7512 78 a4 148 Jan 1977
a4s Nov 1955 & 1956
81
83 04148 Nov 15 1978
8612 88
a4s M dr N 1957 to 195981
83 a4 he March 1981
8612 88
a4s May 1977
81
83 a4 he 51 & N 1957
90 92
a4s Oct 1981)
81
83 a4 hs July 1967
90
92
c4 he Feb 15 1033 to 1940
b6.50 6 00 a4 he Dec 15 1974
90 92
a4 he March 1960
85 87 a4 he Dec 1 1979
90 92
8414s Sept 1960
8612 88
04(4s March l962& 1964._
8612 88 Os Jan 25 1935
9712 99
841.48 April 1966
8612 88 atls Jan 25 1936
971 99
.
a4he April 15 1972
9712 99
86, 88 a6s Jan 25 1937
2
a Interchangeable. b Basle. e Registered coupon (serial). dCoupon.
New York Bank Stocks.
Par Bid Ask
Lafayette National
25
312 812
Nat Bronx Bank
50 26
31
National Exchange
25 22
25
Nat Safety Bank & Tr. _25
4
8
Penn Exchange
Peoples National
Public Nat Bank & Tr
25
100
_25
Fifth Avenue
100 X1015 1065
First National of N Y....10 1250 1300 Sterling Nat Bank &
Flatbush National
100 35
Textile Bank
Fort Greene
_
100
25 Trade Bank
100
Grace National Flank...100
200
Washington Nat Bank..100
Kingsboro Nat Bank_ ..._100 18
53
Yorkville(Nat Bank of).100
5
9
80
1331
49
18
12
30
162
4
52
23
4
40
Trust Companies.
Ask
Par Bid
Banca Comm Italians__ 100 143
Bank of New York dr Tr_100 320 330
Bank of Sicily Trust
12
2
10
Bankers_
10 .503 5231
4
Bronx county
6
10
20
Brooklyn
100 93 98
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Par Bid
Ask
20 1714 183
4
100 270 275
100 271 276
10
155 1713
s
10(1 1881) 1980
26 3314 3514
Central Hanover
20 11612 12012 Manufacturers
20 1314
Chemical Bank & Trust.. 10 325s Ws New York
'5 8312
Clinton Trust
50 40
50 Title Guarantee & Trust_20 1612
Colonial Trust
13
100 10
Continental Bk & Tr
10 1314 1434 Underwriters Trust
100 55
Corn Each Bk & Trust
20 4612 43 2 United States
,
100 1570
1434
86,
2
18
6 l)efiui ml
Ask
112
2
2
89
10112
25
60
59
14
5912
66
673
4
97
45
14312
4434
913
4
11312
65
7513
312
413
,
.
41.
921 1
104
35
ff 2
16212
63
7012
55
48
70
78
3
5011 5214
Pari
Kansas City Pub Serv pref•
Kansas Gas & El 7% p1100
Kings Co lig 7% pref __I00
Metro Edison $7 pre! B...•
6% preferred ser C
•
Mississippi P dr L $6 prat •
Miss River Power pref_.100
Mo Public Serv pref___100
Nassau & Suffolk Ltg p111(0
Newark Consol Gas..... WO
New Jersey Pow & Lt $6 of •
N Y dr Queens E L & P pf100
Pacific Northwest P 8....._•
6% preferred
100
Prior preferred
100
Philadelphia Co $5 pref....50
Somerset Un Nid 1.t... 100
South Jersey Gas & Elec..100
Tenn Elec Pow 6% pref. 100
United G & E(N J) pref 100
Wash Ry Ar Elec com
100
5% preferred
100
Western Power 7% pref.100
82
180
83
33
120
--zo
70
78
82
65
40
37
145
66
65
83
78
97
65
32
125
150
110
114
114
206
85
70
70
50
57
I 'Tx-mune",
50
Bid I Ask
3
4' 112
70 1 7212
8512' 93
70
73
56
5912
18
21
8012 85
6
10
59
6212
9514 99
63
67
9912 105
10
9
4
6
35
70
ii
.
14812 155
30
34
4212 46
280
8614 89
78
Investment Trusts.
41
412 Pacific Southern Invest pf.•
Class A
•
1.17 1.25
Claes LI
•
3.09
.55 .80 Quarterly Inc Shares
1112 1212
Representative Trust Shares
Central Nat Corp class A.. 213 233 Royalties Management....
4
4
Class B
112 212
,
Century Trust Shares____• 16 8 18 Second Internet Sec ci A__•
212
Corporate Trust Shares
Class B common
•
204
&flea AA
6% preferred
50
204
Accumulative series
Selected A,er Shares Inc__
Series AA mod
2 23 2755 Selected American Shares__
Serles ACC mod
2.23 2.30 Selected Cumulative She__
Crum & Foster Ins Shares
Selected Income Shares....
Common B
10 1412 16 Selected Man Trustees She_
7% preferred
Spencer Trust Fund
100 7712
Crum & Foster Ins com___• 15
17 Standard Amer Trust Shares
85
8% preferred
Standard Utilities Inc
Cumulative Trust Shares _ _• 390
State Street inc Corp
•
Super Corp of Am Tr She A
Depoelted Bank She eer A.. 207 2.30
AA
Deposited Insur She A
2 38 3.20
Diversified Tr-Wee She B
73
BB
4
3.10 3.40
5
5 1*
Dividend Shares
1.16 1.28 Supervised Shares
Bancamerica-Blair Corp_ - 13aneshares, Ltd
Participating shares _ _50C
•
Basic Industry Shares
British Type Invest A _1
Bullock Fund Ltd
Equity Trust Shares A
Fidelity Fund Inc
•
First Cornrnonstock Corp •
Five-year Fixed Tr Shares_ _
Fixed Trust Shares A
•
•
Fundamental Tr Shares A..
•
Shares I)
Fundamental Investors Inc.
2.70 305
48 75 52 51
.94 1 OS
370
8.16
6.92
418 45
8
37
s
1.98 2.18
Trust Fund Shares
Trust Shares et America.._
Trustee Stand Investment C
Trustee Standard 011 She A
IS
Trustee Amer Bank She A_.
Series B
Trusteed N Y Bank Shares.
20th Century orig series.-_
43
8 43
Series B
4
9
12 Two-year Trust Shares
.28
Ask.
77
170
83
29
115
135
46
65
72
75
61
36
33
135
63
700
61
SO
73
91
80
29
60
115
145
105
109
53
109
202
78
65
65
45
52
AO
83
6914
74
56
60
32
60
Par Bid I Ask I
Par Bid I Ask
Administered Fund__ __ 1 15 36 16 70' Major Shares Corp
•
_
2151
Amer Bankstocks Corp...
.95 1 09 Mass Investors Trust
• 17.41 18.92
Amer Business Shares
1.42 1 59 Mutual Invest Trust
1.10 1.20
Amer Compoelte Tr Shares.
3 4 438
3
Amer & Continental Corp._
2 51.. National Wide Securities Co 3 15 3.25
Am Founders Corp 6% p159 1 112 16
Voting trust certificates.. 1.34
16
7% preferred
N Y Bank & Trust Shares__
50 12
25
8
No Amer Bond trust etre._ _
Amer & General Sec cl A__•
10
6
757s 798
Class B corn
14 2 No Amer Trust Shares_1953 1 76
43
$3 preferred
Series 1955
2 27 2 50
• 33
Amer Insuranstocks Corp.•
21.
13
Series 1956
2 27 2 50
Assoc Standard 011 Shares.
5,
55 Northern Securities
8
60
100 50
Huron Holding Corp
(Guarantor In Parenthesis.)
Dividerul
Par In Dollars.
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
60.00
3.875
5.00
4.00
7.00
4.60
1.50
3.00
7.00
7.00
6.00
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
Bid
General Investors Trust •
Guardian Invest pre! w war
65
1620
Guaranteed Railroad Stocks.
Alabama & Vicksburg (Ill Cent)
100
Albany & Susquehanna (Delaware & Hudson)_100
Allegheny & Western (Buff Boob & Pitts)
100
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
100
Caro Clinclifield & Ohio(L dr N AC I.) 4%.___100
Common 5% stamped
100
Chic Cleve Clock St Louis prof(NY Cent)
100
Cleveland & Pittsburgh (Pennsylvania)
50
'letterman stock
50
Delaware (Penneylvanla)
25
Georgia RR & Banking (I., dr N, A CL)
100
Lackawanna RR of N J (Del Lack & Western).100
Michigan Central (New York Central)
100
Morris & E881nt (I)el Lack & Western)
50
New York Lackawanna & Western (D LA W)_100
Northern Central (Pennsylvania)
5
0
Old Colony (N Y N II & Hartford)
100
Owego & Syracuse (Del Lack & Western)
60
Pittsburgh Bess dr Lake Erie(US Steel)
50
Preferred
50
Pittsburgh Fort Wayne &Chicago(Penn)
1(10
Preferred
100
Rensselaer & Saratoga (Delaware & Hudson) 100
100
St Louis Bridge 1st pref (Terminal RIO
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR dr Canal(Penna)
Valley (Delaware Lackawanna & Western)
-10
10
Vicksburg Shreveport & Pacific (III Cent)
100
Preferred
so
Warren RR of N .1 (Del Lack & Western)
west Jersey Al Sea Shore (Penn)
50
•'Jo Dar
d I,at eistrted market.
Ask
Bid
43 4' Newp N & Ham 65 '44 .J&J SO
3
N Y Wat Set Ss 1951_51&N 6612
Oklahoma Gas 65 1940._ _ _ 71
40 4 Old Dom Pow 51).May 15'51 52
3
4412 Parr Shoals P58 1952_ .A &O 55
20141 Peoples I. & P She 1941 .1.4.1 30
3314 Roanoke W W 58 1950..J&J
57
72 United Wet Gas & E 58 1941 8112
43 Western PS 5345 1960_ F&A
45
Public Utility Stocks.
Par
Arizona Power pret____100
Assoc Gas & El orig
$6.50 preferred
•
$7 preferred
Atlantic City Elm $6 pre!
.•
Bangor Hydro-El 7% 01_100
Broad River Pow pf____100
Cent Ark Pub Serv pref.100
Cent Maine Pow 6% pf.
_100
Cent Pub Serv Corp pref.
•
Consumers Pow 6% pret_•
6% preferred
100
100
60% Preferred
6.
Dallas Pow & Lt 7% pret100
Derby Gee & Elec $7 pref.
Essex-Hudson Gas
100
Foreign Lt & Pow units....
Gas dr Elec of Bergen...100
Hudson County Gas_
100
Idaho Power 6% pref
•
7% preferred
100
Inland Pow & Lt pref_ _100
Jamaica Water Supply pf_50
10812 113
10812 113
10812 113
New York City Bonds.
Par Bid I Ask
Bank of Manhattan Co.
.20 2.134 2631
Bank of Yorktown
100 20
liensonhurst Natl
100 25
34
Chase
21 .2_2 953
.. 24 8
2 8
Citizens Bank of Bklyn_100
City (National)
20 2514 2714
Comml Nat Bank & Tr_100 X125 135
Bid
Amer S 885 he 1948.51&N
393
41
Atlanta G L as 1047 __J&D 97
Central Gas dr Eleclet lien con tr 5 he'46J&0 363
4r
let lien coil tr 65'46.M&S 4012
Fed P S let 65 1947_.J&D 8153
4.
Federated Utll 514s '67 M&S 2814;
Ill Wat Ser 1st 55 1952.J&I 6912'
Iowa So URI 51(2s 1950.J&J 40121
Louts light 1st 551953 _A&O 102
38 United Bank Trust
United Fixed Shares ser Y.
UnIted Insurance Trust._
U 8 & British International
Preferred
•
U S Elec Lt & Pow Sharer) A
Incorporated Investors_ ___• 16 78 18.23
Independence Tr Shares • 1.97 2.25
Indus & Power Security...
121s 14
Internal Security Corp(Am)
614% preferred
100 11
15
6% preferred
100 11
15
Investment Coo! America.•
3
4
13
4
7% preferred
100 11
14
Investment Fund of N J..
2
•
Investment Trust of N Y_•
5,
s
Low Priced Shares
51s
Voting trust ctis
Un N Y Bank Trust C
On Ins Tr She ser F
U 8 Shares ger H
20
23
312 512
3
4
13
4
1.36 1.47
3.29 9.04
3
4
4
2
Is 2
18
22
1.17 1.25
24(2
6 48 6 73
3.34 3 88
5 4 63
3
s
143 1518
4
2.90 3.30
.76 .359 50 84.79
296
204
310
205
549
550 _
1.38 1.50
314
25
8
2 08
2 03
47
8
412
194
88
110
1 70
2.55
15
338
214
13
s
33
4
318
2 35
2 30
518
.99
I 30
2 95
1612
43
8
3•
6
10 •
1112 12
2 07 2 17
.76 .86
3
418
112
6 4 -7
,
64
---
Telephone and Telegraph Stocks.
Par Bid
Ask
Cuban Telephone
7% Preferred
100 25
35
Empire & Bay State Tel_100 3612
Franklin Teleg $2.50_100 24,
2
Int Ocean Teleg 6%
jg
100 70
Lincoln Tel As Tel 7%
• 90
Mount States Tel & Tel_100 104 168.12
New York Mutual Tel..100 15
Par
New England Tel & Tel.100
Northw Pell Fe( pf 6)4%100
Pac & AU Teleg US 1%__25
Koch Telep $6 50 1st pf_100
So & A tl Teleg $1.25_ _ __25
Trl States Tel & Tel $6...•
Wisconsin Telep 7% pret100
Bid
Ask
86
8812
10414 10614
1312 17
9514
15
20
100
107 109
Sugar Stocks.
Ask
Par Bid
Fajardo Sugar
100 60
75 Savannah Sugar Ref
•
34
Haytlan Corp Amer
7% preferred
13
4
Sugar Estates Oriente p1100
United Porto Rican
Preferred
r Es-•tock dividends.
5 Es-dividend.
Par Bid
A sk
• 8412 9312
100 8612 951,
12
•
2
Financial Chronicle
2446
Sept. 30 1933
Quotations for Unlisted Securities-Friday Sept. 29-Concluded
Aeronautical Stocks.
Chain Store Stocks.
Par Bid
Ask
• 1512 19
Bohack (11 C) cora
100 7612 8412
7% preferred
1
100
212
Butler(James)corn
100
,
3 4 714
Preferred
100 52
Diamond Shoe prat
Edison Bros Stores pref_100 57
_
Fan Farmer Candy Sh Pt__' 23
6
8
Fishman(M H) Orel- --•
70
100 s55
Preferred
Kobacker Stores pref-100 1512 2012
100 100 4
,
Lord & Taylor
100 7812
1st preferred 6%
100 7812
Sec preferred 8%
Par
100
Melville Shoe pref
100
Miller (I) A Sons pret
alockJuds&Voehringerpt 100
Murphy (SC)8% pref. 100
Bid
8.5
12
65
87
•
Nat Shirt Shops (Del)
100
Preferred
Newberry (22) 7% pref..100
N Y Merchandise 1st p1_100
1
18
79
80
Ask
_
4
-913
De Forest PhonofIlm Corp__
•
Doehler Die Cast pref
$50 par
Preferred
Eiseman Magneto corn____•
100
Preferred
Gen Fireproofing $7 pf 100
•
°ratan dr Knight corn
100
Preferred
Herring-Hall-Mary Safe_100
100
Howe Scale
100
Preferred
Industrial Accept com __•
100
Preferred
locomotive Firebox Co_.
kf actadden Publie'ne com..5
414
•
Maly-Wiggly Corp
Reeves(Daniel) pref._ _100 100
74
100 69
Schiff Co prat
Sliver (Isaac) & Bros pf_100 12
Ask
Par Bid
Ask
Bid
Maciadden Publiens pf___• 1312 1514
70
100 98 10112
Merck Corp $8 pre!
4012 44
25
100 20
,
3 2 7 National Licorice com
15
National Paper A Type.100
13
20
New Haven Clock pref 100 12
2
30
New Jersey Worsted pf...100 40
15
30
15
10
;
551 Ohio Leather
35
100 20
2212 Okonite Co $7 pref
•
10
5
2412 2712 Publication Corp corn
100 70
37 let preferred
104 109
• 1812 19
Riverside Silk Mille
17
15
• in
Rockwood &Co
87
100
Preferred
2
10 Rolle-Royce of America....•
4
7
2 8 33 Rosy Theatres units
•
54
Common
334
Preferred A
32
100 28
212
Ruberoid Co
102
1
•
1712 1912 Splitdorf Beth Elec
1
83 87 Standard Textile Pro___100
3
100
Class A
2
100
Class B
-17
2012 i4 2 Stetson (J B)Co pref____25 III; 1412
,
1014 14 4
13
• 10
4 Taylor Milling Corp
114
612 15 Taylor Wharton Irddit corn •
614
100
Preferred
60
,
4 44
13
.5 Tenn Products Corp prat _50
58
30 TubizeChatIllon eu pf-100 51
25
10
Ps 214
Unexcelled Mfg. Co
1512 19, White Rock Min Spring
2
100 90
1
2
37 1st preferred
100 135
$1026 pref
,
5 2 812
2
212 11100
4 Woodward Iron
100 4512 5012
2912 Worcester Salt
100 59
s
8 63 Young (J 9) Co com
43
100 8212
218 318
7% preferred
Bid
6412
76
99
51
46
70
Ask
6812 Merchants Betas as 1937__ _
NO Or No RR 55'55_F&A
80
N Y & Hob Ferr be '46 JAD
Ei N Y Shipbdg 5e 1940_MAN
50
80 Piedmont & Nor Ry 58_1954
Plerce Butler & P 6)48 1942
Prudence Co Guar Coll
76
5.40, 1961
- -22 Realty Assoc Sec 6e'37_J&J
4
113 61 Broadway 53.0 '50_A&O
SO Indiana Ry 40 1951_ F&A
Stand Text Pr 63.4o '42 MAS
5712 Struthers Wells Titusville
19
6145 1943
6512
87 Tol Term RR 4 As'57..MAN
.A937
5512 Ward Baking let 6s..
2412 Witherbee Sherman 68 1944
New
Woodward Iron 551952_J&J
78
1
Ask
Par Bid
6
2
•
Southern Alt Transport__.
2
• _
Swallow Airplane
Aircraft Transport
United
2
46, 50
Preferred x warr
3
12 1
8
7 Warner Aircraft Engine__ •
Ask
10
3
Insurance Companies.
Par
Aetna Casualty & Surety.10
Aetna Fire
10
Aetna Life
10
25
Agricultural
American Alliance
10
American Colony
6
American Equitable
American Home
10
American of Newru•k____2
American Re-insurance. 10
American Reserve
10
American Surety
25
10
Automobile_
Baltimore Amer
214
Bankers & Shippers.- .-_25
Boston
100
10
Carolina
City of New York
100
Connecticut General Life..10
Consolidated Indemnity_5
5
Continental Casualty
10
Cosmopolitan Fire
Eagle Fire
212
Excesa
10
Federal
Fidelity & Deposit of Md_20
5
Firemen's of Newark
Franklin Fire
a
General Alliance
10
Georgia Home
Glens Falls Fire
Globe & Republic
Globe & Rutgers Fire____25
5
Great American
Great Amer Indemnity....1
10
Halifax Fire
25
Hamilton Fire
10
Hanover Fire
10
Harmon's,
.10
Hartford Fire
Hartford Steam Boller_._10
Ask
Bid
4512 4712
2918 3118
1718 1918
5012 5512
8
8
127 147
8
8 7,
47
16
13
4
4 83
63
8 833
77
3638 3938
8
933 113
8
18, 20'8
4
4
163 183
8 3513
23
4
4
323 423
449 474
1378 157
8
134 144
s
8
273 293
1
a 37
17
8
105 1238
12,4 154
5
,
2 8 38
7'2 812
6712 6112
4
193 2314
4 53
43
4
1558 1718
3
s
83 10 8
17
13
2314 2514
8
113
5012 6012
1612
15
4
534 73
1318 1518
39
29
8
8
223 243
4
143 163
4
421 2 4412
z4734 503
4
Par
Home
10
Home Fire Security
10
Homestead Fire
10
Hudson Insurance
Importers & Exp. of N Y 25
5
Knickerbocker
5
Lincoln Fire
2
Maryland Casualty
25
Maas Bonding & Ins
Merchants Fire Amur com212
Merch & Mfrs Fire Newark 5
II)
Missouri States Life
10
National Casualty
10
National Fire
2
National Liberty
20
National Union Fire
5
New Amsterdam Cas
10
New Brunswick Fire
1(
New England Fire
1(
New IIampshire Fire
'20
New Jersey
5
New York Fire
12.5(
Northern
9.50
North River
Northwestern National__25
Bid
8
177
112
8
95
554
a
87
6
8
13
238
17
4
273
5.
4
3
41 2
4334
454
51
1218
15
8
77
33
4
173
10
46
I 538
8314
Ask
ISPs
212
1118
8
167
3
28
438
20
313
4
7
234
61 2
4534
4
53
56
1418
17
1278
36
4
203
13
Si
8
173
8814
4
4
25 343 443
Pacific Fire
10 5612 5'
02
Phoenix
13
11
Accident
Preferred
8
8
217 237
Providence-Washington_ _11
30
10
Rochester American
.25 112 117
St Paul Fire & Marine..
I() 2414 261 4
Security New Haven
1212 1412
Southern Fire
Springfield Fire& Marine_ 25 79,2 8412
7
5
Stuyvesant
100 370 420
Sun Life Assurance
10( 387 402
Travelers
8
338 43
U S Fidelity & Guar Co_2
4 2' 4 3034
0
U Fire
4
2.50 163 1834
Westchester Fire
Realty, Surety and Mortgage Companies.
Ask
Par Rid
Par Bid Ask I
4
93 i '4
4 314' Lawyers Title & Guar__100
13
Bond & Mortgage Guar_ _20
1
2(
1 14
20
Lawyers Mortgage
50
Title & Guar__ .100 22
Empire
2
1
National Title Guaranty 100
50 80
Guaranty Title& Mortgage
10
13a
4 554 N Y Title & Mtge
33
Home Title Insurance _25
20
15
International Germanic Ltd
New York Real Estate Securities Exchange
Bonds and Stocks.
Industrial and Railroad Bonds.
Adams Express 48 '47_J&D
American Meter tle 1946....
Amer Tobacco 45 1951 FAA
Am Type Fdrs 65 1937 MAN
Debenture tis 1939_ _MAN
Am Wire Fab 78 '42_ _kf AS
Bear Mountain-Hudson
River Bridge 75 1953 A&O
Chicago Stock Yds 55_1961
Consol Coal 41.4e 1934 MAN
Consol Mach Tool 7e_ _1942
Cense! Tobacco 4s 1951____
•
Central Airport
Khmer Airplane dz Mot__ _1
212
25
85
Industrial Stocks.
Par
Alpha Portl Cement pf__100
100
American Book $4
Amer Dry Ice Corp
60
BIlaa(E W)let pref
10
2d pref B
Bohn Refrigerator pf___100
•
Bon A mi Co B corn
Brunew-Balke-Col pref.. _100
100
Burden Iron pref
Canadian Celaneee corn.--•
100
Preferred
•
Carnation Co corn
100
Preferred $7
Chestnut St Smith com____•
100
Preferred
Color Pictures Inc
Columbia Baking com____•
•
lot preferred
•
2d preferred
Congoieum-Nairn $7 Of 100
Crowell Pub Co 31 corn •
100
$7 preferred
Par Bid
Alexander Indus 8% pf-100
1
Aviation Sec Corp (N E)- •
Bid
85
830
55
87
Ask
34
60
-__
Bid
Active Issues.
Bonds
Albany Metropolitan Corp
1938
64a
1.1'way Barclay Bldg 611_1941
75
Central Zone Bldg ate
2
1112 11- Chrysler Bldg as
1948
72
CranleIgh (The) 6s... 1937
4934 513
4 Dorset (The) 6s
1941
6512
e2712
1939
1612
Drake (The) (la
6" 80 Fifth Ave Bldg 6s. _1940
.
6
56
4
283
98
Fifth Ave & 29th Si Bldg
1948
Si
5112
_
502 Park Ave Bldg
Equit Office Bldg 58 1952.__
37
47
01512
1958
40 Wall St Bldg Os
Haytian Corp Ss 1938
.61
42d St dz Lexington Ave
Hoboken Ferry 5.9 1946
87
84
1945
Bldg (itis
International Salt 5s...1951 8412
9512 98
Fox Theatre & Office Bldg
Journal of Comm 6 Aa.1937 5214
1941
Stirs
Kane City Pub Serv 611 1951 2212
131, Fuller Bldg 5108
10
1949
,
Loew's New Brd Prop
83412 3812 Harriman Bldg Corp 68_1951
JAD 7412
65 1945
Ilearst Brisbane Prop Os '42
Hotel Lexington fla.....1943
Hotel St George 54e...1943
Chicago Bank Stocks.
Lincoln Bldg Certificates...
Loew's Theatre & Realt
11147
Corp Os
Par Bid ! Ark
Par Bid Ask
Marcy (The) Os 1940
100 84
87
First National
Amer Nat Bank & Trust.100 75 1 85
Mortgage Bond (N
5 '513100
112 214 Harris Trust dr Savings..100 230 240
Central Republic
New Weston Hotel Annex
100 370 385
3312 Northern Trust Co
Continental III Bk & Tr_100 32
1940
6s
20
24
2612
43
17
20
20
28
8
34
15
7
40
53
5312
10
29
39
40
211.2
301.
1912
litd
Active Issues.
Ask
Bonds (Concluded)
N Y Athletic Club fle_ _1946
23 Oliver Cromwell Hotel
Certificates
27
165 11'way Bldg 5 411...i951
,
32 4
Park Central Hotel errs_
46
Pennsylvania Bldg rubs
,
23 Penny (J C)Corp 5 4s_ _1950
23 Rosy Theatre 6 >s.......1411
32 Savoy Plaza Corp Os etts 45
Sherry Netherland llorei errs
52 616 Madison Ave Bldg 612s
1938
11
10 E 40th St Bldg Os.. 19411
39
301 E 38th St Bldg ette..
19 2480 Itmadwas Bldg 6I5 '37
Trinity Bhigs Corp 51.2g. 1031
10 2124-34 liway Bldg errs
43 West End Ave & 104th St
1939
Bldg (is
58
56
Stocks
13
Alliance Realty Co
32
42 Beaux Arta Apt Inc units_
39 Broadway Bldg Unite_
City de Suburban I lomee_
,
if French (I F) InvestingPreferred
36
French (F F) Operators
Units
24
Ask
19
21
10
51
6
191
99
9
Ii
13
1212
54
8
23
14
30
27
32
95
16
15
16
18
32
35
99
11
19
61
111;
Ii
101, 15
612
5
11
21?
9
7
45
60
Other Over-the-Counter Securities-Friday Sept. 29
Railroad Equipments.
Short Term Securities.
Allis-Chal Mfg 51 May 1937
Amer Metal 5)4s l934.A&O
Amer Wat Wks Se 1934 A&O
Bid Ask
!
851 88
96
95
96
95
Ask
Bid
Mag Pet 434s Feb lb '34-35 10012
- 3Union Oil Be 1935._ FAA 10112 1024
Water Bonds.
Alton Water Ss 1956__A&O
Ark Wat 1st 58 A 1956.A&O
Ashtabula W W be 'SS_A&O
Atlantic Co Wat 55 '58 MAR
Blrm WW lat 5 tie A'54A&O
1st m be 1953 ser
let be 1957 series C__ FA A
Butler Water 55 1957__A&O
City of Newcastle Wat be'41
City W (Chat) 58 B '54 JAD
1st 58 1957 series C_MAN
Commonwealth Water
FAA
1st be 1956 B
1st m Is 1957 sec C._ F&A
Davenport W be 19/11 J&J
ES LA Int W 513'42_ _ Jezl
let m Oa 1942 eer 13 J&J
let Is 1960 ser
Bid
89
8512
8012
81
96
90
88
78
90
95
94
91
90
88
75
79
73
Ask
91
87
82
83
Hunt'ton W let 131'54._ MAS
let m Ss 1954 ser Et__MAS
55 1962
Joplin W W55'57 ser AM&S
Kokomo W W 58 1958..JAD
99 Itionm Con W 1st 5e '56 JAB
Motion Val W Se '50_ J&J
90 Richm W W 1st Ss'57.M&N
St Joseph Wat be 1941.A&O
81
92 South Pitts Water CoFAA
ln Se 1955
id - 1st & ref .5560 ser A_Jdz.i
let A ref be '60 ser B_J&J
Terre ICUs WW 6s'49A JAB
let m Ss 1956 ser B_ _JAD
92
Texarkana W let 5s'58 FAA
- -- Wichita War 1st (15 '49 MAS
80
let m Sa '56 ser B. FAA
82
let m Is 1960 ser C _MAN
75
Bid
97
84
80
78
77
80
88
8612
9412
99
93
93
85
83
73
98
90
87
Ask
100
80
79
83
90
88
--95
95
87
86
75
100
Bid Ask
4 50 3 50 Kanawha A Michigan 6s.
Atlantis Coast Line 65
4 75 4 00 Kansas City Southern 5>4o
Equipment 6>45
4 75 4 00 Louisville & Nashville 645_
Baltimore A Ohio (is
Equipment 6 tie_
Equipment 41.45 & Is.... 5 00 4 25
Buff Roch & Pitts equip 68_ 5 00 4 20 Mtnn St PASS M 4 tie & 5•
Equipment 6 tie & 78__
4>45 & 68 5 50 4 50
Canadian Pacific
_ _
4 20 3 75 Missouri Pacific, 8
Central RR of N J Os
4 15 301)
Equipment 6e
Chesapeake dr Ohio 65
4 15 300 Mobile & Ohio 55
Equipment 684s
4 II 3 01) New York Central 4 tie & So
Equipment 521
Equipment 6a
Chicago & North West 65... 8 00 6 50
Equipment is
8 00 6 50
Equipment81.4s
Chic R I A Pao 4 tie dz 55-- 11 00 800 Norfolk & Western 4 tie_
11 00 8 00 Northern Pacific 7s
Equipment Cs
Colorado A Southern 65.... 5 50 5 00 Pacific Fruit Express 75..
4 75 4 00 Pennsylvania RR equip ba
Delaware A Hudson 65
6 00 5 00 Pittsburgh dr Lake Erie 6 tie
Erie 4)4s Is
.
6 00 5 00 Reading Co 448 & 55
Equipment 65
4 75 4 00 St Louis & San Fran Is.
Great Northern 6a
Pacific Co 4 tie...
4 75 4 00
Equipment Is
Equipment 75
4 40 4 00
Hocking Valley Is
4 40 4 00 Southern Ry 41.48 & be
Equipment 68
Equipment lia
Illinois Central 4>4s dr 5s.... 4 75 4 40
4 75 4 40 roledo & Ohio Central fla.- Equipment 68
4.75 1.40 Union Pacific 75
Equipment 78 &
• No par value. a Last reported
market.
e Defaulted
12 00
12 110
200
idle)
475
5
4 7:5
Au
4 511
51*.
4 15
4 15
g 111)
8011
8 00
80)'
450
4011
4 011
4 00
4 75
4 ful
4 00
54 55
4 7 11)
6 1370
3 00
:I
0
40
5 50
3 00
4
3 1:1
6 (51
Hid
5 511
60))
4 65
1)
4 65
128
1
1
1
2 5 54 12
47 4 2
11
5
65 07;1 3 000
4 00 6 0 1
:
a Ex-MvMel A.
Volume 137
Financial Chronicle
2447
Current Earnings-Monthly, Quarterly, Half Yearly
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, quarterly
or half-yearly, that
have appeared the present week. It covers all classes of corporate entities, whether railroads, public utilities, industrial concerns
or any
other class and character of enterprise or undertaking. It is all inclusive in that respect, anu hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week. It includes some
of
those given in our issue of Sept. 23. The object of this index is to supplement the information contained in our "Monthly Earning
Record,'
which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly reports. The "Monthly
Earnings
Record" was absolutely complete up to the date of issue, Sept. 22, embracing every monthly, semi-annual and quarterly report
which was
available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The figures in most cases are
merely
for a month later, but there are also not a few instances of additions to the list, representing companies which had not yet made
up their
returns when the Septem.:er number of the "Monthly Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to every return that has
appeared
since the last preceding number of the "Monthly Earnings Record." The latter is complete in and by itself, and for most persons will
answer
all purposes. But to those persons who are desirous of seeing the record brought down to date every week,
this further and supplementary
index in the "Chronicle" will furnish an invaluable addition. The "Chronicle" index in conjunction with the "Monthly Earnings
Record'
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record
brought down
to date each and every week-an absolutely unique service. A further valuable feature Is that at the end of every return,
both in the
"Chronicle" and the "Monthly Earnings Record," there is a reference line showing by date and page number the issue of the
"Chronicle'
.
where the latest complete annual report of the company was published.
Issue of Chronicle
Name of CompanyWhen Put:4*MM. Pace
Acme Gas & Oil Co.,Ltd
Sept. 23_2275
Akron Canton & Youngstown
Sept. 30..2448
Alabama Great Southern RR
Sept.30..2451
Alabama Power Co
Sept.30._2454
Alabama Water Service Co
Sept. 30._2454
Alaska Pacific Salmon Corp
Sept.30..2454
Alberta Pacific Grain Co., Ltd
Sept. 30_ _2465
Alton RR
Sept.30..2448
Alton & Southern
Sept.23..2262
American Chain Co
Sept.23_ _2263
American & Foreign Power Co
Sept.30..2454
American Fruit Growers
Sept.30._2465
American La France & Foamite Co Sept. 23..2263
American Rolling Mill Co
Sept.30..2454
American Ship Building Co
Sept.30..2465
American Sumatra Tobacco Co
Sept.30_ _2466
Amer. Water Works & Elec.Co.,Inc_Sept.30._2454
Ann Arbor RR
Sept.30..2448
Archer-Daniels Midland Co
Sept.30..2466
Arnold Constable & Co.,Inc
Sept.30 _ _2455
Atchison Topeka & Santa Fe Ry.
System
Sept. 30.-2452
Atchison Topeka & Santa Fe
Sept. 30 _ _2448
Atlanta Birmingham & Coast
Sept.30..2448
Atlanta & West Point
Sept.30.2448
Atlantic Coast Line RR
Sept.30..2448
Atlantic Gulf & W.Indies SS. Lines_Sept.30-2455
Atlas Brewing Co
Sept.30..2454
Baltimore & Ohio RR_
Sept.30_2448
Balt. & Ohio Chicago Terminal
Sept.30..2448
Bangor & Aroostook RR
Sept.30..2452
Barcelona Trac. Lt. & Pr. Co., Ltd-Sept.30-2455
Bellanca Aircraft Corp
Sept.30..2454
Belt Ry. of Chicago
Sept.30._2448
Benguet Consolidated Mining Co- Sept.30_2455
Bessemer & Lake Erie
Sept.30_.2448
Boston & Maine RR
Sept.30._2453
Blue Ribbon Corp., Ltd
Sept.23..2276
Brazilian Tree. Lt. & Pr. Co.,Ltd- _Sept.30..2455
Bridgeport Machine Co
Sept.23..2263
British Type Investors, Inc
Sept.30..2455
Brooklyn Eastern District Term.---Sept.30_ _2448
Butterick Co
Sept.23 _2264
.
Cambria & Indiana
Sept.30..2448
Canada Northern Power Corp
Sept.30.-2455
Canadian National Rya
Sept.30..2453
Canadian Nat'l Lines in N.England-Sept.30 _ _2448
Central of Georgia
Sept. 30..2448
Central RR.of New Jersey
Sept.30.-2448
Central Vermont Ry Inc
Sept.23-2263
Chapman Ice Cream Co
Sept.23.-2264
Charleston & Western Carolina_ - --Sept.30._2448
Chesapeake & Ohio Ry
Sept.23..2262
Chicago Burlington & Quincy
Sept.30..2448
Chicago & Eastern Illinois
Sept.30..2448
Chicago & Erie
Sept.30..2449
Chicago & Great Western
Sept.30.-2448
Chicago & Illinois Midland
Sept.30 -2448
Chic. Milw. St. Paul & Pacific
Sept.30._244$
Chicago & North Western
Sept.30..2449
Chicago River & Indiana
Sept.30..2449
Chicago Rock Island & Pee. Ry__ Sept.30.-2452
Chicago St. Paul Minn.& Omaha -Sept.30-.2449
Sept.30. _2451
Cinc. N. Orleans & Tex. Pac
Clinchfield
Sept.30..2449
Columbia Pictures Corp
Sept.30-2467
Columbus & Greenville
Sept.30..2449
Commonwealth & Southern
Sept.30 2455
Sept.
Coinpania Cubana
7
Consolidated Railroads of Cuba....-Sept.23-2268
Consumers Power Co
Sept.30..2455
Sept.23__2264
Coty,Inc
Sept.23..2278
Crystalite Products Corp
Sept.23_2268
Cuba Co
Sept.23.-2267
Cuba Northern Ry. Co
Sept.23..2267
Cuba RR. Co
Sept.30..2449
Delaware & Hudson RR
Delaware Lackawanna & Western Sept.30-2449
(The) Denver & R. Gde. West'n RR_Sept.30...2453
Sept.30 _ _2449
Detroit & Mackinac
Sept.30.2449
Detroit Terminal
Sept.30..2449
Detroit Toledo & Ironton
Sept.30..2449
Detroit & Toledo Shore Line
Sept.30..2455
Devoe & Reynolds, Inc
Dominion Woollens & Worsteds,Ltd.Sept.30..2468
Sept.30_2449
Duluth blissabe & Northern
Sept.30 _ _2449
Duluth South Shore & Atlantic
Sept.30._2449
Duluth Winnipeg & Pacific
Sept.30_.2455
Eastern Mass. Street Ry
Sept. 23_ _2264
Eastern Utilities Associates
Sept.30..2455
Edmonton Street Ry
Sept.30..2449
Elgin Joliet & Eastern
Sept.30..2455
Engineers Public Serv ice Co
Sept.30..2449
Erie RR. System
Sept.30_2453
Erie RR
Sept.23..2265
Fall River Gas Works Co
Sept.30..2455
Fisk Rubber Co
Sept.23..2265
Flock Brewing Co
Sept. 30..2449
Florida East Coast
Issue of Chronicle
Name of CompanyWhen Published. Page
Fort Smith & Western
Sept. 30 _ _2449
Fox Film Corp
Sept.30-2455
Galveston Electric Co
Sept.23.-2265
Galveston-Houston Electric Co
Sept.23-2265
Gamewell Co
Sept.23..2278
General Water Gas & Elec. Corp - -Sept. 30..2461
Georgia
Sept.30..2449
Georgia & Florida RR
Sept.30..2453
Georgia Power Co
Sept.30..2456
Georgia Southern & Florida Ity_ -Sept.30_2451
German Credit Corp
Sept.23.,.2279
Grand Trunk Western
Sept.30..2449
Great Northern
Sept.30..2449
Green Bay & Western
Sept.30..2449
Gulf & Ship Island
Sept.30-2449
Harbauer Co
Sept. 23...2280
Haverhill Gas Light Co
Sept.23..2265
Honolulu Rapid Transit Co.,Ltd---Sept.30..2456
Gulf Coast Lines
Sept.30_ _2453
Hotel Waldorf Astoria Corp
Sept. 30.-2456
Houston Electric Co
Sept.23-2265
Hudson & Manhattan RR
Sept.30..2456
Illinois Central System
Sept.30_.2450
Illinois Central RR
Sept.30.-2450
Illinois Terminal
Sept.30..2449
Indiana Harbor Belt
Sept.30..2450
International Investing Corp
Sept.23..2280
Internat. Tel.& Tel. Co
Sept.23__22r 5
Iowa Southern Utilities Co
Sept.23.-2272
Kansas City Southern
Sept.30_.2450
Kansas City Public Service Co
Sept.30_ _2462
Kansas Oklahoma & Gulf
Sept.30..2450
Keith-Albee-Orpheum Corp
Sept.23..2265
Lake Terminal
Sept.30...2450
Lehigh & Hudson River
Sept.30..2450
Lehigh & New England
Sept.30..2450
Lehigh Valley
Sept.30..2450
Loblaw Groceterlas,Ltd
Sept. 23_ _2265
Long Island
Sept.30_ _2451
Los Angeles Biltmore Co
Sept.30..2456
Los Angeles & Salt Lake
Sept.30..2452
Louisville & Nashville
Sept.30..2450
Madison S,
uare Garden Corp
Sept. 30_ _2456
MaineCentral RR
Sept.30..24b3
Metropolitan Paving Brick Co
Sept.23_.2282
Mexican Petroleum Co., Ltd.,of Del-Sept.30...2456
Mexican Light & Power Co
Sept.23...2265
Mexico Tramways Co
Sept.23..2265
Mexico-Ohlo Oil Co
Sept.23..2282
Mickelberrys Food Products Corp
Sept.23..2265
Midland Royalty Co
Sept.30..2456
Midland Valley
Sept.30._2450
Minn. St. Paul & S.S. Marie
Sept. 30...2450
Minneapolis & St. Louis
Sept.30..2450
Mississippi Central
Sept.30_ _2450
Missouri Illinois
Sept.30...2450
Missouri-Kansas-Texas Lines
Sept.30..2453
Missouri Pacific
Sept.30..2450
Mobile & Ohio
Sept. 30..2450
Monongahela
Sept.30..2450
Monongahela Connecting
Sept.30..2450
Muirheads Cafeterias, Ltd
Sept.23_2282
Nash. Chatt. & St. Louis
Sept.30..2450
National Baking Co
Sept. 23..2282
National Breweries, Ltd
Sept.23..2282
National Grocers Co,Ltd
Sept. 23._2283
National Oil Products Co
Sept.23..2283
National Power & Light Co
Sept.30.-2456
Natomas Co
Sept.23..2283
(The) Nevada Calif. Electric Corp..
.Sept.30..2456
New Jersey & New York
Sept. 30...2449
New Orleans & Northeastern RR_ -Sept.30_2451
New Orleans Terminal
Sept.30 _ _2451
New York Athletic Club
Sept.30..2456
New York Central
Sept.30..2450
New York Chicago & St. Louis
Sept.30..2450
New York Connecting
Sept.30 _.2450
N. Y. N. H.& Hartford RR
Sept.30..2453
N.Y. Ontario & Western Ry
Sept.30._2453
New York & Richmond Gas Co
Sept.30-2462
N. Y., Susquehanna & Western RR.Sept.30-.2451
N. Y. Water Service Corp
Sept. 30..2456
N. Y. Westchester & Boston Ry----Sept.30..2456
Newburgh & South Shore
Sept.30..2450
New England Fuel Oil Co
Sept.23..2283
New York Central Electric Corp. _Sept.23_2265
Niagara Wire Weaving Co,Ltd
Sept.23._2283
Norfolk Southern
Sept.30..2451
Norfolk & Western Ry
Sept.30..2453
North American Co
Sept.30._2463
Northam Warren Corp
Sept.23..2284
Northern Alabama Ry
Sept.30..2451
Northern Pacific
Sept.30 _.245l
Northern States Power Co
Sept.30..2456
North Star Oil Co
Sept.23..2284
Northwest Engineering Co
Sept.23_2284
Ohio Edison Co
Sept.30..2457
Okla. City Ada-Atoka Ry
Sept. 30...2451
Ontario Silknit, Ltd
Sept.23.-2284
ISM Of ClifonIcls
Name of CompanyWhen Plibliehea. Pace.
Oppenheim Collins & Co
Sept. 30.
.2472
Oregon Short Line RR
Sept.30_2452
Oregon-Washington RR.& Nay. Co.Sept.30_2452
Pacific Western Oil Corp
Sept.30..2456
Packer Corp
Sept.23_.2285
Page-Hersey Tubes, Ltd
Sept.23_ _2285
Palmer Bros Co
Sept.23-2285
Park Utah Consol Mines Co
Sept. 23-22.5
Pennsylvania RR
Sept. 30_ _2451
Pennsylvania RR. Regional Sys
Sept.30..2454
Penn. Reading Seashore Lines
Sept.30_2451
Pennsylvania Salt Mfg. Co
Sept.30..2472
Peoria & Pekin Union
Sept.30_2451
Pepperill Manufacturing Co
Sept.30..2472
Pere Marquette ity
Sept.23..2263
Petroleum Exploration Inc
Sept.30_2473
Phoenix Securities Corp
Sept.30_2473
Photo Engr & Electrotypers, Ltd- Sept.23_2285
Pittsburgh & Lake Erie
Sept.30.-2450
Pittsburgh & Shawmut
Sept.30..2451
Pittsburgh Shawmut & N'thern RR_Sept.30_2451
Pittsburgh Steel Co
Sept.23...2266
Pittsburgh & West Virginia
Sept.30..2451
Postal Telegraph & Cable Corp
Sept.23..2265
Prairie Cities Oil Co., Ltd
,.....Sept. 30..2473
Progress Laundry Co
Sept.30..2473
Provincial Paper, Ltd
Sept.23-2285
Railway Equipment & Realty Co__ -Sept.30-2474
Raymond Concrete Pile Co
Sept. 23._
Reading Co
Sept. 30-.2451
Regents Knitting Mills, Ltd
Sept.30..2474
Reliance Grain Co
Sept.23..2286
Richardson & Boynton Co
Sept.30..2474
Richfield Oil Co. of Calif
Sept.23..2286
Rich'd Fredericksburg & Potomac-Sept.30-2451
Rike Kumber Co
Sept.30._2474
Rochester & L.Out,Water Serv. Co_Sept.30_2457
Rocky Mountain Motor Co
Sept.30...2474
Rogers Majestic Corp., Ltd
Sept.30..2474
Sept.30..2451
Rutland RR
Sept.30..2452
St. Joseph & Grand Island
St. Louis-San Francisco Ry. Sys
Sept.30_2451
St. Louis San Francisco
Sept.30-2454
Sept.30_2453
St. Louis Southwestern
Seaboard Air Line
Sept.30..2451
Seattle Gas Co
Sept.23..226
Selected American Shares
Sept.23_ _2286
Sentry Safety Control Corp
Sept.30..2475
Seton Leather Co
Sept. 23..2287
Sept.23._2266
Sierra Pacific Electric Co
Signode Steel Strapping Co
Sept 30..2475
Singer mg Co
Sept.23..2287
Sin-Mac Lines, Ltd
Sept.30._2475
Sioux City Stock Yards Co
Sept.23_ _2266
Skenandoa Rayon Corp
Sept.23_ _2287
Soo-Line System
Sept.30 _ _2453
South Bay Consolidated Water Co_Sept.30_2457
Southern Bell Tel & Tel Co
Sept.23..2266
Southern Colorado Power Co
Sept.30..2457
Southern Ice Co
Sept. 23..2266
Southern Pacific
Sept.30..2452
Southern Ry
Sept.30._2451
Spokane Portland & Seattle
Sept.30_ _2451
Standard Chemical Co,Ltd
Sept.23_ _2287
Standard Gas Equipment Corp
Sept.23..2287
Standard Steel Spring Co
Sept.23..2288
Standard Textile Products Co
Sept.23..2288
Staten Island Rapid Transit
Sept.30..2451
Su pertest Petroleum Corp., Ltd.. -Sept.30..2476
Taiwan Elec. Power Co., Ltd
Sept.30_ _2464
Tampa Electric Co
Sept.23_ _2266
Tennessee Central
Sept. 30..2452
(The) Tennessee Elec. Power Co
Sept.30._2457
Term. RR. Assoc. of St. Louis
Sept.30.2452
Texarkana & Fort Smith
Sept.30 _ _2450
Texas Gulf Producing Co
Sept.23..2266
Texas Mexican
Sept.30_ _2452
Texas & Pacific Ry
Sept.30 _ _2454
Third Ave. Ry. System
Sept.30_ _2457
Tobacco Products Corp.of N.J
Sept.30..2457
Toledo Peoria & Western
Sept.30..2452
Toledo Terminal
Sept.30_2452
Union Pacific
Sept.30..2452
Union RR.of Penna
Sept.30..2452
Union Water Service Co
Sept.30 _.2457
United Electric Coal Co.
Sept. 23_ _2289
U.S.Smelting Refining & Mug.Co Sept.30..2457
United Stores Corp
Sept.30..2457
Utilities Power & Light Corp
Sept.30_ _2447
Vadsco Sales Corp
Sept.30.-2457
Virginian RR
Sept.30_ _2452
Wabash Ry
Sept.30_ _2452
Western Maryland Ry
Sept.30 _ _2454
Western N. Y. Water Co
Sept.30_ _2457
Western Ry. of Alabama
Sept.30._2452
Western Reserve InvestinA Corp...._Sept. 23..2266
Wheeling & Lake Erie
Sept.30..2452
Wilbur Suchard Chocolate Co
Sept.30..2457
Yazoo & Mississippi Valley
Sept.30..2450
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
oi
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Southern
St Louis Southwestern
Western Maryland
3d
3d
2d
3d
3d
3d
3d
Previous Inc.(+)
Dec.
Year.
$
3,818,811 --572.284
3.517,000 --778,000
+1.500
18,500
--28,282
220,144
1,901,531 i-101,881
--38,272
275,372
--58,779
231.426
Current
Year.
Period
Covered.
wk of Sept
wk of Sept
wk of Sept
wk of Sept
wk of Sept
wit of Sept
wit of Sept
3,248,547
2,759,000
18.000
191,862
2,003,412
237,100
290.205
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country:
Length of Road.
Gross Earnings.
Month.
Inc.(+) or
Dec.(-)•
1932.
1933.
274.890.197
231.978.621
288.880.547
267.480.682
254,378,672
245,869.626
237.493.700
228,889.421
185.897.882
219.857.608
227.3(10.543
257.963.038
281.353.009
297.185.484
January
February
March
April
May
June
July
1933.
1932.
--46.000.776
--46.080.759
--69.022.941
--40.180.139
+3.584.344
+35.484.283
+59.611.784
Miles.
241.881
241.189
240.011
241.680
241.484
241.455
241.348
Miles.
241.991
241.467
241,489
242.160
242,143
242.333
241.906
Net Earnings.
Month.
January
February
March
April
May
June
July
Sept. 30 1933
Financial Chronicle
2448
Inc.(+107 Dec.(-).
1933.
1932.
Amount.
Per Cent.
45.603.287
41.460.593
43.100.029
52.585.047
74.844,410
94.448.869
100,482.834
$
45.964.987
56,187,604
88.358.042
56.261.840
47.416,270
47,014,729
46,144.017
-361.700
-14.727.011
-25.256.013
-3,678.793
+27.428.140
+47.429.940
+54,334.821
-0.79
-26.21
-36.95
-6.54
+57.85
+100.87
117.74
Net Earnings Monthly to Latest Dates.
Akron Canton & Youngstown1930.
1931.
1932.
1933.
August$232,234
$171.777
5120.061
Gross from railway_-- 3170.318
90,161
57,395
24,819
70.926
Net from railway_ 63,780
30,263
4.919
44,315
Net after rents
From Jan 1
Gross from railway..... 1,083.066 1,054.826 1,345,248 1.964.945
672,969
422.873
321,669
407,827
Net from rallway..
370,143
204,325
146.731
227,620
Net after rents
Alton1930.
1931.
1932.
1933.
AugustGross from railway-. $1,325.813 51,160.577 $1,538.886 $2,223,376
502.776
201,202
310.631
508,587
Net from railway 185.215
-40.366
54,161
270.291
Net after rents
From Jan. 1
Gross from railway- _ 8.798,456 9.472.555 13,142.589 16,722.139
2,873.188
2.664.795 2,067.664 2,556,836
Net from railway
432,670
391,870
46,605
1,036.849
Net after rents
Ann Arbor1930.
1931.
1932.
1933.
August$420,189
5334.188
$242.343
Gross from railway-- $296.218
108.692
34.798
33,391
89.837
Net from railway___ _
56,228
6.207
818
58.884
Net after rents
From Jan 1
Gross from railway.._ - 1,926,732 2,106.062 2,779,699 3,353.618
747,010
414,743
376,334 2,576.682
Net from railway_ .._ 327,286
54,823
-33.943
116.320
Net after rents
& Santa Fe SystemAtchison Topeka
1930.
1931.
1932.
1933.
AugustGrossfrom railway- -510,637,319 511.736.335 $17.061,885 519.961,236
Net from railway---- 2,598.882 3,994.199 6.565.912 7.753.576
1,645,648 2,651,032 4.734,209 5,749.712
Net after rents
From Jan 1
Grossfrom railway...- 76.825.866 87.898.481 124,865.110 150,609.573
14,400,867 18.323,233 32,533,099 38,292.661
Netfrom railway
5,893.664 8.662.453 20.035.822 24.208,291
Net after rents
Atchison Topeka & Santa Fe1931.
1930.
1932.
1933.
August58.967.431 59,883.773 514.117,383 $16.257,776
Gross from railway
2.256.881 3,475,349 5,368.134 6.195,521
Net from railway
1.563,832 2,433.462 3,883.615 4,536,405
Net after rents
From Jan. 1
Gross from railway...._ 63,437.165 73.055,843 103.786.908 122.998,411
12.083.143 15.961,839 27.684.099 32.277,101
Net from railway_
5,926,658 8,935,143 18,132.751 21,426,197
Net after rents
Atlanta Birmingham & Coast1931.
1930.
1932.
1933.
August$366.468
$283,896
5176.159
Gross from railway.-- $224,967
-19,859
11,843
-59.978
3,307
from railway_ __ _
Net
-21.539
-50.866
-74,888
-14,407
Net after rents
From Jan. 1
1,653,498 2.366.863 2,801.822
Gross from railway- _ - 1,773.374
53,451 -418.815 -340.169 -158.2:32
Net from railway
-143.007 --623,155 --622,996 -425,925
rents
Net after
Atlanta & West Point1930.
1931.
1932.
1933.
August$181,437
5167.189
$104,671
Gross from railway-- 5113.099
12.074
19.839
-5.993
1.707
railway........
Net from
-6,553
-3,822
-29,914
-17.627
Net after rents
From Jan. 1
1,614,888
1,292.658
857,425
852,035
Gross from railway
266,877
131,513
-53,093
19.617
Net from railway
35,104
-39,077
-139,812 -224,260
rents
Net after
Atlantic Coast Line1930.
1931.
1932.
1933.
AugustGross from railway-- 52.381.573 51.946.561 52,865.259 53.781.870
-14.843
69,735 -323.353 -405.846
Net from railway__ _ 17,051 -497.703 -594.398 -230.475
Net after rents
From Jan 1
Gross from railway-- _ 26.806.221 26.801,859 48.556.770 43,690.320
7.358,458 3,871.659 10,128.196 9.920.270
Net from railway
3.397.835 -266,456 5.075.577 5,543,540
Net after rents
Baltimore & Ohio System
Baltimore & Ohio1930.
1931.
1932.
1933.
AugustGross from rallway $14.120.943 $9.807,184 514.802.593 519.865.010
5.951.434
3,868.381
Net from railway........ 5,509,238 3,159.942 2.657,052 4.697.092
4,029.145 2,159.398
Net after rents
From Jan 1
from railway.. 84.236:197 84.468.372 119.422:768 153.707.019
Gram
36,796.969
28.065,820 20.853.250 26,460.954 27,460.742
Net from railway__
19.300.418 12,843,156 17,915.802
Net after rents
B & 0 Chicago Terminal1930.
1931.
1932.
1933.
August$325,894
5321.290
$245.628
Gross from railway-- 5286,481
66.847
66.092
24,537
70,686
Net from railway__
128.033
79.053
75,431
93.619
Net after rents
From Jan. 1
2,599,194
2.190.236
2,037.322 2,135.531
Gross from railway
321.664
323.508
270.232
373.911
Net from railway
767,882
638,940
643,585
750,698
Net after rents
Bangor & AroostookAugust
Gross from railway...._
Net from railway..___
Net after rents
From Jan 1
Gross from railway...._
Net from railway........
Net after rents
Belt Ry of ChicagoAugustGross from railway...._
Net from railway....- Net after rents
From Jan. 1
Gross from railway__..
Net from railway......_
Net after rents
1933.
$221,893
--59,792
--65.632
1932.
5192.102
-129.496
--122,331
1931.
5286,031
--61,745
--74,221
1930.
$382,946
6.238
--2.507
3,931.429
1,534.002
1.147,242
4.425.908
1,679.436
1,252.523
4,724.829
1,333.650
936.025
5.686.629
2.093.405
1,615.019
1933. •
$388,216
155.153
138.881
1932.
8328.669
103,015
153,920
1931.
$464,192
137.399
92,580
1930.
$578.301
205.982
150.879
2,617,949
964,364
1.106,247
2,562.'58
741.766
778,245
3.629.828
1.214.137
925,526
4.657,680
1.373.305
1,221,494
Bessemer & Lake Erie1933.
AugustGross from railway-- $1.062,167
541,524
Net from railway_ _
Net after rents
541,275
From Jan. 14.125.884
Gross from railway
1.320.560
Net from railway.. _
Net after rents
1,208.238
i
1930.
1931.
1932.
$3382.684 51.042.707 51.826.296
1,021.522
492,128
-14.568
835.093
433,405
-51,362
2,316,667
-659.458
-820.668
6.194.241 10.259.705
1.500.825 3.925.731
1.166,452 3,263.705
Boston & Maine1930.
1931.
1932.
1933.
AugustGross from railway__ $3,903,452 53,527.064 54,879.537 35.931.922
1,704.224
1,339.736
991.921
Net from railway__ 1,223.558
876.054 1.157,329
612,512
769.710
Net after rents
From Jan. 1
Gross from railway...... 27,540,097 30.582.643 39.941,430 46.742.945
Net from railway_ _ _ _ 7,776.724 7,854,358 10.890.683 11,879.748
4.784.503 4.688.764 7,024,036 7.928.300
Net after rents
Brooklyn E D Terminal1930.
1931.
1932.
1933.
August596,492
899.647
$74,476
$86,337
Gross from railway___
34.110
37.796
31.004
39.501
Net from railway........
28.017
31.350
24,638
33.643
Net after rents
From Jan. 1
882,334
836,549
577,610
622,456
Gross from railway......
351,164
346.045
236,320
280,880
Net from railway_ _ _ _
296,444
291.959
182.494
231,858
Net after rents
& IndianaCambria
1930.
1931.
1932.
1933.
August$95,801
$82,323
Gross from railway...._ $108.842
20,618
17.752
39.151
Net from
75,173
49.396
99.392
Net after rents
From Jan. 1
813,935
697.160
814,749
Gross from railway...._
193,452
164.949
270,401
Net from railway......
627,804
483,670
635.593
Net after rents
Canadian National System
Canadian Nat Lines in New Eng1930.
1931.
1932.
1933.
August516:3.003
$186,135
594,714
$116,952
Gross from railway..
518
61.844
-36.817
50
Net from railway _._
-58.770
-1.004
-50.257 -103.811
Net after rents
From Jan.(1.344,870
1,046,700
799,434
686.096
Gross from railway......
Net from railway_ _ _ -128,857 -185.636 -228,440 --185.359
-526,009 -653.033 --713.526 --716.358
Net after rents
Central of Georgia1930
1931
1932
1933.
August5872.759 51,430.631 $1,642,493
51.076.633
Gross from railway
358,457
285.267
44.931
196.158
Net from railway.... - 278.742
164.910
-76.196
108.520
Net after rents
From Jan 1
8.168.987 7,820.593 12.167.716 14.573.082
Gross from railway
3.096.751
635.887 2.411.461
Net from railway........ 1,294.062
406.730 -322,618 1,368.329 2,204.547
Net after rents
Central RR of New Jersey1930.
1931.
1932.
1933.
AugustGross from railway......82,527,653 $2,478,182 $3,365.957 54.685.439
1.676.118
991,721
684.214
853.050
Net from railway........
1,063,235
423.480
82,020
2/5,177
Net after rents
From Jan. 1
Gross from railway...... 17.794,966 20.242.576 27,083.091 35.240.005
4.897.605 4,975,022 6,499,682 8,932,283
Net from railway
2,952,196 4,736.449
1,672.467 1.530,501
Net after rents
Charleston & Western Carolina1930.
1931.
1932.
1933.
August$211.277
$192,452
$103.063
Gross from railway...... $152.373
50.264
43.198
9.114
45,298
from railway.......
Net
31.869
25.130
-3.397
27,948
Net after rents
From Jan 1
1.906.631
1,781.328
1.122.389
Gross from railway...... 1,300.257
348.406
509.511
215,591
470.762
Net from railway_ _
168.430
313.003
87.070
327.578
Net after rents
Chicago Burlington & Quincy1930.
1931.
1932.
1933.
AugustGross from railway.-- $7 370,644 56.621.850 59.814.776 $13.929.2)3
1,931.190 3.817.825 5.011.159
Net from railway........ 2.519.924
935,378 2.623.844 3.590.898
1,597,670
Net after rents
From Jan. 1
Gross from railway...... 49,314.138 52,286.913 76,5591'44 94.079.294
Net from railway...... 14.661.114 13,049.015 23.546.'11 28.047.031
7,077.316 5,372.449 14,536.3/9 18,472,303
Net after rents
Chicago & Eastern Illinois1930.
1931.
1932.
1933.
August5987,660 51.359.255 51.696.995
Gross from railway-- 51,161.362
272.558
231.595
135,868
326.722
Net from railway
-46,877
-50.276
133.150 -105.324
Net after rents
From Jan 1
7,804.877 7,946,628 10,447.026 13.616 836
Gross from railway
1:775.3)9
994.583
672,016
Net from railway__ _ _ 1.514.209
-107,228 -1,209.510 -1.095.369 -572.578
Net after rents
Chicago Great Western1930.
1931.
1932.
1933.
August51.382.757 $1,206.026 $1,795.692 52,010.007
Gross from railway
615,080
534.796
214.862
467,041
Net from railway_ _ __
324,173
234.560
-22,941
195,726
Net after rents
From Jan. 1
9.432.863 10.055.836 13.492.362 14,984.757
railway
Gross from
Net from railway........ 2,501,250 2,411.897 3.950,617 3,609.007
335,953 1,741,936 1,523,669
479,706
Net after rents
Chicago & Illinois Midland1930.
1932.
1931.
1933.
August$259.971
$156.374
$231.003
Gross from railway.... $276.885
54.655 • 69.234
29.907
107.595
Net from railway......
56,669
6.868
47.715
88.731
Net after rents
From Jan. 1
1.944.217 1,326.943 1,805,640 1,995.204
Gross from railway_
403.619
226.094
305,559
684.226
Net from railway
300,340
83,612
202,205
622.817
Net after rents
Chicago Milwaukee St Paul & Pacific1930.
1932.
1931.
1933.
August88.360.183 $7,52 .642 89.737.533 813.611.921
Gross from rallway
1,242,661
2.430.322 4.210.241
2.201.556
Net from railway
237.280
1.236.029 2.961.402
1.194.117
Net after rents
From Jan 1
56,264,432 54.563.682 76.545.284 95,685.650
Gross from railway
14.091.705 5.241,201 14.286.333 18.786.448
Net from railway5,479,838 -3,867.091 4,905,867 9.322,447
Net after rents
Volume 137
Financial Chronicle
2449
Duluth Winnipeg & PacificChicago & North Western1932.
1931.
1930.
August1930.
1933.
1931.
August1932.
1933.
$93,092
$136,065
Gross from railway$97.633
Gross from rallway___ $7,533,485 $6,362.601 $9.558,195 $12.551,220
$56.753
-24.114
-23.017
-17.171
Net from railway__
Net from railway__ __ 2,392,392 1,585.120 2.154,870 3,717.724
21.054
-18.096
-14,895
-37,873
Net after rents
29.519
Net after rents
675,867 1.136.164 2,621.509
1,607,400
From Jan 1
From Jan. 1
592.494
818,064
1,254.932
Gross from railway
515,332
Gross from railway- _ 47,864.854 47,982.275 71,556,006 88,427,338
44,765
Net from railway
Net from railway_
-87,708 -125,371 -218,826
9,490.725 6.370.014 12,873,674 18,187,210
-18,932 -229,271
-4.920
Net after rents
19,003
Net after rents
796,978 5.278.849 10.303,667
2.968.143 Chitago River & IndianaElgin Joliet & Eastern1932.
1931.
1930.
1930.
AugustAugust1931.
1932.
1933.
1933.
$937.543 $1.692,559
$512,872
Gross from railway
$530,952
Gross from railway... $1,204,565
$437,203
$347,419
$406,825
1.021,139
242.089
Net frmn railway_ _ _ _
-7,611
55.264
Net from railway..
203,131
427.756
186,637
226,469
780.373
283,777
Net after rents
Net after rents
268,946 -155,682 -111.813
224.713
221933
262,217
From Jan. 1
From Jan. 1
Gross from railway__ _ 2,939,060 2,847,555 3.665.226 4.146,480
Gross from railway... 6,557,924 5,382.385 9,972,126 15,705,726
1,771.154 4.979.880
1.762,429
344.065
Net from railway_ __ _ 1,650,587 1406.523
Net from railway_ - _ _ 1,746,562
1,633,032
271,493 2.670,509
Net after rents
Net after rents
1.857.340 2,062,916
587,690 -852,662
1,615,189
1,908,905
Chicago R I & PacificErie System1930.
1931.
August1932.
1931.
1930.
August1932.
1933.
1933.
Gross from railway_ $5.658,145 $5,814,727 $8,430,802 $11,023.483
Gross from railway... $6.950,757 $6.061,795 $7,761.050 $9.348.057
1.805.815
Net from railway____
1,007.069 1,259.112
Net from railway---- 1,838.973
1,993.050 3,799,955
870,294 1,255,557
Net after rents
857,469 1,421.321
576.929
974,648
2,626,247
Net after rents
1,471.456
63.183
362,210
From Jan 1
From Jan 1
Gross from railway... 42,820.623 48,008.494 70.466,273 84,734.132
Gross from railway
47,145,806 48.743,916 61,981.988 73,559.616
Net from railway
Net from railway
8,820,467 9,865,951 18,543,809 21,531.419
10,359,229 7,426,137 10.244.091 12.344.593
Net after rents
2,137,183
2,364,573 10,416,240 12,844,742
Net after rents
7,927,455 4.699,275 7,528.898 9,524.762
Erie RRChicago St Paul Minn & Omaha1931.
1930.
1932.
August1933.
August1930.
1932.
1931.
1933.
Gross from railway
$6,121.541 $5,359,280 $6,897,152 $8,272.573
Gross from railway... $1,512,850 $1,432,859 $1,769.261 $2,502,806
1.884.697
1,457,199
1,210.253
Net from railway
1,849,116
Net from railway_ _ _ _
339.005
711.843
289,930
510,381
1,370,631
871.465
622,263
Net after rents
1,381,243
Net after rents
133,182
148,227
492,991
346,089
From Jan. I
From Jan. 1
Gross from railway
41,321,293 43,010,461 54,634.775 64.485,532
Gross from railway
9,589,523 9,736,660 12,817.839 16,705,987
Net from railway.... 10,873,445 9,125,011 11.144.329 12.459.497
Net from railway_ _ _ 2,154,767
771,108
1,570.255 2.983,122
7,227,796 8.622,205
7.301,476 4,846.801
Net after rents
Net after rents
1.505.479
456,714
212,166
957,907 Chicago & ErieClinchfield1931.
1930.
1932.
August1933.
August1932.
1930.
1933.
1931.
$863,897 $1,075.484
$702,515
Gross from railway.-- $829,217
Gross from rallway___ $452,120
$448,946
$267.066
$428.076
377,227
272,212
227,514
Net from railway
368.106
Net from railway.___
199,419
143,367
138.548
67,288
-13,996
50.689
-45,334
Net after rents
90.213
Net after rents
102,730
22.031
193,133
103.369
From Jan 1
From Jan. 1
5,733,455 7,347.213 9,074,084
Gross from railway
5,824,513
Gross from railway
3,172,486 2.577.390 3.700.870 4,079.354
1,876.497 2,692.675 3.540.469
Net from railway.... 2,519.311
Net from railway..__ _ 1,442,087
716.498 1,243.739 1,366.870
902,556
Net after rents
625,979 -147,526 -301.103
Net after rents
1.141,291
991,160 1,266,998
301.051
New Jersey & New YorkColumbus & Greenville1931.
1930.
1932.
August1933.
August1933.
1931.
1930.
1932.
$88,371
$109,863
$120.668
Gross from railway...
$72.850
Gross from railway__
$124.315
$70,041
$48,059
$78.369
3,040
21.914
-428
Net from railway....
-9,330
Net from rallway____
7,100
10,983
8,577
24,401
-11.778
-29.848
-24,771
Net after rents
-31.778
Net after rents
2.229
10,600
2.895
-29.445
From Jan. 1
From Jan. 1
961,663
897.834
736,377
Gross from railway
638,470
Gross from railway...
467,824
702.913 1,074.587
116.475
472,822
130.511
29,250
Net from railway.... -30,568
Net from railway_ --37.282
136.782
-69.806
80.532
-169,297 -125,098 -164,853
Net after rents
-217,150
Net after rents
85,397
41,559
64,700
-65.597
Florida East CoastDelaware & Hudson1931.
1930.
1932.
1933.
AugustAugust1931.
1930.
$382.414
$585,883
1933.
1932.
$279,354
Gross from railway... $230.233
Gross from railway
-91.099
-19.035
$2,237,109 $1.810,659 $2,618.885 $3,359,521
Net from railway..... -173.196 -139.773
Net from railway....
862,583
492,280
26,397
582.857
Net after rents
-264,858 -230,555 -243,235 -179.393
Net after rents
394,951
495.388
769,532
-77,957
From Jan. 1
From Jan. 1
Gross from railway... 4,938,632 5,044,977 7.117,307 8,808.633
Gross from railway
13,9£6.534 15,401.370 20.889.611 25.056,057
1,102,765 2,184.998 2.636.580
1,252,135
Net from railway
Net from railway_ _ _ _
541,498
443,950 2.949.714 4,586,921
763,734
1,065.224
-28,321
Net after rents
310,799
Net after rents
81,390 -293,353 2,357,365 3,594.862
Fort Smith & WesternDelaware Lackawanna & Western1931.
1932.
1930.
1933.
AugustAugust1933.
1932.
1930.
$61.100
1931.
$47,702
$97.016
$45,937
Gross from railwayGross from railway.-- $3,882,861 $3,572.696 $4.7 2.558 $5.936.315
-4,218
-969
13.368
291
Net from railway....
Net from railway
982.162
1.692.567
-17,095
657.316
890.479
-10.094
623
-6.506
Net after rents
Net after rents
555,015
187.047
460,252
1,190,046
From Jan 1
From Jan 1
514,225
399.820
858.957
395.799
Gross from railway
Gross from railway... 28,299,354 31,058.222 40,214,043 46,746,142
-29,815
-9.857
109.479
12.796
Net from railway....
Net from railway.... 5,630,647 5,748.217 8,644,394 11.242,706
-91,752 -110,172
-13,931
-37,574
Net after rents
Net after rents
2.056,436 2,223,615 4,929,236 7,296,268
GeorgiaAugust-ga-ust_
Denver & Rio Grande Western1931.
193..2.
1930.
1933.
August1933.
1932.
1931.
1930.
$348,307
$379.678
$232.486
Gross from railway.-- $252,843
Gross from railway.-- $1.543.922 $1,459.591 $2.042.097 $2,641.181
26.074
45,113
63,485
43,426
Net from railway____
Net from railway
529,756
699,021
434.870
833.852
42,2.3
29,883
67.771
51,730
Net after rents
Net after rents
380,282
251,938
537,155
648.601
From Jan 1
From Jan 1
1,871,135 2,847,403 3.134,950
2,024,873
Gross from railway
Gross from railway_
9,877,852 10.255.222 14.888,203 18.608.747
395,283
418.465
80.290
349,677
Net from railway
Net from railway
2,277,077 1,638,048 3,892.809
5.025,262
411,852
119,893
458,082
374,991
Net after rents
Net after rents
1,158,616
386.659 2,703,948
3,821,276
Georgia & FloridaDetroit & Mackinac1931.
1930.
1932.
1933.
AugustAugust1931.
1933.
1932.
1930.
$253,411
$160,264
$72,395
Gross from railway... $162.091
Gross from railway...
$62.161
$96.090
$94,128
$102,538
40.880
103.880
-6.794
74.562
Net from railway
Net from railway_
41.401
36.916
18.093
12,492
11,594
31.079
86.099
67.544
Net after rents
Net after rents
29,309
13.156
36.026
3,739
From Jan 1
From Jan. 1
1,134.729
1,013.283
573,590
669.898
Gross from railway...
Gross from railway
700,711
382.046
482.818
742,866
61.077
136.732
90.998
55.228
Net from railway
Net from railway- -31,310
67,751
188,814
61.054
49,067
-32.995
6.622 -160,240
Net after rents
Net after rents
6,121
140.146
41,044
2,397
Grand Trunk WesternDetroit Terminal1930.
1932.
1931.
1933.
AugustAugust1932.
1931.
1933.
1930.
$979,384 $1,546.406 $1,969,549
Gross from railway.-- $1,371,889
Gross from railway.-$69.224
$28.917
$57.739
$112,083
37.812
219.463
151.398 -114,361
Net from railway....
Net from railway.8,134
18,758
-8.531
25,914
-28,212 -278.589 -204,447 -141.285
Net after rents
Net after rents
-9.614
7,764
-23.668
12,145
From Jan. 1
From Jan. 1
9,475,850 14.409.963 18.787.860
Gross from railway.-- 10.167.131
Gross from railway
452,433
429,324
658,834 1,010,102
-5.707 1,496,106 3,297.332
963,775
Net from railway
Net from railway
97.642
52.810
134.460
218.449
698,052
-486.206 -1.519,486 -769,874
Net after rents
Net after rents
4,699
-90,602
-28,583
102,182
Green Bay & Western
Detroit Toledo & Ironton1930.
1932.
1931.
August1933.
August1931.
1933.
1932.
1930.
$124.404
$139.742
$93,224
Gross from railway-- $106.663
Gross from railway... $416.879
$252.865
$374.911
$683,020
21.968
33,758
8,449
Net from railway_ _ __
20.794
ay
Net from ralim
189,668
41.615
105.498
190.475
26,510
9.296
214
Net after rents
14,488
Not after routs
144,764
39,856
4,008
126,615
From Jan. 1
From Jan. 1
959.588 1,177.334
Gross from railway
731.262
768.503
Gross from railway.-- 2,594.334 2,988.644 4,376.463 7,813,392
287.691
145,006
Net from railway....
107.309
86.447
Net from raiNay
1,019,300
787,394
1,444,459 3.481.225
71.089
171.945
Net after rents
46.587
16,146
Net after rents
669.233
921.542 2,708.611
388,205
Great Northern RailwayDetroit & Toledo Shore Line1930.
1932.
1931.
Auuust1933.
August1932.
1933.
1931.
1930.
Gross from railway.- $7.155.080 $5.165.599 $7.161.174 $10.653,760
$126.455
Gross from railway-- $215,756
$205,563
$233.500
4.278,389
Net from railway.....3,185.276
1,141,199 2.562,327
Net from railway. _ _ _
103,866
79,869
40,573
86,816
1,762,457 3,294,651
362.392
Net after rents
2.384.167
-2.330
Net aLer rents
43.549
22.004
21,085
From Jan. 1
From Jan. 1
Gross from railway.... 37,842.442 33.578.218 50.565,374 65.505.702
1,680,673
2,029 889 2.621.514
1,472,247
Gross from railway
Net from railway_ --- 11,285.029 2,135.068 11 587,141 15.104,349
840,412
892,361
616.300
Net from railway_ 1,223.429
Net after rents
5,421.870 -3,701,169 5,205.439 8,538,045
351,371
Net after rents
166,976
320,824
522,561
Gulf & Ship IslandDuluth Missabe 8c Northern
1932.
1930.
August1931.
1933.
1932.
1931.
August1933.
1930.
Gross from railway$205.279
$76,195
$130,459
$85.528
$475,757 $2.080,370 $3,494,979
Gross from railway- $2,413.422
Net from railway_ _ _ 34.346
987
737
10.880
98.385
1.237,130 2,342,098
Net from railway.... 1,806,441
-14,477
Net after rents
-35,196
-14.079 25.584
71,332
1,141,620 2.113,633
1,685,737
Net after rents
From Jan. 1
From Jan 1
1.834.522
Gross from railway...
686.024
1.172.222
715,809
1,391,408 7.862.667 15.152.395
Gross from railway.-- 5,581,075
297,682
Net from railway_ _ -9.157
-41.285
126.748
2,217,540 -1.889.293
1,422.246 7,256,868
Net from railway
Net after rents
-70.032
-101.363 -204,844 -379.988
1,856.739 -1,954,034
828,744 5,773,428
Net after rents
Illinois Terminal Co
Duluth South Shore & Atlantic1931.
1933.
1932.
1932.
1931.
August1933.
August1930.
1930.
Gross from railway
$137.881
$597.050
$661,520
$250.384
$493.782
$350.318
Gross from railway- $238.117
$326.976
93.801
225,953
47,174
Net from railway_ _ _ _
199.488
91,354
-20,626
229,270
45,922
Net from railway___Net after rents
134.306
73.068
-50.921
50,278
156.770
152,827
12,575
7,347
Net after rents
From Jan. 1
From Jan 1
3,097.952 2,982.562 4,435.355 5,024.689
Gross from railway
1,263,247
1,130,190
1,938.986
2.732,191
Gross from railway
757,359 1,519.143 1.510.013
Net from railway_ --986.308
142,230
181,147 -140,165
391.965
Net from railway
344,521
1,040,139
Net after rents
549.056
932,973
74 -380,238 -141,801
44,062
Net after rents
Financial Chronicle
2450
Illinois Central SystemAugust1933.
Gross from railway.-- $7,799.752
Net from railway-- _ - 2,176,702
Net after rents
1,411.622
From Jan. 1
Gross from railway
56.551.203
Net from railway_ - _ 16,400,139
Net after rents
9.918,348
Illinois Central RRAugust1933.
Gross from railway_..'$6,792,502
Net from railway_ --- 1,866,446
Net after rents
1,313,010
From Jan. 1
Gross from railway__ _ 49,252,328
Net from railway_ _ 14.115.731
Net after rents
9,390,916
Yazoo & Mississippi ValleyAugust1933.
Gross from railway.-- $1,007,250
Net from railway..._ _
310,256
Net after rents
98.612
From Jan. 1
Gross from railway
7.298.875
Net from railway_ _ _ _ 2,284.408
Net after rents
527,432
Kansas City Southern System
Kansas City SouthernAugust1933.
Gross from railway__ _ $761.229
Net from railway_ _ _
219.701
Net after rents
130,859
From Jan. 1
Gross from railway__ - 5,604.508
Net from railway_
1,534.412
Net after rents
756,036
Texarkana & Fort SmithAugust1933.
Gross from railway
$87.646
Net from railway_
35.283
Net after rents
10.810
From Jan. 1
Gross from railway..
643,438
Net from railway_ _
208.760
Net after rents
6.880
Kansas Oklahoma & GulfAugust1933.
Gross from railway__ $174,372
Net from railway_.._..
94,461
Net after rents
62.240
From Jan. 1
Gross from railway
1,158,350
Net from railway
554.582
Net after rents
308,001
Lake TerminalAugust1933.
Gross from railway
$106,623
Net from railway........
55,800
Net after rents
54,938
From Jan 1
Gross from railway
434.632
Net from railway
181.164
Net after rents
165.031
Lehigh & Hudson RiverAugust1933.
Gross from railway...... $133,532
Net from railway .. _
44.837
Net after rents
19,075
From Jan. 1
Gross from railway__ _
947,545
Net from railway_ _
310,167
Net after rents
120.226
Lehigh & New EnglandAugust1933.
Gross from railway
$245,127
Net from railway...... _
47,066
Net after rents
46,226
From Jan. 1
Gross from railway
1,950.275
Net from railway_ _ _ _
427,550
Net after rents
408,327
Lehigh ValleyAugust1933.
Gross from railway
$3,581,578
Net from railway
970,300
Net after rents
688,791
From Jan 1
Gross from railway... 24.572.867
Net from railway...... 4,955,404
Net after rents
2,247,519
Louisville & NashvilleAugust1933.
Gross from railway.-- $6.349,676
Net from railway_ - -- 1.885,811
Net after rents
1,608,991
From Jan. 1
Gross from railway...... 42,853.131
Net from railway_ _ _ _ 10,256,317
Net after rents
7,443,219
Maine CentralAugust
1933.
Gross from railway__ *911.033
Net from railway.......
259.521
Net after rents
172.105
From Jan. 1
Gross from railway..... 6.857.472
Net from railway--- 1.943,891
Net after rents
1.270,844
Midland ValleyAugust
1933.
Gross from railway..... $130.321
Net from railway
69.186
Net after rents
50.152
From Jan 1
Gross from railway....
872.585
Net from railway...384,921
Net after rents
257.293
1930.
1931.
1932.
$6,854.450 $9.888.724 $11.914,470
2,181.690 2.599.180
1,748,256
1,495.577
1,422.062
929,035
58.204,159 80.334.282 101.717.791
13.387.282 13,912.418 21.188.910
6,385,882 5,931.447 12,838,029
1930.
1931.
1932.
$5,978,883 $8,372.911 $10,235,997
1,531,992 1,814.858 2,351.186
1,532,629
1,298,490
937.831
50,686.159 68,935,647 85,977,115
11,813.970 12,397,635 17,889.864
6,596,425 6,714,290 11,725,578
1930.
1931.
1932.
$875,567 $1,515,813 $1,678,473
247.994
366,832
216,264
37,052
123,572
--8,796
7,518,000 11.398,635 15,674,332
1,514.783 3,290.259
1,573,312
-210,543 -782.843 1,109,007
1930.
1932.
1931.
$675.344 $1,058.022 $1,624.606
622.947
150.977
361,884
447,269
203,408
50.508
,5.842.512
1,367.220
475,366
8.576.796 11.784,731
2.706.144 3.781.224
1,627,013 2,427,620
1932.
$88.121
27,710
-970
1931.
$173.054
80.146
48,064
1930.
$233.655
91.798
45,353
764.851
225,875
818
1,339.079
593.787
330,248
1,748,287
• 689,589
327,785
1932.
$124,669
48.083
23.980
1931.
$240,278
113,709
71.411
1930.
$248,838
113.790
70,688
1.161.696
448,734
216,369
1,773.734
746,548
439,192
2,055,029
897.680
564.955
1932.
$54.140
28,354
30.942
1931.
$63.406
26.475
23.708
1930.
$106.215
24.279
18.032
214.998
38.554
26,816
447.715
67,442
29,971
674 626
107.603
39,543
1932.
$116.227
34,978
9.148
1931.
$174,105
62,217
31.053
1930.
*192,712
74,605
37.308
1,053,593
264,347
151,336
1,357,388
397,152
151,336
1,503,027
421,067
178,487
1932.
$261.443
76.514
70,498
1931.
$331.959
68.433
64,371
1930.
$481,539
149,211
119.644
2,162,775
466.958
457,145
2.782,990
565,272
546,152
3,317.498
805,052
651,348
1932.
1931.
1930.
$2,784.866 $3,946.101 $5,112,502
211.852
598.225
1,169.108
-108.718
238.523
775,959
25,420,746 34.610.526 41,001.738
3.917.938 6,325.974 8,468,840
1,160.166 3.169,025 5,283,638
1930.
1932.
1931.
$5.058,199 $7,202.985 $8.950,797
1,155.175 1,340,675 1,529,888
953.247 1.002.036
853,253
41,281,619 60.846.575 76,539.405
5,405,619 10,382.784 11,554.919
2.054,760 6,535,992 7,572.783
1930.
1932.
1931.
$873,676 $1,271,428 $1.585,702
383,968
306.950
186,176
275,689
187,903
98,633
7,793,321
1.702,423
952.863
10,406.417 12.963.335
2.402.792 3,140,632
1,996,715
1,343.008
1932.
$116.801
53.046
40.792
1931.
$194.417
90.651
65,351
1930.
$276.631
123.329
89,834
974.691
365.490
228.194
1,388,391
496,185
306,450
1,993.346
801.334
556,993
Minneapolis & St Louis1931.
1930.
1932.
August1933.
$918.972 S1.304.186
Gross from railway-- $743.228
*753.190
Net from railway__
355.465
105.508
120.335
146.901
924
Net after rents
223.553
88,715 ' 55.128
From Jan 1
Gross from railway.... 4,994.241
5,014.876 7.157.892 8.402.578
Net from railway
763.253
1,053.797
-32.847
575.498
Net after rents
173,374
103.331
109.725 -556,157
Minn St Paul & Sault Ste Marie1931.
1930.
August1932.
1933.
Gross from railway-- $2,287,579 $1,948.065 $2,543.973 $3,892.947
Net from railway....
556.099 1,220,014
716,781
235,663
Net after rents
185,722
805.802
409,321
92,052
From Jan 1
Gross from railway.- 14,186.889 14,223,350 19.823.723 26.169,760
Net from railway
4,705,208
2,338.085
536,975 3.075.581
Net after rents
289.516 1,697,776
134.507 -1.973,188
Mississippi CentralAugustGross from railway....
Net from railway....
Net after rents
From Jan 1
Gross from railway
Net from railway....
Net after rents
Missouri IllinoisAugust- "
Gross from railway.-Net from railway....
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
Sept. 30
1933
1933.
$62.085
11.937
5.624
1932.
$58.196
14,280
6,190
1931.
$96.010
36,288
25,155
1930.
$109.979
34.925
22.093
396.772
28.654
-23.093
395.493
-15,444
-74,055
687.029
152,815
75.215
894.021
183.072
124,264
1933.
$89.559
28,526
16,152
1932.
$70.159
10.610
-352
1931.
$136,335
48.427
30.070
1930.
$175.008
57.811
37.633
544,413
102,778
-4.965
585.360
108.735
12,249
915.660
221 766
105;823
1.251.842
342,566
213,265
•
Missouri-Kansas-Texas
August1933.
1932.
1931.
1930.
Grossfrom railway..-- $2,247.483 $2.256.632 $2,944.740 $3.932.399
Net from railway__ __
564.463
718.462
953,848 1.372,593
Net after rents
257,781
377,594
From Jan. I
Gross frorn railway__ _ 15.839.866 17.704.896 22.755.299 29,781,763
Net from railway_ _ _ - 3,374,444 4.512.715 5.448,327 8,630.525
Net after rents
525,889 1.552.160
Missouri Pacific
August1932.
1931.
1933.
1930.
Gross from railway__ $6,261,018 $5.498.007 *8.669.144 $10.622.238
Net from railway...._ 1,632.478
1.293.930 2.587.834 3,068,690
Net after rents
693.925 1,830,020 2,208.354
855.682
From Jan 1Gross from railway
44.343,535 45.694.500 66.685.788 81.626.360
Net from railway...... 10.457.412 9.767,046 18.425.653 20,309.696
Net after rents
4,739,602 4,367,171 12,108,592 13,492.836
,
Mobile & OhioAugust1932.
19'31.
1933.
1930.
Gross from railway_ $746.432
$616,988
$808.791 $1,102.730
Net from railway...-32.427
129.601
86.171
217.039
Net after rents
-12,158
32,300
-69,592
63,752
From Jan 1
Gross from railway
5,328,783 5,223,222 7,148.829 9,789,927
Net from railway_ ..-407,900
958,753
997.771
1,858,635
Net after rents
136,863 -530,890
8,160
676,845
MonongahelaAugust1932.
1931.
1933.
1930.
$260,485
Gross from railway.-- $362.331
$354.375
$503,801
Net from railway__
160.703
186,472
242,693
248.399
Net after rents
84,567
96,094
146,954
131,682
From Jan 1
Gross from railway
2,299.629 2,413.893 3.249.927 4,202.046
1,381,679
Net from railway....... 1,452.928
1,573.757
1.855,903
824,972
Net after rents
696.453
769,500
908.420
Monongahela Connecting1932.
1931.
August1933.
1930.
$74,279
Gross from railway...... $123,698
$35,652
$138.338
-3,764
Net from railway...-.
24,121
32.329
24.991
Net after rents
-8,358 ' 14,065
19.434
26,133
From Jan. 1
Gross from railway......
762,997
1,388,594
331,485
510.680
33,170
316,431
Net from railway_ --.
20,591
-94.412
Net after rents
-7.989
190.037
-17.821 -134,050
Nashville Chattanooga & St Louis
-1931.
1932.
1930.
August1933.
$908,124 $1,158.570 $1,547.448
Gross from railway-- $1,059.560
60.005
162.790
270,892
Net from railway___120.046
-10,036
115,564
Net after rents
188,690
51,946
From Jan 1
7,622.331 10,646,756 13,460,412
Gross from railway.- 8,362,491
1,114,400 2.113,910
658.224
Net from railway......1,356.460
258,218
523,684
Net after rents
921,544
1,534,891
Newburgh & South Shore1931.
1932.
1930.
August1933.
$28,469
$48,879
Gross from railway
$32.990
$112.705
22.578
17.911
Net from rallway
-3,254
5,651
26,158
14,169
Net after rents
-6.952
-4,712
From Jan. 1
392.158
694.606
Gross from railway...
952.849
312.535
-67,868
19.464
Net from railway.... -37,645
292,383
-46,775
Net after rents
181.480
-77,006 -133,192
New York Central System
New York Central1931.
1932.
1930.
August1933.
Gross from railway $27,423.036 $22,737.653 $32,679,061 $39.835,630
Net from railway.......8.328.806 6,532.475 6.727,702 8,508.767
Net after rents
4,403,736 2,597.798 2,973,516 4,382,561
From Jan. 1
Gross from railway....184,762.893 196,964.162 265,060,322 327,493.843
Net from railway....... 50,940.197 41,388,950 54,455,724 71,397,523
Net after rents
21,426.867 9,921,337 22,463,789 41.024,175
Indiana Harbor Belt1932.
1931.
August1933.
1930.
$563,318
$747,397
$894,079
Gross from railway.....$712.494
223,716
241,138
Net from railway........282,584
300,988
117.777
117,380
Net after rents
156,424
208,674
From Jan 1
4.779.094 6.240.462 7.316,260
Gross from railway.... 4,980,381
Net from railway..
2,065.008 1,595,725
1,762,856
2.333.468
Net after rents
1,237,395
849,414
1.035,134
1,677,978
EriePittsburgh & Lake
1932.
August1933.
1931.
1930.
Gross from railway..... $1.695,704
$935.968 $1.473,050 $2,421,383
467,760
90,605
Net from railway
141,643
624.494
104,451
446,515
Net after rents
225,391
758,009
From Jan 1
Gross from railway..... 9,491.374 8,101,966 12,549,764 19,411,824
630,533
Net from railway...... 1.909,424
1,705,227 4,110,364
2,004.641
898.079 2,341,215
Net after rents
5,100,471
New York Chicago & St Louis1932.
1933.
1931.
August1930.
Gross from railway.- $2,894.493 $2,279,441 $3,129.199 $3.955,652
559.536
Net from railway...... 1,003.440
723.292
1,087,340
170,188
585,012
Net after rents
259,260
603,220
From Jan. 1
20,111.635 19,655.774 25.482,879 32,004,526
Gross from railway
6,710.544 4,234,953 6.134.034 7,762.798
Net from railway
837,923 2,143.954 4,178,279
3,465,341
Net after rents
New York Connecting1932.
1931.
1933.
1930.
August$197,233
$193,959
Gross from railway.-- $148.159
$180,290
143,140
123,374
Net from railway._
99,698
107,959
66,564
75,530
Net after rents
29.146
40.671
From Jan. 1
Gross from railway..... 1.884,499 1.521,239 1,488.270 1,690.676
1,142,474
954,878 1,144,866
Net from railway.... 1,513.033
534,627
932,209
433,824
Net after rents
653,104
New York New Haven & Hartford1930.
1932.
1931.
1933.
AugustGross from railway... $6,034.888 $5.656.419 *8.260.810 $9,831,098
1,394,329 2,386,498 3,436.618
Net from railway___. 1,792,374
2,442.504
1,438.786
545,201
Net after rents
929,773
From Jan. 1
Gross from railway
43.874.391 50.966,012 68,398,163 80.377.849
Net from rallway
11.759,903 14,627,720 21.141,569 25.722.423
Net after rents
4,802,281 7,340,704 12.412,150 16,085,560
Volume 137
•
Financial Chronicle
2451
Reading Co1931.
1930.
1932.
August1933.
Gross from railway-- $4.537.416 83.803,434 35.568,669 36,921.350
997,961
1.185,347
693.898
Net from railway_ _ - 1,730.484
1,069.719
446.073
755.248
Net after rents
1,478.689
From Jan. 1
Gross from railway- 32.170.656 34.385.043 48,052,936 58.219.186
Net from railway.... 10.657.430 7.281,329 5,337.755 9,294,954
Net after rents
8.449.655 6,172,282 3,342,484 7,100,256
Rutland1932.
1931.
1930.
1933.
August
$355,354
$423,707
$469.082
Gross from railway_ _ _ $319,268
56,797
75.279
92,334
58.283
Net from railway_ _ _ _
41,957
61,021
70,722
51.223
Net after rents
From Jan. 1
2.230,655 2.630,484 3.055,589 3.564.955
Gross from railway
505.159
289,010
352,358
234.884
Net from railway...._..
159,846
379.781
207.174
173,974
Net after rents
New York Ontario & Western1930.
1931.
1932.
August1933.
Gross from railway-- $1.034,846
$987,579 $1,203,546 $1,191,973
382.011
320.098
375,750
Net from railway....
352.538
285,503
258.761
Net after rents
213,179
262,738
From Jan. 1
7,040,372 7.833,728 7.359.762
Gross from railway... 6.511,831
1,358.586
Net from railway
1.914.089 2,074.605 2.200,015
656,258
1,319,912
1,238,875
Net after rents
1.288,915
New York Susquehanna & Western1930.
1931.
August1932.
1933.
8393.308
$331,941
Gross from railway... $300,209
$288.498
125.546
78.925
Net from railway__
74,655
86.093
70,843
Net after rents
27,079
47,788
32,077
From Jan 1
2,982.011 3,103,450
Gross from railway..
2,118,968 2,305.401
850.870
902.779
Net from rallway
562,400
615.887
397,103
231,150
428.336
Net after rents
215,231
Spokane Portland & SeattleNorfolk Southern1930. -"
1931.
1932.
August1933.
1930.
August1932.
1931.
1933.
1475.834
$777,073
$598.928
Gross from railway.... $453.940
$516,717
$315,591
Gross from railway._. $367,193
$458,399
284.138
241,892
159,449
219,206
Net from railway..._.
82.396
Net from railway_ _ _ _
267
63,201
77,033
139,982
177,654
62,181
Net after rents
132.356
3,478
22,354
Net after rents
-54,168
27.971
From Jan. 1
From Jan 1
Gross from railway... 2.955,529 3.221,112 4.215.844 5.296.607
Gross from railway_ _ _ 2,935.012 2.873.276 4,220,865 4,670.811
862.104 1,463,356 1,617.960
Net from railway_ __ _ 1,135.716
Net from railway
970.313
264,980
815.510
450.333
803.832
709,925
164.586
Net after rents
442,894
422,748
Net after rents
280,998
25,423 --195.953
Staten Island Rapid Transit
Norfolk & Western1932.
1931.
1930.
AugustAugust1933.
1930.
1931.
1933.
1932.
3197.386
8154.513
Gross from railway_ _ - $155,452
Gross from railway_ $7,399,032 $4.853,176 $6,926,662 $8.713,821
$233.371
35,209
Net from railway..
*42,182
Net from railway_ __ _ 3,550,144
54.784
82.261
3,879.348
1,993.485 2.733.981
299
Net after rents
Net after rents
23.973
14.537
3,092,479
49,486
1.485,458 2,267.424 3,262,507
From Jan. 1
From Jan 1
1,474,607 1,679.294
Gross from railway... 44.241,437 39,099,584 53,329,674 68,415,825
Gross from railway.... 1,141.563 1.220.301
369.441
271.939
266,359
Net from railway
Net from railway....
18,731.009 13.504,185 19,103.244 27,487,135
435.026
120.554
4.012
26,461
Net after rents
Net after rents
14,494,255 9,337,504 14,698,486 22,278,818
225.497
Northern PacificSt Louis-San Francisco SystemAugust
1931.
1932.
August1933.
1932.
1933.
1930.
1931.
1930.
Gross from railway... $4,960,851 $4.423,806 $5,620,924 $7,431,731
Gross from railway_ $3,634,493 $3.577,502 $4.977.017 $6.577.224
814,107
678.065
Net from railway__ 1.613.882
1,501.342 2,147.231
Net from railway._ _ _
2,072.643
929,229 1,453,132
Net after rents
485.486
Net after rents
582,006
1,360.844
1,054,757
1,736.756
984,135
509.700
1.707.671
From Jan 1
From Jan. 1
26,683.523 28,173.307 39.661,303 50.711.784
Gross from railway... 29,732,442 29,904,929 41.855.415 51.953.820
Gross from railway
Net from railway._ _
3,637.083
1,660,236 5.467,611
Net from railway......4,649,789 5.016.099 10,637,570 13,857.912
8,697,457
Net after rents
1.612.879 7.066.435 10.765.996
1.695.458
1,472.641 -1.221.306 2,457,271
Net after rents
5,904,462
-San Francisco Ry Co
St Louis
Oklahoma City-Ada-Atoka1932.
1931.
August1933.
1930.
1932.
August1933.
1931.
1930.
Gross from railway... $3,482,095 $3,431.714 $4,746.403 $6.28i.115
Gross from railway__
$26.158
$22.771
$45.252
$61.359
844,919 1.480.721
721.881
Net from railway.....
2,094.825
Net from railway__
2,276
6,698
8,633
13.054
663,029
558,039 1,081.001
Net after rents
1.702.789
Net after rents
-7.850
3,111
-9.650
-2,166
From Jan. 1From Jan 1
25,459.329 26,963.895 37.924,308 48,582.673
Gross from railway
Gross from railway
265,707
213.877
473.521
610,928
Net from railway.... 4.820.549 5,257.593 10.618.923 13.618,646
63.741
Net from railway....
77.129
150.010
102,347
2,203.895 2.228,986 7.446.372 10,905.786
Net after rents
Net after rents
-31.155
-8,726
13,699
-38,528
St Louis Southwestern LinesPennsylvania System1932.
1933.
August1931.
1930.
August1933.
1932.
1931.
1930.
$885,221 $1,450,428 $1.697.602
Gross from railway.-- 31,084.917
Gross from railway_ _ 432.971,069 $24,650,397 337.865,951 349.289.661
310,881
24.810
494,990
Net from railway.......
427,401
Net from railway_ _ _ 11,162,067 6,218,086 9,156,606 13,509,893
108,697 -169,491
250,547
Net after rents
198,755
7,188,642 2.050,788 4,382.191
Net after rents
8.060,214
From Jan. 1
From Jan 1
8.528,420 8.323.915 12.376.289 15,427.665
Gross from railway
Gross from railway--211,966,755 219,055.709 310.850.297 393,412.649
2.579,873
1,264.134 3.436.082 3.579.644
Net from railway
Net from millsay- _ _ 64.059,151 51,336.749 62,178.815 97.768,768
1.035,234 -345.077
Net after rents
1.460.727
1.684,961
37,294.209 23.715,675 31.019,911 62,865.489
Net after rents
Long IslandSeaboard Air LineAugust1933.
1932.
1933.
August1932.
1931.
1930.
1931.
1930.
Gross from railway... $2,405,676 $2,592,202 $3,513,473 33,968.936
Gross from railway... $2,200,857 $1,907,606 $2.915,399 $3.425.109
Net from railway__.._ 1,013,111
1,113,783
228,136 -113,424
1,491,559
1.831.098
297.099
Net from railway......
525,903
Net after rents
520.726
694,320
rents
69.778 -272.466
926,054
1,150,831
101.044
Net after
261,004
From Jan 1
From Jan. 1
Gross from railway_ _ _ 16,251,130 19,507,659 24,913,060 26.775.333
Gross from railway.... 21,317,863 21,144,153 30.586.646 34,001,873
Net from railway
5.725,619 6,525,997 8,546.708 8,923.981
Net from railway_ _ _ _ 4.012,503 2.369.517 5.545,273 7.237.042
Net after rents
2.708.003 3.389.543 5,419.049 5,380,832
1,720.406
79.811
2.464.549 4.119.206
Net after rents
Pennsylvania RRSouthern Ry System
August1933.
1932.
1931.
1930.
Alabama Great SouthernGross from railway..
.332,900,785 $25,148,291 337.767.229 349.165,227
1932.
1933.
1931.
August1930.
Net from railway
11,155,476 6,773,414 9334,976 13,483.124
$315.897
$531,071
Gross from railway__ $435,962
$608.219
Net after rents
7.201,507 2,627,697 4,760.279 8,462,442
24,034
139,625
71.913
Net from railway...-.
117,406
From Jan 1
101.990
-4,426
40.800
Net after rents
99.051
Grow from railway_ _211.547,420 223,648.659 310.202.466 393.412,649
From Jan. 1
Net from railway._ 64,050,675 56,380,271 62.187,168 97,768.765
2.924.014 2.715.993 4.279.110 5.495.881
Gross from railway
Net after rents
37,383.999 28,862,966 31,138,756 64,143,652
-24.673
668.578
482.085
Net from railway....
1,011,029
343.850 -322.379
Net after rents
238.027
771.317
Pennsylvania-Reading Seashore Lines
August
1933.
1932.
1931.
1930.
Cin. New Orleans & Texas PacificGross from railway... $854.449
$301,904
$437,611
1932.
$499,442
August
1931.
1930.
Net from railway..._
266.599
121,185
182,119
$759.158 $1,422,722 $1,473.158
188,496
Gross from railway....- $1,175,429
Net after rents
13,789
65,889
128,411
170,063
560.716
118,763
447.554
Net from railway_ _ _ 410.260
From Jan 1
139,565
433,863
Net after rents
354,549
340,494
Gross from railway... 2,352,854
1,376,841
2,018,393 2,269,867
From Jan. 1
Net from railway...._
264,687
-10.708
69,792
86,843
Gross from railway..._ 7,890.284 6.866,877 10.485.319 12.645.627
Net after rents
-564.865 -376.091 -321,390 -416,585
1,324,515 2.157,497 3,089.497
3,202.529
Net from railway....
939,149
. 2,409.611
Net after rents
1.514,474 2.343,859
Peoria & Pekin UnionAugustGeorgia Southern & Florida1933.
1932.
1931.
1930.
Gross from railway-1932.
August1933.
1931.
$86.232
1930.
$68.328
$86.967
8138,035
Net from railway._
$128,722
Gross from railway.... 8132,886
23,356
9.224
$206.360
7.488
8277.795
27,154
Net after rents
14.774
2.292
Net from railway.. _ _
20.412
27,120
20,274
12.851
59.227
38,580
From Jan 1
-6,434
8.693
Net after rents
8.567
43,217
Gross from railway
From Jan. 1
582.045
555.275
754.984
1,106.090
Net from railway....
1,124.585 1.327.822 2,103.122 2.561.093
122.066
Gross from railway
80.698
78.002
194.575
Net after rents
171,705
184.281
Net from railway....
170.896
143.543
338.408
148,684
476.831
228,861
20.832
88,086
Net after rents
158.348
253,813
Pittsburgh & ShawmutNew Orleans & NortheasternAugust1932.
1933.
1931.
1930.
1932.
August1933.
1931.
Gross from railway...
1930.
391.780
$74.604
860.165
$79,042
Gross from railway.-- $185,086
$157,462
$271.056
3334.124
Net from railway......38,798
18,214
7.441
18.629
10,736
Net from railway_ _ _ _
43.886
46,510
69.252
Net after rents
39.645
13.807
7,734
21.284
-31.524
Net after rents
-6,984
-7,982
From Jan. 1
3,673
From Jan. 1
Gross from railway.....
440,711
506.398
617,826
818.190
Gross from railway_ _ _ 1.225,876
1,356,289 2,145,971
2.947.243
Net from railway_ _
79.756
76,571
140,647
215,182
Net from railway_ _ _
12,214
132,685
200,493
719,042
Net after rents
75,620
60,180
137,560
223,741
Net after rents
--245,189 -319.849 -283,792
154.054
Pittsburgh Shawmut & NorthernNew Orleans TerminalAugust
1932.
1933.
1931.
1930.
August1932.
1933.
1931.
1930.
Gross from railway... $109,636
$63.381
8111,117
$126,183
Gross from railway.-$133,723
$98.762
$168,665
$121,921
29.495
Not from railway.....
--4,545
30.865
24,458
Net from railway.-8.5.869
53,964
101.306
44.985
Net after rents
21,239
-12,815
24.656
12.578
Net after rents
60.606
43.810
61.800
28,757
From Jan 1
From Jan. 1
Gross from railway
611.111
619.205
876.959 1,064.966
Gross from railway...
916.743 1,129.646 1,097.494
867,516
Net from railway
90,071
10,833
198,549
183,010
Net from railway_ _ _ _
512,406
535.922
523.574
391,651
Net after rents
36,462
-41,164
146.680
99.696
Net after rents
276,474
363,181
257.527
302,356
Pittsburgh & West VirginiaNorthern Alabama
August1933.
1932.
1931.
August1932.
1933.
1930.
1931.
1930.
Gross from railway... $272,616
$178,729
8243.732
$358,616
Gross from railway...
$42.601
330.523
845.501
$60.344
Net from railway.....
109.698
.45.369
43.264
Net from railway_ _ _ 13.323
3.830
139.201
11,972
5.295
Net after rents
136.086
58,653
40.815
Net after rents
--14.216
173.082
-5,877
--7.848
--11,365
From Jan. 1
From Jan. 1Gross from railway.-- 1,738.961
1,444,852 2.014.752 2.650,400
Gross from railway...
298.592
341.601
455,916
680.483
610,766
Net from railway...
257,557
449.166
Net from railway_ _ _ _
55.741
129.626
976,525
100.755
216.270
653.216
Net after rents
222,415
446,327 1.157,665
-90,872
Net after rents
-19,595
-58,746
20.895
•
Richmond Fredericksburg & PotomacSouthern RyAugust1933.
1932.
1931.
August1932.
1933.
1931.
1930.
1930.
3379.480
Gross from railway
8375.515
8589.766
Gross from railway- $6,699.889 35,563,788 $8.251,286 $9.853,948
$667.504
24.448
45.450
40.910
Net from railway.Net from railway_ _ _ - 2,031,349
792,108
1.764.128 2.835.204
112.433
-4,272
-8.520
Net after rents
-11.753
Net after rents
1.423,333
157,327
963.872 2.039.583
60.409
1
From Jan
From Jan. 1Gross from railway- 4.206.646 4.596.270 8.629.322
Gross from railway_ _ _ 50,921,905 47,955.622 6,1.734,290 80,984.879
7.430,..47
1,036.973
1,027.657
1.923.251
Net from railway_ _ _ - 14.884,349 5,911.501 12.507.554 19,068.138
Net from railway
1.797.273
372,117
384,191
1.053.472
Net after rents
9.770,105
399,511 5,663.541 11.973.227
Net after rents
981,531
1
Southern Pacific System
Southern Pacific Co1930.
1931
1932.
1933.
AugustGross from railway_.... $8,761,266 88,592,166 $12,060,857 $16,763,754
1,954,879 3,340,826 5,538.939
Net from railway_ ___ 2,273,271
1,971,905 3,752,061
673.422
1,116,015
Net after rents
From Jan. 1
Gross from railway__ _ 61,290.234 72,155.390 101,945,878 126,809.618
Net from railway_ _ _ _ 13,348,385 15.752,560 26,542,216 34,938,892
3.178,629 3,892,938 13.881.399 21,279.126
Net after rents
CentralTenn
1932.
1933.
August$138,766
Gross from railway___ $192,117
28.040
69.858
Net from railway_ _ _ _
11,641
50.508
Net after rents
From Jan 1
1.185.492
Gross from railway- _ - 1,262,532
218.769
321.163
Net from railway
90.964
176,846
Net after rents
Terminal Ry Assn of St Louis1932.
-933.
August
$429.817
Gross from railway...... 8576,423
95,924
235,701
Net from railway_ _ _ _
79,664
208,397
Net after rents
From Jan. 1
Gross from railway__ _ 4.074,762 3,794,755
935,422
Net from railway. _ _ _ 1.661,977
787,192
1,492,645
Net after rents
Texas Mexican193A
1933.
August
52
847,985
Gross from railway.._ _
-11.806
- .350
Net from railway_
18.914
-15.546
Net after rents
From Jan 1
479.820
428.247
Gross from railway._ 52,328
Net from railway.._ _ _ -20.569
-15,441
-82,377
Net after rents
Texas & Pacific1932.
1933.
AugustGross from railway.-- $1,628,741 81,694,838
552.300
529.366
Net from railway---325,298
294,451
Net after rents
From Jan. 1
13,212,941 13,968.827
Gross from railway
3,959.389 3,933.476
Net from railway
2.153.628 1,934.201
Net after rents
& WesternToledo Peoria
1932.
August
8146.446
Gross from railway__ - $158.607
24.356
41.832
Net from railway ..._ _
9,299
22,201
Net after rents
From Jan 1
937.834
Gross from railway...... 1.091,807
143.108
283,432
Netfrom railway_
48,130
154,059
Net after rents
Toledo Terminal1932.
1.933.
August
$52.264
364.669
Gross from railway....
3.396
27,708
Net from railway.....5.056
35,464
Net after rents
From Jan 1
504,039
499,171
Gross from railway
84.213
156,385
Net from railway_ 105,199
202,738
Net after rents
Union Pacific System
Los Angeles & Salt Lake1932.
1933.
August81,168,922 81,252,293
Gross from railway
482,382
399,058
Net from railway......
217,254
156,985
Net after rents
From Jan. 1
Gross from railway_ -- 8,750.812 10.256,584
Net from railway_...... 2,572,590 3.235,901
671,496 1.033,899
Net after rents
Oregon Short Line1932.
1933.
AugustGross from railway.-- 81,808.941 81,590.179
525.399
697,934
railway......Net from
223,875
343.880
Net after rents
From Jan. 1
12,129.232 12.464,507
Gross from railway
Net from railway.-- 3,789.779 3,198.455
556,670
1,169.266
rents
Net after
Oregon-Washington Ry & Nay Co
-1932.
August
$1,384,i80 $1.266,190
Gross from railway
325.582
441.190
Net from railway
82,016
177,177
Net after rents
From Jan. 1
8.408,282 8,759.976
Gross from railway
880.245
Net from railway.-- 1.434.135
-459,352 -1,183.649
Net after rents
St. Joseph & Grand Island
1932.
1933.
August3180.835
Gross from railway.-- $228,549
50.615
97.010
Net from railway-16,780
53,451
Net after rents
From Jan. 1
Gross from railway.-- 1,599.854 1.436.952
417,519
591,416
Net from railway
169,022
318,480
Net after rents
Union Pacific Co1932.
1933.
August$5,775.850 85.720.694
Gross from railway
2.186,978 1,856.122
Net from railway
1,166.467
1,282,241
Net after rents
From Jan. 1
Gross from railway....- 38,582,865 42,030.939
Net from railway........ 12,741.724 12.617,879
7,671,816 6,948,368
Net after rents
Union RR (Pa)1932.
1933.
August
8146.677
Gross from railway...._ $629,594
-96.112
265.403
Net from railway_
-74.453
309,203
Net after rents
From Jan 1
1,347,733
Gross from railway- - 2.082,352
141,588 --677.487
Net from railway
-534,200
319.202 Net after rents
VirginianAugustGross from railway......
Net from railway__ - _
Net after rents
From Jan 1
Gross from railway
Net from railway........
Net after rents
WabashAugustGross from railway- _
Net from railway_ _
Net after rents
From Jan. 1
Gross from railway......
Net from railway......
Net after rents
Sept. 30
Financial Chronicle
2452
1931.
8219.656
45,369
23.650
1930.
$260,764
7.214
39,822
1,806,673
315.324
144,555
2,063.838
419,601
233,483
1931.
$669,276
194.103
180,677
1930.
$880.697
268,970
235.355
5,509,125
1,336,547
1,213.959
7,070.546
1,792,554
1,640.614
1931.
391
$69,217
1930.
0
4 5
2 96
$107,.95
8.537
14,424
642,687
15,369
-71,535
775.889
113,013
11.178
1930.
1931.
$2,446,047 83,020.142
953.178
754,089.
585.346
472,571
21,099,913 25,890.433
7.756,370
6.830.982
4,090,936 4,688,555
1931.
$157,694
33,337
18,257
1930.
$195.488
77,107
56,720
1,112,115
215.860
118,105
1,335,919
281,0k9
156,100
1931.
$75,891
14.140
20,817
1930.
$91.395
21.802
28,429
697,705
139,712
221,382
785,495
122.980
179,580
1930.
1931.
81.460.359 81.908.899
520,340
302,959
231,887
32.952
12.886,438 15,444.405
2.635,275 3.715.817
446,649 1.447.517
1930.
1931.
$2,254,991 $2,880,514
842.768
598.659
420,073
260.774
17.876.603 20,797.511
4,055,790 5,278,352
1,057,439 2,142,127
1930.
1931.
81,795.704 $2,447,476
671,912
465,981
350,275
182.262
13.300mr9 16,082.011
1.713.662 2,606,561
286,055
-585,318
1931.
8265.370
84,228
41,385
1930.
1342.210
136.573
85,910
2,116.744
525.060
181,602
2,282.243
695.470
377,976
1930.
1931.
87,816.862 311,129.862
4.707,303
2.566,151
1,611,078 3,527,265
59.073,176 67,008.814
15.823.724 19,793.854
8,764,937 12,843,249
1931.
8450,661
96,561
133,950
1930.
8931.380
339.783
385,782
3,620,392
44,450
382,102
6.317,438
1.509.102
1,783,94i
1930.
1931.
1932.
1933.
$1,264.596 $1,026,675 $1,379.667 $1,436.946
718,760
725.370
478,088
702,772
631.662
627.960
405,188
631,030
8,791.964 8,334,631 10,193.642 11,625.992
5,394,976
4.448,955 3.782,473 4.611,911
3,955,247 4,642,614
3,80,816 3,156,281
1930.
1931.
1932.
1933.
$3,338,858 $2.771,044 84,420.498 85.113.207
587,224 1,234.242
333,837
840,826
638.079
354,768 -220,662 -110,443
23,893.538 25.102.570 34,842.634 42.511,078
3,676,897 6,343,686 9.393.610
5,273,777
1,349,616 . 4.676,670
845,374
1,127,957 -
Western Maryland-August1933.
Gross from railway__ 81,214.787
Net from railway..___
441.175
Net after rents
426,821
From Jan 1
Gross from railway.-- 7.883.765
Net from railway
2.853.086
Net after rents
2,447,504
Western Ry of Alabama1933.
AugustGross from railway___
$99,339
Net from railway____ -10,472
Net after rents
-13.984
From Jan 1
Gross from railway- _ _
821,829
Net from railway..__.. -16,321
Net after rents
-42,131
Wheeling & Lake ErieAugust1933.
Gross from railway
81,272,015
492,053
Net from railway
350,756
Net after rents
From Jan. 1
Gross from railway_ _ _ 6.944,978
Net from railway_ _ _ _ 2,119.432
Net after rents
1,211,169
1933
1930.
1931.
1932.
$891.170 $1,245.610 81,535.7104
567,612
405,683
414.789
461,066.
347,645
338,806
.
7.926.109 10.114.005 12.006,639
2,767.314 3.428.302 4,139.731
2,151,085 2,869,337 3,517,052
1932.
$93.423
-14,053
-20,941
1931.
$142,290
1.740
256
1930.
$171.881
8.533
9,269
828,020
-110.194
-155.411
1,319.882
99,366
57.419
1,726.214
292.109.
200,151
1932.
1930.
1931.
$786,421 81,131,342 $1,351,879
406,568
289,043
268,032
293,197
173,675
154,887
5.327,072
971.783
132.222
8.245,843 11,866,597
1,786,590 3,580,389
917,486 2,557,719
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, dm, or where they differ in
some other respect from the reports to the Commission:
Atchison Topeka & Santa Fe Ry. System.
(Includes Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa
.
1933
Fe Ry., Panhandle & Santa Fe Ry.
1931.
1932.
1930.
Month of Augustoper. revenues-$10.637.319 811.736,335 817,061,885 819.961,236
Railway
7,742.136 10,405,973 12.207,660.
Railway oper. expenses_ 8,038,437
1,641.933
929.554 1,242.407
1,762.761
Railway tax accruals....
23.680
241,103
189.770
100,760
Other debits
Net ry. oper. income.. $1,645,648 $2,651,032 24,734,209 $5,749,712
13,513
13,546
13,532
13,231
Average miles operated_
8 Mos. End. Aug. 31Railway 09er. revenues_$76.825,866 $87,898,481$124,865,1103150,609.573
Railway oper. expenses- 62.424,999 69,575,248 92,332.011 112,316.892'
Railway tax accruals...... 7,896.985 8,902.665 10.834,601 11.514.852'
1.662.675 2.569.537
758,114
610.218
Other debits
Net ry. oper. Income_ $5,893.664 $8,662,453 $20,035,822 $24,208,291
13,428
13,545
13,:50
13.156
Average miles operated..
ra 'Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
Bangor & Aroostook RR.
Month of AugustGross oper. revenues-Oper. expenses includ'g
maint. & depreciation
1933.
$221,893
1932.
$192,102
1931.
$286,031
1930.
2382,946-
281.685
321,598
347,776
376,708
36.238
Net rev, from oper___ def$59.792 def$129.496 def$61.745
3,690
24.861
16,399
32.040.
Tax accruals
Operating Income........ def$76.191 def$133,186 det$86,606 def$25.802
14,249
14,060
23,128
28.664
Other income
def$62,131 def$118,937 def$63,478
Gross income
Deduct,from gross inc.:
67,302
67.508
66,599
Int. on funded debt
352
354
383
Other deductions.. -
$2,862
71,589
556
867,654
866.982
867,862
872.145
Total deductions.-8186,591
$131,340
3129,113
869,283
Net deficit
8 Mos. End. Aug. 31
$3,931,429 34.425,938 84,724,829 $5,686,627
Gross oper. revenues
Oper. expenses (includ'g
maint.& depreciation) 2.397.427 2.746,502 3.391.179 3,593.222
Net rev, from oper
Tax accruals
$1,534,002 $1.679,436 $1,333.650 $2,093,405
378.446
398.614
358,320
469.945
Operating income-- 81,175.682 81,300,990
6.422 def19,241
Other income
3935.036 $1,623,460
42.903
61,473
$1,182,104 81,281,749
Gross income
Deduct, from gross inc.:
538.886
535,254
Int. on funded debt...
4.936
4,872
Otherdeductions-- -
$977,939 81,687,933
540.867
4,719
587,562
7.450
8543,822
$595.012
$545.586
Total deductions.... $540.126
$641.978$737,927
$432,353 81.092.921
Net income
annual report in Financial Chronicle Apr. 1 1939, p. 223,
a'Last complete
and Apr. 8 1933, p. 2413.
Chicago Rock Island & Pacific Co.
Month of AugustFreight revenue
Passenger revenue
Mail revenue
Express revenue
Other revenue
Rock Island Lines.
1932.
1933.
1931.
1930.
$4,631.534 84,757,562 86.839.392 $8,771.498
528,192
895,232 1,337,109
559,874
207,541
223,791
195.265
239.043
82,918
64.542
200.146
125,581
238.514
206.930
346,806
475.687
Total operating rev- 35,658,145 85.814.727 $8,430,802 $11,023,483
4.559,170 6,437,752 7,223,528
Railway oper. expenses- 4,787,851
Net rev, from oper___
Railway tax accruals-Uncoil. railway revenue..
$870,294 81.255,557 $1,993,050 33,799.055
515,000
550,000
475.000
700,000
965
311
1,359
2,674
Total oper. income.__
Equip. rents-debit bal..
Jt.facil.rents-debit bal..
$392,620
245,766
83,671
3739.592 $1,441,691 $3,099,644
276.524
379,434
361,232
105,811
100,858
93.963
$974,648 $2,626,247
863,183. 8362,210
Net ry. oper. income8 Mos. End. Aug. 31
835,282.061 838,634.680 856,601.721 $66,033,579
Freight revenue
7,494,345 10.743.991
3,690,918 4,741,221
Passenger revenue
2.062.361
1,792.589
1,913,843
1,602,263
Mall revenue
768,663
1,910,684
1,405,035
594,218
Express revenue
2,386,620 3,977,313
2,081,341
1,050,533
Other revenue
Total ry. oper. rev-342,820.623 848,008,494 870.466,273 884.734,132
Railway OpOr. expenses- 34,000,156 38,142,513 51,922,464 63,182,515
Net rev, from oper__ $8,820,467 $9,865,951 $18,543,809 $21,531.419
Railway tax accruals-- 3,865,000 4,250,000 4,480.000 4,748,000
26,401
15,421
15,342
10,370
Uncoll,railway revenue..
35.600,639 314,048,388 $16,777.018
Total ry. oper. income 84,945,097
2,441,585 2,833.944 3.226.597
Equip, rents-debit bal. 2,079,381
852,757
798,004
794,481
628,533
Jt.facilzenta--debit bal.
Net operating income- $2,137,183 32,364,573 310,416.240 812,844.742
12rLest complete annual report in Financial Chronicle Apr. 22 '99, p. 2784
•
Financial Chronicle
Volume 137
Missouri
-Kansas-Texas Lines.
Boston & Maine RR.
93,087
1932.
$612,512
1,622
91,904
1930.
1931.
$876,053 $1,157,329
516
1,414
107,772
113,419
$862,797
$702.794
$988,058 $1,264,585
641,054
651.917
Month of August
Net ry. oper. income_ __
Net misc. oper.inc.-Dr.
Other income
1933.
$769.710
Gross income
Deductions (rentals, interest, &c.)
2453
667.242
1932.
1930.
Month of August1931.
1933.
Operating revenues
$2.247.483 $2,256.632 82,944.740 83.932.399
1,538,170
1,900.892 2,559.806
Operating expenses
1,683.020
Available for interest_ _ _
414.652
520,656
292.743
940.166
Int. charzes including
405.248
405.762
406.180
adjustment bonds......_
404.369
8597,343
Net income
$221,743
$50,877 • $346,730
8 Mos.End. Aug.31
$7,024,036 $7,928,299
Net ry. oper. income
$4,784,503 $4,688,764
12.598
Dr.3.909
Dr.4,440
Net misc. oper.income
Dr.8.728
833.183
831,329
Other income
740,328
685,955
Net income
$9.404
$114.894
8533,986
def$111,626
8 Mos.End. Aug.31
Operating revenues
15.839,866 17.704.896 22.755.299 29.781.763
Operating expenses
12,465.422 13,192,181 17.306.972 21,151,238
Available for interest_
809.349 1,882.179 2,493.918 5,575,520
Int. charges incl. adjust.
bonds
3.235,165 3.242,195 3.245.971 3.267.236
Gross income
$5,461.730 $5.425,183 $7.850,925 $8,774,080
Deduc'ns (rentals, int.)_ 5,184,066 5,190.196 5,259,848 5,279.082
Net income
def$2,425.816def$1360.016 def$752.052 $2.308.284
MrLast complete annual report in Financial Chronicle May 13 '33, p. 3330
641.328
Net income
$234.987 $2.591,077 $3,494.998
$277,664
W"Last complete annual report in Financial Chronicle Apr. 8 '33, p. 2412
Canadian National Rys.
1930.
1932.
1931.
1933.
$13,376,756 $12,447,578 $14,309,810 $19.067,979
12,369,725 12,913,769 13,795.775 16.800,995
Month of AugustGross revenues
Operating expenses
Net revenue
$514,034 $2,266,982
$1,007,031
$466.191
8 Mos. End. Aug. 31
$94,134,223$105,409.9358117,392,910$148,129.220
Gross revenues
Operating expenses
95,285,708 105,047,050 115.214,221 132.185,112
Net revenue
$362,885 $2,178,689 $15,944,108
def$1,151.485
lgrEast complete annual report in Financial Chronicle Apr. 1 '33, p. 2234
Canadian Pacific Ry.
Month of AugustGross earnings
Working expenses
New York New Haven & Hartford RR.
Month of August1933.
1932.
1931.
1930.
Gross
56.034.888 $5,656,419 $8.260.810 $9.8.31.098
Net railway oper.income
929.773
545,201
1,438.786 2.442.504
Net after charges*
-126,315 -478,533
572,282
1,477.519
8 Mos. End. Aug.31
Gross
$43,874.391 $50,966.012 868.398,16.3 $80.377.849
Net railway oper.income 4,802,281
7.346,704 12.412.150 16.085.569
Net after charges*
-3,524,653
-75.243 6,271,789 9,609,972
* Before guarantees on separately operated properties.
WLast complete annual report in Financial Chronicle Apr.1 1933, p.2232.
and Apr. 8 1933, p. 2414.
New York Ontario & Western Ry.
Month of AugustOperating revenues
Operating expenses
1933.
$1,034.845
682.310
1932.
1931.
1930.
8987,579 81,203.546 $1.191.972
809.961
667,481
827.795
1931.
1930.
1933.
1932.
89.943.272 $10,166,229 $11,607.387 315.951.510
9,469,023 10.454,666 12.629.171
9,204,671
Netrev.from ry.oper.
Railway tax accruals_
Uncollectible ry. revs_ _ _
$352.536
38,000
7
$320.098
55,000
11
$375.750
42,500
1,061
$382.010
42.500
129
Net profits
$738,601
$697.206 $1,152,721 $3,322,339
8 Mos. End. Aug. 31
Gross earnings
$70.809.154 $77,880,872 $96,101,119$116.368,603
Working expenses
63,841,031 71,072,078 96.092,312 100.235,276
Total ry. oper. income
Equip. & joint facility
rents (net)
-Dr
$314,529
$265,087
$332,189
8339.380
51,791
51,908
73.428
53.877
Net oper. income.. -- 8262.739
8 Mos.End. Aug.31
6.511,831
Operating revenue
Operating expenses
4.597.742
$213,180
$258,761
$285.502
7,040,372
4,965.76/
7,833,728
5,633,712
7,359.761
6,001.176
Net profits
$6,968,123 $6,808,794 $9,692,312 $16,133,326
WEast complete annual report in Financial Chronicle Apr. 1 1933, p. 2230
(The) Denver & Rio Grande Western RR.
1931.
1932.
1930.
1933.
$1.543.922 $1.459.591 $2,042,097 $2,641,181
1,343.076
1.807,328
1.024,722
1,014.166
Month of AugustOperating revenues
Operating expenses
Net revenue
Net railway oper.income
Available for interest
Int. on funded debt
$529,756
380.282
355.165
439,324
$434,869
251.938
234.343
443.016
$699,021
537.155
537,258
446,708
$833,852
648,601
660,727
563,469
$97,258
Net income
def$84,158 def$208,673
$90,550
8 Mos. End. Aug. 31
Operating revenues
89,877.852 $10.255,222 $14,888,203 $18,608,746
Operating expenses
7,600,775 8,617,175 10.995.394 13,583,484
Net revenue
$2.277,077 $1,638,048 $3.892,809 $5,025,262
Net ry. oper. income__ - 1,158,616
386,659 2,703,948 3,821.276
Available for interest
2,724,163 3,895,417
380,381
1,035,488
Int. on funded debt..
3,523,306 3,552.845 3.582,384 4,359.201
Net deficit
$463,784
$858,221
$2.487,817 $3,172,464
O'Last complete annual report in Financial Chronicle Apr.22 '33, p. 2788
Erie Railroad.
(Including Chicago & Erie RR.)
I Month of August1930.
1931.
1933.
1932.
Operating revenues
$6.950.757 86.061,795 $7,761,049 $9,348,057
Oper.exps.& taxes
5,111.785
5,054,726
6,501.937
7.542.241
Net rev. fr. ry. oper-.. $1,914,089 82,074.605 $2,200.015 81,358.588Railway tax accruals
325.000
380.000
340.000
340.000
Uncollectible ry. revs......
1,387
583
1,057
716
Total ry. oper. income $1,588,032 $1,693,890 $1,858,628 $1,018,001
Equip, and joint facility
-Dr
538.716
361.743
rents (net)
299,117
455.015
Net operating income_ $1.288.915 $1.238,874 $1.319.911
$656,258
leg
-Last complete annual report in Financial Chronicle Mar. 18'33, p. 1851
Norfolk & Western Ry. Co.
1933.
1932.
1931.
Month of August
1930.
2.239
2.268
2.282
Aver. mileage operated..
2.240.
Netry. oper. income..... 83,092,479 $1,485.458 82,267.423 $3,262,506.
308.696
123.240
134.185
Otherinc. items (bal.)...
153.938.
Gross income
$3,401,174 $1,608,698 $2,401,609 83,416.445
Int. on funded debt_ _ _ _
281,150
336,381
363,013
411.451
Net income
$3,120,025 $1,272,317 $2.038.595 $3,004,993.
Prop, of oper. expenses
to oper.revenues
52.02%
58.92%
60.53%
55.48%
Prop,of transp. expenses
18.61%
25.21%
25.12%
22.85%
to oper.revenues
••
8 Abs. End. Aug.312,232
2.268
2.249
2.240.
Aver, mileage operated_
Net ry. oper. income_ - _$14,494,256 $9,337.504 $14,698.485 $22.278.817
1,644,598
1,176,943
1.773.826
Other inc. items (bal.).- 1,026.248
Operating income_..__ $1,838,972 $1,007.069 $1,259.112 $1,805,815
Hire of equip. & Joint
facil. rents
-net deb401,643
384.494
367,517
430,140
Gross income
815,520.504 $10.514.447 $16,343,084 $24.052.644
2,764,847 3,066.596 3,309,319,
Int, on funded debt- _ -- 2,585.037
Net ry. oper. income- $1,471,456
$857,469 $1,421,321
$576.929
8 Mos. End. Aug.31
Operating revenues
47,145,806 48,743,916 61,981,988 73,559,616
Operating exps. & taxes- 36,786,577 41.317,779 51.737,897 61.215,923
$12,935,467 57,749,599 513,276,487 $20,743,324
Net income
Prop, of oper. expenses
65.46%
64.18%
59.82%
to oper.revenues
57.66%
Prop. of transp.expenses
24.03%
27.00%
26.44%
22.59%
to operating revenues_
Wi-ast complete annual report in Financial Chronicle Apr. 1 '33, p.2231:
Operating income_ -- -810,359,229 $7.426.137 $10.244,090 $12,344,593
Hire of equip. & joint
tacit, rents-net deb__ 2,431,774 2,726.862 2,715.192
2.819.831
Net ry. oper. income- $7,927,455 $4,699,675 $7,528,898 $9,524.762
'Last complete annual report in Financial Chronicle Mar. 18'33, p. 1876
. and Apr. 15 '33, p. 2598.
Georgia & Florida RR.
Month of August
Net ry. oper. income_ _
Non-oper. income
1933.
$67,544
722
1932.
-$11,593
1.572
1931.
$31,079
2,036
1930.
$86,099
2.315
Gross income
Deduct, from income__ _
$68,266
1,171
-$10,021
1,167
$33,116
1,150
$88.415
1.151
Surpl. applic. to int_ _
8 Mos.End. Aug.31
Net ry. open income_ _ _
Non-oper. income
$67,094
-$11,189
$31.966
-160,239
13.080
-32,994
13,768
49.067
13.833
Gross income
Deductions from income
$17,836 -$147.160
8.064
9,460
-$19.225
9.246
$62,900
9,471
Surp. applic. to hit-
$9.772 -$156,620
-$28,472
$53,428
Gross income
Deduct,from gross inc
$116,179 def$158,345
266,405
285.678
def$150,226 def$444,022
Net income
8 Abs.End. Aug.31
Net ry. oper. income.._ _ 1,035,234 def345,077
Non-operating income
89.714
56.731
$262.247
251.918
1930.
$198.755.
11.739
$210.494
239.633
$10,328 def$29,138
$87,263
6,622
11,213
St. Louis Southwestern Ry. Lines.
1932.
1931.
1933.
Month of August
$250.547
Net ry. oper. income.._ - 8108.697 det$169,491
11.699
7.482
11,146
Non-operating income__
Gulf Coast Lines.
Month of August1933.
1932.
1931.
1930.
Operating revenues
$626,351
$755,272 $1,144,890
$639,564
25,373
def26.250
140,275
Net ry. oper. income.-266,890
8 Mos. End. Aug. 31
$5,613.878 $7,210,428 $8,208.698 $11.20e.062
Operating revenues
248,498
883,570
1,520.569
Net ry. oper. income...._
2,627,300
itarLast complete annual report in Financial Chronicle May 7'32, p. 3449
Maine Central RR.
1933.
1932.
1931.
Month of August1930.
$873,676 $1,271,428 $1.585,702
Railway oper. revenues_ $911,033
18,294 def60,094
32,732
Surplus after charges.
123,024
8 Mos.End. Aug.31
Railway oper. revenues.. $6,857,472 $7,793,321 $10,406.417 $12,963,336
def24,348 def365,487
81,324
Surplus after charges.
736,233
tarLast complete annual report in Financial Chronicle Mar. 26 '33, p. 2061
1,460.727
93,726
1,684.960
105,128
Gross income
$1,091,965 def255,363 $1,554,453 $1,790,089
Deduct,from gross inc._ 2,297,347
2,183.354 1.988.847
1.845.777
Net deficit
555.688
$434.393
$1,205,382 82,438.713
tarEast complete annual report in Financial Chronicle May 13 '33, p. 3336
Soo Line System.
(Minneapolis St. Paul & Sault Ste. Miirie Ry.)
Month of August1932.
1931.
1933.
Net after rents
$409.322 Dr$92.052
$185,721
Other income(net)-Dr..
93,020
97.156
90,187
Int.on funded debt
-Dr.
574.396
592.370
527.584
Net loss
$276,069
Division of net between:
Soo Line
Dr288.386
W. C. By. Co.
-Dr.... Cr12,317
$716.792
Dr402.074
314.718
1930.
5808.802
15,392
572,791
$478.862 Cr$216,617
Dr377,947
100,915
244,862
28.244
Total system
Dr$276,069 Dr$716,792. Dr$478,862
$216,617
8 Mos. End. Aug.31
134.507 Dr1,973,188
$289,515 $1,697,776
Net after rents
746,616
617.784
Other income (net)
746.761
-Dr..
130,215
-Dr.. 4,612.766 4,188.203 4,556.141
Int. on funded debt
4.479.910
55,225,019 86,908,007 84,584.410 82,912,349
Net deficit
Division of net between:
3,803,285 4,550,085 2,836,802
-Dr
Soo Line
1,444,447
-Dr_., 1.421,734 2,357,922 1,747,607
W.0. Ry. Co.
1,467.901
Total System-Dr.. $5,225.019 56.908.007 $4,584,410 $2,912,349
alrLast complete annual report in Financial Chronicle Apr. 22'33, p. 2791.
2454
Financial Chronicle
Pennsylvania RR. Regional System.
Alabama Water Service Co.
-Month of August- -8 Mos. End. Aug.31Revenues1932.
1932.
1933.
1933.
Freight
$25.302.878 $17,119,656$156,885,525$152,086,917
Passenger
4,772,502 33,888,316 42,129.279
4,868.231
Mall
889,075
7,268,832 7.923.375
930.670
Express
327.864
4.175,181
368.000 3,063,220
All other transportation_
627,782
4,418.975 4,828,301
557,284
Incidental
6,217,426
872,827
922,444
7,664.708
Joint facility-Cr
318.381
38,265
277,168
35,333
Joint facility
-Dr
5,470
70,433
52.707
5,875
Ry. oper. revenues---$32.971,069 324,650,3973211,966,755E219,055,709
ExpensesMaint. of way & struc__ 3,206,152
1.845,895 17.051,659 18,415.550
Maint. of equipment__ 6,483.515 4,941,875 41.072,833 45,047,542
Traffic
5,072.803
4,052.596
552.510
501.013
Transportation
9.478,909 73,846.194 85,125.957
10,064.118
Miscellaneous operations
2.334.385 3,033,378
322.427
313,207
General
1.247,524
1,295,738 9.951,698 11,384.308
Transp. for invest.--Cr_
360.578
401.761
5,093
6,527
Ry. oper. expenses___$21,809,002 $18.432,311$147,907.604$167,718.960
Net rev, from ry. oper__ 11,162,067
6.218.086 64.059.151 51,336.749
Railway tax accruals__ 2,804.500
3,090.600 19,011.500 20,032.300
Uncollectible ry. revs_ -_
54,164
83.623
10,975
38,294
Ry. operating income_ $8,319,273 $3,166.511 $44,964,028 $31,250,285
Equip. rents-debit bal_
6,821,449
954,846
943.305 6,568,203
Jt. tacit. rents
-deb .bal
713,161
1.101,616
172.418
175,785
Net ry. oper. income_ $7,188,642 $2,050,788 $37,294,209 $23,715,675
Rev, shown above includes emergency chgs.
amounting to
$5,077.311
$838,798
The figures shown in this statement do not include the results of operation
of the West Jersey & Seashore RR. for the period subsequent to June 24
1933, that road having been leased to the Atlantic City RR.(PennsylvaniaReading Seashore Lines), effective June 25 1933. The figures for the
year 1932 include the results of operation of the West Jersey & Seashore
It' R. for the entire period covered by this statement.
arLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2410
St.Louis-San Francisco Ry.
(Including Subsidiary Lines)
fonth of August1932.
1933.
1930.
1931.
Operated mileage
5.890
5.926
5.890
5.890
Freight revenues
$3,119,006 $3,011,669 $4.120,564 $5,316,511
Passenger revenue
241,252
479.026
273.399
749.203
Other revenue
274.235
292,434
511,510
377.427
Total oper. revenue__ $3,634.493 $3,577.502
Maint. of way & struct_
631.374
512.575
Maintenance of equipm't
899,420
757.930
Transportation expenses 1,161.190
1,206.589
Other expenses
264.444
286,301
Sept. 30 1933
34.977.017 $6,577.224
905.945
571.684
1,019.652
845.431
2,122.684
1,683,433
375,127
381,710
Total oper. expenses__ $2,956.428 $2.763,395 $3.475.675 $4,429.993
Net ry. operating income
582.006
485,486
1.707.671
1.054.757
Balance available for lot
612,188
1,824.259
1.053.146
497.746
8 los. End. Aug. 31
Operated mileage
5.890
5,844
5.889
5.890
Freight revenues
$22.957,493 323.404.371 $32.298.654 540.483,176
Passenger revenue
1.513.320
5.983.622
3.924,849
2.235.124
Other revenue
2.212,710
4.244.985
3.427.800
2.533 813
12 Months Ended Aug.31Operating revenues
Operating expenses
Rent for leased property...
Maintenance
Provision for ttncollectible accounts
General taxes
1933.
$714.949
252.141
8.730
21.876
14.753
81,747
1932.
$792,314
286,133
9.099
30.775
5.571
96,061
Net earnings before provision for Federal income
tax and retirements and replacements
Other income
$335,702
4.423
$364,674
3,665
Gross corporate income
Interest on funded debt
Miscellaneous interest
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$340,125
212.314
583
957
3.753
88.598
4,949
$368,339
215,116
973
842
5.357
41.000
3,087
Net income before preferred stock divs. and int.
on notes & 5% debens. subordinated thereto
$28,971
$101,964
Notes.
-Interest on $372,000 5% debentures owned by Federal Water
Service Corp. is subordinated to the payment of preferred dividends.
At Aug.31 1933 the cumulative preferred dividend not declared amounted
to $30,555 and the subordinated interest not accrued amounted to $13,950.
IZPLast complete annual report in Financial Chronicle Apr. 29 '33, p. 2972
Alaska Pacific Salmon Corp.
Earningsfor 5 Months Ended May 31 1933.
Net income after all charges
Earnings for 6 Months Ended June 30 1933.
Net sales
$16.231,224
Cost of products sold and selling and administrative expenses.._ 13.889.080
Profit from operations
Interest and dividends earned and sundry other income
32,342,145
269,655
Gross income
Interest on funded debt
Other interest
Federal income tax
Maintenance and repairs
Depreciation
$2.611.799
1,091.662
3,367
4,000
1,258.317
913,779
Net deficit
3659.325
10 Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1718
-
American & Foreign Power Co., Inc.
(And Subsidiaries)
[Before deducting Exchange adjustments)
12 Mos. Ended Mar. 31Subsidiaries-1933.
1932.
Operating revenues
$51.902.547 $62,010,147
Operating expenses, including taxes
28.521,549 *32,166,227
Net revenues from operation
523,380.998 529.843,920
Other income (net)
793,806
*1.380,743
Gross corporate income
324,174,804 531,224,663
Total oper. revenue_ _$26.683.523 $28.173.307 $39.661,303 $50.711.784
Matra. of way & struct_ 4.577,483
6,603.497
4.454,812
4.089,332
Maintenance of equi pm't 6.247,142
9,523.069
7.066.802
6.298.756
Transportation expenses 9,157.530 10,348.680 14.457.750 17.811.699
Other expenses
2,051.578
3.044.368
2.420.440
2,915.605
Interest to public and other deductions
Less interest charged to construction
Total oper. expenses_ _322.033.734 $23.157,208 $29 023,733 $36,85.3.872
Net ry operating income 1,695.458
7.066.435 10.765.996
1.612.879
Balance available for int. 2,048.701
1.695,187
7.666.420 12.032,332
LirLas' complete annual report in Financial Chronicle May 27 '33, p. 3713
Balance
Retirement reserve appropriations
Texas & Pacific Ry.
Month of August1932.
1933.
1930.
1931.
Operating revenues ....__ $1,628,741 $1,694,838 $2,446.047 $3,020,142
Operating expenses
1,142,539
1.099,375
2,066,965
1,691.957
Net ry. from oper___ $529,366
$953,177
$754,090
$552,299
Railway oper.income._ _
441,601
427,981
638,538
797.599
Net ry. oper. income_ __
294,451
325,298
585.346
402,571
Gross income
360.662
325,652
618,627
Net income
151,343
def30,877
6,689
275,615
8 Mos. End. Aug.31
Operating re venues
13.212,941 13,968,827 21,099,913 25,890,433
Operating expenses
9,253,552 10,035.351 14,268.930 18,146,063
Net ry.from oper.__ $3,959,389 $3,933,476 $6,830.983 $7,744.370
Railway oper.income_ _ _ 3,144,473 3,005,056
5,705,482 6,335,381
Net ry. oper. income___ 2,153,628
4,090,936 4,688,555
1,934.201
Gross income
2,250.564
2,395.297
5.010,735
Net income
def453.553 def609,696
1,531,857 2,292,771
ta"Last complete annual report in Financial Chronicle Apr.29'83, p.2%8
Western Maryland Ry. Co.
Month of AugustNet ry. oper. income
Other income
1933.
$426,821
8.024
1932.
$338.806
9.452
1931.
$347.645
8.912
1930.
$461.066
12,791
Gross income
Fixed charges
$434.845
271,487
$348,258
268,441
$356,563
287,275
$473.857
288,909
Net income
$79,817
$163.358
$184,948
$69,288
8 Vfos. End. Aug.31
Net ry. oper. income_
52.447.504 $2,151.085 $2,869,337 $3.517,052
Other income
99.041
86,478
90.904
113,360
Gross income
Fixed charges
$2,538.408 $2,237,563 $2,968.378 $3,630,412
2.177.228
2.311.726
2,155,103
2.315.285
Net Income
$361,180
$2.460
$656,652 $1,315,127
MIPLast complete annual report in Financial Chronicle May 20 '33. o. 3528
INDUSTRIAL AND MISCELLANEOUS CO'S.
Alabama Power Co.
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of August- -12 Mos. End. Aug. 311933.
1932.
19:13.
1932.
Gross earnings
$1.298,961 $1,250,579 $15,427,981 $16,265,377
Oper. expenses, includ'g
taxes'& maintenance6,512,241
530.536
591.310
6.904,128
Gross income
Fixed charges
$707,651
Net income
Provision for retirement reserve
Dividends on preferred stock
$720,043 $8,915.740 $9.361,248
4,668.975
4,585.560
$4,246,764
1.016.166
2,342.057
$4,775.688
934,200
2.340,002
Balance
$888,540 $1,501,486
122 Last complete annual report in Financial Chronicle Apr. 15 '33, p. 2597
-
326.617
American Rolling Mill Co.
$33,998,034
128.339
$4.524,300
1,275.835
Net interest to public and other deductions-_ $33,869,695
$33,248,465
$20,305,109 $27,976,198
3,175,078
3.140,628
Balance
$17,130,031 $24,835,570
Preferred dividends to public (full dividend requirements applicable to respective 12
-month
periods, whether earned or unearned)
2,467,492
2,532,229
Balance
$14.662,539 $22,303,341
Portion applicable to minority interests
177,222
231,691
Net equity of American & Foreign Power Co.,
Inc.. in income of subsidiaries (of which only
part is available in U. S. currency)
-before
deducting exchange adjustments
514,485,317 $22,071.650
American & Foreign Power Company, Inc.
Net equity of American & Foreign Power Co., Inc.,
in income ofsubsidiaries(as above)
$14,485,317 $22,071,650
Other income
141,342
317.237
Total
514,626,659 322.388,887
Expenses, including taxes
364,136
1,291.903
Balance applicable to interest
514.262.523 $21.096,984
Interest to public and other deductions
8,039,402
7,121,126
Balance-before deducting exchange adjustments
* Reclassified from amounts previously reported$6,223,121 $13,975,858
The above statement, which reflects foreign currency conversion
into
United States currency in accordance with certain
restrictions, presents the income results before taking procedure, rates and
into account the exchange losses or profits on working capital in foreign currencies.
American Water Works & Electric Co., Inc.
(And Subsidiary Companies)
-Month of August- -12 Mos. End, Aug. 311933.
1932.
1933.
1932.
Gross earnings
33,828,362 33.486.472 542.662.515 $45.698,181
Oper.exp., maint.& tax. 1,883,290
1,772,051 20,580,733 22,414,678
Gross income
$1.945,072 $1,714,420
Interest & amortization of discount of subsids-- 522,081.781 323.283.603
58.757.523 58,721.245
Preferred dividends of subsidiaries
5,690,915
5,641,265
Interest & amortization of discount of American
Water Works & Electric Co., Inc
1,298,242
1,317,755
Reserved for renewals, retirements and depletion
2,837,977
2,665,393
Net income
$3,497.123 34.937.842
Preferred dividends
1,200.000
1,200,000
Available for common stock
52,297,123 53.737.842
Shares of common stock
1,750.888
1,739.377
Earnings per share
$2.14
$1.31
OF
-Last complete annual report in Financial Chronicle Mar. 11 '33, p. 1718
Atlas Brewing Co.
Earnings for Five Months Ended May 31.
Net income after all charges
Earnings per share on 300 shares capital stock
$479,276
$1.60
Bellanca Aircraft Corp.
8 Months Ended Aug. 311932.
1933.
Net sales
$411.911
$182,814
Net profit after deprec. reserves for taxes, &c..
41.252 loss82.640
IgrLast complete annual report in Financial Chronicle April 15 '33, p. 2614
2455
Financial Chronicle
Volume 137
Eastern Massachusetts Street Ry.
Atlantic Gulf & West Indies SS. Lines.
(And Subsidiary Companies)
Month of July- -7 Mos. End. July 311932.
1933.
1933.
1932.
Operating revenues
$1,687,292 $1,427.581 813,095.422 S11.559.367
1.518.388 11,358,299 11.211.915
Oper. exp.(incl. deprec.) 1,497,987
-Month of August- -8 Mos. End. Aug.311932.
1932.
1933.
1933.
3476.642 $3.903,052 84.338,431
$468.630
2.996.868
331,943
2,536.909
325.656
Railway oper. revenues_
Railway oper. expenses_
Net rev,from oper___
Taxes
$142,974
24,393
$144,699 $1,366,142 $1,341.563
202.641
179.906
28.591
Balance
Other income
$118,581
13,881
8116.107 81,186,236
100,982
8,992
Gross corp. Income
Interest on funded debt,
rents, &c
$132,463
$125,100
$286.349
1,075.719
71,833
74.303
593.247
605.263
$617,201 def$789.369
Net income
$29.952 def$252.931
KN Last complete annual report in Financial Chronicle May 20 '33, p. 3324
-
Available for depreciation, dividends. &c
Deprec. & equalization..
$60.629
103,033
$50.797
100,939
$693,970
858,534
$614,105
866.680
Net oper. revenue
Taxes
$189.305 def$90.806 $1,737.122
118.365
17,488
19.068
$347.451
130,457
Operating income
Other income
$170,237 def$108.294 $1,618.757
40,754
3.585
6.467
$216,993
69.356
Gross income
Interest and rentals
$173.822 def$101,827 $1.659,511
1,042.309
151.104
143,869
Barcelona Traction, Light & Power Co., Ltd.
-Month of August- -8 Mos.End. Aug.311932.
1933.
1932.
1933.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
8,302,002 74,548.408 72.855.971
Gross earns,from oper__ 8,736,334
Operating expenses._ --- 3.285,418
2.976,348 25,553.990 24.321.799
Net earnings
5,326.554 48,994,418 48,534,172
5,450.916
The above figures have been approximated as closely as possible, but will
subject to final adjustment in the annual accounts. They are also
be
subject to provision for depreciation, band interest, amortization and
other financial charges of the operating Companies.
WI-4st complete annual report in Financial Chronicle July 15 '33, p. 484
Benguet Consolidated Mining Co.
1933.
6 Months Ended June 30Net Inc. after deprec., deplet. & other charges.... $1,219.617
$0.61
Earnings per share on 2,000,000 shares stock
1932.
$573,392
$0.29
Brazilian Traction, Light & Power Co., Ltd.
-Month of August- -8 Mos. End. Aug 311932.
1932.
1933.
1933.
Gross earns, from oper_ $2,527 084 $2,330.367 $18.911.298 $20.449.266
8.601.540
Operating expenses
1,024,378
8,531.620
1,116,172
Net earnings
$1,410,912 81.305.989 $10.379,678 811.847.726
The operating results as shown in dollars are taken at average rates of
exchange. They have been approximated as closely as possible, but will
be subject to final adjustment when the annual accounts are made up.
Reserves for possible increase in taxes and other charges previously referred
to and exchange differences have again adversely affected the earnings in
comparison with the same month last year. but this comparison is more
favorable on account of the disturbed cond.tions in Brazil in August 1932.
The above figures are also subject to provision for depreciat'on and
amortization.
Owing to exchange and remittance difficulties, the rate of exchange
adopted for the month is necessarily arbitrary, although less than the
officia rate which is nominal only.
10 Last complete annual report in Financial Chronicle July 1 '33 p. 133
-
British Type Investors. Inc.
Earnings for 6 Months Ended Aug. 31 1933.
Cash dividends
$10.503
x Periodic stock dividends
2.530
Interest on bonds
2.240
Interest on bank balances34
Arbitrate, premium on stocks loaned, option commissions, &c_
40.874
Total income
Interest on loans
Expenses
$56.183
3,125
19.699
y Net income before profit and loss on securities
$33.358
x At market value on record date for payment of stock dividend. y Loss
on sale of securities amounting to $254,747 charged directly to capital
surplus.
WI..ast complete annual report in Financial Chronicle April 29'33, p. 2979
Canada Northern Power Corp.
Gross earnings
Operating expenses
-Month of August--8 Wog,End. Aug.311932.
1933.
1933.
1932.
$303.794
8278,956 82,390.965 82,273.441
92.657
90.205
724.831
711.607
Net earnings
8211.137
8188.751 81.666.134 81.561.834
IrEff*Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2066
(The) Commonwealth & Southern Corp.
(And Subsidiary Companies)
-Month of August- 12-Mos. End. Aug.311932.
1933.
1932.
1933.
$8,941,108 88.675,419 8109193.433 8119841.768
Gross earnings
Oper. exps., Incl. taxes
4.133.174 49,927.652 54,015,979
and maintenance
4,311.833
Gross income
84.629,275 $4,542,244 $59,265,781 $65,825.789
Fixed charges, incl. Interest, amortiz. of debt
discount and expense, and earnings accruing
on stock of subsidiaries not owned by the
Commonwealth & Southern Corp
40,440.633 39.208,583
Net income
Provision for retirement reserve
Dividends on preferred stock
818,825,147 826.617,206
9.516,279
9.565,112
8,996,025
8.995.602
Balance
$312,843 $8.056,490
larLast complete annual report in Financial Chronicle June 3 '33, p. 3902
(Arnold) Constable & Co., Inc.
1933.
1932.
6 Months Ended July 31822.796
$157,727
Loss
Sales for the 6 months ended July 31 1933 totaled 82,547.988.
larLast complete annual report in Financial Chronicle April 8 '33, p. 2427
Consumers Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of August- -12 Mos. End. Aug.311932.
1933.
1933.
1932.
$2,059,028 $2,032,154 $26,188,659 $29,141,095
Gross earnings
Oper. exps., incl. taxes
900,864 11.610,521 11,757,009
1.005,531
and maintenance
Gross income
Fixed charges
81,053,497 $1,131,289 $14,578,138 $17,384,085
4,681,383
4.317.855
Net income
Provision for retirement reserve
Dividends on preferred stock
$9,896,754 813.066.229
2,784,000
2.784.000
4,161.513
4.188,656
$2,951,241 86.093,573
Balance
g2EPLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2604
Devoe & Raynolds, Inc.
1933.
1932.
9 Months Ended Aug. 31$465,000 def$128,000
Net income before Fed. taxes
The company reports for quarter ended Aug. 31 1933 profit of $417,361
after expenses, depreciation, &c., but before Federal taxes.
larlast complete annual report in Financial Chronicle Feb. 18 '33, p. 1206
81,138.922
80,445
$1,287,218 $1,219.368
$252.574
$164,563
$50,143
Net inc. car'd to loss_
$42,403
larLast complete annual report in Financial Chronicle Mar. 11 '33, p. 1718
Edmonton Street Ry.
-VIonth of August- -8 los. End. Auo,31
1932
-33
Revenue
$480.117
$433.047
$46.604
Passenger
'
$42A51
2.575
2.029
172
Advertising
213
107
189
6
37
Special cars
1.907
1,866
233
Police
233
2.970
2.970
371
371
Mail carriers
3.547
3,148
295
256
Other revenue
Total
ExpenditureMaint. of track & overhead
Maintenance of cars _ ...._
Traffic
Power
Other transp. expenses
General & miscellaneous
843,462
847.582
$443,251
8491.226
$3,399
6,273
194
4.744
19.645
3,638
$3,246
5,615
217
4,847
21,533
3,498
$24.455
9.281
1.863
45.932
164.808
32.496
$26.215
51,030
1.901
48.283
173.752
32.138
Total operation
Operation surplus
Fixed charges
Renewals
$37.896
5.566
12,591
$38.958
8.623
17,506
$318 837
124.413
100.731
18,000
$333.321
157.904
140.050
19.000
882 surn$5,682
$8,
$1.145
$7,025
Total deficit
Engineers Public Service Co.
Gross earnings
Operation
Maintenance
Taxes
(And Constituent Companies)
-Month of August- 12 Mos. Ended Aug. 31
1932.
1933.
1932.
1933.
53,498.677 83.655,259 842,184.425 847.029.231
1,470,942 16.586.126 19.111.862
1,421,291
2.659,244
2,169.948
198,694
188.412
4.008.667
4,028,029
358,051
377,547
Net oper. revenue_ __ _ $1,511,426 $1,627,570 $19.400,320 $21.249,456
1.358.296
821.642
113,061
35.008
Inc.from other sources a
$1,546,435 81.740.631 $20,221.962 $22.607,753
Balance
8,627.962
8,698,406
723,921
717.579
Int. and amortization...
Balance
Reserve for retirements
$828,855
81,016,709 811,523,556 813.979.791
4,505,936
4,660,115
Balance
Dividends on pref. stock of constituent cos
57.017.620 $9,319,675
b4,334,920
4.325,576
$2,682,699 $4.994.099
Balance
Amount applicable to common stock of constituent
12,317
37,383
companies in bands of public
Balance for dividends and surplus
Divs. on pref.stock of Engineers Pub. Serv. Co
$2,670.382 $4.956.715
2.323.549
2.343.548
$346,832 82,633.167
Balance for common stock divs. and surplus_
d$.18
$1.38
Earnings per share of common stock_c
a Interest on funds for construction purposes of$402,242(1932-8918,248)
and income from miscellaneous investments.
b Includes cumulative dividends not paid of $1,738.196.
c After deducting 10.7% (1932-9.9%) of gross earnings for retirements.
d The earnings of Puget Sound Power & Light Co. and the Key West
Electric Co., adjusted for minority interest, were in the aggregate $638,479
less than the full dividends on preferred stock of those companies held by
the public deducted in the above statement. This amount, however, is
not a claim against either Engineers Public Service Co. or its other constituent companies. The earnings of Engineers Public Service Co., plus
its proportional part of earnings of constituents other than the above companies,amount to $.52 per share on Engineers Public Service Co.corn.stock.
During a period averaging about 28 years for which records are available,
the companies in the Engineers group have expended for maintenance
a total of 9.3% of their entire gross earnings for the period, and in addition
have set aside for reserves or retained as surplus a total of 10.2% of such
earnings.
ItZ 'Last complete annual report in Financial Chronicle Feb. 11 '33, p. 1014
F
Fisk Rubber Corp.
(And Subsidiaries.)
Earnings for Period from May 20 1933 to June 30 1933.
81.335.788
Sales
Net income after expenses, Fed. taxes & prov. for capital stock
191,279
tax
Note.
-Company issued a separate statement of export accounts in
period showing net profit, after expenses and includliquidation for the same
ing $4,999 profit on exchange. of $24,686 transferred to reserve.
Fox Film Corp.
(And Wholly Owned Subsidiary Controlled or Affil. Cos.)
[But excluding Wesco Corp. and subsidiaries)
Pro Forma Income Account for 13 Weeks Ended July 1 1933.
$7,697.549
Gross income from sales and rentals
292.403
Other income
Total income
Expenses
Amortization of production costs
Participation in film rental
Interest
Amortization of discounts and expenses on funded debt
Depreciation
$7.989,952
2.090,520
4,420.844
1,236,211
83,609
16.068
67,984
Operating profit
Profit on foreign exchange
Settlement of contracts entered into in prior years
$74,717
284.328
Dr156.000
$203,045
Surplus
As the result of the reorganization, obligations of the corporation ip the
nature of bank loans and debentures together with accrued interest, aggregating in all $37.917.754 were retired and canceled. Interest on these
obligations from April 1 to Aug. 1 was charged to paid-in surplus. The
corporation now has no bank borrowings and only $1.783,600 of its debenture
issue remains outstanding.
rarLast complete annual report in Financial Chronicle April 9'32, p. 2707
2456
Financial Chronicle
Gamewell Co.
(And Subsidiaries.)
3 Mos.End. Aug.311933.
1932.
1930.
1931.
Operating income
loss$41,847 loss:334,331
$266.685
1181.445
Miscellaneous income_ _ 19,788
22,768
16.696
23,023
'''
Total income
loss$21,859 loss311.563
$283,382
$204,468
Fed taxes & deprec_
22,080
61,611
22,424
48,287
Other deductions
36,442
Net income
loss$43,939 loss$70,429
$221,771
$156.181
Shs. COM. Et C. outstand.
119,304
118,928
119,304
119.304
Earnings per share
Nil
$1.63
Nil
$0.95
10
-Last complete annual report in Financial Chronicle Sept.23'33, p.2278
Georgia Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of August--12 Mos. End.Aug.311932.
1933.
1932.
1933.
Gross earnings
81.834,731 81.784.408 122,040,542 $23,319,541
Oper. exps., incl, taxes
and maintenance
774.999 9,133,865 10.359,825
775.579
Gross Income
Fixed charges
31.059.151 $1,009.408 112.906.676 $12.959,716
5,982,619 5.608.012
I Net income
Provision for retirement reserve
Dividends on first preferred stock
$6,924,057 17.351.703
1.306.156
1.320.000
3.117.020 3.446.504
Balance
$2,487,036 $2,599,041
Honolulu Rapid Transit Co., Ltd.
-Month of August- -8 Mos.End. Aug.311932.
1933.
1932.
1933
$61.233
170.289
$596,525
1481.156
46.673
45.048
390.604
399.509
Gross rev, from transpOperating expenses
Sept. 30 1933
(The) Nevada-California Electric Corp.
(And Subsidiary Companies)
-Month of August- -12 Mos. End. Aug. 311932.
1933.
1933.
1932.
Gross oper. earnings___
8410.011
8398,158 14.658,571 15,216.483
Maintenance
14.269
9,553
143.532
187,059
Taxes (incl. Fed.inc.tax)
37.735
39.433
384.737
417,350
Other oper. & gen. (tap_
121.224 1.551.150
123.315
1.888.481
Total oper. & gen.
expenses & taxes_ - 1170.604
1174.928 12.079,421 $2,492,891
Operating profits
239.407
223,229 2,579.150 2.723.591
Non-oper. earns. (net)_
2,740
2.757
71 494
115.577
Total income
Interest
1242,147
131.012
3225.987 82.650.645 12.839.169
130,029
1.576.517
1.561,111
Balance
Depreciation
1111.135
49.073
895.958 31.074.128 $1,278,058
68,426
682,185
655.504
Balance
Disc. & exp. on sec. sold
Miscell. additions and
deductions (net Cr.).,,,
$62,061
8,751
127.531
8.893
$391,942
107,699
$622,553
107.351
*2.943
3,171
204.583
115,011
Surplus avail, for redemp.of bds.,divs.,&c $50,367
121,809
$488,826
$630,213
*Net debit.
larLast complete annua'report in Financial Chronic'e Apr. 15'33, p.2607
New York Athletic Club.
8 Months Ended July 311933.
1932.
Total income
11,104.491 $1.311.358
Amount available for bond interest
107,131
192.739
No mention is made of depreciation charges and $58,520 taxes for first
half of 1933 are unpaid.
New York Water Service Corp.
Operating income_ _ Non-operating income_-
$239.490
25.170
8321.023 $2.282,194 32.869.649
26.772
199.075
229.978
(& Subsidiary, Rochester & Lake Ontario Water Service Corp.)
12 Months Ended Aug. 311933.
1932.
Operating revenues
12,8.31,689 $2,821,347
Operation
779.599
780.441
Provision for uncollectible accounts
62.729
14.688
General expense charged to construction-Cr
2,403
21,403
Maintenance
71.512
92.964
General taxes
254,188
268,196
Net earnings
$1,666,065 11,686,461
Dividend revenue
28,700
31.061
Miscellaneous income
18.771
22.143
Gross corporate income
11.713.536 $1,739,666
Interest on mortgage debt
794,624
794,682
Interest on gold notes
97,735
112,500
Miscellaneous interest (incl. Int. chgd. to constr.)18.552
4,976
Amortization of debt discount and expense
48.928
68.313
Provision for Federal income tax
55.952
52.617
Prov. for retirements and replacements
183,500
161.000
Miscellaneous deductions
12,048
10,787
Net income
3534,791
$502,196
x Dividends on preferred stock
11,633
x Cumulative preferred dividends which have not been declared or paid
for the year ended Apg. 31 1932 amount to 1267.559 and for the year
ended Aug. 31 1933 aount to 1279.192.
lO"Last comptete annual report in Financial Chronicle Apr. 15 '39, p. 2607
Gross income
Income charges
3264.660
315.083
8347.795 82,481.270 83.099,627
313,711
2.516,432 2,524.284
New York Westchester & Boston Ry.
Net rev, from transpRev, other than tramp_
116.185
2.048
123.616
1.397
$90.552
12,716
$197.016
11.929
Net rev, from oper
Taxes assign. to ry.oper.
Depreciation
Profit and loss
Replacements
$18,233
1.928
10.620
330
325.014
6.896
10,000
564
3103.269
57.928
84.962
2.594
152
1208,945
69.011
83.529
1.444
1.346
Total deduc.from rev.
112.879
$17,461
$155,332
1145.637
Net revenue
7.552 def42.368
5.354
53,613
Ka'Las'complete annual report in Financial Chronicle Mar. 18'33, p. 1884
Hotel Waldorf-Astoria Corp.
6 Months Ended June 301932.
1933.
Net bss after int., taxes. deprec., amortiz. &
other charges
11.486,847 11,537,961
Hudson & Manhattan RR.
Vlonth of August- -8 Mos.End. Aug.311933.
1932.
1933.
1932.
3618.201
1709.459 $5.375.383 36.304.971
378.711
388.436 3.093.188 3.435.322
Gross oper. revenue--Oper. expenses & taxes-
Net income
def$50.423
134,083 def$35.162
3575.343
arLast complete annual report in Financiat Chronicle Apr.8 '33, p. 2412
Los Angeles Biltmore Co.
Net lord
Earnings for 8 Months Ended Aug. 31 1933.
$471,381
Madison Square Garden Corp.
(And Wholly Owned Subsidiarle.)
Quarter End. Aug. 31- 1933.
1932.
1931.
1930.
Net loss after charges_ _ _ 4165.523 4156.144
$314,853
$74.468
x Does not include the operations of the Boston Madison Square Garden
Corp a partly-owned subsidiary, which showed a net loss for the quarter
of 831,839. compared with a loss of 335,893 for the similar quarter of last
year, a loss of $33,946 in the 1931 quarter and a loss of $111,643 in the
1930 quarter.
la'Last complete annual report in Financial Chronicle July 8 '33, p. 325
Mexican Petroleum Co., Ltd., of Del.
(And Subsidiaries)
6 Months Ended June 301933.
1932.
Net loss after depreciation, depletion, amortization
and intangible development costs
$2,484,130 $3,253,884
Midland Royalty Corp.
Earnings for Six Months Ended June 30 1933.
Net income after expenses, taxes, depletion and other deductions
$2,250
National Power & Light Co.
(And Subsidiaries)
12 Months Ended June 30Subsidiaries
Operating revenues
Operating expenses, including taxes
$68,020.648 374.556 525
35.195.332 38.929.019
Net revenues from operation
Other income
332,825,316 $35.627.506
212.536
362.241
Gross corporate income
Interest to public and other deductions
Interest charged to construction
Retirement reserve appropriations
133.037,852 335,989.747
12,862.468 13.006.451
Cr6.691
Cr96.885
5,464.392 5.703,888
1933.
1932.
Balance
314.717,683 317.376,293
Pref. dive, to public (full div. requirements applicable to respective 12 month periods, whether
earned or unearned)
6,039,666 6,055,345
Portion applicable to minority interest
26,414
48.618
Net equity of National Power & fright Co. in
income of subsidiaries
38.651.603 111,272.330
National Power
Light Co.
Net equity of National Power & Light Co. in
income of subsidiaries (as shown above)
$8,651,603 111.272,330
Other income
217.616
391.063
Total income
$8.869.219 111.663.393
Expenses, including taxes
131.383
140.713
Balance applicable to interest and other deduc'ns 18.737.836 111,522.680
Interest to public and other deductions
1.348.217
1.356.740
Balance carried to earned surplus
17.389.619 110.165,940
KJ/Last complete annual report in Financial Chronicle Aug.26'33, p. 1573
-Month of August- -8 Mos. End. Aug. 311933.
'932.
1933.
1932.
3135109
1152,124 11.122,822 11,257.948
113.294
112,100
896.599
917.643
Net oper. revenue___$21,815
140,023
1226,222
$340.305
Taxes
26.854 '
28.077
214.832
216.693
Operating income_
def$5,038
$11,945
$11.390
1123.612
Non-operating income_
2.049
2.356
15,417
18.632
Gross income
def$2.988
$14,302
126.808
$142.245
Deductions
Rents
33,531
33,537
269,350
269,382
Bond, note, equip. trust
certificate int. (all int.
on advances)
208.385
204,015
1.653,576
1,618,643
Other deductions
2,308
2.012
18.921
18.392
Total deductions
$244.225
$239.564 11.941.848 $1,906,419
Net deficit
$247,214
1225.262 $1.915,040 11.764.173
larLast complete annual report in Financial Chronicle Apr. 8 '33, p. 2423
Railway oper. revenue__
Railway oper. expenses-
Northern States Power Co. (Del.).
(And S-bs.diaries).
12 Months Ended Aug.311933.
1932.
Gross earnings
$31.145,325 $33,174,239
Operating expenses, maintenance and taxes
15.870.547 16,349,127
Net earnings
115.274,777 $16.825.112
Other Income
95.255
104.323
Net earnings, including other income
315,370,032 $16.929.435
Interest charges
-net
5.789,235 5.755,683
Amortization of debt discount and expense
189.386
180.000
Minoety interest in net income of subsidiary co
45.386
25,237
Appropriation for retirement reserve
2.900.000 2.900.000
Net income
$6.446.025 $8.068.515
UrLast complete annual report in Financial Chronicle May 13 '33, p. 3332
Pacific Western Oil Corp.
(And Subsidiaries)
Earningsfor Six Months Ended June 30 1933.
Crude oil Sake
Natural gasoline sales
Residual dry gas sales
$1.585,332
220.606
98.867
Total sales
Rentals received
Gains on sales of fixed (capital) assets
Income from services and sundry sales
Discounts on purchases
Interest earned
11,904.806
168
25.648
587
1,631
t,029
Total gross income
Costs, oper. and general expense (incl. all taxes)
Abandoned wells, leases and equipment
Depletion and depreciation
Interest on funded debt
11,938.870
798,492
85,178
883,407
344.533
Net loss for period
Earned surplus at beginning of Period
Total surplus
Sundry adjustments applicable to prior years
$172.740
3.355.220
1.3,182,480
10,000
Earned surplus (unappropriated) at end of period
33,172,480
"Last complete annual report in Financial Chronicle Mar. 18 '33, P. 1900
Financial Chronicle
Volume 137
Ohio Edison Co.
(A Subrldiary of the Commonwealth & Southern Corp.)
-Month of August
-12Mos.End. Aug.311933.
1932.
1932.
1933.
Gross earnings
$1,198,674 31.122.871 $14,636.102 316.367.075
Oper. exps., incl. taxes
and maintenance
529,215
495,218 5,906.746 6,271,743
Gress income
Fixed charges
$669,459
$627,653 $8.729,355 $10,095,331
3,888,315
$i,1'63
Net income
Provision for retirement reserve
Dividends on preferred stock
$118:838 $1148:848
1.866.788 1.864.791
2457
(The) Tennessee Electric Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month ofAugust--12 Mos.End.Aug
.311933.
1932.
1932.
1933.
Gross earnings
$976.501
$919,695 311.298.079 $12,414,000
Oper. caps., incl. taxes
and maintenance
453,774
451,104 5,214,975 5.991.313
Gross income
$522,727
$468,590 $6.083,104 $6.422,687
Fixed charges
2,665,197 2,597,252
Net income
Provision for retirement reserve
Dividends on preferred stock
$3,417.906 $3.825.434
1,260.000
1.260.000
1,552.328
1.551.063
Balance
$1.774,251 $3.354.424
OPLast complete annual report in Financial Chronicle May 6 '33, p. 3162
Balance
$605.578 $1.014,371
10
-Last complete annual report in Financial Chronicle May 6'33, p. 3164
Rochester & Lake Ontario Water Service Corp.
12 Months Ended Aug. 31
1933.
1932.
Operating revenues
$528.862
$540.878
Operating expenses
160,861
163.137
Rental o mains and hydrants
9,055
9,119
Maintenance
11,992
23,562
General taxes
45,152
49,987
Net earnings
$3301,802
$295,073
Other income
980
384
Gross corporate income
$3302.782
$295.457
Interest on funded debt
125.000
125,000
Amortization of debt discount and expense
14,507
Interest charged to construction--Cr
15
103
Provision for Federal income tax
12.144
12,983
Provision for retirements and replacements
25,420
25,420
Miscellaneous deductions
361
500
Tobacco Products Corp. of N. J.
Earnings for Six Months Ended June 30 1933.
Lease, rentals and interest received
31,251.683
Net income after interest paid and accrued on 6;5% debentures,
amortization of lease and provision for Federal taxes
78,778
KNPLast complete annual report in Financial Chronicle Mar. 18 '33, p. 104
Surplus net income
$125.365
$131,657
'Last complete annual report in Financial Chronicle Apr. 15'33, p 3
609
South Bay Consolidated Water Co., Inc.
12 Months Ended Aug. 311933.
1932.
Operating revenues
$493,929
$528,240
Operation
153.607
171.948
General expense charged to construction-Cr
5,284
23.669
Amortization of rate case expense
24.699
7.745
Maintenance
22.659
27,497
General taxes
38.076
43.713
Net earnings
Other income
$260.172
1.585
$301,007
1.039
Gross corporate income
Interest on funded debt
Miscellaneous interest charges
Amortization of debt discount and expense
Interest charg.ed to construction-Cr
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$261,757
158,105
37,778
12,176
387
2,712
22,000
1,034
$302,046
158.105
30.338
12,064
906
7,721
20,250
1,419
Net income
$28,338
$73.055
x Dividends on preferred stock
28.721
x Cumulative preferred dividends which have not been declared or paid
for the year ended Aug. 31 1932 amount to $33,943, and for the year ended
Aug. 31 1933 amount to $62,664.
lerLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2609
Southern Colorado Power Co.
12 Months Ended Aug. 311933.
1932.
Gross earnings
31.692,619 $1,928,860
Operating expenses, maintenance and taxes
898.485
1,037.321
Net earnings
$794,134
$891,539
Other income
293
499
Net earnings, including other income
$794,427
$892,039
Interest charges-net
432.780
433,436
Appropriation for retirement reserve
148,952
41,663
Net income
$212,695
$416,940
rrLast complete annual report in Financial Chronicle May 13 '33, p. 3345
Third Avenue Ry. System.
(Railway and Bus Operations)
-Month of August--2 Mos.End. Aug.31
Operating revenue:
1933.
1932.
1933.
1932.
Railway
8820.544
1917.245 31,658.333 81,874,822
Bus
191.061
222.280
394,279
464,311
Total oper. revenue $1,011,604 $1,139,525 $2,052,612 $2,339,133
Operating expenses:
Railway
603.151
646.919 1.213.401
1,318.268
Bus
190.931
223.135
384.602
445,582
Total oper. expenses $794,081
$870,054 $1,598,003 $1,763,850
Net operating revenue:
Railway
217,393
270.326
444,932
556,554
Bus
130
def854
9.678
18,729
Total net oper. rev_ $217,523
$269,472
$454,610
$575,283
Taxes:
Railway
62.278
75,665
125.326
154,110
Bus
6.065
7,069
12,518
14,748
Total taxes
$68,343
$82,734
$137,844
3168,858
Operating income:
Railway
155,115
194.662
319.607
402,444
Bus
def5.935
def7.923
def2,840
3,981
Total oper. income_ $149,179
$186,739
$316,766
$406,425
Non-operating income:
Railway
26,497
26,859
52,920
53,748
Bus
732
804
1,467
1,618
Total non-oper.Inc$27,229
$27.663
$54.387
$55.366
Gross income:
Railway
181,612
221,521
372,527
456.193
Bus
def5,203
def7,119
def1,373
5,599
Total gross income- $176,408
$214,401
$371.153
$461,791
Deductions:
Railway
212,996
220.240
425,325
440,366
BUS
16,101
17,244
32,311
34,476
Total deductions__ - $229,097
$237,484
$457.635
$474,842
Net income or loss:
Railway
def31,385
1.281
def52.798
15.826
def21,304
Bus
def24,363 def33,684 def28,877
Total combined net
inc. or loss-ry. and
def$52,689 def$23,082 def$86,482 defS13,051
bus
rirLast complete annual report in Financial Chronicle Oct. 8 '32, p. 2487
Wilbur Suchard Chocolate Co.
Earnings for Six Months Ended June 30 1933.
Net loss
$110,080
U. S. Smelting, Refining & Mining Co.
8 Mos. End. Aug
.311933.
1932.
1931.
1930.
Profit after interest_ _
$44,211,083 32.664,940 $2.667.532 34.123.443
Deprec.,deplet.& amort 1,707,044
1,501.344
1,425.550
1.841.338
Net profit
Preferred dividends-
$2.504.039 $1.163.596 31.241.982 $2.282.105
1.091.879
1,111.247 1.134.817
1,134.817
Surplus
$1,412.160
3107.165 31,147.288
$52,349
Shs.com.stk.out.(par $50) x528,765
x540,527
620.562
620,562
Earnings per share
$2.67
$0.09
$0.18
$1.8.5
Average Prices
Gold (ounce)
323.759
$20.67
Silver (ounce)
31.696c.
28.491c.
28.043c.
39.643c.
Lead (lb.)
3.648c.
3.198c.
4.354c.
5.670c.
Zinc (lb.)
3.739c.
2.743c.
3.775c.
4.747c.
x Aterage shares outstanding.
rEPLast complete annual report in Financial Chronicle Apr. 1 '33, p. 2260
Union Water Service
12 Months Ended June 30Operating revenues
Operation
Maintenance
General taxes
Co.
1933.
$483.967
135.397
13.399
57.042
1932.
$504.034
144.549
15,667
55.791
Net earnings
Other income
3278.128
929
3288.026
1.698
Gross corporate income
Interest on long-term debt
Miscellaneous interest charges
Amortization of debt discount and expense
Interest charges to construction (credit)
Provision for Federal income tax
Provision for retirements and replacements
Miscellaneous deductions
$279,057
142,092
110
3.648
191
11.984
33,750
1,945
3289.724
143,187
89
2,996
686
8,905
33,212
2,148
Net income
$85.717
399.873
Dividends on preferred stock
36,000
34,283
complete annual report in Financial Chronicle May 27 '33, p. 3723
rrLctst
United Stores Corp.
Six Months Ended June 301933.
1932.
Interest received. &c
3290.481
$337,119
Expenses and franchise taxes
37,041
36.879
Interest
28.955
4,460
x
Federal taxes
37,500
1931.
$629.945
67,214
15,172
Net profit
$248.980
$233,785
$547,659
x No provision for Federal income taxes has been made inasmuch as
deductions allowable in 1933 are expected to exceed the taxable income.
W'Last complete annual report in Financial Chronicle May 27 '33, p. 3738
Utilities Power & Light Corp.
(And Subsidiaries)
Earnings for 12 Months Ended June 30 1933.
Gross revenues
$47,671.165
Expenses and ordinary taxes
26.889.047
Fixed charges
9,205.263
x Subsidiary dividends, minority interest, &c
3.096.172
Balance
Other income
$8.480.683
570.476
Total income
Debenture interest, amortization, &c
Depreciation and depletion
Federal taxes
$9,051,159
3.529,879
3,816,024
609.724
Profit
$ .095,532
x Exclusive of $1,168.858 cumulative dividends on preferred stocks of
subsidiary companies in hands of public, which were not earned or declared.
Note.
-Above statement includes earnings of the corporation and its
public utility subsidiaries, all non-utility subsidiaries having been segregated and carried in the balance sheet as investments.
Last complete annual report in Financial Chronicle June 24'33, p. 4452
Vadsco Sales Corp.
(And Subsidiaries)
Period Ended June 30-- 1933-3 Mos.-1932.
1933-6 Mos.-1932.
Net loss after taxes, depreciation, etc
$59,446
$24,009
$135,828 prof.$59.105
lZPLast complete annual report in Financial Chronicle May 13'33, p. 3363
Western New York Water Co.
12 Months Ended Aug.311933.
1932.
Operating revenues
$732,243
$749,507
Operation
183.457
190,182
General expense charged to construction-Cr
6.622
422
Maintenance
15,357
14.973
General taxes
88,336
93.197
Net earnings
$445.516
$457.777
Other income
1.358
11,400
Gross corporate income
$446,874
$469,177
Interest on mortgage debt
204.888
204.849
Interest on 6% debentures
58,474
58.620
Miscellaneous interest charges
3,588
7.228
Amortization of debt discount and expense
9,447
9,447
Interest charged to construction-Cr
141
922
Provision for Federal income tax
10,466
11.314
Provision for retirements and replacements
50.750
52.500
Miscellaneous deductions
3,463
4.463
Net income
3105,938
$121.679
Dividends on preferred stock
51.530
51.530
VirLast complete annual report in Financial Chronicle Apr. 15 '33, p. 2611
Financial Chronicle
2458
Sept. 30 1933
General, Corporate and Investment News
STEAM RAILROADS.
Chicago & Eastern Illinois Ry.-Meeting of Creditors
and Stockholders.
-
-Class I railroads
Fewer Freight Cars and Locomotives in Need of Repair.
on Sept. 1 had 304,202 freight cars in need of repair, or 14.9% of the number on line, according to the car service division of the American Railway
Association. This was a decrease of 12,235 cars below the number in need
of repair on Aug. 1, at which time there were 316,437, or 15.4%. Freight
cars in need of heavy repairs on Sept. 1 totaled 229,344, or 11.2%, a decrease of 2,424 cars compared with the number in need of such repairs on
Aug. 1, while freight cars in need of light repairs totaled 74,858, or 3.7%.
a decrease of 9,811 compared with Aug. 1.
Locomotives in need of classified repairs on Sept. 1 totaled 11,100. or
21.9% of the number online. This was a decrease of nine compared with
the number in need of such repairs on Aug. 1, at which time there were
11.109. or 22.1%. Class I railroads on Sept. 1 had 5,802 serviceable
locomotives in storage compared with 6,064 on Aug. 1.
-Class I railroads on Aug. 31 had 398,451 surplus
Surplus Freight Cars.
freight cars in good repair and immediately available for service, the car
service division of the American Railway Association announced. This
was a reduction of 4,806 cars compared with Aug. 14, at which time there
were 403.257 surplus freight cars.
Surplus coal cars on Aug. 31 totaled 105,915, a decrease of 9,205 cars
below the previous period, while surplus box cars totaled 236,850, an increase of 7.349 cars compared with Aug. 14.
I. Reports also showed 24,328 surplus stock cars, a decrease of 2.846 compared with Aug. 14, while surplus refrigerator cars totaled 11.892, an
Increase of 257 for the same period.
-Class I railroads
New Freight Cars and Locomotives Placed in Service.
of the United States in the first eight months of 1933 placed in service
1,838 new freight cars, the car service division of the American Railway
Association announced. In the same period last year 2.477 new freight
cars were placed in service. The railroads on Sept. 1 this year had 1.129
new freight cars on order compared with 1,423 on the same day last year.
The railroads placed one locomotive in service in the first eight months
this year compared with 35 in the same period in 1932. New locomotives
on order on Sept. 1 this year totaled one compared with five on the same
day last year.
Freight cars and locomotives leased or otherwise acquired are not included in the above figures.
-1-9. C. Commission
-RAIL RATES.
PROPOSE REVISION IN LAKE
examiners have proposed substantial modifications in bases of new lakerail rates on both classified and commodity freight moving through Lake
Superior and Lake Michigan ports between territory in the east on the one
hand and western trunk lines and the Illinois area on the other. "Wall
Street Journal" Sept. 23. P. 6.
A meeting of the stockholders and creditors of the company will be held
in the U. S. District Court in Chicago on Oct. 10 to consider the question
of whether the appointment of Charles M. Thomson, trustee in bankruptcy, shall be made permanent.
-V. 137, p. 2100.
-To Pay Oct. 1 Interest.
Alleghany Corp.
-V. 137, P. 1760.
Interest due Oct. 1 on the 5s of 1950 will be paid.
-Abandonment and
Atlanta Birmingham & Coast RR.
Operation.
The I.
-S. C. Commission on Sept. 14 issued a certificate permitting the
company to abandon (a) operation under trackage rights over tracks of the
Southern Ry, 1.70 miles, and (b) the use of the tracks and passenger
station facilities of the Atlanta Terminal Co.; and (c) authorizing it to
operate. under trackage rights over tracks operated by the Nashville
Chattanooga & St. Louis Ry.. lessee of the Western & Atlantic RR., and to
use the facilities of the Atlanta passenger station of the Nashville Chattanooga & St. Louis Ry., all in Atlanta, Fulton County, Ga.-V. 136. p.3152.
Bolivia Ry.-Interest Payment.
E. M. Heberd, Vice-President in a notice to holders of 5% mtge. & coll.
trust Income bonds, series A and holders of 5% 1st mtge. bonds states:
"The net earnings of the company for the half year ended June 30 1933.
are sufficient to pay Interest of 0.506% on the above-mentioned 5% mtge.
& coll, trust income bonds. The balance required to enable interest of
1 4% to be paid on said bonds in respect of said half year has been provided
by the Antofagasta Ry. and holders of said bonds may collect such interest
upon presentation on and after Oct. 1 1933 of the corresponding coupons to
any one of the under-mentioned paying agents.
"Out of the net earnings for the same half year a sum equivalent to
0.565%. together with the amount of 0.0389' carried forward on the occasion
of the last distribution, making a total of 0.603%, is now available for
distribution further on account of the liability of the Bolivia Ry. to holders
of the old 1st mtge. bonds who have not accepted the plan of reorganization.
An actual distribution will be made at the rate of 0.59' (2s. Od. per 20
bond), the balance being carried forward for inclusion in the next distribution. This payment of 0.5% will be made on and after Oct. 1 1933 upon
presentation to any one of the under-mentioned paying agents of the old
bonds for stamping with a note of the distribution.
"The Paying Agents, above referred to are: Banque de Paris, et des Pays
Bas at Geneva; Chemical Bank & Trust Co., at 165 Broadway, New
York; Credit Suisse at Geneva, Lausanne and Zurich; Messrs. J. Henry
Schroder & Co. at 145 Leadenhall Street. London, E.C.3."
-New Vice-President.
Central RR. of New Jersey.
Edgar D. Hilleary, Vice-President in charge of operations of the Reading
Co., has been elected Vice-President in charge of operations of the Central
-V. 137, p. 2100.
RR. of New Jersey.
Chesapeake & Ohio Ry.-Abandonment of Branch.
The I.
-S. C. Commission on Sept. 19 issued a certificate permitting the
company to abandon that part of its Buckingham subdivision extending
from Dillwyn to Rosney, 4.40 miles, all in Buckingham County, Va.V. 137, p. 2100
-To Purchase
Chicago, Burlington & Quincy RR.
Rails-Business Increases.
-pound
The directors have authorized the purchase of 25,000 tons of 112
steel rails and 600 tons of bridge steel. The company plans to use up 60
miles, or 17,000 tons of rails, that it has on hand in the immediate future.
The road does not intend to borrow to pay for its proposed purchases.
Part of the bridge steel order consists of spans for the South Platte River
at Denver.
The company expects to receive three new powerful locomotives during
the next two weeks, each of which will replace old locomotives. They are
powered with Diesel engines.
In connection with the laying of the 60 miles of rails which the company
has on hand it will have to buy additional fastenings. The road will also
-ton order for
need 5.000 tons of fastenings in connection with the 25,000
rails.
President Ralph Budd says:
"Our business in the first 21 days of September ran about 4% ahead of
the like period last year.
"The sugar beet crop along the line of the Colorado & Southern Ry., a
subsidiary, is the best in history. A pick-up in the business of the Colorado
Fuel & Iron Co. as the result of rail buying would greatly aid the earnings
of the 0. & S. It is probable that the combined earnings statement of the
Colorado & Southern and the Fort Worth & Denver City will show charges
covered for 1933.
"Our new stream-line train, the Zephyr, will be delivered to us in December. The train is being made of stainless steel and will be powered by the
General Motors Diesel engine. The new train will be placed in service
between Omaha, Kansas City and Lincoln, Neb.
-Denver & Rio Grande Western route to the
"The new Western Pacific
West Coast Is very important to the Burlington. The Dotsero cut-off will
reduce our distance to the West Coast 176 miles. It will benefit the Burlington more than it will the Rock Island or the Missouri Pacific, which
also connect with the Denver & Rio Grande. It seems to me that in any
consolidation that is worked out the Burlington, the Rock Island and the
Missouri Pacific should have an interest in a consolidated system consisting of the Western Pacific, the Denver & Rio Grande Western and the
-V. 137, p. 2100.
Denver & Salt Lake."
Chicago Milwaukee St. Paul & Pacific RR.
-Fixed
Charges About Covered in August.
President II. A. Scandrett says:
"The company will just about cover Its fixed charges for August.
"We would join a movement to buy rail and supplies but we don't
absolutely need more materials at present.
"The present lull in business was to have been expected after the bulge
that was experienced in July and August. It is my opinion that conditions
should improve from now on. However, we will be comparing with a
period last year in which traffic was increasing rapidly, so the percentage
gains over 1932.,w11l be smaller during the next month."
-V. 137. P. 220,
1761, 1237.
Chicago & North Western Ry.-Terms of Reconstruction
Loan Modified.
The I.
-S. C. Commission on Sept. 25 upon supplemental application of
the company, modified its report and certificate of Aug. 8 193:1 approving
conditionally a loan of $3,862.000 to the road by the Reconstruction Finance
Corporation to provide funds at maturity on Oct. 1 19:13, for refinancing
one-half of the principal of the Fremont Elkhorn & Missouri Valley RR.
6% consol. mtge. bonds outstanding in the hands of the public in the
amount of $7,724,000.
The report of the Commission states in part:
The loan and advances thereon were conditioned inter alia as follows:
2. That before any advance upon the loan be made, the Chicago &
North Western Railway Co. present evidence satisfactory to the RFC that
the holders of substantially all of the bonds for the refinancing of which this
loan is conditionally approved have assented to the proposed plan of
refinancing described in the said report."
On Sept. 22 1933 the applicant filed a supplementary application requesting modification of this condition in order to facilitate the carry ng out
of the refinancing plan described in our previous report herein, and so
that the plan might be declared operative forthwith upon such modification. In support of its supplemental application, the applicant states that
as of the close of business on Sept. 21 1933, the holders of $6,926,000 of
the bonds in question had assented to the refinancing plan, or in excess of
89% of the total amount of the bonds outstanding, and over 97% of all
bondholders with which the applicant had been able to communicate.
The applicant has diligently endeavored to communicate with all holders
of the bonds, advertising In newspapers of wide circulation throughout the
United States, inquiring at banks presenting coupons for payment, and
circularizing insurance companies, savings banks and other large holders of
its bonds. The applicant believes that it will be able in due course to secure
the assent of additional holders of the bonds with whom it has thus far been
unable to communicate.
Conclusions.
We conclude:
(1) That paragraph numbered 2 in our previous report should be amended
to read as follows:
"2. That the RFC should make advances on the loan from time to
time as and when it is satisfied from evidence before it that holders of Fremont Elkhorn & Missouri Valley RR. 6% consolidated mortgage bonds,
holding such bonds in principal amount equivalent to twice the amount of
the advance then made and the advances previously made, have assented
to the plan of refinancing said bonds described in this report."
(21 That paragraph numbered 2 of the certificate accompanying said
previous report in this proceeding should be amended to read as follows:
"2. That the RFC should make advances on the loan from time to time
as and when it is staisfied from evidence before it that holders of Fremont
Elkhorn and Missouri Valley RR.6% consolidated mortgage bonds, holding such bonds in principal amount equivalent to twice the amount of the
advance then made and the advances previously made, have assented to
the plan of refinancing said bonds described in the said report."
Plan Declared Operative-Further Deposit of Bonds Urged.
Fred W. Sargent, President, in a notice to the holders of
Fremont Elkhorn & Missouri Valley RR.6% consol. mtge.
bonds due Oct. 1 1933, states:
Holders of more than 91% of Fremont Elkhorn & Missouri Valley RR.
6% consolidated mortgage bonds, due Oct. 11933. have accepted the offer
of the Chicago St North Western Ry. to pay 50% of the principal amount
of the bonds, with accrued interest, in cash, and to deliver, in payment of
the remaining 50%, a like amount of its general mortgage 5% bonds due
Nov. 1 1987, or interim certificates entitling the holder to exchange the
same in amounts aggregating .$1,000, or multiples thereof, for said bonds.
The Chicago & North Western IV. anticipates that the remaining
Fremont bonds will be exchanged when the plan Is put into effect, and has,
therefore, with the approval of RFC, declared the plan operative.
Because the money to be advanced by RFC is available only for the payment of 50% in cash to assenting bondholders, the Chicago & North
Western Ry. is not in a position to offer any other terms to bondholders
who do not assent to the plan.
Bondholders should surrender their bonds to the Treasurer of the Chicago
& North Western Ry., 111 Broadway, New York, N. Y. on and after
Sept. 28 1933, and as soon thereafter as RFC shall have advanced the
necessary funds, the Chicago & North Western Ry. will make payment in
cash of an additional 40% (or, If 10% has not theretofore been advanced.
of 50%) of the principal amount of the surrendered Fremont bonds,
together with full interest thereon from April 1 1933 to Oct. 1 1933, and
will deliver Chicago & North Western Ry. gen. mortgage 5% bonds
(or its interim certificates) in a principal amount equal to the remaining
50% of the principal amount of the surrendered Fremont bonds, together
with Interest on general mortgage bonds from Oct. 1 1933 to Nov. 1 1933.V. 137, p. 2100.
Chicago Rock Island & Pacific Ry.-May Join in
Merger.
The New York "Sun" Sent. 28 had the following:
A new interest in the plans for consolidating the Western Pacific RE..
the Denver & Rio Grande Western RR. and the Denver & Salt Lake Sty.
appeared to-day, that of the Chicago Rock Island & Pacific fly.
Ralph Budd, President of the Chicago Burlington & Quincy RR., and a
member of the committee working out the consolidation plan, suggested
that the Rock Island as well as the Burlington and the Missouri Pacific
should have a place in the combined property.
"The new Western l'acific-Denver & Rio Grande Western route to the
West Coast, is very important to the Burlington," Mr. fluid said.
"The Dotsero cut-off will reduce our distance to the West Coast 176 miles.
It will benefit the Burlington more than it will the Rock Island or the
Missouri Pacific, which also connect with the Denver & Rio Grande.
"It seems to me that III any consolidation that is worked out the Burlington, the Rock Island and the Missouri Pacific should have an interest
in a consolidated system consisting of the Western Pacific, the Denver &
Rio Grande Western and the Denver & Salt Lake."
Members of the committee working out the consolidation include L. W.
Baldwin, of the Missouri Pacific; Gerald Hughes, of the Denver & Salt
-V. 137, P. 1761.
Lake, and T M Schumacher of the Western l'acific lilt.
Chicago ,St. Paul Minneapolis & Omaha Ry.Abandonment of Branch.
-
The I.
-S. C. Commission on Sept. 22 Issued a certificate permitting
abandonment by the company of a branch line of railroad extending from
Luverne southerly to Doon, 27.63 miles, all in Rock County, Minn., and
Lyon County, Iowa.
-V. 136, p. 3530.
Volume 137
Financial Chronicle
Delaware Lackawanna & Western RR.
-Withdraws
Bond Plea.
The New York Lackawanna & Western and Delaware Lackawanna &
Western railroads have withdrawn their joint supplemental application to
-S. C. Commission requesting authority to sell $13,639,000 1st &
the I.
ref. mtge. gold bonds, series A. The application was filed July 6 1931,
and has been pending before the Commission in the meantime, awaiting
arrangements for the sale of the bonds. Existing unfavorable bond market
conditions have caused the carriers to abandon the projected sale of these
securities which they had hoped to dispose of at a maximum interest rate
of 434% or a minimum of 4%. The proceeds would have been used to pay
$7.400,000 of bank loans outstanding at the time of the application along
with rents and taxes.
"The application was dismissed with the consent of the carriers since the
Commission is clearing its docket of long pending cases."
-V.137. p. 2269.
To Buy Rails.
Following a meeting of the director:, Pres. J. M. Davis stated that this
company had Informed Washington tnat it would go along on the Government's program of purchasing rails V the price was reduced.
Mr. Davis did not mention what quantity of new rails his company would
buy, stating that the new price which has not been decided upon as yet,
was the main consideration.
-V. 137, p. 2269.
Denver & Rio Grande Western RR.
-Colorado Objects
to Rail Abandonments.
The State of Colorado, through Paul P. Prosser, Attorney-General, and
the Colorado P. U. Commission, through its counsel. Richard E. Conour,
have filed with the I.
-S. C. Commission a protest to the proposed abandonment of the Pagosa Springs branch of the Rio Grande in Archuleta County.
The protestanta in taking that action are laying the foundation for a test
case on the abandonment of unprofitable branch lines of railroads with the
expectation that the issues raised will receive a final adjudication by the
U. S. Supreme Court. The basis of the action is that the overhead burden
of interest charges on bonded indebtedness of the carrier Is so great that the
branch line cannot be operated at a profit regardless of general business
conditions.
The line, which Is 31 miles long, connects Pagosa Junction and Pagosa
Springs. The Colorado Commission, in filing its protest, formally adopts a
policy of trying to halt the "urther abandonment of the unprofitable branch
lines by the railroad companies in the State. Heretofore the State Commission has heard all of the abandonment cases as an agent of the I. 0.
-S.
Commission. Notice has been served on the Federal Commission that such
practice will not be continued, so that the State body may be in a position
to represent the public interest and the general welfare of the State of
Colorado.
The protest sets forth that the Pagosa Springs branch furnishes the only
available rail service for an area of 800,000 acres which produces annually
in excess of $200,000 in crops, $400,000 in live stock and a large quantity of
timber and timber products. In addition to making it difficult. If not
Impossible to transport these products, said abandonment would affect real
estate and Improvements now valued at $5,000,000. The branch serves a
portion of the State which is practically inaccessible several months of the
year except by rail.
The protest alleges that the railroad company has failed and refused to
attempt any substantial economies in the operation of the branch and
points out that the Commission afforded it an opportunity to use motor
buses on its rails in place of a mixed train service and that notwithstanding
the issuance of this order the company has continued the use of its old,
Inefficient and expensive equipment.
In regard to the Denver SC Rio Grande Western's claim that the operation
of the branch is a burden on inter-State Commerce, the Colorado protest
sap:
'The real burden on inter-State commerce is the top-heavy capital structure and the excessive burden of interest-bearing securities, which, at the
end of the calendar year 1931 were outstanding In the approximate sum of
$120.059.380. Since that time this amount has been increased on account
of various loans obtained by the applicant for one purpose or another.
Interest paid by the applicant company on the above sum In 1931 was
$5,368,318. and in 1932,interest on the funded and unfunded debt amounted
to about $5.475.000.
"Protestants respectfully represent that until this Interest burden is
relieved and its capital structure readjusted, the applicant is in no position
to assert that the operation of the Pagosa Springs branch is or will be a
burden on inter-State commerce."
E E. Wheeler, Chairman of the Colorado Commission, said: "The
policy of the present administration of the Denver St Rio Grande Western
Is to develop the transcontinental route, rather than the railroad system of
the State as a whole. We are finding that an ever-increasing number of
petitions are being filed for abandonment of short lines, BO that eventually
Colorado's railroad system might be confined entirely to transcontinental
lines. This may be a great thing for stockholders of the roads, but it certainly is a poor thing for the residents along the roads."
-V.137, p. 2269.
Florida East Coast Ry.-To Reduce RFC Loan.
-
The receivers have requested the T.
-S. C. Commission to modify its certificate issued in March 1932 for a loan of $918.375 from the Reconstruction Finance Corporation by limiting the loan approval to the $627.075
actually received. The balance, $291,300, was not required. A formal
request to this effect was submitted by the receivers at the suggestion of
the Commission, whose approval is expected to follow shortly.
Referee Opens Hearing on Road's Claim on Flagler Estate.
-
A hearing to determine the liabilities of the trustees of the estates of the
late Henry M. Flagler and his late widow, Mary Lily Flagler Bingham,
to pay the interest on indebtedness of the Florida East Coast Ry. was
opened Sept. 21 in the offices of Clarence M.Lewis, referee, at 43 Cedar St.
The suit to force the estates to pay the defaulted interest on the railroad
securities is based on the construction of a clause in Mrs. Bingham's will
establishing a 21-year trust fund to be applied to the maintenance and
administration of the road and the Florida East Coast Hotel Co., two of
the outstanding projects of her husband's career, which began with his
partnership with John D. Rockefeller in the incorporation of the Standard
011 Co. The fund is said to have a value of about $10.000,000.-V. 136.
p. 3335.
Galveston Houston 8c Henderson RR.
-Listing of
First Lien ct Ref. Mtge. Bonds, Series A (5M%, Due April 1
The New York Stock Exchange has authorized the Dating on official
notice of issuance and distribution of $2,652,500 1st lien & ref. mtge.
bonds, series A (5)%. due April 1 1938)•
Of the $2.652,500 bonds, $1,591,500 have been pledged, or are reserved
for pledge, with RFC as security for a loan of not exceeding $1,061.000,
the proceeds of which, together with the remaining $1,061,000 of bonds,
have been paid and delivered, or are reserved for payment and delivery,
to holders of, and in exchange for, 1st mtge. bonds on the basis of $500
in cash and $500 principal amount of the bonds for each $1,000 principal
amount of such 1st mtge. bonds.
-V. 137, P. 1047.
Long Island RR.
-Highest Salary Is $12,100 a Year,
President Atterbury Reports-Views on Merger.
The New York "Times' Sept. 28 stated in part:
The highest salary paid by the Long Island RR. to an officer serving
it exclusively is $12,100 annually, W. W.Atterbury, President, disclosed
in correspondence just made public.
A merger of the Pennsylvania and the Long Island, which was proposed
by the Pennsylvania 10 years ago, Is not subject to compulsory action by
Joseph 11. Eastman. Federal co-ordinator, according to Mr. Atterbury.
These statements were made in correspondence with Mr. Eastman concerning the proposed merger.
"Since you invite our views as to the law," Mr. Atterbury wrote, "we
feel, as I infer from your letter you think, that the subject matter of this
complaint is not within the authority conferred upon the co-ordinator.
The same act which, in its Title I, establishes his authority, in Title II
deals explicitly with consolidations and elearly manifests the intention of
the voluntary action of the carriers upon It by the Inter-State Commerce
Act, and is withheld from governmental compulsion.'
Mr. Atterbury said that, in view of the Pennsylvania having agreed
under the four-party plan to merge with the Long Island, "I think that
it may properly be assumed that ultimately this consolidation will take
place.'
2459
The correspondence between the Pennsylvania and Mr. Eastman on
this subject started as a result of a suggestion by Ernie Adamson. a lawyer
of ill John Street, that the merger be brought about immediately. Mr.
Adamson made public the correspondence.
-V. 136. p. 3332.
Missouri Pacific RR.
-$2,099,417 for Improvements.
Federal Judge Faris in the U. S. District Court at St. Louis has authorized the trustees, L. W. Baldwin and Guy A. Thompson. to spend $2.099,417 for improvements on the company's and the controlled lines during
the coming six months. Expenditures will be for track, roadbed, bridges,
trestles, station houses, shops, machinery and roiling stock.
Improvement expenditures were assigned as follows: Missouri Pacific
RR. $1.523.047; Missouri Pacific in Nebraska, $143.920; InternationalGrea Northern, $103,250; Gulf Coast Lines. $234,650; San Antonio.
Uvalde & Gulf. $45,530. and Missouri-Illinois RR., $49,020.
M. J. Wright has been named treasurer for the trustees of Missouri
Pacific. Missouri Pacific of Nebraska. Missouri-Illinois, and also assistant
treasurer of International-Great Northern, Gulf Coast Lines and four
small controlled roads.
W.J. Wagner has been made assistant treasurer of the parent companies.
A. Naylor has been appointed treasurer of International-Great Northern,
Gulf Coast Lines and the four controlled roads. In addition to Mr. Wright
as assistant treasurer of these controlled roads,two other assistant treasurers,
W. H. Sellars, Palestine. Texas, and M. M.Smith, Houston, have been
appointed.
-V.137, p. 2270.
New York Chicago & St. Louis RR.
-New Trustee.
The National City Bank of Cleveland. Ohio, has been appointed trustee
for the second equipment trust certificates of 1922 and for the equipment
trust certificates of 1923, to succeed the Union Trust Co. of Cleveland.
Ohio, which is now in liquidation. These changes become effective Nov.
15 1933.-V. 137. p. 2270.
New York New Haven 8c Hartford RR.
-Withdraws
Issue.
The I.
-S. C. Commission has given permission to the company to withdraw its application for authority to issue $7.500,000 of 1st & ref. mtge.
6% gold bonds.
-V. 137, p. 135.
Norfolk & Western Ry.-New Director.
Mark W. Clement, Vice-President in charge of operations of the Penn-vania . R., h11.been elected a director to succeed the late Ellsha Lee.
sylv 13711p 14as
.
.
Pennsylvania RR.
-Directorate Approved.
Donald R. McLennan of New York, a director in 97 other railway companies, was granted permission on Sept. 23 to become also a director of the
Pennsylvania RE, and the Pullman Co.
-V. 137. p. 2270.
Reading Co.
-Extension of $2,644,000 Philadelphia et
Reading RR. Bonds Approved.
The I.-S. C. Commission on Sept. 20 approved the extension from Oct. 1
1933 to Oct. 1 1943, the maturity of 82,644,000 of Philadelphia & Reading
RR. prior-lien mortgage bonds, and authorized the company to assume
obligation and liability in respect of the payment of the principal thereof
and the interest tnereon. See further details in V. 137, p. 2101.
St. Louis-San Francisco Ry.-Receivers Named Trustees.
Federal Judge Faris in the Circuit Court at St. Louis on Sept. 23 named
James M. Kurn and John G. Lonesdale, at present receivers of the road,
trustees under the new bankruptcy law. The Reconstruction Finance
Corporation had requested that such a change be made prior to the hearing
on the company's reorganization plan.
Hearing on Reorganization Plan Postponed.
Hearings before the I.
-S. C. Commission on the plan of reorganization
which were scheduled originally for late in September have been deferred
to a date to be announced later. Oliver E. Sweet, Director of tile iturcau
of Finance of the Commission, explained that the matter is not in shape to
proceed at this time.
Hearings were held on the readjustment manager's original plan in July.
The Reconstruction Finance Corporation at that time served notice of its
opposition to the proposal. Meanwhile, the R F C moved to have trustees appointed to operate the properties in order to have an impartial medium to work with in devising a new reorganization plan.
Intervention Allowed to Bondholders.Almtra Wendt of New Brighton. Pa., a bondholder, was granted permission by the I.
-S. C. Commission on Sept. 27 to intervene in the matter of
reorganization of the railroad. Her petition said she was "opposed to the
plan of readjustment of the indebtedness and financial structure of the
railway" because "the same la inequitable and unjust.'
Would Abandon 106 Miles of Trackage.
Receivers for the company on Sept. 27 asked the L-S. C. Commission
approval for abandonment of eight sections of its tracks, totaling 106 miles.
They would abandon the following lines in Arkansas, Missouri. Kansas and
Oklahoma:
Bono Branch Junction to Algoa, Ark., 36 miles; Deckerville to Evadale
Junction, Ark., 17; Bangert to Decamp, Mo., 13; Wardell to Fralley and
Yukon to Deering Junction, Mo., 9; McDougal to Tipperary, Ark.. 9:
Kiersey to Texas Junction, Okla., 9; Goitre to Sligo, Mo.,5; and Olathe to
Stanley. Kan. 8.
J. M. Kurn and John G. Lonsdale, the receivers, said the branches were
'
costing more to operate than they were taking in and that they were among
the things causing drains on the main railroad.
To Scrap 3,000 Freight Cars.
James M. Kurn and John G. Lonsdale, receivers, have been authorized
by Judge Faris to destroy certain obsolete equipment, including 2.376
freight cars, consisting of box cars. furniture cars, coal cars, flat cars, stock
cars, refrigerator cars and ice cars. In addition, 624 work equipment cars
will be sold ;or scrap. A large amount of this equipment is ot the wooden
type, while others are o steel superstructure construction but of Yen light
,
type. Most of it is from 25 to 30 years old, it Is stated.
-V.137. p.2270.
Southern Pacific Co.
-To Purchase Rails.
Chairman Hale Holden on Sept. 29 announced that the company will
purchase a minimum of 25,000 tons of steel rail for relaying use during the
year 1934. It is at this time taking delivery of some 2,000 tons, the remaining part of the last order placed by it.
-V.137. p. 1761.
Temiskaming & Northern Ontario Ry.-Tender Rejected.
Just one tender has been received for the $7,500,000 bond issue, and this
is not an acceptable one. Nineteen different firms were associated in the
bid which was made, the tender being opened Sept. 15 at the Parliament
Buildings.
-V.137, p. 2271.
Texas & Gulf Ry.-Abandonment.-The I.
-S. C. Commission on Sept. 19 issued a certificate permitting the
Texas & Gulf Ry. to abandon a branch line of retread, known as the Gary
Grigsby branch, extending from Gary in a general southwesterly direction
to a point 0.091 mile south of the Shelby-San Augustine County line. near
Grigsby, a distance of 27.16 miles, all in Panels, Shelby. and San Augustine
Counties, Tex.: and (2) the Colorado & Santa Fe to abandon (a) operation
of the Gary-Grigsby branch, and (b) operation under trackage rights over
0.339 mile of main line trackage owned by the Houston East & West
Texas Ry. in and adjacent to the Town of Timpson, in Shelby County,
Tex.
-V. 126, p. 105.
Wyoming Montana Co.
-Asks $79,000,000 Loan to
Build Railroad.
The "Wall Street Journal" Sept. 23 had the following:
The Federal Public Works Advisory Board for Wyoming heard arguments
in executive session on the application of the Wyoming-Montana Co. for
a loan of $79.000.000 from the Government for the construction of aft 800..
mile railroad from Miles City, Mont., to Craig, Colo. Application for
approval of the project also will come before the Ady
'sory Boards for
Colorado and Montana. Hugh Lee Kirby, of Harper Ferry. W. Va..
Is President of toe company and the application for approval of the loan
was made n his name.
The Kirby interests have been promoting for some time a railroad from
a connection with the Chicago Milwaukee & St. Paul and the Northern
Financial Chronicle
2460
Pacific at Miles City to a connection with the Denver & Salt Lake at Craig.
The proposed route s through Sheridan, Buffalo, Salt Creek and Casper
on towards the southwest. In 1924 the North & South RR. was constructed for 41 miles between the Salt Creek oil field and a Casper suburb.
It was projected as a part of a new line along this route. The C. N. Haskell
interests of Oklahoma were at that time identified with the project. The
North & South RR.ran into financial difficulties in 1925 and the Wyoming
Montana RR. was incorportaed in 1925 by Kirby and associates to take
over the Nortn & South and finance the construction of the major line.
In the reorganization the Haskell interests were eliminated from the control.
See also Wyoming & Montana By. in V. 129, p. 2224, 3324.
PUBLIC UTILITIES.
Matters Covered in the "Chronicle" of Sept. 23.—Improvement shown in
electricity production during week ended Sept. 16 1933—Highest this year,
p. 2169.
Alabama Water Service Co.—Earnings.—
For income statement for 12 months ended Aug. 31 see "Earnings Department" on a preceding page.—V. 137, p. 1762.
Sept. 30 1933
At the office of the company it was stated that so far as
they had been able to ascertain the papers in the suit of
Tessie Berwick against the company and others had not
been served on any of the defendants, but that from newspaper statements as to the nature of the suit it would appear
that the case is substantially the same as that of Elizabeth E.
Rabenold against the company in which a motion for injunction was decided in favor of the company by Justice
Schmuck of the New York Supreme Court in July last.
It was further stated that until the papers had been received
the company was not in a position to give out any statement
with reference to the suit.
Electric Output Up.—
For the week ended Sept. 16 1933 the Associated System reports net
electric output of 54.290,655 units (kwh.), which was 5.598,301 units higher
than that for the same week in 1932, an increase of 11.507.
Gas sendout for the same week amounted to 305,584,600 cubic feet which
was 3.4% lower than the sendout in 1932.—V. 137, p. 2271. 2101.
American & Foreign Power Co., Inc.—Annual Report.—
The annual report for 1932 just issued contains a consolidated balance..."---"American Water Works & Electric Co. Inc.—lb:ding
-Stricken-Off-List—Output,eto.—
sheet of the company and its subsidiaries with schedules of stocks and of -T1
funded debt held by toe public, a comparative statement of consolidated
Vhe voting trust certificates for common stock will be stricken from the
st-Certifaeato-Br
Income and statistics as to service and property. In addition there is
list of the New York Stock Exchange on Oct. 3,)
given a statement of cash balances, including casA receipts in New York
The company is making arrangements to pelPmit the exchange of voting
and cash disbursements in and from New York for the 12 months ended
trust certificates for common stock deposited against them in New Jersey,
June 30 1933 as well as for toe 12 months ended Dec. 311932.
thereby escaping the proposed New York City tax on transfers and limiting
Tne statement of cash balances and cash receipts in New York of the
the cost to the Federal tax of 4 cents a share.
company and its subsidiaries for the 12 months ended June 30 1933 shows
Output of electric energy of the company's electric properties for the
total receipts during the period of $16,719,908. and total disbursements in
week ended Sept. 23 1933 totaled 32.643,000 kwh.. an increase of 17%
or from New York of $14,697,869, indicating cash receipts of $2,022,039
over the output of 27,836,000 kwh. for the corresponding period of 1932.
over and above the total cash disbursements. The disbursements for the
Comparative table of weekly output of electric energy for the last five
12 months ended June 30 1933 include specific construction and other
years follows:
capital expenditures, purchases of materials and equipments, and miscel1931.
Week Ended—
1932.
1933.
1930.
1929.
laneous operating expenses, including taxes, etc., aggregating $3,640,216:
Sept. 2
36.471.000 25,727.000 30,475.000 34.051.000 36,727.000
Interest paid by subsidiaries of $2,597.497: interest paid by American &
Sept. 9
33.920,000 25.694,000 29,876.000 32,674.000 34,771.000
Foreign Power Co., Inc., on debentures, bank and other loans of $7,639,Sept. 16
34,738.000 26.007,000 31,771,000 35,279.000 37,610.000
939; and dividends paid by subsidiaries, subsidiary debt retired and sinking
Sept. 23
32,643,000 27,836,000 31,945,000 34,374,000 37.219.000
fund deposits of $820,217.
—V. 137, p. 2271. 2101.
-month period ended June 30 1933 the company was not
During the 12
required to make additional new borrowings to meet its requirements, as
Berlin City Electric Co., Inc.—Interest Ruling.—
had been necessary in toe previous period. Cash balance of the company
and subsidiaries in United States currency at June 30 1933 increased $2,Notice having been received that the interest due Oct. 1 1933 on the
340,255 over such balance at Dec. 31 1932.
25
-year 6% debentures, due 1955, will not be paid on said date: the ComOperating revenues of the subsidiary companies for toe 12 months
mittee on Securities of the New York Stock Exchange rules that beginning
ended Dec. 31 1932 were 18.8% less than the corresponding revenues for
Oct. 2 1933, and until further notice, the debentures shall be dealt in "flat"
the previous year, while net revenues from operation were 25% less. Operand to be a delivery must carry the Oct. 1 1933 and subsequent coupons.
ating revenues of the subsidiaries in national currency for the year 1932
The committee further rules that in settlement of all contracts In said
decreased, in the aggregate approximately 7.5% under those for the year
debentures on which interest ordinarily would be computed through Oct. 1
1931. These revenues are before the deduction of interest charges and toe
1933, interest shall be computed up to but not Including Oct. 1 1933.—
appropriations for retirements.
V. 137, p. 1049.
In the letter of transmittal in the report signed by C. E. Groesbeck,
Chairman, and C. E. Calder, President, it is pointed out tnat in six of
Berlin Electric Elevated & Underground Rys.—
the counPles in which the subsidiaries operate there is a so-called "official"
Interest Ruling.—
or "nominal" rate of exchange and also limitations on foreign exchange
transactions which restrict the amount of money which can be converted
Notice having been received that the interest due Oct. 1 1933 on the
directly or indirectly into United States currency or remitted from the
30
-year 1st mtge. 6%% sinking fund gold bonds, due 1956, will not be paid
-country and, since it is impossible actually to convert and remit to United
on said dates. The Committee on Securities of the New York Stock ExStates all of the otherwise available earnings, the statement of consolidated
change rules that beginning Oct. 2 1933 and until further notice the oonds
Income expressed in United States currency is subject both to the ability
shall oe dealt in "flat" and to be a delivery must carry the Oct. 1 1933 and
of the company at some future time to effect such conversions and to the
subsequent coupons.
difference between the rates then prevailing and those at which conversions
The committee further rules that in settlement of all contracts in said
In tne income statement were made. It is further pointed out that of the
bonds on which Interest ordinarily would oe computed through Oct. 11933,
$15,139,161 net equity of the company in the income of subsidiaries for
Interest shah be computed up to but not including Oct. 1 1933.—V. 137,
Dec.31 1932 as snown in the statement of consolidated
the 12 months ended
P. 1412.
Income, approximately $9,729,886. or 64%, was subject to official regulations restricting conversion into United States currency.
Buffalo Niagara & Eastern Power Corp.—New Pres.—
The letter also states that the relative value in dollars of the foreign
William Kelly, formerly Vice-President and General Manager has been
• currency assets of the company's subsidiaries has benefited recently by the
elected President, succeeding Alfred H. Schoellkopf. resigned. Alexander
rise in value of foreign currencies in terms of United States currency, and
D. Robb succeeds My. Kelly in his former positions.—V. 136, p. 4084.
that had the exchange rates prevailing at July 31 1933 been in effect on
Dec. 31 1932, consolidated surplus of the company and subsidiaries would
apital Traction Co.—Mar-ger-Hrrtified7—
have been approximately $3,188,000 greater. The letter further states
he stockholders of this company and of the Washington Railway &
that with the improvement in exchange rates, there has also been an easing
Elbetric Co. on Sept. 26 approved the plan for the unification of both of
In some of the countries of the restrictions on remittances previously in
these companiep
effect.
A board of
tto serve is initial directors was nominated, consisting of
The subsidiaries operate in 13 foreign countries, each of which has a
members of both boards of the present companies. A 15th member will
from that of the United States. For the purpose
national currency different
be designated soon, as provided in enabling legislation passed by Congress.
of the consolidated statement of income in United States currency, tne
The new board will appoint officers and operating officials. John II. Hanna,
Income,expenses and charges of operating subsidiaries in national currencies
President of the Capital Traction Co., is expected to be President and operhave been calculated each month on the basis of the average of toe daily
ating head of the new company, and William E. Ham, President of the
•closing New York cable rates for each month.
Washington Railway company, will probably be Chairman of the board.
On the above basis, the balance applicable to interest of American &
—V. 137, p. 135.
Foreign Power Co., Inc., for the 12 months ended Dec. 31 1932. was
U4,874.067. This amount is more than 1.9 times the $7,795,014 interest
Central Hudson Gas & Electric Corp.—Rates Cut.—
to public and other deductions of American & Foreign Power Co.. Inc.,
The New York P. S. Commission has accepted a proposal of the corfor the period.
poration to reduce its rates by 1113.000. The Commission also voted to
During the first quarter of 1933. there was a further shrinkage in earnings
abandon proceedings against the company to compel It to institute lower
with toe result that tne balance for the 12 months ended March 31 1933.
emergency rates.—V. 136;p. 1717.
applicable to interest, with earnings calculated in a similar manner as for
the 12 months ended Dec. 31 1932, was $14,262,523. This amount was
Central Power Co.—Dividends Deferred.—
•equal to more than 1,4 times the 18,039.402 interest and other deductions
The directors on ST.26 voted to defer the quarterly dividends due Oct.
of American & 10..reign Power Co., Inc., for the period.
16 on the 6% and 7 cum. pref. stocks, par $100. Three months ago.
Dividends on tne $7 and $6 pref. stocks of the company nave been paid
the quarterly dividend due July 15 on the 6% pref, was reduced to 75 cents
in full up to and including the quarter ended Dec.31 1931,the last dividends
from $1.50 per share and that due on the 7% pref. stock to 87% cents per
having been paid Jan. 2 1932. Dividends on tnese stocks are cumulative.
share from $1.75 per share.—V. 137, p. 1049.
The statement is made in the letter that during the year 1932, bank
loans of $50,000,000 owed by the company were renewed for a further
Cincinnati Gas 8c - Electric Co.—To Fight Municipal
period of one year expiring Oct. 26 1933, and the indebtedness to Electric
Ownership of Its Properties.—
Bond & Share Co. was extended to April 15 1934, and that negotiations
looking to the extension of these maturities and the $10.000.000 maturity
The stockholders are being urged to take immediate action to protect
of the South American Power Co. (a subsidiary company) due Jan. 8 1934
their property against a proposal to have the city of Cincinnati, 0., acquire
are being carried on at the date of the report.—V. 136, p. 4265.
the public utility properties operating there. A letter to them reports
has been filed with the city asking to
.
------..American Light & Traction Co.—Common Dividend that a petition election a proposal to acquire all the have submitted at the
next municipal
gas and electric propAgain Reduced.
--The directors on Sept. 27 declared a divi- erties serving the city. This company is a subsidiary of the Columbia
Gas & Electric Corp.,
dend of 40 cents per share on the common stock, par $25,
The proposal, according to the letter, would require the company to
payable Nov. 1 to holders of record Oct. 14. This compares surrender its properties to the city upon payment of a sum to be determined by a jury of 12.—V. 137, p. 1412.
with 50 cents per share paid on Feb. 1, May 1 and Aug. 1
last, and with quarterly distributions of 623/i cents per
share made on this issue from August 1930 to and incl.
November I932.—V. 137, p. 2271.
Associated Gas & Electric Co.—Injunction Against
Carrying Out of Recapitalization Plan Asked in Wilmington.—
An Associated Press dispatch from Wilmington, Del.. Sept. 25, stated:
An injunction against the carrying out of the recapitalization plan for
the Associated Gas & Electric system was asked in a bill of complaint filed
in Chancery Court to-day by Tessie Berwick, owner of $30,000 in debentures of the Associated Gas & Electric Co., a New York corporation.
This company: the Associated Gas & Electric Corp., a Delaware corporation: past and present directors of the two and the Associated Gas & Electric
Securities Co.. Inc.. are named as defendants.
It is alleged in the bill that, regardless of the involved financial difficulties in which the New York corporation and the system find themselves and in disregard of the rights of the holdres of the company's debentures, the corporation, the individual defendants and the securities
company have proposed that the system be recapitalized.
To further the plan of recapitalization, it is proposed that the Delaware
company is to create new security issues. The bill alleges that this proposal
Is illegal and that jrevious transfer of certain assets of the New York
corporation to the Delaware corporation was illegal.
The Court is asked to appoint a receiver or trustee to take charge of the
securities of the Delaware company, which the complainant holds belong
to the New York corporation, or to obtain the transfer of them, and to
enjoin the Delaware corporation from issuing bonds or debentures of any
nature in connection with the recapitalization plan.
Duquesne Gas Corp.—Distrihution to Bondholders.—
Pursuant to an order of the U. S. District Court for the Western District
of Pennsylvania dated and filed Sept. 12 1933, the distributive share of the
1st mtge. 6% cony, gold bonds and appurtenant coupons due Sept. 15
1931, in the proceeds of sale of the mortgaged properties, as fixed and
determined by order of said Court dated and filed June 16 1933, is payable
on and after Sept. 26 1933, by the Central Hanover Bank & Trust Co..
trustee, 70 Broadway, N. Y. City, instead of by Thomas D. Chantler,
Special Master, at the Park Building, Pittsburgh, Pa., as provided in said
order of June 16 1933. At the same time and place there will also be
paid to the holders of said bonds and coupons the distributive share
thereof in the proceeds of sale of the unmortgaged properties and in the
net proceeds of sale of the West Virginia properties, as fixed and determined by said order of Sept. 12 1933.—V. 137, p. 684.
Edison Electric Illuminating Co. of Boston—
The $10,000,000 3%% discount notes which mature Oct. 16 will be paid
off without recourse to new financing, according to reports in banking
quarters. The necessary cash will be provided partly through bank loans
according to these sources.
'
The notes falling due are part of a total offering of $26,000,000 last April
of which $16,000,000 consisted of three-year 5% notes. Proceeds of that
financing were used to pay $10,000,000 4%% notes which matured May 2
and to refund $16.000,000 bank loans which were incurred chiefly in connection with a $30,000,000 5% note maturity Jan. 15. The company
0
is understood to have no bank loans currently.
New Director.—
John S. Ames has been elected a director to succeed the late Rodolphe
L. Agassiz.—V. 136, p. 4459.
Financial Chronicle
Vulume 137
Electric Bond & Share Co.
-Output of Affiliates (Kwh.).
Week Ended Sept. 21American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
-V. 137, c. 2272.
1933.
1932.
83.823,000 70,586,000
38,887.000 36.843.000
71,448,000 57.331,000
Increase.
18.8
5.6
24.7
Electric Public Service Co.
-Kauffman Committee Op-Promises to Offer New Plan in Near
poses Turner Plan.
Future.
The holders of the secured bonds, series A, B and C, are in receipt of a
letter dated Sept. 22 from the committee of which James Lee Kauffman is
Chairman, which states that it is opposed to the plan declared operative
by the Turner committee. The circular states in part:
We wish to give you the following Information:
(1) The underwriters by the Turner plan have never been disclosed .We
have information indicating that the underwriters are very closely associated
with the management which has guided the company to its present s.tuation.
(2) Contrary to implications by the other committee, we have a plan
ready to propose.
(3) Our plan is fully underwritten by Arthur Stone Dewing of Boston
(formerly of Harvard Business School), whose record as an operator of public
utilities since 1915 has been outstandingly successful. We have a signed
underwriting contract in our possession. As a result of our investigation
we are convinced of Mr. Dewing's ability to perform his contract.
(4) Our plan has been submitted to many disinterested parties who unite
In. declaring it more favorable to the bondholders than the Turner plan.
(5) The Turner committee have been informed by us of our plan and have
been invited to join us. They have refused co-operation. It may be
because of their knowledge of the imminence of our plan that they have
declared their plan operative.
(6) The delay in offering our plan is caused solely by the complications
of registration under the new Federal Securities Act.
(7) We expect to be in a position to offer our plan within a short time.
(8) The sale of the pledged collateral threatened by the Turner committee
Is not imminent, and before any sale can be made, bondholders will have
the opportunity of considering the merits of our plan. The act of declaring
the Turner plan operative does not necessarily mean it will be consummated or that the Turner committee is in a position to carry it through.
V. 137, P. 863.
Engineers Public Service Co.--Earnings.Income Statement of Parent Company'Only.
12 Months Ended Aug.311933.
1932.
Earnings
$2.987.842 $4.873,119
Expenses
89.177
87.484
Taxes
49.997
83.656
Interest
90.067
162,525
Balance
12.758,660 14,539.454
Dividends on preferred stock
2,323,549 2,323,548
Balance for common stock dividends 4d surplus $435.111 $2,215.906
Earnings per share of common stock
$0.23
$1..16
Balance Sheet Aug. 31 (Parent Company Only).
1933.
1932.
1933.
1932.
Assets$
LicatilUies$
$
$
Investments in
x Fret. stock___ 41,075,434 41,075,434
constit. cos--103,975,694 104,926,176 Pref, stock scrip
697
696
Cash
223,466
406,526 y Common stock 58,057,823 58,057,423
Interest & diviCorn. stk. scrip_
5,372
5,772
dends receivaz Notes payable 1,575,000 3,000,000
bid (constituAcc'ts payable__
497
1,643
719,516
ent cos.)
624,749 Int.& taxes accr.
73,152
122,732
33,111
Unadjust. debits
34,951 Earned surplu.s_ 4.163,812 3,728.701
Total
104,951,787 105,992,401
Total
104,951.787 105,992,401
x Represented by 158,080 shares $5 (cumulative) dividend convertible
preferred; 196.932 shares $5.50 cumulative dividend preferred and 75.000
shares $6 cumulative dividend preferred, of no par value (entitled in liquidation to $110 per share if voluntary. otherwise $100 per share).
y Represented by 1,909,799 shares(1932-1,909,759 shares) of no par val.
z Notes payable to banks secured by pledge of stock of a constituent co.
During the period July 1 1933 to Dec. 31 1933. inclusive, provision is
being made for Federal capital stock tax imposed under NIRA which is
applicable to the period ended June 30 1933.
For consolidated income statement for month and 12 months ended
Aug. 31, see "Earnings Department" on a preceding page.
Consolidated Balance Sheet Aug. 31.
1932.
1933.
1933.
1932.
Assets8
$
Plant & prop'ty 325,348,647 326,958,557 b Pref. otook__. 41,075,434 41,075,434
Investments- 13,190,106 13,314,755 Pref, stock scrip
696
697
Cash
a6,869,491
5,319,245 c Common stock 58,057,823 58,057,423
Notes receivable
831,411
665,015 Corn. stk. scrip_
5,372
5,772
Acc'ts receivable 6,273,562 6,813,117 Constituent cos.:
Materials & supFret. stock_ g_ 69,622,040 69,619,959
plies
2,198,848 2,563,362
Prem. on stk..
49.519
107,503
Prepayments230,106
355,711
Stock subscr'd
Subscribers to
for
69
8,981
stock
d Bonds
53
4,692
147,080,800 147,128,800
Sinking funds_
85,255
28,408
Coupon notes 2,919,500 3,000,000
Special deposits_
283,621
206,269 e Notes payable 4,612,408 7,988,178
Amort. debt disAcc'ts payable
1,056.294 1,012,238
count & trcp
8,050,702 8,267,888 Int.& taxes accr. 4,970,214 3,671,282
Unadjust. debits
705,395
846,063 Customers'deps.
801,090
809,865
Divs. declared
549,637
548,830
Sundry liabils
112,234
226,334
Retirem't res've 24,430,417 24,284,251
Contributions for
extensions _
398,340
408,819
Operating res'ves
586,977
295,014
UnadJust. creds.
531,138
632,474
Cum. pref. diva.
of constit. cos.
not paid
1,738,196
Minority int. In
corn. cap. &
surp.of directly controlled
cos. (earned
surp. $91,182:
1932,$111,247) 615,095
715,519
f Earned surp_ 4,853,902 5,775,707
Total
364,067,196 365,343,082
Total
364,067,196 365,343,082
a Includes $42.730 in banks restricted as to withdrawals.
b Represented by 158.080 shares $5 (cumulative) dividend convertible
preferred; 196,932 shares $5.50 cumulative dividend preferred and 75.000
shares $6 cumulative dividend preferred, of no par value (entitled in liquid&
tion to $110 per share f voluntary, otherwise $100 per share).
C Represented by 1.909.799 shares(1932-1,909.759 shs.). of no par value.
d Excludes 89.485.000 (1932-88,543.000) bonds held in sinki:Vunds
u
and in escrow, uncanceled; $4,287.500 (1932-none) bonds pl
as
security for a portion of notes payable to banks; $4,962.000(1932-$ ,000.000) principal amount of 5% bonds pledged as security, to the extent of
$1,250 for each $1,000 principal amount, for $3,962.0t, (1932-$4,000,000)
,
6% bonds, which are convertible into a like principrincipal amount of 53
pal amount of the pledged ponds, plus $50 cash per $1,000 principal omount
of bonds so converted.
•Includes $4,025.000 (1932-84,965,000) notes secured by pledge of
stock and (or) bonds of constituent companies.
f Excludes surplus of constituent companies accumulated prior to acquisition in the amount of $8,541,691 (1932-88.978.460).
g 1933-741,154 shares (1932-741,139 shares).
-There are also contingent liabilites of certain constituent comNote.
panies for possible claims for additional Federal income taxes for the years
1930 to date, in excess of claims for refunds which have been filed, but not
finally settled; and as surety on a bond of Richmond Bridge Corp. for an
amount not exceeding $400,000 to the trustee under the Virginia Electric
2461
& Power Co.'s mortgages of July 1 1909 and Oct. 1 1925, to complete the
reconstruction or improvements of three viaducts transferred in May 1933.
During the period July 1 1933 to Dec. 31 1933. Inclusive, provision is
being made for Federal capital stock tax imposed under NIRA, which is
applicable to the period ended June 30 1933.-V. 137. p. 2272.
-Stock Dividend.
General Water, Gas & Electric Co.
The directors have declared a dividend of 75 cents per share on the $3
cum. pref. stock, no par value, payable in $3 pref.stock on Oct.2 to holders
of record Sept. 22.
Pro Forma Combined Income Statement for Year Ended June 30 1933.
[Of companies now constituting company's System, including provision
for Federal capital stock tax, estimated annual expenses of parent company
and adjustment of provision for renewals and replacements to the present
annual basis.]
Operating revenues-Electric
$828.368
2,492.977
Water
175,048
Natural gas
218,192
Manufactured gas
Ice
121.166
49.652
Steam and hot water
Total operating revenues
Operating Expenses
-Operation
Maintenance
Taxes other than Federal income tax
Provision for Federal capital stock tax
Net earnings from operation
Non-operating revenues
Total income
Provision for renewals, replacements and depletion
$3.885,404
1,415.237
137.035
333,509
7,420"
1,992.203
11,239
$2,003,442
374,660
•
$1,628,781
Balance
424.815
Annual interest charges, subsidiaries' funded debt
173.338
Interest on subsidiaries' unfunded debt
24.539
Amortization of bond discount and expenses-Subsidiaries--subsidiaries pref. stocks
27.476
Annual dividend requirement
Annual interest requirement
-5% first lien & collateral trust
290,675
gold bonds
10.971
Other deductions, including miscellaneous interest
1676.967
Balance
-(a) On June 30 1933, the P. S. Commission of New York Issued
Note.
an order requiring Consolidated Water Co. of Utica. N. Y. (a subsidiary
of General Water Gas & Electric Co.) to reduce its rates, which order if
upheld upon appeal to the courts will result in a reduction in the annual
net income of that company in an amount estimated at $120,000. (b) The
foregoing balance of earnings. Includes earnings of subsidiaries applicable
to the securities pledged, under bank loan of $3,100.000 due Oct. 1 1933,
in the amount of $246,249 after allowance for interest on said loan. (c) In
the opinion of the company, there will be no Federal income tax payable
on the foregoing earnings due to allowable deductions principally in respect
of investment in Texas-Louisiana Power Co. (in receivership).
Consolidated Balance Sheet June 30 1933.
[Excluding Texas-Louisiana Power Co., in receivership]
Liabilities
Assets15-year 1st lien & coll, trust
Fixed capital, including in$5,813,500
5s series A,1943
tangibles, per subs. books_ _534,614,207
9,158,600
Res. for renewals & replace__ 5,072,727 Subsidiaries' funded debt__
13,398
Purchase money obligations_ _
$29,541,479 Note payable-secured (due
Fixed capital net
b151,065
May 26 1935)
Deduct-Excess of book value
c3,145.000
Notes payable-secured
net assets of subs. over
54,203
Notes payable-unsecuredholding company invest82,962
3,229,581 Accounts payable
ment therein
Purchase money obligations
approximate amount due
$26,311,898
Balance
18,000
within next 12 months_ _ _
Investment in securities of
216,632
1 Accrued interest, taxes, &c__
Texas-Louisiana Power Co.
167,852
Other current liabilities
In receivership (less reserve
102 Prov. for dive. on $3 prof.
$7,641,494)
stock, payable in pref.stock
Investments miscellaneous84,296
at $50 per share
at cost ($45,330 pledged for
136,940
61,257 Consumers'and other deposits
bank loan)
24,005 Res, for extension, continSpecial cash deposits
300,292
gencies, &c
378,782
Cash in banks and on hand
Prof. stock of subsidiaries in
Subsidiary's funded debt re399,950
hands of public
187,000
acquired-par value
Equity of min.int. In common
Subsidiary's investment in
12,551
stock and surplus of subs
funded debt of holding corna5,772,045
948 Capital stock
pany-lit cost
45,613
577,306 Earned surplus
Accts. & notes roe.-less res.
3,245,033
249,759 Capital surplus
Inventories at book values__
84,867
Unbilled revenue
3,124
Other current assets
Unamortized bond discount
575,744
& expense (subsidiaries.) _ _
Prepaid expenses and deferred
343,939
charges
$28,798,732
Total
$28,798,732
Total
a Represented by: Preferred $3 cumulative-Authorized 200.000 shares
liquidation, issued 111.(no par) entitled to $50 per share in involuntary
106 105-200 shares, net of 1,300 shares in treasury; Common Stock
Authorized 1,000.000 shares of $1 each. issued 218,066 16-20 shares.
(b) Secured by pledge fo 6.714 shares of San Jose Water Works 6% cumulative preferred stock (par $25). c Collateral loan of a subsidiary company
In amount of $3,100,000 due Oct. 1 1933, secured by pledge of all of the
securities representing ownership of San Jose Water Works, a subsidiary
(except $277.800 of preferred stock and $1.000.000 of first mortgage 5%
bonds (of which $187,000 par value are held free in the treasury of San Jose
Water Works); 11.600.000 of first mortgage 5;.6% bonds of Alabama
Utilities Co.. a subsidiary; all the securities representing ownership to
New Mexico Public Utilities Corp., a subsidiary (except $5,000 first mortgage): and $750,000 Texas-Louisiana Power Co. 6% debentures); collateral
loan in amount of $45,000 of a subsidiary, partially secured by pledge of
miscellaneous investments at a cost value of $45,330 per contra.
Note.
-In addition to the shares of common stock outstanding there are
outstanding warrants entitling holders to purchase 145,610 shares ofcommon
stock at $12.50 per share up to Sept. 30 1937.-V. 136, P. 4265.
-Court Order Restrains
Interborough Rapid Transit Co.
Manton in I, R. 7'. Case-Justice Stone Limits His Action
in the Receivership Until High Court Rules.•
Senior Judge Martin T. Manton of the U. S. Circuit Court of Appeals
has been restrained from entering any further orders or decisions or taking
any action in the Interborough receivership case until the full bench of the
U. 8. Supreme Court has disposed of the pending application by the Manhattan Railway to divest him of all jurisdiction in the proceedings.
Notice that the restraining order had been filed in Washington by Associate Justice Harlan F. Stone was received Sept. 23 by Charles Franklin
of 165 Broadway, counsel for the Manhattan Railway. Justice Stone issued
the order Sept. 21.
Mr. Franklin said the Manhattan's petition for a permanent writ of
prohibition or mandamus to bar Judge Manton from the receivership
proceedings probably would be heard soon after the Supreme Court convened in October.
Justice Stone's restraining order, Mr. Franklin declared, would be effective not only until the date of argument on the petition but until the
Supreme Court made known its decision. Previous rulings by the Court,
he declared, had established ample precedent to support that contention.
Justice Stone's restraining oirer, after reciting the Manhattan company's contention that Judge Manton was disqualified and that his further
action in the case would cause the company irreparable loss, continued:
"It is now ordered that the Hon. Martin T. Manton, United States
Circuit Judge of the Second Judicial Circuit, be and he hereby is restrained
from taking any further action or entering any further orders or decisions
In the equity cause in the United States District Court for the Southern
District of New
. . except such orders as may be necessary
York.
for the preservation of the contracts, rights, privileges, franchises and
Financial Chronicle
2462
properties, and for the continuance of the business of the defendants in
said cause, until the first motion day of the October term. 1933, of the
Supreme Court of the United States, and until the said petition for man-V. 137. 1). 2272.
damus is disposed of by said court.
-Over 9334% of
Kansas City (Mo.) Public Service Co.
Bonds Deposited Under Plan.
More than 314,079,600 of the series A bonds of this company-out of a
-have now been exchanged for new series B
total Issue of 315,000.000
bonds in accordance with the plan of readjustment (V 136. p. 2241). This
amounts to over 933i% participation. An official circular requesting
the deposit of the remaining bonds states:
"While earnings of the company have recently-shown some improvement,
they are continuing to fall far short of the amount required to cover interest
charges at the rate borne by the old bonds. Consequently, except for
he adoption of the plan, default and receivership would inevitably follow."
Series A bonds should be sent either to the President of the company or
to Commerce Trust Co. of Kansas City. Bonds should have attached
thereto the coupon due July 1 1933 and subsequent coupons.
Vlodifications in Plan.-ModificatIons made in the original plan are as
blows:
-The annual interestrate of the-new-series B bonds
Revised Interest Rote.
is fixed at: 3% for the first four years (1933-1936): 6% for the next two
-July 11951).
years (1937-1938); 7% for the final 123i years (1939
The effect of this modification is to shorten by two years the reduced
Interest period, to reinstate the present 6% rate during such two years,
and to restore to the bondholders over the remaining life of the bonds the
Interest temporarily foregone. The company, in making this modification,
has accepted the views of the bondholders that business conditions should
sufficiently improve to justify restoration of the existing rate In 1937. new
-The sinking fund (to be applied exclusively to the
Sinking Fund.
series B bonds) has likewise been modified to conform to the new interest
rate on said bonds. viz.:
First
-during each year that the 3% interest rate is In effect (1933-1936).
there shall be applied to the sinking fund, to the extent that net income
permits (a) 3% of the principal sum of all series B bonds outstanding or
in the sinking fund on the last day of such year, plus (b) 75% of any additional net income for such year, with the proviso that such additional net
income so to be applied shal not in any one year exceed $100.000; and
effect
Second-during each year that the 6% or 7% interest rate is inextent
-July 1 1951), there shall be applied to the sinking fund, to the
(1937
that net income permits, (a) the sum of 3900.000 (being the protein annual
interest requirements for the issued series A bonds) minus (6) the sum
required to meet full annual interest charges for such year on all issued
in the sinking fund.
series A and series B bonds other than thoseall annual savings in Interest
The sinking fund above provided covers
during the
charges resulting from the plan, to the extent earned. Also, substantial
four year interest reduction period the sinking fund covers an annual
sinking fund will be
amounts of any additional net income. The
fixed charge to the extnet earned, to be deducted before computing the
Income in which the employees participate under the Employees' Participation Plan. Bonds acquired through operation of the sinking fund will be
deposited and pledged as additional security to the series B bonds remaining outstanding, and will bear interest In event of default on said outstanding bonds from and after any such default.
-Company
Waiver of Right to Deliver Treasury Bonds to Sinking Fund.
agrres to waive the provision of the plan permitting it to make delivery to
the sinking fund of bonds acquired prior to the date that the plan becomes
operative. This will require the company to go Into the open market
from time to time to acquire bonds for the sinking fund or else deposit cash
with the corporate trustee for the purchase or redemption thereof, and
should thereby tend to enhance the security position and market value of
the new bonds.
Otherwise than as above provided the plan of readjustment;as set forth
in said letter of March 15 1933, remains unchanged.
Consolidated Income Account.
[Including the Wyandotte Rye. Co. (Kan.) subsidiary.]
-Calendar Year:
8 llos. End.
1930.
1931.
Period1932.
Aug.31 '33.
Gross revenue
$3,668.538 36,476.421 37,840.232 38,377.152
590.849
626.091
Way and structures_ _
433.752
282,969
627.420
605.244
445.950
Equipment
250.580
30.743
29.004
24,294
Power maintenance exp_
14,446
946.975
849.323
837.505
Power oper. expenses__ _
544,731
2,333,764
1.798.955 2,135.496
Transportation
1.013.532
42.511
37.590
Traffic
26.693
16.331
594.475
535.548
460,881
283,173
General & miscellaneous
I 528.490
503,357
Injuries and damages
481.615
278.558
587,287
509,147
393,123
Motorbus operating exp231,344
Reserve for maint. re268.340
199,528
334,368
newels & retirements_
157.978
481.698
482,515
382.040
254,680
Taxes
65,678
Valuation expense
Gross income
Interest on bonds
Miscellaneous charges
Net income
•Employees partic
Preferred dividends
$340,216
294.167
22.628
$23,421
$857,245 31.327,389 _$1,278,922
881.042
868.049
856.968
169.713
36,311
96.189
def$95.912
8.824
$423,029
105,757
$328,167
82,840
3245.327
$23.421 def$104.736*1 $317.272
Balance, surplus
* Effective Jan. 11931.the employees, by agreement of board of directors
were given a participation in company's net income to extent of 2.5%
-V. 137, p. 136.
thereof.
-Wins Stay.
Lone Star Gas Corp.
The Texas RR. Commission and theAtterney-General of Texas were
temporarily restrained from enforcing their order of Sept. 13 lowering the
city gas rates. The company's petition asking the temporary restraining
order was granted by Federal Judge McMillan at San Antonio, Tex., on
Sept. 25.
A hearing will be held before a-three-judge'Federal'Court on Oct. 2, at
which time it will be determined whether thejemporary_order will be dis-V. 137. p. 2102.
solved or made permanent.
--To Liquidate-Stock
ichigan Electric 'Shares Corp.
Probably Worthless.
In June 1933 a receiver was appointed by the Circuit Court in the County
of Jackson, Mich., in Chancery for the corporation and its assets will be
liquidated and its affairs wound up. We are officially informed that "it is
not expected that sufficient will be realized to pay anytning to the stockholders."
-V.128, p. 3186.
-Time for Claims Extended.
Middle West Utilities Co.
Judge Walter C. Lindley in the U. S. District Court at Chicago, has
entered an order extending the time for filing claims against company
to and including Nov. 30 1933. from Sept. 30.-V. 137, p. 2102.
--Reorganization.
Gas Co.
A plan for the reorganization of the company was mailed Sept. 27 to
holders of the company's outstanding $1,833,000 bonds by Mobile Gas
Service Corp. of Mobile, Ala. The plan, which has been favorably considered by the Alabama Public Service Commission and by the Federal
Court having jurisdiction in the receivership of Mobile Gas Co., contemplates that Mobile Gas Service Corp., organized in June for this purpose,
will acquire the property and business of Mobile Gas Co. and issue its
bonds in exchange for those of the latter company. The depositary under
the plan is Merchants National Bank of Mobile and the trustee of the
-V. 136. p. 4086.
new indenture will be First National Bank of Mobile.
-Dividend on 2d Pref.
Mohawk Hudson Power Corp.
-The directors on Sept. 22 declared the
Stock Deferred.
regular quarterly dividend of $1.75 per share on the $7
pref. stock, no par value, payable Nov. 1 to holders of
record Oct. 16, but took no action on the quarterly dividend
due Oct. 1 on the $7 cum. 2d pref. stock, no par value.
The last regular quarterly payment of $1.75 per share on the
latter issue was made on July 1 1933.-V. 136, p. 3342.
Sept. 30 1933
-Larger Distribution.
Montreal Tramways Corp.
The directors on Sept. 28 declared a quarterly dividend of $2.25 per
share on the common stock, par $100. payable Oct. 14 to holders of record
Oct. 5. Three months ago, the quarterly payment has been decreased to
-V.137, p.314.
$2 from $2.25 per share.
-Earnings.
National Power & Light Co.
For income statement for 12 months ended June 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1933.
1932.
1933.
$
Liabilities
$
Assets$
$
Investments _ _ _141,310,920 138,573,096 x Cap. stock (no
par value)-125,820,631 125,715,164
Cash
5,250,015 9,776,314
Time deposits
8,600,000 2,750,000 6% gold debs.,
9,500,000 9,500,000
U.S.Govt.secs.
662,702 1,511,183 series A
5% gold debs.,
State, munic.
15,000.000 15,000,000
series B
0th short term
419,567
419,568
693,328 1,146,306 Divs. declared
securities _ _
20,444
13,432
Accts. payable__
9,995
Bankers accepts.
372,303
372,306
Accrued accts
Notes and loans
281,378
281,378
4,203,500 Reserve
rec., subs
8,158,062 9,811,096
Surplus
Notes and loans
27,000
rec., others231,278
171,485
Accts.rec.,subs.
27,392
21,265
Accts. rec., oth's
Unamort'd debt
disct. and exp. 2,705,809 2,734,026
139,856
139,856
Sundry debits-159,565,377 161.119,951
Total
159,565,377 161,119,951
Total
x Represented by 279,712 shares $6 pref. stock (value In liquidation $100
a share), and 5,455,284 (5,450,601 n 1932) shares of common stock.
V. 137, p. 1580. 1573, 1413: V. 136, P. 3343, 493.
-Earnings.
New York Water Service Corp.
For income statement for 12 months ended Aug. 31 see "Earnings
-V. 137. p. 1580.
Department" on a preceding page.
-New President, &c.
Niagara Hudson Power Corp.
The directors on Sept. 28 elected Alfred IT. Schoellkopf, previously
Executive Vice-President of the company, to the post of President, and
elected Paul A. Schoellkopf, formerly President, to the newly created
position of Vice-Chairman of the board of directors. Alfred H. Schoeilkopf
resigned last week as President of the Buffalo, Niagara & Eastern Power
Corp.. western New York subsidiary of the Niagara Hudson System, and
has moved his business headquarters from Buffalo to New York.
Succeeding A. H. Schoellkopf as President of the Buffalo, Niagara &
Eastern Power Corp. Is Colonel William Kelly, formerly Vice-President and
II ral Manager, of that company. Colonel Kelly is in turn succeeded in
this position by Alex D. Robb, Vice-President of the Niagara Falls Power
-V. 137. p. 1764.
Co.
-Dividend Action
New York & Richmond Gas Co.
-The directors recently voted to defer action on
Deferred.
the quarterly dividend due Oct. 1 on the 6% cum. pref. sto6k,
par $100. The last regular quarterly payment of 134%
was made on this issue on July 1 1933.
W. J. Welsh, President and General Manager, Sept. 23,
in a letter to the preferred stockholders said: that they ought
The directors, at a meeting held Sept. 14 1933. decided
to defer action upon the quarterly dividend on the 6% cumul. pref, stock,
which would otherwise be payable on Oct. 11933.
Although the amount of such a dividend has been earned during the
declared,
Past quarter and the surplus is also sufficient to permit it to beprudently
nevertheless, in the judgment of the board, present conditions and the
require the conservation of the cash resources of the company;
board feels that you should be advised as to the facts. These cumulative
conditions relate to the decrease in the company's revenue due to the rate
reductions made at the Instance of the Public Service Commission in
January 1933. together with the decrease in gas sales during the present
depression; the passage In August 1933, of the State Law requiring practically immediate payment of interest accrued on consumers' deposits held
RA.
for more than two years: the increases in operating costs due to the N York
with further increases in prospect: the imposition by the City of New
unemployment relief; the renewal
of additional excise taxes, ostensibly for
of rate proceedings against this and other gas companies before the Commission for rate decreases on both a "temporary" and permanent basis;
and the failure of the Commission to grant applications of this company.
long pending before it. for authority to issue bonds to enable the company
to reimburse Its treasury for large capital expenditures which were necessary
and were heretofore made In good faith.
Notwithstanding the facts that this company, as a result of negotiations
with the Commission and In order to avoid the expense and diversion of
substantial
time and labor involved in formal rate proceedings, made that Its gas
reductions in its rates to general consumers in January 1933;
sales decreased sharply during 1933: that it is faced with Increases In costa
of operation as well as in taxes: and that the earnings of the company are
well within the limits of reasonableness as declared by the courts, proceedings were instituted before the Commission in June 1933. against this and
other gas companies, for the purpose of determining whether reduced
"temporary emergency rates" should be ordered, pending further proceedings for the establishment of final rates. These proceedings threaten at
least to involve the company In heavy expenditures of money and labor,
to avoid which the company had made a reduction in its rates in January
1933.
The Municipal Assembly of the City of New York has just passed a bill
levying upon public utilities operating in New York City an additional
excise tax of 1S4% of the gross revenue of such corporations, for the period
from Sept. 1 1933 to Feb. 28 1934. While higher taxes and other increased
costs of operation incident to carrying out the National Recovery program
ought properly to be defrayed through increased rates. It is obvious that
the company cannot secure relief promptly enough to recoup the additional
costs.
A particularly heavy drain upon the current financial resources of the
company, within a very brief time, Is required by tho enactment, at the
Special Session of the Legislature, of a law requiring gas and electric companies to credit the accrued interest on consumers' deposits held for a
period of two years on the next bills for service rendered after Oct. 1 1933,
and bi-annually thereafter. Prior to the Passage of the law, interest on
consumers' deposits was reasonably required to be paid only when the
deposit was refunded. The accrued interest on consumers' deposits held
by this company amount as of Aug. 31 1933. to $103,196. The greater
part of this accrued interest will now have to be repaid pursuant to the
mandate of the Legislature, within a comparatively short interval of time.
A situation which has been hampering the financial operations of this
company is due to the failure of the Commission to act favorably upon
pending applications for authority to Issue bonds against capital expenditures made with moneys in the treasury not derived from security Issues.
In January 1932, the company made application for authority to issue
$200,000 principal amount of 1st mtge.6% bonds. In December 1932. the
company made another application for authority to Issue an additional
amount ofsuch bonds in lieu of an unissued balance of 3113.400 par amount
of6% cumul. pref. stock, which the Commission had theretofore authorized
and had certified as properly issuable for capital purposes, but which the
company had been unable to sell in the market at the stipulated price of
not less than par. Against these applications, the company has made
expenditures for net additions to fixed capital not theretofore capitalized
amounting as of Nov. 30 1931 to 3816.332.
In the meantime while these applications have been pending, the company has been obliged to incur further capital expenditures in order to
meet the demands of the public for service and extensions, and has applied
current revenues to the reduction of loans obtained for this purpose.
Under these circumstances, the board of directors deemed it prudent to
defer action upon the declaration of the dividend due on Oct. 1. If the
threatened further inroads upon the revenues of the company can be
averted and if authority should be granted by the Public Service Commission for the Issuance by this company of bonds upon reasonable terms,
the company would be enabled to finance its business requirements and to
apply surplus earnings to the payment of dividends to the holders of its
preferred stock.
Financial Chronicle
Volume 137
Income Statement for Eight Months Ended Aug. 31 1933.
Operating revenue
$827,042
Operating expense incl. retirement expense, taxes and uncollecible bills
495.029
Gross income
Income deductions
Net income
AssetsPlant and property
Cash
Accounts receivable
Materials and supplies
Prepayments
Suspense
$332.013
102.814
$229,199
Balance Sheet Aug. 311933.
MOMacs$6,703,538 Common stock
$75,000
182,039 2nd preferred stock
1,425,000
192,982 1st preferred stock
1,930,200
88,872 Bonds
2,125,000
19,282 Notes payable
110,000
12,025 Accounts payable
20,787
Accrued bond Interest
42,500
Accrued Interest on consumers
deposits
103,196
Accrued taxes
67,078
Miscellaneous current liabilities
9,889
Consumers deposits
280,950
Retirement reserve
83,773
Other reserves
52,253
Contributions for extensions
48,138
Miscell. unadjusted credits
8,688
Surplus
816,286
Total
ik,........--V. 137. p. 1764.
..
$7,198,738
Total
$7,198,738
f
orth American Co.
'. , g-of &it:Vornmbn-Stock.
-A
e New York Stock Exchange has authorized the listing on or after
02 1933 of 159.804 additional shares of common stock without par
value on official notice of issuance as ?2% stock dividend, making a total
of 8.188,490 shares applied for to date
Earnings for 12 Months Ended tine 30 (Parent Company Only).
1933.
1932.
Interest received and accrued
$1.346.917 $2,852,293
x Dividends
11,004,864 15,290.916
Profits realized on investments
391.095
Other credits
631.000
484,870
Total i nc1mo
312.982.782 19,019.175
Expenses and taxes
638,775
817.251
Interest on debentures
1,250.000
1.250.000
Other interest paid and accrued
63.477
389.962
Amortization of discount & expense on debentures_
56,039
56,039
Balance for dividends and surplus
$10,974.491 $16.505,922
x Includes stock dividends received from non-subsidiary companies taken
up at amount not In excess of charge in respect thereof to surplus of issuing
company: 1932-31,132.004. 1933
-none.
Surplus Statement June 30 1933.
Earned surplus June 30 1932
'
342.717.963
Balance of income. 12 months ended June 30 1933
10.974,491
Other credits-net
253.813
Total
Preferred dividends
Common diva. (paid by issue of 680.726 14-200 shares):
Amount transferred to common stock account
Amount transferred to capital surplus
Appropriated for reserve for contingencies. Dec. 31 1932
$53,946.267
1,820.034
6,807.261
1.735.056
3,865.854
Undivided profits, June 30 1933
$39,718,062
Balance Sheet June 30 (Company Only).
1933.
1932
Assets$
3
Stocks and bonds
184.229.610 175.732.861
Loans and advances:
To subsidiary companies
23,324,291 50,570,049
To others
2,092.422 • 1,945,106
Accounts receivable
761.184
1,125.142
Cash
6.205.313
1,764.040
Bankers' acceptances
2,482,629
Discount and expense on debentures
1.545,733
1,601.771
Office furniture and miscellaneous property
1
1
Total
220,644,183 232,738.971
Liabilities
6% cumulative preferred stock
30.333.900 30.333,900
Common stock
678.354.470 a71,414,320
Scrip for common stock
6365.820
a281,860
Dividend payable in common stock
1.566,915
1,785.252
Funded debt
25.000.000 25.000.000
Notes and loans payable
9,013.375
Deposits ofsub. & affil.cos for payment of bond int.
842.011
834.392
Due to subsidiary companies
51,175
3,629,379
Accounts payable
19,912
20.527
Accrued interest on debentures
520,833
520.833
Accrued taxes
150.000
Accrued dividend on preferred stock
455,009
455.009
Dividends unclaimed
26,760
24.867
Reserve for contingencies
42,431,817 12,000.000
Other reserves
807,498
283.235
c Capital surplus
34,424,058
c Undivided profits
39,718.062 42,717.963
Total
220.644.183 232.738.971
a Represented by 7,169.618 shares. b Represented by 7.872.029 shares.
c After transfers to reserve for contingencies at Dec. 31 1931 and 1932 of
provision for shrinkage in value of investments.
-The company has a contingent obligation with respect to
Note.
writing offerings to common stockholders of North American Light & underPower
Co. of common stock of that company to an amount not exceeding 36,000,000
In three annual instalments of $2,000,000 each from April 1 1934 to April 1
1936 inclusive.
-V. 137. P• 1550•
Northern Indiana Public Service Co.-Pref. Divs.-
The directors on Sept. 29 declared a dividend of 8755 cents per share on
the 7% cum. pref., 75 cents per share on the 6% cum. pref. and 68% cents
per share on the 555% cum. pref. stock, all of 5100 par value, payable
Oct. 14 to holders of record Sept. 30. Like amounts were paid on April 14
and on July 14 last.
In preceding quarters regular payments of $1.75 on the 7% pref.. $1.50
on the 6% pref. and $1.3755 on the 555% Pref. stock were made.
-V. 137,
p. 1051.
Northern Natural Gas Corp.
-New President, &c.
-
L. E. Fisher. Executive Vice-President, has been elected President to
succeed William Chamberlain, who has been elected Chairman of the board.
Mr. Fisher has been Vice-President in charge of operations of the North
American Light & Power Co., which position he relinqu.shes on Oct. 1.V. 137, p. 1765.
Northern States Power Co. (Del.).
-Earn gs.-
For income statement for 12 months ended Aug,
Department" on a preceding page.- 137
4C17f,
klahoma Natural Gas
or
nings
fodifie?-
(A modified plan of reorganization dat
112i 934pr
er
fornew
a the
dtsposal of receivership litigation. the ale f
to
corporation which will issue new securities with t Nisturbing the status
of the present first mortgage bonds which wills.e assumed by the new
corporation, and the raising of funds to cure existing defaults under the
first mortgage of the company, has been approved by the U. S. District
Court for the Northern District of Oklahoma, according to an announcement by the reorganization committee.
The court has vacated the order appointing a receiver for the company
and pursuant to the modified plan has directed the sale on Nov. 8 of the
properties of the company. Since the modified plan is to be carried out
2463
under the supervision of the court, it is not contemplated tnat the new
securities will be registered under the Securities Act.
To provide for the payment of overdue taxes, Interest and sinking fund
payments, the court has authorized the issue of 32.150,000 certificates of
indebtedness, junior to the first mortgage bonds but having priority over
notes and certain other indebtedness.
Gas Utilities Co., the largest unsecured creditor, has agreed to an extension to 1941 of its general mortgage bonds, the surrender of 33.327.172
of unsecured notes and certain other assets and securities, including Rs
holdings of second preferred and common stock. It will receive therefor
$3,500,000 of series B notes of the new company and a minimum of 80%
of the new common stock which will be authorized in the amount of 550.000
shares.
In compromise of the claims of customer-owned preferred stockholders
to rank as creditors of the company, three optional offers have been made
to these holders for each $100 par value of stock as follows: (1)$75 principal
amount of new series A notes and one-half share of new $50 par value
preferred stock; (2) $75 of series A notes and one share of common stock:
(3) one share of preferred and one share of common stock. It is estimated
that there are not more than 22,000 shares of preferred stock held by
customer-owners. No change has been made in the offer, under the
original plan, to holders of non-customer-owned preferred stock, which
provided:
For each share of 655% preferred stock, one share of new preferred and
one share of common stock.
For each share of 7% preferred stock, one share of new preferred and
1.1 share of common stock.
Members of the reorganization committee are George T. Purves, of
Graham. l'arsons & Co., chairman; A. E. Bradshaw, Executive VicePresident. First National Bank & Trust Co., Tulsa, Okla.; E. C. Brelsford, F. Eberstadt & Co., Inc.; Lloyd S. Gilmour. Blyth & Co., Inc.:
and Summers Hardy, Attorney. Tulsa, Okla. W. P. Armstrong Jr., 48
Wall St.. is Secretary of the committee. Depositaries are First National
Bank & Trust Co., Tulsa, Okla., Bank of New York & Trust Co., New
York, and the Bank of America, N. T. & S. A., San Francisco.
Interest Payments.
-The company in a notice to holders
of 1st mtge. 6% gold bonds, series A, and 1st mtge. 5%
gold bonds, series B, states:
The corporation has paid to Chase National Bank,New York,the aggregate amount of the interest due July 11933. on its series A bonds, the interest
due Aug. 1 1933, on its series B. bonds, and interest upon said instalments
of interest from the respective dates of maturity thereof to and including
Sept. 28 1933.
Holders of coupon bonds of both series, upon the surrender of their
coupons accompanied by properly executed income tax ownersnip certificates to Chase National Bank. 11 Broad St.. N. Y. City, will oe paid the
face amount of such coupons plus interest thereon at the rate borne by the
bond to which they appertain from the due date thereof to and incl. Sept. 28
1933; in the case of coupons appertaining to the series A bonds, at the
option of the holders thereof, such payment will be made at the office of
the Colonial Trust Co., 317 Fourth Ave., Pittsburgh, Pa.
-V.137, p.2274
Old Colony Light & Power Associates.
-Increases Div.
The directors have declared a quarterly dividend of $I per share on the
common stock, no par value, payable Oct. 5 to holders of record Sept. 21.
This compares with 50 cents per share paid on July 5 last.
-V.133, p. 287.
Ottawa Light Heat & Power Co., Ltd.
-Refunds Bonds.
The $625,000 Ottawa Electric Co. ref. mtge. Is due June 1 1933 were paid
off on that date. The company sold 3625.000 ref. mtge. & coll. trust 5s
due Oct. 1 1957, bring.ng the total of the latter issue outstanding up
to $1,650.000.
In reference to the damage suit taken by the City of Ottawa in December
1931 against the Ottawa Gas Co. to recover 3376.364, we are informed
that judgment has been handed down dismissing the action with costs.
The City of Ottawa has appealed the case and final decision has not as yet
been rendered.
-V. 136, p. 4086.
Peoples Gas Light & Coke Co.
-Dividend Omitted.
-The
directors on Sept. 25 voted to omit the payment of the dividend ordinarily payable about Oct. 17 on the capital stock,
par $100. On July 17 last a distribution of $1 per share was
made, compared with $1.25 per shara each quarter from
July 18 1932 to and incl. Apr. 17 1933 and $2 per share each
quarter from January 1925 to and incl. April 1932.
In a letter to the stockholders, Chairman James Simpson
says:
This action was taken for the reason that the company's current earnings
are not sufficient to pay a dividend. Our gross revenue has been running
substantially less than last year owing to reduced consumption of gas and
to rate reductions effective July I. Although some signs of improvement
have recently been noticeable, no material effect of this has as yet been
experienced.
In addition, our operating expenses, due to reasons beyond the control
of the directors or officers of the company, have been increased in many
directions. Expenses over which we have control have been reduced by
over 81.200.000 from Jan. 1 to Aug 31 as compared with the corresponding
period of last year. This reduction is fully up to our expectations, but
uncontrollable expenses, such as State. local and Federal taxes. interest,
compliance with the N RA code and the imposition of the new 2% Illinois
retailers' occupational tax (the so-called "Sales Tax") are substantially
increased. Both the sales tax and the Increases in State and local taxes
are being contested by the company in the courts. but meantime it is obliged
to establish reserves against them.
The result is that the net profit does not permit any further dividend
disbursement at this time.
A vigorous campaign for the installation of gas for house heating, begun
in July. is progressing in an exceedingly satisfactory manner. Toe pnysical
properties of the company are being maintained in a high state of efficiency
and the company is in a sound and solvent condition. Its cash pcs.tion is
sound.
The unwarranted charges against the company recently appearing in a
Chicago morning newspaper have been refuted by testimony before the
Illinois Commerce Commission and we believe from numerous sources of
information that public opinion, always reasonable and fair in its deliberations, has condemned this attack.
Further rate reductions are now being sought from the company, and if
ordered it will be necessary for the company to take recourse to t'1.3 courts.
The Chicago District Pipeline Co., a subsidiary is now, contesting in the
courts an order of the Illinois Commerce Conunission, entered June 16, direct
ing a drastic reduction in its natural gas rates.
-V.137, p. 1938, 1051.
Philadelphia Rapid Transit Co.
-Rentals to Be Paid in
Instalments.
The above company will pay only a partial instalment upon its rental
payments to underliers falling due on Oct. 1, it was learned on Sept. 28 from
the Union Tracdon Co. which has been notified by the Philadelphia Rapid
Transit of the latter's Inability to meet its rental In rub on that date.
The Philadelphia Traction and the Electric & Peoples Traction Co. will
each receive one-quarter of their rental on Sept. 30, the date due, and the
remainder the P. It. T. expects to pay in quarterly instalments on Oct.
14.
Nov. 6 and Nov. 20.
The smaller underliers due to receive rental on Oct. 1 will receive onehalf of their payments on the due date and the remaining half probably
on Oct. 31. These companies include the Green & Coates Streets. Philadelphia Passenger Ry.. Second & Third Sts. Passenger By.. Citizens Passenger By. and the Frankford & Southwark Philadelphia City Passenger
'Rentals due Oct. 1 by the P. R. T.total 31,677.100. The company will
pay on that date $489,875 distributed as follows; Philadelphia Traction,
3200.000: Electric & Peoples, $148,675: Frankford & Southwark. S84.400:
Citizens Passenger, $17,500: Second & Third Sts., $31,800. and Green &
Coates Sta.. $7.500.
The schedule of rental payments which the P. H. T. expects to meet
under present plans Is as follows; Oct. 14. $348.675: Oct. 31, $141.200:
Nov. 6. 3348.675; Nov. 20, 3348,675. This would bring payments to the
total of 31.677.100 due Oct. 1.
The Philadelphia Rapid Transit Co. will pay on Oct. 2 only one-quarter
of the rental due the Philadelphia Traction Co., on that date, it was disclosed to-day in a letter sent to its stockholders by the underlier.
Financial Chronicle
2464
The P. It. T. has notified the Union Traction Co. that it will be aele to
on the due date.
Day only $200,000 toward the Philadelphia Traction rental remaining three-
but that it is expected the P. It. T. will be able to pay the
quarters of the rental in instalments as follows; one-quarter on Oct. 14,
one-quarter on Nov. 6 and one-quarter on Nov. 20, a total of $800,000 for
the semi-annual rental payment.
The Philadelphia Traction has already declared its semi-annual dividend
of $2, payable Oct. 2. suoject to the qualification "if such rental be so
received.' The letter to stockholders states that "it would appear, therefore. that there will probably not be available for dIsuribution on Oct. 2,
next, more than one-quarter of the amount of the dividend."
The letter to Philadelphia Traction stockholders follows; "We deem it
proper to advise you that the Union Traction Co., lessee of your company,
has been advised by the president of the Philadelphia Rapid Transit Co.
that it will not be possible for that company to meet with complete promptness the entire amount of the rental due this company on Oct. 2 next."
lie steam that the Philadelphia Rapid Transit Co. will on said date pay onequarter of the rental. or $200,000, and that he expects his company to be
in a position to pay the balance as follows; Oct. 14, one-quar.er. $200,000:
Nov. 6. one-quarter, $200,000: Nov. 20, one-quarter. $200,000.
The board of directors of the company, on Aug. 31 1933, declared a
dividend of 32 a share, payable Oct. 2 1933. if the necessary rentals therefore should be received. It would appear, therefore, "that there will
probably not he available for distribution on Oct. 2 next more than onequarter the amount of the dividend." ("Philadelphia Financial Journal").
-V.137. p. 1580.
Pittsfield Coal Gas Co.-Larger Distribution.
A quarterly dividend of $1.50 per share was recently declared on the
capital stock, par $100, payable Sept. 23 to holders of record the same date.
This compares with $1 per share paid on March 23 and on June 23 last and
$2 per share distributed on Dec. 20 1932.-V. 136. p. 2244.
-Halves Prior Pref. Divs..
Public Service Co. of Indiana.
-The directors on Sept. 29 declared a dividend of 75 cents
per share on the $6 cum. prior pref. stock, no par value, and
a dividend of 873 cents per share on the $7 cum. prior'pref.
stock, no par value, both payable Oct. 16 to holders of record
Sept. 30. Regular quarterly distributions of $1.50 and $1.75
per share, respectively, were made on the $6 and $7 prior
-V.137,P. 1051.
pref. stocks on July 15 last.
Rhine-Westphalia
Ruling.
Electric
Power
-Interest
Corp.
Notice having been received that the interest due Oct. 1 1933 on the
consol. mtge, gold bonds, 6% series of 1930. due 1955. will not be paid on
said date. The committee on securities of the New York Stock Exchange
rules that beginning Oct. 2 1933 and mitt, further notice the bonds shall
be dealt In "flat" and to be a deAvery must carry the Oct. 1 1933 and
subsequent coupons. The committee further ru'es that in settlement of all
contracts in said oonds on which interest ordinarily would be computed
tnrougu Oct. 1 19,,3. inttrest snail be computed up to but not including
Oct. 1 1933.-V. 137. IL 1051.
Rochester & Lake Ontario Water Service Corp.Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings De-V. 137, p. 1580.
partment" on a preceding page.
-Notes-Officers.
St. Louis Public Service Co.
W. deW. Bradley. Secretary, writing to the "Chronicle" under date of
Sept. 22 states:
"In connection with this company's 6% gold notes, there are 112,448,87
principal amount of said notes outstanding and were originally due Jan. 1
1933. The company extended the principal or the notes to July 11934, over
98% of the holders thereof having agreed to said extension. In the agreement extending the notes to July 1 1934. it was provided that tne trustee
by notice in writing may declare the principal of all the notes to be due and
payable upon the written request of the holders of 25% thereof, in the event
the corporation should fail to pay when and as due the 6% $10,000,000
collateral loan (originally due Jan. 2 1932, but extended to June 1 1933).
"On April 15 1933, Henry W. Kiel was appointed receiver. The receivership was precipitated by the banks calling the company's $10,000,0e0 loan.
Due to this default in the payment of the loan the trustee has notified the
company that the notes are now due and payable notwithstanding the
previous extension. At the time the banks called the $10.000,000 loan,
certain of the company's funds on deposit in said banks were applied against
the principal of said loan, reducing the loan to $9,499.653 secured by
516.626,000 United Railways 4% bonds.
"F.0. Watts was recently elected President of the company, and Stanley
-V.137, p. 315.
Clarke, General Counsel."
--Earnings.
South Bay Consolidated Water Co., Inc.
For income statement for 12 months ended Aug. 31 see "Earnings De-V. 137. p. 1580.
partment" on a preceding page.
-Smaller Div.
Southern Berkshire Power & Light Co.
A dividend of 50 cents per share was recently declared on the common
stock, par $25, payable Sept. 29 to holders of record Sept. 21. This com-V. 134, p. 4661.
pares with 75 cents per share paid on June 30 last.
-Dividend Rate
Southern Canada Power Co., Ltd.
Decreased.
The directors on Sept. 22 declared a quarterly dividend of 20 cents per
share on the common stock, no par value, payable Nov. 15 to holders of
record Oct. 31. This compares Y ith 25 cents per share paid each quarter
on this stock from Feb. 15 1929 to and incl. Aug. 15 1933.
In announcing the foregoing dividend declaration at a reduced rate the
company stated that the reduction was necessitated by increased taxes on
the company's operations and on account of premium which the company
had to pay during the current fiscal year on funds in which its bond coupons
are payable. It was further announced that the board expects to be able
-V.135. p. 631,3857.
to maintain this rate of dividend for the coming year.
--Earnings.
Southern Colorado Power Co.
For income statement for 12 months ended Aug. 31 see "Earnings
-V. 137, P. 1766.
Department" on a preceding page.
-Bond Exchange Rights
Southwestern Natural Gas Co.
Void.
The New York Curb Exchange on Sept. 27 ruled that the 1st mtge. 6%
sinking fund gold bonds of this company and the 1st mtge.6% sinking fund
gold bonds of the Texas Gas Utilities Co., both due on April 1 1946, shall
in the future be dealt in without reference to the privileges of exchange
into the common stock of the Appalachian Gas Corp. The Exchange states
that the exchange privileges apparently are void because of certain conditions that evidently will not permit the issuance of shares of the Appalachian Gas Corp.
The Exchange has received a ruling dated Sent 25 from the Treasury
Department that sales and transfers of these bonds will no longer incur the
-V. 136, p. 2975.
extra Federal tax for exchange or conversion privileges.
Texas Gas Utilities Co.-Exchange Rights Void.
-V. 135. D. 2339.
See Southwestern Natural Gas Co. above.
Third Avenue Ry.-Bus Leases Denied.
-S. Commission has denied application of six companies
The New York P.
in Westchester County and Conne-ticut, to lease their respective bus lines
Westchester Street Transportation Co., asubsidiary of Third Avenue Ry.
to
The companies include. Westchester Motor Transfer Co., North Street
Transportation Corp., Hastings Ry., Eastchester Transportation Corp.
and New York, Westchester & Connecticut Traction Co. The Commission
held that the proposed plan was designed to avoid necessity of complying
with certain regulations of the Commission requiring signs on buses showing
routes, destinations, ownership and operators of vehicles -V. 137, p. 2274.
Sept. 30 1933
-Earnings.
Taiwan Electric Power Co., Ltd.
Earnings for the Six Months Ended Dec. 31 1932.
(In Japanese Yen.)
4,711,309
Operating revenues
1,523.711
Operating expenses
192,197
General expenses-head office
100,000
Reserve for employees' benefits
35,000
Directors' bonus
1,017,000
Depreciation
1,843,401
Net operating income
80,208
Other income
Gross income
Interest
1,923.609
579.615
Net income
Surplus as at beginning of period
1,343,994
205.259
Total surplus
Legal reserve
Dividends paid to public only
Appropriations for contingency & equalizing dividend reserves._
1,549,253
74.000
620.850
600,000
254,403
Balance Sheet Dec. 31 1932.
(In Japanese Yen.)
Liabilities
Assets
63,237,211
Funded debt
x Fixed property, incl. real
34,495,000
estate, plant & equipment. 71,837,985 Capital stock
8,940,016
10,939,997 Dille & accounts payable
Investments
747,579
in.stim't on cap.stk. 1,800,000 Dividends payable
Uncalled
173,795
26,754,080 Miscellaneous liabilities
Cash
113,595
430,137 Res.for employee's benefits
Bills& accounts receivable..
1,350,800
Legal reserve
Office furnitures, materials,
3,970,000
2,250,909 Contingency reserve
supplies,&c
131,070 Res.for equalizing dividends_ 5,147,500
Miscellaneous assets
254,403
y Discount & exps. on bonds_ 4,285,721 Surplus
Surplus
118,429,899
Total
118,429,899
Total
x After depreciation of 8,441,057 yen. y After amortization of 288,000
-V. 135, p. 2339.
yen.
-Earnings.
Union Water Service Co.
For income statement for 12 months ended J11110 30 see "Earnings Department" on a preceding page.
Balance Sheet June 30.
1932.
1933.
Liabilities1932.
1933.
Assets1st lien 5Si% gold
Plant, prop.,equip.
$2,583,500 32,583,500
bends
$5,049,579
$5,047,201
meat,dm
134,503
70,456
13,664 Due affiliated cos.
1,329
Misc,special depos
5,075
4,865
86,777 Accounts payable_
65,174
Cash
93,903
84,074
139,989 Acad. liabilities__
Notes & accts. rec. 145.957
205,644
4,807 Deferred income__ 204,383
• 6,615
Unbilled revenue
726,771
754,512
38,345 Reserves
34,042
Marls & supplies_
600,000
y $6 cum. pref. stk 600,000
x Def. charges &
63,866 z Com.stk.& surpl. 1,064,456 1,047,631
65,928
prepaid accounts
$5,366,247 $5,397,027
Total
$5,356,247 35,397,027
Total
x including unamortired debt discount and expense and commission of
capital stock. y Represented by 6.000 shares (no par). z Represented
-V. 136. P. 4268.
by 9,900 shares (no par).
-Electric Output.
United Gas Improvement Co.
Week Ended Sept. 23Electric production of system (in kwh.)
-V. 137, p. 2275.
1932.
1933.
67.431,253 62,455,790
-Reorganization Plan for
United Public Service Co.
Units to Be Altered Because of Drop in 1933 Earnings.
Net earnings of Southern United Gas Co. and subsidiaries during the
first eight months of 1933, after reasonable allowance for depreciation
and depletion, were equal to about 25% of interest requirements on first
lien bonds of Southern United Gas Co., according to Samuel W. White,
receiver for the company and its parent company, United Public Service Co.
The reorganization committee, headed by Ralph A. Bard, has advised
Central Trust Co., rustee for bonds and debentures issued by United
Public Service and fts subsidiaries, United Public Utilities Co. and Southern
United Gas Co., that tne committee will immediately endeavor to work
out the revisions in the reorganization plan submitted earlier this year
which have been made necessary by the fact that earnings of the companies
this year have declined appreciably from 1932 levels, whereas the plan
was based upon the assumption that earnings in 1933 and succeeding years
would not be less than in 1932.
The companies, it is observed, will probably be faced with greatly increased operating costs, from which the only relief will be increases in
rates unless increase in revenues furnished an offset, and "experience
proves that rate Increases almost invariably lag behind increases In com-V. 136, p. 4088.
modity prices."
-To Pay Interest.
United Public Utilities Co.
Federal Judge Walter C. Lindley, Chicago, on Sept. 22 authorized
to pay $131,242 interest due on Oct. 1 on the
Samuel W. White, re-elver
-V. 136, p. 4089.
314,956,800 1st lien Els and 53i% bonds outstanding.
-Interest Ruling.- •
Unterelbe Power & Light Co.
Notice having been received that the interest due Oct. 1 1933 on the 25year 6% sinking fund mtge. gold bonds, series A, due 1953, will not be
paid on said date. The committee on securities of the New York Stock
Exchange rules that beginning Oct. 2 1933 and until further notice the said
Jonds shall be dealt in "flat" and to be a delivery must carry the Oct.
1 1933 and subsequent coupons. The committee further rules that In
settlement of all contracts in said bonds on which interest ordinarily would
be computed through Oct. 1 1933. interest shall be computed up to but
not including Oct. 1 1933.-V. 134. p.2149.
-Earnings.Utilities Power & Light Corp.
•
-30 1933 see "Earnings
For income statement for 12 months ended Juno
Department" on a preceding page.
Harley L. Clarke. l'resident, in presenting the report, expressed-the belief
that an early stabilization of currency will be decidedly helpful to utility
companies. Mr. Clarke said;
"Although there was some improvement in the company's business during
the second quarter of 1933, it was not sufficient to overcome previous reductions in gross. During July and August an Increase In net occurred.
Expenses have been cut to a minimum, but necessarily will show increase
because of the NRA. We feel that there is a likelihood of an early stabilization of currency that should result in a marked improvement in utility
earnings before the end of the current year. It is hoped that the gross
,
income tax, which falls directly on utility security holders, will not remain
in force to exceed a year."
The company reports cash amounting to $7.576,222 and current assets
of $15,335,955 as compared to current liabilities of $6,180,777, leaving a
net working capital of $9,155,178.
The balance sheet shows a reduction of $12,352,653 In plant property
and investment accounts. This decrease is represented by the plant and
property account of the Management & Engineering Corp. which was
formerly consolidated In the balance sheet of the company and which has
'
been excluded in accordance with the policy of carrying non-utility subsidiary companies as investments, the excess of cost over book value being
written off against created surplus.
The report shows that the company has disposed of the common stocks
of two of its principal non-utility subsidiaries which have made heavy
demands on the finances of the parent company in the past. These are
the St. Louis Gas & Coke Corp. and the Utilities Power & Light Realty
Trust.
The company has no bank loans as of June 30 1933.-V. 137. p. 1051.
-Collateral Sold.
Utilities Service Co.
Securities of several small telephone companies constituting the collateral
securing company's $6,375,000 promissory notes vkare sold at auction
Sept. 27 in Jersey City for $880,000 to the Bader Securities Co., 60 Broad
St., New York., which intends for the present to operate the properties.
The sale was held on behalf of the Chase National Bank under order of
the New York Supreme Court dated Sept. 14. A partial reorganization
of the properties formerly in the system was effected when holders of
$5.000,000 first lien bonds purchased at auction the stocks of companies
securing their bonds and set up two new companies to continue the business.
A committee representing $2.983,000 of debentures, which had contended
that it had prior liens on the collateral sold Sept. 27, lost a decision on the
-V. 137, P. 2275.
matter recently in the New York State Court of Appeals.
Washington Ry. & Electric Co.
-Merger.
See Capital Traction Co. above.
-V. 136. p. 844.
-Earnings.
Western New York Water Co.
For income statement for 12 months ended Aug. 31 see "Earnings
partment" on a preceding page.
-V. 137, p. 1580.
-Dissolved.
Wilmington & Chester Traction Co.
De-
This company was dissolved as of May 1 1933.-V. 118, p. 86.
Wisconsin Telephone Co.
-Gain Reported.
A net gain of 1,000 telephones was reported for the first 20 days of September. August was the first month in 18 that phones in use showed an
increase, a Milwaukee, Wis., dispatch stated.
-V. 136. p. 3164.
INDUSTRIAL AND MISCELLANEOUS.
Matters Covered in the "Chronicle" of Sept. 23.-(a) Increased automobile
production in August, p. 2174;(b) Rising costs and shrinking volume force
steel industry to reconsider prices, says "Iron Age"
-Operations now at
43% of capacity-Priee of steel scrap continues to decline. p. 2182; (c)
Members of New Y(rk Stock Exchange forming group to operate security
market in New Jersey as escape from New York City taxes
-Almost all
of 1,375 members of New York body join Jersey Exchange
-Governors
and officers accept new posts
-Curb Exchange plans similar action-Trading
in Jersey City or Newark may start Oct. 2, p. 2192;(d) President Roosevelt
signs code for soft coal industry-Agreement, effective Oct. 2, will apply
to 400,000 miners
-President eliminates section interpreting collective
bargaining-Operators recognize unions
-Striking miners return to work
-Federal supervision of industry likely-Accord on wage contracts completed, p. 2207; (e) Text of agreement on wages and hours in soft coal
industry, p. 2208.
Alaska Juneau Gold Mining Co.
-Extra Distribution.
The directors on Sept. 28 declared an extra dividend of 15
cents per share in addition to the regular quarterly dividend
of 15 cents per share on the outstanding $14,400,000 common •
stock, par $10, both payable Nov. 1 to holders of record
Oct. 10. A quarterly distribution of 15 cents per share was
also paid on Feb. 1, May 1 and Aug. 1 last, compared with
123/i cents per share each quarter during 1932 and 10 cents
per share each quarter in 1931.-V. 137, p. 1938, 1242.
Alaska Pacific Salmon Corp.-Earnings.•
For income statement for 5 months ended May 31 1933 see "Earnings
-V.131, p. 2381.
Department" on a preceding page.
Alberta Pacific Grain Co., Ltd.
-Earnings.
Years End. June 30Net profit after all chrgs.
1932.
1931.
1930.
$82,897
$328,583 def328,396
Balance Sheet June 30.
1933.
1932.
1933.
1932.
Assets5
Liabilities-x Properties
6,531,920 0,723,583 7% pref stock_ _ 3,000,000 3,000.000
Cash
31,838
28,500 y Common stock._
800,000
800,000
Accts., &c., rec... 248,506
416,727 6% 1st mtge. Nis_ 2,699.000 2,836,000
Cash in hands of
Bank accounts_ _ 4,966,310
690,450
trustees
18,028
Sundry creditors__
435,985
410,773
Stocks on hand of
Bond red. reserve_
82,602
54,914
grain & coal(net) 4,908,189
278,822 Contingency res've
29,085
29,085
Saskatchewan Gov.
Profit and loss. ___
391,356
377,088
Relief Comm'n_
1,004
76,035
James Stewart &
Co., Ltd
140,000
140,000
Memberships on
Exchange
42,620
42,620
Deferred charges_ _
35,844
30,936
Investments
446,389
461,087
1933.
$20,762
Total
12,404,338 8,198,311
Total
x After reserves for depreciation of
12,404,338 8,198.311
S1,146.505 in
$962.882
in 1932. y Represented by 80,000 no par shares class1933 and-V. 135,
A stock.
p.3168.
s..
"'i-Albert Frank-GuenthW.aw, Inc.
-Removed from List
The New York Curb Exchan
has removed from the list the 133,lip,
shares of old class A $1 par stoc . V. 137. p. 137.
American Fruit Growers, Inc.-Earnings.
Years Ended June 301933.
1932.
1931.
1930.
Net sales
$22,908,327 $33,879.362 $46,951.014 550.721.554
Tot.inc. of corp. & stIDS.
98,183
136,118
996,758
1,516,284
Interest charges
97,791
89,958
59,070
59.367
Deprec.& amort.of disc.
on 7% notes
381.925
392,759
381.100
367.548
Estimated Federal and
miscellaneous taxes_
41,783
110,233
Loss on repossessions, &c
568
13,329
Iles. for anticip. losses_
33,316
Bad dents charged off_
159,380
Loss on prop. disp. of and
miscell.adjust. of Burp.
23.891
5,278
Reduct. of invent, of
grown fruits to market
value
11,000
Net loss
Dividends paid
$416,423
$544,572prof$514.237prof$965,807
385,781
485,231
Consolidated Balance Sheet June 30.
1933.
1932.
1933.
1932.
$
Assets-$
Liabilities$
7% cum. pref.stk_ 5,476,200 5,476,200
x Orchards,groves.
packing houses,
Liab. for cap. stk.
to be issued for
&a
5,702,033 5,858,914
Invest, and other
stock of sub___
36,500
36,500
2,011.384
918,646 Put, money Wig _
assets
591,271
567,526
378,350
593,554 7% set. cony. notes 800,000
Cash
900,000
8,124
Cash val. life ins
Accounts payable_
857,955
998,788
Accts. receivable...12,000,176I 1,633,315 Notes pay.
-banks 815,157 1,285,167
1 1,787,685 Notes and accepts.
Notes rectrivab e-_
529,073
445,952
Inventories
payable
388,875
431,714
Accounts liab_ __ _
132,030
Inv• in growing
78,494
565,913
732.632 Deferred credits_
crops
36,856
5,339
58,808
137,992 Reserves
Deferred charges_ _
74,549
33,316
Capital surplus...
51,095
52,095
Unapprop. Burp_ _ 1,910,250 2,326,672
11,170,738 12,191,812
Total
Total
11,170,738 12,191.812
x After depreciation of $2,190,978 In 1933 and $1,886,509 in 1932.
In addition to the anove liabilities, the company is contingently
Notes.
liable as endorser in the sum of $48,860.
Accumulated dividends on preferred stock June 30 1933, amount to
$3.929,174.
-V 135. P.
Common stock outstanding, 58,851 shares of no par value.
2340.
2465
Financial Chronicle
Volume 137
Alexander Building Corp., Montreal.-Int. Payment.
The directors have declared a payment of I%% on account of interest
on the 6% first mortgage cumulative income bonds, payaole Oct. 1. On
April 1 last a payment of 1% was made, tnus making a total payment of
-V. 136, p. 2425.
2% on these bonds for the year to date.
Allied Distributors, Inc.-Investment Trust Average
Declines.
Investment trust securities were again lower during the week ended
Sept. 22. The average for the common stocks for the five leading manageament trusts, influenced by the leverage factor, as compiled by this co
tion. stood at 15.07 as of that date, compared with 17.15 on Sept. 15. The
low for the current year to date was 8.22 on March 31.
The average of the non-leverage stocks stood at 14.33 as of the close
Sept. 22, compared with 14.86 at the close on Sept. 15. The average of
the mutual funds closed at 10.82, compared with 11.36.-V. 137. P.
2275. 2104.
-Regular Dividend, ctc.American Ice Co.
Tne directors have declared the regular quarterly dividend of $1.50 per
share on the pref. stock, payable Oct. 25 to holders of record Oct. 6.
The outstanding real estate mortgages have been reduced to $37,500
and bank loans have now all been paid off. Cash on hand is In excess of
$1,000,000, it is stated.
-V. 137, p. 1242.
-Plan Operative.
American Rolling Mill Co.
The plan under which this company offered to exchange its three-year
434% gold notes. due Nov. 1 1933, for a Eke principal amount of new convertible 5% notes due Nov. 11938. has been declared operative, according
to an announcement made by the company on Sept. 28. There were $13.992,000 principal amount of the 434% gold notes outstanding and more than
$9,000,000 principal amount of these notes already have been deposited
for the purpose of such exchange.
Agents of the company to receive deposits are Bankers Trust Co., New
-Pittsburgh Trust Co..
York; the Central Trust Co., Cincinnati; Peoples
Pittsburgh; Continental Illinois National Rank & Trust Ph. of Chicago and
Old Colony Trust Co., Boston.
Listing of Additional Common Stock.
The New York Stock Exchange has authorized the listing of 559.680
additional shares ofcommon stock(voting)r ar $25 on official notice ofIssuance
at any time or from time to time upon the exercise of the right of conversion
to be contained In the company's 5% convertible notes, making the total
amount applied for 2.270.485 shares.
Earnings -For income statement for 6 months ended June 30 1933 see
"Earnings Department" on a preceding page.
Comparative Balance Sheet.
Just 30'33. Dec. 31 '32.
June 30'33. Dee. 31 '32.
$
LiabilitiesAssets$
6% cum. pref.
Real est., bldgs.,
$88,400
$88,400
(old issue) __mach.& 09uip101,345,225 101,242,631
Inv. in MM.cos. 6,384,196 6,470,010 6% cum. pref.
1,964,900
1,964,900
series A
5,124,395
Cash
4,357,282
21,386 Common stock_ 42,732,225 42,731,325
U.S.sec.(at cost)
21,386
38,084
37,184
Con.stk. scrip_
Other
marketMinority stocks
able sec. (at
7,420
9,920
of subsidiaries
570,611
568,118
cost)
Total fund. debt 41,131,143 41,133,824
Accts. dr notes
5,041,855 Accts. dr notes
rm.-customer 7,127,751
1,607,689
2,767,584
payable
Due from em29.617
•
Divs. payable
ployees on sale
Accrued salaries,
of stock &
1,263,797
wages,taxes,&c 1,714,399
1 .276,049
1,076,864
houses
Inventories _ _ _ _ 15.490,679 15,152,033 Deprec. & depletion of prop._ 32,272,959 31,491.707
Sec. In hands of
Current operattrustees
for
890,471
859,902
ing reserves__
guarantee of 2
122,565
124,025
Fire ins. (fund.)
years' diva. &
7,706,714
Earned surplus_ 6,957.153
retire. of 6%
Surp. arising fr.
pref.
stock,
prem. on sale
66,400
old issue
71,400
of cap. stk.,
Total other serevaluation of
1,444,598
curities, &c_ _ 1,013,928
prop. & resi1
1
Goodwill A- pat.
dual amt. of
1,743,599
Deferred charges 1,713,949
surp. of subs.
at date of ac443,405
440,525
quisition
8,629,690
Paid-in surplus_ 8,074,419
Total
139,170,779 138,153,569
-V. 137. p. 1939.
Total
139,170,779 138,153,569
-Div. Meeting Postponed.
American Ship Building Co.
The directors on Sept. 27 decided to postpone until Oct. 11 action on the
quarterly dividend ordinarily payable about Nov. 1 on the no par value
common stock. From Nov. 1 1932 to and incl. Aug. 1 1933, quarterly distributions of 50 cents per share were made on this issue.
Consolidated Income Account for Years Ended June 30.
1930.
1931.
1932.
1933.
Gross income, an prop.,
$700,977 51,270,555
$411,764
after mfg. expenses__
$296,194
439.271
127.456
73.674
Other income
54,660
$485,438
447,089
213,709
$828,433
552,836
232,586
$1,709,826
578,058
323.443
42.520
Net income for year-def$241,033 def$175,360
2,289,212
Previous surplus
1,599,725
Res. for prior year's Fed.
taxes, &c., closed out..
$43,010
2,957,482
$765.805
5,466.480
Total income
Gen.,&c. exp. & ord. tax
Depreciation
Fed. taxes, &c. (est.)-- -
$350,854
376,422
215,466
1,505.037
Total
51.358.692 $2.113,852 53.000,492 $7,737,322
3,492.166
Good-will charged off__ _ See below
206.936
Miscellaneous charges-28.474
13,682
Preferred dividends__ - 13,769
697.598 x1,052.264
Common dividends
500,357
259.091
Prof. & loss balance- $1,099.600 $1,599,725 $2.289.212 $2.957,482
,..,e
51 .1
Shares of common out147,144
147,144
standing (no par).._ - 147.144
147,144
$5.01
Nil
Nil
Earns. per share on com_
Nil
x Does not include $40 per share paid in cash 'as a capital distribution
during the year.
Capital Surplus Account June 30 1933.
-Capital surplus created by
reduction in stated value of common stock from $60 to $40 a share as authorized by shareholders Oct. 13 1932, $2,942,880; valuation of good-will
charged off. $2,000,000; roduction of book value of land not used In operations, $74,155; balance June 30 1933 $868,724.
Consolidated Balance Sheet June 30.
1932.
1933.
1933.
1932.
Assets
Liabilities
x Plants, prop., e‘c 4,218,620 4,502,509 Preferred stock_ _ _
785,600
785,600
Good-will
z2,000.000 y Common stock. 5,885,760 8,828,640
1st mtge. bonds_ __
167,397
51,477
79,267 Accounts payable_
Gov't securities_ _ _ 1,061,740 1,665,828 Accr.State, county
Inventory
443,693
95,846
100,034
457,405
and city taxes__
Accts.& notes rec. 719,011
3,442
931,718 Unpaid pro?. dive_
Cash
421,123 Unpaid corn, stock
284,374
Ctrs. of deposit_ _ 100,000
dividends
64,509
65,169
Cash on deposit in
Reserves:
closed bank _ _ _ _
167,222
Workmen'scomDeferred assets...
57,885
65,398
pensa'n Maur_
200,000
200,000
Fire insurance
Sundry contracts
23.839
18,839
In process
29,635
Capital surplus_
868,725
Treasury stock... 1,201,780 1,178,960 Prof.& loss surplus 1,099,600 1,599.725
893,603
364,429
Other assets
Total
9,191.276 11,652,927
Total
$9,191,276 11,652.927
x After reserve for depreciation of $5,570,588 in 1933 and 55,355.348 in
1932. y Represented by 147,144 shares of no par value. z Since written
off by reduction in stated value of common stock.
-V. 137. p. 2276.
Financial Chronicle
2466
-Licensed in New York.American Motorist Ins. Co.
Sept. 30 1933
Atlas Brewing Co.
-Earnings.
-
For income statement for 5 months ended May 31 1933 see "Earnings
S. Van Schaick, Superintendent of Insurance of the State of
-V.137. p. 2105.
Department" on a preceding page.
New York. naa certified that toe American Motor sts' Insurance Co. of
George
Chicago. Ill.. Is duly licensed to transact the business of casualty insurance
in New York, and in its statemert filed for the year ended Dec. 31 1932'Barclay Arrow Holding Corp., N. Y;--Foreclosure Suit.
A suit to foreclose a mortgage for $1,400,000 on the building at the
shows the following condition:
northeast corner of 52d St. and Fifth Ave. was filed in the New 'York Su$3,780,656
Aggregate amount of admitted assets
preme Court Sept. 21 by the Metropolitan Life Insurance Co. against
Aggregate amount of liabilities (except capital and surplus). incorporation, which is in bankruptcy. The suit is based on default in the
2,777.213
cluding reinsurance
payment of semi-annual interest since June 1931, and non-payment of
500,000
Amount of actual paid-up capital
taxes of $61,418 since the second half of 1931.-V. 135, p. 3695.
503,443
Surplus over all liabilities
3.397,622
Amount of income for the year
-Ear)ings.Bellanca Aircraft Corp.
3,326,600
Amount of disbursements for toe year
• For income statement for 8 months ended Aug. 31 see "Earnings De-V. 133. p. 483.
partment" on a preceding page.
-V. 136, p. 2614.
-Earnings.
American Sumatra Tobacco Corp.
Years End. July 31Gross profit on sales_ __ _
Gen'l & selling expenses_
Net operating loss_ _ _prof$36,273
Interest earned, net of
interest paid
1 Dr27,432
Other inc..net of deduc'si
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
$102,048
$652,426
-Receivers Assail Sim& Gay Furniture Co.
mons Co.
-
3,635
Dr19,840f
1 Dr.72.068
258.400
$341,820
$394.026
$170,481
Net loss
$361,660
prof.$3,842
(Cash).....314,797
Common diva.
21.975
Extra compensation..
$170,481
$361,660
Sur$8,842
Consolidated Balance Sheet July 31.
1933.
Liabilities-Assets
1933.
1932.
x Common stock _ _82,884,000
Plants & oth. prop.
4.168
incl.livestk & eq.$4,882,601 $4,980,408 Accounts payable_
Accr. pay., State
Cash in banks and
26,567
525,677
taxes. &c
on hand
769,778
319,334 Res. for self-insurNotes & accts. rec. 395.569
31,158
ance
Tobacco on hand
Initial surplus. _ _ 1,749,342
.
and in process of
2,425,939
1,057.821 1,274,230 Capital surplus
harvesting
79,967
58,971 Earned surplus
Supplies
55,209
Hogs and cattle
11,117
12,292
Inventory
Unexp. insur. and
32;738
22,712
prepaid taxes__ _
Invest,in corn.stk
4,340
382.312
of corporation
Employ. subsc. to
6.127
1.992
cap.stk. of corp.
Deficit
$730,798
1932.
$2,884,000
3,138
15,253
37,558
2,132,565
2,462,515
57,063
American Thread Co.- Bonds Called.
-year gold bonds, due
All of the outstanding 1st (closed) mtge. 5;(2% 10
Nov. 1 1938. have been called for redemption Nov. 1 next at 105 and int.
at the Guaranty Trust Co., 140 Broadway, New York City.
The trust company has been authorized to purchase prior to Nov. 1 1933
any of the bonds at 105 and int..to date of surrender of such bonds.
V.1136. p. 3910.
P. W. Paper Co., Inc.-Reduction in Capitalization.
The stockholders will vote Oct. 2 on approving a proposal to decrease
the authorized preferred stock to 15.000 shares from 30,000 shares.
1931.
1932.
Years Ended June 301933.
Net sales
$2314.471 $2.955.675 $3,987,508
244,260
Net income after all charges
4,057 Joss59,421
-V. 137, p. 2276.
Archer-Daniels-Midland Co.(8r Subs.).-Earnings.-Years End.June 30- 10 Mos.End. Year End.
1932. June 30'31. Aug.31 '30.
1933.
Grass profitfrom sales-- $2,907,885 $2.883,593 $2,092.784 84,060.105
1,544.729
Selling, gen.& adm. exp.
1.196,131
1,040.391
873.104
Other deductions (net)__
448.190
14.833
110.816
60.494
Period-
Net profit
$2,019,948 $1.576.646
Provision for deprec_ _ _ _
575,654
519.302
Prov. for Federal tax__ _
235,000
175.000
$991,898 $2,067.186
433.786
525,861
165.564
50.000
Net income
$1.209,294
Preferred dividends_ _-224.938
Common dividends
537,219
Pref. dive. on Werner G.
Smith Co. stock
8508,112 81,375.761
199,500
266,000
549,546
1,064,745
$447.137
6.354,310
$882,343
231,250
412.160
1.464
$238.933 def$240,934
5,796,610
5,548,151
An Associated Press dispatch from Grand Rapids, Mich., Sept. 21,
stated:
A story of toe downfall of the company to-day was presented and contrasted with accounts of days when business was good and the firm's earnings high, as receivers for the company continued their suit in Federal
Court against toe Simmons Co.
The receivers allege that the Simmons Co. bought control, but so misused its power that Berkey & Gay was forced out of business, with the loss
of millions of dollars to stockholders. The suit demands an accounting
and adequate damages.
Edwin T. Grubb, Secretary and Treasurer of Berkey & Gay, testified
that in March 1931, a year and a half after the Simmons Co. took over his
firm, production was suspended and activities at tne plant confined to
disposing of raw materials and warehouse stock.
In an attempt to show tnat Simmons foresaw difficulties and sought to
protect itself from liability, plaintiff's counsel read into the records interoffice correspondence from toe Simmons home office to Berkey & Gay,
ordering the latter to drop from its trade mark, letter heads and advertising the words "Division of Simmons Co." One such letter explained the
order as given to "avoid legal complications."
-V. 136. p. 2977,
Bethlehem Steel Corp.
-15 Years of Employee Representation.
-In the Sept. 25 issue of the "Bethlehem Review,"
a bulletin of news for the employees of the subsidiary companies of the Bethlehem Steel Corp., Eugene G. Grace,
•
President,states in part:
87,201,141 87,592,091
87,201,141 $7,592,091
Total
Total
x Represented by 193,105 shares of no par value in 1933 and 216,300
In 1932.-V. 136. p. 3910.
Balance. surplus
Total surplus
fibs. common stock outstanding (no par)_
Earnings per share
-Earnings.
Benguet Consolidated Mining Co.
1930.
1931.
$31,022 loss$535.611
116,816
133.071
1932.
1933.
$153.256 def$214,550
116,983
127.270
$443,552
5,789,684
549,546
549,546
549,546
549.546
$1.17
$.,.56
$2.01
$1.79
Balance Sheet June 30.
1932,
1933.
1932.
1933.
Liabilities
Assets
7% cum. pref. stk. 3,168,900 3,224,100
Oil mills, tank
y Common stock_ 9,736,999 9,736,999
stations & tank
430,491
cars(less deprec.) 8,921,685 9.270.660 Accounts payable_ 2,491,202
5,250,000
Inventories
12,184,045 4,080,927 Notes payable_
35,324
Notes & accts. rem 4.435.786 2,353.642 Drafts payable___ 274,095
87,401
134,198
873,423 Accrued expenses_
Other assets
912,698
53,974
58,854
1,234,427 1,550,443 Deferred Income__
Cash
114,870
1.507,256 Res. for conting_
Investments
1 Prov. for canting..
Gd.-will, pats. &c.
342,375
Mel Federal tax 237,808
75.802
127,713
Deferred charges
6,354,310 5,796,610
Surplus
Th s issue of "Bethlehem Review" marks the 15th anniversary of our
Employees' Representation Plan. Our plan was among the first of its
kind to be introduced in American industry. It was a pioneer step in labor
relations. Now. 15 years later, the National Industrial Recovery Act
recognizes the value of such a plan under its jprovision for collective bargaining. This means of collective bargaining has stood the test of time.
It has served both employees and management in prosperous days and
in hard times, and meets the requirements of the now law.
At its inception I stated that our plan would be made an integral part of
our business. That this has been done is evidenced by the important place
it has come to occupy in our current affairs. The plan has betome vital
in the administration of our business, affording as it does a method for the
establishment of fair and proper schedules of wages, hours and other working conditions, and for guiding the various economic betterment plans which
have been organized among and for the benefit of the employees over the
last fifteen years.
No outside agency could possible take the place of our Employees'
Representation Plan, without destroying that all-essential direct contact
and relationship so necessary to insure to employees the best possible working and living conditions, and to management the co-operation of an
intelligently informed body of employees. Under the plan the employees
have been kept constantly advised, through their elected representatives.
ofthe conditions ofour business and the part they have played in counselling
and originating constructive labor policies is an attainment of which every
employee can well be proud.
The principles of our plan have been adopted by all other important steel
companies, and by many large organizations in other industries. Meeting
the requirements of the N1RA our Employees' Representati n Plan continues to serve as the medium of representation just as it has in the past.
I urge all employees to continue to use to the full the facilities of the plan
for presenting their needs and views. That is its purpose. No question
can be raised by an employee that can react in any way against him.
The elected representatives under the Employees' Representation Plan
have performed their duties in a fearless, intelligent and constructive
manner. Non-discrimination is the very fundamental of the plan. A
rigid adherence to this policy has been a powerful factor in malting the
plan a continuing success, and no interference with this policy will be
tolerated.
In view of misleading statements on the much discussed subject of the
open and closed shop, of union and non-union labor, and in fairness to our
employees, I feel it my duty to say plainly that no Bethlehem employee is
required to belong to a labor union to get the full advantages of collective
bargaining under the NIRA. The Act provides for collective bargaining
quite independent of an employee's affiliation or non-affiliation with any
organization, union or otherwise. All of these benefits of collective bargaining are afforded under our Employees' Representation Plan without
cost to the employee.
Bethlehem has whole-heartedly joined with the other companies in the
steel business to have our great basic industry co-operate with the President of the United States and his Administration in overcoming the causes
of the present depression. To this end we and all other important steel
companies have subscribed to a code of fair competition for the conduct
of the industry during the emergency. Mutual understanding and united
effort on the part of all are necessary to accomplish this great purpose.
The code aims to reach this objective for the industry as a whole; and
within our company an effective agency for accomplishing this co-operation
is the Employees' Representation klan. Let is, therefore, continue to
so operate the plan that we may, as employees and citizens, make our full
contribution toward National recovery.
The "Review" shows that 5,918 cases have come up under
the plan. Of these,3,932 were decided in favor of employees,
849 were negative, 375 were withdrawn and 762 were compromised. Two-thirds of the cases, therefore, were decided
Ardsley (320 Central Park West), N. Y. City.-Sale.- in favor of the workers and 13% compromised, with adverse
The 20-story apartment building at 320 Central Park West,south corder
decisions in only 14% and withdrawals 6%.-V.137, p. 870.
of 92d St., N. Y City, known as the Ardsley, was sold in foreclosure
Sept. 11 on a single bid of $2,575,000 to the Manufacturers Trust Co..
"
*
-Receiverplaintiff in an action against the Ardsley Realty Corp. and others involving .." s Birmingham (Ala.) Broadcasting Co., Inc.
a lien of $2,866.050. -Henry Brady was the auctioneer.
ship.
The company, operator of radio station WBRC, was placed in receiver-Awarded Two Contracts.
Arundel Corp.
7. The action was taken in chancery court, Birmingham,
27,816,356 19,712,157
27,816,356 19,712,157 Total
Total
x After deducting $5.611,143 reserve for depreciation in 1933 and 35.062*.
-V. 137.
955 in 1932. y Represented by 549.546 shares of no par value.
p. 1939.
The corporation has been awarded two contracts during the past week
which amount to approximately $1.000.000 One of the contracts totaling
$679,396 was received for the construction of 7.6 miles of skyline road in
the Great Smoky Mountain National Park. The other calls for the conconstruction of the Intercoastal Waterway in Florida. The company will
submit bids to the Government on approximately $330,000.000 of public
-V.137. p. 1054.
works on which lettings are to be made during October.
ship on Sept.
on a petition filed by K. G. Marshall, Vice-President of the concern, who
charged its business affairs had been "grossly mismanaged."
-Hearings ConAssociated Apparel Industries, Inc.
tinued.-
the holders of the 1st mtge. sinking fund 6% gold bonds due March 1 1939:
J. K. Deming (Chairman), Dubuque, Iowa, President of the Board of
Trustees of the University of Dubuque; V. 0. Figge, Davenport, Iowa.
Executive V.-Pres. Davenport Bank & Trust Co.; Austin Jenner, Chicago,
First National Bank of Chicago; E. H. Mulock, Des Moines, Iowa, Hopkins
& Mulock, Inc. Albert Wharton, Sec., Davenport Bank Building.
Davenport,Iowa. Lane & Waterman,Counsel, Davenport Bank Building,
Davenport. Iowa. The Davenport Bank & Trust Co., Davenport, Iowa,
-V. 128. p. 1910.
and the First National Bank of Chicago, are depositories.
Hearings on the bankruptcy petition filed in Federal Court at Chicago
against the company have peen continued until Oct. 2. Counsel for the
company has filed a denial of alleged acts of bankruptcy and alleged insolvency.
-V. 137, p. 2276.
Austin Motor Co., Ltd., England.-Extra Dividend.
It was announced on Sept. 27 that an extra dividend of 75%, less thx,
and an annual dividend of 25%, less tax, have been declared for the year
ended July 31 1933 on the ordinary shares. A year ago an extra dividend
of 25% and an annual of like amount were paid on this stock.
-V. 137.
p. 690.
-BondBlack Hawk Hotels Corp., Davenport, Iowa.
holders' Protective Committee.
The following have consented to act as a committee for the protection of
-To Retire
Bloomingdale Bros., Inc., N. Y. City.
Preferred Shares.
The directors have voted to retire 1,200 shares of the preferred stock
-V. 136, p. 2427.
heretofore purchased by the company for this purpose.
Volume 137
-May Modify Indenture.
Brandram-Henderson, Ltd.
It is understood that the consolidated mortgage bondholders may be
asked to agree to some arrangement for waiver of sinking fund payments
and a temporary cessation of fixed interest charges by putting their bonds
on an income basis for a limited period.
In the notice of the special meeting of shareholders to be held on Oct. 5,
one of the purposes of the meeting is set forth as follows:
"Considering, and if deemed expedient, approving and confirming a
resolution passed by the directors of the company authorizing a proposal
to the holders of 6% 20
-year sinking fund consolidated mortgage gold bonds
for modification of their rights."
-V. 137, p. 1055.
-Proposed Increase in
Brewing Corp. of Canada, Ltd.
Stock, docr-The stockholders have been notified that a special meeting will be held on
Oct. 31 for the purpose of passing upon by-laws approved by directors.
These by-laws provide for the transfer of a substantial amount from capital
to surplus, thus eliminating the debit balance in the profit and loss statement. It is also proposed to increase the company's capital by the issue of
prior preference stock and increasing the present issues of preferred and
common.
The purposes of these changes, according to President E. P. Taylor,
include elimination of funded debt and strengthening of working capital in
order to permit expansion of operations so that the company may take
advantage of any improvement which may occur in its field. Operations of
the summer, he informs stockholders, have resulted in some improvement in working capital position and gains over the same period a year
earlier.
The amount proposed to transfer from capital to surplus is $1,105,701,
leaving $3,764,139 as capital. The proposed prior preference stock is to
be cumulative and convertible and is not to exceed $5.000,000 or 500,000
shares of no par value, with a fixed dividend not exceeding CO cents per
share. Present preference shares are to be increased by 250.000 shares and
the common issue will be enlarged by 500.000 shares
.-V. 137. p. 2276.
Bridgeport Machine Co.-Pays $1 on Account of Accrued
Dividends.
The directors have declared a dividend of $1 per share On the 7% cum.
pref. stock, par $100, payable Oct. 10 to holders of record Oct.5. A regular
quarterly payment of $1.75 per share was made on this issue on Jan. 1
last; none since. Accumulations, following this payment, will amount
to $7.75 per share.
-V. 137. p. 2276.
British Type Investors, Inc.-Earnings.
For income statement for 6 months ended Aug. 31 1933 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
AssetsAug. 31'33.Feb. 2833. LiabilitiesAnt.31'33. Feb.28'33.
x Securities ownedE2,579,387 $2,699,342 Secured loans
$307,570 $198,000
Securities sold but
Secur. purch. but
not delivered.._ _
3,420
not received__
29,361
35,524
Cash
20,998
17,575 Accts. pay. & acAccounts receiv
1,341
702
crued expenses__
1,761
664
Divs. reedy. & hit,
Cl. A stock (par El) 1,198,836 1,198,836
accrued
2,343 y Class B stock_ __
4,034
4,212
4,212
On deposits-banks
Capital surplus__ 1,084,124 1,305,513
in liquidation
18,597
12,782
Furn. &(Mures
3,727
3,449
Prepaid expenses
463
450
Total
$2,625,864 $2,742,749
Total
$2,625,864 $2,742,749
x Market value of securities $1,305,100 in August and $497,065 in
February. y33,700 no par shares -V. 137, p. 1768.
Budd Wheel Coe-Receives Additional Wheel Orders.
-
In addition to an order for 300,000 pressed steel artillery wheels which
was recently announced, this company reports that it has concluded contracts with two other of the largest automobile companies for steel artillery
wheels for their 1933-34 models.
These three companies have adopted the steel artillery wheel as standard
equipment and it s estimated that they will purchase one million of these
wheels during 1934. (Philadelphia "Financial Journal.")
-V.137, P. 2106,
1583.
Bullock's, Inc.
-New President, &c.
P. G. Winnett, formerly Vice-President, has been elected President to
succeed the late John G. Bullock. W.A. Holt, who was 3rd Vice-President,
becomes Vice-President, and W. E. Goodhue, Secretary and Treasurer,
becomes 3rd Vice-President.
-V. 137, p. 691, 2106.
Burns Bros. (Coal).
-New President.
The board of directors on Sept. 28 elected Gardner Pattison as I'resident
of the company, a position vacant since September 1932. In the past
year operations have been temporarily under the supervision of Chas. F.
Huber, Chairman of the executive committee.
Mr. Pattison will sever his connection with Pattison & Bowns, Inc., of
which company he has been President for many years.
-V. 136, p. 2614.
(A. M.) Byers Co.
-Preferred Dividend.
The directors on Sept. 28 declared a dividend of 50 cents per share on the
7% cum. pref. stock, par $100, payable Nov. 1 to holders of record Oct. 16.
A similar distribution was made on this issue May 1 and on Aug. 1 last,
prior to which the stock received regular quarterly dividends of $1.75 per
share.
-V. 137. p. 1056.
Canada Dry Ginger Ale, Inc.-Contract.
The corporation has signed a contract with the Penn Maryland Co.,
which is owned by the U. S. Industrial Alchol Co. and the National Distillers Products Corp., calling for the distribution of whisky and gin
products. The Canada Dry company will purchase these products and wll
become the largest customer of the Penn Maryland Co.
-V. 137, P. 2277,
1940.
Canada Packers, Ltd.
-To Pay Part of Dividend Accumulations.
The directors have declared a dividend of 83.50 per share on account of
accumulations in addition to the regular quarterly dividend of $1.75 per
share on the 7% cum. pref. stock, par $100, both payable Oct 2 to holders
of record Sept. 16.
Following this payment, accumulations on the pref. stock will amount
o 37 per share.
-V. 137. p. 1768.
Canadian Celanese Ltd.
-Dividend Arrears Plan.-
The stockholders at a special meeting to be held on Oct. 31 will be asked
to approve a plan whereby dividend arrears on the pref. stock would be
cleared up. It is proposed to award to preferred stockholders $1.62 in
cash for each preferred share, and one common share for each two preferred
shares held.
On the basis of the closing market price of the common stock on the
Montreal Stock Exchange on Sept. 25 of $26.50, the distribution proposed
for the preferred shareholders would have a total current value of $14.87
a share. Accumulated dividend arrears on the pref. stock amount to
$27.75 per share.-V. 137. p. 318.
Canadian Western Lumber Co. Ltd.-Reduces Par Val.
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada. dated Aug. 14 1933, reducing the capital
stock of this company from $15.500,000 to $6,200,000, such decrease being
effected by reducing the par value of each of the issued 3,100.000 shares
of the capital stock from $5 to 32.-V. 133, p. 2933.
Caterpillar Tractor Co.
-Assets, &c.
Current assets as of Aug. 31 1933, including $6,608,103 cash, U. S.
and other securities at approximate quoted valuations, amounted to $23.318,508 and current liabilities were $785,829. This compares with cash
and marketable securities of 37.552,048, current assets of $25,427,156
and current liabilities of 3597,056 on Aug. 311932.-V. 137. p. 2277.
hicago Railway Equigent Co.
-Removed from List
ihe St. Louis Stock Exchange as stricken from the list the comm
C
preferred stocks -V. 137,
1768.
an
2467
Financial Chronicle
-New Officer.
Chicago Yellow Cab Co., Inc.
Ralph E. Stouffer has been elected Vice-President and a director of
this company and of the Yellow Cab Co., the operating corporation, to
succeed the late Sol. H. Keener -V. 137, p. 692.
-Dodge Dealers' Sales Gain.
Chrysler Corp.
During the week ended Sept. 24 Dodge dealers made actual retail deliveries of 5,543 vehicles, against 5.473 in toe preceding week. Of the
total, 2,399 were Dodge passenger cars. 2,109 were Plymouths.'while 1.035
-ton light delivery cars to
were Dodge trucks ranging in capacity from half
heavy-duty units and trailer combinations.
Dodge dealers' sales for the year to date amount to 134.930 units, 15,142
of them commercial cars and trucks. Deliveries of Dodge passenger cars
on Sept. 24 had reached the total of 64,954, an increase of 198.1% over
the sales volume registered in the corresponding period of 1932.
Sued on Floating Power-Holder of Patent Asks an Accounting by Chrysler in Indiana Court.
An Associated Press dispatch from Newcastle, Ind., Sept. 28. states:
An Illinois inventor, who claims the idea was his, filed suit in Henry
County Circuit Court to-day for an accounting of the Chrysler Corp.'s
profits from the use of "floating power," an engine-mounting device.
The plaintiff was Roland S. Trott of Rockford, Ill., who alleged that
the automobile manufacturers betrayed his confidence in incorporating
the device in four makes of automobiles and in using the name. "Floating
power" was an innovation in 1930, the motor being suspended to absorb
vibration.
Besides asking that the Chrysler Corp. account for its profits. Trott
petitioned for an injunction prohibiting further use of "floating power"
or the name.
Trott, now employed in a Rockford machine shop, claims five patents
on the equipment. He has a patent suit pending in the Federal Court of
Denver, his former home, and the device also is the subject of litigation
in Washington, where Trott has filed objections to a request of the Chrysler
Corp. to register the name "floating power" as its own.
-V. 137, p. 2277,
Trott devised "floating power" in 1929, his bill claims.
2107.
-Creditors Regain
Cigar Stores Realty Holdings, Inc.
-Referee Restores Lapsed Claims.
Rights in 8500,000
The rights of holders of 3500,000 of debentures of the company, a bankrupt subsidiary of the United Cigar Stores Co. of America, were restored
Sept. 26 by a decision by Irwin Kurtz, Federal referee, who has presided at
hearings in the case held in the last year in his offices at 15 Park Row.
The New York "Times," Sept. 27, continues:
The ruling sets a precedent in this field of litigation because the rights
of these bondholders had expired with their failure to file proofs of claim
after due notice from the trustee and the Secretary of the debenture bondholders' committee. Importance was attached to the ruling also because
of the declaration of a 20% dividend to creditors of the bankrupt by court
order of Sept. 11.
Mr. Kurtz's decision was on an application by the Irving Trust Co.,
trustee in bankruptcy, to expunge the proofs of claim by the Guaranty
Trust Co.. amounting to $8,778,355, based upon a trust agreement between
the bankrupt and the claimant as trustee, dated Jan. 2 1929.
At the time of the bankruptcy on Aug. 29 1932, when claims were made
by the trustee under the agreement. $8,180,000 of thee; debentures was in
the hands of the public and $521,000 was held by the United Cigar Stores
subsidiary. More than $500,000 remained unclaimed at the expiration of
the redemption period, which expired in February.
The Irving Trust Co. attacked the claim on the ground that the trustee
under the agreement could not act for individual creditors. It was con
tended by counsel for the bondholders' committee that the debentures for
which no proofs of claim had been filed were held in small amounts by holders scattered in all parts of the United States, in England, France and
elsewhere.
Counsel pointed out also that numerous letters had been received from
claimants when semi-annual interest coupons were not paid on Jan. 1 1933,
less than two months before the expiration of the date for filing proof. Mr. Kurtz's decision charges the Guaranty Trust Co. with the duty of
-V. 137, p. 1584.
filing proof covering the entire issue.
Cincinnati Chamber of Commerce and Merchants
-Plan Approved.
Exchange.
Proposal to increase the revenue of the property has been given approval
by more than 75% of the bondholders. A total of $956,500 par value of
the $1,204,500 bonds outstanding have been deposited, in accordance
with the plan, at the office of the depository ,the First National Bank of
Cincinnati.
A letter to the bondholders, explains that the owner of the ground rent,
who is also a tenant in the building has increased the rent payable to the
Chamber of Commerce as agreed. The letter follows in part:
"The plan to increase the revenues of the Chamber of Commerce has
been declared operative, and owners of the deposited bonds are requested
to call at the offices of the depository on or after Sept. 18, and receive their
original bonds with the substituted income coupons. A check will also be
given in full for the April 15 1933 coupons at the rate of $20.20 for each
$1.000 bond."
The letter explains that as the plan is now operative the depository
will, upon presentation of the bonds, with the bondholders' consent properly
signed, substitute income coupons maturing Oct. 15 1933, to Oct. 15 1937,
inclusive, for the original coupons for that period. The original bonds will
be returned to the holders.
Bondholders are urged to send their bonds to the depository so that
payment can be made without further delay.
-Extra Dividend.
Cleveland Graphite Bronze Co.
The directors have declared an extra dividend of 10 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Oct. 2 to holders of record
Sept. 25. Three months ago the quarterly distribution on this issue was
-V. 137. p. 143.
increased to 25 cents from 10 cents per share.
Colgate-Palmolive-Peet Co.
-Correction.
From the "Wall Street Journal" of Sept. 26 we take the following:
On Sept. 8 there appeared in the 'Wall Street Journal' an article stating
that the U, S. District Court had been requested by Eastern Manufacturing, Inc., of Jersey City, to compel(olgate-Palmolive-Peet Co. of
Chicago to assign to it letters patent No. 515,412. granted Feb. 12 1931.
and letters patent No. 918,603, granted July 18 1933. The litigation
involves the Zieley Processes Corp. The patent involved is No. 1,918,603
and not 918,601, as stated, and the number 515.412 referred to a patent
application bearing the serial number 514,412." See also "Chronicle" of
Sept. 9, p. 1941.-V. 137. p. 1941.
Columbia Pictures Corp.(& Subs.).
-Earnings.
Years EndedJuly 1 '33. June 25'32. June 27 '31. June 28'30.
Gross profit
$6,158,574 y$6,395,400 $8,600,877 $4,249,428
Amortization offilm__ _ 5,341,046
2,714.971
5.759,504
4,471,824
Amort. of film distribution rights purchased_
429,618
Interest charges
30,529
60,392
48,675
41,016
Expenses
3,471,693
(See y)
(See r)
Other deductions
86.452
Net income
Other income
$786,999
70,546
$575,503
100,597
5522,232 $1.063,824
115,138105,635
Total Income
Prov. for Fed. inc. taxes
8857,546
117,305
3676,100
101,807
$637,370 $1,169,459
76,500
139,500
$740,241
52,110
3574,292
53.158
x82,793
3560,870 $1,029:2954
7 59
0
53,346
:238,719
58,841
Net profit
Preferred dividends_
Common dividends
_
Balance. surplus
$688,131
$438,340
5268,805
$900.864
Earnings per sh. on common stock (no par).
$4.10
$3.10
$3.09
$6.22
x In addition two stock dividends of 234% each were paid (a total of
7.957 shares), capitalized at $100,855. y After deducting expenses. n_Ineludes stock dividend of $52,025.
2468
Financial Chronicle
Comparative Balance Sheet.
July 1 '33. June 25'32.
July 1'33. June 25'32.
LiabilitiesAssets
Cash
$1.070,635 $954,831 Notes payable_ - - $287,897 $250,698
Accts. payable and
Accounts receiva601.509
ble
accrued expenses 543,871
904,280 1,100,750
Inventories
2,951,723 2,284,547 Adv. payable from
50.400
domestic cust'rs 100,326
Prepaid expenses
137,760
140,234
Deposits
4,169 Owing to other
79,512
104,508
115.063
producers
Invest. in whollyReserve for Fedowned foreign
101,807
subsidiaries
102,297
125,642 eral income tax. 128,514
Depos. ree'd from
Cash surrender val.
147,163
foreign eust'ers. 164,340
life insurance
51,106
34,561
Purch. contracts
Miscellaneous in9,068
is vestments
payable
2,197
2,695
323,772
Mortgage payable 218,136
alLand, buildings,
40,578
&c
1,309.976 1,444,361 Due to officers _
503,260
406,412
Res. for conting
b Cony. pref.stock 521,308
05
2,069.196 2.817:776
c Common stock
63,387
Capital surplus_ _ _
69..944
Earned surplus_ _ _ 1,984,938 1,296 808
$6,612,459 56,088.820
86,612,459 86,088,820 Total
Total
a After reserve of $750.346 in 1933 and $572,529 in 1932. K Represhares in 1933 and 17.545 in 1932. c Represented
sented by 17,261 no par
by 167,885 no par shares in 1933 and 167.933 in 1932.
International Expansion Plans Completed.
Sept. 30 1933
the security holders in the protection of their interests in view of the fact
that the mortgage creditor may now apply for a third sale of the properties,
to be held on 20 days' published notice, and at this auction the properties
will go to the highest bider for cash, regardless of the amount bid. The two
Previous auctions were postponed as the bids submitted were below the
minimum set by the court.
The statement of the committee says that "we believe that the properties
are worth considerably more than the amount of the mortgage debt (84,-year gold debentures should organize
000,000)and that the holders of the 20
to protect their interests, and be prepared to bid for the properties at the
forthcoming third sale. At the request of holders of substantial amounts of
debentures, the committee has consented to act with a view to working out
a Irian for the acquisition of the properties. in which all debenture holders
will have equal opportunity to participate."
George E. Bush, 25 Broad St., N. Y. City, is Secretary to the cornmittee and Sullivan & Cromwell are counsel. Other members of the
-V. 136,
committee are Earle Benne, irenee du Pont and F. W. Scott.
P. 4466.
-To Be Reorganized.-Sale
.-----Detroit Aircraft Corp.
The Federal Court at Detroit has approved the sale of the assetet of
the corporation to Peter R. Beasley and Baker, Simmons & Co. who submitted the only bid, which was for one dollar and valuable considerations
pursuant to the plan of reorganization.
Under the terms of the bid the purchasers will make a payment of $20,000
concurrently with the delivery of the deed and bill of sale for receivership
obligations and will settle all further claims against the corporation allowed
by the court, including unpaid taxes.
The terms of the bid, it is said, call for settling up a new company with
a capitalization of 200,000 shares of $I par common stock. Directors of
the old company will furnish $100,000 in cash and $75.000 in notes. All
creditors will receive five-year non-interest bearing bonds issued by Grosse
Ile Airport, Inc., a subsidiary, to which legal title to the land will be transferred, secured by a trust mortgage.
Stockholders of the old company will be offered one share of stock of the
new company for every 10 shares of old. Outstanding shares of the old
company number 1,104.131.
As a consideration for the financing provided by directors of the old
company, apart from a minority stock interest which they will acquire,
releases will be given by the new company of all claims of Detroit Aircraft
and its stockholders, except three notes payable to Detroit Aircraft Corp.
signed by certain directors, amounting to $82,568 plus interest.
Selection of officers and directors of the new company as well as organization procedure, under the terms of the bid, must be approved by the
-V. 137, p. 2107.
court.
The corporation's great expansion plans for Europe, which were recently
announced, have now been completed, according to Vice-President Jack
Cohn. With the return of J. H. Seldelman, Foreign Manager, from a six
weeks' stay in Europe and the Continent where he co-operated with
Joe Friedman, European Manager, on his expansion task, announcement is
made of the final distribution arrangements for the company's product in
the United Kingdom. Nine exchanges in key cities are already operating.
reports Mr. Seidelamn, and branch managers for these exchanges have been
appointed, headed by Max Thorpe, who will act as General Sales Manager
under Mr. Friedman.
The formation of new distributing offices in Spain, Denmark and France
are also announced by Mr. Cohn.
The nine exchanges whereby the corporation will release its own product
in the Kingdom include: London, Manchester, Liverpool, Cardiff, Birmingham, Newcastle, Leeds, Dublin and Glasgow.
The new Columbia office in Denmark is situated in Copenhagen.
In Spain this company has recently effected an association with a newly-%.'•.„ Detroit Stock Exchange Bldg.
-Foreclosure.
formed company which will concentrate solely on Columbia's product.
Salo of the building at public auction if the delinquent payments on a
-V. 137, p. 693, 1245.
company are not settled by Feb.
claim held against it by a life insurance
18 1934. was ordered Sept. 23 in Federal Court at Detroit.
Collyer Insulated Wire Co.-Increases Dividend.
The decision was given in a suit brought by the Metropolitan Life InA dividend of 25 cents per share has been declared on the common stock,
surance Co. against the Union Co. of Detroit, parent corporation for the
no par value, payable Oct. 2 to holders of record Sept. 25. This compares
Stock Exchange Building. the Union Guardian Trust Co. and the Detroit
with 10 cents per share paid on July 1 last, and with quarterly dividends
Stock Exchange and its building corporation.
of 12% cents per share paid on Oct. 1 1931 and on Jan. 1 1932.-V. 137.
The building. the insurance company contended, was pledged by the
p. 144.
Union Co. in 1931 as security on a $125.000 loan from the insurance company. Payments due last March have not been made, the insurance comCommerce Investments, Inc.-Increases Dividend.
pany declared.
A quarterly dividend of 10 cents per share has been declared on the
investment management shares, no par value, payable Oct. 2 to holders
-Earnings.
Devoe & Raynolds, Inc.
of record Sept. 25. This compares with 9 cents per share paid on July 1
For income statement for 9 months ended Aug. 31 see "Earnings Deast and 10 cents per share paid each quarter from July 1 1932 to and
-V. 137. p. 1418.
partment" on a preceding page.
144.
ndudlng April 1 1933.-V. 137. p.
-Earnings Increase-Acquires
Commercial Credit Co.
Control of Textile Banking Co.
The consolidated net income of the company for the month of August
1933 was $300,242 and for July $265,712. according to a letter issued Sept.29
to the stockholders by A. E. Duncan, Chairman of the board.
These earnings covered full dividend requirements on all issues of preferred and class A convertible stocks, of which $184.591 for August and
$147,904 for July was available for the common stock. This was at the
annual rate of $2.32 per share for August and $1.86 for July on the 954,052
shares of common stock now outstanding, and compares with the annual
rate of $1.54 per share for June, $1.13 for May and $0.21 for April on the
outstanding shares of common stock.
Consolidated gross purchases for August were $21,570,140 compared
with $9,797,392 for the corresponding month a year ago, an increase of
120%. Consolidated purchases for July were $20,425,016. compared with
511.334.566 for July 1932, an increase of 80%. Gross purchases for the
month of August 1933 were the largest of any month since September 1931.
Although no official figures are available for the current month, volume
of purchases, according to Mr. Duncan. "have held up very well.'
Company has acquired more than 67% of the capital stock of Textile
Banking Co., New York, with an invested capital in excess of $4,000,000
and resources of over $12,000,000. This company has become the second
largest factoring concern, without any acquisition, or mergers, since it was
organized in 14,19 by its present management. This same management
will continue its operation and there will be no change in its present board
of directors, to which will be added A. E. Duncan, Chairman of the board,
and H. L. Wynegar, President, respectively, of Commercial Credit Co.
"Through this acquisition," Mr. Duncan said, "Commercial Credit Co.
,
will further diversify its business, increase its volume in a sound and stable
line under able and experienced management and should substantially increase its net earnings. Textile Banking Co. has never had an unprofitable
year and neither has Commercial Credit Co. on its domestic operations."
No new financing will be required by Commercial Credit Co. either for
this acquisition or to retire its 6% collateral trust notes of some $3,000,000
due Nov. 11934, which were recently called for payment at 101 and interest
on Nov. 1 1933.-V. 137, p. 2278.
-Pays Accrued Dividend.
Consolidated Dry Goods Co.
A dividend of 2%% has been declared on the 7% cum. pref. stock, par
$100, Payable Oct. 2 to holders of record Sept. 23. A similar payment was
made on April 1 1933, prior to which regular semi-annual distributions of
-V.136, D. 1891.
33 % were made on the pref. stock.
•
-ConsoliConsolidated Investment Trust, Boston.
-See Kidder Peabody Acceptance Corp. below.
dation.
(Arnold) Constable & Co., Inc.-Earnings.
-Meeting PostDominion Steel & Coal Corp., Ltd.
poned.-
The meeting of debenture holders, held on Sept. 20 for the purpose
of considering proposals for the deferment of debenture interest for a period
of three years, was postponed to Nov. 2 next.
The postponement was necessitated by lack of a quorum, which is
accounted for by the fact that of the $13,499,994 principal amount of
debentures issued and outstanding $6.612.446 are held by the banks as
collateral security, and the banks as interested parties refrained from
voting the debentures held by them.
Of the $6.887.547 debentures held by the public, approximately $4.800,000 were represented by proxies in favor of the proposals, no opposition
being evidenced.
In view of the amount of debentures held by the banks, It is not likely
that a quorum will be present at the postponed meeting and after a further
postponement the proposals will be passed by a majority of the votes of
those actually present or represented in accordance with the provisions
-V. 137. p. 1942.
of the trust deed.
30.
-Earning.Dominion Woollens & Worsteds, Ltd.
Years End. June 30Profits from operations_
Miscellaneous revenue.._
1933.
444,948
1932.
4185.825
1931.
4112.277
Total revenue_ _
Provision for bad debts..
Repairs, renewals & depr
Interest charges
United States exchange..
Inventory adjustment_
$44,948
33,332
5185.825
15,730
See x
127,743
23.189
198.635
$112,277
68.000
129.560
130,455
557.749
8.067
$65.816
42.000
99.965
218,741
491.673
$577.851
$117,944
$294,890
$179,472
Net loss
1,472,816
897,050
717,578
627,519
Final surplus
Statement of Capita'and Surp'us as at June 30 1933.
[Giving effect to the "compromise or arrangement" as approved by
shareholders at meeting on Dec. 19 1932, duly approved at a subsequent
meeting of bondholders and confirmed by supplementary letters patent of
Dominion of Canada under date of Feb. 10 1933.]
$1,500.000
Oap tel, par value-of 15,000 pref. shares to be exchanged
600,000
60,000 common shares of no par value to be reduced
1.641,872
Surplus at date of acquisition
Discount on bonds redeemed prior to June 30 1932, heretofore
41.582
carried as reserve
$3,783,454
Total
924,294
Operating deficit to June 30 1932
466,423
Adjustment of depreciation reserve to June 30 1932
13.696
Dominion income tax, balance re prior periods
July 31 see "Earnings DeFor income statement for 6 months ended
580,088
Transferred to property reserve
-V. 136, p. 3348.
partment" on a preceding page.
22.271
Reorganization expenses
•
117.944
Operating loss for year ended June 30 1933, before depreciation-Dissolved.
Corinna (Me.) Mfg. Co.
175,368
Provision for depreciation, year ended June 30 1933
A decree was filed recently at Bangor. Me., by Justice C. J. Dunn, of
dissolving the company which has been in the , Capital stock, issue of 85,585 no par value common shares at
the Maine Supreme Court,
$10 each to
hands of Clarence H. Crosby, of Dexter, as receiver, for some time. The
600,000
Holders of preferred shares
assets of the company have been sold, and the purchase money received for
150.000
Holders of common shares
final dividend to stockholders, it Is stated. (American Wool & Cotton
105.850
Bondholders
Reporter)
-1% Stock Dividend.
Corn Products Refining Co.
The directors on Sept.22 declared a 1% stock dividend in
addition to the regular quarterly cash dividend of 75 cents
per share on the common stock, par $25, both payable
Oct. 20 to holders of record Sept. 29.
An extra distribution of 50 cents per share in cash was
made on this issue on Jan. 20 and July 20 1931 and on
July 211930, while on Jan. 20 1930 an extra payment of
75 cents per share in cash was made.
The common stock so to be distributed represents issued
stock and there will be no change in the present outstanding
-V.137, p 694.
capital stock of the company,it was stated.
Cuban Cane Products Co., Inc.-Debenture Committee
Urges Prompt Action by Security Holders.
Charles Hayden, chairman of the debenture holders' protective committee, in a statement issued Sept. 25 urges prompt action on the part of
Surplus as at June 30 1933
Balance Sheet June 30.
Liabilities81933.
1932.
Assets
111933.
$316,000
810,006 Bank loans
813,491
Cash
323,972 Accts. & bills pay.. 176,634
Accts. & bllis rec_ - 6238,170
2,540
608 Accrued bond intSundry accts. ree_
381141
983,095 Accrued liabilities.
921,432
Inventories
2,117,000
18,620 Bonds
20,629
Prepaid expenses..
13.885
5,604 Secured bills pay
Mtges. receivable.
4,572
10,939 Deferred bond int- 137,605
Balance of sale... _
6,411
25,218
d Plant, equip., &c 3,107.686 4,463,778 Reserves
a Preferred stock_
1
Good-will
c Common stock.- 855,850
627,520
Surplus
$627,520
1932.
8468,000
124,011
12,173
25,320
2,117,000
252,541
1,500,000
600,000
717,578
84,310.394 85.816.622
Total
Total
84.310,394 85.816,622
a After giving effect to the "compromise or arrangement" as approved by
on Dec. 19 1932 duly approved at a subs-quent
shareholders at meeting
meeting of bondholders and confirmed by supplementary letters patent of
Dominion of Canada under date of Feb. 10 1933. b Accounts receivable
only. c Represented by 85.585 no par shares in 1933 and 60.000 in 1932.
d After depreciation.
-V.136, 3353.
Volume 137
Financial Chronicle
Dictaphone Corp.
-New Director.
-
Benjamin L. Winchell, Chairman of the board of Remington Rand Inc.,
has been elected a director of Dictaphone Corp., Dictaphone Sales Corp.
and Dictaphone Sales Corp., Ltd.
-V. 137. a. 145.
Drake Hotel Co., Chicago.
-Sale.
The hotel was sold Sept. 25 in a transaction that involved a cash exchange
of only $10,000, and the purchaser, the Drake Management Co., was in
control Sept. 26. An Associated Press dispatch from Chicago Sept. 26
furtner states:
Du behind the deal was a tale of financial difficulties that led up to
bankruptcy sale by Federal Referee Garfield Charles. The Metropolitan
Life Insurance Co. of New York, holder of a lien amounting to almost
$2.000,000 against the hotel, was aelieved to be aenind the management
respui!tioitrolul3
rp o
iroorm%
price pr0bably included o llyae na00
y as w00
company.og _ct and such
s
property
Management Corp., operators of toe hotel. the purchase price was subject to such other liens as may exist.
In circles close to the hotel it was intimated that Benjamin If. Marshall,
Chicago architect, holder of stock in the old hotel company, probably
......3 be named President, and that Edwin L. Brashiers, one of the purwould'
irit, chasing group, would become General Manager.
-V. 136. p. 2431.
rug, Inc.-Skricken-from-Ilte-frist:=Motive Sept. 25 the capital stIc ($10 par) was stricken from the list
ho
of he New York Stock Exchange. V. 137, p. 2278.
--,Eaton Manufacturing Co.
-Resumes 'Dividend.-The
directors on Sept. 28 declared a dividend of 20 cents per
share on the no par common stock, payable Nov.15 to holders
of record Nov.. 1. Quarterly distributions of 12Y cents per
share were made on Feb. 1 and May 2 1932; none since.
The above also compares with 25 cents per share paid on
Nov.2 1931,40 cents per share on Feb. 1, May 1 and Aug. 1
1931 and 75 cents per share each quarter from Feb. 1 1929
to and incl. Nov. 1 1930.
Following the directors' meeting, Chairman J. 0. Eaton
said:
The company has had a substantial improvement in business since March,
and prospects continue favorable. Net earnings in the second quarter
were $268,000, and it is indicated that net for the third quarter will be
about the same.
The recovery in earnings has taken place in face of greatly increased costs
due to wage increases and added employment in co-operation with NRA.
In view of this recovery, the directors have decided to make a disbursement to the stockholders. Payment of future dividends will depend upon
later business developments. The company is in a strong financial position.
-V. 137, p. 1246. 1059.
Egry Register Co.
-Larger Distribution.
-
The directors have declared a quarterly dividend of 50 cents per share
on the $2 cum. class A common stock, no par value, payable one-half on
Oct. 1 and one-half on or before Dec. 1 to holders of record Sept. 15. A
distribution of 25 cents per share was made on this issue on July 1 last,
the first payment since Oct. 1 1932 on which date a quarterly dividend
of 50 cents per share was paid.
-V. 137. 1: 1943.
1•
Falstaff Brewing Corp., St. Louis. Mo.-Initial Dividend-Sales Increasing-Status, &c.-In connection with the
declaration on Sept. 18 of an initial quarterly dividena of
25 cents per share, payable Oct. 16 to holders of record
Oct. 2(not Oct. 15 to holders of record Oct. 1, as previously
announced), President Joseph Griesedieck, Sept. 25 stated:
The corporation has been operating for approximately six months, including the month of March. Since the sale of beer was not legalized until
April 7, the corporation operated at a loss prior to that date. Operations
have resulted in profits which directors feel are very favorable in view of the
problems resulting from the re-establishment of the manufacture and sale
of beer.
Modification of the Volstead Act to permit the sale of beer did not give
sufficient time to set up distributing facilities of the retailer and the immediate initial demand for the brewers' product was for bottled beer. Following the first rush of the consumer for the bottled product for home consumption, better facilities for distribution in restaurants, hotels, beer gardens. &c., were established and demand switched noticeably from a large
portion of bottled beer to draught. Due to the shortage of cooperage, it
was practically impossible to supply the demand for draught beer during
June, with the result that sales for that month declined. You will note.
however, that the sales increased fur July and August and at the present
time September sales are in excess of those for the corresponding period
of August.
The gross sales before excise taxes by months were as follows:
• August
July
June
May
April
$339,729
3298,881
$247,598
$254.513
$260.237
The earned surplus after all charges, including estimated Federal and
State income taxes, since inception of the new corporation as shown in
the balance sheet as of Aug. 31 was $323.732.
The financial position ofthe corporation is reflected by the balance sheet
as of Aug 31. Through the sale of 177,000 shares of capital stock, the
corporation raised $1,000,050 cash. Since this financing the corporation
has spent $216.477 for improvements and additions to plant; $173.955 for
cooperage; $76,480 foe bottles and cases, and added the balance to working
capital. After these heavy expenditures, the corporation as of Aug. 31
had $566,193 cash on hand and $83,522 earmarked for construction, a total
of $649,716. In addition. $47,500 principal amount of its 1st mtge. 6%
bonds were purchased since April 30, which, with the $18,000 previously
purchased and the $20,000 retired, leaves only $164.500 outstanding in
the hands of the public. At Aug. 31 1933 the corporation had current
assets of $891,182 and current liabilities of $146,603, not including $59,356
reserved for Federal and State income taxes.
The directors believe in a conservative dividend policy, and for that reason
think it well to keep a large amount of cash on hand in order to take care
offuture purchases of raw materials and further expansion of the business.
The corporation is now distributing its product in approximately 23
States and as soon as increased production capacity Will allow further sales
expansion will be brought about. The Eastern markets will be opened in
the near future.
-V. 137, p. 2278.
Farmers & Traders Life Insurance Co., Syracuse,
-Extra Dividend.
N. Y.
An extra dividend of 234% has been declared on the capital stock,
par $100, in addition to the regular quarterly dividend of like amount, both
payable Oct. 10 to holders of record Sept. 20.
Ferro Enamel Corp.
-Two Dividends Declared..
The directors have declared two dividends of 10 cents per share on the
common stock, no par value, payable Oct. 10 and Dec. 20 to holders of
record Sept. 30 and Dec. 10, respectively. An initial distribution of 124
cents per share was mado on this 'ague on Dec. 14 1932; none since.
V. 137.1). 1771.
Fidelio Brewery, Inc. N. Y. City.-Earnings.Norman S. Goldberger, President, estimates net earnings, after all
charges, including depredation but before Federal income taxes and State
franchise taxes, from April 1 to Sept. 30. will exceed $250.000.
Mr. Goldberger further states: "It is the policy of the board of directors
t keep you in touch with the affairs of the company, and for that reason
o
you may regard this as one of a series of communications which you will
receive from time to time. The company is in a very strong financial
condition. Expressed in round figures, its current assets as at Aug. 31
1933, were $537,000 including deposits due from customers on bottles,
cases and kegs. The cash on hand and in banks amounted to $239,000. as
against current liabilities of $129,000,including reserves for Federal income
and State franchise taxes, and exclusive of dements due to customers on
-V. 137. p. 1585.
bottles, cases and kegs in the trade."
2469
Fisk Realty Corp.
-Partial Capital Distribution.
The directors on Sept. 27 voted a partial capital distribution of $30
per share, payable to stockholders of record Sept. 30. The payment
will be made upon presentation of stock certificates at the Chase National
Bank, New York.
-V. 136, p. 4278.
Fisk Rubber Corp.
-Earnings.
--
For income statement for period from May 20 1933 to June 30 1933 see
"Earnings Department" on a preceding page.
Tentative Consolidated Balance Sheet June 30 1933.
AssetsLiabilities
Land, bldgs., & machinery__ 64,068,501 6% Preferred stock
83,945,900
Goodwill
452.915
1 Common stock
Invest. In Acushnet Process
Minority interests
44,401
Co
1 Accts. pay. & accr. expenses..
850,234
Inventories
2,119,191 Prov. for Fed. inc. az cap.
Accounts & notes reedy
2,737,233 stock taxes
42,000
Cash
866,089 Reserve for liquid, of foreign
Est. cash recelv. from reorg.
business & export invent.__
260.226
committee
112,173
1,700,000 Contingent lease liabilities__
Deferred charges
5,635,426
44,308 Capitalsurplus
Earned surplus
191,279
Total
$11,535,324
811,535.324
Total
Note.
-The above balance sheet is tentative inasmuch as the directors
of company have not fixed upon the amounts at which the properties are
to be carried on the books pending completion of an appraisal, and the
exact amount of cash to be received from the reorganization committee
is not yet determined.
-V. 136. 13• 4468.
Food Machinery Corp.
-Pays Accumulated Dividends.
The directors have declared a dividend of 50 cents per share for each of the
six months from April 15 to and incl. Sept. 15 1933. or a total of83 Per share,
on the 63i% cum. pref. stock, par $100, payable Sept. 30 to holders of
record Sept. 25. The last regular monthly distribution of 50 cents per share
was made on this issue on March 15 1933; none since. Previously, the
company made monthly payments at this rate in each of the first 11
months of the calendar year, while in December it paid $1 per share,making
a total of $6.50 per share for the 12 months.
President J. D.Crummey says the company has had continuous business
improvement since March. Although the company's year does not end
until Sept. 30 and the final figures are not available until some time after
that date, there is now a certainty that preferred dividends have been more
than covered and that the company has passed through this depression
without operating losses, at the same time greatly improving its current
position, a San Francisco, Calif., dispatch states.
-V. 136, p. 2433.
-Earnings.
Fox Film Corp.
For income statement for 13 weeks ended July 1 1933 see "Earnings
Department" on a preceding page.
-V. 137. P. 1585.
Gamewell Co.
-Earnings.
For income statement for 3 months ended Aug. 31 see "Earnings Department" on a preceding page.
-V.137, p. 2278.
General Alloys Co.
-Sales and Earnings Increase.
August sales were the largest for any month since June, 1931, and profits
in that month, due to increased volume and lowered operating costs, were
equal to those of May. June and July combined,according to Vice-President
G. C. McCormick. This is in direct contrast to the first four months of
1933, when the company reported an operating loss of $14,776. At the
same time the company has improved its financial position by the elimination of all mortgage debt, a reduction of $15,599 in current payables and
$35,957 in other liabilities, it was added -V.137. p. 320.
General Candy Corp -Accumulated Dividend.
A dividend of 25 cents per share has been declared on the class A stock,
on account of accumulations, payable Oct. 20 to holders of record Oct. 10.
A similar distribution on account of accruals on this issue was paid on
-V. 136, p. 1024.
Oct. 1 and on Dec. 15 1932; none since.
-Sales Gain Continued.
General Foods Corp.
The corporation during August and early September continued its sales
gain over the same period last year, according to President C. M. Chester.
"August sales, on a unit basis, were 20% ahead of August last year,"
said Mr. Chester. "For the first eight months this year unit sales are close
to 16% ahead of the same period last year. Canadian and export sales
-V.137, p. 2108, 1566.
also are running ahead of last year's volume."
Genesee Brewing Co., Inc. (Rochester, N. Y.).
-One of the first public offerings of securities
Stock Offered.
registered with the Federal Trade Commission was announced
nc. and F. A. Willard
Sept. 27 by G. L. Olirstrom &
of
& Co. The offering cons.sted Co.,L0,000 shares of class A
common stock (voting stock) of the above company, priced
at $11.50 each. Shares are offered as a speculation.
The 50.000 shares of class A common stock included in this offering consist of: (1) 2.777 shares now held in the treasury of the company, which
have been underwritten; (2) 20.304 shares now held or presently to be bead
in the treasury of the company, which are under option exercisable as a
whole but not in part; (3) 16.919 shares held by stockholders, which are
under option exercisable as a whole but not in part: and (4) 10.000 shares
held by stockholders, which are under option exercisable as a whole but not
in part.
Company has agreed to make application to list the class A common stock
on the Now York Curb Exchange.
The 50,000 shares of class A common stock included in this offering
consist of: (1) 2.777 shares now held in the treasury of the company, which
have been underwritten; (2) 20,304 shares now held or presently to be held
in the treasury of the company, which are under option exercisable as
a whole but not in part: (3) 16,919 shares held by stockholders, which
are under option exercisable as a whole but not in part; and (4) 10.000
shares held by stockholders, which are under option exercisable as a whole
but not in part.
Company has agreed to make application to list the class A common
stock on the New 'York Curb Exchange.
Transfer agent. Manufacturers Trust Co., New York. Registrar,
Chase National Bank, New York.
The registration statement as filed with the Federal Trade
Commission affords the following:
History and Business.
-The brewery property of company is located near
the center of Rochester, N. Y., on the Genesee River. The location has
been used for brewing purposes and the name "Genes-e" has been connected
with malt products brewed on these premises since 1878. During the preprohibition period, the celebrated "Liebotschaner" lager beer was brewed
on the property. Subsequent to 1918 the brewing operations were discontinued and the equipment was dismantled.
The present company was incorp. July 8 1932 in New York and has no
connection with the brewing company formerly occupying the premises,
except that Louis A. Wehle. President of the company, was brewmaster
of the old brewery. On July 18 1932 the company acquired the property
above mentioned, which has been completely re-equipped with modern
brewery machinery, and since April 29 1933 has been producing beer.
Plant and Capacity.
-Company owns in fee, subject to certain mortgage
liens and subject to 1929 Rochester, N. Y., taxes amounting to $1,700.
the above mentioned brewery property in Rochester, N. Y. The plant is
equipped with a brew house containing a brewing unit of approximately
344 13arrels working capacity, capable of making three brews, or over 1,000
barrels, a day of 24 hours. The cypress starting tubs and fermenting vats
are new and have a working capacity of approximately 7,944 barrels. The
storage tanks and pressure casks have a working capacity of approximately
29,298 barrels. New steel and wood storage tanks have been instahed
since April 29 1933, when beer was first sold.
The report of Waldemar Mortensen, brewery architect, of N. Y. City,
states that the plant has an annual production capacity of 372.000 barrels.
Making allowances for an arbitrary seasonal factor, based on full capacity
operation for a period of four months and 50% capacity operation for a
period of eight months, the brewery has a "sales capacity" of approximately 248,000 barrels per annum.
2470
Financial Chronicle
Caplialization.-As of Aug. 17 1933. after giving effect to the conversion
of all of the outstanding 6% convertible mortgage bonds and to the sale for
cash of 23,081 shares, of which 2,777 shares are underwritten and 20.304
shares are under option, of class A common stock now held or presently to
be held In the treasury, the capitalization will be AS follows:
Outstandina.
Authorized.
$17.500
(x)
6% first mortgage
175.000
$175.000
A common stock ($1 par value)
Class
64,169
y70.000
Class B common stock ($1 par value)
and is a first mortgage
x The first mortgage was assumed by the company
lien on the real estate owned by the company. Principal payments of
$1,000 together with interest are payable semi-annually until entire mortgage is satisfied. y 5,831 shares are reserved for exercise of rights to purchase at $1.43 per share at any time to July 12 1938.
As of Aug. 31 1933 there were outstanding $263,500 6% convertible
mortgage bonds due 1942 (V. 135. p. 2500). As of Sept. 23 1933 holders
of $262.400 of these bonds had agreed to c divert the same into class B common stock at the conversion rate of 140 shares for each $1,000 of bonds.
Rochester, N.Y.. as trustee
Company has deposited with Central Trust
o..
funds sufficient to redeem the $1,100 principal amount of remaining bonds
on Feb. 1 1934, the next redemption date.
-Class A common stock has exclusive voting power,
Provision., of Issue.
except as otherwise provided by law. In all other respects the class A common stock and the class B common stock are equal. The class A common
stock included in this offering upon issuance will be fully paid and nonassessable, and no personal liability will attach to the ownership thereof.
Company has paid no dividends on its class A common stock of class B
common stock to date. It Is the expectation of the management that at
an early date the class A common stock and the class B common stock of
the company can be placed on a dividend basis.
Proceeds of Issue.-AssumIng the purchase by the underwriters of 2.777
shares of class A common stock and the exercise of their option to purchase
20.304 shares of class A common stock from the company, the amount
to be paid by the underwriters and the approximate net proceeds to be
received by the company will be as follows:
$213,499
Amount to be paid by the underwriters for 23,081 shares
Estimated expenses of company:
10,373
Commission to Eagan Real Estate Co., Inc
1,000
Printing of certificates
Cost of distributing letters, options and other documents to
500
stockholders
150
Preparation of registration statement and prospectus filing fee..1.100
Listing on New York Curb Exchange
2.000
Registrar and transfer agent initial fees
1,000
Legal fees
500
Accounting fees
Assuming sale oy company of 23,081 shares, company will pay
expenses of underwriters incurred prior to offering to public
5,770
not exceeding
2,606
Incidentals
Sept. 30 1933
-82 Dividend.
Hamilton Woolen Co., Inc.
The directors have declared a dividend of $2 per share on the common
stock, no par value, payable Oct. 10 to holders of record Sept. 30. A similar
distribution was also made on this issue on July 15 last, compared with
$1.20 per share on Jan. 15 1933. $1.40 per share on Nov. 26 1932. $1 per
share on July 15 1932. and $2 per share and an extra of $2.75 per share on
Jan. 15 1932.-V. 137, p. 1945.
Harbison-Walker Refractories Co.-Preferred Dividend.
The directors on Sept. 25 declared a quarterly dividend of 1;4% on the
6% cum. pref.stock. par $100, payable Oct. 20 to holders of record Oct. 10.
A similar distribution was made on this issue on July 20 last and on Oct. 20
-V. 13T.
1932, the Jan. and April 1933 payments having been deferred.
P. 698. 149.
.(R.) Hoe & Co., Inc.-Receives Order.
The company has received an order from the "Sun" for 24 super-production units with six folders, each six units being capable of printing at the
rate of 55,000 copies of a 48-page paper an hour. They will displace eight
of the "Sun's" 15 present presses and will cost, including installation, &c.,
-V. 137.
more than $500,000 between now and the end of next summer.
p. 150.
Holland-America Line.-New York Depositary.
The trustee announces that the bondholders are requested to deposit
their bonds under the proposed resrganization plan at the company's office,
29 Broadway, N. Y. City, instead of the New York depositary previously
named. See V. 137. p. 1945.
-Extra Distribution.
Honolulu Plantation Co.
The directors recently declared an extra dividend of $2 per share on the
outstanding 100,000 shares of capital stock. par $50, Payable Sept. 23 to
holders of record Sept. 18.
The regular monthly dividend of 25 cents per share was also declared,
payable Oct. 10 to holders of record Sept. 30. Distributions at this latter
rate have been made since and incl. May 10 1927.
Extras have also been paid as follows: $1 per share on Dec. 10 1927;
50 cents per share on June 111928: $1.50 per share on Dec. 10 1928: $2 on
Dec. 10 1929: $2 on Dec. 10 1930; $2 on Dec. 10 1931; $1 on Jan. 10 1933
and $1 on July 20 1933.-V. 137. D. 1420.
-Dividend Rate Cut.
& Hardart Co.
The directors have declared a quarterly dividend of 40 cents per share
on the common stock, no par value, payable Nov. 1 to holders of record
Oct. 11. Quarterly distributions of 50 cents per share were made on this
issue on Feb. 1, May 1 and Aug. 1 last, compared with 6234 cents per
share
quarter from May 1 1929 to and incl. Nov. 1 1932.-V. 136,
p.
Hotel President, Kansas City, Mo.-Sale Confirmed.
Judge Albert L. Reeves of the Federal Court on Sept. 13 approved the
$188.499
sale of the real and personal property of the Hotel President. The Bale
Net proceeds to the company
was conducted Sept. 7 by Frank J. Dean. receiver. A St. Louis bank,
the above estimated expenses of the company is a commission
Included in
acting for the 1st mtge. bondholders, purchased the assets for $400,000.
of $10.373 payable to Eagan Real Estate Co., Inc., the broker in the sale
of the stock to the underwriters. Louis A. Wehle will also pay a commis-Earnings.
Hotel Waldorf-Astoria Corp.
sion of $2,227 to the same broker.
For income statement for 6 months ended June 30 see "Earnings De-The approximate net proceeds to be received
Application of Proceeds.
-V. 137. p. 1773.
partment" on a preceding page.
by the company in connection with this financing are to be applied for the
purpose of increasing the working capital and improving the current posi- %
-Court Denies Receivership.
Rubber Co.
tion of the company, which will be effected either by reducing notes payable. .. •••%India Tire &in the U. S. District Court at Akron, 0., has denied
Judge Paul Jones
or accounts payable, or both, or by increasing the cash balance of the
the appointment of a Federal receiver for the company. He also rejected
company.
a bid of $600.000 for the business, which has been made by the so-called
-Louis A. Weide (Pres.), Brighton, N. Y.; Donald
Officers and Directors.
creditors' committee.
A. Dailey (V.-Pres.), Rochester, N. Y.; Eaten A. Fletcher (Treas.),
Adjudications on the matter of insolvency of the company was referred
Rochester, N. Y.; John A. Murray (Sec.), Rochester, N. Y.; Arno Geiser.
back to Special Master Harry L. Snyder at Akron. The company is
N. Y. City; William T. McCaffrey, Syracuse. N. Y.
operating under the receivership of Paul C. Weick, who had been ap-V. 136. p. 4100.
Profit and Loss Statement for 16 Weeks Ended Aug. 17 1933.
pointed by Common Pleas Court at Summit County.
$1,038,793
Gross sales
International Salt Co.-Tenders.
216.764
Cost of goods sold
The Chemical Bank & Trust Co.,successor trustee, will until noon Oct.10
97.093
Selling, administrative and general expense
receiN e bids for the sale to it of 1st and consol. collateral trust mtge. bonds
381,368
Taxes (other than Federal or State income taxes)
dated Oct. 1 1901, to an amount sufficient to exhaust $82,619 at priceti
25,032
Provision for depreciation and depletion
--V. 137, p. 690.
not exceeding 105 and interest.
$318.547
Gross profit from sales
-Holders Lose Plea to
Inter-Southern Life Ins. ,Co.
801
Miscellaneous other income
Total gross income
Interest charges
Amortization of organization expense
Federal and State income taxes (estimated)
$319.347
9.753
13.731
60.000
$235,862
Net income
Pro Forma Balance Sheet-Prepared as of Aug. 17 1933.
Liabilities
Assets$91,009
Cash on hand and in banks_ _ _. $334,037 Notes payable (trade)
125,114
42,270 Accounts payable (trade)
Acc'ts receivable (trade)
5,850 Acc'ts payable(N. Y.State tax) 25,208
Acc'ts receivable (other)
33,210
Accruals
Inventory93,983 Reserve for return of barrels,
Beer and ale (cost)
138,325
bottles, dic
25,111
Raw materials (cost)
77,311
1,002,639 Deterred obligations
Fixed assets
17,500
6% real estate mtge.
Good-will, trademark and for175,000
1 Class A stock
mulae
70,000
59.983 Class B stock
Deferred charges
436,335
Paid-in surplus
139,000
Appreciation of assets
235,862
Earned surplus
Intervene.
Circuit Judge H. Church Ford at Frankfort. Ky., on Sept. 25, denied a
motion requesting that an intervening suit in the original proceedings in
the Inter-Southern Life Insurance Co. receivership litigation be allowed to
be filed. The suit, tendered by Henry M. Johnson, of Louisville, in behalf
of himself and Clarence It. Smith, policyholders, sought a judgment of
$3,500,000 against the management of the Kentucky Home Life Insurance
Co., which took over the Inter-Southern. Judge Ford granted an appeal.
-V. 137, p. 2280.
-Merger Approved.
-See
Kidder Participations, Inc.
-V.137, p. 879.
Kidder Peabody Acceptance Corp. below.
-Merger Ratified.
Kidder Participations, Inc., No. 2.
-V. 137, p.
See Kidder Peabody Acceptance Corp. below.
879.
-Merger Approved.
Kidder Participations, Inc. No. 3.
-V. 137,
-See Kidder Peabody Acceptance Corp. below.
p. 879.
-Merger Ratified.
Kidder Peabody Acceptance Corp.
$1,563,877
Total
$1.563,877
Total
The stockholders of this company, Kidder Participations,
-V. 135. p. 2500.
Participations, Inc., No. 2, and Kidder Par- Inc.; Kidder
A
-Pays 23 % on Pref. Div.
Great Lakes Transit Co.
ticipations, Inc., No. 3, at an adjourned meeting held on
Accumulations on the Preferred Stock.
Sept. 27, approved the consolidation plan announced in the
The directors have declared a quarterly dividend of 14% and a dividend
"Chronicle" of July 29 1933, page 879. They will be merged
of 1% on account of accumulations on toe 7% cum. pref. stock, par $100,
-V. 137,
under the name of Consolidated Investment Trust.
payable Oct. 2 to holders of record Sept. 23. Distributions of 1% each
on account of accruals were made on this issue each quarter from Oct. 1
p. 2281.
1932 to and incl. July 1 1933. prior to which the stock received regular
quarterly payments of 134%. Back dividends on the pref. stock,following
-Declares Extra Dividend in Special
(S. H.) Kress & Co.
the Oct. 2 1933 payment, will amount to 2%.-V. 136. D.4470.
-The directors on Sept. 28 declared a diviPreferred Stock.
- dend on the common stock (no par value) payable in 0 7o
19
-------Griesedieck Western Brewery Co.-Special Dividend.
The directors have declared a special dividend of 25 cents per share on the
special pref. stock, (par $10) at the rate of 50 cents for efieh
capital stock, no par value. payable Oct. 2 to holders of record Sept. 20.
common share and the regular quarterly cash dividend of
(See offering in V. 136, p. 3356.)-V. 137, p. 1772.
25 cents per share on the common stock, both payable Nov. 1
-Extra Dividend.
Co. of North America.
Guarantee
to holders of record Oct. 10. A stock distribution of like
An extra dividend of $2.50 per share was declared Sept 21 on the capital
amount was made on Nov. 1 1927, Nov. 1 1928, Nov. 11929,
stock, par $50, in addition to the usual quarterly dividend of $1.50 per
share, both payable Oct. 16 to holders of record Sept. 30. Like amounts
on Aug. 1 and Nov. 11930, on May 1 and Nov. 2 1931, on
were paid on Jan. 16, April 15 and July 15 last.
May 2 and Nov. 1 1932 and on May 1 1933.-V.137,p.1957.
President Henry E. Rawlings reported for the seven months ended July 31
1933, a net profit of $101,602 and that after payment of dividends there
Lane Co., Altavista Va.-Larger Dividend.was added to surplus $52,866, which then stood at $2,934,858.-V. 136,
P. 3916.
Guardian Investment Trust, Hartford, Conn.-25cent Dividend on Preferred Stocks.
The directors have declared a dividend of 25 cents per share on the
cony, and non cony. pref. stocks, no par value, payable Oct. 2 to holders
of record Sept. 21. This compares with 15 cents per share paid on Jan. 1
and April 11933. 20 cents per share on July 1 and Oct. 1 1932 and 25 cents
per share on Jan. 1 and April 1 1932 and on Aug. 1 and Oct. 15 1931.
Regular quarterly distributions of 373.i cents per share were made on
this issue up to and incl. Jan. 2 1931, the April 1 1932 dividend being
deferred.
Both classes of pref. stock, are cumulative and consequently accumulated dividends, as per and incl. Oct. 2 1933, and after payment of the
25 cents dividend on the latter date, will amount to $2.17% per share.
V. 135. p. 4041.
'
A quarterly dividend of $2 per share has been declared on the common
stock, no par value, payable Oct. 1 to holders of record Sept. 23., This
compares with $1.50 per share previously paid each quarter.-V. 130,D.297J
ee & Cady, Detroit.
-Resumes Dividend.
dividend of 16 cents per share has been declared on the common stock.
Par $10, payable Oct. 10 to holders of record Oct. 2. A quarterly distribution of 15 cents per share was made on this issue on March 31 1931.
none since.
-V. 132, p. 4776.
Lefcourt-Manhattan Bldg. (1412 Broadway, Inc.).
Foreclosure Suit.
-
*
.
The property was thrown into foreclosure in the New Vol Supreme
Court, Sept. 23 in a suit of the Continental Bank & Trust Co., as trustee
of a mortgage given In 1926 for a loan from S. W. Straus & Co. The suit
was brought against 1.412 Broadway, Inc., on a $3,200,000 bond issue of
which $2,876.000 Is outstanding.
-V. 137, p. 880.
Financial Chronicle
Volume 137
-Earnings.
Los Angeles Biltmore Co.
For income statement for 8 months ended Aug. 31 1933 see "Earnings
-V. 136, P. 336.
Department" on a preceding page.
-Dividend Accumulations.
Ludlum Steel Co.
The stockholders will vote Nov. 1 on approving a proposition with
the pref. stock and on
reference to accumulated undeclared dividends on
-V.137, p. 1063
amending the corporation's charter.
-Re
ukens Steel Co.
ved from List
nlisted trading privflhe New York Curb Exchange as removed fro
hedges the 1st mtge. 8% gold boa s due Nov. 1 1940.-V. 136, P. 3357.
-Earnings.
Madison Square Garden Corp.
For income statement for 3 months ended Aug. 31 see "Earnings De-V. 137, p. 325.
partment" on a preceding page.
Maryland Commercial Bankers, Inc., Baltimore.
Halves Dividend.
The directors on Sept. 22 declared a dividend of 174i cents per share
on the pref. stock, payable Oct. 15 to holders of record Oct. 1. The last
semi-annual distribution of 35 cents per share was made on this issue on
April 15 1933.
2471
"The directors decided," runs the letter, "that in view of the company's
financial situation it could not oppose this action.
"As a result of these proceedings the property and assets of the company
will be conserved for the benefit of its creditors and shareholders and
an effort will now be made to work out a plan of reorganization designed to
safeguard the interests of all concerned.
For the present, mining and milling operations are being continued
but diamond drilling and other development programme has necessarily
been suspended."
After noting the recent steps taken towards reorganization of the company the letter comments as follows:
"The deferred loan amounting to $96,885 which appeared on the balance
sheet last submitted to shareholders was paid off by the issue of treasury
stock to the loan creditor at the price of 20 cents per share. An offering
was made to shareholders to subscribe to 10 year 6% cumulative convertible
income notes of the company. The response of the shareholders to this
offering was not considered sufficient to justify the directors in proceeding
with this note issue. Concurrently with this offering the directors endeavored to arrange to secure funds from the sale of treasury stock.
"An agreement was concluded which provided for minimum payments
to amounts and within delays sufficient to furnish the necessary funds
for the operating and development programme and to take care of accruing
liabilities.
"On Sept. 9, default was made under this agreement with the result
that the company found itself with insufficient funds to meet pressing
The
liabilities and operating and development expenses at the property. condirectors did not succeed in making other financial arrangements and
sequently the development programme was immediately suspended and
operations were confined to mining and milling the developed ore."
--Report.
Massachusetts Investors Trust.
In the 37th quarterly report to shareholders, trustees state that the
Sept. 30 quarterly dividend, at the rate of 19 cents a share, is paid to
17,505 shareholders, the largest number in the trust's history, who hold
1.126,780 shares. This distribution calls for the disbursement of $212,801.
The trustees state that the net income of the trust from interest and divi-New Directors.
Motorstoker Corp.
dends for the quarter ending Sept. 30 was in excess of tile amount of this
William Tudor Gcrdiner (former Governor of Maine), George H. Towndistribution.
T. Brotherton have been elected direcsend. Edward L. Green and Norton
The reprsrt shows net asset value per share (based on market value) as
-V. 136, p. 671.
tors.
of Sept. 15 1933 of $18.75 which compares with 817.74 on June 15 1933.
Informing shareholders that dividends are now exempt from all Federal
-Bookings Heavy.
Motor Wheel Corp.
trustees state that the Treasury Department has recently
income taxes, the
The corporation reports that new business booked since Sept. 1 is the
ruled that, on account of realized losses on securities sold, distributions
heaviest in many years. During the month firm orders have been received
made to shareholders should be considered for tax purposes as paid from
for 1,850,000
from Chr.)sler, Plymouth, De Soto, Buick, Olds and Hudson orders are for
capital and therefore exempt from both normal and surtaxes. The Treasury
wheel units, which include brake drums and hubs. These
Department has also ruled that the new 5% tax to be withheld at the source
delivery in the last quarter of 1933 and part of the first quarter of 1934.
by the Industrial Recovery Act is inapplicable to the
which is imposed
Buick and Olds are new accounts.
disttibution payable Sept. 30. Under the present Federal statutes, the
This new business booked exceeds by 50% the total outputs of the cortrustees understand that the non-taxable status of dividends will continue
poration in either of the years 1931 and 1932. The corporation's sales in
in force until such losses shall have been made up from future earnings
the first eight months this year were 52% greater than for the corresponding
including future realized profits from sales.
The trustees point out that in view of the fact that the prevailing surtax
1932 period.
rates which run as high as 55% are the highest since the Revenue Act of
Production on the duo-steel beer barrels Aug. 10 has been stepped up to
1918, this ruling is regarded as of great importance to such of the share1,200 a day. Employment at the company's plants is now 120% above
holders as are subject to surtaxes. The trustees believe that shareholders
the as erage of 1932 ("Wall Street Journal ).-%. 137. p. 1063.
who included in their 1931 and 1932 tax returns dividends paid by this trust
should be able to secure refunds.
-Votes to Dissolve.
.National Chain Store Association.
"
Trustees report that for the first time since the quarter ended in March
Directors of the National Chain Store Association have voted to dissolve
1932, they are able to record an increase in the rate of dividends of some
year. The various
the organization as of Sept. 30,the end of the unit's fiscal
of the corporations in which the trust's funds are invested. Four corporgroups which have formed the association are now organizing their own
ations increased their cash distributions as against one decrease. This lathe
memberships into trade units with the objective of shortly getting together
first time since the third quarter of 1930 that the number of dividend inIn a new federation to protect their common interests.
creases has equalled or exceeded the number of decreases and indicates, the
It was stated that after a study and analysis of all the governing factors
-V. 137, p. 2114.
trustees point out, general improvement in business.
the executive committee arrived at the decision that the pressing economic
circumstances relating from activities of the Federal Government, as well
-Bondholders' as from other natural causes, have served so to emphasize strictly trade
•Metropolitan Chain Properties, Ltd.
problems that a vast majority of chain store merchants now seem to feel
Meeting.
it is vital to them to participate in the activities of that association which
At a meeting of the holders of first mortgage 6% convertible sinking
most completely and effectively meets their respective trade problems. It
held Oct. 16, the following propositions will be confund gold bonds to be
was recognized that under existing circumstances, various types or chain
sidered:
store merchants are increasingly looking to their respective trade group
(1) The waiver of the default, if any, under the trust deed resulting from
organizations for guidance in all problems involving joint activity. ago,
one of the co-lessees
the bankruptcy of Metropolitan Chain Stores,
The National Chain Store Association, organized some five years
Inc..
of the leases mentioned in the trust deeds of Nov. 15 1928. and (or)from the
important
has a membership of approximately 70, and includes most of the
receivership of F. dr W. Grand-Sliver Stores, Inc., one of the co-lessees
doing
chain store organizations in the country. Its member companies are Great
under the leases mentioned in supplemental trust deeds dated Dec.8 1930.
volume of business of about $2.000,000,000.
an aggregate yearly
and (or) the sale of the assets of Metropolitan Chain Stores, Inc., and (or)
Atlantic & Pacific Tea Co. is not a member, but is understood to have
F. & W. Grand-Silver Stores, Inc., and (or) the consequent winding up of
closely co-operated with the activities of the association.combating anti
the affairs of the corporations and (or) the failure of the purchaser of the
The organization was formed for the primary purpose of
assets of the corporations to become a co-lessee of said leases or to assume
chain store propaganda and to safeguard the industry against inimical
any obligations of a co-lessee under said leases and (or) under the trust deed;
through a program of education, telling how public interest was
legislation
(2) Authorization of and consent to the reduction of the rental payable
being served by the chain store through superior merchandise at lower
for the period of five years from Nov. 1 1933 to Oct.31 1938. both inclusive,
costs.
under the several leases made by the company to the Metropolitan Stores,
Ltd. and F. & W. Grand-Silver Stores, Inc., as co-lessees, constituting a
-Common Stock
National Distillers Products Corp.
part of the mortgaged premises under the trust deed, so 1 ng as such rental
Sells Ex-dividend.
as so reduced is sufficient to enable the company to pay the interest upon
the bonds outstanding under the trust deed promptly as and when such
The New York Stock Exchange on Sept. 28 ruled that, unless otherwise
interest becomes due and payable;
instructed by customers, the specialist in National Distillers Products
(3) The waiver and release of all sinking fund provisions and requireCorp. would reduce, as of last Thursday afternoon, all open buying orders
ments requiring payments to be made and (or) bonds to be delivered by
and all open stop orders to sell the issue, by $9 a share. 16, to holders of
the company to the trustees under the provisions of the trust deed during
The company will pay a "whisky dividend" on Oct.
said period of five years to begin Nov. 1 1933, and to end Oct. 31 1938,
One case
record of Oct. 2, in toe form of warehouse receipts for whisky.company's
both inclusive.
.
.
-V. 131, p. 3380
of whisky will be obtainable by holders of each five shares of tne dividend
The market value of the
prohibition.
etropolitan Corporation of Canada, Ltd.
-Bond- stock, uponathe repeal of is equivalent to $45 a case for the whisky, before
Is about $9 share, whicn
holders' Meeting.
payment of taxes.
The instruction sent out to memoer firms by the New York Stock ExAt a meeting of the holders of first mortgage sinking fund gold bonds
change read as follows: "Unless otherwise instructed by customers, the
to be held Oct. 16 at Montreal, the following propositions will be voted
specialist, in National Distillers Products Corp. will reduce all open buying
upon:
orders and all open stop orders to sell, by $9 per share."
(1) The waiver of the default if any, under the trust deed resulting from
The conditions surrounding this dividend are among the most unusual
the bankruptcy of Metropolitan Chain Stores, Inc., one of the co-lessees
ever encountered in the long history of the Stock Exchange. Ordinarily
of the leases mentioned in the trust deeds of Oct. 1 1927 and (or) from the
dividends are payable in definite form, either in terms of cash, stock, etc.,
receivership of F. & W. Grand-Silver Stores, Inc. one of the co-lessees
and there is accordingly no difficulty in making the adjustment in the stock
under the leases mentioned in supplemental trust deeds dated Dec. 8 1930
when it is quoted "ex."
and (or) the sale of the assets of Metropolitan Chain Stores, Inc., and (or)
The final decision on the part of the specialist in working out what he
F. & W. Grand-Silver Stores, Inc., and (or) the consequent winding up
considered a fair adjustment for this unusual dividend, came, it is underof the affairs of said corporations, and (or) the failure of the purchaser of
stood, after considerable deliberation with Exchange officials The deducthe assets of said corporations to become a co-lessee of said leases or to
tion of $9 a share, as toe indicated worth of the dividend, was calculated
assume any obligations of a co-lessee under said leases and (or) under the
on the basis of toe indicated worth of the warehouse receipts involved on
trust deed;
the basis of prime now quoted on the recently opened American Liquor
(2) Authorization of and consent to the reduction of the rental payable
-V.137, p. 1776.
Exchange. Inc., or roughly the equivalen lot $45 a case.
for the period of five years from Nov. 1 1933 to Oct. 311938. both inclusive,
under the several leases made by tho company to the Metropolitan Stores,
-Pays Bank Loans.
Service Cos.
National
Ltd. and F. & W. Grand-Silver Stores. Inc., as co-lessees, constituting a
The National Service Companies, whose subsidiaries serve abou 200
part of the mortgaged premises under the trust deed, so long as such rental
Cities of New England and Westchester County, New York, and whose
as so reduced is sufficient to enable the company to pay the interest upon
principal sales are fuel oils, beer, ice, coal and coke, has paid all of It
the bonds outstanding under the trust deed promptly as and when such
current bank loans, so that its notes payable and purchase agreements to
Interest becomes due and payable;
acquire senior securities, due during the next 12 months, have been reduced
(a) The waiver and release of all sinking fund provisions and requireto $131,826. This group has just signed its oil contracts for the coming year
ments requiring payments to be made and (or) bonds to be delivered by
for about 50.000,000 gallons of oil.
the company to the trustee under the provisions of the trust deed (except
The subsidiaries have made substantial reductions in their bond inonly such payments as may be necessary to meet interest requirements as
debtedness through sinking fund operations.
specified) during the period of five years to begin Nov. 1 1933 and to end
National Service Companies and subsidiaries consolidated gross revenue
-V. 131, P. 4063.
Oct. 31 1938 both inclusive.
for 1932, was $10.324,761. or within 4.7% of its high record. ("Boston News
Bureau.")
-V. 136, p. 337.
Co., Ltd., of Del.
Mexican Petroleum
-Earnings.
For income statement for 6 months ended June 30 see "Earnings DepartNatomas Co. (Calif.).-Initial Quarterly Dividend-New
-V.135, p.4226,
on a preceding page.
ment"
Midland Royalty Corp.
-Earnings.
For income statement for 6 months ended June 30 1933 see "Earnings
Department" on a preceding page.
-V. 129, p. 1925.
I.) Miller & Sons Co.)Inc.-Removed from List.
co
Curb Exchange has removed from the list the
he New York C
-V. 137. p. 881.
on stock.
no par
-Liquidating Dividend No. 2.Mohawk Mining Co..
A liquidating dividend of $8 per share has been declared on the capital
stock, Par $25, payable Nov. 1 to holders of record Oct. 6. An initial
liquidating payment of $5 per share was made on July 20 last.
-V. 130.
P. 3917.
Moss Gold Mines, Ltd.
-Petitioned in Receivership.
n a letter to shareholders over the signature of C. G. Greenshields,
President, it is stated that on Sept. 19. the company was served with a
petition by a creditor asking for the issue of a receiving order against the
company and the appointment of Chartered Trust & Executor Co. as
custodian of its property and assets.
Director.
The directors on Sept. 22 declared an initial quarterly dividend of $1.25
om- share on the capital stock, payable Oct. 10 to holders of record Sept. 30.
A further quarterly dividend of like amount was also declared payable Jan.2
to holders of record Dec. 20.
Since reorganization at the end of 1928 the company has had no fixed
dividend policy, although in the period it has made distributions totaling
$12.50 per share. Of this amount $8.30 came from earned surplus and
the remainder from capital surplus representing a liquidation procedure
In line with the original ideas following reorganization. The company
has 99.852 shares of stock outstanding. The last payment of $2.50 per
share was made on Jan. 2 1932.
In 1932 the company produced bullion valued at $1,296,400, which
represented about 62,720 ounces. The company's production from dredging
has been relatively steady for a number of years. but has tended latterly
to increase. Outside estimates of production as high as 70,000 ounces
have been made for this year.
The company earned $103,503 last year after 8143,318 of non-recurring
write-offs and charges.
-V. 133. P•
Thomas E. Bragg has been added to the board of directors.
3638.
Financial Chronicle
2472
-Earnings.
New York Athletic Club.
For income statement for 8 months ended July 31 see "Earnings Depart
silent" on a preceding page.
-V. 136, p. 2438.
-- --..„North American Cement Corp.
'
-Protective Committees
Get Representation on Board.
Leo M. Blancke and Ridley Watts of New York City; W. L. L. Peitz,
Albany, and J. B. Ferguson, Hagerstown, Md., have been added to the
board of directors.
Mr. Blancke is Chairman of the debenture holders' protective committee
and Mr. Watts is Chairman of the preferred and common stockholders'
protective committee.
-V. 137, p. 2284.
-New
North American Trust Shares, 1958.
Formed.
-
Trust
A third series of North American Trust Shares, an investment trust
of tte fixed type, has been created by Distributors' Group, Inc. The
New York Stock Exchange has ruled that it has no objection to the association of its members with the shares of the new trust.
The new trust is identical with a preceding cumulative series known
as North American Trust Shares, 1955, except in three particulars. The
third series will mature in 1958; it has substituted in its portfolio shares
of the J. C. Penney Co. for those of the dissolved Drug, Inc., and its shares
will be issued in registered instead of bearer form.
This last feature has been adopted for several reasons. Primarily, it
will provide a definite indication of the number of shares outstanding
at all times and the names of the holders. In the preceding series neither
of these facts can be easily determined. In the second place, it will permit
the shareholder to receive his dividends directly by mail, rather than delivering his bearer coupon for payment. The new shares, which will be issued
as soon as the grace period of 20 days required under the new Securities Act
has expired, will be sold for between $2.50 and $3 a share. The sponsors
do not Intend to encourage holders of old shares to switch into the new ones.
General information regarding the Trust follows: (1) The trust agreement
by which North American Trust Shares, 1958, are created, was executed on
Sept. 1 1933; (2) the trust will terminate on June 30 1958; (3) Fenner,
Beane & Ungerleider made the request ot the Exchange; (4) the trustee is
City Bank Farmers Trust Co.; (5) the initial public offering will be made
on or about Sept. 25 1933; (6) there are 1,000 trust shares outstanding;
(7) there are 100,000 trust shares per trust unit; (8) there is no reserve
fund.
.-A stock unit consists of the common stock of the companies:
Stock Unit
(Maximum Cumulation Type.)
No. Shares
No. Shares
Original Unit
Original Unit
Sept. 11933,
Sept. 1 1933.
Company
Company200
North American Co
100
American Can
Otis Elevator
300
200
American'Radiator
Pacific Gas & Electric
200
100
American Tel. & Tel
Pennsylvania RR
100
100
American Tobacco "B"
J. C. Penney
100
100
Atchison RR
Procter & Gamble
200
100
Borden Company
Public Service of New Jersey__- 100
400
Columbia Gas & Electric
R.J. Reynolds Tobacco "B"_ _ _ _ 200
100
Corn Products
Sears Roebuck
200
200
Du Pont
Standard Brands
200
Eastman Kodak
100
Standard Oil New Jersey
300
400
General Electric
100
Union Carbide
300
General Foods
United Gas Improvement
200
300
General Motors
100
United States Steel
International Harvester
100
200
Westinghouse Electric
100
National Biscuit
F. W. Woolworth
New York Central
100
200
Price Make
-Up Sept. 1 1933.
Value of one unit of underlying stocks (exclusive of accumulations)
$240,380.00
Value of underlying stocks per North American Trust Shares
-1958(1-100,000th)
2.4038
Charge for carts of distribution, issue and for other expenses,
including provision for trustee's fee
-9A % of value of
underlying stocks
.2284
Stamp taxes
.00484
Accumulations per North American Trust Share
-1958
.0190
Base selling price
2.65604
Offering price effective until opening of N. Y. Stock Exchange next business day
2 65
Expressed in a percentage of the actual offering price, the above charges
totaling 9M % of the value of the underlying stocks are equivalent to
approximately 8% %.
Northern Securities Co.-Mvidend Again Cut.
The directors on Sept. 26 declared a semi-annual dividend of $2 per share
on the capital stock, par $100, payable Nov. 1 to holders of record Oct. 19.
This compares with $2.50 per share paid on Jan. 9 last, $3 per share July 9
1932 and $4.50 per share each six months from Jan. 10 1928 to and incl.
Jan. 9 1932.-V. 137, p. 2117.
Oppenheim, Collins & Co., Inc.
-Earnings.
1933.
Years End. July 31Iles
$7,083,303
4,706,652
Castofsales
Oper., admin. & sell.exp. 3,102,987
1932.
1931.
1930.
$9,687,628 $13,889,892 $16,551,806
6,501,465
9,266,847 11,010,955
3,532,697
4,325,961
4,780,624
Net profit from sales_loss$726.335 los.s$346,534
Miscellaneous earnings
(rentals, interest, &c,)
210,799
249,836
def$96,698
$297,084
$760,227
268,665
299,387
Total income
a Depreciation
Federal taxes
def$515,536
1314,000
58,500
107,000
Net income
Dividends
defS515,536 def$110,698
151,810
$507,249
625,427
$952,614
959,871
-Offer of Exchange of
North German Lloyd (SS. Co.).
Shares Expires Dec. 18 1933.
-
According to information received at the offices of Wyser & Diner,
specialists in German securities, all present shares of the North German
Lloyd common stock issued in Reichsmarks must be exchanged for the new
stock not later than Dec. 18 1933. Certificates not presented for exchange
-V.137, p. 2117.
by that date will be declared worthless, it is announced.
Ohio Oil Co.-Judgment Against Subsidiary.
A judgment against the Mid-Kans3s Oil & Gas Co., a subsidiary o
Ohio Oil Co., totaling about $2,000,(01 was entered in the District Court
at Austin, Tex., Sept. 23. Of the sum,$1,073,000 goes to the public school
fund of the State and $836,500 to Fred Turner and Fred Tumor, Jr. The
State retains 1-16 royalty in all future production. There are three producing wells on the land and four more are being drilled. Of the 561 acres
-V.
recovered, approximately 320 are proven. ("Wall Street Journal.").
137, p. 1424.
-Stockholders Accept Goldman Sachs
Pacific Eastern Corp.
Offer.
The stockholders of the corporation (formerly Goldman Sachs Trading
Corp.) voted Sept. 26 to approve the acceptance by the directors of $85.000
in cash and 100,000 shares of the corporation's stock from Goldman Sachs
& Co., New York bankers, and $40,000 in casn from Ralph Jonas, New
York, in full settlement of all claims the corporation might have against
them. The vote was 3,041,517 in favor of approval; 10,178 shares against
and 139.792 shares not voting.
The resolutions adopted read:
"Resolved, that the acceptance by this corporation of the offer that has
been made to this corporation by Goldman Sachs & Co., y letter dated
Aug. 8 1933, which letter has been read at this meeting, lae and is hereby
approved; and further,
"Resolved, that the action of the board of directors of this corporation
taken at the meeting of the board of directors held Aug. 8 1933, by resolutions, which have been read to this meeting, authorizing an directing
the proper officers of this corporation to sign the name of this corporation
and to deliver in its behalf an acceptance of the said offer, and to do and
cause to be done all such acts and things as in their judgment may be
necessary or convenient to carry out the terms and provisions of the said
offer, be and hereby is in all respects approved, ratified and confirmed;
and further,
"Resolved, that the board of directors be and hereby is authorized to
take and authorize to be taken any and all other action wnich may be
necessary or convenient to carry the said offer into effect."
The resolution in respect to the Jonas offer read the same, with the
-V. 137. p. 2285.
exception of the name of the party making the offer.
-Initial Distribution.
Pacific Western Oil Corp.
The directors on Sept. 29 declared an initial dividend of 25 cents per
share on the capital stock, no par value. payable Oct. 25 to holders of record
Oct. 10.
Stock Listed Earnings, Etc.
The New York Stock Exchange has authorized the listing of 1,000.000
shares of capital stock (without par value) with authority to add to the list;
159,458 shares upon official notice of issue upon exercise of outstanding
stock purchase warrants, making the total number of shares applied for
1,159,458.
Earnings -For income statement for 6 months ended June 30 1933 see
"Earnings Department" on a preceding page.
Comparative Balance Sheet.
June 30'33 Dec. 31 '32
June 30'33 Dec. 31,'32
Liabilities
Assets
161,845
144,155
416,484 Accounts payable_
Cash
210,918
Accrued bond int.
U. S. of America
115,164
115,184
payable
333,005
certif. of indebt. 401.693
75,455
8,529
Accrued taxes_ _ _ _
Pacific West. Oil
9,705
9,184
Other accrued Bab.
Co. 15-yr.
%
Fund. & long term
sink, fund gold
10,630,500
10,630,5
debt
12,654
22,118
deb
533,435 Res. for depletion
425,684
Accounts receiv
of produe. lands
01I
-Valued at the
lands & leases_ _ 3,911,853 2,730,224
lower of cost or
48,708 Res. for depree. of
56,927
market
4,392,017 3,867,829
plant & equip
Mat, and sup110,801 Res. for amortiz.
plies-cost
102,354
of drilling & opAccrued int. rec.
435,719
&sting contract 512,861
on marketable
1,289 Res. for contingent
1,811
securities
237,895
334,974
abandonments
691.417
1,467,759
Investments
Res. for Federal
Service et perform.
74,586
74,566
inc. tax (pr. yrs.)
3,027
3,027
deposits
Lands & leases_ _ _ _23,092,985 23,048,359 Res.for contingent
17,318
26,203
govern. royalties
Plant & equipment 8,171,423 8,197,025
11,354
20,755
Deferred credits_ _
Drilling & conx Com.cap.stock_10,000,000 10,000,000
struction work in
6,075 Cap. sur. (paid in) 2,778,670 2,778,670
37,400
progress
Earned sur. (unContracts (drilling
appropriated) _ 3,172,45e 3,355,220
in
& operat.
757,202
842,435
agreement)
220,878
Organization costs 220,878
74,501
122,908
Prepaid charges _ _
35,131,911 34,501,266
Total
35,131,911 34,501,266
Total
x Represented by 1,000,000 no par shares -V. 137. p. 1254.
$565,749 $1,059,614
Deficit
$262,508
$515,536
$118,178
$7,257
Shs. capital stock outstanding (no par)___ _
199,963
199,963
220,000
220,000
Nil
Nil
Earnings per share
$4.33
$2.30
a Items on which depreciation was heretofore deducted were charged off
in 1930. b Reserved to cover possible additional taxes for prior years.
. Balance Sheet as at July 31.
1932.
JAabIlttiesAssets
1933.
1933.
1932.
Cash
$396,209 9595,367 Accounts payable_ $296,121 9232,156
Accts.receivable_ _
496,427 a706,719 Due to subsidiary
companies
Accrued interest _ _
12,001
178,273
116,120
Due to officers &
Due from sub. co_
81,254
Other assets
employees
12,749
5,723
Marketable secur_
655,477 b720,595 Reserve for in31,000
surance
Notes receivable_ _
7,857
33,705
Life insur. policies 187,226
156,540 Reserve for Federal
434,031
income tax
16,217
549,517
Inventories
Stk. of Om Real{2,721,500 Reserve for contingencies
142,500
ty Co. (subsid.) 5,237,500
142,500
Bds. of Opco Real2,338,000 c Capital stock_ _ _ 5,341,133 5,341,133
Initial surplus_ _ _
778,442
778,443
ty Co., Inc
Undivided profits_
Offic. & employ.
892,520 1,401,566
205,785
accts. receivable
14,102
Furn., fist., impts.
& deity. equipt_
1
1
Deferred charges &
120,597
accrued assets_
32,149
Total
Total
$7,675.444 88.028,135
$7,675,444 $8,028,135
a After reserve for doubtful accounts of $33,000. b Market value
$757,690. c Renresented he 199.963 no par shares.
1933-12 Mos.-1932.
Period End. July 311933-3 Mos.-1932.
Net sales. Oppenheim,
11,586.817 $1,626,694 $7,083.303 $9,456,522
Collins & Co., Inc_ 122.290
111,626
445,023
Sales of leased depts_
582.885
_
$1,698.443 $1.748,984 $7,528,326 $10.039,407
Total sales
Note.
-The 1932 figures do not include sales of the Cleveland store,
which was closed on Dec. 23 1931.-V. 137. p. 2285.
Sept. 30 1933
-Resumes Dividend.
Pennsylvania Glass Sand Corp.
A dividend of $1.75 per share has been declared on the $7 sm. cony.
pref. stock, no par value, payable Oct. 2 to holders of record Sept. 22.
The last regular quarterly payment of like amount was made on this issue
-V.137, p. 1066.
on April 11933,the July 1 dividend having been deferred.
-Earnings.
-Pennsylvania Salt Mfg. Co.
1933.
1932.
Years End. June 30-$1,514,034 $1,637,019
Gross earnings
442,231
368.266
Maint.of bldgs. & equip.
768,602
766,891
Deprec. & depletion_ _ _ _
Develop. & research res..
53,129
63,038
Federal taxes (est.)- - - -
1931.
1930.
$1,819,081 12,688,060
568,843
469,462
733,067
745.268
20.000
20,000
70,222
170,153
$325,745
6,424,889
$363,147
6,522,988
$6,750,634
Total surplus
450,000
Dividends(8%)
Cr5,796
Insurance reserve
404,190
Obsolence of plant unitsCr44,199
Adj.Federal income tax..
$6,886,135
450,000
8,413
Profit & loss surplus.. _ $5,946,439
Earns, per sh. on 150,000 shs. of corn. stock
$2.17
outstanding (par $50)-V. 135, p. 2504.
$6,424,889
$6,522,988
$6,628,680
$2.42
$3.43
$7.97
Net earnings
Previous surplus
Adjustments
$514,129
6,628,680
$1,195,998
6,348,151
7,057
$7,142,809 $7,551,207
600,000 (12)900,000
19,820
22,527
2,833
-Earnings.
Pepperell Mfg. Co.
1932.'
1930.
1933.
1931.
Years End, June 30Sales
117.745,636 114,919.000 $17,128,803 $18,246.089
Operating expenses, &c_ 16,821.305 16,118,559 17,711.244 17,586,0,47
Net income
Dividends
$660,002
$924.331106s$1,199.559 aloss$582441
296.404
757 637 b1,079,000
$418,998
Balance, deficit
sur$924.331 $1,495,963 81,340.078
107,930
100.271
Shs. cap, stk. outstand_
100,000
100.000
$6.11
Nil
Nil
Earnings per share
$9.24
a Does not include non-manufacturing profit of $981,000 from sale of
power properties. la Includes 2% dividend ($215,800) paid July 1, due to
change in dividend payments from semi-annual to a quarterly basis.
Volume 137
Financial Chronicle
2473
Comparative Balance Sheet June 30.
1932.
1933.
1932.
1933.
3
$
AssetsLiabilities$
$
10,000,000 10,000.000
x Plant acoousts- 7,598,898 7,831,983 Capital stock
90,942
220,355
Inventories
7,055,619 5,252.461 Accrued Items__
Accts. receivable 2,320,916 1,642.556 Profit and loss__ __ 8,191,092 7,266,761
Cash & curr.Invest 1.210,264 2,401,836
Prepaid items_ _
225,951
228,867
Statement of Capital Surplus and Income, Years Ended Aug. 31.
1933
1932.
1931.
$39,992
$63,465
Interest on bonds, bank balances, &c., rec _ _
$36.667
Cash dividends received
256,758
552,041
55.207
3,428
Syndicate profits
2,648
18,411,647 17.357.703
Total
18,411,647 17.357,703
Total
x After depreciation reserve of $5.732,274 in 1933 and $5,197,265 in 1932'
-V. 137. p. 1254.
Net income
Dividends declared on preferred stock
-Bonuses and Salaries.
Paramount Publix Corp.
At bankruptcy hearing before Referee H. IC. Davis, Ralph Kohn,
Treasurer of the company, testified that for 1929 Adolf Zukor received a
bonus of $757,000 on the basis of approximately $15,000,000 net profit,
and in 1930 on the basis of $18,000,000 net profit Zukor received a bonus
of $228,000. By agreement officers in 1930 took bonuses only on basis
of profits in the first quarter.
He testified that he himselfreceived a bonus of$303,000 in cash on account
of 1929 profits. John Hertz, Chairman of the finance committee, received
a total payment of $97,000 from the company in 1932 as salary and was
paid $7.500 in Jan. 1933 on the termination of his contract with the company.
No options on stock were given Albert Lasker or William Wrigley.
-V.137.
p. 1777.
-Petroleum Exploration, Inc.(& Subs.).-Earnings.'
Calendar Years1932.
1931.
011 sales
Gas and gasoline sales
$522.910
343.087
$387.480
334.892
Total revenue
Operating expense
Administrative expense
$865.997
393,488
34.110
$722.372
237.469
39.723
Operating profit
Other income
$438.399
17.195
$445.180
23.821
Profit after other income
Other expense
Depletion and depreciation
$455.593
95.771
198.659
$469.001
131.476
204.942
Consolidated net earnings
$161,164
Consolidated Balance Sheet Dec. 31 1932.
AssetsLiabilities
a Properties
$2,807,122 Capital stock
Material la warehouse
62,583 Accounts payable
Land
•
29,958 Taxes payable
78,313 Notes payable
Undeveloped leaseholds
Deficit
Investments controlled and
affiliated companies
59,450
Cash
33,372
462,621
y Receivables
Oil and gatmline In storage
7,972
2,279
Deferred charges
$132.583
$3,960,700
34,014
10,002
35,000
496,044
Total
$3,543,672
Total
$3.543,672
X After reserves of $2,199,459. y After reserves of $90.000.-V. 136, p.
4103.
Prairie Cities Oil Co., Ltd.(& Subs.).-Earnings.Earnin2s for Year Ended Dec. 31 1932.
Profit from operations
Interest on bonds
Bank and other interest
Proportion of organization expenses written off
Provision for depreciation
Loss for year
Amount transferred to reserve for bad debts
Deficit, as at Dec. 31 1931
$107.826
39.797
26.697
1.693
83.471
43.832
112.000
248.778
Deficit, Doc. 31 1932
2404,611
Consolidated Balance Sheet, Dec. 311932.
Assets
Liabil(ties
Inventorial
$109,243 Bank loan and overdraft
$108,027
a Accounts revelvable, &e__ _ _ 538,087 Accounts payable
586,393
Cash
5,969 Accrued Interest on bonds__
3,031
Deferred eltarges
54,86) let mtge. 61i% sinking fund
Cash held by the Royal Trust
gold bonds of petroleum
Co., as trustee
39,848
Realty Corp., Ltd
559.500
b Land, bldgs. and equipment 1,104,333 c Class A non-voting stock_ _ _ 1,150,000
d Class B convertible voting
stock
50,000
Deficit
404,611
Total
$2,052,340
Total
$2.052,340
a After reserves of $311.787. b After depreciation of 2252.546 c Represented by 50.000 no par shares. d Represented by 10,000 no par shares.
-V. 133, p. 3979.
Pierce Oil Corp.-Transfer Office.
The corporat on w'll manta n fac titles for the transfer of its common
and 8% cum. cony. pref. stocks, at its office, 120 Wall St., N. Y. City.
effective Oct. 2 1933.-V. 137. p. 1592.
Phoenix Securities Corp.-Resumes Dividend by Payment
of 75 Cents per Share on Account of Accumulations-Voting
Trust Dissolved.
The directors on Sept. 21 declared a dividend of 75 cents per share on
account of accumulations on the $3 cum. pref. stock, par $10, payable
Nov. 1 to holders of record Oct. 14. The last regular quarterly payment of
like amount was made on this issue on April 1 1932.
It is announced that in June 1933, the voting trust, set up under a certa'n
agreement dated July 9 1932, was d ssolved by act of the vot.ng trustees
with the approval of the d.rectors.
Annual Report.
Philip Be Ronde, President, states in part:
The outstanding preferred stock has been further reduced, through
purchases and subsequent retirement, to 79.948 shares. The preferred
stock had as of the date of present statement upon the basis of our methods
of accounting which involve carrying certain assets at nominal values,
a liquidating value of 251.20 per share. Cumulative dividends In arrears
existed as of Aug. 31 in the amount of $5.25 per share.
During the past year there has been realized, against assets carried on
our books at nominal figures. an aggregate amount of $671,251. This is
principally accounted for by further recoveries from the I'. & W. Creditors
Corp. and the W. C. Foster Co., and the sale of our holdings of the Greenfield Tap & Die Corp.
In the month of June of this year, the voting trust, dated July 9 1932,
was dissolved by act of the voting trustees with the approval of the directors.
At the annual meeting, held in April of this year, the management was
the holder of a subattacked and proxies were sought by Huron,
The
stantial amount of Phoenix common stock. Inc., management was reelected, however, by a substantial majority. Within the last few months,
the Burco stock has been acquired by Wallace Groves, and subsequently
Messrs. Groves, C. Everett Bacon and Walter S. Mack Jr. were elected
directors.
Further reductions have been achieved In operating expenses. For the
year eLding Aug. 311931, expenses amounted to $208.103. For the following year ending Aug. 31 1932, expenses were 2139,807. For the present
fiscal year ending Aug.311933. they were $88.169. exclusive of new Federal
capital stock tax.
By reason of the reduction In expenses and In the amount of preferred
stock outstanding, together with the fact that current and accumulated
income from interest, dividends, &c., in excess of expenses, Is sufficient
for the purpose, directors felt justified in declaring, at a meeting held Sept.
211933. a dividend of 75 cents per share, on account of dividends in arrears,
as the outstanding preferred stock, payable on Nov. 1 to holders of record
Oct. 14.
Total income
Expenses
$94,523
88,170
$300,176
139,807
$615,507
208,104
$6,353
8160,369
175.407
8407.403
324,413
Balance
$6,353 def$15.038
1,069,663
1,340,156
Previous surplus
Excess of stated value of pref stock purchased
and retired (subsequent to Aug. 31) over
79,769
cost thereof
Credits arising from reduction of stated value
of capital stocks on Feb. 19 1931
Credits arising from reduction of stated value
1,737,390
of $3 convertible pref. stock, series A
Amounts realized on assets previously reduced
671,251
239,495
to nominal values
47,244
Excess of proceeds of sales of securities
Excess of aggregate market quotations of
899.396
securities owned
$82,990
4,832,812
1,120,243
7.511,500
$2,693,908 $3,381,773 $13,547,547
Total surplus
Loss on sale of securities for year ended Aug.31
(on basis of original cost, this loss would
•
631,138
262,686
amount to $1,225,859 in 1932)
Reduction of securities in margin account with
Prince & Whitely to market on Oct. 9 1930.
the date of the receivership (on the basis of
original cost this reduction would amount to
61,965,677)
1,290,623
Reduction of securities owned at Aug. 31 to
market quotations (where available at that
1,622,733 2,670,368
that date)
4,000
Provision for Federal capital stock tax
Excess of cost over par value of $10 per share
251,830
of preferred stock retired
Reserves provided as at Aug. 31 to reduce
certain securities not having quoted market
values to nominal value of $1:
2,677,859
Autocar Co. common
529,884
Greenfield Tap & Die Corp. common_
•
Whitefield Citrus Corp.Invest written off
134,017
Brockway Motor Truck preferred8.239
226,095
Miscellaneous securities
Reserves provided as at Aug. 31 1931 to reduce
certain other assets (acquired prior to Oct.
16 1930) to non Mal values of $1.
3,371,952
Claim against P. & W. Creditors' Corp
178,635
Claims against participants In Hahn Syn.
667,951
Foster, Dodge & Be Fremery notes
50.000
200,000
Reserves for contingencies
Balance at Aug. 31 carried to balance sheet_ $2,438,078 $1,069,663 $1,337,473
Balance Sheet Aug. 31.
1932.
Liabilities
1933.
1933.
1932.
Assets8167,139 $1,036,537 Payment for sees.
Cash
purcha.sed
82.515
523,520
Securities owned_ _a4,112,626 2,183,976
58,825 Accts. pay.& seer.
Notesrec.(secured)
2
liabilities
5.682
2
31.973
c Demand loans
2
2 Res for conting'cles
230.000
b Claims
e Preferred stock_ 799,480 1,158.260
49,880
Notes, accts rec.
d Common slack... 856,000
856,000
Divs. rec. and Int.
19,368 Capital surplus_ _ _ 2,438,078
22,833
984,993
accrued
Prov.for Fed. cap.
Prepaid insur, and
stock tax
4,000
1,723
4,386
taxes
1,549
1,650 rtes, for tax claims 250,000
Furniture .4 fixt'es
Total
84.355,755 e3,304,746
84,355,755 $3,304,746
Total
a Securities having quoted market values (at lower of coat or .market
securities not having quoted market values.
quotations). 84.112.624:
79.818 shares Autocar Co. common (at cost, 22.677.860): 824.000 City of
Brigantine, N. J., 6%. 1932-1945 (cost $23.760). 12 Claims: (1) P.
Creditors Corp.. amount of claim (including interest). 83.587.807: settled
under plan of composition for amount received to extent of 15%. $538,171:
amount receivable to extent of 10% subordinated, $358.780: certificate of
indebtedness. $2.690.856 (nominal value $1): (2) Hahn Syndicate (balance
8171,136) less reserve to reduce to nominal value, $1. c Demand loans
W.C. Foster Co.,$139.918(8198,918 in 1932): De Fremery & 0o.,$178.077
total. $317,984 ($376.984 in 1932) less reserves to reduce to nominal values
$317.983 (376,982 in 1932). d Represented by 856.000 shares of $1 par
-V.136. p. 3176
alue (no par value in 1932). e Par value $10 per share.
-Sale.
Pick-Barth Holding Corp.
Sale of 501.000 shares of Goldman Sachs Trading Corp.. now the Pacific
Eastern Corp together with miscellaneous stocks and bonds, took place
Sept. 26 at Wilmington. Del., at public sale. Milton Kramer, New York
attorney, who it Is believed was acting for the Atlas Corp., which now
controls Pacific Eastern Corp., was the purchaser. Tne amount realized
was $1,493.998. The sale is subject to confirmation by the U. 8. District
Court.
-V. 137. p. 506. 2117.
-Record Shipments.
Powdrell & Alexander, Inc.
July and August shipments established new high records. August shipments were 6% greater than those of July. Prices for the company's
products have been increased approximately 50%, but up to the present
time no consumer resistance has been observed. Production efficiency
shows Improvement and is attributed by officials to the reduction of industrial fatigue. Wages nave been increased 3734% since the adoption of
the code, and now total more than $54.000 weekly for the plant at Danielson
and the Dartmouth division in New Bedford. They are employing the
largest number of people in the history of the corporation ("American Wool
-V. 137. p. 1066.
and Cotton Reporter").
-Earnings.
Progress Laundry Co.
Ca'en&r YearsNet sales
Plant cost of sales
Selling and delivery expense
Other expenses
1932.
1931.
$965.978 81.257.997
516.155
652.373
226.859
289.386
89.767
104.378
Net operating profit
Other income
8133.196
13.078
$211.860
4.979
Total income
Other deductions
Depreciation
Federal income tax
2146.275
7.226
90.331
7.047
$216,839
11.494
88.480
13.441
Net profit
$41,672
$103,424
Balance Shee Dec. 311932.
Assets
LlabIllllesCash
$8,768 Notes payable
$22,000
Notes receivable
17,788 Trade accounts payable
12.249
Accounts receivable
17,937 Drivers' deposits
2,764
Accrued Federal taxes
Cash or loan value of life in5.397
surance policies
12.156 Accrued State and local taxes.
6,040
Investments
476.256 Accrued payroll
3,382
Machinery & equipment, net_
132,955 Accrued insurance
129
8,202 Accrued interest
Delivery equipment, net
509
2,578 Cora.stocx 52,964 ohs.(no par) 639,918
Office equipment, net
3,230
Improvements to leasehold, net
9,784
Supplies inventory
1,541
Prepaid insurance premiums_
1,142
Prepaid and deferred items
Total
-V. 136, e. 674.
$692,388
Total
$692,388
Sept. 30 1933
Financial Chronicle
2474
Prima Co. Chicago.-Omits Dividend.
The directors on Sept. 21 took no action on a dividend at this time on
the comn.on stock. An initial distribution of 50 centsper share was made
on this issue on July 1 last.
Hilmer F. Ernst, President, said: "The directors feel that the cash
position of the company should be maintained at this time. Although
the dividend requirements were earned, the company is increasing its
advertising schedules and enlarging its sales promotion work. Also preparations are under way for expansion to care for the large markets that will
ba_opened witn the repeal of the Eighteenth Amendment."
Mr. Ernst explained in this latter connection that the company had no
Intention of entering the distilled liquor field and referred to the market
which would be opened by repeal for ales and similar heavier brews.
-New Product.
Pullman Car Mfg. Co.
has
developed a new
This company, a subsidiary of Pullman. Inc.,
It is
light-weight streamlined rail car which it calls the "railplane."driving
driven by two automotive engines mounted on the front truck, one
engines can be used if desired.
each axle. Diesel
designing
It has an indicated speed capacity of 90 miles an hour. In its operating
the aim was to produce a vehicle which would have the lowest60 feet in
any known form of transportation:
cost per passenger mile of
25.000
length with a seating capacity for 50 passengers, it weighs about
pounds. The trucks without the wheels are light enough to be lifted by
two men.
In appearance it resembles to a large extent a bullet 'with both ends
rounded. The car is air-conditioned for all temperatures.
shell
Framework is of welded high-tensile-strength steel tubing and the
-V.133, p. 2775.
is of duralumin. ("WalPStreet Journal.")
Railway Equipment & Realty Co., Ltd., Oakland,
-Earnings for Calendar Years.
Calif.
1931.
1932.
$1,099,742 $1,202,499
Total income
43,393
52,410
Operating and miscellaneous expenses
23,350
14,504
Taxes
$1,032,827 $1,135,756
' Net income before interest and depreciation235,674
220.927
Interest on funded debt
73,407
65,237
Other interest
1,110
1,110
Amortization of bond discount and expense
381,887
358,922
Depreciation
2.602
Income tax under tax-free covenant
$443,678
$384,028
Net income
209.824
104,970
Preferred dividends_
$233,854
$279,058
Balance
Comparative Condensed Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
$
Liabilities$
$
Assets3,518,750 3,894,750
13,919,029 14,426,699 Funded debt
Properties
Def'd liabilities &
Invest. in corPo175,379
instalment contr. 173,017
rate stks. (book
168,210
240,804
14,634,527 14,634,527 Advances
value)
298,956 Current liabilities_ 889,685 1,231,694
535,332
Advances
6,421
4,500
111,129 Deferred credits__
11,010
Current assets__ _ 1,813,017 1,847,687
22,516 Reserves
44,974
Deferred charges
Capital & surplus_22,505,099 22,171,687
29,144,872 29,493,828
Total
-V.137, p. 884.
Total
29,144,872 29,493,828
-Pays Accumulations on Pref. Stock. share on
'Randall Co.
of 50 cents per
The directors have declared a further dividend
the $2 cum. panic. class A stock, no par value, payable Oct. 1 to holders
of record Sept. 30. clearing up all accruals on this issue to Aug. 1 1933. A
like amount was paid on this issue on May 1, July 1, Aug. 1 and Sept. 1
last. Distributions of 25 cents each were made on Feb. 1 1933 and May 1
1932. while from Nov. 1 1929 to and incl. Feb. 1 1932 regular quarterly
Payments of 50 cents per share were made.
The next quarterly dividend is ordinarily payable about Nov.1.-V. 137,
P. 1592, 884.
-Initial Dividend.
Rayon Industries Corp.
The directors have declared an initial quarterly dividend of 234% on
the 10% cum. and pantie. class A stock, par $1, payable Nov. 1 1933 to
holders of record Oct. 14 1933.-V. 137, p. 2286.
-Proxy Revocations
Realty Associates Securities Corp.
Urged.
Bondholders are urged to revoke proxies they may have given a "combondmittee for bondholders" in a letter just issued by the independentsays it
The
holders' committee, headed by J. Lester Fierman. audit committee
of the
has applied to Federal Court for an independentbondholders" company's
proposes a
books. It asserts that while the "committee for
-year bonds bearing
payment of only 10% in cash, the balance to be in 10
of the
Interest only after operating expenses are paid, the liquid assets
dividend
company amount to $3,320,000, or enough to pay a O'Connor.of 25%.in
referee
Eugene F.
Federal Judge Moscowitz has directed
asking for
bankruptcy to take testimony on a motion by bondholders
-V. 137, p. 2118.
an independent audit of the concern's books and assets.
Construction Co.-Foreclosure.
Realty
York Supreme
The Metropolitan Life Insurance Co.filed suit in the New the property
$1,200,000 on
Court Sept. 11, to foreclose a mortgage for Broadway, known as 401-405
at the northwest corner of Walker Street and of the Realty Construction
Broadway. The suit is based on the default
$6,400
Co.. as mortgagor, to pay instalments of principal since June 1931.
interest due Dec. 1 1931, and $33,000 due June 1 last, as well as $33,885
-V. 135, p. 2665.
In taxes.
-Earnings.
Regent Knitting Mills, Ltd.1931.
1930.
Calendar YearsGross profit from sales__
Selling, delhery, admin.
and other expenses___
Inventory reserve
Loss on raw materials
Bond interest
Bond discount amortized
Depreciation
Int. on bank loan, &aAmt. writ. off reorg. exp.
Reserve for bad and
doubtful accounts
1932.
$317.355
$217,003
$275,779
206.361
197.045
25,404
28,268
77.878
26,551
18,000
75,000
25,795
214,126
42,146
8,116
31.621
6,480
75,000
1929.
$226,080
233,815
33,646
6.480
50,422
22,500
44,867
$98,285
$101,710
$131,606
$81,709
Comparative Balance Sheet Dec. 31.
1931.
1932.
Liabilities1931.
1932.
Assets
$330,000 $330,000
Inventories, net... $595,112 $601,791 Bank loan
107,332
105,500
229,312 Payables
212,766
Receivables
11,209
22,622
56,339 Accrued charges...
25,697
Cash
Bonds & coupons
19,857
22.716
Insurance, C.S.V.
2,841
305
due & unclaimed
1,587,481 1,776,519
y Fixed assets
391,800
389,800
1 Bonds
1
Good-will
400,000
400,000
54,110 Preferred stock_
77,282
Deferred charges._
x common stock 1,205,902 1,205,902
288,845
66,925
Surplus
Net loss
$2,521,056 $2,737,928
Total
$2,521,058 $2,737,928
Total
x Represented by 65,009 no par shares. y After reserve for depreciation
1931.-V. 136, p. 1034.
of $298,011 in 1932 and $552,588 in
-Removed
Republic Realty Mortgage Co. from the from List.
list the $480,500
The Chicago Stock Exchange has removed
principal amount, including 8340,500 never issued, 6M% sinking fund
market of so
collateral trust notes series A, because of withdrawal from the-V.
136. P•
many bonds as to make existence of a free market doubtful.
1390.
-Increases Dividend.
Reversible Collar Co.
A dividend of 80 cents per share has been declared on the capital stock,
par $100, payable Oct. 2 to holders of record Sept. 21. A payment of
50 cents per share was made on April 1 and July 1 last, while from April 1
1932 to and including Jan.'1 1933 quarterly distributions of $1 per share
-V. 136, p. 2258.
were made on this issue.
Richardson & Boynton Co.-Earnings.Earnings Year Ended Dec. 31 1932.
Gross profit on sales
and administrative expenses
Selling, general
$233,736
670,608
Operating loss
Other income
$436,872
64,870
Total income
Interest on loans, real estate mortgage, purchase money obligations and bonds
Disct. & exp, in connection with instalment contracts
Provision for doubtful accounts
Adjustments in respect of prior years' operations'
3372.002
73.521
48.264
86,806
12,144
$592,738
1,517,249
Loss
Surplus as at Dec. 31 1931
$924,512
Surplus as at Dec. 31 1932
Balance Sheet Dec. 31 1932.
Liabilities
Assets
$420,914
$156,933 Notes payable to banks
Cash
49,012
481,890 Collateral notes payable
a Notes & accts. receivable....
169,571
13,572 Accts. pay. & sundry habil
Advances to employees
2,844
4,500 Accrued int, payable on bds_
Note reedy.from stockholder
% s. f. gold bds509,000
350,907 15-year
Inventory
63,553 Real estate mtge. dr purOther receivables
170,625
6,635 chase money obligations
Investments
47,496
Deferred income
b Land,bldgs., mach., pat'rns
950,000
automobiles & office equip.. 2,135,194 c Capital stock
924,512
59,791 Surplus
Deterred charges
$3,252,974
Total
$3,252,974
Total
a After reserves of $139.174. b After depreciation of$1,550.470. c Represented by 20,000 no par participating preferred shares and 81.000 no par
common shares.
-V. 128. 13. 904.
Rike-Kumler Co.-Earnings.-
1931.
1932.
1933.
Years Ended Jan. 31$4,021,021 85,592,868 $6,769,502
Sales
Net profit after depreciation and re359,889
141.909
loss43,499
serve for Federal taxes
30,295
29,430
27.718
Dividends on preferred stock
270,609
241,403
42,656
Common dividends paid
Cr6,275
14,283
Provision to reduce sec. to market val.
79,548
Other reserves
2.837
Cr158
Cr4.211
Discount on purchase of pref. stk., net
Net deduction from surplus
Surplus at beginning of year
$182,934
2,124,876
$143,048 sur$56,147
2,211,778
2.267,925
$1,941,942 $2,124,876 $2,267,925
Surplus at end of year
Earnings per share on 125,000 shares
$2.64
$0.90
Nil
common stock (no par)
Balance Sheet Jan. 31
1932.
1933.
1932.
1933.
Assets
$366,517 $244,878 Accounts payable.. $209,233 $366,429
Cash
Provision for
Marketable securiFederal income
ties (indicated
19,801
tax
175,036
market value)- 266,462
Other accrued
Cost,accts. reedy.,
61,199
61,822
taxes. &c
&c., less allow.
759,215 Mortgage indebt481,494
for doubtful_ _ _ _
39,000
edness
Inventory(certified
405,700
708,992 7% preferred stock 389,200
by management) 493,250
500,000
500,000
83,419 Common stock
23,335
Dep. In closed bk_
Profit and loss
Realestate not used
1,941,942 2,124,876
surplus
60,701
60,'01
In operations_ -Sundry inv., notes
79,238
53,049
& accounts, &c.
245,152
Com. treas. stock.. 235,964
Land, bldgs., eq.,
&c. (depreciated
book value)....1,094,826 1,134,095
26,279
26,398
Deferred charges__
$3,102,198 $3,517,006
Total
$3,102,198 $3,517,006
Total
-V. 134, p. 4336.
x Represented by 125,000 no par shares.
Rocky
Mountain Motor Co.(& Subs.).-Earnings.
Earnings for Nine Months Ended Dec. 31 1932.
Gross revenues
Operating expenses
State, county and license taxes
$531,404
467,123
' 36.361
Net income from operation
Cash discounts, dividends and interest earned
$27,920
634
Gross income
Interest
Amortization of bond discount and expense
Life Insurance premiums
Provision for depreciation
$28,555
18,276
1.069
4.796
123.876
$119,463
Net loss
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$14,058 Accounts and wages payable_ - $100,145
Cash
4,281
35,066 Notes payable
Cash surr. value, life Maur_ _
280 Accrued interest payable
2,086
Notes precelvable
28,954
38,589 Federal & general taxes
Accounts receivable
43,067 1st mtge.6% serial gold bonds 371,500
Inventories
157
934,949 Deferred income credits
Automobiles
994,452 Total depreciation reserves
1,081,770
Hotels
3,000
Loss on accts. receivable
Bus term. bldg. other props.
788,883 Pref. stock Estes Park Hotel
'
and equipment
70,083 Co163,000
Concessions & franchises
334,700
7% preferred stock
Def. charges & organization
500,000
157,599 Class A common stock
expenses
337 434
Class B common stock
Res.for cont.& obsolescence_ _ 150,000
Total
-V.132, p. 4257.
$3,077,027
Total
'
$3,077,027
----Earnings.
Rogers-Majestic Corp., Ltd.
Years Ended March 31Loss for year
Sundry revenue
1933.
$313.791
1932.
$209.672
30.600
Balance
Provision for depreciation and bad debts
Dominion and Provincial taxes
$313,791
157,220
3.366
$179.072
92.047
4,678
Net loss
Previous surplus
$474,377
528,471
$275,797
908,861
$54,094
9,903
$833.064
29.262
75.329
$44,190
$528,471
Total surplus
Deductions from surplus
Dividends paid
Surplus Dec. 31
Balance Sheet March 31.
1932.
1933.
LiabilitiesAssets
1932.
1933.
Cash
$34,812 $192,409 z Capital stock.. __$2,225,228 $2,225,228
128,676
Accts. & bills rec.,
Accts. & bills pay_ 111,600
18,892
11,644
inventories, &o. 829,672 1,165,304 Unearned income..
49.667
49.667
Investments
68,150 Capital 'surplus__
102,009
528,471
44,191
Earned surplus..__
y Ld.,bldgs.,mach.
& equipment_ _ _ 630.834
675,961
849,110
Other assets
845,002
$2,442,331 $2,950,935
Total
Total
$2,442,331 $2,950,935
x Represented by 115,355 no par shares class A stock and 10,194 no par
shares class B stock. y After depreciation of $288,998 in 1933 and $219,013
in 1932.-V. 133, P. 3800.
(Sabin) Robbins Paper Co.-Preferred Dividend.
A quarterly dividend of 13 % has been declared on the 7% cum. Pref.
4
stock. par $100, payable Oct. 2 to holders of record Sept. 23. A like
amount was distributed on Jan.3 and July 3last, the April 1 1933 payment
having been deferred.
-V. 136, p. 4104.
Ruhr Chemical Corp.
-Interest Ruling.
Notice having been received chat the interest due Oct. 1 1933 on the 6%
sinking fund mtge. bonds, series A. due 1948, will not no paid on said date:
the committee on securities of the New York Stock Exchange rthes that
beginning Oct. 2 1933 and until further notice the bonds sisal be dealt
In "flat" and to be a delivery must carry the Oct. 1 1933 and subsequent
coupons. The committee further rules that in settlement of all contracts in
said bonds on which interest ordinarily would be computed through Oct.
1 1933, II:items. shall be computed up to but not including Oct. 1 1933.V. 134, p. 1779.
Schenley Distillers Corp.
-Subs. Granted Permit.
Joseph S. Finch & Co.. a subsidiary. on Sept. 27 was granted by the
Pennsylvania State Alcohol Permit Board a permit authorizing it to manufacture the quantity of whiskey heretofore permitted by the Federal
authorities.
The Pennsylvania State Alcohol Permit Board also thereby indicated
its approval of the operations heretofore conducted by the Finch company,
which has been carrying on its operations in strict accordance with the
authority granted to It by the IJ. S. Government. under the rules and regulations of the authorities having control of the distillation of whiskey.
The Board also authorized the company to manufacture additional
whiskey allotted by Federal Government permit.
-V. 137. p. 2119. 1427.
-2%% Dividend.
Selfridge Provincial Stores, Ltd.
The company has declared a dividend of 2%% on the ordinary shares,
par El, payable Nov.30. A similar distribution was made on tnis issue a
year ago.
-V. 135, p. 4228, 3705.
Seneca Copper Mining Co -Balance Sheet Aug. 31 1933.
AssetsMining properties,&e
$5,191,114
Lake Milling Co stock
350,000
Cash
387
Assessments receivable
1,440
Construction machry.& equip. 769,848
Total
-V. 136, p. 507.
Liabilities
Accounts payable
Accrued interest
Bonds
Capital stock
Capital surplus
$6,312,789
$142,601
314.387
1 500,000
2,725,000
1,630.801
$6,312,789
Total
-Earnings.
Sentry Safety Control Corp.
PeriodRental ofsafety controls
Service charge to subsidiary
Miscellaneous income
an. 1 '3210 u y '
Year 1932. July 25 1932 Dec. 31 '32.
$37.941
$61.303
$99.244
2,500
3,500
6,000
179
532
353
Total income
Operating expenses
-ordinary
Depreciation
Special charges in 1932
-Applicable
primarily to trans. of prior years:
Res.for allow. & uncoil. accounts
Est loss,funds in closed banks- ...
Settlement of law suit, insur. promotion. (Subject to an abatement of $17,500 upon payment of
$4.000. in addition to the first
$1.000 which was paid in 1932)
Settlement of law suit. SentrolaDucsgraph
Legal fees
Cancellation of executives contr.__
Moving expenses
$105,776
56.707
38,620
$65,157
45.576
22,528
$40.620
11.131
16,092
66,741
27,306
58.424
27.306
8,317
22.750
22.750
5,307
12.283
7,253
2.727
5.307
12.283
7,253
2.673
[Including foreign subsidiary companies.]
Earnings Year Ended Dec. 311932.
Gross proceeds from sales: deposits and rentals billed for tools,
$1,560,504
and machines placed, discounts earned, &c
1.600,552
Cost of goods sold
Operating loss
Earnings on tools and machines
$40.049
58.381
Total profit
Depreciation of plant and equipment
Amortization of patents and deferred development expense....
Government income and profits taxes
Provision to cover possible foreign losses and other items
Minority interests in subsidiary companies
$18.332
40,992
19,400
6.670
25.000
403
Net loss for year
Earned surplus, Jan. 1 1932
$74.133
83,107
$8.973
Earned surplus, Dec. 31 1932
Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets$75,000
Bank balances & work'g funds.. $60,738 Bank loans
299,137 Accts. pay'le & accrued liab__ 182,214
Accounts receivable
26,436
17,931 Reserves
Advances to salesmen
15,299
666,721 Minority int. in subsidiary cos.
Inventories
44,608 82.50 cum. preference stock__ 1,102,200
Prepaid items
372,029
145,974 z Common stock
Investments
38,307 Surplus arising from purchase
X TO0113 & machines in services
67,057
421,188 of treasury stock
y Plant and equipment
8,973
86,743 Earned surplus
Patents
67,859
Deferred charges
$1,849,207
Total
$1,849,207
Total
After amortization of $353,191. y After depreciation of $426,296.
-V.133. p. 4341.
z Represented by 126,121 no par shares.
Sin-Mac Lines, Ltd.-Earnings.Earnings for Year Ended Dec. 31 1932.
Operating profit for the year
Transferred to insurance reserve
Depreciation
Reserve for bad debts
Depreciation of inventories
$63.190
37.500
186.543
2.584
10.259
$173,697
4.699
510
$459.899
529
37,410
Net operating loss for the year
Bondholders' committee expenses
Liquidation expense
Balance at debit. Jan. 1 1932
Adjustment of prior year items
Loss on sale or disposal of capital assets
$676,745
Balance at debit Dec. 31 1932
Balance Sheet Dec. 31 1932.
Liabilities
Assets
$29,332 6% first mortgage sinking fend
Cash
$1,374,000
gold bonds
20,000
Call loans
61,830
148,843 * Interest due and accrued
Accounts and bills receiv
66,192
Accounts and bills payable_ _ _
5,000
Uncompleted work
2,500
8,046 Reserve for contingencies.
Prepaid insurance, taxes & rent
37,500
43,34: Reserve for insurance
Inventory of supplies, &c...
5,162 b 7% cum.cony.red. pref.stk. 906,000
Guarantee deposits
92,480
c Common stock
Cash held by trustee for sink1
ing fund
7,291
Insurance claim for vessel lost_
a Steamers, tugs, barges. Properties, bldgs., mach.& equip. 1,596,741
676,745
Deficit
$2,540.502
Total
82,540,502
Total
a After depreciation reserve of $733.909. b Preferred dividends in
-V.
arrears from July 1 1930. c Represented by 53,120 no par shares.
134, p. 1043.
-Special Meeting.
(A. G.) Spalding & Bros.
54
$165,827
Total
Total
$165,827
a After reserves for allowances and bad debts of 863,056. b After depredation of $127,618. c After reserve for estimated loss of $29.219.
d After depreciation reserves of $35,647. •Represented by 267,950 no
par shares.
-V. 132. P. 1439.
-151 Accumulated Dividend.- _
Sharp & Dohme, Inc.
A dividend of $1 per share has been declared on the $3.50 cum, cony.
preference stock, series A, no par value, on account of accurnulat ens, in
addition to a quarterly dividend of 50 cents per share on the same issue,
both payable Nov. 1 to holders of record Oct. 17. Similar distributions
were made on this issue on Aug. 1 last, while from Aug. 1 1932 to and
Including May 1 1933 a dividend of 50 cents per share was paid each quarter.
Previously, the company made regular quarterly distributions of 87X
cents per share on the preference stock. After the above payment, accruals
-V.137, P. 1067.
Ni
--. <111 amount to 25 cents per share.
-Reduction in Dividend.
Shawmut Association.
The directors have declared a quarterly dividend of 10 cents per share on
the common stock, no par value, payable Oct. 2 to holders of record
Sept. 26. This compares with 15 cents per share paid each quarter from
July 1 1932 to and incl. July 1 1933 and with 20 cents per share each quarter
,.....from Jan. 1 1929 to and incl. April 1 1932.-V. 137. p. 1428.
.
N South
American Gold & Platinum Co.
-To -Change
.
Pt Vatuzax22.2awjeT--
ed
he stockholders will vote Oct. 11 on approvi2 a ruction in the par
va e of the capital stock from $5 per share to $I.
,916 after expenses and
The company reports for 1932 a net profit of.
depreciation. Current assets on Dec. 31 last were $1,706,602 and current
'abilities $136,449.-V. 114. p. 313.
14..rquibb Pattison Breweries, Inc..
-Earnings.
Signode Steel Strapping Co.
At the special meeting called for Oct. 26 the 1st pref. stockholders vrill
have the right to nominate the majority of the directors to serve until the
-V.'136, p. 507.
next annual meeting.
Net loss
$138,944 prof $5.026
$133.918
Note.
-The figures at July 25 1932, are at book values, after giving effect
to losses and legal fees Incident to certain law suits and claims pending as of
that date.
Earnings of Universal Sound Sys ern, Inc.
Earnings of Universal Sound System, Inc. (a subsidiary) for the calendar
year 1932 follows: Net sales, $61,368; operating expenses. ordinary,
$90.135; special charges in 1932 applicable primarily to transactions or
prior years. $12,199; total loss, $40.966.
Consolidated Balance Sheet Dec. 31 1932.
LiabilUiesAssets
$8,505 Accounts payable
Cash
$17,635
644 Loans payable
Notes receivable
3,500
a Accounts receivable
25,735 Notes payable 417,750 to be
Merchandise inv., universal_ 7,369
canceled upon payment of
b Sentry machines and tens85,061
84,000)
23,162
e Cash in banks in liquidation_
8,548 Dees. by customers in adv
1,044
d Plant and equipment
29,962 Reserve for advance billings
1,331
1 Res. for law suits and claims
Patents
1
1 e Capital stock
Coat of patenting
341,569
1 Deficit
222,414
Royalties receivable
--
The New York Produce Exchange has adytted to dealings the cumuli ive participating preferred stock ($1 par). V. 137, P. ,2287.
2475
Financial Chronicle
Voiume 137
-Obituary.
• Starrett Corp.
Vice-President Arthur B. Walsh died in New York City on Sept. 27.V. 136, p.4106.
-Presidency Not Filled.- ,
-Warner Corp.
Stewart
At the regular monthly meeting held on Sept. 21 the directors &ailed to elect a President to fill the vacancy caused by the resignation of C. B.Smith.
The next meeting of the board is scheduled to be held on Oct. 23.
Eugene V. R. Thayer, Chairman of the executive committee, has been
elected Vice-Chairman of the company.
R. J. Graham, Chairman of the board, stated: "During the last two
months there has been such a gratifying increase in the business of the
-Warner Corp., that the board of directors at their meeting held
Stewart
on Sept. 25 devoted most of their time discussing plans for co-ordinating
-V. 137, p. 2120.
and still further enlarging the company's business."
Stop & Shop, Ltd.-Sales Increased.
Four Weeks EndedMar. 25
April 22
May 20
June 17
July 15
Aug. 12
1933.
$505.601
508,300
503.041
466,365
423,534
386.504
1932.
$492,058
484.857
475,905
449.182
402,307
359.120
Increase.
$13.543
23.443
27,136
17,183
21,227
27.384
$129.916
$2,793.345 $2,663.429
Total 24 weeks
It will be noted that during the 24 weeks sales increased by 4.877%
V. 134. p. 3653.
-October Shipments Expected to Exceed
Studebaker Corp.
7,500 Cars.
Paul G. Hoffman, co-receiver, last week stated in part:
"Studebaker's record since March 18 has been one of progress.
"When the company went into receivership on March 18 it had a bare
$700.000 in cash. To-day it has more than $3,000,000 in cash and another $4,000,000 to $5.000.000 in other current assets. Its current liabilities,
excluding claims against the receivership, do not exceed $2,000.000. For
the second quarter of this year there was a net operating profit of $187.000
before provision for depreciation on plant and property but after absorption
of 3145,000 tolling expense. These figures are exclusive of operation results
of White and Pierce
-Arrow for the period in question.
"Under the receivership, manufacturing overhead and selling and administrative expenses have been reduced to a basis of $8.000,000 annually
as compared with $16,000,000 for the year 1932. This represents a reduction of 50%, or $160 per car on the basis of a production of 50,000 cars
per annum.
"Perhaps the most gratifying part of the record is the fact that registrations of Studebaker-built cars for the first seven months of 1933 were
greater than those of any independent manufacturer except Ford.
"Dealer orders received at the factory indicate that October shipments
Will exceed 7,500 units by a comfortable margin, and may reach 8,500 units
for the month."
In discussing plans for 1934, Mr. Hoffman disclosed that Studebaker will
make a strong bid for sales dominance in three important price fields
-the
low-medium, the medium and the high-medium price classes. "We have
no thought of attempting to compete in the lowest price field," he said.
"To do so would be a mistake from both the merchandising and manufacturing standpoints. Our manufacturing activities to-day are entirely concentraded in South Bend,and we intend that they shall remain so. To attempt
to manufacture automobiles having two standards of quality in the'same
2476
Financial Chronicle
plants would mean that there would almost certainly result a deterioration
of quality in the hi-titer-priced line. That,of course, is not to be considered.
Studebaker cars have always been quality automobiles, and will continue
to be so."
-V. 137, p. 1952, 1781.
Supertest Petroleum Corp., Ltd.
-Earnings.
Earnings for Year Ended Dec. 31 1932.
Net earnings
Dividends paid
$434,000
145,757
Balance, surplus
$288,243
Balance Sheet Dec. 31.
1931.
Cash & securities_ $253,749 $239,606 Accounts payable_ $310,439 $312,234
67,754
Accts receivable__ 212,874
.
86,181
224,782 Accrued charges__
437,997
Inventory
168,236
152,528 Mortgage payable 403,286
525,146
650,474
Prepaid, &c
11,158
12,432 Reserves
350,000
Lite Insurance.._ _
Class "A" stock__ 350,000
2,850
200,000
Real estate
3,222.820 2,967,339 Class "B" stock__ 200.000
25,000
25,000
Investments
101,114
76,407 x Common stock__
878,814
y Ordinary stock__ 878,814
Stock for canc
15,966
1,084,075 1,244,268
Contracts, &c____
1
362,819 Surplus
Total
$3,088,771 $4,036,216
$3,988,771 $4,036,216
Total
x 25,000 no par shares. y 85,000 no par shares.
-V. 132, p. 2013.
-Smaller Dividend Payment.Supervised Shares Inc.
The directors have declared a quarterly dividend of 1 50 cents per share
on the capital stock, payable Oct. 15 to holders of record Sept. :30. In
accordance with its usual policy, the corporation has not taken into consideration the profit and loss from the sale of securities in determining the
amount of the distribution
The above compares with 1.60 cents paid on July 15 last and 1.75 cents
paid on April 15.-V. 13s. P. 1595.
"*"....iraylor-Colquitt Co.-Larger Distribution.
-quarterly dividend of 25 cents per share has been declared on the
common stock, no par value, payable Sept. 30 to holders of record Sept. 15.
A distribution of 12% cents per share was made on this issue on July 1
last, as compared with 25 cents per share on March 31 1933 and 40 cents
per share on Dec. 31 1932.-V. 137, p. 509.
-Financial Condition.
Texas Gulf Producing Co.
,
The company reports that as of Aug. 31 1933, its funded and current
debts totaled $2,631.223 as compared with $2,748.691 on June 30, a decrease of $117,468 during the two months. As of Sept. 30 1931. in which
year the company was formed, total funded and current debts amounted
to $4.415,756. The decrease to Aug. 31 is $1,784,533. Funded debts
represent mortgages payable which on Aug. 31 amounted to $2,442,932
and notes payable of $17,385.
Earned surplus account of the company on Aug. 31 was $1,227,964,
compared with $1,247,173 on June 30 and further compared with $161.343
on Sept. 30 1931. The increase up to and including Aug. 31 has been
$1.066,621.
The c-,mpany's ratio of operating expense to operating revenue is in the
neighborhood of 32%, which means an operating income of approximately
-V. 137,
68% at the present time, based on recent production statistics.
p. 2288.
-Control Acquired by Commercial
Textile Banking Co.
Credit Co.
-See latter company above.
Ba:ance Sheet
Assets
82,188,130
Cash
x5,032,880
Accounts receivable
591,692
Manufacturers' advances
Advances to selling agents &
66,947
others
Investments
90,568
59,296
Furniture & fixtures
Deferred charges
70,986
Dec. 31 1932.
Liabilities..._
Capital stock
$2,625,000
Surplus & undiv. profits
1,344,070
Manufacturers' & selling agts'
credit balances
4,011,771
Accounts payable
16.203
Quarterly dividend
52,500
Reserve for taxes
24,390
Unearned interest
26,564
Total
88.100,499
Total
x After deducting discounts of $135,053.
$8,100,499
Tobacco Products Corp. of N. J.
-Earnings.
For income statement for 6 months ended June 30 1933 see "Earnings
Department" on a preceding page.
-V. 136. 13. 1904•
-10-Cent Dividend.
Tobacco Products Export Corp.
A dividend of 10 cents per share was declared Sept. 25 on the capital
stock, payable Nov. 1 to holders of record Oct. 16. A similar distributionwas made on March 25 1932 and on March 6 1931. On Jan. 2 1920 a
5% stock dividend was paid.
Holders of voting trust certificates are urged by the corporation to
exThange such certificates for capital stock certificates without delay, as
this dividend will be paid only to registered holders of capital stock. The
exchange may be effected at the office of the Bankers Trust Co., 16 Wall
St., N. Y. City.
-V. 136. p. 4107.
-Trustee Resigns.
Troy Laundry Machinery Co., Inc.
It is announced that the Baltimore Trust Co., Baltimore, Md., will re-year cony. s. f. 6 g gold
o
sign as successor trustee for an issue of 15
de entures, dated Jan. 1 1928, such resignation to become effective Dec. 1
1933.-V. 126, p. 1213, 1369.
-Directors' Report.
Union Copper Land & Mining Co.
C, J. Morrissey. President, sates:
No sales of land or timber were made during the past year. This is
of course in keeping with the conditions which have prevailed generally
during the last year, and particularly in the copper-mining industry, and
until some improvement is apparent in that industry there can be but
little interest in our lands or in their exploration.
The net cash balance Dec. 31 1932 was $31,346 and land holdings remain
-V. 123, p. 2276.
unchanged at 6,046 acres.
-Dividend.
United Investment Shares, Inc.
The 12th quarterly cash distribution on United Investment Shares,
series A, to be made on Oct. 15 to holders of record Sept. 30, will amount
to 40.844 on each 100 share certificates, compared with the July 15 distribution of $0.902 per 100 shares.
The 4th quarterly cash distribution payable on Oct. 15 to holders of
record Sept. 30 on United Investment Shares, series C, will be $1.534 on
each 100 share certificates, compared with the July 15 distribution of
$1.492.
-V. 136,
The above distribution is before deduction of 5% Federal tax.
p. 2444.
Sept. 30 1933
United Drug, Inc.
-New Directors.
Charles Francis Adams (former Secretary of the Navy and Treasurer of
Harvard College), James L. Richards, Frederick E. Snow (head of the law
firm of Gaston, Snow, Saltonstall & Hunt) and Eugene Stetson (Vice-Pres.
of the Guaranty Trust (Jo. of New York) have been elected directors and
members of the executive committee.
-V. 137, P. 1781.
U. S. Fire Insurance Co of New York.-Bal, Sheet.
AssetsJune 30 '33. Dec. 31 '32.
Liabilities- June 30'33. Der. 31 '32
Cash
$1,606,543 $1,565,582 Res. for unearn.
U.S. Gov't bds_ 4,970,466 4,449,586
premium
$9,706,750 810,582,276
Other bonds &
Res. for losses in
stocks
process of ad17,840,417 19,158,008
1st mtge. on real
justment - - 2,005,685
1,882,224
estate
1,495,181
1.686,074 Other liabilities_
391,859
496,413
Real estate
185,346
9,893 Contingency res. 3,675,568 7,945,540
Prem. in course
Capital stock... 2,000,000 2,000,000
of collection_
1,371,637 1,401,741 Surplus
9,968,676 5,671,468
Bills reedy., not
due
162,472
173,425
Interest accrued
70,087
90,357
Other assets....,.
46,388
43,250
Total
$27,748,538 $28,577,920
-V. 136. p. 1905.
Total
327,748,538 828,577,920
United States Smelting, Refining & Mining Co.
Extra Distribution.
-The directors on Sept. 26 declared an
extra dividend of 50 cents per share in addition to the usual
quarterly dividend of 25 cents per share on the common stock,
par $50, both payable Oct. 14 to holders of record Oct. 5.
From July 15 1930 to and incl. July 15 1933, the company
made quarterly payments of 25 cents per share on this stock,
as against 8734 cents per share in preceding quarters.
Earnings.
-For income statement for 8 months ended Aug. 31 see
"Earnings Department" on a preceding page.
In presenting its report the company says: "The reported earnings for
tne first eight months of 1933 of $4,211.083 before reserves compare with
$2,664,940 for the same eight months period of last year, an increase of
$1.546,143. Deducting reserves and preferred dividend requirements from
the above stated earnings of $4.211.083, the balance is equivalent to $2.67
per share on the common stock outstanding. Of these earnings, $2,650,192
represents earnings for the last three months, which after deducting reserves and preferred dividend requirements, is equivalent to $2.20 per share
on the common stock outstanding. In view of these increased earnings
for the three months last past, the directors have declared, in addition to
the regular dividend of 25 cents per share, an extra dividend of 50 cents
per share on the common stock.
"The increase of 81.546,143 over the earnings for the same period last
year is to a large extent due to better metal prices and to the higher prices
now obtainable for gold. Since the latter part of April this year, the world
price for gold has exceeded the United States mint price of $20.67 per
ounce. Up to the latter part of August, however, Treasury regulations
prevented realization of the world price on the gold production of the
company from the United States and Alaska.
"In August the restrictive regulations were to some extent modified by
executive orders and new regulations,thereby releasing to some extent the
restrictions as to part of the•gold production above referred to. The production so released has, in accordance with the established practice of the
company in the case of other metals been taken into earnings at the average
world prices prevailing during the month of production.
"In the eight months earnings above stated there is included $634.217 in
respect to valuation of gold in excess of the established price of $20.67 per
ounce. Of this amount $597,273 represents additional earnings from gold
premium during the past three months.
"Consistent with its practice with respect to other metals (as explained
in recent annual reports) the company now values all its gold output at
average prices prevailing at the time of production. As gold production
is sold, any differences between these inventory prices and the ultimate
sale prices, together with adjustments of unsold inventories to current
market prices when lower than carried values, will not be included in the
earnings, but the differences will be carried to quotational reserves.
"The earnings above reported do not include a non-recurring profit of
approximately $270,000 realized from the sale, at more than their carried
book values, of certain unfinished metal products accumulated prior to the
eight months' period. This profit, together with other adjustments, will
be added to earnings at the end of the year."
-V.137. P. 159.
United Stores Corp.
-Earnings.
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page.
-V. 137, p. 1431.
Vadsco Sales Corp.
-Earnings.
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
-V. 137. P. 1596.
Virginia-Carolina Chemical Co.
-Stock Retirement.
The directors have asked stockholders to approve the retirement of
84,871 shares of the company's prior preference stock now held in the
treasury. The plan will be voted on at the annual meeting to be held on
Oct. 11. Approval of two-thirds of the issued and outstanding stock is
required to make the retirement proposal effective.
-V.13i. p. 1597.
Wilbur-Suchard Chocolate Co.
-Earnings.
-For income statement for 6 months ended June 30 1933 see "Earnings
Department" on a preceding page.
-V. 125, p. 3655.
Willys-Overland Co.
-Expenditures--Option on Stock.
-
Receivers have filed an application in the U. S. District Court,at Toledo,
asking permission of Judge George P. Haha to spend $437,000 to modify
the present design of the company's passenger cars and make them more
conservative.
Another application asks permission to give an unnamed prospective
purchaser an option on 525,000 shares of Willys Overland Crossley, Led.,
stock, to be sold for $125,000. On May 28 1933, the stock was carried
on the company's books at 8285,592.-V. 137. p. 1782.
World Fire & Marine Insurance Co.
-Balance Sheet
July 11933.Assets
Bond' and stocks
$3,560,447
Cash on hand and in bank,.. 333,030
Premiums ID course of collect'n 428,073
Interest and diva. accrued._ _
26,599
Other admitted assets
4,059
Ltablf(tics
Unearned premiums
$1,050,654
Losses in process of adjustment 115,412
Reserve for taxes and expenses
75,000
Capital
1,000.000
Net surplus
2,111,143
United States Fidelity & Guaranty Co.-Bal. Sheet.
Total
$4,352,209
Total
$4,352,209
June 30'33. Dec.31 .p2.
LiabilitiesAssetsJune 30'33. Dec.31 '32.
Note -Statement based on actual market values ofstocks and amortized
Real est.& bidgs..$4,299,011 $4,261,717 Funds held under
values for bonds as of June 30 1933.
reinsur. treaties_ $786,571 $575,415
Bonds and stocks_35,000,789 37,419,438
The company is an entirely owned subsidiary of Aetna Insurance Co.
5,250,000
Cash
2,101,136 2.164,008 Bills payable
3,760,000
Loans secured...... 3,737,893 3,512,399 R. F. C.loan
Woodward (Ala.) Iron Co.
-New President.
Interest accrued__
42,173
20,907
Prem. in course of
H. A. Berg, formerly Vice-President and General Manager of the Sloss
collection
7,312,258 6,409,612 Reserve for taxes
Sheffield Steel & Iron Co. on Sept. 19 assumed the Presidency of Wood
Due for subscrip
and expenses in
98,580
124,878
ward Iron Co., of which A. II. Woodward continues as Chairman of the
482,405
transit
703,087
Depos. with Workoard. -V. 136, p. 1395.
Commissions accr.
men's Compen.
Reinsur. Bureau 119,293
on uncoll.prems. 1,389,328 1,214.8e0--159,852
"•-....Worcester Salt Co.
-Resumes Common Dividend.
Accts. receivable__
96,894 Premium reserve_ _13,146,977 13,372,203
150,041
A dividend of 50 cents per share has been declared on the common stock,
Reserve for claims_18,812,963 22,736,154
Funds recov. under
par $100, payable Oct.2 to holders of record Sept. 25. This compares with
deprec. on
deem. losses pd_ 589,568
691,093 Res. for
$1.25 per share paid each quarter from Jan. 2 1923 to and incl. July 1
Furn.and fixtures_
1
bonds and stocks 2,686,062 2,213,271
1
1932: none since. In addition, the company paid extras of ileach in 1923
Voluntary reserve
Amount due from
and 1924.-V. 137, p. 2122.
rein ;were on pd.
for contingencies 2,425,000 1,000,000
lo.ses
847,508
590,592 x Capital stock__ 2,000,000 2,000,000
Wright Aeronautical Corp.
-Wages Increased.
Int. due & accrued 383,711
7,899,531 8,469,413
392,832 Surplus
The corporation, through its President, Guy W. Vaughan, announced
Secured claims_
281,242
231,626
on Sept. 28 a blanket wage increase of 1,200 of the 1,450 employees of the
Paterson (N.J.) plant. The increase, which will run over 10%, will restore
Total
54,921,012 56,054,941
54,921,012 56,054,941
Total
salaries to what they were in 1930. The new schedule will become.effective
next month,
-V, 137, p. 1072.
x Par value $2.-V. 137. P. 1596.
2477
Financial Chronicle
Volume 137
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL
-ETC.
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter in a demartment headed INDICATIONS OF
BUSINESS ACTIVITY.
Friday Night, Sept. 29 1933.
COFFEE futures on the 25th inst. closed with Rio 6 to 8
points lower and Santos 7 to 10 points off; sales 7,000 bags
in all positions. Futures on the 26th inst. closed with
Santos contracts 1 to 5 points lower and Rio 3 to 7 points
off, with sales of only 20 lots in Santos and 7 lots in Rio.
Commission houses were buying while the trade and ring
speculators sold. Spot coffee was dull with Rio 7s, 73/i to
75sc., Santos 9s.93( to 99/sc. Cost and freight offers showed
/
an easier tendency with some offerings unchanged while
others were 5 to 10 points lower. Santos 4s for prompt
shipment ranged from 8.65 to 8.90c. Highly described 4s
were offered up to 9.1504 Rio 7s were 7c. for prompt shipment. On the 27th inst. Santos contracts closed 8 to 11
,
points lower and Rio 14 to 16 points off with sales of 17,000
bags of Santos and 6,000 bags of Rio. On the 28th inst.,
futures here closed with Santos contracts 3 to 7 points lower
on sales of 3,000 hags and Rio 6 to 11 points lower on sales
of 3,000 bags. To-day futures ended 7 to 10 points lower
on Santos contract and 5 to 10 points off on Rio despite less
Wall Street liquidation.
Rio coffee prices closed as follows:
Spot 'unofficial)
73( I May
5.93
5.77 July
December13.00
March
5.86
Santos coffee prices closed as follows:
Spot(
unofficial)
December
March
9.00IMay
8.23 July
8.33
8.42
8.50
COCOA futures on the 25th inst., closed 5 to 10 points off
with sales of 1,099 tons. Oct. ended at 4.16c. Dec. at
4.36c., Jan. at 4.440., Mar. at 4.59c., May at i.75e. and
Sept. at 5.06c. Futures on the 26th inst., closed 4 to 6
points lower on continued liquidation by tired longs and
hedge selling. Sales were 1,608 tons. The ending was with
Oct., 4.10c.; Dec. 4.320., Jan., 4.40c.; Mar., 4.55c.; May,
4.69e.; July 4.86e., and Sept. 5.01c. On the 27th inst.,
futures closed 7 to 9 points lower with sales of 1,487 tons.
The ending was with Oct.,4.03c.; Dec.,4.24c., Jan. at 4.320.;
Mar. at 4.460., and May 4.61e. On the 28th inst. futures
closed 1 to 4 points lower with sales of 791 tons. Oct. ended
'
at 4.05c.; Dec. at 4.25c; Jan. at 4.33c.; March at 4.490.,
and May at 4.65c. To-day futures ended 8 to 9 points higher
in sympathy with other commodities. Offerings were
smaller and the technical position was stronger. Dec.
closed at 4.33c.; Jan. at 4.41c.; Mar. at 4.58c.; May at
4.73c., and July at 4.88c.
SUGAR futures on the 25th inst. closed unchanged to
2 points lower with sales of 19,250 tons. Futures on the
26th inst. fell 3 to 5 points to the lowest level prevailing
this month except in December. The issuance of eight
October notices had an unsettling effect. The only support
came from scale down buying which was reported good.
Cash interests were said to have bought December supposedly lifting of hedges. Trading was on a restricted basis
sales being only 11,200 tons. In raws there was only a
moderate interest shown by refiners at the 1.60c. c. & f.
basis for Cuban, at which level 25,000 tons for first half
October shipment and 950 tons ex-store sold. Philippines
for shipment in October through to January were offered
at 3.60c. delivered but no sales were reported. Refined
was 4.60c. with withdrawals good but new business small.
On the 27th inst. futures closed 2 to 3 points lower with
sales of 8,650 tons. Futures on the 28th inst. closed 2 to
3 points lower with sales of 18,650 tons. To-day prices
ended 2 to 4 points lower owing to the general strength in
other commodities. Cuban shipments are said to be moving
more freely and in the local raw markets offerings were at
1.56c., with refiners showing little interest.
Prices closed as follows:
Spot (unofficial)
December
January
March
1.55
May
1.45
July
1.45 1.46 September
1.5O@1.51
1.54 1.55
i.60@1.61
1.65 1.66
LARD futures on the 23rd inst. closed 5 to 10 points
higher owing to the strength in grain and a general expectation that the Government will take further steps to advance
hog prices. Exports of lard were 820,741 lbs. to Antwerp.
Hogs were unchanged to 10 points lower with the top $5.30.
On the 25th inst. futures closed 12 to 15 points lower owing
to the weakness in corn and hogs which led to scattered
liquidation. Export clearances were 586,000 lbs. to London
and Bremen. Hogs were 15 to 250.lower, with the top $5.25.
On the 26th inst. futures closed unchanged with a good export
demand. Export clearances were 922,560 lbs. to United
Kingdom, Gotenburg, Helsingfors and Copenhagen. Trade
interests bought. Hogs were steady with the top $5.25.
Cash in tierces 5.70c.; refined to Continent 6%c.; South
American, 63/ic. On the 27th inst. futures ended 7 to 12
points lower reflecting the weakness in grain. Exports were
510,445 lbs. Hogs were 5 to 10c. higher. Cash in tierces,
5.60c.;• refined to Continent 6%c.; South American, 6%c.
On the 28th inst. futures closed 3 to 8 points lower owing to
October liquidation and hedge selling. Exports were 12,525
lbs. to Havre and Oslo. Hogs were dull and 10 to 25c. lower.
Cash lard was dull; in tierces, 5.55c.; refined to Continent,
6 to 6%c.; South American, 6% to 6%c. To-day prices
ended 7 to 10 points lower.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
5.42
5.60
5.52
5.67
5.67
September
5.80
5.42
5.57
5.52
5.67-72 5.67
October
5.80
5.87
5.80
6.00
5.90
December
6.12
6.00
Season's Low and When Made.
Season's High and When Made.
July 19 1933 September----4.02
September----8.35
4.57
October
July 19 1933 October
8.50
Aug. 17 1933
December--- _8.87
July 19 1933 December-- _ _5.20
PORK, steady; mess, $18.75; family, $17.50; fat backs,
$13.00 to $13.75. Beef, steady; mess, nominal; packet,
nominal;family,$11.87 to $12.75; extra India mess, nominal.
4
Cut meats, also steady; pickled hams, 4 to 6 lbs., 57 c.;
6 to 8 lbs., 53c.; 8 to 10 lbs., 53/ic.; 14 to 16 lbs., 103/2c.;
18 to 20 lbs., 10c.; 22 to 24 lbs., 93ic.; pickled bellies, 6 to
12 lbs., 100.; bellies, clear, dry salted, boxed, N. Y., 14 to
20 lbs., 7%c. Butter, creamery, firsts to premium marks
and higher score than extras, 18 to 250. Cheese, flats, 20 to
213/ic. Eggs, mixed colors, checks to special packs, 133/i to
28%c.
-Linseed was rather easier. Most firms reported
OILS.
fair deliveries but business in small lots was slow. Tank
lots were quoted at 9.4 to 9.7c. Cocoanut, Manila, Coast,
4
tanks, 2% to 27 c.; tanks, New York, spot, 3 to 33/8c.
3
Corn, crude, tanks, f. o. b. Western mills, 4% to 4/s43.
China wood, N. Y. drums, delivered, 73/s to 8c.; tanks,
spot, 7.3c.; Pacific Coast, tanks, spot. 7c. Olive, denatured,
spot, Greek, 72c.; Spanish, 72 to 730.; shipments carlots,
Greek, 69 to 70e.; Spanish, 70 to 710. Soya bean, -tank
cars, f. o. b. Western mills, 6 to 63/8c.; cars, N. Y., 7.6c.;
L. C. L., Sc. Edible, olive, $1.55. Lard, prime, 93/ic.;
extra strained winter, 8c. Cod, Newfoundland, nominal.
Turpentine, 463/i to 503./ic. Rosin, $4.95 to $5.65. Cottonseed oil sales including switches, 18 contracts. Crude S. E.,
3%c. bid. Prices closed as follows:
October
November
December
January
4.55
4.55
4.71
4.77
February
March
April
May
4.84
5.04
5.07
5.16
-The summary and tables of prices forPETROLEUM.
merly appearing here will be found on an earlier page in our
department of "Business Indications," in the article entitled
"Petroleum and Its Products."
RUBBER futures on the 23rd inst. ended 40 to 47 points
higher on total sales of 1,840 tons. Spot ribbed sheets here
were quoted at 7.90c. October closed at 8c., December at
8.20c. to 8.21c., January at 8.38c., March at 8.68 to 8.69c.,
May at 8.96c., July at 9.10c. and August at 9.24c. On
the 25th inst. futures closed 15 to 21 points lower with sales
of 3,000 long tons. Prices closed with October 7.80c.,
December 8.05 to 8.06c., January 8.21c., March 8.53.,
May 8.75 to 8.80c. On the 26th inst. futures closed 13 to
20 points lower with sales of only 1870 tons. The weakness
in wheat and other markets brought out selling and a consequent decline. September ended at 7.60c., October at 7.60c.,
December at 7.90 to 7.92c., January at 8.08e., March at
8.37c., May at 8.60c. and July at 8.80c. On the 27th inst.
prices closed irregular, 3 points lower to 3 points higher
with sales of 2,360 tons. October ended at 7.63c., December at 7.93c., January at 8.07c., March at 8.34 to 8.36c.,
May at 8.57c. and July ay 8.77c. On the 28th inst. futures
closed 6 points lower to 7 points higher with sales of 1,530
tons. October was 7.63c., December 7.87 to 7.89c., January
8.03c., March 8.33c. and May 8.58c. To-day prices ended
32 to 40 points higher on reports from London that members
of the Dutch Rubber Association were expected to confer
with British producers and that a report would be issued
next week. Spot ended at 7.90c., October at 8c.; December
at 8.27c., March at 8.72c., May at 8.950. and July at 9.15e.
HIDES futures on the 23rd inst. closed 5 to 10 points
higher with Sept., 10.750.; December, 11.90c.; March,
12.050., and June at 12.30c. On the 25th inst. futures
closed 30 points lower with sales of 520,000 lbs. December
ended at 11.60c. and March at 11.750. Futures on the
26th inst. closed 85 to 95 points lower in very light trading.
Big packers are said to have sold large quantities of light
native hides at 11c. Business in common dry was quiet
owing to the weakness in packer. Futures closed with
December ended at 10.65 to 10.750.; March at 10.90 to 11c.;
June at 11.10c.; September at 12.25 to 12.50c. On the
27th inst. futures closed 15 to 25 points lower with December
2478
Financial Chronicle
10.50c.; March, 10.70c.; June, 10.90c., and September,
11.15c. Sales were 1,400,000 lbs. On the 28th inst. futures
closed unchanged to 10 points lower with sales of 760,000
lbs. December ended at 10.40c. and March at 10.61c.
To-day futures closed 19 points higher on December which
closed at 10.80c.
OCEAN FREIGHTS showed more activity on grain
and sugar.
CHARTERS included 28.000 qrs. Montreal, October and early November, United Kingdom, Is. 6d.. Cork-Limerick, 434d. more. Booked: 20
loads New York-Mediterranean, prompt, 7c.; Montreal-Hamburg-Bremen,
a few loads, 10c.; Canadian and a few Montreal. Antwerp and Havre. 7c.
and 9c.; Canadian,5 loads of Montreal, prompt. Marseilles, Genoa, 1034c.;
Montreal, 5 loads Marseilles, Genoa, 10c., United States. Sugar: Oct. 10,
Cuba to United Kingdom, Havre. Duzikirk. 1 discharge, 12s. 734d., two,
12a. 10Ad.
COAL was in only fair demand at best with prices steady.
Bituminous output for last week, based on rail carloadings,
was put by the National Coal Association at 6,850,000 tons
against 7,170,000 tons the week before. The total for three
weeks to Sept. 23 was 20,495,000 tons and the weekly average
6,831,000 tons against 18,274,000 tons and 6,091,000 tons
respectively in the preceding week. Last autumn production
irregularly rose from 6,145,000 tons for the Sept. 17 week to a
high of 7,888,000 tons December 17th week.
SILVER futures on the 23rd inst. closed 53 to 80 points
higher with sales of 3,900,000 ounces. September ended at
40.65c.; Dec.at 40.90c.; March at 41.60c. and May at 42.25c.
On the 25th inst. futures closed 65 to 85 points lower in a
quiet market. September ended at 39.90c.; Dec. at 40.25c.;
March at 40.90c. and May at 41.40c. On the 26th inst.
futures closed 13 points lower to 6 points higher with sales
of 4,300,000 ounces. The bar price here advanced Xc. to
393'c. The ending was with Sept. at 39.85c.; Oct., 39.85c.;
Dec., 40.14 to 40.18c.; Jan., 40.46c.; March at 40.96c. and
June at 41.71c. On the 27th inst. futures closed 85 to 111
points lower under increased selling and general liquidation.
Sales were 7,325,000 ounces. September ended at 39c.;
Dec. at 39.250.- March at 39.8.5c. and May at 40.55c. On
the 28th inst. futures ended 25 to 50 points higher with sales
of 4,300,000 ounces. The bar price, however, was lower.
Futures closed with Dec., 39.60c.; March, 40.35c.; and May
40.85c. To-day futures ended 30 to 75 points higher, influenced in a large measure by rumors that 'silver Senators"
would put pressure on the next Congress. New York spot
to 393/20. and London was unchanged at
advanced
18 7-16d. Futures here closed with Dec. 40.07 to 40.10c.;
'
March at 40.75c.; May at 41.25c.; July at 41.650. and
Sept. at 42.10c.
COPPER was in good demand in Europe but domestic
business was slow, at 9c. The European price range was
8 to 8.10c. c.i.f. European ports. Copper deliveries outside of the United States for the last three months reported
averaged 68,533 tons a month against 68,833 tons a month
ago. Average deliveries for the months reported so far this
year were 65,967 tons against 59,570 last year, and 65,541
tons in 1931. In London on the 28th inst. standard fell
is. 3d. to £34 us. 3d. for spot and £34 15s. for futures;
sales, 50 tons of spot and 650 tons of futures; electrolytic
unchanged at £37 15s. bid and £38 5s. asked; at the second
London session standard advanced 2s. 6d. on sales of 50
tons of spot and 100 tons of futures.
TIN was in fair demand and of late the price for spot
Straits has risen to 473/2c. In London on the 28th inst.
standard fell 7s. 6d. to £216 15s. for spot and £216 10s.
for futures; sales, 50 tons of spot and 180 tons of futures;
spot Straits rose 2s. 6d. to £223 10s.; Eastern c.i.f. London
was up 15s. to £122 15s.; at the second London session
standard advanced El 5s. on sales of 60 tons of spot and
380 tons of futures.
LEAD was in rather small demand recently but prices
were firm at 4.50c. New York and 4.35c. East St. Louis.
Sales for September shipment are over 25,000 tons and for
October shipment they have already reached 21,000 tons.
World production in August was 98,517 short tons against
103,483 tons in July and 103,348 tons in August 1932, according to the American Bureau of Metal Statistics. United
States production in August was 18,611 tons against 18,526
tons in July. In London on the 28th inst. prices were unchanged at the first session at £11 18s. 9d. for spot and £12
2s 6d for futures; sales were 100 tons of futures; at the second
session prices advanced is. 3d. on sales of 100 tons of futures.
ZINC was unchanged at 4.75c. East St. Louis with a
better demand reported. Total sales of prime western and
brass special zinc for the week were 7,100 tons according to
the American Zinc Institute. World production of zinc in
August according to the American Bureau of Metal Statistics
was 99,895 short tons against 95,188 tons in July and 65,963
in August 1932. United States production in August was
33,550 tons against 30,905 in July. In London on the 28th
inst. spot fell is. 3d. at the first session to £16 12s. 6d. and
futures were unchanged at £16 17s. 6d.; sales 175 tons of
futures; at the second session prices were unchanged with
sales of 150 tons of futures.
-Prices filed with the American Iron and Steel
STEEL.
Institute on the 27th inst. are as follows: Structural shapes,
1.70c., Pittsburgh; also 1.750., Chicago; also structural
shapes (standard only), 2.10c. Oulf ports, all prices effec'
tive Oct. 5th. The prospects for good railroad buying are
becoming brighter.
Sept. 30 1933
PIG IRON consumption in the East fell off somewhat
during the week. Strikes among some of the foundries are
one of the causes of the recession. Cast iron sales lagged
somewhat partly owing to the season and the proximity of
the winter when pipe laying is not feasible. Production
figures for September are expected to show a falling off.
Much Indian iron has arrived in the Boston district recently
and more is due before long and prices are in line with domestic quotations. Fourth quarter prices on ferromangangese will be announced shortly and opinion is divided as to
whether any change will be made from the present price
of 2 per ton. About 25,000 tons of iron it is said will be
needed for the vehicular tunnel under the Hudson River.
Bids were opened early in the week on 52,000 tons of cast
iron segments.
WOOL was in better demand and steady. In London on
Sept. 25, offerings of 10,287 bales met with a good demand,
especially from Yorkshire. The Continent was also a good
buyer. Prices firm. Details:
Sydney, 280 bales; greasy merinos, 16 to 18d. Queensland, 941 bales;
scoured merinos, 1534 to 2534d.; greasy, 1034 to 1634d. Victoria, 450
bales; greasy merinos. 1734 to 1834d.; scoured crossbreds, 14 to 21d. West
Australia, 969 bales; greasy merinos, 834 to 13Ad. South Australia, 169
bales; greasy merinos. 1234 to i3 34d. New Zealand, 7,219 bales: scoured
merinos, 19 to 28d.; greasy. 1134 to 13 Ad.; scoured crossbreds, 8 to 21d.;
greasy, 534 to 15d. Cape, 246 bales; scoured merinos, 17 to 24d.: greasy.
8 to 16d. New Zealand, slip° ranged from 534 to 1734d., the latter price
for halfbred lambs.
In London on Sept. 26, offerings of 12,250 bales, included
3,395 bales of Puntas greasy crossbreds, the first supply of
the series, which sold chiefly to the Continent at price
10 to 15% above July levels, the price range being 8d. to
17d. Australian and New Zealand selections were readily
distributed to Yorkshire and the Continent at firm prices.
Details:
Sydney, 274 bales; greasy merinos, 15 to 1734d. Queensland, 5,672
bales: scoured merinos, 27 to 2734d.; greasy, 9 to 18d. Victoria, 98 bales;
scoured merinos, 1334 to 21 Ad. South Australia, 484 bales; scoured merinos, 17 to 23d. New Zealand 1,795 bales: greasy crossbreds, 534 to 1434d.
Cape, 44 bales; scoured merhios, 19 to 20d. Falklands. 113 bales; greasy
crossbreds. 834 to 1034d. Chilean, 370 bales; scoured crossbreeds, 834 to
12 Ad.; greasy. 7 to 834d.
In London on Sept. 27, offerings of 11,225 bales met
with a good demand from Yorkshire and the Continent.
Prices were firm. Details:
Sydney. 891 bales; greasy merinos, 12 to 18d.; Queensland. 3.737 bales.
scoured merinos. 17 to 28d.: greasy. 1134 to 17 Ad. Victoria. 49 bales;
greasy merinos, i434 to 1634d. West Australia,535 bales;scoured merinos
2134 to 2334d.; greasy, 13 to 18d. New Zealand, 6.013 bales; scoured
merinos, 20 to 24d.; scoured crossbreds, 834 to 1834d; greasy, 534 to 155.
New Zealand slipe ranged from 8 to 17d.., the latter price for halfbred
lambs.
In London on Sept. 28, offerings of 10,827 bales sold
briskly to Yorkshire and the Continent. Prices firm.
Details:
Sydney. 516 bales; greasy merinos, 1134 to 16Ad. Queensland, 1.585
bales: scoured merinos. 24 to 27d.: greasy. 13 to 15d. Victoria, 566 bales;
greasy, 16 to 20d.; scoured crossbreds, 11 to
scoured merinos. 21 to
merinos. 1534 to 2134d. New
173
21d. South Australia, 24d.''bales; scoured to
Zealand, 7,557 bales; scoured merinos, 21 26d; greasy. 1034 to14'%d.;
scoured crossbreds, 934 to 1534d.• greasy, 534 to 13 Ad. Cape. 188 bales;
greasy merinos, 834 to 1334d. New Zealand Wipe realized. 634 to 16Ad.
the latter price for halfbred lambs. Offerings of 133 bales of Tasmanian
scoured combbacks ranged from 12 to 20d.
SILK futures on the 25th inst. closed 2 points lower to 6
points higher with sales of 1,300 bales. The ending was
with Sept.,$1.86; Oct. and Nov.,$1.78 to $1.80; Dec.,$1.79;
Jan., $1.78; Feb., $1.78 to $1.79; March, $1.78, and May,
$1.77 to $1.79. On the 26th inst. futures closed 2 to 4 points
down with sales of 2,460 bales. Oct. ended at $1.76, Nov.
and Dec. at $1.75 to $1.76, Jan., Feb., March and April at
$1.75 and May at $1.72. On the 27th inst. futures closed
1 to 4 points lower with Oct. at $1.74, Nov. at $1.71 to
$1.72, Dec. Jan. and Feb. at $1.71, March and April at
$1.71 to $1.72 and May at $1.71. Sales were 2,100 bales.
Futures on the 28th inst. closed 1 point lower to 1 point
higher with sales of 510 bales. Oct. ended at $1.73 to $1.76,
Dec. at $1.72, Jan. at $1.72 to $1.73, Feb. at $1.72, and
March, April and May at $1.72 to $1.73. To-day futures
closed unchanged to 2 points higher with Oct., ov., Dec.,
Jan., Feb., March and April at $1.73 and May at $1.74.
COTTON
Friday Night, Sept. 29 1933.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
406,645 bales, against 328,745 bales last week and 276,295
bales the previous week, making the total receipts since
Aug. 1 1933, 1,763,682 bales, against 1,506,266 bales for
the same period of 1932, showing an increase since Aug. 1
1933 of 257,416 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
14,083 12,981 32,633 13,890 9,730 18.017 101.334
11,207 11,207
Texas City
15.517 19,761 28.734 15.451 12,178 45,680 137,321
Houston
928 16.525
528
Corpus Christi- 4,023 5,518 2,535 2,993
5,738 5,996 10,069 6.990 8,158 14,442 51.393
New Orleans
873 3,177 8,585
592 1,817
946
Mobile
1,180
3,306 23,471 7,609 ---- 34,386
Pensacola
Jacksonville ------------------------1,611 1,611
Savannah3,005 2,949 2.647 2,083 1,111 1,477 13,272
2,676 2,676
Brunswick
654 6.701 11,836
817
828 1.404
Charleston
1.432
Lake Charles.- -_-- --- ---- ---- ---- 10,733 10.733
320 1,564
430
179
205
144
Wilmington
286
456 2,819
454
Norfolk
473
462
523
451
1,383 1.383
Baltimore
Totals this week_ 45 715 4911411 S2.587 68.1114 41.725 118 808 406.645
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
1933.
Receipts to
Sept. 29.
2479
Financial Chronicle
Volume 137
1932.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Galveston
101,334
Texas City
11.207
Houston
137,321
Corpus Christi..... 16,525
Beaumont
New Orleans
51,393
Gulfport
Mobile
8,585
Pensacola
34.386
Jacksonville
1,611
Savannah
13.272
Brunswick
2,676
Charleston
11,836
Lake Charles.. _ _ _ 10,733
Wilmington
1.564
Norfolk
2,819
N'port News, &c_
New York
Boston
Baltimore
1,383
Philadelphia
Stock.
1933.
1932.
326.049 90,885 213.066 568,921 541,482
17.682
33,463
18.527
32,254 6,215
634,217 100,550 470,214 1,304,106 1,151.623
251,951 7,560 209.127 160,415 115,123
14,326
13,125
16,008
---4,209
190,482 61,761 255,471 706.661 951,419
33,182 9,397
55.676 1,000
405
6.773
87.236 9.230
7.647 4,358
57.884 11,491
55,319 12,768
5,111 3.027
7,808 3,588
56,764 123,840 158,232
10,828
41,562
37,536
19,158
7,874
3,230
63,168 139,451 206,752
12,050
90,215
63.263
61.273
88.401
70.065
68.032
12,833
17.820
8,402
47.435
19.231
8.843
On Shipboard Not Cleared for
Sept. 29 at-
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk_
Other ports *
Other Coast(PerGreat
Britain. France. many. Foreign wise.
3,500
2,110
3.000
7.633
_
1.518
86
1,500
2,000
6,000 16,000
4,030 21.600
3,000
____
____
- i
6,i. i
7,000 43.000
Total 1933
8,425 12,883 17,030 89.771
Total 1932
17,152 13,117 30,006 76,484
Total 1935.. 5,674 2,316 4,770 64,182
•Estimated.
Total.
Leaving
Stock.
2,000 30,500 538,421
1.000 36.373 670,288
---- 3.000 136.451
63.263
__-_
.6 116,104
____ 7
19,231
500 54,000 1,730,208
3,500 131,609 3,273,966
1,716 138.4753,507.672
1,977 78,9193,228,128
Speculation in cotton for future delivery was generally
small and the market reflected the rapidly changing rumors
from Washington regarding inflation. On the 23rd inst.
there was an early advance of about $3.50 a bale on the
Government offer to lend 10 cents a pound on surplus
crop of farmers who will agree to curtail their acreage in
an amount equivalent to that upon which the loan is
121,321 202.918
10.481
13,107
granted. Another factor which helped the rise was the
1.750
1,350
4,555
229
7.884
report that there was a strong possibility of the Govern5,389
ment extending direct credit on large Soviet purchases.
Totals
406,645 1.763,682 322,464 1.506,266 3.405.575 3,646,047
But later in the session came a recession on heavy profitrise
In order that comparison may be made with other years, taking and hedge selling and about half of the early
was lost, and the ending was at a net rise of 30 to 37 points.
we give below the totals at leading ports for six seasons:
On the 25th inst. prices ended 2 to 9 points lower under
hedge selling and October liquidation. Reports from Wash1928.
1929.
1930.
1931.
1932.
Receiptsat1933.
ington of a swing away from any drastic inflationary
90,885 117,028
77.767 104.164 179.393
Galveston-- 101,334
movement and a small advance in the dollar checked buy200.341
Houston
137.321 100.550 195.165 237.199 189.625
ing enthusiasm. The weather, too, was favorable except
57.585
64.652
New Orleans.
25,952
61,761
58,137
51,193
14,783
15.905
18,568
9,397
Mobile
20.739
8.585
for rains in the western part of the central belt and in
27.632
20.633
9,230
Savannah
42,753
13,2.2
20,823
eastern and southern Texas whiCh were believed to have
9,327
4.358
Brunswick
2,6 6
12,849
8,151
36,010
11.491
11.836
8.864
Charleston___
checked hedge selling from that quarter. Meantime the
6.663
Wilmington.
2,905
3,027
1.418
1,a64
2,928
Government plan to loan 10c. a pound to cotton farmers
6.32
Norfolk
1,356
10,617
3.588
2,819
5.880
92
N'port News
on this year's crop provided they agree to reduce their
27,156
All others____
30.031
28,177
64,052
75,815
48.527
acreage for the next two crops, tends to encourage a
holding movement in the South. Trade houses were good
Totaltbisvac_ 406,645 322,464 445.906 555.848 437,422 532,796
buyers. So were commission houses and Wall Street.
Since Aug.1 _ _ 1.7633182 1.506.2RS 1 472.071 23105902 2.063.790 1.992.340
On the 26th inst. prices fluctuated within narrow limits
The exports for the week ending this evening reach a total and ended 4 to 7 points lower. October notices for about
of 212,391 bales, of which 41,553 were to Great Britain, 45,003 bales were circulated and were promptly stopped.
22,818 to France, 39,450 to Germany, 25,305 to Italy, nil A leading Wall Street commission firm was said to have
to Russia, 59,682 to Japan and China, and 23,583 to other taken up about 25,000 bales of these notices while the
destinations. In the corresponding week last year total remainder found their way back to spot interests. The
exports were 159,257 bales. For the season to date aggre- bulk was issued by a prominent spot house. They had
gate exports have been 1,290,725 bales, against 1,111,621 little effect. Trading was relatively quiet. The South,
bales in the same period of the previous season. Below are New Orleans and wire houses sold, but the volume of
Southern offerings was light, due probably to the fact that
the exports for the week.
futures were selling below the Government loan value.
On the other hand there was a fair trade demand and Far
Exported to
Week Ended
Eastern interests, Wall Street, and commission houses
GerJapan&
Sept. 29 1933. Great
were buying. A rumor said to have come from Memphis
- Britain. France. many. Italy. Russia. China. Other. Total.
Exports from
that loans might be based on 10 cents for some grades
7,375 3,687 22,013
985 2,346 6,011 1,609
Galveston
below middling, excited not a little comment. Reactions
36,127 15,972 101,270
Houston
12,880 15,609 7,700 12,982
in both wheat and stocks brought out some selling and
10,393 2,707 1,585 3,288
952 29,420
10,495
Corpus Christi
1,046
200 1,246
Texas City
checked the demand.
300
Beaumont
300
On the 27th inst. the market closed quiet at about the low
3.085
7.326
"aiL 19,317
150
New Orleans_ _ __
8,381
850 5,524
- 2,006 2,;1113
Lake Charles...
point of the day, or at a net decline of 5 to 12 points. Small
283
83
200
Jacksonville_ _
orders either way easily influenced prices. A holding move1,566
100
4,C43
100 7,609
Pensacola
1:1;161)
36 3,306
1,826
1,444
Panama CRY
ment in the South has developed as a consequence of the
7,611
1,175 11.680
Savannah
2,894
Government loan plan, and there was less hedge selling.
2,676
2,676
Brunswick
5,786
Charleston
5,786
Prices worked lower during the early part of the session,
525
175
350
Norfolk
falling to maximum lows of 7 to 12 points. Later there was
36
36
New York
800
800
100
500
Los Angeles
a rally on local and trade buying which lifted prices 2 to 9
points above the previous close, but profit-taking and some
59,682 23,583 212.391
41,553 22,818 39,450 25,305
Total
'hedge selling carried the market lower at the close. All
29,384 21,256 159,297
22.926 11,891 83,894 9,946
Total 1932
eyes are focused on Washington developments regarding
95,375 32,574 256,130
Total 1931
18,216 12,272 70,235 27.458
the monetary situation, and although prospects appear to
be rather dubious, press reports and comment in financial
Exported to
From
circles intimate that action in this direction will be taken
.
(Per&
Japan
1;r1:2919357. Great
soon. Liverpool was an early buyer, and there was some
Exports from- BrUain. France. many. I Italy. [Russia China. I Other, Total.
Continental price fixing. Spot interests reported a better
57,4071 36,868 182,498
23,244 23,309 24,427 17,243 ____
Galveston__
business, with foreign quarters, and also a better demand
78,661 52,858 ____ 153,312 64,356 466,603
55,410 62,006
Houston
In both New England and southeastern mill centers. The
79,670 22,495 227,788
18,880 9,099 ____
Corp. Christi
57,100 40,544
280
3,747
815
5,624
782
Texas City.weather was generally favorable for the movement, although
300
804
3,900
5,004
Beaumont_
I
further rains were reported in the eastern section of the
19,920 30,45221,274 31,9051 18,300 177,094
New Orleans_
39,038 16.205
36,015
1,428 7,184
8.0001 5,281
Lake Charles
Western belt. The weekly weather report was generally
5,19217,597 2,000 ____
2,359
2,006 32,656
3,994
4,7001
Mobile
favorable.
2,377
2,907
300
230
Jacksonville.
100 .....
13.312
_______
150 25,172
Pensacola
7,710
3,9001
On the 28th inst. the market was quiet, and after moving
8,671
____
36 24,131
15,424
Panama City
I
feverishly over a comparatively narrow range, closed 6 to
31,402 --------3.1731 2,150 50,889
____
14.164
Savannah_ _ _
5,134
__._
25
7,647
2,488
10 points net lower. Speculative buying was discouraged
Brunswick...
I
18,377
798
____
27,666
8,493
Charleston..
I
by a growing impression that the Administration was not
1,500
1,500
Wilmington
In favor of any radical inflation for the present, and there
106
1,250
3,184
1,828
Norfolk
I
175
186
____
7,399
7,760
New York...
I
was a difference of opinion as to Whether farmers will
500 ........3,3001
623
__-5,788
1,275
Los Angeles.
obligate themselves to reduce their acreage for the next
___.
656
799
San Francisco
two years for the privilege of borrowing 10c. on the present
240.100156.322 251,472 111,752 30,224 346,113 154,742 1,290,725
Total
crop. Yet the Government loan proposal has encouraged
147,057168,402 351,410 98,992 _ _ 211,937 133,822 1411,621
Total 1932
a more general disposition to hold cotton in the South. An
20ft ASS 117 250 520 deg
20277 25 002 IR2M5 AO 512
mntai 102,
advance in the dollar also discouraged believers in immediate inflationary action and checked outside buying interest.
-It has never been our practice to Include in the
-Esports to Canada.
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
The weather was generally favorable, although there were
all the cotton destined to the Dominion comes overland and It is impossible to give
showers in parts of the Central and Western belts. A
returns concerning the same from week to week, while reports from the customs
on the Canadian border are always very slow in coming to hand. In view,
district
private crop estimate made the condition 65.6%, and the
however. of the numerous ingrulles we are receiving regarding the matter, we will
indicated yield 12,672,000 bales against 12,608,000 bales by
say that for the month of August the exports to the Dominion the present season
bales. In the corresponding month of the preceding season the
the same authority a month ago. Southern spot markets
have been 17,415
exports were 9,832 bales.
were unchanged to 11 points lower.
above exports, our telegrams to-night also
To-day, after an early advance of some 12 to 17 points,
In addition to
prices receded and inded 1 to 9 points net lower. Early
give us the following amounts of cotton shipboard, not
named:
buying on better Liverpool cables and a better tone in outcleared, at the ports
..8,950
Financial Chronicle
2480
Sept. 30 1933
side markets was followed by increased hedge and local
selling, which carried prices slightly below the previous
close. Buyers included domestic spinners, spot houses, Liverpool, the Continent and Wall Street. The South, New
Orleans, wire houses, locals and Far Eastern interests sold.
The weakness in securities caused some of the late selling.
Final prices show little change for the week, being 1 to 4
points higher on the near deliveries and 1 to 4 points lower
on the distant months. Spot cotton ended at 9.90c. for
midelling, which is 10 points higher than a week ago.
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.
Staple Premiums
430% of average of
six markets quoting
or deliveries on
Oct. 5 1933.
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
15-16
Inch.
1 inch &
longer.
.11
.11
.11
.11
.11
.10
.09
.31
.31
.31
.31
.29
.25
.22
Differences between grades established
for deliveries on contract Oct. 5 1933
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
.6700 Mid.
White
Middling Fair
.55
do
do
Strict Good Middling_
.42
do
do
Good Middling
do
.29
do
Strict Middling
do
Basis
Middling
.37 off Mid.
do
Strict Low Middling
do
.80
do
Low Middling
do
1 29
*Strict Good Ordinary.. do
do
1.71
do
*Good Ordinary
.42 on do
Extra White
Good Middling
do
.29
do do
Strict Middling
do
Even
do do
Middling
.37 off do
Strict Low Middling__ do do
do
.80
do do
Low Middling
.24 on do
Spotted
Good Middling
.01 off do
do
Strict Middling
.39 off do
do
Middling
do
.80
*Strict Low Middling__ do
do
1.29
do
*Low Middling
.02 off do
Strict Good Middling___Yeilow Tinged
.25 off do
do do
Good Middling
.43
do
do do
Strict Middling
do
.80
do do
*Middling
.do
1.26
do do
*Strict Low Middlingdo
1.70
do do
*Low Middling
Light Yellow Stained_ .41 off do
Good Middling
do
do do
do
.80
*Strict Middling
do
do _1.25
do do
*Middling
.79 off do
Yellow Stained
Good Middling
do
1.25
do do
*Strict Middling
do
1.70
do do
*Middling
.26 off do
Gray
Good Middling
do
.52
do
Strict Middling
do
.84
do
*Middling
.81 off do
Blue Stained
*Good Middling
do
1.26
do do
*Strict Middling
do
1.70
do do
*Middling
.30
.29
.25
.25
.25
.25
.10
.24
.10
.24
.10
.10
.25
.25
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.
9.90
9.90
10.15 10.03 10.05 10.00
Sept. 23 to Sept. 29Middling upland
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept.29 for each of the past 32 years have been as follows:
9.90c.
7.00c.
16.00c.
10.25c.
18.7 c.
19.30c.
21.55c.
14.90c.
1933
1932
1931
1930
'1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
23:50c.
26.10c.
29.40c.
21.05c.
21.20c.
26.00c.
32.25c.
34.80c.
1917
1916
1915
1914
1913
1912
1911
1910
13.30c.
9 30c.
11.85c.
9.90c.
10.85c.
10 70c.
10.00c.
9.00c.
25.20c 1909
15.95c. 1908
11.90c. 1907
-_c. 1906
14.20c. 1905
11.65c. 1904
10.40c. 1903
13.75c. 1902
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
Sept. 23.
Monday,
Sept. 25.
Tuesday, Wednesday, Thursday,
Sept. 28.
Sept. 26. Sept. 27.
Friday,
Sept. 29.
7ct. (1933)
Range_ 9.89-10.08 9.75- 9.98 9.80- 9.94 9.72- 9.87 9.66- 9.79 9.65- 9.86
Closing. 9.93- 9.96 9.86- 9.88 9.79- 9.80 9.74- 9.66- 9.65Yes,.
Range._
9.879
9.78n
9.76n
9.94n
9.999
Closing. 10.069
Pee.
Range.. 10.14-10.40 10.02-10.24 10.08-10.23 9.9840.18 9.9140.05 9.87-10.0E
10.00-10.02 9.91- 9.92 9.87- 9.9C
Closing. 10.19-10.21 10.13-10.15 10.09Jan.(1934)
Range__ 10.25-10.53 10.13-10.30 10.14-10.29 10 07-10.22 10.00-10.11 9.95-10.11
10.08-10.09 10.00- 9.96
Closing. 10.25-10.28 10.21-10.23 10.17Feb.
Range _
.
.
10.03n
10.089
10.17n
10.25n
10.29n
Closing. I0.32n
hfar.Range__ 10.37-10.83 10.28-10.49 10.31-10.47 10.24-10.40 10.17-10.29 10.11-10.34
Closing. 10.49-10.43 10.38-10.39 10.34-10.35 10.27-10.28 10.17-10.1140.47
4prilRange_ _
10.189
10.259
10.33n
10.42n
10.46n
Closing. 10.49n
hay
10.44-10.65 10.51-10.65 10.49-10.57 10.34-10.43 10.26-10.4f
Range... 10.59-10.92
10.26-10.21
10.40-10.4110.34Closing. 10.59-10.65 10.54-10.55 10.50Tune
Range _
.
10.34n
10.42n
10.48n
10.59n
10.64n
Closing. 10.71n
7ufvRange__ 10.77-11.15 10.64-10.82 10.68-10.80 10.57-10.71 10.50-10.59 10.42-10.6E
10.57-10.51-10.42
Closing. 10.83-10.85 10.74-10.75 10.694up.
Range..
Closing.
Sept.
Range._
,
1 1
1
n Nominal.
Range of future prices at New York for week ending
Sept.29 1933 and since trading began on each option:
Option for
Sept. 1933
Oct. 1933.. 9.65
Nov. 1933
Dec. 1933_ 9.87
Jan. 1934
9.95
Feb. 1934
Mar. 1934.. 10.11
Apr. 1934
May 1934_ 10.26
June 1934_
July 1934_ 10.42
Range for Week.
Sept. 29 10.08 Sept. 23
Sept. 29 10.40 Sept. 23
Sept. 29 10.53 Sept. 23
Sept.29 10.83 Sept. 29
Sept.29 10.92 Sept. 23
Range Since Beginning of Option.
6.07
5.93
6.50
6.30
6.35
6.62
6.84
8.91
9.28
Dee. 8 1932 11.82
Dec. 8 1932 12.00
Feb. 21 1933 10.50
Feb. 6 1933 12.20
Feb. 6 1933 12.25
Feb. 24 1933 9.92
Mar. 28 1933 12.39
May 22 1933 9.80
Sept. 9 1933 12.52
July 18 1933
July 18 1933
July 21 1933
July 18 1933
July 18 1933
Aug. 28 1933
July 18 1933
May 27 1933
July 18 1933
Sept. 29 11.15 Sept. 23 9.42 Sept. 9 1933 11.78 July 27 1933
Sept. 29Stock at Liverpool
Stock at London
Stock at Manchester
1933.
bales.. 748,000
1932.
654.000
1931.
656.000
1930.
614,000
103.000
134.000
118.000
779,000
790.000
732.000
440,000
177.000
23,000
59.000
83,000
Total Continental stocks
125,000
851,000
304,000
142.000
17.000
61,000
51,000
199,000
222,000
7,000
65.000
34,000
198.000
169.000
11.000
76.000
19,000
782.000
575,000
527.000
473.000
Total European stocks
1.633.000 1,354,000 1,317.000 1,205.000
India cotton afloat for Europe
36.000
34,000
60,000
74,000
American cotton afloat for Europe 398,000 382.000 284.000 610,000
Egypt, Brazil, &c.,an't for Europe 86,000
92.000 101.000 112.000
Stock In Alexandria, Egypt
241,000 438.000 552.000 496,000
Stock in Bombay, India
652,000 686,000 559.000 538,000
Stock in U. S. ports
3 405.575 3.646,047 3,307,047 2,722,827
Stock in U. S. Interior towns
1,366,589 1,571.911 945,683 949.334
U. S. exports to-day
58.846
44.794
13.094
Total visible supply
7,901.010 8,250,752 7,112,824 6,707,161
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
400,000 301.000 252.000 211,000
53,000
65.000
40,000
Manchester stock
47.000
Continental stock
703,000 523,000 433,000 352.000
American afloat for Europe
398,000 382.000 284.000 610.000
U. S. port stocks
3,405,575 3.646.047 3,307,047 2.722,827
U.S. Interior stocks
1,366,589 1,571.911 945.683 949.334
U. S. exports to-day
58,846
44,794
13,094
Total American
6,385,010 6.533,752 5,274,824 4,892.161
East Indian. Brazil, ctc.Liverpo 1 stock
348.000 353,000 404.000 403,000
London stock
Manchester stock
50.000
60.000
94 000
71.000
Continental stock
79.000
52.000
94 000 121.000
Indian afloat for Europe
60.000
36.000
34.000
74,000
Egypt, Brazil, Sm., afloat
86.000
92,000 101.000 112,000
Stock In Alexandria, Egypt
241.000 438.000 552,000 496.000
652.000 686,000 559.000 538.000
Stock in Bombay, India
1,516.000 1,717,000 1.838.000 17815.000
Total East India, &c
6,385,010 6,533,752 5,274,824 4.892,161
Total American
Total visible supply
7.901,010 8,250,752 7,112,824 6,707,161
4.31d.
5.76d.
5.60d.
5.73d.
Middling uplands. Liverpool_
5.70c.
10.50c.
9.90c.
7.25c.
Middling uplands, New York..
10.90d.
7.17d.
Egypt, good Sakel, Liverpool_
7.99d.
9.45d.
Peruvian, rough good, Liverpool_
4.35d.
3.86d.
4.58d.
5.39d.
Broach, fine, Liverpool
4.31d.
5.50d.
5.52d.
5.36d.
Tinnevelly, good. Liverpool__
Continental imports for past week have been 81,000 bales.
The above figures for 1933 show an increase over last
week of 233,622 bales, a loss of 349,742 from 1932, an
increase of. 788,186 bales over 1931,and a gain of 1,193,849
.
bales over 1930.
-that is,
AT THE INTERIOR TOWNS the movement
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. 29 1933.
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,Clarksdal
Columbus_
Greenwood_ _
Jackson
Natchez
Vicksburg_ -Yazoo 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
runts. Sept.
IVeek. I Season. Week. 29.
Receipts.
645,
500,
3,1511
4,200
7,5711
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
1,667
3.358
10,464
16,906
11,829
1,383
7,172
14.406
1,014
9,362
2,045
13.506
1.034
6.700
7,665
4,877
58,493
4,600
4,968
858
17,941
29,869
2,522
43,085
8,466
301
3,186
9,652
19,555
423
Movement to Sept. 30 1932.
Receipts.
Week. Season.
3,406
306 5,882 1,078
571
2,874
560 5,923
1,273 36,098 2,317 10,877
18,413
282 37,675 5,716
543 25,596 12,000 46,762
3,370
10 10,630 1,523
300 24,910 3,687 12,948
19,227
4,712 16,514 5,973
346
854
136 2,240
15,008
946 42,118 7,006
29 8,512 3,634
8,378
2,208 31,394 8,945 18,876
7,689
____ 2,989 3.846
97
171 6.172
605
750 49,460 1.650
5.615
3,969175,813 1,606
9.074
1,623123,915 7,475 35,797
323 . 2,483
750 17,501
622 33,497 1,684
8,666
350 5,645
200
726
3,962 32,032 4,794 28,249
2,579 35,591 7,993 33,274
789
306 5,794
1,961
3,619 67,542 7,805 40,297
12.476
974 20,401 2,008
2,648
2 2,769 1,417
121 7,439 4,000
13,582
1,625 15,091 2.845
11,547
2 2,118
14,383
2,280
146
15 17,052
644
Ship- Stocks
ments. Sept.
Week. 30.
996 6,991
348 6.443
680 47,371
2,023 50,620
5,000 58,544
564 15,548
1,573 31,156
1,104 22,823
44 1,469
2.681 47,779
501 17,116
2.937 45,936
1,389 9.873
25 2,847
400 43,930
1,558 128,860
1.891107,780
410 21.413
689 39.344
200 8.277
5,124 70,043
6,183 69,325
317 6,650
3,670 87,063
506 26,738
429 5,693
1,000 18,259
1,169 22,775
2,125
248
1,085 12,502
34,499 50,506 18,1991 38,463 41,926 75,923 23,589 89,151
13,170 1,773 66,185
18,881 3,155 79,041 2,416
2,541
61,247 149,959 19,852302.660 76,766 232,684 91,191350,833
282
1,594
236
181
4,307 2,237 1,140
2,671
9,401 1.879 4,172
11,936 2,490 4.420 2.140
1,450
7,982
628 7,282
2,401
18.577 1,891 7,389 1,206
16,602 4,499 9,908
9,385 29,989 6,554 18,312 5,707
14,366 3,308 10,809
15,842 3,098 11,413 4,465
5,947
6,082
389 2,169
35
4,335
125 2,656
153
7,609
670 1,026
500 2,008
245
500
7,698
12,972 1,191 17,299
640 13,363 4.326
1.703
4,553
I5.497j 4,041 9,580
8,441
42,551 6,442 19,527 6,493
Total, 56 town
^--,
'Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
increased during the week 135,087 bales and are to-night
205,322 bales less than at the same period last year. The
receipts at all the towns have been 12,349 bales less than
the same week last year.
Volume 137
Financial Chronicle
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed.
Spot Market
Closed.
SALES.
Spot.
Contet. Total.
Saturday__ _ Steady,35 pts. ad v _ Barely steady__
300
__
300
Monday ___ Steady. 10 pts. dec.... Steady_ - -- --200
___.
200
Tuesday _ _ Quiet but steady_ __ Steady
200
____
200
Wednesdai. Steady, 5 pts. dec__ Easy
650
____
650
Thursday __ Steady, 10 pts. dec.. Barely steady._
600
---600
Friday
Steady, unchanged.. Barely steady-100
-_-100
0
Total week_
2,00._
2.00
Since Aug. 1
15,886 4
.700 20,86
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraph reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1933
Since
Week. Aug. 1.
2.780
19.793
Sept. 29ShippedVia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
1932
Since
Week. AU7. 1
2,125
14,926
---414
200
4,383
4.000
1.483
33.145
30.799
3
3.581
3.000
1.092
29.936
22.000
Total gross overland
11.363
Deduct SW pmen,
sOverland to N. Y., Boston, &c.-- 1.383
Between interior towns
269
Inland. &c.,from South
3.392
85.220
8,709
68,368
7.879
2.099
27.001
229
205
5.984
4.545
1.555
23.490
5,044
36.979
6.418
29.590
Leaving total net overland*- 6,319
48.241
2,291
38,778
Total to be deducted
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 6,319 bales, against 2,291 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 9,463 bales.
1933
932
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1. Week.
Aug. 1.
Receipts at ports to Sept. 29
406.645 1,763,682 322.464 1.506.266
Net overland to Sept. 29
6,319
48,241
2.291
38.778
Southern consumption to Sept. 29105.000 1.015,000
85.000
700,000
Total marketed
517,964 2,826.923 409,755 2,245.044
Interior stocks in excess
135.087
174.725 119,110
223.206
Excess of Southern mill takings
over consumption to Aug. 31
---- *190.238
*121,424
Came into sight during week
653.051
528.865
Total in sight Sept. 29
---- 2.811.410
2.346.826
North.spinn's's takings to Sept.29 29,255
151,015
22,916
145,205
* Decrease.
Movement into sight in previous years:
Week4ept. 27
1931--Sept. 26
1930
1929
-Se,1. 25
Bales.
Since Aug. 1682.683 1931
766.602 1930
716.074 1929
Bales.
2.410.333
3.679.701
3.422.592
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:
Week Ended
Sept. 29.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans- _ Mobile
Savannah
Norfolk
Montgomery_
Augusta
Memphis
Houston
Little Rock__ - _
Dallas
Fort Worth- - - -
9.90
9.91
9.73
986
9.95
9.95
9.90
9.60
9.90
9.33
9.45
9.45
9.85
9.85
9.65
9.79
9.88
9.55
9.84
9.55
9.85
9.43
9.35
9.35
9.80
9.81
9.65
9 84
9.85
9.55
9.79
9.50
9.80
9.39
9.50
9.50
9.75
9.81
9.60
975
9.75
9.50
9.76
9.40
9.70
9.30
9.45
9.45
9.65
9.70
9.50
9.66
9.65
9.40
9.71
9.40
9.60
9.21
9.35
9.35
9.60
9.64
9.50
9.65
9.65
9.40
9.68
9.35
9.60
9.17
9.30
9.30
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
I
Saturday,
Sept. 23.
Monday.
Sept. 25.
Tuesday, Wednesday, Thursday,
Sept. 26. Sept. 27. Sept. 28.
Friday,
Sept. 29.
Sept(1933)
October __I 9.90- 9.91 9.85- 9.75- 9.77 9.77- 9.66 Bid. 9.590-9.61a
Noven ber
December. 10.15-10.16 10.12-10.13 10.04-10.05 9.98- 9.91- 9.93 9.84- 9.85
Jan.(1934) 10.23 Bid. 10.22-10.23 10.12 Bid. 10.06 Bid. 10.03- 9.92 bid
February
March____ 10.40 -- 10.35-10.37 10.30-10.31 10.23-10.24 10.16
10.09-10.10
April
10.5910.53-10.55 10.47May
10.39 Bid. 10.32
10.26June
10.7810.7310.64 Bid. 10.57 Bid. 10.49 Bid. 10.40
July
August_
Tone
Steady.
Steady.
Spot
Steady.
Steady. !Barely stdy Steady
Steady. Q't but sty Barely stdy Steady.
Options- Steady.
Easier
FIRST CHINA COTTON ESTIMATE FOR 1933.
-The
"Chinese Economic Bulletin" in its issue of Aug. 19, gave the
following:
Based on reports received from the municipalities of Shanghai and
Tientsin as well as from 11 provinces, including Ilopei, Shantung, Shansi,
Ilonan. Shensi, Ilupeh, Hunan, Kiangsi, Anhwei, Kiangsu and Chekiang,
the Chinese Cotton Statistics Association has Issued its first cotton estimate
for 1933, that the total area of cotton fields amounting to 39,157,446 mow,
and the total yield of ginned cotton, 10,734,451 plaits.
2481
The above figures were compiled in accordance with crop conditions
before July 25 1933. with deductions made for subsequent possible loss
and damage.
Comparisons of the area under cotton and output during the 12 years
ending 1930, together with the estimates for 1931 and 1932, follow:
(Area 21102o).
33,037,881
28,327,297
28,216.168
33.464.595
29,554,053
28,771,577
28,121,027
27,349,727
27,610,276
31,926,311
33,811,255
37,593,012
35,468,352
34,182,747
31,637,779
37,086,775
37,079.835
37,099,800
39,157,446
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931--First estimate
Second estimate
Revised estimates
1932-1irst estimate
Second estimate
Revised estimate
1933
-First estimate
Output of
Ginned Cotton.
(Picuis.)
9,028,390
6,750,403
5,429.220
8.310,355
7,144,642
7,808,882
7,534,351
6,243,585
6.722,128
8,839.274
7,587,021
8,809,567
6,793.241
6,460.641
6,399,780
10.829,162
8,094,863
8,105,637
10,734,451
Generally speaking, the 1933 cotton crop throughout the country is
fairly good, particularly in the north-western provinces, for when sowing
took place there was sufficient rainfall, which is a matter of vital importance
In growing cotton.
The abundant rainfall also augmented the area of cotton plantations,
though several other factors, such as the cheap price of rice, more stable
political situation. &c., also had some effect. In the north. Shansi took the
lead with increased area. with Hopei, Honan, and Shensi coming next,
while Shantung showed a slight decrease of area under cotton. Increases
were seen in the provinces along the Yangtse River, including Hupeh,
Kiangsu, Anhwei, and several others. The total area of 39,157.446 mow in
11 provinces this year is the highest figure recorded during the past decade,
being over two million mow above the figure for 1932.
With the sole exception of Shantung, the cotton crop in general has been
very successful, especially in the north. The abundant rainfall and favorable
weather in Shansi. Honan, and Shensi combined to create a bountiful
harvest, that of Shensi being considered the best in recent years, with one
mow expected to yield about 200 catties of unginned cotton. All regions in
Shantung except the Tsao district will show a better crop than last year,
though the total will still be lower. In Hupeh and Hunan large crops are
expected save in those regions where inundation by Yangtse floods has
occurred. Conditions in Kiangsu. Chekiang. and Anhwei are also promising, though a slight drouth was feared. In short, this year's cotton crop
looks satisfactory, and the total amount of ginned cotton in 11 provinces,
according to this preliminary estimate, will be 10,734.451 piculs, nearly
equal to the first estimate and 2,628,814 picuis above the actual crop of
1932. According to this first estimate, the average output of ginned cotton
per mow will amount to 27.2 catties. representing an increase of 5.4 catties
as compared with the figure of 21.8 in 1932, and only slightly lower than
the 1928 yield of 27.7.
The following table gives a comparison between the cultivated area and
ginned cotton output as given in the 1933 first estimate and 1932 revised
estimate for various provinces:
1933 First Estimate.
1932 Rerised Estimate.
Cotton
Area.
(Mow).
Output of
Ginned Cotton.
(Plculs).
Cotton
Area.
(Mow).
Output of
Ginned Cotton.
(Pleats).
Hopei
Shautung
Shansi
Henan
Shensi
Hupeh
Hunan
Wangs!
Anhwei
likingsu
Chekiang
5,872,170
5,472,220
1,332,594
3,126,770
1,702,173
8,310,240
819,239
203,400
1,079,382
9,682,923
1,556,335
1,476,007
1,537,826
519,607
984,950
606,457
2,329,400
212,937
62,326
199,127
2,290,759
515,055
5,143,195
6,844,166
301,950
3,424,140
1,412,664
7,626,650
982.685
222,688
955,050
8,514,837
1,671,775
1,282,929
1,769,394
53,921
596.755
157,813
1,634,350
199,764
45,822
169,478
1,778,247
417,164
Total
39,157,446
10,734,451
37,099,800
8,105,637
COTTON GINNED FROM CROP OF 1933 PRIOR TO
SEPT. 16.
-The Census report issued on Sept. 23, compiled
from the individual returns of the ginners, shows 3,100,701
running bales of cotton (counting round as half bales and
excluding linters) ginned from the crop of 1933 prior to
Sept. 16, compared with 2,645,574 bales from the crop of
19a, and only 2,092,758 bales from the crop of 1931.
Below is the report in full:
REPORT ON COTTON GINNING.
Number of bales of cotton ginned from the growth of 1933 prior to
Sept. 16 1933, and comparative statistics to the corresponding date in
19a2 and 1931.
State.
Alabama
Arizona
Arkansas
Culitornia
Florida
Georgia
Loubiwna
Mbwourl
New Mexico
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
Running Rates
(Counting round as half bales and excl.linters.
1933.
265,598
2,010
95,109
438
14,767
414,475
177,045
254,003
3,316
427
68,491
52,779
170,280
9,301
1,572,056
606
1932.
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
1.015,096
791
1931.
192,160
5.222
30,498
6,485
22.747
344.540
104,574
77,108
2,157
421
40,323
38,352
138,150
1,356
1,088,588
77
United States
*3,100,701
*2 645.574
*2,092,758
* Includes 171,254 bales of the crop of 1933 ginned prior to Aug.
1 which was
counted In the supply fcr the season of 1932-33, compared with
71,063 and 7,307
bales of the crops 01 1932 and 1931.
The statistics in this report include 84,347
52,254 for 1932 and 56,458 for 1931. Included in round bales for 1933
the above are
of American-Egyptian for 1933; 325 for 1932; and 797 for 1931. 63 bales
The statistics for 1933 in this report are subject to revision when
checked
against the individual returns of the sinners being transmitted by
mail.
The corrected•statistics of the quantity of cotton ginned this
season prior
to Sept. 1, are 1,396,377 bales.
CONSUMPTION. STOCKS, IMPORTS AND EXPORTS
UNITED STATES.
Cotton consumed during the month of August 1933, amounted
588.570 bales. Cotton on hand in consuming establishments on Aug. to
31,
was 1,159,897 bales, and in public storage and at compresses
5,785,579
bales. The number of active consuming cotton spindles for the month
25,884.704. The total imports for the month of August 1933. were was
9,881
Financial Chronicle
2482
bales and the exports of domestic cotton, excluding linters, were 530627
bales.
WORLD STATISTICS. •
The world's production of commercial cotton, exclusive of linters, grown
in 1932, as compiled from various sources, was 22,771,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year ending July 31 1932, was approximately 22,896,000 bales. The
total number of spinning cotton spindles, both active and idle, is about
161,000,000.
-Reports
WEATHER,'REPORTS BY TELEGRAPH.
to us by telegraph this evening indicate that there have been
frequent showers during the week in many sections of the
cotton belt_and in not a few instances precipitation has
been heavy. The wet weather has delayed picking, although
this work has made good progress as a rule.
-Showers on three days interfered with
Memphis, Tenn.
picking. Marketing is now active.
Thermal;..er
Rain. Rainfall.
2 days 1.81 in. nigh 87 low 75 mean 81
hlgn 94 low 54 mean 74
dry
2 days 2.52 in. high 94 low 72 mean 83
high 96 low 72 mean 84
dry
5 days 2.02 in. high 94 low 72 mean 83
5 days 1.17 in. high 90 low 74 mean 82
4 days 1.16 in. high 88 low 76 mean 82
2 days 0.86 in. hign 94 low 70 mean 82
2 days 0.16 in. high 98 low 68 mean 83
high 94 low 66 mean 80
dry
nigh 98 low 64 mean 81
dry
4 days 1.22 In. hign 94 low 62 mean 78
3 days 0.74 in. high 100 low 62 mean 81
2 days 1.10 in. nigh 94 low 66 mean 8C:
3 days 2.52 in. nigh 98 low 72 mean 85
1 day 0.08 in. hign 92 low 58 mean 75
low
3 days 0.29 in. hign 92 1w gg mean gli
Paris,
3 days 1.94 in. hign 94
4 days 1.97 in. hign 94 low 72 mean 83
3 days 0.60 in. high 96 low 70 mean 83
2 days 1.14 in. high 98 low 68 mean 83
2 days 1.44 in. high 94 low 56 mean 75
1 day 0.06 in. hign 96 low 57 mean 77
4 days 1.44 in. high 94 low 70 mean 82
4 days 1.46 in. high 88 low 62 mean 75
2 days 0.40 in. high 94 low 60 mean 77
1 day 0.15 in. nigh 91 low 61 mean 76
0.12 in. nigh 98 low 52 mean 75
1 day
2 days 1.11 in. high 94 low 74 mean 82
2 days 1.06 in. nigh 94 low 64 mean 79
2 days 0.91 in. high 97 low 54 mean 76
0.01 in. high 94 low 54 mean 84
1 day
2 days 0.16 in. high 92 low 62 mean 77
high 91 low 59 mean 75
dry
1 day 0.01 In. nigh 96 low 62 mean 79
0.74 in. hign 94 low 59 mean 77
1 day
high 90 low 72 mean 81
dry
4 days 1.62 in. nigh 90 low 72 mean 81
nigh 86 low 68 mean 17
0.10 in.
1 day
high 92 low 64 mean 78
dry
high 97 low 58 mean 78
dry
1 day 0.04 in. high 92 low 66 mean 79
nigh 92 low 60 mean 76
dry
hign 90 low 58 mean 74
dry
1.02 In. nigh $S low 71 mean 8.0
1 day
high 93 low 55 mean 74
dry
high 92 low 60 mean 76
dry
hign 92 low 59 mean 76
dry
nigh 88 low 48 mean 68
dry
hign 92 low 61 mean 71
dry
1 day 0.18 in. high 93 low 61 mean 77
1 day 0 18 in. high 94 low 66 mean 80
high 94 low 52 mean 73
dry
high 88 low 68 moan 77
dry
3 days 0.47 in. high 96 lo,v 65 mean 78
0.22 in. high 90 low 56 mean 13
1 day
2 nays 0.42 in. high 92 low 00 mean 76
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi. Tex
Dallas. Tex
Del Rio, Tex
El Paso, Tex
Henrietta. Tex
Kerrville, Tex
Lampasas, Tex
Longview, Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Tex
San Antonio, Tex
Taylor, Tex
Weatnerford, Tex
Okia..oma Uty, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus. Miss
Meridian. Miss
Vicksburg, Miss
Mobile, Ala
Birmingnam, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Savannah,(la
Atnens, Lia
Atlanta, Oa
Augusta, Ga
Macon, Oa
Charleston, S. C
Greenwood, S.0
Columbia. S. C
Conway, S. C
Asheville, N. C
Cnarlotte, N.C
Newbern, N. C
Raleigh, N. C
Weldon, N. C
Vvlimington, N. C
Memphis, Tenn
Chattanooga, Tenn
Nashville. Tenn
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:
1933. Sept.30 1932.
Sept.
Above zero of gaugeAbove zero of gauge..
Above zero of gauge..
Above zero of gaugeAbove zero of gauge..
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
29
Feel.
2.5
5.9
9.6
7.2
6.6
Feet.
1.8
3.8
9.0
3.7
5.9
Receipts at Ports.
1933.
1932.
1931.
1933.
1932.
1931. 1 1933.
1932.
877.6051 27,035 25,367
854,340
833,586
818,425
798,241
1932.
1933.
Cotton Takings,
Week and Season.
Season.
Week.
Season.
Week.
7,567,388
Visible supply Sept. 22
7,632.242
Visible supply Aug. 1
653,051 2,811.410
American in sight to Sept. 29.
89.000
3.000
8
Bombayreceipts to Sept. 2
105.000
1.000
Other India shipls to Sept. 28
62,400
32.000
Alexandria receipts to Sept.27
74.000
6,000
Other supply to Sept. 29*b
8,070,492
7,791.048
528.865 2,346,826
238.000
19,000
47.000
3.000
45.000
20,000
90,000
8.000
8,262,439 10.774,052 8,649,357 10,557.874
Total supply
DeductVisit:de supply Sept. 29
7.901,010 7,901,010 8,250,752 8,250.752
398.605 2.307.122
361,429 2,873,042
Total takings to Sept.29_a__.
247,605 1,711.122
292.429 2;68.642
Of which American
596,000
151,000
604,400
69,000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1,015,000 bales in 1933 and 700,000 bales in 1932-takings
-and the aggregate amounts taken by Northern and
not oeing available
foreign spinners, 1,858,042 bales in 1933 and 1,607,122 bales in 1932 of
which 1.253.642 bales and 1,011,122 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1931.
1933.
1932.
Since
Week. I Aug. 1.
Sept. 28.
Receipts at
Since
.
Week.lAug 1.
89,000 19,000
3,000
Bombay
Exports
from-
238,000
Since
Aug. 1.
Week.
6,000
112,000
Since Aug.1.
For the Week.
Great
Great I Conti- Japan&
BrUain.I nest. China. Total. Britain.
Bombay
1933
1932
1931
Other India
1933
1932
1931
1.000
1,000 2,000
6,000 2,000
Total all
1933
1932
1931
10,000
2,000
14,000
2,000 12,000
7,000 4,000 13.000 24,000
9.000
1,000 8,000
11,000
1,000 10.000
1,000 2,000 13:600 16,000
6,000
3,000
4,000
1,000
3,000
8,000
32,000
15,000
25,000
Caul Japan &
China.
nent.
Total.
58,000 35,000 99,000
27,000 106,000 136,000
32,000 238,000 274,000
105,000
47,000
69,000
73,000
32,000
44,000
35,000 204,000
38,000 131,000
18,000 59.000 106,000 183,000
29,000 76,000 238.000 243.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
16,000 bales. Exports from all India ports record a decrease
of 4,000 bales during the week, and since Aug. 1 show an
increase of 21,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
1933.
1932.
1931.
160.000
309.379
100,000
223,332
140.000
782.162
Exports (Sties)-
This Since
Week. Aug. I.
This Since
Week. Aug. 1.
This
Since
Week. Aug. 1.
To Liverpool
To Manchester, &c
To Continent and India_
To America
4,000 15,076
13,911
9.000 57.49
1.000 8,811
2,000 12,814
--- 8.622
7,0811 58.071
---- 4.300
2,000 15,605
--- _ 13.036
5.030 88,147
- __ 2.442
Alexandria, Egypt,
Sept. 27
Receipts (Cantars)This week
Since Aug. 1
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
yarns is firm and cloths is steady. Demand for yarn is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
32s Cop
Twist.
1931.
Nll
Nil
47,049 13,0441
Nil
55,79 10,987
1,143
97,662 4,52
64,451 52,884 20,743
Nil
776.015 57.227 79,362
755.510 51.108 56.075 3.518
743,005 82,275 66.032 36.901
734,805121,850 86,882 72.600
1
725,430209,142 146,525117,587
728,548195,138 193.916170.559
749.994 309,710 307,999 263,246
811,978408.033 356,228 384.682
945,683541.732441.574 579,611
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 1,938,409 bales;
in 1932 were 1,674,568 bales and in 1931 were 1,628,713
bales. (2) That, although the recetpts at the outports the
past week were 406,645 bales, the actual movement from
plantations was 541,732 bales, stock at interior towns
having increased 135,087 bales during the week. Last year
receipts from the plantations for the week were 441,574
bales and for 1931 they were 579,611 bales.
1932.
1933.
Stocks at Interior Towns. 'Receiptsfrom Plantations
June
30__ 75,954 M,758 17,6021,343,684 1.430,56
July
.._ 80,277 34,4311 13,152 1,310,456 1,409,172
14_ 82,935 31,2951 16.170 1,283,311 1.388.864
2L_125,404 3l,53ft 16,304 1,255.569 1.361,854
28__ 103,031 62,4681 40.92711.204.989 1.352.270
Aug.
4_ 96,563 98,638 12,9861.177,6531.332.994
II__ 77.524 75.602 24,023 1.151,524 1,313,467
18-.103,437 85,716 49.4061 213,9731,293,783
25__ 142,921 111,142 80,80911,109,002 1,269,523
Sept.
1-- 206,619 154.553 126,96211,111.525 1,261,495
8-- 188.484 183,676 167,441 1,118,779 1.271,735
15... 276,295 235,434 241,800 1352.2141.344,300
22_ _ 328,745 255,127 322,698 1,231,502 1,452,801
29_ _ 6,645322,464445,906 1.366,589 1,571,911
WORLD'S SUPPLY AND TAKINGS OF COTTON.
14.000 95,291 9.000 83.807 7,000119.230
Total exports
-A cantar Is 99 lbs. Egyptian bales weigh about 750 pounds.
Note.
This statement shows that the receipts for the week ended Sept. 27 were
160,000 cantars and the foreign shipments 14.000 bales.
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ended
Sept. 30 1933
32s Cop
TIOLIt.
81.4 Lbs. Shirt- Cotton
ings, Common MIddrp
Uprels.
to Finest.
.d.
d.
9,4010% 87 0 9 1
6.38
7i@0}4 81 @
4
4.65
0
0
0
0
4
4
4
4
4.87
4.66
4.56
467
0 4
0 .5
0 6
0 0
4.69
5.51
5.76
6.45
2
0
6
6
6
6.57
6.38
5.88
6.07
5.73
d.
June
30____
July
7....
14____
21._
28._
Aug.
4...
1118____
25____
Sept.
1____
R _
15___
22..._
29____
sy, Lbs. Shirt- Cotton
digs. Common Middle
UpPds.
to Finest.
e. d.
e. d.
d.
d.
e.d.
954010%
111'i010%
9)401034
9%01034
87
87
87
87
09 1
09 1
091
09 1
8.40
6.33
6.23
6.47
8140 9%
8 0 94
7340 9%
7m© 9H
8
8
8
8
9%01034
934010)4
834 1410
814010
87
87
84
84
09 1
09 1
40 8 6
08 6
6.25
5.90
5.66
5.53
7340 914
844010H
8%010
93401154
8 1
82
83
87
9 010%
8340 934
834010
834010
814010
84
83
83
84
84
08 6
085
085
08 6
08 8
5.60 934011)4 8 7 0
5.38 103401174 8 5 0
5.47 93401034 8 3 (4
83 0
5.42 9%011
5.60 94401014 8 3 0
1
1
1
1
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 212,391 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Bales.
300
BEAUMONT-To Bremen-Sept. 22-Heddernhelm,300
100
Liverpool-Sept. 19-Delftdi1k, 100
-To
LOS ANGELES
500
-Vancouver, 500
To Bremen-Sept. 19
800
-800
-President Hayes
To Japan-Sept. 25
.Sept.
-To Bremen-Sept. 23-Taransay, 600..
CHARLESTON
5,750
-Tulsa,5,150
25
36
-Tulsa. 2023-Taransay, 16---Sept. 25
To Hamburg
-Sept.
Financial Chronicle
Volume 137
Bales.
2,346
662
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Sept. 8. Sept. 15. Sept. 22. Sept. 29.
48.000
53.000
43,000
46.000
747,000 721.000 743,000 748.000
388,000 368.000 398.000 4(:O,004.)
46.000
19.1,00
74.000
59.000
18,000
4,000
61,000
33,000
180,000 222,000 179,000 174.000
91,000 134,000
92.000
99,000
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, { A large
12:15
business
P.M.
doing.
mid.Uprds
Monday.
A fair
business
doing.
Tuesday. Wednesday. Thursday.
Quiet.
Moderate
demand,
Moderate
demand.
Friday.
Quiet.
5.51d.
.5.55d.
5.59d.
5.61d.
5.58d.
5.650.
Futures.( Steady, Quiet but Steady,
Steady.
Steady,
Steady
6 to 9 pta.steady,8 to 2 to 3 pts. 4 to 5 pta. 3 to 5 pts. 1 to 2 pta.
Market
advance. 9 pta. adv. decline,
opened
decline,
decline.
decline.
Market, I Quiet but Steady,
Steady, Quiet but Steady,
Steady
steady,7to 6 to 8 pta. 1 to 2 pta. steady, un. 3 to 4 pta. 4 to 6 pta.
4
P. M. 8 pta. adv. advance, decline. ch'ged to 1 decline. advance.
1st. decline.
Sat.
I
Mon.
Tues.
Wed,
Thurs.
Fri.
12:1512:3012:15 4:0012:15 4:0012:1. 4:0012:15 4:0012:15 4:00
p. m.p. m.p. m.p. m.p. m..p. m.is. m p. m.p. m.p. m.p. m p.m.
New Contract. d. d. I d. I
October (1933)... __ 5.42 5.47
January (1934)... __ 5.45 5.51
March
5.50 5.56
May
5.53 5.59
July
. 5.57 5.63
October
5.61_ __
December
5.64__ __
January (1935) _ __ 5.65 __ __
March
5.69__ __
May
5.72 __ __
July
5.76.... __
d.
d. I
5.48 5.43
5.53 5.48
5.57 5.52
5.61 5.56
5.65 5.60
5.68.. __
572... __
5.73__ __
5.77__ __
5.80._ __
5.84... __
d.
5.46
5.51
5.55
5.59
5.63
5.67
5.70
5.71
5.75
5.78
5.82
VS32g2 : : H :I
27-San
Sept. 23
to
Sept. 29.
1
GALVESTON-To Havre-Sept. 20
-Effingham, 2,346
To Ghent
-Sept. 20
-Effingham, 662
To Rotterdam-Sept. 20-Eff1ngham. 219......Sept. 27-Boschdigt, 1,080
1,299
To Bremen-Sept. 16-Kersten Miles, 1.043-Sept. 22Abana, 6.55--Sept. 28-Drachenfels, 4,313
6,011
To Gothenburg-Sept. 21-Lagaholm. 436
436
To Copenhagen-Sept. 21-Lagaholm, 225
225
To Gdynia-Sept. 21-Lagaholm. 1.065
1,065
To Japan-Sept. 21-Buenos Aires Maru, 5,375; Addl Fernmoor, 2,000
7,375
To Liverpool-Sept. 22
-Adolf Leonhardt, 985
985
To Genoa-Sept. 23
-Ida Zo, 1,360
1,360
To Naples
-Sept. 23
-Ida Zo, 249
249
NEW ORLEANS
-To Liverpool-Sept. 20
-Chancellor, 5,752- - 5.752
To Venice-Sept. 24
--Giulia, 1.947
1.947
To Manchester-Sept. 20
-Chancellor, 2,629
2,629
To Dunkirk-Sept. 25-Stureholm, 150
150
To Genoa-Sept. 23-Monstella, 2,929-Sept. 27-Tapti,
1,800
4.729
To Trieste-Sept. 24-Giulla, 550
550
To Leghorn-Sept. 23-Monstella, 100
100
To Japan-Sept. 22-Elmbank, 3,085
3,085
To Oporto-Sept. 26-Yaka,75
75
To San Salvador-Sept. 20-Turrialba, 50
50
To Gdynia-Sept. 25-Stureholm, 200
200
To Gothenburg-Sept. 25-Stureholm, 50
50
HOUSTON-To Genoa-Sept. 19-Tapti, 10.600...Sept. 22
Ida Zo, 1,723... Sept. 28
-West Gambo, 659
12.982
To Liverpool-Sept. 26
-West Chatala, 9,627
9,627
To Manchester-Sept. 26
-West Chatala, 3.253
3,253
To Havre-Sept,22
-Effingham.3.091_ _ _Sept.25
-San Pedro.
3.803_ __Sept. 27
-San Francisco, 3447...Sept. 28
Duquesne,3.252
13,593
To Oslo-Sept, 28-Blankaholm, 100
100
To Dunkirk-Sept.22
-Effingham,65. __Sept.25
-San Pedro,
800_ _ _Sept.
Francisco, 221._ -Sept. 28-Blankaholm,860
1,946
To Bordeaux-Sept. 22
-Effingham. 70
70
To Ghent
-Sept. 22
-Effingham,689--Sept. 25
-San Pedro,
300---Sept.27
-San Francisco,544 ..Sept. 28
-Duquesne,
1,164
2,697
To Rotterdam-Sept. 22
-Effingham, 181_ -Sept. 25-Boschdijk, 1.670 _Sept. 28
-Duquesne, 300
2,151
To Salonica-Sept. 22
-Ida Zo, 27
27
To Barcelona-Sept. 28
-West Gambo, 1,598
1.598
To India-Sept. 22
-Ida Zo, 500
500
To Gothenburg-Sept. 23-Lagaholm, 1,664._ -Sept. 28Blankaholm, 418
To Copenhagen-Sept. 23-Lagaholm, 475... Sept. 28- 2,082
Blankaholm, 417
892
To Gdynia-Sept. 23-Lagaholm, 2,842.... Sept. 28-Blankaholm, 2,863
5,705
To Japan-Sept. 23-Fernmoor, 2,686- _Sept. 27
-Liberator,
18.200._ -Sept. 28-Elmbank, 8.970...Sept. 28
-Santa
Clara Valley, 2.784
32,640
To China-Sept. 23-Fernmoor, 2,562_.Sept. 28
-Santa
Clara Valley,925
To Antwerp-Sept, 25-Boschdijk, 150--Sept. 28-Du- 3.487
queme,70
220
To Bremen-Sept. 26-Heddernhelm, 1,993---Sept. 28.5.650
7,643
To Hamburg-Sept.26-Heddernheim,57
57
CORPUS CHRISTI
-To Dunkirk-Sept. 23
-Duquesne, 350.--350
To Ghent
-Sept. 23
-Duquesne, 192
192
To Rotterdam-Sept. 23-Duquesne,550
550
To Havre-Sept. 23-Duquesne, 2.357
2.357
To Barcelona-Sept. 23
-Duquesne, 10
10
To Liverpool-Sept. 26
-West Cohas, 7.043
7,043
To Manchestor--Sept. 26
-West C bas, 3,350
3,350
To Bremen-Sept. 26
-Chester Valley, 1,585.
1,585
To Gdynia-Sept:26
-Chester Valley, 200
200
To Genoa-Sept. 26
-Ida Zo,3.288
3.288
To Japan-Sept. 27-Sheafholm, 10,495
10,495
NEW YORK-To Rotterdam-Sept. 22-Veendam,36
36
PANAMA CITY-To Liverpool-Sept. 25
-Yalta, 1,244
1.244
To Manchester-Sept. 25
-Yaks,200
200
To Bremen-Sept. 25
-Alma, 1,826
1,826
To Rotterdam-Sept. 25
-Alma,36
36
NORFOLK.
-To Liverpool
-(7)
-Manchester Exporter, 50._._(?)
-Clairton, 150
200
To Manchester-(7)
-Clairton, 150
150
To Bremen-(?)-City of Norfolk, 175
175
SAVANNAH.
-To Bremen-Sept. 26
-Tulsa, 3,107-Sept. 27Dakotian, 4,504
7.611
To Gdynia-Sept. 26-Thode Fagelund, 675
675
To Liverpool-Sept. 27-Dakotian, 1,829
1,829
To Manchester-Sept.27-Dakotian, 1,065
1,065
To Rotterdam--Sept. 27-Taransay, 500
500
PENSACOLA.-To Liverpool-Sept. 26-Yaka,3,175
3,175
To Manchester
-Sept,26-VaW 868
868
To Trieste--Sept. 23
-Alberta, 100
100
To Rotterdam-Sept.26
-City of Alma, 100
100
To Bremen-Sept. 26
-Patrick Henry, 1,566
1,566
To Japan-Sept. 26
-Patrick Henry, 1.800
1,800
TEXAS CITY.
-To Bremen-Sept. 28-Abana, 1,046
1,046
To Gdynia-Sept.28-Abana,200
200
LAKE CHARLES.
-To Bremen-Sept.23-Heddernhelm,2,668- 2,668
To Havre-Sept. 26
-City of Joliet, 1.850
1,850
To Dunkirk-Sept. 26
-City of Joliet, 156
156
To Ghent
-Sept. 26
-City of Joliet. 500
500
To Rotterdam-Sept. 26
-City of Joliet, 300
300
To Antwerp-Sept. 26
-City of Joliet, 50
50
JACKSONVILLE.
-To Manchester-Sept.23-Dakotian,83
83
To Rotterdam-Sept, 25-Wildwood, 100
100
To Antwerp-Sept, 25-Wildwood, 100
100
BRUNSWICK.
-To Bremen-Sept. 28
-Tulsa, 2,676
2,676
Total
212,391
2483
Prices of futures at Liverpool for each day are given below:
d. d.
5.46 5.43
5.50 5.47
5.55 5.51
5.58 5.55
5.62 5.59
5.66__ __
5.69.... __
5.70 __ __
5.74... __
5.77-- __
5.81__ __
d.
d.
.5.43 5.45
5.47 5.49
5.51 5.53
5.55 5.56
5.59 5.60
5.62 ____
5.66 ____
5.67 ____
5.71 -___
5.74 -_-_
5.78 ____
d.
5.48
5.53
5.57
5.60
5.64
5.67
5.71
5.72
5.75
5.79
5.83
BREADSTUFFS.
Friday Night, Sept. 29 1933.
FLOUR continued quiet. There was a small increase in
production at the big mill centers, but the total output
continues below last year. On the 20th inst. bakers' patents
declined 10c., but there was a rise in this grade of 5e. on
the following day. On the 28th inst., however, there was
another decline of 5c. on bakers' patents. Other grades
remained unchanged.
WHEAT fluctuated irregularly during the week, but
wound up slightly higher than a week ago. Developments
at Washington controlled the market. On the 23rd inst.
prices ended 23 to 2%c. higher, on good buying by Eastern
interests, owing to the bullish reports on inflation from
Washington and indications of unsettled weather over the
Canadian West. The technical position was stronger.
Winnipeg was lc. higher.
On the 25th inst. prices recovered an early loss of about
3c., and ended %c. higher. Discouraging news from Washington over the week-end and a weaker stock and cotton
market led to general selling early in the day, but buying
later on by Eastern interests and rumors that important
news would be announced from Washington. There was
also some covering of shorts on the reduction in the primary
movement to less than 1,000,000 bushels. The visible supply
in the United States showed an increase of 323,003 bushels,
the total being 147,012,000 bushels. Winnipeg closed unchanged to %c. higher on good buying by exporters owing
to unfavorable weather. On the 26th inst. prices lost about
3c. of an early advance, and ended 2% to 2%c. lower, owing
to heavy hedge selling. Spreaders were selling in Chicago
against purchases in outside markets. Good buying by
Eastern interests caused the early strength. Reports from
Canada stated that rains and snow in northern sections will
further delay threshing. Winnipeg was weaker, with export
demand small, and hedging pressure heavy. Cash demand
here was better and prices firmer.
The Dominion Bureau of Statistics reported that export
clearances of wheat from Canada in the week ended on
Sept. 22 were 3,887,203 bushels, compared with 3,195,239
in the previous week and 0,679,162 in the same week of
1932. Canadian wheat in store on Sept. 22 was 217,122,839
bushels compared with 211,920,187 bushels the week before
and 175,673,470 bushels a year ago. Canadian wheat in
store in the United States was 4,616,293 bushels compared
with 7,794,063 bushels a year ago; wheat in transit on the
Great Lakes totaled 4,614,522 bushels against 8,173,000
bushels a year ago, and United States wheat in Canada
3,677,334 bushels against 8,667,807 bushels a year ago.
On the 27th inst. prices ended 1 to 1%c. higher after
early weakness. Selling was general in the early trading
owing to the weakness in stocks and lower Winnipeg cables
than due, but subsequently came a rally on short covering
and buying by Eastern interests caused by rumors that an
important announcement on the monetary situation was to
be made by President Roosevelt. On the 28th inst., after
backing and filling over a moderate range, prices ended %
to 1%c. lower, under liquidation influenced by the fact
that the expected important announcement by President
Roosevelt on inflation failed to materialize. The technical
position was weaker and support was lacking. The decline
was checked to some extent by mill buying on the dips.
Winnipeg was 1% to 1%c. lower, with May down to a new
low for the season.
To-day prices advanced early, owing to expectations of
favorable Washington news, stronger foreign markets,
firmer sterling, a big export business, and less favorable
crop advices, but later on came a recession owing to weaker
securities and scattered liquidation, and prices ended at a
net decline of % to %c. Western operators were good
buyers early in the day, and there was some Eastern demand. On balance, however, Eastern interests sold, and
there was somd selling by the Southwest. On the other
hand, Canadian crop reports were less favorable. Many
believe that the estimates of 268,000,000 bushels for Western
Canada are too high, based on late threshing returns, and
it was said that unfavorable weather lowered the quality.
The quality of Russian wheat was reported rather unsatisfactory. The crop in Spain was estimated at more than
50,000,000 bushels less than harvested last year. Final
prices show an advance for the week of % to %c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
105 10634 103 104 10234 10234
No. 2 red
2484
Financial Chronicle
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
8831 8831 8631 8731 8631 8631
8931
9234 9231 9031 9131 90
December
94
9631 9631 9434 9534 94
May
Season's Low and When Made.
Season's High and When Made.
Jan. 3 1933
July 17 1933 September... 451
September_ -1203-4
Apr.28 1933
July 18 1933 December --- 68
December ---124
Sept.il 1933
883
July 18 1933 May
May
128%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
62%
61
64g 63
6634 66
October
6331
64 31 62
65
67% 67
December
6931 6731 67%
72% 7231 70
May
CORN was under the influence of wheat, with trading
4c.
rather quiet. On the 23rd inst. prices advanced 1% to 17
on good buying by commission houses owing to the proposed
plan for reducing next year's acreage. Yet the weather was
favorable for the maturing crop, and country offerings to
arrive were somewhat larger. On the 25th inst. prices ended
%c. lower to 4c. higher. Commission 'houses were selling.
Local operators bought on the decline. Country offerings
/
were small. On the 26th inst. prices ended 114 to 1%c.
lower, with wheat down and increased country offerings
causing some liquidation.
4
3
On the 27th inst. prices closed / to %c. higher, on strong
support influenced by the rise in wheat. On the 28th inst.
4c. lower in a sluggish market.
prices closed 1% to 1Y
Hedging pressure depressed prices. Cash interests and
commission houses sold. Country offerings to arrive were
larger, receivers booking 134,000 bushels overnight.
To-day prices ended % to %c. net higher, or about %c.
under the best prices of the day. Some were buying corn
against sales of wheat. Receipts were rather large. Charters were made for 200,000 bushels of corn. Final prices
are Ye. lower to %c. higher for the week.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
6231
6331 62
6431 54% 63
No.2 yellow
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
46g
4731 46
4831 47
48
September
5031 50
5031 51
5231 52
December
57% 57' 5631 56
58
59
May
Season s High and When Made. I Season's Low and When Made
Feb 28 1933
July 17 19331September....2631
September __7131
Apr. 28 1933
July 17 19331December_ _ _ _38%
December_ __ _77
5331
Aug. 17 1933
July 17 19331May
May
82
OATS were rather quiet during the week, and prices
followed those of wheat for the most part. On the 23rd
inst. prices followed those of other grain upward and ended
lc. higher. Cash interests were buying the near months.
4c. lower.
On the 25th inst. prices ended unchanged to Y
Cash interests were buying while commission houses sold.
On the 26th inst. prices ended % to 1%c. lower, with other
grain weaker. On the 27th inst., after early weakness,
2
1c.
prices rallied and closed % to / higher, in sympathy with
the rise in wheat. On the 28th inst. prices declined % to
%c. lower with other grain, in light trading.
c.
2
1
To-day prices ended %c. lower to / higher in a quiet
market. Final prices show a rise for the week of % to %e.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
4931 4931 4834 4831 4831 4834
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3631 36
36q 37
3731 37
September
3931 39% 39
4031 4031 39
December
42
43
44% 44
4334 43
May
Season's Lou and When Mad
Season's High and When Made
Feb. 28 1933
September _...,4931July 17 1933 September . .163-4
May 22 1933
December.._ ...5234July 17 1933 December_ _ _ .25q
3834
Aug. 17 1033
July 17 1933 May
May
5631
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
3334 3434 3231 3131 3031 30%
October
3431 3431 333.4 3231 3131 31%
December
RYE followed other grain, and in the end showed a slight
advance. Trading was light. Reports of further purchases
of Canadian rye to go to Chicago affected the market at
/0. higher, in
times. On the 23rd inst. prices ended % to 11
response to the rise in other grain. Profit-taking at times
1c.
/
4
was heavy. On the 25th inst. prices ended 2Y to 22 higher
on good buying by Eastern interests and less pressure to
sell. On the 26th inst. prices ended 3 to 3%c. lower. Reports that another cargo of Canadian rye had been purchased to come to Chicago caused selling. The market was
under considerable pressure all day. On the 27th inst.
prices followed those of other grain, and after an early
4
decline rallied later and ended 1 to %c. higher. On the
28th inst. prices declined % to 1%c., in response to the
weakness in wheat and reports that more Canadian rye
had been bought to go to Chicago. To-day prices ended %
4c.
to %c. higher. Final prices for the week are Y lower
to 1%c. higher.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
67
6931 6631 6631 6531 6631
September
71
7131 6934 693
7131 74
December
7731 7734 7631 7631
May
7731 81
and When Made. I Season's Low and When Made.
Seawn's High
Apr. 1 1933
July 19 1933 September _ _4l yi
September _ -10534
May 5 1933
July 19 1933 December- - _51
Decenaber_ _ 1 11 %
71
Aug. 17 1933
July 19 1933 May
May
11631
PRICES OF RYE FUTURES IN WINNIPEG.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs, Fri.
4931
5331 5431 5231 ssx 50
October
5631 5431 5434 5131 5131
55
December
PRICES OF BARLEY FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
5434 5631 5331 543.1 53q 54%
September
5831
603-4 5734 5831 57
59
December
65% 6231 6331 63
6331
64
May
FUTURES IN WINNIPEG.
DAILY CLOSING PRICES OF BARLEY
Sat. Mon. Tues. Wed. Thurs. Fri.
34
3731 3731 3634 3536 32
October
37
344 3534
3931 3931 38
December
Sept. 30 1933
Closing quotations were as follows:
GRAIN,
Oats. New York
Wheat, New York4831
No. 2 white
2 red, c.i.f., domestic_ _102%
No.
4734
No. 3 white
Manitoba No.1,f.o.b. N.Y- 7131
Rye.No.2,f.o.b.bond N.Y_ 5631
nom'l
Chicago, No.2
Corn. New YorkNo.2 yellow, all rail
6231 Barley
N. Y.,47% lbs. malting- 7131
61%
No.3 yellow,all rail
60(8i80
Chicago, cash
FLOUR.
$5.15- $5 40
Spring pats., high protein $6.90-$7.15 Rye flour patents
6.60- 6.83 Seminole, bbl.. Nos. 1-3 7.90- 8.40
Spring patents
2.4')
6.30- 6.55 Oats goods
Clears, first spring
1.70
Soft winter straights.-- 5.70- 6 23 Corn flour
Hard winter straights.-- 6.50- 6.70 Barley goods
4.00
Coarse
6Y5- 7.10
Hard winter patents
Fancy pearl.Nos.2.4.k7 5.50- 5.70
5.75- 6.10
Hard winter clears
For other tables usually given here see page 2412.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 23, were as follows:
United StatesBoston
New York
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolls
Peoria
Chicago
afloat
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
"
afloat
On Canal
GRAIN STOCKS.
Oats,
Corn,
Whea ,
bush,
bush,
bush,
7,000
265,000
484,000
78,000
37,000
126,000
474,000
37,000
11,000
1.747,000
30,000
110,000
334,000
19,000
475,000
810,000
67,000
6,867,000
18,000
44,000
2,242,000
5,777,000
558,000
4,674,000 2,707,000
553,000
37,606,000 2,961,000
10,105,000 7,240,000 2,622,000
518,000
471,000
826.000
607,000
5,840,000 2,281,000
1,091,000 1,671,000 1,091,000
383,000
406,000
27.000
6,913,000 17,190,000 6,128,000
1,242,000
407,000
182,000
987,000 2,603,000 3,285,000
29,235,000 2,548,000 17,212,000
22,693.000 3,805,000 10,561,000
21,000
5,000
345,000
5,222,000 8,584,000 1,654,000
899,000
4,157,000
82,000
115,000
Rye,
bush.
1,000
11,000
12,000
7,000
Barley,
bush.
10,000
3,000
9,000
3,000
80,000
202,000
11,000
30,000
77.000
20,000
50,000
67,000
10,000
4,000
64,000
3,634,000 1,490,000
1,396,000
761,000
32,000
3,659,000 8,418,000
2,695,000 2,683,000
15,000
25,000
863,000
1,101,000
Total Sept. 23 1933-147,612,000 56,261,000 46,559,000 12,914,000 14,535,000
Total Sept. 16 1933_ _ _147,249,000 55,411,000 45,428,000 12,634,000 14,651,000
Total Sept. 24 1932_185,972,000 17.850,000 26,342,000 9,035,000 6,382,000
-Bonded grain not included above: Wheat, New York, 213,000 bushels;
Note.
New York afloat, 123,000: Buffalo, 1,771,000: Buffalo afloat, 503.000: Duluth,
127,000: Erie, 1,987,000: Canal, 1,321,000; total, 6,045,000 bushels, against
7,714,000 bushels in 1932.
Barley,
Rye,
Oals,
Corn,
Wheat,
bush.
bush.
bush,
bush,
bush,
CanadianMontreal and other water
807,000
957,000
2.615,000
37,986,000
points
3,448,000 2,713,000 4,413.000
Ft. William & Pt. Arthur 64,444,000
107,000
554,000
960,000
11,816,000
Other Canadian
7,032,000 3,777,000 5,774,000
Total Sept. 23 1933.-114,246,000
6,596.000 3,987,000 5,435,000
Total Sept. 16 1933-109,918,000
2,924,000 3,997,000 1,934,000
Total Sept. 24 1932.-- 92,068,000
Summery
147,612,000 56,261,000 46,559.000 12,914.000 14,535,000
American
7,032,000 3,777,000 5,774,000
114,246,000
Canadian
Total Sept.23 1933_261,858,000 56,261,000 53,591,000 16,691,000 20,309,000
Total Sept. 16 1933_257,207,000 55,411,000 52,024,000 16,621,000 20,086,000
Total Sept. 24 1932_ 278,040,000 17,850,000 29,266,000 13,032,000 8,316,000
The world's shipment of wheat and corn, as furnished by
Broomnall to the New York Produce Exchange, for the week
ending Friday, Sept. 22, and since July 1 1933 and July 2
1932, are shown in the following:
Corn.
Wheal.
Exports.
North Amer_
Black Sea_ _
Argentina_ _ _
Australia __
India
Oth. countr's
Week
Sept. 22
1933.
Since
July 1
1933.
Bushels.
4,948,000
2,376,000
2,003,000
2,044,000
Bushels.
47,701,000
5,832,000
37,179.000
23,149,000
Since
July 2
1932.
Week
Sept. 22
1933.
Since
July 1
1933,
Since
July 2
1932.
Bushels. Bushels.
Bushels. Bushels.
603,000
56,000
5,000
66,140.000
5,003,000 1,224,000 12,875,000 7,337,000
9,502,000 4,213,000 52,447,000 72,214,000
18,369,000
720,000 5,888,000 9,429,000
42,000
1,422,000 5,553,000
108,448,000 5.484,000 66.800,000 85,707,000
Total ____ 12,091,000 119.549.000.
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
SEPT. 27.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended Sept. 27, follows:
Early in the week showers occurred over considerable areas of the Northeast, extending to the western Lake region and Middle Atlantic States, but
thereafter generally fair weather prevailed until the latter part of the period,
when widespread rains occurred over Central and Northern States east of
the Rockies. On the morning of the 20th a sharp drop in temperature was
reported from the interior valleys, but a reaction to warmer was rapid,
with abnormally high temperatures in Central and Eastern States the
latter part of the week. At its close a cool wave had overspread the North-hour drop in temperature of 20 to 30 degrees over conwest, with a 24
siderable areas. Freezing weather occurred in North Dakota, western
South Dakota and from Wyoming northward and northwestward. The
lowest temperature reported from first-order stations was 26 degrees at
Sheridan, Wyo., and Kalispell, Mont., on the morning of the 26th. In
more southern districts the weekly minima ranged from 60 degrees to the
low 70's.
Chart I shows that the temperature for the week averaged above normal in all sections of the country except the far Northwest and more western districts. In the central and southern trans-Mississippi States the
plus departures from normal ranged from 6 to 10 degrees, while in the
East they were generally from 3 to 6 degrees. The weekly means were
decidedly subnormal in the interior of the Pacific Northwest and wer., relatively low in central and southern Pacific sections, except locally.
Chart II shows that rainfall was moderate to substantial in most Places
from the lower Missouri and Ohio valleys northward and also in much of
the Northeast. The heaviest falls occurred in southern Iowa, some adjoining sections, and places in the Ohio Valley. A largo area of the SouthGreat
east had practically a rainless week, while at most stations in the North
Plains there was no rain at all, or the amounts were inappreciable.
Pacific districts had good showers, but the central and southern States
west of the Rocky Mountains received very little rain.
The mild weather of the week, with much sunshine in most places,
made generally favorable conditions for seasonal farm work. High tern-
Volume 137
Financial Chronicle
peratures matured outstanding crops rapidly, with corn and cotton, especially, much farther advanced than is usual for this time of year. In
general, frost damage has been lighter than usual to this time in northern
sections, though at the close of the week a rather hard freeze, with killing
frost, had overspread the Northwest, with some local harm. Fall plowing and the seeding of winter grains made good progress, with rains of the
week favorable in conditioning the soil in many places where moisture
was needed.
Showers from the central and upper Mississippi Valley eastward were
especially beneficial, particularly in the eastern Ohio Valley, though
there was some interruption to outside work in the more northeastern
States. Moisture conditions in the Ohio Valley have recently improved
materially in the East, but in central and western districts, especially In
Illinois, many areas are still too dry. Rainfall so far this month in the
Valley has ranged from considerably more than normal in the east to but
little more than half the normal in the west.
Other sections needing rain include the northern Great Plains, especially
North Dakota, and the central Gulf area. North Dakota has had less
than half the normal rainfall for the month to date. and Mississippi and
Louisiana but little more than half. Showers would be helpful for late
truck crops and for conditioning the soil in the South Atlantic States.
and it is again dry in southwestern Kansas, while rain would be beneficial
in Oklahoma. In most other sections of the country the condition of the
soil is mostly a orable.
SMALL GRAINS.—In the Ohio Valley showers were beneficial in conditioning the soil, especially in eastern and southern parts, but in western
localities, especially in Illinois, many areas remain too dry for plowing
and seeding; sowing wheat is becoming general in northern Indiana and
some has been put in in Ohio. In the Lake region there was sufficient
rain to end the drouth in many places and the soil is now in good condition for plowing, while fall-sown grains were benefited. In the NorthCentral States, from Wisconsin to North Dakota. scattered showers were
helpful in many sections, but considerable areas are still too dry; some
early planted grains are up. but moisture is needed generally. In the
central and southern Great Plains the weather continues mostly favorable
for field work, as well as in some trans-Mississippi States; seeding winter
wheat made excellent progress in eastern and northern Kansas, and is
approximately half completed. Plowing and seeding continue In the
Northwest, with the early seeded up and growing well locally, while frequent rains facilitated these operations in the Pacific Northwest, with
wheat coming up and doing well. Rice harvest has commenced In California, while cutting and threshing made rapid advance in Louisiana.
CORN.—Corn continued to mature rapidly under the influence of high
temperatures, and most of the crop is now safe from frost in the principal
producing sections. Cutting advanced favorably in States where this
method of harvest is practiced, while in Iowa picking will begin generally
in the northwest in about 10 days; in this State about 95% of the crop is
now safe from frost. In the Ohio Valley much corn is being cut, and harvest
Is progressing in the middle Atlantic area with reports of better recovery,
and consequently less damage than had been feared, from the August
storm.
COTTON.—In the Cotton Belt the week was warm and mostly sunny.
with little or no rain in the east and only local showers in western districts. This made conditions decidedly favorable rather generally.
In Texas picking made excellent progress and is about completed in
the earlier sections. In Oklahoma some localities report half of the crop
gathered. In the central and eastern portions of the belt, where the
week was practically rainless, bolls opened rapidly and harvest Progressed
favorably, being finished in many southern sections.
2485
movement. While the dollar volume of sales is reported
in most instances either to closely approach or equal last
year's figures, largely owing to higher price levels, unit
sales show declines of 10% or more. Although weather
conditions are thought to be the main factor in holding
sales down, more reports are being circulated about growing consumer resistarce to higher retail prices. Since the
size of the latter up to now has been relatively moderate,
retailers are naturally concerned about what to expect when
the full force of wholesale increases must be reflected in
retail quotations. A normal seasonal upturn in sales should
occur during the coaling weeks, but the opinion prevails in
retail circles that strong promotional efforts will be required to overcome the present lethargy of buyers, which,
at least in part, must be regarded as the sequel of the recent
anticipatory buying wave. A feature in the department
store trade has been the revival in the piece goods sections, partly as a result of the sharp rise in the prices of
ready-to-wear and partly due to the fact that many workingwomen under NRA conditions have more leasure to
devote to making their own clothes.
Fair activity prevailed in the primary dry goods markets.
An increasing number of buyers made their appearance,
representing, primarily, mail order houses and chain store
organizations whose interest centered in staple cotton
goods. Department stores and independent retailers, on
the other hand, restricted their purchases to the smallest
possible quantities consistent with current sales statistics.
Buyers as a rule intensified their efforts to keep down
prices as much as possible, in view of the obvious difficulty
in passing these increases on to the consuming public.
Prices of silk goods are advancing owing to the labor difficulties. Goods are not plentiful, although the demand for
broad silk has recently declined somewhat, partly owing
to the less active call for dresses from retailers. The belief
is general that the strike in the industry will establish
finished goods prices upon a firmer basis for months to
come. The tight situation in the rayon market was further
accentuated as a result of the continued tie-up in the silk
The Weather Bureau furnishes the following resume of industry. November yarn output has been completely sold
up, and the fact that orders are reported to have been
the conditions in the different States:
approximately double that month's production foreshadows
Virginia—Richmond: Temperatures considerably above normal; rainfall negligible. Farm work progressing rapidly, except plowing delayed
an equally tight situation for the month of December at
by hard ground. Southeastern storm-damaged truck being replanted.
least. Rumors are again current regarding an impending
Cotton opening fast and picking half done. Early corn shocked; late
advance in yarn prices, but so far they lack confirmation.
corn being cut. Harvesting tobacco nearly finished, with leaves of good
color. Meadows and pastures rather dry.
Fall rayon cloths have been in active call, and are reported
North Carolina.—Raleigh: Clear, dry and warm most of week. Favorto have been practically cleaned up.
able for harvesting and housing forage and other crops. Cotton nearly
all open in east and south; picking good to excellent progress. Rain
DOMESTIC COTTON GOODS.—Although the demand
needed in central and west for late corn, sweet potatoes, and truck and
to soften soil for plowing.
for print cloths showed a substantial falling off, the recent
S ntth Carolina.—Columbia: Continued dry, with abundant sunshine
buying wave has fortified the position of the mills and the
and near-normal temperatures. Favorable for haying, which is progressing well. Sweet potatoes in good condition. Truck, late corn, and lesser
price structure of the market to such an extent that a
fall crops need rain. Fall plowing checked somewhat by rather hard
fairly steady undertone was preserved, notwithstanding the
soil. Most cotton picking finished in low country, while elsewhere crop
largely open, with picking and ginning active.
re-appearance of some offerings of second-hand goods at
Georria.—Atlanta: Warm, though nights mostly cool; dry. Favorable
slight concessions from ruling first-hand prices. Barring
for harvesting all crops. Cotton opening rapidly in north and practically
a serious drop in raw cotton prices, which was considered
all open in all sections; picking and ginning well along and picking nearing
completion in south and central. Stacking peanuts and harvesting other
unlikely in view of the Government's action with reference
crops good progress. Late truck, sweet potatoes, cane, pastures, and
to loans to farmers, mills are believed to be able to endure
meadows now need rain.
Flortria.—Jacksonville: Continued hot and dry; unfavorable soil cona quiet period of some length. It was considered signifiditions. Cotton picking practically over and ginning nearly completed.
cant that the second-hand offerings did not tempt firstCorn harvested. Seed beds being started and tomatoes, beans, peppers,
and cabbage being planted. Cane and peanuts fair to good. Citrus mostly
hands to compete with them. Finished goods prices on
good and ripening.
staple cotton goods lines advanced. Call for sheetings,
Alaoama.—Montgomery: Days warm, but a few nights cool: practically
no rain. Condition of cotton variable, but averages fair; opening rapidly,
drills and twills held up well, while lawns and voiles were
with picking good progress generally and finished in some southern counties.
in fair demand in the fine goods section. Second-hand
Week favorable for haying, sirup making, and general work, except plowing
offerings of fine goods have been virtually cleaned up. Conand planting in west and south.
Mississippi.—Vicksburg: Rather generally warm, with mostly light
verters took a fair yardage both for dress goods and for
showers. Cotton open and ginning generally very good advance. Proghandkerchief manufacturers. Less activity prevailed in
ress of late-planted corn mostly poor; housing early only fair advance.
Progress of gardens, pastures, and truck generally poor.
curtain goods. Closing quotations in print cloths were as
Louisiana—New Orleans: Warm, with only scattered showers, made
follows: 39
-inch 80's, 9 to 9 c.; 381
/
1
2
/
1
2
/
2
-inch 60x48's, 5%
third favorable week for maturing and harvesting summer crops. Cotton
about all open and picking and ginning practically finished In south, with
to 5%c.; 382
/
1-inch 64x60's, 6% to 67
4c.; 39-inch 68x72's,
excellent progress elsewhere. Cutting and threshing rice, harvesting corn,'
7% to 7 c.; 39-inch 72x76's, 8 to 8%c.
/
1
2
/
1
2
and saving hay made rapid advance. Too dry for best growth of cane
and truck.
WOOLEN GOODS.—While trading was dull in men's
Taos—Houston: Warm generally, but departures most pronounced in
west and northwest. Moderate to heavy rains in many localities of northwear goods, mills continue to operate at a high rate. They
east, central and southwest, but west and northwest dry. Cotton pickhave enough business on their books to warrant the coning excellent progress and about completed in earlier sections. Feed and
tinuance of full-time operations for months to come. Busitruck crops doing well where adequate moisture. Pastures and ranges
still afford ample feed; livestock thriving generally.
ness in wholesale clothing markets remains spotty. ManuOklahonta.—Oklahoma City: Warm, with maxima about 100 degrees on a
facturers carry liberal stocks, but retailers are somewhat
few days In northwest. Light to moderate rains in southeast and east
central and a few scattered areas elsewhere. Cotton picking good advance
worried about consumers' resistance to higher prices. Sales
and about half completed in some localities. Progress of corn fair; much
of overcoats and topcoats were hampered by the lack of
gathered. Considerable winter wheat and oats sown and early planted up;
both crops need abundant rain. Pastures good, except in Panhandle where
cool weather. Demand for women's wear fabrics showed
poor.
a considerable falling off. Retail sales have not come up
Arkansas.—Little Rock: Progress of cotton very good in most portions;
bolls opening rapidly or all open; picking and ginning excellent advance;
to expectations, as consumers appear to balk at higher
favorable for weevil activity in some localities. Weather too dry in some
prices asked by the stores, which are based on higher fabric
southern and central counties for late corn, meadows, pastures and truck,
values and radical advances in manufacturing costs. The
but very favorable elsewhere.
Tennessee.—Nashville: Favorable for maturing corn; much shocked.
warm weather during the last week also did much to reCotton opening rapidly and picking good advance; about normal shedstrict garment purchases on the part of the consuming
ding. Tobacco mostly in barns and condition improved. Fine for barveining hay and much saved. Good progress in digging potatoes. Pastures
public.
continue good. Becoming too dry for plowing.
Kentucky.—Loulsville: Temperatures mostly above normal; dry and
FOREIGN DRY GOODS.—Trading in linens was mostly
favorable until last day when showers stopped work in toabcco, hay, and
confined to handkerchiefs. Other sections of the market
tomatoes. Burley tobacco nearly all cut, except in hill districts where
considerable still out and some very green. Cutting early corn well adcontinued in their seasonal lull. Sampling orders placed
vanced; progress and condition of late excellent and at denting stage.
by style houses indicate that dark colors will continue to
Rain beneficial to fall plowing.
occupy an important position in next season's suitings lines.
Inactivity prevailed in the burlap market, partly due to
THE DRY GOODS TRADE
the series of holidays in Calcutta. While bag manufacturers and other burlap consumers continue to hold off
New York, Friday Night, Sept. 29 1933.
commitments, a moderate inquiry for spots was noted in
Retail trade during the past week has again been influ- the local market, whereas
spot offerings on some numbers
enced by adverse weather conditions, the lack of seasonal appeared to be light. Domestically lightweights were undamper on any inceptive buying changed at 4.90c., heavies at 6.15c.
cool temperatures putting a
Financial Chronicle
2486
Sept. 30 1933
State and City Department
NEWS ITEMS
Arkansas.—Governor Futrell Asks Bondholders to Await
Completion of Refunding Negotiations.—Intimating that his
recently appointed Bond Refunding Committee is working
with the members of the Legislature in developing a plan
that will be satisfactory, Governor J. Marion Futrell is
asking the holders of State highway and road district bonds
to await the completion of negotiations between the State
and their representatives rather than to attempt to force
taxes on the property owners at the present time. A Little
Rock dispatch to the New York "Journal of Commerce" of
Sept. 25 gave the following report on the Governor's statement:
Holders of both State highway and road district bonds are asked by
Governor Futrell, who yesterday issued a formal statement relative to bond
refunding, to await in patience completion of negotiations for a refunding
agreement satisfactory to both the State and representatives of bondholders.
He intimated that the Bond Refunding Committee now has in development a plan that will be satisfactory. After the State enacted the Ellis
bill, by which 25
-year 3% bonds were offered in exchange for all classes
of highway obligations, the State of Arkansas bondholders' protective
and other groups were formed. The bondholders' protective
committee
committee has under its legal control $20,000,000 of bonds which will not
be offered for refunding.
Admits Obligation.
also
Referring to the suit of the bondholders' protective committee and that
that of the Woodmen of the World, Governor Futrell expressed regretState
the State's obligation to pay
such actions were taken. He admitted
highway and road district bonds and added: 'With this idea in view, the
in session,
committee appointed by me and augmented by the Legislature is acceptable
working upon a plan which it has good reason to believe will be
to representatives of bondholders. It is my intention when the details
have been worked out to where they will be acceptable to all parties, to
call a special le.tislative session to give legal sanction to the plan. I feel
under the circumstances and in view of business and economic conditions
that this is an unfortunate time for bondholders of any road improvement
district whose bonds have been assumed by the State to undertake to force
taxes back upon the land and property in the district. No greater blow
could befall harassed taxpayers of these districts at this time, and it is wholly
comunnecessary in order to protect the bondholders that taxpayers be
pelled to assume that which, to say the least, is no longer a moral obligation
of theirs.
"The State is under a solemn pledge to take care of these bonds and it is
the State's intention to do so. It will, of course, be necessary for the State
they can
to come to an agreement with holders of bonds, under which will makebe
It
refunded to the satisfaction of both parties and in a way that
It is
possible for the State without default to carry out its obligations. taxes
my sincere hope that a way wid be found to postpone the levying of
until the committee has had full opportunity to work out an adjustment."
Illinois.—Legislature to Convene Oct. 3 to Consider Relief
Measures.—Governor Henry Horner has called the Legislature in special session on Oct. 3 to consider unemployment
relief and liquor control measures, according to recent
Springfield advices. It is said that legislation will be sought
to make possible a $30,000,000 bond issue for poor relief
purposes.
Kentucky.—Analysis Issued on Bridge Revenue Bonds.—
The Bankers Bond Co. of Louisville has prepared an analysis
of Kentucky bridge revenue 43% bonds, which embraces
the four most important projects of this nature in the State.
The statistics furnished in the report include earnings for
1932 and for the first six months of 1933, the amounts retired in 1931, 1932, 1933, and the amount of bonds outstanding as of July 1 1933.
New Jersey.—Booklet Issued Showing Municipal Financial
Statistics.—A comprehensive booklet containing financial
statistics for virtually every political subdivision in New
Jersey has been compiled in tabular form by Ira Haupt Sr
Co. of New York. The tabulation includes figures on gross
debt, net debt, per cent of net debt to average valuation,
school debt and total gross debt. There is also included a
complete tabulation of tax collections for practically every
municipality of any importance. Comparative statistics
are supplied regarding taxes collected and outstanding on
Dec. 31 1932 and on the same date in 1931.
New Mexico.—Governor Seligman Dies of Heart Attack.—
Associated Press reports on Sept. 25 from Albuquerque
stated that Governor Arthur Seligman died unexpectedly
in that city on that day from an attack of angina pectoris.
He had been attending a meeting of the New Mexico State
Bankers Association,of which he was a member. LieutenantGovernor A. W. Hoekenhull automatically becomes Governor. There is a Senatorial appiontment to be disposed of,
as Senator Britton has accepted a Federal judgeship, and
Governor Hockenhull's intentions are said to 130 unknown.
New York City.—Mayor O'Brien Vetoes Stock Tax
Program—Stock Exchange to Remain in City.—Mayor John
P. O'Brien on Sept. 26 vetoed the four-cents-a-share stock
transfer tax and the 5% tax on the gross earnings of stock
brokers,from which the city had hoped to realize $11,000,000
for unemployment relief in the six-month period from Sept. 1
to Feb. 28 1934. The Mayor acted after receiving assurance
from the governing committees of the New York Stock
Exchange and the recently formed New Jersey Stock Exchange that the plans to open a trading floor in Newark
would be dropped. It was announced by the Mayor at the
time of vetoing the two bills that he had not decided yet
what he would do with the bills taxing the surpluses of savings
banks and life insurance companies and the gross incomes of
public utility corporations.
In a memorandum accompanying the vetoed bills Mayor
O'Brien said that he was impelled to take this action because
"new facts and conditions have been disclosed." He pointed
out that the "most dangerous aspect includes a seriously
threatened action which might prevent any adequate return
upon the State stock transfer tax, with the resulting loss to
the State Treasury and the derangement of its budget."
Reconsideration of the two bills affecting the securities
market had been urged by Samuel Untermyer, their originator, at the statutory hearing at City Hall on Sept. 25.
Mr. Untermyer explained that the city should not use the
power intrusted to it by the State to injure the State by
depriving it of some of its revenue. Equally important considerations, Mr. Untermyer said, were the probable depreciation of real estate values in the financial district if the securities business moved to New Jersey and the probable loss of
employment to clerks in brokerage offices.
It is said that Mr. Untermyer is now studying new plans
of taxation formulated at Governor Lehman's conferences,
to take the place of the above vetoed bills. It is believed
that the other emergency bills, the 13,4% tax on the gross
assets of savings banks, fire and life insurance companies and
the 1%% tax on the gross revenues of public utility corporations might go through as they stand. It has already been
announced that the savings banks will go into the courts to
test the validity of the tax on them if the bills are passed.
Permanent Tax Measures Signed by Mayor.—The service
of papers in a suit to restrain the city from enforcing the
ordinance imposing a tax of five cents on each taxicab ride
brought from Mayor O'Brien on Sept. 23 the announcement
that he had signed that ordinance and the one increasing
water rates 50%, on Sept. 20. Up to the time of his announcement it was not generally known that these ordinances
had been signed. Public hearing on these measures is not
required by law although there was organized protest against
both of them,real estate interests leading the attack on the
increase in water rates.
Board of Estimate Adopts Plan for Revision of Tax and
Budget System to Establish Sound Credit Basis.—On Sept. 28
the Board of Estimate unanimously adopted a comprehensive
plan for revising the whole tax and budget system, placing
the city's financing on a new basis for the next four years
and insuring, it is claimed, that during that period the tax
burdens carried by real estate will not exceed those carried
in 1933, except insofar as increased value follows improvements. The plan, adopted at a conference of city officials
and bankers with Governor Lehman, held on Sept. 27, was
submitted to the Board by Samuel Untermyer, the city's
financial adviser, and quickly adopted without a dissenting
vote. If the plan is also approved by the bankers, it is
understood that the Governor will call a special session of
the Legislature to pass enabling legislation.
The provisions of the plan were outlined in the press on
Sept. 28 as follows:
Real estate assessments limited to the 1933 schedule, with permission
only for such additional real estate taxes as are needed to cover improvements.
The banks to advance $18,000,000 to meet pay rolls and interest payments due on Oct. 1.
An additional sum to be advanced for similar needs in October and
November, bringing the total to $54,000,000.
Establishment by the banks on Jan. 1 1934, of a "very large" revolving
fund from which the city can draw to meet temporary needs. It was
understood that the revolving fund was not to exceed $200,000,000.
Delinquent Tax Provisions.
of 1% on savings banks and
The new Untermyer emergency taxes of
life and fire insurance companies to be dropped if those institutions will buy
of unemployment relief bonds, of which $45,000,000 will be
370,000.000
long term and $25,000,000 termed less than a year.
The heavy short-term obligations ($330.621,000) now outstanding
against taxes in arrears would be funded into 4% obligations, as opposed
to the 5h and 5(% now paid on outstanding revenue bills. off the new
Revenues from taxes in arrears would be earmarked to pay
securities.
A revolving fund extending over four years to be set up to take care
of the city's month-to-month requirements, the amount needed being estimated every six months.
Current receipts would be used to pay off this revolving fund loan.
The establishment of a teserve fund, of 26% the first year (amounting
to about $25,000,000 for this year), and thereafter 50% (not to exceed
350.000.000 In one year, however) of the average tax delinquencies to cover
those dell quencies. This reserve fund to be a first charge against the.
budget.
The penalty on delinquent taxes to be reduced from 7 to 6% until Jan. 1
1934 and thereafter to be 10%.
Mr. Untermyer said he would also ask that the city be given permission
to hold tax sales after two years' delinquency, instead of three years, as at
present.
The Legislature will have to be called into special session to enable
much of the program to be carried out.
Later in the evening of the same day the Board of Aldermen passed the above described credit plan by a count of
46 to 6, after Aldermanie President Dennis J. Mahon left
the chairman's seat and addressed the recalcitrant members
of the Board from the floor. As had been the case in the
Board of Estimate, the plan was sent to the Aldermen
accompanied by an emergency message from the Mayor.
Joseph V. McKee Announces Candidacy for Mayor.—
an
Joseph V. McKee announced on Sept. 29 that he will be He
independent candidate for Mayor of New York City.
made the announcement in a statement which vigorously
denounced Tammany rule of city affairs and pledged himself to act for the benefit of the people of the city and not
for the benefit of any political leader.
Volume 137
Financial Chronicle
After nearly a week of uncertainty, Mr. McKee, former
Acting Mayor and former President of the Board of Aldermen, who retired from public life last spring to become the
President of the Title Guarantee & Trust Co., by his statement made the mayoralty contest a three-cornered race,
- with Major Fiorello H. La Guardia leading the Fusionists
and Mayor O'Brien the nominee of the Democratic Party.
Postal Savings Investments.—Regulations Governing
Deposit of Funds Amended.—Section 8 (2)(b) of the Regulations Governing the Deposit of Postal Savings Funds in
Banks and the Acceptance of Bonds as Security Therefor
was amended at the 1933 session of Congress so as to read
as follows:
"Bonds of any State of the United States, bonds of the
Territory of Hawaii, farm loan bonds authorized by Act of
Congress approved July 17 1916,and the amendment thereto
of May 12 1933, obligations of Federal Home Loan banks
authorized by Act of Congress approved July 22 1933, and
bonds of the Home Owners Loan Corporation authorized by
Act of Congress approved June 13 1933, will be acceptable
at their market value, but if such market valueisa bove par,
they will be accepted at their par value."
This subdivision formerly read as follows:
(b) Bonds of any State of the United States, bonds of the Territory of
Hawaii, and farm-loan bonds authori/ed by Act of Congress approved
July 17 1916. w 11 be accepted at their market value, but if such market
value is above par, they will be accepted at their par value.
(The Treasury Department ruling on these bonds was
given in V. 137, p. 1163.)
Reconstruction Finance Corporation.—Proposed Public Sale of Municipal Bond Holdings.—An announcement was
made on Sept. 25 by Harvey C. Couch, one of the directors
of the RFC, that municipal bonds aggregating about $200,000,000, representing the obligations that have been actually
purchased or contracted for by the Corporation during the
past 15 months, would be offered to investment bankers and
institutional dealers and investors. During the period of its
existence the RFC approved projects which will involve
the eventual issuance of the above amount of bonds by
States, counties, cities and districts, but the amount actually
acquired to date is estimated at $33,000,000. The bonds
cover projects financed by the RFC because ordinary
financing arrangements were not available on reasonable
terms, until the function was taken over by the PWA of the
current administration. A letter was sent out by the Corporation to municipal bond dealers and others, explaining
its position with respect to its municipal portfolio, accompanied by a list of the municipal bond holdings. Lists of the
bonds of self-liquidating projects held by the RFC have been
published in these columns from time to time—see V. 136,
p. 3011. (The above list appears on a preceding page of this
issue). Whether it is intended to dispose of blocks of bonds
through sealed bids or whether such tenders can name prices
below par has not been determined. The following account
of the Corporation's action is taken from the New York
"Herald Tribune" of Sept. 26:
New York City investment bankers waited in vain yesterday for the list
of municipal bonds to be sold by the RFC,in accordance with an announcement made in Washington by Harvey C. Couch, one of the directors of the
RFC. There is no expectation, however, that RFC offerings will cut any
great figure in the municipal bond market. as the holdings of tile Corporation are known, in a general way. The bonds cover projects financed
by the RFC because ordinary financing arrangements were not available
on reasonable terms, and the situation nas not changed in any important
particular since the agreements to aid the financing were made betweua
the municipalities and the Corporation.
Mr. Couch announced that bonds aggregating about $200,000,000 would
be offered to investment aankers and institutional investors and that lists
of the available issues had been sent to prospective buyers. It is assumed
here that these are the bonds for self-liquidating projects acquired by the
RFC until the function was taken over by the PWA of the current administration. So far as available records go, the RFC approved projects which
will involve the eventual issuance of close to $200.000.000 bonds by municipalities, but the amount of bonds actually acquired to date is estimated at
$33,000,000.
To Wind Up Activities.
The step now taken is presumably in line with the endeavors of the
Roosevelt administration to wind up the special relief activities of its predecessor regime and substitute its own special agencies therefor. It is not
yet known whether the RFC proposes to sell to investors only the $33.000,000 or thereabouts of bonds actually acquired, or to make arrangements
for the completion of the financing undertaken as well. There is no likelihood, however, that bankers and investors will be interested in contracts
for future financing on specified terms, and any sales necessarily will concern
only bonds so far acquired by the Corporation.
Some of the leading projects which the RFC agreed to finance, and the
amounts to be supplied by the Corporation, are:
Metropolitan Water District of Southern California,for Colorado
River aqueduct
State of Louisiana and City of New Orleans for Mississippi River
$4"0"00
bridge
13,C00,000
Middle Rio Grande Conservancy District, for flood control and
irrigation
5.784.000
California Toll Bridge Authority, for span across San Francisco
61.400,000
de
Hillside Ilousing Corp.,for housing project in the Bronx
3.957,000
New York State Bridge Authority,for toll bridge at Catskill_
3,401).000
City of Los Angeles, Calif., for power transmission line
22,800,000
Purchases Far Below Estimates.
Bonds so far purchased in accordance with the agreements are far below
the estimated costs or the amounts to be furnished eventually, as the funds
are supplied and bonds taken up only as construction proceeds. The New
Orleans bridge project is an exception to this porocedure, as all the $13.000,000 required has already been paid over and corresponding bonds issued.
The Corporation is understood to have purchased about $8.000,000 of
Metropolitan Water District of Southern California bonds. Remaining
advances consist mainly of small amounts against numerous projects.
Bonds purchased by the RFC under these agreements are in all eases
5% obligations, and in most instances par was paid. At least tnree cases
are on record, however, where less than par was paid. In disposing of the
Issues the RFC undoubtedly will want to realize the full sums paid, and
bankers here are of the opinion that this will be possible only in a few
instances.
The following is the text of the official announcement
issued by the RFC for publication on Sept. 25,furnished with
the above-mentioned list of bonds:
2487
The RFC is taking preliminary steps, it was announced to-day by Harvey
C. Couch, Director, to secure distribution of municipal securities which it
has agreed to purcnase in connection with the loaning of funds to municipalities for the construction of various types of public works, such as
water and sewer systems, toll bridges, docks, tunnels, &c. These securities
were acquired under the powers of toe Emergency Relief and Construction
Act of 1932.
A letter and list of municipal securltes which the RFC has agreed to
purchase is being mailed to all mun'c:pal bond dealers and insurance
compan es and efforts are being made to acquaint all potential purchasers
with the type of securities wnicn are to be available. Tn's action is
significant in that it indicates belief on the part of the Directors of the FRC
that the loans which have been made are self-supporting and self-liquidating,
as contemplated in toe Act, and are in accordance with the wishes of the
President that government funds should only be expended where economically justified.
The liquidation of all or part of the two hundred odd million dollars of
securities which the RFC has agreed to purchase would lessen the burden
upon the United States Treasury to that extent.
Information already received from those familiar with municipal securities indicates that a substantial portion may be sold within a reasonable
period.
To Municipal Bond Dealers and Insurance Companies—
Under the provisions of Section 201 (a) of the Emergency Relief and
Construction Act of 1932,the RFC,to aid in the financing of self-liquidating
projects, has purchased, or has agreed to purchase on certain terms and
conditions, the municipal bonds shown in the enclosed list.
This Corporation intends ultimately to dispose of the bonds so acquired,
and if you should be interested, now or at a later date, in the purchase of
any of such bonds, we shall be pleased to furnish you with further details
upon your request.
For your information, it is the policy of this Corporation to take up
bonds evidencing self-liquidating loans in blocks as construction of the
projects progresses, so that in many instances tne entire issue which this
Corporation has agreed to purchase will not have been delivered to us for
another six months or longer. Also, in practically all cases. this Corporation
has granted the borrowers a two-year option to re-purchase their bonds under
certain conditions and terms. Such options are, however, subject to
termination by this Corporation upon reasonable notice.
This Corporation has also required that all municipal bonds purchased
by It be accompanied with the usual legal opinions of recognized municipal
bond counsel, and complete transcripts of proceedings have been obtained
in all cases.
If you wish, on the basis of the foregoing, to indicate to us your present
or future interest in any of the issues shown in the enclosed lists, we shall
be pleased to have you do so, and we shall make a record of your interest.
Very truly yours.
BRADLEY NASH, Financial Adviser,
Self
-Liquidating Division.
BOND PROPOSALS AND NEGOTIATIONS
ADAMS COUNTY (P. 0. Hettinger), N. Dak.—BONDS DEFEATED.
—At the election held on Sept. 22—V. 137. p. 2135—the voters rejected
the proposal to issue 1150.000 in not to exceed 6% semi-annual hospital
building bonds, we are informed by L. N. Howell, County Auditor.
,
ALAMEDA (P. 0. Pocatello), Bannock County, Idaho.—BONDS
AUTHORIZED.—The City Council is said to have passed an ordinance
on Sept. 6 providing for the issuance of the $8,000 in 6% fire department
bonds. Denom. $1,000. Dated July 1 1933. Due $1.000 from July 1
1935 to 1942 incl. Principal and interest (J. St J.) payable at the Village
Tresswerelofficr, at the office of the State Treasurer, or at the National
y. 137 p 2n
B ink of Commerce in New York. (These bonds were voted on July 26—
AMBRIDGE SCHOOL DISTRICT, Beaver County, Pa.—BOND
SALE.—Brown Bros Harriman & Co. of Philadelphia purchased during
August an issue of $100,000 5% school bonds at a price of par. Due serially
in from 1 to 10 years.
ANNETTA SCHOOL DISTRICT (P. 0. Aledo), Parker County,
Tex.—BONDS VOTED.—It is reported that at an election held recently
the voters approved the issuance of $4,000 in school bonds.
ARKANSAS. State of (P. 0. Little Rock).—PROPOSED NOTE
ISSUANCE.—At a meeting of the State Debt Board held on Sept. 18. it is
said that the formation of a syndicate to handle an $800.000 note issue to
take up outstanding warrants against the State general revenue fund,
was proposed and a committee was named to work out the details It is
reported that the bonds or notes to be issued will mature in five years.
It is also said that 20% of all income to the general revenue fund is being
set aside under Act No. 5 of 1933 to retire the notes. According to report,
Roy V. Leonard, State Treasurer, said there is approximately moan in
the sinking fund, and he estimated from $180.000 to $220,000 a year would
be available to meet the bond maturities and interest.
ATLANTIC COUNTY (P. 0. Atlantic City), N. J.—REPORT TO
BONDHOLDERS.—The Finance Committee of the Board of Chosen
Freeholders has as.ed a circular, captioned "Information Concerning
Atlantic County, N. J., Compiled for Bondholders and Holders of Tax
Notes, as of July 311933." The subject concerns the difficulties besetting
the county to meet debt charges and other obligations, due mainly to the
inability of the various municipalities to pay county taxes. The report
points out that it is of equal importance to both the county and the holders
of its obligations that a suitable refunding plan be evolved "in order to
avoid recurring defaults." Communication is being had with the existing
Bondholders' Protective Committee and individual bond and note holders
looking toward the formulation of such a plan. The Finance Committee
is advising with Harry Cassman, Esq., of the law firm of Cassman
Got Mob, Schwehm Bldg., Atlantic City, and all communications in regard
to the county's financial affairs should be addressed to him. The circular
contains complete details regarding the outstanding bond and note indebtedness. volume of tax collections and comparison of operating expenses, tax levies, bank deposits and related subjects during the past
row years.
AURORA-COUNTY(P.O.Plankinton),S.Dak.—BOND ELECTION.
—It is reported that an election will be held on Oct. 24 in order to vote
on the issuance of $80,000 in road construction bonds.
BALTIMORE, Md.—TAX COLLECTIONS.—Neal Grant, Deputy Tax
Collector, recently compiled complete data with respect to tax collections
and city expenditures as of Aug. 31 1933. On that date, according to the
report, taxes in arrears totaled $3,515,532.11, consisting of $2,341.123.20
unpaid from the 1932 levy, $810,668.98 for 1931, $318,347.91 for 1930 and
$45,392.02 for 1929.
"The 1929 outstanding taxes, according to Mr. Grant, are mainly personal taxes upon which suit has been instituted and judgment has been
obtained. The 1930 taxes, as to real, will be eliminated by process or tax
sale by Nov. 15, leaving the arrearages only on 1931 and 1932. The total
real arrearages of 1929 amount to $5,000.and of 1930. 5164,000.
"The total levy for 1933 is $46,340.587. as against $44,922.311 for 1932.
In August 1933. total taxes and other revenues amounted to 4.29% of
budget requirements, as compared with 3.417 in August 1932. During the
eight months ending Aug. 31 1933, collections were 78.33% of budget
requirements, compared with 79.175 in the corresponding period of 1932."
BANNOCK COUNTY SCHOOL DISTRICT NO.30(P.O. Lava Hot
Springs) Ida.—BOND ELECTION.—It is reported that an election was
o
enr Sept. 25 to vote on the proposed issuance of $30,000 in 4% school
t
BARBERTON, Summit County, Ohio.—NOTICE TO BONDHOLDER-S.—George M. Horns, Secretary of the Board of Sinking Fund Trustees,
announces that bond coupons due on or before Oct. 1 1933 should be sent
fcr payment to the Firestone Park Trust & Savings Bank, Akron, or to
the Dime Savings Bank, Akron. However, holders of bonds due on that
date are advised to maintain them as the City is not prepared to pay them
on time.
BEATRICE, Gage County Neb.—BOND ELECTION.—We are informed by J. C. Douthitt, CRY Clerk, that an election will be held on
Oct. 17 in order to vote on the proposed issuance of $85,000 water works
system bonds. Interest rate is not to exceed 434%,payable semi-annually.
Due and payable any time the city may determine at the time of their
Issuance, but in not more than 20 years after their issuance, but redeemable
at the option of the city at any time after five years from their date.
2488
Financial Chronicle
-BOND
BEAVERDAM SCHOOL DISTRICT, Allen County, Ohio.
-The voters will decide the fate of a proposed issue of $45,000
ELECTION.
school building construction bonds at the general election to be held on
Nov. 7.
BEAVERHEAD COUNTY (P.O. Dillon), Mont.-BONI)PURCHA SE
-Under date of Sept. 25 we are informed by Albert S. Baker,
APPROVED.
County Clerk, that he has received word from the State Bank & Trust Co.
of Dillon,the purchaser of the $61.685.75 issue offunding bonds on Sept.6-that their attorney has approved the purchase of the
V. 137,_p. 2135
e states that $1,500 of high school gymnasium bonds that have
Issue.
been in default since January 1933 are included In this issue and will be
paid as soon as the bonds are printed and the money is made available.
-TO ISSUE $200,000 "BABY
BELLEVILLE, Essex County, N. J.
-The Board of Commissioners will shortly issue $200,000 6%
BONDS."
of the salaries of municipal employees, pursuant
"baby bonds" in payment
to action taken at a special meeting on Sept. 23 The securities. issued in
anticipation of 1933 taxes, will mature on March 31 1934. They will be
accepted by the Town against taxes due for the first half of this year. it is
said. Of a previous iSt4U0 of $341.000 against 19:32 taxes a total of'3225.000
has been returned to the tax collector and canceled. The current issue has
been approved as to legality by Reed. Hoyt & Washburn of New York.
In addition, the Board also approved of the sale of $10.000 emergency
interest deficiency notes, made necessary by the delay in tax payments.
BELOIT, Rock County, Wis.-CITY'S RIGHT TO ERECT POWER
-The following is taken from a Madison
PLANT UPHELD BY COURT.
dispatch to the New York "Journal of Commerce" of Sept. 28 regarding a
city to erect
court decision of the previous day, upholding the right of the Light Corp.,
a power plant despite the petition of the Wisconsin Power &
which maintained that the sale of $133,000 bonds for this purpose was
illeg..1.-V . 131, p. 1966:
"Holding that it is not necessary for the City of Beloit to obtain a certificate for 'convenience and necessity' from the Wisconsin Public Service
Commission in order to erect a municipal power plant, Circuit Judge George
Grimm of Jefferson stated that erection and oper ttion of a municipal power
Governplant to furnish power for lighting streets and public buildings is 'a a public
mental function' and is not to be construed as the operation of
utility.
to
"The judge overruled a demurrer to the Wisconsin Power & Light Co.
the citys answer to injunctions sought by the utilities organization. The
utilities will take an appeal to the Supreme Court, it wis reported to-day."
-The
-BOND SALE.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.
County Auditor reports that a local bank purchased an issue of $200.000
and
6% Covert Road refunding bonds to enable the payment of principal and
county
interest of district portion and joint bonds, and interest only onlain denom.
township portions, due as of May 11933. The refunding issue
of $25.000. Although the maturity date Is Jan. 281934. the county expects
the new bank, taking
to retire the loan "as soon as money is released from Trust Co. at Benton
over the Farmers & Merchants National Bank &
Harbor."
-PROPOSED FEDERAL LOAN.
BESSEMER, Jefferson County, Ala.
Public Works Adminis-On Sept. 22, the State Advisory Board of the the Board of Education
is said to have received a petition from
tration
for a Federal loan of $250,000 to be used in the construction of school
buildings.
BEVIER CONSOLIDATED SCHOOL DISTRICT NO. 4 (P. 0.
-The $12.500 issue
Sevier), Macon County, Mo.-BONDS NOT SOLD.
of 5% semi-ann. school bonds offered on Sept. 25-V. 137, p. 2135-was
bids were received, according to the President of the Board
not sold as no
of Education. Dated Aug. 1 1933. Due In 20 years.
-BOND SALE DETAILS.
BIRMINGHAM, lefferson County, Ala.
19
In connection with the sale of tne 850,000 refunding bonds on Sept.the
-we are now Informed that
as 7s at a price of 95.00-V. 137. p. 2303
purchased by the Merchants Securities Corp. of Mooile. The
aonds were
bonds mature $10,000 annually from Sept. 1 1938 to 1942, giving a basis
of about 7.92%.
-At the elec-BONDS VOTED.
BIWABIK, St. Louis County, Minn.
-the voters are aid to have approved
tion held on Sept. 12-V. 137. p. 1794
the issuance of the $63,000 in town bonds by a count of 746 to 50.
BLOOMFIELD SCHOOL DISTRICT (P. 0. L,s Angeles), Los An-BOND OFFERING.-Se:.led bids will be received
geles County, Calif.
until 2 p. m. on Oct. 9, by L. E. Lampton. County Clerk, for the purchase
5% school bonds. Denom. $500. Dated Oct. 11933.
of a 17.500 issue of
Due $500 from Oct. 1 1934 to 1948 incl. Prin. and semi-annual interest
payablet n lawful money of the United States at the County Treasury. A
certified check for 3% of the bonds payable to the Chairman of the Board of
Supervisors must accompany the bid.
The f.,11 .wing information is furnished with the official offering notice:
"Bloomfield School District has been acting as a scnool district under the
1 1900.
laws of the State of California continuously since July said school district
"The assessed valuation of the taxable property in
for the ye:..r 1933 is $418.380. and the amount of bonds previously issued
and now outstanding is $9,000.
"Bloomfield School District includes an area of approximately 2.87
.
square miles, and the estimated popul,. tion of said school district Is 1060.
BONNER SPRINGS SCHOOL DISTRICT (P. 0. Bonner Springs)
-On Oct. 6 a spec.al
-BOND ELECTION.
Wyandotte County, Kan.
election 'A Ill be held according to report. In order to vote on the issuance of
construction bonds.
$35.000 In grade school
-NO
-$R,500.000 BONDS SOLD
BOSTON, Suffolk County, Mass.
coupon
BIDS S 'BM177E1 A7'ORIGINAL CFFE RITG.-The $8,100,000
-Proved possible of sale only
27-V. 137. p. 2304
bonds offered on Sept.
after the City had requested banking groups to submit bids on the basis of
notice of sale. This action
terms other than those provided in the original V1.500.000 of the bonds to
was taken after no bids had been received for at 4 M%. In response to
bear 4% interest and the balance of 85.000,000 later In the day. Award
the city's offer, two syndicates submitted bids
York. which
was made to a group headed by the City Company of New
named a price of 100.109 for $2,000,000 traffic tunnel bonds, due in 1963.
due in 1983. at a rate of 4U%. For the
as 4 Ms, and a further $2.000,000.
rates as
balance of $4.500.000 bonds, the bankers named the same interest
New York
those originally fixed by the City. The Chase National Bank of of interest
combination
and associates bid a price of 100.02 for the same
rates. The sale of the $8,500.000 bonds was made as follows:
Due
$3.500,000 relief bonds to bear 4% interest, as originally planned.
$700.000 annually on Oct. 1 from 1934 to 1938 incl.
compared with
Y
2,000,000 traffic tunnel bonds to bear 42 .% interest, as due on Oct. 1
the oricit.al rate of 4M %. These bonds shall be
the City of
198.3. but may be called, retired and canceled by on any date
Boston after 20 years from the date of this loan,
upon which interait is payable on these bonds, by payment by
unpaid
the city of tne amount of the face of the bond, with anywhen so
accumulated interest to date fixed for redemption, and
cease.
called, interest shall
interest, as compared
.2.000,000 series B traffic tunnel oonds to bear 4M% bonds shall be due
with the original rate of 4I%. These
retired and canceled by the
on Oct. 1 1963, but may be called,
any
City of Boston after 20 years from the date of this loan on
payment
date upon which interest is payable on these bonds, by with any
the bond,
by the city of the amount of the face of for redemption, and
unpaid accumulated interest to date fixed
when so called interest shall cease.
as originally
43I%
400,000 street construction bonds to bearon Oct.interest,1934 to 1943
1 from
planned. Due $440,000 annually
incl.
originally planned.
400,000 sewerage bonds to bear 4M%1 interest, asto 1953 incl.
Due $20.000 annually on Oct. from 1934 originally planned.
interest, as
200,000 highway bonds to bear 4M% 1 from 1934 to 1953 incl.
Due $10.000 annually on Oct.
in addition
All of the bonds are dated Oct. 11933. The purchasing group.
of
to the City Company of New York, includes the Guaranty Company
& Co.,
Corp.,
New York, Bankers Trust Co., First of BostonBlyth & R. L. DayEdward
Co., Inc.,
Bank & Trust Co.
Estabrook & Co.. Chemical
& Co., Inc.,
B. Smith & Co., First of Michigan Corp., le. H. MoultonNoyes & Co.,
Hasinahs, Bailin & Lee. Eldredge & Co., Inc.. Hemphill, Co.
Philadelphia National
Whiting, Weeks & Knowles and the
Bank.
The unsuccessful group consisted of the Chase National Co., F. S.
Harriman &
Moseley & Co.. Lehman Bros., Brown Bros.,W. Pressprich & do. idder,
Stone
Peabody & Co., Salomon Bros. & Hutzler, RCo.,. & Co., Kean, Taylor& Co.,
& Webster and Blodget, Inc., L. F. Rothschild
Sept. 30 1933
Graham,Parsons & Co., Wallace & Co., Schaumburg, Rebhann & Osborne.
the Wells
-Dickey Co. and Stern Bros. & Co.
-The successful banking group
18.500,000 BONDS QUICKLY SOLD.
re-offered the bonds for public investment at prices to yield from 3 to
4.75%, according to maturity. The Issues proved easy of sale, the entire
offering having been completely sold within a few hours following the
formal opening of subscription bonds on Sept. 28. Re-offering was made
on the following basis, plus accrued interest:
$3,500,000 4% bonds, due serially, 1934 to 1938, incl. Prices to yield'
3 to 4.105". according to maturity.
1.000,000 4M% bonds, due serially, 1934 to 1953, incl. Prices to yield
3 to 4.20%. according to maturity.
2,000,000 4% bonds. due 1963, callable 1953. Price to yield 4.30%
to callable date and 4.50% thereafter.
2,000,000 4(% bonds, due 1983, callable 1953. Price to yield 4.35%
to callable date and 4.75% thereafter.
BOWBELLS SCHOOL DISTRICT NO. 14 1P. 0. Bowbells) Burke
-The $5.000 issue or
County, N. Dak.-CERTIFICATES NOT SOLD.
-was not
certificates of indebtedness offered on Sept. 12-V. 137. p. 1794
sold as no bids were received, according to the District Clerk.
BROAD TOP TOWNSHIP DISTRICT (P. 0 Defiance), Bedford
-BOND SALE.-Tne issue of $18.000 5% school bonds
County, Pa.
-was awarded to the First National
offered on Sept. 8-V. 137, p. 1612
Bank of Everett. Dated Sept. 1 1933 and due $1,000 annually on Sept. 1
from 1935 to 1952 inclusive.
BUFFALO AND FORT ERIE PUBLIC BRIDGE AUTHORITY,
N. Y.
-MEMBERS APPOINTED-Governor Lehman on Sept. 23 announced the appointments of the following named as menmers of the
Bridge Authority, pursuant to the provisions of Chapter 824 of the Laws
of 1933 (V. 137, p. 1794): Frank B. Baird, William C. Eckert, Harry
Yates, Roderick Potter. John J. Boland and Nisbet Grammer, all of Buffalo. The legislation authorizes the issuance of up to $4,000,000 bonds.
-PROPOSED FEDERAL LOAN.
CAMDEN, Preble County, Ohio.
The Village Council recently adopted a resolution requesting the PWA to
provide $44,000 for the purpose of financing the construction of a water
works system. It is proposed that tne Government make a direct grant of
813.000 and furnish the balance of $31,000 as a loan, through the purchase of water works revenue bonds. The bonds are to be payable solely
from water department revenues.
CARTHAGE SCHOOL DISTRICT, Hancock County, 111.-FED,
-Pursuant to the voting on Sept. 1 of !43.000
ERA1 FUNDS DESIRED.
-V.131. P. 2304, Thomas F. Dunn,
high school building construction bonds
Secretary of the Board of Education. ad-ises that unless the money is
furnished by the Public Works Administration, the bonds will not be issued.
CHAGRIN FALLS, Cuyahoga County, Ohio.-REPUNDINO
-A resolution was authorized by the City Council
BONDS AUTHORIZED.
authorizing the issuance of refunding bonds sufficient to provide for the
payment of special assessment obligations maturing on Oct. 1 1933. The
resolution stated that due to the non-payment of special assessments it
may 'tie necessary to refund the maturing bond principal and interest.
Such action is authorized by Section 2293-5 of the General Code of Ohio.
-BONDS CALLED.CHARLESTON, Charleston County, S. C.
It Is announced by Mayor Burnet R. Maybank that pursuant to an ordinance of the City Council adopted at its regular meeting on Sept. 15 1932,
authorizing tne extension of the time of payment of certain paving bonds
of the city. the City Council at its regular meeting on the second Tuesday
in September 1933, has selected by lot for call and payment 91 bonds of
the denomination of 81.000 each, aggregating the sum of $91.000 principal
amount of the said paving bonds of the c ty. The holders of the above
named bonds should present and surrender thorn for payment on and
after Dec. 1 1933. at which time they will be paid the face value of said
bonds, together with accrued Interest to Dec. 1 1933. The bonds to be
presented at tne office of the City Treasurer, or at the Bankers Trust Co.
in New York City.
-NOTESALE,
CHARLESTON COUNTY (P.O. Charleston), S. C.
to
Two issues of tax anticipation notes aggregating $40,000. are reportedAtat 5%, as follows: $20.000 by the
have been purchased on Sept. 25,
lantic National Bank of Charleston, and $20,000 by the South Carolina
National Bank of Charleston. Due on Dec. 28 1933.
-BONDS DEFEATED-At an
CHETOPA, Labette County, Kan.
election held recently, the VOWS are stated to have rejected a proposal to
$32.000 in water purification plant bonds by a count of 264 "for"
issue
to 402 "against."
-OUTSTANDING 1931 TAX WARCHICAGO, Cook County, 111.
RANTS CALLED-Robert 13. Upham, City Comptroller, has called for
tax anticipation warrants Issued agali at the 1931
payment all outstanding
levy, according to report. These amount to 13.436.000. Including $3,180,600 against the general corporate tax levy and 3256.000 against levies for
warthe public library, bond and interest and other small bonds. Such This
rant.? publicly held last January totaled $32.072.800. It is said.
progressively reduced through periodic retirement of
amount has been
blocks of the warrants. The city also plans to call witnin sixty days the
$2,185.000 of warrants outstanding against the 1929 tax levy, it is said.
The city is now concerned with the problem of meeting the $24.000.000 in
bond pr ncipal and interest charges due on Jan. 11934. The total includes
$5.400,000 of school bonds which must be paid, as refunding of same is
prohibited by law.
-it was stated
SCHOOL BOARD SEEKS REFUNDING AUTHORITY.
on Sept. 25 that the Board of Education plans to request Governor Homer
in a call for a special session of the State Legislature, the subject
to include
of an amendment to the school law to permit the issuance of refunding
bonds. Such an amendment would make it possible for the Board to
offer refunding bonds in exchange for the 33,696,260 bond principal and
Interest charges due Jan. 1 and Feb. 1 1934. The Trustees state that
this appears to be the only alternative to default, as the bond redemption
fund is practically depleted and tax money received by the first of next
year is not anticipated to be in amount sufficient to meet the indebtedness.
On Jan. 1 1934 there matures $2,500,000 principal and $464,260 interest
on revolving fund bonds, while on Feb. 1 1934 bonds in amount of $700.000
and $32,000 interest on educational fund issues are payable. The bonded
debt of the School Board on Sept. 15 1933 amounted to $24,845,500, it
is said. This figure includes 332.500 of obligations of small districts
absorbed by the Board in the annexation of territory by the city. The
remainder of $24,813,000 bonds, most of which bear 4% interest, mature
as follows:
Educational Fund Bonds.
Revolving Cash Fund Bonds.
Due.
Amount.
Amount.
Due.
82.500.000 Feb. 1 1934
$ 700.000
Jan. 1, 1934
Jan. 1, 193
.
500,000
Jan. 1. 1935
3,000.000 Feb. 1. 1935
900.000
Jan. 1, 1936
500,000
2,000.000 Jan. 1, 1936
Jan. 1. 1934
500.000
2.000.000 Jan. 1, 1937
Jan. 1. 1935
500.000
2,500.000 Jan. 1, 1938
Jan. 1. 1936
500,000
5,000.00t Jan. 1. 1939
Jan. 1, 1937
94
500,000
Jan. 1,10
Jan. 1, 1941
213.000
Total
$24,813,000
CLALLAM COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Port
-An election is said to be scheduled
-BOND ELECTION.
Angeles), Wash.
for Oct. 7 in order to vote on the proposed issuance of $70,000 in school
ponds, designed to va idate tne District's outstanding warrants, and place
the schools on a cash basis in the future.
CLEAR LAKE, Deuel County, S. Dak.-BONDS VOTED-At an
election held on Sept. 19 the voters are reported to have approved the
issuance of $12,500 in bonds to be issued under the public works program
as f 'Lova: $7,500 w -ter tank and $5,000 water mains bonds. Both issues
were favored by substantial margins.
-OBTAINS ALLOTMENT
CLEVELAND, Cuyahoga County, Ohio.
OF 88.990,000 FROM P WA.-Announcement was made on Sept. 23 that
the PWA had made an allotment of 18.990,000 to the city for sewage
treatment works. The total includes a grant of $2.100,000, with the
balance constituting a loan secured by 45' general onligation city bonds.
The allotment is subject to completion a a contract satisfactory to the
Administration.
-BOND OFFERING
CLEVELAND, Cuyahoga County, Ohio.
Ray L. Lamb, Director of Finance, will receive sealed bids until 12 m. on
Volume 137
Financial Chronicle
Oct. 18 for the purchase of $85,000 6% coupon or registered bonds, divided
as follows:
$50,000 property's portion paving bonds. Due Nov. 1 as follows: $7,000
from 1935 to 1940 incl., and $7,000 in 1941 and 1942.
15,000 property's portion paving bonds. Due Nov. 1 as 'Mows: $1,000
from 1935 to 1937 incl. and $2,000 from 1938 to 1943 incl.
15,000 property's portion paving and sewer bonds. Due Nov. 1 as follows:
$1.000 from 1935 to 1937 incl., and 82.000 from 1938 to 1943 incl.
5.000 property's portion sewer bonds. Due Nov. 1 as follows: $1,000
in 1935 and $2.000 in 1936 and 1937.
Each issue is dated Aug. 1 1933. Denom. $1.000. Principal and
Interest (M. & N.) are payable at the Irving Trust Co., New York. Bids
for the bonds to bear interest at a rate other than 6%, expressed in a
multiple of X of 1%, will also be considered. Bids may be made separately
for each lot or for "all or none." Split rate bids will not be considered on
any single issue, but different interest rates may be bid for different issues
A certified check for 3% of the bonds bid for, payable to the order of the
City Treasurer, must accompany each proposal. The favorable legal
opinion of Squire, Sanders & Dempsey of Cleveland, with a full transcript
a the proceedings, will be furnished the successful bidder.
CLEVELAND METROPOLITAN PARK DISTRICT, Cuyahoga
County, Ohio.
-With regard to the
-ADDITIONAL INFORMATION.
report in--V. 137, p. 2304
-of the allotment of $650.000 to the District
for the various improvement projects, W. A. Stinchcomb. Secretary of
the Board of Park Commissioners, states that although no definite contract
has been entered into as yet with the Federal Government, the District, in
anticipation of such action, has already initiated proceedings providing for
the issuance of $500,000 4% bonds, to mature semi-annually on April
and Oct. 15 from 1934 to 1941 incl. Denom. $1,000. The balance of
$150,000 of the cost of the improvements is expected to be furnished as an
outright grant by the PWA. The bonds, it is said, are to be secured by a
levy of one-tenth of one mill upon the tax duplicate of the District voted
by the people in 1930, the last tax payment on which to be collected in the
taxes for the last half of 1940, but collected in June and July of 1941.
CLINTON, Custer County, Okla.
-BONDS CALLED.
-It lb reported
that toe City Treasurer is calling for payment at his office on Oct. 1 various
street improvement bonds.
CLINTONVILLE SCHOOL DISTRICT (P. 0. Clintonville), Waypace County, Wis.-PRICE PAID.
-The $33,000 issue of 5% semi-ann.
refunding school bonds that was purchased by local investors
-V. 136,
p. 4491-was awarded at par. Due from 1933 to 1946, inclusive.
COLORADO SPRINGS SCHOOL DISTRICT (P. 0. Colorado
Sporings), El Paso County, Colo.
-PROPOSED BOND ISSUANCE.
H. M. Corning, Superintendent of Schools, is reported to have said that
plans have been prepared for a new $900,000 high school, and an election
will soon ee called to vote the necessary bond issue.
CONNECTICUT (State of).
-COMPARISON OF TAX REVENUES.
A tabulation prepared bii" the State Tax Commissioner shows that the
various State tax levies tided $18.364.622 in year ending June 30 1933,
compared with $21,557,973 in year to June 30 1932; $25,216395 in year
to June 30 1931; $23.151.307 in year to June 30 1930; $21,416,983 in year
to June 30 1929. and $20.174,398 in year to June 30 1928.
CORTLAND CENTRAL SCHOOL DISTRICT No. 3 (P.O. Montrose), Westchester County. N. Y.
-PROPOSED BOND ISSUE-The
Board of Education plans to offer for sale an issue of $25,000 school bonds.
CULPEPER, Culpeper County, Va.-FEDERAL LOAN APPLICATION FILED.
-The following report is taken from a Richmond dispatch
to the New York "Journal of Commerce" of Sept. 22 regarding a proposed
loan of $160,000 from the PWA:
"The town of Culpeper, Va.. through Victor von Gemmigen, Town
Manager, has asked the Public Works Board for Virginia for $160,000
with which to construct a municipal power plant having a capacity of 750
kilowatt hours. Application oy the town indicated that it planned to
release the Virginia Public Service Corp. service at the expiration of the
current franchise in November. The project would consume 47.500 man
hours of labor directly and much more indirectly.
CUSHING, Payne County, Okla.
-PROPOSED FEDERAL LOAN.
Application is reported to have been made to the State Advisory Committee
of the PWA for a loan of $300,000 to finance the construction of a municipal
plant for electric power and the distributing system.
CUSTER SCHOOL DISTRICT (P. 0. Custer), Custer
County.
S. Dak.-BONDS VOTED.
-We are informed by the District Clerk that
at an election held on Sept. 19 the voters approved the issuance of $40.000
in 4% high school building bonds by a count of 200 to 57. Due serially
in 20 years.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BUYS $2,000,000
GOVERNMENT BONDS.
-The Board of Commissioners on Sept. 23 purchased as investments a block of $2,000.000 1.9% Federal Government
bonds, yielding $38.000 annually. Local banks had offered to pay 1%
interest on the funds as deposits.
DALLAS, Dallas County, Tex.
-BOND OFFERING CONTEMPLATED.
-In connection with the report given in V. 137, p. 2305, to the effect
that the city will issue $2,168,000 in bonds to refund the city's overdraft
as it existed on Oct. 1 1931. we are informed by the Assistant Director of
Finance that the Council has decided the first effort at public sale shall be
made about Oct. 10. He explains that these funding bends are being
disposed of at private sale to the City Treasurer, who accepts them in
exchange for an equivalent amount of unpaid warrants. In turning these
funding bends over to the City Treasurer, the city retains an option on them
up through next spring, and has the right to sell them to better advantage
during that option period, if it proves possible to do so.
DAVISON COUNTY (P. 0. Mitchell) S. Dak.-BOND ELECTION.
An election will be held on Oct. 24. according to report, in order to vote on
the proposed issuance of $175,000 in court house and county farm impt.
bonds.
DEARBORN, Wayne County, Mich.-130NDS NOT SOLD.
-The
issue of $96,560 not to exceed 4% interest coupon general obligation sewer
bonds offered on Sept. 26-V. in P. 2137-failed of sale, as no bids were
obtained. Due serially on Sept. 1:from 1934 to 1963 incl.
DEFIANCE, Defiance County, Ohio.
-BONDS NOT SOLD.
-The
issue of $51.000 6% refunding bonds offered on Sept. 2-V. 137. p. 1445
was not sold, as no bids were obtained. Dated Sept. 1 1933 and due on
Sept. 1 as follows: $5,000 from 1935 to 1943 incl. and $6.000 in 1944.
DES MOINES, Polk County, Is.
-SUIT BROUGHT TO FORCE
PAYMENT OF WARRANTS.
-The Des Moines "Register" of Sept. 19
carried the following accowt of a suit instituted on the previous day by
a local bond firm to obtain a judgment against the city on unpaid warrants:
"Jackley-Wiedman & Co. and the Central National Bank & Trust
Co. Monday brought suit against the City of Des Moines for $124,472.08.
"The suit is based on warrants acquired by the investment brokers
marked 'not paid for want of funds.' The plaintiffs ask judgment with
interest from Sept. 9.
The warrants were issued previous to that date on general, bridge,
metropolitan light, light, improvement, cemetery care, garbage, main
sewer, grading, sewer, fire maintenance, city road and park funds."
DETROIT, Wayne County, Mich.
-REFUNDINGPLAN FORMALLY
APPROVED.
-The State Public Debt Commission on Sept. 24 formally
approved the city's debt refunding plan, providing for the refinancing of
approximately $325,000,000 in bonds, notes and interest charges
-V. 137.
p. 1613.
$10,000,000 LOAN AUTHORIZED.
-The State Loan Board on Sept. 20
approved the City's application for authority to borrow $10,000.000 against
uncollected taxes for the fiscal year ending June 30 1934.
DOVER,Tuscarawas County, Ohio.
-BONDS AUTHORIZED.
-The
City Council recently authorized the issuance of $16,800 5% bonds for the
purpose of financing the municipal portion of the cost of highway improvements. Bonds are part of a total of $60,000 voted at the general
election in November 1931. The current block will be dated Oct. 1 1933.
Denoms. $1,000 and $200. Due $1,200 annually on Oct. 1 from 1935 to
1948 incl. Principal and interest (A. & 0.) are payable at the City Treasurer's office.
-BONDS AUTHORIZED.
DOWAGIAC, Cass County, Mich.
-The
City Council voted on Sept. 11 to Issue $7,000 4 X% oonds for the purpose
of providing for the payment of delinquent 1932 real estate and personal
taxes due to the Cass County treasury. Denom. $500.
2489
DIJNCANSVILLE SCHOOL DISTRICT, Blair County, Pa.
-BOND
OFFERING.
-Carry M. Black, Secretary of the Board of Directors, will
receive sealed bids until 7:30 p. m. on Oct. 5 for the purchase of $6,500 5%
tax anticipation bonds. Dated Oct. 1 1933. Denom. $500. Due Oct. 1
1943, optional in three years. Interest is payable in A. & 0. Bids to be
for not less than par and accrued interest to date of delivery of the bonds.
Successful bidder will be required to pay for the printing of the bonds
and for any legal opinion necessary, but the cost of obtaining approval of
the issue by the Pennsylvania Department of Internal Affairs will be borne
by the district. A certified check for $500, payable to the order of the district, must accompany each proposal. Bonds are being issued pursuant
to Act No. 132. approved May 18 1933.
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. San Francisco), Calif.
-FEDERAL LOAN APPLICATION TO BE DROPPED.According to Pacific Coast news dispatches, the above named district will
drop its proposal for a Federal loan in the amount of $8,409.000 through
RFC construction funds, following the confirmation of the signing of a
contract renewal with the Pacific Odes & Electric Co. It is reported that
the district, by a unanimous resolution, has approved a 12-year contract
with the power company. (A detailed report on this proposed loan was
given in V. 137. p. 2305.)
EASTCHESTER (P. 0. Tuckahoe), Westchester County, N. Y.-Arthur N. Ferris, Town Clerk, will receive sealed bids
BOND OFFERING.
until 8 p.m. on Oct. 4 for the purchase of $45,000 not to exceed 6% interest
coupon or registered bonds, divided as follows:
$33,000 series A-1933 street impt. bonds. Due Nov. 1 as follows: $2,000
from 1934 to 1949, incl., and $1,000 in 1950.
12,000 series K sewer bonds. Due $1,000 annually on Nov. 1 from 1934
to 1945. inclusive.
Each issue is dated Nov. 1 1933. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of 1-10th
of 1%. Prin. and int.(M.& N.) are payable in lawful money of the United
States at the First National Bank & Trust Co., Tuckahoe. A certified
check for 2% of the bonds bid for, payable to the order of the town, must
accompany each proposal. The approving opinion of Hawkins, Delalleld
& Longfellow of New York will be furnished the successful bidder.
-At an
-BONDS VOTED.
EAST LANSING, Ingham County, Mich.
election held on Sept. 22 a proposal to issue $35,000 water plant construction bonds was approved by a vote of 589 to 29. The project will cost
$50,000, of which $15,000 will be contributed as a direct grant, while the
balance will be furnished as a loan by the PWA,secured by City bonds.
-OPTION
-BONDS NOT.SOLD
EAST ORANGE, Essex County, N. J.
ASKED.
-No bids were obtained at the offering on Sept. 25 of $325,000
not to exceed 6% interest coupon or registered bonds, including $177.000
sewer, $110,000 general mpt. and $39.000 school ssues-V. 137. P. 2305.
The request of Lehman Bros. of New York and associates for an option on
the obl gat ons at par and accrued interest for a per:od of 30 days was taken
under consideration. The bonds offered are part of an or's nal total of
$609,000 for which no b'ds were obtained on June 26. The aforement oned
group obtained an option on the issues, whicn was extended on two subsequent occasions, and succeeded in selling, at par, the balance of $284,000
bonds.
NOTE RENEWAL PLANNED.
-In connection with the $1,533,552.93
In debt charges due in October, the bulk of which constitutes note issues,
it is stated that the city plans to pay the maturing interest of approximately
$30,000, and to renew the notes.
EDEN VALLEY SCHOOL DISTRICT No. 1 (P. 0. Sherwood),
Renville County, N. Dak.-CERTIFICATES NOT SOLD.
-The $2,500
issue of certificates of indebtedness offered on Sept. 22-V. 137, p. 2137
was not sold as no bids were received, reports the District Clerk. Interest
rate not to exceed 7%, payable semi-annually. Due in 2 years.
EDMUNDS COUNTY(P.O.Ipswich), S. Dak.-BOND OFFERING.
It is stated by A. E. Herrboldt. County Auditor, that he will sell at public
auction on Oct. 4 at 10 a. m. a $61.000 issue of court house and Jail bonds.
Interest rate is not to exceed 6%. payable J. & D. Denom. $1.000. Dated
Sept. 1 1933. Due as follows: $5.000, 1938 to 1948, and $6,000 in 1949,
optional in 5 years. Prin, and int. payable at the County Treasurer's
office. The County Board of Commissioners will furnish legal opinion
and also the blank form of bonds. A certified check for $6,100 must
accompany the bid. The sale of these bonds is to be conditional on the
approval of the project by the State Advisory Board of the PWA.
-At an
-BONDS DEFEATED.
ELDORADO, Butler County, Kan.
election held on Sept. 19 the voters are stated to have defeated the issuance
of 878,500 in filtration plant bonds by a count of 1,079 "for" to 1.870
"against," reports the City Clerk.
ELKADER INDEPENDENT SCHOOL DISTRICT (P. 0. Elkader),
-The elec-BOND ELECTION POSTPONED.
Clayton County, Iowa.
tion scheduled for Sept. 6 to vote on the issuance of $36 000 in hign school
-is said to have been indefinitely
-V. 137, p. 1445
construct on bonds
postponed.
-NOTE RENEWAL.
-The
ELMSFORD, Westchester County, N. Y.
issue of $90,000 notes which matured on Sept. 15 has been renewed by the
Board of Trustees.
-FEDERAL LOAN APPLICATION
ENNIS, Ellis County, Tex.
FILED.
-We are informed that loans totaling $189.747.50, are Doing sought
in an application filed with the PWA. The loans are to be divided as
follows: $90,000 for a pumping plant; $40.500 for water system extension
purposes; $30.000 for storm sewers; $14.087.50 Jr drainage ditch improvements;$10.050 for hospital purposes, and $5,110 for a water works reservoir.
-The issue of $500.000
-BOND SALE.
ERIE, Erie County, Pa.
-was
coupon or registered bonds offered on Sept. 29-V. 137. p. 1967
awarded as 5 Xs, a:, par and accrued interest, to a syndicate composed of
E. H. Rollins & Sons, A. C. Wood, Jr. & Co., Edward Lowber Stokes &
Co., and Singer. Deane & Scribner, Inc. Dated Dept. 15 1933 and due
on Sept. 15, as follows: $25,000 from 1940 to 1948. incl.; $50,000 from
1949 to 1952, incl., and $75,000 in 1953.
-TEMPORARY LOAN.
ESSEX COUNTY (P. 0. Salem), Mass.
The $50,000 revenue anticipation loan offered on Sept. 26-V. 137, p. 2306
-was awarded to the Gloucester National Bank at 0.425% discount basis.
Dated Sept. 26 1933 and due on Nov. 7 1933. Bids for the issue were as
follows:
Discount Basis.
BidderGloucester National Bank (purchaser)
0.425%
Naumkeag Trust Co.. Salem
0.617
Merchants National Bank of Salem (plus premium of 22 cents)- 0.717
Second National Bank of Boston
0.73%
Essex Trust Co.of Lynn
0.75%
-In con-BOND DETAILS.
FAIRMONT, Martin County, Minn.
nection with the report given in V. 137. p. 2306, of the voting of 945.000
in 4% sewer bonds on Sept. 12, we are advised by the City Clerk that no
date of sale has been set as yet. Denom. $1,000. Dated Dec. 1 1933.
Due on Dec. 1 as follows: $5,000 in 1926 and 1937. and $7.000 from 1938
to 1942.
FESSENDEN SCHOOL DISCTRICT (P. 0. Fessenden), Wells
County N. Dak.-CERTIFICATE OFFERING.
-It is reported that
sealed bids will be received until 730 p. m. on Oct. 10. by E. A. Haedt,
District Clerk, for the purchase of a $2.500 issue of certificates of indebtedness. Interest rate is not to exceed 7%. Payable semi-annually. Due on
Oct. 10 1934.
FLASHER SCHOOL DISTRICT NO. 89 (P. 0. Flasher), Morton
County, N. Dak.-CERTIFICATES OFFERED.
-It Is stated that sealed
bids were received by J. T.Johnson, District Clerk, until 4 p. m.on Sept.30
for the purchase of a $5,000 issue of certificates of indebtedness. Interest
rate not to exceed 7%. payable semi-annually. Due in two years.
FORREST,Livingston County,III.
--BOND ELECTION.
-An election
will oe held on Oct. 17 to vote on a proposed issue of 832.000 47 water
works bonds. It is provided that the issue be sold to the RFC. Re
-payment is to be made from the proceeds derived through operation of the
water plant.
FORT CALHOUN, Washington County., Neb.-BONDS SOLD.It is stated by the City Clerk that the $17,200 issue of refinding bonds
authorized by the City Council on Aug.30-V.137, p.2306
-has been sold.
FREDERICK, Brown County, S. Dak.-BONDS VOTED.
-At an
election held recently, the voters are said to have approved the issuance
of $16,000 in water system and improvement bonds.
2490
Financial Chronicle
-The Village
GILBERT, St. Louis County, Minn.
-BONDS VOTED.
Clerk reports that at an election held on Sept. 18 the voters approved the
issuance of $45,000 in 6% street impt. bonds by a substantial majority.
-No olds
GIRARD, Trumbull County, Ohlo.-BONDS NOT SOLD.
were obtained at the offering on Sept. 23 of $20.000 5 % coupon refunding
bonds, including issues of $14,000 and $6,000-V. 137, p. 1968.
GLEN PARK, N. Y.
-BOND SALE.
-The $12,000 coupon or registered
-were awarded
fire department bonds offered on Sept. 6-V. 137, p. 1796
as 6s to Sherwood & Merrifield, Inc., of New York at a price of 100.11.
a basis of about 5.98%. Dated Sept. 1 1933 and due serially on Sept. 1
from 1934 to 1945 incl.
GOLDEN VALLEY COUNTY SCHOOL DISTRICT NO. 6 (P. 0.
Ryegate), Mont.
-BOND OFFERING.
-It is reported that sealed bids
will be received until 3 p. m.on Oct 18 by H. G. Todd, District Clerk, for
the purchase of a $2,200 issue of 6% semi-ann. funding bonds.
-ADDITIONAL INFORMAGOLDSBORO, Wayne County, N. C.
TION.
-In connection with the report given in V. 137, p. 1968, that the
Board of Aldermen had decided to issue $137,100 funding bonds, it is
stated by the City Clerk and Treasurer that these bonds are being issued
solely for the purpose of exchanging with like bonds of the city, due from
July 1 1933 to July 1 1935 incl., and they bear rates on interest of same
amount as bonds refunded, being from 4% to 6%. They are to refund
improvement bonds as the water bonds are still being cared for from water
earnings, and are not for sale but are for exchange with the holders of the
original issue affected.
-At
-BOND ELECTION.
GRAND HAVEN, Ottawa County, Mich.
the election to be held on Oct. 17 the voters will be asked to approve of the
Issuance of $110,000 bonds to finance the construction of a hospital and
school building.
GRAND RAPIDS SCHOOL DISTRICT NO. 1 (P. 0. Grand Rap-At the election held on Sept. 12
-BONDS DEFEATED.
ids), Minn.
-V. 137, p. 1446-the voters are reported to have rejected the proposal
to issue $135,000 in school bonds.
GRAYS HARBOR COUNTY SCHOOL DISTRICT NO. 117 (P. 0.
-The $30.000 issue of school bonds
-BOND SALE.
Montesano) Wash.
-was purchased by the State
offered for sale on Sept. 23-V. 137, p. 2306
of Washington, as 5s at par. No other bids were received, according to the
County Treasurer.
-PROPOSED FEDERAL
GRAYSON COUNTY (P.O. Sherman), Tex.
LOAN.
-The County Commissioners are said to have approved a petition
for a grant of $75,000 and a loan of $175,000 from the Federal Government
for a court house and jail project.
-BONDS AUTHORIZED.
GREENFIELD,Highland County, Ohio.
The Village Council recently adopted an ordinance providing for the
Issuance of $4.000 5%% refunding bands, to be dated Oct. 11933. Denom.
$200. Due $200 semi-annually on April and Oct. 1 from 1935 to 1944 incl.
Principal and interest (A. & 0.) will be payable at the office of the State
Treasurer in Columbus.
GREENWICH, Fairfield County, Conn.-ASSF.SSMENTS RE-The Board of Assessors announced on Sept. 27, that as a result
DUCED.
of a 10% reduction on all land assessments, the grand list for 1934 will be
$173,352,850, or a decrease of $12.067.170 below the presents year's total
of $185,420,020.
-FEDERAL LOAN
GREENWOOD, Greenwood County, S. L.
APPLICATION FILED.
-On Sept. 22 the State Public Works Advisory
Board is said to have received a formal application of the city for a $200.000
loan for the extension of municipal water works and sewerage systems.
-NOTES PRIVATE.
GUILFORD COUNTY (P.O. Greensboro), N. C.
-We are informed that the $100.000 revenue anticipation note.
LY SOLD.
authorized by the County Commi,sioners on Aug. 16-V. 137. p. 1614
have been purchased at private sale by local investors.
HAMTRAMCK SCHOOL DISTRICT, Wayne County, Mich.
BOND DEFALLT.-The following was sent to us under date of Sept. 25
from tne Accountant of the Board of Education:
"Tne School District of the City of Hamtramck, Wayne County, Mich.,
is in default of all principal since Oct. 1 1932 and of all interest since Nov. 1
1932. All funds of the School District are tied up in the closed Peoples
Wayne County Bank of Hamtramck. Suits are now pending against the
surety companies that gave the bonds covering the hank deposits. The
bank is also attempting to reorganize. No funds are available for the
payment of any outstanding liabilities until a settlement can be reached
with the above mentioned parties. Collection of taxes takes place in January
of each year."
-The
-BOND SALE.
HANCOCK COUNTY (P. 0. Ellsworth), Me.
-has been sold to
Issue of $80,000 bonds mentioned in
-V. 137, p. 1796
the Bar Harbor Banking & Trust Co.. Bar Harbor. Due $8.000 annually
from 1944 to 1953 incl.
-BONDS REOFFERED
HARRISON, Hamilton County, Ohio.
The issue of $4,000 drainage impt. bonds originally offered as 4s on
Sept. 15-V. 137. p. 1796-at which time no bids were obtained, is being
-advertised for award on Oct. 20 with the rate of interest increased to
re
6%. Sealed olds will be received until that date by R. S. Means, Village
Clerk. Bonds near date of Aug. 10 1933 and are to mature $500 annually
on Aug. 21 from 1939 to 1946 incl.
HAZELWOOD (R. Sta. Waynesville) Haywood County, N. C.
-In answer to our inquiry, we are
REPORT ON BONDS IN DEFAULT.
advised oy J. B. Hoyle, Town Treasurer, ins letter dated Sept. 23, that the
only oonds in default are two $1.000 bonds that matured on March 1 1933.
and one $500 pond that was due on May 1 1933.
HEMPSTEAD SCHOOL DISTRICT NO.17(P.O. Franklin Square),
-William B. Bryan, Dis-BONDS NOT SOLD.
Nassau County, N. Y.
trict Clerk, reports that no bids were obtained at the offering on Sept. 22
interest coupon or registered school bonds
of $21,000 not to exceed 6%
-V. 137. p. 2138. Dated Oct. 1 1933 and due $3,000 annually on Oct. 1
from 1935 to 1941 inclusive.
RIBBING INDEPENDENT SCHOOL DISTRICT NO. 27 (P. 0.
-ADDITIONAL BONDS AUTHHibbing), St. Louis County, Minn.
-At a meeting held on Sept. 20, the School Board is said to have
ORIZED.
passed a resolution to issue $100.000 of bonds. Interest rate not to exceed
6%. Due on Nov. 1 1934. It is said by John Naughtln, School Attorney,
that the date of sale will be advertised soon. The sale of these bonds.
-V.136. p. 3757
together with the 61,000.000 bonds authorized last May
was approved recently by the State Board of Investments, according to
report.
HILL COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Kremlin),
-It is reported that sealed bids will be re•
-BOND OFFERING.
Mont.
ceived until 2 p.m. on Oct. 16 by Odin Sjordal, District Clerk, for the
purchase of an issue of $1,060 6% semi-ann. funding bonds.
-ADHOLTON SCHOOL DISTRICT, Muskegon County, Mich.
-R. A. Murphy, Director of Schools, states
DITIONAL INFORMATION.
that the $2,000 6% school bonds purchased at par recently by the State
-are dated
Teachers' Retirement Fund Board at Lansing-V. 137, p. 2138
Aug. 1 1033 and mature $400 annually on Aug. 1 from 1935 to 1939, incl.
Coupon bonds with interest payable annually on Aug. 1.
Denom $4.00.
-PROPOSED FEDERAL
Mass.
HOLYOKE, Hampden County
-The city plans to make application to the Public Works AdminLOAN.
istration for a sum of $64.000. of which $15.000 would be used to finance
the construction of a new infirmary hospital at Aldenville and the balance
of $19,000 expended on the building of an addition to the Health Department hospital.
-PROPOSED FEDERAL LOAN.HOMINY, Osage County, Okla.
Application is said to have been made to the State Advisory Committee
of the PWA for a loan of $150,000 to be used in the construction of an
.electric light and power plant and distribution system.
HURON, Beadle County, S. Dak.-BOND OFFERING DETAILS.
In connection with the offering scheduled for 2 p.m. on Oct. 2of the $90,000
-V. 137. P. 2307
issue of not to exceed 5% semi-ann. storm sewer bonds
we are informed by M. F. Walt. City Auditor, that the bonds are dated
Nov. 11933. Denoms. $1.000 and $500. Due $1,500 from Nov. 1 1934
to 1953, incl. Prin. and int. (M. & N.) payable at any bank or trust
r and
company designated by the purchaser. No bid for less than
accrued interest will be considered.
Sept. 30
1933
-It Is
HUTCHINSON, McLeod County, Minn.
-BONDS VOTED.
said that at an election held on Sept. 18 the voters approved the issuance
of $72,000 in sewage disposal plant bonds.
-The State tax
INDIANA (State of).
-TAX RATE UNCHANGED.
rate for 1934 has been fixed at 15 cents on each $100 worth of taxable
property, the same levy as in 1933. The total of 15 cents includes the
following separate rates: State tuition. 7 cents; world war memorial.
4 mills: State forestry, 2 mills: board of agriculture,3% m Ils: State teachers'
retirement fund, 2.4 cents, and general fund, 4.65 cents. The 1% mill levy
for the George Rogers Clark memorial expires next year and this amount
was shifted by the treasury department to the general fund.
The department also called for the collection of the usual amount of poll
tax. $1.50. This includes 50 cents for each poll for State school tuition
purposes and $1 for State revenue."
-LOAN
IRON RIVER SCHOOL DISTRICT, Iron County, Mich.
NEEDED TO MEET BOND MATURITY.
-The Board of Education on
Sept. 19 voted to sapply to the State Administrative Board for a loan of
$25,000, of which $15,000 would be applied to the payment of high school
bonds maturing on Nov. 1 1933. The money would be borrowed against
$72.000 of district funds impounded in the First National and Miners'
State banks, according to report. Failure to obtain the money will necessitate default of the bonds, it is said.
ITASCA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Grand Rap-We are advised by the District
ids), Minn.
-BONDS DEFEATED.
Treasurer that at an election held on Sept. 12 the voters rejected a proposal
to issue the $150,000 funding bonds authorized on July 18-V. 137, p. 903.
-BONDS AUTHORIZED.
JEFFERSON, Ashtabula County, Ohio.
The Village Council recently authorized the issuance of $5,000 6% street
impt. bonds, dated Oct. 1 1933. Denom. $250. Due $250 on April and
Oct. 1 from 1934 to 1943 incl. Principal and interest(A. & 0.) are payable
at the Village Treasurer's office.
-The
KEARNEY, Buffalo County, Neb.-BONDS AUTHORIZED.
City Council is reported to have passed recently an ordinance providing
for the issuance of $77,000 in 4% refunding bonds. Denom. $1,000.
Dated Oct. 11933. Due on Oct. 1 1943. Prin. and int.(A.& 0.) payable
at the County Treasurer's office.
-BONDS NOT
KEARNY (P. 0. Arlington), Hudson County, N. J.
-No bids were obtained at the offering on Sept. 27 of $2.228,000 not
SOLD.
to exceed 6% interest coupon or registered bonds, comprising five separate
issues
-V.137. p. 2307.
KILDEER,Dunn County, N. Dak.-BONDSVOTED.-At the election
-the voters approved the issuance of
held on Sept. 22-V. 137, p. 1968
$16.000 in 4% water system extension bonds by a very wide margin. Due
serially from 1935 to 1954. It is said that the bonds will be sold to the
Federal Government.
KING COUNTY SCHOOL DISTRICT NO. 165 (P. 0. Seattle),
-It is reported that at an election held recently
-BONDS VOTED.
Wash.
the voters approved the issuance of $8,000 in school bonds.
-BOND OFFERING.
LAKE COUNTY (P. 0. Painesville), Ohio.
L. J. Spaulding, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m. (Eastern Standard Time) on Oct. 16 for the purchase of $215,950 5% refunding bonds. Dated Oct. 1 1933. Denoms.
$700 and $350. Due semi-annually on April and Oct. 1 from 1937 to 1943
incl. Principal and semi-annual interest are payable at the County Treasurer's office. Bids for the bonds to bear interest at a rate other than 5%,
,
expressed in a multiple of 11 of 1%, will also be considered. A certified
check Col $2.000, payable to the order of Abel Kimball, County Treasurer,
must accompany each proposal.
-At the
LAKE COUNTY (P. 0. Madison) S. Dak.-BONDS VOTED.
-the voters approved the issuance
election held on Sept. 19-V. 137. p. 2138
by a count of 1,696 to 958, according to
of the $75,C00 court nouse oonds
the County Clerk.
-$650,000 BOND PROLAKEWOOD, Cuyahoga County, Ohio.
.-Acting upon the request of the Board
POSAL REMOVED FROM BALLOT
of Hospital Trustees, the City Council on Sept. 18 decided to remove the
proposed $650,000 hospital bond proposal from the list of measures to be
voted on at the general election on Nov. 7. The Trustees stated that as
It is very improbable that the Federal Government would agree to finance
the cost of the project on the basis of an outright giant of 30% of the expenditure, because of the favorable condition of the finances of the city.
it was decided to abandon the proposition.
LAKEWOOD SCHOOL DISTRICT, Cuyahoga County, Ohio.
-The Board of School Directors
REFUNDING BONDS AUTHORIZED.
recently authorized the issuance of $148.000 refunding bonds to complete
the amount needed to meet the $250,000 oonds maturing on Oct. 1 1933.
The balance of $102.000 Is available in cash. The Board also arranged to
borrow $125.000 from the State Teachers' Retirement to repay the city
sinking fund for a loan obtained last January. The District has a total
bonded debt of $3,617.500. it is said.
-Sealed aids addressed to L. E. Keske, Clerk of
BOND OFFERING.
the Board of Education, will be received until 12 m. on Oct. 16, for the
purchase of $148,000 6% refunding bonds. Dated Oct. 2 1933. Denom.
$1,000. Due Oct. 1 as follows: $11,000 from 1935 to 1944, incl.: $10.000
from 1945 to 1947, incl. and $8,000 in 1948. Interest is payable annually.
Bids for the bonds to bear Interest at a rate other than 6%,expressed in a
multiple of % of 1%. will also be considered. A certified check for 5% of
the amount bid, payable to the order of the Board of Education, must
accompany each proposal.
-The lame
LANCASTER, Fairfield County, Ohlo.-BOND SALE.
of $12,500 street inapt. bonds recently authorized by the City Council
-1r. 137, p. 2307
-will be taken as an investment by the Sinking Fund
Commission. Dated Nov. 1 1933 and due on Oct. 1 as follows: $1,500
from 1934 to 1938 incl. and $1,000 from 1939 to 1943 incl.
-REQUESTS BOND AUTHORLANSING, Ingham County, Mich.
-The city has made application to the State Advisory Board for
ITY.
permission to issue $284,000 bonds. Additional requests will be made
later. The bonds would be offered as collateral for Federal funds to be
used for various improvement purposes.
-An election
LEAD, Lawrence County, S. Dak.-BOND ELECTION.
will be held on Oct. 3, according to report, in order to vote on an issue of
bonds for a public works program. An application for $155,000 in Government loans is said to have been approved recently, to be utilized as follows:
$75,000 for a new combined city hall, fire station and police station: 817,000
for the construction of lateral and major trunk line sewers, and $03.000 or
street paving.When the funds are made available by the Government, an
outright grant is made of 30% or about $46,000, the other 70% to be
secured by the bond issue.
LEXINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
The First of Boston Corp. purchased on Sept. 27 a $175,000 revenue anticipation loan at 2.47% discount basis. Dated Sept. 28 1933 and payable on
April 12 1934. Bids submitted were as follows:
BidderDiscount Basis.
First of Boston Corp. (Purchaser)
2.47
Second National Bank of Boston
2.97
3.07
Lexington Trust Co
Faxon. Gade & Co
3.23 o
3.24%
F. S. Moseley & Co
LEXINGTON, Sanilac County, Mich.
-BOND ELECTION.
-At an
election to be held on Oct. 7 the voters will consider a proposal providing for
the issuance of $28,000 water works bonds. It is proposed that the cost of
the project, estimated at $38,000, be financed by the Pu c Works Adm n stra on. with 30% of the expenditure provided as an outright grant.
'
A year ago the voters rejected a similar measure.
LINCOLN, Lancaster County, Neb.-FEDERAL LOAN APPLICATION.
-The City Council is said to be asking for a Government loan of
$216,000 to be used for the purpose of constructing additional water mains
needed for fire protection. The city will put up as security 4% water bonds
authorized in 1930.
-BOND OFFERED.
LINN COUNTY (P. 0. Cedar Rapids), Iowa,
It is reported that bids were received until 10 a. m. on Sept. 28, by F. L.
Williams, County Treasurer, for the purchase of an $80,000 issue of poor
funding bonds. Duo $15,000 on, May and Nov. 1 1935 and $5,000 on may
and Nov. 1 from 1936 to 1940. The bonds and the legal opinion are to be
furnished by the purchaser.
Volume •137
Financial Chronicle
LITTLE ROCK STREET IMPROVEMENT DISTRICT NO. 388
(P. 0. Little Rock) Ark.
-REPORT ON BOND DEFAULT.
-In response
to our recent inquiry regarding the present status of the bond default situation in this district, we are informed as follows by Attorney Wallace
Townsend, in a letter dated Sept. 25:
"This district went into default on Jan. 1 1933 and is in default on its
bonds to the amount of $3,000.00 and interest payments due on Jan. 1 and
July 1 of 1933. The default is due to the number of delinquent assessments
which in turn are caused by the depression. The district has ample assessed
benefits and should finally pay its bonds in full. However, it is hoped to
work out a satisfactory refunding plan so that the district may be given a
longer time within which to pay the bonds."
LORAIN (P. 0. Johnstown), Cambria County, Pa.
-BOND OFFERS. Sann, Borough Treasurer, will receive sealed bids until 8p. m.
on Oct. 16 for the purchase of $5,000 4%% coupon refunding bonds. Dated
Sept. 1 1933. Denom. $1,000. Due $1,000 annually on Sept. 1 from 1944
to 1948 incl. Interest is payable in M.& S.
LOVELAND, Larimer County, Colo.
-BOND .SALE.
-An issue of
$120,000 4;4% water refunding bonds was purchased recently by a group
composed of Gray B. Gray, Sidle, Simons. Day & Co., and Jno. Sullivan
& Co., all of Denver, at a price of 100.46. a basis of about 4.405". Dated
July 1 1933. Due $15,000 from July 1 1935 to 1942, incl. Prin. and
semi-annual int. payable at the office of the City Treasurer. Legal opinion
of Dines, Dines and Holme, of Denver.
Financial Statement.
Assessed valuation 1932
$3.490,620
Total general Debt
562,000
Water debt
437,000
Revenue bonds
55,000
Denomination $1,000. Population 1930-5,506.
LYNCHBURG, Campbell County, Va.-BONDS AUTHORIZED.
At a special session held on Sept. 18, the City Council is said to nave
authorized the Issuance of more than $500,000 in bonds oy the city water
department, to finance the replacement of pipelines, the bonds to be issued
as soon as possiole. It will be necessary for the bond ordinance to lay over
for 30 days before final action can be taken, because of charter provisions.
A short time ago the city rejected Federal aid under the provisions of the
PWA in the financing of this project.
LYNCHBURG, Campbell County, Va.-BOND OFFERING.
-Sealed
bids will be received until 11 a. m. on Oct. 28, by Joyn M. Otey, City
Auditor, for the purchase of a $450.000 issue a 4% coupon or registered
water supply conduit bonds. Denom. 81,000. Dated Nov. 11933. Due on
Nov. 1 as follows: 310,000, 1936 to 1938:$15,000, 1939 to 1950, and $20,000.
1951 to 1962, all incl. Prin. and int. M. & N.) payable at the Chase
National Bank in New York. The approving opinion of Thomson, Wood &
Hoffman of New York, will be furnished. Bonds will be prepared and ready
for delinvery on Nov 1, in Lynchburg, or New York, or as otherwise may
be arranged. Authority: Chapter 122, Va. Code, 1919, as amended.
There is no law prohibiting sale of bonds at a discount. No further issues
are authorized or contemplated in the near future. A certified check for
2% of the face value of the bonds bid for, payable to the City Treasurer, is
required.
LYON COUNTY (P. 0. Rock Rapids), Iowa.
-REPORT ON BOND
DEFAULT SETTLEMENT,
-In response to our inquiry regarding a
reported default by tne above named county, we are advised as follows by
L. J. Dehn, County Treasurer, in a letter dated Sept. 23:
"With reference to your inquiry of the 19th relative to the status of our
bond default in this county.
"I wish to say tnat at this time we have all the bonds paid that have been
due in full, and the next payment when some will become due is Jan. 1
1934 and as far as I can tell now they will be taken care off when due.
"This default was caused on account of some of the banks failing in this
county, and at this time we have something like $148,000.00 tied up in
closed banks."
LYON COUNTY (P. 0. Marshall), Minn.
-BOND OFFERING.
Sealed bids will be received by Benjamin Foss, County Auditor. until
2 p. in. on Oct. 9 for the purchase of a $30,000 issue of poor fund bonds.
Interest rate is not to exceed 6%,payable A.& 0. Denom.$1,000. Dated
Oct. 1 1933. Due $3,000 from Oct. 1 1934 to 1943 incl. Prin. and int.
payable at the Northwestern National Bank in Minneapolis.
MABTON, Yakima County, Wash.
-BONDS VOTED.
-The voters
are reported to have recently approved the issuance of $25.006 in water
department revenue bonds, which are expected to be matched by State and
Federal funds.
MADISON, Dane County, Wis.-FEDERAL FUND ALLOTMENT
NOT COMPLETE.
-In connection with the report given in V. 137. p. 2308,
that an allotment of $135,000 had been made to the clty by the Public
Works Administration for storm and sanitary sewer purposes, we are
advised by the City Clerk that no notification of the allotment nad been
received by the city up to Sept. 25.
MADISON HEIGHTS SANITARY SEWER DISTRICT (P. 0.
Amherst), Amherst County, Va.-It is said that an election will be held
on Oct. 28 in order to vote on the proposed issuance of $62.000 in water
system bonds. We understand that the election is to be held under a law
enacted by the recent special legislative session, which gives a district a
right to vote bonds instead of the entire county passing on the question
at the polls.
MAGNOLIA, Harrison County, Iowa.
-BOND ELECTION.
-An
election will be held on Oct. 11, according to report, in order to vote on the
proposed issuance of $20,000 in water plant bonds.
2491
annually from 1944 to 1953. Of the entire issue the Government will
cancel 30% as their direct grant for labor and material.
MINNEAPOLIS, Hennepin County, Minn.
-CERTIFICATE OFFERINO.-It is stated by Geo. M.Link, Secretary of the Board of Estimate and
Taxation, that he will receive both sealed and auction bids until 11 a. m.on
Oct. 11, for the purchase of an issue of $1,000,000 certificates of indebtedness. Interest rate is not to exceed 6%,stated in a multiple of V& of I%•
Dated Oct. 16 1933. Due on Dec. 30 1933. Bids offering an amount less
than par cannot be accepted. The certificates will be sold subject to the
favorable opinion of the attorney for the purchaser, the cost of such opinion
to be borne by the purchaser. A certified check for 2% of the amount bid
for, payable to C. A. Bloomquist, City Treasurer, is required.
MINOT, Ward County, N. Dak.-BONDS DEFEATED.
-We are
Informed by V. T. Lee, City Auditor, that at the election held Sept. 22V. 137. p. 1970
-the voters rejected the two proposed bond issues totaling
$1,090.000. The bonds are divided as follows: $950.000 municipal light and
power plant, and $140,000 city hall and fire protection bonds.
MOBERLY,Randolph County, Mo.-PROPOSED FEDERAL LOAN.
A formal application is said to have been filed with the State Advisory
Board for a grant and loan under the terms of the NIRA, to finance the
construction of a municipal power plant and distribution system estimated
to cost about $300.000.
-BONDS VOTED.
-At
MONROE COUNTY (P. 0. Key West), Fla.
-the voters are said to have
the election held on Sept. 18-V. 137. p. 1615
approved the proposal to issue $12,500,000 in highway bonds by a wide
majority.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 43 (P. 0.
Roundup), Mont.
-BOND SALE.
-The $656.53 issue of funding bonds
offered for sale on Aug. 30-V. 137. p. 1447
-was purchased by the State
Board of Land Commissioners, as 6s at par. No other bids were received.
NEWARK. Essex County, N. J.
-CONSIDER $150,000,000 UTILITY
PROJECT
.-The city is considering the possibility of sating the voters
at the November election to approve of an issue of $150 000,000 bonds.
for the purpose of financing the construction of a municin 1 electric power
and light plant. The Public Works Administration would be asked to
underwrite the cost of the project, on toe basis of an outright grant of
30% of the expenditure, with the balance of 70% furnished as a loan to
the city.
NEW BRIGHTON SCHOOL DISTRICT, Beaver County, Pa.
BOND OFFERING -H. W. Douglass, District Secretary, will receive
sealed bids until 4:30 p. in. (Eastern Standard Time) on Oct. 11 for the
purchase of $54,000 4 t %,4%%,434% or 5% bonds, issued in accordance
with the Mansfield Act, enacted at the last session of the State Legislature.
The bonds will mature in equal annual installments over a period of 10
years. (In advising of the above offering, Mr. Douglass stated that the
$57,000 school issue for which no bids were obtained on Aug. 15-V. 137.
-was sold privately later to the State Employees' Retirement
p. 1448
Board. However, the transaction was not completed, due to a division
of opinion among attorneys as to whether a School District could issue
bonds to take up floating or current debt incurred in the present calendar
year.)
-BONDS AUTHORIZED.
NEWB URYPORT, Essex County, Mass.
The City Council has authorized the issuance of $60.000 reservoir construction bonds.
NEW CASTLE SCHOOL DISTRICT, Lawrence County, Pa.
-14. M. Marquis, District Secretary, will receive sealed
BOND OFFERING.
,
bids until 8 p. m. on Oct. 11 for the purchase of $70,000 4, 43 or 414%
coupon or registered refunding bonds. Denom. $1,000. Due $10,000 on
Dec. 1 from 1941 to 1947 incl. Interest is payable in J. & D. A certified
check for $700, payable to the order of the District Treasurer, must accompany each proposal. Proceedings in connection with the issue are subject
to the approval of the Pennsylvania Department of Internal Affairs.
-TAX COLLECTIONS
NEW HAVEN, New Haven County, Conn.
-Mayor John W. Murphy on Sept. 21 reported to the
SHOW INCREASE.
Board of Finance that although the three-quarter mark of the f seal per od
will not be reached unt'l Oct. 1, approximately 76% of the current tax levy
has been collected. Rece pts to Sept. 21 amounted to $7.217,189.43, as
compared with $6.489,867.63 to the corresponding date in 1932. Payment
of taxes in arrears also are ahead of such collections in the preceding year,
the amount received in the current period being $800,822.77. or an increase
of $132,444.74 over the total of $668,378.03 last year. Back tax collections
are almost $200,000 in excess of the amount estimated as collectible when
the present budget was prepared.
-WANTS DELIVERY OF $13.000.000
NEW JERSEY (State of).
-Acting Governor Richards announced on Sept. 21
BRIDGE BONDS.
delivery of nearly $13.000.000 Delaware River Joint
that he will call for
Commission bonds, which the State proposes to sell as a means of raising
revenue for the payment of teachers' salaries and otherwise aiding local
school districts now in financial straits. Mr. Richard stated that sale of
the obligations is now possible at a price close to par. The bonds are to be
accepted by the State in payment of its share of the cost of the Delaware
River Bridge. Officials of the State of Pennsylvania are opp sod to the sale
of the bonds at less than par on the ground that it is prohibited in an agreement ewerid into by the two States (see Delaware River Joint Commission,
N. J.
-V. 137, P. 1795.).
-PUBLIC BOND SALE
NEWTON, Middlesex County, Mass.
PLANNED.
-The Board of Aldermen recently amended three orders
passed several weeks ago providing for the borrowing of $630,000 from the
Federal Government. Changes prov de that the city may borrow the
money ether through the pubEc sale of bonds or from the Government.
Of the proceeds. $200,000 will be used for the construction of an incinerator, while the balance will be expended for scnool purposes.
MARIETTA CITY SCHOOL DISTRICT, Washington County,
Ohio.
-BOND SALE.
-The $29,000 refunding bonds offered on Sept. 25
-V. 137, p. 1969
-were awarded as 5;4's to the Provident Savings Bank &
Trust Co. of Cincinnati at par plus a premium of $37.70, equal to 100.13,
a basis of about 5.73%. The sale consisted of:
$22,000 bonds, due Oct. 1 as follows: $1,500 from 1935 to 1946 incl. and
$2,000 in 1947 and 1948.
-QUOTATIONS ON BONDS ADVANCE ON
NEW YORK, N. Y.
7,000 bonds, due $500 annually on Oct. 1 from 1935 to 1948 incl.
STRENGTH OF NEW FINANCIAL PLAN-Coincident with the anEach issue is dated Oct. 1 1933.
nouncement on the afternoon of Sept. 28 of the agreement between city
officials and representatives of Clearing House Banks on a program designed
MASSACHUSETTS (State of).
-NOTE SALE.
-Charles F. Hurley,
to solve the immediate financial difficulties of the City and to forestall any
State Treasurer, reports that an issue of $60,000 notes was awarded on
further crises during the next four years (see article on preceding page of this
Sept. 22 to the Bank of Manhattan Co. of New York at an interest rate of
section) the quotations on outstanding bonds of the municipality advanced
1%. Dated Sept. 29 1933 and due on Sept. 20 1934. Proceeds will be
as much as eight and nine points. Up to that date, and, in fact, for many
used to provide funds for a loan to the Town of Mill tile under provisions
months previous, prices had declined to levels which permitted the purchase
of Chapter 341 of Acts of 1933. In addition to the successful bid, an offer
of some of the existing bonds on a yield basis of about 10%. The following
at 1.02% was submitted by the National Shawmut Bank of Boston, while
table compares the prices on representative issues of the City on Sept. 25
the First of Boston Corp. named a rate of 1.34%.
and on Sept. 29:
MARTINSVILLE, Henry County, Va.-BOND SALE.
Bid.
Asked.
Bid.
Asked.
-We are
informed by the Clerk of Council that a $68.000 issue of 5% refunding
(Sept. 29)
(Sept. 25)
bonds has been purchased at par by local investors. Denom. $1,000.
*3
May, 1935
924
91
82
84
Dated Oct. 1 1933. Due $2,000 from Oct. 1 1934 to 1967, incl. Prin,
a34 May, 1954
73
7434
77
71
and int.(A.& 0.) payable at the City Treasurer's office. Legality approved
*3% November, 1954
74%
77
73
71
by Thomson, Wood & Hoffman of New York City. (These bonds were
b3% November. 1950-53
71
75
72
68
recently authorized by the City Council.
-V. 137, P. 2308.).
*4
May, 19(7
83
74%
81
73
*4
M. and N., 1957-59
744
73
MECKLENBURG COUNTY (P 0. Charlotte), N. C.
-NOTE SALE.
*4
October, 1980
83
74%
73
81
-An issue of $15 000 revenue anticipation notes Is reported to have been
b4
November. 1955 and 1956
83
74%
72
81
purchased by the Charlotte National Bank of Charlotte. at 6%.
*44 March, 1920-30
75
83
8.5
77
*44 September, 1960
MICHIGAN, Nelson County, N. Dak.-BOND ELECTION.
-An
77
86
78
87
*4j
election will be held on Oct. 2, according to report, for the purpose of
March, 1962 and 1964
77
86
78
87
*43
Apr. 15 1972
voting on the proposed issuance Of $2,000 in school bonds.
77
86
87
78
*44 April, 1966
77
86
87
78
MICHIGAN (State of).
-LOCAL REFUNDING ISSUES APPROVED.
*43
Feb. 15 1976
77
87
78
86
-The State Public Debt Commission on Sept. 20 approved of the refunding
*44 June, 1974
77
87
78.
86
of $341,000 general obligation bonds by Kent County: $28,000 of general
*4 q January. 1977
87
77
78
86
assessment and $140.969 of special assessment bonds by the city of East
*44 Nov. 15 1978
77
78
86
87
Grand Rapids: $37,000 of general obligation bonds by the city of Holland:
*43
March, 1981
77
86
78
87
$15,000 of general obligation and $67,527 of special assessment bonds by
*44 M.and N., 1957
81%
89
83
91
the city of Iron River, and $12,000 of general obligation bonds by the city
*4
March, 1963
81%
89
83
91 '
of CneboYgan.
June, 1963
83
89
81)4
91
_ *4
*4
July, 1967
83
89
8134
91
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-DETAILS ON
*4
Dec. 15 1971
83
89
8134
91
-In connection with the report given
FEDERAL FUND ALLOTMENT.
*434 Dec. 1 1979
81
83
89
91
in V. 137. p 2308, of the $1,850,000 allotment made to the county by the
Jan. 25 1935
*6
92%
99
934
97
Public Works Administration for sewage system construction, we see it
*6
Jan. 25 1936
9234
9334
99
97
stated by the County Auditor that the City Sewerage Commission negoJan. 25 1937
*6
92%
93%
97
99
tiated the loan. He states tnat Metropolitan Sewerage Area bonds will
* Interchangeable.
a Coupon.
b Registered.
be issued for this loan, bearing interest at 4%, and maturing $185,000
2492
Financial Chronicle
NEW YORK, N. Y.
-AUTHORIZES $2,500,000 RELIEF BONDS.
The Board of Estimate on Sept. 25 authorized the City Comptroller to
issue $2,500,000 serial bonds to provide funds for September poor relief
requirements. A block of $2.144,000 will be purchased by the city from
funds furnished by the State as a refund of money spent by the city for
unemployment relief prior to June 1 1933. An attempt will be made to
sell the balance of $356,000. The appropriation by the city, plus a reimbursement of $3,500,000 to be made by the State. increases the total sum
available for relief work in September to $6,000,000.
NORTHAMPTON, Northampton County, Pa.
-BONDS PUBLICLY
OFFERED.
-The issue of $167,000 4(
% coupon bonds mentioned in
V. 137, is. 2309
-is being re-offered for public investment by Leach Bros.,
Inc.,of Philadelphia, at a price of 102.50 and interest, yielding about 4.20%
to the optional date and 4.75% thereafter. Dated Sept. 15 1933 and due
Sept. 15 as follows: $40,000 in 1938, 1943 and 1948: $32,000 in 1952 and
$15,000 in 1954. Optional Sept. 15 1938. The bonds are declared to be
legal investment for trust funds and savings banks in Pennsylvania, and
direct and general obligations of the entire Borough, payable from unlimited
ad valorem taxes levied on all taxable property therein. Legality to be
approved by Townsend, Elliott & Munson of Philadelphia.
Financial Statement.
$60,000.00
Sewage disposal bonds (Councilmanic)
23,000.00
East 21st Street improvement bonds (Councilmanic)
22,000.00
Ninth Street bridge bonds (Coundlmanic)
5.000 00
1925 refunaing b ,nds (C mro
167.000.00
Sewer improvement funding bonds (Councilm nic)
$277,000.00
Sinking Funds
Sewage disposal
East 21st Street improvement bonds
9th Street bridge bonds
1925 refunding bonds
Liens filed for sewer improvement
Funding bonds
Actual debt (including present issue)
$188.87
2,220.16
979.03
339.88
165,995.99
169,723.93
$107,276.07
NORTH CANTON SCHOOL DISTRICT, Stark County, Ohio.
-The State Teacher's Retirement System, at Columbus,
BOND SALE.
purchased on Aug. 30 an issue of $14,000 6% coupon funding bonds at a
price of par. Dated Aug.! 1933. Denom.$1,000. Although the maturity
date is Aug. 1 1940, the District may retire the bonds as soon as sufficient
tax delinquent funds are available for that purpose. Interest Is payable
In F. & A.
-NOTE SALE.
-F. S. Moseley
NORWOOD, Norfolk County, Mass.
& Co.of Boston recently purchased as 4s. at par, an issue of $16,500 surface
drainage notes, dated Oct. 1 1933 and due serially from 1934 to 1941 ind.
R. L. Day & Co. of Boston, the only other bidder, named a price of 100.05
for the issue at 43 % interest.
-The Second National Bank of Boston purchased
TEMPORARY LOAN.
a $100,000 revenue anticipation loan at 3.25% discount basis. Due on
March 16 1934. Bids for the issue were as follows:
Discount Basis.
Bidder3.25
Second National Bank of Boston (purchaser)
W.0. Gay & Co
3.47
3.64
Merchants National Bank of Boston
Faxon, Gade & Co
4..39
37
First of Boston Corp
5
-BOND OFFERING.
-Sealed
OLEAN, Cattaraugus County, N. Y.
bids addressed to H. M. Jessop, City Clerk, will be received until 8 p. m.
(Standard Time) on Oct. 10, for the purchase of $157.500 not to exceed
6% interest coupon emergency relief bonds. Dated Nov. 1 1933. Denoms.
$1.000 and $500. Due Nov. 1 as follows: $25,000 from 1938 to 1942, incl.
and $32,500 in 1943. Bidder to name a single interest rate for the entire
Issue, expressed in a multiple of %* or 1-10th of 1 0
7. Principal and interest
(M. & N.) are payable at the Exchange National Bank, Olean. or at the
Chase National Bank, New York, at holder's option. A certified check for
$3,000, payable to the order of the City Treasurer, must accompany each
proposal. The approving opinion of Clay, Dillon & Vandewater of New
York will be furnished the successful bidder.
Financial Statement.
Valuations.
Actual valuation 1933 official estimate
$29,000,000
Assessed valuation 1933-34: Real estate
23,226.900
-Special franchise
666,000
Total assessed valuation (not including personal property)
23,892.900
Debt.
Total bonded debt, including this issue
$1,327.310
Water debt, included above
196,000
Net bonded debt
$1,131,310
The net bonded indebtedness of the city will be about 5% of the assessed
valuation upon the issuance of these bonds.
Tar Data.
Total Budget
Amount Unpaid
Amount
to Be Raised
at Close of
Unpaid
Yearby Taxation.
Levy Period.
Sept. 1 1933.
1930
None
$326.470.17
1931
None
389,018.86
1932
359,169.77
$55,067.28
.$37.914.73
1933
255,760.00
44,084.60
40,465.59
The city will have no unpaid 1932 city taxes in the near future, as they
will be relayed this December on the State and county tax roll, and the city
will be reimbursed by the county for the total amount of such relay. In
other words, the City of Olean does not have a tax sale; it is held by the
county. This also explains the absence of unpaid city taxes for the years
1930 and 1931. The fiscal year ends May 31st.
Population.
1920 Federal Census, 20,506; 1930 Federal Census, 21.792.
ORONO TOWNSHIP SCHOOL DISTRICT (P. 0. Conesville),
-BONDS VOTED.
-It is said that the voters
Muscatine County, Iowa.
recently approved the issuance of $10,000 in school buildings bonds by
a substantial margin.
County, Mich.
-PROPOSED BOND ISSUES.
OWOSSO,Shiaw
Following his return from Detroit on Sept. 20, where he and other officials
discussed the city's application for a loan with the NRA Advisory Board,
Mayor A. T. Wright announced that a special election will be held as soon
as possible to vote on bond issues in amount of $294.500. The total includes
$131,000 for a sewage treatment plant, $92,000 for additional and larger
water mains,$43.500 for storm sewers and $28,000 for surfacing streets.
-The issuance of
-BONDS VOTED.
PACIFIC, King County, Wash.
$3,000 in sewer bonds is reported to have been approved recently by the
voters by a count of 89 to 13. It is said that funds from the Federal and
State Governments will match this amount.
-BONDS NOT SOLD.PAINTED POST, Steuben County, N. Y.
The issue of $31,500 4% coupon or registered street improvement bonds
offered on Sept. 25-V. 137. p. 2140-failed of sale, as no bids were obtained. Dated Sept. 15 1933 and due on Sept. 15 as follows: $2,000 from
1935 to 1949,incl., and $1.500 in 1950.
-At the
PARKER, Turner County, S. Dak.-BONDS VOTED.
-the voters are stated to have
election held on Sept. 19-V. 137, p.2309
approved the issuance of$8,000 in water works bonds by a very wide margin.
-FUNDING BOND ISSUE CONPASSAIC, Passaic County, N. J.
SIDERED.
-The City Commission received for consideration on Sept. 19
an ordinance authorizing Henry C. Whitehead, Director of Finance, to
offer for sale an issue of $1,400,000 funding water bonds.
-BOND OFFERING.PEEKSKILL, Westchester County N. Y.
William F. Gallagher, Village Clerk, wilereceive sealed bids until 8. p. m.
Sept. 30 1933
(standard time) on Oct. 10 for the purchase of $520,900 not to exceed 6%
interest coupon or registered bonds, divided as follows:
$392,000 street impt. bonds. Denom. $1,000. Due Oct. 1 as follows:
$17,000 in 1936; $20,000 from 1937 to 1946 incl. and $25,000 from
1947 to 1953 incl.
116,000 sewer bonds. Denom. $1,000. Due Oct. 1 as follows: $5,000 in
1936;$7,000 from 1937 to 1951 incl. and $6,000 in 1952.
12.900 fire department bonds. One bond for $900, others for $1,000.
Due Oct. 1 as follows: $1,900 in 1934; $2,000 from 1935 to 1938
incl. and $33,000 in 1939.
Each issue is dated Oct. 1 1933. Bidder to name a single interest rate for
all of the bonds, expressed in a multiple of 1-20th of 1%. Principal and
interst (A. & 0.) are payable at the Westchester County National Bank,
Peekskill. A certified check for $300, payable to the order of the Village,
Is required. Approving opinion of Clay. Dillon & Vandewater of New
York will be furnished the successful bidder.
(Previous mention of this offering was made in V. 137, p. 2309.)
Financial Statement.
Assessed valuation, 1933
-Real property (not incl. exempt
$25,583,315.00
property)
Special franchise
905,352.00
Debt
-Bonds outstanding Sept. 1 1933
These issues
$26.488,667.00
$1,002,795.80
520,900.00
$1,523,695.80
Water debt, not included in above
621,436.18
Sinking fund for water debt
127,953.82
Tax anticipation and floating debt
208,661.00
Tax rate per $1,000, 1933, $14.80. Population: 1930 census, 17,436;
present (estimated). 18.000.
•
PEKIN, Tazewell County, 111.
-SEEKS FEDERAL FUNDS.
-The
City Council recently voted to ask the Federal Government to finance
the construction of a $220,000 sewage disposal plant, on the basis of a direct
contribution of about $66,000 with the balance of $154,000 accepted by the
City as a loan,secured by 4% bonds.
PEMBINE, Marinette County, Wis.-BONDS VOTED.
-At the election held on Sept. 25-V. 137, p. 2309
-the voters approved the issuance
of $35,000 in 4% grade school building bonds by a count of 140 "for" to
.
24 "against.' It is understood that the Federal Government will take the
bonds and the Town will only have to r.pay 70% or $24,500, the other 30%
being the free grant for labor and material.
PHILLIPS COUNTY SCHOOL DISTRICT NO. 4 (P. 0. Malta),
Mont.
-BOND SALE.
-The $4,004 issue of funding bonds offered for
sale on Aug. 30-V. 137, p. 1093
-was purchased by the State Board of
Land Commissioners, as 68 at par. Due in 10 years.
PIERCE COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Tacoma),
Wash.
-BOND ELECTION.
-It is reported that an election was held on
Sept. 26 to vote on the issuance of $50,000 bonds for a school building contingent upon receiving a total donation of 50% of the cost from State and
Federal agencies.
PITTSBURGH, Allegheny County, Pa.
-$750,000 LOAN AUTHCRIZED.-The Finance Committee on Sept. 25 sanctioned the borrowing
of $750,000 on short-term notes to meet obligations arising before Dec. 31
1933. It also approved on final passage an ordinance providing for the
issuance of $300,000 unemployment relief bonds. The temporary loan
would be negotiated pursuant to an Act of Assembly passed in 1931, under
which the City may borrow up to 10% of its estimated receipts for the
current year. This stipulation would enable it to botrow more than $2,000,000,inasmuch as the estimated budget receipts are $21,140,355for 1933,it is
said. Incidentally, it is pointed out that operations in the present year may
result in a deficit of about $3,500,000. Delinquent taxes amount to approximately $12,000,000 it is further stated.
-Thomas
-BOND SALE.
PORT HURON,Saint Clair County, Mich.
H. Molloy, Commissioner of Finance, reports that the issue of $103,000
5% coupon refunding bonds offered on Sept. 20 was awarded to Stranahan,
Harris & Co., Inc.. of Toledo, the only bidder, at a discount of $8,518.10,
equal to 91.73. a basis of about 5.975%. Dated Oct. 1 1933. Denom.
$1,000. Due Oct. 1 1945. Prin. and int. are payable at the Central
Hanover Bank & Trust Co., New York. Printed bonds and legal opinion
will be furnished by the city.
Financial Statement.
$31.572,325.00
Assessed valuation
1,695,964.55
Total indebtedness
Tax rate for 1933. $12.68. Population, 31,361.
-The
-BID REJECTED.
PORT JERVIS, Orange County, N. Y.
offer of the First National Bank of Port Jervis to purchase at a price of
100.189 the issue of $50,000 coupon or registered relief bonds, offered at
-was rejected.
not to exceed 6% interest on Sept. 25-V. 137. p. 2309
This was the only bid submitted at the sale. The bonds are dated Oct. 1
1933 and due $10,000 annually on Oct. 1 from 1938 to 1942, inclusive.
-It is reported
-BOND ELECTION.
PRATT, Pratt County, Kan.
that an election will be held on Oct. 20 in order to vote on the proposed
Issuance of $160,000 in municipal gas plant bonds.
PULASKI, Pulaski County., Va.-FEDERAL LOAN APPROVAL.
The Public Works Advisory Board at Richmond is stated to have approved a $30,000 loan for bridge construction, and it is now pending in
given
Washington. Of this amount 30%, or about $9,000, would be
by the Government as a grant for labor and materials under the usual
terms of the Public Works Administration plan. The balance of the
funds would be repaid at the rate of $3,000 per year for seven years and will
bear 4% interest.
-Kenneth D.
QUINCY, Norfolk County, MAIM-BOND SALE.
McLennan, City Treasurer, reports thai the N. W. Harris Co., Inc., of
Boston was awarded on Sept. 26 a total of $150.000 bonds, as 4s and 4(s.
at a price of 100.27, a basis of about 4.17%. Sale was made as follows:
$120,000 sewer bonds were sold as 4)is. Due $10,000 annually on Oct. 1
from 1934 to 1945 incl.
30.000 water bonds were sold as 4s. Due $5,000 annually on Oct. 1 from
1934 to 1939 incl.
-We are
RACINE COUNTY (P. 0. Racine) Wis.-BOND DETAILS.
Informed by the County Clerk that this $500,000 issue of 5% semi-annual
poor relief bonds that was purchased by A. G. Becker & Co. of Chicago
-was sold at a price of 95.50, a basis of about 5.87%. Due
V. 137..p. 2309
$5,000 from Oct. 1 1934 to 1943 incl.
RAMSEY COUNTY (P. 0. Devils Lake), N. Dak.-BONDS DEFEATED.
-We are advised by tne County Auditor that at the election
held on Sept. 22-V. 137, p. 1971-the voters rejected the proposal to
issue $190,000 in court house bonds.
REYNOLDSVILLE, fefferson County,Pa.
-BOND SALE.
-The
500 4)4% coup,funding bonds offered on Sept. 22-V. 137, IL 2141-were
purchased at a price of par by Andrew Wheeler and Alex Stokes, both of
Reynoldsville. Dated Sept. 1 1933 and due on Sept. 1 as follows: $1,000
from 1934 to 1937 incl., $1,500 in 1938 and $2,000 from 1939 to 1953 incl.
RICHLAND COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Fair.
view), Mont.
-BOND SALE.
-The $16,339.88 issue of funding bonds
offered for sale on Aug. 16-V. 137. p. 1278
-was purchased by the State
Board of Land Commissioners, reports the District Clerk.
ROCKVILLE, Stearns County, Minn.
-FEDERAL LOAN APPLICATION.
-We are advised by the Village Clerk that an application has
been made to the Federal Government for a loan in connection with the
$23,000 (not $24,000) water ard sewer bonds favorably voted on Sept. 6V. 137. p. 2309.
SAGUACHE COUNTY (P. 0. Saguache), Colo.
-WARRANTS
CALLED.
-It is stated that various school, general and county warrants
are called for payment 30 days from date (Sept. 8). Payable at the County
Treasurer's office.
ST. JAMES, Watonwan County, Minn.
-ELECTION DETAILS.
We are informed ny L. Grogan, City Clerk, that a special election will be
held on Oct. 10, in order to have the voters pass on the proposed issuance of
not to exceed $110,000 in electric light certificates for the construction of a
municipally owned electrical generating system. Interest rate not to ex-
Volume 137
Financial Chronicle
eeed 434% These certificates are to be payable from the earnings of the
.
city's electrical system. (This report supplements the original report given
in"V. 137, P. 2141.)
ST. JOHNSBURY, Caledonia County, Vt.-BONDS AUTHORIZED.
-At the election held on Sept. 16-V. 137, p. 1800
-the voters authorized
the issuance of $90.000 reservoir construction bonds. The Federal Government will contiibute $27,000 to the cost of the project, while the Village
hopes to provide the balance through the sale of the bonds on a 4%% basis.
ST. LOUIS, Mo.-BOND SALE.
-The $1,700,C00 issue of public buildings and improvement bonds offered for sale on Sept.28-V.137. p. 2309
was awarded to a syndicate composed of the Bankers Trust Co., the Guaranty Co. of New York, the Mercantile-Commerce Co. of St. Louis, Stone
& Webster and Blodget, Inc. of New York, the Mississippi Valley Trust Co.
of St. Louis, the Nonce:an Trust Co. of Chicago, the Wells-Dickey Co. of
Minneapolis, the Philadelphia National Co. of Philadelphia. and Stern
Bros & Co. of Kansas City, as 4s, at a price of 100.849, a basis of about
3.91%. Dated Oct. 1 1933. Due from Oct. 1 1938 to 1953 incl.
BONDS OFFERED FOR INVESTMENT
.-The successful bidders reoffered the above bonds for public subscription priced to yield from 3.60
to 3.85%, according to maturity. These bonds are said to be legal investments for savings banks and trust funds in New York, Massachusetts,
Connecticut and certain other States. They are direct city obligations,
payable from unlimited ad valorem taxes.
The second highest tender was 100,509, also for 4% bonds, submitted by
a syndicate made up of tne First National Bank of New York, the First
ofBoston Corp., Phelps, Fenn & Co., Salomon Brotners & Hutzler, Smith,
Moore St Co. and Stix & Co.
This was followed by a bid of 100.07 for 4s, named by the City Co. of
New York, Lac., in association with the Harris Trust and Savings Bank,the
First National Bank of Chicago, the Boatmen's National Bank and L. F.
Rothschild Sr Co
In connection with the above award we quote in part, as follows, from
the report appearing in the "Wall Street Journal" of Sept. 29:
"Syndicate headed by Bankers Trust Co. was awarded $1,700,000 City
of St. Louis 4% bonds, due from 1938 to 1953. on their bid of 101.85,
The bonds are being reoffered to yield from 3.60 to 3.85%. Four tenders
were received for the issue, the highest being 102.10 submitted by a Halsey.
Stuart & Co.. Inc., group. The latter was not recognized, however,
as an error had occurred in its transmission, the intended bid having been
substantially lower."
ST. MARYS. Elk County, Pa.
-BONDS VOTED.
-A. J. Goetz,
Borough Secretary, reports that at the election held on Sept. 19-V. 137.
p. 1617
-the voters authorized the issuance of $60,000 bonds by a count of
843 to 153.
SALEM, Essex County, Mass.
-BOND SALE.-Blyth & CO., Inc. of
Boston purchased on Sept. 26 an issue of $65,000 coupon street paahng
bonds as 334s at a price of 100.421, a basis of about 3.35%. Dated June 1
1933 and due serially from 1934 to 1938, incl. Bids for the issue were as
follows:
BidderIn.Rate.
Rate Bid.
Blyth & Co., Inc. (purchaser)
334
100.421
Lee, Higginson Corp
o
100.12
Newton, Abbe & Co
100.07
334
334%
E. H. Rollins & Sons
100.333
Bond & Goodwin
100.28
334%
334%
Tyler, Buttrick & Co
100.172
Salem Five Cents Savings Bank
331%
100.099
Faxon, Gade & Co
4
100.14
Naumkeag Trust Co
4
100.09
F. S. Moseley & CO
100.035
4%
SALEM,Columbiana County,Oh'O.
-EXCHANGE OFFER MADE.
The issue of $60,800 6% refunding bonds for which no bids were obtained
on Aug. 1-V. 137. p. 1093
-is being offered in exchange for the obligations
that have matured. The new bonds carry a coupon due Oct. 1 1933, for
which funds are available at the Farmers National Bank of Salem,it is said.
They are dated Oct. 1 1933 and are to mature serially in from 1 to 11 years.
Holders of the old bonds are asked to send them to A. E. Beardmore, City
Treasurer, for exchange.
SALEM, Marion County, Ore.
-BOND OFFERING.
-Sealed bids will
be received until 7:30 p. m. on Oct. 2 by Mark Poulson, City Recorder, for
the purchase of a $25,000 issue of 4% semi-annual sanitary sewer bonds.
Date Sept. 1 1933. Denom. $1.000 °
Due on Sept. 1 as follows: $1,000
in 1934 and $2,000 from 1935 to 1946 incl. The approving opinion of Teal,
.
Winfree, McCulloch & Shuler of Portland will be furnished. A certified
check for 2%. payable to the city, must accompany the bid.
SAN FRANCISCO (City and County), Calif.
-BOND ISSUESPROPOSED FOR VOTE ON NOV. 7.
-The Board of Supervisors is said to have
voted on Sept. 29, on proposals to issue new bonds, which, if approved by
the board, will be put on the Nov.7 ballot. The issues under consideration
are said to include: $12.094,000 Hetch Hetchy water. $3,500,000 O'Shaughnessy Dam;$6.308,000 Red Mountain power:82,625s.00 sanitation;$2,100.100 harbor; $1,250,000 pavilion and $1,865,000 sewer system bonds. (The
preliminary report on these bonds was given in V. 137. p. 2141.).
SAN FRANCISCO (City and County), Calif.
-NOTE SALE.
-The
$1,650,000 issue of tax anticipation notes offered for sale on Sept. 25V. 137, p. 2309
-was awarded to the Anglo-California Bank of San Francisco at 1.20%. Due in 30 days. The next highest bid was a tender of
1.45% by the Bank of America of San Francisco.
SCOTIA CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. 0.
Scotia), Greeley County, Neb.-BOND ELECTION.
-It is reported
that an election was held on Sept. 29 in order to vote on the issuance of $35.000 in school bonds.
SEATTLE, King County, Wash.
-BONDS CALLED.
-H. L. Collier.
City Treasurer, is said to have called for payment from Sept. 17 to Sept. 27
various local improvement district bonds.
SEGUIN, Guadalupe County, Tex.
-BOND ELECTION.
-An election will be held on Oct. 10, according to report, to vote on the proposed
issuance of $125,000 in water and light utility bonds.
SHAKER HEIGHTS, Ohio.
-BOND OFFERING.
-E. P. Rudolph.
Director of Finance, will receive sealed bid!: until 12 m.(Eastern Standard
Time) on Oct. 12 for tne purchase of $635,000 coupon refunding bonds,
divided as follows:
$514,400 5•Y series A bonds. Due Oct. 1 as follows: $51.400 in 1938;
o
02,000, 1939; 851,000, 1940; 852000, 1941; $51,000, 1942:
$52.000, 1943; $51,000. 1944; 552.000 in 1945 and $51,000 in
1946 and 1947.
120,600 6% series B bonds. Due Oct. 1 as follows: $12,100 in 1938:
$11.500, 1939; $12,500, 1940; 811,500. 1941; $12,500, 1942;
811.500. 1943; $12.500. 1944; 511.500 in 1945 and $12,500 in
1946 and 1947.
Each issue is dated Oct. 1 1933. Prin. and int. (A. & 0.) are Payable
at the office of the above mentioned official. Bids for the bonds to bear
interest at rates other than those already indicated, expressed in a multiple
of 3 of 1%, will also be considered. A certified check for 5%, of the bonds
,
bid for, payable to the order of the Director of Finance, is required.
(Announcement was made la.,A week that payment of bonds maturing
Oct. 1 would be made on the basis of 10% in cash and the balance in re-V. 137. p. 2310.)
funding bonds
SHAKER HEIGHTS CITY SCHOOL DISTRICT, Cuyahoa County
g
.
-BOND OFFERING.-J.W Main, Clerk of the Board of Education,
Ohio.
will receive sealed bids until 12 m.(Eastern Standard Time) on Oct. 9 for
the purchase of $149.639.97 6% refunding bonds. Dated Oct. 1 1933.
Due Oct. 1 as follows: $14,139.97 in 1938 and $15.000 from 1939 to 1947
incl. All or any part of the bonds may be called for redemption annually
on Oct. 1 from 1938 to 1946 incl. Bids for the bonds to bear interest at a
rate other than 6%, expressed in a multiple of % of 1%, will also be considered. A certified check for 5% of the bonds bid for, payable to the order
of the district, must accompany each proposal.
SHEFFIELD LAKE (P. O. Lorain), Lorain County, Ohio.
-BOND
OFFERING.-Prank F. Field, Village Clerk, will receive sealed bids until
12.00 m. on Oct. 14 for the purchase of $21.000 6% refundbag bonds.
Dated Oct. 1 1933. Due Oct. 1 as follows: $2.187.50 from 1938 to 1946,
incl., and $1,312.50 in 1947. Interest is payable in A. & 0. Bids for
the bonds to bear interest at a rate other than 67. expressed in a multiple
of h of 1%, will also be considered. A certified check for $200, payable
to the order of the Village, must accompany each proposal.
2493
SHELBY COUNTY (P. 0. Memphis), Tenn.
-PROPOSED FEDERAL
LOAN.
-It was recently announced that the county would issue $350.000
In bonds to finance the county almshouse
-V. 137. p. 2141. We are now
informed that the county intends to take advantage of the fund established
by the PWA, and the County Commission will probably issue $350,000
bonds at 4%, in order to comply with the Federal requirements.
SHERIDAN COUNTY SCHOOL DISTRICT No. 2 (P. 0. Redstone),
Mont.
-BONDS PARTIALLY SOLD.
-We are informed by the District
Clerk that of the $1Cl,398.85 issues of funding bonds offered for sale on
Aug. 30-V. 137, p. 1449-a block of $10,000 bonds was purchased by the
State Board of Land Commissioners, as 6s.
SHERIDAN COUNTY SCHOOL DISTRICT No. 29(P.O. Outlook),
Montana.
-BONDS PARTIALLY SOLD.
-We are informed that of the
$9,500 issue of funding bonds offered for sale on Aug. 18-V. 137, p.
1449-a block of $8,500 bonds was purchased by the State Board of Land
Commissioners,
SHERIDAN COUNTY SCHOOL DISTRICT NO.38 (P.O. Dagmar),
Mont.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m.
on Oct. 3. according to report, by Niels J. Nielsen. District Clerk, for the
purchase of an issue of $1,076.63 6% semi-ann. funding bonds. A certified
check for $50 must accompany the bid.
SHERIDAN SCHOOL DISTRICT(P.0. Sheridan) Yamhill County,
Ore.
-BOND ELECTION.
-It is reported that an election will be held on
Oct. 3 in order to vote on the issuance of $30.000 in school building bonds.
It is said that this amount would be augmented by a $13,000 gift from the
Federal Government.
SHERMAN COUNTY SCHOOL DISTRICT NO. 80 (P. 0. Ruleton),
Kan.
-BOND SALE.
-The $2,000 issue of 5% coupon semi-ann. funding
bonds offered for sale on Aug. 1-V. 137, p. 727
-was purchased by the
First National Bank of Goodland at a price of 96.00. a basis of about 6.137.
Denom. $200. Dated July 11933. Due $400 from July 1 1935 to 1939,
tncl interest payable F. & A.
SOUTH EUCLID-LYNDHURST VILLAGE SCHOOL DISTRICT,
Cuyahoga County, Ohio.
-BOND OFFERING.-Paul H. Prasse, Clerk
of the Board of Education, will receive sealed bids until 12 m. (Eastern
Standard Time) on Oct. 17, for the purchase of $27,500 6% refunding
bonds. The bonds to be refunded mature on Oct. 1 1933. which is the date
of the present issue. Denom. $500. Due serially on Oct. 1 as follows:
$2,500 from 1935 to 1939, incl. and $3,000 from 1940 to 1944, incl. Principal and interest A. & 0.) are payable at the main office of the Cleveland
(
Trust Co., Cleveland. Bids for the bonds to bear interest at a rate other
than 6%, expressed in a multiple of
of 17, will also be considered. A
certified check for $1,000. payable to the order of the District Treasurer,
must accompany each proposal. Previous mention of this issue was made
in V. 137, p. 2141.
SPOKANE COUNTY (P. 0. Spokane), Wash.
-WARRANTS
CALLED.
-The County Treasurer is reported to have called for payment
at his office on Sept. 22, various county and irrigation district warrants.
SPRINGBORO, Crawford County, Pa.
-BONDS AUTHORIZED.
-The Borough Council on Sept. 18 passed an ordinance providing for the
issuance of $14.0G0 bonds to construct a water works system. The PWA
will be asked to finance the project.
SPRINGFIELD, Hampden County, Mass.
-TO SELL $871.700
BONDS.
-The $871,700 public works bonds recently authorized by the
City Council
-V. 137, P. 2310
-will be offered at public sale, instead of
being disposed of to the PWA, as originally planned. The former course
was decided on in the belief that more favorable terms will be made for the
bonds by investment bankers. The total includes $448,000 for highway
construction and $423,700 for sewers.
STARK COUNTY (P.O. Dickinson), N. Dak.-BONDS DEFEATED.
-It is stated by the County Auditor that at the election held on Sept. 22V. 137, p. 1971-the voters failed to give the proposed issuance of $75.000
in court house bonds the required two-thirds majority, the count being
2,048 "for" to 1,539 "against." The total cost of the court house was
to have been from $125,000 to $150,000.
STREETER SCHOOL DISTRICT (P. 0. Jamestown) Stutsman
County, N. Dak.-BONDS OFFERED.
-It is reported that sealed bids
were received until 2 p. m. on Sept. 30. by A. G. Wenz, District Clerk, for
the purchase of a $65,000 issue of school bonds. Due $3,250 annually for
20 years.
SYRACUSE, Onondaga County, N. Y.
-BONDS PUBLICLY
OFFERED.
-The $1,060,000 4.20% coupon or registered bonds awarded
on Sept. 22 to Halsey, Stuart & Co., Inc. of New 'York and associates, at
100.21, a basis of about 4.167-V. 137, p. 2310
-were foramlly offered for
general investment on Sept. 25 at prices to yield 2.50% for the 1934 maturity; 1935, 3%; 1936, 3.50%; 1937, 3.75%; 1938. 3.857; 1939. 3.957;
1940 to 1943 incl.,4%,and 4.10% for the maturities from 1944 to 1953 incl.
The bonds are declared to be legal investment for savings banks and trust
funds in New York State, and to constitute general obligations of the city.
payable from unlimited ad valorem taxes levied against all taxable property
therein. In addition to Halsey, Stuart & Co.. the group includes J. & W.
Seligman Sz Co., Graham,Parsons & Co., Jackson St Curtis,and Stranahan,
Harris & Co., Inc.
A summary of the other bids submitted at the sale is as follows:
The second highest tender, closely competitive, was 100.15. also for
4.20% bonds. This bid was submitted by a group composed of Estabrook
& Co., the First of Boston Corp., R. L. Day & Co. and Bacon, Stevenson
& Co.
The Chase National Bank headed a syndicate that bid 100.16 for 434%
securities. Other members of the group were the N. W. Harris Co., Inc.,
Kean, Taylor & Co., L. F. Rothschild & Co., Wallace & Co. and R. H.
Moulton & Co:
George B. Gibbons & Co., Inc., in association with Roosevelt & Son,
E. H. Rollins & Sons. Edward B. Smith & Co., and Blyth & Co., offered
the city 100.20 for 4.40% instruments. The final tender of 111.13 for
4.40% bonds was submitted by the Bancamerica-Blair Corp., the Manufacturers & Traders Trust Co. of Buffalo and R. W. Pressprich & Co.
N. C.
-NOTE SALE.
TARBORO, Edgecombe
-A;
$18.421
issue of revenue anticipation County,reported to have been purchased by
notes is
the Planters National Bank & Trust Co. of Rocky Mount, at 6%.
TARBORO SCHOOL DISTRICT (P. 0. Tarboro) Edgecombe
County, N. C.
-REPORT ON BOND DEFAULT.
-In response to our
letter requesting corroboration of a report that the above district had
defaulted in the payment of its bonded debt obligations, we are advised as
follows by W. A. Mahler, Superintendent of Schools, in a letter dated
Sept. 22:
-Replying to your letter of Sept. 21.
The Tarboro School Board was forced to default for the first time on
July 1 1933. At the present time we are in arrears in the following amounts:
Principal, $5,000; interest, $2,750.
'The major portion of this amount was on deposit in the North Carolina
Bank & Trust Co., which failed to re-open after the period of government
restriction. In the event of satisfactory liquidation of this bank, we will be
able to pay this full amount. There are no other defaults against our credit.'
TIOGA COUNTY (P. 0. Owego), N. Y.
-BOND SALE.
-The $75,000
coupon or registered general bonds offered on Sept. 28-V. 137. p. 2311
were awarded as 4.20s to George B. Gibbons & Co., Inc. of New 'York. at
par plus a premium of $105, equal to 100.14, a basis of about 4.17%. Dated
Oct. 1 1933 and due $7,500 annually on Oct. 1 from 1934 to 1943 incl.
Bids obtained at the sale were as follows:
BidderInt. Rate. Premium.
Geo B. Gibbons & Co., Inc
4.20%
105.00
Halsey, Stuart & Co., Inc
4.20%
37.50
Charles H. Drew
4.507
75.00
Rutter & Co
4.60%
117.00
Marine Trust Co.. Buffalo
4.70%
166 50
Brown Bros. Harriman & Co
4.75%
150.00
Bacon, Stephenson & Co
4.907
75.00
Citizens National Bank, Waverly
4.50%
none
TOOLE COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Sweet Grass),
Mont.
-BOND OFFERING.
-Sealed bids will be received by Violet
O'Loughlin, District Clerk, according to report, until 7 p. m. on Oct. 10.
for the purchase of an $8,602.74 issue of 6% semi-ann. funding bonds.
TORRANCE, Los Angeles County, Calif.
-FEDERAL LOAN
APPLICATION.
-In connection with the report given in V. 137, P. 530,
Financial Chronicle
2494
that the City Council had authorized the City Clerk to issue $400,000 In
% water system bonds, it is reported by the said Clerk that an application was filed with the Federal PWA for a loan to carry out the water
program. So far the project has not been acted upon.
TRIPOLI SCHOOL DISTRICT (P. 0. Tripoli) Bremer County,
Iowa.
-BOND ELECTION.
-It is reported that an election will be held on
Oct. 12 in order to vote on the proposed issuance of $28,000 in high school
bonds. The total cost for the construction of the new building will be about
$40,000, but the District hopes to obtain the 30% straight grant from the
Federal Government under the PWA,in the amount of about $12,000.
UPPER DARBY TOWNSHIP (P. 0. Upper Darby), Delaware
County, Pa.
-BOND OFFERING.
-James E. Malone, Township Secretary
will receive sealed bids until 8:30 p.m.on Oct.3 for the purchase of $350,000
% registered township bonds. Dated Oct. 1 1933. Due Oct. 1 1943,
optional Oct. 11938. Interest is payable in A.& 0. Legality to be approved
by Townsend, Elliott & Munson of Philadelphia.
UPPER SANDUSKY, Wyandot County, Ohio.
-BOND ELECTION.
-At the general election on Nov.7 the voters will consider the question of
issuing $165,000 water works construction bonds, as provided by Article
XVIII, Section 4 of the Constitution of Ohio, and in pursuance of authority
granted by Section 2293-2 of the General Code of Ohio.
UTICA, Oneida County, N. Y.
-BOND SALE.
-The $553,370.71
coupon bonds offered on Sept. 26-V. 137. p. 2311
-were awarded as
4.40s to a group composed of Halsey. Stuart & Co., Inc., BancamericaBlair Corp. and Wertheim & Co. all of New York, at a price of 100.26, a
basis of about 4.33%. The sale Included the following:
$302,000.00 delinquent tax bonds, issued pursuant to the provisions of
Section 11 of Article V of Chapter 658 of Laws of 1923 and
Chapter 287 of Laws of 1913. Dated Sept. 1 1933. Denom.
$1,000. Due Sept. 1 as follows: $62,000 in 1934 and $60,000
from 1935 to 1938, incl. Interest is payable semi-annually.
86,370.71 public impt. bonds, issued for the purpose of providing funds
for the refund of taxes collected and paid to the city under
provision of Article 2 of the Tax Law, upon the shares ofstock
of National banks in the city for the year 1926, pursuant to
Chapter 219 of the Laws of 1932. Dated Sept. 1 1933. One
bond for $370.71, others for $1,000 and $500. Due Sept. 1
as follows: $9,870.71 in 1934 and $8,500 from 1935 to 1943,
incl. Interest is payable semi-annually.
80,000.00 public impt. bonds, issued for the purpose of providing funds
for street impt. purposes. Dated Sept. 1 1933. Denom.
$1,000. Due $4,000 on Sept. 1 from 1934 to 1953, incl.
Interest is payable semi-annually.
75,000.00 deferred assessment bonds, issued pursuant to Chapter 658 of
the Laws of 1923. Dated Sept. 1 1933. Denoms. $1,000 and
$500. Due $7,500 on Sept. 1 from 1934 to 1943. incl. Interest
on this issue is payable annually.
10,000.00 public impt. bonds. issued for the purpose of providing funds
for the purchase and installation of a police radio system.
Dated May 15 1933. Denom. $1.000. Due $1.000 on May 15
from 1934 to 1943, incl. Interest is payable semi-annually.
BONDS PUBLICLY OFFERED.
-The successful group immediately
re-offered the issues for general investment at prices to yield 2.75% for the
1934 maturity: 1935.3.25%: 1936.3.75%: 1937 to 1939,4%; 1940 to 1943,
4.10% and 4.20% for the maturities from 1944 to 1953, incl. The bonds
are declared to be legal investment for savings banks and trust funds in
the State of New York, and to constitute general obligations of the city.
payable from unlimited ad valorem taxes to be levied against all taxable
property therein.
The following is an official list of the bids submitted at the sale:
BidderInt. Rate. Rate Bid.
Halsey, Stuart & Co., Inc. Bancamerica-Blair Corp.
and Wertheim & Co.(successful bidders)
100.26
4.40%
Brown Bros. Harriman & Co. and Eldredge & Co.,
jointly
100.53
4.50%
Roosevelt & Son, Bacon, Stevenson & Co and Blyth
& Co. Inc. jointly
100.208
4.50%
Manufacturers St Traders Trust Co
100.229
4.75%
VARNELL CONSOLIDATED SCHOOL DISTRICT (P. 0. Dalton)
Whitfield County, Ga.-BOND ELECTION.-It is reported that a
special election will be held on Oct. 10 in order to vote on the proposed
issuance of $10,000 in school building bonds.
-The City
VIENNA, Iohnson County, Ill.
-BONDS AUTHORIZED.
Council adopted an ordinance recently providing for an issue of $60,000 4%
water tower bonds, dated Oct. 1 1933. Denom. $1,000. Due Oct. 1 as
follows: $1.000 from 1934 to 1943 incl.; $2,000 from 1944 to 1954 incl.;
$3.000 from 1956 to 1963 incl. and $4.000 in 1964.
-It is stated
VOLGA, Brookings County, S. Dak.-BONDS VOTED.
by the City Auditor that an election was held on Sept. 19 at which it was
decided by a substantial majority to issue $3.600 in 4% semi-ann. street
impt.,fire department and water supply bonds. Dated Oct. 1 1933. Due in
1943.
WARD COUNTY (P. 0. Minot), N. Dak.-BONDS DEFEATED.
It is stated by the County Auditor that at the election held on Sept. 22V. 137. p. 2141-the voters rejected the proposal to issue $110,250 in road
and bridge bonds, the count being 3,328 "for" to 4,159 "against."
-BONDS NOT SOLD.
WASHINGTON, Fayette County., Ohio.
The issue of $31,299 6% refunding bonds offered on Sept. 27-V. 137,
p.2142-failed of sale, as no bids were obtained. Dated Sept. 1 1933 and
due semi-annually on April and Oct. 1 from 1935 to 1944 incl.
-BONDS VOTED.
WASHINGTON, Washington County, Kan.
It is said that at a recent election the voters approved the issuance of
$88.000 in light plant construction bonds.
WAYNE COUNTY (P.O. Corydon),Iowa.-BOND SALE
.-A $12.000
Issue of 5% semi-annual funding bonds is reported to have been purchased
by the White-Phillips Co. of Davenport.
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), N. J.
-FINAN-In connection with it., proposed sale on Sept. 27
CIAL STATEMENT.
of $128,000 5 and 53 % coupon or registered bonds, notice and description
,
5
of which appeared in-V. 137. p. 2142, the Township issued the following:
Report of Finances (as of June 1 1933)•
Assessed Valuations.
Year.
Land.
Improvements.
2nd Class
R.R.
Total Real Personal
Valuations. (Net).
Total.
1932 $9.205,020 $11,573,450 $14.567,499 $35,345,969 $404,400 $35,750,369
1933 9.106,9201 11,354,650 15,427,111 35.888.681 405,900 36,294,581
Gross and Net Debt.
$675,000.00
Tota bonded debt
837,788.22
Tots floating debt
Total debt of municipality
Total School District debt
$1,512,788.22
929,000.00
Gross debt including school
Percent of real valuations 6.73.
Sinking funds other than or water debt
Sinking funds for school district debt
Total (for deduction for net debt)
Sinking funds for emergency relief
$2,441,788.22
$83,208.86
48,660.53
131,869.39
31,965.43
$163,834.82
Total
Included in above gross debt:
None.
Water debt
$106,367.39
Special assessment debt
175,000.00
Tax anticipation debt
250,000.00
Tax revenue debt
None.
Tax title lien debt
788.22
Emergency
58,000.00
Miscellaneous emergency relief
Net debt (gross debt less water debt and sinking funds
2,277,953.40
except for water
Precent of real valuations 6.28%.
Population, 1920 census, 14,4 ;
°1930 census, 14,875.
Sept. 30 1933
TAX LEVIES AND COLLECTIONS (FIGURES AS OF' JUNE 1 1933.)
Year.
Total Levy
(Not Incl.
Special Assess.
tnents.)
Uncollected at Close
of Year of Levy.
Amount.
P. C.
Balance Uncollected.
Amount.
P. C.
$4,112.06
.003
1927
12 -I$1,127.156.70 $139,574.34
1928
1,258.94
.001
1.181,744.42
153,635.60 '13+
1929
142,632,17
.001 -F
184.832.53
1,256,361.89
14,424.66
1930
.13
198,534.39
15+
1,279,430.58
76,240.38
.058
1931
16
211,612.75
1,297.701.83
199,539.91
.148
1932
19
260,896.30
1,353.507.27
1,252,100.81*
1933
1.299.907.32
* Includes $552,599.12 second class railroad tax due Dec. 12 1933.
Total taxes outstanding
$1,550,309.93
Total title liens unpaid
5,607.30
Special assessment liens unpaid
$1,555,917.23
Total taxes and liens outstanding
Tax sales held annually in December. Redemption period on certificates
is two years. Foreclosure proceedings are required at end of redemption
period.
WATFORD CITY, McKenzie County, N. Dak.-BOND OFFERING.
It is stated that both sealed and auction bids will be received until 5 p. m.
on Oct.3 by Mae Scollard, Village Clerk, for the purchase of a $15,000 issue
of 4% village bonds. Denom. $375. Dated June 1 1934. Due as follows:
$375 on Dec. 1 1934 and on June and Dec. 1 from 1935 to June 1 1954.
Prin.an lint.(J.& D.)payable locally. No bid for less than par and accrued
Interest will be considered. A certified check for $1,500, payable to the
Village, must accompany the bid.
. -BOND ELECTION.
WELLSVILLE, Columbiana County, 012 o.
A proposal to issue $192.000 water works system improvement and extension bonds will be among those submitted for consideration of the voters
at the general election on Nov. 7.
-It is
WENTZVILLE, St. Charles County, Mo.-BONDS VOTED.
reported that at an election held on Sept. 23 the voters favored the issuance
of $45,000 in water plant bonds by a large majority.
-A
-BOND ELECTION.
WESTERN SPRINGS, Cook County, III.
special election is scheduled to be held on Oct. 4 at which time the voters
will consider the question of issuing $30.000 bonds, of which $20,000 would
be used for water works improvements and $10,000 to construct an addition to the municipal garage. Present plans call for the sale of the obligations to the PWA.
-BOND SALE.
WEST LONG BRANCH, Monmouth County, N. J.
The issue of $15,000 6% coupon or registered improvement bonds offered
on Sept. 21-V. 137, p. 2142
-was purchased at par by the Long Branch
Banking Co. of Long Branch. the only bidder. Dated Oct. 2 1933 and due
on Oct. 2 as follows: $1,000 from 1934 to 1938 incl. and $2,000 from 1939
to 1943 incl.
WESTMINSTER, Carroll County, Md.-BOND ELECTION.George H. Caple, City Clerk, advises that at an election to be held on
Oct. 16, the voters will consider the question of issuing $200,000 water
and sewer bonds.
-BOND ELECTION.
-It is
WINTER HAVEN, Polk County, Fla.
stated that an election will be held on Oct. 27 in order to vote on the
proposed issuance of $159,300 in bonds for a sewage disposal plant and
extensions. An application has already been made to the PWA for the
-V. 137, p. 2142.
purchase of these bonds.
-BOND OFFERING.
WOOD COUNTY (P.O. Bowling Green), Ohio.
-0.0. Cummings, County Auditor, will receive sealed bids until 2 p. m.
(Eastern Standard Time) on Oct. 12for the purchase of $56,800 6% poor
relief bonds. Dated Oct. 11933. Due March 1 as follows: $11.600 in 1934;
$10.300. 1935:$11.000,1936; $11,600 in 1937 and $12,300 in 1938. Principal
and interest (M. St S.) are payable at the County Treasurer's office. Bids
for the bonds to bear interest at a rate other than 6%, expressed in a
multiple of Si of 1%, will also be considered. A certified cheek for $1,000.
payable to the order of the County Treasurer, must accompany each
proposal. A full and complete transcript, evidencing the legality of the
bonds al full and direct obligations of the County, will be furnished the
successful bidder.
-It is
YANKTON, Yankton County, S. Dak.-BONDS VOTED.
reported that at an election held on Sept. 12 the voters favored the issuance
of $114,250 in bonds for public works projects. (In our report given in V.
137, p. 1618, we gave the election date as Sept. 20.)
YOUNGSTOWN, Mahoning County, Ohio.
-NOTICE TO BOND,
HOLDERS.
-Hugh D. Hindman, Director of Finance, has announced
that the city will pay interest due on Oct. 1 1933, but will temporarily
defer payment of bond principal due at that time until future notice.
Payment of such obligations, moreover, will depend on the ability of the
city to dispose of an issue of $900,000 refunding general tax obligation
bonds which will be offered for sale about Oct. 25.
CANADA, Its Provinces and Municipalities
-OFFERED.-The issue of $20,600
BUCKINGHAM, Que.-BONDS RE
5% general fund bonds which failed of sale on Sept. 5-V. 137, p. 2142, is
being re-offered for award on Oct. 2. Sealed bids will be received until
5 p. m. on that date by H. J. Gorman, Secretary-Treasurer. Bonds are
dated Nov. 1 1933 and will mature serially on Nov.1 from 1934 to 1963, Ind.
HALIFAX, N. S.
-LIST OF BIDS.
-Bids submitted for the $100.000
% improvement bonds recently awarded to the Royal Securities Corp.
of Montreal. at a price of 99.15, a basis of about 4.81%-V. 137, p. 2312
were as follows:
BidderRate Bid.
Royal Securities Corp. (purchaser)
99.15
Dominion Securities Corp
99.06
Fry, Mills. Spence & Co.and the Nova Scotia Bond Corp.,jointly 98.77
A. E. Ames & Co
98.67
Eastern Securities Co. and Wood, Gundy & Co., jointly
98.26
NEW LISKEARD, Ont.-BONDS OFFERED LOCALLY.
-Local
investors are being asked to subscribe to an issue of $31,797 6% improvement bonds, due serially in from 1 to 10 years.
NEW WESTMINSTER, B. C.
-BOND SALE.
-It is reported that an
Issue of$50,0006% improvement bonds,due in 10 years, has been purchased
locally.
ONTARIO (Province of).
-17,500,000 GUARANTEED RAILWAY
ISSUE NOT SOLD.
-The Issue of $7,500,000 4 % coupon (registerable as
to principal) Temiskaming and Northern Ontario Railway Commission
bonds, fully guaranteed as to principal and interest by the Province of
Ontario, failed of sale when offered on Sept. 15, as the one bid submitted
was declared unsatisfactory and rejected by the Railway Commission. This
offer was made by a syndicate of 19 bond houses and figured an interest
cost basis of 4.94%, it is said. The bonds bear date of Sept. 15 1933 and
are to mature on Sept. 15 1953. Denom. $1,000. Principal and interest
(M. St S. 15) payable at holder's option in lawful money of Canada at the
Bank of Nova Scotia in Toronto, Montreal and North Bay, or at any
branch of the Bank of Nova Scotia in Ontario. Bonds are being issued under
authority of the Temiskaming and Northern Ontario Railway Act, being
R. S. 0. 1927, hapter 53.
(
-AMENDMENT TO MUNICIPAL ACT
QUEBEC (Province of).
CONSIDERED -L. E. Potvin, member of the Quebec Municipal Commission, recently stated that consideration is being given to the amendment
of the municipal act "whereby banks may be able to advance money to
municipalities in the anticipation of tax collections," according to the
Sept. 22 issue of the "Monetary Times" of Toronto The proposed amendment will be submitted at the next session of the Provincial Legislature. it
Is said.
TILLSONBURG, Ont.-BONDS AUTHORIZED.
-Authority to sell
an issue of $30,000 bonds has been vested in the Town Treasurer.
TORONTO, Ont.-BOND BY-LAW APPROVED.
-The City Council
recentl approved of a $1,100,000 poor relief bond by-law.
@FedFRASER