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The.
tillfintrciat
Volume 134
firtanciu1
,
iittitttde
New York, Saturday, April 16, 1932
Number 3466
The Financial Situation
IT HAS been an eventful week, with signs of any fident that the decision arrived at there would have
1 improvement in trade still lacking, and with the been final," he added,"were it not for the appropriasecurity markets in a highly disturbed state. Appar- tion from the funds of the American people of
ently no progress has been made in speeding the $2,000,000,000 for the purpose of financing the finantaxation bill for the balancing of the Federal budget ciers and strengthening the tottering railroads. This
on its way to passage through the Senate, while the caused the American Legion and the American pubsudden decision at the end of last week to begin at lic to assume a different mental attitude toward the
once the investigation of short selling on the Stock bonus payments." Father Coughlin contends that
Exchange, originally scheduled for a later date, in- "The payment of the bonus would place $2,000,troduced a new factor in the situation which, for 000,000 in circulation. The money thus released
the moment, at least, had a decidedly unsettling in- would go to the grocers and those who have been renfluence. Most depressing of all has been the revival dering credit to the jobless veterans. It would
go
of efforts to put through a new soldier bonus bill into the channels of trade and commerce and help
providing for the payment of the remaining $2,400,- revive business. But I am in hopes that the
imme000,000 of the face value of the adjusted service diate payment of this vast sum will produce
a more
certificates held by the war veterans, with an accom- far-reaching effect," he continued, "that is,
that it
panying scheme for bringing about currency infla- will compel us to revaluate the dollar to the approxition to the amount of the proposed bonus, either by mate level it attained in 1929."
some new issue of currency or directly or indirectly
The present depression, he declared, had driven
through note issues of the Federal Reserve System. many thousands from their homes. In Oakland
The result altogether has been further declines in County, Mich., he reported, more than 71,000
home
prices on the Stock Exchange, with a whole host of sites and farms had been confiscated by the
State
new all-time lows in the case of some of the most for non-payment of taxes. Father Coughlin
thought
active market specialties—New York Central stock payment of the bonus might throw this country off
selling down to 181 8 against 2561 2 in August 1929; the gold standard, to which he was not opposed.
/
/
Atchison touching 39 against298% in August1929; "This would put us on speaking terms with England
/
3
4
Southern Pacific dropping to 111 4 against 157Y in and other foreign nations who have learned wisdom,"
/
2
September 1929; Atlantic Coast Line to 14 against he said. "They have proved to us that it is possible
2091 2 in July 1929, and so on through the list.
/
to conduct business independent of the conventional
President Hoover feels he has conquered the sol- gold standard, while we who are clinging to it are
dier bonus proposition, and Administration quarters barred from their markets."
have issued a reassuring statement to that effect,
Where the proposition is put in this naked form
but the President is proverbially over-sanguine in it is not likely to do harm, since the reverend genviewing matters that come within his own ken, and tleman deliberately says that be is anxious to bring
it remains to be seen whether in this instance also about this country's departure
from the gold standhis judgment will prove to be astray. This soldier ard, and there are
few persons in this country who
bonus proposition is certainly the most vicious of really would
like to see the country forced to susall the projects which have come before the present pend gold payments.
The advocates of inflation
Congress, and it is all the more dangerous because usually take pains to make it plain that it is not
such specious and yet plausible arguments are being their purpose
to force suspension. Instead, they
made in its support. For instance, at the hearing on strenuously
insist that no such result would follow,
Tuesday before the Ways and Means Committee, or is intended. The
inevitable end of such a scheme
Father Charles E. Coughlin, of Detroit, made a plea is that the
currency made the subject of it keeps
which is certain to have a very mischievous effect, steadily depreciati
ng until finally it becomes absoall the more so because it is so appealing. His argu- lutely worthless.
The most recent experience of that
ments are worth putting on record here as indicating kind is that of
Germany. After the war Germany
the methods employed for pushing the proposition. set her printing
presses at work, in the absence of
He said he appeared at the request of soldiers, who other means for carrying
on, until finally it took a
had appealed to him in thousands of letters. The trillion trillion of
paper marks to make a single gold
Legion convention last year in Detroit, which went mark.
on record against the bonus, did not represent the
As for the bonus putting money into circulation
"poorer class of veterans," he said, adding that those to reach the hands of
the butcher and the grocer,
who attended were those who were able to pay their and thereby revive trade
and business, we were told
fares and hotel bills. "However, I feel quite con- the same thing 12
months ago when the bonus dis
2774
Financial Chronicle
tribution of $1,000,000,000 was made. The argument
then was (and many well meaning people put it
forth) that it would stimulate activity in all the
channels of trade when the fact was it had no noticeable effect at all. The experience would be the same
on the present occasion, since it is impossible to
quicken trade by any such means.
It is most unfortunate that so many people who
see the fallaciousness of such notions when applied
in this particular case, fail to perceive that it has
equal application in the case of our Federal Reserve
banking system. The Federal Reserve banks are
just now embarking upon a new policy of credit
inflation and are doing it with the approval of
virtually all the high priests in the banking and
financial world. As on so many occasions in the
past, the Reserve banks are being urged to engage
in the purchase of United States Government securities. Liquidation on an enormous scale is taking
place on the Stock Exchange; in fact, has been taking place for nearly three years, but now has reached
an acute stage where the cries for help are deep
and loud. The Federal Reserve authorities, always
desirous to help, are swept along with the current.
It seems almost incredible, but the fact is that the
present week the Reserve banks increased their holdings of Government securities in the huge amount of
$100,000,000.
This is with the view of checking the liquidation
in security values, but the effort has proved futile,
as on so many occasions in the past. Instead, the
liquidation has proceeded at an accelerated pace.
For some time now the Reserve banks have been engaged in acquiring large additional amounts of
United States Government securities, but now the
movement is being carried on on a greatly enlarged
scale. Glaring headlines have appeared in the newspapers the present week telling us that: "Reserve
Banks Act to Stem Depression by Spurring Credit—
Weekly Purchases of Government Securities Will Be
Increased to 75 or 100 Millions—Governor Harrison
Reveals Policy—Opposes Before House Committee
Bill Calling on Board to Raise Level of Prices—
Same Aim Now Attempted—Washington and Wall
Street Expect System to Use Its Facilities to Fullest
Extent—Step Viewed As Offset to Bonus." Washington dispatches to the New York "Journal of Commerce," dated April 12, stated that Governors of the
Federal Reserve banks, constituting the open market
conference of the System, had met there on that day
to adopt plans for further easing the money market
through larger purchases of United States Government bonds. At the same time they had given serious thought to the effects of the agitation in Washington for cash payment of the soldier bonus certificates through an issue of currency. Following
the usual custom, we were told, no announcement
was made at the close of the session of the open
market policy conference.
It was added that Governor Eugene Meyer of the
Reserve Board had conferred with the group, and
late in the afternoon Adolph Miller, member of the
Board from California, had gone to the White House
to discuss with President Hoover the various proposals under consideration. It was argued that by
further purchases of Government securities Reserve
banks could ease the credit situation. The GlassSteagall bill provided that Government securities
would be substituted for eligible paper as currency
backing, and it was thought that this would induce
April 16 1932
greater purchases. A credit easing policy of that
kind, it was stated, had been looked for since the
last meeting of the Open Market Committee. The
same correspondent also said:
"Complaints have been heard that commercial
banks of the country are still pursuing a tight credit
policy and are not passing along to their customers
the benefits derived from the Reconstruction Finance Corporation and the Glass-Steagall bill, both
designed to ease credit conditions.
"At the time legislation for the Finance Corporation was passed, and when there was a temporary
liberalization of discount privileges in the GlassSteagall bill, it was believed that the banks would
gain increased confidence and would liberalize loan
policies, thus giving business the benefits. However,
the complaint has been made in some quarters that
this has not developed. The situation is being
studied."
On Wednesday, April 13, Governor George L.
Harrison, of the New York Federal Reserve Bank,
appeared before the Goldsborough subcommittee of
the House Banking Committee to discuss with it
the question of stabilization legislation, and it was
then revealed that the Federal Reserve System had
embarked upon a new "easy money" policy through
open market purchases of Government securities at
an accelerated speed, both as to rate and volume.
Governor Harrison told of the adoption seven weeks
ago,following enactment of the Glass-Steagall Bank
Relief Law, of a program of purchases fixed at $25,000,000 weekly. This policy was amended at the
meeting of the Reserve Governors the day before,
and from what Governor Harrison said the deduction
was drawn that purchases would now proceed at the
rate of $75,000,000 a week or more.
After describing the program of the Reserve banks,
inaugurated with the passage of the Glass-Steagall
Bill, Mr. Harrison said: "That program has again
been speeded up in rate and volume." "What will
the weekly purchases be from now on?" asked Representative Goldsborough, Chairman of the subcommittee, who explained that $75,000,000 was the figure
generally reported. "I can't say," replied Mr. Harrison; "perhaps I have said too much."
In his testimony, Governor Harrison pointed out
that the Reserve banks had increased their purchases of Government bonds from $147,000,000 in
1929 to $1,000,000,000 at the present time in operations that have set a precedent in world finance.
The "Times," in its news columns, stated that "By
entering upon a policy of controlled credit expansion, designed to turn the deflation in bank credit
and to stimulate a rise in prices, the Federal Reserve
System has undertaken the boldest of all central
bank efforts to combat the depression." And he
added that in contrast to reports from Washington
the understanding here was that the undertaking
would involve the purchase each week by the Reserve
banks of about $100,000,000 of United States Government securities. All doubt on that point was
removed when the statement of the Federal Reserve
System for the week ending Wednesday night of the
present week appeared after the close of business
on Thursday and showed an addition for the week
in these holdings of almost exactly $100,000,000, the
amount having risen from $885,014,000 April 6 to
$985,024,000 April 13, bringing it, it will be seen,
close to the $1,000,000,000 referred to by Mr. Harrison.
Volume 134
Financial Chronicle
Thus the Reserve banks have gone one step further
in their policy of credit inflation. Back in 1930 the
policy was designed to induce purchases of securities, with the view to arresting the decline in security
values, and also as an influence to revive trade and
business. It did neither. More recently the Reserve
authorities deemed it incumbent to add to the volume
of Reserve credit afloat in order to offset alleged
hoarding, while now the purpose is to check further
liquidation, which keeps steadily proceeding, and
now has reached, as already stated, a really acute
stage, notwithstanding the forcing out of Reserve
credit on the tremendous scale indicated.
Mr. Harrison himself, in his testimony, admitted
that the policy in the past had been futile, having
been provoked into making some revealing statements in reply to some rasping questions. Newspaper accounts say that in reply to such questions
he cited the increases in the purchases of Government securities by the Reserve banks in 1930 and
1931, saying: "No operation in the history of world
finance is quite comparable." "We imported in that
period $600,000,000 in gold," he added,"and reduced
the rediscount rate to 11 27, the lowest it has ever
/ 0
been. Despite all this, we could not stop the force
of the depression."
This last statement furnishes a capital illustration
going to show the folly of the whole proceeding. The
Reserve authorities are undertaking to bring back
prosperity by a resort to credit and Reserve note
inflation, and they are continuing in their course
notwithstanding that nearly three years' experience
has shown the absolute futility of such proceedings.
The fact of the matter is that there is no dearth of
banking funds anywhere in the country. On the
contrary, bank vaults are literally bursting with
funds for which no employment can be found of
the kind desired. What is wanted is not banking
credit but confidence. And confidence cannot be
restored by resort to credit or currency inflation.
That banking funds are available in unlimited
amounts where no suspicion exists regarding the
character of the loan was clearly shown in the sale
this week of $75,000,000 of new Treasury bills, which
were disposed of on a bank discount basis of only
1 % per annum. It was also shown in several
Apsjoittions in acceptance rates the present week.
I And how are we to differentiate between purchases
of United States Government securities at $100,000,000 a week and purchases to cover the demands
of the bonus advocates? Is not the difference merely
one of degree? Are we not simply furnishing these
bonus advocates with weapons with which to carry
their scheme to success? And, finally, can we ever
hope to get back to prosperity by the use of the printing presses, seeing that the Reserve System now
holds nearly a billion dollars of United States Government securities besides nearly $700,000,000 of
discounts and acceptances, and furthermore has in
actual circulation to-day $2,537,075,000 of Reserve
notes? And what would happen should the Reserve
banks find it incumbent to sell this vast mass of
Government securities, footing up, as we have se
In the neighborhood of a billion dollars? Is it
time that we reversed our course and stopp our
ever-growing expansion of Federal Reserve operations? That there is menace in them, in the fears
at least aroused abroad, appears in the resumption
of gold exports, over $20,000,000 having gone out the
present week.
2775
The subject is ably discussed by H. Parker
Willis, formerly Secretary of the Federal Reserve
Board, who in his daily article in the "World-Telegram" yesterday afternoon had the following to say,
the caption of his article being, "Reserve Purchases
of Government Obligations Have Failed of Desired
Stimulation of Bank Customer Lending":
"Purchases of Government obligations by the Reserve banks at the rate of more than $1,250,000,000
per year ever since the Glass-Steagall Act became
law have admittedly failed to induce ordinary commercial banks to force their funds upon customers.
In short, the much vaunted "open market" panacea
for the depression has had just the same results
that have repeatedly been obtained from other efforts
to increase bank lending.
"Now, according to official word, purchases of
'Governments' are to be enlarged substantially, and
other methods that have been of no avail in the past
are to be intensified in the hope that a way may thus
be found to force people to borrow money whether
they want it or not, or to compel banks to lend to
customers who cannot give reasonable assurance of
paying their bills when they fall due.
"This new program is hailed with high approval
in Washington, where strong support for it is to be
found, according to current understanding, in Administration quarters and in sundry other places
where two or three are gathered together in the name
of inflation. Will this intensified effort to expand
lending, when there is no basis for such extension
of credit, prove more successful in achieving the ends
sought than have the somewhat more conservative
efforts of the past? A definite answer, of course,
must wait upon developments.
It is certainly to be hoped that the common sense
of our people, and particularly of our banks, will
prevent it from doing that for which it is designed.
At any rate, it may be taken for granted that it will
fail to give us what we all really desire or ought to
desire—sound improvement in the basic economic
situation in which we must live and do our work.
"Has the time not come when we ought for our
own sake to drop the eternal talk about 'deflation'
as though it were some capricious demon stalking
through the land seeking whom it may devour? Is
it not absolutely essential that we tell ourselves the
truth about the current dreams of reinflating, instead of saying each to the other with our tongues
in our cheeks that we really have no intention of
permitting 'inflation,' but merely expect to halt
'deflation'? Was there ever a time when it was
clearer that the 'deflation' that is actually in process
is nothing more or less than the process of relieving
bank portfolios of slow and bad paper,and that what
we are trying to do is load them up again with questionable assets, whether we choose to call it inflation
or by some other name? Once we bring ourselves to
admit the obvious truth of this view of the facts much
of the danger inherent in the situation would pass
of its own accord.
"We seem to stand at the crossroads in such matters at the present moment, whether viewed from the
standpoint of bank policy or of political movements
in Washington. Had we not better pause before
plun n urther and consider where alifthis is certai
ead us?"
S ANOTHER step in the wr g direction, it
deserves to be noted here that the Steagall
bill for the guaranty of bank deposits, to which we
have previously alluded in these columns, was favorably reported to the House at an executive
session
of the Banking and Currency Committee. As
previously remarked by us, a guaranty of bank
deposits
is all wrong in principle. It puts a
premium on bad
bank management and penalizes the soundly
man-
2776
Financial Chronicle
aged banks for the benefit of the poorer and weaker
ones. And the Steagall bill carries many other
objectionable features.
The Steagall bill provides for a "bank deposit guaranty fund of $500,000,000 and sets up a board to
administer the fund." According to Mr. Steagall, it
provides for initial resources of $1,000,000,000
through provision for a $500,000,000 loan to the
Board from the Reconstruction Finance Corporation in addition to the fund it creates. The guaranty
fund is to be made up of $150,000,000 taken from the
surplus of the Federal Reserve banks. The Treasury
is required to pay into the fund the amount collected
up to this time as franchise taxes from Federal Reserve banks which is said to amount to something
over $150,000,000. Provision is made for the assessment of $100,000,000 upon member banks based on
their deposits. State banks not members of the
Federal Reserve System may contribute to and participate in the guaranty fund upon payment of an
assessment double the amount paid by member banks
of the Federal Reserve System. The Board is authorized to assess $100,000,000 annually if found necessary, and all assessments against banks are to be
called for in installments of 25%. Any funds on
hand may be deposited by the Board among the banks
from which the assessments were collected, such deposits being without interest. Of the fund, $500,000,000 will be kept on hand and invested in direct
Government obligations. "The plan makes provision
for initial resources amounting to approximately
$1,000,000,000, with the right of additional annual
assessments by the Board. The Board to administer
the fund is to be composed of the Secretary of the
Treasury, the Comptroller of the Currency, and thr
members appointed by the President.
HE feature of the Federal Reserve returns this
week is the large increase in the holdings of
United States Government securities, already discussed above. A full $100,000,000 has been added to
the amount of these holdings during the week, and
the total of such holdings is thereby brought close to
$1,000,000,000, the exact amount this week being
$985,024,000, which compares with $885,014,000 a
week ago on April 6. The increase is in accordance
with the statement made by Governor George L.Harrison of the New York Federal Reserve Bank in his
testimony on Wednesday before a subcommittee of
the House Banking and Currency Committee. Since
the enactment of the Glass-Steagall Bill the Federal
Reserve banks have been enlarging their holdings of
Government securities at an average of, roughly,
$25,000,000 a week, and in the testimony referred to
Mr. Harrison indicated that these purchases would
be heavily increased, though he would not give the
probable amount,current rumor, however, being that
the Reserve authorities contemplated purchases at
the rate of $75,000,000 to $100,000,000 a week.
Against the $100,010,000 increase in the holdings
of United States Government securities the 12 Reserve banks suffered a further reduction in their
holdings of acceptances, these being reduced during
the week from $57,946,000 to $51,809,000, and also
suffered a reduction in their discount holdings,
which are slightly lower this week at $628,602,000
against $635,274,000 last week. The final result is
that the total bill and security holdings (which furnish a measure of the volume of Reserve credit outstanding) stand at $1,669,911,000 April 13 against
T
April 16 1932
$1,582,555,000 April 6, an increase for the week of
$87,356,000. The amount of Federal Reserve notes
in circulation has been reduced during the week from
$2,561,573,000 to $2,537,075,000, but deposit liabilities have increased from $2,020,161,000 to $2,123,965,000. Gold holdings show some diminution, being
$3,018,312,000 against $3,032,202,000 last week.
Owing to this expansion in the liabilities with the
concurrent falling off in the gold holdings, the
"ratio of total reserves to deposit and Federal Reserve note liabilities combined" stands at 69.4%
against 70.8% last week.
It happens this time that not only have the acceptance holdings of the 12 Reserve banks on their own
account been reduced this week, but their holdings
on account of foreign correspondents have also
diminished, being reported at $325,634,000 against
$335,312,000 a week ago. Foreign bank deposits
have risen during the week from $29,712,000 to $41,137,000. The $100,010,000 increase in the holdings
of United States Government securities is found
very largely in the item of certificates and bills
which are reported at $578,395,000 against $481,929,000 a week ago, and it seems quite likely that a
considerable portion consists of the new Treasury
bills sold the present week which were placed on a
bank discount basis of only 1.05% per annum. We
are led to this conclusion because Government deposits with the 12 Reserve banks also increased during the week, rising from $28,137,000 to $52,494,000,
suggesting that a portion of the proceeds of the sales
of bills was left on deposit with the Reserve banks.
ERCANTILE insolvencies in the United States
in March were unusually numerous, as they
had been in each of the two preceding months this
year, and the liabilities were very heavy. The total
number of business defaults in this country last
month, according to the records of R. G. Dun & Co.,
was 2,951 against 2,732 in February and 2,604 in
March of last year. For the three months of this
year there have been 9,141 business defaults in the
United States compared with 8,483 in the first quarter of 1931. For each of the three months this year
more business failures were reported than in the
preceding year, but for March, with an increase of
13.3%, the showing is much less satisfactory than for
the other two months. For the quarter the number
was 7.9% higher than a year ago.
Much the same condition is shown as to the liabilities for this year. The total amount involved in the
report for March was $93,760,311, whereas a year
ago liabilities for March were $60,386,550. For the
first quarter of this year the indebtedness amounted
to $275,520,622 against $214,602,374 in the first
quarter of the preceding year.
All three classes into which the March failure figures are separated show an increase. There were
642 manufacturing defaults last month, with liabilities of $31,293,421; 2,108 in trading lines for $44,117,955, and 201 failures among agents and brokers
involving $18,348,935. For these three classifications in March 1931 the corresponding figures were,
respectively, 582 for $24,072,069; 1,843 involving
$30,347,959, and 179 with $5,966,529. The heavy increase in the third division, covering agents and
brokers, in the liabilities reported, reflects some unusually large failures—in fact, for the entire three
months of 1932 to date the large failures have been
exceptionally numerous.
Volume 134
Financial Chronicle
The increase in the manufacturing lines for March
this year has been quite large in the lumber and
building division; also for clothing manufacturing,
and for machinery and tools. Failures have also
been more numerous in the iron class; for bakers,
brick and earthenware, and for chemicals and drugs.
Furs, hats and gloves show a reduction in the number of defaults for March this year, and the same is
true as to printing and engraving, and for leather
goods and shoes.
In the trading division there was a considerable
increase in the number of failures in March in the
grocery line over those of the preceding year; also,
among druggists; for the clothing class; for general
stores; among dry goods dealers; dealers in furniture; jewelry, hardware, and most of the other
divisions. Some large failures among hotels added
heavily to the liabilities for that section. A reduction in the number and the liabilities for dealers in
books and papers was an exception to the general
rule.
There were in March 156 large failures, that is,
those involving in each instance liabilities of
$100,000 or more, with a total of defaulted indebtedness of $50,518,378. In all three divisions, manufacturing, trading and other commercial, these figures are exceptionally high. The total amount
shown constitutes 53.9% of all indebtedness for the
failures of the month.
HE stock market the present week has passed
through another trying period. At the half-day
session on Saturday last the market quite unexpectedly enjoyed a sharp turn upward after several days
of weakness. This appeared to be due to the sudden
decision of the Senate Banking and Currency Committee to start its delayed Stock Exchange investigation on Monday of this week, having been induced
thereto by a telegraphic report that bear operators
contemplated a raid upon the market of such dimensions that the day would ever thereafter be known
as Black Saturday. President Whitney of the Stock
Exchange had been notified to be ready to testify
at the Monday meeting of the Committee, and at the
same time had been asked to bring with him a large
mass of information regarding current short sales
as a result of which the members of the Exchange
were in turn called upon for the needful data with
which to compile the information sought by the Committee. This seemingly led to a sort of scare among
the shorts, who, as a precautionary measure, began
to cover some of their outstanding short contracts.
The market moved sharply upward as a consequence,
though losing a portion of the gains again before the
close of the session at the noon hour. A further contributing influence in the rise on Saturday was the
upward spurt in the price of wheat caused by the
Agricultural Bureau's report issued after the close
of business on Friday night, indicating that the winter wheat crop had suffered serious damage from
winter killing and that the prospect was for a crop
of only 457,970,000 bushels of winter wheat in 1932
against 787,465,000 bushels in 1931, when the winter
wheat yield was of exceptional proportions.
On Monday, however, stocks again plunged downward, notwithstanding von Hindenburg's success at
the German elections, and notwithstanding also a
further rise in the price of wheat, and the same
remark applies with reference to the course of stocks
on Tuesday, on which day May wheat in Chicago
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2777
touched 612 against 5378c. the previous Friday.
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c.
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The rest of the week the market moved irregularly,
with occasional upward reactions under the influence of weakness in the rail issues and in some of the
public utilities.
About the only favorable feature was the higher
level of prices prevailing for wheat,though on Thursday and Friday the market enjoyed quite a rally, influenced by the sharp reduction the day before in
the rates of bankers' acceptances and the testimony
of Governor Harrison of the New York Federal Reserve Bank before the subcommittee of the House
Banking and Currency Committee, in which he revealed the fact that the Federal Reserve banks had
decided greatly to enlarge their purchases of United
States Government securities with a view to checking
further liquidation in the security market—increasing their purchases of Government securities which
had been running at an average of about $25,000,000
a week to $75,000,000 a week. A buoyant rise in
United States Government bonds proved a further
stimulating influence. Before the rally, however,
on Thursday, quite a number of stocks touched new
low records, this included New York Central, Atchison, U. S. Steel, American Tel. & Tel., American
Can, Consolidated Gas and General Motors. On
Friday the market developed strength notwithstanding news from Chicago that application had been
made for the appointment of a receiver for the Middle West Utilities Co., dominated by Samuel Insull
of Chicago. A total of 530 stocks recorded new low
levels for the year on the Stock Exchange during
the week, while six stocks touched new highs for
the year. The call loan rate on the Stock Exchange
again remained unaltered the entire week at 2 %.
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Among the dividend reductions and suspensions
the present week may be noted the omission of the
St. Joseph Lead Co. quarterly dividend on the capital stock ordinarily payable about June 20. The
United Cigar Stores Co. of America omitted the
quarterly dividend on its 6% cumul. pref. stock.
New York Investors, Inc., passed the semi-annual
dividend on its 6% cumul. second pref. stock. The
Maytag Co. omitted the quarterly dividend on its
$3 cumul. pref. stock, while the North American
Gas & Electric Co. passed its quarterly dividend on
its Class A stock. The Shawinigan "Water & Power
Co. reduced the quarterly dividend on its stock from
50c. a share to 25c. a share, while Central West
Public Service Co. declared a quarterly stock dividend of 11
/0% on the Class A stock; previously
Class A stockholders received an optional dividend
of 2 % in Class A stock, or 37 c. a share in cash
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2
/
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quarterly.
Trading has continued moderately large. At the
half-day session on Saturday last the sales on the
New York Stock Exchange were 1,148,113 shares;
on Monday they were 1,695,154 shares; on Tuesday,
1,553,050 shares; on Wednesday, 1,096,590 shares;
on Thursday, 1,724,350 shares, and on Friday,
1,541,574 shares. On the New York Curb Exchange
the sales last Saturday were 218,403 shares; on Monday, 250,575 shares; on Tuesday, 292,715 shares; on
Wednesday, 217,270 shares; on Thursday,
254,030
shares, and on Friday, 212,425 shares.
As compared with Friday of last week,
prices are
in many cases higher as a result of the
recovery the
latter part of the week. General Electric
closed yesterday at 161 8 against 1478 on Friday of
/
/
last week;
North American at 26% against 24 ;
/ Pacific Gas &
1
2
2778
Financial Chronicle
Elec. at 28% against 25%; Standard Gas & Elec. at
/
/
1818 against 14%; Consolidated Gas of N.Y.at 5314
50%; Columbia Gas & Elec. at 91/4 against
against
/
678; Brooklyn Union Gas at 74 against 70; Electric
/
Power & Light at 734 against 6; Public Service of
N. J. at 44% against 40; International Harvester
/
at 1934 against 17%; J. I. Case Threshing Machine
at 29 against 26; Sears, Roebuck & Co. at 22 against
20%; Montgomery Ward & Co. at 7% against 6%;
/
Woolworth at 3814 against 36%; Safeway Stores at
/
against 4334; Western Union Telegraph at 32
46
/
against 311 8; American Tel. & Tel. at 106% against
/
/
10614; Int. Tel. & Tel. at 6 against 434; American
Can at 51% against 50%; United States Industrial
Alcohol at 21% against 21%; Commercial Solvents
/
at 6% against 578; Shattuck & Co. at 9 against 8%,
/.
and Corn Products at 33% against 331s
& Dye closed yesterday at 65%
Allied Chemical
ex-div. against 65% on Friday of last week; E. I. du
Pont de Nemours at 34 against 38%; National Cash
Register A at 10 against 8%; International Nickel
/
at 61 8 against 5%; Timken Roller Bearing at 16
%
/
against 1414; Mack Trucks at 141 against 13; Yel-Man/
/
low Truck & Coach at 21 8 against 178; Johns
/
ville at 1178 against 12%; Gillette Safety Razor at
/
18% against 16%; National Dairy Products at 251 8
/
Associated Dry Goods at 41 8 bid
against 22%;
against 3%; Texas Gulf Sulphur at 19 against 17;
Freeport Texas at 15% against 14%; American &
Foreign Power at4% against 2%;General American
Tank Car at 18% against 18%;United Gas Improvement at 16% against 15; National Biscuit at 33%
against 31%; Coca Cola at 101% against 104; Conti/
/
nental Can at 2918 against 2978; Eastman Kodak at
61% against 63%; Gold Dust Corp. at 13% against
13; Standard Brands at 10% against 10; Paramount
/
Publix Corp. at 4% against 478; Kreuger & Toll at
/
/
38; Westinghouse Elec. & Mfg. at 2378
% against
/
against 22%; Drug, Inc., at 39 against 411 8; Columbian Carbon at 27% ex-div. against 27%; American
/
Tobacco at 68 against 6714; Reynolds Tobacco
class B at 32% against 32%; Liggett & Myers
4
1
/
class B at 50% against 48 , and Lorillard at 14%
against 13%.
The steel shares have shown some resistance to the
continued tumble. United States Steel closed yesterday at 34% against 33% on Friday of last week;
/
4
1
/
Bethlehem Steel at 1378 against 13 ; Vanadium at
/
,
/
9 against 818 and Republic Iron & Steel at 378
auto group Auburn Auto closed
against 3. In the
yesterday at 42 against 51% on Friday of last week;
4
1
/
4
1
/
General Motors at 12 against 12; Chrysler at 9
4
1
/
Nash Motors at 12 against 12%; Packagainst 9;
/
ard at 2% against 21 8; Hudson Motor Car at 4%
4
1
/
/
against 4%, and Hupp Motors at 21 8 against 2 .
In the rubber group Goodyear Tire & Rubber closed
yesterday at 9% against 9% on Friday of last week;
B. F. Goodrich at 31/s against 3; United States Rubber at 378 against 3, and the preferred at 6
/
against 5%.
The railroad shares have most of the time continued conspicuously weak, at least in the case of
the active stocks like Atchison and New York Cen:
tral Pennsylvania RR. closed yesterday at 1338
/
against 12% on Friday of last week; Atchison Topeka & Santa Fe at 44% against 52; Atlantic Coast
Line at 17 against 15%; Chic. Rock Island & Pacific
4
1
/ against 4%; New York Central at 20%
at 5
against 21%; Baltimore & Ohio at 9% against 9%;
New Haven at 14% against 1534; Union Pacific at
/
April 16 1932
/
5514 against 57%; Southern Pacific at 14% against
/
141 2; Missouri Pacific at 3% against 3%; MissouriKansas-Texas at 3 against 278; Southern Railway
/
at 6 against 5; Chesapeake & Ohio at 16% against
/
/,
14; Northern Pacific at 1114 against 1078 and Great
Northern at 11% against 11%.
The oil shares yielded as the result of the special
drive against oil issues. Standard Oil of N. J. closed
/
yesterday at 2418 against 26 on Friday of last week;
/
Standard Oil of Calif at 19% against 2118; Atlantic
/
Refining at 10 against 918; Texas Corp. at 11%
against 10%;Phillips Petroleum at 4% against 4%,
/
and Pure Oil at 41 8 against 3%.
The copper stocks have resisted the general downward trend. Anaconda Copper closed yesterday at
6 against 4% on Friday of last week; Kennecott
4
Copper at 7 against 6; Calumet & Hecla at 2y
against 2%; American Smelting & Refining at 8%
against 8; Phelps Dodge at 5% against 5, and Cerro
/
de Pasco Copper at 718 against 6%.
pRICE
trends on stock exchanges in the important European financial centers were somewhat
mixed this week, an easy tendency in the early dealings giving way to slow improvement in later sessions. The London, Paris and Berlin markets were
alike depressed at the start of the week by the numerous international uncertainties, and especially by
gloomy week-end dispatches from New York. Even
the pronounced victory of President von Hindenburg in the German elections did not serve to dispel
the somber tone, as this result had been expected.
Much concern was again expressed in all centers
regarding Kreuger & Toll companies, and the possibilities of further disclosures in the full reports soon
due. Beginning with the mid-week session, however, public interest in stocks increased in Europe
and a brighter trend was reported everywhere. In
London the tone was stimulated in part by the Board
of Trade report for March, which showed increased
exports and decreased imports as compared with
the two preceding months. There were no indications of trade improvement in the Continental
countries.
The London Stock Exchange was fairly steady at
the opening, Monday, but the initial firmness was
not maintained in all departments of the market.
British funds were well supported throughout, and
small fractional advances occurred. Among industrial stocks, iron and steel issues were better at
first on rumors of a tariff, but liquidation soon appeared and wiped out the gains. The international
list was marked down in accordance with advices
from New York. In Tuesday's dealings British
funds were again in demand, but the tendency in
the industrial market was uncertain. International
Stocks were somewhat better on improved advices
from New York and the Continental markets. A
good session followed, Wednesday, partly as a result
of rumors of a further reduction of the bank rate.
British funds were in sustained demand, and dere
were also many advances among industrial stocks.
Foreign bonds and stocks were better as a whole,
despite some minor recessions. After a further
cheerful opening, Thursday, quotations dropped
slightly on the London exchange. Disappointment
regarding an unchanged bank rate caused some selling of British funds, but industrial issues were
rather well sustained, with the exception of textile
shares. International issues were lower. The tone
Volume 134
Financial Chronicle
at London was cheerful yesterday, but price changes
were small.
A spirited opening was reported on the Paris
Bourse, Monday, but no public following was aroused
by the demonstration and prices soon dropped back
to their earlier levels in dull trading. The initial
upswing lasted only a half hour, and it was followed
by a steady dwindling of values. The session Tuesday was extremely dull, with the trend heavy.
Losses were substantial in all sections of the market,
and a last-minute rally served only to reduce them
somewhat. Wednesday's dealings were animated,
however,interest in stocks suddenly reviving, reports
said, on the better prospects in the American wheat
situation. Optimism over the good condition of
French banks also aided the market. Bank shares
responded especially well to the better tone, but
other issues also showed handsome gains. After
an uncertain opening, Thursday, prices on the
Bourse again advanced and in many instances good
progress was made over the previous closing levels.
French stocks of all descriptions were in demand,
but foreign securities were neglected and some small
losses resulted in this section. The trend was firm
in yesterday's session at Paris.
The Berlin Boerse was dull and uncertain in the
first session of the week, no favorable trend appearing as a result of the election last Sunday. Gains
made by the Fascists proved more important to the
Boerse than the anticipated re-election of President
von Hindenburg, and small losses were general.
Normal trading was finally resumed on the Boerse,
Tuesday, in a quiet and generally favorable market.
Final restrictions were removed with the publication of official quotations. The figures, however,
showed drastic declines since they were last issued
in September. Reichsbank shares resisted the decline in the interim better than other stocks, a drop
from 108 to 97 being registered, whereas practically
all other issues declined to fractions of their September levels. The trend for the day was mildly uncertain, early steadiness being followed by a slow decline with net changes unimportant. A brisk session was reported Wednesday, with public interest
quickly reviving under the stimulus of official quotations. Buying was general, particularly in lowpriced stocks, and some good gains were registered.
The Berlin market again moved smartly forward
Thursday, with buying interest extending to bonds
as well as stocks. The turnover increased and prices
advanced in all departments of the market. Prices
were maintained on the Boerse, yesterday, despite
some irregularity.
TTEMPTS to secure definite reduction of offensive weapons marked the resumed discussions
at the General Disarmament Conference in Geneva,
this week. The delegates of more than 60 nations
gathered again last Monday, after a recess of three
weeks for the Easter holidays. It was the sense of
the conference, expressed by many delegates just before the recess began, that the time had arrived for
precise and detailed programs of disarmament to be
placed before the body. In response to this sentiment some of the leading statesmen of Europe appeared at Geneva, Monday, to head their respective
delegations, and this occasioned a keen and widespread interest in the proceedings. The earlier sessions had been devoted exclusively to general statements by the members of the many delegations, and
A
2779
these disclosed a wide diversity of opinions. Two
well-defined schools of thought were again apparent,
however, as on former occasions. One followed the
French thesis that security must precede disarmament, while the other argued, with America and
Britain, that disarmament leads to security.
Hugh S. Gibson, United States Ambassador to Belgium and acting head of the American delegation,
made the first important contribution to the discussion after the sessions were resumed. That this country would take an aggressive stand in favor of disarmament was indicated two weeks ago to-day, when
it was made known that Secretary of State Henry L.
Stimson would proceed to Geneva to direct the
American delegation. When sailing from New York,
April 8, Mr. Stimson expressed the belief that the
conference may be able, ultimately, to agree upon
'number of useful measures designed to limit the
chances of war. His stay in Geneva will be brief,
he said, but possibly of assistance in helping forward this program. In view of these comments it
was thought for a time that the more detailed American proposals would be placed before the conference
by Mr. Stimson, who arrived in Geneva yesterday.
The task was undertaken by Mr. Gibson, however,
while Secretary Stimson was still on the high seas.
In his address to the conference, Monday, Mr. Gibson proposed to do away entirely with three specific
types of offensive arms—tanks, heavy mobile artillery and gas. He began by reminding the delegates
that the resolution regarding the method of work to
be followed had been introduced by the American
delegation, and added that some concrete indications were probably expected. Analysis of the various plans placed before the gathering showed, he
continued, that one preoccupation seemed to dominate them all—that of finding a method by which
reduction could be achieved without incurring risk
to national safety. "In large measure this preoccupation has been instinctive on the part of the various
delegations," Mr. Gibson said. "But it is an instinct
with which every nation must have the greatest
sympathy, and this instinctive endeavor should be
turned by some means into a conscious and definite
program which will transmute into terms of disarmament this universal need for security."
Basically, Mr. Gibson continued, the demand for
security is founded on fear of invasion. This feeling
is apparently more acute to-day than in time past,
probably for the reason that there was in earlier
eras a certain inherent superiority in defense. New
weapons have been developed within the last generation which rob frontier defenses of some of their
effectiveness, and a feeling of insecurity is thus prevalent not only among Governments but also among
the civil populations. "It is the feeling of inadequacy of the defensive force which gives rise to the
insistent demand on the part of the people for the
accumulation of military stores, the increase of
armies and of military budgets," the Ambassador
pointed out. "We might as well face the fact that
unless and until this genuine apprehension can
be
allayed, there is little hope of achievement
here.
Fear of invasion is based on the existence
of peculiarly aggressive weapons in land
warfare--tanks,
heavy mobile artillery and the use of gas.
The feeling of security will not be restored
until we restore
to defense the superiority over
aggression which it
enjoyed in former times. The only
way to restore
such superiority is to do away with
the weapons I
•
2780
Financial Chronicle
have just mentioned." A resolution embodying the
proposal was placed before the conference for consideration, and Mr. Gibson closed with an expression
of hope "that the simplicity of our proposals will
commend them to the conference, and that it will
be possible to refer the entire question to the necessary commissions with instructions to report back
definite texts for our adoption."
The American proposal immediately became the
center of an animated discussion, with the delegations tending to align themselves more or less definitely for or against it. President Giuseppe Motta
of Switzerland expressed instant approval. Sir John
Simon of Great Britain stated that his country had
already suggested the abolition of heavy mobile artillery and gases, and favored also the abolition of
tanks. Count Rudolph Nadolny of Germany favored
the proposal, but said it did not go far enough.
General Cavalier° of Italy declared it is worthy of
attention. Premier Tardieu of France finally arose
and gave expression to biting criticisms. The suggestion belonged, he said, in the category of deadletter proposals of the pre-war Hague conferences,
while the French proposal for an international military police force not only embraced the American
suggestion but went much further and was also
based on the methods and spirit of the League Covenant. The American proposal takes account only
of land armaments, he pointed out, whereas France's
position on the interdependence of land, sea and air
armaments is well known. M. Tardieu again voiced
firm objections to the American proposal, Tuesday,
in a brilliant speech. He asserted, a dispatch to the
New York "Times" said, that prohibition of this or
that offensive arm was useless, because technicians
and engineers would invent pocket cannons to replace big guns, pocket airplanes to replace bombers,
and pocket cruisers to replace battleships, and because all countries, in the event of war, would convert industrial into military equipment. After demolishing to his own satisfaction all proposals for
actual limitation or reduction, he again presented
the French scheme for an unarmed world with the
exception of an international force at the disposal
of the League.
Dino Grandi, Foreign Minister of Italy, made a
rather effective reply to M. Tardieu, Wednesday.
With obvious reference to the French argument, he
remarked that it had been said that an international
agreement regarding qualitative limitation might
be broken with ease, as many forbidden arms could
be secretly manufactured. "But even if that is true,"
he added,"should we hesitate to conclude agreements
simply because of the possibility of bad faith? If we
start by doubting everyone's good faith we might
as well abandon at once any attempt to reach a
result. It has been said that a State which is ready
to violate the solemn clauses of the Pact of Paris
would all the more readily violate its engagements
-with regard to qualitative limitation of arms. But
if we must admit such a possibility we must also
admit that such a country would also be ready to
violate all engagements, including that of placing
its arms at the disposal of the League of Nations."
In the general discussion that followed, Brazil and
Turkey supported the United States method, but
Yugoslavia, Uruguay and Poland lined up with
France. The conference began, thereafter, to study
the order of precedence in which the various proposals before it should be considered in detail.
April 16 1932
IRECTORS of the Bank for International Settlements made a number of important decisions at their regular monthly meeting in Basle,
last Monday. Owing to the unsettled state of world
affairs, it was voted to avoid new loan enterprises
in the immediate future. The directors agreed, however, to renew credits of 90,000,000 schillings to
Austria, maturing April 10;$20,000,000 to Hungary,
maturing April 18, and $3,000,000 to Yugoslavia,
maturing April 28. In every instance the credits
were extended for three months. An urgent appeal
for further relief to Austria was considered, but rejected, a dispatch to the New York "Times" said. A
reduction of the interest rate paid by the Reichsbank
on the $90,000,000 credit extended that institution
in equal amounts by the B. I. S., the Bank of England, the Bank of France, and the Federal Reserve
Banks, also was voted. Sir Charles Addis, British
member of the Board announced his retirement at
the meeting, and it is understood, dispatches state,
that he will be succeeded by Sir Otto Niemeyer. The
Board also took several steps in preparation for the
second annual stockholders' meeting, which is to take
place next month. It was indicated that the Bank
will be in a position to distribute about 4,000,000
Swiss francs as dividends from the profits of the
bank year now ending. In order to comply with the
statutes requiring full subscription of the Bank's
capital stock within two years, the directors decided
to offer 26,400 remaining shares in equal amounts
to the subscribers in seven countries who furnished
the original capital.
D
ESPITE the admitted urgency of the reparations problem, official conversations regarding it probably will not be resumed by the interested
governments until June 13. This date has been tentatively fixed, it is indicated in Geneva dispatches,
for the opening of the Lausanne conference. The
meeting, at which the report of the Young Plan Advisory Committee is to be considered, was first
scheduled for Jan. 18, but after several postponements it was finally put off to an unnamed date in
June. "By June 13," a Geneva report to the New
York "Times" states, "the French Parliament which
will be elected in May will have begun sitting and
will have had an opportunity to show its general
political tendency. 'Whatever Government comes
into office, it will have declared its policy and probably will have had it approved. And it is on what
happens in France more than on anything else that
the Lausanne program depends." The situation
seems at present to be completely deadlocked, it is
remarked. "The only prospect is that at Lausanne
there must be an extension for six months or more
of the present moratorium." The British Government is more than ever convinced that there must
be complete cancellation of reparations and ultimately of war debts, it is said. France holds quite
as firmly to the opinion that German payments
should continue unless the war debts to Britain and
the United States are wiped out. There is also no
uncertainty about the German attitude that the payments cannot possibly be resumed.
The twin problems of reparations and war debts
continue to receive much attention in all countries,
and it is likely that they will be debated with increasing fervor as the June conference in Lausanne
and the end of the Hoover moratorium year draw
near. There were several official pronouncements
D
1
Volume 134
I.
Financial Chronicle
2781
in Europe during recent days which indicate that referred to a committee of experts and the Council
the difficulties surrounding these delicate questions adjourned. In a report to the New York "Times"
do not tend to diminish with the passage of time. detailing these incidents the comment was added
In a session of the Grand Council of Fascism, on that "League financial circles are not so sure that
April 8, presided over by Premier Mussolini, a reso- the great Powers, in shelving for a month the Finanlution was adopted in which renunciation of repara- cial Commission's report, will be able thereby to
tions and cancellation of war debts was recom- keep shelved the situation with which the report
mended as a means toward ending the current de- deals."
pression. The French view of reparations was restated April 10, in an elaborate communication of
ASCIST and Communist arguments were alike
the Foreign Office. The arguments for continuance
unavailing in the run-off election for the Ger-.
of the Young Plan were reiterated, a dispatch to the man Presidency, last Sunday, when Field Marshal
New York "Times" said, and statistics were offered Paul von Hindenburg was re-elected for a second
to refute German claims regarding payments made term of seven years by 2,235,794 more votes than were
to date. The interest taken in the questions in Lon- received altogether by his opponents. This result
don was reflected on the arrival in that capital, was anticipated in view of the fact that the venerable
April 8, of Andrew W. Mellon, former Secretary of German President received only 168,543 votes less
the Treasury and newly appointed Ambassador to than the required absolute majority in the first electhe Court of St. James's. Press correspondents im- tion on March 13. The returns were nevertheless
mediately asked Ambassador Mellon about his views received with profound satisfaction in the responsion reparations and war debts. He denied, however, ble circles of all countries, as they demonstrate conthat he had any special mission to deal with these clusively that the German people are determined to
problems.
pursue the path of duly organized Constitutional
An informal suggestion on the war debts owed t
overnment. In France, especially, the results
the United States Government, which is apparently caused gratification. Crowds gathered on the
destined to receive much consideration, was made Parisian boulevards and cheered as bulletins were
in Washington, Wednesday, by former Governor of posted showing the heavy trend in favor of President
New York State, Alfred E. Smith. Since Mr. Smith von Hindenburg.
is an aspirant for the Democratic nomination to the
The run-off election was necessary under the GerPresidency, his utterance gains some importance. man balloting system, which requires an absolute
In substance, he proposed that the debts question majority in the first election, with a second vote
be settled by suspension of direct payments for a automatically set if no candidate receives such a
period of 20 years. During this period the principal majority. In the second election, however, only a
of the debt owed by each foreign Government might plurality is necessary to determine the victor. Albe reduced annually by means of a credit of 25% of though it was generally conceded in advance of the
the gross value of American products purchased by election last Sunday that President
von Hindenburg
such countries. In other words, if a country buys would receive a majority of
all votes cast, all of
$100,000,000 of American cotton, a $25,000,000 re- Germany was tense as the
date approached, owing
duction will be made in the debt, and the same prin- to the violence of the campaign.
The strenuous
ciple will apply on all products. This would aid efforts to bring out the voters
resulted in an aggreAmerican farmers, merchants and manufacturers, gate of 36,491,694 ballots, or somewhat
less than the
Mr. Smith added, and would present a far better way total of 37,658,036 in the first election.
The vote for
to restore trade than "sitting idly by, clamoring for President von Hindenburg last
Sunday was 19,the payment of debts which we know cannot be 359,642 against 18,654,690 on March 13, a gain of
paid." There were no official eomments on this 704,952. Adolph Hitler,
leader of the National.
scheme on following days, but unofficial circles in Socialist, or Fascist party, received 13,417,460
\
London and Paris held that it merited serious con- votes last Sunday against 11,341,360 on March 13,
'\
Nsideration, dispatches said.
:getin of 2,076,100. Ernst Thaelmann, Communist
--**—candidate, received 3,706,388 votes in the final elecUGGESTIONS made by the League of Nations tion compared with 4,982,939 in the earlier plebiscite,
S Financial Commission for aiding Austria, Hun- or a
loss of 1,276,551. The gains recorded by the
gary, Bulgaria and Greece were considered at a two chief candidates
were accounted for largely by
special meeting of the League Council, Tuesday, and the withdrawal Theodor Dnesterberg,
of
Nationalist,
once again, as on so many previous occasions, it was
who received 2,558,939 votes last month.
decided to postpone action. Statements were made
Both in German internal and in international
in the brief session by the representatives of Britain,
affairs this election is sure to prove highly imporFrance, Germany and Italy. All agreed on the urg- tant. President
von Hindenburg has collaborated
ency of the problem, according to the summing up closely with
Chancellor Heinrich Bruening during
by Foreign Minister Dino Grandi of Italy, and it the recent difficult
months, and the heavy vote for
was then voted to postpone further consideration the President amounts,
in a sense, to a vindication
of the matter until May 9, when the Council gathers of the drastic measures
enacted at the instance of
for its next regular session. Premier Tardieu of the Centrist leader of the
Cabinet. In the conduct
France, Sir John Simon of Britain, Signor Grandi of the nation's foreign
affairs Chancellor Bruening's
and Dr. Bernhard von Buelow of Germany spoke in hands will also be strengthene
d greatly, as there can
turn about the recent London conference on the be no doubt that he
speaks for a clear majority
of
Danubian problem. M. Tardien remarked that in the German people.
While the result is thus
deevery case they reserved complete freedom to affirm cidedly satisfactory in
the main, it is generally
adat subsequent gatherings their views of events at mitted that the struggle
between democracy and
London. The report of the Financial Commission, Fascism in
Germany is far from ended. A
further
which occasioned the special Council session, was campaign for the
election of members of the Prns-
2782
sian Diet was started Monday, with the voting scheduled for April 24. Control of Prussia has long been
the key to control of the Reich, and since the Hitlerites polled about 7,400,000 votes in that German
State last Sunday, there is a possibility that they
will emerge as the strongest single party in the next
Diet. In order to prevent a Fascist coup d'etat in
the Reich, a decree was signed by President von
Hindenburg, Wednesday, disbanding and suppressing the "storm troop" units of the Hitlerites. In a
proclamation accompanying the decree the Government announced its determination to "suppress
ruthlessly any attempt to form a State within a
State."
ENEWED discussion of the dispute between the
London and Dublin Governments regarding
the oath of allegiance to the British Crown and the
land annuities occurred in the House of Commons,
Monday, when J. H. Thomas, Minister for the Dominions, made public the notes recently exchanged
with President Eamon de Valera, of the Irish Free
State. It was disclosed that Mr. de Valera insists
with some emphasis that he intends to abolish the
oath, and is only a little less emphatic about
discontinuing the annuities of approximately
£3,000,000. The rejoinder by Mr. Thomas is described in dispatches as straightforward, friendly
and free from any kind of threat. In placing the
notes before the House, Mr. Thomas reiterated that
the British Government intends to uphold the AngloIrish Treaty of 1921. The statement was greeted
with cheers from most sections of the House, indicating that he will have ample support in this determination. In answer to the statement by Mr. de
Valera that the Free State Government knows
nothing of a binding engagement regarding the land
annuities, Mr. Thomas gave specific details of an
agreement made in 1923, reports said. There was
apparently some confusion in Dublin on this point.
A special dispatch to the New York "Times" indicated that Mr. de Valera "had known little or nothing of the financial settlement of that year, and a
hurried search had to be made for the agreement."
It was remarked that there was no excitement in
Dublin on this matter, but rather a belief that any
legislation will be delayed for perhaps 18 months.
Even if the Dail Eireann approves the de Valera
proposals, the Irish Senate will almost certainly
reject them and thus cause postponement, it is said.
R
ISTURBANCES which developed in Chile and
Ecuador last week were held to very minor
proportions, and by the beginning of this week conditions were fairly tranquil in both countries. In
Chile an alleged revolutionary movement was
officially declared ended, last Saturday, by the Government of President Juan Esteban Montero. A
new Cabinet was formed by Victor Robles, who
assumed the important post of the Interior, as well
as that of Premier. Almost all other members were
Ministers in the former Cabinet, dispatches said.
A small revolt at Guayaquil, Ecuador, where the
two-vessel navy of that country mutinied last week,
was quelled Tuesday, when the navy was recaptured
by Government forces. In the three days of fighting there was only one casualty. Some anxiety was
occasioned over a wide area of southern South
America, Monday, by eruptions of a score of volcanoes in Chile. It was feared for a time that the
D
April 16 1932
Financial Chronicle
eruptions presaged an earthquake, but fortunately
no sharp shocks were felt. Lava poured from some
of the peaks, while others emitted huge clouds of
volcanic dust which floated to the eastward, covering much of Argentina with a grey coat. No damage
of any consequence resulted.
HE National Bank of Czechoslovakia on Monday
(April 11) reduced its discount rate from 6% to
5%, the 6% rate having been in effect since Dec. 22
1931. Rates are 11% in Greece; 8% in Hungary;
732% in Lithuania; 7% in Austria, Rumania, Finland, Portugal, and 63/2% in Spain; 6% in Italy,
Danzig, India and in Colombia; 5.84% in Japan;
532% in Germany, Estonia and in Chile; 5% in
Czechoslovakia, Ireland, Denmark, Sweden and in
Norway; 33/2% in England and Belgium; 3% in Holland; 23/2% in France, and 2% in Switzerland. In
the London open market discounts for short bills on
Friday were 21 3@2 3-16% as against 2 3-16@21 1%
/
/
/
on Friday of last week, and 2 3-16@23 1% for three
months' bills as against 2 7-16@23/2% on Friday of
last week. Money on call in London on Friday was
1Y
1%. At Paris the open market rate continues at
1%%, and in Switzerland at 13/2%.
T
HE Bank of England statement for the week
ended April 13 shows a gain of £11,285 in gold
holdings and as this was attended by a contraction of
£3,039,000 in circulation, reserves rose £3,050,000.
Gold holdings now total £121,448,645 as compared
with £146,202,394 a year ago. Public deposits increased £2,266,000 while other deposits fell off
£1,915,870. Of this amount £1,095,675 was from
bankers accounts and £820,195 from other accounts.
The reserve ratio is up to 32.13% from 29.74, a week
ago. Last year the ratio was 49.49%. Loans on
government securities increased £4,275,000 and those
on other securities decreased £6,973,101. Other
securities consist of discounts and advances and
securities. The former fell off £896,677 and the
latter £6,076,424. The rate of discount remains at
332%. Below we show a comparison of the different
items for five years:
T
:
T1
DANK OF ENGLAND'S COMPARAI93 E STATEMENT.
9
April 13.
2356.752.000
Circulation
12.259.000
Public deposits
111.270.357
Other deposits
Bankers accounts. 78.446.795
Other accounts... 32,823,562
GovernMt securities 55.385.906
Other securities. _ _ 46.101,306
Disct I. advances 11.267.453
34,833.853
Reserve notesgt coin 39,695,000
Sec
Coin and bullion...121,448,645
Proportion of reserve
32.13%
to liabilities
314%
Bank rate
1928.
April 18.
Ap91 1.
1t 3 15,
[
April 16.
April 17.
354,363.504
8.372.224
96,361.015
61.230.462
35,130.553
34.334,684
36.227.575
8.375.954
27.851,621
51,838,890
146.202.394
361,321.558
14.798.522
102.118,709
65.815.639
36.303.070
58.282.629
16.828.819
6,386.083
10.442.736
59,406.7118
160,788.326
358.940.958
17.876.233
96.795,717
60.779.118
36.016,599
48.346.855
26.650.421
11.028.809
15,621.612
57,330,825
156,271,783
43.709.000
158,619,000
49.49%
50.86%
3%
49.99%
5h%
3414%
43.4%
134.659.000
17.503,000
100,434,000
31.720,000
60,190,000
a On Nov. 29 1928 the fiduciary currency was amalgamated wIth Dank of England note issues adding at that time 5234.199,000 to the amount of Bank of England
notes outstanding.
HE Bank of France statement for the week ended
April 8, shows a gain in gold holdings of 123,176,448 francs. The Bank's gold now aggregates
76,909,171,154 francs, in comparison with 56,107,297,136 francs last year and 42,324,969,992 francs
the year before. Credit balances abroad and bills
bought abroad record decreases of 118,000,000 francs
and 14,000,000 francs respectively. Notes in circulation contracted 915,000,000 francs, reducing the
total of notes outstanding to 82,523,044,235 francs.
Total circulation a year ago was 78,707,502,760
francs and two years ago it was 71,245,075,970
T
Volume 134
Financial Chronicle
francs. French commercial bills discounted and
creditor current accounts rose 259,000,000 francs
and 613,000,000 francs while advances against securities declined 51,000,000 francs. The proportion of
gold on hand to sight liabilities stands this week at
70.16%, as compared with 55.74% the previous
year and 50.08% two years ago. Below we furnish
a comparison of the various items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
April 8 1932. April 10 1931. April 11 1930.
for Week.
Francs.
Francs.
Franca.
Francs.
Gold holdings_ _ -Inc. 123,176,448 76,909,171,154 56.107,297,136 42,324,969.992
Credit bats. abr'd_ Dec. 118,000,000 4,230,635,589 6,911,796,825 6,897,549,513
•French commerc'l
bills discounted-Inc. 259.000.000 4,005,333,859 5,554.000,000 4.697,153,531
b Dills bght abr'd _ Dec. 14,000,000 8,169,615,054 19,398,000,000 18,749,789,740
Adv. agt. securs_ _Dec. 51,000.000 2,807,643.446 2,926,756.650 2.651,990,287
Note circulation_ _Dec.915,000,000 82,523,044,235 78.707.502,760 71,245,075,970
Cred. curr. accts_Inc. 613,000,000 27,102,627,552 22,228,475.569 13,261,721,374
Proportion of gold
on hand to sight
liabilities
55.74%
0.31%
70.16%
Inc.
50.08%
a Includes bills purchased in France. b Includes bills discounted abroad.
--C—
HE German Bank statement for the first quarter
of April records a gain in gold and bullion of
92,000 marks. The total of bullion is now 878,742,000
marks, as compared with 2,343,644,000 marks the
same period a year ago and 2,544,427,000 marks two
years ago. Decreases appear in the following items:
reserve in foreign currency of 111,000 marks, in bills
of exchange and checks of 111,481,000 marks, in
advances of 189,459,000 marks, in investments of
234,000 marks, in other assets of 47,146,000 marks
and in other daily maturing obligations of 207,425,000
marks. No change occurred in deposits abroad.
Notes in circulation contracted 145,398,000 marks.
bringing the total of the item down to 4,085,675,000
marks. Last year circulation was 4,377,850,000
marks and the year previous it was 4,567,390,000
marks. The items of silver and other coin, notes on
other German banks and other liabilities increased
36,901,000 marks and 16,053,000 marks,respectively.
The proportion of gold and foreign currency to notes
circulation stands at 25%, as compared with 57.3%
1
last year and 64.2% the year before. Below we
show a comparison of the various items for three
years:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for 1Veek.
April 7 1932. April 7 1931. April 7 1930.
Assets—
Eeichnnarks. Relehsmarks. Retehsmarks. Reithsmarks,
Gold and bullion
Inc.
92,000 878,742.000 2,343.644.000 2.544,427.000
Of which depos.abed_
No change
76,623.000 207,638.000 149,788.000
Reeve in foreign curr.Deo.
111,000 141,708.000 165,605.000 386.600 000
Bills of exch.& checks.Deo. 141,481,000 3,176.374.000 2,023,860,000 2.067.462.000
Silver and other coin Inc. 36,901,000 175,964.000 143,228.000 130.761.000
Notes on 0th. Ger. bks.Ino. 4,668.000
7.465.000
9,119.000
3.918.000
Dec. 189,459,000 100.413.000 155,219.000
Advances
46,326.000
Investments
Dec.
234,000 361.517.000 102,690.000
93.133,000
Dec. 47,146,000 863,489.000 519,932,000 511,694,000
Other assets
Notes in circulation_ _Dec. 145,398,000 4,085.675,000 4,377,850,000 4,567.390.000
Oth.daily matur.oblig.Deo.207.425.000 370,263.000 332.848.000 792,502,000
Ina. 16,053,000 674,310.000 258,572,000 156,565,000
Other liabilities
Propor.of gold & torn
25%
0.9%
64.2%
curr.to note cireurn.Ino.
57.3%
2783
renewals and new loans. Ample offerings of banking house funds were reported every day, however,
at 2%,or a concession of y from the official level.
2%
Time money rates were soft, in line with the general
trend. Brokers' loans against stock and bond collateral, as reported by the Federal Reserve Bank
of New York for the week to Wednesday night, receded $31,000,000. Gold movements for the same
period consisted of exports of $20,156,000, imports
to $4,455,000, and a net increase of $2,370,000 in the
stock of metal held earmarked for foreign account.
EALING in detail with call loan rates of the
Stock Exchange from day to day, 21 2% was
/
the rate ruling all through the week, both for new
loans and renewals. The time money market continues unchanged, and dealers see no immediate
prospect of change. Rates are unchanged but nominal at 234@3% for all dates. Prime commercial
/
paper continued in good demand this week, but the
scarcity of offerings has greatly restricted sales.
Rates are unchanged. Quotations for choice names
of four to six months' maturity are 31 4@31 2%.
/
/
Names less well known are 334@4%. On some very
/
high class 90-day paper occasional transactions at
3% were noted.
D
PRIME
bankers' acceptances have been in fairly
brisk demand this week, but first class paper
has been scarce, and business limited on that account. Rates were reduced 1 4 of 1% on April 9 and
/
again on April 11, and y of 1% on April 13. These
2
reductions applied to both the bid and asked columns
on all maturities, making the reductions from a
week ago of a full 1%. The quotations of the American Acceptance Council for bills up to and including three months are 11 4% bid, 118% asked; for four
/
/
months,1%7 bid and 11 4% asked; for five and six
0
/
months, 158% bid and 11 2% asked. The bill buying
/
/
rate of the New York Reserve Bank is 21 2% on
/
maturities from 1 to 120 days, and 3% on maturities
from 121 to 180 days. The Federal Reserve banks
show a decrease this week in their holdings of acceptances, the total having failed from $57,946,000 to
$51,809,000. Their holdings of acceptances for foreign correspondents also dpereased, falling from
$335,312,000 to $325,684,000. Open market rates for
acceptances are as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime ellgible bills
134
134
134
134
134
1Si
—90Days— —60Days--- —30Daps—.
Bid. Asked,
Bid. Asked.
Bid, Asked.
Prime eligible Mils
134
134
134
134
134
134
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
134% bid
Eligible non-member banks
134% bid
RASTIC slashing of rates in the commercial
money market occurred this past week, as a
direct consequence of the energetic stimulation of
HERE have been no changes this week in the
the Federal Reserve authorities, applied through
rediscount rates of the Federal Reserve banks.
open market operations. With the Reserve banks
The following is the schedule of rates now in effect
clearly augmenting their purchases of Government
securities, several reductions of 1 4% each in bill for the various classes of paper at the different
/
rates were made by dealers last Saturday and again Reserve banks:
Tuesday. After intimations in Washington, early DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Wednesday, by Governor George L. Harrison of the
Rate in
New York bank, that the process would be carried
Federal Reserve Bank.
Effed on
Date
Previous
Established.
April 15.
Base.
much farther, acceptance yield rates were lowered Boston
Oct. 17 1931
334
234
8
further Y 0 the same day, thus making a full New York
Feb. 26 1932
27
a
334
Philadelphia
Oct. 22 1931
334
3
Cleveland
Oct. 24 1931
834
1% drop in rates in less than a week. Commercial Richmond
3
Jan. 25 1932
334
4
Atlanta
Nov. 14 1931
834
paper rates also were lowered.
3
Chicago
Oct. 17 1931
834
234
Bt. Louie
Oct. 22 1931
334
The Stock Exchange money market was quiet and Minneapolis
234
834
Sept.12 1930
4
Kansas City
Oct. 23 1931
334
a
but little changed. Call loans on the New York Dallas
334
Jan. 28 1932
4
Ban Francisco
334
Oct. 21 1931
234
Stock Exchange held at 2/
1 2% all week, both for
--*----
D
T
2784
Financial Chronicle
April 16 1932
Nei Change in Gold Earmarked for Foreign Account.
CTERLING exchange continues in wide demand in
Increase, $2,370,000
-1, most markets, although trading in New York
The above figures are for the week ended Wednesthis week has been rather quiet and the trend lower.
day evening. On Thursday there were no imports.
The range this week has been from 3.75% to 3.80 7-16
Exports amounted to $50,000 all of which went to
for bankers' sight bills, compared with 3.74% to France. There was no change on that day in gold
3.81% last week. The range for cable transfers has
earmarked for foreign account. Yesterday there were
been from 3.76 to 3.80M, compared with 3.75 to no imports of gold. Exports of the metal amounted
3.813/b a week ago. The market still looks for a to $1,596,200 of which $997,700 was shipped to
further reduction in the Bank of England rate from
France and $598,500 to Holland. There was a dethe present 332%, though in official quarters it was crease of $395,000 in gold earmarked. During the
stated only recently that no reduction would be made
week approximately $257,000 of gold was received at
in the rate for some time to come. Nevertheless,
San Francisco, of which $235,000 came from China
foreign funds are flowing to London in such volume
and $22,000 came from New Zealand.
that money rates are moving down to such levels as
Canadian exchange has been relatively steady and
to make the present Bank of England rate clearly a
although at a heavy discount, the rate has been less
out of line with the open market. Call money against unfavorable to Montreal than in several weeks. On
bills in London has been ruling during the week at Saturday Montreal funds were at a discount of
from 1M% to 2%, more often at the lower figure. 9%%; on Monday at 9%%; on Tuesday at
0%;
Two-months bills are at 2%% to 2%;three-months on Wednesday at 9%%; on Thursday at 97 %; and
4
4%
0;
bills at 2 3-16% to 2%7 four-months bills at 21
on Friday at 10%.
4
to 2 5-16%; and six-months bills at 23 % to 22%.
Referring to day-to-day rates, sterling exchange on
On the basis of these rates the majority of banking Saturday last was firm in a quiet market. Bankers'
opinion seems to be that the Bank of England will sight was 3.793@3.79%, cable transfers
3.79/©
be compelled to lower its rate.
3.80. On Monday sterling was firm and in demand.
The most important development with respect to The range was 3.79%@3.80 7-16 for bankers' sight
sterling exchange is the discovery that for the past
and 3.793/2®3 803/ for cable transfers. On Tues.
week or more the greater part of the open market day the market was firm with sterling in demand.
gold coming to London has been taken for the British Bankers' sight was 3.79%@3.803, cable transfers
Treasury account. It would appear that the British 3.793@3.80%. On Wednesday the market was dull
Treasury has been making almost daily purchases of and sterling easier. The range was 3.77%@3.783/
gold. It is said that the Treasury receives a good for bankers' sight and 3.777(4)3.78% for cable trans4
part of the South African gold as it arrives, takes f
domesticers. On Thursday sterling was again easier. The
some of the Indian metal and all of the
%
4
range was 3.757 @3.77 for bankers' sight and
gold which is being released from hoarding as a result 3.76@3.78 for cable transfers. On Friday sterling
of the premium on gold. The Treasury is apparently was steady; the range was 3.761 @3.77% for bank4
taking from £100,000 to £150,000 a day. Although. ers' sight and 3.763@3.773' for cable transfers.
these amounts are not large, they are considered in Closing quotations on Friday were 3.76% for demand
banking circles to foreshadow a building up of British and 3.76M for cable transfers. Commercial sight
gold reserves against stabilization. At the same bills finished at 3.75M; 60-day bills at 3.733 ;90-day
4
time, it appears that both the Bank of England and bills at 3.73; documents for payment (60 days) at
the British Treasury are accumulating foreign bal4
ances, principally dollars and francs, which will be 3.73%, and seven-day grain bills at 3.75%. Cotton
available to strengthen the pound after stabilization, and grain for payment closed at 3.75.
This week gold sold in London at from 109s, id.
to 109s. 9d. The Bank of England statement for
on the Continental countries is genthe week ended April 13 shows a gain in gold hold- EXCHANGE
erally firm. French francs have been especially
of £11,285, the total standing at £121,448,645,
ings
which compares with £46,202,394 on April 15 1931. firm since Wednesday of last week. This is due not
The Bank's ratio of reserves to liabilities shows an so much to demand for francs as to speculative drives
improvement during the week, standing on April 13 in Europe against the dollar. It will be recalled that
at 32.13%, compared with 29.74% on April 6, but cable transfers on Paris closed last week at 3.95,
with 49.49% a year ago.
and this high rate was largely responsible for the
At the Port of New York the gold movement for heavy gold
movement reported this week by the
the week ended April 13, as reported by the Federal
consisted of imports of Federal Reserve Bank of New York. During the
Reserve Bank of New York,
$4,455,000, of which $1,000,000 came from Uruguay, greater part of this week French cable transfers were
$2,997,000 from Canada, $368,000 from Mexico and quoted at 3.94%. At this rate gold shipments to
— •
$90,000 chiefly from Latin-American countries. rails on an exchange basis are easily possible.
Exports totaled $20,156,000, of which $18,701,000 Nevertheless, the forward rate on Paris is steadily
was shipped to France, $1,129,000 to Holland, weakening. Responsible banking opinion in Paris is
$50,000 to Belgium, $50,000 to Switzerland and
$226,000 to other European countries. The Reserve that the speculative sales of dollars will soon come
Bank reported an increase of $2,370,000 in gold ear- to an end, as there are no valid reasons for doubting
marked for foreign account. In tabular form the the soundness of the dollar. This week the Bank of
gold movement at the Port of New York for the France shows an increase in gold holdings of 123,176,
week ended April 13, as reported by the Federal Re--448 francs, which more than offsets the loss in gold
serve Bank of New York, was as follows:
holdings a week ago of 45,528,344 francs. The total
GOLD MOVEMENT AT NEW YORK,APR.7—APR. 13,INCLUSIVE.
holdings on April 8 are at a new record high of
Exports,
Imports.
$18,701,000 to France
$1,000,000 from Uruguay
76,909,171,154 francs, which compares with 56,107,1,129,000 to Holland
2,997,000 from Canada
Mexico
50,000 to 13elgium
368,000 from
297,136 francs on April 10 1931 and with 28,935,000,50,000 to Switzerland
90,000 chiefly from Latin Amen000 francs in June 1928, following stabilization of the
can countries
226,000 chiefly to other EuroPean countries
franc. The Bank's ratio is also at a new record high
.
of 70.16%, which compares with 69.85% on April 1,
$20,156,000 total
114,455,000 total
Volume 134
Financial Chronicle
2785
with 55.74% on April 10 1931, and with legal require- Berlin marks were-23.75 for bankers' sight bills and
ments of 35%.
23.77 for cable transfers, in comparison with 23.71
German marks are steady, though quotations are and 23.73. Italian lire closed at 5.14 for bankers
'
largely nominal, as there is practically no market sight bills and at 5.143/2 for cable transfers, against
while the moratorium lasts and the exchange is under 5.15 and 5.153/2. Austrian schillings closed at
strict Governmental control. Money is nevertheless 14.143/2, against 14.143/; exchange on Czecho2
showing much greater ease in the Berlin market and slovakia at 2.963/2, against 2.963/2; on Bucharest at
this fact was largely responsible for the reduction in 0.603/,against 0.60%; on Poland at 11.223/2, against
8
the Reichsbank's rate of rediscount on Friday of last 11.22, and on Finland at 1.743/2, against 1.763/2.
week from 6% to 532%, and for the reduction in the Greek exchange closed at 1.289 for bankers' sight
Bank's Lombard rate from 7% to 63/2%. The cur- bills and at 1.28% for cable transfers, against 1.283
%
rent statement of the Reichsbank shows a continua- and 1.28%.
tion of the slightly improved position of the central
bank. Gold reserves increased Rm. 92,000, the
XCHANGE on the countries neutral during the
total standing at Rm. 878,742,000, while foreign
war continues to exhibit the trends evident
currency reserves show a trifling reduction, giving during the past several weeks.
The Scandinavian
further evidence that the inflow and outflow of for- currencies, with the exception of
exchange on
eign exchange are being maintained in relative Sweden, fluctuate rather widely
but this week have
equilibrium. The expected reduction in circulation moved sharply lower.
The Swedish rate is weak owing
following the first of the month has occurred and to the heavy involve
ment of Sweden in the Kreuger
notes outstanding now amount to Rm.4,085,675,000, companies. For the
past few weeks there has been
as compared with Rm.4,377,850,000 on April 7 1931. a panicky movement
of the Swedish banks to liquiThere are no signs of currency inflation. The date Kreuger securiti
es, and this movement is
Bank's reserve ratio of gold and foreign currency to watched with some
concern in all markets as it will
notes advanced on April 7 to 25.0% from 24.1% a undoubtedly aggrava
te the situation in Sweden.
week earlier. The success of President von Hinden- The total losses on Kreuger
securities since 1929 are
burg on Sunday was fully expected by the market, estimated at about 2,000,0
00,000 Swedish crowns, or
so that the announcement had little effect upon mark more than $500,000,000.
Of this total sum 1,400,exchange. Another favorable factor affecting marks 000,000 crowns represents
Sweden's share in the unwas the reopening of the Berlin Bourse on Tuesday fortunate investment.
Holland guilders continue
for official quotations. There were no violent reper- firm and rule
at levels which make it profitable to
cussions and prices of shares were generally un- take gold
from New York on an exchange basis.
changed from the prices prevailing last week in un- The weekly
report of the Netherlands Bank published
official trading. Short sales, future transactions and on April 13
shows a further increase in gold stocks,
forced liquidation of collateral remain prohibited. which rose
to 891,893,000 guilders, against 445,"Standstill" discussions with foreign creditors of 977,000
guilders on April 13 1931. This is a new
German municipalities, it is understood, have been high record.
The bank note circulation is now
concluded and an agreement has been signed. A covered 91.2%
by gold and 93.7% by gold and silver.
total of Rm. 247,000,000 will be prolongated for one The decision
of the Amsterdam banks not to permit
year, with interest at 6%, or 2% above official dis- interest
on current accounts in excess of 100,000
count rates in the creditor countries. Of the total guilders
follows action of a similar nature taken
involved in the agreement, Rm. 74,000,000 is held recently
by Swiss banks. The step is a reflection of
by Swiss, Rm. 70,000,000 by English and Rm. 36,- the glut of
short-term money which has found its
000,000 by American interests. Ten per cent of way
into Switzerland and Holland as a result of
the total amount is repayable in foreign exchange.
unsettled conditions abroad.
Italian lire are steady, though the market is
Bankers' sight on Amsterdam finished on Friday
extremely dull. Advices from Rome on Saturday at 40.53
against 40.513/2 on Friday of last week;
last stated that the 1,000,000,000 lire 9-year internal cable transfers
at 40.54 against 40.523/2, and comtreasury bond offering was over-subscribed two and a mercial sight
bills at 40.40 against 40.35. Swiss
half times, a much larger percentage of over-sub- francs closed
at
scription than that which marked the previous cable transfers 19.463/2 for checks and at 19.47 for
against 19.473/2 and 19.48. Copeninternal offering. The monthly statement of Italy's hagen checks
finished at 20.59 and cable transfers
foreign trade continues to show a more favorable at 20.60 against
20.73 and 20.75. Checks on Sweden
balance. Excess of imports in March was 130,000,000 closed at 18.79
and cable transfers at 18.80 against
lire, compared with 200,000,000 lire in March 1931. 19.74 and 19.75,
while checks on Norway finished
Exchange on Czechoslovakia is one of the minor at 19.17 and cable
transfers at 19.18 against 19.73
units in the New York market, but interest attaches and 19.75. Spanish
pesetas finished at 7.653/2 for
to it at this time by reason of the reduction in the bankers' sight bills
and at 7.66 for cable transfers
Czechoslovakian central bank rate on Monday from against 7.59 and 7 5
. 93/2.
6% to 5%. The 6% rate had been in effect since
Dec. 22 1931.
XCHANGE on the South American countries is
The London check rate on Paris closed
at 95.45
largely nominal owing to moratoriums and exon Friday of this week, against 95.78 on
Friday of change control. The market is watching
with interlast week. In New York sight bills
on the French est the Chilean situation. If it is
decided to lift the
centre finished on Friday at 3.94,/2,
5 against 3.94%
exchange restrictions, as now seems probable, and
on Friday of last week; cable transfers at
3
3.94%, the unit is permitted to find its level, traders
against 3.95, and commercial sight bills
are exat .943 2
against 3.94%. Antwerp belgas finished at 3 / pecting to see a sharp drop in the peso. Officially,
14.013/2 the peso is quoted 123/2, but there are
no transactions
for bankers'sight bills and at 14.02 for cable
transfers, at this figure. Bankers state that "bootleg" transagainst 14.003/2 and 14.01. Final quotati
ons for actions are reported at about 25 pesos to the dollar,
E
air
E
2786
Financial Chronicle
April 16 1932
of the world. We give below a
the equivalent of 4 cents. Par is 12.17. The Ex- different countries
stated that from record for the week just passed:
change Control Commission has
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
Jan. 1 last approved bills would be paid off at the FOREIGNBANKS TO TREASURY UNDER TARIFF ACT OF 1922.
original amount every two months.
APRIL 9 1932 TO APRIL 15 1932, INCLUSIVE.
rate of 4% of the
Since the restrictions have been enforced it has been
Noon Buying Rate for Cable Transfers in New York
Value in United Slates Money.
the tendency to deposit collections in the Chilean Country and Monetary
Unit.
Apr. 9. Ayr. 11. Apr. 12. Apr. 13. Apr. 14. Apr. 15.
until now considerable amounts of foreign
banks
$
i
3
8
$
$
EUROPEclaims are deposited in Chile awaiting the opportun- Austria.schilling
139550 .139550 .139550 .139550 .139550 .139550
.139948 .140034 .140084 .140000 .140000 .140038
of withdrawal. If exchange restrictions are Belgium. belga
ity
.007212 .007200 .007200 .007200 .007200 .007200
Bulgaria. ley
.029630 .029633
Czechoslovakia.
lifted these funds are expected to move out with a Denmark, krone krone .029634 .029627 .029630 .029830 .205730 .205576
.207215 .206769 .207138 .206423
the England, pound
rush and the exchange rate will drop. Since
3.795083 3.796416 3.798750 3.780750 3.770083 3.769250
sterling
.017128 .017316 .017400 .017466 .017400 .017500
markka
exchange control has hampered imports, there has Finland,franc
.039485 .039477 .039463 .039455 .039460 .039485
France,
.237335 .237264
.237315 .237571
native industries. Germany, reichsmark .237285 .012888 .012881 .237228 .012888 .012883
.012886
.012877
been an important improvement in
Greece. drachma
.405117 .405092 .405110 .405042 .405017 .405135
Holland, guilder
.174250 .174250 .174250 .174250 .174250 .174250
The Argentine business situation is showing a Hungary. pengo
.051491 .051441 .051428 .051415 .051388 .051408
Italy, lira
.196623 .196541 .195915 .194930 .192953 .191976
Norway, krone
marked improvement. For the first quarter exports Poland. zloty
.111833 .112500 .111833 .112000 .111750 .111833
.033875 .034250 .033875 .033875 .033850 .033850
were valued at $102,890,000, compared with $96,- Portugal. escudo
.005058 .065977 .005970 .005980 .005964 .005964
Rumania. leu
.075957 .075885 .075000 .075942 .078192 .076496
Spain, peseta
the corresponding period last year. Sweden, krona
350,000 for
.194941 .196038 .195000 .192823 .190346 .189715
.194700 .194737 .194910 .194492 .194542 .194810
franc
for the same period shows a 20% increase. Switzerland.dinar
Volume
.017712 .017747 .017735 .017725 .017765 .017743
Yugoslavia.
ASIADr. Alejandro Bunge, President of the Conversion China.326250 .327500 .327500 .322500 .320000 .321250
Chefoo
Office, in a recent address in Buenos Aires said: Hankowtael l
.322500 .324375 .324375 .320000 .316875 .317500
tad
.315937 .316582 .316406 .312187 .308906 .312031
Shanghai tadl
"Argentina is one of the few countries which has been Tientsin tadl
.334375 .330625 .330625 .326625 .323125 .324375
.239687 .237031
Hong Kong dollar
able to export the entire surplus of her production. Mexican dollar....- .239218 .240312 .226250 .223437 .233437 .235781
.220312 .222500
.226250 .227500
Tientsin or Pelya
This involved record shipments during 1931, when a
dollar
.230000 .231250 .230625 .227500 .225625 .226250
Yuan dollar
.225000 .226250 .225625 .222500 .220625 .221250
favorable trade balance of $70,000,000 was reported, India, rupee
.283250 .283125 .283250 .283000 .282750 .282250
.331375
.330875
Japan. yen
of a like Singapore(8E.) doll .328500 .431875 .332000 .331750 .425000 .331625
.432500 .431875
.430000
.431875
as compared with an unfavorable balance
NORTH AMER.Argentina stands Canada, dollar
.902760 .902500 .902812 .901093 .900104 .899947
amount in 1930. Furthermore,
Cuba, peso
1.000031 1.000031 1.000031 .999968 .999906 .999906
.335900
almost alone in her capacity for internal financing for Mexico, peso(silver). .335333 .335166 .335933 .337700 .897375 .334968
.897250
Newfoundland, dollar .899875 .899625 .900000 .898250
and industrial needs." An edi- SOUTH AMER. .582473 .582473 .582473 .582473 .582473 .582473
national, provincial
Argentina. Peso (gold)
milreis
.064400 .064616 .065200 .065483 .065950 .065866
torial in "La Prensa," Buenos Aires, urges Argen- Brazil,peso
Chile.
.120500 .120500 .120500 .120500 .120500 .120500
Uruguay, peso
.471666 .473333 .475000 .473333 .473333 .473500
monetary depreciation at all costs.
tina to prevent
Colombia. peso
.952400 .952400 .952400 .052400 .952400 .952400
Argentine paper pesos closed on Friday at 25X for
4
bankers' sight bills, against 251 on Friday of last
HE following table indicates the amount of bulweek; cable transfers at 25.70, against 25.70.
lion in the principal European banks:
Brazilian milreis are nominally quoted 6.45 for
April 16 1931.
April 14 1932.
bankers' sight bills and 6.50 for cable transfers, Ban.ks of
Total.
SUverr.
Gold.
Total.
Silver.
against 6.45 and 6.50. Chilean exchange is nominally
8
.
,
8
146.202,394
quoted 123/ against 123/ Peru is nominally quoted England _ _ 121,448.645 • 121.448,845 148.202.394
48.858,877
France a_ _ 615.273,369
d
615,273.369448.858.37
994.600107,854,350
28.00, against 28.00.
Germany b 40,100,950
c994,600 41,095.550 106,859,7
125,477,000
T
XCHANGE on the Far Eastern countries presents no new features from recent weeks.
The Chinese units are steadier owing to a fractional
average rise in the prices quoted for silver. Bullion
dealers report that China has been a good buyer of
silver in the London market during the past 10 days.
Japanese yen are fairly steady considering the fact
that the unit is off the gold standard. The market
looks to see yen move lower. Finance Minister
Korekiyo Takahashi recently informed the Tokio
correspondent of the "Wall Street Journal" that
Japan's present financial chiefs have no intention
whatever of instituting exchange control and that
they are not worried over what the world calls
inflation. He insists that at present Japan is an
economic invalid and must have sufficient currency
for the nourishment of its agriculture, industry and
commerce.
Closing quotations for yen checks yesterday were
,
I
333(, against 33Y on Friday of last week. Hong
(4)
s
Kong closed at 23%@24 1-16, against 243/
4
24 3-16; Shanghai at 31 11-16@)31%, against 317 @,
32; Manila at 49 8, against 49%; Singapore at 44%,
against 44%; Bombay at 28 9-16, against 28.70 and
Calcutta at 28 9-16, against 28.70.
--•-17RSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
E
p
89.989.000 21,828.000 111,817.000 96,811,000 28,866,000
57.385.000
57.434.000
57,434,000
73.813.000 2,053.000 75,868,000 37.165.000 2.855,000 40,020,000
41,127,000
71.832.000 41,127,
71,832.000
25,712,000
68,030.000 25,712,000
68,030.000
13.330,000
11,438.000 13,330,000
11.438,000
9.547,000
8.032.000 9.547,000
8.032.000
8,134,000
6,561,000 8,134,000
6,561.000
Tot. wk. 161951 964 24.875,6001186827 584 991,131.521 32,515.600 1023647 121
Prey. week 159493467 24,691,600 1184185087 991,772,842 32,318,800 1024091 442
a These are the gold holdings of the Bank of France as reported in the new form
held
of statement. b Gold holdings of the Bank of Germany are exclusive of gold1924.
abroad, the amount of which the present year is £3,836.150. C As of Oct. 7
d Silver Is now reported at only a trifling sum.
Spain
Italy
Netherrds
Nat. Belg.
Switzerl'cl.
Sweden.
Denmark.
Norwag..
The Obstructionist Policy of France and the
Leadership of Italy.
The past ten days have witnessed two events which
have put in a clear light the policy of obstruction
which France has long been pursuing in the matter
of European settlement and recovery. The first is
the speedy and complete failure of the London conference called to act on the economic crisis in the
Danubian States. The second is the immediate and
emphatic rejection by Premier Tardieu of the disarmament proposals which Ambassador Gibson, on
behalf of the United States, laid before the Disarmament Conference at Geneva. If anything could
conceivably be thought lacking in the significance of
these incidents as typical examples of French policy,
the lack has been abundantly made good by the expressions of the Paris press.
When the four-Power conference met at London
on April 6, it was understood that M. Tardieu and
Prime Minister MacDonald had agreed that the four
Governments should invite Austria, Hungary,
Czechoslovakia, Rumania and Yugoslavia to hold an
economic conference, that the four Powers them-
Volume 134
Financial Chronicle
selves should not be members of the conference and
should not ask any trade or other advantages for
themselves, and that some form of joint financial aid
would be necessary to insure the success of whatever
plan the five countries might adopt. The report that
such an understanding had been reached made a bad
impression in Italy and Germany, where it was felt
that the essence of the plan was being arranged in
advance, at the same time that British opinion was
irritated by boastful statements in the French press
that M. Tardieu, who has a general election on his
hands and is naturally anxious to commend his foreign policy to the country, had won over Mr. MacDonald to the support of his Danubian program. The
London parley, accordingly, met under a cloud.
The submission of the details of the French plan
brought an immediate breach. France proposed, in
substance, that the five Danubian States just named
should make reciprocal reductions of at least 10% in
their tariffs, and abolish quotas and any other arrangements which impeded trade among themselves.
Other countries, at the moment Great Britain,
France, Italy and Germany in particular, were to
give up their most-favored-nation privileges and
grant unilateral preferences to Danubian agricultural products, but not to manufactured goods, with
the further condition that existing Danubian tariffs
on imports were not to be raised. In other words,
the agricultural exports of the Danubian States were
to receive tariff concessions in other countries while
the imports of manufactured articles continued to
pay existing tariff rates. The plan further contemplated a loan of $40,000,000 to the Danubian
States, the loan to be guaranteed by the four great
Powers. To this proposal Mr. MacDonald appears to
have reluctantly agreed. Germany and Italy, on the
other hand, were found invincibly opposed. Both
insisted that Bulgaria should be included in the
Danubian program, Germany objected strongly to
the inclusion of Czechoslovakia because of its relatively high industrial development, and both Italy
and Germany urged that a mere tariff arrangement
would not solve the Danubian difficulties. The head
of the German delegation submitted figures showing
that while 30% of the exports of the five Danubian
countries included in the French scheme went to
Germany, which also supplied 25% of their imports,
French trade represented only 4% of the exports and
3.8% of the imports, and that British trade with the
five countries was only one-sixth that of Germany.
For Italy, the five countries are the most important
market for both imports and exports, while the exports of Jugoslavia to Italy are greater than its
exports to all the other Danubian States. The Italian
trade with Hungary, a country which France refused
to admit to the tariff scheme, is also very important.
The commercial sacrifices involved are, in other
words, very unequal, and it was apparent that the
countries which would benefit the most were mainly
those with which France has offensive and defensive
alliances and has recently aided with large loans.
It proved impossible to harmonize these differences
or to change the fundamentals of the plan. A suggestion that the four Powers meet in conference with
all the Danubian States was accepted by M. Flandin,
head of the French delegation, but it was promptly
vetoed by Premier Tardieu, and the conference adjourned with only failure for its pains. The Paris
press, while insisting that H. Tardieu had won a
victory by keeping the support of Great Britain,
2787
bitterly attacked Germany for, as it alleged, wrecking the conference, the semi-official "Temps" expressing the opinion, in words which might more
properly have been applied to France, that Germany
"has not yet reached a sane conception of European
solidarity, that she seeks to exploit the policy of
reconciliation and agreement for her own profit and
to obtain enormous advantages without any concession on her side." The German press, while expressing no surprise at the outcome of the conference, pointed out that Germany could not be expected to sacrifice her foreign markets, since it was
from exports alone that she could pay her foreign
creditors, while the Italian press blamed France.
The London correspondent of the New York "Herald
Tribune" reported on April 10 that British financial circles regarded the French plan of"a limited
preferential tariff, plus small outside financial assistance," as "both impractical and inadequate," and
as "all too clearly designed to bolster the Little Entente and thus further French diplomatic policy."
Recriminations were still coming from the press
when, on Monday, Ambassador Gibson submitted to
the General Commission of the Disarmament Conference the American proposals. In a carefully prepared and conciliatory address, Mr. Gibson pointed
out that the much-debated demand for security
"arises from doubts on the part of a government and
its people as to their ability successfully to withstand an invasion," and that the solution of the difficulty was to "remove the fear." "Fear of invasion,"
he said, "is based on the existence of peculiarly aggressive weapons in land warfare, tanks, heavy
mobile artillery and the use of gas. The feeling of
security will not be restored until we restore to defense the superiority over aggression which it enjoyed in former times. The only way to restore such
superiority is to do away with the weapons which I
have just mentioned." He accordingly proposed the
scrapping of tanks and of mobile guns exceeding 155
millimeters in caliber, the abolition of the use of
gases in war, and an undertaking by the nations not
to avail themselves of those weapons in the event of
war.
The American plan was considerably less comprehensive than the Italian plan, originally presented
to the Conference in February by Signor Grandi but
not made public in detail until April 8, which included the abolition of heavy artillery and tanks,
battleships, submarines and aircraft carriers, bombing planes and chemical and bacteriological warfare,
together with government control of civil aviation,
but it was at once attacked by H. Tardieu as entirely
unsatisfactory. In a speech which the correspondent
of the New York "Times" likened to "an oratorical
tank crushing everything in its path and shooting
out arguments like machine-gun bullets," he assailed
the proposals both in general and in particulars. He
asserted (we quote from the "Times" Geneva dispatch of April 12) "that the prohibition of this and
that arm was useless because technicians and engineers would invent pocket cannons to replace big
guns, pocket airplanes to replace bombers, and
pocket cruisers to replace capital ships, and because
no country would abstain in the event of war from
beating its farm tractors into tanks, its liners into
battleships and all its civilian airplanes into bombers." The only way to achieve security, he argued,
was for the nations to do what, at an earlier session
of the conference, he had insisted they should do,
2788
Financial Chronicle
namely, turn over all their heavy guns, capital ships,
submarines and airplanes to the League of Nations
to be used by an international police force in keeping the peace. "Apparently," the "Times" correspondent wrote with an unwonted touch of sarcasm,
"France is ready to trust every element in this composite League force to hold to its international instead of its national allegiance, and she is ready to
believe that this heterogeneous army of heavy weapons dispersed in some dozens of countries will be by
its mere existence an element of security."
The speech at once jeopardized all likelihood of
agreement among the members of the Conference to
minimize the danger of war or reduce the financial
burden of armaments by dealing with armaments
piecemeal. No plan except a French plan will receive French support at Geneva, and the only plan
which M. Tardieu has to offer is one which he must
know the nations will never accept. The speech
divided the Conference, Great Britain, Germany,
Italy, Brazil and Turkey siding in general with the
United States, Poland, Yugoslavia and Uruguay siding with France, and Japan inclining to support the
French criticisms. The Paris press, with unusual
unanimity, scored the Gibson plan as a move against
France, a play into the hands of Germany, which is
debarred by the Versailles Treaty from possessing
the classes of weapons which the plan would outlaw,
and as a scheme on the part of the United States to
force other countries to disarm while making no important sacrifices itself. The "Temps" again expressed the official view when it declared that "while
we bend our greatest efforts to facilitate international co-operation with guarantees of equal security
to all, elsewhere they seem above an preoccupied with
disarming France alone." The outlook for agreement at Geneva was not bright when Secretary
Stimson suddenly decided to attend the conference
in person, and it is darker than ever since Premier
Tardieu's speech.
In this medley of contradictory projects, crossed
by the determination of France to dominate the
European scene, words of statesman-like wisdom and
warning have come from an unexpected quarter—
Italy. It was not so long ago that fascist Italy was
pointed to as an example of the perils which attended
a State whose government and economic life passed
under the control of a political autocrat backed by
an organized and enthusiastic following ready and
eager to use force, but the progress which Italy has
made in the past few years, the vigor with which
it has coped with the depression, and the increasingly
independent and enlightened attitude which Premier
Mussolini has assumed in international affairs have
put the Italian experiment in a different light. In
a statement which the Grand Council of Fascism,
the official advisory body of the Government, gave
out on April 9 the outlines of a program of European
settlement were indicated. The full text of the statement has not yet been made available in this country,
but a summary of its proposals as transmitted by
the Associated Press comprises, as the principal
recommendations, a settlement of reparations and
war debts, the removal of impediments to international trade, a solution for the economic difficulties
of the Danubian and Balkan countries with their
70,000,000 inhabitants,a revision through the League
of Nations of the peace treaties which "carry in themselves the causes of inquietude and of a new war,"
and "an end to too frequent international confer-
April 16 1932
ences" which "instill false hopes in the peoples."
Here, in outline, is a program to which Europe
might well attend. There will be neither economic
nor political peace in Europe until the question of
reparations, which France keeps in constant agitation (only last Sunday the French Foreign Office
isued an elaborate statement reiterating the arguments in support of the French claims and challenging the German figures of the amounts paid) is
brought to equitable settlement. The case for the war
debts, regarding which France is again the persistent
agitator, was stated concisely on Wednesday by Mr.
Bainbridge Colby, at the meeting of the Academy of
Political Science in this city, when he said that "it
can hardly be contended that our immediate European debtors have even drawn substantially upon
their capacity to pay us, to say nothing of exceeding
it" A mere tariff arrangement for the Danube and
Balkan regions will not suffice, although tariffs
everywhere must be cut before international trade
can revive, and the manifest injustices of the peace
treaties must be remedied. As for international conferences, their demonstrated futility over a long
series of years has made the name a byword. It
seems at least a possibility that Premier Mussolini,
who knows his own mind and does not hesitate to
speak out, may by steady resistance to the obstructive policy of France set the political mind of Europe
in other and more fruitful directions and open the
way to general recovery. The German election has
assured the stability of the Bruening Government.
If the approaching election in France shall result in
a radical change in French policy, the outlook for the
immediate future in Europe will be appreciably more
encouraging.
The Inter-State Bus—Inter-State Commerce
Commission Strongly Recommends Public
Regulation.
The American public needs and is entitled to the
use of any form of transportation which can justify
itself on the grounds of efficiency and economy when
maintained on a self-sustaining basis, and to say
whether or not it should be regulated must be determined in the light of that public interest.
We are all aware of the fact that the inter-State
bus industry is a growing one. It is daily becoming
a more popular mode of travel. It touches points
that are not accessible to the railroads, and there is
no question but that it is a comfortable means of
transportation.
Business is solicited by these bus companies and
the public ruses this mode of transportation without
any thought of regulation by proper authority. Consequently, the control of inter-State buses has now
become a problem which every State in the Union is
daily facing in a greater or less degree.
While awaiting such control or regulation the bus
traveling public has no protection except that provided by reliable companies which have ample assets
to pay damages resulting from any accident incurred
in inter-State operation. The Inter-State Commerce
Commission fully realizes that inter-State regulation must eventually be provided and ample provision made for this mode of travel, for in a recent
nation-wide investigation, which was sponsored by
that body, attention is called to the fact that the
tremendous and unregulated expansion of motor
vehicle transportation is undermining the stability
of the rate structures and relationships, and is not
Volume 134
Financial Chronicle
in the interest of dependable national transportation
which is unable to function with progressive efficiency when part regulated and part unregulated.
The report strongly recommended public regulation of the inter-State transportation of passengers
by common carrier motor buses operating over regular routes or between fixed termini. It suggested
that original jurisdiction be vested in the Inter-State
Commerce Commission, and where the operation
does not cover more than three States certain administrative functions be conferred upon joint boards
whose members would be nominated from those
States by the Governors or regulatory bodies, but
whose appointment would rest with the Inter-State
Commerce Commission. Where more than three
States are involved the Commission at its option
could refer the matter to a joint board created for
that purpose. Provision was made where the joint
boards were unwilling to act in such capacity, that
original jurisdiction be vested in the Inter-State
Commerce Commission. A right of appeal to the
Inter-State Commerce Commission was also provided for. Other regulation recommended embraced
the usual jurisdiction over rates and charges, the
granting of certificates of convenience and necessity, provision for liability insurance or indemnity
bonds, establishment for uniform accounting, supervision of services, free pass regulation, and certain
other matters.
In view of the fact that the inter-State bus is not
yet regulated by any law, it is high time that Congress should see that the interests of the traveling
public be protected to as great a degree as its interests are guarded by any other mode of inter-State
travel. This is true because the motor carriers have
converted the public roads into rights of way for
the conduct of a business for profit, and in so doing
have burdened the public with excessive highway
construction and maintenance costs. The huge public investment by both the Federal and State governments in highways and roads virtually amounts
to a subsidy, since the buses do not contribute
through special taxation their fair share to the support of this investment. Therefore the burden which
they should carry is borne by the users of the highways or by general taxation.
Federal regulation is the only remedy, since the
Supreme Court has ruled that State regulatory
bodies have not the right to restrain or regulate interState motor carriers, unless such regulation is primarily with a view to safety or to conservation of
the highways.
As a result of this lack of proper legislation to
regulate inter-State buses, it is clearly evident that
the public welfare has not been kept in mind; that
fares charged by the unregulated lines have varied,
and in many instances unsafe and unsanitary buses
have been utilized. Absence of financial responsibility in case of injury or death, the fixing of -routes
for the convenience of passengers, the using of the
highways without proper taxation, and the necessity arising for additional police regulation, all contribute to confusion and loss to the municipalities
through which the buses operate.
This all tends to emphasize the fact that the motor
bus transportation at the present time is highly unstabilized and there is no means of determining
whether as a whole the industry is operating on a
sound economic basis. A critical analysis and comparison of operating conditions, of fares, and operat-
2789 j
ing results of the companies operating where there
is no regulation, might provide an answer. However,
such an analysis and comparison cannot be made at
the present time, for the general level of fares for
motor bus transportation is unknown.
The fact that the unregulated operation of these
buses happens to be of advantage to certain individuals should not be permitted to outweigh the interest of the public as a whole. The public interest
requires that every transportation agency should be
adequately supported, so that it may take its proper
place in the country's transportation system in the
most efficient and economical manner. It is therefore of the highest importance that all transportation service, by whatever agency furnished, should
be on a well-ordered and widely systematized basis.
The Inter-State Commerce Commission is now
preparing a report on the subject for action by Congress. The Commission has previously stated that
inter-State regulation of motor buses should be
established, and it is a matter of real importance
that provision should be made at the earliest possible moment for some sort of regulation. Once a
start is made,experience will then show the need for
amplifying or extending it.
In 1925 there were 53,200 motor buses in operation. In 1931 this number had increased to 98,900.
In the former year the number of route miles covered
by motor buses was in the neighborhood of 345,500,
while in the latter year this mileage had increased
to 898,000.
The number of passenger-miles of all the common
carriers in 1925 totaled 3,800,000,000, but at the end
of 1931 this figure had risen to 10,880,000,000 miles.
In 1925 the passengers carried numbered 870,000,000, and in 1931 the number had risen to 1,726,000,000, while the gross revenue increased from
$186,000,000 in 1925 to $310,000,000 in 1931, and the
total investment increased from $230,000,000 in 1926
to $322,500,000 in 1931.
All these facts prove beyond doubt that the motor
bus as a mode of transportation has become a very
popular and at the same time a permanent institution. Therefore, it is imperative that some early
legislation be passed to place it on a well-ordered
basis.
This Problem of Competition Must Be Solved
Railroads Must Have Self-Reliance.
The railroads to-day face a very serious problem
incident to the rapid development of new competing
transportation agencies. The private passenger
automobile, and the common carrier autobus alone
have shown a profound effect upon the industry.
They have radically altered the customs and methods
of passenger travel, and in this field have grown
into competitors of substantial proportions. Their
competition is really important enough to have stimulated the public to accept an immense burden of
taxation in order to revolutionize the highway system of the country for its accommodation. This is
evidenced by the fact that up to the end of 1931 there
have been constructed at a huge public cost nearly
6,066,000 miles of hard surfaced roads, and this mileage is being added to yearly by approximately 60,000
miles, at the cost of some $36,000 per mile.
Additional elements are the growth of the hydroelectric and other power plants, which indirectly
tend to reduce coal consumption and the coal movement by rail; rapid expansion of the pipe line indtuf
Financial Chronicle
2790
April 16 1932
try, which has come to cover the piping of gasoline
and the cruder oils; the inland waterway development, fostered by large and increasing Government
appropriations for river and canal developments.
During the past 10 years these growing factors of
competition have without doubt been the most disturbing elements in the decline of railway business.
mence to take a sharp turn upwards, as in due time
they will, railway credit will also rise. There is no
more valid reason for thinking that business will
not improve than there was in 1928 for believing
that depressions were a thing of the past and that
the country had entered on an era of permanent
prosperity.
RAILWAY INVESTMENTS AFFECTED.
BIG OPPORTUNITIES FOR OFFICIALS.
As a result of this keen competition from outside
agencies and the resultant loss in traffic, which in
turn has brought about large reductions in railway
earnings, investors have come to form a distrust for
railway securities, which has reached serious proportions. A depression such as the country is now
passing through is an experience for many of them.
Somehow they have forgotten that in such depressions the railroads suffer severely. Their traffic is
a barometer of general business conditions. The
industries which suffer most severely are those which
produce largely capital equipment, such as the iron
and steel industry; next come the railways; then
the industries which produce chiefly consumer's
goods; while the public utilities suffer least of all.
The decline in railway earnings brought about by
prevailing conditions is not solely responsible for
the distrust that investors harbor for rail securities.
It was pointed out by the Inter-State Commerce
Commission in its report in the recent 15% rate case,
that the distrust on the part of the investor has
been somewhat accentuated by the rather sudden
awakening to the fact that the railroads are now
faced by serious competition from other,largely new,
and developing means of transportation. And it has
been further intensified by the widespread publicity
set forth by the railways and the holders of their
securities in their pursuit of restrictive and regulatory legislation for other forms of transportation
and in the railways' recent attempt to secure a general rate increase.
RAILWAY INVESTORS SHOULD KEEP UP COURAGE.
This distrust on the part of the railway security
holders is natural, and the only effective remedy is
apparently the economic recovery of the country.
When business conditions begin to improve, railway
traffic and earnings will improve in harmony with
them just as they have done in the past. The Commission stated in its annual report to Congress that
until the beginning of the depression in 1929 railroad credit, in general, had continually improved.
It was a period of rapid expansion in railway plant
and facilities. Investment in road and equipment
increased approximately $5,500,000,000. Funded
debt, including equipment obligations, totaling over
$6,918,180,000 par value was issued, some in connection with reorganizations, and a large amount to
refund other securities. Stock totaling nearly
$1,888,000,000, par value or its equivalent, was
issued, including stock dividends, which did not,
however, account for any large fraction of the total,
and stock issued in connection with reorganizations.
Corporate surplus increased from $3,142,416,871 to
$5,529,010,053, a total of $2,386,593,182, or about
76%. The amount of stock yielding dividends increased from $4,075,039,642 to $7,506,264,973; the
average amount on dividend-yielding stock, from
6.52% to 7.47%, and the average dividend on all
stock from 3.74% to 5.70%.
When considering these facts, too much weight
ought not to be attached to the present discouragement of investors. When railway earnings corn
Under the conditions as they new exist the railroad executives are offered a myriad of opportunities for lifting the carriers out of the serious difficulties confronting them. They now have a greater
opportunity for the exercise of initiative and enterprise in railroad operation and management than
has been their fortune for years. The railroads
to-day face conditions which compel changes in
methods of operation, manner of service, and price
policies, and which cannot be met successfully in
all respects by reliance upon methods and policies
which were serviceable and became established under
more nearly monopolistic conditions. Their situation is one which frequently confronts private competitive industries, and they have become accustomed to such readjustments by force of necessity.
It is different with the railways, but they are apparently beginning to visualize the necessity for more or
less radical readjustments.
PASSENGER SERVICE FORMIDABLE PROBLEM.
The Inter-State Commerce Commission has indicated that one of the foremost problems to be solved
is that presented by the passenger service. This
service, rather than the freight service, is the greatest contributing factor to the decline in earnings.
Even now, with freight traffic at a minimum, the
railroads would be earning enough to stabilize their
credit if they were able to conduct the passenger
business as profitably as the freight business.
There has been a decline in passenger business
every year since 1920, with the exception of 1923.
The percentage of decrease in the number of passengers carried in 1931, as compared with 1920, registers approximately 47%. During the same period
the total number of tons of revenue freight carried
decreased only 12%.
Railway officials have done much in dealing with
this situation, particularly by curtailment in passenger service. There are, however, other posibilities,
such as a movement for better service with lighter
trains operating at a greater speed and with lower
fares. Electrification will also help considerably.
TRUCK COMPETITION ALSO MENACING.
In connection with motor truck competition carrying, as these motors do, a great portion of the lessthan-carload freight moving less than a hundred
miles from the large distributing centers of the country, it is apparent that the railroads have great inherent advantages of economy, particularly in the
case of longer hauls and the heavier traffic. As a
consequence, it is believed that they will be better
able to withstand the competition of the motor
trucks. In order to do so the railways will be compelled to provide the service demanded and required
by shippers. Great changes have already begun to
appear in rapidly increasing volume, such as containers, demountable truck bodies, so-called railway
wagons, and changes in car types. These changes all
require heavy expenditures of capital, the provision
for which should follow upon adequate demonstration that net savings will result from the necessary
outlay.
Volume 134
Financial Chronicle
2791
OTHER COMPETING AGENCIES.
MUST HAVE SELF-RELIANCE.
The wide scope of competition confronting the
railways from other sources is indicated by the fact
that water carriers handle a substantial portion of
the country's traffic. Inter-State traffic through
the Panama Canal grew from 1,372,000 long tons
in 1921 to 10,490,000 long tons in 1930.
Traffic along the coasts and the Great Lakes, important rivers, and the New York Barge Canal
jumped from 190,967,000 net tons in 1920 to 305,127,000 in 1930. The water lines handle not only
port-to-port business, but in connection with the
railways, reach hundreds of miles inland for traffic.
There has been an enormous expansion in the pipe
lines, the investment in crude oil lines alone now
being placed at more than $2,000,000,000. Another
development in that industry is the extension of
pipe line transportation beyond crude petroleum to
certain refined products,there now being about 3,800
miles of gasoline lines in existence. Another phase
is the field of natural gas, where a net-work of about
65,000 miles is functioning.
In facing these new conditions which have arisen
as a result of the rapid growth of these rival transportation agencies, the railways must stop deluding
themselves that somehow, somewhere, somebody will
solve the problem of competition for them. When we
discarded our toy fire engine and tin soldiers, we
naturally quit expecting Santa Claus and his reindeer. To meet this situation the railways must therefore rely upon themselves. It is more than hopeless
for them to expect Congress to rescue them by paternal legislation, or shippers to patronize a poorer or
more costly service merely because of their need for
the business. No such situation faces them. The
railways are not whipped; they have the most
efficient and most economic transportation facilities in the country, and all that is necessary in order
for them to render a service incomparably better and
cheaper than any competitor is for those who use
it to adapt it and themselves to modern progress.
Only by this means can the railways ever hope to
recover their lost traffic.
Gross and Net Earnings of United States Railroads for the
Month of February
Our customary monthly analysis of the earnings
of United States railroads, covering this time the
month of February, is again extremely disappointing. These figures, for the second month of the
current calendar year, had been looked forward to
with no little interest. It was the first month during which the railroads had the benefit of the two
propositions by which their lot was to be greatly
improved, namely, the advances in freight rates permitted to them by the Inter-State Commerce Commission, and the 10% reduction in wages agreed
upon between the roads and their organized bodies
of labor employees as represented by the different
railroad brotherhoods. The higher freight rates
were in force during.almost the whole of the previous month, dating from Jan. 4, but the reduction
in wages did not become effective until Feb. 1. The
influence of the increase in rates was scarcely observable in the income returns of the roads for the month
of January, and the same may be said of the twofold advantage which the carriers have derived from
the increase in rates and the lowering of wage scales.
Whatever the benefits—and these benefits were by
no means absent—their presence is barely visible in
the results disclosed by the exhibits before us. And
the statement is given additional emphasis when it
is recalled that this being leap year, the roads had
the further advantage that February 1932 contained
29 days, whereas February 1931 had only the usual
28 days.
In face of all these advantages, the railroads did
not escape a further heavy contraction in their gross
revenues, notwithstanding the enormous contraction
suffered in 1931 and 1930, nor did they even escape
some further diminution in their net earnings (after
the deduction of operating expenses) in face of the
enormous shrinkage in their net earnings in the two
years preceding. As previously pointed out in these
columns, the advances permitted in rates were very
moderate and applied to only a limited list of articles and commodities, but such as they were they
were to that extent a favoring influence, and it was
supposed their presence would be reflected in some
degree at least in improved returns, as already said,
whereas the opposite is found to have been the case
in February the same as in January, notwithstanding the extra day in the month the present year, to
which allusion has already been made. In other
words,gross earnings for the month the present year,
as compared with 1931, register a loss of no less than
$69,289,775, or 20.61%, as compared with February
1931, following $91,327,690 loss in 1931, or 21.37%
as compared with 1930, and following, also, $48,034,122 loss, or 10.11%, in 1930 as compared with
1929. The roads were able to offset the further decrease in gross earnings the present year of $69,289,775, or 20.61%, with a reduction in expenses of
$60,586,787, or 22.40% (the part played by reduced
wages being seen in the relatively large percentage
of decrease in the expenses), but even then there
remained a further decline in net earnings in amount
of $8,702,988, or 13.17%, on top of $32,904,121 decrease, or 33.76%, in net earnings in 1931 as compared with 1930, and on top, also, of $28,128,967 decrease, or 22.40%, in 1930 as compared with 1929.
As a result of these successive reductions, the net
for February 1932 is down to $57,375,537 as against
$126,368,848 in February 1929. The gross earnings
for February 1932 are only $266,892,520, whereas in
February 1929 they were $208,000,000 larger, or
$474,780,516. The net for 1932 is the smallest of any
year since 1921, while the gross for 1932 is the
smallest of any year since 1915.
Month of February—
(
Inc. +1 or Dee.(—)
1932.
1931.
Miles of road (170 roads)---242,312
240.943
+51.369
+0.56
Gross earnings
$266,892.520 $336,182,295 —$69,289.775 20.61%
Operating expenses
209,516.983 270,103,770 —60,586,787 22.40%
Ratio of expenses to earnings_
72,62%
75.49%
—2.87%
Net earnings
$57,375,537
$66,078,525
—$8,702.988 13.17%
The further great shrinkage, in 1932, in face of
the benefits and advantages enumerated, is not difficult to explain. It is due to the fact that business
depression in 1932 reached an even greater state of
intensity than that experienced in 1931 and 1930.
Considering the steps of the previous
depression,
this would hardly have been deemed
possible, but it
happened, nevertheless, and to a startling
degree.
With business depression reaching an
even more
acute stage, the volume of trade further
declined,
which means that the traffic over the roads
was still
2792
Financial Chronicle
April 16 1932
further reduced, and such was the extent of this Feb. 1929. Very naturally with new building work
further loss in traffic that neither the higher rates so greatly curtailed, the cut of lumber was reduced
nor the lower wages nor the advantage of an extra in a corresponding degree. For the four weeks ended
day, nor all combined, sufficient to offset the part Feb. 27 1932, 614 mills show a production of only
played by this new shrinkage in traffic volume.
379,977,000 feet, against 738,091,000 feet in 1931.
As in previous months, the indications of a furIt happens, too, as was the case last year also, that
ther decline in business with concurrent reduction the grain movement over Western roads was greatly
in the volume of traffic handled and moved are evi- reduced. Farmers were withholding their grain
dent on every side. One looks first of all at the from market because of the low, prices prevailing.
statistics relating to the automobile business, for We furnish the details of the Western grain movethat unquestionably has been hit hardest of all. ment in a separate paragraph further along in this
And these statistics tell their own story so well that article and will say here only that for the four weeks
there is no occasion for enlarging upon them. In ending Feb. 28 1932, the receipts of wheat, corn,
February 1932 the number of motor vehicles turned oats, barley and rye at the Western primary markets
out in the United States was only 117,413, which com- aggregated only 42,639,000 bushels against 62,332pares with 219,940 in February 1931, with 330,414 000 bushels in the corresponding four weeks of 1931;
in February 1930, and with no less than 466,418 in 73,818,000 bushels in the same four weeks of 1930;
February 1929. Let the reader note that the output 72,969,000 bushels in the four weeks of 1929, and
the present year was only about one-quarter what 80,285,000 bushels in the four weeks of 1928.
it had been three years before, in 1929. For January
The final result is seen in the further falling off
and February combined, the number of motor ve- in the carloadings. For the four weeks of February
hicles produced the present year was only 236,757 1932 the loading of revenue freight on all the roads
against 391,788 in 1931; 603,635 in 1930, and 867,455 in the United States reached a total of only 2,245,325
in the same two months of 1929. Here again the cars, against 2,834,119 cars in the corresponding
number for 1932 is but little more than one-quarter four weeks of 1931; 3,506,899 cars in the same four
the number of vehicles produced in 1929. Turning weeks of 1930 and 3,797,183 cars in the four weeks
next to the statistics of iron and steel production, of 1929. It will be noticed that over 1 million
/
1
2
the story is much the same. According to the "Iron less cars were loaded with revenue freight in FebruAge," the make of pig iron in February 1932 was only ary 1932 than in February 1929, which furnishes
964,280 tons as against 1,706,621 tons in February the most conclusive evidence of all as to the shrink1931; 2,838,920 tons in February 1930, and 3,206,185 age in traffic and earnings of the roads as a result
tons in February 1929. The production of steel in- of the ever growing depression in trade. We might
gots in the United States in February 1932 reached add that freight traffic handled by the Class I railonly 1,459,547 tons against 2,502,366 tons in Febru- roads of this country in February amounted to 21,ary 1931; 4,078,327 tons in February 1930, and 731,991,000 net ton miles, according to reports just
4,326,000 tons in February 1929.
received from the railroads by the Bureau of Railway
The statistics relating to coal production are in Economics and made public to-day. Compared with
some respects an even better barometer of the state February 1931, this was a reduction of 5,365,480,000
of trade and business. For February 1932 the quan- net ton miles or 19.8%,and a reduction of 12,614,874,tity of bituminous coal mined in the United States 000 net ton miles or 36.7% under February 1930.
was only 28,013,000 tons against 31,408,000 tons in In the Eastern District, the volume of freight traffic
February 1931; 40,060,000 tons in February 1930, handled in February was a reduction of 18.8% com.and 48,137,000 tons in February 1929. Let the reader pared with the same month in 1931, while the Southnot fail to notice that the product in the month the ern District reported a decrease of 22.4%. The
present year was over 20,000,000 tons smaller than Western District reported a decrease of 20.3%.
that in the same month three years ago. The proAs to the showing for the separate roads and sysduction of Pennsylvania anthracite in the month the tems this corresponds with the exhibits for the roads
present year was only 4,019,000 tons against as a whole, as outlined in our remarks above. Heavy
5,391,000 tons in February 1931; 6,120,000 tons in losses have followed the tremendous losses of the
February 1930, and 6,425,000 tons in February 1929. two preceding years, almost, without exception, in
It is needless to say with trade and business so the case of all the leading railroad systems throughnear a complete standstill, new building was also out the country as far as the gross earnings are
on an extremely limited scale, for men do not engage concerned, though in the net earnings these further
in undertakings of that description when gloom and losses in gross have in a number of instances been
despondency are the prevailing characteristics. largely overcome as a result of the paring down of exThe compilations of the F.W.Dodge Corporation tell penses in all directions and the 10% reduction in
us that the construction contracts awarded in the wages. Further below we insert our customary table
37 States east of the Rocky Mountains in the month showing all changes for the separate roads and sysof February 1932 represented an outlay of $89,- tems for amounts in excess of $100,000, whether in045,800, whereas those awarded in February 1931 creases or decreases,and in both gross and net. It is a
involved a contemplated outlay of $235,405,100; significant fact indicative of the further loss in
those for February 1930 represented an outlay of traffic and in revenues, that the list does not contain
$317,053,000 and those for Feb. 1929 an outlay of a single road with an increase of that amount in the
$361,273,900. The compilations regarding building gross, while the list of losses in the gross is a long
permits prepared by S. W. Straus & Co. reveal a one, with the amount of the losses running as high
closely similar trend. This firm shows that building as $7,397,328 for the Pennsylvania and $4,782,418 for
permits in 583 cities and towns of the United States the New York Central. On the other hand, there is
for Feb. 1932 represented an outlay of only $45,- a considerable number of roads able to show in326,719 compared with $111,469,297 in Feb. 1931; creases for that amount and above in the net owing
$129,854,444 in February 1930 and $252,329,100 in to the curtailment of the expense accounts.
Volume 134
Financial Chronicle
The great East and West trunk lines between
Chicago and St. Louis and the Eastern seaboard, are
conspicuous instances of the kind. Thus the Pennsylvania Railroad with $7,397,328 decrease in gross
shows $481,777 increase in net; the New York
Central, with $5,364,256 decrease in gross for the
whole system shows $718,677 increase in net; the
Baltimore & Ohio, with $2,750,114 decrease in gross
has $624,527 increase in net; the Illinois Central
in much the same territory, though running North
and South, with $1,300,208 loss in gross is able to
report $889,209 gain in net. In other instances,
losses in net in one part of the country or another
have been reduced to relatively small proportions
owing to very substantial reductions in the expense
accounts. The Atchison, for instance, with $2,418,736 loss in gross has only $414,297 loss in net and
the Southern Railway with $1,572,524 falling off
in gross has only $148,185 loss in net. The results
however, vary greatly in this respect and the great
majority of roads have poor exhibits by reason of
their failure to show any recovery in gross earnings
and little or no recovery in net, losses indeed in this
last instance being piled up on top of the heavy
antecedent losses in 1931 and 1930. We now introduce the table already referred to showing all changes
for the separate roads for amounts of $100,000 or
over. It should be added that in the case of the
Duluth, Missabe & Northern the $164,609 increase is
an increase in the net outcome only. This road
in February last year fell $519,005 short of meeting
its operating expenses, but in February of this year
fell only $354,396 short of earning expenses, making
an improvement in the net outcome of $164,609
without any net earnings at all in either year.
2793
Decrease.
Decrease.
Denver & Salt Lake
$200,183 Elgin Joliet & Eastern-- $149.077
Del. Toledo & Ironton—
198,198 Southern Ry
148.185.
Internat. Great Northern
191,819 Florida East Coast
112.915.
Wabash
182.728 Rich. Fred.& Potomac-108.677
Central of Georgia
176.989 Pittsburgh & Lake Erie-104.252
hie
GratS
k Western....
Total(45 roads)
$12.660.825
a These figures cover the operations of the New York Central and the
,
leased lines—Cleveland Cincinnati Chicago & St. Louis. Michigan Central.
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result Is an
increase of $718.677.
NM
As to weather conditions the month of February
in 1932, as was the case in January, was unusually
mild for a winter month, temperatures indeed as
high as those usually experienced during the Summer
months having been recorded at many points in
the Middle West on a number of days. The Winter of
1931, too, was exceptionally mild virtually everywhere, and interfered in no essential particulars
with the running of trains or the movement of traffic during either January or February. The Winter
of 1930, likewise, presented nothing out of the ordinary in either January or February. In both months
of that year, while there were numerous periods of
extreme cold, there were also some unusual spells
of warm weather, resulting in the melting of snow
and ice, which latter led to the overflow of some of
the streams in different parts of the country. In
1929 weather conditions were not much of a drawback
in the northern part of the eastern half of the
country. In the western half, however, the winter
was quite severe, extreme cold accompanied in many
instances by repeated heavy snowfalls, having seriously interfered with railroad operations. The remark applies particularly to Wisconsin, Iowa, Colorado, Utah, Wyoming, Montana,Idaho, and in much
the same way to the territory all the way west to the
State of Washington. Colorado seems to have suffered most from accumulated snow at that time.
Thus Associated Press dispatches from Denver, Feb.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
7 1929, said that railroad transportation in the
OF FEBRUARY 1932.
Decrease.
Decrease.
mountainous regions of southwestern Colorado was
Pennsylvania RR
$7.397.328 Denver & Rio Grande W. $413.211
New York Central
.4,782,418
at a standstill, while section crews began a two weeks'
Southern Pac.(2 roads)_ 4,162,794 Inter.& Gt. Northern__
390.658
Baltimore & Ohio
2,750,114 N. Y. Chic & St. Louis_ _
371,849 task of clearing tracks of the heaviest
Atch. Top.& Santa Fe(3
snow slides in
Missouri-Kansas
-Texas _
352.377
roads)
2,418,736 Long Island....
351.925 many years.
The towns of Silverton, a mining
Union Pacific (4 roads).- 2,362,737 Kansas City Southern......
326.848
Chic. Burl. & Quincy--- 2,160,680 Pere Marquette
325,239
Chicago & North Western 1,866.257 Maine Central
315,196 community, and Craig on the Denver & Rio Grande
Chic. Milw.St. P.& Pac. 1,773,985 St. Louis Southwestern...
313,401 Western RR. were
Atlantic Coast Line
completely isolated, it was stated.
1,766,003 Cinc, New On. & Tex.
Missouri Pacific
1,764.819
Pacific
310,255 Nine
snow slides had crashed down on the tracks
Great Northern
1,698,683 Detroit Toledo & Ironton
304,094
Chic. Rock Isl. & Pac.
Florida East Coast
295.104
(2 roads)
1,687,266 Nashv. Chatt. & St. L.._
294.957 since Feb. 2, and one of these was said to be from
Louisville & Nashville_ _ - 1,578,096 Chicago Great Western
258,759
Southern Ry
1.572.524 Mobile & Ohio
215.048 forty to seventy-five feet deep and 800 feet wide.
N.Y. N.H.& Hartford- 1,329,969 Union RR.of Patina
203.853
Illinois Central
1,300.208 Chic. St. P Minn. & Om_
200.940 The Rio Grande Southern, operating on the Lizard's
Erie (3 roads)
1.297.028 Chic Indianan & Louhrv196.977
St. L.San Fran.(3 rds.)- 1.271.622 Cob.& Southern (2 rds.)
190,792 Head Pass, it was also stated, was blocked by snowReading Co
1,255,169 Bessemer & Lake Erie......
188.391
Norfolk & Western
1,074,524 Los Angeles & Salt Lake_
172.875 drifts, though there were no snowslides. It was also
Northern Pacific
1.072.860 Term. RR.Ass'n of St. L.
171.814
Chesapeake & Ohio Lines 1,025.655 Wheeling & Lake Erie......
159.851 reported that highways in Wyoming, Utah and
SeaboardAir Line_ _
970,360 Rich. Fred.& Potomac....
155.298
Boston & Maine
896,666 Chicago & East. Illinois..
154.705 Idaho were blocked by snowdrifts and that zero
Lehigh Valley
896,194 Bangor & Aroostook....-14.1.492
Del. Lack.& Western—
886,677 Alabama Gt. Southern _ _
144,306 temperatures were general.
Montana appears to
Wabash
757.142 Norfolk Southern
136.063
Texas & Pacific
700,650 Indiana Harbor Belt........
127.970 have suffered in a similar way. On
Delaware & Hudson_ Feb. 9 1929
698,868 Central Vermont
113.960
Minn. St. P.& 8.8, M..638.686 Minneapolis & St. Louis_
109.832 Associated Press advices from
Central RR.of N.J
Kansas City stated
582.538 New Orl. Tex & Mex.
Elgin Joliet & Eastern _ 556.761 (3 roads)
108,965 that railroad transportati
Yazoo & Miss. Valley....on in southwestern Colo469,320 Illinois Terminal Co_
106.036
Pittsburgh & Lake Erie_453.868
Grand Trunk Western...
422,135
Total(85 roads)
$66,748,714 rado had been further hindered by additional snow
Alton RR
413.536
a These figures cover the operations of
and that zero temperatures prevailed in that region
leased linos—Cleveland Cincinnati Chicagothe New York Central and the
& St.
Cincinnati Northern and Evansville IndianapolisLouis, Michigan Central, and in Kansas, Oklahoma and the Texas Panhandle.
& Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor
Belt, the result is a
decrease of $5,364,256.
Two more snowslides had crashed on the tracks of
PRINCIPAL CHANGES IN NET EARNINGS FOR
THE MONTH the Denver & Rio Grande Western between Durango
OF FEBRUARY 1932.
Increase.
and Silverton, Col., making a total of eleven in
Decrease.
New York Central
141,099.694 Missouri Pacific
,
897.878
Illinois Central
889,209 Great Northern
879,389 thirteen miles. On Feb. 17 press dispatches from
Baltimore & Ohio
624,527 St. L San Fran.(3 roads)
789.176
Pennsylvania
481,777 Norfolk & Western
461.122 Durango stated that relief from a food shortage,
Chesapeake & Ohio
420,880 Chic. Rock Isl. & Pac.
Los Angeles & Salt Lake_
212,332 (2 roads)
445.544 which had become serious, was in sight
Duluth Missabe & Not..
164,609 Chic. Milw. St.P.& Pac.
for the
417.999
Reading Co
153,048 Atch. Top.& Santa Fe (3
isolated town of Silverton, Col., as large forces of
Virginian
147,069
roads)
414.297
N.Y. Chicago & Bt. L
143,072 Northern Pacific
406.284 workers continued to cut
Central RR.of N.J
through mountains of
126,940 Union Pacific (4 roads)...
390.930
Chicago & Eastern III__ _
120,420 N.Y. N. H.& Hartford..
362.881
New On. Tex & Mex.
Minn.St. Paul & 8.8. M. 341,999 snow, which had blockaded the once famous
mining
(3 roads)
102,482 Texas & Pacific
286,161
Boston & Maine
284.582 ,camp since Feb. 3. Avalanches of snow, which had
Total (15 roads)
$4,686,059 Indiana Harbor Belt_ —
276,765
Erie (3 roads)
272.974 buried the Denver & Rio Grande Western tracks
Decrease. Seaboard Air Line
268.519 into
Burl. & Quincy..
Chic.
the town to a depth ranging from six to
$974.089 Delaware & Hudson......
246.333
Southn Pac. 2 roads).er
eighty
950.781 Chicago St North Western
240.950
Atlantic Coast
e
942,220 Kansas city Southern__
215,088 feet were then expected to be cleared away within
2794
three days to enable a train to pull into the town
with food and commodities. All this, as stated, was
in February 1929.
The grain traffic over Western roads in February
1932, as already pointed out, fell far below even the
greatly diminished movement in February a year
ago. And, without exception, all the different cereals,
in greater or lesser degree, shared in the further
contraction. The receipts of wheat at the Western
primary markets for the four weeks ending Feb.
27 1932 were only 23,191,000 bushels as against 30,618,000 bushels in the corresponding four weeks of
1931; the falling off having been particularly pronounced at Chicago, Minneapolis and Duluth); the
receipts of corn only 12,590,000 bushels as against
21,669,000 bushels; of oats 5,000,000 bushels as
against 7,156,000 and of barely 1,558,000 bushels as
against 2,191,000. Adding rye, the receipts of the five
cereals combined for the four weeks of February
the present year aggregated only 42,639,000 bushels
as compared with 62,332,000 bushels in the corresponding four weeks of 1931 and 73,818,000 bushels
in the same four weeks of 1930. In the following
table we give the details of the Western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Corn.
Oats.
Wheat.
4 Wks. End, Flour.
(bush.)
(bush.)
(bush.)
(bush.)
Feb. 37. (bbls.)
Chicago
303.000
1,696,000
1,156,000 5,638,000
1932 .._ 572.000
112,000
888,000
1931 -- 739,000 2,878,000 5,588,000
Minneapolis
372,000
2.394,000
491,000
357,000
1932 _ _
894,000
1,023,000
1,103,000
7,836,000
1931
Duluth
5,000
2,000
205,000
1932 .__
69,000
19,000
157,000
4,817,000
1931 ___
Milwaukee
401.000
529,000
173,000
24,000
57,000
1932 ___
594.000
927.000
126,000
482.000
53,000
1931 -Toledo
8.000
1,718,000
366,000
316,000
1932
2.000
461.000
83,000
659,000
1931 _-_
Detroit
23,000
74,000
60,000
113.000
1932 _
4,000
98,000
27,000
74,000
1931 _
Indianapolis & Omaha
2,236,000
1,582,000
844,000
1932
2,965,000 4,709.000
1,086.000
1931
81. Louis
81,000
1.262,000
508,000
1932 ___ 548,000 2,500.000
230.000
1,820,000
1931 ___ 536.000 2,440,000 2,022,000
Peoria
327,000
254,000
1,303.000
201.000
1932 ___ 214,000
261,000
1,511,000
287,000
386,000
1931 ___ 281,000
Kansas City
240,000
684.000
30,000 10,301.000
1932 .-314,000
6,100,000 3.405.000
1931
M. Joseph
222,000
450.000
213.000
1932
1,469,000
296,000
566.000
1931
Wichita
14,000
28,000
1,985,000
1932
17.000
299,000
96,000
1.506,000
1931 _
Mous City-72,000
6,000
457.000
145.000
1932 _
8,000
250,000
587,000
83,000
1931 Total AU
1932 --- 1,421.000 23,191,000 12,590,000 5,000,000 1.558,000
7,156.000 2
.191,000
1,609,000 30,618,000 21,669,000
1931
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Corn.
Wheat.
2 Illos.End. Flow.
(push.)
(bush.)
(bush.)
(bush.)
Feb. 27. (bW.)
Chicago
647,000
1932 ___ 1,306,000 1.633.000 9,797.000 3.050.000
365,000
1931 -. 1.649,000 6,778,000 9,795,000 1,728,000
744,000
967.000
1,067,000
5,721.000
1932 _
2.298,000 2.091,000
15,059,000 2,446.000
1931 _
Dithals2,009
14,000
9.000
512,000
1932 _
143.000
572,000
629.000
10,812.000
1931 _
Milwaukee
808,000
277,000
1,028.000
88.000
93,000
1932 .-302,000 1,246,000
1,704,000
666.000
1931 -- 113,000
Toledo19.000
823.000
829,000
2.885,000
1932 _
8,000
1.429,000
170,000
905,000
1931 _
Detroit
118,000
172,000
52,000
253,000
1932 _
96,000
122,000
56,000
227,000
1931 _
Indianapolis & Omaha
8,000
1,714,000
4,344,000 3,267.000
.
1932
1,760,000
19315,879,000 9,774.000
8t. Lotd- -:
s
307,000
1,181,000
1932 -- 1.199,000 4,885,000 2,420,000
417,000
1931
1,183,000 4,610,000 4,112,000 3,366,000
Peoria-533,000
463,000
242,000 2,554,000
1 3 - 448,000
92
485.000
1931- 617.000
545,000
481.000 2,337.000
Kansas City
1932 -410,000
1,309,000
70,000 16,741,000
1931 _
568,000
13,652.000 6,700,000
M.Joseph-.
1932
692,000
345.000
445.000
1931 _
5,000
768,000 3,320.000
444,000
Wichita
1932
2,000
3,717.000
46.000
20,000
1931 _
122,000
23,000
2,930,000
797,000
Sioux City
1932 _
398,000
19,000
129,000
847,000
1931 _
121.000
14,000
770,000
436.000
Total AU
1932 --- 3,116,000 41.764,000 23470,000
1931 - 3,562,000 62.878.000 42,610.000
April 16 1932
Financial Chronicle
As to the livestock traffic over Western roads,
this, too, appears to have been smaller than in February of last year. The receipts at Chicago comprised
only 13,955 carloads in the month the present year
against 15,890 carloads in February 1931 and at
Kansas City and Omaha 5,193 and 4,906, respectively,
as compared with 6,002 and 5,800 cars in February
1931.
The cotton movement in the South, on the other
hand, was much larger than in February 1931, last
season's crop having run greatly in excess of that of
the previous season. Gross shipments overland of
the staple, however, fell considerably below those
of February last year, having been only 52,121 bales
in February 1932 as against 89,520 bales in February
1931, 56,530 bales in February 1930; 122,064 bales
in February 1929; 76,033 bales in 1928; 136,416
bales in 1927; and 130,882 bales in February 1926.
Receipts of the staple at the Southern outports aggregated 804,338 bales in February 1932, against
440,451 bales in 1931; 250,109 bales in 1930; 386,096
bales in 1929; 359,111 bales in 1928; 858,036 bales in
1927, and 564,125 bales in 1926.
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF FEB
RUARY AND SINCE JAN. 1 TO FEBRUARY, 1932, 1931. 1930.
46,000
17,000
183,000
200,000
43.000
84,000
3,000
14,000
4,000
1,000
Ports.
Galveston
Houston, Ac
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
10,000
13.000
1,000
10,000
369,000
300.000
698,000
Rye.
(bush.)
96,000
62,000
426,000
447,000
110,000
156,000
19,000
22,000
10,000
1,000
45,000
17,000
924,000
2,000
1,000
724,000
1,636,000
1931.
1930.
207.623
225,193
5,773
171
264,405
40.478
8.487
25,409
2,673
9,047
8.973
2,979
1,752
1,375
75,570
100.842
5.384
925
116,322
65,524
1,303
45,503
55,582
79,672
2,306
455
80,264
12,619
806
7,550
9,426
6,732
5,891
7,029
3,169
25
2,432
5,229
804.338
440.451
1932.
561,071
586,862
17,070
3.328
615,850
108,312
14,599
45,050
4,282
14,127
17,467
8,859
4,535
3.803
280.109 2 005.218
1931.
1920.
163,271 166,992
262,589 217,072
10,195
7.557
455
3,008
214,028 207.577
108.062 55,194
2,724
935
78,368
28,056
23.119
10,104
9,651
13,686
44
11,553
1,582
8,488
21,484
ROR 840
726.945
When the roads are arranged in groups or geographical divisions, according to their location, further confirmation is furnished of the poor character
of the exhibits, bearing in mind that comparison is
with such heavily reduced figures of the previous
year.Every one of the leading districts-the Eastern,
the Southern and the Western-as well as all the different regions grouped under these districts, show
large percentages of decline in the gross earnings
without any exception and larger or smaller declines also in the case of the net earnings with the
single exception that the Central Eastern region
records an increase of $1,021,946, or 9.46% in net,
this being the section including the Baltimore &
Ohio RR., the Pennsylvania RR., the Reading System and a few others that were able to turn losses
in gross into gains in net through reductions in
expenses. Our summary by groups is given below.
As previously explained, we group the roads to
conform with the classification of the Inter-State
Commerce Commission. The boundaries of the different groups and regions are indicated in the foot
note to the table.
SUMMARY BY GROUPS.
7,000
10,000
5,000
1932.
Gross Earnings
District and Region.
1932.
1931.
Inc. (-I-) or Deb. C-)
Month of February.
$
$
Eastern District
16,496,647 -2.942,656 7.83
England region (10 roads)__._ 13.553,991
New
54,964.425 66,578.728 - 11,614,303 17.44
Great Lakes region (29 roads)
Central Eastern region(26 roads).- 56.325.044 70,870.805 - 14,545,761 20.52
-124,843,460 153,946,180 -29,102,720 28.90
Total (65 roads)
Sauthern District
Southern region (30 roads)
Pocahontas region (4 roads)
34.381,133 44,661,901 -10.280,768 23.01
14.743,165 16,940.207 -2,197,042 12.36
49,124.298 61,602,108 -12,477,810 20.25
Total (34 roads)
Western District
Northwestern region (17 roads)--- 26,901,100
Central Western region (21 roads). 42.945,356
23,078,306
Southwestern region (29 roads)
Total(67 roads)
9489.000 3,430.000
13,692,000 4.893,000
Since Jan. 1.
February.
Rye.
(bush.)
Total all districts(166 roads)
35,144,725 -8.243,625 23.45
55.599,861 -12,654,505 22.75
29,889,421 -6,811,115 22.78
92,924.762 120.634,007 -27,709,245 22.97
-266,892,520 336.182.295 -69.289,775 20.61
Financial Chronicle
Volume 134
Net Rarning
District and Region.
(+)orDec.(—)
1931. Ins.
1932.
Month of Feb.— —Mileage-1932. 1931.
3
Eastern District—
i
%
3,874.195 4,704,625 —830,430 17.65
New England region_ _ 7,294 7,329
Great Lakes region___ 27.283 27,167 13,397,036 13,707.064 —310,028 2.26
central Eastern region 25,513 25.554 11,817,720 10.795,774 +1,021,946 9.46
Total
Southern District—
Southern region
Pocahontas region
60,090 60,050 29,088,951 29,207,463
—118,512 0.40
39,972 39,644 6,686.260 7,663,316
6,137 6,032 5,360,372 5,362,222
-46,109 45,676 12,046,632 13,025,538
—977,056 12.74
—1,850 0.03
Total
Western District.—
Northwestern region_ 49,166 48,947
Central Western reg'n 51,934 51,855
35,013 34.415
Southwestern region
Total
—978,906 7.51
2.544.364 4,637.163 —2,092.799 45.13
9,295.791 12,495.658 —3,199,867 25.60
4,399,799 6,712,703 —2,312.904 34.45
136,113 135,217 16,239,954 23,845,524 —7,605.570 31.89
242,312 240.943 57,375,537 66.078,525 —8,702,988 13.17
Total all districts_
NOTE.—We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.—This region comprises the New England States.
Great Lakes Region.—This region comprises the section on the Canadian boundary
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago Via Pittsburgh to New York.
Central Eastern Region.—This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg. W. Ye., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.—Thls region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg.
W.Va.. and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.—This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.—ThIs region comprises the section adjoining Canada lingy
West of the Great Lakes Region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pad IC.
Central Western Region—This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louis. and
north of a line from St. Louis to Kansas City and thence to El Paso and by th
Mexican boundary to the Pacific.
Southwestern Region.—This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
RESULTS FOR EARLIER YEARS
It has already been indicated that this year's losses,
namely $69,289,775 in gross and $8,702,988 in net follow
$91,327,690 loss in gross, and $32,904,121 in net, in February
1931 and $48,034,122 decrease in gross, and $28,128,967 decrease in net, in February 1930 as compared with 1929. On
the other hand, these strikingly poor results came after
Improved results in 1929 as compared with 1928. Our
tabulations for February 1929 showed $18,292,585 gain in
gross, or 4.02%, and $17,381,393 gain in net, or 15.95% and
the results then, were really more favorable than appears
from the face of the figures, since these gains occurred
In face of the fact that the month contained one less day
than the previous year, which was a leap year, when
February had 29 days instead of 28. Contrariwise, in
1929 comparison was with poor or indifferent results in the
years immediately preceding. Our compilation for February 1928 showed $12,850,859 loss in gross, notwithstanding the month contained one more working day, with a very
small gain in net ($541,678). In 1927 and 1926 there was
only moderate improvement, while in 1925 there were heavy
losses on both gross and net. In February 1927 our tabulation showed $8,733,567 increase in gross and $7,748,287 increase in net, and in February 1926 it showed $5,029,255
increase in gross (only 1.11%) and $38,008 decrease in net.
In February 1925 there were material decreases in both
gross and net—$24,441,938 in the former and $4,981,506
in the latter. On the other hand, however, it should be
pointed out that comparison then was with strikingly favorable results in 1924, partly due to the extra day contained in
the month then, it having been a Leap Year, like 1928 and
1932. Weather conditions were extremely propitious in February 1924, with virtually no obstructions to railroad operation in any part of the country from snow or ice or extreme
cold. On the other hand, in 1923, the winter was of unusual
severity in many parts of the northern half of the United
States and the situation then was worse in February than It
had been in January, in part because of the cumulative effect of the unfavorable meteorological conditions. In January 1923 the roads in New England and in northern New
York suffered from repeated snowstorms and from the
depths of the accumulated snowfalls. In February 1923
these sections continued to be afflicted in the same way and
the trouble also extended to many other sections of the
2795
country—in fact, as we pointed out at the time, to practically all parts of the country outside of the South. And
the result was to embarass transportation and to add greatly
to the cost of operation, expenses then having increased
In all directions. In February 1924, with no such interference by the weather, at least only occasional interferences
in isolated cases, it was possible to bring expenses down
again to somewhere near the normal, and this circumstance,
along with the extra day which the month contained, gave
us an extremely satisfactory statement of earnings, both
gross and net, in the month of that year, our statement for
February 1924 having shown $31,939,712 increase in gross
and $33,387,370 in net. These gains, however, in February
1924 in turn came after poor or indifferent returns in
February 1923, due to the severe winter weather conditions
to which allusion has just been made. It must not be supposed that there was any loss in the gross earnings in Feb-ruary 1923. On the contrary, the falling off was entirely
in the net earnings and, as just stated, was due to the
severity of the weather. In the gross there was then an
increase in amount of $44,745,531, but it was attended by
an augmentation in expenses of no less than $50,988,243,
leaving, hence, a loss in the net of $6,242,712.
There were, though, losses in the gross both in 1922 and
In 1921, but large gains in the net by reason of sharp cuts
in the expenses in these earlier years, cuts which were
then an imperative requirement, following the tremendous
augmentation in expenses during the period of Government operation of the roads. In February 1922 our compilations showed $4,772,834 decrease in the gross, but $54,882,820 increase in the net, the result of a reduction in
expenses of $59,655,654. And this followed $19,171,075 decrease in the gross and $11,536,799 increase in the net in
February 1921. The loss in the gross in 1921 would have
been very much larger, as the country at the time was
suffering intense prostration of business, except that the
roads were still enjoying the benefits accruing from the
great advance in rates authorized by the Commerce Commission at the end of the previous July—an advance which
it was computed would on the same volume of business add
$125,000,000 a month ($1,500,000,000 per year) to the
revenues of the carriers. The reduction in expenses at
that time was also smaller than it would have been because
of the wage award made by the Railroad Labor Board the
previous July, and which on the volume of traffic then being
done it was computed would add an average of $50,000,000
a month to the payrolls of the roads. Nevertheless, the
decrease in expenses then reached, as we have already seen,
$30,707,874.
In 1920 and previous years expenses had been running
up at a frightful rate. In February 1920 our compilations showed $16,428,891 loss in net on $72,431,089 gain in
gross. In that year (1920) the February expenses were
swollen in unusual degree by the adverse conditions under
which railroad operations had to be carried on at that
time. The winter weather encountered in February 1920
was indeed of exceptional severity and it was all the more
noteworthy because in sharp contrast with the extremely
mild weather of the year preceding and comparable only
with the weather of 1918, when the country was still in
the throes of war. Temperatures in 1920 were perhaps
not quite so low as in February 1918, but the fall of snow
was immensely heavier and the interference with railroad
operations correspondingly greater. In February 1919, notwithstanding the winter was extremely mild, as already
stated, and comparison was with weather of 1918 of exceptional severity, accompanied by snow blockades, railroad
embargoes and freight congestion of great intensity, expenses increased so heavily that a gain of $61,656,597
in
gross was converted into a loss of $1,191,014 in net.
In
February of the years preceding, results were just as
bad.
In other words, February 1918 showed $25,148,451
gain in
gross, but $28,944,820 loss in net, while the
year before
(February 1917) our tables registered an increase
of $2,655,684 in gross but a contraction of $21,367,362 in
the net. It
was this long continued rise in expenses,
with resulting
losses in net, that furnished the basis for
the subsequent
reductions in the expenses. In the
following we give the
February totals back to 1906. We use for
1911, for 1910 and
1909 the Inter-State Commerce
totals, but for the
preceding years we give the results as
tables each year—a portion of the registered by our own
railroad mileage of the
country being always unrepresented
in these earlier years,
owing to the refusal of some of
the roads in those days
to give out monthly figures for
publication:
April 16 1932
Financial Chronicle
2796
Net Earnings.
Gross Earnings.
Year.
Year
Given.
I Increase or
Year
Preceding. I Decrease.
Year
Given.
Increase or
Year
Preceding. Decrease.
February
$
1906 ___ 120.728,671 95.625,938,+25,102,733 33,486,486 19.937,363 +13,549,271
,
1907 ___ 123,920,810115,123,660, +8.797,150 30,669,082 32,319,683 -1,650.601
1908 ___ 123.389.288 141,102,297,-17,713.009 26.154,613 34,919,215 -8.764.602
1909 _-_ 174.423.831161,085.493+13,338.338 49.194.760 37.311.587+11.883,713
1910 ___ 202,825,380 174.574.962+28,250,4I8 56.976,253 49,241,904 +7.734.299
1911 ___ 199.035.257202.492.120j -3,456,863 49,888,584 56.920,786 -7,032,202
1912 ___ 218,031,094 197.278,939,+20,752,155 57,411,107 49,135,958 +8,275,149
1913 ___ 232,726.241 218,336,929,+14,389,312 59,461.341 57,458,572 +2,002,769
1914 ___ 209,233,005233,056,143.-23,823,138 39,657.965 59,553,012-19,895,047
1915 ___ 210,860,681212,163,9671 -1.303,286 51,257,053 39,274.776 +11.982,277
1916 __267,579,814 209.573.963+58,005.851 79,929.463 51.043.120 +28,886.343
1917 ___ 271,928.066 269,272,38i +2.655.684 58,904,299 80.331,661-21,367.362
1918 _-_ 285.776,203 260,627,752 +25,148,451 27.305.808 56.210.628-28.044.820
1919 ___ 351,048,747289.392,150,+61,656,597 27.623,406 28,814,420 -1.194,014
1920 __421,180,876348,749,787i +72.431,089 10.688,571 27,117,462-16.428,891
+11.536.799
,
1921 ___ 05,001,273424,1172,348-19.171,075 20,771.731
1 -4.772.834 76,706.840 21,824.020 +54,882,820
1922 ___
76.630.334 --6,242,712
1923 ___ 444,891 872'400 146 3411+44 745 531 70.387.
1924 __477,809,0441445.870,232,+31,939.712104,117.278 70,729.908 +33,387.370
1925 ___ 454,009,669478.451.607i-24,441,938 99,460,389 04,441.895 -4.981,506
-38,008
1926 ___ 459,227,310454,198,0551 +5.029,255 99.480,650 99.518,658
1927 __ 67,808.4781459,084,9111 +8.723.567107.148.249 99,399,962 +7,748.287
+541,678
1928 _-.455.681,238!468,532,117,-12.850.859 108.120.729 07,579,051
1929 -__ 74.780,516'456,487,9311+18,292,585 126.368,848 08.987,445 +17.381,393
1930 ___ 427.231,361475,265,483-48,034,122 97,448,899
, . ,-28,128,967
1931_336,137,679427,465,369-91,327,690, 64,618,641 97,522,76T-32,904,121
1932 ___ 66.892.520336,182,295,-69,289,775I 57,375.537 66,078,525 -8,702,988
Note.-Ineludes for February 101 roads In 1906; 94 In 1907; In 1908 the returns
were based on 151.580 miles of road; In 1909, 232,007; in 1910, 239,725: In 1911,
242.640; In 1912, 237,082: In 1913, 240.986: In 1914, 244.925; In 1915, 246,186: In
1916, 245.541; In 1917, 249,795; in 1918. 238,891; In 1919. 232,957; in 1920, 231.304:
In 1921, 235,653; In 1922. 235,625: In 1923, 235,399: In 1924, 235,506: In 1925.
236,642; In 1926. 236,839; In 1927, 237.970; In 1028, 239,584: In 1929, 242,884; In
1930, 242,348; in 1931. 242,660: in 1932, 242,312.
The Course of the Bond Market.
fell heavily, and almost all bonds of steel companies were
soft as the industry failed to step up operations to a point
whore earnings might be expected to obviate the necessity
of using rod ink when preparing financial statements.
The foreign list reflected the many conflicting trends in
international relations. On the unfavorable side of the
picture was the uncertainty in the affairs of the Danubian
countries and press reports at the end of the week of a
moratorium on Bulgarian and Greek obligations. More
encouraging was the apparent progress being made internally
by Great Britain. Argentine securities were weak but
steadied later. Buying was conspicuous by its lack of
enthusiasm.
Two changes, after adjustments, were made in the list
during the week, as follows:
Ban
Baa
Bond Reincred.
Railroad
Mo.-Kan.-Texas adj. 58 1967
ForeignVienna 6s, 1952
Bond Substituted.
Mo.-Kan.-Tex pr. lion 5s, 1962
Australia .58, 1957
The usual price and yield tables are given below:
MOODY'S BOND PRICES.
(Based on Average Yields.)
AU
120
Domestic.
1932
Daily.
Apr. 15
14
13
12
11
9
8
7
6
5
4
2
1
Weekly
Mar. 24
18
11
4
Feb. 26
19
11
5
Jan. 29
22
15
Year A go
April 15 1931
7'ito Years Ago
April 12 1930
68.49
66.73
66.55
66.30
66.64
67.33
67.07
68.40
69 03
69.22
70.05
71.00
71.67
120 Domestics by Ratings.
Aaa.
Aa.
92.82 80.95
91.67 79.11
79.11
91.81
92.10 78.88
92.10 79.22
92.53 79.56
92.68 79.68
92.68 80.49
93.11 81.07
93.70 81.07
94.29 .80.95
94.73 82.14
04.58 82.50
120 Domestics
by OrouP8.
A.
Baa.
RR.
66.64
65.87
65.87
65.62
66.21
67.16
67.07
68.40
69.03
69.59
70.15
70.62
71.29
47.73
45.59
45.24
44.80
45.06
45.68
45.15
46.87
47.44
47.34
48.76
49.89
50.80
60.82
58.73
58.45
58.38
59.01
60.01
59.29
60.97
61.26
61.04
62.48
63.74
64.80
P. U. Indus.
74.98
72.85
72.45
71.96
61.67
72.06
71.87
73.65
74.57
75.40
76.14
77.11
77.55
71.00
70.05
70.33
70.05
70.62
71.09
71.38
71.87
72.55
72.55
72.75
73.35
73.65
m00-.000vt-mmo oc14,
1
14comneator,c
4,,Nocicici-co GOCt.MoON.,.-.=0....M o
t...
000OcOoono6OO oOOOOMMoO000O 4
Noonn4mmooNmo 000mN000mmomo o
c4oNcicic,Ncic4-.40.4 R0004-oNN14c1 4
OviOoo6OoOoOooi .1.v44.Ouilkowi,o v
1
Although there was a rally in bond prices toward the
end of the week, almost all classes of corporate issues closed
at only slightly higher levels on Friday than those occupied
seven days earlier. Most of the weakness was duo to continued lack of favorable industrial developments, as well
as to uncertainty regarding the probable course of Federal
74.88 96.70 84.35 73.45 55.42 70.15 80.72 74.57
75.61 96.70 84.72 73.85 56.58 71.19 81.07 74.98
action in a number of fiscal matters. The price index for
77.55 97.62 85.74 75.29 59.80 73.85 83.35 76.14
the 120 domestic bonds stood at 68.49 at yesterday's closing,
75.82 95.63 83.48 73.35 58.66 72.95 81.42 73.55
74.57 94.29 82.02 72.28 57.57 71.67 79.68 72.75
April 8 and 91.11 at the middle
as contrasted with 67.07 on
74.46 93.70 81.54 71.77 58.32 71.77 79.56 72.45
77.11 70.62
72.16 91.67 79.80 69.77 65.55 69.31
of April 1931. Among the foreign issues the trend was
72.65 91.81 80.49 70.62 55 73 70.15 77.44 70.71
77.66 70.81
92.25 81.07 70.52 55.99 70.71
but the predominant price drop for the week brought
72.95
mixed,
74.36 93.40 82.99 72.08 .57.17 72.06 80.14 71.48
the yield average up from 13.23% to 13.39%.
74.77 93.70 82.87 73.15 57.30 72.16 81.54 71.19
United States Government obligations were the only
91.11 105.89 100.00 88.50 74.98 89.59 96.85 87.30
group that displayed marked strength over the past few
95.33 102.64 99.52 94.29 86.38 97.47 05.03 93.70
days. These were aided both by heavy buying on the part *Note.-These pr ces are computed from average yields on the basis of one Ideal"
of Federal Reserve banks and by purchases of individual bond (44% coupon, maturing In 31 years), and do not purport to show either the
movement of actual price quotations They merely
average
Investors eager to transfer their funds into high-grade, tax- serve to level or the average comprehensive way the relative levels and the relative
Illustrate In a more
exempt securities. The Moody index of prices of long-term movement of yield averages. the latter being the truer picture of the bond market.
MOODY'S BOND YIELD AVERAGES.
Treasury bonds touched 99.82 yseterday, as compared to
(Based on Individual Closing Prices.)
97.04 a week ago.
Quotations for municipals were in general slightly easier
120 Domestics
AU
0
4
by Groups.
1932
120 Domestics by Rat nos.
120
during the week, although there was renewed demand for
ForDomes
Daily
RR.
Baez.
P. U. Indus. stoma
A.
a.
gilt-edged, tax-free issues. Two disturbing influences acted Averages. tic. Aaa. A
7.07 13.39
6.67
8.28
upon the municipal market. One was the lack of agreement Apr. 15._ 7.34
7.55 10.46
7.17 13.65
8.57
6.88
7.64 10.92
7.54
14._
between officials of the City of Detroit and the banks.
7.14 13.62
6.92
8.61
7.64 11.00
7.56
13__
7.17 13.53
8.62
6.97
7.67 11.10
7.59
12__
The second was the technical default on Thursday by the
13.50
7.11
7.00
8.53
7.60 11.04
7.55
II__
7.06 13.21
6.96
8.39
7.49 10.90
9__
7.47
Metropolitan Transit District in Massachusetts, as the
7.03 13.23
6.98
8.49
7.50 11.02
7.50
8__
6.98 13.08
8.26
6.80
7.35 10.64
result of the difficulty in reaching an agreement on the
7.35
7._
12.97
6.91
8.22
6.71
7.28 10.52
7.28
6__
12.88
terms of a refunding issue. The amount due is $23,500,000,
6.91
8.25
6.63
7.22 10.54
7.26
5_
6.89 12.80
8.06
6.66
7.16 10.25
7.17
4__
but there seems little doubt that satisfactory refunding
6.83 12.80
7.90
10.03
6.47
7.11
7.07
2_
6.80 12.77
6.43
7.77
9.86
7.04
7.00
1_
arrangements will ultimately be made.
Weekly12.66
6.71
9.07
6.15
7.16
6.82
While weakness extended over nearly all sections of the Idar.24__ 6.68
6.67 12.62
7.05
8.89
6.78
6.12
6.61
18__
corporate list early in the week, it was most pronounced
6.56 12.31
8.42
6.64
5.93
6.78
6.43
II__
12.55
6.81
6.09
4__
6.59
.
6 87
.
8 58
'
6 83
in the case of the railroad issues. Most of these, however, Feb. 26__ 6.71
6.89 12.82
8.74
6.24
7.00
6.94
6.92 12.86
6.99
8.63
6.89
6.25
19.- 6.72
participated in the general recovery that was staged on
13.23
7.11
7.25
9.05
7.20
6.47
6.9.5
IL._
9.02
7.10 13.00
7.16
7.11
6.44
6.90
6__
Thursday and Friday. Among the outstanding performers
7.09 13.22
8.42
7.10
8.98
7.12
Jan. 29... 8.87
of Missouri-Pacific, . 22.._ 6.73
on the downward swing were the bonds
7.02 13.12
6.96
8.80
6.96
6.20
8.78
7.05 13.44
6.95
6.85
6.08
15__ 6 69
as well as those of Texas & Pacific and other subsidiaries
13.85
7.34
7.38
9.30
7.12
6.12
8._ 6.94
7.93
7.63 15.68
7.47 10.00
2..., 7.26
6.23
of the former road.
gjYr. Ago
6.67
6.67
5.45
5.62
5.53
4.95
Other liens registering heavy price declines included the 4pr.16.31 5.34
1 Yrs.A go
obligations of Baltimore & Ohio and the Great Northern 'Ts. km- 19•Rn a na
11.19
a in
s n7
4,91
5.69
5.12
Pittsburgh Lake Erie & West Virginia 4s dropped 16 points
In the course of one day's trading, although they recovered
President Hoover Offers to Become $1 a Year Man
sufficiently to close near the preceding day's levels. The
Would Waive Rights Against Salary Cut.
price index for 40 carrier bonds was 60.82 on Friday night,
President Hoover has offered to become a dollar-a-year
as against 69.29 one week earlier.
The feature of the utility market was the sharp rally man, said Associated Press advices from Washington April
by many second-grade issues after new lows had been set 10, from which we also quote as follows:
Members of the House who attended yesterday's protracted economy
early in the week. The action of this group closely paralleled
conference at the White House reported to-day that Mr. Hoover stated
that of the stock market. Bonds of holding companies he would waive his constitutional right against a salary cut and accept
sank to a lower range, and further declines were noted among whatever reduction was suggested.
Chairman McGurn° of the house Economy Committee said to-day he
the Insull group. The yield average for ten Baa utilities,
had pointed out to the President the unconstitutionality of such action
on the other hand, is now 9.55%, a decline of approximately by Congress and had suggested, as an alternative, that whatever aum
Mr. Hoover thought best be returned.
a point in a week.
receives $75,000
year, and this sum cannot be reduced
A
All industrial bonds moved to lower levels early in the whilePresident office. Those atathe conference yesterday. however, said
he Is in
Armour obligations dropped sharply but partially Mr. Hoover asserted that any objection to such an action ordinarily would
week.
recovered a portion of the loss. Paramount issues also come from him and that he would interpose no object to a cut of $74.990.
Volume 134
Financial Chronicle
2797
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME, of production. The March figures of the Textile Merchants'
Association are not cheerful reading, telling, as they do, of
Friday Night, April 15 1932.
Business in the main has been quiet. The tone in the persistent hand-to-mouth buying only. In fact, at times
trading world is described as rather more cheerful, especially second-hand dealers have done more business in cotton
in the Central West. But buyers draw the line at abandoning goods than mill agents. Rubber has advanced 1 to 3 points,
their old policy of buying from hand-to-mouth. The spring for statistics have been slightly better at least on the surface.
is backward and so is spring business. Warm weather, it is Spot rubber, however, has still been quoted below 3c., inbelieved, would help retailers very much, but the weather credible as that would once have seemed. Hides are 10
has been wintry, rather than otherwise, often cloudy and points lower. Cocoa has dropped 3 to 4 points. It followed
raw, at times with high winds in the New York section. other commodities to some extent, though seemingly not in
In northern New York, Pennsylvania and parts of New burdensome supply. Silk has declined 5 to 7 points. Silver
England, driving snows and rains have been hurtful to busi- in a natural rally at the expense of the shorts has risen 35
ness. Washington news about legislation, actual or poten- to 70 points. Crude oil output continues to be restricted
tial, is closely watched. The bonus bill is of course, feared. and it is now, it seems, below the requirements, and prices
The effects of heavy taxation of stock exchange transactions are higher. Also the production of industrial fuels and
are dreaded. Small as the stock market is now, it is feared lubricants is smaller than the demand, with the result that
that transactions will plainly shrink under the proposed tax prices have had a higher tendency.
The stock market on the 9th inst. advanced 2 to 3 points,
burden and stock business, it is feared, may be driven to
other cities, if not out of the country. In prosperous times after declining eight days in succession. Plainly a rally was
the taxation on stock sales would be bad enough. In this due on purely technical grounds, if no other. In eight days
period of almost unexampled gloom and depression, it is the drop in 50 stocks, it was pointed out, averaged 134
doubly bad. Meantime,the uncertainty as to what Congress points. "Three times and out," the old tale, did not work
will finally do, the suspense until that point is determined, any more than it did on four other occasions in the period
tells inevitably upon the value of stocks and bonds and has of the historic economic collapse of the last two years and
for weeks past. Meanwhile, credits are not freely extended a half. And the upturn on the 9th inst. averaged only a
by banks or manufacturers. The times are hard. The little over one point. There was talk to the effect that the
borrower is more closely scrutinized than at any time for United States Senate would, after all, investigate the New
three years past. Collections are still slow. "Troubles, York stock market trading. The rumor ran, probably
come not singley, but in battalions." Iron and steel are as absurd enough, that a billion-dollar pool had been formed to
dull as ever, whatever cheerful prognostications may be strike at the stock market and that it was for this reason
heard. An actual increase in sales does not accompany that the Senate Committee had decided to investigate. The
them. The automobile trade is dull. Auto shows are not market was considered a bit oversold. Over 40 stocks were
greeted with heavy buying. Buyers, it is hinted, are holding lending at premiums and at a slight advance in the rate.
aloof in expectation of price "wars" among auto producers. The number lending at a premium, moreover, increased.
The owner of a car seems to prefer having it patched up Also wheat ran up 3e. and cotton 15 points. Some other
rather than buy a new one at this time when by waiting he commodities advanced, including sugar and rubber, with
may buy at lower prices. The times are hard. Buying is slight advances in a number of others. There seems little
hesitant, even though the purchasing value of the dollar is doubt that all the commodity markets are "short" and that a
much greater than a year ago. Retailers in some cases are vigorous bullish jog from one source or another would be
reducing the number of their clerks. In some cases the the signal for a sharp rise in all, after a prolonged period
working week is shortened for their forces. Some fortunate during which they have been sold with comparative imretailers are doing a better business than at this time last punity. There are those who believe that in the last three
year, but these are exceptions which prove the rule of hard years the bearish complex has become so deep-seated in all
times. The shoe trade makes the best showing of any in the markets that it can ultimately have only one ending, and
light manufacturing line but the sales are not as large as that is, in a violent upward revulsion. Certainly bear
recently and are of moderate priced or cheap goods. In markets are not interminable any more than bull markets.
fact, in almost all lines the price must be low or the buyer On the 9th inst. stock trading amounted to some 1,150,000
will not look at the merchandise unless it means articles of shares. Bonds took the cue, in some cases from United
actual necessity. Even then,they must be cheap or moderate States Government issues, which advanced. Indeed, five
priced. The shoe pinches all classes of society in greater or United States issues out of the 11 traded in reached new high
less degree. Leather has been quiet. Wool has been dull levels for 1932. Four others repeated their previous highest
and in some cases it appears lower. The big wool auctions in quotations of the year. The ending, after some realizing of
foreign markets are in some instances at lower prices. It profits, was 7-32 lower to 19-32 higher. German Governwould be strange indeed, if wool should escape the general ment bonds rose 2 to 2H points. French and British bonds
depression.
fell a fraction and Argentine 49 points. Other South
The grain markets have advanced, especially wheat, American bonds showed an irregular decline. Some Ameriwhich indeed shows a rise this week of over 6 cents. But can corporation bonds touched new lows, but American and
it was due to bad crop reports from the Southwest, where Foreign Power 5s advanced 41/2.
drouth has prevailed this spring. Export business has been
Stocks on the 11th inst. declined on many active issues
poor. Corn has advanced only about a quarter as much as 1 to 5 points including 13/i on U. S. Steel. At the lowe3t
wheat, for the cash demand has been slow and country the decline in a little over a month, or since March 8, had
offerings have increased. Rye has risen 2 to 33
-dc., pulled averaged on test stocks 33% points against 35 in the spring
up by wheat regardless of the lack of an export demand for of 1931 and 27 in the spring and early summer of 1930. The
rye and the lack, too, of any real speculative life. Pro- trading on the 11th inst. approximated 1,700,000 shares.
visions have declined and lard futures are off 7 to 10 points. The menace of dangerous tax legislation and the soldiers'
Coffee has been steady, with little net change, though bonus overshadowed the market. Also bonds were lower.
Brazilian exchange has advanced and spot business here There was something of a rally in stocks in the afternoon.
has been better at higher prices and cost and freight quota- Wheat shot upward 33/20. and cotton turned upward after
tions have also risen somewhat. Sugar futures are 2 to 3 an early decline.
On the 12th inst. stocks after some further liquidation and
points higher with covering in perhaps a rather oversold
market and spot raws higher. Also there is talk of the pos- an early decline in some shares rallied. The "long" selling
seemed in a measure to have spent its force. Industrial
sible organization of a selling agency in Cuba.
Cotton has advanced about 81 a bale with the trade de stocks made the best showing in rather sharp contrast with
mand home and foreign steady, the South selling with re- railroad shares which for a time were under somewhat heavy
luctance when it sells at all, no pressure of hedges, a larger pressure. But a rally which started at noon developed in
world's consumption of American cotton than last year and the last hour into a recovery sufficiently strong to wipe out
at least some strength derived from a sharp rise in wheat most of the early declines. In fact U. S. Steel common
goods ended at a net rise of % and the preferred at 1M, American
3
if not from occasional rallies in stocks. But cotton
3
and Manchester reports its sales as falling short Can 1,American Telephone 13%, Western Union % and
are dull here
2798
Financial Chronicle
April 16 1932
J. I. Case 134. The total trading in stocks was 1,550,000 are also on full time, manufacturing fancy goods, jacquard
shares. In bonds U. S. Government issues advanced. and dobbylooms used on cotton,rayon and Celanese products.
At Wilson, N. C., the Wilson Cotton Mills are now operating
Others were irregular with some 5 to 9 points lower.
-hour 5
-day per week schedule, after the
On the 13th inst. trading dropped sharply to 1,100,000 the plant on a 55
shares, a decrease of some 450,000 shares with small fluctua- plant had been closed down for about four months.
On the 9th inst., Manchester cabled the New York News
tions. The most favorable feature was that the pressure of
liquidation was eased. Many stocks fell to new lows again Bureau: "A committee representing 4-5ths of the Egyptian
but the net average decline was small. Bonds were irregular; spinning section of the Lancashire cotton trade has decided
but the average price of 40 issues was the lowest in 19 years. to cut production 20% starting on Monday, with the view
But if the stock market liquidation has really shot its bolt, of reducing price cutting. A more comprehensive plan will
better things are naturally expected. Indeed a better de- be attempted if the present one proves successful."
Manchester cabled that at a joint meeting of employers
mand appeared for the best sort of stocks. In some shares
it was resolved to request a wage cut, which is to be conthere were net advances.
On the 14th inst., early prices declined noticeably with sidered by the Operative Weavers' Amalgamation on Satursteel wages to be cut but later the trading brightened under day. To-day Manchester had a better demand for cloths
a good rally and prices ended higher. There was a vigorous from India and the Continent. Here second hands have at
advance in United States Government bonds and a rise also times been doing more business in cotton goods than the
in domestic corporation issues. Wheat advanced 1 Mc., mills. Chicago wired that conservative buying of all lines
cotton 12 points and sugar 5 to 6 points, with Upward turns of merchandise is a leading feature in all sections of the
in other commodities and also in silver. A straw was that West, adding that interior retailers show no disposition to
a Stock Exchange seat sold at 1,000, an advance of $1,000. take on large lines of seasonal goods. Reports from St. Louis
The tendency is toward an expansion of credits. Besiths said that retail trade had improved slightly because of the
the technical position it stands to reason it must be better season and the weather, but net returns were not satisafter declines for 13 days. The indications that the Insull factory.
On the 11th inst. the temperatures in New York City
utility situation was being met had a rather reassuring effect.
In other words, the affairs of the Middle West Utilities Co., were 38 to 51 degrees, with .38 of an inch of rain. On the
a $2,500,000,000 holding concern organized by Samuel 9th and 10th it was cool, cloudy or rainy. Boston had 40
Insull in halcyon days, reached a climax at Chicago with the to 42 degrees; Chicago, 42 to 52; Cincinnati, 44 to 56;
filing of a bill for receivership in the United States District Cleveland, 44 to 46; Detroit, 42 to 48; Kansas City, 38 to
Court. It was agreed that a receivership was the only way 60; Milwaukee, 38 to 48; St. Paul, 34 to 46; Montreal, 38
out from the company's financial tangle, which includes a to 46; Omaha, 34 to 62; Philadelphia, 40 to 48; San Fran$10,000,000 note maturity on June 1.
cisco, 50 to 68; Seattle, 48 to 62;Spokane,44 to 72; St. Louis,
To-day stocks advanced with sales of 1,500,000 shares. 44 to 60, and Winnipeg, 18 to 28. At the South there were
The tone was better. United States bonds reached a new general rains, interfering with farm work. On the 12th
high on this movement. The bond market showed the most inst. New York temperatures were 39 to 50 degrees; at
snap and "go" that it has for weeks past. Railroad issues Chicago,30 to 42; at Kansas City,38 to 62,and at Winnipeg,
in following the line of least resistance advanced for an 20 to 38 degrees.
excellent demand was there. Atchison General 4s and
On the 13th inst., it was 31 to 40 degrees here, 32 to 42
New York Central General 334s rose more than a point. in Chicago, 30 to 50 at Cincinnati, 26 to 36 at Cleveland,
Some more speculative bond issues advanced 1 to 5 points. 32 to 52 at Milwaukee. 36 to 50 at Minneapolis, 42 to 68 at
Utility bonds advanced sharply. There was a rise of 1 to 3 Omaha and 42 to 74 at Kansas City. There were snow
points in issues of Consolidated Gas, Philadelphia Electric flurries in New York City, heavy snowfalls in northern New
4s and others. The 5% series of Peoples Gas Light & Coke York and Pennsylvania and a near-blizzard in parts of Ohio.
of Chicago, an Insull property, rose several points.
At Medina, N. Y., five inches of snow fell and in Buffalo
Detroit wired that approximately 82,000 men are now on 234 inches, and the temperature dropped to 23. The storm
the Ford Motor Co. payroll in this district against about was general throughout the western part of the State and
75,000 around April 1. Electrical output in the United northwestern Pennsylvania. There were snowfalls at
States for the week ended April 9 was 1,465,076,000 k.w.h. Albany, Syracuse, Niagara Falls and Rochester. From 1 to
against 1,480,208,000 in the preceding week and 1,647,078,- 12 inches of snow fell in Pennsylvania. Highways along
000 a year ago. The decrease was apparently slowing down. Lake Erie, extending through Mayville, Fredonia and
Portland cement production for the first time since June Dunkirk, N. Y., were blocked. The Pennsylvania State
1931 showed in March, an increase. The total output was Highway Department had 184 trucks and plows and 1,000
4,847,000 bbls. against 3,971,000 in February and 8,245,000 men clearing and patrolling the roads in the western part
in March of last year. Shipments also showed an increase of the State. New England river towns and cities were
during the month, reaching 3,973,000 bbls. against 3,- threatened by freshets in rain-swollen streams. The Connec118,000 in February and 7,192,000 in March 1931. Stocks ticut River at Hartford rose with alarming speed during the
on hand at the end of the month totaled 27,530,000 against night and shortly before mid-night stood at 17.9 feet above
26,657,000 on February 29. Production of the industry mean sea level and strenuous efforts were made to hold the
during the month, the bureau announced, was at the rate river back from the city sewer system. At several points
of 21.3% of capacity, compared with 18.7% in February in Vermont the Connecticut rose 20 inches to a new high this
Islands in the river were submerged and meadows
and 36.9% in March a year ago.
Boot and shoe production again forged ahead of the pre- year.
ceding month when the February output of 25,888,015 flooded. Flood conditions existed at Bradford, Vt. The
pairs was more than 4,500,000 pairs above that for January lowlands surrounding the river were flooded and at Middleaccording to the Department of Commerce. The output sex, Vt., near Montpelier, Vt., the water covered the highfor the first two months of the year was 47,113,202 pairs, way to a depth of 16 inches. At Concord, N. H.,the Merrian advance of 7.4% over that for the corresponding 1931 mack River was more than 5 feet above the flashboards of
period. The production for all last year was 4% above the Gazvin's Falls Dam, and was overflowing into the low1930. Rome cabled to-day that Italy's unemployed on lands. Springfield, Mass., had a cold snap that sent the
March 31 totaled 1,050,000 a reduction of 95,000 in a fort- mercury below freezing and brought snow flurries. Ennight. Paris cabled to-day that for the second successive gineers along the Connecticut River announced the peak of
week there is a reduction in unemployment in France. The the flood water had passed, at least temporarily. Albany
Ministry of Labor lists 229,559 persons on the national dole, reported that following a rain of four days came the snow
storm. Later the cold weather checked the floods in the
compared with 303,000 in the previous week.
Lewiston, Me., wired April 12 that persistent rumors Connecticut River.
On the 14th inst. temperatures here were 36 to 50. Chithat the three largest textile plants here were to be closed
down, were sharply denied by Walter S. Wyman, President cago had 35 to 42; Cincinnati, 34 to 54; Cleveland, 30 to 40;
of the Central Maine Power Co.and the New England Public Detroit, 28 to 48; Kansas City, 38 to 64; Milwaukee, 34 to
Utilities Co. The Lewiston mills are operating and expect 46; St. Paul, 34 to 56; Montreal, 28 to 36; Omaha,38 to 66;
to continue to do so for some time to come. The plants Philadelphia, 38 to 54; San Francisco, 50 to 62; Seattle, 46
referred to are the Bates Manufacturing Co., the Hill Manu- to 56; Spokane, 46 to 58; St. Louis, 38 to 60, and Winnipeg,
facturing Co. and the Androscoggin Mills, which are con- 32 to 50. To-day New York temperatures were 36 to 48,
trolled by the public utilities interests. The story was that and the forecast was fair and warmer for Saturday with fair
the Insulls had sold out. At Shelby, N. C., the Dover and moderate temperatures for Sunday. Chicago had 36
Mill Co. was operating on full time. The Oro Cotton Mills to 42 degrees and Kansas City 50 to 64.
Volume 134
Financial Chronicle
Continued Decline in Loading of Railroad
Revenue Freight.
Loading of revenue freight for the week ended on April 2
totaled 544,961, according to reports filed by the railroads
with the car service division of the American Railway
Association and made public to-day, or April 12. This was
a reduction of 16,157 cars below the preceding week, 182,891
cars below the corresponding week in 1931 and 363,098 cars
under the same period two years ago. Details follow:
Miscellaneous freight loading for the week ended on Apr11 2 totaled
192.535 cars, an increase of 5,693 cars above the preceding week but 91.039
cars under the corresponding week in 1931 and 185,767 cars under the same
week in 1930.
Loading of merchandise less than carload lot freight totaled 186.489 cars,
an increase of 1.146 cars above the preceding week but 38,934 cars below
the corresponding week last year and 68.427 cars under the same week two
years ago.
Grain and grain products loading for the week totaled 29,176 cars, 2,069
cars above the preceding week but 7,530 cars below the corresponding week
last year and 11,194 cars below the same week in 1930. In the Western
districts alone, grain and grain products loading for the week ended on
April 2 totaled 17.987 cars, a decrease of 5,545 cars below the same week
last year.
Coal loading for the week of April 2 totaled 94,781 cars, a decrease of
22,341 cars below the preceding week, 23,539 cars below the corresponding
week last year and 39.247 cars below the same week in 1930.
Forest products loading totaled 19,186 cars, a decrease of 1,121 cars
below the preceding week, 11,897 cars under the same week in 1931 and
37.775 cars below the corresponding week two years ago. Ore loading
amounted to 2,183 cars, a decrease of 798 cars belowithe week before. 3.386
2799
cars under the corresponding week last year and 8,322 cars
under the
same week in 1930.
Coke loading amounted to 4,408 cars, 813 cars below the preceding
week,
3.270 cars below the same week last year and 6,087 cars below the same
week two years ago.
Live stock loading amounted to 16,203 cars, an increase of eight
cars
above the preceding week but 3,296 cars under the same week last year
and
6,279 cars below the same week two years ago. In the Western
districts
alone, loading of live stock for the week ended on April 2 totaled
12.881
cars, a decrease of 2,618 cars compared with the same week last year.
All districts reported reductions ln the total loading of all commodities
compared with the same week in 1931 and 1930. Loading of
revenue
freight in 1932 compared with the two previous years follows:
Four weeks in January
Four weeks in February
Four weeks in March
Week of April 2
2,269,875
2,245.325
2,280.672
544.961
3,470,797
3,506.899
3,515,733
908.059
7.340.833
Total
2,873,211
2,834.119
2,936.928
727.852
9.372.110
11.401485
The foregoing, as noted, cover total loadings by the railroads of the United States for the week ended April 2. 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
March 26. During the latter period, a total of only 11 roads
showed increases over the corresponding week last year, the
most important of which were the Delaware & Hudson Co.,
the New York Ontario & Western Ry., the Florida East
Coast Ry. and the St. Louis-San Francisco Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONECTIONS (NUMBER OF CARS)—WEEK ENDED MARCH.
26.
Total Revenue
Freight Loaded.
Railroads.
1932.
1930.
1932.
299
4,972
9.777
2.118
2.306
12,235
1,124
434
5.764
11.787
2.695
3.453
14.097
1,186
39.643
32,831
39,416
5,756
8.734
14,237
250
1,687
9,096
1,974
26,482
1,915
479
426
7,069
12,398
15,971
353
2.164
9,468
2,472
31.484
1,544
755
530
6,493
5,500
12.769
2,008
969
5,578
25
25.722
2,144
20
232
7.811
6.735
16.178
2.186
1,148
8,155
62
33,633
2,231
19
263
57,064
71,036
84,208
61,460
78,421
550
1,524
8,366
43
229
196
1,222
2.728
6,124
3,619
4,163
3.989
3,182
1,160
4.926
2.529
634
2,040
10,379
71
310
221
2,102
4,155
8,589
4,620
5,519
5,800
5,474
1,320
6.584
3,542
536
2,175
12,747
68
439
358
3.448
5,539
9,762
6,279
6.528
6,933
7.822
1.123
7,287
4,220
991
1.862
10,535
102
94
2,586
968
6,064
8,810
164
8,369
4,161
4,485
620
7,502
1,758
1,333
2.340
12,824
101
120
2,811
1.971
7,931
10,568
226
10.791
4,633
5,756
782
9.460
3,225
44,550
61,360
75,273
59.077
74,892
Grand total Eastern District_. 128,587
166,378
199,124
153.368
192,729
26,450
747
34,233
1,842
y42,835
2,574
12.534
1,028
17,449
1,953
134
5,531
273
347
211
1,204
56.763
12,187
4,897
62
3,178
210
8.332
3
3S0
133
1.523
76,800
17,388
8,623
35
3,579
288
10,879
695
365
186
1,314
91.417
18.743
12.298
44
4.072
4
10,195
61
14
13
3.324
32.642
15,071
855
10
13,743
81
17
36
4.535
41.279
20,640
2.327
3.770
79.511
106,532
Total Loads Received
from Connections.
1932.
Group B:
Alabama Tenn. Sc Northern_ __
Atlanta Birmingham & Coast-AU.& W.P.—West RR.of Ala.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville dr Nashville
Macon Dublin Sc Savannah
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St. L.
New Orleans-Great Northern
Tennessee Central
1931.
1930.
296
680
617
3,692
216
1,211
744
323
726
18.894
15,591
121
137
1,828
2,573
542
361
194
887
981
5,659
314
1,156
1,338
624
942
23.734
21,886
215
222
2.597
3,735
796
595
316
975
1,437
5,889
372
1,351
1,353
567
1,359
28.446
27,470
192
325
3,560
4,689
1,187
650
153
822
988
1,923
205
385
1,177
391
639
7.752
3,422
383
185
1,155
1,845
259
370
1932.
1931.
4,462
185,680
Total Revenue
Freight Loaded.
Railroads.
1931.
CO CO
OU3.00.00..
CAV IA C., CO
Eastern District—
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. II. & Hartford
Rutland
1931.
Total Loads Received
from Connedions.
1,740
3,029
7,890
675
2.542
10,469
628
2,281
3,561
10,119
809
2,993
13,547
672
26,973
33.982
5,994
8.416
10,991
161
1,537
7,816
1.512
17,731
2,156
434
316
•
Group C:
Ann Arbor
.
Chicago Indianan. & Louisville •
Cleve. Chi. Chic. Sc St. Louis •
Central Indiana
•
Detroit & Mackinac
•
Detroit & Toledo Shore Line .
Detroit Toledo Sc Ironton
•
Grand Trunk Western
Michigan Central
.
Monongahela
.
New York Chicago & St, Lout 5
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia__ _ .
Wabash
Wheeling & Lake Erie
Total
Group B:
x Buff. Rochester & Pittsburgh_
I)elaware & Iludson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawmut
Pittsb. Shawmut Sc Northern_
Ulster dr Delaware
Total
Total
Allegheny District—
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo & Susquehanna
Buffalo Creek Sc Gauley
Central RR. of New Jersey
_
Cornwall
Cumberland Sc Pennsylvania_
.
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
_
Western Maryland
Total
111,984
153,081
Pocahontas District—
Chesapeake & Ohio
Norfolk dr Western
Norfolk & Portsmouth Belt Mne
Virginian
18.339
15.059
1,027
3.363
19,717
17,733
1,870
3,781
24,300
20.430
2,245
3,676
5,500
3.284
1,268
305
7,310
4,535
1,959
469
_
37.788
43,101
50,651
10,357
14.273
9,223
994
410
195
50
1,626
456
366
7,364
19,264
173
14,911
1,384
695
212
76
2,107
546
414
11,406
25,742
211
15,436
1,641
749
235
92
2,488
518
512
12.310
29,636
223
4.196
1,105
838
578
82
1,064
870
3,444
3.289
10,123
883
5,755
1.671
1,261
434
121
1,598
1,059
4.430
4,616
15,342
970
Total
Southern District—
Group A:
Atlantic Coast Line
Clinchfield
Charleston & Western Carolina
Durham & Southern
Gainesville dr Midland
Norfolk Southern
Piedmont Sc Northern
Richmond Frederick. & Potom
.
Seaboard Air Line
Southern System
Winston-Salem Southbound.. _
.
Total
48,552
65,875
80.138
22,054
31.391
Grand total Southern District__
88,673
123,579
143.978
48.526
68.553
Northeastern District—
Belt Ry. of Chicago
Chicago dr North Western
Chicago Great Western
Chic, Milw, St. Paul & Pacific_
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern__ _
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.Sc Southern_
Great Northern
Green Bay Sc Western
Minneapolis dr St. Louis
Minn. St. Paul dr S. S. Marie_
Northern Pacific
Spokane Portland & Seattle-- - _
1,168
13.269
2,247
16,573
3,054
389
357
3,648
264
7.493
523
1,598
4.513
8,026
1,071
1,454
17.592
2,964
21.297
4,196
714
887
6,101
372
8,978
622
2.360
5,408
10,191
1,198
1,236
20.857
3,637
26,090
5.144
903
1,342
8.243
481
10,791
620
2,941
6.230
12.366
1,773
1,194
8.301
2.434
6,511
2,772
92
348
4,326
165
1.892
315
1.501
2.019
1.727
796
1,404
9.727
2,559
7.964
3,314
130
624
6,746
194
2.243
409
1.805
2.402
2.743
1.054
64,193
84.334
102,654
34.393
43.318
18,440
3,216
164
15.499
10,971
2.927
962
1,473
175
1,089
448
135
13,083
252
223
11,487
299
1,105
23.560
3.444
232
20,020
14.374
3,163
1.164
2,660
330
1.172
592
116
17,785
273
228
14.310
340
1,498
27.375
4..506
335
23.934
17.641
3.890
1.639
3,001
259
1.419
1,124
481
23.303
403
378
17,355
469
1,481
3.593
1,979
25
5.522
6.446
2.139
656
1,616
1
701
204
22
3.297
198
676
5.235
9
1,093
4,875
2,765
42
7.046
7.559
2.485
1.041
1,877
13
1,010
269
38
4,221
181
911
6.630
7
1,268
81,948
105.261
128.783
33,412
42.238
148
126
165
2.087
476
1.544
109
1.547
1,217
484
643
64
4.553
13,847
32
80
7,085
2,568
660
5.524
3,137
1,731
28
245
166
201
2.485
160
4,954
270
2.070
1.487
328
717
95
5,330
17,442
37
95
9.642
2.402
765
6.538
5,151
2,519
47
319
249
282
3,190
266
1,767
420
2.664
2,486
418
945
139
6.074
21.240
30
138
12.427
3.210
745
8.061
5.806
3,502
76
2,790
356
137
919
41
1,958
634
1.385
892
308
237
308
2.206
7,174
10
85
2.909
1,599
192
2.715
3,197
2,236
33
3,123
330
167
2.291
39
2.643
1,148
2.086
947
696
331
526
2.780
10,528
44
123
3.840
2.395
405
4,535
5.032
2.892
35
47.945
63.146
74 454
32 321
46 938
Total
Central Western Dist.—
Atch. Top. dr Santa Fe System_
Alton
Bingham dr Garfield
Chicago Burlington & QuincY- Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
1)enver dr Salt Lake
Fort Worth dr Denver city....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph A: Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District—
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
Houston & Brazos Valley
International-Great Northern_ _
Kansas Oklahoma & Gull
Kansas City Southern
Louisiana dr Arkansas
Litchfield & Madison
Midland Valley
Missouri dr North Arkansas_ _
Missouri-Kansas-Texas Lines_ _
Missouri Pacific
Natchez & Southern
Quanah Acme dr Pacific
St. Louis-San Francisco
St. Louis Southwestern
San Antonio Uvalde dr Gulf_ _ _ _
Southern Pacific In Texas & La.
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min. Wells & Nor.
40.121
57.704
63.840
26.472
37.162
Total
Included In Baltimore Sc Ohio RR. 7 Estimated. a Included In New York Central.
Total
230
943
1,168
2.806
296
579
1,544
679
872
10.571
5,545
521
447
1.555
2.735
298
602
2800
Financial Chronicle
April 16 1932
Improvement in Financial Conditions in First Quarter more depressed sentiment. The five series were then combined Into a single
they were
of Year Seen by Col. Leonard P. Ayres of Cleveland index, and In this processasssumed togiven equal effective weights, which
means that they were all
be of equal importance.
Trust-Little Evidence, However, of Spring ExThe resulting line of the combined index fluctuated well above the 100
level in 1929. with an abrupt advance just before the break in stocks that
Business Activity.
pansion in
started the bear market, and with a rapid decline afterwards. It remained
In the Business Bulletin April 15 of the Cleveland Trust above 100 during most of 1930, with an advance in the spring, and a sharp
Co. of Cleveland, Ohio, Col. Leonard P. Ayres, Vice- decline in the autumn. The same pattern was repeated at a level well below
100 in 1931. The
year
with
President of the institution, states that "symptoms of im- advance has carriedpresent abovebeganThere the line at 79, and the recent
it just
87.
is no way to
financial and banking conditions continue to of the index, but it does appear to reflect with some real test the accuracy
provement in
degree of fidelity
the more important changes in general business sentiment since the bedevelop, but there is as yet little evidence that the business
ginning of 1929.
depression itself is growing any less severe." Col. Ayres'
observations are quoted in part herewith:
• Federal Reserve Board Reports Smaller Than Seasonal
,
Great improvement in financial conditions has been made durint the first
Increase in Department Store Sales During March.
quarter of this year. Bank suspensions have almost ceased, and money that
was being held idle is being returned in a steady flow to the banks, and is
Preliminary figures on the value of department store sales
being put back into circulation. All over the country the banks are paying show a
considerably smaller increase from February to March
down their indebtedness to the Reserve Banks. and credit conditions are
steadily becoming easier. Nevertheless bank loans and deposits continue than the estimated seasonal amount. The Federal Reserve
to shrink because of business inactivity, and so we have the anomalous Board's index, which makes allowance both for number of
condition of continued credit deflation, when credit expansion is needed,
business days and for usual seasonal changes, including
and under conditions which should stimulate credit extension.
There is little evidence of the normal spring expansion in business activity. changes in the date of Easter, was 74 in March on the basis
Commodity prices continue to shrink, although at a less rapid rate than in of the 1923-1925 average as 100, compared
with 79 in both
recent months. Industrial and mining output are still slowly declining.
There Is little construction going on. Freight loadings on the railroads January and February. The Board's advices April 11 also
are far below normal. Despite all this a concerted and courageous drive state:
for new business is being made everywhere by the great manufacturers of
In comparison with a year ago the value of sales for March, according
to
low-priced automobiles. New models embodying greater values than any the preliminary figures, was
20% smaller, and when allowance is made
ever before offered are being put before prospective buyers with every for the fact that there was one
more trading day In March this year than
resource of salesmanship.
last, the decrease from last year is about 23%.
In Washington real but irregular progress is being made. The Congress
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
is still struggling to reduce expenditures and to increase tax returns so as
to balance the National budget, and It seems probable that it will continue
Its efforts until It succeeds in that difficult task. The Glass banking bill
Jan. 1
Number of Number of
Federal Reserve District.
to
March.*
of
Repotting
Is being rewritten once more, but its prospects for enactment seem dim.
Cities.
March 31! Stores.
Some of the proposed taxes on security transactions are truly onerous, and
the prospect that they may be enacted has been a factor in the new declines Boston
81
100
-19
-20
New York
in the market values of stocks and bonds.
29
20
52
-18
15
-21
38
-19
Our efforts to restore business activity are National or local, and scattered, Philadelphia
Cleveland
13
-22
40
-22
and mostly directed at the prevention of breakdowns. The problem with Richmond
22
-18
54
-18
which we are struggling is international and general. The fundamental Atlanta
14
-22
22
-20
31
truth which we as a nation have not yet fully grasped is that the interests Chicago
-21
56
-24
St. Louis
8
-17
20
-15
that nations share in common are of far greater importance to them than Minneapolis
12
-19
19
-19
are those competitive advantages for which they struggle singly. Our Kansas City
14
-18
25
-20
frontiers are those of finance, and our boundaries those of business.
Dallas
-21
15
8
-24
San Francisco
31
-20
74
-19
Business Fundamentals.
Total
228
515
-20
-20
Symptoms of improvement in financial and banking conditions continue
• March figures preliminary: In moat districts the month had one more trading
to develop but there is as yet little evidence that the business depression itself
day this year than last year.
Is growing any leas severe. The accompanying diagram [this we onalt.-Ed.1
shows the results of an attempt to combine in a single indicator or index
the statistical measurements that should most promptly and surely tell us
Wholesale Price Index of United States Department of
that conditions have ceased to grow worse, and have begun to improve,
Labor Shows Slight Decrease During Week Ended
when that time comes. The diagram covers the period since the beginning
of 1929. and the figures used are weekly data, with the average of the entries
April 9.
for January of 1929 being considered as being equal to 100.
The Bureau of Labor Statistics of the U.S. Department of
The upper line In the diagram (this we omit.-Ed.1 reflects changes in
the amount of bank credit in use. It shows tht changes In the sum of loans Labor announces that the index number of wholesale prices
and demand deposits in the city banks that are members of the Federal
Reserve System. The sharp increase in the autumn of 1929 was caused for the week ended April 9 stands at 65.7 as compared with
by the banks taking over at the time of the stock market crash many 65.9 for the week ended April 2. The Department conlarge accounts that had been with brokers. The sharp decline that began in tinued April
13:
the closing weeks of 1930, and which still continues, reflects the severe
This Index number, which includes 784 commodities or price series,
shrinkage in bank credit that constitutes one of the serious elements In
the present situation. Bank loans are being paid down, and deposits are weighted according to the Importance of each article and based on the
shrinking. This is credit deflation, and what we need for business improve- average prices in 1926 as 100.0, shows that a decrease of slightly less than
one-third of 1% has taken place in the general average of all commodities
ment Is credit expansion.
with the week ended on April 2.
The dotted line shows the almost unbroken decline in the wholesale for the week of April 9, when compared
The accompanying statement shows the index numbers of groups of
prices of commodities. The line is constructed by counting each week the
commodities for the weeks ended March 12, 19. 26. and April 2 and 9.
numbers of advances and of declines in Dun's list of commodity price
quotations, and recording cumulatively the net differences. Since the de- INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MARCH 12;
clines have been almost continuously more numerous than the advances,
19, 26, AND APRIL 2 AND 9,
the line has moved downward almost steadily since the autumn of 1929.
Week Ended
In recent weeks the decline has been checked, and this is a hopeful development.
Mar. 12. Mar. 19. Mar, 20. April 2. April 9.
The dashed line IS a weekly index of industrial production. It is a combi68.5
nation of a weekly index compiled by this bank, the index of the "Times All commodities
68.2
65.9
88.5
85.7
51.6
50.5
51.0
49.5
49.7
Annalist", and that of the "Business Week." It shows upturns in the spring Farm products
62.4
82.4
62.9
61.7
01.4
of 1930, in that of 1931, and In recent weeks of this year. This latest ad- Foods
77.7
76.3
77.9
75.8
75.8
Hides and leather products
vance has been caused for the most part by increased coal production due Textile products
58.8
58.7
59.0
58.4
57.7
69.1
69.1
68.7
69.5
69.8
to the cold weather of March. These three indexes of bank credit, of whole- Fuel and lighting
80.7
80.8
80.8
80.8
80.2
sale prices, and of industrial production have been given equal weights, Metals and metal products
73.4
73.3
73.4
73.1
72.9
Building materials
and combined into the depression index represented by the heavy solid line. Chemicals and drugs
75.1
74.9
75.3
74.4
74.3
78.8
78.8
78.6
All the data are brought up to the end of March.
78.3
78.2
HouseturnIshIng goods
64.7
64.0
64.8
64.7
64.8
Miscellaneous
Business Sentiment.
Business sentiment has notably improved In 1932. This is a matter of
common observation, and In addition there is a good deal of tangible evi- Advance of Wholesale Price Index of National Fertilizer
dence that fear has recently been waning, and confidence has been growing.
Association During Week Ended April 9 Due to
There has been a notable decline in the number of bank suspensions, and
Rise in Prices for Few Important Commodities.
money that had been held out of circulation is flowing back into the banks.
These developments are convincing evidences of an important and general
Led by 11 important commodities, wholesale prices, as
improvement in business sentiment.
the wholesale price index of the National
Sentiment is so important an element In the composite of general business measured by
conditions that it would be advantageous to be able to measure its advance Fertilizer Association, advanced six fractional points during
and decline as we do the changes in many numerical series that have been
the week of April 9. This is the largest gain in the index
found to be useful indicators of alterations in business activity. We cannot
do this by any direct method, but an approach to such a measurement may in several weeks. The index number declined five fractional
be effected by combining several series of data that respond to changes In points during each of the two preceding weeks. The latest
sentiment, and in some degree reflect their intensity.
is 62.2; a month ago it was 62.7 and a year
The results of such an attempt to construct an index reflecting changes in index number
business sentiment are.shown in the accompanying diagram ;this we omit.- ago it was 73.6. (The index number 100 is based on the
Ed.J. The Index consists of a combination of five series of weekly data average for the three years 1926-1928.) The Association
covering the past three years, and the first three months of this year. The
five series are the number of bank suspensions, the data for money in ciru- further said on April 11:
lation reflecting hoarding, the Eroadstreet reports of the percentage of slow
While only three of the 14 groups advanced during the latest week,
accounts in the totals of collections, the velocity of the circulation of money, these groups are the most heavily weighted In the index, representing
and the ratios between the prices of 10 high grade rail bonds and 10 medium more than 60% of the total Index. The largest gain was shown In the
grade rail bonds.
group of foods. Fuel and grains, feeds and livestock moved up appreciably.
In each case the average for the entire period was taken as being equal to Five groups declined, namely, fats and oils, building materials, textiles,
100, and the weekly data were expressed as percentages of that average. metals, and miscellaneous commodities. None of these groups, however,
All the series were so computed that percentages above 100 reflected re- declined as much as 1%. Six groups were unchanged during the latest
sponses to sentiment better than average, while those below 100 reflected week.
Volume 134
Financial Chronicle
Eleven commodities showed higher prices, while 30 commodities showed
lower prices. Practically all of the commodities that advanced during
the latest week were important commodities. The list included wheat,
cattle, eggs, flour, apples, potatoes, coal, petroleum, gasoline and coffee.
Among the commodities that showed price losses were cotton, silk, lard,
butter, sugar, corn, hogs, copper, lumber and rubber.
The index number and comparative weight for each of the 14 groups
are shown in the table below:
WEEKLY WHOLESALE PRICE INDEX
-BASED ON 476 COMMODITY
PRICES (1926-1928=100.)
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
8.2
4.0
3.8
1.0
0.4
0.4
0.3
100.0
Group.
Latest
Week
April 9
1932.
Preceding
Ago.
Month
Ago.
Year
Ago.
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities-.
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
63.7
59.7
47.1
47.3
61.1
89.2
72.7
71.8
81.2
41.5
87.9
70.0
76.5
92.3
61.8
58.5
46.6
47.7
61.2
89.2
73.4
72.2
81.2
42.4
87.9
70.0
76.5
92.3
63.8
57.8
49.2
49.7
61.7
89.2
73.4
71.0
81.4
48.0
88.8
69.3
76.9
92.7
76.5
63.7
69.7
63.8
69.3
87.8
82.2
80.3
92.2
64.2
90.7
84.2
90.4
95.4
62.2
61.6
6.27
73.6
All arnunia enrnh1nrd
Trend of Business in Hotels During March, According
to Horwath & Horwath.
According to Horwath & Horwath, in their survey of
business in hotels, "the March decrease in total sales from
the corresponding month of last year is the sharpest on
record-24%. Room sales fell off 23%; restaurant sales
26%. Washington and Detroit alone reported smaller sales
decreases than usual." The survey continues:
The room occupancy decreased 15% from last March and the seasonal
decline from February was 7%, as against only 4 or 5% in previous years.
Ninety-five per cent of all hotels reporting had lower sales this March
than last, and such increases as the others showed were attributable principally to special events. The average rate for the country at large was
down 10% and individual hotels showed cuts as great as 25%•
Weather conditions, lack of banquets and conventions, low rates and
reduced menu prices were the reasons given by most contributors for the
downward trend of their sales Permanent business, except for falling
rates, IB holding up much better than transient business. Hotels catering
to tourists at thls time of the year, especially those in California and
along the route to Florida. reported a marked decrease in tourist travel
as compared with other years.
The uninterrupted downward trend is illustrated by the following table,
which shows per centages of decline from the corresponding months three
years ago.
Decreases from Same
Months in 1928.
Oct.
New York
Chime°
Philadelphia_
Washington
Cleveland
Detroit
California
Other cities
•
Nov.
Dec.
Decreases from Same
Months in 1929.
Jan.
Feb.
March
-30.8% -37.0% -41.0% -38.7% -39.4% -44.3%
-31.0 -33.0 -37.8 --36.1 -37.7 -41.0
-38.1 -43.1 -42.7 --38.4 -42.2 -43.3
-28.6 -30.3 -30.9 --32.4 -17.4 -48.6
-37.7 -35.3 -39.0 -41.7 -41.9 -38.0
-40.8 -42.5 --33.I --35.8 -48.4 -39.0
-38.9 -36.7 --33.7 --37.2 -4'3.7 -45.1
-25.2 -28.8 --27.3 --34.3 -3.5.0 -38.7
2801
Current liabilities in 1921 were $1,814,873,903; in 1931, $1,141,318,445;
decrease, $673,555,458.
Invertories in 1921 were $3,291,536,799; in 1931, $3,433,641,468;
increase, $142,104,669.
Cash and securities in 1921 were $1,521,976,419; in 1931, $2,622,111,114; increase, $1,100,134,695.
The accountants further state:
This improvement in liquidity has taken place, even though dividend payments by corporations generally throughout 1931 were relatively larger
than during 1921. Average monthly dividend payments (exclusive of
railways) for 1931, according to United States Department of Commerce
statistics, were $226,000,000, an increase of 9.09% over the $207,175,000
monthly average for 1929, whereas the monthly average for 1921 was
$45,200,000, a decrease of 9.85% from the $50,140,000 monthly average
for 1920.
The declines shown by the 468 companies in the major
items of current assets at the end of 1931 from the peak
year 1929, in comparison with the shrinkage at the close of
1921 from the high year 1920, are reported in the Ernst &
Ernst survey as follows:
Cash and securities showed a decline of 6.94%, 1931 compared with 1929,
and an increase of 1.01%, 1921 compared with 1920.
Inventories (at dollar value) showed a decline of 25.47% at
the close
of 1931 compared with 1929, and a decline of 26.29% at the close of 1921
compared with 1920.
Net working capital showed a decline of 15.03% at the close of 1931
compared with 1929, and a decline of 10.25% at the close of 1921
compared with 1920.
Percentage of net working capital represented by inventories
at the
close of 1920 was 82%; at the close of 1921, 68%; at the close of 1929,
59%; at the close of 1931, 62%.
Ratio of current assets (less inventories) to current liabilities at the
end of 1920 was 1.34 to 1; at the close of 1921, 1.87 to 1; at the
close
of 1929, 2.69 to 1, and at the close of 1931, 3.82 to 1.
The shrinkage in each and securities In 1931 from 1929 of 6.94%,
as
compared with an increase of 1.01% in 1921 from 1920, can be partly
explained by heavier liquidation of current liabilities in 1930 and
1931,
when they were reduced by approximately 40%, while in 1921
the reduction was approximately 35%.
The decline in dollars value of inventories, 25.47% from 1929
to 1931,
and 26.29 from 1920 to 1921, seem very uniform in degree,
but one
outstanding difference, as indicated by the Department of Conrmerce
commodity-stocks index, is that in 1921 stocks of both raw and
manufactured
goods increased from the close of 1920, whereas at the close of
1981 as
compared with 1929 raw material stocks had increased but
supplies of
manufactured goods had declined.
A separate tabulation of 1,100 industrial corporations
whose reports are available for comparing corporate
liquidity at the close of 1931 and 1929 reveals, it is said,
the same trend for these years as the compilations of 468
companies and only minor variations in percentages.
"Annalist" Index of Business Activity-Further Moderate Decline Reported During March.
The "Annalist" index of business activity shows a further
moderate decline. The preliminary figure for March
is
61.7, as against 62.6 for February and 62.8 for January.
Under date of April 15, the "Annalist" further said:
The main factors in the decline were further decreases, to
new low records
for the depression to date, in the adjusted indices of
freight carloadings,
steel ingot production, electric power production and
pig iron production.
Total
-32.1% -33.5% -34.6% -36.5% -37.8% -40.8% The adjusted index of automobile production
also contributed to the decrease, although the March index is still above the
low point of last October.
Horwath & Horwath also issued the following analysis:
Only two components show an increase.
Bituminous coal production
TREND OF BUSINESS IN HOTELS
-MARCH 1932 COMPARED WITH expanded sharply and suddenly on account of unprecedented cold weather,
and the adjusted index of cotton consumption has
MARCH 1931.
risen to the upper edge
of the narrow zone in which it has been.fluctuating since
last October.
Table I gives for the last three months the combined index and
Sales.
Its comAnalysts by Cities in
Occupancy.
Room Rats ponents, each of which is adjusted for seasonal variation and where necesWhich Horvath vi
Percent ofInc.(-1-) or Dec.( )
Percent of sary for long-time trend. Table II gives the combined Index back
to
Horvath Offices Are
This Same Mo. Inc.(+) the beginning of 1927.
Located.
Total Rooms. Restaurl. Ifoath. Last Year Dec.
(-)•
TABLE I.
-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
New York
--25
--24
-27
46
52
-13
COMPONENT GROUPS.
Chicago
--25
--23
-28
56
66
-9
Philadelphia
--23
--I9
-27
41
46
-7
Washington
--5
-3
-6
60
February.
59
March.
-4
January.
Cleveland
--21
--18
-25
63
71
--7
Detroit
Pig iron production
--I8
-19
--17
52
55
-14
31.5
27.9
31.5
California
Steel ingot production
--31
--33
-29
51
65
31.1
26.4
-15
32.7
Texas
Freight carloadings
--26
-24
-28
60
70
-11
61.7
60.1
62.8
All other cities report's --24
Electric power production
--23
-26
59
69
072.2
73.2
-10
73.6
Bituminous coal production
74.7
62.5
57.1
Total
Automobile production
-24
-23
-26
52
61
628.8
-10
33.5
43.7
Cotton consumption
71.5
c73.2
70.3
Wool consumption
...._
71.7
71.0
Boot and shoe production
__
90.6
82.3
41.3
41.9
Ernst & Ernst Find Corporations' Financial Position Zinc production
41.6
More Liquid now than in Last Major Depression, rnmhinpri ind.s:
d61 7
626
62 A
a Based on an estimated output of 7,297.000.000 kilowatt-hours, as against
1920-1921.
7.009,000.000 kilowatt-hours in February and 7.876.000.000 kilowatt-hours
In
March
The liquid position of 468 industrial corporations at the March,1931. b Based on the N. A. C. C. estimated of 137,000 cars and trucks In
as against 122.890 cars and trucks In February and 354,098 ears and
trucks
end of 1931 was more than twice as strong as at the close in March 1931. c Based on the New York Cotton Exchange Service estimate of
489,000 bales, as against
of 1921 in the depression of a decade ago, according to com- d Subject to revision. 450.018 bales In February and 490.586 Weein March,1931.
pilations announced April 9 by Ernst & Ernst, accountants,
from the published reports of corporations whose figures
are available for comparison of the two recession periods
The figures are classified by 19 different industrial groups
and miscellaneous. For the total of all 468 companies in
all groups, summaries are as follows:
Ratio of current assets (less inventories) to current liabilities, at the
close of 1931, was 3.82 to 1; at the close of 1921, 1.87 to 1.
Inventories represented 62% of net working capital at the end of 1931
as compared with 68% at the end of 1921.
Current assets in 1921 were $6,684,728,185; in 1931, $7,794,649,594;
increase, $1,109,921,409.
la*
TABLE II
-THE COMBINED INDEX SINCE JANUARY
1927.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
.... ....... ._
1930.
1929.
1928.
1927.
62.8
62.6
*61.7
..
1931.
74.4
76.2
78.0
80.8
78.1
76.5
78.2
73.5
708
66.3
65.1
65.5
95.0
94.2
91.2
95.0
90.0
89.0
86.4
83.1
82.4
79.5
76.1
76.1
105.5
106.1
104.3
108.8
110.1
108.9
109.9
108.1
107.3
105.7
96.9
92.1
98.0
99.7
99.4
99.9
101.3
98.7
100.8
102.1
102.4
105.0
103.7
102.0
102.2
104.7
106.9
104.4
104.8
103.4
101.5.
101.8
100.9
98.2
95.5
93.7
April 16 1932
Financial Chronicle
2802
vencies of unusual size, those of $100,000 or more in each
"Annalist" Weekly Index of Wholesale Commodity
instance are responsible for more than 50% of the total
Prices.
indebtedness.
The "Annalist" weekly index of wholesale commodity
FAILURES BY LINES OF BUSINESS MARCH 1932.
further to 91.4 on April 12,from 90.5 (revised) ANALYSIS OF BUSINESS
prices rallied
low of 90.3 on March 29. ConNumber.
Liabilities.
on April 5 and the post-war
tinuing, the "Annalist" says:
1032.
1931.
1930.
1932. 1931. 1930
During the quarter year since Jan. 12 the index has declined 2.0 points, or
S
$
$
Manufacturersloss during the same period
72.1
93.5
x76.6
x125.4
96.9
107.7
95.8
84.0
x90.5
cobb,ioCoO4,C,
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
Al! commodities
0000NOWQ1.+0
,
F4C, CONG,WON,1
cococoOm,c-.1
,
;11.inaoL46OWC"-
Apr. 121932. Apr. 5 1932. Apr.14 1931.
Electricity Output Fell Off 11.1% During the Week
Ended April 9 1932 as Compared with Same Period
in 1931-February Production Declined 6.1%.
The production of electricity by the electric light and
power industry of the United States for the week ended
Saturday, April 9, was 1,465,076,000 kwh., according to
the National Electric Light Association. The Atlantic
seaboard shows a decrease of 5.6% from the corresponding
week last year, and New England, taken alone, shows a
decrease of 8.5%. The central industrial region, outlined
by Buffalo, Pittsburgh, Cincinnati, St. Louis and Milwaukee, registers as a whole, a decrease of 14.8%, while
the Chicago district alone shows a decrease of 8.8%. The
Pacific Coast shows a decline of 13.8% below last year.
Arranged in tabular form, the output in kilowatt hours
of the light and power companies for recent weeks and
by months since the beginning of 1932 is as follows:
Jan. 2_ _ _
Jan, 9.__
Jan. 18_ _ _
Jan. 23_ _ _
Jan. 30_ _ _
Feb. 6.__
Feb. 13_ _
Feb. 20_ _ _
Feb. 27__
Mar. 5_ __
Mar. 12_ __
Mar. 19___
Mar. 28..__
Apr. 2___
Apr. 9___
MonthsJanuary _ __
,se
p..hm,se
1932.
1,523,652,000
1,619,265,000
1,602,482,000
1,598,201,000
1,538,967,000
1,538,853,000
1,578,817,000
1.545.459,000
1,512,158.000
1,519,679,000
1,538.452,000
1,637.747.000
1,514,553,000
1,480,208,000
1,465,076.000
1931.
1.597,454,000
1,713,508,000
1,716,822,000
1,712,788,000
1,687,180,000
1,679,016.000
1,683,712,000
1,680,029,000
1.633.353,000
1,664,125,000
1,676.422,000
1,682,437,000
1,689,407,000
1,679.764,000
1,647,078,000
1930.
1,680,289,000
1,816,307,000
1,833,500,000
1,825,959,000
1,809,049,000
1,781,583,000
1,769,683,000
1.745,978,000
1.744,039,000
1,750.070.000
1,735,673,000
1,721,783,000
1,722,587,000
1,708,228,000
1.715,404,000
1929.
1932
Under
1931.
1,542,000.000
1.733.810,000
1,736,729,000
1.717,315,000
1,728.203,000
1.726,161,000
1.718,304,000
1,699,250,000
1,706.719,000
1,702.570,000
1,687,229,000
1,683,262,000
1,679,589,000
1,663,291,000
1,696.543,000
4.6%
5.5%
6.7%
6.7%
5.8%
5.4%
6.2%
8.0%
7.4%
8.7%
8.2%
8.6%
10.3%
11.9%
11.1%
7,014.066,000 7.439,888,000 8,021,749,000 7,685,334,000 5.7%
n rog 245 00(1 6.705.564.000 7.066.788.000 6.850.855.000 6.1%
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Failures for March Maintain High Record.
In compiling the weekly returns of commercial insolvencies
for March, it was plainly foreshadowed that a numerical
Increase would be shown over any previous similar month
he defaults for the latest month numbered 2,951, with
$93,760,311 of indebtedness, as tabulated by R. G. Dun
& Co. On no occasion, prior to this year, has the number
of failures for March been so numerous, but the liabilities
were surpassed in 1924, when a total of $97,651,026 was
reported.
Compared with the high record for January this year
when there were 3,458 failures, a decrease of 14.7% is
shown. Naturally, with more business days during March,
there was an increase over the February figure which amounts
to 8%. This is a larger ratio of increase than is usually
disclosed at this period. In comparison with the defaults
of March, last year, when 2,604 were reported, an increase
of 13.3% appears and one of 25.7% over the figures for
March of 1930. The liabilities for March this year were
heavier than for those of last year by about 55.3% and also
show an increase of 64.9% over those of 1930. Insol
22
58
2
5
86
80
18
11
6
24
44
19
0
14
244
9 2.287.232
681,395
33 3,126,584 1,802,380
2
21,043
40,000
253.293
9.645
3
111 5,946,678 3,634,543
60 1,710,728 1,003,807
957,718
652,286
16
178,021
11
224,506
_
133,687
981,929
988,124
16
27
625,534
37
42 1,346,889
382,002
11 2,389.888
23
132.991
3
455,045
9
497,905
11
7
508,971
282 293 11,328,835 13.063,836
Total manufacturing
Traders
General stores
Groceries, meats, Ac
Hotels and restaurants
Tobacco, Ac
Clothing and furnishings
Dry goods and carpets
shoes, rubbers and trunks
Furniture and crockery
Hardware, stoves, tools
Chemicals and drugs
Paints and oils_
Fewelry and clocks
Books and papers
Bats, furs and gloves
ill other
642
582
Total trading
)ther commercial
x Revised.
Weeks
Ended.
Iron, foundries, .4c
Machinery and tools
Woolens, carpets de knit goods_
Cottons, lace, hosiery
Lumber, building lines, &c
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving
Milling and bakers
Leather, shoes, &c
,
Tobacco. &c
Glass. earthenware and brick
All other
0
Total !Mitt- States
158 152
405 317
97
114
27
26
321 307
171 149
88
85
81
139
74
85
133
98
9
15
54
92
14
28
8
28
319 357
N
18
34
1
1
61
51
26
5
340,505
1,850.682
176,513
81,929
6,327,817
1,927.804
282,933
189.162
217,509
319,113
483,128
80,714
698,448
6.437.264
31,293,421 24,072,069 19,413,521
riNWSCA.0...WCAWOWWNg,
the
3.1%. A decline is normal for these months,
In those years, however,
of the six previous years having averaged 3.3%.
the entire year, while
the quarter's drop was nearly half the average loss for
less than a quarter of that for the year,
the decline for the present quarter is
to be considerably
and the present quarter's decline may therefore be said
of the past three
less than seasonal. Whether the relatively smaller decline
indicated a checking
months and the actual recovery of the past two weeks
negative the seasonal tendencies or
of the downward trend sufficient to
significance remains
whether it represents merely a local irregularity of no
to be seen.
with the most
The individual advances were unusually widely distributed,
group.
Important in wheat, corn, flour, coffee, beef and the petroleum
especially the texOther commodities continue to be marked by weakness,
exceeded
tile group, sugar, copper and rubber, several of which touched or
Previous record lows.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
(1913=100)
5,582,384
4,159,598
7,889,113
218.668
4,035,571
4,352,593
859,603
4,667,569
1,116,362
1,676,481
252,818
1.337,071
138,836
431,965
7.399.323
2,298,115
3,749,332
1,793,874
303,922
4,004,978
2,813,841
1,020,913
1,592,060
1,535,067
1.759.503
38,454
700,015
322,727
278,549
8,136,609
2,093,866
3,266.427
1,514,708
266.634
2,895,254
1,907,481
627.460
1,333,467
1,161,509
1,765,015
613,572
668,911
60,807
69,023
6,049,304
2,108 1,843 1.58744,117,955 30,347,959 24,293,438
201 179 139 18,348,935 5,966,529 13,139,056
9 Ocl 911049 14701 750 Rll CO 'AAR 501 511 AAA AIR
Valuation of Construction Contracts Awarded as Compiled by the F. W. Dodge Corporation Shows 70%
Decline for March.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month of
March 1932, was $257,746,800 less than in March 1931, the
figure for March of this year being only $112,234,500,
against $369,981,300 in the same month of last year, a
decline of 70%, as compared with a decline of 61% in
February of 1932 in comparison with February of 1931.
For the first quarter of the year the decline from 1931 was
$547,264,100.
Reporting a construction contract volume of $286,078,700 for the first
quarter of 1932 in the 37 States east of the Rockies, F. W. Dodge Corp.
foresees a second quarter gain over this of from 5% to 15% In general
construction. Expectations are that residential building will show a gain
which will range from 10% to 20% over the figures for the first quarter.
Construction undertakings during March showed an expansion of about
26% as compared with February.
Territorial showings in new March contracts once again placed the
Middle Atlantic territory ahead of the Metropolitan New York area, with
$20,902,600 as the Middle Atlantic total comparing with $16,840,300 In
Metropolitan New York. The Pittsburgh district was next in line with its
total of $11,831,900, and New England was fourth in order with $10,071,400
reported during the month.
The monthly bulletin issued by the statistical division of F. W. Dodge
Corp. points out that "recent developments in public finance have overshadowed all domestic happenings of importance to business and industry.
Taxes, budgets, economies-these are a few of the outward evidences that
have assumed imposing proportions. It is hard to see how largo improvement in business may occur until the uncertainty which surrounds the whole
question of public finance-local. State. and National, is dissipated.
That the problem is being isolated gives rise to the hope that this halter
about the neck of business may soon be removed. To be sure the chaotic
state of public treasuries Is not the only influence limiting the return of
more normal construction volume.
In the meantime corporate and municipal bond issues continue to trend
downward with no indication of any nearby important turn for the better.
Little Improvement in the trend of construction may be expected until the
continued decline in corporate and municipal issues has been arrested.
CONSTRUCTION CONTRACTS AWARDED
-37 STATES EAST OF THE
ROCKY MOUNTAIN.
No. of
Projects.
Month of March
1032-Residential building
Non-residential building
Public works and utilities
Total construction
1931-Residential building
Non-residential buildln"
Public works and utilities
Total construction
First Quarter
1932-Residential building
Non-residential building
Public works and utilities
Total construction
1931-Residential building
Non-residential building
Public works and utilities
Total construction
New Floor
Space (So. Ft.)
3,775
2,032
830
8,522,700
8,204,9(10
196.000
l'aluation.
$33,208,600
49,172,400
29,853.500
6.646
16,924,200
8112,234.500
6,486
2,610
1,692
22,089,500
15.272,300
502.700
$100,912,600
116,884,600
152.184,100
10.788
37,954,500
$369,981,300
9,231
5.309
1,973
21,515,800
19,635,000
673,200
$85,130,200
118,757,800
82.190,700
16,513
41,824,000
$286,078,700
15,062
6,492
3.774
50,883,900
38,497.000
1,547.100
$233.205.900
272,177,100
327,959,800
25,328
90,928,000
$833,342,800
CONTEMPLATED WORK REP0RTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1931.
1932.
Valuation.
No. of
Projects.
Valuation.
4,630
2,899
1,933
$48,178,400
57.129,200
77,382,800
7.247
3,982
2,439
$125,607,800
345,097,700
164,882.200
No. of
Projects.
Month of March
Residential building
Non-residential building
Publics works and utilities
Total construction
9,462
1182.690,400
13.668
$635,587,700
Mat Quarter
Residential building
Non-residential building
Public works and utilities
11,673
7,652
4,310
$140,596,400
176,343,900
237,271,400
17,512
9,792
6,427
$318,099,200
630,238,500
557,303,300
Total construction
23,635
$554,211,700
33,731 11505,641,000
Dun's Commodity Price Index.
Monthly comparisons of Dun's index number of wholesale
commodity prices, proportioned to consumption, follow:
Groups.
Breadstnffs
Meat
Dairy and garden
Other food
Clothing
Metals
Mbeellaneous
Total
I
Apri 1
1932.
$16.452
13.817
17.847
16.060
22.361
19.281
32.498
8138.316
March 1
1932.
$16.745
14.856
18.080
16.690
22.419
18.714
32.029
1139.533
Industries Least Affected by the Depression.
employment
The industries which have maintained the highest level of
shoes,
during the present depression are the chemical industries, printing,
time during
laundering and cleaning, and water, light and power. At no
the number of
the three depression years have these industries reduced
in the years
employees to less than 80% of the average number employed
in all manufac1925, 1926 and 1927. The index number of employment
as 100 dropped to
turing industries based on the average for 1925-1927
mentioned have
64.4 in March of this year. Payrolls in the industries
industries comdropped less than 35% while payrolls in all manufacturing
good posibined dropped 46%. Other industries which are in a relatively
Instruments and applition at the present time are woolens and worsteds,
the food industries.
ances, paper and paper goods, glass, and most of
Construction Employment Drops in February.
contractors
Employment in the construction industries as reported by 585
February. Omit.
who operate in New York State continued downward in
little work in that line,
ing highway construction because,at present, there is
than in the
534 contractors eur3loyed 2,568 fewer workers In February general conPreceding month. For building construction, miscellaneous
tracting and subcontracting combined, employment dropped 10%. Pay
Highway:conrolls 22%, and man-hours 18% as compared with January.
employed in Jarman'.
tractors laid off more than 40% of the workers
Factory Employment in New York State.
April 1
1930.
$24.306
16.196
16.878
17.321
26.465
19.374
31.985
$31.719
22.036
19.836
18.184
31.668
20.430
35.421
$33.663
24.057
20.940
19.376
35.066
21.708
36.786
5152.525
1179.294
1191.596
in February.
A decrease of about 1% in factory employment and of
less than 1% in factory payrolls represents the largest
February to March decline that has ever been recorded
by New York State factories, according to a statement
issued April 9 by Industrial Commissioner Frances Perkins.
Miss Perkins' statement is based on monthly reports
from more than 1,500 representative factories which employ
about 38% of all the factory workers in the State. Most of
these firms have reported to the Division of Statistics and
Information of the New York State Department of Labor
each month since June 1914. The survey continues:
The trend of factory employment Is usually upward from February to
March. The only other years when there were net decreases in employment were 1919 when factory employment dropped 0.7% and 1930 when
It dropped 0.2%. The greater decrease from February to March of this
year is due to the widespread nature of the present decline, more than to
unusually large decreases In individual Industries. Factory payrolls have
never before shown a net decline in March.
I.
Workers Laid Off in Metals and Textiles.
The largest numbers of workers were released by metal and textile industries. Three per cent fewer workers were employed by machinery
and electrical apparatus firms In March than in February. Most manufacturers in this Industry had laid off only a few workers since February,
but two firms were reporting decreases for every one that reported an
increase. Several fairly large cuts In employment were reported by manufacturers of automobiles or automobile parts in Buffalo and Syracuse.
Most other metal industries also reported not decreases in employment.
The railroad repair shops which were partially closed down in January
and took back only half of their men in February, were operating with
full staffs In March.
Business was very poor in the cotton textile mills in March. A large
proportion of the workers had no work during the week which included the
fifteenth of the month. One silk mill had taken on about 100 workers
since February but two others had laid off several hundred and another
was closed down. Makers of woolens, carpets and felts reported a net
decline in employment of about 3% from February to March. Nearly all
of the woolen and worsted mills were reducing their staffs in March but
some of the carpet mills had taken on workers. Knit goods was the only
textile Industry in which firms reporting increases In employment had taken
on as many workers as had been laid off by those which reported decreases.
Seasonal Rise in Clothing Factories.
Manufacturers of clothing and millinery were employing more workers
in March than in February. A seasonal rise in employment In these industries is expected at this time of year and the one reported this month is
neither unusually large nor unusually small. Manufacturers of women's
clothing and millinery reported the largest increases in employment.
Manufacturers of men's clothing had passed the pack of their spring season
and had begun laying off workers In March.
There were a few industries outside the clothing group which were
employing more workers In March than in February. Two of these were
in the stone, clay and glass group. Most firms in the food canning and
preserving industries were employing a few more people than they did in
February, although they were still in the midst of their dull season. Two
creameries had hired additional help and one cigar factory and one leather
plant had resumed production. Total payrolls were a little higher in the
shoe factories.
Three Cities Employ More Factory Workers.
Two up-State industrial centers and New York City reported increases
In fctory employment and factory payrolls from February to March.
In the Albany-Schenectady-Troy district more of the metal workers who
were laid off in January were re-employed in March. Metal industries in
Binghamton had taken on workers and several industries reported higher
payrolls. In New York City the seasonal advances in the clothing industries accounted for the rise. Some of the metal industries In Syracuse had
Increased payrolls, although there was no net increase in employment.
Severe cuts were reported by textile and metal concerns in Utica and by
one of the metal indnstries in Rochester. Rochester clothing factories and
chemicals had reduced payrolls. A large number of workers were laid off
Buffalo.
by automobile factories and railroad shops in
ago
(Preliminary)
April 1
1929.
April 1
1931.
New York State Factory Employment Decreased 1%
During March-Construction Employment Down
•
2803
Financial Chronicle
Volume 134
Percentage Change
February to March 1932.
Industry.
Stone. clay and glass
Miscellaneous stone and minerals.
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating and ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, dm
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, dm
Burs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta pasha
Pearl, horn, bone,.to
Chemicals, oils. paints,.Sco
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods. except Bak
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacoo
Flour, food and cereals
Canning and Preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water, light and power
Total
Total Slate.
N. Y.Ctty.
+1.6
+1.0
+12.1
-6.0
+0.3
-1.4
-3.0
-2.3
-3.4
-1.9
-1.6
-4.2
+0.9
-3.2
-6.9
+7.1
+1.4
-1.2
-4.2
-3.4
-3.2
-11.0
-2.8
-0.2
+10.5
-2.3
-0.4
-0.1
-5.0
+2.1
-0.2
+0.4
+2.4
-1.7
-0.1
-2.7
-0.3
+5.6
-2.0
-0.6
-5.1
-8.4
-3.0
-26.2
+0.3
-3.3
+2.7
-0.6
-0.9
+9.4
+2.8
+13.9
+0.5
-1.3
-0.2
-0.7
+5.5
-3.0
+0.7
-0.5
-3.9
-1.4
+5.6
-1.8
-1.1
+8.3
-0.4
-25.3
-1.3
-0.7
-2.8
-0.3
-0.9
-0.8
4
-1- :9
-2.2
-2.1
+1.6
+4.1
+0.1
-1.5
-0.4
-6.4
-1.9
No change
-2.2
+3.2
-7.1
-3.2
+0.4
+1.9
+3.9
-2.2
-1.8
-2.2
-0.3
+6.9
-1.0
-0.7
-8.6
-12.9
-5.2
-6.0
+4.8
-2.6
+0.7
+10.8
+3.4
+13.9
-1.1
-1.4
-1.8
No change
-1.8
-0.7
-0.3
-6.4
+1.3
-1.3
-1.5
+0.2
Lumber Orders Barely Exceed Production at Half the
Volume Reported a Year Ago.
With production cut nearly to half the volume reported a
year ago,lumber orders received at the mills during the week .
ended April 9 exeeeded the cut by but 8%,it is indicated in
telegraphic reports to the National Lumber Manufacturers
Association from regional lumber manufacturers association3
covering the operations of 655 leading hardwood and softwood mills. The cut of these mills for the week amounted
to 118,872,000 feat. Shipments exceed this figure by 22%.
A week earlier 678 mills reported orders 20% above and
shipments 36% above a cut of 116,860,000 feet. The
situation compared with last year as shown by identical mill
figures for the latest week and the equivalent period in 1931
was for softwoods,434 mills, production 48% less, shipments
37% less and orders 47% less than a year ago; for hardwoods, 165 mills, production 54% less, shipments 38% less
and orders 30% under the volume a year ago.
Lumber orders reported for the week ended April 9 1932,
by 485 softwood mills totaled 115,312,0(X)feet, or 5% above
the production of the same mills. Shipments as reported
for the same week were 132,656,000 feet, or 21% above
production. Production was 109,648,000 feet.
2804
Financial Chronicle
April 16 1932
Reports from 188 hardwood mills give new business as subscribers through a coast-to-coast network of offices have
12,534,000 feet, or 36% above production. Shipments as been arranged as a feature of "Blue Book" service.
reported for the same week were 12,271,000 feet, or 33%
above production. Production was 9,224,000 feet. The Consumpti
on of Crude Rubber by Manufacturers in
Association, in its statement, further reports as follows:
the United States Fell Off During March—Imports
Unfilled Orders.
Gain—Inventories 53.6% Higher Than a Year Ago.
Reports from 414 softwood mills give unfilled orders of 407,984.000 feet,
Consumption of crude rubber by manufacturers in the
on April 9 1932, or the equivalent of 11 days' production. This Is based
upon production of latest calendar year-300
-day year—and zray be United States for the month of March amounted to 27,828
compared with unfilled orders of 481 softwood mills on April 11 1931, of long tons as compared
with 30,011 long tons for February
692.212.000 feet, the equivalent of 16 days' production.
The 384 identical softwood mills report unfilled orders as 399,603.000 1932, and represents a decrease of 7.3% and 15.1% below
feet on April 9 1932, or the equivalent of 11 days' average production, as March 1931, according to statistics released by
The Rubber
compared with 688.249,000 feet, or the equivalent of 18 days' average Manufactur
ers Association, Inc. Imports of crude rubber
production on similar date a year ago. Last week'a production of 434
identical softwood mills was 105,209,000 feet, and a year ago it was 200,- for the month of March totaled 42,382 long tons, an increase
594,000 feet; shipments were respectively 125.912,000 feet and 200.- of 38.7% over February and 5.1% above
March a year ago.
348,000: and orders received 108,111.000 feet and 204.444,000. In the
The Association estimates total domestic stocks of crude
case of hardwoods, 165 identical miii13 reported production last week and a
year ago 7,926.000 feet and 17.140.000: shipments 11,046,000 feet and rubber on hand March 31 at 334,566 long tons, which com17,904.000; and orders 11.476,000 feet and 16,296.000.
pares with Feb. 29 stocks of 322,117. March stocks show
an increase of 3.9% above February of this year and 53.6%
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the follow- above the stocks
of March 31 1931. The participants in the
ing new business, shipments and unfilled orders for 217 mills reporting for
compilation report 44,190 long tons of crude rubber afloat
the week ended April 9:
for the United States ports on March 31 which compares
NEW BUSINESS.
UNSHIPPED ORDERS.
SHIPMENTS.
Feet.
Feet.
Feet.
with 51,728 long tons afloat on Feb. 29 1932 and 47,350
Domestic cargo
Domestic cargo
Coastwise and
delivery ____ 18,189,000 delivery ____ 88,886.000 Intercoastal. 25,802,000 long tons afloat on March 31
1931.
Export
7.432,000 Foreign
46,070,000 Export
13,813.000
Rail
24,435.000 Rail
Local- ______ 4,607,000
68.755.000 Rail
Local
24,219,000
4,607,000
New Plymouth Models—Pri
ces of Pontiac Line of
Total
54,662.000 Total
203,710,000 Total
68,241,000
Six-Cylinder Cars Lower.
Production for the week was 60,388,000 feet.
For the year to April 2. 171 identical mills reported orders 14.7% above
The new series of Plymouth motor cars was introduced
production, and shipments were 18% above production. The
same
number of mills showed a decrease in inventories of 7.9% on April 2, as on April 2 by the Plymouth Motors Corp., a division of
the Chrysler Corp. They include nine body types on two
compared with Jan. 1.
Southern Pine.
wheel-base lengths, ranging in price from $495 to $785.
The Southern Pine Association reported from New Orleans
that for The Plymouth four-cylinder engine develops 65 h.p.,
an
116 mills reporting, shipments were 6% above production, and
orders 3% increase in power over the
below production and 8% below shipment. New business
1931 models. Models offered
taken during
the week amounted to 22,995,000 feet, (previous week
24.633,000 at 119 and their prices are:
mills); shipments 25,095,000 feet, (previous week 28,077.000);
and pro- Business roadster
$495 Four-door, three-window sedan _____ 5635
duction 23.649,000 feet, (previous week 24,238,000). Orders
on band at Business coupe
565 Convertible coupe
645
the end of the week et 99 mills were 62,874,000 feet.
The 103 identical Sport roadster
595 Seven-passenger sedan
725
mills reported a decrease in production of 35%, and in new
595 Convertible sedan
785
business a Sport phaeton
Rumble seat coupe
decrease of 25%, as compared with the same week a year ago.
610
Price reductions ranging up to $50 have been put into
Western Pine.
The Western Pine Association reported from Portland, Ore., that for effect on the Pontiac six-cylinder line, according to R. H.
127 mills reporting, shipments were 47% above production, and orders Grant, Vice-President of General Motors Corp. Pontiac
43% above the production and 2% below shipments. New business taken V-Eigh
t prices remain unchanged. Under the new schedule,
during the week amounted to 35.604.000 feet, (previous week 33,500,000
at 128 mills); shipments 36,393.000 feet, (previous week 39,709.000): and the six-cylinder line is priced as follows:
production 24,834,000 feet. (previous week 21,905.000). Orders on hand
New Price. Old Price.
New Price. Old Price.
at the end of the week at 127 mills were 159.441,000 feet. The 105 identical Coupe
$635
$685 Four-door sedan
$72.5
1785
mills reported a decrease In production of 52%, and in new business a Sport coupe
715
coupe
755 Convertible cou
785
765
Two-door sedan
645
895 Custom sedan
decrease of 27% as compared with the same week a year ago.
825
795
A dispatch from Toledo, Ohio, states that local WillysNorthern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported no Overland dealers
are advertising new Willys-Knight coaches
production from seven mills, shipments 2.184,000 feet and new business
1,384.000 feet. The same number of mills reported a decrease of 46% and coupes at $695 fully equipped. The former prices
in new business, compared with the same week a year ago.
ranged from $820 to $86.
The White Motor Co. has developed a new six-cylinder
Northern hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of truck of 18,000 pounds capacity.
It is adaptable for all
Oshkosh, Wis., reported production from 18 mil's as 777.000 feet. shipments 743,000 and orders 667,000. The 17 identical mills reported pro- around trucking purposes and especially suited for public
duction 62% less and new business 52% less than for thesame week of 1931. utility service, a Cleveland dispatch says.
hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported Production of Pneumatic Casings
and Tubes Exceeded
production from 170 mills as 8.394.000 feet, shipments 10,977,000 and new
Shipments During February.
business 11,619,000. The 148 identical mills reported a decrease of 48%
in production and a decrease of 27% in new business compared with the
According to figures estimated to represent 80% of the
same week last year.
industry, as released by the Rubber Manufacturers AssociaThe Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 18 mills as 830.000 feet, ship- tion, Inc., production of pneumatic casings—balloons and
meats 1.294.000 and orders 915.000. The 17 identical milts reported a cords—and casings during February
1932, exceeded ship79% decrease in production and a 52% decrease in orders, compared with
ments. During this period there were produced a total of
the corresponding week a year ago.
March Credit Inquiries 18% Below Year Ago.
Reflecting closely the general relative activity in the
lumber industry compared with the petiod a year ago,
inquiries to the "Lumbermen's Blue Book" for March were
approximately 18% less than for the month in 1931. Claims
placed for collection showed an increase of 100%, but the
average claim involved about 50% less in amount. Collections continue about the same as a year ago.
March business difficulties reported to the "Blue Book"
and a comparative tabulation for the month a year ago
show:
dforah of March.
Bankruptcies
Receiverships
Assignments
Composition settlements
Extensions
Creditors' committees appointed
1932.
1931.
26
9
9
2
3
3
19
10
4
2
2
The semi-annual issue of the "Blue Book" was distributed
April 1, containing a total of 24,000 changed listings. In
connection with its distribution, it is announced that details
for handling investigations, collections and inquiries from
-3,096,976 pneumatic casings and 9,754 solid and cushion
tires, as against 2,769,988 pneumatic casings and 8,522 solid
and cushion tires in the preceding month and 3,188,274
pneumatic casings and 11,358 solid and cushion tires in the
corresponding period last year. Shipments amounted to
2,042,289 pneumatic casings and 9,541 solid and cushion
tires in February 1932 as compared with 2,602,469 pneumatic casings and 9,488 solid and cushion tires in January
1932 and 2,721,347 pneumatic casings and 12,915 solid and
cushion tires in February last year. Pneumatic casings on
hand at Feb. 29 1932 totaled 7,337,796 as against 6,329,417
a month previous and 7,628,520 at Feb. 28 1931.
Production of balloon and high pressure inner tubes during February 1932 amounted 3,056,988 as against 2,718,508
in the preceding month and 3,132,770 in the same month
in 1931. Shipments declined to 2,182,405 inner tubes during February 1932 from 2,803,369 inner tubes in January
last and also compares with 2,720,135 inner tubes shipped
during February 1931. Inventories increased from 6,175,055
inner tubes at Jan. 31 of this year to 7,007,567 at Feb. 29
1932 and compares with 7,936,773 at Feb. 28 1931.
According to figures based on the above estimates production of pneumatic casings for the month of February, for
liv
100% of the industry, amounted to 3,871,220 units, an
increase of 11.8% as compared with January this year, but
were 2.9% below February 1931, according to the Association, which further reports shipments of pneumatic casings
for February 1932 to be 2,552,861 casings, a decrease of
21.5% under January, and 25.0% below February 1931.
Pneumatic casings on hand Feb. 29 1932 amounted to
9,172,245 units, an increase of 15.9% over January, although
3.8% below Feb. 28 1931. The actual figures are as follows:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS (FROM
FIGURES ESTIMATED TO REPRESENT 100% OF THE INDUSTRY).
Shipments.
Inventory.
Production.
2.552,861
3,253,086
3,401.683
3.871.220
3,462.485
3.985,345
February 1932
January 1932
February 1931
9,172,245
7.911,771
9,535.850
The Association, in its bulletin dated April 11 1932, gave
the following data:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS,.
(From figures estimated to represent 80% of the industml
Inner Tubes.
Pneumatic Casings.
Inventory.
1932
January
February
1931
-
Output.
Inventory.
Shiprunts.
OutPut.
Shi pments.
8,329,417 2,769,988 2,602,469 6,175,055 2.718,508 2.803,369
7,337.798 3,096,976 2,042,789 7,007,567 3,058,988 2.182.405
January
February
7.165.84e
7.628.520
8.011.592
8,025.135
8.249.856
8.357.768
July
7.935.565
August
7.117.037
September
6.526.762
October
6.640.062
November.-- - 6.335.227
December
6,219.776
.March
April
May
June
Total
1930JanuarY
February
March
April
May
June
Ally
August
September__
October
November_ _ _ _
December
2.939.702
3.188.274
3.730.061
3.955.491
4.543,003
4.537.970
3.941.187
3.124.746
2.537.575
2,379.004
2,000,630
2.114,577
2.995.479
2,721.347
3.297.225
3.945,525
4,332,137
4,457.509
4,369.526
3.967.987
3.145.48
2.281.322
2,309.971
2.225.036
7.551.503
9,938,773
8.379.974
8.330,155
8,438,799
8,403.401
7.671.801
7.019.217
6,476.191
6.656.913
8.495.708
8.337.570
9.539,353
9.928.838
10,010.173
10,461,208
10,745.389
10.621.634
9.449,318
8.678.164
7.849,411
7.842,150
7,675,7116
7,202,750
Total
.
3,588,862
3.644,606
3.890.981
4.518,034
4.573,895
4,097.808
3.193,057
3,332,09
2.692.355
2.865.933
2,123.089
2,251,269
2.898.405
3.132.770
3,559.844
3,693,222
4,329.731
4,286.467
3,964.174
3,548,335
2.759,431
2.461,578
1.954.915
2.077.704
3.249,734
2.720.135
3.031,279
3.708.949
4.224.594
4,31 7 543
4.64,164
4.241,.403
3.320.103
2.250.494
2.075.716
2.213.261
38.668.376 4(1.017,175
38.992.220 40.048.552
3,525,404 10.163.267
3,356,104 10,428.968
3,773.865 10.543,028
4.071,822 11.027.711
4.173,177 11.081,523
4.234,994 10.889.444
4.357.836 9.325.602
4.139.900 8.589.304
3,524,141 8,052.121
2.799.440 8.413.578
2.267.465 8.250.432
2.688.960 7.999,477
40 772,378 42.913,108
3.6115,410
3,707,066
3.952.921
4,408,030
4.428,367
3.959,972
3.151.107
3.836,880
3.053,424
3.161,048
2.143,609
2,448,195
3.885.717
3,469.919
3,781.789
3.878.197
4.05/1.847
4.212.082
4,684,182
4.609.1356
3,632.458
2.777.965
2.230.654
2,729.073
41,936 029 43,952.139
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINOS. TUBES, SOLIDS AND CUSHION TIRES
AND OUTPUT OF PASSENGER CABS AND TRUCKS.
Consumption.
Cotton
Fabrics
(80%)
Calendar years:
1926
1927
1928
1929
1930
1931
First 2 months of:
1929
1930
1931
1932
Month of Feb. 1932
2805
Financial Chronicle
Volume 134
(Pounds)
165.963.182
177.979.818
222,243,398
208.824.653
158.812.462
151.143.715
Crude
Rubber
(80%)
(Pounds)
518,043.062
515.994.728
600,413.401
598.994,708
476,755.707
456.615.428
I Production.
Gasoline
(100%)
(Gallons)
10.708.068,000
12.512.976.000
13.633.452,000
14,748.552,000
16.200./494,000
16,941.750.000
Passenger
Cars.
Trucks
(100%) (100%)
3.929.535
3.093,428
4.024.590
4.811.107
2,939.791
2.036,567
535.006
486.952
576.540
810.549
569.271
435,784
802,350 117,237
40,106,011 111.719,165 1,874,628,000
533,809 82.259
28,326,140 82,487,078 2,413,000,000
333.571 73,503
24,740,628 72,970,099 2,224,740,000
200,519 45,446
24,674,525 76.322.527 2,184,210,000
98,604 24,286
12,518,243 39,472,356 1,071,840,000
x These figures include Canadian production and cars assembled abroad the parts
Of which were manufactured in the United States.
Note.
-With the exception of gasoline consumption and car and truck production:
the figures shown above since January 1929 are estimated to represent approximately 80% of the industry as compared with 75% for prior years.
Agricultural Department Report on Winter Wheat,
Rye, &c.
The Department of Agriculture at Washington on April 8
issued its crop report as of April 11932. This report places
the condition of winter wheat on April 1 1932 at 75.8%.
A year ago on the same date the condition was 88.8%. The
10-year average is 80.9%. The condition of rye on April 1
was 79.0% as compared with 81.6% on April 1 1931 and
with 85.2%, the 10-year average.
where abandonment is expected to be light and better than average yields
are in prospect.
While April 1 is too early for an accruate forecast of final production,
an analysis of condition and weather reports indicates a total production
of winter wheat of about 458.000.000 bushels. The actual production
may vary considerably from this early-season estimate, depending upon
whether the effects of future weather up to harvest time prove to be more
or less favorable than the average for past years.
The probable production of hard red winter wheat is reported at about
266.000.000 bushels as compared with 501.000,000 last year; soft red winter
wheat. 155,000.000 bushels, compared with 246.000,000 bushels last year,
and fail-sown white wheat 37,000.000 bushel compared with 41,000,000
last year
Oats.
The condition of oats in 10 Southern States is reported at 67.7% compared with 833% a year ago and an average of 76.5% for the previous six
years. The condition of oats is below average in most of these 10 States.
Both the fall and spring-planted crops suffered from the cold weahter in
March.
Rye.
The condition of rye on April 1 was 79.0% compared with 81.6% a
year ago and an average of 84.1% for the previous five years. The condition of rye is several points below April 1 last year in all the important
rye Stares except Minnesota. Wisconsin and Michigan. No forecast of
production of rye in bushels wil be made until May 10.
Early Potatoes.
The reported condition of the early potato crop in 10 Southern States
on April I was 63% of normal, compared with a condition of 79% on the
same date last year. During the previous seven years the average April I
condition was about 80%. The present condition of 63% is the lowest
recorded during the nine years that thiq ea-ly crop information has been
gathered. The sharp 'oozes and prolonged cold spell during March
damaged and delayed the crop throughout the South. The crop in many
of the most southerly sections was unusually well advanced and was progressing under rather favorable conditions before the freezing weather
struck. The freeze caused considerable damage to vines that were mature
or approaching maturity in Florida and Texas and killed off practically
all vine growth and tender shoots on less advanced plantings. Damage
was most extensive.in the Gulf States and north as far as South Carolina,
only a minor proportion of the crop having broken through the ground in
other States. Some of the frozen acreage had to be replanted: most of the
remaining acreage is expected to be carried through to harvest, and, so
far as can be determined at present, the original acreage reported for this
season does not seem likely to be reduced greatly. If at all. Yields, however, are expected to be much lighter than usual unless subsequent growing conditions should be exceptionally favorable. So far, the weather
following the early March freezes has been too cold and dry to encourage
crop recovery.
Peaches.
On April 1 the condition of peaches In the 10 Southern States was reported at 33.4%, which is the lowest April 1 condition since the beginning
of the inquiry in 1924.
As a result of an unusually mild winter, early varieties of peaches in the
Southern States had come into full bloom by the first week in March and
in many sections the later varieties had begun to bloom or the buds were
conAiderably swollen. From the 5th to the 7th of March a storm swept
across Arkansas. Oklahoma and Texas and then proceeded up the Atlantic
Coast from the Gulf. Temperatures dropped to record low levels for this
period of the year and continued for more than a week. Many sections
in the Southern States reported the lowest March temperatures of record
during the following week ending March 15. In Arkansas. Oklahoma and
Texas. temperatures for the week averaged from 21 to 24 degrees below
normal. Over much of these States all blooms apparently were killed.
In the important peach counties of Arkansas, condition reported would
indicate near failure. Further east. in Georgia and North Carolina, the
average temperatures for the week ending March 15 were less severe. In
north Georgia, where the peaches were considerably advanced, and in
western North Carolina, temperatures averaged 21 degrees below normal
and the crop has apparently suffered considerable damage. In south
Georgia and the important "Sand Hill" area of North Carolina, temperatures ranged around 16 degrees below normal. In these sections the trees
were not so far advanced as in other sections and the damage from the cold
weather was much less severe.
While the April 1 condition reports are a valuable indication of the situation on that date, they cannot ordinarily be interpreted into a definite
forecast of production because of the uncertainty of subsequent growing
conditions, which always have an important bearing upon the size of the
crop.
Pastures.
The condition of pastures on the first of April was below average in
practically all States. For the country as a whole the April 1 condition
Is reported at 73.8% of normal, compared with 76.1% last year and an
average of 82.5% during the previous seven years. The condition is
reported good In the North Atlantic States, the North Central States,
excepting the Dakotas. and in the far Western States and generally poor
In the other sections of the country.
Milk Production.
Milk production per cow in the United States on April I was apparently
about 5% lower than on that date in any of the last four years, and lower
than in any April since 1925, when grain feeding was reduced by the shortage of corn.
Farmers are nearly everywhere milking more than the usual proportion
of the cows and the low level of production per cow is due chiefly to unfavorable weather during March. and to less intensive feeding.
The condition of dairy pastures on April 1 in States where the cows are
Winter Wheat.
normally on pastures by that date was reported as 70.6%, which is subof 458,000.000 bushels is indicated by condition stantially lower than in any of the previous eight years for which records
A winter wheat crop
on April 1. This is 42% below the very large crop of 787,000.000 bushels are available. The effect of the cold weather in retarding the starting of
In 1931, and 17% less than the average of 551,000.000 bushels produced pastures is also keenly felt in the area affected by drouth last summer,
where the feed shortage is acute and where many farmers are not financially
during the five-year period 1924-1928.
The condition of winter wheat on April I was reported at 75.8% of normal. able to purchase feed that is needed. The low price of dairy products
April 1 1931 and the 10-year average of 80.9% continues to be reflected in an abnormally low production per cow in the
compared with 88.8% on
for that date. The April 1 condition and preliminary reports from corre- Northeastern market milk area where farmers are dependent on purchased
spondents indicate an acreage abandonment of nearly 14% for the United grain.
As the number of milk cows on farms continues to increase and is now
-year average abandonment
States as a whole, which compares with the 10
3 Or 4% above the number on hand a year ago, total milk production in the
of 12%.
The condition is below average in the Great Plains area and in the South country as a whole on the first of April appears to have been 1 or 2% less
Atlantic States and Gulf States, and above average in all other sections on the same date last year.
On April 1 the 22.000 crop correspondents who reported the daily
from the Rockies to the Atlantic Coast. Weather conditions during the
profall and winter were generally favorable except in the Great Plains area. duction of their herds, secured an average of 13.65 pounds of milk per day
In that area there was a marked shortage of moisture during the fall and per milk cow on hand, compared with 14.39 pounds on the same date last
winter. In portions of this area the drouth still persists and a rather heavy year and averages ranging from 14.27 to 14.55 on April 1 during the preabandonment of acreage and relatively low yields are indicated. Else- ceding four years.
2806
Financial Chronicle
Between March 1, when the weather was abnormally favorable, and
April I the reported production per cow increased only 11i%. In all the
preceding seven years the reported production per cow increased from 5 to
8% between these dates.
With farmers everywhere doing all they can to increase their incomes, and
with veal calves bringing very low prices, fewer calves are being allowed
with the cows. Crop correspondents report 70. 1% of the cows in their
herds were milked on April 1. The highest previously reported for that
date was the 68.9% reported last year.
April 16 1932
from 3% to 10% by a decree published Jan. 31 1932; it
was further increased to 15% under a decree of Feb. 10
1932;
from 15 to 20% on Fob. 13; lator to 30%, and was raised
March 20 from 30 to 35%; three days later (March 27) the
proportion was advanced to 40%.
France Lowers Wheat Bars-Ratio of Home-Grown
Eggs.
Cereal in Bread Cut to 60%.
The low prices for eggs and the heavy layings during the winter are having effect. Fewer eggs were laid per hundred hens on April 1 this year
Under date of March 27 Associated Press advices
than on that day in any one of the past seven years. This marks the end
from
of an uninterrupted record of ten months in which layings were above the Paris to the New York "Herald Tribune" said:
average number per hen, and including six months from September to
The Ministry of Agriculture reduced the amount of French
-grown wheat
February during which the number laid per hen was the highest in the required to be used in bread flour from 65%
to 60% to-day. The amount
eight years' record for those months.
of foreign wheat permitted to housed was raised a week ago
to 35%•
The number of eggs laid on April 1 was about 7% less than last April
It was explained at that time that three poor wheat harvests
in succession
In the North Central States. The number laid was from 10 to
20% less had led to a decrease in the supply of domestic wheat, which was much
In Wisconsin. Iowa, Minnesota and the Dakotas, and only slightly less below the average and had been used up more
rapidly than usual.
than last April in the other States of that group. The April 1 layings per
hen were about the same as last year in the South, but they were from
5 to 10% less in the North Atlantic and Far Western States.
German Group Buys Yugoslavian Wheat
-Arranges
The number of hens on April 1 appears from preliminary reports to
be
Reciprocal Purchases of Manufactured Goods.
about 3% less than a year ago, so that the total production of eggs would
appear to have fallen off about 7% from last April.
Under date of April 3 Associated Press advices from
Belgrade said:
Farm Labor.
The index of the general level of farm wages on April 1 was 94.2%
Financial circles here to-day heard that the Federation of
of
German Industhe 1910-1914 average. This represents a 3.8 point decline, or nearly
4%, try had bought $5,000,000 worth of Yugoslavian wheat under an agreement
from the January index, and is the second time on record that the usual whereby the same amount is to
be spent on German manufactured
goods
seasonal increase has failed to materialize. During the five years
pre- imported into this country.
ceding 1930 the index advanced from 3.2 to 6.8 points from January to
Under the contract, Yugoslavian importers will pay for
one-fourth of
April and the average increase for the five years 1926-1930 was 4.7 points. the imported goods in 1934
and the rest in 1936.
In 1931 for the first time the index moved contrary to the usual seasonal
change and declined 2.6 points between January and April.
The decline in farm wages was general for all classes of fram labor and
Egypt Increases Import Duties on Wheat Flour and
In practically all sections of the country. Accompanying this decline in
wages was a further increase in the supply of farm labor and a seasonal
Other Products.
Increase in demand; however, these two factors are still considerably
out
Effective March 31, the Egyptian Government increased
of adjustment. Supply expressed as a percentage of demand on April
1 the import duties
on certain articles, including wheat flour
was 193.4%.
The number of persons employed on farms of crop reporters on April I on which the rates were increased by
140 milliemes per 100
was reported at 313 per 100 farms as compared with 296 reported on Jan. 1. kilos
(about 31c. per 100 pounds), it is stated in a cablegram
This increase in the number of persons employed is the result of an increase
received in the Department of Commerce from Commercial
in family labor, which was reported at 230 persons per 100 farms on
April 1
as compared with 211 per 100 farms on Jan. 1. Hired labor declined from Attache Charles E. Dickerson at Cairo.
The Department
85 per 100 farms on Jan. 1 to 83 per 100 on April 1.
on April further
5
WINTER WHEAT.
condition (Per Cent).
Aped 1.
Stale.
Peoduction (Bushels).
Harvested.
ypo00,1,1t0,1 C
n.00,1 C
000C000,1
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota_
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina_
Georgia
Kentucky
Tennessee
Alabama
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington _
Oregon
California
Other States
O,
CnO3C0 , ,
1COO 1 ,
1,10,00.C.006,0,00
4C.4.1 ..14.00,
,
Nils, 4.0
0cn co Co
Dec. 110-Yr.
1931. Aver.
-Year
5
1919- 1931. 1932.
Average
1928.
1924-1928.
1931.
Indicated
bp
Condition
April 1
1932.
87
89
86
5,431,000
5,126,000 3,600,000
87
89
89
1,215.000 1,323,000
•
86
67
89
20,375,000 19,756,000 15,700.000
74
92
88
27,219.000 50.534,000 29,600,000
75
93
83
25,199,000 43,072,000 22,800.000
79
88
81
32,078,000 43,140,000 23,000,000
84
82
86
17,138.000 18,226,000 13,800,000
86
80
84
1,357,000
456,000
•
84
80
84
3,024,000 3,192,000 2,500,000
89
84
83
7,552.000 6,826,000 5,000,000
81
92
80
19,906.000 29,800,000 19,900,000
82
86
82
1,361,000 1,166,000 4,200.000
84
92
67
52,456,000 57,431,000 28,000,000
78
93
64 135,180,000 239,742,000 98,500,000
89
77
85
1,885,000 2,138,000
86
58
87
9,638,000 9,696,000 6,800,000
84
70
84
9,373,000 13,266,000 8,000,000
81
66
87
1,826,000 2,373,000
•
88
85
78
5,211,000 4,407,000 4,800,000
82
76
72
723,000
689.000
*
81
79
76
1,101,000
637,000
•
78
87
84
2,773,000 4,840,000 3,400,000
81
87
81
4,635,000
4,410,000 3,100,000
81
88
75
70.000
50,000
83
93
80
350,000
475,000
•
81
87
74
50,566,000 74,919,000 38,000,000
79
90
76
20,944,000 57.433,000 35,500,000
80
80
71
9,489,000 4,120,000 5,200,000
91
93
87
10,253,000 12,114,000 13,500,000
88
89
74
777,000 1,449,000
81
88
52
13,289.000 14,616,000 6.600,000
73
93
79
1,826,000 4,626,000 2,500,000
96
91
89
1,015,000
672,000
94
88
88
2,940,000 3,104,000 3,700,000
94
92
87
100,000
66,000
83
92
83
24,306,000 29,832,000 26,000,000
94
87
91
16,150,000 15,202,000 16,500,000
86
79
84
11,830.000 6,475,000 10,000,000
------7,770.000
United 8tarr,
794 80.9 88.8 75.8 550.636.000 787.465,000 457,970.000
• Included below in 'Other States" and in United States total.
Italian Wheat Quota Raised.
The following is from the"Wall Street" Journal of April 14:
Italian Government decree, effective April 26, will increase the amount
of bread and durum wheats of fine grachs permitted entrance into that
country 10% to 25%. This is the third successive upward revision of the
quota system this season. New quota rates will be as follows: For bread
wheat, northern and central areas,60% (foreign wheat allowed in);southern,
85%; for durum wheat, northern and central areas, 90%; southern,
85%•
said:
The import duties on flour are based on a sliding scale depending on the
quotation in shillings of Australian flour at Egyptian ports. When Australian flour is quoted (at Egyptian ports) at 100 shillings
or less per metric
ton, the new duty is fixed at 1010 milliemes per 100 kilos gross;
for each 5
shillings advance in the quotation above 100 shillings, the duty is
decreased
on a varying scale by 20 or 30 milliemes; and when the quotation
reaches
200 shillings or more, the duty reaches the minimum rate of 550 milliemes
per
100 kilos.
(The Egyptian pound, consisting of 1,000 milliemes. is valued at
$4.94.
Decline in World's Visible Supply of Coffee.
For the fourth consecutive month the world's visible supply of coffee has been shrinking, according to the New York
Coffee and Sugar Exchange, which states:
The visible supply on April 1, not including the "restricted coffee," was
5,619,697 bags, compared with 5,851,703 bags on March 1. The total
on April 1 1931 was 5,963,351 bags.
World consumption of coffee held up fairly well for the nine months
from July 1 1931 to April 1 1932. The consumption for that period was
17,877,259 bags, a decreased of 21
h% when compared with 18,317,563 hags
consumed in the first nine months of the crop year of 1930-31, which was
of record proportions.
It is announced by the Statistical Department of the Exchange that the
destruction' of coffee by the National Coffee Council in Brazil had passed
the 4,000,000-bag mark by April 1.
Bids on Sugar Stabilization Bonds-Cuban and Bank
Officials Receive Offers at 72 to Par.
Forty-nine offers, totaling $3,314,320, for surrender
for amortization of $954,520.87 of sugar stabilization bonds,
also known as Chadbourne bonds, were opened at Havana
on April 1 in the presence of representatives of the Cuban
Government, according to Louis Rosenthal, a Vice-President
of the Chase National Bank of New York. A cablegram
from Havana April 1 to the New York "Times" indicating
this said:
Bids also were opened at the bank's main offices in New York, witnessed
by the Cuban Consul there.
The offers here ranged from 72 to par, with most of the bondholders
willing to turn in their securities at 75 to 80.
'rho $954,520.87 represents a remnant left over after the amortization
of about $5,000,000 of the bonds in November, 1931, about one-seventh
of the amount then outstanding. The original authorized issue was $40,000.000. The bonds are secured by stores of sugar segregated under
the
Chadbourne stabilization plan, and funds derived front the sale
of such
sugar are set aside for amortization.
France Further Increases Proportion of Foreign Wheat
Java Sugar Situation-Companies Reported as MortPermitted in Domestic Milling.
gaging Their Stocks With Banks.
The maximum proportion of foreign wheat permitted to
The following from Amsterdam April 12 is from the New
be used in the milling of flour in France was increased from
York "Times":
40% to 45% by a decree published in the French "Journal
The situation in the Java sugar industry is getting worse, as
evidenced by
Officiel" for April 2 1932, according to a radiogram from the increase in loans on sugar stocks. Numerous
companies have mortgaged
Commercial Attache Fayette W. Allport, Paris, to the their stocks with the banks.
If the slump continues many Dutch East Indies sugar concerns probably
Department of Commerce. The proportion was increased
will pass into the hands of their creditors.
Volume 134
Financial Chronicle
2807
The consumption of other cotton amounted to 1,555,000 bales showing
Criticism of Cuban Sugar Bloc at Hearing in Washing- little change from the previous 12 month period.
Before Tariff Commission—Will Destroy Amerton
ican Refiners Unless Latter Are Protected, Is As- Passing of Dividends by Ford European Companies
sertion.
Said to Have Been Recommended by Henry Ford—
Associated Press advices as follows from Washington
But Head of British Company Says All Except
April 12, are taken from the New York "Evening Post":
German Branch Earned Them—Funds to Be
would levy
The assertion by Cuban interests that a higher tariff on sugar
Conserved.
before the
$72,000,000 tax on American consumers was countered to-day
a
refineries and growers
A cablegram, as follows, from London, April 8, is from the
Tariff Commission with the statement that American
protection is given them.
would be destroyed in nine years unless additional
New York "Times":
outset of the hearing, the jurisdiction of the Commission was chal-
At the
other Cuban
lenged by Daniel C. Roper,representing the Hershey Corp. and
of refined
companies, who declared that the tariff law makes no definition
approximately forty American
sugar, on which a higher duty is sought by
refiners.
being
Cost of production was not included in the testimony, the hearing
confined solely to the adequacy of the present differential between raw and
processed sugar.
Co.
Wilbur L. Cummings. representing the National Sugar Refining
refining
and a large group of other American concerns, testified the Cuban
would become big
Industry was a growing "Frankenstein" which soon
enough to destroy American refiners and producers unless checked by added
tariff duties.
He pointed out that with Cuba enjoying a 20% preferential discount
rate in exports to the United States, Cuban refining of sugar has increased
more than 100% annually since 1926 and that now the capacity of the Cuban
plants is sufficient to supply all of the United States. He added that 99%
of all American sugar imports come from Cuba.
He added that the flexible provision of the tariff law has been "created by
Congress for just such an emergency as this."
The passing of dividends for 1931 by the Ford European companies
was a policy recommended by Henry Ford himself rather than a result of
necessity, Sir Percival Perry, Chairman of the British company, told
shareholders to-day. Although the company had experienced a setback
in British domestic business, he said the reaction was not so severe as in
the foreign trade.
The French company's accounts, Sir Percival added, would show a profit
more than sufficient to pay dividends equal to 1930. The German company showed losses, but in other countries the profits, although reduced,
were sufficient to maintain dividends equal to the respective payments
in the previous year.
The current issue of "The Economist" makes a close examination of the
Ford accounts, saying it now appears that Mr. Ford's great venture at
Dagenham "was launched sufficiently in advance of the world slump to
allow completion of its effective organization, but not to assure it immediately of its market."
The problem is how to dispose of the 200,000 cars yearly which the
Dagenham plant is designed to produce, says "The Economist." The
standard model competes in a market in which only 45,000 cars of all
makes were sold last year, and the new baby eight-horsepower car competes against the Austin and the Morris in a market which seems to have
reached the saturation point at 40,000 cars yearly, it is stated.
"The Economist" predicts that the Dagenham plant will be running
smoothly soon and that the Continental companies will virtually cease to
get supplies of parts from Detroit. As another cardinal feature of the
Ford policy, while the depression endures, the European liquid resources
will be strictly conserved, says "The Economist."
New Low Sugar Records on New York Coffee and
Sugar Exchange—Reduction in Refined Sugar
Price.
The sugar market broke sharply during the week of April
8, making new record lows almost daily. Net declines for the
week on the New York Coffee and Sugar Exchange were
10 to 13 points. Friday's close (April 8)found the May posi- World Consumption of American Cotton in February
Greater Than in Same Month Last Year According
tion at .61 cents a pound, the lowest price in the history of
to New York Cotton Exchange Service.
the Exchange. The advices from the latter April 8 added:
Raw sugar was being offered in the cost and freight market at 2.60 cents a
World consumption of American cotton in February
pound, duty paid. This is equivalent to .60 cents a pound for Cuban raw
approximately 1,051,000 bales compared with 1,069,sugar, which is subject to a duty of 2 cents a pound. At a price of .60 cents totaled
which is the lowest in the history of sugar, Cuban producers cannot afford 000 in January and 898,000 in February last season, accordto sell. It is estimated that the cost of putting the raw sugar into bags and ing to the New York Cotton Exchange Service. Total
transporting it to New York is .49 cents a pound. This leaves about onetenth of a cent to the producer to pay him for the season's work; the paying consumption in the seven months of the season to February
of his labor; the cost of grinding the cane into raw sugar; his investment and 29 was approximately 7,201,000 bales, against 6,275,000
financial charges, and all the other producing expenses. Sales of raw sugar
in the same period last season. Under date of April 12 the
In recent days have been chiefly the pressing of distress cargoes of duty-free
sugars from the Philippines and Porto Rico. The weakness in the stock Exchange service also says:
market during the week was an important contributing influence on sugar
prices.
The increase in February over February last year was about 153,000
bales or 17% The increase in the seven months ending Feb. 29 over
As to reduction in refined sugar prices we quote the fol- the same period last season was 926,000 bales or 15%. An important
factor contributing to restriction of consumption in February was the
lowing from the New York "Times" of April 6:
hostilities at Shanghai, which reduced the spinning of the American staple
The outstanding development of the day was the decision of several of in China by about 60,000 bales compared with the monthly average in
the largest refiners to reduce their price 10 points to 3.90 cents a pound. December and January,
retroactive to yesterday morning. . . .
The reduction in refined sugar was the second in less than a month.
Among the companies which announced the reduction are the American Egyptian Government's Efforts to Dispose of Portion
Sugar Refining Co.. the National Sugar Refining Co., Pennsylvania Sugar
of Holdings in Europe—Transaction Concluded
and McCann Sugar. Arbuckle Brothers did not announce the change
with Hungarian Government.
yesterday, and some small companies waited to see what action this
company would take, although most have already fallen in line.
The Egyptian Government is making strenuous efforts to
dispose of a portion of its holdings of cotton in Europe,accordLarger World Cotton Consumption in 1931, According ing to advices received by the New York Cotton Exchange
to Report of International Cotton Federation.
Service, which, under date of April 12, said:
It has concluded a transaction with the Hungarian Government which
The consumption of raw cotton in the spinning mills of the
the gradual shipment of 16,000 bales of Egyptian cotton to
principal countries showed an increase of more than 200,000 provides for has consigned large amounts of cotton to indLidual merchant
Hungary,it
bales for the 12 months ending Jan. 31 1932 over the con- firms in Germany to be sold to German spinners, and it is reported to be
and Austrian spinners for the
sumption for the 12 months ending Jan. 31 1931, according negotiating with the Austrian Government reported that negotiations will
shipment of 12,000 bales to Austria. It is
to a report received by the Department of Commerce from be started also with Czecho-Slovakia and Poland.
With regard to the consignments to Germany. it is understood that
the International Cotton Federation. The consumption of
this cotton with spinners who have
all cotton in the countries representing about 85% of the special efforts are being made to place with a view to acquainting such
not heretofore used Egyptian cotton,
world total amounted to 18,120,000 bales compared with spinners with the spinning possibilities of the Egyptian staple. The pro17,900,000 bales for the previous 12 month period, says the posed arrangement with Austria is that the Austrian spinners would pay
institution in
Department of Commerce announcement March 30, which the purchase price in Austrian currency to a central credit
Austria immediately on receipt of the cotton, and the Austrian credit incurrency within
continued:
stitution would pay the purchase price to Egypt in Egyptian
The International Cotton Federation has not received returns from China
and from the Soviet Union for the six months ending Jan. 31 1932 and the
figures for these countries, representing about 15% of the world consumption, were therefore excluded from the total.
In the above total, the figures for American cotton are in running bales as
reported by the Federation but the figures for foreign cotton were converted
to equivalent bales of 600 pounds gross.
Europe showed a decrease of about 270.000 bales but the consumption in
India, Japan and the United States increased.
The consumption of American cotton for the 12 month period amounted
to about 11,120,000 bales, according to the International Cotton Federation,
showing an increase of 334,000 bales over the preceding 12 month period.
The consumption of American cotton in Europe decreased but on the other
hand the consumption in Japan, India and the United States showed an
increase.
The consumption of Egyptian cotton, amounting to 1,317,000 bales
the preceding 12 month
showed an increase of about 133,000 bales over
mainly in Europe. India and Japan
period, the increase having taken place
States
with a decrease registered in the United
on the other hand,showed a decrease
The consumption of Indian cotton.
consumption for the 12 months ending Jan. 31 1932
of 348,000 bales the
decrease in the consumption of Indian
having totaled 4,123,000 bales. The
India herself where a slight increase
cotton was general with the exception of
Was registered.
two years. By this arrangement Egypt would give Austria a two years'
credit. In the meantime the credit institution in Austria or the Austrian
Government would issue bonds and give them to Egypt as security.
A recent report of the Exchange at Alexandria showed 2.179.538 cantors,
or approximately 290,000 bales, of cotton belonging to the Egyptian Government, in store at Alexandria. This constituted about 40% of the stock at
Alexandria.
Consumption of American Cotton by China Mills.
Consumption of American cotton by mills of China during
the first half of the current season, from Aug. 1 to Jan. 31,
totaled 432,000 bales, according to the official report of
the Chinese Mil'owners' Association received on April 12
by cablegram by the New York Cotton Exchange Service.
The latter states:
The consumption by China was previously estimated by the International Federation of Master Cotton Spinners at 250,000 bales, and was
estimated by the New York Cotton Exchange Service at 464.000. Publication of the official figures of the Chinese hIlliowners' Association was
delayed by the hostilities at Shanghai. The official figures for China are
regarded as confirming the estimate of the Cotton Exchange Service on
2808
Financial Chronicle
April 16 1932
Census Report on Cotton Consumed in March.
Under date of April 14 1932 the Census Bureau issued its.
report showing cotton consumed in the United States,
Japanese Cotton Spinners Association Limits
cotton on hand, active cotton spindles and imports and
Production Until September 30.
exports of cotton for the month of March 1932 and 1931.
Advices received April 4 by the Department of Com- Cotton consumed
amounted to 488,655 bales of lint and
merce at Washington from Commercial Attache H. A. 54,229 bales of linters, compared
with 450,018 bales of lint
Butts at Tokio said:
and 52,764 bales of linters in February 1932 and 490,509 bales
Cotton Spinners Association is continuing to limit production by 31.4%
of lint and 64,003 bales of linters in March 1931. It will
of capacity until Sept. 30. It also raised the penalty on new spindle
installations.
be seen that there is a decrease under March 1931 in the
total lint and linters combined of 11,628 bales, or 2.0%.
Japan Best Foreign Customer for U. S. Raw Cotton
- The following is the official statement:
Total Purchases In 1931 by Empire Spinners Larger
MARCH REPORT OP COTTON CONSUMED, ON HAND,IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
Than in 1930.
(Cotton in running bales, counting round as half bales, except foreign, which
it
Japan was the best foreign customer of American raw cotin 500
-pound bales.)
ton in 1931, and purchased 1,740,711 bales valued at $79,Cotton Consumed
Cotton on Hand
587,000,according to a reportfrom Consul Howard Donovan,
DuringMarch 31
Cotton
Kobe, made public by the Commerce Department on April
Eight
In Con- In Public Spindles
Year
Months suming Siovage
5. The Department's announcement says:
Active
Ended Establishworld consumption of American cotton during the first half of this season,
putting it at 6,150,000 bales.
db air
During
This is an increase of 97% in quantity and 21% in value over 1930
March Mar. 31 ments.
presses. March.
(bales) (bales)
(bales)
figures. Shipments to Japan in 1931 were the highest ever recorded.
(bales) (Number)
The best previous year was 1927.
United States
f 1932 488,655 3,569,945 1,566,205 8.768.979 24,818,008
Germany was in second position as a raw cotton buyer and purchased
1 1931 490,509 3.384,135 1,478.120 6.657.807 26,504,132
1.330.268 bales valued at $63,152,000. Exports from the United States
Cotton-growing States
1932 398.021 2.921,328 1.245.3538.356,391 16.994.714
to Great Britain totaled 797,753 bales and were valued at $36,516,000.
1931 383.768 2,685,213 1,090,667 6,253,218 17,155.748
Japan retained the position of leadership in the first two months of New England States
1932 78,056 529.573 286,970 203,096 8.888,398
1932, the report stated. In January and February, 306,253 and 396.006
1931 90,180 583,392 321.906 160,605 8,416.848
1932 14,578 119.044
bales were shipped to Japan from the United States. In the same months All other States
53,882 207,492
934,898
1931 16,583 115,530
65,547 243,984
of 1931, 158.607 and 96.014 bales were taken respectively.
931,538
Included Above
-The bulk of Japan's imports of raw cotton and its exports of piece goods Egyptian cotton
54,488
1932 8,251
28,268
11,332
move through the ports of Kobe and Osaka. These two cities are so closely
69.064
1931 8,774
59.930
23.129
1932 3,725
30.671
24,549
allied and so interdependent in foreign trade that they may be regarded Other foreign cotton
6,628
1931 7,711
51,108
26,341
16,857
as a single industrial and commercial district. Cotton spinning and AmericanEgyptian cotton 1932 1,131
9,877
6.322
13,315
weaving comprise the most important factory industry in Japan.
1931 1,745
9,464
6.099
13.188
Not Included Above
Although the Japanese cotton spinning industry voluntarily reduced its
I 1932 54,229 440.250 304.859
53,94
output about 30% during the year, Japan imported a total of 1.452,000.000 Linters
1 1931 84.003 453,651 293.508
88.70
pounds of raw cotton, an increase of 189.000.000 pounds or 15% compared
with the 1930 receipts of 1,263.000.000 pounds. The 1931 total also was
Imports of Foreign Cotton (500
-lb. Bales).
about 8% greater than 1929 imports.
The United States supplied 48% of Japan's importation of raw cotton
Country of Production.
March
8 Mos. End. Mar. 31.
in 1931 and India supplied about 42%. In the previous year, India sold
1932.
1931.
more cotton to Japan than did the United States.
1932.
1931.
Egypt
5,985
2,178
27.484
7,720.
Peru
303
195
1,474
1,088
224
Census Report on Cottonseed Oil Production During China
2,647
4,336
20,428
Mexico
1,305
1,827
20,340
3,329
British India
March.
1,016
3.397
11,311
18,070
All other
305
22
1,133
1,010
On April 12 the Bureau of the Census issued the following
Total
10,128
10.286
68.078
51,643
statement showing cotton sead received, crushed, and on
hand, and cottonseed products manufactured, shipped out,
on hand and exported for eight months ended March 31
1932 and 1931:
Exports of Domestic Cotton, Excluding Linters
(Running Bales-See Note for Linters).
Country to 1Vhich•Ezported.
State.
Received at Mills.*
Crushed
On Hand at Mills
Aug. 1 to March 31. Aug. 1 to March 31.
March 31.
1932.
Alabama_
Arizona_
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
1931.
1932.
1931.
1932. I
343.863 391.473 317,639 376,933
28.893
47,824
63,906
40.888
64,103
8.985
511.146 248.821 422,365 235,150
79,378
78.853 125,904
73,032 108,089
7.021
401,378 642.456 359,892 610.969
42,885
242,033 201,187 230,244 197,787
12,441
695,274 559,742 598,410 535,315
97.945
238.972 283,144 213,883 279,809
26.096
374,637 247,579 331,338 245.466
42,094
202,439 264,632 187.188 259.237
16,156
474,117 255.869 384,250 238,792 110,095
1,598,488 1,224,174 1,383,726 1,192,719 227,955
75,374
63,521
67,022
63.096
8.403
1931.
14.806
49
16,521
25,955
32.216
4.070
34.402
3.899
4,395
5,789
19.672
48,158
427
United States
5.234.303 4.572.133 4.589.877 4.407.445 704.327 210.159
* Includes seed destroyed at mills but not 24.784 tons and 45,434 tons on hand
Aug. 1 nor 37,769 tons and 60.618 tons re-shipped tor 1932 and 931. respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
March 31.
Shipped Out
Aug. 110
March 31.
On Hand
March 31.
Crude oil
1931-32
.8,086.071 1,439.224,613 1,352.353.005 .129,328,419
(pounds)
7,893,957 1,340,593,514 1,295,245,153
1930-31
71,148,309
Refined oil
1931-32 a277,836,530 81188,676.869
a682,488,502
1930-31 301,609,092 1,164,273,334
(POunde)
493,759,990
Cake and meal. 1931-32
2,001,205
2,058,620
146.888
204,303
55.352
2,010,708
1930-31
(tons)
1,763,557
302,503
1,289,467
1931-32
1,120,571
47,723
Hulls
216.619
1,218.418
1,134,561
28,495
1930-31
112,352
(tons)
Iwo -32
735.498
175.904
629.863
Linters
281,539
135,220
766.764
805,237
(running bales) 1930-31
296,747
3,564
1931-32
28,554
Hull fiber
24,899
7,419
46,345
2.859
(500-lb. bales) 1930-31
43,790
5,214
Grabbots,motes.
12,475
25,718
17,570
&c. (500-1b. 1931-32
20,623
12.776
1930-31
32.087
bales)
23,017
21,846
•Includes 3,267,812 and 11.867.192 pounds held by refining and manufacturing
establishments and 3,011,840 and 28,783,200 pounds in transit to refiners and
consumers Aug. I 1931 and March 31 1932, respectively.
a Includes 4,207,734 and 3,820,954 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments
and 3,585,902 and 1,767,905 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, dc., Aug. 1 1931 and March 311932, respectively.
b Produced from 1,281,532,032 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR SEVEN MONTHS ENDED
FEB. 29.
Dem.
-Crude, pounds
Oil
Refined. pounds
Cake and meal, tons of 2,000 pounds
Linters, running bal(83
1932.
9.476,572
3,872,026
175,861
87,325
1931.
6,189,293
10,588,430
29,965
72,155
March.
1932.
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
1931.
8 Mos. End. Mar. 31.
1932.
1931.
121,193
88.795
45.882
171,842
81,048
270.212
150.375
64,993
983,894
926,753
57.688
333,494
845,115
43.468
488,872
387.801
153.727 1,240,191 1,386,147
56.832
587,749
555,233
178,254 1.965,512
910,873
51,719 1,256.538
508.076
Total
027.127
605.461 6.854,050 5,517,798
Note.
-Linters exported, not included above, were 11,708 bales
in 1032 and 10,456 bales in 1931: 70,033 bales for the eight months during March
in 1932 and 82,811 bales In 1931. The distribution for March 1932ended March 31
Kingdom, 465: Netherlands, 1,287: Belgium, 201: France, 1,098: follows: United
Germany, 5,814:
Canada, 1,420; Japan, 1,402: Panama, 23.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters,
grown
as compiled from various sources was 25,304.000 bales, counting American In 1930,
in running
bales and foreign in bales of 478 pounds lint, while the consumption
of
sive of linters in the United States) for the year ended July 31 1931cotton (excluwas approximately 22,402,000 bales. The total number of spinning cotton spindles,
both active
and idle Is about 162,000,000.
Production, Sales and Shipments of Cotton Cloths
During March and First Quarter of 1932, as Re-.
ported by Association of Cotton Textile Merchants
of New York.
An additional service to the cotton textile industry in the
form of quarterly statistical reports on production, shipments and sales of carded cotton cloths is being initiated
through figures made public April 14 by the Association of
Cotton Textile Merchants of New York. This
compilation is expected to satisfy the repeated demand for a
broader analysis than can be secured in the monthly
reports.
The report made by the Association follows:
Production during the first quarter of 1932 was
762.301,000 yards.
Shipments were 793,318,000 yards, or 104.1% of
production. Sales were
749,442.000 yards, or 98.3% of production. Stocks
on hand decreased
from 290,248,000 yards on Jan. 1 to 259,231,000
yards on March 31, or
10.7%. Unfilled orders declined from 322,039,000
yards on Jan. 1 to
278,163,000 yards on March 31, or 13.6%.
March statistics confirm recent trade comment on the hand-to-mouth
character of buying in that month. Shipments were
265,675,000 yards.
equivalent to 93.1% of production for the five-weeks period. Sales were
165.850,000 yards, or 58.1% of production. Production was 285,252,000
yards, or at the rate of 57.050,000 yards weekly.
These statistics are compiled from data supplied by 23 groups of manufacturers and selling agents reporting to the Association of Cotton Textile
Merchants of New York and the Cotton-Textile Institute, Inc. These
groups report on more than 300 classifications of carded cotton cloths and
represent the major portion of the production of these fabrics in the Uniteds
tates.
Volume 134
Financial Chronicle
Production Statistics.
The following statistics cover upward of 300 classifications or constructions of carded cotton cloths and represent the major portion of the production of these fabrics in the United States. This report represents yardage reported to our Association and the Cotton-Textile Institute, Inc.
It is a consolidation of the same 23 groups covered by our reports since
October, 1927. The figures for the first quarter cover a period of 13 weeks
and for the month of March five weeks.
First Quarter of 1932
March 1932
(13 Weeks)
(5 Weeks)
Production was
762,301.000 yards
285,252.000 yards
Sales were
165.850,000 yards
749,442,000 yards
Ratio of sales to production
98.3%
58.1%
Shipments were
265,675,000 yards
793,318.000 yards
Ratio of shipments to production_
104.1%
93.1%
Stocks on hand at start
239,654.000 yards
290,248,000 Yards
Stockson hand at end
259,231.000 yards
259,231,000 yards
Change in stocks
Increase 8.2%
Decrease 10.7%
Unfilled orders at start
322,039,000 yards
377.988.000 yards
Unfilled orders at end
278,163,000 yards
278.163,000 yards
Change in unfilled orders
Decrease 26.4%
Decrease 13.6%
New Hampshire Governor Urges Conference on Conditions in Textile Industry—Invites Ten Other State
Executives to Join in Plea for Federal Action.
Governor John G. Winant has invited the Governors of
ten other States to join him in requesting the Department
of Commerce to call a national conference at Washington to
consider the labor situation in the textile industry. This is
learned from Concord (N. H.) advices April 11 to the
"United States Daily," which further reported:
The message was sent to the Governors of Maine, Massachusetts. Rhode
Island, Connecticut, Virginia, North Carolina, South Carolina, Georgia,
Alabama and Tennessee. It follows in full text:
The present. limited buying of goods is forcing severe competition that
Is resulting in drastic wage cuts in Industries in which the wage levels
even prior to the present industrial distress permitted for little more than
the purchase of the bare necessities of family life. This has not only led
to human suffering among employees but also definitely reacts on community life.
Need for State Aid Cited.
The law in my State requires that persons poor and unable to support
themselves shall be relieved and maintained. The Legislature made this
humane action mandatory. The bare cost to the community to supply
families with necessities that simply maintain life approaches earned wages
In this class of industries.
Men and women working part time and even in some instances long
hours are little better off than those applying for pauper aid. As the
differential between what a working wage earner receives for work done
and what an unemployed person is receiving from tax monies narrows so
that employed and unemployed receive alike the burden on society inmaws as more and more half broken people are tempted to accept doles
rather than earn wages.
To do less for the unemployed than to prevent freezing and starvation
is impossible in a civilized community. The hope of rectifying this condition is in maintaining a wage scale which permits a living wage.
National Conference Asked.
The Government encourages free competition and forbids price control
in order to prevent the exploitation of people through fixed prices under
combinations in restraint of trade. The time has come, however, when
certain industries must so organize their business as to eliminate the
exploitation of labor as a competitive weapon. This particularly applies
to the textile industry.
Would you join with me and other governors from textile States in requesting the Department of Commerce to call a national conference at
Washington Inviting the textile industries to discuss this vital problem?
I would very much appreciate your consideration of this matter and the
courtesy of a telegraphic reply.
Salaries to Be Reduced 10% by Atlas Powder Compan.
—Five Day Week to Be Inaugurated May 1.
A 10% reduction in salaries of the entire salaried personnel of the Atlas Powder Co. and its wholly owned subsidiary companies, effective May 1, was announced by the
company on April 7. At the same time (May 1) the company will go on a five-day week, Saturdays being eliminated
as a working day.
Operations Resumed by International Paper Companyy
Associated Press accounts from Cornerbrook, N. F., April
7, stated that "The International Paper Company mill resumed operations to-day. Work had been interrupted by a
strike."
Members of New York Hide Exchange Vote in Favor
of Amendments to By-Laws to Provide for Trading
in "New Contract.!'
Members of the New York Hide Exchange voted on
April 8 in favor of adopting amendments to the by-jaws
including provisions for trading in a "New" contract.
Business in the "New" contract commenced on Monday,
April 11; the first delivery month will be June 1932, while
the last delivery month for trading in the present contracts
will be March 1933.
New Low Records on New York Hide Exchange in
Week of April 8.
Prices for raw hide futures broke from the lowest levels
in the history of the New York Hide Exchange, establishing
new low records on three consecutive days during the
2809
week ended April 8 and at the end of the period registered
net losses of from 65 to 80 points. As a result of an almost
continuous decline during the past month,says the Exchange,
hide futures values have shrunk more than 35% in that time.
The Exchange on April 9 further said:
Liquidation stimulated by the weakness in the domestic and Argentine
hide market, along with the sharp downward movement in the securities
market forced hide futures values steadily lower the past week in the face
of fair volume of short covering and new long buying.
Petroleum and Its Products—Widespread Price Advances Continue in Crude Centers—Subsidiary
of Standard of New Jersey Meets Higher Schedule,
Eliminating Possibility of Price Collapse.
Higher price schedules for crude oil became firmly established this week when Carter Oil Co., subsidiary of Standard
Oil Co. of New Jersey, posted a price of $1 a barrel for
Oklahoma and Kansas crude. The action of the Standard
subsidiary in following the lead of Continental Oil Co. removed the possibility of a, collapse of the new postings, and
was so greeted throughout all producing territories. Carter's
new schedule became effective as of April 11.
Other price advances of the week included a 15e. per barrel
increase posted by Midwest Refining Co. in the Salt Creek
Field; Stoll Oil Refining Co. made 100. advance in Kentucky
crude to 85c., effective as of April 16; Standard of Indiana
posted $1 for crude in Kansas, Oklahoma, north and central
Texas, effective April 11; Gulf Oil Co. met 15e. advance in
Gulf Coast crude on April 11; Ohio Oil Co. advanced Illinois,
Princeton, Lima, Indiana, and western Kentucky crude 15c.
a barrel and Wooster 100. a barrel, effective April 11; while
Sunburst, Montana, was advanced 250. a barrel to $1.25.
The general strengthening of the crude market during the
past three weeks, just prior to and immediately following
Continental's striking advance on April 1, has brought the
remaining major companies into line, although apparently
regretfully.
The Humble Oil & Refining Co. has met the higher
schedule, effective as of April 11, but in making announcement, of this action, W. S. Farish, President, declared:
"The company's delay in meeting the new prices resulted
from a sincere and deliberate conviction that current economic conditions do not warrant an increase in prices, and
the decision finally to meet the advance is due in part to
numerous urgent appeals from individuals, oil producers,
trade organizations, newspapers and State officials, and in
part to its desire not to penalize the producers who sell to
it and who probably could find no other market.
"This company desires higher prices for crude oil just as
much as any producer does, but it is convinced that higher
prices can prevail only if they rest on a firm economic foundation. Present product prices do not justify purchasers in
paying more for crude. This price advance was admittedly
based on the hope that better product prices and improved
economic conditions generally will follow.
"Over the period of five months since the last price advance in November 1931, this company has been unable to
secure for its products from its refineries, and from the
operation of its transportation systems to its refineries, a.
profit on the crude bought, transported, and refined. At
the present time it is buying more oil than it wants, and it
has endeavored persistently during recent weeks to reduce
its takings; but it has been unable to do so without working a
hardship on the producers whom it serves.
"Producers cannot hope to command a higher price for
crude oil as long as the amount they offer for sale is greater
than purchasers are willing to buy. Balancing supply with
demand is imperative if the new price schedule is to be
maintained. Responsibility for securing this balance rests
squarely upon those who have initiated and sponsored this
price advance, including the producers, trade organizations,
newspapers and officials."
Higher prices for refined products have already been posted
throughout nearly all marketing centers, and New York
operators have acted to advance prices on tank car and tank
wagon shipments, as well as retail prices. Many higher
schedules are due to become effective to-day, and continued strength in the refined products division will mean
undiminished support for higher crude prices.
It is felt that crude production curtailment is being effectively enforced throughout the important fields, and that
the industry has taken a strong position arbitrarily by thus
advancing crude prices, but that maintenance of this position
will be made possible through strengthening of prices throughout the entire list of refined products.
2810
Financial Chronicle
Price changes follow:
-Carter Oil Co., subsidiary of Standard Oil Co. of New Jersey,
April 11.
Posts price of $1 per barrel for Oklahoma and Kansas crude.
-Midwest Refining Co. advances crude oil prices in Salt Creek
April 11.
Field on Mid-Continent scale, 15c. higher per barrel.
April 11 -Standard Oil Co. of Indiana posts price of $1 per barrel for
Kansas. Oklahoma. and north and central Texas crude.
-Gulf Oil Corp. meets 15c. advance In crude oil initiated April 1
April 11.
by Continental and Magnolia. Areas affected by the Gulf corporation
advance include north Texas, Texas Panhandle, west Texas, Darst Creek,
Bruner, north Louisiana and south Arkansas.
April 11.
-Ohio Oil Co. advances Illinois, Princeton, Lima, Indiana and
western Kentucky crude 15c. a barrel and Wooster 10c. a barrel.
-Humble 011 & Refining Co. meets new Mid-Continent price
April 11.
schedule.
-South Penn Oil Co. advances Corning crude 10c. a barrel.
April 12.
April 16.
-Stoll Oil Refining Co. advances Kentucky crude 10c. a barrel,
effective to-day.
Prices of Typical Crudes per Barrel st Wells.
(All gravities where A.P.I. degrees are not shown.)
$0.78
Bradford, Pa
81.40 Eldorado. Ark., 40
•.83
Corning,Pa
.90 Rusk, Texas, 40 and over
.85
.80 Salt Creek, Wyo.,40 and over
lillnola
.90
Western Kentucky
.90 Darst Creek
1.25
Mid-Continent, Okla., 40 and above 1.00 Sunburst, Mont
Hutchinson, Texas. 40 and over
•.81 Santa Fe Springs, Calif.. 40 and over .75
.72
Spindletop. Texas, 40 and over...... 0
.81 Huntington, Calif., 26
1.76
Winkler. Texas
*.86 Patrons, Canada
Smackover, Ark.. 24 and over
.77 •Effective April 1 1932.
REFINED PRODUCTS
-SWEEPING ADVANCES MADE AS REFINERS ACT TO SUBSTANTIATE HIGHER PRICES BEING
PAID FOR CRUDE.
Spurred by statements issued by the Standard Oil Co. of
Indiana and the Humble Oil & Refining Co. relative to the
imperative need of higher prices for refined products if the
new crude price schedules were to be maintained, the refined products' market this week saw prices headed upward
on a firm basis for the first time this year. Both tank car
and tank wagon schedules are affected, as well as service
station prices.
It is significant that definite action regarding higher
prices for refined products followed closely upon the sending
of a telegram by directors of Standard of Indiana to the
Kansas Public Service Commission, in which they pointed
out that "the price of crude oil must always be determined
by the prices the products will bring. The present realization on products does not warrant the present crude oil
prices, let alone an advance. The chaos existing in the
market prices of gasoline and other products is nowhere
more pronounced than in Kansas. Dumping of distress
gasoline, evasion of gasoline taxes and countless other unsound practices have forced prices far below normal and
have eliminated the possibility of realization justifying the
price of crude. If the new crude prices are to be maintained,
it must be by a general increase in prices for finished products."
The upward movement in the New York area was initiated yesterday, Friday, by Standard of New Jersey, which
announced a Mc. advance, effective next Monday, April 18,
in tank car, tank wagon and service station gasoline prices
throughout its entire territory, with the exception of Delaware.
This announcement was followed shortly by a similar
advance posted by Standard Oil Co. of New York and
Warner-Quinlan. These latter companies, however, announced the new prices effective as of to-day, April 16. All
other companies are expected to follow with similar action.
Richfield Oil Co. of New York has posted a 7o. tank car
price, f.o.b. Bayonne, effective to-day.
A general lc. per gallon advance in tank wagon and service
station prices of all grades throughout Middle Western and
Southwestern States became effective Thursday, and this
was followed by a sharp advance in the Chicago bull market,
where U. S. Motor below 57 octane is quoted at an average
/
price of 5c. a gallon, as against 4Mc. to 43 tc. Wednesday.
/
Higher octane ratings range from 53o. to 53 0. per gallon.
Kerosene is also feeling the beneficial effects of advancing
schedules. On Thursday, April 14, the Sinclair Refining
Co. announced a lc. advance per gallon in gasoline and
kerosene prices, retail, throughout the Middle West. This
advance was met immediately by all distributing subsidiaries
of Cities Service Co. States affected by this action included
Michigan, Illinois, Indiana, Wisconsin, Minnesota, North
Dakota, South Dakota, Iowa, Kansas, Missouri and
Nebraska.
The Atlantic Refining Co. yesterday advanced tank car
prices W a gallon at Brunswick, Ga., Jacksonville, Fla.,
ic.
Wilmington, N. C., and Charleston, S. C., making the new
price at these points 6o.
Consumption is showing satisfactory gains throughout the
Atlantic States, and no price recessions are liable to take
place until the completion of the normal motoring season
April 16 1932
next winter. On the contrary, a constantly advancing price
movement is to be expected.
Price changes of the week follow:
April 12.
-Standard Oil Co.of Ohio reduces gasoline in Richland County
lc. a gallon below Statewide structure.
April 13.
-Magnolia Petroleum Co. advances all grades of gasoline lc.
per gallon retail throughout Texas.
April 14.
-Standard Oil Co. of New Jersey advances Grade 0 bunker
fuel oil Sc. a barrel at Baton Rouge and New Orleans; also Diesel oil Sc.
a barrel at the same points.
April 14.
-Sinclair Refining Co. posts lc. tank wagon advance in gasoline
and lc. service station price advance in kerosene, throughout Michigan.
Illinois, Indiana, Wisconsin, Minnesota, North Dakota, South Dakota,
Iowa, Kansas. Missouri and Nebraska.
April 14.
-Subsidiaries of Cities Service Co. meet lc. advance of Sinclair
Refining Co. in gasoline tank wagon and service station, and kerosene
service station prices.
April 15.
-Standard Oil Co. of Now Jersey advances Grade 0 bunker
fuel oil Sc. a barrel at Texas ports; Diesel oil also advanced Sc. a barrel at
same points.
-Standard 011 Co. of New Jersey announces that effective
April 15.
Monday. April 18, tank car price will be advanced %c. per gallon, and
similar advance will be made in tank wagon and service station prices
throughout its territory, with exception of Delaware.
April 15.
-Standard Oil Co. of New York, effective as of April 16.
posts Mc. advance in tank car, tank wagon and service station prices
throughout its territory.
April 15.
-Warner-Quinlan meets lic. advance in tank car, tank wagon
and service station gasoline prices, effective April 16.
-Richfield Oil Co. of New York posts lie. advance in tank car
April 15.
gasoline, f.o.b. Bayonne.
April 15.
-Atlantic Refining Co. advances tank car gasoline prices Mc.
a gallon at Brunswick, Ga., Jacksonville, Fla., Wilmington, N. C., and
,qc.
Charleston, S. 0., new price at these points being 61
Gasoline, Service Station.Tax Included.
5.17 Kansas City
New York
5.165 Cincinnati
5.154
17 M Inneapolls
195 Cleveland
Atlanta
107
.164 Denver
.19 New Orleans
Baltimore
118
.13 Philadelphia
.18 Detroit
Boston
ra
.17 San Francisco
168 Bowdon
Buffalo
.17
.19 Si. Louis
.16 Jacksonville
Chicago
.184
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refiners.
11.0234-.03)( New Orleans. ex-.40.0334
N.Y.(Bayonne)8.0514-.05't I Chicago
Tulsa
.03 l Los Aug.,ex- .0434-.06
North Texas
.041-4-.0334
Fuel 011, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)Gulf Coast "0"---$.55-.65
California 27 plus D
5.75-1.00 Chicago 18-22 D_ .42;4-.50
8.65
Bunker "C"
Diesel 28-30 D.-. 1.30 New Orleans "C"--- .55 Philadelphia "C"
.70
Gas Oil, F.O.B. Refinery or Terminal.
I ChicagoN.Y.(Bayonne)Tulsa
28 D
32-38 D
I 32-36 D Ind--5.01X-.02
Gasoline, U. S. Motor. Tank (Above 65 Octane) Car Lots, F.O.B. Refinery.
N. Y.(Bayonne)
N. Y.(Bayonne)Chicago
8.0534-0554
New Orleans.ex. .05-.O53
Standard 08, N. J.
Pan-Am.Pet.Co. 5.06
Motor, 60 ocShell Eastern Pet .0834 Arkansas
04-.043(
California
tane
.05-.07
06M
LOS Angeles, ex_ .0454-.07
Motor, 05 ocNew York
tane
Colonial-Beacon. 5.0654 Gulf Ports
.0634
.05,05)(
Motor.standard .06%
.as..
Ga uuTw Levia-- .06)4 Tulsa
Creez ,.
.04M-.05M
Pennsylvania.
Stand.011, N.Y. .07
.0554
.,06
°8M
TideWater011Co .0634
.06
Richfield011(Cal) .07
Continental
S.06
Republic Oil
warner-Quin Co 07
*Below 05 Octane. s “Texaoo" is .07.
Crude Oil Production Increased During Week Ended
April 9 1932, but Continues Below Last Year's
Figures.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States
for the week ended April 9 was 2,226,500 barrels, as compared with 2,154,000 barrels for the preceding week, an
increase of 72,500 barrels. Compared with the output for
the week ended April 11 1931 of 2,808,250 barrels per day,
the current figure represents a decrease of 81,750 barrels
daily. The daily average production east of California
for the week ended April 9 1932 was 1,714,600 barrels, as
compared with 1,656,900 barrels for the preceding week,
an increase of 57,700 barrels. The following are estimates
of daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Weeks EndedAril 9 '32. April 2 '32. Mar.26 '32. Airrli 11 '32
Oklahoma
451.950
408,100
435,900
513,700
Kansas97700
90,850
,
109,500
Panhandle Texas
48,450
47,200
46,750
50,650
North Texas
49,500
49,650
49,050
57,150
West Central Texas
24,400
24,500
24,950
25,050
West Texas
180,350
181,750
174,450
241.950
East Central Texas
54,950
55,150
55,250
51,700
East Texas
337,600
331,050
327,750
195,000
Southwest Texas
51,200
53.750
54,300
62,250
North Louisiana
28,150
28.350
27,900
38,750
Arkansas
35,000
34.900
34,150
47,150
Coastal Texas
112,900
110.900
154,300
109,050
Coastal Louisiana
35,000
30,600
28,300
27,000
Eastern (not incl. Michigan).- 106.150
103,150
llalag
1
03,100
Michigan
14,950
14,350
8,400
Wyoming
39,400
38,600
39,800
42,300
Montana
6,700
6,650
8,800
6,300
Colorado
3,400
3,500
4,250
3,550
New Mexico
36,850
37,900
38,350
37,150
California
511,900
497,100
528,900
492,100
Total
2,226,500 2,154,000 2,163,050 2,308,250
The estimated daily average gross production for the Mid-Continent
field, including Oklahoma, Kansas, Panhandle, north, west central, west,
east central east, and southwest Texas, north Louisiana, and Arkansas,
for the week ended April 9 was 1,359,250 barrels, as compared with 1,311,250
barrels for the preceding week, an increase of 48,000 barrels. The Mid
Continent production, excluding Smackover (Arkansas) heavy oil. was
1,335.550 barrels, as compared with 1,287.550 barrels. an
Increase of
48,000 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
follow:
Financial Chronicle
OklahomaBowlegs
Bristow-Slick
Burbank
Carr City
Earlsboro
East Earlsboro
South Earlsboro
Konawa
Little River
East Little River
Maud
Mission
Oklahoma City
St. Louls-Pearson
Searight
Seminole
East Seminole
Kansas
Ritz
12,600
SedgwIck County
14,250
Voshell
7,450
Panhandle Texas
Gray County
28,850
Hutchinson County_
12,100
North Texas
Archer County
01,950
North Young County
5.850
Wilbarger County
9,600
West Central Texas
South Young County__ 3,650
West Texas
Crane & Upton Counties 20,100
Rotor County
5.250
Howard-Glasscock
23,400
Reagan County
22,350
Winkler County
31,300
Yates
65,000
Balance Pecos County_ 2,200
East Central Texas
Van Zandt County
48,000
East Texas
Rusk County: Joiner _ __108,000
Kilgore__105,300
Gregg Co.: Longview___124.300
10,500
14,500
7.700
28,500
12,500
10,900
5,900
9,650
3,600
19,900
5,550
23,500
22,400
32,100
65.000
2,400
48,900
106,500
103,200
121.350
Southwest TexasChaprnann-Abbot
Pant Creek
Luling
Salt Flat
North Louisiana
Sarepta-Carterville
Zwolle
Arkansas
Smackover, light
Smackover, heavy
Coastal Texas
Barbers 11111
Raccoon Bend
Refugio County
Sugarland
Coastal Louisiana
East IlackberrY
Old Hackberry
11
7yomtnoSalt Creek
Montana
Kevin-Sunburst
New Mexico
Hobbs High
Balance Lea County
California
Elwood-Goleta
Huntington Beach
Inglewood
Kettleman Hills
Long Beach
Midway-Sunset
Playa del Rey
Santa Fe Springs
Seal Beach
Ventura Avenue
Pennsylvania Grade
Allegany
Bradford
Kane to Butler
Southwestern Penna
Southeastern Ohio
West Virginia
-Week Ended
Aprit 9 Aprfl 2
1,450
1,450
14,900 15,600
7,350
7,300
9,600
8,900
850
5,800
800
6,050
2,900
23.700
2,900
23,700
19,200
4,900
10,150
9,700
18,400
4,900
10,000
10,050
8,700
600
7.6 0
65
0
23,800
22.300
3,400
3,450
30,550
4.300
341:33r0
17,600
22,000
13,700
59.600
81,200
50,400
18,400
65.900
13,000
30,100
16.700
21,900
13.500
61,800
80,500
48,300
19,100
65,300
12,400
30,400
7,350
27,400
6,950
3.450
6,800
13,900
7,150
28,750
8,000
2,950
4,800
11.500
Advance in Mid Continent Crude Oil Prices by
Continental Oil Co. Met by Other Companies.
The advance in Mid-Continent crude oil prices of 15c. a
barrel to a top price of $1 made by the Continental Oil Co.
on March 24, becoming effective April 1, as was noted in
our issue of March 26, page 2238, has been followed by
other crude oil purchasing companies. The advance, which
applies to Oklahoma, Kansas and North Texas, where the
Continental Oil Co. is a purchaser of crude, was followed by
the Magnolia Petroleum Co., the purchasing subsidiary of
the Socony-Vacuum, on April 1, being the first major purchaser to follow. In addition, the company posted East
Texas crude at a flat price of 98c. a barrel, which also was
adopted by the Sinclair Refining Co. On April 6 the Tidal
Refining Co. mot, as of April 1, the 15c. advance for Oklahome and East Texas fields.
Effective April lithe Standard Oil Co. of Indiana followed the advance, similar action being taken by three
subsidiaries of the Standard Oil Co. of New Jersey on
April 11 by raising prices of crude oil to the basis which is
general in the Mid-Continent and Texas. A top price of $1
a barrel for Mid-Continent crude and a flat price of 98c.
a barrel for East Texas crude oil was posted by the Humble
Oil & Refining Co., the Standard Oil Co. of Louisiana and
the Carter Oil Co. at the same time. The advance of 15c.
for Mid-Continent oil was also made by the Shell Union Oil
Corp. on April 12, the last of the large oil companies which
had opposed the advance. Other companies that have
duplicated the advance instituted by the Continental Oil
Co. are The Sun Oil Co., Barnsdall Corp., Phillips Petroleum
Corp., Sinclair Oil & Gas Co., Skelly Oil, Empire Gas &
Fuel Co. and the Texas Corp.
Crude Petroleum Output in the United States in
February 1932 Showed an Increase of 1,839,000
Barrels Over the Corresponding Period Last Year
Inventories Cain.
According to reports received by the Bureau of Mines,
Department of Commerce, the production of crude petroleum
in the United States during February 1932 amounted to
62,484,000 barrels. This represents a daily average output
of 2,155,000 barrels, which is slightly under the daily average recorded in January (2,158,000 barrels), and is 11,000
barrels below the daily average output of a year ago. A
total of 325 wells, with an aggregate daily initial of more
than 1,000,000 barrels, was completed in the East Texas
field in February, but the daily average output for that
month fell below that of January. This was due to the
inauguration of a Sunday shut-down program by the principal operators and to the fact that the allowable production per well per day was reduced. Production of California
continued steady at just above 500,000 barrels daily; that
In Oklahoma again declined, due to a material drop In the
Oklahoma City field.
The production and consumption of crude virtually balanced in February and crude stocks only showed a slight
increase. This contrasts with January, when the output
declined faster than runs to stills and stocks were reduced.
2811
Imports of crude petroleum showed a material increase
and the daily average total new supply showed a gain of
102,000 barrels over January. Stocks of all oils increased
1,098,000 barrels and totaled 633,128,000 barrels on Feb. 29.
The Bureau also reports as follows:
Daily average crude runs to stills in February amounted to 2,201,000
barrels, compared with 2,217,000 barrels daily in January. The February
figure represents a decline of 6% from crude runs of a year ago.
Due to increased cracking, the percentage yield of gasoline in February
rose to 46%, the highest ever recorded. As a result, the daily average
output of motor fuel rose from 1,082,000 barrels in January to 1,095,000
barrels daily in February. The daily average domestic demand for motor
fuel increased slightly over January, but this was compensated by an
almost equal decline in exports. The daily average domestic demand for
motor fuel in February amounted to 880,000 barrels, which, compared
with a year ago, represents a decline of 5.5%. Stocks of motor fuel,
including terminal and transit stocks, continued to increase rapidly, and
on Feb. 29 totaled 61,964,000 barrels, an increase of 4,602,000 barrels
over stocks on hand Jan. 31. At the current rate of total demand, the
February stocks represent 63 days' supply, compared with 59 days' supply
on hand a month ago.
The refinery data of this report were compiled from schedules of 338
refineries, with an aggregate daily recorded crude-oil capacity of 3,674,470
barrels, covering, as far as the Bureau is able to determine, all operations
during February 1932. These refineries operated during February at 60%
of their recorded capacity, given above, as compared with 342 refineries
operating at se% of their capacity in January.
SUPPLY AND DEMAND OF ALL OILS.
(Including wax coke and asphalt in thousands of barrels of 42 U. S. gallons.
Feb.
1932.
129,368
2.156
6,490
244
136.102
2,268
126,378
2,142
7.771
356
134,505
2,280
2.047
3.550
75,948
2.450
4,789
2,917
72.154
2,577
6,755
7,086
149,943
2.499
9,142
6.518
150,165
2,545
a504
a3,752
594
a8.282
72,897
2,514
76,452
2,466
75,906
2,711
149,349
2,489
158,447
2,686
1,897
5,892
65,108
2,245
1,633
6,989
67,830
2,188
1.710
7.992
66,204
2,364
3,530
12,881
132,938
2.216
3,629
18,083
136,735
2,318
22
Si
1,62
52
b38
327,077 326,951 361,887
42.311
42,431 43,428
369,388 369,382 905,315
3,508
2,934
3,288
260.232 259,714 249,777
Stocks (End of Month)
Crude petroleum:
East of California
California c
Total crude
Natural gasoline
Refined products c
60,645
2.166
3,631
172
64,448
2,302
1,098
Increase In stocks. all oils
66,884
2.158
3,342
125
70.351
2,269
4,708
3,536
73,995
2,552
Demand
Total demand
Daily average
Exports:
Crude petroleum
Refined products
Domestic demand
Daily average
Excess of daily average domestic
production over domes.demand_
Feb.
1931.
62,484
2,155
3.148
119
65,751
2,267
New Supply
Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply. all oils
Daily average
Jan.
1932.
327,077
42,311
369,388
3,508
260,232
361,887
43,428
405,315
3,288
249,777
Jan.
-Feb. Jan.
-Feb.
1932.
1931.
Grand total stocks, all olLs
633,128 632,030 658,380 633,128 658.380
Days' supply
252
243
254
256
243
Bunker oil (included above In domestic demand)
3,136
3,031
3,622
6.167
7,160
a Decrease. b Deficiency. c California heavy crude and residual fuel included
under refined products.
PRODUCTION OF CRUDE PETROLEUM BY STATES.
(Thousands of barrels of 42 U. S. gallons.)
Februa y 1932.
January 1932.
Total. DailyAv. Total. Daily Av.
.
Arkansas
California:
liettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California_
Colorado
Illinois
Indiana-Southwestern
Northeastern
Total Indiana
Kansas
Kentucky
Louisiana-Gulf Coast
Rest of State
Total Louisiana
Michigan
Montana
New Mexico
New York
Ohio-Central & Eastern
Northwestern
Total Ohio
Oklahoma-Okla, City
Seminole
Rest of State
Total Oklahoma
Pennsylvania
Tennessee
Texas
-Gulf Coast
West Texas
East Texas
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming
W
W
-Week EndedApril 9 April 2
11 200 11.5.50
11,350 11,350
10,950 11,950
15,450 15,500
13,950 14.000
12.450 12,800
3,800
3,950
4,950
5,050
17,000 18,300
2,000
2,050
2,050
2,050
6.950
6,705
128,150 83,050
17,350 17,050
3,500
3,500
11,050 11,300
1,250
1,000
960
1,736
2,360
1,920
8.601
14,817
107
415
69
2
71
2,736
470
782
777
1,559
407
209
1.079
293
278
82
360
2,883
3.720
5,875
12.478
973
3,038
5,328
9,044
6,950
24,360
305
648
437
1,085
1
1
.C.W..OW
WNW...
CWWW,,
.
.WWW.W 1
W.W..W.WW1WWWWW.
.',..
.40....0WW14,71.W.WWWWWWWW..4 3W.W. W.
46..q0.0
...
Volume 134
Jan.P eb.
1932.
Jan.Feb.
1931.
983
32
1,943
2,910
1,868
2,415
2,024
9,225
15.532
114
431
69
60
79
65
297
501
4
14
2
72
2,954
498
879
791
1,670
471
175
1,170
322
292
84
378
3,739
3,900
6.160
13,799
1,062
2
95
16
29
25
54
15
6
38
11
9
3
12
120
126
199
445
34
3,276
5,391
9,854
7,216
25,737
333
727
457
1.184
105
174
318
233
830
11
23
15
38
3,604
4.776
3,944
17,826
30,149
221
846
138
b
143
5,690
968
1,661
1,568
3,229
878
384
2,249
615
570
166
736
6,622
7.620
12,035
26,277
2,035
1
6.314
10.719
18.898
14,166
50,097
638
1.375
894
2,269
1.413
5,535
9,218
20,221
31,417
276
785
135
8
143
6,133
1,070
1.672
2,433
4.105
504
493
2,272
559
747
196
943
5,206
9,073
11,733
29,012
1,772
2
8.889
14,847
768
16.208
40,712
725
1.537
1,019
2.558
U.S.total
(12484
2 is5 6s.884
1A8 looses low q,c.
NUMBER OF WELLS COMPLETED IN THE UNITED
_February
1932.
011
Gas
Dry
Total
_
Institute.
575
99
239
January
1932.
643
124
197
February
1931,
450
218
397
Jan.
-Feb.
1932.
1,218
223
436
Jan.
-Feb.
1931.
937
920
839
964
913
1.065
1,877
2,105
as Journal' and California office of the American Petroleum
2812
Financial Chronicle
April 16 1932
Weekly Refinery Statistics for the United States.
shown little if any improvement in the week just clsoing,
Reports compiled by the American Petroleum Institute reports "Metal and Mineral Markets," and then proceeds
for the week ended April 9, from companies aggregating as follows:
Automobile makers still have quite a little material on order, but, based
3,661,600 barrels, or 95.1% of the 3,852,000-barrel estimated daily potential refining capacity of the United on reports of sales of cars for delivery over the next two months, new
business should soon make itself felt.
States, indicate that 2,293,100 barrels of crude oil were
Copper passed through another dull week, with the price maintained at
run to stills daily, and that these same companies had in 5.75 cents, delivered Connecticut. Lead producers sho ed more confidence
In the situation in that metal, following announcement that production
storage at refineries at the end of the week 47,171,000 will be curtailed. Zinc was dull.
Tin
continued
barrels of gasoline, and 123,521,000 barrels of gas and forced liquidation in the London market.prices broke again onlow for the
Silver made a new
fuel oil. Reports received on the production of gasoline year, selling at 28 cents per ounce. Quicksilver was offered more freely
concessions in price.
by the cracking process indicate that companies owning atExport trade in copper remains far
below expectations.
95.6% of the potential charging capacity of all cracking for export for shipment this month and next are estimated atSales booked
a little more
units, manufactured 2,948,000 barrels of cracked gasoline thin 11.000 tons for each month, whereas shipments have been running In
excess of 23,000 tons monthly since the first of the year. The lack
of foreign
during the week. The complete report for the week ended demand is said to be a reflection of the
unfavorable news coming from this
April 9 1932 follows:
side of the water in connection with our Federal budget problem and the
CRUDE RUNS TO STILLS, GASOLINE AND GAS & FUEL OIL STOCKS.
WEEK ENDED APRIL 9 1932.
(Figures In Barrels of 42 Gallons Each.)
Distriat.
Per Cent
Potential
Capacity
Reportfag.
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 98.9
Okla.,Kan.,Missouri
89.6
Texas
91.3
Louislana-Arkansas
98.9
Rocky Mountain
89.4
California
96.7
Total week April 9
Daily average
Total week April 2
Daily average
Total April II 1931
Daily average
95.1
Crude
Runs to
Stills.
Per Cent
Oper.
of Total aGasoline
Capacity
Stocks.
Report.
Gas and
Fuel Oil
Stocks.
3,134.000
589,000
2.251,000
1,667.000
3,614,000
1,195,000
219,000
3,383,000
70.6
61.2
74.5
54.7
67.5
74.1
21.8
54.7
16,052.000
2.293,100
15,386,000
2,198.000
16.598.000
2,371.200
62.6
47.171.000
46,519,000
Outlook for Steel Industry Brighter, Despite Further
Decline in Production to 2I%-Prices Unchanged.
A few bright spots are apparent in the steel trade, notwithstanding a further decline in ingot production to 21%
from 22% of the past two weeks, reports the "Iron Age" of
April 14, which further goes on to say:
123.521,000
60.0
agitation for a tariff. A tariff on copper i the oyes of the European consumers, would be highly advantageous to them.
Foreign sales trade so far this month totaled about 3.200 long tons,
a
rather poor showing considering that copper has been
offered freely on the
special price of 6 cents, c.i.f. usual European ports.
The official export
price held at 634' cents throughout the week.
124,110,000
7,295,000
1,861,000
6,658,000
3.976.000
8,566.000
1.900.000
1,986.000
14,929.000
5,454,000
1,082 000
4,137.000
3.050.000
8,574,000
4,387,000
631.000
96,206,000
While still awaiting the release of important tonnage
from automobile
manufacturers. the steel industry is able to observe such
scattered indications of improvement as slightly larger orders for rails
and track supplies
95.7
66.4 a46,757,000 126,838,000 for spring maintenance work by railroads: a gain in
Inquiries for structural
steel, which, at 39,750 tons, are the heaviest for any
week this year; a
stepping up of automobile production schedules, and an inquiry
TOMS Gulf Coast
99.8
2,811.000
75.6
7,016.000
5.920,000
for 90.000
T.AltIalltna MO? Cln.at
Inn n
ste Ann
Si 4
I 775 non
tons of pipe for a foreign pipeline, the orders for which
2 797 Ann
are fairly certain to
a Stocks•at refineries, except In California district, which Includes stocks of come to American mills.
finished gasoline and engine dint hate at refineries, water terminals and sales disThese developments, together with the stability of the higher price level
tributing stations and amounts n transit thereto. It This figure is not entirely for most steel
products that bemme effective at the beginning of this quarcomparable with current stocks due to revisions made since original
publication of ter, encourage the steel industry to believe
this figure, from which revisions the basic information Is not available by
that a belated seasonal rise in
weeks. business of at least
If It were Possible to have made the revision, the new figure would reflect
moderate proportions is reasonably certain.
somewhat lower stocks. c Included above for the week ended April 9 1932.
The Ford Motor Co. has issued inquiries for sheets, strip, bars and wire,
Note.
-All figures follow exactly the present Bureau of Mines definitions.
Oil runs to stills Include both foreign and domestic crudes. In California, Crude but has not yet placed the tonnage that will be necessary to produce the
heavy crude and au grades of fuel oil are included under heading "Gas stocks of 300,000 cars for which it has orders. The new eight-cylinder Ford contains
and fuel oil
stocks."
about 1,600 lb. of steel, which means that, with scrap allowance, the Ford
company and its parts makers will need upward of 250,000 tons of steel
to fill Its present commitments Most of the Ford cars recently purchased
Bulk Terminal Stocks of Gasoline and Gasoline in are said to be the eight-cylinder model.
Delays In the production of a sufficient number of the eight-cylinder engines are due principally to technical
Transit.
difficulties, which are being ironed out. Last week's schedule of about
The American Petroleum Institute below presents the 300 motors a day Is being
stepped up to 750 a day this week, with 1,000 a
amount of gasoline held by refining companies in bulk day as the goal by the end of the month.
Other automobile manufacturers are increasing production The Fisher
terminals and in transit thereto, by Bureau of Mines'
Body plant
output
refining districts, east of California. The Institute's state- a day, and at Cleveland has attained anordered of 1.500 Chevrolet bodies
the Chevrolet company .has
sufficient steel for 40,000
ment follows:
to 50,000 cars that are to be built at its Detroit and Flint plants. Plymouth
output this month will be more than double that of March Parts makers,
It should be borne definitely in mind that comparable quantities of
including those supplying Ford. are getting re!..i,:ses and are buying steel
gasoline have always existed at similar locations
as an integral part of the a little more freely, though not in volume. Orders
for alloy bars have imsystem of distribution necessary to deliver
gasoline from the points of proved and shipments of pig iron from Lake Erie
furnaces to automotive
manufacture to the ultimate consumer. While it
might appear to some parts makers have made a further gain this week.
that these quantities represented newly found
stocks of this product, the
Although railroad buying shows no signs of opening up In a large way.
industry itself and those closely connected with
it, have always generally miscellaneous small orders for rails and track supplies
have gained a little.
known of their existence. The report for the
week ended Aug. 22 1931 Western roads have bought 6,000 tons of rails and 2.500
tons of accessories
was the first time that definite statistics had ever been
presented covering at Chicago. The Pittsburgh district rail mill has resumed production, and
the amount of such stocks. The publication of this Information is
in the Easley mill in Alabama will.start up next Monday, requiring the use
line with the Institute's policy to collect, and publish in the aggregate,
of additional open-hearth furnaces and possibly two blast furnaces.
statistical Information of interest and value to the petroleum industry.
Pipe line business, which has been long dormant. Is featured by an order
For the purpose of these statistics, which are issued each week, a bulk
for 8,000 tons placed with the Republic Steel Corp. by the Southern Counties
terminal is any installation, the primary function of which is to supply
Gas Co., Los Angeles, and an Inquiry from the Irak Petroleum Co. for 90,other smaller installations by tank cars, barges, pipe lines or the longer
000 tons of 10 q-in. pipe for the line it will build from the Persian oil fields
haul tank trucks. The smaller installations referred to, the stocks of to the Mediterranean. Upward of
120,000 tons of larger dbuneter pipe
which are not included, are those whose primary function is to supply the for this project has been awarded
to British, French and German mills.
local retail trade.
and the additional tonnage is virtually certain to come to American mills,
Up to Aug. 22 1931 statistics covering stocks of gasoline east of Cali- which had expected to participate in the first
allotment.
fornia reflected stocks held at refineries only, while for the past several
Concentration of manufacturing operations In the steel Industry, as an
Years California gasoline stocks figures have included, and will continue to economy measure, is in process A largo structural
steel fabricating cominclude, the total inventory of finished gasoline and engine distillate held pany Is shutting down three of its Eastern
plants for at least six months.
by reporting companies wherever located within continental United states; A few steel mills have suspended operations,
ostensibly for repairs. The
that is, at refineries, water terminals and all sales distributing stations. scattering of work during the depression has
been carried on primarily
including amounts in transit thereto.
as a relief measure for local communities, but, with the approach of mild
weather and the continued piling up of large losses, some steel companies
are adopting more stringent remedies for excessive costs. One of the large
Gasoline "in 7'ranstt."
Gasoline at "Bulk Terminals"
Figures End of Week.
Ftoures End of Week.
automobile companies is adopting a similar plan of consolidation of
manufacDistrict.
turing activities.
April 9 April 2 April 11
April 11
April 9
April 2
Weakness in scrap prices is quite marked in some districts. At
1932.
1932.
1931.
1931.
1932,
1932.
Chicago
an unsettled situation Is attributed to the desire of dealers to liquidate
East Coast
9,028,000 9,143,000 9,109,000 1,701,000 1,176,000 1,839,000 stocks that were bought In anticipation of a spring rise.
244,000
Appalachian
273,000
257.000
The steel price situation shows no change except for the possibility that
Ind., III., Ky
26,000
869,000
2,144.000 2,139,000
an extra of $3 a ton may be charged on merchant steel bars that. are used for
Okla., Kans., Mo944,000
862,000
Texas
drop forgings. An extra of $5 a ton on bars of drop forging quality has been
197,000
166,000
195,000
La.
28,000
64,000 in effect for years. but many drop forgers are using
-Ark
461,000
327,000
339.000
selected merchant bars,
Rocky Mountain
which they buy at the merchant bar price.
Total east of Calif_ 12,825,000 12,992,000 10,880,000 1,701,000 1.204,000 1,929,000
The "Iron Age" composite prices are unchanged. Finished steel is 2.087c,
a lb., pig iron $14.35 a gross ton and steel scrap $8.21 a ton. A comparative
Texas Gulf
173,000
108.000
126,000
table follows:
Louisiana Gulf _
28,000
411,000
64,000
260,000
281,000
Finished Steel.
Based on steel bars, beams, tank plates.
April 12 1932, 2.087o. a Lb.
2.087c,
wire, rails, black pipe anti sheets.
One week ago
2.014e. These products make 877 of the
Little Improvement in Demand for Non-Ferrous Metals One month ago
2.128e.
United States output.
One year ago
-Gain Noted in Specifications from Automobile 193'
2.087o. Mar, 29
2.037c. Jan, 19
2.142o. Jan. 13
1931
Field.
2.052o. Deo, 29
1930
2.362c. Jan, 7
2,i210. Dec. 9
2.412o, Apr, 2
Except for a gain in specifications for metal products 1929
2.3620, Oct. 25
2.391o. Deo, 11
1928
2.3140, Jan. 3
from the automobile industry, chiefly Henry Ford, demand 1927
2.453c. Jan. 4
2.293o. Oct. 25
1926
2.453o. Jan. 5
2.403e. May 18
for the major items in the non-ferrous metals group has 1925
2.5600. Jan. 6
2.396o. Aug. 18
95.1
•
SI
•
Volume 134
2813
Financial Chronicle
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
Pig Iron.
April 12 1932. $14.85 a Gress Ton.
Based on average of basic Iron at Valley
End of
One Week ago
$14.35 furnace foundry irons at Chicago.
1927.
1929.
Month.
1928.
1932.
1931.
1930.
One month ago
14.47 Philadelphia, Buffalo, Valley and MrOne year ago
15.79 mingham.
January__ 2,648,150 4,132,351 4,468,710 4,109.487 4,275,947 3.800.177
February_ 2,545,629 3,965,194 4,479.748 4,144.341 4.398.189 3,597,119
Low.
High.
3,553,140
1932
$14.35 Apr. 5 March____ 2,472,413 3,995,330 4,570,653 4.410,718 4,335,206 3,456,132
$14.81 Jan. 5
3,897.729 4,354,220 4,427,763 3.872,133
1931
15.79 Dec. 15 April
15.90 Jan. 6
3.620,452 4.059,227 4,304.167 3.416.822 3.050,941
1930
18.21 Jan. 7
15.90 Dec. 16 May
3.479.323 3,968.064 4,256.910 3,637,009 3,053,246
1929
18.21 Dec 17 June
18.71 May 14
3,404.816 4,022,055 4,088,177 3,570,927 3,142,104
1928
18.59 Nov.27
17.04 July 24 July
3,169,457 3.580.204 3.658,211 3.624,043 3.196,037
1927
Jan. 4
17.54 Nov 1 August.
19.71
September
3,144,833 3,424,338 3,902,581 3,698,368 3,148,113
1926
19.46 July 13
21.54 Jan. 5
3,119,432 3,481,763 4.086.562 3,751.030 3,341.040
1925
22.50 Jan. 13
18.96 July 7 October._
November
2,933,891 3.639.636 4,125.345 3,643.000 3.454.444
Steel Scrap.
December_
2,735,353 3,943,596 4.417,193 3,976,712 3.972.874
' April. 12 1932. $8.21 a Gross Ton.
Based on heavy melting steel quoOne week ago
$8.21
tattoos at Pittsburgh. Philadelphia
One month ago
8.25 and Chicago.
March Iron and Steel Production in the Buffalo Area
One year ago
10.83
Below February 1932, and Also March 1931.
Low
High.
1932
$8.21 Mar.22
$8.50 Jan. 12
1931
"There was a noticeable decline in iron and steel production
8.50 Deo 29
11.33 Jan. 8
1930
11.25 Dee 9
15.00 Feb. 18
1929
14.08 Dee 3 in the Buffalo area during March 1932 as shown by the re17.88 Jan. 29
1928
13 08 July 2 ports of the four leading producers in this district," says
16.50 Dec. 31.
1927
13.08 Nov 22
15.25 Jan. 11
1926
14.00 June 1 the Bureau of Business and Social Research of the University
17.25 Jan. 5
1925
20.83 Jan. 13
15 08 May 2
Steel" of Cleveland, in its weekly summary of the iron and
steel markets on April 11 stated:
Steel producers this week expect the first wave of steel buying set in
motion by introduction of the Ford eight to wash up the most substantial
Ford requirements this year With difficulties encountered in production
of the engine largely overcome, daily assemblies expanded to 300 by late
last week and orders in hand for over 300.000 cars, buying for quantity
production is definitely imminent.
Ford has taken prices on fender stock; a northern Ohio mill has reopened
on the strength of an order for strip and plates; many mii's report more
liberal releases against old direct orders and broader inquiry from nonsmokers. It will take several weeks to put daily production above 1.000.
and steel neds will accelerate gradually, but steelmaking operations at
Pittsburgh, Youngstown, Cleveland and Chicago should feel some impulse
beginning this week.
This Ford influence may "turn the corner" in steel production and supply
a rebound from last week's decline of one point to 22%, a rate no better
than New Year week and lowest since then. Sentiment also suffered a
sinking spell and was at the lowest ebb of the depression Disclosure that
the daily ingot rate in March had eased to 52.253 tons. or 24.6% of capacity
was cushioned only by the fact the 50.092-ton low of December had not been
broken.
Helping the automobile industry to lighten the background of this dark
picture of production is the noteworthy activity-considering the times
in building. Topped by the award of8.600 tons for a bridge at Troy, N Y.,
structural awards last week totaled 17.303 tons, compared with a weekly
average of 12.839 tons for 1932 to date. Including 70.500 tons for four
Government projects and 15.000 tons at Buffalo, 105.000 tons of structural
work is actively pending.
Railroads are ordering only track fastenings in quantity, but an improvement in freight traffic of western lines and reopening of more repair shops
build up hopes of slightly larger steel requirements. Steel and cast iron pipe
commitments are chiefly small lots for municipal work. Tin plate specifications tend to expand, but less than seasonal. There is a noticeable increase
In bidding for Government steel requirements.
Foreign iron and steel are increasingly aggravating, penetrating as far as
Cleveland where German piling is being used for a Gulf Refining Co.
project. Leading jobbers in New York have appointed a commissioner to
adjust problems intensified by foreign importations. Over 15.000 tons of
English and Dutch pig iron has been received recently at Philadelphia. and
New England foundries are drawing on foreign stocks at Providence and
Bridgeport. Japan has purchased 10.000 tons of steel scrap in the Pacific
Northwest and is bidding up the market at New York.
In contrast with moderate improvement in demand for pig iron from
foundries specializing in automotive castings, shipments to other melters
show a tendency to decline. Blast furnace scrap is offered at prices which
make it a serious competitor of iron ore: a more cheerful sentiment prevails
in the market for steelworks scrap at Chicago.
Due mainly to reductions in foundry pig iron at Chicago, and basic iron
in eastern Pennsylvania, "Steel's" iron and steel price composite this week
is off 7 cents to $29.74, lowest since November. 1915. Finished steel prices
appear to be holding fairly well, though under some pressure at Detroit.
"Steel's" finished steel composite remains $47.62: and the steelworks scrap
composite continues 27 87.
of Buffalo. Under date of April 9 the Bureau further says:
March steel production fell 10% below the figure for the preceding month
and 46% below the tonnage for March of last year, while pig iron production
dropped 4% and 11%. respectively, after correction for the number of
days in the month.
Comparisons of the current month (March 1932) with the preceding
month, and with the corresponding month of last year are given below:
Adjustedfor Days in Month.
Unadjusted.
Steel.
March 1932
-February 1932_
March 1932
-March 1931-
Pig Iron.
Steel.
-10.0%
-45.5%
-4.3%
-11.1%
-3.8%
-45.5%
I Pig Iron.
+2.3%
-11.1%
Anthracite Shipments Increased in March 1932.
Shipments of anthracite for the month of March 1932, as
reported to the Anthracite Bureau of Information, Philadelphia, amounted to 3,914,711 gross tons. This is an increase
as compared with shipments during the preceding month of
February of 673,407 tons and when compared with March
1931, shows an increase of 16,133 tons. Shipments by
originating carriers are as follows:
Month ofReading Company
Lehich Valley RR
Central RR. of New Jersey
Del., Lackawanna ek Western
Delaware & Hudson RR. Corp
Pennsylvania RR
Erie RR
N. Y. Ontario &'Western Ry
Lehigh & New England RR
Mar. 1932. Feb. 1932. Afar. 1931. Feb. 1931,
696,556
625,938
919,179
928,804
550,613
456,098
666.760
712,751
348.578 *285.936
301.342
391,685
536,912
440.091
422.991
5115,713
595.304
455,945
543,306
616,012
467.311
365,840
371,246
423,708
314,071
279,827
327,215
400,293
230,041
208,376
205.967
159,071
175.325
123,253
140,572
197,146
-3,914,711 3,241,304 3,898,578 4.395.183
•Corrected figures.
Sharp Decline in Weekly Production of Bituminous
Coal and Anthracite Due in Part to Observance
of "Eight-Hour Day" Holiday on April 1.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal and
Pennsylvania anthracite fell off sharply during the week
ended April 2 1932 due largely to the observance of "EightHour Day" on April 1. During this period output totalled
5,886,000 net tons of bituminous coal and 881,000 tons of
anthracite as compared with 7,260,000 tons and 1,060,000
tons, respectively, in the preceding week and 7,214,000 tons
and 775,000 tons, respectively, during the week ended
April 4 1931.
Steel ingot production for the week ended Monday
During the calendar year to April 2 1932 production of
(April 11) is placed at about 22% of theoretical capacity, bituminous coal amounted to 89,327,000 net tons as against
according to the "Wall Street Journal" of April 13, which 106,594,000 tons during the calendar year to April 4 1931.
adds:
The Bureau's statement follows:
This compares with 22%% in the preceding seven days and with a shade
under 24% two weeks ago.
U. S. Steel is estimated at a little under 23 %. against between 2335%
and 24% in the previous week and 25% two weeks ago. Independents are
at approximately 21%,compared with 21 % in the week before and 22 %
two weeks ago.
In the corresponding week a year ago the industry was at 50 %, with
U. S. Steel a little over 54% and independents 49%. Two years ago the
average was nearly 76%, U. S. steel being at 78%,and independents under
74%. In the like week in Ins all units were at 96%. while in the like week
of 1928 the industry operated at 84%, with U. S. Steel at 89% and independents about 80%.
BITUMINOUS COAL.
The total production of soft coal during the week ended April 2 1932,
including lignite and coal coked at the mines, is estimated at 5,886,000 net
tons. Compared with the output in the preceding week, this shows a de-Hour Day," was obcrease of 1,374,000 tons, or 18.9% April 1. "Eight
served as a holiday at many mines throughout the country. Production
during the week in 1931 corresponding with that of April 2 amounted to
7.214,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1931
1932
Cal. Year
Cal. Year
to Date.a
Week EndedWeek.
Week.
to Date.
91,871,000
March 19
7,410,000
7,738,000
76,181,000
Daily average
1,235,000
1,367.000
1,290,000
1,135,000
March 26
7,509,000
99.380,000
7,260,000
83,441,000
Daily average
1.252,000
1,210,000
1,356,000
1,141,000
April 2_b
5 886,000
7,214,000
106,594,000
89,327.000
Daily average_c
1,033,000
1,244,000
1,349,000
1,134,000
Unfilled Orders Again Hit New Low.
Unfilled orders on books of subsidiaries of United States
Steel Corp. at March 31 1932 were only 2,472,413 tons,
a reduction of 73,216 tons since Feb. 29 1932, when the
a Minus one day's production first week in January to equalize number of days
backlog was 2,545,629 tons. The present figure constitutes In the two years. b Subject to revision. c April 1 weighted as 0.7 of a normal
working day.
the eleventh reduction in as many months and brings the
The total production of soft coal during the present calendar year to
tonnage to a new all-time low for the third successive April 2 (approximately 79 worldng days) amounts to 89.327.000 net tons.
Figures for corresponding periods In other recent calendar years are given
month. (As previously explained in "Chronicle" of March below:
12,1932, page 1858, the figures prior to Dec. 31 1907 are 1931
106,594,000 net tonsI1929
142,538,000 net tons
129,541,000 net tons11928
131,115,000 net tons
not comparable.) As of March 31 1931 the orders totalled 1954)
As already indicated above, the total production of soft coal for the
3,925,330 tons. Below we publish the monthly figures country as a whole during the week ended March 26 is estimated at 7.260.000
since January 1927. Earlier figures may be found in net tons. Compared with the output in the preceding week, this shows a
decrease of 478,000 tons, or 6.2%. In Illinois and Indiana, production
"Chronicle" of April 16 1927, page 2215.
Financial Chronicle
2814
again increased. In other States, however, losses were practically general,
ranging from about 6 to 9% in the East, to somewhat heavier declines
west of the Mississippi. The total production for the week is but 3.3%
lower than in the corresponding week of 1931. The following table apportions the tonnage by States and gives comparable figures for other years:
Estimated Weekly Production of Coal by Stales(Na Tons).
Week Ended
Mar.26 Mar.19 Mar.28
Mar.29
1932.
1933.
1931,
1930.
State
162,060 178,060 248,000
336,000
Alabama
83,000 121,000 142,000
147,000
Colorado
1 500.000 1,364,000 985,000 1,146,000
Illinois
385,000 365,000 311,000
374,000
Indiana
100.000
107,000
85,000
79,000
Iowa
118.000
131,000 101,000
122,000
Kansas and Missouri
515.000 628,000 568,000
733,000
Kentucky-Eastern
145,000 177,000
Western
173,000
242,000
Maryland
38,000
40.000
40,000
42,000
Michigan
11,000
12,000
16,000
18,000
50,000
Montana
41,000
47,000
39,000
20,000
29,000
23,000
27,000
New Mexico
37.000
43,000
32,000
27,000
North Dakota
358,000 386,000 398,000
411,000
Ohio
Oklahoma and Arkansas_ ___
32,000
42,000
48,000
39,000
Pennsylvania (bituminous)_l,588,000 1,693,000 1.940,000 2,449,000
60,000
107,000
Tennessee
77,000,
13,000
Texas
15.000
17,000
17,000
Utah
41,000
51,000
59,000
52,000
Virginia
166,000 210,000 184,000
220,000
Washington
30,000
31,000
43,000
31.000
West Virginia-Southern_b1,300,000 1,430,000 1,395,000 1,580,000
Northern_c
433,000 477,000 506,000
634,000
Wyoming
73,000
72,000
90,000
114.000
Other States_c
11,000
12,000
1.000
4.000
Mar. 1923
Average.
(a)
423,000
195,000
1,684,000
575,000
122,000
144,000
560,000
215,000
52,000
32,000
68,000
53,000
34,000
740,000
77,000
3,249.000
118.000
19,000
68,000
230.000
74,000
1,172.000
717,000
136,000
7,000
Total bituminous coal-7,260,000 7,738,000 7,509,000 9,025,000 10,764,000
Pennsylvania anthracite
1 060,000 1,260,000 1,076,000 1,137,000 2,040,000
Total all coal
8.320,000 8,998,000 8,585,000 10.162,000 12,804,000
a Average weekly rate for the entire month. b Includes operations on the N.& W.
C. & 0.; Virginian: B. C. & G. c Rest of State. including Panhandle. d This
group is not strictly comparable in the several Years.
April 16 1932
PENNSYLVANIA ANTHRACITE.
The total production of Pennsylvania anthracite during the week ended
April 2 is estimated at 881,000 net tons, a decrease of 179,000 tons from
the output in the preceding week. In the anthracite fields April 1, "Eight
Hour Day," is observed as a holiday. That the loss In tonnage was due
largely to the idle day is indicated by the fact that the average daily rate
was but 0.3% lower than in the preceding week. Compared with the week
In 1931 corresponding with that of April 2, there is a gain of 13.7%.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1932
1931
Week Ended1Veek.
Daily Average.
Week.
Daily Average.
March 19
1.260,000
210,000
1.267,000
211,200
March 26
1,060,000
176,700
1,076,000
179,300
April 2.,a
881,000
176.200
775,000
155,000
a Subject to revision.
BEEHIVE COKE.
The total production of beehive coke during the week ended March 26 is
estimated at 16,600 net tons, a decrease of 4,800 tons from the output in
the preceding week. The decrease in Pennsylvania amounted to 4,700
tons. Production during the week in 1931 corresponding with that of
March 26 amounted to 29.700 tons.
Estimated Weekly Production of' Beehive Coke (Net Tons).
Week Ended
1932
Mar, 26 Mar. 19
Mar, 28
to
Region
1932.
1932.
1931.
Date.
Pennsylvania
13.900
18,600
23,400
211,100
West Virginia
1,200
1,200
3,300
14,800
Tennessee and Virginia
1,100
1,100
2,500
15,900
Colorado, Utah & Washington
400
500
500
8,100
1931
to
Date.a
363,600
45,200
37,400
12,700
United States total
Daily average
458,900
6,201
16,600
2,767
21,400
3,567
29,700
4,950
249,900
2,377
a Minus one day's production first week in January to equalize number of days
in the two years.
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 April 13, as reported
by the Federal Reserve banks, was $1,629,000,000, an
increase of $29,000,000 compared with the preceding week
and of $709,000,000 compared with the corresponding week
in 1931. After noting these facts, the Federal Reserve
Board proceeds as follows:
On April 13 total Reserve Bank credit amounted to $1,686,000,000, an
increase of $87,000,000 for the week. This increase corresponds with Increases of $69,000,000 in member bank reserve balances and $11,000,000
In unexpended capital funds, non-member deposits, &c., and decreases of
$16.000,000 in monetary gold stock and $26,000,000 in Treasury currency
adjusted, offset in part by a decrease of $35,000,000 in money in circulation.
Holdings of discounted bills increased $4.000,000 at the Federal Reserve
Bank of Cleveland and declined $9.000,000 at New York, $3,000,000 at
Richmond and $6,000,000 at all Federal Reserve banks. The System's
holdings of bills bought in open market declined $6.000,000, while holdings of United States bonds increased $3,000,000, of Treasury notes $1,000.000 and of Treasury certificates and bills $96,000.000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks,
and money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle," on page 3797.
The statement in full for the week ended April 13, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pages,
namely, pages 2862 and 2863.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
April 13 1932, were as follows:
Increase (÷) or Decrease (-)
Since
Apr, 13 1932. Apr,6 1932. Apr. 15 1931.
629.000.000 -6,000,000
52.000,000 -6,000,000
985,000,000 +100,000,000
20,000,000 -1,000,000
+497,000,000
-79,000,000
+386.000,000
-13,000.000
1,686.000,000 +87,000,000
4 380,000,000 -16,000,000
1,780,000,000 -26,000,000
+791,000,000
-330,000,000
-9,000,000
5,423,000,000 -35,000,000
Money in circulation
2 011,000.000 +69,000,000
Member bank reserve balances
Unexpended capital funds, non-mem411,000,000 +11,000,000
Ix ber deposits, &c
+800,000,000
-345,000,000
Bills discounted
Bills bought
United States securities
Other Reserve Bank credit
TOTAL RES'VE BANK CREDIT
Monetary gold stock
Treasury currency adjusted
of waiting until the following Monday, before which time
the statistics covering the entire body of reporting member
banks in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the current week, as thus issued in advance of the full statement of
the member banks, which latter will not be available until
the coming Monday. The New York City statement of
course also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week records a decrease of $31,000,000, the amount of these
loans on April 13 1932 standing at 8485,000,000. The
present week's decrease of $31,000,000 follows a decrease of
$9,000,000 last week. Loans "for own account" decreased
during the week from $430,000,000 to $401,000,000, and
loans "for account of out-of-town banks" fell from 880,000,000 to $77,000,000, while loans "for account of others" increased from $6,000,000 to 87,000,000. The amount of
these loans "for account of others" has been reduced the past
22 weeks duo to the action of the New York Clearing House
Association on Nov. 5 1931 in restricting member banks on
and after Nov. 16 1931 from placing for corporations and
others than banks loans secured by stocks, bonds and acceptances. The present week's total of those brokers'
loans at $485,000,000 is the lowest amount that these figures
ever reached, since they were first compiled in 1917, with the
single exception of Jan. 25 1918, when the amount stood at
$473,438,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Apr. 131932. Apr.6 1932. Apr, 151031.
Loans and investments-total
6,420,000,000 6,455,000.000 7.897,000,000
Loans
-total
3,044,000,000 3,992,000,000 5,338,000,000
On securities
All other
Investments-total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
1,933,000,000 1,079,000.000 3,083,000,000
2,011,000,000 2
.013,000,000 2,255.000,000
2,476,000,000 2, 63,000,000 2,559,000,000
4
1 589,000,000 1,596,000,000 1,412,000,000
887,000,000 867,000,000 1,147,000,000
754.000,000
40,000,000
700,000.000
40,000,000
773,000,000
42,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City as well as those in
Chicago on Thursday, simultaneously with the figures for
the Reserve banks themselves and for the same week, instead
4,866,000,000 4,790.000,000 5,749,000,000
755,000.000 760,000,000 1,219,000,000
129,000,000 152,000,000 112,000,000
Due from banks
Due to banks
-3,000,000
Net demand deposits
Time deposits
Government deposits
68,000.000
1,014,000,000
64,000,000 117,000,000
995,000,000 1,262,000,000
Loans on secur. to brokers & dealers;
For own account
401,000,000
For account of out-of-town banks._77,000,000
For account of others
7,000,000
430,000,000 1,324,000.000
80,000,000 280,000,000
6,000.000 239,000,000
Borrowings from Federal Reserve Bank
Total
On demand
On time
485,000,000
616,000,000 1,849,000,000
385,000,000
100,000,000
416.000,000 1,487,000,000
100,000.000 362,000,000
2815
Financial Chronicle
Volume 134
Chicago.
Apr1113'32.
Leans and investments—total
Los --total
On securities
AU other
in order, as you with so much courage have already done here. Neat.
April 6 '32. Apra 15'31. steps are being taken to strengthen the credit structure at the point where
the pressure is greatest and by increasing the amount of credit available
1,381,000,000 1,399,000,000 2,010,000,000 to restore confidence and release the recuperative forces now being held
in check."
943,000,000 954,000.000 1,377,000.000
548,000.000
395,000,000
556,000.000 843,000,000
398,000,000 534,000,000
438,000,000
445,000,000 633,000,000
Hugh S. Gibson, United States Delegate to Geneva
Disarmament Conference Proposes Abolition of
Heavy Guns, Tanks and Gases.
U. S. Government securities
233,000,000 225.000.000 337,000,000
Other securities
205,000,000 220,000,000 296,000.000
Before the Geneva Disarmament Conference on April 11,
Reserve with Federal Reserve Bank
138,000,000 131,000,000 178,000 000 Hugh S. Gibson, Acting Chairman of the American delegaCash In vault
14,000,000
14,000,000
20,000,000
tion to the Conference, offered a resolution proposing the
Net demand deposits
865,000,000 865,000,000 1,225,000,000
Time deposits
375,000,000 380,000,000 659,000,000 abolition of "tanks, heavy mobile guns and gases." Mr.
Government deposits
20,000,000
22.000.000
28,000,000 Gibson, who is Ambassador to Belgium, declared that "if
Due from banks
171,000.000 149,000,000 153,000.000 we fail to agree upon drastic measures qf reduction and even
Due to banks
265.000,000 267,000,000 363,000,000
abolition we must realize that the world will inevitably
Borrowings from Federal Reserve Bank_
1.000,000
1,000,000
1,000,000
embark upon a race in armaments the disastrous results of
which no man can foresee. Justification for failure to agree
Complete Returns of the Member Banks of the Federal is hard to find,for if everybody does away with these weapons
Reserve System for the Preceding Week.
we shall all gain together." Asserting that "the feeling of
As explained above, the statement for the New York and insecurity rests on fear of invasion," Ambassador Gibson
Chicago member banks are now given out on Thursday', said:
Fear of invasion is based on the existence of peculiarly aggressive weapons
simultaneously with the figures for the Reserve banks themthe use
in land warfare,
selves and covering the same week, instead of being held feeling ofsecurity tanks, heavy mobile artillery andto defenseof gas. The
will not be restored until we restore
the superioruntil the following Monday, before which time the statistics ity over aggression which it enjoyed in former times. The only way to
covering the entire body of reporting member banks in 101 restore such superiority is to do away with the weapons which I have just
mentioned.
cities cannot be got ready.
It was stated in Associated Press cablegrams from Geneva
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of (April 11) that Sir John Simon, Great Britain's representareporting member banks of the Federal Reserve System for tive, asserted that his Government supported the proposal
of Ambassador Gibson. The cablegrams further said:
the week ended with the close of business on April 6:
Investments—total
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on April 6 shows decreases for the week of
$181.000.000 in loans and investments, $66.000,000 in net demand deposits,
$24,000,000 in time deposits and $71.000,000 in Government deposits,
and an increase of $8.000.000 in borrowings from Federal Reserve banks.
Loans on securities declined $70,000,000 at reporting' member banks in
the New York district, $13,000,000 in the Boston district and $106.000.000
st all reporting member banks. "All other" loans declined 5120.000.000 in
the New York district $7 00 i."00 in the San Francisco district, $6,000,00q
in the Chicago district and $45.000.000 at all reporting banks
Holdings of United States Government securities declined $13,000,000 in
the New York district. $12,000,000 in the Chicago district and $38.000,000
at all reporting banks. Holdings of other securities increased $6.000.000
in the New York district and 88.001000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $313,000,000 on April 6. the principal change for the
week being an increase of $8,000.000 at the Federal, Reserve Bank of
Cleveland.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
April 6 1932, follows:
Increase (÷) or Decrease (--)
Since
April 6 1932. March 30 1932. April 8 1931.
Loans and investments—total— _ _19,173,000,000
Loans—total
On securities
All other
Investments—total
—181,000,000 —3,672.000,000
12,060,000,000
—151.000.000 —3,152,000,000
5,222,000.000
6,838,000,000
—106,000,000 —1,924.000,000
—45,000,000 —1.228,000.000
7,113.000,000
—30,000,000
—520,000,000
U. S. Government securities_ _ _ 3,662,0000100
3,231,000,000
Other securities
—38,000,000
+8,000,000
+34,000,000
—6540100,000
+16,000,000
—14,000,000
—322.000.000
—10,000,000
Reserve with F. It. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. Banks. _
1,475.000,000
201,000,000
10,675,000,000
5,656,000,000
381,000,000
—66.000,000 —2,803,000,000
—24,000,000 —1,617,000,000
—71,000.000
+78.000.000
1,010,000.000
2,561,000,000
+61,000.000 —766,000,000
+161.000,000 —1,346.000,000
313.000,000
+8,000.000
+293,000.000
Andrew W. Mellon, Ambassador to Great Britain,
Presents Credentials to King George—Addresses
Pilgrim Society.
Andrew W. Mellon, whose arrival in London to take up
his new duties as Ambassador to Great Britain was referred to in our issue of April 9, page 2624, presented his
credentials to King George on April 9. On April 14 a dinner
was tendered the new Ambassador by the Pilgrim Society;
in addressing that gathering Ambassador Mellon, according
to a London cablegram to the New York "Times" said in
part:
Premier Tardieu of France and Count Rudolf Nadolny of Germany gave a
rather guarded approval, but Ugo Cavalier°. for Italy, expressed cordial
support.
"We are ready to co-operate wholeheartedly in the realization of this
American proposal," said Sir John. "It is a practicable step in disarmament.**
Mr. Gibson's recommendations were an amplification of the American
thesis espressed when the conference began last February. Abolition
of the weapons he listed is essential to the security of nations and is the key
to the disarmament problem, he declared.
Mr.Gibson's address was made public as follows on April 11
by the State Department at Washington:
You will remember that on March 16 I explained that it was my hope
that we could immediately, on the resumption of our work, come to grips
with the basic question before us. I quite realize. as I then stated, that
a considerable amount of time was necessarily consumed in setting up and
getting into motion the machinery of the biggest conference the world has
ever seen I realize that the weeks spent in listening to stateme:ts of the
various delegations were well spent, but I believe that this preliminary
phase of the conference has been given ample time, that we have completed
our survey of the problem, that we know what measure of agreement exists
and what are the problems which must receive our serious attention.
Proposals Su'initlel to Cmt'srencs.
Since the American delegation had the honor of introducing the resolution as to the method of work to be adopted. It may be felt that it should
give some indicaticn of the type of concrete problem that we feel will
be considered. We have undoubtedly done what the rest of the delegations
have done. We have attempted to analyze the various proposals submitted
to the conferenc e and we are struck by the fact that one preoccupation
seems to dominate in all these proposals, namely, finding a method by
which reduction and limitation can be achieved without incurring risk to
national safety
I believe that there has been a certain confusion of thought on this subject through the rather loose definition of all these proposals as plans for
security. In large measure this preoccupadon has been instinctive on the
part of the various delegations, but It is an instinct with which every nation
must have the greatest sympathy, and this instinctive endeavor should be
tur ed by some means into a conscious and definit( program which will
tt ansmute into terms of disarmament this universal need for security.
We have heard a great deal In the conference and outside about the need
for security, but the whole subject has been enshrouded En such contradi tory proposals and contradictory conceptions that it seems to me our
first task should be to reduce this problem to its elements and to state it
in an A-B-C form.
I will confess that for a long time the American public had little sympathy
with this idea, perhaps for the rather human reason that we ourselves.
thanks to our geographical position and our friendly neighbors, feel little
concern for our national safety. However, It is our earnest desire to find
some method by which other nations may. through an increase of confidence, share the same blessing.
Demand for Security.
Fundamentally, the demand for securities arises from doubts on the
part of a government and its people as to their ability successfully to
withstand an Invasion. As a primary duty of government is to afford
adequate defense to Its citizens and its territory, apprehension on this
score strikes at the very root of national confidence, and under stimulus of
fear, governments and peoples instinctively demand ever greater armaments
"Here in Great Britain I have been impressed even in the few days I and more men for national defencse.
It is idle to speculate as to whether such apprehension is well founded.
have been among you by the feeling that you have turned your most difficult corner ard tht situation is in hand. All the world, and we in America Apprehension as to national safety is not to be dealt with by pure logic or
in particular, have watched admiringly the courageous, even heroic. peace established by argument alone. One reason it has been so hard for
manner in which the government and people of Great Britain faced their us to think clearly on this problem is that it is full of contradictions and
difficulties unhesitatingly and added to their heavy burdens In order to thus devoid of logic.
meet their responsibilides to each otter and to the world.
For instance, It is clear that even some of the nations which maintain
"In America we are also facing our difficulties frankly, and while con- the highest level of armaments, adequate presumably to deal with any
ditions there are serious, they are neither so criticai nor so unprecedented possible aggression, are among those most fearful for their national safety.
as to Justify a lark of faith In our capacity to deal with them in our ad This would seem to show conclusively that though on the subject of secustomed way. President Hoover is proceeding to do this, and ban recom- curity has not yet been made clear and definite. The solution is to remove
mended to Congress a comprehensive program which is being rapidly the fear. Moreover, if we remove the fear, we also remove the incentive for
enacted into law and when put into operation should go far toward making the maintenance of the high level of armaments which to-day constitutes
possible steady headway toward la covery. First of all, by rigid economy such a menace to our civilization, and such a burden on the economic
and increased taxes the Federal Government intends to set its own house structure of the world.
2816
Financial Chronicle
During the past few years, and especially at the opening session of this
conference, there have been submitted a variety of plans for achieving
security. I do not propose to discuss these plans at this time. Fortunately,
the plan I shall have the honor to submit to you, which stands by itself,
is in no sense contradictory to, or exclusive of, any other reasonable plan
for the achievement of security. Furthermore, the American delegation
has welcomed the introduction of all such plans, even those that we could
not accept.
Basically, the demand for security is founded on fear of invasion. It
may well be asked why this feeling should be more acute to-day than in
times past. I think the answer is rather simple. Before technical progress had reached its present proportions, there was a certain inherent
superiority in defense. A country that put its faith in frontier fortifications was able to hold up armies of invasion at least until its defense forces
could be mobilized and brought into action.
Within the last generation, however, certain new weapons have been
developed to a point where frontier defenses no longer constitute an adequate
safeguard against invasion. At the beginning of the World War, we saw
the supposedly impregnable fortresses of Liege, Namur and Antwerp
reduced in rapid succession by heavy artillery. I think we are justified in
assuming that if the invading army had not had these guns those forts would
have either acted as an effective deterrent of invasion or at least would
have sufficed to delay the invasion until full defense forces of France.
Belgium and Great Britain could have been mobilized and brought into
action.
Furthermore, since that time there has been a series of technical developments toward the mechanization of attack which will further reduce the
value of frontier defenses. A new war would see frontier fortifications
rapidly demolished by heavy mobile artillery. Trench defenses, with their
barbed wire entanglements necessary for linking up the intervals between
fortifications, would be effectively demolished by tanks and possibly after
a gas attack the invading infantry would be able to advance with relative
ease.
It seems clear that it is this knowledge that frontier defenses are powerless to resist any attack of the sort I have indicated which gives rise to the
feeling of insecurity, not only on the part of governments, but, what is
far more serious, on the part of the civil population.
It is the feeling of inadequacy of the defensive force which gives rise to
the insistent demand on the part of the people for the accumulation of
military stores, the increase of armies and of military budgets. We might
as well face the facts that unless and until this genuine apprehension can be
allayed, there is little hope of achievement here.
April 16 1932
its mounting costs approximately $450,000 and that its life is not long.
With respect to tanks, the large armed type costs in the neighborhood of
$45,000 each, and their life is even shorter than that of the heavy guns
and their number naturally far greater.
It may be objected that the suggestions I have put forward do not deal
adequately with the whole subject of aggressive warfare. I anticipate and
disarm this objection by agreeing with It, but in my opinion one of our
great difficuities in the past has been that we have sought to deal with
coo many problems at a time when the greatest hope of success lies in isolating problems and dealing with them effectively in succession.
For that reason I have purposely sought to focus our proposals on the
most acute phase of the security problem as we see it, that involved in
land warfare. When definite results have been achieved in this field I
shall take occasion, at an appropriate time, to present the views of my
Government as to th. best practical means of dealing with aggressive weapons in other fields,such as,for Instance, bombing planes.
However, it seems to me that if we can deal effectively and expeditiously
with the proposal I have the honor to subrr it ,o-day, it will facilitate our
task in dealing with the more complicated measure which must be taken
in regard to other methods of warfare.
This plan obviously does not apply to heavy guns on fixed emplacement
for defensive purposes. Nobody can charge aggression against guns so
placed. Weapons of this character for the defense of frontiers can give
legitimate concern to nobody. They are no more to be considered aggressive than the locks and bolts upon our doors.
I quite recognize that the suggestion that we do away with all these
weapons may be rather shocking to many of my colleagues, but I confess to you that before we reached the decision to make this proposal
we have faced and accepted the idea of sacrifice of our important and
costly existing technical equipment.
It was not easy for us to forego the use of our heavy railway guns, It
was not easy for us to envisage the abolition of the tank equipment of
our modern forces, which we have already developed to a high standard.
We would not have reached the decision to make this proposal if it were not
for the deeply rooted conviction that the urgency of this problem den:ands
sacrifices on the part of all of us and that if we were all unwilling to acquiesce in any reduction save on the part of our neighbors we might as well
acknowledge that a conference of this sort is a farce.
Furthermore, if we fail to agree upon drastic measures of reduction,
and even abolition, we must realize that the world will inevitably embark
upon a race in armaments, the disastrous results of which no man can
foresee. Justification for failure to agrea is hard to find, for if everybody
does away with these weapons we shall all gain together.
Restoration of Feeling of Security Through Abolition of Weapons.
I therefore have the honor to submit a resolution for consideration by the
I repeat, the feeling of insecurity rests on fear of invasion. Fear of general commission, with the request that our chairman appoint some
Invasion is based on the existence of peculiarly aggressive weapons in land suitable date,say within a week,for this body to discuss and vote upon it.
warfare—tanks, heavy mobile artillery and the use of gas. The feeling •
Text of Resolution.
of security will not be restored until we restore to defense the superiority
over aggression which it enjoyed in former times. The only way to restore
The resolution is as follows:
superiority is to do away with the weapons which I have Just mensuch
Whereas, All States of the world are animated with the same legitimate
tioned.
concern for the defense of their territory and peoples:
It is obvious that the abolition of these weapons can in no sense prejudice
Whereas, Many States now feel that they exist under the menace of
any other plan for achieving security. On the contrary, the very relaxing aggression from their neighbors;
of tension which would ensue from a general agreement to do away with
Whereas, That fear of aggression is primarily caused and intensified by
these weapons would In itself favor further agreements.
the existence of weapons which can only break down national defenses.
The tension existing to-day would inevitably be eased by such action, such as fortifications in other words, which give superiority to attack
for every country would be bound to realize that if its neighbors are willing over defense;
to forego the use of such weapons they cannot be entertaining designs of
Whereas, The establishment of a constant superiority of defense over
aggression.
attack would promote in the peoples of all States a feeling of security;
We would, moreover, be paving the way for a removal of that other great
And Whereas. The general commission believes that the abolition of agfear complex which grows out of the danger, not of mass invasions which gressive weapons would constitute a first and essential requisite, not only
break through National boundaries and result in the overrunning of ter- for the reduction of armaments, but for the establishment of security.
ritory, but of aerial bombardments and their threat to the civilian popuThe general commission resolves:
lation. By establishing a feeling of security, we would facilitate the ac1. (a) That the following weapons are of a peculiarly aggressive value
ceptance of further and more drastic measures of reduction with the result against land defenses; tanks, heavy mobile guns and gases, and as such
that the problem of reduction will become as easy as it now seems insoluble. should be abolished; and
The advantage of the abolition of these weapons is not only that it would
(b) To request the land commission to draw up and submit to the general
relieve existing fears, but that it is in every way desirable, even from a commission a plan for scrapping tanks and mobile guns exceeding 155
strictly military point of view, in that the abolition of such weapons would millimeters in calibre and for the abolition of the use of gases in war.
restore the superiority of defense. With no existing cannon capable of
2. (a) That an undertaking by the States not to avail themselves of
reducing modern fortifications, with no tanks capable of destroying trench the aforementioned weapons in the event of war equally essential; and
defense, with no gas to terrorize armies, invasion would demand such
(b) To request the political commission to draw up and submit to the
staggering sacrifices in human life as to make it far too costly to contemplate. general commission texts for these purposes.
Probably the first objection raised to this suggestion is that it is futile
Simplicity of Proposals.
to hope that treaty engagements of this sort will be observed in time of
Mr. Chairman, without in any sense wishing to prejudice the full discuswar. I do not believe that this objection has sufficient force to impair the
value of the suggestion, even if we admit the possibility that in a future sion of this subject, which I hope the Commission will undertake, I venture
war a nation would be guilty of the gross bad faith of repudiating the to express the hope that the simplicity of our proposals will commend them
solemn engagement undertaken before the world for the abolition of these to the conference, and that it will be possible to refer the entire question to
the necessary commissions with instructions to report back definite texts
weapons.
As a practical matter, it would require a period of months or years to for our adoption.
This hope is based on the profound conviction that in the abolition of
produce these arms in sufficient quantities to have any decisive effect, and
aggressive weapons we have ready to our hand the key to the great problem
all advantage cf surprise attack would thereby be lost.
Furthermore, past violations of such undertakings have been of the of disarmament. No matter how long we may stay here and discuss prinmost costly character to the wrong-doer. Could any of my colleagues who ciples and methods we shall have accomplished nothing until we take this
may be disposed to advance this objection point out a single instance where first decisive step.
Most of my colleagues have already expressed in one way or another
the violator has been the gainer in the end?
Without being unduly optimistic. I believe that the passage of the years some conception of this necessity and I am confident that they will realize
opinion to support any en- the value of taking this step immediately. Furthermore, I do not feel it is
Is building up an increasing sanction in world
gagements taken here. We feel that we can put our faith in treaties of enlightening for us to adopt these solutions in principle only.
What we need is definite and final agreement at the earliest possible
this character. We believe that such treaties will be observed and that
date. Mere agreement in principle will not facilitate in maximum degree
any risk involved is less than the risk we now incur.
the solution of other and more difficult problems, but if we can reassure the
The question is, whether we are not prepared to accept an insignificant
risk in the cause of peace when it is certain that we may have all taken far world and encourage ourselves by demonstrating the possibility of a general
- agreement on this phase of the problem we will have provided a firm basis
greater chances in the cause of war: and if we are not ready to accept whet
ever risk may remain, in order to bring about good understanding, we must for progress on other more complex problems which will still lie before us.
It is difficult for me to believe that we can fail to take this step, which
realize that the alternative is to continue our constantly increasing armawill perhaps justify the faith of the peoples in whose names we are hero
ments and ever-increasing risk.
assembled.
Expense of Maintaining Modern Armed Forces.
The past few years have demonstrated that no nation can maintain
modern armed forces the equal of its neighbors' without annually increasing Italy Files Memorandum at Geneva Disarmament
expense for maintenance. Such increased expense is nearly all due to the
Conference Calling for Limited Armaments—
Increasing mechanization of forces. What we propose Is to stop this meWould Bring All Navies Down to Italy's Standard.
chanization in its most acute and expensive forms.
With the abolition of tanks and heavy mobile artillery every one of
Italy filed a long memorandum at the offices of the Disus will be able to cut our budgets appreciably. These two items constitute
armament Conference at Geneva on April 8, outlining a
the greatest single items of expense in connection with modern armies.
It seems inconceivable to us that, with the insistent demand for economy sweeping program for confining the wars of the future to
throughout the world, we should fail to reach agreement to discard the sharply limited armament. Associated Press
accounts
most costly of our arms.
In other words, it seems incredible that the nations of the world could reported:
refuse to enter into an agreement that would at the same time increase
It is a definite program which strikes at the German "pocket battleship,d
defense and decrease expense, and that is the purpose of my proposal.
-ton French cruiser and the battle fleets of Britain and ths
the 22,000
To illustrate the drain which these weapons cause to the budgets of the United States. It would bring all the navies in the world down to Italy's
-ton cruisers.
world I need only state that the largest type of heavy mobile gun without own standard of 10,000
Volume
134
Financial Chronicle
The memorandum does not mention ratios between countries or parity
with France, but it reaffirms the four points which Italy laid down at
Geneva last February and it treats those four points as a unit. They
are provisions for the abolition of heavy artillery and tanks; battleships;
submarines and airplane-carriers; bombing aircraft, and chemical and
bacteriological warfare.
The memorandum demands government control of civil aviation and it
explains how the Italian program could be put into effect.
Italy suggests publication of the number of naval units to be abolished
and then either destruction of those units or dismantling to render them
unfit for combat. The program would permit heavy coast defenses, and it
defines heavy guns as anything more than four inches. The memorandum
leaves the matter of limits, weight and horsepower of bombing planes for
future settlement.
Disarmament, the memorandum says, ought to be accompanied by
revision of the laws governing warfare and by adequate measures for
the control of civil aviation, this control to be exercised through a maximum
of publicity and by the establishment of definite ratios between the parties
agreeing to the program.
Provisions for the suppression of chemical warfare include prohibition
of the manufacture and import of war chemicals and the training of men
to use them.
The disarmament conference will resume on Monday.
The Grand Council of Fascism adopted a resolution to-night approving
the government's stand on the disarmament question as set forth in the
memorandum. The resolution declared Italy intended to insist on her
proposals until the end of the conference "to clear finally in the face of this
grave prob!em the historical and political responsibility of individual
States."
Premier Tardieu of France Criticizes Disarmament
Proposals of Hugh S. Gibson at Geneva Conference.
Premier Andre Tardieu of France, representing the French
Government at the disarmament conference at Geneva
on April 12 disclaimed against the proposals advanced
on April 11 by Hugh S. Gibson, the American representative
at the conference. As we indicate in another item Mr.
Gibson proposed that tanks, big guns and gases be abolished
in the interests of security, but said M. Tardieu, he made
no mention of battleships, "the most obvious aggressive
weapon."
According to Geneva advices April 12 to the New York
"Times," Premier Tardieu in his attack wrecked every hope
that any easy short-cut to arms reduction could be found
here. From the account to the "Times" we also take the
following:
Be asserted that the prohibition of this and that arm was useless, because technicians and engineers would invent pocket cannons to replace
big guns, pocket airplanes to replace bombers and pocket cruisers to replace
capital ships and because no country would abstain in the event of
war
from beating its farm tractors into tanks, its liners into battleships and all
its civilian airplanes into bombers.
Furthermore, he said, it is no use reducing the number of
effectives
because this will lead to the training of reserves under the
guise of boy
scouts or police or gymnastic associations. It is no use, he went on
trying
to save money by eliminating this and that arm because that money whl
only be spent in developing others.
Finally, who could believe, he asked, that any State that had
broken its
fundamental engagement of the Kellogg Pact would keep any
secondary
engagements.
Again Offers French Plan.
. . Then after apparently having assumed that no
treaty was secure
from infraction in the present state of international morality, after
having argued that no one would keep his engagement to limit this and that
arm, the French Premier presented once more his proposal that
the only
way to achieve security and so reach some measure of disarmament
was
to place at the disposal of the League of Nations all heavy guns
and all
big ships, airplanes and submarines with their crews.
Apparently France is ready to trust every element
in this composite
League force to hold to its international instead of its National
allegiance, and she is ready to believe that this heterogeneous army
of heavy
weapons dispersed in some dozens of countries will be by its mere
existence
an element of security.
Fears Secret Violations.
M. Tardieu came back to-day, as yesterday, to that constant, haunting
fear of France that everybody else will fail to keep his word,so that control
and penalties are essential.
"One can conceive quite well an international agreement for the suppression of this and that arm if one is convinced that they will be," he said.
"I would like some one to prove to me that it will be impossible to manufacture In secret certain types of guns and certain types of airplanes. Hence
we must have control; we must have penalties."
Turning alternately toward Mr. Gibson and Sir John Simon of Great
Britain, he said:
"There was a certain moment, gentlemen, when by virtue of budgetary
circumstances, of military circumstances and of technical circumstances—
there was a moment when there did not exist a single big battleship, not a
single submarine, not a single military airplane, when there was no heavy
artillery. We were in precisely such a position as seems now to inspire
certain of our colleagues—and those among the most eminent—with a
hope of security. That year when the world found itself in this situation
was the year 1905. Those among you who lived through it will scarcely
remember it as an epoch when the sentiment or security was in Elmore
either general or justified."
So by steps he came to his conclusion:
"The creation of an international force will have for a practical result
the reduction of national armaments. We seek, like you, suppression of
certain arms. To suppress them we desire to put them at the disposal of
an international power. Thus we are sure, in the first place, that their use
will be controlled, in the second place, that force will remain within the law.
For our aim is to prepare a reign of international law."
Proportional Cuts Caged.
Maxim Litvinoff of Russia spoke first this morning. The solution
which he had to offer was quite otherwise. Having failed six weeks ago
to get the conference to agree to complete and total suppression of armies
d armaments he asked that at least there should be substantial reduction
principle by which all armies of more than
on a progressive, proportional
2817'
30,000 men should be cut 5, 10, 35, 40 and 50% according to their size.'
Russia's own army coming within the 50% reduction class.
Even this, M. Litvinoff agreed, would not eliminate the
possibility
of war, but it would help by completely disorganizing every general staff and every army organization for some time at least.
Joseph Caillaux, Former Premier of France, in Letter.
to Representative Somers, Expresses Himself in
Favor of International Monetary Conference.
Joseph Caillaux, former Premier of France, in a letter
received April 13 by Chairman Somers, expressed himself
as in "complete agreement" with the House Coinage Committee's advocacy of an international monetary conference.
Associated Press advices from Washington stated:
He said he was in complete agreement with the
"initiative which you
have taken in demanding the calling of a
conference which would fully
study the monetary question."
"Without desiring to sit in judgment on the different
systems suggested to improve the instrument of exchanges—which
is a controversial
matter—I admit, and without suggesting a solution, I
maintain that it fe
urgent to examine the problem from its every angle,
because it dominatew
the prices from which the world is suffering," M.Caillaux, a
former Finance
Minister, also added.
After receiving M.Caillaux's letter, the Committee
continued its study of
silver and monetary metals, hearing John Hannay,
Chairman of the executive committee of the American Society of Practical
Economists,
No Possibility of Acceptance by United States of
French Proposal at Geneva Disarmament Con,.
ference.
There is no possibility that the United States will accept
the French proposal to the disarmament conference that
the Powers supply the League of Nations with a super
army and navy, Acting Secretary of State Castle was reported as stating at Washington on April 13. The New
York "Times," from which this is learned, further said:
His informal statement was a reiteration of the position of
this Government ever since the plan was first broached. He coupled with
it an expression of confidence that the French opposition to the American
suggestion
for abolishing aggressive land weapons would not make the
situation confronting the conference hopeless.
The French and American attitudes, he asserted, merely showed a
divergence of views as to the best method of attacking the disarmament
problem.
Mr. Castle denied reports circulated in France that the United Stated
had drawn up its plan in co-operation with the British No other Government was consulted, he declared. The nearest approach to it, he added,
was when Ambassador Gibson, a few hours before he delivered his speeds
on Monday, showed it to Sir John Simon, the British Foreign Minister'
and Premier Tardleu of France.
Gibson and Tardieu Divide Geneva Arms Parley—
Italy, Brazil and Turkey Rally to Side of United
States:Poland, Uruguay and Jugoslavia to France's
—Japan Stands on Draft.
Ambassador Hugh S. Gibson's speech on April 11 and
Premier Andre Tardieu's reply on April 12 have given
form and substance to the disarmament conference that
is meeting at Geneva. They have offered a choice between two
methods and two objectives, said the Geneva correspondent
to the New York "Times" on April 13; in part he also said:
That at least became clear to-day when speaker after speaker in the
general commission of the conference rose and approved either one or
the other or advanced some variant of the main theme of One or the other.
The United States proposal is, of course, only a first step and a minimum,.
The French represents a maximum. Mr. Gibson proposed that tanki.
heavy artillery and gas should be prohibited as war arms. M. Tardieu,
that they and all heavy armaments on land, at sea and in the air should be
placed under the control and at the disposal of the League of Nations.
Nations Are Divided.
On the whole, the honors for the day were about even. Italy, Brazil
and Turkey supported the United States method, although Italy west
far further. Jugoslavia, Uruguay and Poland lined up with France.
Spain and Persia straddled the fence. Denmark was in a class by itself,
advocating variations of both methods, and Japan,represented by Naetaka
Sato, stood firmly by the present text of Article I of the draft convention
and Article VIII of the League covenant, both of which provide for great
latitude of interpretation, and might easily be fulfilled by maintenance
of the status quo.
It was the speech of Dino Grandi, Itallan Foreign Minister, that drew
the most comment. He proposed that all heavy land artillery and tanks,
all capital ships, submarines and aircraft carriers, all military dirigibles
and bombing planes and all weapons of chemical warfare be scrapped
and an agreement signed never to manufacture them again, and he asked
for revision of the laws of war and control of civil aviation.
Signor Grandi took occasion to twit M. Tardieu. Be recalled that when
Germany's big armaments had been taken from her France had seemed
to realize fully the difference between defensive and offensive weapons.
Makes Plea for Good Faith.
Then again he said:
"It has been said that an international
agreement regarding (Mann
tive limitation might be broken with
ease, as many forbidden arms could
be secretly manufactured. But even if
that is true, should we hesitate to
conclude agreements simply because of
the possibility of bad faith? If
we start by doubting every one's good
faith we might as well at once abandon
any attempt to reach a result.
"It has been said that a State which is
ready to violate the solemn clauses
of the Pact of Paris would all the more
readily violate its engagements
with regard to qualitative limitation of arms.
But surely, gentlemen, if
we must admit such a possibility we must
also admit that such a country
would also be ready to violate all
engagements, including that of placing
ta arms at the disposal of the League of Nations.
If we start on the hY-
2818
Financial Chronicle
pothesis of bad faith the whole edifice of security and peace will break down
and with it not only that of mutual confidence, which is the basis of international co-operation, but the community of nations will perish."
It was noticeable that it was the newer or weaker countries that clung
most firmly to the French conception of security through an armed League.
August Zaleski, Foreign Minister of Poland, was quite willing to accept
for his country Mr. Gibson's and even Signor Grandi's proposals, but
wanted control and an "organization for peace."
Jugoslavia Backs Tardieu.
Dr. Voyislav Marinkovitch, Jugoelavia's Foreign Minister, stood even
closely by the French. He formally proposed that all war vessels
more
except those necessary for coastal defense and all heavy artillery and tanks
be placed under League control and that penalties be applied to any country
exceeding its pi esent arms limits.
Dr. P. Muench of Denmark Joined the ranks of what may be called the
"auppressionists," but he is one of the strongest supporters of an international air force and of a degree of international control and penalties.
For Japan, Mr. Sato had this to say:
"I am happy to say how much sympathy I feel for the proposal of the
Hon. Mr. Gibson. We sba 1 always be ready to discuss details in competent committees. Nevertheless, considering the three categories of armaments, we believe that it will be perhaps more opportune to discuss at
the same time all proposals of the same character concerning not only
land armaments but also naval and air armaments, as the Italian delegate
has suggested."
Then he took up one of M Tardieu's arguments, that it was extremely
difficult to discriminate between offensive and defensive weapons. especially
when geographic conditions were taken into account. The existence of
near-by or distant naval bases might, for instance, make airplane carriers
and other defensive vessels into offensive weapons, he said. World conditions, he reminded the conference, justified prudence and strict attention
to realities.
The conference decided that tomorrow the bureau would try to determine whether Mr. Gibson's or M. Tardieu's or some one else's proposal
should come up first for detailed examination. It is expected that the
conferees will decide with the most comprehensive scheme, which is likely
to be that of France, and so by a process of elimination it is not improbable
that the conference will finally come to the United States's minimum proposal
for the reduction of land armaments.
Germans Acclaim Hugh S. Gibson's Proposals—His
Arms Project at Geneva Seen as Offering Chance
for Real Disarmament—United States Plan Regarded as Ending Tardieu's Hope for Collective
Guarantee.
In a Berlin cablegram April 12 it was stated that Hugh S.
Gibson's proposals at Geneva are acclaimed in Berlin
political circles as going into one of the most important
elements in disarmament in a positive and concrete way,
in welcome contrast to the theoretical discussions dominant
' earlier in the conference, and as offering leverage for practical accomplishment. The Berlin account went on to say:
Dr. Walther Simons. German former Foreign Minister and former
president of the Federal Supreme Court, says abolition of offensive armaments is the centre of the whole problem. So-called moral disarmament,
he contends, can be effected only by actually disarming, and along with
equality of reduction the chief necessity is to do away with weapons serving
for attack. What arc to be considered as such, he argues, are deducible
from the Versailles Treaty.
"The armaments forbidden to Germany, submarines, tanks, heavy field
artillery, gas and fighting aircraft, must be regarded under international
law as offensive armaments." he says.
The newspaper Germania says: "The tangible and helpful lead taken
by the American delegation Is more gratifying in view of the widespread
assumption that the United States would declare herself disintereited In
land armaments. Although the German proposals have gone further,
the greatest importance attaches to the United States proposals, for behind
them are the government and the public opinion of the country surely possessing the greatest staying power In the matter of arming, and they couple
disarmament with the debts problem."
The BOefSen Courier comments:
"The United States delegate brought out as clearly as can be desired that
his country has no use at all for France's security thesis."
It adds that abolishing offensive weapons is the first step toward eliminating international fears.
The Deutsche Allgemeine Zeitung urges Germany to support vigorously
America's forward move and the Lokal Anzeiger hails it as the first step
toward real disarmament, contending that Andre Tardieu, however, is
sure to try sabotage.
While stressing that the American project omits aircraft, submarines
and dreadnaughts, as well as the question of the equal status of Germany. Dec Tag still acclaims it as "thoroughly practical and real progress and moreover indicating that the United States will remain aloof
from any collective guarantee scheme such as M. Tardieu is playing for."
It says that in effect the United States meets France's demand for
security with: "Well,let's abolish the arms threatening security."
Bank for International Settlements to Pay $776,000
Dividends—Sum Cleared Despite Loss During Nine
Months of Revenue from Handling Reparations—
Board Bars New Loans—Swedish Director Detained
in Stockholm by Kreuger Inquiry—Hans Luther
Present at Meeting Despite Bullet Wound.
Asserting that despite the world economic difficulties, the
Bank for International Settlements remains a paying institution, a wireless message from Basle, April 11, to the
New York "Times" said:
At the regular meeting here to-day the Bank's director(' were informed
that at the close of its second fiscal year the
Bank would be in a position
to announce next month, at the annual
assembly, the distribution of about
4,000,000 Swiss francs (about $775,000)
as dividends from the profits
of this year's business. This sum was cleared by the Bank in a year
when nine months' revenues from its principal source of income—the
handling of reparations payments—have been
withdrawn through the operation of the Hoover moratorium.
April 16 1932
This month's statement of accounts, examined to-day, also showed the
World Bank to be in a better financial situation, with resources totaling
1,126,000,000 Swiss francs ($218,000,000), including deposits of 609,000,000
($118,000,000) by Central Banks.
But because of the unsettled political horizon the Board decided to
avoid new loan enterprises in the immediate future. It simply voted to
renew credits of 90,000,000 sohillings ($12,600,000) to Austria, $20,000,000
to Hungary and $3,000,000 to Yugoslavia, which are about to expire.
Additional relief to Austria, asked by the Governor of the Austrian National
Bank, who came to Basle specially to present an urgent appeal for assistance, was rejected.
Germany's Interest Cut.
Germany likewise obtained a &mall measure of relief in consideration
of
the Reichsbank's action in reducing its discount rate. In return the World
Bank agreed to reduce the interest rate from 8 to 6% from
April 4 to
June 4 on the credit of $90,000,000 extended to the Reich
by the World
Bank, the Bank of England, the Bank of France and the
United States
Federal Reserve Bank,
Sir Charles Addis, British member of the Board, announced his retirement from the World Bank to-day because of his decision to
withdraw from
active life this year on reaching the age of 70 years. He is to
be replaced,
it is understood, by Sir Otto Niemeyer, noted British
financier. Dr.
Gottlieb Bachmann, President of the Swiss National Bank,
whose term of
office lapsed in March, was unanimously re-elected for,three
years.
The rest of to-day's meeting was devoted chiefly to
preparations for the
second annual general meeting of the Bank's stockholders,
which will
take place next month and will be attended by the
heads of the central
banks of 26 countries.
In arranging for this meeting the Board made a
decision to-day concerning the final subscriptions to capital stock which,
according to the Bank's
statutes, must be fully subscribed after two years of
the Bank's operation.
Up to now all but 26,400 of the original 200,000
shares have been distributed, mostly to European nations. By a provision
in the statutes,
however, only nations on the gold standard or gold
exchange standard whose
financial situation is endorsed by the World Bank can
acquire the stock.
World conditions are such that of the many
applicants, chiefly from
South America, now unrepresented in the World Bank,
South Africa and
Spain, no country can be found that fulfills the
requirements.
Distribution of World Bank Shares,
The Board therefore decided to-day to distribute the
26,400 shares equally
among the seven countries that were original members
of the Board. Thus
Great Britain, which is off the gold standard, will
receive shares refused
to others in the same position. President Gates W.
McGarrah was authorized to conclude an agreement with these founding
institutions for the
eventual retrocession by them of all or part of these
shares at par if
the Board during the next five years should
allot the shares to some
central bank not already a shareholder.
Additional shares for the United States, it was
decided, will be offered
to J. P. Morgan di Co. and the First
National Banks of New York and
Chicago, not to the Federal Reserve Bank, which
is not a stockholder.
The Bank Board will next meet on May 9,
and on the following day the
first session of the annual general meeting
will be held. This will be a
business meeting to hear President McGarrah's
annual report and for
decisions relative to dividends and reserve.
On the following day the
program will include addresses by experts,
who are non-members of the
World Bank staff or Board who will
be specially
vide an exceptional attraction to shareholders invited to Basle to proattending the meeting.
Probably four experts will speak, discussing technical
subjects and notably
phases of short-term credit handling and
questions of monetary policy.
From the Basle accohnt, April 9, to the
"Times," we take
the following:
Dr. Kienboecke, President of the Austrian National
Bank, has come to
Basle in an effort, it is believed, to obtain a new
loan. From the trend
of to-day's conversations, however, it appeared certain
he would be Informed
all the World Bank was able to do was to renew
for three months its
share of the credit of 90,000,000 schillings (about
$12,600,000) which is
about to fall due. Similar extensions will be made
of the $20,000,000
Hungarian and the $3,000,000 Yugoslav credits. Until
some definite solution is found for the grave international political
problems, the World Bank
cannot embark on new relief operations. Although
the bank for the
first time since the Hoover moratorium shows
improvement in its financial
position by an increase in deposits and stands in a
better position to act
than in recent months, it finds politics an
unsourmountable obstacle.
Political Obstacles Discussed.
These political shackles were reviewed in to-day's
informal discussion,
which turned on the present unfavorable conditions,
ranging from the
collapse of the Danubian project, the unsatisfactory outlook
for the Lausanne
conference, and the uncertain electoral campaigns in
various countries to
the European drive against the dollar, the astonishing
Kreuger scandal,
and the monetary difficulties in many nations.
The German political
unrest was brought forcibly home to the Board
members by the arrival
of Dr. Hans Luther, President of the Reichshank, at
the meeting, with a
bullet wound in his arm, inflicted by a would-he
assassin.
Discussion of the Kreuger affair was unavoidebly
evoked by absence
of Ivar Booth, Governor of the Bank of Sweden,
the only member of the
World Bank Board not present. Mr. Booth was In
Basle at the time of
Ivar Kreuger's suicide and was forced to leave In
answer to a hasty summons from Stockholm without attending last
month's meeting. He is still
detained by the sensational inquiry, whose results
have caused the same
amazement that is felt throughout the world to be
felt by these bankers,
nearly all of whom knew Mr. Kreuger personally.
One member of the
World Bank Board who was intimately associated
with Mr. Kreuger declared
he always had absolute confidence In the honesty
of the Swedish capitalist,
and other financiers who were probably the best
judges of men to be
found in the world of finance admitted they had
completely trusted
Mr. Kreuger.
Dollar Causes Less Concern.
In World Bank circles less concern is being shown
regarding the stability of the dollar than last September at the time of
the reassuring visit
of W. Randolph Burgess of the Federal Reserve Bank of
New York. Since
then the World Bank members have been inclined to
discount the effects
of bearish attacks on dollar exchange, regarding them
chiefly in the light
of speculative raids. The action of the Bank of France
in supporting the
dollar in Paris evoked favorable comment.
Sir Otto Niemeyer Replaces Sir Charles Addis on Board
of Bank for International Settlements.
The resignation of Sir Charles Addis. Vice-Governor of
the Bank of England, from the Board of the Bank for International Settlements and his replacement by Sir Otto Niemeyer were announced at Basle, April 11.
Volume 134
Financial Chronicle
Total Cancellation of War Debts and Reparations with
Ten-Year Supression of Political Issues—Proposal
by Shepard Morgan, Vice-President of Chase
National Bank and Former Reparations Finance
Director—Views Expressed Before Academy of
Political Science.
A possible solution of the problems of war debts and
reparations, involving the total cancellation of both debts
and reparations with the important reservation that all
political issues arising under the Treaty of. Versailles be
suppressed for a period of ten years, was proposed to the
Academy of Political Science this week by Shepard Morgan,
Vice-President of the Chase National Bank and former
Finance Director of the Office for Reparations Payments
at Berlin. Such a solution, Mr. Morgan pointed out, was
based on the assumption that as long as the debts exist
they will delay recovery from the depression, and so prove
more costly to collect than they are worth. The meeting
before which Mr. Morgan spoke was held in New York
City on April 13. The release of our debtors as part and
parcel of a European settlement, Mr. Morgan predicted,
would result in a rising tide of business in the place of the
present depression and panic, and so offset the loss of our
claim, now worth about 250 million dollars a year, through
cancellation of the debts. While we have an unquestionable
right to these debts, he asserted, we might, in cancelling
them through this proposed solution, obtain a counter-value
in political sacrifices on the part of Germany, financial and
political sacrifices on the part of France, with our own
sacrifice nominally financial.
"The bargaining power which the debts give us lessens
month by month," he declared. "The question for us is
not whether we will lose or keep 250 million dollars a year,
but whether we will use before it is too late what leverage
they give us to break the European deadlock."
The solution suggested by Mr. Morgan, "in simple outline merely as a statement of principles, and leaving out all
the innumerable checks and balances which would be
injected into it in the course of negotiation, is the following:
1. Total cancelation of the debts.
2. Total cancellation of reparations, with the exception, of course, of
payments on the Dawes and Young loans.
3. Suppression for a period of ten years from the adjournment of the
present conference on arms limitation of all political issues arising under
the Treaty of Versailles.
"The demerit—and perhaps the merit—of this solution is that no nation
attains its full list of desires. Consider the case of Germany. Germany
obtains relief on reparations account. But she has to continue under the
political disabilities of the Treaty for ten years and in addition runs the
risk that ten Years of Psychological peace in Europe will lead her own people
as well as her former enemies to settle down to the existing condition. But
she has the assurance that at the end of that time the problems that still
remain wit] at least be opened for discussion.
"Next consider the case of France. France loses her share in the unconditional annuity, which at present is nominally about 125 million dollars a year. But she gains relief from her liability to pay the United States
whether Germany pays or not. Far more than this, however,she obtains the
surest buttress to her security, which is peace in the minds of her neighbors. She shares also in the incalculable economic benefits which would
come to the world if the spectres of polltical disturbance are driven off
the European scene. No one who knows the concrete French mind, however, will suppose that France would accept in lieu of the tangible control
which the reparation claim now gives her, a set of intangible assurances
such as are here contemplated. For that reason it will be necessary to
provide her with guarantees that the assurances are kept.
"And now as to the United States. In a financial sense—assuming that
the debts are good—the United States would be called upon to give up a
claim worth now about 250 million dollars a year, and later worth more
than that. With the cancellation of ti-e claims, substantially the same
amount would become Immediately a charge upon the budget, which
Congress is already having difficulty enough to bring into balance. This
is a fact to be freely and fully admitted, but it is a fact which we may
have to face whether we make our contribution to a general settlement or
not. Furthermore, as matters stand we are paying higher and higher
taxes out of Incomes and values which are falling lower and lower. Indeed,
It is because of this collapse of incomes and values that budgets are out of
balance and that taxes have to be raised. I know of no one who would not
willingly pay higher taxes if he stood to get more money to pay them with,—
if instead of depression and panic he could once more face a rising tide of
business.
"In my conception the release of our debtors as part and parcel of a European settlement would produce this very result. For political causes,
among them reparations and the debts, if not the sole source of our distress, have intensified it and continued it. As I see it, these causes can be
removed by sacrifices both financial and political,—political on the part
of Germany, financial and political on the part of France, and nominally
financial on the part of the United States. The bargaining power which the
debts give us lessens month by month. The question for us is not whether
we will lose or keep 250 million dollars a year, but whether we will use
before it is too late what leverage they give us to break the European
deadlock."
2819
"While the inter-Allied debts nominally are strictly financial obligations," he said, "practically they have proved far
otherwise, and the political advantage has not been to us
but mainly to France. From the moment that the size
of theceparation debt was made contingent upon the size
of the debts owed to us,the latter became a means of political
control over Germany."
Lausanne Conference on Reparations to Be Held
June 13.
Monday, June 13, has been tentatively fixed for the
opening of the Lausanne Reparations Conference, said
Geneva advices, April 13, to the New York "Times" which
also had thE following to say in part:.
Though the date is nearly settled, it cannot be contended that any
progress has been made in arranging a program.
By -Tune 13. the French Parliament which will be elected in May will have
begun sitting and will have had an oportunity to show its general political
tendency. Whatever government comes into office it will have declared
its policy and probably will have had it approved. And it is on what
happens in France more than on anything else that the Lausanne program
depends.
At present the situation seems to be completely deadlocked and the only
prospect is that at Lausanne there must be an extension for six months or
more of the present moratorium. For,since February, when the date of the
Conference was postponed until June, every suggestion that has been made
has met with immediate opposition. This happened to the British suggestion for an extended and possibly complete moratorium for Germany
conditional on the payment of 400,000.000 marks ($94.800.000 at present
exchange rates) annually for a period to be fixed at Lausanne. It happened
to the French scheme for floating a large German railway loan to cover all
payments. . .
Reich Hopes for Full Inquiry.
Germany seems still to entertain some hopes that the Lausanne conference will be what was promised when the postponement was announced
on Feb. 13—a complete investigation and settlement if possible of the
whole Inter-European financial problem, Including reparations. Spokesmen of the German Government here declare there will be intense disappointment in Germany if this result is not obtained.
But no one finds the prthpects at all bright that this program will be
fulfilled or even attempted. Unless the combined events of the French
elections and the arrival of Secretary Stimson bring about some radical
change in the situation, almost the only thing that is hoped for is a six
months' extension of the moratorium which, by coincidence, would last
beyond the date of the United States elections and expire just before the
next allied payments to the United States fall due.
An item regarding the decision to hold the Lausanne Conference in June appeared in our issue of Feb. 20, page 1290.
Banks Which Founded Bank for International Settlements Asked to Absorb Unissued Shares.
At the meeting at Basle, on April 11, of the directors of
the Bank for International Settlements, it was decided to
ask the seven founding banks to absorb 26,400 unissued
shares of the Bank for International Settlements in equal
proportions at par.
The following, from Paris, is from the "Wall Street Journal" of April 8:
Subscription by the seven original founders of the B... It for International
Settlements to the unissued shares, which will be one-quarter paid up,
involves mobilization of 16,500,000 Swiss francs since the shares must be
offered at par. Actual Paris quotation on B. I. S. stock is 1,700 French
francs compared with parity of 3,078 francs, and the high of 6,500 francs.
George B. Roberts Succeeds His Father. George E..
Roberts as Member of Gold Delegation of League
of Nations.
George E. Roberts, who has been a member of the gold
delegation of the Financial Committee of the League of
Nations since May 1930, will be succeeded by his son, George
B. Roberts, Vice-President of the National City Bank, it was
announced on March 26, at which time it was stated that
the younger Mr. Roberts would sail on April 1 to attend
a conference of the delegation at Geneva next month. The
New York "Times," March 27, said:
The delegation, which was appointed three years ago by the Financial
Committee of the League of Nations, was organized to investigate the
reasons for the fluctuations in the purchasing power of gold and to
study the effects of these changes. It 10 members include representatives
of Great Britain, France, Belgium, Poland, Czechoslovakia and the
Netherlands.
George E. Roberts resigned as Vice-President of the National City Bank
in January. Ms son became an officer of the bank in the same month.
Attempt to Assassinate President Luther of German
Reichsbank.
After reviewing the political aspects of war debts and
Regarding the attempt to assassinate President Luther of
reparations, which he insisted could not be separated the German Reichsbank, we quote as follows from a
Berlin
from their economic aspects, Mr. Morgan said that the cablegram to the New York "Times":
deduction to be drawn was that "while the economic stage
An unsuccessful attempt on the life of Dr. Bans Luther, President of
was doubtless set for a business reversal, it is to the po- the Reichsbank and former Chancellor, was made to-night. A young man
fired at him with a revolver at close range as he was standing on the
litical factors that we owe its peculiar virulence. Economic
platform of the Potsdamer station beside
train that was to take him
mistakes account for the depression, but political forces to Basle, Switzerland, for a meeting of thea Bank for International Settlements.
have turned it into a panic."
Financial Chronicle
April 16 1932
The bullet grazed Dr. Luther's arm i near the elbow, causing a slight flesh
Sales tax increased from 4% to 6%. A limited number of articles, not
wound. At first he insisted that he was uninjured, and it was only after primary products, now exempt, are made
subject to the sales tax. The
be had left on the train that those who were accompanying him insisted sales tax changes are effective April 7.
upon examining his arm closely and found the wound. It was said to
Excise tax on all goods imported Into Canada increased by 2%. New
be harmless.
rate, 3%.
The President of the Reichsbank was standing beside his sleeping-car
Income Taxes.—The personal exemption in income taxes is reduced,
for
talking to several officials of the bank when two well-dresser men ap- those with dependents, from
$3,000 to $2,400, and those without depend4iroached him. At a distance of about 12 feet one of them pulled a revolver ents, from $1,500 to $1,200.
out of the pocket of his brown overcoat and fired.
The 20% reduction now allowed from tax payable under
established
Dr. Luther shouted, "Somebody has just shot me I" and at the same schedule of rates is discontinued.
moment a railroad official jumped at the assailant and disarmed him.
In addition, 5% surcharge on the amount of tax payable is to
be imposed
His companion tried to escape but was seized by a passenger.
on all taxpayers, personal and corporate, with net
incomes in excess of
The two men did not put up any resistance. They were immediately $5,000. The corporation
rate is increased to 11%. Provisions relating to
and identified as Werner Kertscher, 34, of Berlin, and Dr. Max family corporations will be
arrested
repealed.
•
Rosen, of Hamburg. It was Kertscher who fired the shot.
Income tax changes will apply to taxes on the 1931 income.
Insurance Taxes.—The tax of 1% on premiums received by
insurance
Senator Paul-Boncour Named Delegate to League of companies, except life, marine and certain forms of mutual fire companies,
is re-imposed. British and foreign companies, maintaining
deposits with the
Nations Succeeding Aristide Briand.
Dominion, will also pay this tax. Tax of 15% is imposed on gross
premiums
Senator Joseph Paid-Boncour was named, on April 6, as paid to other insurers.
Cheque Taxes.—On cheques, money
France's permanent delegate to the League of Nations to notes, bills of exchange, etc., the rateorders over $5.00, and on promissory
is increased from two cents to three
take the place of the late Aristide Briand.
cents on amounts up to $100. and six cents over $100.
A five-cent tax is placed on telegrams, cables and radio messages,
and
Canada Increases Sales Tax and Import Excise Tax— long-distance telephone calls.
On railway sleeping car berths, the tax will be 10%. with a minimum
Canadian Budget Proposals Also Call for Increase of 25 cents, and ten cents on chair car tickets.
These special taxes on cheques, tickets and messages will become
in Corporation Taxes—Individual Exemptions Cureffective May 2.
tailed.
In view of the near approach of the Imperial Conference, the
minister
An increase in the basic rate of the Canadian sales tax, stated, no change is made in customs tariff, except on one item relating to
extension to
applying to domestic, as well as imported products, from implements. March 31 1933, of special rates on repair parts for farm
4 to 6%,and an advnace in the special excise tax on imports
The Budget debate will open next Monday, when J. L. Ralston (Lib.,
from 1 to 3%,both elective from April 7 1932, were included Shelburne-Yarmouth), chief Opposition financial critic, will turn his guns
among the annual budget proposals presented to the Cana- on the financial statement and tax proposals of the Government.
Budget Financial Summary.
dian Parliament by Finance Minister E. H. Rhodes on
1931-32.
April 6, according to a telegram received by the DepartOrdinary expenditures
ment of Commerce from Commercial Attache Lynn W. totalling $378.700,000. in 1931-32 were $19,000,000 less than estimated,
Meekins at Ottawa. The purpose of those and other tax
Ordinary revenues, greatly reduced by reason of lower yield from taxaIncreases proposed is declared to be to balance the Dominion tion, were $327,700,000.
Deficit on ordinary account, 1931-32, $51,000,000.
budget. Regarding the proposals the Department of ComExpenditures not provided from income: Special (net), including unmerce April 8 further said:
employment and farm relief, $48,000,000; capital, $16,900,000; loans (nonactive), $3,300,000—resulting increase of debt. $119,500,000.
Owing to the approaching Imperial Economic Conference, now
scheduled
Expenditures on unemployment and farm relief, 1931-32, $38,250,000;
to assemble at Ottawa on July 21, the Minister of Finance declared that no
bonus, $11,000,000.
tariff changes are proposed in connection with this year's budget, other
than
Expenditures on employment and farm relief, 1931-32, $38,250,000;
the extension for another year, to March 31 1933. of the special rates of
wheat bonus, $11,000,000.
Import dury on repair parts for agricultural implements and machinery.
Government ended year with cash balance of $53,000,000.
The list of products hitherto exempted from the sales tax is slightly curtailed. The most important goods now made taxable are: milk foods
1932-33.
(other
than condensed and powdered milk), prepared cereal foods, and imported
Estimated expenditure, ordinary and capital, in 1932-33, $379.500,000,
lard (domestic lard still tax exempt); lard compound and similar substances a reduction from the previous year of $25,400,000 after absorbing an inmade from animal or vegetable stearine or oils: substitutes for butter
or crease of $12,700,000 in interest on public debt.
lard and materials for use in their manufacture; extract of rennet;
Controllable expenditures of the Government on the usual sea vices have,
bakers'
cakes and pies; ice cream; and usual coverings to be used for covering tax- under the estimates for 1932-33, been reduced $35,800,000,
or 20% from
exempt goods, and materials for use in their manifacture. Biscuits of all the previous year.
Revenues under existing taxation are estimated at $319,000,000, and
kinds are now subject to the full tax instead of the half rate.
An/articles produced by blind labor under institutional auspleces
are ordinary expenditures $369,000,000.
New taxation will, it is estimated, yield $55,000,000, balancing current
placed on the tax-exempt list.
account and leaving a surplus of 34,300,000.
Larger Deficit Reported.
Provision is not fully made from revenues for capital expenditures or for
A deficit was reported in the Government's financial accounts for the
fiscal year ended March 31 1932 at 119,505,000 Canadian dollars, the unemployment relief or railway deficit, although any improvement in
difference between revenues of $335,741,000 and expenditures of $454,246,- business would be immediately reflected in increased yields from taxation
and would correspondingly Improve budget position on all counts.
000. The deficit last year was $83,845.000 with revenue at
$356,215,000
and expenditure at $440,060.000.
0 The generally lower level of Cznadian business in the past year and in par1
ticularly, the smaller volume of imports which have always contributed Council of League of Nations Defers Aid for Small
States—Shelves Action for Austria, Hungary, Bulheavily to the Government's income, are the large factors in the revenue
decline. This, however, is decidedly less steep than in the previous twelve
garia and Greece Until Next Session, May 9.
month period, partly as the result of various tax increases, including the
The Council of the League of Nations met on April 12
increase in the sales tax from 1% to 4%,the heavier income tax on corporations, which was raised to 10%, increased postage and the 1% special in a public session under the presidency of
Premier Tardieu
excise on imports. These now taxes, when they were imposed last June,
of France specially called to consider the League Financial
were expected to provide approximately $78,000,000 additional revenue,
and to raise the year's receipts to $399,251.000 instead of the $356,215,000 Committee's report on the urgent need of helping Austria,
actually realized.
Greece, Bulgaria and Hungary. The Geneva correspondent
k On the expenditure side, the five cents per bushel bonus on Prairie wheat of the
4
Now York "Times" under date of April 12 reporting
and the heavier demands for unemployment relief for which the Government
received a blanket authorization from Parliament, are probably the out- this, added:
standing items. In addition. the Federal Government has undertaken
The meeting was completely dominated by the four great European
to bear a larger portion of pensions expenditure, and has subsidized the do- powers—France, Britain. Germany and Italy—whose delegates
alone spoke.
mestic coal producers in substantially increased amount.
They "all agreed on the urgency of the problem," as Dino Grand' of Italy
k Because of the exchange situation, the foreign debt service has been summed it up, and they then agreed to do nothing about it until
May 9,
heavier and the Government is reported to have extended financial assist- when the Council's next regular session begins.
ance to various Provinces which have experienced unusual financial diffiThey explained that they had already decided at the Danubian conferculties as the result of declines in their own revenues.
ence in London that they must first have the committee of experts
apAs compared with the accumulated deficit of approximately $200.000.000 pointed there examine this report and they asked the Council to
authorize
in the last two years, the Dominion floated an internal 5% bond issue last the financial committee and technical organizations of the
League to colNov., subscriptions to which were reported to have amounted to about laborate with these experts until the May session.
$250.000,000. The direct debt of the Federal Government on Dec.31 last
The Council- adopted all this in a resolution that to the surprise
of
was $2,900,495,000 exclusive of the obligations of the Canadian national League officials M.Tardieu,forgetting the usual
procedure, pushed through
railways.
before the four States concerned had a chance to state their case.
All
It is proposed to increase the income tax on corporations from 10% to possibility of action having thus been checked, they will be
heard by the
11%. The new tax would be 3% higher than the 1929 rate, and effective Council Thursday.
oa the incomes for 1931.
Tell of London Meeting.
The basic rates of tax on individuals would be increased 25%. The
M. Tardieu, Sir John Simon, Signor Grand! and Dr. Bernhard von
1930 rate ranged from 1.6% on net taxable incomes under $2,000, 4% on
Buelow in turn told the Council about their London meeting. M. Tardieu
incomes between $4.000 and 95,000 to 13.8% on incomes between $15,000
then summed up by saying that they wore agreed on the results of those
and $16,000 and 40% on incomes in excess of $500,000.
talks and that each of them "reserved complete freedom to affirm at the
The budget proposal also places; a surcharge of5% on net incomes
exceed- Lausanne conference their viewpoint on the cause and events with
which
ing $5,000. This makes a total increase
of 30% over and above the 1930 they had dealt at London." No one had mentioned
the second point
rate.
until M. Tardieu threw it into his summary.
It 111 proposed to lower the present exemption of il3.000
PI
for head of a
There are some indications that M. Tardieu, believing Germany fears
family; $1,500 for single persons,
and $500 for dependents. This would be both a Central European crash before
the Lausanne conference begins
applicable to 1931 incomes.
and the effects of such a crash upon herself, hopes to do a little bargaining
The following relative to the budget proposals (Canadian with Berlin as between the Danubian situation and reparations.
The French Premier was due to return to Paris tonight but changed
Press) from Ottawa April 6) is from the Montreal "Gazette:"
his plans again at the last moment and decided to devote ono more day
To balance the Budget by
increasing the revenue $55,000,000, Hon. E. to the Geneva talks.
N. Rhodes, Minister of Finance, in his Budget speech in the
House of
A luncheon has also been arranged for tomorrow, designed to bring
=mons this afternoon, announced the following tax
changes:
together not merely the financial experts of the four great powers but such
•
Financial Chronicle
. Volume 134
politico-disarmament experts as Rene Massigil of France, A. G. M. Cadogan of Britain, and also, it is understood, representatives of the Danubian States.
See Breakdown Near.
League financial circles are not so sure that the great powers, in shelving
month the financial committee's report, will be able thereby to keep
for a
shelved the situation with which the report deals.
The first breakdown is expected in three days, for, as the committee's
report stressed, Bulgaria has to meet some monthly obligations April 15.
The committee found that the Council ought to let Bulgaria cut these
payments in half until September. Mainly through hope of obtaining
this, Bulgaria was persuaded not to default completely on these payments
last month.
Greece, for which the Committee recommended a $10,000,000 stop-gap
loan, also has some heavy payments to make soon. They include amortization of the pre-war debt guaranteed by the British, French and Russian
Governments. If it is suspended, it is plain that most of the guarantee
burden will fall on France.
Austria, for which the Committee recommended a $13,500,000 stopgap loan, is the source of most concern.
The only grain of hope in the session was a remark by Dr. von Buelow,
representing Germany, whose attitude was one of the main causes of the
London conference's failure to reunite the Danubian States. He tried to
minimize its failure, and said that the world had greatly exaggerated its
difficulties.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for Feb. 29 1932 with the figures for Jan. 30 1932
and Feb. 28 1931:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION
CANADA.
Assets.
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes-In Canada
Elsewhere
Feb. 29 1932. Jan. 30 1932. Feb. 28 1931.
42,871,998
19,721,951
44,676,067
20,235,092
47,949,221
26,475,727
62,593.953
64,911.161
74.424,949
123,804,452
9,526
131,097,457
9,636
102.859,171
17,951
• 2821
The previous high record was 945,118
with 910,998 in March of 1931.
last October.
In March of 1929 Transvaal production was 866,529 ounces,,and for the
three months it was 2,558,265. In the past three months it reached
2,761,794 ounces.
More Gold Produced in Philippine Mines—Combined
Output of Two Major Companies in 1931 Reached
New High Level.
In its March 20 issue, the New York "Times" published
the following from Manila, Feb. 15:
Gold production in the Philippines reached a new peak during 1931,
according to the report of Judge W. Haussermann, President and General
Manager of Benguet Consolidated Mining Co. and of the Balatoc Mining
Co. These two units, the major producers in the Philippines, up to the
Present time had a combined production for the year valued at 6,147,020
pesos.
Due to the high grade character of the ore, moreover, it has been possible, with that amount, to hold production costs to a reasonably low
proportionate level, so that the net profits of these companies are over
half the total recovery.
Of more eventual importance, however, than the high recovery and large
profits for the year is the fact that 1931 marked a definite increase in
available ore reserves. In spite of the heavy production at Benguet, the
reserves were increased from approximately eight million pesos to over 14
million pesos, while the Balatoc holdings, already rich in reserves,
reported an increase of more than a million pesos during the year, bringing
their holdings up to 15,000,000 pesos.
Alaska Produced More Gold in 1931—Decline in
Shipment to United States.
An increase of more than one million dollars in shipments of domestic gold and silver, and an increase in shipments of fresh, frozen, and canned fish over the previous
year, were bright spots in Alaskan economy during 1931,
according to a radiogram to the Department of Commerce
from Alaska Territorial Chamber of Commerce, Juneau.
Lower price levels, however, it is stated, were responsible
for a decline of 8% in total shipments to Continental United
States during the year. In announcing this, April 8, the
Department said:
123,813.981 131,107,095 102,877,125
Total
13,076,069
11,069,388
12,713,746
Notes of other banks
16,168,127
13,643.419
13,213,996
United States & other foreign currencies.
93,071,279
73.194,903
81,033,375
Cheques on other banks
Loans to other banks in Canada,secured,
Purchases from Continental United States were 28% less than during
including bills rediscounted
Deposits made with and balance due
the preceding year, due to lower price levels, and smaller purchases, par4,944,137 ticularly of metal manufactures, certain kinds of machinery, and con3,727,517
3,072,751
from other banks in Canada
Due from banks and banking correspond4,130,738 struction equipment. Purchases of mining and quarrying machinery, how7,889,366
5,634,808
ents in the United Kingdom
ever, were well maintained due largely to renewed activity in gold mining.
Due from banks and banking correspondand the
ents elsewhere than in Canada
Production of gold in 1931 was valued at $9,169.000 compared with
92,299,280 103,580,311
71,471,059
United Kingdom
$7,662,000 for 1930, but silver declined in value from $180,000 to $90,000,
Dominion Government and Provincial
460,030,113 467,558,278 426,901,296 and copper from $5,431,000 to $2,080,000. The outlook for gold mining
Government securities
Canadian municipal securities and Britthis year is very promising in both lode and placer mining, particularly
ish, foreign and colonial public securiis
142,735,279 144,874,846 164,295,595 in the Fairbanks and Nome districts. Copper production, however,
ties other than Canadian
62,796,333 not expected to increase until metal markets improve.
60,985,568
51,285,785
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures
bonds and other securities of a suffi129,767,733 131,174,742 186.435.667 Speyer & Co. Announce Receipt of Remittance for
cient marketable value to cover
98,954,493 65,917,084 132,048,289
Elsewhere than in Canada
Payment of May 1 Coupons of City of Dresden
1.063,394,898 1,070,718,470 1,115,837,914
Other current loans & dIscis. in Canada_
190,654,928 189,726,460 222,264,107
Elsewhere
Bonds.
Loans to the Government of Canada. —
56,237,585
43,442.451
24,439,279
Loans to Provincial Governments
Speyer & Co., as fiscal agents, announce that they have
Loans to cities, towns, municipalities and
139,291,699 132,864,154 117,336.918 received the regular remittance for payment of the May 1
school districts
Non-current loans, estimated loss pro7,800,748 1932 coupons of the City of Dresden 20-year 7% sinking
10,863,877
10,686,746
vided for
6.650,184
6,070,292 fund gold bonds of 1925.
6,580.375
Real estate other than bank premises...
6,262.595
6,293,232
6,962.646
Mortgages on real estate sold by bank..
Bank premises at not more than cost,
78,622,032
less amounts (If any) written off
79,913,747
79,988,547
Liabilities of customers under letters of
Tenders Invited for Purchase of Bonds of City of
credit as per contra
49,732,168
51,353,335
76.706,486
Depoeita with the Minister of Finance for
Cordoba Through Sinking Fund.
6,797,431
6,822,186
6,822,186
the security of note circulation
-year
20,081,732
21,581.732
25.430,866
Deposit in the central gold reserves
Ames,Emerich & Co., Inc., as fiscal agents for the 10
12,470,386
12.748,323
Shares of and loans to controlled cos.._
11,384,794
7% external sinking fund gold bonds due Nov. 15 1937 of
Other assets not included under the foregoing heads
1,657,755
1,826,498
1,796,177
City of Cordoba has invited tenders at prices below
Total assets
2,912,384.050 2,900.925,794 3,086,230,030
Liabilities.
134,291,993 133,673,369 143,670,894
Notes in circulation
Balance due to Dominion Govt. after de• ducting adv. for credits, pay-lists. &c.
79,764,052
94,650,375
83.908.230
35,500,000
Advances under the Finance Act
43,000,000
8.500,000
Balance due to Provincial Governments.
20,055,312
20,577.890
25,688,372
Deposits by the public, payable on de496,487,296 506.942,776 542,510.276
mand in Canada
, Deposits by the public payable after no1,390,075,363 1,368,278,419 1,435.523.785
tice or 011 a fixed day in Canada
305,818,182 296,184,569 360.539,590
Deposits elsewhere than in Canada
Loans froni other banks in Canada, socured, including bills rediscounted.,..
Deposits made by and balances due to
9,950,161
9,835,474
14,926,428
other banks in Canada
Due to banks and banking correspond3.678,573
4,787,233
4,730,939
ents in the United Kingdom
Elsewhere than in Canada and the
41,856,537
54.129,226
•
United Kingdom
52,022,156
3,110,074
4,576,382
2,568,542
., Bills payable
51,353,335
76.706,486
49,732,168
Letters of credit outstanding
2,792.413
3.321.680
Liabilities not incl. under foregoing heads
2.766,947
1,344.105
3,518.035
Dividends declared and unpaid
3,516,033
162 000,000 162,000 000 112.225.000
Rest or reserve fund
144,500.000 144.500.000 145.024,560
Capital paid up
Total liabilities
2 8a1 720 x0v, 2 WI 8a2 Sag 0 080 400 883
Note.—Owing to the omission of the cents in the official reports, the footings in
the above doe not exactly agree with the totals given.
• Transvaal Gold Production Rises to New High Record.
Output of gold in the Transvaal during March reached a
new high monthly record, said a London cablegram, April 9,
to the New York "Times," which went on to say:
As reported by the Johannesburg Chamber of Mines, last month's production was 960,035 ounces, comparing with 914,012 in February and
the
par, exclusive of accrued interest, for the sale to them of
bonds of this issue to the extent of $53,871.01 now held in
the sinking fund. Tenders will be opened at 12 o'clock
noon on April 20 1932.
Treasury Department Includes Foreign War Debt
Payments in Budget—Resumption at End of
Year's Moratorium Expected, According to Secretary Mills.
The Treasury Department is expecting foreign governments to resume their war debt payments at the end of the
one-year moratorium and has included the payments in its
budget estimates for the fiscal year 1933, Ogden L. Mills,
the Secretary of the Treasury, stated orally April 7. Noting
this, the "United States Daily" of April 8 said:
If for some reason the payments are not resumed,the Federal Government
will be that much short of a balanced budget, the Secretary said, "but if
we did not include them in our estimates there would be only one interpretation: That we did not expect the payments just as I see Germany has
not included reparations in her budget. And that isn't the case."
Payments from foreign governments due In the fiscal year 1933 total
a little less than $270,000,000, Secretary Mills said, about $50,000,000 of
which is principal, which would automatically go toward the reduction of
the American public debt. The remainder, $220,000,000, is interest
payments and may be divided between the debt and general funds. Additional oral information made available follows:
Almost all of the 1933 payments come from the four principal allies
in the war—Belgium, France, Great Britain and Italy—whose combined
payments would be $254,740,000. Great Britain makes the largest pay-
2822
Financial Chronicle
meat, $171,500,000. The others are Belgium, $8.450.000; France, $60.000,000. and Italy, $14,790,000.
Under the one-year moratorium, which runs from July 1931 to July 1932,
the United States refrained from collecting about $124,000,000 from 16
nations. This sum is to be paid gradually over a period of years.
Notice by New York Stock Exchange Regarding Transactions in United Kingdom of Great Britain and
Northern Ireland 5% War Loan 1929-1947 Interest.
The New York Stock Exchange issued the following notice
on April 13:
Notice having been received that, the United Kingdom of Great Britain
& Northern Ireland 5% War Loan 1929-1947 will be quoted in London
ex the June 1 1932 coupon on April 26 1932:
The Committee on Securities rules that transactions made beginning
April 26 1932 shall be ex the June 1 1932 coupon; that beginning Wednesday,
April 27 1932. said bonds to be a delivery on all contracts theretofore made
must carry the Dec. 1 1932 and subsequeet coupons; and that in settlement
of transactions made beginning April 26 1932 and prior to June 1 1932
there shall be deducted from the contract price an amount equal to the
difference between the value of the coupon at $4866.5 per pound sterling
and the accrued interest which otherwise would have been paid by the
pm cbaser.
ASHBEL GREEN, Secretary.
April 16 1932
Mr. Morris in introducing M. Jusserand explained the purpose of the
international radio forum.
Attack on American Dollar by Paris Newspapers—
Apology After False Report of Closing of National
City Bank—State Department Reported Considering Protest of Bank.
Indicating that the State Department at Washington
will consider carefully the protest of the Paris branch of
the National City Bank of New York against a false report
published in Paris on April 7 that the Bank had suspended
payments, a Washington dispatch (April 7) to the New
York "Times" stated:
The Department, however, withheld judgment pending receipt Of the
protest and a report from the American Embassy in Paris.
Attention is expected to be given primarily to determining whether the
press attack, which appears to be a campaign to depress the dollar, Is of
French Governmental inspiration. If not, it Is doubted here that there
will be any substantial grounds for official representations.
Because of the tradition in this country of a free press. the State Department seldom makes repreeentations to a foreign Government because
of press reports. A conspicuous exception occurred on Jan. 13 when Hugh
S. Gibson, Ambassador to Belgium, protested to Paul Hymens, Foreign
Minister, against repeated
Grand Council of Fascism (Italy) Declares in Favor newspapers in Belgiu r on and violent attacks by certain Industrialist
the American Government and President Hoover.
of Renunciation of Reparations and Cancellation
These papers charged that Mr. Hoover, in supervising Belgian relief,
was a party to a scheme to make money out of Belgium, and questioned the
of War Debts.
good faith of the United States Government in its relations with Belgium.
The Grand Council of Fascism came out flatly in favor of
M. Hymans apologized to Mr. Gibson and said the attacks did not reprenunciation of reparations and cancellation of war debts resent the official Belgian attitude.
The
in a resolution adopted at a session presided over by Premier French attack on the dollar, which has been developed sporadically In the
press and
other European countries, is not viewed with alarm
Mussolini, which lasted until earning morning, April 9. here, according toin
officials. There is every confidence, it was reiterated
Reporting this, the Associated Press in Rome cablegrams to-day in the soundness of the dollar and of America's financial and economic condition
April 9 said:
Secretary Mills and other Treasury officials declined to comment on the
The settlement of the reparations-war debt problem is the first neces incident, but Senator Reed when informed of the reports from Paris, said:
sary step toward the economic recovery of the world, the resolution declared.
"The campaign against the dollar has been conclusively stopped by the
The Council, which is the Government's official advisory body, took Olass-Steagall bill. The campaign certainly doomed to failure. Enemies
is
this position after a detailed discussion of the entire international sit _ration. of the American dollar will
not be able to break It down by reports like the
A statement handed to the press after the meeting said that the cause one said to
have bee r circulated in Paris."
of the business depression was more political and moral than economic.
The "Times" also said in its April 8 issue:
The statement contained these principal recommendations:
1. Settlement of the question of reparations and war debts.
Officials of the National City Bank had no comment to make yesterday
on the publication in a Paris newspaper of the false report that the bank
2. Removal of the shackles on international trade.
3. Solution of the economic difficulties of the Danubian and Balkan had suspended beyond remarking that the report was so palpably absurd
as to require no refutation. Other bankers expressed keen regret and indigcountries.
nation at the incident.
4. Revision of the peace treaties.
5. An end to too frequent international conferences.
From the same paper we take the following from Paris
Something must be done to restore international commerce before a
condition of "total anemia" has been reached in the trade of all countries, April 7:
Attacks on the American dollar, which have been occurring sporadically
he Couictl's statement said.
The commis-dente did not go into the details of any of the recommen- in recent months, reached a climax to-day in the publication in the Parisian
dations. in reerence to the Danubian question, concerning which Italy, newspaper "L'Ordre" of a false report that the National City Bank of New
Germany. France and tireat Britain failed to reach an agreement at the York had suspended payments. The National City directors have lodged
conference in London this week, it was merely pointed out that 70,000,000 official protests with the State Department at Washington and with the
French Government. It is believed these protests will have far-reaching
people reside in the count -lea affected.
The peace treaties ".arry in themselves the causes of inquietude and results.
The American Embassy here is "taking a very serious interest" in the
of a new war. the Council declared. It recommended that these treaties
libel on the bank, and Premier Tarsiieu himself, to whom the National
be revised through the League of Nations.
Too frequent international conferences, the statement asserted, instill City officials immediately protested, is understood to have promised vigorous action.
false hopes in the posple.
The publisher of "L'Ordre" went to the National City branch here this
afternoon and, it is
offered full apologies, stating that the article
Jules Jusserand, Former Ambassador to United States, was printed without said,
his knowledge and promising a complete retraction
in Radio Message Seeks to Justify French Motives to-morrow. It is understood the bank officials informed him the matter
was now in the hands of the French Government and the State Departin Insisting on Reparations Payments and Import ment, to which they referred bim.
Quotas.
Jules Jusserand, former Ambassador to United States,
in a transatlantic message broadcast from Paris, April 10,
pleaded for less sarcasm and more brotherly love between
France and the United States. He spoke in the International
Radio Forum formed by Ira Nelson Morris the week previous
as a non-commercial organization to "stimulate intelligent
public thinking on a wide range of problems in both continents." Associated Press accounts from Paris,from which
we quote, added:
The former Ambassador said he had heard that French merits had
been overshadowed by magnified faults in American eyes.
"I hear we have been described as militaristic defaulters and 8hylocks
and were establishing quotas to cramp foreign, especially American. trade.
"Our defense expenditure is now 23% of the total budget, whereas it
was 32% before the war."
M. Jusserand said the trade quotas were unsound, but with an adverse
balance of trade it was "perhaps excusable to reserve part of the markets
for our own people."
The speaker asserted fortresses were being built on the northern frontiers.
but continued:
"Will you change your neighbors? Take ours and give us the Canadians."
A program in the new forum every two or three weeks at the start is
contemplated, possibly to be increased soon to a program a week from
each side of the Atlantic.
From the Paris account to the New York "Times" of
April 10 we take the following:
M. Jusserand, who, as Ambassador, did much to make France understood and loved by Americana, pleaded again for friendliness in these
trying times when the United States is hearing
such harsh things about
France. The former A nbassador sought to justify French motives
in
insisting on security, reparations payments and import quotas.
Speaking "in a tone of affectionate reproach to a dearly beloved
brother."
he asserted that the United States attitude was far from blameless in the
same matters.
"Less ambition to the detriment of others and more charity," was his
final plea
Other Attacks Made.
American financial circles are deeply stirred and feel the time has come
to put an end to such attacks whose sole object is said to be speculation
against the dollar. To-day the dollar closed at 25.32 francs, which is well
below the gold point and two points below yesterday's closing, when the
dollar also had been subjected to heavy pressure.
It is noteworthy that the report on the bank was only one of many attacks
on the American financial and economic structure in the Pa-ls press to day.
The "Journal du Commerce" devoted its three firs, pages to editorials and
articles intended to show weakness in the United States financially and
Industrially, as well as to prove that American business seeks to thrive at
the expense of Europe.
Other papers, such as the "Journal des Debate' and the "Paris-Midi,"
also attempt to demonstrate that the United States is in serious condition.
The French Government, the Bank of France and the whole body of
reputable French private banking interests are wholly in sympathy with
the American efforts to stop this subversive campaign.
National City
officials expressed gratification to-day at the reaction of French banks
and it is beyond dispute that the French officially and privately hold
no fears for the present essential soundness of American finances. It is true
there is disappointment over the budge situation and the continued weakness of Wall Street. but as yet no one here is worrying very much.
Bourse is Perturbed.
Much excitement ICU caused on the Paris Bourse and in financial circles
by the publication of the false report about the National City Bank. Tbe
Perim offices of the bank received many queries. All were referred
to the
Bank of France, which affirmed the solvent position of the American institution.
American Embassy immediately began inquiries and got in communierican
cation with Washington.
The article in "L'Ordre" declared in headlines: "What About
the Dollar? National City Bank of New York Suspends Payments." Then,
after discussing a Gilbert C. Layton article in "The London Economist"
referring to the monetary situation in America, the article declared:
"At the same time we learn from private sources that one of the most
Important banks in New York. the National City Bank,
has suspended
payments. This event, if confirmed, is of the very highest importance."
This article was on the streets early this morning so that when the National
Cityf branch opened to-day hundreds of telephone calls from depositors
and rom financiers were received by the bank's officials. They preserved
complete calm, declaring that the information published in "L'Ordre" was
totally unfounded, and referring the customers to the Bank of France.
4
•
Volume 134
Financial Chronicle
The New York "Sun" of April 8 published the following
(United Press) from Paris that day:
A complete apology was made to-day by the newspaper "L'Ordre."
which started a vigorous anti-dollar campaign here yesterday.
"L'Ordre" which is owned by the French steel interests, yesterday published reports that one of the biggest hanks in the United States had closed.
The paper sought to explain to-day that the rumor was the result of a
private cable from New York, but obviously Premier Andre Tardieu
bad intervened and ordered an apology.
Action taken by the French Government to-day against the morning
financial paper "La Force," which recently made violent attacks on the
American dollar, was also considered for a time to be another move to halt
the anti-American press campaign, but later the ac,ion was reported based
on another matter. The paper is edited by Mme. Martha Hanau. the
French "Ponzi." who in 1930 was sentenced to two years in jail for a gigantic
speculation swindle.
Paper Seized by Police.
The paper was seized by the police to-day and later Mme. Hanau herself was arrested. It VMS at first stated that the police action had been
ordered by Premier Tardieu to whom a vigorous protest was made yesterday concerning the vicious false reports in a portion of the French press
against the dollar.
Later the police said Mine. Hanau had been arrested for publishing a
secret document stolen from the office of Finance Minister Pierre Etienne
Flandin. The document contained data gathered by police purporting
to show Mine. Hanau had dealings with German and Russian diplomats.
The dollar meanwhile rallied, closing above the gold export level at
25.34 francs, after opening at 25.32. The pound sterling rallied, closing at
95.87, compared with the opening of 95.50 and yesterday's close of 95.90.
2823
The regulations for reopening the Berlin Boerse on April 12 forbid forward dealings in the majority of shares and bonds and provide for a single
quotation daily through official brokers to whom all buying and selling
orders must be reported Exception is made in the case of 100 stock and
30 bond issues, including the majority of shares formerly dealt in on a
forward basis. but large bank shares are not included in this list. Quotations in this category will be free during the entire session. Industrial list
in which forward dealings will be permitted has been extended and leading
municipal and industrial bonds and foreign securities are included.
Reference to the resumption of official quotations on
the Boerse appeared in our issues of March 26, page 2247 and
April 2, page 2428.
Bank for International Settlements Reduces Interest
on $90,000,000 Credit to German Reichsbank.
The board of directors of the Bank for International
Settlements on April 11 reduced the interest rate of the
$90,000,000 credit to the German Reichsbank from 7Yi%
to 6%,effective from April 4 to June 4.
Agreement Prolongs German State Debts—Foreign
Short-Term Credits of Cities Also Covered by Year's
Delay on $58,310,000.
The following from Berlin April 9 is from the New York
From Paris April 10 a wireless message to the "Times"
"Times:"
said:
French newspapers in their weekly financial summaries to-day devote
much space to refuting American charges that they are waging a campaign
against the dollar. The accusations are seen here as an attempt o hide
what is called the serious situation of American finances.
Fortunately, there is and has been a wide divergence of opinion between
responsible financiers and ne nspapers with their gloomy forebodings,
but the campaign undoubtedly is having an unfortunate effect on the general public. Typical of French newspaper opinion is the following quotation
from Frederic Jenny's editorial in to-night's -Temps":
"The resistance of Congress to the measures proposed by the Government
to meet the enormous budget deficit arouses fears too natural to call attention to. In the presence of these facts the dotter again has weakened,
falling below the gold point, and shipments of the yellow metal from the
United States to France, which were stopped for a long time, have been
resumed.
"It is false to speak in America of a supposed campaign against the
dollar. The truth is simpler. The flight ot capital is determined by a
situation still unsatisfactory despite all measures undertaken to improve
It, and such a flight automatically has depressed the dollar exchange"
The "Liberte" and the "Journal des Deba's" print much sharper attacks,
harping chiefly on the most vulnerable point nowadays of an unbalanced
budget.
Negotiations for the maintenance of the foreign short-term credits of
German States and municipalities were concluded tonight when British.
Swedish, Dutch and Swiss creditors agreed not to withdraw their credits
before March 15 1933.
The total amount included in this standstill agreement is 245.000.000
marks (about $58.310.000). of which the American share is 36,000.000
marks. It is understood the American creditors will loin the agreement,
especially as most of them are already pledged by similar individual agreement- with German debtors.
,
The interest rate on the debts has been fixed at 6%, as against 8 to 11%
heretofore. The creditors have the option of revoking the agreement if
the standstill accord on private German debts should be revoked.
Ten days after the ratification of the agreement by the creditors, they
are to receive 10% of their claims in foreign exchange
The debtors involved are eight States and 22 municipalities. It is left
largely to their discretion if they want to make partial repayments in marks
on the blocked accounts.
Regarding the agreement we also quote the following
from London April 9 in the New York "Evening Post:"
The Germans will redeem immediately 10% of the outstanding debt
Interest, the remainder to run at 6% minimum, with the proviso that such
interest be 2% above the official discount rates of the creditors concerned.
United States interests, although not represented in the negotiations, are
expected to accede.
Berlin Boerse Open—Dealings Orderly—Official Prices
Somewhat Below Unofficial Quotations of Past
Few Days.
International Syndicate Headed by Lee, Higginson &
Regarding the resumption on April 12 of official quotaCo. Extends German Credit of $125,000,000.
tions on the Berlin Boerse, we quote the following from
A cablegram April 11 from Berlin, is taken as follows
Berlin from the "Wall Street Journal" of April 12:
from the New York "Journal of Commerce:"
Opening prices on the Boerse, where official quotations have been reNegotiations have been completed with Lee, Higginson & Co. calling
sumed for the first time since last summer, were somewhat lower than
and an associated
unofficial quotations during the last few days although orders were small. for the extension of the 5125,000.000 loan made by it
Interest will be
1. G. Farben opened at 84, Siemens & Halske at 95, A. E. G. at 22 and group to the German Government to November 1933.
repayment has been established.
paid at the rate of6%. A scale of gradual
Reichsbank at 96M.
The first repayment will be made in the middle of July of this year,
The market presented a normal picture, with dealings carried out in
when 815,500,000 will be paid. Of this sum only 812,000,000 in fon ign
orderly fashion.
members of
Success of the reopening of the Berlin Boerse will be determined in the currencies will be needed, as the balance is payable to German
loan. English,
next few days when there will he full public knowledge of quotations. Al- the international banking syndicate that advanced the
headed by
though the stock averages are only 12% under quotations of last Septem- Swedish, Danish and Dutch banks were included in the group
ber, bankers here do not expect large selling orders, while, on the contrary, Lee. Higginson & Co.
92.000,000 Rm. To Be Repaid.
some buying of bonds is looked for.
Tuesday the quotations on the Boerse were unchanged from the unFrom August 1932, to March 1933. payments will be made at the rate of
official prices of last week. Activity was small, due to the depressing 3,000,000 reichsmarks monthly, the transfer of which into foreign currenInfluence of Wall Street. Compared with September prices, Salzdeftwth, cies will be dependent upon conditions. Thus 92,000,000 reichsmarks will
Gelsenkirchen and Reichsbalm preferred shares show improvement: I. G. be repaid during the coming year on the loan.
Farben, Siemens & Retake and Reichsbank are only slightly lower, but
The same paper in its issue of April 12 said:
A. E. G., United Steel, Hamburg American Line, Schultheiss and Karstadt
shares have lost from one-third to one-half of their values.
Standstill Advances.
Shares of Dresdner Bank, Darrustaedter and Commerz und Privatbank
At the offices of Lee, Higginson & Co. no statement was issued on the
are quoted at 23 compared with the new par of 30, while Deutsche-Dtsconto terms under which the German Government credit would be repaid. It
IS quoted at 44 compared with parity of 40. First class 6% mortgage was stated, however, that plans for repayment had been under negotiation.
bonds are at 70. but municipal bonds average 50. United Steel bonds are
It was said in banking quarters that the proposal by the Reichsbank that
quoted at 34.
cash advances to German banks under the standstill agreement bear a maxiSo that earlier forward transactions in leading stocks could be liquidated, mum rate of
6% probably would not be approved by the New York bankofficial quotations were published for March 24. Compared with previous
ing committee on German credits.
reports the position of some leading shares was as follows (in percent of par):
Recently, a 7% maximum for cash advances was agreed upon. Bankers
held that the rate of interest on such advances should be materially
Mar. 241932. Dec. 2 1931. Sept. 18 1931. July 11 1931, higher than rates charged for credits against which eligible acceptances had
(official,)
(Official.) (Unofficial.) (Official.)
been pledged in order to provide a strong inducement to German debtors
to supply eligible collateral.
Bards—
Berliner Handelges
63
80
101
82
We also quote the following press account from Berlin
Commerz
50
100
28
625
Danat
100
55
28
April 12 regarding the extension of the $125,000,000 granted
751i
Deutsche
60%
100
45
50
by the syndicate headed by Lee, Higginson & Co.
Dreedner
43
100
40
28
Traffic—
Terms provide for 15% repayment in July 1932, in foreign exchange and
Hapag or Lloyd
20
42
25
16
the remainder between November 1932 and November 1933: interest on the
7% Relehsbahn pre(
60
80%
71
65)4
loan will be 6%.
Industrials—
45
35
71
Alm
46
43
28
85
AEG
28
92,ti
123
Fatten
so
90
Reichsbank Rate Cut Prompted by Market Conditions
30
Gelsenkirchen
24
54
32
43
49
Geeturel
99
53
—Unusual Ease of Open-Market Rates Said to
11
24;
‘
,
10
Karstadt
7
Have Made Official Reduction Unavoidable.
114
158
133
146
Rhine Brown Coal
103
73
63
56
RWE
Advices from Berlin April 8 to the New York "Times"
153
142
132
180
Sa/zdetturth
38
117
60
85
Sehulthelas
said:
101)4
109
108
142
Siemens
17
16
19
united Steelworks
37
The Reischsbank's decision on a further reduction of its discount rate
by ;•6 of 1% to
From the same paper (April 9) we take the following The unusually 556% was the result of increasing ease in the money market.
rapid and complete return et the money market to comBerlin account:
parative liquidity after the end of the first quarter had already led to a
2824
Financial Chronicle
further reduction in the private discount rate on Thursday (April 7) from
534 to 5%%. There had already been a similar reduction of ;,‘ of 1%
earlier in the week.
The demand for private discounts and Treasury notes had therefore
been large, and call money at the end of the week was readily available at
os (4) 7X,%. Opinions as to the reason for this money market ease are
divergent. While in some quarters it Is argued that the very low rate of
industrial production has released funds, it is pointed out that, as matters
stand, any purely seasonal revival of business should stimulate circulation
of money and thereby increase the funds available for day loans.
April 16 1932
This is a cover of 23%,or 1% below the legal minimum,and for the first
time in history the bank is forced to pay to the Government a tax on note
circulation. This tax amounted to about 72.000 schillings or approximately
$10,000 for the past week, the radiogram stated.
The Finance Committee of the League of Nations, after investigations
covering a considerable period, has recommended that Austria be
extended
a loan of 100.000.000 schillings, or about $14,000,000 at present
exchange.
No statement relative to where this loan may be floated has been
made by
the committee, according to Mr. Richardson's message. The
Committee
of the League also recommended that the Federal railways avoid
further
capital outlay for the present.
Losses in Deposits of German Banks—Five Leading
Institutions Had Rm. 7,276,000,000 Total on Feb.
Hungarian Debt Move Fails.
29—One Showed Gain.
The following from Budapest April 11 is from the New
The following from Berlin is from the "Wall Street Jour- York "Times":
The attempt of the Hungarian Government to negotiate with other
nal" of April 12:
foreign
The five leading German banks had rm.7,276,000,000 deposit on Feb. 29 creditors debt agreements similar to that concluded with British short-term
against rm.7.390,000,000 on Nov.30 1931. Deposits at the end of Decem- lenders has been shattered by the impossibility of inducing them to consent
ber were officially given as rm. 7,558,000,000, but this can not be taken to be treated on a common basis.
The American creditors, it is said, object to the priority
as a fair comparison owing to window dressing made possible because there
given to the
League loan, while French creditors request unconditional
was no statement published at the end of January.
priority for
certain pre-war loans. Short-term lenders also are demanding
The largest reduction of deposits was shown by the recently amalgabetter
mated Dresdner and Danat banks; the Reichskredit was the only bank to treatment than long-term ones.
The Government proposed that the foreign creditors send
show again. Savings banks also showed a decline in deposits.
representatives to a conference at Budapest. where a general debt agreement
Over the same period no foreign cedita were permitted to leave the
could
country, nor were any new issues made. The reduction of the banking be negotiated, but the French lenders refused to attend. It is now probable
deposits therefore would appear to be because German industry earned leas that a settlement of the debt question will be postponed until next fall.
than it spent.
German Bankruptcies Less—March Insolvencies Were Proposal Made to Extend Huge Loan to Swedish Bank.
An announcement April8 by the Department of Commerce
293 Less Than Year Ago.
Under date of April 8 a wireless message from Berlin at Washington said:
A proposal was made yesterday in the Riksdag, the lower House of
the
to the New York "Times" stated:
Swedish Parliament, that a loan of 100,000,000 crowns ($26,800,000
at
Bankruptcies in Germany during March are oricially reported as 968, par) be made at 5%% to the SkandinavIska Kreditaktiebolag
et a bank
which compares with 1,261 in March of 1931. As compared with last
October, which was the worst month in the record of this depression, insolvencies decreased in March 30%•
The figure is, however, somewhat deceptive, since the number of cases
in which settlement was made by creditors ran considerably above the
figure of a year ago.
closely identified with Kreguer & Toll, against registered certificates of
this bank, according to a radiogram received in the Commerce Department
Thursday from Trade Commissioner Basil Dahl, Stockholm.
In addition to the loan, it is proposed that the National Debt Office
grant a credit of 116,000,000 crowns ($30,820,000 at par) to the Sirendinaviska Kredltaktiebolaget against securities which the bank had rediscounted with the Central Bank. This credit would bear interest at
1% above the official discount rate, but with a minimum of 55i% stipulated, the radiogram said.
German Corn Monopoly Law Prolonged.
The German corn monopoly law, giving exclusive distribution of imported and domestic corn to the "ReichsInternational Match Co., Kreuger Affiliate,
maisstelle" without changing the import duty of 2.50 Rm.
in Receivership.
per 100 kilos, which was to expire on March 31 1932, has
From the New York "Times" of April 14 we take the
been prolonged for another period of two years, beginning
April 1 1932, with minor changes in the text of the law, it following:
is stated in a cablegram from Commercial Attache H. The International Match Corp.. controlled by the Swedish Match Co..
'F.,:rerzo a Toll, which was controlled
Lawrence Groves, Berlin. The Department's announce- Swedish capitalist who committed suicide last month by Ivar Kreuger.
in Paris. passed
yesterday into the hands of the Irving Trust Co. as equity receiver.
ment of this was made March 26.
Austrian, Hungarian and Jugoslavian Credits Renewed
by Bank for International Settlements.
Following a discussion of the Danubian situation, the
directors of the Bank for International Settlements on April
11 renewed the Bank's share of the Austrian credit of 90,000,000 sehillings due April 16, the Hungarian credit of $20,000,000 due April 18 and the Jugoslavian credit of $3,000,000 due April 28. All three were extended for three
months.
Austrian
Not Expected to Pay Dividends in 1931
—Action by German Banks.
Advices which have come to us under date of April 7
from Carl Marks & Co., Inc. report that information has
been received to the effect that none of the Austrian banks
are expected to pay dividends for 1931, although in most cases
the banks themselves report a profit for this period. The
above advices to us further state:
Banks
The receiver was appointed by Federal Judge Francis G. Caffey on
petition of Morris Bombard, as assignee for a claim of $3,100 of the Hudson
County National Bank of Jersey City, registrar of the corporation's capital
stock in that State.
The petition asserted that the corporation, a Delaware holding concern, which owns the greater part of the capital stocks of the companies
owning match manufacturing plants in foreign countries, has been deprived
of much of its income by the operations and suicide of Kreuger.
The corporation, the petition said, had suffered reverses because of
financial chaos among its various subsidiaries which resulted from
the
capitalist's death. Accompanying the petition is an affidavit quoting
a similar petition filed in Delaware by Benjamin Potaker, a stockholder.
International Telephone & Telegraph Canceled Deal
With Kreuger—Agreementfor Purchase of Ericsson
Interest Rescinded on His Last Visit.
According to the New York "Times" of April 12, the
transaction whereby Kreuger & Toll arranged in June last
to sell to the International Telephone & Telegraph Corp.
a large interest in the L. M. Ericsson Telephone Co. was
rescinded by mutual consent when Ivar Kreuger made his
last visit to the United States, it was revealed on April 11.
The "Times" also said:
Although the reason mentioned is that the conservation of assets at the
It was further disclosed that International had not
Present time is necessary, it is understood that the difficulties of the Austrian
obtained return of
the cash payment made in part payment for the
Credit Anstalt are having some influence.
Ericsson stock, which is
It is usual at this time for Austrian banks to declare a dividend covering still held for its account by a Swedish bank. The cash payment made Is
reliably placed at $11,000,000 but further details of
the full year of 1931.
the rescinded transIn Germany, the reorganization of the larger banks and the revision of action are not available.
Cancellation of the contract, it was announced at
their capital structures is proceeding rapidly. It is understood that the
the offices of the
Deutsche Bank has suggested a plan whereby they will issue two new shares International company last night, was agreed upon when certain repreof RM 100 for every five shares of the same par value now outstanding. sentations of fact by Kreuger & Toll upon which the arrangement
was
The Commerz und Privet Bank, the Dresdener Bank and the Darm- based had been found to be inaccurate.
stadter und National Bank are expected to exchange their shares on a basis
of 10 old shares for three new shares of RM 100 each. The exchange of
Scheurleer & Sons, Private Dutch Bank,
these shares will probably be announced definitely in a short time.
We are advised that all of the German banks have passed their dividends
Reported Closed.
for 1931, with the exception of the Berliner Handels Gesellschaft, which
The following from Amsterdam is from the "Wall Street
Will pay 4%, and the Reich Bank, which will pay 12%.
Journal" of April 11:
Austrian National Bank Below Legal Cover—Must Pay
Tax on Note Circulation for First Time in History.
The statement of the National Bank of Austria as of March
31 was diatinctly unfavorable, said a radiogram received in
the Commerce Department Wednesday from Commercial
Attache Fardner Richardson. Holdings of gold foreign
exchange declined to a new low record of 239,590,000 schillings on that date, according to the Department, which on
April 7 further said:
Scheurieer & Sons, private banking firm located at
The Hague, has
closed its doors. While the firm did considerable local
business, it was not
engaged in international business. It is reported that the
Incasso Bank
is negotiating to take over the business.
Proposed Dutch Loan.
Press advices, March 31, from Amsterdam, Holland, said:
The Government has decided to redeem on July 1 149,885,000 guilders
of 6% bonds due on March 1 1972, series B, still outstanding. It is
expected that a new 4% or 5% loan will be issued for obtaining the
necessary money. The total of new bond issues in March was 288,290,000
V
Volume 134
Financial Chronicle
guilders, compared with 17,590,000 guilders in February. The former
amount, however, included the 5% public loan in the amount of 250,000,000
guilders.
To Cut Dutch Rail Wages—Managers Announce
Reductions of 5% in July and October.
The following, from Amsterday, April 8, is from the New
York "Times":
The management of the Dutch railways to-day informed the employees'
council of its intention to reduce wages 5% in July and another 5% in
October.
The management estimates receipts for 1932 will be 15,000,000 to
20,000,000 guilders [from $6,030,000 to $8,040,000] less than for 1981.
Retrenchments have yielded only a few millions.
2825
Press. "I believe the Council will approve, but even if it does not, we wil
be unable to make more than half of to-morrow's scheduled transfers.
"Unless economic conditions improve we cannot continue even half
payments for many months."
Hungary declared "practical insolvency" in December.
Bulgaria was scheduled to-day to transfer 22,578,886 lava as monthly
service on the 1928 loan and 11,297,959 lava as monthly service on the 1926
loan, both held chiefly in the United States. Grrat Britain and Switzerland.
Resumption of reparations payments by Bulgaria, also scheduled for to-day.
was postponed.
The League Council declared itself unable to
-day to accept a proposal that
Bulgaria's foreign debt transfer be cut 50% from April to September on the
ground that it was not competent to act.
Greece to Suspend Service on Foreign Debt.
Associated Press advices from Geneva April 15 said:
Netherlands Bank Adds Gold.
Amsterdam advices April 13 to the New York "Times"said:
Premier Venizelos of Greece told the League of Nations Council to-day
that Greece will have to suspend service on its foreign debt for five years.
The one-year suspension and $10.000,000 loan recommended by the League's
The weekly report of the Netherlands Bank published to-day shows a financial committee
is not sufficient, he said, to restore Greece's financial
further increase in gold stocks, which rose to a new high record of 891,- stability.
893,000 guilders, against 445,977,000 on April 13 1931. The bank-note
Greece's next foreign interest payments are due May 1.
circulation is now covered 91.2% by gold and 93.7% by gold and silver.
Proposed Moratorium on Debts of Finland Farmers. Conference Called by United States Government to
Consider Measures for Protection of Holders of
From Helsingfors (Finland) April 12, Associated Press
Defaulted Foreign Government Bonds—Statement
accounts said:
by President Lavis of Latin-American Bondholders'
The Government disclosed to-day that it would present a bill in ParliaAssociation, Inc.
ment for a moratorium until February 1933, on the debts of farmers who
have been seriously hit by the economic depression. Certain other interests
It was made known on April 12 that the State Department
also might be included, it was said, but the moratorium would be limited
to such debts as might be postponed without endangering the National at Washington had called a meeting, scheduled to be held
finances.
yesterday (April 15) of representatives of groups interested
in defaulted foreign government bonds. On April 13, Fred
Demand in Parliament That Rumania Cease Paying Lavis, President of
Latin-American Bondholders' AssociaInterest on Foreign Debts and Pay Government tion, Inc., issued the following
statement with respect to
Salaries—Opposition by Finance Minister.
the conference called by the State Department:
Associated Press advices from Bucharest (Rumania) April
The Latin American Bondholders Association is extremely gratified at the
announced purpose of the State Department to consider ways and means of
11 stated:
A demand was voiced in both houses of Parliament to-day that Rumania
cease paying interest on her foreign debts and devote the money instead
to the payment of government salaries and pensions, which have been
unpaid for months.
Finance Minister Constantine Argetoianu replied that the country
must not resort to a moratorium. He said he hoped soon to be able to
reach an agreement with creditors which would permit the payment of
back 'salaries and pensions.
Portuguese Premier Looks for End of Dictatorship—
New Charter Will Be Submitted Soon.
Under date of March 21 Associated Press advices from
Lisbon said:
General Domingos de Oliviera, Premier of Portugal, told the Associated
Press to-day that Portugal soon would return to a constitutional regime
if the people, in a plebiscite, ratified the text of a new Constitution prepared by the government.
The proposed Constitution, he explained, provides for a Chamber of
Deputies representative of the people and a smaller body, a sort of advisory
council, whose members would be selected from the national institutions.
It is now being studied by jurists.
Ile said the present government of President Oscar Carmona feels it has
meritoriously served the country because it has fulfilled the two primary
objects of any government by maintaining order and contributing to the
prosperity of the Portuguese people.
"We have some unemployment, but it soon will come to an end as a
result of our efforts, particularly in the extension of public works," the
Premier said.
forming an independent committee or council for the protection of the holders
of foreign bonds.
This need was recognized in England many years ago when the Council of
Foreign Bondholders was formed for a similar purpose.
The need of an association or council in this country, entirely independent
of the houses of issue, yet having in mind the requirements of the banking
interests and with a sympathetic understanding of the problems of the
Latin American governments was recognized by this Association when It
was formed some seven or eight months ago.
The Latin American Bondholders Association will of course co-operate in
every possible way with the State Department in its efforts but pending
definite action of the Government which may take some time, it will necessarily continue to function in4ehalf of its members and other holders of
Latin American bonds whose situation in many cases is serious. Because
of the numerous defaults this immediate action is necessary, but as the
United States Is definitely in the ranks of the creditor countries in the matter
of foreign loans, the formation of a strong central committee to protect
owners of other foreign securities as well as the Latin American bondholders
is a necessary part of our international banking machinery.
Brazil Remits Debt Funds—Sends £742,000 to London
and New York.
A cablegram from Rio de Janeiro (April 14) to the New
York "Times" said:
Finance Minister Oswaido Aranha announced to-day that the Banco de
Brazil had remitted to London and New York the equivalent of £200.000
for loan payments due to-morrow and E512,000 as the third monthly installment on a loan contracted by the previous administration.
Total debt payments this year amount to £1,600,000 and the balance
due is about £5,000,000.
Italian Loan Oversubscribed.
Associated Press accountsfrom Rome (Italy) Apr.9stated: Conference
on Colombia's Foreign Debts—Suspension
When the books were opened to-day on an internal nine-year loan of
of Service Recommended Only if Conditions Grow
1,000,000,000 lire (about $50,000,000) the issue was oversubscribed approximately two and half times.
Worse.
A cablegram on April 11 to Romolo Angelone, financial
Advices from Bogota (Colombia) April 12 to the New York
attache of the Royal Italian Embassy, from Premier Mus- "Times" said:
solini said:
Suspension of the service on the National Government's foreign debts if
"In less than 12 hours Italian investors have offered to the Italian Gov- conditions grow worse was recommended by the economic conference at
ernment not one but four billion lire in new subscription to the recent
conversion loan. Such a remarkable success demonstrates the absolute
confidence in the Fascist regime existing in all Italian savings quarters."
Greek and Bulgarian Pleas for Loan Extensions Fail
Before League of Nations.
The following (United Press) from Geneva April 15 is
from the New York "World-Telegram":
Medellin yesterday, after a week's deliberations by representatives of all
State Assemblies.
Other recommendations include the suspension of deposits in the Bank
of the Republic for service on the State's foreign loans while the National
Government's foreign control of exchange continues. Continuance of the
present control of the balance of international payments and loans to
States from the Bank of the Republic also was approved.
The total of forieng debts of the States represented in the conference
was $51,500,000, all floated in the United States between 1925 and 1928.
Greece and Bulgaria were refused changes in their financial agreements
with the League of Nations to-day. the League Council holding that reduction or further suspension of debt service payments was up to holders of
Greek and Bulgarian bonds.
Bulgaria wanted transfers on foreign debts reduced 50% for six months.
Greece asked that suspension of service on foreign debts De extended five
years. The Council approved only one year's extension. Bulgaria was
wanted a monthly reduction of 1,000,000 leva.
Assembly of State of Cundinamarca (Colombia) Votes
for Suspension of Deposits Intended to Meet Payments—Viewed in Opposition to Policy of Colombian Administration.
The following from Bogota April 14 is from the New
York "Times":
Further advices to the same paper from Geneva April 15
(United Press) stated:
Bulgaria was expected to-day to declare a partial moratorium on her ex-
Apparently defiant of the financial policy of President Olaya and
Finance
Minister Jaramillo, following the recommendation of the
Medellin Conference of Representatives of State Legislature, the
Cundinamarca Assembly
yesterday voted to suspend the making of deposits banks in
service on foreign debts, according to a Presidential decree. Colombia for
This
amounts to 945,000 pesos annually on $11.500,000 of outstandingservice
bonds
of the State of Cundinamarca floated in the United
States in 1928.
The Assembly authorized the Governor to open
negotiations with the
State's fiscal agents in New York for renewal of
service whenever the
ternal debt payments, with or without the sanction of the League of Nations
Council.
"We will ask the Council's immediate approval of reduction of Bulgarian
payments 50% during the six months from April to September, inclusive,"
Nicolas Stoyanott, director of the Bulgarian public debt, told the United
Financial Chronicle
2826
April 16 1932
Decreased Expenditures Reported.
Government exchange control ends, if the State's situation then permits.
The action of the Assembly is based on the theory that the National
Expenditures were reported to have decreased 340,000 contos in 1931
Government's exchange control policy constitutes a force majeure barring and an additional 28,000 in 1932
enforcement of the specific guarantee clauses of the loan contracts. A
The combined foreign debts of Brazilian public corporations were estiresolution pending in the Assembly provides for the deposit of a total mated at 3,000.000 contos, with interest amounting to 300.000 contos.
installments, beginning this month, in
of 350.000 pesos in equal monthly
President Getulio Vargas plans to leave on April 20 for his tour of inan agrarian, industrial or other bank in Bogota as a reserve for future spection of the Northern States. The journey is expected to last a month.
renewal of the debt service.
During his absence the Finance Minister will be Acting President.
Chile Proposes to Restrict Gasoline Consumption to German Ruhr Coal Syndicate Reported as Bartering
Coal for Brazilian Coffee
Keep Gold in Country.
The following from Berlin, April 7 is from the New York
The Department of Commerce at Washington, in a state"Evening Post":
ment issued April 8, said:
The limitation of gasoline consumption in Chile has been proposed to
the National Congress as a method of restricting the export of gold from
that country, according to a report to the Department of Commerce from
Assistant Commercial Attache Harold M. Randall, Santiaro.
Chilean gasoline imports have been greatly increased and It is said that
Its consumption has not been reflected in industrial progress but is due to
increased use of pleasure vehicles.
Owing to the difficulties that have arisen in the transfer of payments
for goods sold and the adverse exchange rates, the German Ruhr coal
syndicate has agreed to barter 75,000 tons of coal against coffee from Brazil
to the same value. German coffee requirements are only partly covered
by this transaction.
Contract to Promote Sale of Brazilian Coffee in England
In an effort to increase the consumption of Brazilian
coffee in the United Kingdom, the National Coffee Council
Argentina Renews Loans.
Associated Press advices April 6 in the New York "Evening of Brazil has contracted with the British Coffee Corporation
Ltd., of London to distribute 225,000 bags of coffee in
Post" said:
three years, states a report to the
The Government announced to-day it had renewed with New York England over a period of
financial houses four loans of E250,000 each, due to expire on the 15th of Department of Commerce from Trade Commissioner David
April and the 15th of each of the succeeding three months.
S. Green, Sao Paulo. The Department April 8 further
The renewals are for a term of nine months at 6 %•
reported:
Payments by Argentina Since Feb. 22 Include Over
50,000,000 Pesos Toward Foreign Debt.
Associated Press advices from Bueons Aires April 9 said:
The Finance Ministry of Argentina announced to-day that it had paid
out 99,124,000 pesos from Feb. 22 to date, 51,914,000 of which went for
the foreign debt.
Report That Argentine Army Will Drop 3,000 in
Economy Drive.
The British firm will take 50.000 bags of coffee the first year, 75,000
bags the second and 100,000 bags the third.
Delivery will be made at the Council's warehouse in Brazil and all charges
for taxes, freight, insurance, British import duties and other expenses
will be borne by the English firm which Is said to be the principal supplier
to a chain of more than 20,000 co-operative stores. The handling of the
coffee from Brazil will also be undertaken by the British Coffee Corporation which, according to the contract, obligates itself not to allow the
coffee to pass to a third party for sale, the report states.
The Council, according to the report, calls attention to the fact that of
the 350,000 bags of coffee now consumed annually in the United Kingdom.
Brazil supplies about 6,500 bags and that the new contract is a step forward in increasing the sale of Brazilian coffee there
A cablegram from Buenos Aires April 2 is taken as follows
from the New York "Times":
Brazil Aids Starving Indians, Drouth Cuts Off Food
In the governmental economy program, 3,000 conscripts will be released
Supply
from the army In June after having served only half of their terms.
Further large cuts in various branches of the military services are also
The recent drouth in the Northeastern States has caused
being considered by the Ministries of War and Marine.
the Federal Government at Rio de Janeiro to appropriate
It is possible that some warships may be laid up late this year to save
funds for food relief, a development which has driven many
operation and upkeep expenses.
Indians into towns and cities for aid said Associated Press
Argentine's Budget Shows Decrease in Expenses and advices from Bahia, Brazil April 4 to the New York "Times"
Income, According to First National Bank of which added:
Boston.
A report by cablegram to the First National Bank of
Boston from its branch in Buenos Aires, Argentina, under
date of April 4 said in part:
General Conditions
Congress met on March 28 to discuss the budget, internal loan, and new
taxes of the Provisional Government, and possibly a central bank. The
new budget shows a decrease in expenses and income. Further economies
are expected in the Congress. The February combined bank statement
shows deposits down 738.000, loans down 23,756,000,. cash up 3,283,000
cash reserve 20%.
February 1932
January 1932
February 1931
Liabilities failures___ $30.213,000
$16,277,000
$36,687,000
2.144.734,000
2.285,789,000
Bank clearings
2,563,281,000
A number of them from the Canella tribe, which numbers 500 persons,
arrived here and told their story of famine through an interpreter.
Their beans and rice crops died from want of moisture, the fish in the
streams disappeared as the streams fell, and even wild animals upon which
they depended somewhat for food disappeared, they said.
Brazil Opens Drouth Relief Credit-4,200,000 Bags of
Coffee Destroyed toKeep Up Price.
The Brazilian Treasury Department opened on April 5
a credit equivalent to $160,000 for the relief of drouth-
stricken inhabitants of the States of Pernambuco and
Ceara. According to a Rio de Janeiro cablegram that day
to the New York "Times" which also said:
Also the National Coffee Council announced that up to Apri12, 4,200,000
bags of low-grade coffee had been destroyed in the campaign to keep up
Stocks, Bonds &Money
February 1932 January 1932 February 1931 the price.
34,064,000
23,900,000
40,920,000
Stock Exchange turnover
Brazil Goes on Winter Time.
92.62
92.20
97.89
Average net price of cedulashad a declining tendency throughout the month with a sharp
Prices have
Under date of March 31 the Now York "Times" reported
drop after the suggestion of an internal loan was published, and are now
the following from Rio de Janeiro:
90.50. The market continues heavy. Rediscounts amount to 350,508,000
Brazil's official Winter time begins at midnight to-night when clocks
pesos.
are set back one hour.
Exchange Market
The peso is still at 171: the pound sterling has strengthened to 37 3-16
pence per gold peso: other currency after fluctuations have returned to Chilean Peso Law Prorest Reported Planned by Foreign
Interests.
previous levels. The Exchange Control Commission has increased restrictions on trading.
It was stated in Associated Press advices from Santiago,
Present exchange value of paper peso about $0.25 (par—$0.4234):
(Chile), April 5 that foreign business interests were prepresent exchange value of gold peso about $0.58 (par-160.963.).
pared to seek diplomatic intervention if a proposed section
of the new Chilean currency bill adopted by the Chamber
The following advices from Rio de Janeiro, April 6 are of Deputies is approved by the Senate when it comes up
for a vote there. The cablegram (as given in the New
taken from the New York "Times":
Senhor Souza Dantas, president of the National Coffee Council, said in York "Evening Post") also said:
Brazil Destroying More Coffee.
an interview to-day that out of 24,000,000 bags of coffee on hand at the
time of the 1930 revolution, 4,000,000 bags had been destroyed. He asserted that the destruction would continue at the rate of 1,000,000 hags
a month until the council had liquidated its accumulation of the lower
grades.
Seadaor Souza Dantas said he understood doubts had been expressed
abroad as to whether the destruction actually was taking place and consequently he issued an open invitation to neutral observers to verify It
for themselves.
The committee which has been surveying the finances of Brazilian
States and municipalities met at the Finance Ministry and submitted its
report. It found that from 1920 to 1931 Brazilian States and cities had
Incurred deficits amounting to 1,800,000 contos ($107,000,000 at yesterday's quotations). Revenues increased in the fiscal year 1930-31 by
140,000 contos (the conto is .
worth $546 at par), but rose only 20,000
contos in 1931-32, due to the drop in customs receipts.
The section provides that companies having rate schedules on a gold
basis must continue at the present peso rates without adding a surcharge
when the peso is devalorized.
American-owned telephone and power companies would be chiefly affected
by the provision, since they hold their concession grants under a constitutional provision allowing them to fix rates on a gold basis. The proposed
new section eliminates such rights under concessions and counsel for these
companies have charged that to pass the section would be to destroy
the inviolability of contracts.
The American Embassy and other diplomatic agencies are watching
the progress of the section closely, as many nations may eventually be
affected if the bill becomes a law.
An item regarding the bill empowering the President to
fix the value of the peso appeared in our issue of March 26,
page 2250.
Volume 134
Financial Chronicle
Chilean Moratorium Avoided by New Law—Payment
of Debts to Government Are Facilitated.
The "United States Daily" of April 4 reported the issuance
of the following by the U. S. Department of Commerce:
Possibility of a moratorium on commercial obligations was removed by
a recent law, enacted by the Chilean government, to facilitate the payment
of debts owed to certain governmental credit institutions, according to
a report to the Department of Commerce from Commercial Attache Ralph
H. Ackerman, Santiago. Agricultural and mining obligations will be
particularly facilitated.
Under the new law, passed by the Congress and signed by the President
of Chile, payment in semi-annual fractions of 5% will be permitted on
obligations owed to the Agricultural Credit Institute and maturing in
total or in part by Dec. 31 1932, the report states.
Lower interest rates and penalties are fixed on obligations to both the
agricultural and the mining institutes by the new law. Delinquent debtors
may be granted these benefits during a period of 60 days from the publication of the law and it is stated that their indebtedness plus accrued
interest and penalties may be funded in a single obligation.
Chile Expects Cut in Income.
A cablegram from Santiago, Chile, April 6 to the New
York "Times" said:
The Treasury estimated to-day that the government's income for 1932
would amount to 200,000,000 pesos, in contrast with 273,000,000 last
year. The low estimate and the difficulty of collecting taxes during the
depression is causing some concern as to the balancing of the budget.
2827
last night when,the Minister of Government rejected- their latest demands,
Including a moratorium on foreign bonds, the right ,of -States and cities
to acquire their own bonds in the open market for retirement, the suspension or reduction of salaries of certain diplomatic and other government officials and relief from high rents.
Platoons of police armed with rifles are patrolling the business districts
but there have been no disorders.
A statement given out by President Olaya to the press guarantees protection for merchants opening their shops and warns that radical elements
are ready to use the situation as a pretext for making trouble.
The organized shopkeepers decided Monday night to close all stores
except pharmacies and groceries to-day unless or until the government
heeds their petitions for relief from excessive rents, the competition of
contraband imports resulting from the high tariff and the immigration
,
of foreign itinerant peddlers.
Although the problem is partly municipal, the city authorities ate
powerless, hence presidential action under his emergency powers is declared to be necessary.
Panama Lowers Tariff Wall.
A cablegram as follows from Panama City March 23 is
from the New York "Times":
The tariff wall erected by a decree taking effect April 1 was lowered
to-day by a decree issued by President Alfaro reducing many rates and
removing articles from the original decree. A storm of protest from
business men had resulted in reconsideration.
Peru Calls Congressional Elections—Finance Minister
Asks Congress to Readjust Exchange Rate in
Bolivia's Regulation for Control of Foreign Exchange—
Match Trust Contract—Affairs of Banco de Peru
Remittances Will Be Barred after Aug. 1 to Nay Londres.
tionals Abroad.
The New York "Times" reported the following from Lima,
From La Paz (Bolivia) April 6 advices to the New York Peru, April 10:
"Times" said:
President Sanchez Cerro signed a decree to-day fixing June 5 for the
The Central Bank made public yesterday its drastic new regulations
for the control of foreign exchange, intended to reduce Bolivia's adverse
trade balance.
The bank estimates exports at 26,000,000 and imports at 30,000,000
In addition to which remittances for the needs of the diplomatic and
consular service and to Bolivians living abroad are put at 25,000,000,
thus giving a total adverse balance of about 15,000,000 boliviano&
Drafts for non-official Bolivians abroad will not be sold after Aug. 1.
Also, beginning at once, drafts will be either prohibited or limited for a
long list of goods, some of which can be produced in Bolivia.
Moratorium in Ecuador—Projected Decree Allows
Mortgage Loan Payments by Notes.
A Guayaquil, (Ecuador), cablegram April 3 to the New
York "Times" said:
Congressional elections in the Department of Cajamarca to replace Deputies whose election was disallowed on the grounds of fraud last year.
Elections also will be held on the same date in the Departments of Ancachs
and Loreto.
The Finance Minister has submitted to Congress a bill to abrogate a
decree of April 15 1931, which authorized the Swedish Match Company
to make semi-annual payments of £200,000 to the government at the
rate of 11.75 soles to the pound. Under the proposed bill the current
rate of exchange would be effective.
The associated bankers of Lima have decided not to agree to a proposal
of the Superintendent of Banks to release certain securities valued at
1,985,225 soles, in order to compound the claims of special depositors
in the savings department of the defunct Banco de Peru y Londres. These
securities are part of a guarantee of 6,000,000 soles advanced by the
associated banks to settle the claims for ordinary savings accounts. A
loan which should have been cancelled in June 1931, amounting to 1,500,000 soles, is still outstanding and the associated banks expressed regret
that they were unable to assent to reduction of the guarantee until the
loan was paid off.
A moratorium on mortgage loans has been proposed by the Minister of
Finance in a projected decree just published, authorizing mortgage debtors
to pay interest due with notes at 180 days at 10% renewable twice on
payment of at least 80% face value and interest on the notes. This Under New Peruvian Constitution President
May not
measure, considered alarming here, has a joker which apparently nullifies
Succeed Himself in Second Consecutive Term.
It, in that the notes must be backed by a guarantee satisfactory to the
mortgage bank, but another feature of the decree exonerates overdue mortThe following cablegram from Lima, (Peru) April 6 is
gage dividends from the extra interest charged as a penalty, usually 1%.
:
Mortgage bonds of banks specializing in agricultural loans are selling from the New York "Times"
Congress writing a new Constitution, has decided that a President
now down to 35 and the proposed measure will probably cause a further
fall since the mere discussion of the moratorium plan resulted in a drop may not succeed himself in a second consecutive term, that the term
shall be five years and that Cabinet Ministers, relatives of a President,
of 20% last month.
members of the regular army, priests and judges are barred from succeeding to the Presidency. In event of vacancy, the Cabinet shall govern
President-Elect Bonifaz Pledges Aid to Ecuador's
until a new President is elected.
Workers.
A cablegram as follows from Guayaquil, Ecuador, Mar. 28
is from the New York "Times":
President-Elect Neptals Bonifaz was escorted by a committee of workers
yesterday to the meeting of their general assembly at Quito, where they
obtained his promise to help in electing capable young
Senators and
Representatives, regardless of party, to the next Congress. Senor Boutin
will be inaugurated in August. The workers' meetings at the capital
will
continue for several days.
Colombians Extend Time to Report Debts—Accede to
Request of Colombian-American Chamber of Commerce—Exchange Favor to State Denied.
The following Bogota (Colombia) cablegram April 5 is
from the New York "Times":
Acceding to a request of the Colombian-American Chamber of Commerce in New York, the government will decree a 30-day extension from
April 7 of the period for reporting to the Exchange Control Board outstanding debts on account of merchandise imported prior to Sept. 24 1981,
which debts are subject to the rule limiting purchases of foreign exchange
to 20% periodical instalments.
Finance Minister Jaramillo has refused requests of the Governor of
the State of Caldas, backed by the State Assembly and business men's and
coffee men's organizations, for permission to purchase foreign exchange
or devote a portion of Caldas's large coffee exports to buying that State's
foreign bonds for retirement. The refusal is based on the need to conserve gold reserves and the bad impression the Minister says it would
create if the exchange restrictions were relaxed for the purpose of taking
advantage of depreciated bond prices resulting from the practical BUSpension of service due to the regulations of the exchange control.
Peruvian Bank Report Out.
From the New York "Times" we take the following from
Lima March 31:
The annual report of the Inspector of Banks covering the activities of
this branch of the Ministry of Finance is now available. The primary
object of the department is to "verify the correctness of balances" of all
banking institutions, insurance and building concerns and generally make
sure that accounts are kept in harmony with the laws of the country.
Companies with a capital of more than 6,000 soles are required to keep
their books in Spanish, but 1,176 visits by inspectors revealed 297 that
had failed to fulfill this condition.
Tables showing the situation of ten commercial banks in Peru on
Dec. 31 1931, contain statistical information of great value
for reference
purposes.
Redemption of Panama Bonds Through Sinking Fund.
The National City Bank of New York, as fiscal agent,
has notified holders of Republic of Panama 35
-year 5%
external secured sinking fund gold bonds, series A, due
May 15 1963, that $77,000 aggregate principal amount
of the bonds have been selected for redemption on May 15
at par. Payment will be made upon presentation and
surrender of the designated bonds, with unmatured interest
coupons attached, at the head office of the National City
Bank of New York, 55 Wall St., on and after May 15, after
which date interest on the designated bonds will cease.
Merchants on Strike in Bogota, Colombia—One-Third Funds Received in New York for Payment of April 1
of Stores Reported Closed in Demand for GovernInterest on Bonds of Agricultural Mortgage Bank
of Colombia—Funds for Sinking Fund Payment
ment Relief in Depression.
Not Received,
Under date of April 7 a cablegram from Bogota (ColomThe Chase National Bank, as fiscal agent, has received
bia) to the New York "Times" said:
About one-third of Bogota's principal general merchants closed their funds to pay interest due April 15 1932 on Banco Agricola
shops this morning as the result of an abrupt breakdown of negotiations Hipotecario
(Agricultural Mortgage Bank of Colombia)
2828
Financial Chronicle
April 16 1932
Mexican Paper Circulation.
-year 6% sinking fund gold bonds—issue of
guaranteed 20
Mexico City advices published in the"Wall Street Journal"
April 1928, but has not received the sinking fund payment
due at this time either from the Bank or from the Govern- of March 30 said:
The Bank of Mexico status that approximately 7,700,000 pesos of paper
ment of Colombia as guarantor of such payment. The
the actual reserve held by the Bank to
currency is
fiscal agent understands that the suspension of sinking redeem the in circulation while 15,000,000 pesos in silver. Plans are
paper is more than
fund payments has been made necessary by restrictions rapidly going forward for additional paper currency issues, states the Bank,
imposed by the Government upon the export of gold, and to be backed by substantial reserves.
has received no indication as to when the resumption of
sinking fund payments may be expected.
New Time in Mexico.
According to United Press advices from Mexico City to
Funds for Sinking Fund and Interest Payments on the "Wall Street Journal" of April 1 a new official time now
Bonds of Province of Mendoza.
is effective in Mexico; the advices add:
All the Republic except the northern district of Lower California, where
Province of Mendoza has on deposit with the Manuused, is on Central Standard time. Mountain
required Pacific Standard time is
faeturers Trust Co., New York, the full amount
Standard time is abandoned.
for the sinking fund and interest payable June 1 1932 upon
their 734% secured sinking fund gold bond issue due June 1 Mexico in Agreement on Spanish Claims—Report Says
1951. In addition thereto an amount is held by the Bank
65% Will Be Paid Where Commission Approves in
equivalent to the sinking fund requirements and interest
Cases Arising from Revolts.
payable Dec. 1 1932.
Under date of March 24, Mexico City advices to the New
York "Times" stated:
Pan-American Conferences Postponed Until December
An amicable arrangement has been reched by Mexico and Spain for the
1933.
settlement of claims by Spaniards against this Republic arising from the
revolutionary movements from 1910 to 1921, it is learned from a reliable
The seventh Pan-American Conference, which was sched- source.
next December,
uled to be held in Montevideo, Uruguay,
Official confirmation is not available because the Ministry of Foreign
would be postponed until December 1933, under a resolution Affairs is closed for Easter week, but the press publishes similar informaadopted by the governing board of the Pan-American Union tion. arrangement Is said to be for the payment by Mexico to the claimants
The
at Washington, April 6, a dispatch from Washington on of 65% of the total amounts claimed, but only in cases where the claims
have been upheld by a Joint commission.
that date to the New York "Times" said:
covered by the settlement reported are very
The resolution took the form of a recoramednation to the Uruguayan
t3overnment, which, as the host to the conference, sets the date.
To-day's action had been forecast for weeks and while based upon the
formal grounds that the Governments will have more time to study the
agenda of the conference, was said actually to be due to the general economic depression, which makes the meeting inadvisable this year.
It is understood that the Uruguayan Government is prepared to accept
the recommendation and postpone the conference.
The claims that would be
small compared with those pending between Mexico nad the United States,
and on the latter question the situation is not as favorable.
The sessions of the United States-Mexican claims commissions, both
is one of the
general and special, have been suspended and their renewal
main problems for which a solution is being sought by Ambassador Clark
and Minister of Foreign Affairs Tellez.
Australia Orders Payment of New South Wales Income
Tax Direct to Commonwealth to Meet Debt Default
Decision Against Arms Conference in South America
State Directs That Income Tax Records Be Locked
America Drops Arms Parley
at This Time—South
Up.
Plans.
As an instrument to force the Government of New South
Chile, April 2
Associated Press advices from Santiago,
Wales under the extremist Premier Lang to pay its debts,
said:
issued a proclamation, at
Preliminary efforts to stage a regional arms conference in South America the Commonwealth Government
have virtually fallen through, it Is stated on authority here, and a new night, April 7, ordering all citizens of that State to pay their
plea for a meeting to limit navies may be called by Chile if no action by taxes direct to the Commonwealth Treasury. A cablegram
the Latin American delegates is taken at Geneva.
York "Times" added:
The Government here is chiefly concerned in obtaining an agreement from Melbourne April 7 to the New
with Brazil and Argentina to abolish capital ships and limit the number
Such payment will absolve taxpayers from any subsequent action by
of smaller war vessels. Negotiations toward that end were in progress the Lang Government, but failure to pay involves heavy penalties.
weeks or more, but no success has been noted, and it is
quietly for six
Stanley M. Bruce, Minister without portfolio, to-night denounced
understood the efforts have been dropped for the present.
Premier Lang's policy of default, saying: "Surely every step must be taken
Some hope exists here that a meeting can be held in Geneva of all Latin to check this man, who is a menace to Australia in his mad career."
American delegates, bringing every Latin nation into a joint pact for land
Reports that a revolution is brewing in New South Wales are discounted.
and sea armaments, air services to be a part or treated separately.
Prime Minister Joseph A. Lyons replied to-night to the offer of the Sydney
Unless that is done, it is felt that new steps must be taken to bring New Guard to aid in any way it might be needed, saying that he welcomed
about naval disarmament among the larger South American countries, cooperation from all parts of the community at a time of crisis, but depsuch as the ABC group, all three of which have large annual expenditures recated any suggestion that an emergency was likely to arise requiring the
Commonwealth to intervene and use the organized force.
for operation of sea defense units.
Chile not only has been anxious to see a Joint pact drawn up but has
According to Sydney (New South Wales) Associated
been willing to lead the way by voluntary reduction of her sea force, at
one time rated as the most powerful south of the United States. Her Press advices April 8 the State Government of the Labor
larger ships are either tied up or are operated for only a month or two for Premier J. T. Lang on that day ordered the income tax
instruction purposes. The destroyer fleet has been cut three-fifths and
records locked up, defying the Commonwealth Government
the submarines are virtually shelved for the time being.
that to proceed with the seizure of State tax moneys. The
Should an arms parley of this kind have success, it is believed here
by fully
the nations participating could reduce their defense budgets
Associated Press accounts added:
one-third, and possibly ono-half, providing land armaments were included.
This counterthrust followed by less than a month the withdrawal of
£1,000,000 (normally about $5,000.000) in State funds from New South
Chambers of Commerce in Mexico Will Urge Banks to Wales banks by Commonwealth authorities under police escort. Interest on
The Commonwealth announced on April 1 that 11,000,000
Pay Interest on Checking Accounts.
defaulted New South Wales securities had been paid to New York and
2 to the New York London banks under the financial agreement enforcement act.
According to Mexico City advices April
It was understood that Premier Lang had the tax office keys In his
"Times" the Confederation of Chambers of Commerce of own pocket. An Opposition newspaper suggested that he could be fined
on all banks in Mexico $500 or Imprisoned for six months if he refused to reopen the tax department.
Mexico, it is reported, plans to urge
soon the need of taking adequate steps to restore confidence
Special advices April 8 to the New York "Times" from
suggesting as one means the offer of interest on checking Sydney had the following to say:
Premier J. 'I'. Lang of New South Wales to-day defied the Commonaccounts to attract depositors. The account added:
in Mexico
The hoarding of sliver has caused a circulation stringency
would do much
since last July. The loosening of such funds, it is believed,
toward re-establishing the confidence of business men.
Finance Minister Alberto Pant says Federal salaries for the second fortnight of March were paid to-day, which, according to newspaper estimates,
will put 2,600,000 pesos into circulation in Mexico City to-day.
The dollar quotation over Mexican silver continues around 2.95.
Mexican Ministry Refuses Petition of Mortgage Debtors
for Moratorium on Payments.
From Mexico City advices to the New York "Wall Street
Journal" of April 9 said:
Answering the agitation which has been created by mortgage debtors
petitioning for moratorium on payments, the Ministry of Finance has
Issued a statement declining to initiate such a plan. "because It believes
, that the measure would result in greater grievances than those which it
would attempt to remedy."
A plan for an emission of paper currency guaranteed by mortgages was
rfselared impractical.
wealth Government by padlocking the three floors of the income tax office
at Sydney where the assessment records are kept. He hoped thus to block
the seizure by the Federal authorities of State Income tax payments to
cover defaults in payments on the State's foreign debt.
the Commonwealth
Mr. Lang's action followed an announcement that
Court to sequester
Government had obtained authority from the High
tax payments. The same court two days
New South Wales State income
law charging the Commonwealth with
ago held constitutional a Federal
whether Federal or State,
responsibility for payments on all foreign debts.
of any State which might be in
and permitting It to seize the revenues
default in such payments.
defiance is that the issuance of both
The immediate result of Mr. Lang's
notices will cease, as the State
Federal and State income tax assessment
Commonwealth, as well as its own.
collects income taxes due directly to the
informed that a holiday had been
Employees of the income tax office,
salaries.
granted to them, expressed anxiety about their
be taken by the Federal
Interest centred to-day in the next step to
Commonwealth Prime Minister
authorities to enforce the court's edict.
to use force, although
Joseph T. Lyons indicated that he did not intend
upon Mr. Lang or upon
he stated that a requisition might be made either
his tax commissioner to produce the records.
Volume 134
Financial Chronicle
Several hundred persons to-day paid their State Income taxes to the Commonwealth Bank In accordance with yesterday's Federal proclamation.
2829
the most disastrous in 60 years, with total visible losses estimated at
450,000,000 silver dollars. Losses from Communist uprisings were estimated at 200,000,000.
The law empowering the Commonwealth Government
to seize the revenue or bank deposits of any state defaulting
in debt payments was passed on March 3 by the Common- Anticipated Total Bond Issue of Japan for Next Fiscal
Year—Reported Loan to Manchuria.
wealth Parliament. An item indicating that the Australian
Supremo Court had upheld the law, appeared in our issue
Regarding Japan, the Department of Commerce at Washof April 9, page 2631.
ington on April 11 said in part:
The present draft of the 1932-33 budget calls for expenditures of
From Melbourne April 7 Canadian Press accounts said:
1,490,000,000
The Commonwealth Government's action to seize channels of revenue
of New South Wales was taken to compensate for the amounts
disbursed
by the Commonwealth as a result of the State's default of foreign debt
payments on Feb. 1 and April 1.
Power to seize the revenues of defaulting States is conferred by the
financial agreement act, the validity of which was upheld yesterday by
the Australian high court.
The proclamation applies to income taxes, excluding the special
State
tax on incomes for unemployment relief.
yen and receipts totaling 1,380,000,000 yen, the deficit to
be covered by a bond issue. (Normal value of yen, $0.4985.) It is anticipated that the total bond issue for the next fiscal year will amount to
460,000,000 or 470,000,000 yen, not including bonds authorized for
expenses in China and approved in the last session of the Diet.
It is reported that the Bank of Chosen, the South Manchurian Railway,
and the Oriental Development Co. will loan the so-called new State in
Manchuria 20,000,000 yen.
Japan Banks Show Deposit Declines.
New Zealand's Financial Plans.
Banks in Japan are feeling more than ever the strain of
On April 7 Canadian Press advices from Wellington, the continued industrial and commercial depression, said
Associated Press accounts, April 9, from Tokio. The advices,
New Zealand, said:
Comprehensive measures to maintain New Zealand's financial stability published in the New York "Evening Post," continued:
were announced in the House of Representatives to-night by Downie W.
Stewart, the Finance Minister.
Despite the rigid economies that had already been put into effect, there
would be a deficit of about £2,000,000. Mr. Stewart said, but he described
this as "manageable."
He listed the main government measures as:
A saving in the estimates amounting to £4,000,000.
Increase in taxation yielding more than £2,000,000.
Reduction of interest rates, rents and leases.
Maintenance of the 10% tax on interest from bonds of municipalities.
to which will be added a 10% stamp duty on interest coupons.
Prescribed maximum interest rates to be paid on deposits by different
classes of business, including savings banks.
Graduated reductions in civil service salaries and in pensions, effecting
a saving of £1,000,000 in the full year.
Extension of the life of Parliament from three years to four.
This is shown in large reductions in deposits and loans in the case of the
leading banking institutions, while many of the smaller ones face bankruptcy
or have gone to the wall, especially in Central Japan in and around the
big city of Bagoya.
The report of the clearing house of 35 cities in Japan for February shows
deposits held at the end of that month totaled 5,468,749,000 yen, a drop
of 37,808,000 yen from the end of January. (The yen is valued at 50c.
at par.) Loans outstanding at the end of February totaled 5,229,947,000
yen for these clearing house banks, a decline of 400,008,000 yen from the
previous month.
While the big banks of Tokio and Osaka are weathering the storm, owing
to their conservative business policy and iron-clad reserves, the smaller
banks in the country prefectures are having a bad time. The year 1931
was one of the worst in their history. Even the solid banks in the chief
cities have had to write off large amounts and transfer funds from their
reserves.
Depreciation of securities held by the banks has been very great, the
loss ranging from 5% in the case of the Mitsui bank to 3.47% for the
Mitsubishi bank, which obliged them to draw on their serves to the
extent of 12,500,000 yen and 10,000,000 yen, respectively. Other banks
had to make similar transfers in proportion.
New Zealand Deficit—Increase in Wage Tax For Unemployment Relief.
Regarding New Zealand the weekly summary of foreign
conditions issued April 3 by the Department of Commerce
New Government of Manchuria Takes Over Customs,
said in part:
Postal and Salt Monopoly Administration—
Economic stagnation continues in all lines of business. It is announced
Mukden Trade Under August.
that government finances will show a deficit of approximately £3,000,000
and that next year it will be larger. Wage tax for unemployment relief
The new government in Manchuria has formally anhas been increased from 3 pence to one shilling per pound, and applies to
all persons employed. The public Is radically curtailing expenditures, nounced assumption of control of the customs, postal and
and the country appears to have changed from a quality to a price market. salt monopoly administration
from April 1, said a radioThe 50% exchange handicap is limiting imports of American goods to
gasoline and allied products, tobacco, electrical machinery, radios, cameras gram received in the Department of Commerce on April 6
and films.
from Assistant Trade Commissioner Louis C. Venator, Mukden. Further advices made available by the Department
Turkey to Charge 43% on Incomes Over $300 a Month on April 7 said:
All persons in Turkey whose incomes exceed the equivalent
A Chamber of Commerce survey at Mukden shows that 6,000 retail
of $300 a month will have to pay 43% to the government establishments were open on April 1 compared with 12,000 last August.
Daily receipts reported by Mukden
under the 1932 budget, said a wireless message April 9 figures for March 1931, the radiogramdepartment stores are 45% below
stated.
The Chinese population at Mukden is still 20% below last August.
from Istanbul to the New York "Times" which also said:
No exemptions will be made, and even the smallest earnings will have to
pay about 30%.
Although the budget will be balanced at 172.000,000 Turkish pounds
(about $36,000,000), which is 17,000.000 loss than last year, further drastic
taxation has become necessary. Turkish wage-earners, therefore, will
soon be the most heavily taxed In the world.
Through passenger trains from Mukden to Shanhaikwan began operating
April 1, with close connections at Shanhaikwan for Peiping.
The preliminary report of the South Manchurian railway for the fiscal
year ending March 31 shows receipts of 8,840,000 yen. This represents a
decrease of 2,550,000 yen from the previous year.
It is reported that large quantities of export goods are awaiting shipment at Dairen. The Japanese steamship lines are revising schedules to
provide additional service between Japan and Dairen. Reduced rates have
been announced for through shipments of goods between Manchuria and
Japan by both railroads and steamship lines.
Shanghai Stock Exchange Re-Opened April I—Bond
Exchange Closed.
The Department of Commerce, surveying, on April 11, conWashington Insists Liberia Abolish Slavery Before
ditions in China, said:
Recognition is Granted.
Due to the continued cessation of hostilities during March, the financial
situation in trading centers throughout China is beginning to show conThe State Department at Washington on March 26 assiderable improvement. Shanghai trade has improved, and congestion at
the port is gradually being cleared. Cargo which was diverted during serted that Liberia must end slavery and improve sanitary
hostilities is now being brought to Shanghai. Building activities are conditions before the United States will extend recognition,
going forward at about 80% of normal in projects on which construction
but denied the United States Government would engage in
had commenced prior to the Shin-Japanese conflict, but no new projects
an active effort to oust President Edwin Barclay. The
have started. Native banks are not yet functioning on a normal basis.
The Shanghai Stock Exchange reopened on April 1; the bond exchange account from Washington to the New York "Times" also
is expected to remain closed until the Sino-Japanese negotiations are
said:
further advanced. Shanghai industrial
plants, especially textile, flour
and cigarette factories are resuming operations, but no Japanese-owned
mills have as yet reopened. Boycott activities appear to be weakening
In North China but remain at their previous vigor in Central and South
China regions. Japanese shipping is being resumed, and the Japaneseowned wharves have reopened. Unemployment is greatly relieved through
the resumption of building and industrial activities.
Annual Report of Bank of China.
The Department of Commerce at Washington, in Its summary of business conditions abroad, had the following to
say under date of April 3:
The annual report of the Bank of China, recently issued, states that net
profits for 1931 were close to 2,000,000 Chinese silver currency (approximately $440,000). Loans to industrial organizations during the year
totaled 34,000,000 silver dollars, while estimates of remittances to China
from overseas Chinese totaled 190,000,000 silver dollars, or 50,000,000
less than In 1930. Floods in 1931 are reported by the Bank to have been
The position against recognition so long as present conditions exist has
been maintained by the department since slavery and insanitary conditions
were disclosed by an international commission of inquiry, headed by
Cuthbert Christy of Great Britain, which made its report in September 1930.
It is understood that the Firestone Rubber Company, which has a
plantation concession in Liberia and has lent about $2,500,000 to the
government, is prepared to lend additional funds to aid in remedying
conditions. Official confirmation of this report was lacking.
The State Department is marking time pending a meeting at
Geneva
late in the spring of the League of Nations committee which
has been
considering the Liberian problem since the international commission
made
its report. The United States recently joined with
Great Britain and
France in warning the Barclay Government against
retaliating upon natives
who have testified concerning conditions. The
warning was couched in
sharp language, although delivered informally by the
resident Ministers.
Liberia has met the international efforts for a house-cleaning
by pleas
for time in which to work out reforms. The success
of these efforts will
be considered by the League committee at its next meeting. The United
States is co-operating with the committee, being represented at its sessions
by Samuel Reber Jr., former Charge d'Affaires at Monrovia.
2830
Financial Chronicle
April 16 1932
Protective Committee Formed in Interest of Holders into stroger hands. This brought the total volume of sales during the first
two months of this year up to $209,398 and represented a total of 74
of Bonds of St. Louis Joint Stock Land Bank— properVes.
Reorganization Plans.
Owing to the danger of default of interest payments on Alexander Legge Praises Acts of Federal Farm Board—
bonds of the St. Louis Joint Stock Land Bank of St. Louis,
Stabilization of Prices Saved Wheat Farmers,
Mo., a bondholders' protective committee is being formed
Former Chairman Asserts—Says Attacks Are Unby owners of substantial amounts of the obligations, it was
fair—Co-operative Marketing, He Declared, Is
announced on April 13. From the New York "Herald
Real Issue.
Tribune" of April 14 we quote the following:
The following by Alexander Legge formerly Chairman of
The committee expects to be able to effect a reorganization in the affairs the Federal Farm Board (from Chicago April 9 to the
of the bank and in this way to avoid a receivership.
Bonds outstanding of which deposits are requested approximate 818,- New York "Times") is copyright by N. A. N. A., Inc.:
Both the Agricultural Marketing Act and the Farm Board since their
000.000. They comprise the issues of the St. Louis Joint stock Land Bank,
and also those of the Central Illinois Joint Stock Land Bank of Greenville, enactment have been the targets of outrageous misrepresentation. Some of
Bank of Cape Girardeau, the misrepresentation has been mere partisan politics, but most of it comes
III., and the Southeast Missouri Joint Stock Land
Mo., which were assumed by the St. Louis institution on a merger of the from sheer self-interest. Look far enough behind any attack on the act or
the Board and you will find the politician, or the handler or dealer in
banks some years ago.
Five depositaries have been named, and bonds may be lodged with any farm products, or the speculator.
Louis: Continental
Practically all these attacks are aimed at the stabilization of wheat
of them. They are the St. Louis Union Tiust Co.,of St.
Illinois Bank & Trust Co. of Chicago; the Cleveland Trust Co. of Cleveland; and cotton, but that is a false cry. The real issue is co-operative marketthe Chase National Bank of New York, and Commerce Trust Co. of ing; the real purpose of the attack is to keep the farmer from marketing
his own products. Except where he markets co-operatively, the farmer
Kansas City, Mo.
The condition of the land bank is the natural result of low prices of has no influence over the sale of what he raises. He alone of all producers
the last several years, making is at the mercy of the middleman.
farm products which have prevailed for
Can co-operative marketing of farm products be made to work successit difficult foe farmers to meet payments on mortgage loans held by the
bank, and resulting in the necessity of numerous foreclosures. The situa- fully? The answer is an emphatic "yes." It is working successfully
1930, which to-day. Long before there was a Farm Board, the California citrus fruit
tion was greatly aggravated by the drouth in the summer of
growers and walnut growers had achieved solid success in this field. 'With
centred in the territory served by the St. Louis Joint Stock Land Bank.
Mark Martin, President of the Bank. stated that the formation of the the temporary aid of the Farm Board, thousands of other co-operatives,
bondholders' protective committee was a friendly move and that due to with millions of farmer members, have been soundly established and are
prevailing economic and agricultural conditions, and other causes, the working toward success.
Bank is faced with very serious problems, as shown in the annual report to
Applicable to Other Lines.
stockholders for 1931 and statement of conditio I as of March 31 1932.
If the bonds are promptly deposited, it is oelieved that a reorganization
Last year the California Citrus Fruit Organization spent $2,000,000 in
the
of the Bank's affairs can be effected which will result in conserving to
advertising to broaden still further the market for its products. Could
bondholders full participation in the realization from the Bank's assets
any commission merchant or any individual producer have done anything
The members of the protective committee are: E. D. Nims, Chairman like that? Could any individual grower or middleman have set
up the
Executive Committee Missouri State Life Insurance Co.; Frank C. Ball, by-product plants that have developed new uses and outlets
for the
President Ball Brothers Co., Muncie, Ind.; Judge Davis Biggs, Vice- California citrus fruit surplus?
Hardie, Vice-President
President St. Louis Unioi Trust Co.; George P.
These two co-operatives have found it comparatively simple to regulate
Continental Illinois Co., Chicago; Reeve Schley, Vice-President Chase production to
the potential demand and thereby insure their members a
National Bank; G. A. Tomlinson, President Tomlinsoa Co.. Cleveland, living
profit. Can the same thing be done with wheat, cotton, live stock,
and Arthur W. Brady, attorney. Anderson, Ind.
dairy products, poultry, and so on? Certainly it can—and certainly it
Bryan, Williams, Cave & McPheeters of St. Louis are counsel for the will be
done.
committee, and William R. Humphrey, 1963 Railway Exchange Building,
Co-operative marketing is already succeeding too well to please the
St. Louis, is Secretary.
middleman. You can't blame a man for fighting to protect his business,
From the New York "Evening Post" of April 15 we take but which would America rather have-.--a comparatively few very prosperous middlemen and speculators, or several millions of farmers earning
the following:
a fair living and able to buy freely the products of other industries?
A reorganization plan for the St. Louis Joint Stock Land Bank, for
If, when commodity prices started the toboggan in October 1929, the
which a bondholders protective committee recently was formed, was Farm Board had failed or refused to recognize the emergency and use the
Wall St.
made public to-day by R. J. Friss & Co., Inc.. 52
power and the money Congress had put into its hands, it might well have
The plan,as predicated on the basis of the Bank's condition as of March 31 been blamed for the crash that followed—and but for the stabilization
1932, contemplates the exchange of a new $500 bond, "soundly secured of wheat and cotton the crash would have been infinitely worse than it
participating was.
by interest-bearing assets," for each $1,000 bond and a $530
certificate In a company formed to liquidate the nin-interest-bearing
Stabilization has at least opened the eyes of our people, including the
assets.
farmers, to the impossibility of artificially maintaining prices, and has
Security for each new $500 bond, under the anticipated new plan, would made drastic and dangerous legislation for that purpose unlikely, if not
consist of $470.62 of current eligible earning assets and $16.16 of other impossible. Stabilization of wheat has enabled America's farmers to market
interest
-bearing assets. Back of each $500 of participating certificates two crops at considerably higher prices than they would otherwise have
would be $546.27 of non-interest-bearing assets.
received. Wheat to-day sells in chicago for as much as in Liverpool,
"It is evident, from a market standpoint," said the announcement by yet transportation from Chicago to Liverpool costs approximately 16
R. J. Friss & Co., "that the parity value of the new bonds could not be cents a bushel.
maintained; while the participating certificates would have little market
Agreed on Benefits.
value, if any."
The best-posted men in the cotton trade, even those bitterly hostile to
the act and the board, agree that to-day's cotton prices, low as they are,
are substantially
Report of Houston Federal Land Bank Shows 77% of impounded by the higher than they would be but for the large stocks
Farm Board, the co-operatives and a large group of
Farms in 1931 Were Sold to City Dwellers—Trend Southern bankers.
The real reason for current agitation about the salaries paid to a few
Indicated.
from City to Farm
managers of large co-operative central organizations is not
Seventy-seven per cent of the farms sold in 1931 by the the salaries, but the success of those vast operations underthe size of
competent
went to town or city leadership. Some of these central co-operatives have earned several million
Federal Land Bank of Houston
dollars profit in their brief existence. Incompetent leadership would
dwellers, and there has been a definite trend of population probably have put them deep into the red.
I cannot believe that the self-seeking enemies of the agricultural marketback to the farm for several months, according to a stateing
ment by the bank on April 4. This is learned from a this act and the Farm Board will be able to fool Congress into crippling
great movement, whose purpose is to put agriculture on a plane
Houston account appearing in the "United States Daily" equal opportunity with other industries. I am absolutely certain of
that,
they cannot fool the farmers of America.
in which it was also stated:
been
that the land market is in the strongest position it has
"We believe
declaring that, with
for a number of years," officers of the bank said,
appear to feel
almost all investments proving a disappointment, investors
security. Federal Farm Board Within Few Weeks to Announce
that land, at present prices, is the safest and most satisfactory
Policy on Cotton Disposal—Carl Williams Tells of
The statement follows in full text:
the farm has been
Program at Senate Hearings on Bill to Impound
A definite trend of population from the city back to
officers
the
apparent for several months, according to the observations of
Holdings of Wheat and Cotton—Shippers Assail
of the Federal Land Bank of this city. An analysis of the bank's sales
23% were sold to farmers and 77%
Board — Favor Gore Measure — $536,000,000 Aid
shows that of the farms sold in 1931,
to town or city dwellers.
Urged with Proposed Farmers Reconstruction
the
"This is conclusive evidence," say the officers of the bank, "that
Finance Corporation to Supply Needed Relief.
trend from the farm to the city, which existed several years ago, has
reversed itself. While acquirements exceeded sales in 1931, we believe that
Carl Williams, member of the Federal Farm Board, anthe land market is in the strongest position it has been for a number of
nounced on April 5 that a broad policy for the disposition
years.
"During the last few years returns on farm investments have not been of stabilizatios stocks of cotton would be made public in
satisfactory when compared with almost any other form of security, but six weeks providing
Congress in the meantime does not
almost all investments have proved a disappointment and it now appears
that there is a feeling among investors that land, selling at present levels, frustrate such plan. The Washington correspondent of
offers the safest and most satisfactory security."
the New York "Journal of Commerce" on April 5 further
The total sales of farms made by the Federal Land Bank and national
farm loan associations (which guarantee the loans to the bank) numbered reported:
Mr. William's declaration was made at a hearing of a Senate Agriculture
104 in 930 for a total consideration of $391,501. In 1931 sales jumped
to 192 and the total amount involved was $521,771. During the first two subcommittee considering bills by Senator Gore (Dem., Okla.) to impound
months of this year the bank and the associations of Texas sold farms for domestic stabilization wheat and cotton until next year when the Farm
a consideration of $86,106, compared to $82,897 during a like period In Board and subsidiaries would be required to divest themselves of all hold1931.
ings over a period of 12 months and five years, respectively.
In addition to these sales, during January and February of this year 40
Appearing in opposition to the bills, specifically that concerning cotton,
farm properties changed hands representing sales with the concurrence of which a spokesman for the American Cotton Shippers' Association Just
the borrowers and the associations for the purpose of putting the loans had praised, Williams recalled that last October an agreement had been
Volume 134
Financial Chronicle
reached with private interests not to dispose of stabilization stocks until
July 31 of this year.
Agreement Scrupulously Kept.
"That agreement has been scrupulously kept," he said. "A policy for
disposition of these stocks will be announced to the world in six weeks if
this legislation is not passed."
The Gore bills, he further declared, would not be an aid to the fanner as
maintained by J. M. Locke of Muskogee, Okla., who testified for the
shippers association, and other witnesses, but would have "a tremendously
depressive effect."
"If it were known," said Williams, "that stabilization cotton was to go
on the market commencing next January 1, farmers at once would accelerate sales to 'get out from under,' thus depreciating prices still more than
at present."
Williams did not reveal what exact plans are being formulated regarding
the estimated 3,400,000 bales held by the Cotton Stabilization Corporation
and the American Cotton Co-operative Association. The project of the
Administration to divert $100,000,000 of agriculture's $200,000,000 allowances under the Reconstruction Finance Corporation Act to finance
export cotton and wheat, announced recently would take care of 1,250,000
bales and 150,000,000 bushels, it has been reckoned. The Farm Board
policy, to be made public some time next month, is thought to be linked
with this idea.
Preceding Williams, Locke leveled a strong attack at the Farm Board's
cotton operations and painted a dark picture of the present market, blame
for which he laid largely at the door of the Government organization.
"Few investors will come into a market with a Government bureau in control of large stocks of cotton," Locke asserted. "A single control of a
large, unhedged stock, subject to political influence, is always a market
menace.
Calls Board Dangerous.
"We wish to state to you that the position of the Farm Board to-day,
particularly with respect to cotton, is dangerous to the welfare of the
country ; it is fraught with possibilities of further and irreparable harm
to the whole structure of this country.
"The cotton farmer has shown in a very definite manner that be does
not wish assistance from the Board. The actions of the Board have cost
the textile industry literally millions of dollars. The cotton farmer hag
lost even more because of its operation. Confidence in the cotton market
Is practically nonexistent."
Locke advocated enactment of the Gore bill relating to wheat because,
he said, it removed two features of the Agricultural Marketing Act
adversely affecting the producer—stabilization and the granting of loans
to cotton co-operatives, which he alleged are unsound.
He advocated liquidation of the Farm Board, declaring It had failed in
every respect.
Friends of the fanner to-day introduced two bills in the Senate, which
would mean further authorizations of not less than 8538,000,000 if
enacted.
Senator Wheeler (Dem., Mont.) sought creation of a farmer's Reconstruction Finance Corponition, built along precisely the lines of the $2,000,000,000 relief body now functioning and with the same board in charge.
Its capital stock would be $500,000,000.
Senator Steiwer (Rep., Ore.) for himself and Senator Carey (Rep., Wyo.)
offered a measure setting up twelve regional Agricultural Credit Corporations, with the Federal Treasury subscribing not less than $3,000,000 to
each.
Senator Wheeler asserted the Reconstruction Finance Corporation
had
been of no service to the farmer, nor had the $100,000,000 increase In
capitalization of Federal Land Banks.
Farmers Unable to Borrow.
"No farmer of the Northwest can borrow a five-cent piece from the
hanks, whether his farm is mortgaged or not," he declared. "The word
has gone out to the chain hanks not to loan to farmers, and the Federal
Land banks are threatening mortgage foreclosures."
By the terms of the Wheeler bill loans would he made to farmers directly
upon promissory notes, or their paper would be discounted or rediscounted
at interest and discount rates not exceeding 5%. Like the Reconstruction
Finance Corporation, the farmers' Reconstruction Finance Corporation would
be allowed to have outstanding $1,500,000,000 in long or short term obligations if its capital were fully subscribed.
The corporations provided in the Steiwer-Carey bill, operating under
supervision of the Federal Farm Board, would be authorized to loan to
farmers, particularly ranchers and dairymen, and discount eligible paper
with the Reconstruction Finance Corporation and intermediate credit
banks. By the terms of a bill Introduced early in the session by Senator
Norheck (Rep., S. Bak.), the latter institutions would be enabled to rediscount such paper with Federal Reserve banks.
"In many parts of the country," Steiwer said, "stock men cannot borrow from Intermediate Credit Banks bemuse there are no available live
stock loan or credit associations. The bill, If enacted, will entirely cure
this difficulty." Republican and Democratic Senate leaders and Chairman
Jones of the House Agriculture Committee had a part in the drawing of
the bill, it is added.
Conferees of the Senate and House came to an agreement on all major
differences connected with the Agriculture Department supply hill this
afternoon. At the same time it was learned that the measure's final enactment may be further delayed by a Senate move to recommit the bill to the
Appropriation Committee when it appears again on the floor, with instructions to reduce it 10% beneath the figure as passed by the House.
This action already has been taken in the case of two other departmental
supply measures.
2831
wheat which they need for mixing with European varieties from the United
States, Canada and Argentina. The Farm Board has wheat to offer, but
our stocks are low and the Farm Board cannot afford to offer them at a
bargain. Germany purchased a quantity of wheat from the Farm Board
last year, and if proper financial arrangements could be made we would be
only too pleased to sell it. But my purpose in coming abroad was not to
sell wheat or enter into any negotiations with foreign governments to take
wheat."
Accompanied by Mrs. Minor, he has visited Cannes, Rome, Berlin and
Brussels.
On April 8 Associated Press dispatches from Washington
said:
If satisfactory credits can be arranged. Germany may buy between
10.000,000 and 15,000.000 bushels of Farm Board stabilization wheat.
Discussions of additional purchases has gone on at intervals since that
Government bought 7,500.000 bushels last September. George S
General Manager of the Grain Stabilization Corporation, talked with German officials in Berlin yesterday.
Prospects for consummating a new deal appeared to-day to hinge around
the extension of credits by private bankers.
At the Board if was said long-time credits similar to the transaction made
last fall could not be financed by'it and in view of its stabilization investments it could consider only cash sales.
Europe Being Surveyed.
Mr. Milnor has been in Europe for the last three weeks surveying wheat
markets, chiefly in connection with export sales of the Farmers National
Grain Corporation, central sales agency for grain co-operatives, of which
he is also General Manager.
In a telephone conversation with Chairman Stone, Mr. Milner reported
that prospective demand in importing countries was steadily Increasing.
The stabilization wheat now controlled by the Board amounts to 138.000,000 bushels. with about 25.000.000 more in futures.
Hyde Suggcstion.
Secretary Hyde has suggested that $100.000.000 of Reconstruction Finance Corporation funds voted by Congress for agriculture be used to finance export sales, both stabilization and private stocks, rather than for
loans to farmers for 1932 crop production.
A number of foreign governments have made offers to the Farm Board
for wheat purchases, hut they all Involve credit sales. Secretary Hyde's
suggestion contemplates sales principally to non-competitive markets such
as the Orient.
National Farmers Corporation to Establish Headquarters in Washington.
Associated Press accounts April 2 from Chicago stated
that the Farmers National Grain Corporation will shortly
establish a permanent office at Washington to afford close
contact for the co-operation with Government offices. The
dispatch added:
C. E. Huff, President, said the office would be managed by M. W.
Thatcher, who is resigning his present post as General Manager of the
Farmers Union Terminal Association at St. Paul.
Mr. Huff's announcement said the worldwide business of the Farmers
National required "almost constant contact with the various governmental departments."
Market Value of Bonds Listed on New York Stock
Exchange—Figures for April 11932.
The New York Stock Exchange on April 11 issued the
April 1 figures of the total market value and the average
market price of all listed bonds as follows:
As of April 1 1932, there were 1,591 bond issues aggregating $52.276.589.021 par value listed on the New York Stock Exchange, with a total
market value of $39.704.349,770.
In the following table listed bonds are classified by governmental and
industrial groups, with the aggregate market value and average price for
each.
Average
Price.
Market Value.
United States Government
$14,899.967,031
$88.29
Foreign Government
11,632.644,292
70.89
Railroad industry (United States)
6.661.549,203
61.55
Utilities (United States)
3,083.617,461
82.42
Industrial (United States)
2.218.021.659
61.27
Foreign companies
1,298.548,124
51.46
g" All bonds
$39.794.349,770
$76.12
The March statement (given in our issue of March 12,
page 1877) showed 1,592 bond issues aggregating $52,244,839,794 par value listed on the Exchange on March 1, with a
total market value of $39,347,050,100.
Telegram Predicting "Black Saturday" in Stock
Federal Farm Board Fails to Sell Its Wheat Abroad—
Trading Hastened Inquiry Into Stock Exchange
George S. Milnor Says Cash for Purchases Was
Dealings.
Lacking—Negotiations With Germany.
The Washington correspondent of the New York "Journal
The following Paris cablegram April 12 is from the Now of Commerce" (Clarence L.
Linz), stated on April 11 that
York "Times":
a telegram, allegedly signed by George Barr Baker, friend
George S. Milnor. President of the Grain Stabilization Corporation, will of President Hoover,
predicting a "black Saturday" (Apr. 9)
sall for the United States next Tuesday without concluding any contracts
with European governments for purchase of the Farm Board's surplus wheat, in the stock market, was revealed as the inspiration behind
-day when he returned to liar's from a visit to several European the hurried calling to Washington
he said to
of President Richard
capitals.
Whitney of the New York Stock Exchange for
Mr. Milnor admitted that a proposal bad been made to him In Berlin,
interrogation
but added that. It had not been accepted because of Germany's difficulty In a probe of Wall Street. From the same source
we quote
in financing a purchase.
the following:
Indicating that his visit to Europe was In the nature of a vacation and not
connected with efforts to dispose of American wheat, he said that the Farm
Board would consider sales for cash only at market price's.
"There is an increased demand for wheat in Europe." he said, "and a
good many countries require wheat. They can only get the kind of hard
The text of the telegram was withheld, pending
the receipt of permission from the sender to make it public. The
Senate Banking end
Currency Committee, conducting the probe, had the
Branch, Providence, R. I., attorney, as counsel. assistance of Claude
Financial Chronicle
Inquiry Into Stock Exchange Trading Before Senate
Committee—Bear Raids on New York Stock Exchange Denied by President Whitney—Shrinkage
of $6,000,000,000 in Security Prices in Ten Days
Not Due, He Says, to Short Selling—Further
R,1 Hearing April 18.
Stock exchange rules make "bear raiding" a practical impossibility, Richard Whitney, President of the New York
Stock Exchange, declared April 11 in testifying before the
Senate Banking and Currency Committee. According to
the "United States Daily" of April 12 he told the Committee
of two instances which are the only ones discovered since
last October in which evidence had been found of an effort
to demoralize the market in this manner and explained
that in the one case where the transaction had been consummated, prompt action was taken by the Business Conduct Committee of the Exchange.
The heavy selling of last week was due to liquidation he
said and there was no evidence of bear raiding. In New
York he said there was no knowledge of any contemplated
raid on April 9. His first information with respect to that
rumor came from Washington, he testified. The proposed
inquiry into Stock Market trading by the Committee was
authorized under a resolution adopted by the Senate on
March 4, but the investigation had since been deferred
and was suddenly decided upon on April 8, as was indicated
in our issue of April 9, page 2634. In noting that the inquiry
would start April 11 with the calling of Richard Whitney,
President of the New York Stock Exchange, according to
an oral announcement April 8 by Senator Walcott (Rep.)
of Connecticut, following a special meeting of the Committee
the "United States Daily" of April 9 said:
The condition of the stock market is responsible for the Committee's
action, Senator Brookhart (Rep.), of Iowa, Acting Chairman of the Committee in. the absence of Senator Norbeck (Rep.), of South Dakota, the
Chairman, stated orally. Ile said a report had been circulated in a Paris
newspaper that the National City Bank in New York had suspended
payments.
Result of News Dispatches.
The Committee's action resulted from information contained in news
dispatches from New York and from abroad, Mr. Walcott explained.
A resolution ordering the inquiry, which the Committee, Senator
Walcott said, adopted unanimously, follows in full text:
That the Committee on Banking and Currency of the United States
Senate instructs the Chairman or Acting Chairman of the Committee to
issue a subpoena requiring the appearance of Richard Whitney upon
Monday, April 11 1932, at 10:30 a. m. and that he bring with him all
records necessary to provide the following information:
Exchange Records Sought.
•
No. 1—List of all corporations in whose stock there is a short account
in excess of 10,000 shares at the close of business on April 8.
No. 2—The total number of shares of stock in which there is a short
interest in each such corporation.
No. 3—A list of all stock exchange members through whom such stock
was traded.
No. 4—Names of clients for whom such stock was sold. Number of such
shares sold for each client in excess of 200 shares.
No. 5—List of all persons and/or corporations from whom such stock
or stocks were borrowed and the amount or amounts so borrowed in
numbers of shares.
From the "Daily" of April 9 we also take the following:
Data To Be Supplied.
The New York Stock Exchange will furnish the information which the
Committee requested in a resolution adopted April 8 at a special meeting,
Mr. Whitney told the Committee. Considerable time will be required,
however, to compile some of the statistics required, he said. He could
not promise, he explained, that the information will be available to the
Committee before next Friday [April 15].
The Committee is proceeding under authority of a resolution (S. Rea.
84), introduced by Senator Townsend (Rep.), of Delaware, providing for
an investigation of stock market practices.
At the opening of the hearing, Mr. Whitney, who had been subpoenaed
to appear, made a brief statement relative to the items of information
which had been requested by the Committee. Following a telephone
conversation with one of the members of the Committee on April 8, Mr.
Whitney testified, the members of the New York Stock Exchange had been
asked for additional information with respect to the short position on their
books. On April 9, they were asked for still further information to use
in replying to the specific questions of the Committee.
Since many of the members have offices throughout the country, Mr.
Whitney explained, it will take several days to collect all of the information, and it will not be available to the Exchange for compilation until
Tuesday. A large force of men has been working over the week-end, he
testified.
To Expedite Work.
"The mere sorting of 20,000 to 30,000 individual reports will require
a full working day's time for 175 men," Mr. Whitney stated, "while the
tabulation will take the time of 25 trained men for three full working
days. I promise you we will use every endeavor to hasten the work. The
delay in furnishing the statement is due solely to the time required to
gather and compile the data."
Mr. Whitney said that while the Stock Exchange stood in a fiduciary
relationship with Its members, and could not voluntarily furnish data
on the private business of its members, it nevertheless recognized the
right of the Committee to ask for pacts in considering legislation, and
that it had never been disposed to refuse such information.
The first request of the Committee was for a list of all corporations
In whose stock there was a short account in excess of 10,000 shares at the
close of business on April 6. This will be furnished, Mr. Whitney said.
The second item requested was the total number of shares of stock in
which there is a short interest in each such corporation. The material
April 16 1932
furnished in reply to the first question will answer that, Mr. Whitney
said.
Research Necessary.
The third request of the Committee was for a list of all stock exchange
members through wheal such stock was traded.
"If what is wanted is a list of members with short interests to-day,"
Mr. Whitney told the Committee, "they can be sorted out, but it will
require 24 hours additional. If, however, a list of the members who
originally received the selling orders for the stock is what is desired, it
will be impossible to answer. "Many of the sales were made a long time
ago, and have since been transferred to other members. Also some have
been made by one member for accounts on the books of other members. It
would take several months to examine all of the books necessary."
Dqta Asked on Sales of More Than 200 Shares.
The fourth request of the Cormnittee was for the names of clients for
whom such stock was sold, for each client in excess of 200 shares. To
do this, Mr. Whitney said, the report will have to be so sorted by stock
and then alphabetically by persons, which will require three days ill
addition to the 24 hours mentioned above. Ile suggested the presentation
of photographic films in alphabetical order by names of customers as
an alternative.
The fifth Committee request was for a list of all persons and corporations
from whom such stock or stocks were borrowed and the amount or amounts
so borrowed in number of shares. Mr. Whitney said he regarded this
request as ambiguous but that the Exchange was making an effort to
give the Committee what it wanted.
Introducing into the record a series of statements previously made
public giving the short interest in exchange securities for the period from
May 25 1931 to November 30 1931, and by months since that time, Mr.
Whitney testified that these represented all of the short selling through
members of the exchange.
Asked by Senator Costigan (Dem.), of Colorado, why these statements had
been given to the press, Mr. Whitney replied that it was "because they
wanted to put short selling facts before the public, and to prove the
exaggeration with regard to it is purely ridiculous."
Senator Brookhart (Rep.), of Iowa, referred to the report that there
had been in contemplation a "bear mid" on the exchange on April 9
which would have "made a Black Friday out of Saturday," and to ask
if it were true that the Exchange had the names of the raiders and refused
to make them public.
Denies Knowledge of Proposed Bear Raid.
Mr. Whitney replied that he had no knowledge of any such contemplated
bear raid other than information from Senator Walcott (Rep.), of Connecticut, and that Ile had no additional knowledge now. The four stocks referred
to by Senator Walcott, Mr. Whitney said, United States Steel, American
Telephone and Telegraph, Public Service of New Jersey, and Consolidated
Gas of New York, showed no bear raiding, but did show a great liquidation
for long account.
Asked for a distinction between bear raiding and liquidation, Mr. Whitney
stated that bear raiding is "an illegitimate attempt to demoralize the
market." He explained that by illegitimate he meant against the law of
the Exchange. "It does not happen on the Exchange," he added. "Liquidation is the selling of securities owned outright or on margin," Mr.
Whitney continued. Current liquidation has been of stocks owned outright
and on margin, he testified, the preponderance of it having been from
the boxes of investors, and presumably owned outright.
Senator Blaine (Rep.), of Wisconsin, referred to a telegram which be
said had been received by Senator Walcott, which some of the members
had not seen, and asked that it be put in the record "in fairness to the
Committee," and so that he might cross-examine the witness relative to
its contents. Senator Couzens (Rep.), of Michigan, suggested that the
telegram be considered in executive session and without objection this was
agreed to.
Senator Gore (Dem.), of Oklahoma, referred to the "in and out" short
sales which are covered during the day, and which, according to Mr.
Whitney, are not included in their compilations, which contain only the
short position at the opening of each day's business. Mr. Whitney told
Senator Gore that he did not regard the "in and out" sales as having
any very definite effect on the market, generally speaking.
Selling "Against Box" Not Selling Short.
The man who sells "against the box" is not selling short, Mr. Whitney
told Senator Gore. The distinction is that he has the entire power to
deliver the stock because he has it in his possession, while the short seller
must buy in order to deliver.
Senator Brookhart questioned the witness with respect to his relationship to United Corporation, in which stock Mr. Whitney said a partner
of his firm is a specialist; and with respect to his connection with J. P.
Morgan & Company, in which firm Mr. Whitney said, his brother is a
partner, and for which firm "we are delighted to do any business which
may be given us."
Tells of Available Data On Corporate Earnings.
Senator Glass (Dem.), of Virginia, asked Mr. Whitney what percentage
of the people who buy stocks and bonds understand anything about the
Intrinsic values of their purchases, to which Mr. Whitney replied that
the corporations and the statistical services make available to the public
a great mass of information and if the public does not make use of it, they
are at fault themselves. Ile declared that the United Corporation had been
in the forefront in making statistical information available. If the investors do not make use of this material, the Stock Exchange and the
brokers should not be held responsible, in Mr. Whitney's opinion.
Chart of Federal Reserve Board.
Senator Itrookliart exhibited a chart of prices of common stocks
since
1872, prepared, be said, by the Federal Reserve Board, and asked Mr.
'Whitney why the course of prices showed relatively little swing to and fro
until the time of the war, and tremendous swings thereafter.
Mr.
Whitney replied that one reason was the investment mindedness of the
public brought about partly by the sales of liberty bonds. The public
bought the Government securities, he said, and has been acutely interested
In investments ever since.
At the request of Senator (1lass, Mr. Whitney defined investment. It
is the purchase of anything for the purpose of deriving income,
he said,
upon which Senator Glass commented that an investor "did not
need to
stand over a ticker" to see if the price had changed 30 minutes later.
Says Liquid Market Is Needed by Banks.
A liquid market is vital even when depressed, Mr. Whitney said, and
added that it is essential for the banks which hold large quantities of
securities, that a free and liquid market exist.
Asked by Senator Morrison (Dem.), of North Carolina, why the public
forced prices to the boom peaks of 1929, Mr. Whitney replied that it was
just as natural for prices to go up then as for them to go down since.
All business was on a basis of expansion, he said, corporation profits were
Volume 134
Financial Chronicle
tremendous and there was considerable talk of a "new era." Things went
too high then, he testified, and added that now some people are "trying
to give away this United States of ours." Senator Morrison asked if
statements by a President or by a Secretary of the Treasury or other
Government official might not have tended to influence the public to
believe in the inflated values of boom times, and Mr. Whitney replied
in the affirmative.
Describes Transaction In Telephone Stock.
At the afternoon session, the Committee counsel, Claude Branch, began
the cross-examination of Mr. Whitney. In response to his question, Mr.
Whitney re-asserted that there has been no bear raiding on the New York
Stock Exchange by members over whom the Exchange has control. He
recounted the only instance of what he regarded as part of a bear raid
since last October. Upon inquiry by Senator Brookhart, Mr. Whitney named
Phillips & Solomon as the firm through which the transaction was handled,
and stated that the stock involved was that of American Telephone and
Telegraph Company, lie added, however, that no member of the Exchange
knew of the short sale, and upon recommendation of the Business Conduct
Committee, the partnership was dissolved.
Mr. Whitney testified that it would be possible to identify short sales
on the ticker by a letter "S," and long sales in similar fashion, but that,
in his opinion, it would serve no good purpose.
Senator Gore asked Mr. Whitney if it were not true that a long sale has
a more depressing effect on the market than a short sale, because of the
fact that the short seller must come in later as a buyer, to which Mr.
Whitney replied in the affirmative. From the end of May to the end of
November, he said, 95% of the sales on the exchange were liquidation,
and only 5% short selling.
Senator Glass stated that in his opinion "bull raids," are just as
demoralizing as "bear raids," which brought the statement from Mr.
Whitney that the Exchange rule discourages both.
"Whence came the rumor that a bear raid had been organized and
would be precipitated on last Saturday [April 9]? Senator Glass asked.
"I do not know," replied the witness.
"You knew nothing about it in New York?" Senator Wagner (Dem.),
of New York, asked.
"No," was the reply.
Recent Fluctuations On Exchange Discussed
Asked by Senator Brookhart if he regarded security values as too low,
Mr. Whitney replied that he had never so stated.
The witness exhibited a chart showing recent fluctuations in security
prices upon which were superimposed "world and national events." The
"events" listed were as follows:
Jan. 11, Senate passed Reconstruction Finance Act;
Jan. 22, original Glass bill text announced;
Feb. 11, Glass-Steagall bill text announced;
Feb. 16, Glass-Steagall bill passed by House;
Feb. 19, Glass-Steagall bill passed by Senate;
Feb. 21, Glass-Steagall bill signed.
March 17, Glass bill resubmitted;
April 1, tax bill passed by House.
Senator Blaine pointed out that prices fluctuated after each of these,
none of them seemingly having a permanent effect.
"To show you how absolutely mythical all this variation on the Stock
Exchange is because of the Glass-Steagall bill," Senator Glass interposed,
"can you tell me bow many applications to loan under that bill have been
made?"
"No," was the response.
"I can tell you—just one," the Senator replied.
"The chart indicates that selling was steady and persistent all last
week," Senator Bulkley interposed.
"It was dreadful," said Mr. Whitney, "and in spite of short covering."
"To what do you attribute it?" asked Senator Bulkley.
'To liquidation, resulting from withdrawals of gold," was the reply;
"to earnings statements showing decreased earnings; to the statement by
Price, Waterhouse & Company that Kreuger & Toll figures had been
falsified back to 1930, and to the provisions of the tax bill relating to
securities, which have caused great concern to investors throughout the
country."
"Then natural causes will explain it without any resort to conspiracy
as a factor?" Senator Bulkley asked.
"Yes," was the reply.
As to Mr. Whitney's testimony on April 11 we quote the
following from the Washington dispatch on that date to
the New York "Times":
Shrinkage in Short Position.
On April 1, when the house passed the tax bill, adversely affecting
the market, the short position totaled 3,279,000 shares, Mr. Whitney testified. The market fell off sharply in succeeding days, but on April 6
the short position had dropped by 220,000 shares to 8,059,000.
".Then the market dropped in spite of short covering?"
asked Senator
Bufkley.
"I es," replied Mr. Whitney. "I can't see the
argument that short
Interests caused the decline."
Mr. Whitney also cited the bear market between
September 11 and
October 9 1921, when stocks dropped precipitately,
but during which time,
he said, the short interests declined by 2,200,000 shares.
Blames Liquidation Movement.
Other outstanding points in Mr. Whitney's testimony
were:
1. That liquidation of securities by their owners is
exerting a far
more depressing effect on the market than any other cause.
2. That short-selling has generally accounted, since the depression
began, for less than 5% of all Stock Exchange transactions.
S. That prohibition of short-selling would close the stock markets
and
freeze the security for bank loans of between $5,000,000,000 and $6,000,000,000.
4. That the deflation, in part, represents a state of fear in
which
"many people are trying to give this country of ours away."
5. That the speculative mania culminating in the crash of 1929 originated in the education of the public to invest in securities during the
sale of Liberty bonds.
While not so testifying directly, Mr. Whitney agreed with statements by
Senator Morrison of North Carolina, that the depression was intensified
by efforts on the part of administration leaders to sustain the market in
1929 with statements of confidence. He said the actual depression began in
March of 1929. .
Points to the War Financing.
Senators I3laine and Brookhart pressed the questioning on the splitting
of shares, "wash sales" and so on, but the witness countered with the
statement that inflation was caused only by the investing public, trained
to investment in securities by war-financing publicity.
2833
"Before the war there was a billion dollars of debt of the United States
Government," he said, "and they sold approximately $20,000,000,000 of
bonds to the people of this country, and therefore engendered in those
people a knowledge of securities which they have maintained to this
day—an interest in securities."
He told Senator Brookhart that corporations received more money from
the beginning of 1929 until the stock market break than the total increase
in brokers' loans in that period, indicating that investing and not speculation
accounted for the majority of the sales of securities. He conceded that
much stock buying is "gambling," but said both kinds of buying are
necessary to maintain a liquid market.
"You think, then, that a liquid market is advantageous, even though
It is being constantly depressed?" asked Senator Steiwer.
"I think it is vital," replied Mr. Whitney. "We have some five or six
billions of loans held by our banks throughout this country on collateral
security listed on the New York Stock Exchange. If the Stock Exchange
did not have a liquid market, if that market were closed, as would in
my opinion happen by the prohibition of short selling, those five or six
billions of collateral loans would be frozen, and the gravity of our banking
situation I do not thing can be overestimated."
Says the Pendulum Su-nag Too Far.
"There is no market now, is there?" asked Senator Glass.
"There is a tremendous market now, yes, sir," was the reply.
"Did not prices reach a place where they exceeded any business-like
estimate of the value of the stocks based on earnings?" Senator Morrison
asked.
"Yes, sir, the pendulum swung too far that way," Mr. Whitney answered.
Q.—The charge has been made that the brokers were doing that and
leading the thought of the country to make money out of it; but the
influence of other people who have the attention and the confidence of the
public boosting things could contribute as much as anything the brokers
said, could it not? A.—Unquestionably.
Q.—If the President of the United States should in such a situation
make the boosting statements, the Secretary of the Treasury make the
boosting statements, and other great leaders of public thought, it would
tend to carry that thing on, would it not, just as much as some broker
saying it? A.—Yes, sir.
Q.—About that time the whole country had about reached the state
of mind that they thought poverty was about to be abolished in our
country forever had they not? A.—Yes, sir. A new era was with us.
Q.—And great public men were leading the country to think along
that line, were they not? A.—Yes, sir.
Q.—And the whole public thought the days of hard times and anything
like poverty had passed away forever, and the high-powered salesman
was being tremendously aided by the high-powered political agent of
prosperity, was he not? .A.—Yes, sir.
Mr. Whitney's bearing before the Committee was continued on April 12, at which time he asserted that short
selling had not been responsible for the $6,000,000,000
shrinkage in security values which had occurred in the
ten-day period to April 12. The "United States Daily" of
April 13 said:
Mr. Whitney placed before the Committee the latest figures on sales
of securities on the New York Stock Exchange to support his contention.
By reference to a chart introduced into the bearings at the session
on April 11, Mr. Whitney testified also that in his opinion, in the
majority of instances since the first of the year, when the market was
declining, the short interest was also declining.
Investigation Is Halted.
"During the last week, in spite of pessimistic news," he said, "the
short interest has also gone down."
The Committee adjourned the stock investigation until April 18, voting
to take up the Glass bill (S. 4115) in the interim, meeting for that
purpose on April 14.
The total short interest as of the opening of business April 7, Mr.
Whitney told the Committee, was 2,849,895 shares, a decline from the
day previous of 214,033, and a decline of 429,503 from the figure for
April 1.
Mr. Whitney told the Committee he had picked out 12 of the most
active stocks traded in on April 8, the latest day for which figures are
available, and that in each there was a falling off in price, and that
undoubtedly the short interest in these very stocks was reduced. The
stocks listed by Mr. Whitney were General Motors, Kreuger & Toll, American
Telephone and Telegraph, United States Steel, General Electric, United
Corporation, Consolidated Gas, North American Company, Dupont, Commonwealth and Southern, American Can and Auburn Auto.
From the "Times" Washington account April 12 we take
the following:
Mr. Whitney gave the Committee a list of shares figuring in short
operations on the Stock Exchange for April 1, 4, 6 and 6 in substantiation
of his testimony yesterday that during the bear market on those days the
total number of shares figuring in short operations actually declined,
rather than increased, as they would have done had a "bear raid" been in
progress.
Decline of Short Interests Shown.
This tabulation showed that shares in short interests declined from
3,279,398 April 1 to 3,063,927 April 6, although general trading increased
from 1,500,000 shares April 1 to 2,100,000 shares April 6. Mr. Whitney
said the short position declined to 2,849,895 shares April 7.
Shares sold short and covered the same day also declined sharply through
April 5, the total as of the opening on April 6 not being given. It also
was shown that the largest short operations, involving more than 100,000
shares on April, all registered a net decline for the six-day period.
Senator Blaine announced that during an executive session of the Committee late yesterday afternoon he had asked for an investigation of the
accounts of leading brokers. His application has been taken under advisement by the committee.
"If you want to get anywhere," Mr. Blaine said to-day, "you will have
to seize the records, letters and telegrams of the leading brokers."
By questioning Mr. Whitney the Senator brought out that the
records
of the Stock Exchange do not contain details of the trading
of individual
operators on the market.
Other important points in Mr. Whitney's testimony
included the following:
That the lending of stocks to short operators
at
by
mate business, such stock loans being made only with brokers is legitithe consent of the
owners and including only stocks purchased on
margin.
2. That the Stock Exchange did not foster
the bull market of 1920,
but on the contrary feared it, and that brokers
raised margins to high
levels in efforts to check the upswing.
2834
Financial Chronicle
3. That small investors are not being "squeezed out" during the depression, but have increased greatly. The 69 largest corporations were
owned by 6,700,000 investors in January 1932, compared with 4,700,430
in January 1930.
Spectators again packed the committee room. An interested auditor
through part of Mr. Whitney's testimony was Henry Morgenthau, former
Ambassador to Turkey.
In presenting the tabulation showing declining short interests, Mr.
Whitney testified that on April 6 48 leading issues figuring in the trading
fell in value.
"The inference being that short selling had nothing to do with declining prices?" inquired Claude IL Branch, committee counsel.
"Precisely," replied Mr. Whitney.
An argument was narrowly averted when Mr. Branch attempted to gain
an admission from Mr. Whitney that "sales against the box" are really
short sales. These are sales in which delivery is made with borrowed
stock, although the seller owns securities of the type he sells, usually in
order that his name may not appear in the transaction until the deal
is closed.
In response to Mr. Branch, Mr. Whitney denied positively that brokers
execute their own business ahead of customers' orders a practice forbidden
by strict Exchange regulations.
Senator Couzens inquired in detail into the practice of loans of stocks
by brokers to 'short sellers, following the production of a "customer's
consent" card signed by buyers on margin, delegating authority to lend
their margin stocks to brokers.
Mr. Whitney said the nile, effective April 1, stipulating that this card
must be signed before a broker could lend margin stock, was not a new
rule, but only called the attention of customers to the fact that contracts
with brokers included this permission to loan stocks bought on margin.
"That consent always had to be obtained under the New York State
laws," Mr. Whitney explained, his testimony being verified by Senator
Wagner.
Denies Statement by Cosizens.
"It has come to my attention," said Senator C0117RDS, "that it is
quite possible for a broker to use his customers' stock to depress the
value of that stock."
"Senator Couzens, I deny that," Mr. Whitney retorted, but Immediately
tempered his reply with a smile and added:
"No broker may do that."
"Oh, don't be so innocent," said Senator Couzens. "How do you detect
It?"
"Our men check the brokerage offices," was the reply. 'The last case
of that sort I recall was in 1921, involving E. W. Wagner dr Co., of
Chicago. That was nothing less than a bucketshop."
In response to further questions, Mr. Whitney said such a practice
would be "nothing less than bucketing," which is forbidden both by
Stock Exchange regulations and State laws. He testified later that the
Exchange examines the offices of members between one and four times
a year, besides requiring constant reports, operating in much the same
manner as bank examinations.
Brokers' customers are not forced to sign the consent card, said Mr.
Whitney in defending it as being understandable to any one.
"If a man can't understand the paragraph on that little card he is a
fool," he exclaimed.
"If there weren't so many fools," observed Senator Glass dryly, "there
wouldn't be so much disaster in stock speculation.
"Certainly any one who signed the agreement must have been a goat,"
observed Senator Couzens.
Mr. Whitney observed that "this hue and cry about the loaning of
stocks has been abroad throughout the land, perhaps helped along by ths
gentlemen of the press, for two years."
Denies Promoting Boom Market.
He denied emphatically that 'the Stock Exchange promoted the bull
market of 1929, testifying that the board of governors in the latter days
of that period often met "four or five times a day" to study the situation.
He said that brokers themselves fought the precipitate rise, raising margin
requirements from the customary 20% to 50% and more as a check
on speculation. The Exchange now requires 25% margin on speculative
purchases.
Mr. Whitney replied "emphatically not" to another inquiry by Senator
Blaine whether "large banks attempt to secure control over corporations."
Citing the increasing number of investors in shares, Mr. Whitney said:
"This, to my mind, shows conclusively that the ownership of large
corporations is going into the hands of the people in an ever-increasing
extent. People have bought these securities, paid for them and put
them into their boxes."
The witness said there were about 78 stock markets in the United
States, the New York Stock Exchange being the leading one.
He defended their functions as necessary adjuncts to maintaining a
liquid market for securities, and for a long period maintained this position under a cross-fire of questions that placed Senator Glass and Senator
Brookhart on the same side of a debate, to the great amusement of other
committee members.
The market has lost its stability for the time being, the witness said,
but has not lost its balance, this being maintained through speculation
—marginal buying and short selling. He compared marginal buyers and
short sellers with the two major political parties, balance being maintained in trade and in goverhment through the results of divided opinion.
But Senator Brookhart particularly disputed this contention.
"You brought this country to the greatest panic in history," he charged.
"We have brought this country, Sir, to its standing in the world by
speculation," countered Mr. Whitney, asking:
"You think you can affect the world by changing the rules or regulations of a stock exchange or a board of trade?"
"Yes," said Senator Brookhart, "we can change them by abolishing
the board of trade and stock exchange, so far as speculation is concerned."
"And, then," warned Mr. Whitney, "the people of the United States
will go to Canada and Europe to do those very things and pay their taxes
there."
Speculation and Gambling Defined.
Senator Glass asked Mr. Whitney to define the difference between
"speculation" and "gambling." Mr. Whitney pointed out that the Hughes
commission, appointed by Governor Hughes of New York in 1909, legally
defined stock trading as speculation, contrasting this with betting on
horses, which Mr. Whitney defined as gambling.
Senator Glass seized the opening for a reference to Bishop James Cannon
Jr. of the Methodist Episcopal Church, South, telling Mr. Whitney in
mock seriousness:
"But my Bishop contends that it is not a gamble; that the element of
acute knowledge is involved in betting on a horse; that you may look
up the records of the horse and determine for yourself something about
his stamina; and you may ascertain whether the jockey has been bribed
April 16 1932
and so on and so forth, and that, therefore, it is not a gamble, it is
speculation."
"Well, Senator," said Mr. Whitney, joining in the laughter, "I need
your Bishop right beside me at this point."
"I am not reprehending gambling, though I do not indulge in it myself," continued Senator Glass. "I am not an uplifter like my Bishop."
The Senator then explained that he did not favor abolition of the Stock
Exchange, but that "the only purpose of my life now is to prevent people
who do engage in that sort of business using the deposits of people in banks
for that purpose."
Mr. Whitney replied that call loans bare proved the safest type of
loans banks can make.
When questioned by Senator Norbeck, Mr. Whitney estimated that between 15,000,000 and 20,000,000 persons speculated in securities listed
on the New York Exchanges at the peak in 1929. He estimated the number
of investors at about 25,000,000 at the most.
Senator Dill of Washington, in a speech over the Columbia Broadcasting System network to-day, asked that the stock market investigation
be "complete, fearless and pitiless, regardless of whom it hurts or helps."
Senator Norbeck of South Dakota, chairman of the committee, called'
at the White House this afternoon after adjournment. He insisted he
had gone only to pay his respects to "the great white father" and had not
discussed the hearing.
Walcott Talks to President.
Senator Walcott telephoned to President Hoover early this evening
and told him in detail of the progress of the hearings. He said no new plan
had been made for pursuing the investigation, and that it would be
carried on as scheduled.
Reports that the President had conferred with other members of the
Banking Committee apparently were groundless. Senator Waleott'e telephone call and Senator Norbeck's visit, which he said was purely formal,
constituted the only known communication between the President and
members of the committee.
During the recess the committee is expected to consider the selection
of a permanent counsel. Claude R. Branch of Providence, who has conducted part of the examination in the last two days, was only a tentative
selection. Among those being considered are Samuel Unterrnyer and
John Hull of Boston.
The resolution adopted by the Senate March 4, authorizing the stock market inquiry (referred to in our issue of
March 5 page 1679) follows:
Resolved, That the Committee on Banking and Currency, or any duly
authorized sub-committee thereof, is authorized and directed (1) to make
a thorough and complete investigation of the practices with respect to
the buying and selling and the borrowing and lending of listed securities
upon the various stock exchanges, the values of such securities, and the
effect of such practices upon inter-state and foreign commerce, upon the
operation of the National banking system and the Federal Reserve system,
and upon the market for securities of the United States Government, and
the desirability of the exercise of the taxing power of the United States
with respect to any such securities; and (2) to report to the Senate as
soon as practicable the results of such investigation and, if in Its judgment
such practices should be regulated, to submit with such report its recommendations for the necessary remedial legislation.
For the purpose of this resolution the Committee, or any duly authorized
subcommittee thereof, is authorized to hold such hearings, to sit and act
at such times and places during the first session of the Seventy-second
Congress, to employ such experts, and clerical, stenographic, and other
assistants, to require by subpoena or otherwise the attendance of such
witnesses and the production of such books, papers, and documents, to
administer such oaths, and to take such testimony and to make such expenditures, as it deems advisable. The cost of stenographic services to
report such hearings not to be in excess of 25 cents per hundred words.
The expenses of the Committee, which shall not exceed $50,000, shall be
paid from the contingent fund of the Senate upon vouchers approved by
the Chairman of the Committee.
Nominations to Be Acted Upon at Annual Election
of Officers of New York Stock Exchange in May—
Richard Whitney Again in Line for Presidency.
Richard Whitney, President of the New York Stock Exchange, has been renominated for the office. Mr. Whitney
is slated for the third term. The nominations follow, as
announced by the Exchange on April 11:
The Nominating Committee of the New York Stock Exchange reported
to-day the following nominations for offices to be riled at the annual
election on May 9 1932:
For President—Richard Whitney.
For Treasurer—Warren B. Nash.
For ten members of the Governing Committee for the term of four years:
Frank Altschul (Lazard Freres).
Allen L. Lindley (Lindley & Co.).
A. Heyward McAlpin (Walker Bros.).
Herbert L. Mills (Auchincloss, Mills Sz Bergen),
Edward Roesler (Laidlaw & Co.).
George P. Smith (Smith & Gallatin).
Raymond Sprague (39 Broadway). •
Eraxtus T. Tefft (Tefft & Co-).
Blair 8. Williams (Williams. Nicholas & Moran).
Lewis A. Williams (Abbott, Hoppin & Co.).
For Trustee of the Gratuity Fund for the term of five years:
IT G. 8. Noble (At De Coppet & Doremus).
For Trustee of the Gratuity Fund for the term of four years:
j,%i Blair S. Williams (Williams. Nicholas Ac Moran).
Figures on Short Sales on New York Stock Exchange
Furnished to Senate Committee by President
Whitney.
The statistics on short sales on the New York Stock Exchange on April 1, 4,5 and 6, as of the opening of the respective days, as presented to the Senate Banking and Currency
Committee at Washington on April 12 by Richard Whitney,
President of the Exchange, wore given as follows in a Washington dispatch to the New York "Times":
Volume 134
2835
Financial Chronicle
Aril! 6.
April 5.
April 4.
April 1.
Number of shares total short interest_ 3,279,398 3,189.596 3,059.658 3,063,927
+4.269
-19,870 -89.902 -129,938
Net change
Total number of stocks in which a
608
602
592
590
short interest was represented. _ _- _
Total shares traded in on New York
Exchange
1.500,000 a1,000,000 1,500,000 2,100,000
Stock
1,600,000
Number of shares sold short and cov89,300
*159,800
105,900
ered same day
107,900
Per cent of short sales covered on same
55.93%
5.95%
day to total transactions
7.06%
6.74%
Total shares reported by three odd-lot
151,553
146.483
144.746
houses
147,284
The short interests in leading shares for the same days follows:
April 6.
April 4.
April 5.
Storkfled' 1.
84,694
91.010
102.283
American Can Co
103.615
64.815
63.420
68.080
Allied Chemical dr Dye
69.697
197,695
194,637
201.879
American Telephone & Telegraph._ - _ 182.019
30,276
28,730
26.970
American Tobacco "B"
26.750
33,255
31.374
38,255
Anaconda Copper
41,105
48.358
40,081
52,105
Auburn Auto
60.255
66.309
66,181
61,593
Bethlehem Steel
68,598
79,279
81,126
87,709
J. I. Case Co
101,609
42,126
41,995
48.957
Consolidated Gas
51,687
113.812
118,695
130,344
E. I. du l'ont de Nemours
125,066
29,808
32,307
30,519
Eastman Kodak
33,176
16.920
17,085
20,908
Electric Power & Llght
25,358
91,806
95,052
106,112
General Electric
119,425
262,408
267.699
General Motors
270,135
263,905
31,075
31,692
30,731
Gillette
27.157
11,815
12,285
14,290
International Harvester
11.865
59,700
47,005
53,689
International Tel. & Tel
57,800
77.489
87,880
Kreuger & Toll
118,771
181.420
52,327
62,882
New York Central
55,263
48,966
85,272
81.764
North ZnierIcan Company
88,057
79,953
21.931
22,438
Paramount Publix
22,138
24,472
13,387
11,955
12,709
Pennsylvan'a RR
10.944
15.009
14.524
Public Service Corp. of New Jersey_
14,629
13,771
16,284
18,064
R. C. A
18,224
20,879
17,600
19,160
Royal Dutch
19,915
21,145
13.865
15.170
Sears-Roebuck
15,406
16,103
47.475
47,754
46,997
Standard Oil of New Jersey
46.472
33,296
35,124
Union Carbide
37,322
34.528
24.154
26,288
29,879
United Corp
32,148
361.698
364.260
363,436
United States Steel
386.442
29,766
29,563
30.623
32,346
Western Union
125,107
124,665
126,850
138,800
Westinghouse Electric
51,863
54,963
56,703
F. W .1% oolworth & Co
51,853
-a Upper figure Is for Friday alone' it Is included in lower figures. representing
customary grouping of Friday and Saturday.
Submit this information as of the close of business each clearing day to
the Committee on Business Conduct, Room 609, 11 Wall Street, New
York City, not later than noon of the second business day thereafter
Continue to submit daily "out and in" short transactions as heretofore.
ASHBEL GREEN. Secretary.
Notices Issued by New York Stock Exchange Within
Past Week Calling for Information Regarding
Short Positions.
Incident to the investigation by the Senate Committee into
Stock Exchange transactions, several circulars have been
addressed to members of the New York Stock Exchange
during the past week, calling for data on short positions, &e.
One of those circulars, issued under date of April 8, reads
as follows:
Protest Against Tax on Stock Transfers by President
Sykes of New York Curb Exchange-Memorandum
Submitted to Senate Committee.
Declaring that the action of the House in imposing, in
the new revenue bill, a stamp tax on transfers of stocks,
has been followed by the fall of security prices to new low
Curb
levels, Howard C. Sykes, President of the New York
memorandum to the Senate Finance ComExchange, in his
mittee, protesting against the tax, goes on to say that "the
given
recuperative power and hope of the country have been
another blow." "Industry," he notes, "needs a reviving
optimism in our people. Any act the result of which may
even to a slight degree tend to influence our people to
hoard their funds, or to throw over securities held, will not
only deprive the Government of taxes on the sales of securities, but may also place a very grave obstruction to the recovery so urgently hoped for." Mr. Sykes's protest was
referred to in these columns April 9, page 2635. His memorandum to the Senate Committee follows in full:
NEW YORK STOCK EXCHANGE
Committee on Business Conduct
April 8 1932.
To Members of the Exchange:
Referring to the circular issued by the Secretary of the Exchange under
date of Dec. 11921), reading as follows
"I am instructed by the Committee on Business Conduct to notify
you to keep on file for at least two weeks all communications sent and
received over private wires, as the Committee may wish to inspect them,"
the Committee on Business Conduct now requests all New York City
members to please send to i by noon to-morrow, April 9 1932, all telegraphic communications dealing with any subject other than specific
orders or business sent or received by them on April 8. Out-of-town
members are to submit the same information by Monday, April 11 1932.
A reply Is desired from every recipient of this communication.
Members having out-of-town correspondents are requested to transmit
the contents of this circular to their correspondents promptly by wire.
ASHBEL GREEN, Secretary.
Information as to short positions was asked in the following circular:
NEW YORK STOCK EXCHANGE
Committee on Business Conduct
New York, April 8 1932.
To Members of the Exchange:
As of the close of business April 9 1932, the Committee on Business
Conduct rescinds all circular letters on the subject of reports on overnight
short positions, and in lieu thereof directs that members report the short
position, including odd lots, in each stock, for each account or customer,
giving the name of the owner of the account, as of the close of business
every clearing day commencing April 11 1032.
Do not include as short positions the following:
(1) Sales for ""Cash" with stocks not yet received from the seller.
(2) Sales or short" positions against "long" positions in the same
stocks where definite instructions have been given to deliver other
certificates,
(3) Sales or "short" positions where it is actually known, without further
inquiry, that the sell,s• has the same long stocks in his possession or
has an offsetting position against his short sales In the same stocks.
Do not report short positions carried for correspondents or other members or firms who are responding to these instructions.
For reporting use "Receive From" Stock Clearing Corporation, Night
Clearing Branch. Exchange Ticke.s (Form M 4). (The Form M 4 is the
yellow ticket in use prior to the letter of Jan. 111932.)
Out-of-town members or firms are reqoested to wire information to
correspondents for transcription to such tickets or to obtain a supply of
these tickets through their correspondents.
One ticket is to be used for the total short position in each stock, for
each account or cuatoiaier. the ticket to contain the following information
only:
Date
Name of account or customer (after words ((Receive from")
Number of shares short
Name of stock
Name of reporting member or firm date of Monday
use
For ledger positions of Monday
use date of Tuesday
For lodger positions of Tuesday
Wednesday
use
For ledger positions of Wednesday use date of Thursday
date of
ledger positions of Thursday
For
use date of Friday
of Friday
For ledger positions
The above was supplemented by the following on April 9:
NEW YORK STOCK EXCHANGE
Committee on Business Conduct
Aprit 9 1932.
To Members:
With reference to the Circular addressed to the Members of the Exchange
on April 8 1932 by the Committee on Business Conduct, covering short
positions, the following notice printed upon the ticker this morning at the
direction of the Committee is confirmed:
"With regard to circular issued by Committee on Business Conduct on
April 8 1932, covering short positions, please commence with April 8
instead of April 11 under first paragraph. Also submit a separate letter
giving a list of all persons and (or) corporations from whom stock or stocks
were borrowed on April 8 and the amount or amounts so borrowed in
numbers of shares."
ASHBEL GREEN, Secretary.
The following further circular was issued April 9:
NEW YORK STOCK EXCHANGE
Committee on Business Conduct
April 9 1932.
To Members:
of the Exchange
With reference to the circular addressed to the Members
Conduct, covering short
On April 8 1932 by the Committee on Business
at the direcpositions, and the notice printed upon the ticker this morning
on Stock clearing
tion of the Committee, please submit your reports
the business day of
Corporation Form M-4 to cover the transactions of
apart from transFriday, April 8 (not ledger date of April 8) separate and
a date stamp of
actions of the business day of Saturday, April 9. l'ut
date stamp of April 11
April 9 on tickets for Friday's transactions and put a
name of the account
on tickets for Saturday's transactions. Typewrite the
or write it distinctly.
business of Friday
If you have already mailed reports for the combined
day separately.
and Saturday, please send second reports at once for each
ASHBEL GREEN. Secretary.
To the Committee on Finance of the Senate of the United States,
Washington, D. G.
imGentlemen: The proposed tax on security sales is a tax upon an
portant factor in our economic structure.
received.
The tax is not one on profits. It is not taken from any Income
strictly a tax
While not a tax upon unrealized capital, and hence not
investment
upon capital, it becomes a tax on the proceeds of the capital
It reduces
converted into cash. It is a tax upon what people buy with.
result
buying power. If the proposed tax becomes a law, the practical
value of $100 or of no
will be that each owner of a share of stock of a par
onepar value will know that the share is worth to him, sold or unsold,
quarter of one per cent., or a minimum of four cents per share, less than
immediately preceding the passage and effective date of the Act.
It may be claimed that a quarter of one per cent., or a four-cent per
share minimum, is not material to any owner of securities ; that fluctuations in prices frequently exceed this amount; but when the aggregate
of security investment in the United States is considered, the quarter of
one per cent., or four cents per share, constitutes a vast sum.
And is this one-quarter, or four cents per share, so insignificant to any
holder of securities? Its immediate result will be a decrease in his
capital, sold or unsold, and to-day, when the bottom, as we hope, is being
scraped, but when confidence in our institutions barely exists, any factor
which tends to add to the general discouragement should be avoided.
A tax must be viewed from the standnoint of revenue return. The
proposed tax depends upon the turnover of securities; no sale, no tax. Sales
will hardly take place at present prices unless holders are in extreme
necessity, or become panic stricken, and prefer hoarding cash to a stake
in the future of our country's business. On the other hand, purchases
will not be mode by a public distrustful not only of the business and
industrial world, but of the Government as well. Better a hidden dollar
than a share of stock or a bond which may be a Government target
The public was hardly aware in the wild frenzy of mounting prices prior
to 1929 of the stamp tax of two cents ; but conditions now are different;
before a purchase or sale is made, the pennies are counted. New York
State has established a transfer tax of four cents per share. Congress
proposes to increase the Federal tax to a minimum of four cents per share
on each $100 par or face value or fraction thereof and on each share of
no par value. The prices of securities are low. What was a trifling
fraction of the sales price in 1928 is a substantial percentage to-day. On
a value of four dollars per share the Federal tax will be 1%; the New
York tax 1% additional. If one hundred shares of stock be sold at four
dollars per share the gross proceeds of $400 would be reduced as follows:
2836
Sales price
Federal tax
New York State tax
Commission
Financial Chronicle
$400.00
$4.00
4.00
7.50
15.50
$384.50
April 16 1932
A taxing measure may be tested in two ways: first, will it produce the
revenue needed of expected, and second, is it wise to collect the tax from
the particular source? It is believed that neither of these tests is satisfied
in the proposed tax on the sale of securities.
Dated: New York City, New York, April 7 1932.
Respectfully submitted,
NEW YORK CURB EXCHANGE,
By HOWARD 0. SYKES, President.
This cost of selling is $15.50, or approximately 4% of the price received.
If we add to the commission of the broker on the purchase, the total
deduction would be $23, or nearly 6%. On top of this comes the income
tax of the transaction results in a profit.
"Main Street" not Wall Street Pays Stock Tax TransMany common stocks par $100 or of no par value are to-day selling at
fer Tax, Says James A. Fayne of Hornblower &
one dollar per share and under. The proposed minimum tax on sales of
such shares may, in connection with the New York State tax, be confiscatory.
Weeks—Excessive Levy on 60,000,000 Investors.
Certainly such is true of stocks selling below 10c. per share.
Pointing out the fallacy of view that the proposed stock
On stocks selling at one dollar per share the Federal tax amounts to 4%,
and the New York tax 4%. At 50c. per share these taxes are 16%.
trading tax will be paid by Wall Street few and not by the
The fairness of such a method of taxation may be questioned. From the
many outside, James A. Fayne of the New York Stock
man whose capital is represented by stocks selling below $16 per share the
Government takes a larger percentage than if the stock sold above $16 Exchange firm of Hornblower & Weeks, in a statement
per share. At $16 one-quarter of 1% and 4c. per share are equal. But if issued April 11, shows that it is "Main
Street" and not
stocks be sold at $1 per share, the tax is 4%. In other words, from $16
per share down 4c. per share increases the percentage of the tax until "Wall Street" which will have to pay this tax, that it is
an excessive levy on 60,000,000 investors throughout the
absolute confiscation is reached.
There are many who buy for quick returns, for profits of a quarter to a country and that should the
tax become law over 200,060
half. This group furnishes a very substantial portion of the volume of
an exchange. With the Federal tax at 14 of 1%, or 4c. per share, with the employees living in all parts of the country will have no
New York tax 4e. per share, and with the commission on the sale and jobs. Mr. Fayne says.
purchase to be absorbed, practically all of this kind of trading will cease.
"The most interesting reaction to the proposed increased tax on seAs a result, not only will the Government lose a substantial amount of, curity transfers is the divergence in views concerning
speculation held
tax, but also, at the same time, the market will be deprived of one of its by the financial district, familiarly referred to as 'Wall
Street,' and the
most stabilizing influences, that is, those who are always ready to buy rest of the country.
and sell for quick returns.
"Presumably, the point of view of the performance of the greatly inLet us take an example: "A" buys 100 shares of stock at $4 per share; creased transfer tax is that 'Wall Street' will have
to pay the tax and
this costs him $407.50. He sells at 4%. This brings him $412.50. From can afford to pay the tax.
this sum must be deducted commission of $7.50 and tax of $8 (including
"'Wall Street' (meaning thereby the banking and brokerage houses
the New York State tax), or a net of $397, showing a loss on the transaction whose offices are located in the financial district in New
York) on the
of $10.50. If he sells at 4%, he would make a profit of $2 only. In other hand, cannot understand why the rest of the
country does not
considering a purchase, accordingly, an investor must figure on a three- realize 'Wall Street' is merely an agent for 'Main
Street' meaning thereby
eighths or $37.50 differential, to achieve a profit. Such a differential that 'Wall Street' and the Stock Exchange is merely
a vthicle of trade
cannot fail to deter many purchases.
which the rest of the country uses when it buys and sells securities and
The effect of the proposed tax has so far been considered generally only. that
it is 'Main Street' and the country at large and not 'Wall Street'
Its application to the holders of securities dealt in on the New York Curb that will pay the tax.
Exchange is particularly burdensome.
"Indeed, 'Wall Street' will merely act as the agent of the Government
During the week from March 28 to April 2 1932, the number of common and
collect the tax from its customers and correspondents, who live not
stocks dealt in on this Exchange was 366 issues. The total turnover in alone
in New York, but all over the world.
common stocks amounted to 944,300 shares. The purchase price thereof
"The so-called 'trade', meaning the brokers and members of the Stock
was $6,529,572.80. The average price at which these stocks were sold Exchange, buying and selling
stocks for their own accounts, represent a
was $6.91 per share.
very small portion of the total volume of business. The orders that they
But of these transactions 69 issues, representing 151,800 shares, were execute
on transfer taxes originating in Oshkoslc, San Francisco, Seattle,
sold for $3,840,100, or $25.29 per share. Accordingly, the total number Portland, Me.,
New Orleans, and all intervening points thousands of
of issues of stocks selling under $16 a share was 297. The turnover was miles away from
'Wall Street', whereever anyone of the 60 millions of
792,500; the money value was $2,689,472.80, and the average price investors of
this land may reside.
was $3.39.
"To facilitate service to this vast army of investors, banking and
The tax generally is burdensome, but as applied to the majority of stocks brokerage houses
maintain offices all over the country. Sometimes they
dealt in on the New York Curb Exchange, the average price of which is merely have
correspondent associates in various parts of the country,
under $4, the tax is not only burdensome, but is also out of all proportion who are
local residents, engaged in the brokerage business outside of
to the tax on higher priced securities. As previously stated, the minimum New York, but
send in the business to a New York broker or banker
tax of 4e. per share is not % of 1% on stocks selling under $16 per share, for execution.
but increases as the stocks decrease in value until it becomes confiscatory.
"When the 60 million investors are deterred from buying and selling
A tax of 4c. per share on a value of $3.39, the average value of a securities
because of the increased tax that they must pay their local
majority of the common stocks sold upon the New York Curb Exchange, broker and his New
York correspondent, who will of course suffer because
would be over 1%, whereas a tax of % of 1% would be less than lc. per they will have
no transactions on which to charge the regular Stock
share.
Exchange commission and cannot therefore pay their overhead. The
It must be evident that a tax of 4c. per share on stocks selling at such result
will be their organization will be greatly reduced, offices will
low prices is grossly out of line with the same tax when the same securities be
abandoned, and as one experienced banker has estimated, probably
are selling at normal values. The present rate of 2c. per share, especially
some 200,000 employees living in all parts of the country, will be temwhen the New York tax is considered, is excessive and to double this tax
porarily out of work. Because the New York offices are larger than
when conditions call rather for a reduction of the present rate, will be the
offices in any other part of the country, there will be more unemployed
adding to the evil of the situation with no increase of taxes to the in
New York than in any other section, which is probably why the New
Government.
York City members of Congress almost as a unit, oppose the increased
There are listed on the Curb Exchange to-day stocks of a par value of
transfer tax.
$100 or of no par value of many well known companies selling at a dollar
"Oddly enough, however, it was a New York Congressman who proposed
or less. The 4c. tax applied to these, even with the New York tax ex- it in a 'soak-the-rich-campaign,'
apparently not realizing that many of his
cluded, would practically cause a complete cessation of trading. It is of own
constitutents working for brokerage houses are the very ones who will
the greatest importance to the renewed and continued prosperity of this be thrown out
of work if the reduced volume, which the trade anticipates,
country that its industries should be forwarded and its natural resources should the tax
become law, goes into effect."
should be developed, so as to keep abreast of conditions in other lands.
The mining and oil industries in past years have played a vital part in
the creation of our business supremacy. These are largely financed through Proposed Illinois Banking Act
Outlined by W. J.
sales of stocks to the purchasing public at a small price per share. If
Rathje, President Mid-City Trust & Savings Bank
taxes are so heavy as to make the purchase of these, and other low priced
of Chicago.
stocks, financially unattractive, not only again will the Government get
no tax on sales, but, at the same time, a serious blow will be dealt to the
Asserting that bankers are the only group qualified by
production of minerals and oils at present in the ground.
No exact statistics are available as to the number of shareholders or knowledge and experience to undertake the task of rewritbondholders of the securities dealt in upon our Exchange, but it is evident ing the banking laws of Illinois
and calling upon the bankers
that they most number hundreds of thousands; that the average value of
their holdings of common stocks, at least to-day, is under $5, and that if to perform this obligation with vision and wisdom, unthe minimum tax of 4c. becomes a law, the value of these securities in selfishly and in the best interests of the
people in the State
the hands of their owners will he decreased by a substantial amount.
of Illinois, William J. Rathje, President Mid-City
Trust and
Stock exchanges are interested in taxes on the sales and transfer of
securities only as they affect markets on the exchange; brokers are affected Savings Bank, Chicago, and Chairman of the Committee
incidentally by reason of the fact that commissions will be greatly on Legislation of the Illinois Bankers'
Association, outlined
decreased by reduction in transactions. The vitally concerned, however, the
features of a proposed new banking act in an article
is that part of the public which owns securities. The tax is not in respect
to transactions which take place upon stock exchanges, but affects every appearing in the current issue of the "Great Lakes Banker."
sale of securities. Stock exchanges furnish the principal markets in securi- Reviewing the history of banking
legislation in the State,
ties, and on the New York Stock Exchange and on the New York Curb tile article
mentioned that "long before any clouds appeared
Exchange an overwhelming majority of the sales of securities in this
country takes place. Quotations upon these Exchanges may not represent upon the economic horizon, the bankers of Illinois went on
real values, but these prices are indicative of the confidence or of the record as favoring a new State
banking act," feeling that
despair of the public. These prices are said ordinarily to reflect business
the people's interests in the banking institutions were sufconditions; even to anticipate recoveries in business. In a very important
sense, however, they affect business itself, for a nation discouraged In its ficiently great to warrant a separate banking department
capital savings is slow to spend even that what it has, and it is upon as far removed from political
influence as is possible under
spending that revival in business so very largely depends. Industry is sick.
Industry needs a reviving optimism in our people. Any act the result of our scheme of things and as free as possible from the vicissiwhich may even to a slight degree tend to influence our people to hoard tudes of our election system. "We realized
then and realize
their funds, or to throw over securities held, will not only deprive the now that men
cannot be made honest by statute nor can
Government of taxes on the sales of securities, but may also place a very
statutes give a man otherwise unqualified either the knowlgrave obstruction to the recovery so urgently hoped for.
The action of the public since this sales tax feature was approved by edge, experience or ability to run a bank."
the House is eloquent. Security prices have fallen to new low levels, and
Seven years ago committees of the Illinois Bankers' Assothe recuperative power and hope of the country have been given another
ciation conducted a study of banking laws of all tile States
blow.
Volume 134
Financial Chronicle
2837
The bill provides for a guaranty fund and a board for its administration.
in the Union. This study resulted in the drafting of a proThe board is
Secretary of the Treasury. the Compposed new banking act which failed of maturity because troller of theto be composed of the members appointed by the President.
Currency, and three
of the opposition of some influential bankers. When the The guaranty fund is to be made up of $150,000,000 taken from the surpresent banking act was submitted to the governing bodies plus of Federal Reserve banks.
is required to pay into the fund the amount collected up
of the Illinois Bankers' Association two years ago, approval to The Treasury franchise taxes from Federal Reserve banks which fund
this time as
was reluctantly given with the understanding that the effort amounts to something over $150,000.000.
Provision is made for the assessment of $100,000,000 upon member banks
to establish a separate banking department be continued.
based on their deposits. State banks not members of the Federal Reserve
Since then a special committee of the Association was ap- System may contribute to and participate in the guaranty fund upon
pointed to draft a new act. This Committee consists of the payment of an assessment in double the amount paid by member bank
writer of the article; Paul S. Abt, President of the Associa- of the Federal Reserve System.
authorized to assess $100,000,000 annually if
Hereafter the board
tion; W. R. McGaughey, Past President of the Association found necessary and all is
assessments against banks are to be called for in
and the Chairman of the Committee on Economic Policies; Installments of 25% and any funds on hand may be deposited by the board
Charles W. Boyden, another Past President of the Associa- among the banks from which the assessments were collected and such deposits to be without interest; $500,000,000 of the fund is to be kept on hand
tion, and Earle H. Reynolds, President of the Chicago Clear- and invested in direct Government obligations.
ing House Association.
Provisions is made for loans to the Board by the Reconstruction Finance
The question of branch banking was introduced for con- Corporation not exceeding $500,000,000 to be repaid in installments covering
the period within which loans by the Corporation are permitted to extend.
sideration by the Committee but was not incorporated in its The plan makes provision for initial resources amounting to approximately
81.000,000,000 with the right for additional annual assessments by the
recommendations for two reasons:
(1) The previously expressed and frequently reiterated policy of the Board.
Process of Liquidation.
bankers of the State had always been opposed to branch banking, and,
therefore, the Committee had no authority, until that policy might be
changed, to consider it;
(2) Quoting from the article, "The past 2% years have not demonstrated
that any system of banking—branch, chain, group or unit—is a substitute
for good management."
The recommendations of the Committee follow:
(1) The creation of a Banking Board consisting of a representative
each
of labor, agriculture and industry and two bankers, to supervise the Department and to establish safe and sound methods of banking for the
protection of depositors and stockholders. This Board shall have the
authority to remove bank officers or directors from office if guilty of
unsafe and unsound methods of banking.
(2) In emergencies the Board is authorized to protect the assets and
deposits of the banking institutions by permitting a restriction on
withdrawals.
(3) Instead of the appointment of receivers, the Department shall take
charge of all closed banks, the legal service required to be furnished by
the Attorney-General's office.
(4) The published reports of condition shall show assets and liabilities
In greater detail than is at present required.
(5) Officers, employees and directors of banks shall be prohibited from
borrowing from their own institutions, and loans made to corporations in
which a director is a controlling factor shall be strictly regulated by the
Banking Board.
(6) Officers of banks may not become officers of any corporation
engaged primarily in the business of buying and selling securities.
(7) Banks shall not pledge assets as security for deposits.
(8) Necessary charge-offs and the setting aside of sufficient funds to
build up a surplus to 50% of the capital of the bank shall be required
before dividends can be paid to stockholders.
The article concludes: "The Committee will present these
recommendations to the coming convention of the Association, at which time ample opportunity will be provided to
discuss these and any others offered for consideration."
Steagall Bill for Guarantee of Deposits in National
Banks Favorably Reported by House Banking and
Currency Committee—Bill Would Otherwise Amend
National Bank and Federal Reserve Acts.
A bill, styled by the Associated Press as a legislative
project of far-reaching possibilities in guarding banking
stability by insuring deposits through a Government
regulated billion-dollar pool, was favorably reported on
April 12 by the House Banking and Currency Committee.
The Associated Press accounts of April 12 with reference
to the measure (the sponsor of which is Representative
Steagall) said:
The liquidation of closed banks is placed in the hands of the Board.
A period of 90 days is allowed within which to appraise the assets of the
banks and to pay an installment to depositors. The first installments shall
be 25% in general and 50% to depositors whose deposits do not exceed
$1.000. Not less than six months Later another installment of 25% is
to be paid and payment completed as to depositors whose deposits do not
exceed $1,000. Not less than six months later another installment of 25%
shall be paid and not less than six months from that time final and complete
payment shall be made to all depositors. The Board is not required to
defer payments to depositors but is permitted to do so. They have
authority to pay off depositors in full at any time after a bank is closed.
Norbeck Bill to Permit States to Tax National Bank
Shares Approved by Senate Committee—Also Bill
Making Intermediate Credit Bank Debentures
Eligible As Collateral for Reserve Bank Members.
The Norbeck bill to permit States to tax national banks
on the same basis as State institutions was approved by the
Senate Banking Committee yesterday (April 15). The
Associated Press accounts from Washington yesterday said:
The Committee also approved another Norbeck bill to make debentures
of Intermediate Credit Banks which are eligible for purchase by Federal
-day borrowings of member banks
Reserve banks, eligible as collateral for 15
from Reserve banks. Both bills were introduced by Chairman Norbeck,
(Rep.), (S. D.).
Approval of the bill for taxation of national banks was asked by California State officials, who said the banks in their State were not bearing their
proper share of the tax burden.
The second bill, which was recommended by the Treasury, is designed to
strengthen the Federal Intermediate Credit Banks and improve the market
for their obligations.
It would authorize the Credit banks to accept drafts or bills of exchange
issued or drawn by farmers co-operative marketing associations when secured
by warehouse receipts or shipping documents covering staple agricultural
products.
Governor Harrison of New York Federal Reserve
Bank, at Hearing on Goldsborough Price Fixing
Bill, Reveals Reserve System's Plan to Broaden
Credit Facilities—Weekly Purchases of Government Securities to Be Increased from $25,000,000
to $75,000,000.
A definite statement that the Federal Reserve System
has embarked upon a new "easy money" policy through
open market purchases of Government securities at an
accelerated speed, both as to rate and volume, was made
in Washington on April 13 by Governor George L. Harrison
of the New York Federal Reserve Bank. The Washington
correspondent of the New York "Journal of Commerce," in
thus referring to Governor Harrison's disclosures, also had
the following to say under date of April 13:
Not only Federal Reserve members would be included, but such State
banks as wished to participate. The fund would be collected and administered by a special Government board, empowered to liquidate closed institutions.
Hp to half a billion dollars would be drawn in loans from the Reconstruction Finance Corporation, the remainder would be obtained from the
Federal Reserve Banks'surplus,$150,000,000 the franchise tax paid into the
Appearing before the Goldsborough subcommittee of the House Banking
Treasury by Reserve Banks, $167.000,000; assessments on Reserve memlegislation,
bers, $100,000,000; double assessments on State banks participating, Committee to discuss with it the question of stabilization
$100,000,000. Authority for an annual assessment of $100,000,000 on Governor Harrison told of adoption seven weeks ago, following enactment
of the Glass-Steagall bank relief law, of a program of purchases fixed at
participating institutions also would be given the board.
Opposition of John W. Pole, Comptroller of the Currency, was an- $25.000.000 weekly.
This policy was amended at the meeting held yesterday (April 12) and from
nounced by Chairman Steagall, Democrat, Alabama, author of the measure,
the fact that the System already has acquired a total of $245,000,000 it was
who 1-aid Pole wanted a system of branch banking instituted instead.
Under this legislation a minimum requirement would be established for deduced that approximately $70,000,000 was "picked up" within a day or
obtaining national bank charters at $50,000 capital and a paid-in surplus so, ma,king expansion of the original policy.
Referring to this meeting he said:
of 10%. At the same time stockholders of national banks created in future
"We have had a meeting and the program will be greatly stimulated both
would be relieved of double liability.
as to the volume and as to the rate."
The legislation carried in the bill was indicated in our
issue of March 12, page 1879. From the "United States
Daily" of April 13 we take the following statement on April
12 by Chairman Steagall (Dem.) of Ozark, Ala., explaining
the action of the Committee:
May Lower Discount Rate.
It was thought also that this inferentially means subsequent lowering
of the discount rate. An analysis of the Harrison testimony and the inquiries of his questioners brought out very forcibly that the Federal Reserve
System is undertaking to use its facilities to bring about a better lending
condition. It was commented upon by less friendly interests that the SysThe Committee on Banking and Currency to-day reported the bill (H. R. tem was endeavoring by this means to head off "unfavorable" legislation,
10241) ofChairman Steagall embodying amendments to the Federal reserve including bonus bills, certain features of the Glass banking vie= bill.
the pending Goldsborough stabilization measure, and other printing press
law and a provision for the guarantee of deposits.
The bill provides that the minimum capital for national banks hereafter proposals.
Apparently, the open market committee will be governed in its Purorganized shall be $50,000 and a surplus of 10% of the amount of the capital
shall be paid along with the capital. Stockholders are relieved of liability chases by the availability of Government securities and the condition of
for assessment on their stock in all banks hereafter organized. Provision the market.
A disagreement among the Bank Governors as to the extent to wt.ich the
is made that banks members of the Federal Reserve System shall not be
easy-money policy should be pursued, culminating in a decision at their
permitted to pay over 4% interest on deposits.
2838
Financial Chronicle
April 16 1932
quarterly meeting yesterday to speed up the buying of the bonds, was
Indicated.
"As soon as we got the protection of the Glass-Steagall bill, the System
had a meeting and agreed upon the purchase of $25,000,000 weekly of
Government bonds, which now has proceeded for seven weeks," he said.
reserves or the proceeds of Government securities sold to the Reserve
banks in new loans and investments is low in a period like the present, the
witness said, and the Federal Reserve cannot always overcome that resistance.
Credit Outside of System.
There are many reasons, he added, why the use of excess reserves in loans
Discusses Policy Adopted.
investments may not be wise, considered from the standpoint of the
"You may say we should have gone faster," he anticipated the Committee. or in
"Others may say we should not have bought them at all. While I am per- individual banker.
As illustrative of the volume of credit outside of the Reserve System and
haps more sympathetic toward speedier action 1 recognize the right of
thought of others that we should have gone slower. We have bought which it is difficult, If not impossible, for them to control, Mr. Harrison
Instances the great volume of "loans for others" made in the New York
$25,000,000 for each of seven weeks. We could have gone faster because
we probably cosi(' have gotten more without disturbing the market and market in 1928 and 1929 by corporations.
"The brokers' loan market was a new thing in this respect," he said,
giving the banks too much excess reserves.
•
"If you give too much reserves when there is a lack of confidence, it is "and we could not stop it. Now the banks in the Clearing House have
like flooding the carbureter of an automobile. With conditions reaching acted to minimize if not stop that type of uncontrolled expansion. The
a point where you have the bankers' minds very well at rest because of the so-called Glass bill would prohibit it. At the moment, that is not necescessation of tank failures, a lessening of hoarding, the foreign gold situation sary because the banks cannot make such loans anyway. The Stock Exeased, and the great work of the Reconstruction Finance Corporation in change. too, is willing to co-operate in discouraging this practice."
Bankers are becoming "easier-minded" about making loans and discounts,
stopping bank failures, things are getting in better shape."
Pressed by his interrogators for evidences of a better position of the bank- Governor Harrison testified, Representative Strong (Rep.), of Blue Rapids.
Kansas., taking exception to the statement.
ers, he said that as a result of open market operations and return of the flow
of currency, discounts hate gone down from 8850.000,000 in January to
Lack of Confidence Suggested.
about *625.000,000 at the present time. He added that a reduction of
Representative Busby (Dem.), of Houston, Miss., in referring to the
discounts or borrowings front the Reserve Banks has brought about a re- statement by Mr. Harrison that certain things "might
happen" if a definite
laxation in the attitude of loaning banks.
policy were announced, declared that "when you say 'might happen' I
think you mean you are afraid to announce the policy because they 'might
Cites Need for Minimum.
happen,' and that the Federal Reserve System is enveloped in a lack of
The System would cut the present total still further, but he cautioned, confidence and wants to maintain
an equivocal position.
there is a minimum beyond which it is not desirable to go.
"If Congress tells you to do it, can We count on good faith in trying?"
Governor Harrison, while agreeing with the alms of the Committee, he asked. Governor Harrison replied, "there
can be no question about it."
urged against enactment of specific legislation looking to such an end.
Effect of Bonus Payment.
He was at odds with the members on the question of publicity of Federal
At the afternoon session Representative Busby told Governor Harrison
Reserve activities.
"If the Federal Reserve Board was to announce it was going into the that the careful and conservative policy of the Federal Reserve Board is
market and make purchases of Government securities until a certain price going to have more influence in inducing Congress to pass the bonus bill
level and after that It would stabilize it," declared Representative Golds- or some other measure which will bring about an issue and distribution of
borough (Dem., Md.). Chairman of the subcommLtee and sponsor of the currency.
"In my own opinion," Mr. Harrison replied, "the passage of the bonus
pending bill, "it would restore confidence like magic. Within 90 days the
country would understand that the difficulty had been passed and we were bill would do more to defeat the purposes this Committee has in mind than
any other one thing Congress could do."
on the road to rebuilding the situation until it would become normal."
Governor Harrison suggested the removal of the ono-year limitation in
question the wisdom of any one group of men attempting to say to-day
the Glass-Steagall bill on the use of Government securities as collateral for
to what point the price level should be restored," the witness said.
"I do not think any of US are wise enough to know in light of future Federal Reserves notes. That is a perfectly normal central banking operaevidence what would be the proper level at the time we reached it.
tion, he stated, and in authorizing it, no inflation of currency was begun
or intended:
Stresses Risk Involved.
Following a suggestion by Mr. Busby that at such a time as the present,
"Even if we should determine upon such a point I do not believe that it the
Federal Reserve System should go at top speed in their efforts to imis possible for the Reserve System alone, through its influence upon the prove
the situation, Governor Harrison replied: "I think we are doing what
volume of bank credit, which in turn has an influence on price level, would you
want. I regret I am handicapped in telling you just how fast we are
be so certain as to accomplish the result in view of possibility of so many going.
You realize, too, that we cannot go too fast because of mechanical
other factors in the situation. Therefore, if Congress should tell us to go
difficulties. We cannot push reserves out into the banks faster than they
to a certain point with the level that naturally amounts to an unsound volcan utilize them. Moreover, on some days, the supply of securities offered
ume of credit, we run tte real risk of failure to attain the objective that or
available is not as great as on other days."
Congress has specified.
Mr. Goldsborough asserted that the present Federal Reserve policy had
"If we should fail, as I think it is not at all impossible, then people, who been
effected, in his opinion, by the proposed legislation, and said there is
would have acted on the assumption we had the power Congress directed no
assurance that the withdrawal or defeat of the bill would not be followed
us to use, would feel very properly resentful and so disappointed it is a by
a change in reserve policy,
question whether the repercussions on the usefulness of the System would
If the Reserve Banks pushed credit out at great speed, Governor Harrison
not be worse than if you do not specify any objective.
said, the banks would not make use of the excess reserve thus created, In
"I feel that it is always difficult, if not unwise for the Reserve System in the
purchase of commodities if they thought the price was going lower,
advance to say what its policy is going to be because there are so many in the
purchase of bonds, if they thought the security prices would decline.
developments that force us to change our policy overnight."
or if they feared legislation which would prevent the balancing of
the
Federal budget.
Busby Raises Question.
The timidity with which, be said, the Board was approaching the subject was arraigned by Representative Busby (Dem., Miss.). This, he
declared, was leading to a very unfoavorable reaction in the House.
"If I understand the Federal Reserve System," he said, "it wants to
keep itself in that equivocable position where it can back up at any time it
wants to do a face-about before anybody knows it. It has done that sort
of thing in order to save itself front those fears you express which, of course,
is a lack of confidence in its ability to perform."
Governor Meyer of Federal Reserve Board Disapproves
Legislation Which Would Compel Board to Stabilize Prices to Level Existing Before Depression—
At Hearing on Goldsborough Bill Urges Unified
Banking System Under Federal Control—Open
Market Policies of Board—Loans by ReconstrucThe following additional extracts are from the "United
tion Finance Corporation.
States Daily" of April 14:
Legislation which would compel the Federal Reserve
Reviews Reserve Operations.
Board to stabilize commodity prices on a level comparable
Governor Harrison reviewed the events of the past few years in relation
to that existing prior to the present depression was frowned
to Federal Reserve operations, and stated that while the quantity theory
of money in relation to price level works ultimately and that while the upon on April 14 by Governor Meyer of the Federal Reserve
charts show that the ratio of the volume of credit to the normal expansion Board, who declared that the
Board has been and is now
of business, fairly well coincides with the price level line, it can not always
endeavoring to do that which the Committee has in mind,
be relied upon, and certainly can not so far as Federal Reserve operations
are concerned, because Federal Reserve operations have no determinative namely the raising of the commodity price
level. The
effect upon the total volume of credit.
New York "Journal of Commerce," in reporting this from
The volume of credit and its use have some effect, he said, upon the price
level, but it is impossible to be dogmatic about its effect at any one time. Washington April 14, further said:
Federal Reserve operations themselves, he added, do not always have the
effect, because of other outside and interfering factors.
"Take the present situation," he continued, "with a drastic decline in
bank credit. Insecurity prices, in commmodity prices, in business activity,
estimated by some at 50%, and in incomes from dividends and from labor.
What has the system done? It has increased its holdings of Government
securities, from the low point of 8147,000,000 in 1929 to over 8900,000,000.
It has reduced its discount rate from 6% to 1 Si %. and during a part of
that time, has received heavy imports of gold."
same
Effect of Buying Progtam.
The program of the Reserve System has not been fully effective during
this period, Governor Harrison explained, and has not had the same measure
Of effect it would have in other periods due to a number of outside interfering factors, one of which is the general lack of confidence, which has
resulted in more conservative banking practices, and In the panicky withdrawal of deposits, which has offset to a degree Government purchases.
"The question is asked why we do not buy more Government securities,"
Governor Harrison stated, and after explaining that his own opinion has
been in recent months that perhaps the rate
of purchases might have proceeded at a faster rate, said that
"it is futile to expand bank reserves by
that method unless the money that is put out into the market will operate
as a basis for the expansion of bank
credit."
Banks may use the proceeds, he explained,
to pay off their indebtedness
to the Reserve banks, or may sell them as "Federal
funds," to other banks
which are indebted to the Reserve bank.
Governor Harrison approved the practice of selling "Federal ft% nds"
as wise and helpful, giving as one advantage that it enables purchasers
to get out of debt to the Reserve banks. The pressure for the use of excess
Testifying before a subcommittee of the House
Banking and Currency
Commietee on the Goldsborough bill directing the
Board to take such
action, Governor Meyer denied that publication of the
policies of the Board
on its open market operations would merely tie the
hands of the Board and
would prohibit its changing its policies to meet changing
conditions.
Governor Meyer vigorously opposed cash payment
of the soldiers' bonus
under the plan calling for the issuance of approximately
$2,400.000,000 in
new Treasury notes, asserting that it would prove
most unfortunate from
the point of view of the masses of the people.
Balancing of the Federal
budget has become the necessity of the country, he
said. and "an inflationary device which assumes to be helpful may prove
dangerous."
Questioned about the announcement mad to the
Committee yesterday
by Governor Harrison of the New York Federal Reserve
Bank that the
Board has agreed to speed up the volume and rate
of the open market
operations, Mr. Meyer refused to give any details of
the agreement, dedaring that the rate remained unfixed and is to be
movable to conform
with changing conditions.
He also opposed legislation placing the Federal Reserve
Board In charge
of open market operations, declaring that decentralization of
powei is best.
In the interest of efficiency in administration centralized
power is all right.
Governor Meyer said, but the principle of the thing
is that the power
should not be centralized.
Governor Meyer suggested as a substitute for the program of raising price
levels being considered by the Committee establishment of a National
banking system for commercial purposes, where all banks would be chartered
under the Federal Government; improved methods of reserves and better
supervision.
Banks of depositors should all be Federally chartered, he said, and then
any kind of system desired could be made either branch, zone, &c. If a
.41
Volume 134
Financial Chronicle
National Banking system for commercial use is established, be added, many
of the abuses, Such as excess credit or too little credit, can be avoided.
He said that he was in entire sympathy with the criticism of the present
structure, but he did not believe it would work properly until the National
System is created. He regarded the reorganization of the present system
as the most important source of relief from a recurrence of the present
depression.
Considerable emphasis was laid by Committee members on the question
of continuing the use of gold as a standard base for currency. Representative Busby (Dem., Miss.) asked if it would not be a safer plan to use the
true values of 780 commodities as the basis rather than gold. Governor
Myer replied that he bad no definite views to offer on such a plan, but
said that be could see a weakness in that proposal the same as there is a
weakness in the use of gold as a base. He doubted, however, that any
person could "rig" the price of 780 commodities.
He said that it all leads up to the present banking system. All that
should be done, be asserted, Is try to limit the abuses of credit and try
for better behavior on the part of bankers. This could be arrived at, he
continued, through establishment of a National banking system.
Representative Strong (Rep.,Kan.) said that it was his opinion that the
law of supply and demand is the safest thing to use in the stabilization of
prices and asked what is the objection to Congress directing the Reserve
Board to use its powers to stabilize prices. GoNernor Meyer said that a
mandate would be unwise, since there are too many factors involved.
Mr. Strong then said that he realized that the use of only the open market
operations and the rediscounting privileges would not bring about the
desired result and Mr. Meyer said that in the end it gets down to human
judgment as to when to begin, when to stop, when to reverse.
Governor Meyer expressed the belief that enactment of the Reconstruction
Finance Corporation Act and the Glass-Steagall bill has tended to improve
conditions and the Treasury to day has seen a return in the flow of the
currency which has continued wie bout interruption for a number of weeks..
If this situation continues along with other certain factors, he said, "I
think we can look forward to improved conditions."
The following extract regarding the hearing and the views
expressed by Governor Meyer is from the "United States
Daily" of April 15:
The operations of the Reconstruction Finance Corporation and its results
so far have "been good," Governor Meyer testified.
"There is always a tag," he said. "It takes time for money to show effects
on business in the way of stimulation. The utmost possible that can be
done is to arrest the adverse influences and then if we hold the line the turn
will come. I am hopeful that we are now at the point where we can hold
the line." . . .
Consideration Advised of Banking Structure.
In making use of the volume of currency to attempt to achieve a stabilization of the price level, an important factor to be considered is the banking
structure, Governor Meyer told the Committee,in urging consideration of a
unified banking system under Federal control. He referred to testimony
which he gave before the House Banking and Currency Committee in 1923,
in which he referred to the competition of the dual banking system as "not
wholesome," and in which be referred to the possibility of some extension
of branch banking.
Study of Bank Reserves.
"The institutions through which the credit volume functions, the banks,
are a vital factor," he said. "The efficient organization and proper supervision of the banking structure is vital in any attempt at control of inflation
and deflation."
Governor Meyer referred to a recent study of bank reserves which had
been made by the Committee on Reserve of the Federal Reserve System,
and recommended for consideration of the Committee the system of "velocity reserves" suggested in the report. The low rate of reserves on time
deposits at present, he said, has induced an undue expansion of time deposits,
and bank investment in slow assets for the high return with which to pay a
high rate of Interest. The new plan, he continued would set a minimum
ratio of 5% on all deposits, with a higher percentage based on velocity or
turnover of deposits. Thus, he said, the greater business activity the higher
bank reserves would be.
Governor Meyer explained the effect of the new system of bank reserves
upon "loans for others," by saying that such loans, represented by bank
debits, would be reflected in the higher velocity of turnover, and so would
produce higher bank reserves. They are not now reflected in deposits in a
way to require such higher reserves, he said.
Asked about the tariff, Governor Meyer declared that he believed in the
tariff and that it is more important to protect the domestic market than
to invade the foreign.
"But we can't do both," he continued. "An impossibility went on so
long that it appeared to be a possibility. We can not export in great quantity at the same time both agricultural products and manufactured products."
Governor Meyer declared that if it were possible to accomplish the result
in contemplation in the bill, he would be glad to try to do it. He recalled
that in 1928 there were indications that the expansion of credit had gone to
dangerous extremes, but that few were willing to put on the brakes in
time of expansion. Everyone is agreed, he added, at a time like this, that
there should be an expansion of the price level. Quality of credit, he added.
/z as 1
18
io
rtant as quantity.
Conditions of Issuance of Notes Are Explained.
r. Busby asked Mr. Goldenwelaer if the statement carried in the March
,issue of the Federal Reserve Bulletin to the effem that the Federal Reserve
banks could issue an additional $3,500,000,000 Federal Reserve notes,
without suspension of the Reserve requirements was still a valid description
of the situation. Mr. Goldenweiser replied in the affirmative, but explained
to the Committee that the Reserve banks cannot issue Reserve notes unless
there is a demand for them by the business of the country. Even in buying
Government securities in the open market. Federal Reserve notes are not
Issued, he explained.
Pointing out that Governor Meyer's testimony touched on
many phases of current relief measures, however, and was in
general tinged with cautious optimism, the New York
"Times," in its account from Washington April 14 said
in part:
At one time he remarked:
"The present situation is not exclusively the result of any one thing, but
bad banking certainly has accentuated it."
High spots in his testimony, which occupied the entire day, were:
1. That 1,319 banks had been assisted by the Reconstruction Finance
Corporation.
2. That about $250,000,000 had come out of hoarding since Feb. 1, in a
steady movement Interrupted only on April 1 by tax requirements.
2839
3. That bank credits had begun to expand slightly, indicating that the
shrinkage that had gone on since the beginning of the depression had been
checked.
4. That a net gain in the banking situation was shown in March, when
closed banks that reopened were found to have greater resources than the
banks which closed in March.
5. That greater results than now indicated blight result from the work
of the Reconstruction Finance Corporation and the operation of the GlassSteagall bill, as increased credits were usually slow in reflecting themselves
in business operations.
He Is "Hopeful" of Improvement.
Governor Meyer's figures on loans to banks represented a total greater
by about 500 than the last published statement of the Finance Corporation.
He said that of the total loans. 92% had gone to banks in cities of leas
than 100,000 population, and 76% to cities of less than 10.000 population.
"If the expansion of bank credits continues, and if the anti-hoarding
movement goes on." he testified,"we may look forward to better conditions;
but lots of problems still confront us. I am hopeful things may be better
at home and abroad."
Governor Meyer cautioned the Committee that patience was necessary,
"as it takes time for the renewed flow of money to show its effect on busines."
"There is a lag between the entry of money into banks and its effectiveness
in stimulating business," he added. "The first thing to do is to arrest adverse tendencies in business. If you can hold the line, you can turn them
eventually. I am hopeful we are now at a point where we can hold the line.
"I don't like to prophesy, but I am hopeful that with what is being done
—although we will not be able to stop all losses—we have mace a contribution of some importance, with your help."
Governor Meyer's opposition to the pending relief measure, to instruct
the Reserve'System to maintain commodity price levels, was based on the
contention that the Reserve System sae doing everything possible to accomplish that result. He thought that such legislation might set a goal
impossible of accomplishment and thereby complicate relief efforts through
the raising of false hopes.
His exposition of his unified banking idea followed a request by Representative Bushby of Mississippi, that he recommend a plan that would
guarantee business stability.
He Urges Unified Bank Plan.
"About actual stability, I do not know," replied Mr. Meyer. "I am not
a believer in static conditions. I believe that every business desires change
and progress. But that doesn't alter the fact that a relative stability is
extremely desirable.
"The most important factor in achieving relative stability is the reorganization of the banking system, in addition to constantly improving the
handling of resources."
After a long pause, and with carefully chosen words, he went on:
"We cannot get that kind of banking that assures relative stability except through a unified banking system. You can't make the progress that
is necessary unless you have a truly national banking system."
Representative Busby interrupted, recalling testimony by President
Richard Whitney of the New York Stock Exchange before the Senate Banking and Currency Committee that stock and bond values had shrunk about
86,000.000.000 in the last two weeks.
"What was the cause of that?" Mr. Busby asked.
"I really don't know whether we are able to attribute that to any specific
cause," replied Mr. Meyer, adding that the connection of the decline with
banking practices was hard to define.
"But in speculative periods there is a stimulation of business from speculative sources," be went on. "You cannot entirely separate legitimate
business from speculation." . .
When Representative Goldsborough of Maryland asked if it would not
be well for the Reserve System to announce immediately and definitely its
Intention as to open-market operations, Mr. Meyer replied that this was impracticable, as the Reserve banks must keep their policies flexible. He
added, however:
"Oh, we won't buy this week and then change the policy and sell securities
the next week. That never has been the policy of the System."
He testified that there was no fixed plan for the purchase of the Government bonds, but that "it is movable," and added,"I haven't got Charge of
the operations."
Meeting of Governors of Federal Reserve Banks in
Washington—Confer with Members of Reserve
Board—Open-Market and Credit Easing Conditions
Reported Considered.
Subsequent to the conference in Washington,April 12,of
the Governors of the Federal Reserve Banks at which press
accounts indicated that credit easing conditions were considered, Governor Harrison of the New York Federal Reserve Bank made known the plans of the Reserve System for
broadening credit facilities through the increase in purchases
of Government securities. Further references to what
Governor Harrison had to say in the matter will be found
in another item in this issue of our paper. As to the Governors' Conference we take the following from Washington,
April 12, to the New York "Journal of Commerce":
Governors of the Federal Reserve Banks, constituting the open market
conference of the System, met here to-day to adopt plans for further easing
the money market through larger purchases of United States Government
bonds. At the same time they gave serious thought to the effect of the
agitation in Washington for cash payment of the soldier bonus certificates
through an issue of currency.
Seantor Thomas(Dem.,Okla.)and Representative Patman (Dem..Tex.),
leaders of the soldiers' bonus bloc in Congress, reported to their colleagues
to-day results of week-end conferences they had with New York bankers on
the bonus proposal.
To Ease Money Market.
It was assumed here that the credit expansion plans of the
Federal
Reserve Banks will tend to curtail the agitation for cashing bonus
'certificates
by providing for greater ease in the money market through
other channels.
In fact, Senator Thomas and Mr. Patman are believed to
favor an easy
money program through Government bond sales as a
valuable alternative
should opposition to the bonus prevent its passage in the form
origins/1Y
suggested by them.
Following the usual custom, no announcement was made at the close of
the session of the open market policy conference.
2840
Financial Chronicle
Meyer in Conference.
Governor Eugene Meyer of the Reserve Board conferred with the grout',
and late this afternoon, Adolph Miller, member of the Board from California. went to the White House to discuss with President Hoover the various
proposals under consideration.
Meanwhile reports gained circulation that more liberal open market
purchases at the rate of $75,000,000 weekly were discussed at the conferences. . . .
Purchases to Ease Credit.
By further purchases of Government securities Reserve banks could ease
the credit situation. The Glass-Steagall bill provided that Government
securities could be substituted for eligible paper as currency backing and
it was thought that this would induce greater purchases. A credit easing
policy of that kind has been anticipated since the last meeting of the open
market committee.
Complaints have been heard that commercial banks of the country are
still pursuing a tight credit policy and are not passing along to their customers the benefits derived from the Reconstruction Finance Corporation
and the Glass-Steagall bill, both designed to ease credit conditions.
At the time legislation for the finance corporation was passed, and
when there was a temporary liberalization of discount privileges in the
Glass-Steagall bill, it was believed that the banks would gain increased
confidence and would liberalize loan policies, thus giving business the
benefits. However, the complaint has been made in some quarters that
this has not developed. The situation is being studied.
April 16 1932
The clause providing for punishment of bank officers and directors who
act in defiance of supervisory officials or contrary to sound banking practice, which appeared in the second version of the Glass Bill is retained.
The Federal Reserve Board recommendation for a provision which would
give it wide power to act against banks whose operations were contrary to
sound credit policy has been put into the bill.
The liquidating corporation section is retained, with some changes in
provisions for setting up the capital. The new set-up requires less contribution from member banks, but requires a government appropriation
Higher Reserve Demand Omitted.
One of the principal sections of tho old bill which has been eliminated is
that requiring an increase in reserve requirements. It retains the present
law in respect to member bank reserves, thus rejecting the plan of the
former Glass bill and the plan of the Reserve Board.
Other provisions eliminated were the 15
-day loan restriction, the restriction on real estate mortgage loans, and the provision revising Section 5200
of the Revised Statutes in such a way as to restAct securities loans.
It is stated that the increased reserve requirements of the original bill
affecting member banks have been reduced to meet objections of both
Reserve Board and bankers. The provision restricting real estate mortgage loans by banks has been entirely removed, it is reported. The provision increasing interest rates on member bank collateral loans has been
changed also to meet Reserve Board's recommendations.
With respect to the redrafted bill the correspondent of
the paper quoted,reported as follows on April 14:
Reconstruction Aid Discussed.
The new branch banking provisions which would disregard the fact
The Governors received a report of activities of the Finance Corporation
which has made total advances of $216,292,251, according to the April 9 that some States do not sanction this form of activity, follows the Adminisdaily statement of the Treasury. Loans are being made more rapidly, tration's proposals that State-wide branch banking everywhere be permitted to National banks, with the further privilege of setting up branches
having amounted to $52,738.666 the first nine days of April.
It was anticipated that within a few days an announcement would be fifty miles beyond State lines. The banking committee is split on this
made that the Treasury has taken up the remaining $150,000,000 in stock issue and there will be an opposing report.
in the Corporation. Subscriptions already amount to $350,000.000. The
Principles Are Outlined.
Treasury is authorized to purchase $500,000,000 in the stock.
The underlying principles of Section 3 are described by the board as
probably will be given consideration during the meetings.
Legislation
follows: (1) That discounting at Reserve banks Is a privilege, not a right;
The Reserve Board is now preparing a bill for unification of commercial (2)
that the system has the responsibility of keeping itself informed about
deposit banks of the country under the National system at the request. of the
use of bank credit; (3) that the power of Reserve banks to withhold
Senator Glass (Dem., Va.). Reaction to this measure probably will be
credit accommodations should be used to discourage unsound banking
received from the Governors.
practices; and (4) that the Board shall have power to suspend a member
Bankers were understood to be strongly opposed to the Congressional
bank from the use of Reserve credit facilities.
proposal to issue $2.000.000,000 in unbacked paper money to pay off the
While the Board expressed itself in sympathy with these ends, it recomsoldiers' bonus. The Glass banking bill and other measures to improve the
mended and induced a complete revision of the original provisions.
banking situation were discussed.
As redrafted by the Board and accepted by the Glass sub-committee
Reports also were made to the Reserve Board relative to business and
this provision practically restates the intent of the law. This is followed
financial conditions in various sections of the country.
by the deletion of Section 8 of the original bill, the purpose of which was
to prevent undue use of bank loans for speculation in securities. It was
House Subcommittee Agrees on Principle of Directing believed that this is sufficiently covered by the redrafted Section 3.
Section 9 Deleted.
Federal Reserve Bank to Act in Stabilization of
The original Section 8 was designed to give power to the Board to fix
Prices.
the percentage of the capital and surplus of any bank which may be repreThe principle of directing the Federal Reserve Board to sented by loans protected by collateral security. Section 9, also deleted,
would have prohibited National banks from making or extending loans
seek to increase and stabilize wholesale commodity prices to affiliates organized and
existing for the purpose of buying and selling
was agreed upon by a House banking subcommittee on stocks, bonds, real estate or mortgages, or holding title to property, or
April 15. From the Associated Press accounts of last investing any of its funds in the capital stock, bonds, or other affiliate
obligations or accepting them as security to protect loans made to others
night we quote as follows:
in an amount in excess of 10% of the bank's capital stock and surplus.
Before it asks the full Committee to-morrow to approve the measure, It further required that the securities have a value 20% greater than the
however, Representative Goldsborough will confer with Eugene 1Vley..r, amount of the loan.
Chairman of the Reserve Board.
The subcommittee also rejected the 1% premium originally proposed
Meyer told the sub-committee yesterday he thought the plan inadvisable since the Board already was trying to do what Goldsborough's bill to be exacted from borrower banks when securing advances from a Reserve
bank on 15
-day notes secured by Government bonds.
would instruct it to do.
Since it was declared that the features in the bill would interfere greatly
As now phrased, the bill would direct the Federal Reserve Board and
banks "to take all available steps to raise the present deflated wholesale with the financing of real estate transactions, it was decided to reject
level of commodity prices as speedily as possible to the level existing before Section 14. It was declared by banking interests that when a time loan
the present deflation, and afterwards to use all available means to main- has been made there appears to be no warrant, in the absence of a default,
for revising the valuations on which the loan is based, yet the bill would
tain such wholesale commodity level of prices."
have required real estate on which such loan is based to be revalued at
least once each year.
Newly Revised Glass Banking Bill Filed with Senate
Open Market Committee.
It is proposed to establish by legislation a Federal open market comCommittee by Subcommittee—New Branch Bankmittee somewhat along
ing Provisions—Penalty Rate on Advances from ference, which functionsthe lines of the existing open market policy conas a piece of administrative machinery without
Reserve Banks Eliminated—Realty Clause Stricken specific legal status. The rigidity of the original provision has been modified in the new draft so that instead of denying the right of any bank to
Out—Open Market Restriction Eased.
engage in open market operations "except after approval and authorization
Again redrafted, the Glass banking bill was brought before by the committee" it now is proposed to make this prohibition operative
the Senate Banking and Currency Committee by the Glass "except in accordance with resolutions adopted by the committee and
subcomittee April 14. With the new reserve features and approved by the Federal Reserve Board" as further provided.
The requirement that a report reviewing and explaining
penalties for advances by the Federal Reserve bank to decisions and their results be submitted annually to the Housecommittee
of Repremembers on Government collateral deleted, assessments sentatives for review, was deleted.
The committee is to cnisist of 12 members,one to be selected by each of
against banks for participation in the liquidating corporation the Reserve banks, and is to meet at least four times yearly
or oftener upon
lessened, and many other provisions remodeled, the bill, the call of Reserve Board Governor.
The contribution levied on member banks for the support of the prosaid the Washington correspondent of the New York "Jour- posed Federal
Liquidation Corporation materially
provision
nal of Commerce" on April 14, should now more nearly meet for a Government appropriation of $125.000.000. lightened by athe banks
The levy on
Administration to the original is to be one-fourth, instead of one-half of 1% of the total net outstanding
the objections raised by the
and demand deposits of
draft and be more satisfactory to the banking community. timebe required to pay a fulleach. It is not anticipated that the banks
will
assessment.
A previous revision of the bill was noted in our issue of
The management of the Corporation would be vested in a board of
March 19, page 2081. Recommendations for changes in five—Comptroller of the Currency, a member of the Reserve Board, and
three others to be selected
the bill proposed by Governor Meyer of the Federal Reserve additional compensation. by Reserve Bank Governors, all serving without
Board in a letter to Senator Norbeck, Chairman of the Senate
Time and Demand Deposits.
Banking and Currency Committee, were indicated in these
The subcommittee ruled against discontinuance of the distinction becolumns April 2, page 2442, and on page 2445 of our April 2 tween time and demand deposits in so far as reserve requirements are
issue and page 2636 of the April 9 issue we noted the attitude concerned. The original proposal would have raised the requirements
on time deposits to the level of those on demand deposits, increasing reserve
of the Federal Advisory Committee toward the bill.
requirements $132,000,000 annually for five years. Unless there wore a
The "Wall Street Journal" of April 14 said:
contraction in the amount of member bank deposits this increase of $660,
000.000 would result in an addition of about $230,000,000 to gold reThe bill adopted substantially the Federal
Reserve Board's recommen- quirements of the
Reserve banks. It would be an influence in the direction
dation concerning group banking. Under this plan,
all members of group
of credit contraction without regard to the course of business and credit
banks would be brought into the
Federal Reserve System and the group
holding company would be required to create a
and particularly undesirable at this time, it was argued.
fund of 25% of its holdings in bank stock to insure double liability,
The loans-for-others prohibition has been made less drastic. It has been
unless they are subject to
changed so as to prohibit a member bank from acting as a medium or
double liability. The old Glass Bill required a
100% guarantee.
agent of a non-banking corporation or individual in making loans on the
Divorce of Securities Affiliates.
security of stocks, bonds and other investment securities to broker or
Supervision of bank affiliates is provided with a provision for divorce
of dealers therein. It was not thought that a provision prohibiting a member
securities affiliates from their parent bank within three years.
bank from making loans to any corporation or individual if the roroceedig
•
Volume
134
Financial Chronicle
of such transaction are to be used directly or indirectly for the purpose
of lateral security in favor of any Investment banker, broker,or member of
any stock exchange or other dealer in securities, as originally proposed,
would be enforceable as it is often impossible to follow the proceeds of loans
once they have been granted.
The subcommittee declined to provide for the control of the marketfor
Federal funds by placing limitations on the use of balances standing to
the credit of member banks upon the books of Reserve banks. It was
considered best to have these liquid funds move freely where they may
be most needed than to have them thrown upon the call market.
Investments Restrictions.
Opposition to the limitation on National bank securities activities has
been ignored. It is provided that "the business of dealing in investment
securities by the Association shall be limited to purchasing and selling such
securities solely for the account of customers, and in no case for its own
account, the Association shall not underwrite any Issue of securities: Provided, that the Association may purchase for its own account investment
securities under usch limitations and restrictions as the Comptroller of the
Currency may by regulations prescribe, but in no event shall the total
amount of any issue of investment securities of any one obllger or maker
hereafter purchased and held by the Association for its own account exceed
at any one time 10% of the total amount of such issue outstanding, nor
shall the total amount of investment securities of one obliger or maker so
purchased and held by the association for its own account exceed at any one
time 15% of the amount of the capital stock ofsuch Association actually paid
In and unimpaired and 25% of its unimpaired surplus fund."
$50.000 Minimum Capital.
National banks in the future, without exception, would be required to
have a minimum capital of $50,000 in places of not exceeding 6,000. and
elsewhere $100000.
The subconunitte agreed with the Reserve Board that, while it is recognized that certain evils arise from competitive bidding for accounts through
the payment of unduly high rates, it is undesirable to further regulate by
law rates of interest, which may be paid on deposits especially since when
to do so would place member banks at a disadvanatge in competition with
non-member banks.
Section 26 of the.original bill has been deleted on the theory that it
would greatly curtail the amount of credit which could be extended by
banks in agricultural communities to farmers, cattlemen and dealers in
cotton, grain and other agricultural commodities.
In the "Wall Street Journal" of April 15 Senator Glass, in
commenting upon his bill, was reported as saying:
2841
It was also argued that because of the large number of bills presented
to Presidents at the end of sessions of Congress in modern times, public
interest will be served by holding that he may approve bills after adjournment.
Hatton W. Sumners, Chairman of the Judiciary Committee of the
House, also participated in the argument before the Court. He advised
the Court that, while the Committee formerly had held the view that the
President had no right to sign bills after a final adjournment of Congress.
it now acquiesced in the position taken by the Attorney-General and the
petitioner in the case.
W. Walton Hendry, counsel for the petitioner, also supported the action
of the President.
Sales of 2% Treasury Certificates ("Baby Bonds")
Approximate $28,000,000—Books Closed.
In announcing on April 11 that subscription books for the
recent offering of 2% Treasury Certificates—the so-called
"Baby Bonds"—would close at the close of business April 13,
Secretary of the Treasury Mills indicated that the total sales
of these certificates up to March 31 amounted to approximately $28,000,000. The issuance of these certificates was
in furtherance of the anti-hoarding campaign of the Citizens
Reconstruction organization under the leadership of Col.
Frank Knox. The announcement April 11 of Secretary
Mills follows:
Secretary of the Treasury Mills to-day announced that subscription books
for the offering of2% U.S. Treasury certificates,first series, dated March 15
1932. maturing March 15 1933, will close at the close of business Wednesday.
April 13 1932.
These special 2% Treasury certificates were offered on March 5 1932, in
connection with the campaign to put idle funds to work conducted
throng's
out the country by the Citizen's Reconstruction organization.
The New York Federal Reserve Bank in its circular dated
April 13, calling attention to the closing of the books on the
2% certificate issue at the close of business April 13, said:
Subscriptions received by us through the mails up to 10 a. m. Thursday.
April 14 1932, will be considered as having been received before the
close
of the subscription books.
The bill is In very satisfactory shape from my point of view. Some
features may be altered by the full committee but I don't think appreciably.
It represents the judgment of the subcommittee which drew up the measure.
Some of the proposals of the Federal Reserve Board were readily adopted
while other proposals of the Board were materially rejected.
The offering of the 2% certificates was referred to in our
issue of March 12, page 1883, and March 26, page 2263.
From the Washington dispatch April 11 to the New York
"Times" we take the following:
According to the same paper Senator Norbeek (Rep.),
So. Dakota, Chairman of the Committee, stated that he
will sponsor a minority report opposing the branch bank
provision of the bill.
The demand for the anti-hoarding certificates apparently has been exhausted. This offering was on the market for about one month and a
total of around 830,000.000 was sold. Officials explained that the purpose
of the anti-hoarding certificates had been accomplsihed, and that there was
no particular significance in the closing.
United States Supreme Court Hears Arguments in
Case Testing Right of President to Sign Bills
After Adjournment of Congress.
Arguments in an action testing the constitutional right
of the President of the United States to sign bills after the
adjournment of Congress, but within 10 days of having been
presented to him, were heard in the United States Supreme
Court on April 11. United States Attorney-General Mitchell
spoke in defense of the President's authority. The question reached the Court in a case of minor importance, in
which Congress had referred to the Court of Claims for its
adjudication of a claim of Thomas C. Edwards of Alvin,
Tex., under a wartime contracts to furnish hay for the
army at Fort Sam Houston, Tex. Congress adjourned sine
die March 4 1931, and President Hoover did not sign the
bill until the next day. As to the argument before the
Supreme Court we quote the following from the "United
States Daily" of April 12:
The members of the high tribunal were told that the President, in signing this bill and 17 others after the adjournment of Congress, acted upon an
opinion of the Attorney-Genera holding that he had the power to approve
the bills after adjournment of Congress but within 10 days after they were
presented to him.
The officials of the Department of Justice, though thus committed to
the view that the bill became a law, raised the question as to the effectiveness of the legislation In the Court of Claims, it was stated. "because
of the great importance of the question."
Attorney-General William D. Mitchell argued in support of the action
taken by President Hoover. The constitutional provision applicable,
he explained, is Section 7 of Article I, which declares that every bill which
shall have been passed by Congress "shall, before it becomes a law, be
presented to the President of the United States: if he approves he shall
sign it, but if not he shall return it," and further that "If any bill shall not
be returned by the President within 10 days (Sundays excepted) after
It shall have been presented to him, the same shall be a law, in like manner
as if he had signed it, unless Congress by their adjournment prevent its
return, in which case it shall not be a law."
The proceedings in the constitutional convention were said by the
Attorney-General to throw no light upon the problem of how the provision should be interpreted in this regard. He noted that, with a few
exceptions, it has been the traditional practice of Presidents to sign bills.
If they desire to approve, before the adjournment of Congress."
President Lincoln In 1863 approved one measure after the final adjournment of Congress, he stated, but the question of the validity of the
Act was never decided by any court. Mr. Mitchell also said that at the
time the House Committee on Judiciary, under an order of the House,
unanimously concluded that the Act was In force, but no action on Its
report was taken and the law was amended.
"Since Congress has no function to perform in respect of bills which have
been approved, there is no good reason," it was urged,"why the President
should not approve bills after adjournment."
Second Issue Is Not Expected.
It is not expected that there will be another offering of this character.
The issue was kept open about a week longer than was intended, officials
said. . . .
The sale of the "baby bonds" through March 31 had been $27,996.400.
and comparatively few had been sold following that date, indicating that
the demand virtually had been exhausted. The certificates mature March
15 1933, and may be redeemed on 60 days' notice, being therefore equivalent
to two-month Government paper.
Campatan Considered a Success.
The anti-boarding campaign has been regarded as a success by Administration officials. Since it started early in February, money in circulation
has dropped about $200,000,000.
New Offering of $75,000,000 or Thereabouts of 91-Day
Treasury Bills.
Notice of a new issue of 91-day Treasury bills to the amount
of $75,000,000 or thereabouts was issued on April 13 by
Secretary of the Treasury Mills. As to this issue, it was
stated in the advices from Washington April 13 to the New
York "Times":
The issue will not take the place of a maturing Issue and therefore will
be an addition to the public debt, which stood at $18,506.700,000 on March
31. Another bill issue sold on April 11 added $25,000,000 more to the outstanding debt.
Floated to ootain funds when the Treasury has more than $510,000,000
on hand, the new issue will be the first to run into the coming fiscal year.
Tenders for the new issue will be received at the Federal
Reserve banks and their branches up to 2 p. m. Eastern
Standard time on Monday, April 18. The bills will be
dated April 20 1932. and will mature July 20 1932. The
face amount will be payable on the maturity date without
interest. The bills will be in bearer form only,in denominations of $1,000, $10,000, $100,000, $500,000 and $1,000,000
(maturity value). The bills are sold on a discount basis to
the highest bidder.
Bids of $399,374,000 Received for 91-Day Treasury Bills
of $75,000,000 Dated April 13—Amount Accepted
$76,200,000—Average Rate 1.05%.
The offering of $75,000,000 or thereabouts of 91-day
Treasury bills dated April 13, brought total bids of $399,374,000, according to an announcement by Secretary
of the
Treasury Mills on April 11. The amount of bids
accepted
was $76,200,000. The highest bid was 99.736,
equivalent to
an annual interest rate of about 1.04% on an
annual basis.
The lowest bid accepted was 99.700, equivalent
to about
1,19%. The average price of bills to be issued is 99.735,
the
2842
Financial Chronicle
April 16 1932
average rate on a bank discount basis being about 1,05%. Tydings resolution would bar the oil and coal import duties
The previous offering of 91-day Treasury bills—on March 23, voted into the revenue bill by the House.
The resolution read:
to the amount of $100,000,000, resulted in tenders of $360,"Whereas the inclusion of tariff rates and embargoes in said revenue
198,000, and the amount accepted was $102,169,000. The
bill would mean, from past history, many months of interminable debate
average price of the bills issued in that offering was 99.474, and delay of the final passage of said revenue bill; and
discount basis was about
"Whereas, as projected, the revenue bill is calculated to raise $90.
and the average rate on a bank
per month in excise
delay
2.08%. In his announcement April 11,regarding the results 000.000bill will prevent theand similar taxes, and the from In the passage
Government each month
of said
obtaining said
of the offering of bills dated April 13, Secretary Mills said: needed revenue to the extent of $90,000,000; and
"Whereas, tariff rates and embargoes have no place in a purely revenue
Secretary of the Treasury Mills announced to-day that the tenders for
$75,000,000. or thereabouts, of 91-day Treasury bills, dated April 13 1932, raising bill of internal import:
"Now, therefore, be it resolved, That the Senate of the United States
and maturing July 13 1932. which were offered on April 7, were opened at
hereby instructs and directs the Senate Finance Committee to strike
the Federal Reserve banks on April 11.
The total amount applied for was $399,374,000. The highest bid made from said revenue bill all tariff matters pending therein and to report
of about 1.04% on an annual the bill to the Senate with no tariff rates or embargoes included therein
was 99.736, equivalent to an interest rate
rate of about 1.04% on an annual basis. The lowest bid accepted was whatsoever."
99.700, equivalent to an interest rate of about 1.19% on an annual basis.
A $200,000,000 reduction in Government expenditures
The total amount of bids accepted was 576.200.000. The average price of
Treasury bills to be issued is 99.735. The average rate on a bank discount is now "definitely in sight" rather than $118,000,000, as
basis is about 1.05%.
previously estimated, the Secretary of the Treasury, Ogden
The offering of the $75,000,000 91-day Treasury bills L. Mills, told the Senate Committee, on April 14, according
to the "United States Daily" of April 15, from which the
appeared in our issue of April 9, page 2638.
following is also taken:
With the revenues provided in the present tax bill(H. It. 10236) this
Senate Committee Acts to Expedite Tax Bill—Secretary
would balance the budget within $25,000,000, Mr. Mills explained. He
New Tax Program— tentatively proposed to make up this difference by a tax on wort and malt
of Treasury Mills to Submit
President Whitney of New York Stock Exchange which he estimated would return a revenue of $35,000,000.
Favors Original Plan.
Warns Against Stock Transfer Tax—Protests
The Secretary told the Committee that be "stands by" the original
Against Other Taxes Carried in Bill.
Treasury revenue program presented to the House in December, save for
Republican members of the Senate Finance Committee the possible lowering of the 7% tax on the domestic consumption of gas and
joined with the Democrats on April 12 (it was noted in the electricity.
Questioned by Senator Harrison (Dem.), of Missisippi, Secretary Mills
New York "Times") in a bi-partisan move to bring the
Committee with a rewriting of the House bill
the earliest said be would furnish the for sections not considered advisable.
$1,000,000 tax bill to the floor for action at
with proposed substitutions
The Secretary suggested that increased income taxes be considered
possible date. The previous day (April 11) a despatch from
temporary, rather than "treated as a new plan to redistribute wealth, beWashington to the New York "Herald Tribune" said:
cause otherwise every effort would be made to avoid the tax through purAt the close of a long and stormy conference of Democratic Senators chase of tax exempt securities and by other means."
passage of the tax bill.
no-night a resolution was agreed on to expedite the
"All things being equal," said Mr. Mills. "there is nothing fafrer than an
At the same time there was an informal understanding that tariff items in income tax, for you don't tax where there is no income."
the revenue bill would be limited as far as posssible.
Mail Tax Opposed.
The resolution adopted by the Conference as announced by Senator
-cent rate on first-class mall was made to the ComJoseph T. Robinson of Arkansas, Democratic leader, follows:
Protest against the 3
"It is the sense of the Conference of Democratic Senators that the hear- mittee by representatives of the National Council of Business Mail Users,
ings on the revenue bill be closed at the earliest practicable date and that the Direct Mails Advertising Association, the Mail Advertisers Association
International, the National Association of Credit Men and others.
the passage of the measure be expedited in every possible way."
While it is not as yet certain Congress can quit before the conventions,
Protest was made against the telephone and telegraph tax by Bancroft
to be made to have it do so.
Gherardi, New York City, Vice-President of the American Telephone &
efforts are
Telegraph Co.: George S. Gibbs, New York City, of the Postal Telegraph
As we noted April 9(page 2639) the bill was passed by the & Cable Co., on behalf of his company and the Western Union Telegraph
House on April 1. Regarding the action of the Senate Co., F. B. MacKinnon, of the United States Independent Telephone AsCommittee on April 12, the "Times" had the following to sociation, and John A. Hickey, New York City, commercial telegrapher.
The tax on matches, on cereal beverages, on jewelry, and the stamp tax
say in its advices from Washington on that date:
in connection with real estate also were opposed.
overtures of the Republicans, the Committee voted to end
Following the
Mr. Mills' Statement.
the bearings April 22, limiting each witness to 15 minutes and passing
Mr. Mills' statement to the Senate Finance Committee follows in full
over any applicant for hearing if he was not present when his name was
called. The Committee Secretary was instructed to wire all witnesses to text:
"I am here at the request of the Committee,due apparently to some miscome to Washington as soon as possible.
Seven out of 12 witnesses schedwed to appear answered to their names understanding as to the scope of the information to be furnished by me in
to-day. Completing the list, the Committee went into executive session response to inquiries made by some members of the Committee, and as to
soon after the noon recess to discuss the general proposals of the House bill. the attitude of my Department.
"There can be no doubt as to the position of the Treasury Department.
Mai., Plans Requested for To
-day.
I stand ready to co-operate with this Committee as heartily as I did with the
The Committee reached no definite conclusions, most of the afternoon Ways and Means Committee of the House with a view to drafting the best
being spent in a discussion of surtax and inheritance tax rates. Short revenue measure possible to meet the present emergency. I believe that
executive sessions are to be held In the hope of having changes fairly well the way to proceed is to lay aside all partisanship, to sit around this table
formulated by the end of the hearings.
with one single thought in mind, the National interest, and with an unSecretary Mills was asked by Chairman Smoot to send in his substitute equivocal willingness to share the responsibility, and I may add, whatever
morrow and was requested by the Committee to suggest specific degree of unpopularity may come from the imposition of additional taxes
tax plan tosubstitutes for the levies to which he objected in the House bill.
in times such as these.
Senator Long announced during the afternoon that he would offer two
Refers to Original Treasury Program.
amendments to the bill, one to raise the surtax rate to a maximum of 65%
When the Congress met, we
"That has been our
on ad incomes above $2,000.000. and the other to increase the estate tax could have contented position from the first. attention to the great and
ourselves with calling
rate to a maximum of 65% on estates in excess of $20,000,000.
growing deficit and simply urged the Congress to impose such additional
The Democrats tacitly agreed at last night's Conference to limit tariff
revenue as would balance the budget, and thus have avoided the difficult
discussions to coal and oil, already in the bill, and to copper, on which the
and responsible task of submitting a detailed program ofadditional taxation.
Tariff Commission has made a favorable report.
But we felt that it was our duty to share in the exacting task confronting
Certain Republican groups looked with much disfavor on this proposal.
the Congress, and we submitted, therefore, a detailed tax program adequate
Some insisted upon opening the bill to a duty on manufactured lumber,
raise the revenue necessary to balance the budget in the sense in which
and others wanted to include rubber, Still others could not see why man- to
it has been discussed.
ganese should be excluded
"When the Ways and Means Committee told us that they did not propose
Testimony at Day's Hearing.
to take our program, but to prepare one of their own, I told the Chairman
Testimony before the Finance Committee to-day was chiefly of a highly that our time, information and judgment were at his disposal in the working
administrative changes re- out of the Committee program. All were freely given over a period ofseveral
technical nature. Most of it had to do with
garding the distribution of dividends earned before 1913 and with mine weeks.
"I told the Chairman of the Ways and Means Committee that if their
depletion allowances.
Victor S. K. Houston, Hawaiian delegate, opposed extension of the program when completed was in our judgment sound,even though It differed
Income tax to Government officers in Hawaii and Alaska. He argued that from what we had recommended, I would support the program and that the
such a move would be double taxation, inasmuch as these officers have to Treasury would assume its share of the resonsibility involved in imposing
the proposed taxes.
contribute to the upkeep of the Territorial Governments.
"This I did at once as soon as the Ways and Means Committee report
David A. Gaskill, representative of the Cleveland Chamber of Commerce, advocated restoration of the manufacturers'sales tax in place of the was presented to the House of Representatives.
the special excises adopted by the House.
"I mention this record because the question has been raised as to our
Other witnesses included William S. Bennett of Washington, repre- willingness to co-operate. I say to you that I stand ready now and until
sentative of the National Lumber Manufacturers' Association: George F. you complete your consideration of the revenue bill to work with you as
von Ko'nits Jr. of New York, R. C. Fulbright of Houston, representing the sincerely, as wholeheartedly and as co-operatively as I did with the Ways
American Sulphur Royalty Co.; Henry P. Velte of New York and Paul B and Means Committee. As far as I am concerned, there will be no partisanBarringer of Washington.
ship and no shirking of responsibility."
The tariff tax fight was carried to the Senate floor on
April 8 as Senator Tydings (Dem., Md.) offered a resolution
directing the Finance Committee to bar all new import
duties from the revenue measure.
The Finance Committee refused on April 6, by a vote of
10 to 5, to close the door of the tax measure to tariff duties.
Mr. Tydings put the issue before the Senate as leaders gathered their forces to check an all-summer tariff battle. The
Features of House Bill to Be Included,
The Treasury will submit as soon as possible a new tax program built
around those features of the House bill which it considers best, but it will
take no responsibility for the new program, Mr. Mills announced orally
at the Treasury Department later in the day.
and
The program submitted to the House Ways and Means Committee
still
contained in detail in his statement to the Senate Finance Committee
the
is the Treasury program, and he does not retreat from its proposals,
Secretary said, adding that he will resubmit it to the Finance Committee
as the Treasury plan.
Volume 134
Financial Chronicle
Assistant secretary of the Treasury James Douglas, who is in charge of
fiscal affairs, will sit with the Finance Committee during open hearings in
compliance with a request from the Chairman. Senator Smoot. When
the Committee goes into executive session either Secretary Mills himself
or Arthur A. Ballantine, Under-Secretary, will work with the Committee,
the Secretary said.
"I stand ready to co-operate with this Committee as with the Ways
and Means Committee," Secretary Mills said. "I believe the way to
proceed is to lay aside partisanship." He pointed out there should be
an "unequivocal willingness on the part of all concerned to take their share
of responsibility and unpopularity that goes with imposing a great tax
burden."
Secretary Mills said the Treasury could submit a report of its condition
and recommend simply additional revenue to balance the budget, but
that it had gone further and told how it would propose to raise that revenue.
"Can you take the bill as it passed the House, changing sections here
and there, and make something acceptable out of it?" inquired Senator
Reed (Rep.), of Pennsylvania.
Declares Estate Tax Rates Are Too High.
Secretary Mills replied that he would take the income tax provision,
leaving out net losses and the double taxation resulting from taking away
certain exemptions, would reduce estate tax rates, would keep the gift
taxes, adjusting them to the estate tax, would keep the stamp tax, but
aside from that would write a new bill.
"You would not reduce the income and estate tax rates to the present
law?" questioned Senator Reed.
"No," responded Mr. Mills, "I would keep the income tax rates in the
House bill." He added, however, that the estate tax rates in the House
bill are too high and that he would recommend the 1921 Act in this connection.
Secretary Mills declared that "either the Ways and Means Committee
or the Treasury approach was better than the House program." In
answer to questions by Senator Reed, as to excise taxes in the House bill,
he stated that the bill as it came from the House was drawn hurriedly
without considering the industries affected. He suggested a "simple plan
such as the Ways and Means Committee adopted, or selecting a few items
of large volume whose competitive condition would not be affected."
Yesterday (April 15) Richard Whitney, President of the
New York Stock Exchange, in pointing out the effect of the
proposed stock transfer tax carried in the House bill indicated
the possibility of the closing of the Exchange, and the danger
of a panic with the levying of the tax. The Associated Press
account from Washington yesterday, as given in the New
York "Evening Post" also said in part:
The President of the New York Stock Exchange said the tax would
reduce security transactions almost to the vanishing point.
Protesting it, he said the effect not only would be felt on the Exchange,
but would "devastatingly diminish" the business done in the country This
decrease, he added, would more than halve the 175,000,000 of revenue
the
House estimated the tax would bring.
"If by taxation, the volume of trading Is reduced," said Mr. Whitney."so
that we cannot retain even the volume necessary to keep security loans
liquid, then the danger of closing with the possibility of a panic will
confront us"
Mr. Whitney indicated that imposition of the tax might drive
security
dealings to another country.
The rates In the bill passed by the House, he said, are "grossly excessive."
See Less Revenue.
Mr. Whitney said the present tax would be multiplied 13 times
over
by the new rates and would so greatly reduce the volume of trading as
to
produce less revenue than it now received from the stamp tax.
The rate
now IS two cents a share.
Emphasizing the function of the Stock Exchange In keeping securities
liquid, Mr. Whitney said that if In recent months the Exchange
had been
forced to close, "all collateral loans would have become frozen with
great
peril to the entire banking structure of the country."
Mr. Whitney asserted the proposed tax would greatly Interfere
with
business recovery.
He explained that "as a step toward reconstruction" many reorganizations of business will have to be effected and that a heavy tax on
the transfers of stock which would be necessary would impose a great
obstacle.
Mr. Whitney attributed the recent market decline
in part to the action
of the House In voting the stock transfer levy.
Belabors Bond Taz,
The Exchange President belabored the proposed
tax on bond trading as
vigorously as that OD stocks.
"It is indefensiole when the bond market Is
so disrupted," he asserted.
"There is nothing which would be more destructive
to recovery."
Senator Reed (Republican, Pennsylvania) said
,
he had heard a rumor
that since the Rouse action a "charter bad
been taken out in Montreal"
for.an International stock trading association
and asked Mr. Whitney about
It.
Mr. Whitney said he knew nothing definite, but
had heard a rumor that
preparations were being made in Canada
to "broaden their facilities to
take the American business in case this
tax goes through."
Cites March Decline.
Mr. Whitney expressed the opinion that the
decline In Stock Exchange
trading In March was "directly due to
an increase in the New York stock
transfer tax wiitch became effective March
1."
"If so, he added, "the proposed Federal
tax would reduce security
transactions almost to the vanishing point."
Questioned by Senator Barkley, Democrat, Kentucky,
Mr. Whitney
said:
"I contend the effect of this tax would be to freeze our markets and
make
them Illiquid and inaccurate."
He argued that as buying and selling securities became less popular In the
face of the heavier rate, the investor would find it correspondingly more
difficult to get his money readily if he found it necessary to liquidate.
Even boosting the present rate from 2 to 4 cents a share and eliminating
% of value, Mr. Whitney said, "might be very
the proposed levy of
detrimental."
Mr. Whitney also opposed the proposed tax on leased telephone and
telegraph wires, asserting it might result in abandonment of many of the
lines used in the security business
Says It Furthers Deflation.
"A destructive tax on securities would be a long step toward a further
continued deflation," Mr. Whitney said.
Besides affecting the individual investor, he said the "illiquidity" would
prevent "American business from securing loans on securities.'!
2843
The tax, he said, would not "be paid by brokers, but by the 20,000,000
Americans who own securities."
In answer to Senator Harrison (Dem., Miss.), Mr. Whitney said he
believed the tax would lead to "bootlegging of stocks" through "bucket'
shops."
W. D. Gradison of Cincinnati, representing the Associated Stock
HI
changes, joined Mr. Whitney in opposing the stock transfer tax.
Philip B. Weld of the New York Cotton Exchange objected
that the
proposed tax on commodity trading is excessive and represents
a 400%
increase over the present rate.
Edward P. Doyle of the Real Estate Board of New York
opposed the
tax on stock transfers. . ..
Mr. Whitney appeared after Senator Tydings (Dem.,
Md.) had assailed
the tax on oil imports carried in the bill.
Senator Tydings said the oil tariff would result in a
$300,000.000 a year
burden on American industry, motorists, farmers
and home owners by
raising oil and gasoline prices.
From the "United States Daily" of April 14 we take the
following:
Adoption of a 1% manufacturers' excise tax, of a
stock transfer, sales
and stock loan tax, and of an amendment to the
Volstead Act for the manufacture and sale of a cereal beverage, non-Intoxicating in
fact from which
a revenue of $270.000,000 could be raised, was
proposed by James A.
Emery, counsel for the National Association of
Manufacturers
before the Senate Finance Committee, considering tax legislation. April 13
His suggested stock transfer, sales and stock loan tax would
be the same
as recommended by the Ways and Means Committee,
Mr. Emery said.
The Volstead Act, he testified, should be amended to
"permit the regulation, manufacture and sale of a wholesome palatable,
cereal, beverage,
non-Intoxicating in fact, and taxed to raise a minimum of
8270.000.000."...
A letter from Secretary Mills in response to a request for "a
program
Of legislation adequate to balance the budget" was read to
the Committee
by Senator Smoot. following which Senator Harrison (Dem..
Miss.),
requested that the Secretary be asked to appear to present
more specific
proposals... .
Spokesman of Retailers Opposes Sales Taxes.
Harold R. Young, Washington, D. 0., representative of the
National
Retail Dry Goods A/sedation, expressed opposition "to every
form of
sales tax inciuding a manufacturers excise tax, a selective, or
so-called
luxury tax, a general retail sales tax, or turnover tax."..
.
Suggests Changes in Tax on Gross Incomes.
William H. Meredith, Detroit, Mich.. who stated that he was s tax
consultant, testified against the provisions (Sec. 23) on deduction from
gross income. lie asserted that some clients he knew, who are actually
practically bankrupt but will owe a large tax "will be wiped out this year."
He favored exclusion of capital gains and losses altogether in computing
Income.
Drastic Cuts in Federal Expenditures Suggested by
Lammot du Pont in Letter to Senator Hastings.
Pointing to the huge increase in Federal expenditures
indicated in the fiscal year 1931-1932, as compared with
those of five years ago,"a year of great industrial prosperity,"
Laramot du Pont, President of E. I. du Pont de Nemours 8G
Co., in a letter to Senator Hastings (Republican) of Delaware, suggests that drastic cuts could be effected in the
budget "provided Government officials and Congress are
ready to act in this emergency." Mr. du Pont proposes an
average reduction in government salaries of 15% and "an
over-all decrease of 15% in the number of employees." The
salary reduction, he said, would save perhaps $225,000,000
and the decrease in the number of employees an additional
$200,000,000. He also stated that $150,000,000 could be
saved in the Post Office Department with little, if any
increase, in postal rates if Congress would authorize the
Department to eliminate certain expenditures. "The expenses of the Department of Agricultural plus the agricultural Marketing Fund," said Mr.du Pont,"show an increase
of $332,000,000 in Federal expenditures for "agriculture over
1927, without counting $50,000,000 set aside by the Reconstruction Finance Corporation for direct loans to farmers
and $125,000,000 of additional capital subscribed by the
government to the Federal Land Banks. It certainly looks
as if at least one or two hundred million dollars might be
saved in this quarter." Mr. du Pont's letter, dated April 8,
and released for publication April 11, follows in part:
April 8 1932,
Hon. Daniel 0. Hastings,
Senate Office Building, The Capitol,
Washington. D. 0.
My dear Senator:
. . . The fiscal year 1926-1927 was a year of great industrial pro.perity when the Government was undoubtedly spending money
very
liberally. Yet the reports of the Secretary of the Treasury show
that
Federal expenditures during the fiscal year 1931-1932 will run approximately one billion dollars higher than five years ago. Can any
reasonable
citizen contend that a 28% increase in U. S. Government
Justifiable at a time when the income of the people of theexpenditures hf
United States
has declined by an even greater percentage?
You state that in tbt entire budget for the coming
year there is an Item
of only 11.107.400,000 "from which alone savings
can be made." This
seems like begging the entire question
Aside from the Interest
and sinking fund payments, which for the current fiscal
year amount to a little
more than $1,000.000,000, it would appear that
most of the other expenditures, amounting to more than $3.000.000,000,
can be drastically
provided Government officials and Congress
cut.
are
gency even to the point of changing legislation ready to act in this emerif necessary
The following statement is based on a
re-arrangement and analysis of
the figures published by the Secretary of
the Treasury in his annual report
issued in December 1931
A comparison is made by
important items
between Government expenditures for
the fiscal year ended June 30 1927.
Financial Chronicle
2844
and the budget for the current fiscal year ending June 30 1932. It will
be noted that the net increase In the expenses of major departments, commissions, &c., during the past five years has been $1.231,300,000. or 63%.
(Figures to nearest hundred thousands.)
1927.
1932.
Amount
of
Increase.
P. C.
Increase.
$3,493,600,000 $4,482,200,000 $988,600,000 28%
Total expenditures
Less: Interest and sinking
fund payments (statu1,120,500,000 1,016,800,000 *103,700,000 *9
tory)
less: Miscellaneous (not included in budgets of ma270,200.000 *139,000,000 *34
409,200,000
jor departments)
April 16 1932
National Credit Corporation to Make Third Partial
Payment to Subscribing Banks on April 22.
The third partial payment will be made on April 22 by
the National Credit Corporation to subscribing banks. As
we have previously indicated (in our issues of March 26,
page 2269 and April 2, page 2454), a 15% payment to subscribing banks was made by the Corporation on March 28,
and 10% was paid on April 11. In announcing on April 12
the third payment a notice issued by the Corporation said:
THE NATIONAL CREDIT CORPORATION,
Third Partial Redemption.
TO the Registered Payees of the Gold Notes of the National Credit Corporation
Issued under an Agreement made as of October 15 1931, between the
National Credit Corporation and the New York Trust Co.. as Agent of
the Loan:
Notice is hereby given that, pursuant to the provisions of the above
mentioned Agreement. the National Credit Corporation has called for
redemption and will on April 22 1932. be prepared to reclean- and pay 10%
of the original principal amount of each of its outstanding Gold Notes
(being the amount of a tnird partial redemption), upon presentation of
such Notes at the principal office of the undersigned. 100 Broadway, New
York City, for endorsement thereon of the payment wade.
Upon and after April 22 1932, sufficient moneys for such redemption
having been deposited with the undersigned by the National Credit Corporation, all interest on that part of the principal amount of each Gold
Note called for redemption shall cease.
As any interest on the Notes is payable only out of the surplus or net
Income of the Corporation all as more fully set forth in the Notes and
Agreement, interest, if any, on the amount of the redemption payment is
hereafter to be determined subject to the provisions' of the Agreement.
Checks will be issued only in the names of the registered payees.
Total of major departments,
$3,195,200,000 81,231,300,000 63%
$1,963.900,000
commissions. &c
THE NEW YORK TRUST COMPANY.
as Agent of the Loan,
•Indicates decrease.
transferred from the Interior Department
By A. C. Downing, Vice-President.
a Since the Bureau of Pensions was
to the Veterans' Bureau in 1931, in order to make a fair comparison with 1927, It
All notes that have not been deposited with the New York Trust Co.
Is necessary to combine the expenditures of the Interior Department and the Veterans' Bureau for each period, which results in an increase in expenditures in those should be presented so as to receive the payment mentioned. Checks will
two divisions of $168,600.000 for 1932 as compared with 1927. The addition of be sent direct to the registered payees of deposited Notes without any
$84,800,000 increase in Adjusted Service Certificate Fund makes an apparent total
further action on the pert of such payees.
ncrease of $253,400,000 primarily for veterans' "relief."
$1,963,900,000 $3,195,200,000 $1,231,300,000 63%
Balance expended
By major depts., commissions, &c., as follows:
177,300,000 113
333,600,000
156,300,000
Dept. of Agriculture
Agricultural Marketing Fd.
155,000,000 -155,000,000
(Farm Board)
167.700.000 614
195,000.000
27.300,000
Post Office deficit
161,300.000 106
312.900,000
151,600,000
Treasury Dept
122.900,000 34
483,700,000
360.800.000
War Department
60.000,000 19
378,900,000
318,000,000
Navy Department
41.800.000 220
60,800,000
19,000.000
Shipping Board
29.000.000 117
53,800.000
24.800.000
Department of Justice
23,800.000 77
54,700,000
30,90*.000
Dept. of Commerce
Other Independent offices
22.200,000 63
57,600,000
35,400,000
and COMM18,310138
12.700,000 64
32,400.000
19,700,000
Legislative establishment
4,200,000 42
14,100,000
9,900,000
Department of Labor...
Adjusted Service Certifi84,800,000 74
200,000,000
115,200,000
cate Fund
Veterans' Bureau (Veterans' Administration
784.400,000 a393,000,000 100
391,400,000
since 1930)
78,300,000 a* 224,400,000 .74
302,700,000
Interior Department
I should like to know why the foregoing figures do not indicate that
it should be possible to save even more than $1,000,000.000 per annum,
and so effect a reasonable balance of the budget, excluding the sinking
fund, without any additional form of taxation, provided our Government
officials will follow the same business methods that every corporation is
forced to follow in these times.
I am not presuming to suggest In which department or in what manner
the greatest savings should be made, but in this connection I should like
to call your attention to a few more facts. Postmaster General Brown
in his communication to Joseph W. Byrne, Chairman of the Economy
Committee of the House of Representatives, under date of March 14 1932,
made such statements as the following:
The bulk of the Post Office budget goes for salaries and wages (3556,could undoubtedly
000.000 in 1931)." . . . Substantial pay roll savings from fundamental
be made without impairing the service, but these must come
changes in the employment policy, which only Congress can authorize. . . .
There is no question that . . . the Postal Service is overmanned at
many places. . . . Although the Postal business is less in volume than
In 1926, the Department during the last fiscal year paid out approximately
$50.000.000 more for salaries and wages than in 1926. . . . If it were
possible to apply to the Post Office the methods which prevail in private
industry, the Department . . . could make a reduction of many
millions of dollars in operating costa.
The present salary scale was adopted six years ago and is uniform throughout the entire country, regardless of variations in local conditions. The entrance salary for Post Office clerks and carriers is $1,700 a year: and advances of $100 are given annually.
In 1931 the Department expended more than $106.000,000 for the salaries
of rural delivery carriers. It has been estimated that from $30,000.000 to
$50.000,000 a year could be saved by letting out the delivery of rural mails
to competitive bidding.
From this report it appears that, if Congress would grant the authority,
It should be possible for the Post Office to balance its budget with little
If any increase in postal rates, thus reducing Government expenditures
by perhaps 1150.000.000. or more.
Similarly, we note from the newspapers that Secretary Hyde reports
is the "prize boob
for the Department of Agriculture that his Department
on thinner security
In the history of finance" and is "lending more money
before in the history of money lendand sustaining more losses than ever
of Agriculture, plus
ing in the world." The expenses of the Department
of $332,000,000 in
the Agricultural Marketing Fund show an increase
Federal expenditure for "agriculture" Over 1927. without counting $50,Corporation for direct
000.000 set aside by the Reconstruction Finance
subscribed by
loans to farmers and $125,000,000 of additional capital
looks as if at
the Government to the Federal Land Banks. It certainly
saved in this quarter.
least one or two hundred million dollars might be
recent estimates,
Again I wish to point out to you that, according to
the annual Government pay roll amounts to at least $1,500.000.000.
State income taxes on salaries: many of
Government employees pay no
additional for "sick
them have 30 days' vacation each year. and 15 days
The coed
leave"; and many receive generous pensions upon le tirement.
of living, according to Government estimates, has fallen at least 15%
a general reduction in
since 1929. It may be suggested, therefore, that
Government salaries averaging 15% would leave purchasing power unchanged from the peak, and would save the Government perhaps $225,000.000. An over-all decrease of 15% in the number of Government
employees would save the taxpayer possibly an additional 1200,000.000.
In addition, the elimination of superfluous personnel reducce expenditures
for materials and supplies, office rent, service, accounting, and other
Items too numerous to m ntion. Such reductions as these would be
mild compared with what almost every private industry has been forced
to make.
Surely such facts as the foregoing Indicate that there is ample Opportunity to effect great economies in public expenditures. It should be
obvious that every dollar taken out of the taxpayer's pocket by the Government in times of depression reduces his purchasing power, Increases unemployment. and so tends to prolong the depression. 1 believe that the
most important aid to a recovery in business would be a sweeping cut in
the Federal budget. If laws must be changed to accomplish this result,
let us have the laws changed.
Since you have given your reply to the local papers. I am also releasing
this letter.
Sincerely yours.
(Signed) LAMMOT DUPONT.
According to the New York "Times" of April 13 the 10%
repayment on April 22 of the original principal amount of the
Corporation's outstanding gold notes will call for the distribution of about $13,500,000. The same account said:
The first redemption of notes, amounting to 15% of the $135,000,000
paid in, or 320.250.000. was made on March 28. On April 11. 10% of the
remaining amount of the notes. or about 311.475,000, was repaid. The
forthcoming redemption will bring the repayments to about $55.225,000,
leaving the corporation with about $79,775.000 of its notes outstanding.
George V. McLaughlin of New York Agency of Reconstruction Finance Corporation Disputes Statement
by Governor Roosevelt That Funds Are Not Available for Home and Farm Owner.
Disputing a statement reported to have been made by
Governor Franklin D. Roosevelt in a radio speech April 7
that funds of the Reconstruction Finance Corporation are
not available for owners of small homes and farms, George V.
McLaughlin, President of the Brooklyn Trust Co. and
Vice-Chairman of the Advisory Committee of the New
York Loan Agency of the Reconstruction Finance Corporation, has addressed a communication to the Governor in
which he indicates that "without exception, every New
York State institution catering to small home owners which
has applied to the Reconstruction Finance Corporation for
help has obtained it." Mr. McLaughlin's communication
follows:
Hon. Franklin Roosevelt. State House, Albany, N. y,:
I listened to your radio address on Thursday evening and noted the
portions thereof which stressed the difficulties of owners of small homes
and farms and asserted that the funds of the Reconstruction Finance
Corporation are not available for their benefit.
I refer to the paragraph which was quoted in the newspapers as follows:
"Closely associated with this first objective (restoration of farm purchasing power) is the problem of keeping the home owner and the farm
owner where he is, without being dispossessed through the foreclosure of
his mortgage. His relationship to the great banks of Chicago and New
York Is pretty remote. The $2,000,000,000 fund which President Hoover
and Congress have put at the disposal of the big banks, the railroads, and
the corporations of the nation is not for him."
As Vice-Chairman of the Advisory Committee of the New York Loan
Agency. Reconstruction Finance Corporation, I wish to call your attention
to certain pertinent facts which lam sure you were not in possession of when
you made the above statement. These facts are in part contained in the
first quarterly report of the Reconstruction Finance Corporation to Congress.
which covers its operations for the period beginning with its organization
and ended March 311932. This report shows that the total advances made
by the Reconstruction Finance Corporation have amounted to $192,346.t
Ofhis amount, $125,417,141.01 was loaned to 858 banks and trust
308 )1.
companies, making an average loan of $146,000 per borrowing institution.
Out of the 858 institutions assisted, only 21 were in New York State and 78
In the State of Illinois,
Advances were made to 91 banks in the State of Iowa. a predominantly
agricultural State. The report shows that loans were made to Joint Stock
Land Banks in California and North Carolina and to Agricultural Credit
Corporations In North Dakota and Virginia. Building and loan associations
numbering 30 have received advances totaling 3.2,430.500.
These figures cannot be disputed and they show clearly that practically
from
all of this. assistance was given to small institutions remotely located
New York and Chicago, the two cities that you refer.ed to in your address.
As a matter of fact, not a single large banking institution in New York
State has sought or received assistance from the Reconstruction Finance
Volume 134
Financial Chronicle
2845
The sum mentioned will, it is estimated, provide for all the financial
requirements of the applicant's system during 1932, including interest payments, that can not be met out of gross income. Any new loans obtained
from sources other than the Reconstruction Finance Corporation will reduce
the present requirements for borrowing from that source by the same
amount, as will also any extension of existing obligations maturing this
year. Extended negotiations looking toward new loans and extensions of
existing obligations have thus far failed to result in any definite commitments except that bank loans in the amount of $9,000,000 have been
extended from April 1 to June 1, removing that item from the list of
immediately pressing requirements. The applicant represents, however,
that the negotiations have been productive of further results and that it
it now advised and believes that it can refund the bank loans mentioned
and its first consolidated mortgage bonds maturing June 1 1932, in the
amount of $20,727,750, without calling upon the Reconstruction Finance
Corporation for the full amount of either of these items. Moreover, the
board of directors of the Railroad Credit Corporation on March 17 1932
adopted a resolution conditionally approving loans to the applicant in the
sum of $750,000 to be applied toward the payment of the interest of
$400,000 due May 1 1932 upon first mortgage 4% bonds, and the interest
due June 1 1932 upon first consolidated mortgage 4% bonds, amounting
to $414,540. One of the conditions of this approval is that the applicant
exhibit satisfactory evidence that arrangements have been made to finance
the maturities of $9,000,000 of short-term notes and $20,727,750 of first
resolution further provides, subject
Treasury Department Subscribes Remaining Capital consolidated mortgage bonds. The Reconstruction Finance Corporation,
should the
condition,
Corporation—Loans to that the advancethat the applicant by the Railroad Credit Corporation,
of Reconstruction Finance
to
pending
advance the applicant a like amount for the same purpose, the Railroad
Made.
Credit Corporation, upon funds becoming available therefor, will pay to
The Treasury on April 13 subscribed the remaining the Reconstruction Finance Corporation the amount of any such advances.
The applicant is now advised that it can refund the bank loans before
$150,000,000 of the $500,000,000 capital stock of the
in
June 1 1932 by payment of three
Reconstruction Finance Corporation. Associated Press, their present maturity on one-half, of the amount of such -fourths, orthe
loans and
any event not less than
reporting this, said:
to the holders of those loam new promissory notes,
execution and delivery
The Corporation will now either have to provide money from repayments bearing 5% interest, for a term of three years from June 1 1932. 'The
applicant is also advised and believes that it can refund its first consolidated
of loans already made or issue debentures.
The law provides that the Corporation can, if necessary. issue up to mortgage bonds before maturity. June 1 1932, by paying not less than
may buy or which may be one-half the principal amount of such bonds and delivering to the holders
$1.500,000,000 of obligations which the Treasury
an equal principal amount of its general and refunding mortgage bonds
sold directly to the public.
The board of directors of the Corporation has not deckled whether it for the unpaid portion of the first consolidated mortgage bonds. The
the repayments holders of the latter bonds are very numerous.
will be necessary to issue debentures, but in all probability
Relying upon this understanding, the applicant asks at this time a
of loans will not take care of further loans to be made.
On April 1 between $7,000,000 and $8,000,000 had been repaid on loans loan from the Reconstruction Finance Corporation in the amount of
$18,000,000, to be applied to the following purposes:
made since the establishment of the Corporation in February.
1. Refunding in part bank loans due by extension June 1 1982, principal
From Washington April 12 a dispatch to the New York $9,000,000, interest $135,000;
said:
"Times"
2. Refunding in part the first consolidated mortgage bonds of the appliSpeeding up of loans by the Reconstruction Finance Corp. during the cant due June 1 1932, in the amount of $20,727,750;
8. Payment of bond interest on May 1 and June 1 pending the consumfirst nine days of the current month makes It appear likely that, if the
present rate continues, funds now available to the Corporation through mation of a loan of $750,000 by the Railroad Credit Corporation applicable
exhausted before the end of to these items; and
stock subscription by the Treasury will be
4. Any remainder of the proceeds of the loan from the Reconstruction
the fiscal year.
Up to April 9 the Corporation had made loans totaling $218.292,251 out Finance Corporation to be used for the payment of additional interest
of and other liabilities.
of the $3511,000,000 provided by the Treasury Department. A total
If one-half of the bank loans and first consolidated mortgage bonds were
$52.738.666 was involved in advances made by the Corporation during the
first nine days of April. It has an authorized capitalization of $500,000,000 refunded through means other than recourse to the Reconstruction Finance
and is expected to announce in t‘ e next few days that the remaining $150.- Corporation, the total amount required of the latter Corporation for the
first three items mentioned would be $15,748,875.
000,000 of its stock has been subscribed.
The applicant further represents that on or before April 5 1932 it should
Although the Finance Corporation is authorized to issue debentures in
capitalization, giving it access to $2.000.000.- pay ad valorem taxes in the State of Arkansas aggregating $522,000. It
the amount of three times its
has cash in its treasury sufficient to pay these taxes in full, but after
000 of capital, all its financing to date has been through the Treasury.
doing so it will not have sufficient cash to meet the interest due upon its
first mortgage bonds in the sum of 4400,000 on May 1 1932; and in order
Inter-State Commerce Commission Approves $18,127,000 to avoid default upon the first mortgage bonds it will be inadvisable for
Additional Loans to Railroads from Reconstruction the applicant to pay the taxes unless it shall have had definite assurance
be available when
funds
Finance Corporation—Cotton Belt to Receive that the If the necessary to pay the interest will alsodue on April 11, it
applicant fails to pay the taxes when
needed.
$18,000,000 Advance—Loan to Be Guaranteed By will incur penalties in excess of $125,000, and it is said that the default
will seriously interfere with the fiscal affairs of the State of Arkansas
Southern Pacific Co.
and the subdivisions thereof.
to two railroads
Additional loans aggregating $18,127,000
The applicant represents that without the aid of a loan of $18,000,000
from the Reconstruction Finance Corporation have been from the Reconstruction Finance Corporation for the purposes above
of itself
mentioned
approved by the Inter-State Commerce Commission. This and system it will be unable to meet the financial requirementsability of
companies. It is our view that the question of the
makes a total of approximately $101,000,000 approved to the applicant to obtain funds upon reasonable terms through banking
date by the Commission to 23 roads. The loans approved channels or from the general public is one committed by Section 5 of the
Finance Corporation Act primarily to the Reconstruction
this week are $18,000,000 to the St. Louis Southwestern and Reconstruction
Finance Corporation.
$127,000 to the Aberdeen & Rockfish RR. The $18,000,000
As above indicated, the applicant has become a party to the "Marshalling
Credit Corporation,
cotton belt loan was approved by the Inter-State Commerce and Distributing Plan, 1931," of the Railroad in "Fifteen Per Cent instiCase,
our decision
carry
Commission on condition that "the loan should be secured tuted to178, I.out the purposes of I. 0. C. 215. The applicant has paid
C. C. 539; 179
1931,"
by the unrestricted guaranty of the Southern Pacific Co. of $18,588 to that Corporation for the account of January, derived from
Further payments are not due
the collection of both principal and interest of the note or the increases in freight rates permitted. the applicant is able to make of
until April 30 1932. The best estimate
notes to be given by the applicant to the Reconstruction the increased revenue from that source is a monthly average of between
Finance Corporation evidencing the loan." The loan to the $88,000 and $41,000 for the year 1932.
that it has made no agreement and will make
The
Cotton Belt is the largest single loan approved thus far by none toapplicant states association, firm or corporation, either directly
pay any person,
for the purpose of aiding the carriers in or indirectly, any commission or fee for the loan applied for herein, and
the Commission
purposes. The
meeting their financial obligations. The Commission recom- that it has made no payments and will make none for such or credits from
further than it has no obligations due to
that $400,000 be made available to the road by applicant states
mended
the United States other than those arising from transportation of mail
May 1, and the remainder by June 1. The money is to be or troops or from income tax matters.
Corporation. On the contrary, through their own facilities they have been
assisting small banking institutions. It is my personal knowledge that not
a single bank, guaranty company, insurance company or savings and loan
association has applied for help in this district that has not received it.
These facts were and are available to you through your Superintendents
of Banking and Insurance, who could have informed you that, without
exception, every New York State institution catering to small home owners
which has applied to the Reconstruction Finance Corporation for help.
has obtained it.
As you know, I am a member of the Democratic party and I was embarrassed when I found that you departed so far from the facts in that part
of your radio address which referred to the attitude of the Reconstruction
Finance Corporation in regard to assistance rendered for the benefit of the
small home owner.
I believe that leaders of public opinion should endeavor to instill confidence in the minds of the people of the country, but I fear that your radio
address may have the effect of discouraging the small home owner.
I feel sure that you will promptly clear up the erroneous impressions
which you may have created in the minds of your listeners.
George V. McLaughlin.
Vice-Chairman, Advisory Committee,
New York Loan Agency. Reconstruction Finance Corporation
used in paying one-half of the bank loans of $9,000,000 and
approximately one-half of the 1st consol. mtge. bonds of
$20,727,750 due June 1 1932.
The Southern Pacific Co. April 14 assumed corporate control of the St. Louis Southwestern fly. (Cotton Belt) -and
announced that it would guarantee the loan of $18,000,000
to the latter line conditionally granted by the Inter-State
Commerce Commission and the Reconstruction Finance
Oorporation. The Southern Pacific conformed completely
with rulings of the Commission in taking both actions.
The report of the Commission approving the Cotton Belt
loan in part follows:
Necessities of the Applicant.
The total financial requirements of the applicant, to and including
June 1 1932, which it appears cannot be met in full out of groas income
are as follows:
For May 11932:
Interest on 1st mortgage bonds
$400,000
For June 1 1932:
Interest on let consolidated mortgage bonds
414,540
Interest on bank loans
135,000
Maturity of lst consolidated mortgage bonds
20.727.750
Maturity of loans—
Chase National Bank of New York
7,000,000
Mississippi Valley Trust Co. of St. Louis
2,000,000
Total
830.877.290
The proceeds of the loan of $18,000,000 sought would be applied by the
applicant to paying in full the first three items above mentioned and
The Application.
for paying such part of each of the three items remaining as may bs
The amount of loan applied for is $81,727,750, to be repaid three years necessary under the general refinancing plan already described. Under
from the date or dates thereof. The application is made by the applicant that plan the applicant would be at liberty to use the proceeds of this loan
for the benefit and to meet the needs of itself and its leased and operating to discharge in excess of 50% of the bank loans now outstanding. We are
of the opinion, after investigation, that we should decline to approve at
subsidiaries embraced within its railroad system.
2846
Financial Chronicle
April 16 1932
this time a loan for the purpose of paying more than 50% of such bank tion the Southern Pacific Co. owned 87,200 shares
of the preferred and
loans; but in view of the representation of the applicant that for the 42,600 shares of the common stock of the Cotton
Belt. It sought to acquire,
success of the entire plan of refinancing the floating debt must be in addition, 59,380 shares of the preferred and
24,700 shares of the
eliminated, we are further of the opinion that our approval need not be common stock. The consummation of the plan
approved gives the Southern
withheld from loans by the Reconstruction Finance Corporation to dis- Pacific Co. control of the Cotton Belt by virtue
of ownership of 58% of
charge 50% of the said bank loans, provided the holders thereof consent the litter's outstanding capital stock, representin
g an investment approxito refund the remainder for a term of not less than three years.
mating $19,493,588. One of the conditions accepted
by the Southern
The urgent need of the applicant in respect of imminent maturities is Pacific Co. was that it should accept any
additional minority stock
for a loan of $400,000 to pay interest on Slay 1 1932 ; but it appears tendered to it for exchange prior to Jan. 1 1933
on the basis of one share
essential to the general plan for refinancing on June 1 1932 that provision of Southern Pacific stock for three shares
of Cotton Belt common stock and
be also made at once for the advance of the funds on the latter date neces- three shares of Southern Pacific stock for five
shares of Cotton Belt
sary to the consummation of that plan.
preferred stock. The Cotton Belt has become a part
of the Southern
With the above stated maturities and $750,000 for interest provided for Pacific system.
through new borrowing, extension of existing obligations, or exchange of
We are of the view that the interest of the Southern
Pacific Co. in the
bonds, the applicant estimated that it would have cash balances of $812,000 Cotton Belt is of an extent and character which
justify a requirement on
on April 1, $453,000 on May 1, $487,000 on June 1, $182,000 on July 1, our part that our approval of the loan now sought
should be conditioned
and $613,000 on Aug. 1 1932. These estimates were based on expected upon the guaranty by the Southern Pacific
Co. of the collection of both
gross revenues of $16,000,000 for 1932, the distribution by months being principal and interest of the note or notes to be
given by the Cotton Belt
based on past experience as to treasurer's receipts. Provision was made evidencing the loan.
for payments to the Railroad Credit Corporation. Actual cash balances
Conclusions.
are now about $200,000 below the estimates. As compared with the
Upon consideration of the application and after
investigation thereof,
expected cash balances mentioned, average monthly expenditures of
we conclude:
$1,465,000 for ordinary recurring items are estimated. The cash balances
1. That we should approve a loan of not to exceed
$18,000,000 by the
thus sought to be provided are hardly ample and will require at times Reconstruct
ion Finance Corporation to the applicant, of which
the deferment of payment of vouchers.
$949,540
is to be used for the purpose of paying interest above
The total of cash balances for the several operating companies on
more than $4,500,000 for discharging bank loans, and thementioned, not
April 2 was $761,810. Total audited vouchers unpaid was $823,944, inremainder for
retirement of maturing bonds, said loan to be available
in installments,
cluding $470,876 for Arkansas taxes.
$400,000 for maturing interest on May 1 1932, and
the remainder on
June 1 1932, for the other purposes hereinabove stated,
each installment
Security.
to run for a term not to exceed three years, subject,
however, to the
As security for the loan of $18,000,000 now applied for, the applicant conditions herein;
2. That the applicant shall pledge with the
offers that proportion of $29,235,875 of Its general and refunding 5%
Reconstruction Finance
Series A bonds due 1990 and of $600,000 of the first mortgage 4% bonds Corporation as collateral security for the loan not less than
$22,818,000,
of the Southern Illinois & Missouri Bridge Co. as the total loans to be principal amount, of its ge..eral and refunding mortgage 5% Series
A bonds,
made by the Reconstruction Finance Corporation bear to the sum of such due 1990, and $468,000, principal amount, of the first
mortgage 4% bonds
loans and the total principal amount of the three-year notes to be delivered of the Southern Illinois & Missouri Bridge Co., due 1951; but,
in any event,
to the Chase National Bank and the Mississippi Valley Trust Co. The not less than such proportion of the total principal amount of
bonds of
applicant's general and refunding bonds are part of an open issue secured these two issues which may become available for pledge
under the bank
by a direct first lien on 133 miles of railroad of the applicant's system loans and this loan as the face amount of this loan bears to
the sum of
and are also collaterally secured. The collateral security for the loan will this loan and the total face amount of the new loans to
be made by
Indirectly include $511,000 of Paragould Southeastern first and refunding the banks;
mortgage bonds, constituting the entire first lien on the 32 miles of rail3. The loan should be further secured by the unrestricted
guaranty of
road owned by that company. The above collateral will also provide, the Southern Pacific Co. of the collection of both principal and
interest
largely through common stock, second, third, or fourth liens on 279 miles of the note, or notes, to be given by the applicant to the
Reconstruction
Finance Corporation evidencing the loan;
of railroad owned by system companies.
On the remaining 1,231 miles of the 1,675 miles of the applicant's
4. That the applicant shall deposit with the Reconstruct
ion Finance
system, the general and refunding mortgage will be direct fourth lien Corporation its irrevocable order on the Railroad
Credit Corporation
when the first consolidated mortgage bonds, now superior in lien thereto authorizing, and, so far and under such conditions as
it has or may be
as respects that mileage, are exchanged or redeemed. As respects the same given the power, directing the Railroad
Credit Corporation to pay to
mileage the general and refunding mortgage bonds will be junior to the Reconstruction Finance Corporation the sum
of $750,000 and charge
$20,000,000 of trustees' certificates issued and outstanding against first the same to the account of the St. Louis
Southwestern RR. Co.;
5. That the applicant shall deposit with
mortgage bonds; $10,000,000 of trustees' certificates issued against second
the Reconstruction Finance
mortgage income bonds, of which, however, but $3,042,500 is outstanding, Corporation, before the second installment
of the loan is closed, binding
and $6,957,000 have been reacquired and will be pledged under the first commitments of the then holders of those
obligations, or proof of equal
terminal and unifying mortgage; and $21,638,000 of first terminal and force, showing that the bank loans of $9,000,000
and the first consolidated
unifying bonds, of which $8,063,000 is in the hands of the public and mortgage bonds in the principal amount of
$20,727,750, maturing June 1
$13,533.000 will be pledged under the general and refunding mortgage. 1932, can and will be refinanced for terms
of not less than three years
Issues prior to the general and refunding mortgage are closed except for from that date, without further loans from
the Reconstruction Finance
the terminal and unifying bonds which can only be issued in exchange for Corporation other than the loan herein
conditionally approved for these
and other purposes;
the general and refunding bonds.
The bonds under the general and refunding mortgage have been
6. That the applicant should be
but
required to notify the Reconstruction
recently authorized by us, none are outstanding, and the issue has
Finance Corporation and us, within
30 days from May 1 and June 1, renever
been dealt in on exchange. The first terminal and unifying mortgage
spectively, of the expenditure of the proceeds
5%
of each installment of this
bonds maturing 1952, just ahead of the general and refunding
loan for the purposes for which it is
mortgage
authorized; and
bonds in priority on the 1,231 miles of railroad above
7. That the Reconstruction Finance
mentioned, sold
Corporation will be adequately
for 42 on March 29 ; and have had a range in 1932 from 27
to 55, during secured under such conditions.
which period the bonds under the first consolidated
A berdeen & Rockfish RR.
mortgage were still
outstanding and constituted generally a lien superior
The Commission approved a loan of $127,000
thereto. On March 31
to the Aberdeen & Rock1932 the second mortgage income 4% bonds, maturing in
1989, sold for 42, fish RR. Co., for a period of not to exceed three years from the date
the low for the year. The high for the year was 50. This
thereof, by the Reconstruction Finance
issue is and
Corporation, subject to the folwill be generally superior in lien to the general and
refunding mortgage lowing conditions:
bonds. The first consolidated mortgage 4% bonds maturing
1. That the Aberdeen k Rockfish RR. deposit with
June 1 1932
the Reconstruction
sold for 68 on April 7. The range for 1932 has been from
42 to 89. This Finance Corporation, as collateral security for said loan, $127,000 prinIssue is generally just ahead of the first terminal
cipal amount, of its first mortgage 6% bonds, due May
and unifying bonds
1 1932, validly
in lien.
extended to mature not later than May 1 1935;
Further, with respect to the probable market
2. That the Aberdeen & Rockfish RR. agree with the Reconstruction
worth of the new general
and refunding mortgage bonds, it is noted that
under the refunding plan Finance Corporation to apply the proceeds of the loan to fund $127,000
these bonds will be accepted par for par in
exchange for approximately first mortgage 6% 20-year gold bonds due May 1 1932.
50% of the outstanding first consolidated mortgage
bonds, and in a similar
GEORGE B. McGINTY, Secretary.
exchange for all the terminal and unifying
bonds in the amount of
$13,490,000 now pledged as collateral for the
existing bank loans, also
that the trustee under the general and refunding
mortgage will eventually Reconstruction Finance Corporation Exempt from State
control the terminal and unifying bonds through
collateral holdings.
Tax—Minnesota Mortgage Levy Declared InappliThese above described securities constitute all
the collateral the applicant will have available for pledge, except certain
cable to Deed Given to Federal Instrumentality.
items of miscellaneous
collateral which it Is committed to pledge
to the Railroad Credit
The Minnesota mortgage tax may not be imposed upon
Corporation.
The aggregate funded debt of all companies
trust deed given by a Joint Stock Land Bank to the iteconof the Cotton Belt RR.
System actually outstanding, excluding debt
in inter-company account, struction Finance Corporation, the Minnesota Attorney-Genwas $67,256,750 on Dec. 31 1931, of which
$3,693,000 represented equip- eral's office has ruled. There is no question
that the Finance
ment obligations and the remainder
$63,563,750 debt secured by mortgages
of the fixed property of the system.
Corporation is
Federal instrumentality, the opinion said.
The total of $67,256,750 included
$10,000,000 for second mortgage income bonds.
The latter debt is evi- We quote from St. Paul advices, April 11, to the "United
denced by two bonds, a single bond of
the applicant in the amount of States Daily," in which the text of
the ruling was given as
$4,947,500 and a single bond of the St. Louis Southweste
rn of Texas in
the amount of $5,052,500. These
instruments are deposited with the follows:
Bankers' Trust CO. of New York, whose predecessor
We have your favor of April 5 1932, enclosing letter from
issued certificates
your register
against them in the amount of $10,000,00
0, of which, as before stated, of deeds, from which it appears that the Southern Minnesota
$6,957,500 have been acquired by the applicant.
Joint Stock
Adjusting on the basis Land Bank of Minneapolis has given a trust deed to the
of a set-off of the trustees'
Reconstruction
certificates against the bonds of the railroad Finance Corporation to secure its indebtedness to that
Corporation. This
companies, the net funded debt of the
railroad system actually outstanding, trust deed covers lands in Redwood and other counties of
exclusive of debt in inter-company
the State. The
account, becomes $60,299,250. Floating question arises whether this trust deed is subject to the
debt in the form of bank
mortgage registry
loans in addition to the funded debt was $9,000,000, tax provided by our statutes.
and the total of all current
liabilities, exclusive of intra-system items but
It is, of course, elementary that the State cannot tax
including the hank loans,
instrumentalities of
was $11,469,300.
These amounts do not the Federal Government, except in so far as Congress has
Include $1,577,000 of
authorized such
bonds of system companies held in the applicant's taxation.
treasury, $13,674,000 pledged
as collateral security, chiefly for the bank
The Reconstruction Finance Corporation, created
loans mentioned. and
by Act of Congress
$42.000 in sinking or other funds.
approved Jan. 22 1932. has a capital stock of $500,000.0
We do not consider the
00 subscribed by
collateral offered by the Cotton Belt the security the United States. The capital is
available, under Section 5 of the
to which the Government is
entitled under the special circumstances of to aid in financing agriculture, commerce
Act,
this case. We refer to "St. Louis
and industry, and to that end
authorized the Southern Pacific Southwestern Control," supra, where we the corporation is authorized and empowered to make loans to banks, trust
Co. to acquire control of the applicant companies, building and loan associations
, insurance companies, mortgage
herein by purchase of capital
stock,
we prescribed and which have been subject to certain conditions which loan companies, credit unions, Federal land banks, Joint Stock Land Banks,
accepted by the Southern Pacific Co. Federal Intermediate Credit Banks,
Agricultural Credit Corporations, LiveWe pointed out in that report that at
the time of presenting its applica- stock Credit Corporations, and to banks
in process of liquidation.
a
a
Volume 134
Financial Chronicle
2847
Loans may also be made to farmers under the direction of the Secretary
of Agriculture, and to railroad corporations with the approval of the InterState Commerce Commission. A reading of the act discloses beyond
question that the Reconstruction Finance Corporation is a Federal instrumentality, certainly as much so as a Federal land bank.
is now deposited in the United States Treasury, held in
trust for loans to weak roads, said the Washington correspondent of the New York "Journal of Commerce," the
•
account to which April 7 also said:
Supreme Court Rulings Cited.
The Supreme Court of the United States, in Smith v. Kansas City Title
St Trust Co., 255 U. S. 180, held that Federal Land Banks and Joint Stock
Land Banks are Federal agencies and that as such Congress had power
to emempt their bonds from State as well as Federal taxation.
In Federal Land Bank v. Crosland, 261 U. S. 374, the Supreme Court
of the United States held that a first mortgage executed to a Federal
Land Bank is an instrumentality of the Government and can not be
subject to a State recording or registry tax.
The language of the Federal farm loan act of July 17 1916 chapter 245,
section 26, is that "first mortgages executed to Federal land banks shall
be deemed instrumentalities of the Government of the United States, and
as such they and the income derived therefrom shall be exempt from
Federal, State, municipal and local taxation." (39 Stat. L. 360, 380).
Section 10 of the Reconstruction Finance Corporation act is as follow's
:
"Any and all notes, debentures, bonds, or other such obligations issued
by the corporation shall be exempt both as to principal and interest from
all taxation (execpt surtaxes, estate, inheritance, and gift taxes) now
or hereafter imposed by the United States by any Territory, dependency,
or possession thereof, or by any State, county, municipality or local taxing
'
authority.
"The corporation, including its franchise, its capital, reserves, and
surplus, and its income shall be exempt from all taxation now or hereafter
imposed by the United States, by any Territory, dependency, or possession
thereof, or by any State, county, municipality, or local taxing authority;
except that any real property of the corporation shall be subject to
States, Territorial, county, municipal, or local taxation to the same extent
according to its value as other real property is taxed."
The mortgage registry tax imposed upon a mortgage or trust deed taken
by the Reconstruction Finance Corporation would be, effect, a tax upon
assets of an instrumentality of the Federal .Government. Under the
decisions, such a tax may not be imposed.
I therefore advise you that, in my opinion, the trust deed in question
should be accepted and recorded without payment of the mortgage registry
tax provided by statute.
The action of the Committee to-day followed weeks of hearings on the
recommendations of the Inter-State Commerce Commission and followed
in principal the requests made in the annual report that the recapute clause
be repealed and the rate making provisions be rewirtten. since it was almost
impossible for the commission to follow the present law in the latter respect
because of the decision of the United States Supreme Court in the O'Falion
Bill Passed by Michigan House Authorizes Receivers
of Closed Banks to Apply for Loans from Reconstruction Finance Corporation.
Authority would be granted receivers of closed banks
to apply for loans from the Reconstruction Finance Corporation under the provisions of a bill passed by the House of
Representatives of the Michigan Legislature, said Lansing
(Mich.) advices April 9 to the "United States Daily" which
also stated:
The measure would give certain receivers in the State almost immediate
assistance, not allowed under present laws it was explained to pay
dividends and otherwise liquidate assets which hold back reorganization
plans.
Power to Pledge Assets of Closed Banks to Secure Loans
from Reconstruction Finance Corporation Defined
in Texas, North Dakota and Indiana.
The following, respectively from Austin (Tex.) Bismark
(N. D.) and Indianapolis (Ind.) all under date of March 31
appeared in the "United States Daily" of April 1:
Indications are the recommendations of the Committee will receive right
of way in the House, once the pending appropriation bills are disposed of.
It is also believed that approval will be given by the House to the recommendations, although there is much question as to whether similar action
will be taken by the Senate.
While enactment of this bill would wipe out from the beginning the liability of the railroads for "recapture"of half their net earnings in excess of6%
on their value for any year since 1920, it would also abolish the rule of rate
making under which the commission was directed to make rates to produce
"as nearly as may be" a "fair return" on the value of their properites.
Fair Return Percentage.
The percentage of fair return was fixed in the Transportation Act of
1920 for two years, after which the Commission fixed it at 53(%, but
the commission in its annual report told Congress that this had been found
to be impracticable. Both the rate making rule, which has often been
criticized as a "guaranty" and the recapture rule, were inserted into the
Inter-State Commerce Act at Section 15 (A) by the Transportation Act
amendments of 1920.
The Committee struck out Of the bill two provisions which had been especially emphasized by the Commission, the railroad organizations and
others that supported the bill. One of these would specifically declare
it to be the duty of the Commission to exercise its rate authority so that
the revenue will, so far as practicable, be sufficient for the maintenance
of an adequate system of transportation. The other provided that the
fact that revenues rise above normal or fall in periods of depression shall
not necessarily be regarded as reason for raising or lowering rates.
Credit Factors Stressed.
The importance of these was emphasized on the ground that repeal of
the percentage on value rule unaccompanied by some other assurance of
adequate revenue would have an unfavorable effect on railway credit.
With those provisions in the bill it had been indorsed in principle by the
Federal Commission, the State Commissioners' Organization, the National
Industrial Traffic League, representing the shippers. Association of Railway Executives, American Short Line Railroad Association, National Association of Owners of Railroad and Public Utility Securities, Railway Business
Association and railroad labor organizations. These organizations had also
all indorsed the retroactive repeal of the recapture law, on the ground that
it was having a bad effect on railroad credit in spite of the fact that the
roads as a whole have never earned the fair return contemplated by the
law, and that efforts to enforce it would merely lead to protracted litigation, sce the railroads are vigorously contesting the Commission's basis
of valuation.
The Washington dispatch April 7 to the New York
"Times" said in part:
Of the $361,465,815 estimated due the Government under the recapture
clause, only about $13,000,000 has actually been paid in by the railroads,
Chairman Rayburn said. If Congress adopts the Committee's recommendation, as Mr. Rayburn expects, the $13,000,000 will be repaid to
the railroads, he said, and attempts to collect any more BUMB, which have
been withheld by the roads pending litigation, will be abandoned. . . .
The valuation clause of the transportation act would be changed in
the proposed bill to provide that valuations shall only be made whem the
commission deems it necessary.
After original valuations, the bill would provide that the commission
thereafter keep itself informed of all new construction, extensions, improvements, retirements or other changes in the condition, quantity, use and
Classification of the property of all common carriers.
The Banking Commissioner, has authority to pledge the assets of the
insolvent banks under his supervision to secure loans from the Reconstruction Finance Corporation, according to an opinion just rendered by
Assistant Attorney General Sidney Benbow, to the Commissioner of Banking,
James Shaw.
Class I Roads Owe 93%.
A receiver or liquidating committee for a closed State bank in North
A compilation made by the Inter-State Commerce Commission shows
Dakota may be authorized by the court to pledge the assets of such banks
for loans from the Reconstruction Finance Corporation, according to a that of the total due the Government, $336,443,378, or 93.08%. is for
ruling by Attorney General James Morris, recently sent to Joseph Chapman, the Class I railroads; $15,929,742. or 4.41%,for Class II roads; $2,259,036
or 62%,for Class III roads, and $6.833,659, or 1.89%, for Class IV roads.
Manager of the Minneapolis Agency of the Corporation.
Up to the end of 1930 only $10,679,085.62 had actually been paid into the
The assets of Indiana banks in liquidation may be pledged to secure
loans from the Reconstruction Finance Corporation, provided such assets so-called contingent fund. none of which could be used for loan purposes
belong to a class which can not readily at the time they are pledged be because of litigation. This was paid by 97 railroads, chiefly short lines.
Of the total estimated liability, the railroads controlled by the United
reduced to cash without substantial loss, according to a recent opinion
Corp., or its subsidiaries account for a total of $52,258,640
rendered by Attorney General James M. Ogden, to the Bank Commissioner, States Steel ea
f the
Luther F. Symons.
The recapture liability of the four large Eastern coal-carrying railroads—
Norfolk & Western
Chesapeake & Ohio,
House Committee Approves Rayburn Bill to Repeal the the Virginian—was the Hocking Valley, the
and
estimated at $102,491,958.
Recapture Clause of Transportation Act—Proposes
New Rate-Making Base.
The Rayburn bill to repeat the recapture clause of the
Transportation Act and establish a new rate-making base
was approved on April 7 by the House Inter-State Commerce Committee. Associated Press accounts from Washington on April 7 said:
The measure retroactively repeals the provision that requires railroads to
give one-half of all their earnings over 5)i% to a revolving fund administered by the Inter-State Commerce Commission to aid weaker roads.
This will enable railroads to obtain refunds of 513,000,000 already paid
Into the fund and will relieve them of the necessity of paying $361,000,000
which the Commission had contended was due as excess earnings.
Litigation has tied up most of the claims the Commission has made upon
the railroads for earnings recapturable under the provision.
As a substitute for the present rate making base the Committee proposed
the following:
"In the exercise of its power to prescribe just and reasonable rates, the
Commission shall give due consideration, among other factors, to the effect
public
of rates on the movement of traffic; to the need,in the at the interest, for
lowest cost
adequate and efficient railway transportation service
consistent with the furnishing of such service; and to the need of revenues
sufficient to enable the carriers under honest economical and efficient
management to provide such service."
The repeal of tho recapture clause involves $361,000,000
in excess earnings of the railroads, of which $13,000,000
Few Have Paid Over $100,000.
Of the railroads which have actually paid money into the fund under
these areture provision only a few have paid in excess of $100,000. Among
recap
:
Bessemer and Lake Erie. $448,280.
Chicago & Illinois Midland, $199,219.
Cornwall, $177.091.
Dayton-Goose Creek. $183,127.
Detroit, Toledo & Ironton, $239,461.
Duluth, Missabe ,Sc Northern, $5,808,256.
Genesee & Wyoming, $486,107.
Illinois Terminal Co., $800,000.
fronton, $574,639.
Philadelphia, Bethlehem & New England, $152,191.
Richmond, Fredericksburg & Potomac, $194,919.
Unity Railways Co., $141.849.
recalass l prarollvirosaiodsns
Cp:re
it is estimated owe over $10,000,000 under the
are:
Chesapeake & Ohio. 847,779,611.
Norfolk & Western, $42,106,462.
Duluth, Missabe & Northern, $25,462,836.
St. Louis & San Francisco, $19,556,512.
Southern Railway, 815.838,881.
Reading Co., $13,749.555.
Bessemer & Lake Erie, $11,370,424.
Atchison, Topeka & Santa Fe, $11,015,315.
Other lines owing substantial amounts are:
Atlantic Coast Line, $9,722,431.
2845
Financial Chronicle
Nickel Plate, $8,817,365.
Union Pacific, $8,363,047.
New York Central, $4,842,577.
Baltimore & Ohio, $3,211,587.
Delaware & Hudson, $2,476,627.
Wabash (in receivership), $2,367,155.
New York, New Haven & Hartford. $1,066,710.
Seaboard Air Line, $1,094,540.
Some of the lines controlled by the United States Steel Corp. not included
n the list of those estimated by the commission to owe more than $10,000,000 are:
Birmingham & Southern, $236,077.
Duluth & Iron Range, $1,670.203.
Elgin Joliet & Eastern, $9,374,365.
Union Railroad (Pittsburgh), $3,814.226.
The liability to the fund of the four large Eastern coal-carrying railroads,
as estimated by the commission, follows: Chesapeake & Ohio, $47,779,611;
Hocking Valley, $5,241,115: Norfolk & Western, $42,106,462; Virginian,
$7,364,770.
Petition to President Hoover of Governors of Copper
Mining States Urging Immediate Imposition by
Congress of Copper Duty.
President Hoover was presented April 11 with a petition
signed by the Governors of the 12 copper-mining States
requesting that he recommend to Congress immediate
levying of such imposts as shall prevent "excessive importations of foreign copper" into the United States, for the
protection of "this basic industry." An item regarding the
action of these Governors in proposing a tariff on foreign
copper appeared in our issue .of April 9, page 2619. The
"United States Daily" of April 12 reported that the petition
was laid before the President by Frank H. Hitchcock of
Tucson, Ariz., who called on Mr. Hoover at the White
House at the head of a delegation made up largely of members
of Congress from the 12 States. The "Daily" further said:
April 16 1932
History shows that lasting prosperity in the copper mining industry in the
United States occurs together with adequate tariff protection, whether or
not this country exported small or large amounts of the metal. Tariffs which
which prevented excessive copper imports have benefited domestic copper
mining. Low prices for domestic copper have always followed Increased
importations of the metal.
• In consideration of the foregoing facts, we respectfully urge that you
apprise Congress of the plight of our copper-mining industry and recommend
the immediate levying ofsuch imposts asshall prevent excessive importations
of foreign copper. Very respectfully,
George W. P. Hunt, Governor of Arizona.
F. B. Balzer, Governor of Nevada.
Arthur Seligman, Governor of New Mexico.
James Rolph, Jr., Governor of California.
Roland H. Hartley, Governor of Washington.
Julius L. Meier, Governor of Oregon.
George H. Dern, Governor of Utah.
Henry H. Horton, Governor of Tennessee.
Wilber M. Brucker, Governor of Michigan.
C. Ben Ross, Governor of Idaho.
A. M. Clark, Governor of Wyoming.
J.E.Erickson. Governor of Montana.
Levy on Copper Imports Opposed by United States
Metals Refining Co.—Holds Metal's Status Cannot
Be Aided by Tariff.
Recovery of the copper industry is dependent on revival of
consumption, expansion of the metal's uses, and assurance
of a reasonably low and stable price, not upon a tariff, United
States Metals Refining Co., subsidiary of American Metal
Co., states in attacking the proposed tax of 5 cents a pound
on copper imports. From the "Wall Street Journal" of
April 5, we quote as follows:
Until copper consumption improves, it states, continuance of the present
drastic voluntary curtailment by the principal foreign and domestic producers is imperative if a further decline in price Is to be avoided. A tariff on
copper would immediately disrupt the present curtailment program and, in
Its opinion, throw the industry into new chaos.
Investment in Industry.
Primary copper consumption abroad in 1931 Is estimated at 775,000 tons,
The petition recited that millions of dollars invested in copper mining and or 48% of foreign capacity of 1,600,000 tons. United States consumption
dependent activities in the United States are threatened with total loss as was 454.500 tons, or 34% of its production capacity of 1,320,000 tons. Yet,
under the voluntary curtailment accord, both foreign and domestic particia result of foreign competition.
Members of the delegation said afterward, it was the consensus among pants are reducing to 20% of maximum.
a tax of at least five cents and possibly six cents per pound should
A tariff here would result in retaliatory tariffs abroad, limiting domestic
them that
output to domestic consumption. Many low-cost mines which do not require
be levied against copper imports.
The petition follows in full text:
and are not asking for a tariff would under the law of "survival of the
Dear Mr. President: We, the Governors of copper-mining States of the fittest" do the producing, the tariff opponents believe, and the high-cost
Union, respectfully submit the following general facts concerning the mines that are asking for the tariff would gain little benefit.
copper-mining industry of the Nation for your consideration as some of
Say Only Third of Producers Ask Tariff.
the many reasons justifying that immediate procedure be made for the
protection of this basic industry of our country.
Only about one-third of the domestic production, and that mainly highCopper mining in the United States is in extreme distress. Millions of cost, is asking for a tariff, the statement declares, as present productive
dollars invested in copper mining and dependent activities are threatened capacity of proponents is 457.500 tons and of those not petitioning for a
with total loss. Thousands of mine workers have lost their means of tariff 561,400 tons. In 1929 proponents produced 30% of domestic mine
making a living. They and their dependents lack even the common com- production, roughly 300,000 tons Out of 1,000,000. Two alone of the 40 or
forts of life. Public health, safety and welfare are menaced. Depression more domestic mining companies, Utah Copper and Nevada Consolidated,
in the copper-mining sections of this country is far lower than that gen- are capable of producing substantially more low-cost copper than the United
erally resulting from the current world-wide economic unbalance. An States is currently consuming, according to the statement, and these proimpending calamity is upon one of the Nation's basic industries.
ducers as well as other low-cost producers are not petitioning for protection.
The large majority of copper companies, it adds, are either neutral or
Foreign Competition.
opposing a tariff as futile and injurious.
Competition of foreign copper is the cause of this distress. The industry
"The copper situation is not more desperate than that oflead or zinc, both
In the United States has already lost domination of the world's copper trade tariff protected, or of a very large proportion of American industries, all
and new home markets are jeopardized.
suffering in this extraordinary depression," a company statement declares.
It is impossible for American mine workers to compete with low wage
"Conditions in the Western lead, zinc and silver mining districts are
foreign labor. Living conditions in the United States can not be on the same desperate. These are illustrated by the present disastrously low prices of
level with those of the primitive peoples of central Africa and the west coast these metals compared with the levels of two and three years ago, and by the
of South America.
comparative rates of metal production and the present activity of the
Copper ore deposits in the United States are comparatively low grade and Western mining camps.
American mine owners and operators are confronted with greater mining
Put Cost of Tariff at $100,000,000 Yearly.
difficulties than those encountered by their foreign cerapetitors. Transportation rates, materials, supplies, machinery and other equipment are far
"January production of copper was 32.2% of 1929 average rate, of steel
than abroad. Producers of copper in foreign lands 32.3% of 1929 average, while January production of pig
costlier in this country
iron was only 27.6%
have every advantage. They can sell their copper at half the price of of 1929 monthly average. The copper industry is only one of many industries
domestic copper and realize a greater profit.
that are suffering in this tragic depression. It has been exceedingly prosperous and will be prosperous again when business recovers. Its difficulties
Desperate Situation.
are not unique and it doom not deserve the tariff equivalent of a dole. An
Our copper mining industry now presents a dismal picture. Shafts are effective 5 cent tariff
would in normal times cost American consumers of
closed, smelters are cold, mills are dormant. Towns and cities are being de- copper approximately
8100.000,000 a year.
populated. Idle mine workers are swelling the ranks of the unemployed.
"Copper tariff proponents claim that they are merely asking for the right
Business establishments are closing their doors. Public welfare institutions to share in the
traditional tariff policy of the United States. Subsidizing of
are helpless. Conditions in many places are desperate, and the stagnation economic senility has not
been part of the tariff policy. The American
is tpreading.
copper consumer should not be required to subsidize a small minority group
For years copper mining activities in the United States have provided of Western mines which
have had long and prosperous lives and paid huge
large markets for agricultural products, raw materials and manufactures of dividends, but which are now reaching
the stage of decrepitude where they
the Nation. They have created millions of tons of freight traffic for railroads should submit to the
inevitable end Which has awaited throughout history
and other transportation systems. They have been outlets for billions of all mining enterprises.
board feet of timber and lumber, enormous volumes of fuel oil, great quanti"A copper tariff would be ineffective in increasing the domestic price of
ties of machinery, tools, equipment, other materials and supplies, home and the
metal. It is an economic axiom that no tariff can raise the price of a
office furnishings, wearing apparel, foodstuffs, automobiles and other commodity
when there exists an exportable surplus of that commodity.
products.
For the last 11 years, the United States has had an average annual exportable
Curtailment of copper mining has brought about the wiping out of copper
copper surplus of 127,000 tons.
stocks dividends, has seriously reduced the profits in related and dependent
"The alleged flood of African copper that is pouring into the country is
Industries, and seriously reduced the Income of not only mine workers but of
a myth."
thousands of workers in other industries.
The statement declares that in the last 45 years the "utter ruin of the
Taxes for towns, cities, counties and States and revenue for the Federal
Government have been largely diminished by the inactive condition of copper industry" has been predicted six times, but after each crisis copper
has come back stronger and more virile than over.
copper mining in the United States.
Needed in National Defense.
Copper is an essential part of almost all war machinery and munitions.
With the disappearance of copper mining in the United States the defense of
the Nation would be materially weakened. Once the copper mines of the
country are closed, our Army. Navy and air forces would be placed at the
mercy of foreign copper producers.
Enemy blockades could hamper or cut off these sources of copper
supplies.
Copper mines in the United States would then have to be
reopened. Mining
machinery, mills,smelters and refineries would have to be
rehabilitated, and
vast numbers of engineers and miners organized. Months would
pass before
production would result. Until that time, national defense would
be greatly
weakened.
Senator Hayden Introduces Amendment to Revenue
Bill Proposing Duty of Five Cents a Pound on
Copper Imports.
Senator Hayden (Dem.)of Arizona, introduced on April 6
an amendment to the revenue bill calling for a levy of five
cents a pound on copper imports. He announced that
Senators Vandenberg (Rep.) of Michigan, and Wheeler
(Dem.) of Montana, joined him in submitting the measure.
Volume 134
Financial Chronicle
The Associated Press dispatches April 6 from Washington
added:
The same Senators were authors of the resolution under which the Tariff
Commission investigated the differences in the cost of production between
domestic and foreign copper.
The Commission found the average cost of domestic copper to be 13.29
cents a pound.
The Senators said that since the market price of copper is 6 cents, a tariff
of at least 10 cents a pound would be required to extend complete protection.
2849
through income taxes, or whether to soak the poor through sa.es taxes o
their inadequate income.
"If the Federal Government can't raise enough money by direct income
taxes, it can't raise it by indirect income taxes on sales or purchases, and no
person with Yi of 1% of patriotism or decency would keep an income over
$50,000 if doing so involved a sales tax or any other kind of fool consumption taxes.
"The masses of the people can't pay interest, rent and Federal taxes,
and they should not pay Federal taxes till the owners of both old political
parties are compelled to pay for the wrecking of our economic system.
"No budget can be called balanced that does not take into account the
responsibility of the Federal Government to the unemployed."
The tax on incomes in excess of $1.000,000 should be increased to a
ma.imum of 75%, Mr. Marsh said, and the minimum estate tax on the
excess of $10,000,000 should also be 75%.
Mr. Marsh also suggested that income taxes on high incomes be made
retoroactive to produce revenue needed now. He gave figures on taxexempt securities as including about $36.000,000,000. Of this amount,
Mr. Marsh said, $23,041,000,000, by a recent estimate, mostly issues of
States, counties and municipalities are wholly exempt from normal tax and
surtax, and about $12,800,000,000 of United States Government securities
are exempt from the normal tax.
Mr. Marsh predicted that a "capital levy" to pay off the Federal debt
Is coming because the people are "getting tired" of seeing a small minority
of the people owning a great majority of the wealth and getting most of
the income.
Levy on Incomes to Include More Taxpayers Urged by
M. L. Seidman of New York Board of Trade—
Advises Senate Committee to Lower Exemptions.—
Opposes Imposition of Dividend Charge—Benjamin C. Marsh, Appearing for People's Lobby,
Asserts Higher Incomes Should Pay Additional
Imposts.
A broadening of the income tax base by so reducing
exemptions that more persons contribute to the cost of
Government was advocated April 7 before the Senate Finance
Committee hearing on the tax bill (H. R. 10236). Heavy
taxation of incomes above $10,000, higher estate tax rate, Before Advertising Exposition and Conference Edwin
taxation of incomes from tax-exemption securities, and of
Bird Wilson Contends That Public Confidence
corporation surpluses, also were suggested. According to
Would Be Tremendously Strengthened If Strong
the "United States Daily" the first policy was suggested by
Banks of Country Would Courageously Advertise
M.L. Seidman, representing the New York Board of Trade.
at This Time.
and the latter by Benjamin C. Marsh, Executive Secretary
"If every strong bank in the country would courageously
of the People's Lobby, Washington, D. C. The paper from and properly advertise at this time, public confidence would
which we quote continued:
be tremendously strengthened," is the statement made at
A third witness was John R. Elliott of Kansas City, President of the
Pittsburgh, on April 14, by Edwin Bird Wilson, pioneer
National Sporting Goods Distributiors Association. He protested against
the sales tax on sporting goods, as a tax on the physical welfare and develop- financial advertiser and President of Edwin Bird Wilson,
ment of "Young America". He suggested that the tax be eliminated en- Inc., New York, before the fifth annual Advertising Expotirely, but failing that, that a number of clarifications of the language of
sition and Conference of the Pittsburgh Advertising Club.
the section be made.
According to Mr. Wilson, "too many banks have disconReducing of Expenses.
Mr. Seidman stated that the New York Board of Trade is in favor of tinued their advertising during the depression. Too many
balancing the budget "at any cost," but hopes that it can be done to a great mave decreased it. Too many have failed to begin it. There
extent by the cutting of governmental expenditures.
"During the last two years," Mr. Seidman continued, "the great ma- may be conditions where silence is golden, but in general
jority ofsalary and wage earners employed in crowded industries throughout the situation calls for the public assertion by banks of
the United States have had to take cuts in their earnings of from 10 to 40%
stronger-than-ever comand they considered themselves fortunate to have employment at all. It confidence in themselves. The now
Is a great satisfaction to know that the idea has finally taken root that mercial banks can lead the way to business restoration by
Government expenditures must be cut. The reorganization of boards and using this sound method of re-establishing public confidence.
bureaus, however, is a slow process, and we wonder whether during the
emergency and until a complete reorganization takes place, it would not Some have kept up their confidence-building work all
be a fair thing to cut governmental salaries at least in proportion to the through the depression. They will be the first to feel the
reduction in the cost of living within the last two years. We make this benefits." Mr. Wilson continued:
statement with the full recognition that Government employees generally
have not been too liberally paid in the past, but this is an emergency to
which private individuals have had to comply."
"And in the fiduciary field those elements of advertising which were
prominent a few years ago have served their purpose. The best type of
present trust advertising assumes that the prospective maker of an estate
Exemption of Dividends.
or trust is a business man or woman and must be sold on trust company
Mr. Seidman said his Board is in full agreement with Secretary Mills service by sound business arguments. The sad pictures of widows, empty
on the exemption from normal taxes of dividends on stocks, setting into the chairs and crying orphans are replaced to-day by pictures of business men
law the net loss provision permitting losses to be carried forward a year. and women planning their estates to make them as useful as possible to
placing the estate tax at a maximum of 25%, and elimination of the pro- heirs and beneficiaries. Why this corporation or that is qualified to act
posed transfer tax of M of 1% on stock, and to reduce the same to 4 cents in planning estates and managing them economically is the modern keyper share as originally recommended by the Treasury Department; also note, a note that rings true to present conditions. In harmony with this
elimination of the bond transfer tax which is proposed at Ji of 1%.
keynote is the advertising that points out the necessary doucrnents, while
In speaking of the proposal to disallow securities losses from regular of trusts employing an attorney to prepare the necessary documents, while
income, Mr. Seidman said:
the fiduciary keeps its proper place as business adviser and manager.
"Should this proposal be adopted Congress will be taxing what is now Co-operation on a fair basis between attorneys and trust institutions is
the only consolation left to the poor security owner for the ttaggering losses fundamental to the continued full success of the beneficent work of
and the dwindling of values that he has had to contend with. The denial corporate trust management. It will be a good day for both the bar and
of such security losses is not equitable, does not impose a tax in accordance the trust institution when complete understanding prevails between the two.
with ability to pay, and certainly gives an unfair advantage to those tax"When we boil things down to their essentials, there are two enormously
payers who took such losses during 1930 and 1931.
important economic problems in America to-day:
"Those who listened to promises of prosperity being 'just around the
"(1) To provide steady, profitable employment for all who wish It;
corner,' or who, from patriotic motives, refrained from aggravating an al"(2) To provide safety and profitable investment for all money that a
ready aggravated situation in the security market are now confronted not fully employed people with to save out of the wages of their work.
only with an additional shrinkage in their security values, but with a
"The savings banks have had a splendid record during the present depresfurther loss of the income tax deduction given to others who did sell before sion in supporting high-class securities, and they are standing together
1932."
for the protection of one another's deposits.
In concluding that this proposed legislation will not bring about addi"One of their outstanding accomplishments is the transformation from
tional revenue, and that it will dry up speculative and investment enter- the old-fashioned strong box for the pennies of the poor to the modern
prise, Mr. Seidman stated:
financial institution for the protection and conservative investment of the
"It will make it more difficult to attract capital. What incentive would funds of all classes and kinds of people. To-day the savings banks, due to
there be for a man to put his money into securities for profit when and if their own sound and progressive methods of service and their intelligent
he realizes such a profit, he will have to part with the major portion of it advertising, are looked upon as the banks of the people, big and little,
In Federa, income taxes, plus perhaps a stiff State income tax? However, young and old, high and low, rich and poor. The savings banks have not
should he sustain a loss, he will have the privilege of footing the bill 100%• only preserved confidence, but also have built new confidence.
Mr. Seidman said the Board of Trade would rather see a high income tax
"In the field of investment distributing, the primary problem to-day for
than a sales tax and favored a manufacturers' sales tax "as a last resort the security manufacturers and merchandisers is how to coax back the
only" find "if absolutely necessary."
lambs, not in order to fleece them, but to provide means by sound investFollowing his suggestion that cutting expenditures by a reduction in ment for feeding and clothing them so that they may grow Into prosperous
salaries might avoid the necessity for increasing incomes, Senator Smoot flocks.
"The American people will work (if they have the opportunity); they
(Rep.) of Utah, told Mr. Seidman such action would not produce the
needed revenue, and Senator Couzens (Rep.) of Michigan remarked that a will save part of their earnings and lend to industry to make more work.
Financial leadership has the task of providing these millions of lenders
cut in salaries "would not happen."
20%
with investments worthy of their industry and thrift.
Taxing of High Incomes.
"The next five years are likely to see more good, sound securities manu"Very heavy taxation of incomes of $10,000 up in necessary to prevent factured and offered for sale than during the past decade.
It will be a
wide-spread repudiation and defalcation," Mr. Marsh told the Committee. good time for the investor, a good time for the best
investment houses,
Mr. Marsh urged that revenue needed to balance the budget be obtained
but a poor time for the financial gamblers—both sellers and
buyers.
by increasing surtaxes very rapidly above $10.000, increasing estate tax
"The next five years will be a good time also for security
advertising.
rate, taxing incomes from tax-exempt securities and if necessary. cor- There will be better goods to advertise, better investment
houses to dierstronger,a
.
poration surpluses, and "plugging up the bung holes of administrative tise. There has been a great hou ver aninh.ir trusteeshi
than esecleof tge
he survioT
provisions of the Revenue Act." The sales tax and excise taxes on neces- cleaner and more conscious
p
. Decentbecause
adversities he characterized as "a cowardly means to plunder the helpless and a tising of decent financial goods will have a fairer chance
of success, because
fool's first aid to hoarders."
the elimination of factors which robbed the fieldsof
soLeuntdth ahip,
i dest
e
"The Treasury Department can estimate with an exemption of $3,000 or
"Advertising leadership should be yoked with banking Investment
to
$2,000 what normal tax rate and what surtax rate are needed to balance the promote real investment and to discourage speculation,
e big fellows
budget in which a decent Congress would have included provision for the speculate if they will—but with their own
money! Let us help the
unemployed." Mr. Marsh continued: "Congress must decide whether to millions of small investors, who in the
aggregate far outweigh the
big
tax those who have an adequate income in proportion to its adequacy, fellows, to conserve their savings and lend them
for permanent prosperity."
2850
Financial Chronicle
Confidence Building Program for Bank's Approved by
Directors of Financial Advertisers' Association.
An educational program which focuses public attention on
America's wealth and stability, and on the fact that retailing, industry, banking and other fundamental lines of endeavor are helping their communities to speed business
activity is being released by the New Business Corporation
of Chicago. The program is the result of eight months of
co-operative endeavor on the part of a group of men prominent in business, banking and public relations. It was
inspired by a group of bankers who saw the need for an
expression of confidence in the future of industry, commerce
and finance, that could be national in its viewpoint and
at the same time entirely local in its application to the
problems of a banking community. Recognizing the difficulties of the general sithation, the organizers of the program have adopted an approach which, it is stated, any bank
may safely use in its local community. They have kept
the plan flexible to suit the conditions of any individual
locality. It is contemplated that the program will be published concurrently by leading banks the country over. In
some cases, two or more banks will sponsor the program
together. In other cases, it becomes a local clearing house
project.
The prime motive of the program is to reveal banking for
what it is—the axis of the business community, touching
all industries and activities, and contributing to their fundamental soundness and potentiality.
The organizers of the Confidence-Building program have
adopted an editorial approach to the problem calculated to
summon up the courage and resolution of the public generally, set them to thinking and talking about the growing
encouragement of the present and future, and acting with
confidence rather than through fear. Banking's story is told
through this New Business Corporation program. This
story is told in part in connection with each of the institutional display units. It is also told in a brochure, "Looking
Ahead With Banking," that is made available through the
display units and by selective distribution, as to which the
announcement of the New Business Corporation, issued
April 11, said:
"Looking Ahead With Banking" is a 32-page booklet that tells bow a
April 16 1932
our trade and travel, and intereoastal shipping problems. For those planning to attend the National Foreign Trade Convention in Honolulu, May 4
to 6, it is announced that the special cruise ship from Honolulu will reach
San Francisco May 13, in time for you to be present at the National Chamber's annual meeting.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made last week for the sale of seven
New York Stock Exchange memberships at prices ranging
from $101,000 down to $83,000, the latter being the lowest
price since 1924. The individual transfers were made at
$101,000, $98,000, $90,000, $87,000, $85,000 and two at
$83,000, in the order named. On April 9 a seat was sold
for 0,000, which was a new low price for the depression
and on April 14 a membership was transferred for $81,000.
On April 8 a membership on the New York Cocoa Exchange was sold for $1,500, as compared with $1,750 in the
previous sale.
A statement of The Chase National Bank of New York
as of March 31 was made public April 9 showing total
resources of $1,866,688,000. Cash in the bank's vaults,
Federal Reserve Bank and other banks amounted to $327,674,000. Investments in United States Government securities were $176,552,000. Short-term municipal and other
securities maturing within two years were $51,080,000.
Other bonds and securities, including stock in the Federal
Reserve Bank, were $101,354,000. Loans and discounts
amounted to $1,025,865,000. Total deposits were $1,328,736,000. The figure of undivided profits as of March 31
was $20,789,000. This compared with $19,075,000 on
Dec. 31 last. Special reserves on March 31 were $28,649,000, as compared with $25,475,000 at the close of the year.
The capital of the bank remains unchanged at $148,000,000
and the surplus is unchanged at $124,000,000.
After a service of over 50 years, begun with The First
National Bank, New York, in 1880„ Charles Elliot Warren
retires as Vice-President and Chairman of the Advisory
Board, Mid-Town Group of the Irving Trust Co. of New
York. Until the consolidation with the Irving Trust Co.,
Mr. Warren was President of the Lincoln National Bank,
known as the Vanderbilt Bank,located on 42nd St., opposite
Grand Central Terminal, and which was organized by old
Commodore Vanderbilt and New York Central RR. interests, 1882. Mr. Warren has been prominent in the
world of finance and has enjoyed a distinguished career.
He served a number of years as Vice-President and President
of the New York State Bankers' Association; member of
the Executive Committee of The American Bankers' Association of the United States; was one of the Committee on
Admissions, New York Clearing House. As to his career,
a statement says:
bank serves the community; how it helps every business and every family,
how deposits are safeguarded, how checks are handled and accounts kept,
how a bank lends money, how to read a bank statement, and how a
depositor can get the most out of his banking connection.
"Looking Ahead With Banking" was compiled under the direction of
Carroll Dean Murphy, President of the New Business Corporation and Chairman of the Confidence-Building program editorial board. Co-editor of the
Confidence Building program, and consultant on its building and distribution to banking communities throughout the nation is Arthur R. MacDonald,
business and publishing adviser, Chicago.
Announcement of the endorsement by the Financial Advertisers' Association of the New Business Corporation's program was recently made, following
the program's presentation to a meeting of the Board of Directors of the
Financial Advertisers' Association by a committee composed of H. A. Lyon,
advertising manager Bankers' Trust Co., New York; Jacob Kushner,
Assistant Secretary and advertising manager United States Trust Co.,
During the early part of the World War, Mr. Warren was called to
Washington as a'dollar-a-year man and served at Vice-Governor and as
.
Paterson, N. J., and Frank G. Burrows, advertising manager Irving Trus
a member of the War Credits Board, Secretary of War's office, handling
Co., New York.
billions of dollars in connection with munition supplies for American
Expeditionary Forces.
Twentieth Annual Meeting of U. S. Chamber of ComGeneral Warren is a graduate of the Seventh Regiment, New York
merce—Subjects to Be Discussed at Round Table National Guard,served on the 27th Division Staff, and was made Colonel.
514th Coast Artillery, U. S. A., and later, for services, World War. Army
Conference.
and National Guard, was promoted Brigadier-General. He was awarded
At the twentieth annual meeting of the Chamber of Com- by the President of the United States, the Distinguished Service Medal;
by his State, the Conspicuous Service Cross; by France,
merce of the United States, to be held in San Francisco, Legion d'Honneur, and Medaille de la Reconnaissance,La Croix de la
and Cross of
to May 20, there will be, on the afternoon of May 19, Officer Ordre de Saint Georges et de Notre-Dame du Mont Carmel, one
May 17
of the oldest ecclesiastical and military orders in the world. General
Warren
a round table conference on the subject, "Clearing the For- Is the Commandant of the Historic Veteran
Corps of Artillery of New
eign Trade Channels."
York, and is a member of the Society of the Cincinnati.
Outstanding problems of our export and import business will be presented
by men prominent in their respective fields on the following topics:
A meeting of the shareholders of the Bank of Sicily Trust
(1) "Foreign Tariff Barriers to United States Export Sales"—Discussing
foreign tariff levels, surtaxes, quotas, licensing; also reciprocal and prefer- Co., New York, has been called for April 20 to approve an
ential tariff agreements in relation to most-favored-nation treatment, and increase in the capital of the company from $1,600,000
to
the possibility of reciprocal tariffs for the United States.
$1,800,000. The increase will be effected by increasing,the
(2) "Effect of Depreciated Currencies and Exchange Restrictions on
United States Foreign Trade"—Discussing United States tariff measures number of shares of stock from 80,000 at $20 par value to
aimed to meet depreciated currency competition; the effect of such com- 90,000 at $20 par value. The stock will be
offered to sharepetition on our export trade; the extent and effect of exchange restricholders at $50 per share, in proportion of one share of new
tions on export trade, and "exchange clearing" arrangements.
(3) "'Buy-at-Home' Campaigns in Relation to Our Export and Import for eight shares of old. An offer has been made by the
Trade"—Discussing the effect of such campaigns upon our export trade Banco di Sicilia, of Palermo, Sicily, to
subscribe for all
and what the effect would be of similar campaigns in the United States.
(4) "What the American Chamber of Commerce Abroad Can Contribute stock not taken by the shareholders. The enlarged capital
•c, Our Trade Recovery"—Discussing American chamber activities in the is to become effective April 27, 1932.
field of tariffs, taxation trade contacts, and promotion of international
good-will.
On the afternoon of Friday, May 20, there will be a general session on
George M. Prisco, 28 years old, who did not know until
"The United States and the Orient," including not only
a general review seven weeks ago he had been indicted last summer with his
of our relationships but also specific
presentation of the trade situation
and a brother in the misappropriation of about
and the silver situation. The
relationships of the United States with father
Canada will be the subject of an address
at the annual meeting dinner on $188,000 from the Prisco State Bank in Mulberry Street,
ti-e night of Wednesday, May 18.
founded by his father, died on April 5 of tuberculosis at
On the afternoon of Wednesday, May 18,
there will be a round table
d'ccuasion on "Overseas and Coastal
Shipping," taking up the present Saranac Lake, N. Y. The New York "Times" of April 7,
pi blenis of rxeneas shipping, the
,
importance of American shipping to from which we take the foregoing, also said:
Volume 134
Financial Chronicle
Two indictments charging him, as a Vice-President and Cashier of the
bank, with misappropriating part of the funds, were returned at the time,
in August, grand larceny indictments were handed up against the father,
Raffaele Prisco, President of the bank, and a brother, Joseph W. Prisco,
who also was a Vice-President and Cashier. The father was sentenced in
February to a penitentiary term by Judge Levine in General Sessions
on a guilty plea, and a two and one-half year term in Sing Sing was imposed
on Joseph, who also pleaded guilty.
George Prisco was at Saranac Lake when the bank was closed last July
by the State Banking Department, and word of the subsequent indictments
was kept from him because of his weakened condition. When he read
last Feb. 18 of the imprisonment of his father and brother, however, he
got into an automobile and was driven to the home of his mother in Brooklyn, where he collapsed.
The next day Francis D. Murphy, young Prisco's lawyer, notified
Detective-Sergeant William A. Sullivan of District Attorney Crain's
office of the young man's arrival there. Sullivan, who had a bench warrant
for the invalid, hurried to the address, accompanied by Dr. Perry M.
Lichtenstein, medical examiner for the prosecutor. On a report they made
to Mr. Crain, after a talk with the Prisco family physician, the warrant
was not served, and permission was granted last Monday by Judge Levine
to take the young man back to Saranac Lake, where he died in a little more
than 24 hours.
An item regarding the sentence imposed on Raffaele
Prisco and Joseph W.Prisco appeared in our issue of March 5,
page 1702.
James A. O'Gorman was elected a member of the board
of directors of the Manhattan Company,New York, effective
April 8.
Bertram Hull Fancher, retired Vice-President of the Fifth
Avenue Bank, New York, died on April 9 at the age of 66.
Mr. Fancher, when 19 years old, entered the employ of the
Fifth Avenue Bank as a clerk and messenger remaining with
the Bank until his retirement in 1928. From 1910 until the
time he retired Mr. Fancher served as a Vice-President.
Since 1929 he had been President of the Industrial Banking
Corporation of America. He was also Chairman of the
Board of the Lincoln Fire Insurance Company, a director of
the American Reserve Insurance Company of New York
and the Fire Reassurance Corporation of New York.
Jesse Marshall Smith, formerly a Vice-President of the
Chemical Bank & Trust Co. of New York, died April 14.
Mr. Smith who was 73 years old had been in charge of the
Bank's branch office at 320 Broadway. In his early years
he was associated with the Bradstreet Company; later he
became an expert, especially in the textile industry. In
1903 after serving as credit man for the dry goods house of
Lee Tweedy & Co., he joined the Citizens National Bank at
320 Broadway, and later became a Vice-President. When
the Citizens National became a branch of the Chemical
Bank & Trust Co., following the merger of the two institutions, Mr. Smith was placed in charge of the office and
continued in that position until January 1931. Since then
he had been a member of the advisory board of the branch,
which is largely concerned with textile accounts.
Effective March 18 1932, the First National Bank & Trust
Co. of Mamaroneck, N. Y., capitalized at $150,000, was
placed in voluntary liquidation. This institution was succeeded by the First National Bank in Mamaroneck.
2851
the University. After three years of journalism in New
York he returned to the advertising field with Batten, Barton, Durstine & Osborn,New York agency, and was assigned
to work on several New York bank, insurance and trust
promotional campaigns.
James D. Brennan, President of the Atlantic National
Bank of Boston, Mass., since March 18 last, and prior to
that time for many years identified with the First National
Bank of Boston, died suddenly at his home in Swampscott,
Mass., on April 8. He had been ill for two weeks, but his
condition was not regarded as serious. Mr. Brennan was
born in Huntington, Vt., April 20 1881. He attended the •
University of Vermont in the class of 1903 and in 1931
received the honorary degree of LL.D. He started his banking career with a Boston trust company, where he remained
until 1910. From 1910 to 1913 he was State Bank Examiner
of Massachusetts, and from 1913 to 1918 National Bank
Examiner and Chief National Bank Examiner of the First
Federal Reserve District. He joined the staff of the First
National Bank of Boston in January 1918, as Vice-President.
Among other interests, Mr. Brennan was a trustee of the
Franklin Savings Bank, a director of the Morris Plan Co.,
Vice-President of the University Club, President of the
Alumni Council, University of Vermont, and Chairman of
the Advisory Committee of the American Institute of
Banking.
Henry W. Gregory, Judge of the Probate Court at Norwalk, Conn., was recently appointed President of the Fairfield County Savings Bank at Norwalk, to succeed the late
J. G. Gregory. Judge Gregory was elected a corporator of
the institution in January 1902, a director in June of the
same year, and a Vice-President (from which office he was
advanced to the Presidency) in September 1921.
Austin L. Adams, heretofore President of the Naugatuck
National Bank of Naugatuck, Conn., has been chosen President of the Colonial Trust Co. of Waterbury, Conn., to succeed the late Wilbur P. Bryan, while Edwin C. Northrup,
President of the Dime Savings Bank of Waterbury has
been made a Vice-President of the trust company to fill a
vacancy which had been existing for some time, according
to the Hartford "Courant" of April 12.
The recent consolidation of the Citizens Bank of Saint
Clair, Pa., and the Saint Clair State Bank (both capatilized
at $50,000), under the title of the former, was brought about
under a plan whereby the par value of the stock of the
Citizens Bank was reduced from $50 to $25 and an additional
1,000 shares issued making the capital set up of 2,000 shares.
The stock was then allocated 1,000 shares each to the stockholders of the two banks on a share for share basis. T.L.
O'Donnell, heretofore President of the Citizens Bank, continues to head the consolidated institution; M. R. Sullivan,
former Cashier of the Saint Clair State Bank, has become
Cashier, and H.R. Moyer,heretofore Cashier of the Citizens
Bank, has been made Treasurer of the new institution.
On April 2 1932, the New York State Banking Department
issued an authorization certificate to the Medina Trust Co.,
Medina, N. Y., with capital of $100,000 and surplus of like
Alexander D. Robinson,former Vice-President and Treasamount.
urer of the Northwestern Trust Co. of Philadelphia, which
in July last was taken over by the Pennsylvania State
George 0. Everett, Assistant Vice-President of the First Banking Department, was arrested on April 11 on addiCitizens Bank & Trust Co. of Utica, N. Y., has been ap- tional charges that he looted the institution. Mr. Robinson
pointed Manager of Advertising and New Business for the (as noted in our issue of March 26 1932, page 2279) was albank. Mr. Everett was formerly Advertising and New ready under $25,000 bail on other charges brought several
Business Manager of the Citizens Trust Co. of Utica, which weeks ago, and District Attorney Kelley suggested that
recently merged with the First Bank & Trust Co. and the $50,000 additional bail be named in the present case. The
Utica Trust & Deposit Co. to form the new $64,000,000 Philadelphia "Ledger" of April 12, from which the above
bank, one of the largest in New York State outside the information is obtained, continuing, said:
metropolitan district. Previous to his Utica connections, According to John Stockburger,
Special Deputy in charge of the bank
Mr. Everett was an account executive with Edwin Bird for the State Banking Department, and Franklin E. Barr, Assistant District Attorney, Robinson, with two other men, controlled an unnamed
Wilson, Inc., New York advertising agency specializing in
financial accounts. His experience there was very broad cigar company. out for the arrest of the other two. The
Warrants are
bank, through
as it dealt with the particular situations confronting banks Robinson, acquired 949 shares of a total of 1,000 outstanding in this
company.
of all sizes in the South and East. While there, he received
Specifically, Robinson and the other two are charged with
arranging
a leave of absence to attend the Central Hanover Bank & $492.000 in loans for the cigar company in the last four years, by making
Trust Co.'s School of Trust Solicitation, which work he will false entries in the accounts of the cigar company and misrepresenting
its assets. It is charged that all three knew the company was
Insolvent
direct in his new position.
when the loans were made.
Mr.Everett was graduated from the School of Finance and
Robinson and the other two are declared to have borrowed a total
of
Commerce of the University of Pennsylvania where he $750,000 from the bank for the cigar company, but all except the $492,000
in
advertising. After graduation he taught this named thethe present charges was transferred more than four years ago.
specialized in
Under
statute of limitations they therefore cannot be prosecuted for
subject in the Evening and Extension Schools connected with the full sum.
2852
Financial Chronicle
It is charged that the loans were made to the cigar company despite
the fact that it actually has had a yearly deficit of $50,000 to $100,000
for a number of years.
On April 16 1931, it is charged, the three men transferred $128,000 in
assets of the cigar company to one of their number as a "reward for his
efficient management of the company."
Mr. Barr says that virtually nothing remains of the cigar company's
assets and that the bank never can hope to recover any part of its loans.
The charges against Robinson in the present case are embezzlement,
fraudulent conversion and making false statements to the State Banking
Department. He was taken to the Central Police Station by City Detectives Raphael and Januisak.
The Beckley National Exchange Bank of Beckley, West
Va., was formed recently by the union of the Beckley National Bank and the Exchange National Bank. The new
Institution is capitalized at $250,000, with surplus and undivided profits of $213,573, and has deposits of $2,461,952
and total resources of $3,032,253. Officers are as follows:
Joe L. Smith, President; W. C. Agee, K. M. Jarrell, W. A.
Stanley, D. C. Meadows and A. Z. Lilly, Vice-Presidents;
French Lucas, Cashier; Isaac McKinney and E. J. Smith
and S. Ginestra (and Trust Officer), Assistant Cashiers.
April 16 1932
Gabel, J. P. Lewis and G. D. Bartlett, Vice-Presidents, and
0. K. Johnson, Cashier, it was stated.
Omer D. Kiley, former Cashier of the National Bank of
De Pere, Wis., and Mayor of De Pere, pleaded "guilty" to
misapplying more than $100,000 of the bank's funds on
March 28, according to the "Commercial West" of April 2.
Reference was made to the affairs of the National Bank of
De Pere, which was closed Feb. 16 last, in the "Chronicle"
of Feb. 27, page 1590, and March 12, page 1898.
The Stockholders' National Bank of Ashland, Kansas,
recently took over the Sitka State Bank at Sitka, Kansas,
No change was made in the capital and surplus of the Ashland bank, which stand at $50,000 each. Deposits of the
institution aggregate $540,000.
The First National Bank of Statesboro, Ga., capitalized
at $100,000, went into voluntary liquidation as of Dec. 19
last. The institution was absorbed by the Bank of Statesboro of the same place.
Youngstown, Ohio, advices on April 7, appearing in the
The People's National Bank of Victoria, Tex., capitalized
Chicago "Journal of Commerce," stated that announcement
bad been made that the City Trust & Savings Bank of at $50,000, was placed in voluntary liquidation on April 1
Youngstown and the Dollar Savings & Trust Co. of that last. This institution was absorbed by the Victoria Bank &
city, both of which closed their doors on Oct. 15 1931, would Trust Co. of the same place.
reopen on May 1 next. The institutions have combined
The appointment of George N. Aldredge as a Vice-Presiresources of $45,000,000, the dispatch said.
dent of the First National Bank in Dallas, Dallas, Tex.,
was announced by Nathan Adams, President of the instituFearing a "run" on the Farmers' Bank of Ohio City, Van
tion following a meeting of the directors on Apr. 5. Mr.
Wert County, Ohio, following the suicide of Ben. P. HoffAldredge is a member of the Board of Directors of the
man, Assistant Cashier and a director, on April 6, the Ohio First
National Bank and was formerly an official of both
State Banking Department took over the institution on
the banks which merged to form the institution. He was
April 7, according to Associated Press advices from Columborn in Dallas and received his education in that city and
bus, which went on to say:
at the Southwestern University, Georgetown. The Dallas
Before Hoffman's death, officials said, they had decided to attempt to
carry on business without closing despite difficulties resulting from "frozen" "News" of Apr. 6, from which the above information is
assets.
obtained, went on to say in part:
The quarterly report of the Continental Illinois Bank &
Trust Co., of Chicago, Ill., was published on April 7 and
shows that the institution earned its dividends of $2,250,000
and increased its undivided profits by $849,000 to a new
total of $5,660,333. The New York "Evening Post" of April 7,
from which the foregoing is taken, continuing, said:
The bank's liquidity as represented by cash and due from banks increased
nearly $12,500,000 in the quarter and stood on March 30 at $164,979,039.
Cash and readily realizable assets as represented by United States Government securities and demand loans totaled $424,619,286 at the end of
the first quarter.
Total assets at the end of March were
34,249,408. Deposits aggregated
$862,254,648.
With memberships on the Chicago Stock Exchange selling
below the value of securities backing them, the Exchange
has found it advantageous to buy in its memberships.
Since Feb. 8 a total of twelve memberships have been purchased by the Exchange at prices ranging between $3,000
and $5,000. The last purchase by the Exchange was on
April 8 at $3,000. That also was the last sale. The present
bid price for memberships is $3,000 and the asked price is
$6,000. The Exchange has in excess of $5,000 of Government securities behind each membership.
The Dundee State Savings Bank at Dundee, Mich., was
consolidated with the Monroe County Bank of Dundee on
April 5, according to advices from Monroe on April 6, printed
in the Toledo "Blade." The enlarged institution is capitalized at $40,000, with surplus and undivided profits of
$60,000, and has deposits of $550,000. C. B. Heiser is President and Levi Williams, Cashier, it was stated.
William H. McClenahen, President of the Peoples Wayne
Bank of Dearborn, Mich., died at his home in that place on
Apr. 5. Mr. McCienahen, who had held Detroit or Dearborn
banking connections for 44 years, was born in Detroit in
1867 and was educated in that city. In 1888 he entered
the employ of the old Home Savings Bank,
where he remained through its merging into the Wayne County
& Home
Savings Bank. About 10 years ago he left this
concern to
take the office which he held at his
death.
Richard Kid has become the new President
Kiel
of the Bank
of Shorewood, Wis., a Milwaukee suburb, according
to the
"Commercial West" of April 2. Other officers are
G. H.
Following graduation, he (Mr. Aldredge) returned to his native city to
enter business and has been in commercial and investment banking here
ever since.
His career here has included high executive positions with our leading
Dallas banks. Some years ago he was Vice-President of the Exchange National Bank, later leaving this institution to become Vice-President of the
Dallas Trust & Savings Bank. Resigning from this institution, he became Vice-President of the City National Bank, later severing his active
connection with this bank to devote time to his private financial interests.
Mr. Aldredge continued, however, as a director of the City National Bank,
in which capacity he was connected with it when the institution merged
with the American Exchange National Bank to form the First National Bank
in Dallas. He was elected a director of the consolidated institution, serving on the board until his additional office Tuesday made him VicePresident as well as director.
The San Angelo National Bank, San Angelo, Tex., capitalized at $300,000, was placed in voluntary liquidation on
Mar. 25 last. The institution was succeeded by the San
Angelo National Bank of San Angelo.
Consolidation of the Desert National,Bank and the Security National Bank, both of Salt Lake City, Utah, was consummated on Apr. 5 under the title of The First National
Bank of Salt Lake City. The new organization is capitalized at $750,000 with surplus of $250,090. Items referring
to the union appeared in our issues of Feb. 18 and Feb.
27,
last, pages 1322 and 1509, respectively.
The First National Bank of The Danes, Ore., capitalized
at $100,000, and the Citizens' National Bank of Dalles City,
Ore., with capital of $160,000, were consolidated on April 2
under the title of the Citizens' First National Bank of The
Danes, with capital of $200,000 and surplus of $100,000.
Effective Mar.25 1932, the First National Bank of Woodburn,Ore., with capital of $25,000, was placed in voluntary
liquidation. The institution was absorbed by the Bank of
Woodburn.
Associated Press advices from Spokane, Wash., yesterday,
April 15, reported that the American Bank of Spokane and
its affiliated institution, the Spokane State Bank, had suspended on that day. The dispatch said:
The State Banking Department announced it has taken over affairs of
the American Bank here for liquidation and the institution will not open
to-day. Directors of the Spokane State Bank. affiliated with the American, announced their institution would suspend business pending adjust
ment of the American Bank's affairs.
The American Bank had deposits of about $3,000,000 at
I clam call
and has capital and surplus of $500,000. The State Bank
leposit a
of $290,000 and capital of $50,000.
•
Volume 134
Financial Chronicle
2853
THE WEEK ON THE NEW YORK STOCK EXCHANGE. including such popular favorites as Peoples Gas, 103% points
4
The stock market during the fore part of the present week to 513 ;Norfolk & Western,8% points to 77; Lambert Co.,
4
4
was decidedly reactionary, with alternate periods of advance 23 points to 3532; Drug, Inc., 2% points to 343 , and
and recession but showed much improvement on Thursday Union Pacific, 2 points to 49%. Irregularity was the
and Friday when the gains predominated at the close. outstanding feature of the market on Thursday, the opening
Liquidation has been in evidence at practically every session prices being somewhat lower, followed by a sharp upward
and new lows have been established by many of the leading turn that cancelled most of the early losses. Public utilities
speculative favorites. Railroad shares have shown great were the outstanding strong stocks being stimulated someweakness and specialties have gradually moved downward. what by the reassuring letter of Samuel Insull concerning
United States Steel on Monday broke to its lowest level since the three large operating companies of the Insull group.
1908,when it dipped to 33 and American Can slipped through At the close the market was slightly above the low for the
its low to 49%. On Thursday the market staged its first day, the advances including among others, Allied Chemical
substantial rally in several weeks and prices closed at higher & Dye, which moved up to 6534, with a gain of 2% points;
4
levels all along the line. The advances were not especially American Tobacco B, which closed at 703 , with a gain of
noteworthy but were above the preceding close. Call money Q34 points, and Auburn Auto, which moved ahead 13%
renewed at 232% on Monday morning and continued un- points to 4734. Other gains were: Consolidated Gas, 3
/
points to 523/g; Drug,Inc.,23% points to 37;Eastman Kodak,
changed at that rate throughout the rest of the week.
Liquidation appeared in many sections of the list during 1% points to 613%; Union Pacific, 3% points to 53, and
the abbreviated session on Saturday, and while there were Norfolk & Western, 3 points to 80.
The market continued its rally on Friday and stocks
some sizable advances due to short covering, most of these
were shaded to some extent before the close. Public utilities moved briskly forward all along the line. Public utilities
made the best showing of the day and industrial stocks were the outstanding strong stocks and many of the proraiwere, for brief periods, fairly strong, but all were below nent issues recorded substantial gains and advances of 2
the day's top as the market came to a close. Motor shares or more points were numerous in other sections of the list.
were also weak, heavy offerings of General Motors following Short covering was an important factor in the improvement,
its unfavorable sales report on March sales having a de- but speculative buying also played an important part in the
pressing effect on the other members of the group. The upturn. The principal changes on the side of the advance
opening hour was noteworthy for the large blocks of stocks included such active speculative issues as Allis Chalmers
that changed hands, including among others, 5,000 in pref., which gained 63% points to 104; Atlantic Coast Line,
Westinghouse, 3,000 in United States Steel and 5,000 in which advanced 2 points to 17; Amer. Tel. & Tel., which
8
American Tel. & Tel. Most of the final changes were on surged forward 1% points to 1063/; Auburn Auto, which imthe down side, though there were several representative proved 5% points to 42; Brooklyn Union Gas Co., which
stocks that showed slight gains as the session ended. These shot upward 6 points to 74; Norfolk & Western, which
2
included such issues as Detroit Edison, 3 points to 85; forged ahead 43/i points to 843/; Union Pacific, which adEastman Kodak, 1% points to 653%; Louisville & Nashville, vanced 23% points to 553%; Drug,Inc., which gained 2 points
3
13' points to 14; United States Steel, 13/i points to 34/s, to 39 and a host of advances in preferred stocks, particularly
in the utilities ranging up to 4 or more points. At the close,
and Western Union, 2% points to 3332.
Stocks sagged still lower on Monday, the modest recovery the market was fairly steady, but most of the pivotal issues
of the preceding session being entirely wiped out by renewed were below their peak for the day.
liquidation and short selling. United States Steel sank to
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
its lowest level since 1908, as it broke through 33, and
DAILY. WEEKLY AND YEARLY.
American Can dropped below 50. As the day advanced, a
Total
United
Railroad
Stale,
Stocks,
modest rally developed but trading was light and the adBond
States
Number of and Miscall. Municipal A
Week Ended
Sales.
Bonds.
Bonds.
Porn
Bonds.
vances were small. General Motors and du Pont were under April 15 1932. Shares.
heavy selling pressure, the former being turned over in Saturday
1,148,113 $3,463,000 $1,485,000 $1,562,000 86,510,000
3,444,000 11,336,000
2,527,000
5,365,000
1,695,154
Monday
blocks of 10,000 and 12,000 shares at a time. Sharp selling Tuesday
4,069.500 12,194,500
2,507,000
5,618,000
1,553.050
7,082,400 14,248,400
2,417,000
4,749,000
1,096,590
in National Biscuit, General Electric, Amer. Tel. & Tel., Wednesday
6,509,000 15,050,000
2,517,000
6,024,000
1,724,350
Thursday
4,413,000 13,851,000
2,735.000
Consolidated Gas and American Can, had a strong influence Friday
6,703,000
1,541,574
on the rest of the list, which gradually moved to lower levels.
8,758,831 $31,922,000 814.188,000 $27,079,900 873,189,900
Total
The outstanding changes were on the side of the decline and
Jan. 1 to Am* 15.
Week Ended April 15.
Sales at
included among others, such active speculative favorites as
New York Stock
1931.
1932.
1932.
1931.
Ezchange.
Allied Chemical & Dye, 33 points to 633 ; Union Pacific,
%
4
198.308.269
119,551,648
5 points to 523 ; New Haven,2% points to 13%; New York Stocks-No,of shares_ 8.758,831 11,106,262
4
Bonds.
Central, 2% points to 20; American Can,23% points to 50%, Government bonds_ -- 827,079,900 81,472,500 $221,207,850 855,431,050
225,657,500
220,453,000
State &
14,188,000 13,971,000
8
536,462,000
American Tobacco, 3 points to 67; Atchison, 7% points to Railroadforeign bonds_ 31,922,000 33.112,000
465,640,000
& misc. bonds
Auburn Auto, 33z points to 503%; Detroit Edison, 4
4534;
$817,550.550
8907 300,850
Total
873.189.900 $48,555,500
4
points to 81; du Pont, 23 points to 343 ; Eastman Kodak,
4
PHILADELPHIA AND
DAILY TRANSACTIONS AT THE BOSTON.
%
1% points to 633'; National Biscuit, 23 points to 303%;
BALTIMORE EXCHANGES.
Peoples Gas, 334 points to 60%, and Western Union, 1%
Baltimore.
points to 32.
Philadelphia.
Boston.
Week Ended
On Tuesdayithe market continued to move downward,and
April 15 1932.
Share*. Bond Sales. Shares. Bond Sales Shares. Bond Sales.
while several effortkiwere made to work up a rally, fresh
1,386
810,000
29,355
$5,500
21,766
3aturday
83,000
2,000 • 1,186
30,714
8,500
29,817
selling in a number of special stocks checked each attempted Monday
2,000
1,389
9,500
26,580
1,000
27,312
Tuesday
1,801
rally from being carried through. Railraod shares were the Wednesday
4,500
18,841
9,1100
19,871
2,749
15,000
20,200
27,324
11,000
31,536
Thursday
weak issues of/the day. American Can, United States Steel Friday
11,000
1,012
6,725
3,000
6,250
and General Motorskvere stronger during the forenoon, but
829,000
9,523
846,200
833,000 139,539
136,552
Total
encountered fresh sellingland slipped back. Price changes .-.. ........, ..........4 100 nn, et. nkn Odd 7,... elni 100
Q 544
818.000
in the general list were usually within a narrow range, though
a number of active stocks in the preferred groups showed
declines ranging up to 4 or more points. Among the recessions
THE CURB EXCHANGE.
listed at the close were such active speculative stocks as
The movement of prices on' the New York Curb Market
Brooklyn Union Gas, 4Mpoints to 66; Delaware & Hudson,
23% points to 53; Standard Oil of New Jersey, 2 points to was somewhat erratic during the present week, though some
2334; Union PacificA 1% points to 51%; Pacific Lighting, improvement was manifest on Thursday and Friday when
%
33% Points to 283 ; Norfolk & Western, 13/i points to 853/2; the trend turned sharply upward. Oil shares were irregular
Atchison, 2% points to 43 and Midland Steel, 1% points to and generally moved lower. Public utilities were down
during the early part of the week, but joined the upswing on
31%.
Stocks were fairly strong during the early trading on Thursday. Industrials also improved as the market moved
Wednesday, but the rally that started shortly after the upward. Transactions were in small volume with only a
market opened soon collapsed and most of the advances were handful of the more prominent stocks in active trading.
cancelled. United States Steel sold up to 34% at its top Changes were within narrow limits in most cases, though
for the day but dipped to 33%. Liquidation was again in the utilities, on the whole, displayed the best improvement.
evidence, and as the day progressed most of the active Among the outstanding changes of the weekton the side of the
stocks drifted back to lower levels. The sharpest declines advance were American Light & Traction, which moved
were in individual issues rather than in groups, the list upward from 14 and closed yesterday at 17; Amer. Gasj&
2854
Financial Chronicle
Elec., which advanced from 235% to 263/2; Atlas Utilities,
%
5
which improved from 53 to 5%, and Commonwealth
Edison, which surged upward from 65 to 73. Other noteworthy changes in the public utility list were Cons. Gas of
Baltimore, which gained about 3 points to 55, and Cities
Service, which moved ahead from 33/i to 438. Industrial
and special issues were represented on the upside by Electric
Bond & Share, which improved from .115% to 1614; Ford
Motors of Canada "A" stock, which advanced from 834
to 9, and American Superpower, which moved forward from
15 to 2. Oil shares were generally lower, the list of reces%
sions including such stocks as Gulf Oil of Pennsylvania,
which dipped from 3034 to 30; Humble Oil, which slipped
back from 433/i to 39, and Imperial Oil of Canada, which
fluctuated between 7 and'734, and closed on Friday at 75%.
A complete record of Curb Exchange transactions for the
week will be found on page 2882.
THE BERLIN STOCK EXCHANGE.
After having been closed since Sept. 18 1931, the Berlin
Stock Exchange was reopened on Thursday, Feb. 25, for
two hours of trading. The Commissioner of Exchanges has
not as yet authorized the publication of quotations.
New York quotations for German and other foreign unlisted dollar bonds as of April 15:
Anhalt 75 to 1945
Bavaria 6345 to 1945
Bavarian Palatinate Cons. Cit. 7%,to 1945
Brandenburg Meade 8%. 1953
Brazil Funding 5%, 1931-1951
British Hungarian Bk. 730. 1982
Brown Coal Ind. Corp. 834. 1953
Dortmund Municipal DUI.634%, 1948
Du1eberg 7%,to 1945
Dusseldorf 75 to 1945
East Prussian Power 6%, 1953
European Mortgage & Investment 7iiii. 1966
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
French Government 534a. 1937
French National Mail S. S. Line 6%. 1952
Stocks
Bonds (Par Value)
Frankfurt 7s to 1945
(Number
Week Ended
of
Foreign
Foreign
German Atlantic Cable 7%. 1945
April 15 1932.
Shares).
Domestic Government. Corporate.
Total.
German Building dr Landbank 6347,, 1948
Saturday
218,403 $2,580,000
$201,000
$110,000 $2,891,000 Hamburg-American Line 6 As,to 1940
Monday
Housing & Realty Imp. 75, 1940
250,575 3,253,000
145,000
127,000 3,525,000
Tuesday
292,715 3,678,000
170,000
111,000 3,959,000 Hungarian Central Mutual 7s, 1937
Wednesday
217,270 2,968,000
141,000
74,000 3,183,000 Hungarian Discount & Exchange
Bank 78. 1963
Thursday
254,030 3,716,000
130,000
188,000 4,012,000
Friday
212,425 4,099,000
111,000
50,000 4,260,000 Hungarian Italian Bank 734%, 1932
Koholyt 6340. 1943
Total
1,445,418 220,294,000
$898,000
$638,000 521,830,000 Leipzig Overland Power 614%, 1946
Leipzig Trade Fair 7s, 1953
Sales at
Week Ended April 15.
Jan. 1 to Atoll 15.
Marinheln dc Palatinate 7s, 1941
New York Curb
Munich 7s to 1945
Exchange.
1932.
1932.
1931.
1931.
Municipal Bank Hessen 7% to 1945
Stocks-No. of shares_
1,445,418
2,466,100
16,950,639
51,538,145 Municipal Gas dz Elec. Corp. Recklinghausen, 7147
Bonds.
Domestic
$20,294,000 319,654,000
$230,834,100
$262,442,000 Nassau Landbank 634%, 1938
Foreign Government
898,000
853,000
8.629,000
15,787,000 National Central Savings Bank ot Hungary 7)4s, 1902
Foreign corporate
838,000
10,823,000
475,000
12,767,000 Natl. Hungarian & Ind. Mtge. 7%,1948
Oberpfalz Electric 7% .1946
Total
$21,830,000 $20,982,000
$250,286,100
$290,976,000
Oldenburg-Free State 7%. to1945
Pomerania Electric 8%, 1953
Proteetant Church (Germany) 7345. 1946
ENGLISH FINANCIAL MARKET
-PER CABLE.
Provincial Bank of Westphalls 6%, 1033
The daily closing quotations for securities, &o.,at London, Rhine Westphalia Electric 7%. 1938
Roman Catholle Church 834%, 1946
as reported by cable, have been as follows the past week:
Roman Catholic Church Welfare 7% 1946
Sat.,
Mon.,
Tues..
Wed.,
Thurs..
Fri.,
Saarbrueeken Mortgage Bank 88. 1947
Apr.9. Apr. 11. Apr. 12. Apr. 13. Ayr. 14, Apr. 15.
Saxon State Mortgage 8%,1947
Sliver, per os_d 18 11-166. 16 15-16d. 1634..1.
16)46.
1634d.
16 11-16d Siemens & Heists
debenttiree 8%.2930
Gold, p.fine oz. 1098.16.
1098.4d. 1098.2d. 1099.5d.
109s.7d.
1098.9d.
Stettin Publlo Utilities 7%. 1946
Consols,234%. 60%
6054
6041
603t
60%
60%
Tucuman City 7s, 1951
British, 5%, _ _ _ _ _ _
102K
102K
102%
102%
102%
Wurtembent 70 to 1945
British, 4% % ____
102
102
102
102
102
Flat price
French Rentes
(in Paris) 3%
francs-----French War L'n
(in Paris)5%
francs ______
April 16 1932
Std.
20
23
20
25
25
25
27
15
18
18
30
25
10034.
92
2%
9
37
20
28
as
124
17
J89
20
28
25
2234
23
18
24
26
133
2454
35
18
22
23
3234
32
47
8334
54
23
180
27
1634
23
As.
25
28
25
29
35
28
29
18
23
23
32
27
102
100
27
40
24
38
41
127
19
/71
24
31
2831
2554
28
25
29
136
2654
39
23
25
26
3434
35
51
37
-__ _
27
210
80
1934
28
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled
101.90
102.00
101.50
101.00
101.50
The price of silver in New York on the same days has been: by us, based upon telegraphic advices from the chief cities
silver In N. Y.,
of the country, indicate that for the week ended to-day
per oz (eta.). 2834.
2854
2854
28
2734
(Saturday, April 16), bank exchanges for all the cities of
2834
the United States from which it is possible to obtain weekly
PRICES ON PARIS BOURSE.
returns will be 43.9% below those for the corresponding
Quotations of representative stocks on the Paris Bourse week last year. Our preliminary total stands at $5,152,as received by cable each day of the past.week have been 110,090, against $9,191,635,050 for the same week in 1930.
At this center there is a loss for the five days ended Friday
as follows:
Apr. 0 Apr. 11 Apr. 12 Apr. 13 Ayr. 14 ner. 15 of 47.3%. Our comparative summary for the week follows:
1932. 1932.
1932.
77.20
76.90
1032.
Francs. Francs. Francs.
13,000 12,600 13.100
1,440
1,4201,480
440
437
455
328
325
341
14,200 14,030 14,195
2,320 2,290
2,350
2,510 2,470
2,570
441
425
443
1,220
1,200
1,230
250
250
250
416
412
399
728
737
735
5,170 5,160
5,250
2,010
1,980 2,030
2,320 2,290
2,350
2,310
2,300 2.370
683
685
679
1,013
1,010
1,018
111
102
105
101
101
101
830
830
820
410
410
430
810
820
840
1,240
1,225
1,225
400
• 420
400
500
520
520
1,780
1.780 1,760
1,350
1,320
1,360
117
117
120
1,270
1,300
1,320
77.20
76.90
76.80
101.90 102.00 101.50
94.40 94.40
94.50
123.30 123.20 123.70
105.40 105.20 105.30
1,250
1,220 1,290
2,365
2.320
2,295
1,350
1,320
1,335
440
420
440
186
178
190
114
110
117
2,305
2,305
2,370
500
505
590
14,200 14,000 14,200
129
125
138
900
890
910
220
210
200
105
104
108
77.00
1932. 1932.
Francs. Francs.
Clearings-Returns by Telegraph.
Per
13,200 13,100
Week Ended April 16.
1932.
1931.
Cent.
1,480
1,500
447
New York
$2,642,366,981 $5,015,468,546
332
-iii Chicago
214,003.933
398,337,313
14,350
---- Philadelphia
252,000,000
328,000,000
2,330
Boston
194,000,000
374,000,000
2,540
Kansas City
56,216,502
79,344,651
2,570Citroen
436
81. Louis
56,600,000
88,700,000
1,2213 San Francisco
1,220
.
92,100,000
139,365,000
280 Los Angeles
240
No longer will re port clearings.
305
-- Pittsburgh
68,965,532
119,838,073
740
Detroit
58,978,890
118,676,034
5,280
5",280 Cleveland
61,275,554
103,011,908
2,020
2,030 Baltimore
49,400,387
67,507,428
2,330 2,380 New Orleans
24,506,702
40.186,584
2,340
2,370
680
---Twelve cities, five days
$3,768,414,290 56,872,434,041 -45.2
1,028
525,010,735
793,502,810 -33.8
101
"ioi Dther cities, five days
103
101
Total all cities five days
54,293,425,075 57,685,936,851 -44.0
830
850
All cities one day
858,685,015
1,525.898,199 -43.7
430
400
830
830
Total all cities for week
55.152.110.090 $9.191.935.050 -42.0
1,240
390
"iio
Complete and exact details for the week covered by the
520
520
1,780 foregoing will appear in our issue of next week. We cannot
1,770
1,390
1,360
furnish them to-day, inasmuch as the week ends to-day
121
1,320
1:358 (Saturday) and
the Saturday figures will not be available
77.00 77.00
101.00 101.50 until noon to-day. Accordingly, in the above
the last day
94.80 94.70
123.90 124.10 of the week has to be in all cases estimated.
105.10 105.10
In the elaborate detailed statement, however, which we
1,270 1.290
2,290
-- present further below,
we are able to give final and complete
1,350
440
-iiii results for the week previous
-the week ended April 9.
198
204
113
112 For that week there is a decrease of 40.1%, the aggregate
2,340
-.of clearings for the whole country being $5,185,182,870,
585
14,300 14:iiiii against $8,660,870,408
in the same week of 1931. Outside
136
910
930 of this city there is a decrease of 32.1%, the bank clearings
190
200
at this center recording a loss of 44.1%. We group the
108
tozmapeotom
77.00
In= 1177
Francs.
Bank of France
Banque de Paris et Pays BeaBanque de Union Parishinno---Canadian Pacific
Canal de Sues
Cle Dlstr d'Electrleitle
Cie General d'Electricitie
B
Comptoir Nationale d'Escompte
Coty. Inc
Courrleres
Credit Commerciale de France-Credit Fonder de France
Credit Lyonnais
Distribution d'Electrteitle la Par
Eau' Lyonnais
Energie Electilque du Nord.-Energie Eleetrique du Littoral
French Line
Gales Lafayette
Gas Le Bon
Kuhlmann
RollL'Air Lloulde
day
Lyon (P. L. M.)
Mines de Courrietes
Mines des Lem
Nord Ry
Paris. France
Paths Capital
Pechiney
Rentes 3%
Rentes 5% 1920
Beiges 4% 1917
Reines 5% 1915
Rentes 6% 1920
Royal Dutch
Saint Cobin. C.&0
Schneider de Cie
Societe Andre Citroen
Societe General Fonciere
Societe Francaise Ford
Societe Lyonnais
Societe isfarselllaise.
Sues
Tublze Artificial Silk prof
Union d'Electricitie
Union des Mines
Wagon-Lila
76.80
cities now according to the Federal Reserve districts in
which they are located, and from this it appears that in the
New York Reserve District, including this city, there is a
contraction of 43.7%, in the Boston Reserve District of
47.1%, and in the Philadelphia Reserve District of 19.0%.
In the Cleveland Reserve District, the totals are smaller by
33.6%, in the Richmond Reserve District by 23.0%, and in
the Atlanta Reserve District by 29.8%. In the Chicago
Reserve District, the totals record a diminution of 36.3%,
in the St. Louis Reserve District of 27.1%, and in the
Minneapolis Reserve District of 29.1%. The Kansas City
Reserve District suffers a loss of 24.8%, the Dallas Reserve
District of 28.0%, and the San Francisco Reserve District
of 29.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Apr. 9 1932.
1932.
$
257,794,240
3,351,099,037
320,797,743
207,421,804
110,527,849
89,816,986
373,939,587
91,998,236
70,074,224
99,313,112
36,345,699
176,054,353
Total
118 cities
Outside N. Y. City
5,185,182,870
1,941,510,187
29 nitlata
o•I An, /c1
Week Ended April 9.
Clearings at
1932.
Seventh Feder
Mich.
-Adrian _ _
Ann Arbor_
Detroit
Grand Rapids _
Lansing
Ind.
-Ft, Wayne
Indianapolis_ _ _
South Bend
Terre Haute_ - _
Milwaukee_ _ Iowa-Cedar Rap
Des Moines
Sioux City ...Waterloo
Bloomington _ _
Chicago
Decatur
Peoria
Rockford
Springfield_ _ _
Total (20 cities)
Iric.or
Dec.
1931.
Federal Reserve Dist
lit Boston _ _ _ _12 cities
2nd New York.12 "
3rd Philadelpla 10 "
4th Cleveland__ 6 "
5th Richmond. 6 "
6th Atianta__-.11 "
7th Chicago _ _20 "
.
8th St. Louis_ 5 "
9th Minneapolis 7 "
10th KansasCity 10 "
11th Dallas
5 "
12th San Fran 14 "
canasta
2855
Financial Chronicle
Volume 134
1930.
1929.
%
-47.1
-13.7
-19.0
-33.6
-23.0
-29.8
-36.3
-27.1
-29.1
-24.8
-28.0
-29.8
•YM ye,
, 07F 4•1‘ 1
$
530,789,072
7,817,851,146
524,901,126
395,390,392
180,583,354
161,211,343
864,500,204
175,855,786
111,740,212
191,604.433
59,522,635
342,045.525
7F0 70.1 dill
373,939,587
Week Ended APrii li.
1931.
inc. or
Deo,
8
8
%
First Federal Reserve Dist rict-BostonMaine-Bangor-639,728
662,162 -3.4
Portland
2,380,770
2,967,311 -10.5
Mass.
-Boston_
. 223,409,421 443,111,059 -49.6
Fall River
687,962
1,062,585 -35.3
Lowell
358,895
471,661 -23.9
New Bedford_ _
745,190
928.665 -19.1
Springfield- 3,836,280
4,664,076 -17.7
Worcester
2,812,148 -24.9
2,110,943
Conn.
-Hartford
8,519,114
12,432,040 -31.5
New Haven.
6,646,816 -13.2
5,768,061
R.1.
-Providence.
8,831,600
10,898,200 -19.0
N.11.-Manches'r
497,276
512,143 -2.9
487,168,766 -47.1
Second Feder al Reserve D Istrict-New
_
5,502,963
5,598.341
Binghamton..
875,920
1,007,904
Buffalo
26,425,410
52,721,388
Elmira
718.308
1,351,236
Jamestown.- _
629,124
926,380
New York _ _ _ 3,243,672,683 5,798,985,152
Rochester
9,067,737
9,633,821
Syracuse
3,749.610
4,387,907
Conn.
-Stamford
3,004.298
3,262,334
N. J.
-Montclair
750,000
895,760
Newark
23,551,565
29.626,948
Northern N. J.
33,151,419
40,117,796
N.Y.-Albany
1930.
$
648,760
5,707,686
470,569,040
1.244,350
961,645
1,080.588
5,311,155
3,552.812
17,928,872
8,802,690
14,066,300
915,175
530,789,073
1929.
$
769.021
3,723,909
439,000,000
1,331,194
1,301,404
1,367,370
5,623,684
3,529,228
22,079,153
8,516,005
16,363
,500
855,407
504,459,875
York
--1.7
6,621,589
5,926,915
--13.1
1,530.137
1,363,417
--49.9
54,507,165
58,278,356
---46.8
845,384
1,183,671
--32.1
1,317,602
1,468.406
--44.1 7,651,822.595 7,823,366,145
--5.9
11,304,737
14,336,947
--14.5
5,714,236
6,639,003
--7.9
3.699.399
4,116,234
742,064
--I6.3
916.715
--20.2
33,535,491
36,358,391
--17.4
43.387,847
43,988,844
Total(12 cities) 3,351,099,037 5,948,514,967 -43.7 7,817,851,146 7,995.120,044
Third Federal Reserve Dist rIct-Philad elphia
-Altoona
_
Pa.
605,616
817,297 -25.9
1,468,559
1,575,610
Bethlehem _ _
2,045,437
4,383,3.31 -53.3
4,961,115
Chester
408,114
1,060,979 -61.5
1,255,907
Lancaster
1,534,455
3,703,473 -58.6
2,342,277
2,285,419
Philadelphia
304,000,000 369,000,000 -17.6 496,000,000 581,000,000
Reading
2,516,120
3,520,065 -28.5
4,190.072
4,252,757
Scranton
2,278,545
4,642,085 -50.9
6.021,304
5,077,808
Wilkes-Barre..
1,828,576
3,227,701 -43.3
3,381.367
3,706,914
York
1,618,880
2,217.588 -27.0
2,254,021
2,575.123
Trenton
3,962,000
3,434,000 +15.4
4,294,537
3,970,000
.
1:g;g:gp
Total(10 cities)
320,797,743
Fourth Feder al
Ohio-Akron.,_ _ _
Canton
Cincinnati ...Cleveland
Columbus
Mansfield
Youngstown _
Pittsburgh....
396,006,519 -19.0
Reserve D istrict-Clev eland
d473,000
3,404,000 -86.1
42.139,809
69,503,805
8,311,800
c1,009,794
51,827,529 --18.7
100,030,527
30.5
12,844,600 --35.3
1,446,973 -30.2
524,901,128
611.407,856
4,956,000
5,246,000
65,807,772
128,127,745
16.038,600
1,676,215
76,325,114
152,629,953
20,426,500
1,879,571
85,983,596
142,642,807 -39.7
178,784,060
183,147,891
207,421,804
312,196,436 -33.6
395,390,392
439,655,029
Fifth Federal Reserve Dist rict-Mehra ond413,503
679,398 --39.1
2,854,512
3,286,162 --13.1
25,511,185
32,515,722 --21.5
989,629
2,020,547 --51.I
59,348,941
78,345,698 --24.2
21,410,079
26,712,389 --19.8
1,208,518
4,282,522
44.722,000
1,839,527
98,975.837
29,559,950
1,150,953
4,702,854
42,324,000
2,130,839
101,186,779
30,780,733
Total(6 cities)-
Va.-Norfolk _
Richmond
-Charleston
S.C.
Md.-13altimore.,
D.C.-Washingt'n
Total(6 cities).
110,527,849
143,559,916 -23.0
180,588,354
182,276,158
Sixth Federal Reserve Dist rict-Atlant a-Tenn.
-Knoxville
2,473,175
2,000,000 --23.7
Nashville
9,499,733
13,742.312 -30.9
28,200,000
Ga.-At[ante__
35,173,616 --I9.7
1,023,050
Augusta
1,396,667 -26.8
514,790
Macon
715,259
28.0
Fla.-Jacksonvie
10,669,911
14,837,482 --28.1
8.896,035
15,122,274 -41.2
888,157
Mobile
1,460,008
828,000
MiSS.-Jackson_ _
1,319,000 -37.2
125,592
146,732 --14.4
Vieksburg.
26,698,543
-New Orle'ns
41,969,544 --36.4
La.
3,000,000
22,939,863
43,187,842
1,833,479
1,525,821
16.757,854
22,236,914
1.762,913
1,974,iA1
195,352
45,793.653
3,241,142
24,915,247
58,105,694
1,908,334
1,852,063
18,330,569
22,109,379
1,426,909
2,039,753
384,269
47,453,936
172,882,894 -29.8
161,211,343
Total(11 cities)
89,816,986
1929.
$
299,201
933.340
198,656.572
8,107,311
4.270,531
3,839,234
23,088,000
3,391,562
5,079.852
37,156,969
2,913,824
9,413,041
7,471,750
1,732,914
2,065,533
694,693,505
1,188,396
5,305,227
4,690,665
3,224,649
587,163,591 -36.3
864,600,204 1,017,622,076
Eighth Feder° I Reserve Dis trict-St. Lo Web
b
Ind.-Evansville63,600,000
Mo.-St. Louis_ 87,700,000 -27.5
17,127,967
23,151447 -26.0
Ky.-Louisville-.
b
b
Owensboro_ _ _
10,443,513
Tenn.
13,926,714 -25.0
-Memphis
126,097
III.-Jacksonville
199,010 -36.6
700,659
Quincy
1,210,864 -42.1
b
131.600,000
36,112,526
b
21,613,891
385,915
1,759,549
191,471,881
7.380.372
82,660,322
25.157,685
2,410,644
1,207,908
759,339
3,633,000
ins 14117f1
Clearings at
257,794,240
1930,
S
$
$
%
at Reserve D strict-Chl cago117,577
226,605
182,080 -35.4
967,533
772,762
962.544 -19.7
63,755,795 106,870,441 -40.3 162.716,364
3,495,548
5,237,967
4,572,741 -23.6
1,337,200
2,131,215 -37.3
2,895,936
1,138,893
3,385,727
2,519,629 -54.8
11,640,000
15,614,000 -25.5
26,200,000
1,367,654
2,493.748 -45.2
2,807,269
3,149,473
4.608,587 -31.7
4,951,582
15,463,880
32,021,604
24,213,409 -36.1
869,597
2,801,506 -69.0
3,127,118
6.111,679
6,604,805 -7.5
10,788,869
3,636,128
4,124.421 -11.8
6,859,072
241.784
921,310 -73.8
1,648,254
1,151,963
2,025,625 -43.1
1,840,313
253,678,736 397,319,926 -36.2 585,888.545
563,691
959,857 -41.3
1,187,828
2,498,544
3,074,327 -18.7
4,968,197
1,192,980
2,687,368 -55.6
3,822,414
1,755,703
2,476.052 -29.1
2.959,107
70,074,224
Total(7 cities)-
Total(12 cities)
Inc. or
Dec.
b
$
115,900,000
501,459,875
38.006,049
7,995,120,044
b
611,407,856
19,930,083
439,655.029
245,310
182276,158
1,774,344
181,817,295
91,998,236 126,188,035 -27.1 175.855,786
Total(5 cities).
1,017,622,076
191,471,881
Ninth Federal Reserve Dis trict-Minn eapolis123,209,170
3,005,417
4,277,071 -29.7
5,467,042
-Duluth-206,905,185 Minn.
64,833,683 -27.1
47,238,487
76,724,914 , Minneapolis-74,479,026
15,433,618
22,919,491 -32.7
St. Paul
356,544,216
24.581,562
1,659,197
2,119,263 -21.7
No. Dak.-Fargo
2,450,009
8,660,870,408 -40.1 11,355,000,226 11,887,213,730 S. D.
904,729 -28.2
649,515
-Aberdeen _
981,948
660,421 -34.3
433,801
2,881,885,256 -32.1 3,703,177,631 4,063,847,585
_
712,595
1,654,289
3.062,471 -46.0
Helena
3,0E8,030
$
487,168,766
5,948,514,967
396,006,519
312,196,436
143,559,916
127,882,894
587,163,591
126,188,035
98,777,129
132,100,935
50,448,465
250,862,755
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
1932.
1931.
181,817,295
98,777,129 -29.1
111,740.212
123.209.170
-Kans as CityTenth Federal Reserve Dis trict
.
230,773 -11.4
204,506
385,710
Neb.-Fremont-.
412,099 -54.0
189,561
Hastings
533,787
2,968,875 -17.6
2,445,145
Lincoln
3,327,725
33,429,448 -30.4
23,259.605
Omaha
42,909,983
3,078,850 -36.6
1,950,785
Kan.
3.575,812
-Topeka-.4,904,924 -20.4
3,905,283
7,433,657
Wichita
81,007,163 -22.3 124.675,037
62,944,997
Mo.-Kansas City
3,902.190 -28.7
5.872,038
2,783,658
St. Joseph__ _ _
918,580 -24.6
1,371,484
Colo.
692,296
-Colo.Spgs
a
a
a
a
Denver
1,248,033 -24.9
1,519,205
937,276
Pueblo
437,204
571,113
4,354,957
45.097,134
3.456,219
8,190,760
134,305,697
7,059.000
1,748.309
1
84,793
1,8
132,100,935 -24.8
191,604,438
206.905,186
-Da liasEleventh Fede ral Reserve District
1,486,853 -26.3
1,095,846
Texas-Austin _ _
34,753,353 -28.4
24,890,476
Dallas
7.975,012 -23.0
6,141,685
Fort Worth
2,032,000 -15.2
1,724,000
Galveston
4,201.247 -40.6
2,493,692
La.
-Shreveport.
1,658,629
40,668,133
9.956,172
2,324.000
4,915,701
1,923,817
52.453.458
13,200,179
3,758,000
5.389.490
50,448,465 -28.0
59,522.635
76,724,944
99,313,112
Total (10 cities)
36,345,699
Total(5 cities).
Twelfth Feder al
Wash -Seattle._
Spokane
Yakima
Ore.
-Portland..
Utah-Salt Lake C
Calif.
-L.)leach_
Los Angeles _ - _
Pasadena
Sacramento- _ San Diego
San Francisco
San Jose
Santa Barbara.,
Santa Monica-.
Stockton
Reserve D strict-San Franci sco42,912,554
33,687,374 -35.0
21,895,071
12,183,000
9,364,000 -36.7
5,932,000
1,076.655
880,378 -37.4
550,697
33,888,533
25.787.818 -28.7
18,374,079
13,092,483 -34.5
17.355,215
8,577.673
7,662,511
5,658,104 -39.0
3,451,432
No longer re- ports el earIngs.
6,733.819
5,573.956 -35.7
3,582,570
8,186,467 -17.8
6,725.744
6,537,017
4,403,431 -29.6
3,098,126
5,910,187
98,573,413 136,139,526 -27.6 198,157.778
2,487.753 -32.6
1,677,154
2,578,121
2.534.789
2.026,801 -36.7
1,282,115
2,072,246
1,978,364 -47.3
1,042,078
2,543,190
1,596,300 -19.1
1,292,201
58,509.267
12,806,000
1,548,252
36.933.034
18,360,324
9.189,537
7,623,297
6.817,942
6,950.327
188,046,000
2,932,649
2,223,435
2,259,352
2,344,800
Total(14 cities) 176,054,353 250,862,755 -29.8 342,045,525 356,544,216
Grand total (118
cities)
5,185,182,870 8.660.870,408 -40.1 11355000,226 11887213,730
Outside New York 1,941.510,137 2,861,885,256 -32.1 3,703,177,631 4,063,847,585
Week Ended April 7.
Clearings 1932.
$
Canada90,578,534
Montreal
117,402,043
Foronto
37.440,594
Winnipeg
15,169,637
Vancouver
5,647,470
3ttawa
4.839,946
/Uebee
3,760,290
tallies
4,684,025
Tarnilton
Calgary
5,018,818
66. John
2,006,706
1,872,258
Victoria
London
3,069,307
Edmonton
5,218,293
Regina
3,788,885
Brandon
387,865
Lethbridge
418,017
1,602,461
Saskatoon
586,236
Moose Jaw
Brantford
992,450
Fort William_ _ _
648,567
New Westminster
817.482
Medicine Hat_ _
211,714
.
700,590
Peterborough
Sherbrooke
690,340
Kitchener
1,022,028
Windsor
2,765,085
Prince Albert..,..,
346,080
Moncton
822,705
Kingston
742,149
Chatham
488,405
Sarnia
431,181
Sudbury
502,991
Total(32 cities)
314,473,152
1931.
$
97.888,93
4
82,120.520
30,025,648
12.921.907
5.413,790
4.920,117
2,754.315
4,742,914
7,687,248
1,968,347
1.827,390
2,459,840
4,104,418
2,868,317
378,681
353.879
1,548,913
708,945
939,854
662,139
535,537
218,12
654,10
645.89
966,02
2,825,567
345,62
961,900
633,74
513,800
520,700
585,843
Inc. or
Dec.
1930.
1929.
$
8
%
-7.6 118.512,188 149,628,544
+43.0 111,524.761 142,241,3.53
48,794,036
44,836.006
+24.7
26,433.469
13,629,115
+17.4
8,343,705
7,536,128
+4.3
7.365.747
6,314,406
-1.6
4,033.716
3.700,394
+36.5
6,427,507
5.998.479
-1.2
14,876,967
8,235,365
-34.7
3,454,813
2,396.906
-1.9
2,785,728
2,757,252
+2.5
3,591,409
3,169,550
+24.7
6,642,814
6,436,168
+27.1
5,700.496
4,512,502
+32.1
665,810
498,505
+2.
4
575,322
646,746
+18.1
2,217.260
2,626,398
+3.5
1,148,499
-17.3
1,418,713
+5.6
1,155,611
1,537,532
940,557
-2.0
926,712
786,284
+15.3
1,038,381
302,612
-2.9
471,884
+7,1
906,885
1,091,619
+6.9
1,559,450
1,112,554
+5.8
1,103,630
1,311,026
-2.0
4,346,469
7.064,479
+0.7
443,996
481,948
-14.5
815.443
950,225
+17.1
946,226
904,6 2
-6.5
600,388
961,837
-17.2
672,319
819,300
-14.1
1,205,807
275,702,975 +14.1
359,783,483
454,350,120
a No longer reports weekly clearings. b Clearing house not cunftioning
at
present. c Clearing house reopened in February. d Figures smaller due to
merger of two largest banks.
Financial Chronicle
2856
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 30 1932:
GOLD.
The Bank of England gold reserve against notes amounted to £120,806,998 on the 23rd inst. as compared with £120,804,985 on the previous
Wednesday.
The S.S. "Letitia," which sailed from Bombay on the 24th inst., carries
gold to the value of about £1,004,000 and the S.S. "Moonen," which left
on the 26th inst., about .£500,000.
Gold offered in the open market has been taken for the Continent,
but operations have been restricted owing to the Easter holidays. Prices
have shown rather wide fluctuations following movements in the foreign
exchanges.
Quotations during the week:
Per Fine Equivalent Value
Ounce.
of E Sterling.
March 24
112s. 2d.
155. 1.8d.
March 29
1088, 11d.
15s. 7.2d.
March 30
1105. 5d.
15s. 4.7d.
Average of above 3 days
158. 4.6d.
1105. 6d
The following weie the United Kingdom imports and exports of gold
egistered from mid-day on the 21st inst. to mid-day on the 26th inst.:
Imports.
Exports.
British India
E1,408,275 France
£944,466
British South Africa
947,739 Netherlands
18,893
British West Africa
49,875 Switzerland
5,000
Straits Settlements and
Other countries
5,744
Dependencies
57,400
New Zealand
66,420
Other countries
18,769
£2,548,478
£974.103
SILVER.
Owing to the Easter holiday the week under review contained only three
working days, during which prices showed an easier tendency influenced
by movements in the exchanges. After two successive falls of %d., prices
were fixed yesterday at 17 11-16d. for both deliveries, but there was a
recovery to-day to 17%d.for cash and 17 15-16d. for two months' delivery.
The market has been rather quiet, with China inclined to sell and bears
covering at the low level, whilst America has continued to give support.
The tendency remains uncertain and at present seems likely to be dominated by the exchange situation.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 21st inst. to mid-day on the 26th inst.:
Imports.
Exports.
British West Africa
£52,360
£30,413 Czecho-Slovakia
Canada
8,293 United States
35,700
France
4,680
5.792 Germany
Other countries
1.539 Other countries
1,608
£46,037
£94,348
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Standard (Delivery)
(Cents per Ounce .999 Fine).
Cash.
2 Mo,. March
29%
March 24 ----17 15-16d. 17 15-16d. March 24
2951
March 29- --17 11-16d. 17 11-16d. March 25
2934
March 30-.--17%d.
17 15-16d. March 26
29.1
Aver, of above
March 28
2934
17.833d.
3 days
17.854d. March 29
3034
The highest rate of exchange on New York recorded during the period
from the 24th inst. to the 30th inst. was $3.82% and the lowest $3.64.
INDIAN CURRENCY RETURNS.
(/n Lacs ofRupees)Mar.22. Mar. 15. Mar.7.
Notes in circulation
17,959
18,048
18,071
Silver coin and bullion in India
11,070
11,061
11,136
coin and bullion in India
Gold
511
611
501
Securities (Indian Government)
5,978
6,076
6,084
Bills of exchange
400
400
350
The stocks in Shanghai on the 29th inst. consisted of about 57,800,000
ounces in sycee, 174,000,000 dollars and 4,480 silver bars as compared
with about 57,800,000 ounces in sycee. 172,000,000 dollars and 5,460
silver bars on the 19th inst.
Commercialand WscellatteonsBents
BREADSTUFFS
(Concluded from page 2945.)
On the 13th inst. prices declined 1/4 to %c. net. At terminal
markets the receipts were small. This caused some buying; also a charter was made for 600,000 bushels for shipment to Eastern lake ports. Navigation was expected to
open on the Great Lakes on April 16. The country sold
54,000 bushels to arrive. On the 14th inst. prices advanced
1
,6c., with wheat up and shorts covering. But a reaction
1
4
came later which left prices only / to %c. net higher. The
offerings to arrive were large, and 175,000 bushels were
bought in Chicago. Cash people bought May and sold later
months in switching hedges ahead. To-day prices declined
% to %c., following wheat, and with the cash demand poor.
Final prices show a rise for the week of 1% to 1%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed, Thurs. Fri.
No.2 Yellow
4734 493.4 5034 50
5034 49%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
May
,
337 34% 34% 344 345% 34
July
37% 37% 3834 37% 38
37
Sept
3934 40% 4031 4034 404 40
Season's nigh and When MadeSeason's Low and When Made
May
533.4
Nov. 9 1931 May
Apr. 8 1932
32%
July
55
Nov. 9 1931 July
Apr. 8 1932
36
September
4534
Jan. 18 1932 September
Apr. 8 1932
38%
OATS have had a fractional advance in a cool response
to the rise in other grain, for the trading has been sluggish.
On the 9th inst. prices advanced / to %c., in response
1
4
to the rise in corn. On the 11th inst. prices advanced %c.
on light trading, but with prices braced by the firmness
April 16 1932
of other grain. On the 12th inst. prices closed unchanged
to %c.lower, with speculative interest slight. The Canadian
supply on March 31 was 133,908,166 bushels against 210,220,102 in 1931. The sales in Chicago on the 12th'inst. were
876,000 bushels, and the open interest 16,518,000 bushels.
On the 13th inst. prices declined % to %c., pulled down
by corn despite reports that considerable damage to the
Texas crop is expected unless it gets rain soon. On the 14th
Inst. prices advanced % to / with the rest of the grain
1
4c.,
list up. To-day prices closed % to / lower. Rains in
1
4c.
Texas had some effect, but the cash basis was steady. Final
prices show a rise for the week of % to %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 White
343.1-35311 35-3536 35-35% 3451-35% 35-3554 35-35%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
23% 24.% 243
2334 24
23
July
%
243/ 24% 24%, 24% 24
24
Sept
24% 25% 2534 24% 25
249
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed, Thurs. Fri.
May
July
Season's Mph and When MadeSeason's Low and When Made
May
Nov. 10 1931 May
31q
22%
Apr. 8 1932
31t1
July
Nov. 10 1931 July
Oct. 51911
September
26
Feb. 19 1932 September
Mar. 26 1932
2334
3 3 Ef 314 gbi
'
RB1l I
RYE has advanced less than half the rise in wheat, for
there has been no export demand, and a very hesitant
speculation. On the 9th inst. prices advanced 11 to 1%c.,
/
4
following wheat upward. A fair quantity of Canadian rye
was said to have been sold for export. On the 11th inst.
/ higher, with wheat rampantly
1
4c.
prices closed 1% to 2
bullish and reports that a German Commission was enroute
to the United States to buy rye. Speculative trading was
on a fair scale. On the 12th inst. prices ended / lower
1
4c.
to %c. higher. The official Canadian report stated the
supply March 31 at 12,109,633 bushels against 20,763,266
at the same time last year. Sales in Chicago were 1,308,000
bushels, open interest, 9,504,000 bushels. On the 13th inst.
prices ended % to 7 lower under the depressing example
A3c.
of wheat. On the 14th inst. prices advanced % to %C. on a
fair amount of trading. No export business was reported.
Official returns for March 31 holdings in the United States
and Canada show that the supply was about 20,000,000
bushels less than a year ago. To-day prices closed IA to
%c. lower in a sluggish market. Final prices show a rise
of 2% to 3%c. for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
May
45% 41,1 47
46% 463/ 46%
July
47
4
8
49% 48% 48% 48 y
4
Sept
47% 49
, 5034 49% 50
4934
Season's High and When MadeSeason's Low and When Made
May
63
Nov 9 1931 May
3814
Oct. 5 1931
July
Nov. 9 1931 July
63
41
Dec. 10 1931
September
Feb. 26 1932 September
5434
46
Jan. 16 1932
Closing quotations were as follows:
GRAIN
Wheat. New YorkOats, New York
No. 2 red. c.i.f., Dom. ____ 7153i
No. 2 white
35t35
Manitoba No.1.f.o.b. N.Y- 78H
No. 3 white
344034M
Rye No. 2, f.o b none
62
Corn. New York
Chicago, No. 3
No.2 yellow, all rail
4934 Barley
No.8 yellow. all rail
48%
No.2. L.& R.,N. If dom.. 5434
Chicago. cash.
4281460
FLOUR.
Spring pat high protein $4.9O($5.25 Rye flour patents
Spring patenta
4.50 4.75 Seminole,13bl., Nos. 1-2$4.351$4.65
5.50 6.30
ears. first spring
4.35 4.60 Oats goods
1.7.5
1.80
Soft winter straliglits...- 3.60 3.85 Corn
1.40
1.35
Hard winter straights_ 4.00 4.25 Barley goods
Hard winter patents-. 4.25 4.50
Coarse..
Hard winter clears_ .
- 3.33 3.70
Fancy pearl. Nos. 2 3.20Eit
Fancy Minn. patents- 5.65 6.35
4 and 7
6.1504 6.50
Oily mills
8.65 6.35
All 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
for the week ending last Saturday and since Aug. 1 for ports
each
of the last three years:
-I Flour.
Receipts el
I
f
I Wheat.
Corn.
Oats.
Baney.
Rye.
'bels.196lbs'bush.60 tbs.Ibush. 56 lb*. bush. 32 its, bush.48lbs.lbush.561es.
.
Chicago
159,000
82,000
886,000
298.04)0
8,000
Minneapolis400,000
•
147,000
126,000 157,0001
Duluth
51,000
3,000
3,000
1
Milwaukee.-15,0003
8,000
86,000
72,000 185,000
51162
2,
:
000
Toledo
89,000
53,000
82,000
3,000
7,000
Detroit
9,000
5,000
18,000
24,000
4,000
30,000
253,000
270,000
8,000
St. Louis..
147,000
396,000
136,000
66,000
41,000
Peoria
44,000
78,000
215,000
31,000
50,000,
Kansas City
9,000
886,000
166,000
32,000
Omaha
63,000
66,000
8,000
St. Jam:Ph
,
103,000
28,000
Wichita
_
94,000
2,000
2,000
SIOUX City- -13,000
86,000
61,000
2,000
Total wk.1932 374,000 2.330,000 2,207,000 1,097,000
88,000
Same wk.I931 458,000 5,769,000 3,072,000 1,935,000 537,000'
Same wk.1930 395,000 2 598 000 5,804,000 2,317,000 530,000 128,000
86,000
645,000
L
"
Since Aug.1-,
1931
'16,091,000 249,678,000 96,300,000 53,426,000 26,678,000 5,310,000
1930
16.496,000343,851,000 154,519,000 88,343,00040,921,000 18,378,000
1929
15.793,000306.202.000 199,648.000 107,321.00056,922.000 21,091,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 9, follow:
Flour.
Receives at-New York--Philadelphia _
Baltimore_ _-Houston
Norfolk
New Orleans *
Galveston__
Bt. John
Boston
Halifax
West St. John
Wheat.
Corn.
Oats,
Barley.
308.000
1,409.000
118,000
182.000r
I 218,000
4'600°°°L20880°°° 1,141,000 1,809,000 486,000 1,861,000
Week 1932_
362.000 1,967,000
57,000
98,000 458,
7,000
Since Jan.1'31 5.957.000 24 fimi OM 1 la3 non 1 32o ono 1 a33 000 157000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bl Is of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 9 1932, are shown in the annexed
statement:
Exportsfrom-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
1,607,000
2.000
28,907
78,000
5,000
4,000
111,000
51.000
1,000
40,000
8,000
8,000 12,000
832,000
19,000
8,000
477,000
94,000 206,000
28,000
116,000
12,000
1,000
10,000
New York
Philadelphia
Baltimore
Norfolk
New Orelanz
Galveston
St. John, N. B
Houston
Halifax
Total week 1932-- 3,072,000
Same week 1931.... 2.178.000
78,000
92,907
143.174
107,000
403,000
8.700
464.300
The destinat'on of these exports for the week and since
July 1 1931 is as below:
Flour.
Exports for Week
and Stare
Week
Week
July Ito-.
Apr. 9
Ad& 1
1932.
1931.
Wheat.
Week
Apr. 9
1932.
Since
July 1
1931. •
Corn.
Week
Apr.9
1932.
Since
July 1
1931.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
United Kingdom_ 32,582 2,311,268 1,111,000 31,101,000
70,000
182,000
Continent
41,055 1,498,799 1,950,000 77,858,000
7,000
159,000
So. & Cent. Am
1,000
204,453
1,000 10,865,000
10,000
West Indies
11,000
389,914
8,000
155,000
1,000
45,000
Brit. No.Am.Col.
__
10,962
Other countries_ 7,270
2,000 2,334.000
198.247
Total 1932
Total 1931
92,907 4,591,643 3,072,000 122,313,000
143,174 9,301,001 2.178,000 148.204,000
78,000
3
96.000
267.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 9, were as follows:
Corn.
Wheat.
Exports.
Week
April 8
1932.
Rye.
bbis.196 lin bush.60 Os bush.58 lbs.bush. 32 lbs.bush.48Ibs.bush.561bs.
138,000
837
23,000
26.000
33,0
1,
14,000
5,000
2,000
12,0001
4,000
18,000
7,000
118 0 P 0
I
1,0001
51,000
57,00
156.'''
21,000
36,000
118,000
8,000
129,000
I
29,0001
4,000
12.0001
10,000
1,0001
26.000[469,000
77,000
94,000
Total wk.1932
Since Jan.1'32
2857
Financial Chronicle
Volume 134
Week
April 8
1932.
Since
July 1
1930.
Since
July 1
1931.
Since
July 1
1930.
Since
July 1
1931.
Bushels.
Bushels. Bushels.
Bushels. I Bushels.
Bushels.
44,000 1,995,000 1,382,000
North Amer_ 4,845,000 247,755,000284,113,000
Black Sea _ _
240,000107,708,000 97,454.000 859,000 25,533,000 28,611.000
Argentina__ 5,074,000104,370,000 71,385,000 7,421,000308,209.000 185,361,000
Australia --_ 3,950,000120,096,000 90,344,000
Indla
600,000 9,008,000
0th. countes 640,000 27,622,000 34,072,000 714,000 17,146,000 37,414,000
Total
14,749,000608,181,000586.376.000 9,038,000 350.883,00012.52,768,000
Foreign Trade of New York-Monthly Statement.
Merchandise Movement as New York.
Month.
Exports.
Imports.
1930.
1931.
I
1931.
1930.
1931.
98,069.398
97,722.024
92.321.673
95.822.991
93,543.704
95.875.509
1931.
94.804.3231
17.237.6351
20.162,713
21,683,259
18,506,473
15.161,993
15.902.204
1932.
13,177,166
I
84.823.090 99.990.2341 87.058.129
81,423.455 99.085,2871 59.208.716
94,872,046 110.496.855' 67.749.087
92,059,2011124.376.8431 65.352,268
86,585.105 102.937,471 51,967,285
87,837,295 99,742,895 55,939,911
1931. 1 1932.
1932.
January- 85,450,212 87,278,80744,388,825
July
August-- September
October
November,
December_
Customs Reeelige
at
New York.
1
1930.
15,817.540
16.700.854
20.672,440
22.811,155
19.861.973
15.596.668
1931
15.784.232
Total___ 593.050.4041723.907,992411,884,221 667,959,622 121,831,4431127.024.871
Movement of.gold and silver for the 7 months:
Gold Movement at New York.
Month.
1931.
July
AugustSeptember
October
November.
December_
10.928.608
25.844.790
35.034,94
25,658,339
6,840.308
13.248,219
1932.
January _ _ 19,067,93
Silver-New York.
Exports.
Imports.
1930.
I
1931.
1930.
8
13.156.5771 1.000.32 30,001.977
32.500 35,314,272
4.592,811:
5,283,713 28,690.327 3,974,842
17,825.288 398,471.056
30,000
21.480.117 4,935.286
1.200
11.317.784 32.822.524
1932.
1931.
1931.
9,404,4551107,842,041
Imports. I
Exports.
1931.
525,184
1,590.557
639.872
791,382
841.678
2.013.828
1932.
919,079
1931.
1,321.509
1,234,391
1.282.981
1,181.579
697.934
1,741,027
1931.
572.257
Total_ __ 138,619,146 83,040,7451573,594,082 69,322.2911 7,321,5781 8.031,678
-The following information regarding
National Banks.
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHANGE OF TITLY
Capital.
Apr. S
-The National Bank of Charleroi,.Pa.. to "The National
Bank of Charleroi and Trust Co.'
VOLUNTARY LIQUIDATIONS.
$100,000
Apr. 5
-The First National Bank of Statesboro, Georgia
Effective Dec.19 1931. Liquidating Agent: S. W.Lewis,
Statesboro, Ga. Absorbed by Bank of Statesboro, Ga.
Apr. 7
-First National Bank & Trust Co. of Mamaroneck, N. V-- 150.000
Effective March 18 1932. Liquidating Committee: Reuben P. Brewer, George W. Mahlstedt and George B.
Marshall, care of the liquidating bank. Succeeded by
First National Bank in Mamaroneck. No. 13592.
Apr. 7
50.000
-The Peoples National Bank of Victoria, Texas
Effective April 1 1932. Liquidating Agent: Victoria
Bank & Trust Co., Victoria, Texas. Absorbed by
Victoria Bank & Trust Co., Victoria. Texas.
Apr. 8
25,000
-The First National Bank of Woodburn. Oregon
Effective March 25 1932. Liquidating Agent:C.J. Espy,
Woodburn, Ore. Absorbed by The Bank of Woodburn, Ore.
Apr. 8
-The San Angelo National Bank, San Angelo, Texas_ __ _ 300,000
Effective March 23 1930. Liquidating Agent: Si. A.
Hall, San Angelo, Texas. Succeeded by: San Angelo
National Bank of San Angelo. No. 13587.
GRAIN STOCKS.
Oats.
Wheat.
Corn.
Rye.
Barley.
bush.
bush.
bush.
bush.
bush.
12,000
2,098,000
3,000
6,000
5,000
1,942,000
1.000
50,000
3.774,000
49,000
12,000
3,000
33,000
8,580.000
72,000
30,000
1.000
294,000
35,000
2.104,000
53,000
1,000
2,589,000
65,000
216,000
5,571,000
300,000
2,000
9,000
900,000
11,388,000 3.415,000
269,000
264,000
293,000
336,000
151,000
539.000
4,370,000
3.000
5,000
10,000
22,000
262,000
31.000
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
42,000
20,770,000 12.740,000 3,808,000 1.634,000
186,000 Apr. 8
-The Harriman National Bank & Trust Co. of the City
1,830,000
1,383,000
258,000
of New York, N. Y.
Location of branches: 256 West 57th St., Borough of
630,000
373,000
6.229.000
192,000
243,000
Manhattan: No. 50 Broadway, Borough of Manhattan.
17,820,000
97.000 2,074,000 1,903,000
313,000
65,000 3,268,000 3,722,000 1,406,000
27.460,000
57,000
1,538,000
17,000
19,000
Auction Sales.
-Among other securities, the following,
417.000
6,310,000 1,347,000
8.000
not actually dealt in at the Stock Exchange, were sold at auction
61,000
345,000
37,267,000
56.000
79.000
in New York, Boston, Philadelphia and Buffalo on Wed1.697,000
nesday of this week:
78,000
5.316,000
652,000
5,709,000
289,000
By Adrian H. Muller & Son, New York: '600,000
58,000
28.000
290.000
1.438.000 1,495,000
Shares. Stocks.
$ per Sh.
5 Per Sh.1Shares. Stocks.
403,000
17,413,000
397,000
21,000
16,000 72 Palisades Realty & Amusement
i
110 Bachmann, Emmerich & Co..
-Co., no par
$io lot
3
Total April 9 1932.._192.119,000 21,835.000 14,106,000 9,268.000 2.657,000
Palisades Realty & Amusement
20 BaChmann. Emmerich de Co..
Total April 2 1932...196,533,000 21,840,000 14,805,000 9,310,000 2,851.000 50Co., no
par
Inc.. cum. pref. 13; 20 common_$10 lot
3
Total April 11 1931...199,227,000 19,645,000 15,836,000 11,879,000 8,928.000 100
Reliance Mfg. Co.(III.), corn.,
15 Bachmann. Emmerich & Co.,
Note.
Par $10
-Bonded grain not Included above: Oats-New York, 1,000 bushels;
Inc., cum. pref. A
$8 lot
2
. total, 1,600 bushels, against 8,000 bushels in 1931. Baricy-New York, 61,000 375 Superior Steel Door & Trim
10 Bachmann, Emmerich & Co..
Co.,Inc
bushels: Buffalo. 497,000: total, 558,000 bushels, against 660,000 bushel, in 1931.
2
Inc., cum. Met B; 20 common;
Wheat
-New York, 1,525,000 bushels; New York afloat, 193,000: Baltimore. 247 Gem Realty & Devel. Co., Inc_ 2
10 cum. pref. A
$41 lot
74,000: Buffalo. 3,637,000: Buffalo afloat, 4,958,000; total, 10,387,000 bushels, 400 Bryant Park Bank. par WO__ 8
10 Bachmann. Emmerich dr Co..
4,000 Livingston Mines Corp.
against 9,261,000 busehls in 1931.
Inc., cum. pref. B
$7 lot
(Del.). Par $1
$15 lot 10 Bachmann, Emmerich & Co..
Oats.
Wheat.
Rye.
Corn.
Barley. 400 Bachmann, Emmericah &
Inc.. cum. pref. A
$13 lot
Co.,
Canadianbush,
bush,
bush.
bush,
bush.
Inc., pret
$100 lot 6 Bachmann, Emmerich & Co.,
Montreal
1,234,000 1,130,000 1,000,000 100 Bachmann,
3,663,000
Emmerich & Co..
Inc., corn. pref. A
$11101
Ft. William de Pt. Arthur.56,470,000
2,681,000 7,635,000 3,127,000
Inc., rum. pref. A
$25 lot 500 Detroit 011 Corp., par $1; 50
"
afloat
114,000
71,000
30 Bachmann, Emmerich & Co.,
Mallery Fuelgas Corp., no par;
Other Canadian
730,000
5,463,000
108,000
438.000
Inc., cum. pref. A:40 cum. pref.
$1,000 Mallery Fudges Corp.8%
B; 80 common
10-yr. Income note, registered- -$51at
$27 lot
Total April 9 1932_ - _65,667,000
4,759,000 8,873,000 4,583,000
Bachmann,
50 Art Marbles, Stone & Mosaic
Total April 2 1932_ _54,796,000
.
4,897,000 8.844,000 4,522,000 75Inc., cum. Emmericah & Co.,
pref.
Co.. Ltd.. ord., par is.; 100 Art
$26 lot
Total April 11 1931_ _ _ _65,991,000
5,499,000 10,791,000 20.471,000 130 Bachmann, A
Emmericah & Co..
Marbles. Stone & Mosaic Co.,
Summary
Inc., cum. pref. A.
$41 lot
Ltd., pref., par £1; 110 Sensible
Heat Distillation, Ltd., ord., par
American
192,119.000 21,835,000 14,108,000 9,268,000 2.657,000 120 Bachmann, Emmerich & Co..
Inc., cum. pref. A
$25 lot
2s.; 5 1/go D. SpInola. Inc.....
Canadian
85,887,000
4,759.000 8,873,000 4,563,000
$26 lot
-Total April 9 1932_257.786,000 21,835,000 18,865,000 18,141.000 7 220.000
By R. L. Day & Co., Boston:
Total April 2 1932._ -281,322,000 21,640,000 19,702,000 18,154,000 7,373,000 Shares. Stocks.
$ per Sh. Shares. Stocks.
Total April 11 1931-265,218,000 19,635,000 21,335,000 22,670,000 27,399,000 45 Naukmeag
no. Sh.
Steam Cotton Co_ _ __ 46
66 Elec. Bond & Sh. Co., corn, $
old
$300---400
The world's shipments of wheat and corn, as furnished by 1 Boston Athenaeum, parCo.,com_
4
188
13 Amer.Power & Light
Broomhall to the New York Produce Exchange,for the week 170 Amer.Gas & Electric Southern 223 100 Checker Taxi Co., Co..com ._ 8
Commonwealth &
pret
1
ending Friday, April 8, and since July 1 1931 and 1930, Corp.. corn
2)( 4 Collateral Loan Co
95
1575 Option waive. Commonwealth
10,000 Nat.Protective Cos.- _ - . -- 1%
are shown in the following:
& Southern Corp
25c
United StatesNew York
Boston
Philadelphia
Baltimore
Newport Newt
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
Financial Chronicle
2858
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
t per 85. Shares. Stocks.
538 Standard Rivet
los Heywood-Wakefield Co., co.
Par $100
3
8 per
75c
Sh.rn
Per
When
Cent Payable.
Books Closed
Days Inclusive.
Miscellaneous.
1
Amer. Crayon Co.,6% pref. (guar.).-- '13-4 May 1 *Holders of rec. Apr. 20
•1% Aug. 1 *Holders of reo. July 20
6% Preferred (guar.)
6% preferred (guar.)
•13‘ Nov. 1 *Holders of rec. Oct. 20
Amer. Natl. Co.(Toledo). pref. A (qu.). *$154 July 1
Preferred A (quarterly)
*SIM Oct. 1
Preferred A (quarterly)
*$13( Jan 1'33
Preferred B (quarterly)
'$134 July 1
Preferred B (quarterly)
'$134 Oct. 1
Preferred B (quarterly)
41% JanF33
By A. J. Wright & Co., Buffalo:
American Thermos Bottle el. A-Div. pa seed.
Bonds.
$ per Sh.
Per Cent. Associated Electrical Industries, Ltd.,
Shares. Stocks.
common (annual)
4
10 Internal. Rustiess Iron, par $1_ _ 200 $2,000 Riverdale Cemetery Assn. of
Atlantic Macaroni Co. (qua?.)...
•$134 Apr. 15 *Holders of rm. Apr. 15
Niagara Falls, N. Y., corn. ctfs.
*$2 Apr. 15 *Holders of roe. Apr. 13
of Indebtedness, series H
$17.00 Atlantic Safe Deposit(N. Y.)(quar.)
•1% June 15
Belding-Corticelli, pref.(guar.)
•1% Apr. 1 *Holders of roe. Apr. 30
Birmingham Mtge. Co., 7% pt. (qu.)
Bonded Trustee Shares, class A
•$2.06 Apr. 1
DIVIDENDS.
Class B (monthly)
•10c. Apr. 1
Brill(5.0.),
May 1 *Holders of rec. Apr. 29
Dividends are grouped in two separate tables. In the Budd Realty pref.(guar.)(guar.)
Corp.,corn.
*2
Mar. 1 *Holders of rec. Apr. 24
Bullock Fund, Ltd. (initial)
20o. May 2 Holders of rec. Apr. 15
first we bring together all the dividends announced the Canad'n Converters Co.. Ltd. corn.(qu.) 50c. May 16 Holders of rec. Apr. 30
Capital Management
*25c. May
current week. Then we follow with a second table, in City Baking Co., pref.Corp., com.(qu.). •$13( May 2 *Holders of ree. Apr. 21
1 *Holders
(guar.)
which we show the dividends previously announced, but Coast Foundation, Inc., class A.-Actlo n post poned u ntil July. of rec. Apr. 25
Coca Cola Bottling Corp.cl., pf.(qu.)-'3734a May 2 *Holders of rec. Apr. 15
which have not yet been paid.
Columbian Vise & Mfg.,com.(guar.)... *37 he Apr. 1 *Holders of rec. Mar. 19
Concord Electric Co.. com.(guar.)
•70e. Apr. 15 *Holders of rec. Apr. 7
The dividends announced this week are:
4113i Apr. 15 *Holders of rm. Apr. 7
Preferred (quarterly)
Conley Tank Car 8% pref. (quar.)
*2
Mar. 31 *Holders of ree. Mar. 21
Consol. Cigar, prior pref. (guar.)
*$135 May 2 "Holders of roe. Apr. 18
Per
When
Books Closed.
*SIM June 1 'Holders of rec. May 16
Preferred (quarterly)
Name of Company.
Cent. Payable.
pays Inclusive.
Consol. Ice of Pitts., 607 pref. (qua:.). •134 Apr. 20 *Holders of roe. Apr. 9
CODS01.011 Corp., pref.(Initial-guar.). •$2
May 14 *Holders of rec. Apr. 30
Railroads (Steam).
Continental Can common (guar.)
62340 May 14 Holders of rec. Apr. 30
Elmira dr Williamsport RR.com.(8..a.) 411.15 May 2 *Holders of rec. Apr. 20
Credit Util. Banking(N.Y.)cl. B (qu.) •250. Apr. 10 *Holders of rec. Mar. 26
United N. J. RR. dr Canal (guar.)
*I2M July 10 'Holders of roe. June 20
Detroit Gray Iron Foundry, common. Divide nd pass ed.
'
Virginian Ry., pref. (guar.)
$134 May 2 *Holders of roe. Apr. 16
Disher Steel Constr.,cl. A pref.(guar.).- *3730 May 2 *Holders of rec. Apr. 15
'$1 34 Apr. 16 *Holders of rec. Apr. 1
Warren RR. Co., common (s.
District Bond common(guar.)
-a.)
'3733c Apr. 1 *Holders of rec. Mar. 30
Diversified Utility Inv.,cl. A and 7% pre f.
-Di vidends omitted.
Public Utilities.
Donahoe's. Inc.,6% 1st pref.-Div. pass ed.
Associated Tele. Co., $133 pref. (guar.) 3734c May 1 Holders of rec. Apr. 15
Dravo Corp.,6% pref.(guar.)
•750. Apr. 1 *Holders of rec. Mar. 24
Atlantic) City Elec., $8 pref. (guar.).
Eastern Theatres, Ltd.. corn.(guar.).-- *50c. June 1 *Holders of reo. Apr. 30
- ".$134 May 2 *Holders of roe. Apr. 9
Brazilian Traction, Light de Power corn__ 112
June 1 *Holders of rec. Apr. 30
Edison Bros. Stores. cony. pref.-Divide nd omi tted.
Brockton Gas dr Light (guar.)
•
500. Apr. 15 *Holders of rec. Apr. 7
Eaton, Crane & Pike 7% pref. A-Div.o mitted
Brooklyn Born Gas. pref. (extra)
*513/40 Apr. 1 *Holders of rec. Mar. 21
Elec. Pow. Asso., Inc. cl. A (qua:.)
•25e. May 2 *Holders of roe. Apr. 20
Canadian West Natural Gas, Lt., Heat
Class B (quarterly)
•25.3. May 2 *Holders of rec. Apr. 20
& Power, common (guar.)
Apr. 15 *Holders of rec. Apr. 14
'31
Eng.Elec. of Can.,cl.A (qua:.)
*75e. Apr. 15 *Holders of roe. Mar. 31
Central Arizona Lt.& Pow.,57 pt. (qu.)_ "e15( May 2 *Holders of rec. Apr. 15
Fair (The) 7% pref.(guar.)
'134 dMay 2 *Holders of Me, dApr.20
e8 preferred (guar.)
'
$134 May 2 *Holders of rec. Apr. 15
Federal Bake Shops,Inc- 7% pref.-Div passe d.
Central Illinois Public Serv.,6% pf.(qu.) •134 Apr. 15 *Holders of reo. Mar. 31
Federal Co-operative Finance 7% pref.- Div. p assed.
Central Telephone (Chicago). $13 pref.- Action deferre dFed. Fidelity Co., Inc.,7% pref.(guar.) '134 Apr. 1 *Holders of roe. Mar. 20
Central West Public Service, class A
Federal Knitting Mills Cquar.)
•62340 May 1 *Holders of rec. Apr. 15
(payable in class A stock) (guar.).
- M134 May 1 *Holders of roe. Apr. 18
Fibreboard Prod., pr. pref.(guar.)
May 1 *Holders of roe. Apr. 15
Preferred A (guar.)
*132 May 1 *Holders of rec. Apr. 18
Freemen Dairy, prof.(guar.)
"UM Apr. 1 *Holders of rec. Mar. 15
Preferred B (guar.)
•$134 May 1 *Holders of roe. Apr. 18
Gilmore 011 Co., Ltd. (guar.)
*30c. Apr. 30 *Holders of rec. Apr. 15
Cities Service, bankers shares
•1 0.065c May 2 *Holders of rec. Apr. 15
-Div dend omitted.
Goldsmith (P.)Sons Co.,common.
Cities Service Power & Light
Gorham mfg. Co.,corn.(guar.)
400. June 1 Holders of rec. May 16
•41 2-3c May 16 'Holders of rec. Apr. 30
$5 cumulative pref. (monthly)
Guard. Invest. Trust (Hartford, Conn.)
cumulative pref. (monthly)
*50c. May 16 *Holders of rec. Apr. 30
$6
$134 cumulative preferred
"525o. Apr. 1 *Holders of rec. Mar. 15
•58 1-30 May 16 *Holders of rec. Apr. 30 Guard. Pub. Util. by. Trust
$7 cumulative pref. (monthly)
City Water Co. of Chattanooga
$1 non-cum. series I preferred
•150. Apr. 1 *Holders of rec. Mar. 15
'134 May 2 *Holders of rec. Apr. 21
8% preferred (guar.)
Guard. Rail Shares by. Trust
Columbia Gas & Electric
"20o. Apr. 1 *Holders of rec. Mar. 15
$134 series I preferred
(pay. in cony.5% pf. stk.) *e25c. May 15 'Holders of rec. Apr. 2.5
Corn.(qu.)
Guardian Realty Co. of Canada. Ltd..
6% preferred A (quarterly)
•134 May 15 *Holders of ree. Apr. 25
7% pref.(guar.)
*8133 Apr. 15 *Holders of rec. Mar. 31
'134 May 15 *Holders of roe. Apr. 25
5% preferred (quarterly)
Hambleton Corp.$3 partle.pf.(liquid'g)- **A
Apr. 8 *Holders of rec. Apr. 8
Columbus Ry.,Pow.& Lt., pf. B (guar.) •$1.63 May 1 *Holders of rec. Apr. 15
Hammermill Paper com.-Action deferre d until July 5.
"70c. Apr. 15 'Holders of roe. Apr. 7
Concord (N. H.) Electric, common
Heels Mining common-Div. omitted.
'134 Apr, 15 *Molders of rec. Apr. 7
Preferred
Holt (Henry) dr Co., cl. A (guar.)
'22340 June 1 *Holders of rec. May 11
4.1 yi May 1 *Holders of ree. Apr. 23
*$134 May 15 "Holders of rm. Apr. 30
Conn. Ry. & Lt., common (guar.)
Home (Joseph) Co.6% pref. (quar.)
434% preferred (guar.)
'134 May 15 *Holders of rec. Apr. 30
Humberstone Shoe Co., corn. (guar.)
- *50o. May 2 *Holders of rm. Apr. 15
"134 May 1 *Holders of rec. Apr. 16
Cumberland Co. Pr.dr Lt. 6% pf.(rm.).
,
Hutchins Invest. Corp., $7 preferred..... *$1
Apr. 15 *Holders of rec. Apr. 9
'
Eastern States Gas Co., com.(guar.)._ 1214c Apr. 15 *Holders of rec. Apr. 1
IndianIca & Fuel,6% pref. (guar.).
- '13-4 Apr. 1
Electric Power Associates, Inc.
Insurance Bldg. Corp. 7% pref. (guar.) *50o. May 1 *Holders of rec. Apr. 19
•
2543. May 2 *Holders of rec. Apr. 20
Class A and corn. stocks (guar.)
Jewel Tea Co., Inc., common (guar.).
- $1 July 16 Holders of reo. July 1
Empire Gas & Fuel,8% pref.(monthly/- 'soil May 2 Holders of rec. Apr. 15
Klein (D. Emil) corn. (guar.)
'23c. July 1 *Holders of rec. June 20
7,1 of 1 May 2 Holders of rec. Apr. 15
7% preferred (monthly)
Preferred (guar.)
*$19i May 1 *Holders of rec. Apr. 20
p m% preferred
"sof 1 May 2 Holders of rec. Apr. 15
(monthly)
Kroger Grocery dr Baking, corn. (guar.) *25o. June 1 *Holders of ree. May 10
6% preferred (monthly)
34 oil May 2 Holders of rec. Apr. 15
6% preferred (guar.)
'134 July 1 *Holders of reo. June 20
Escanaba (Mich.) Pow.& Tr.,13% pf.(qu) •
134 May 1
•13( Aug. 1 *Holders of rec. July 20
7% Preferred (guar.)
1
6% preferred (quarterly)
.134 Aug. 1
Lane Cotton Mills, common
*25o. Apr. 1
6% preferred (quarterly)
*135 Nov. 1
Lehigh dr Wilkes-Barre Coal,$50 par corn -Div Mend passed.
'$234 Apr. 15 *Holders of roe. Apr. 7
Exeter & Hampton Electric, corn
Lehigh & Wilkea-Barre Corp.,com.(qu.)"$1
Apr. 22,*Holders of rec. Apr. 12
Fitchburg Gas & Elec., com. (guar.).
- •690. Apr. 15 *Holders of rec. Apr. 7
Lerner Stores, pref. (guar.)
'3154 May 2 *Holders of rec. Apr. 20
Franklin Telegraph, Liar. stock (s.
-a.) *$134 May 1 *Holders of rec. Apr. 15
Loew's Ohio Theatres, Inc., pref.(guar.).$2
May 1 *Holders of roe. Apr. 25
50e. May 2 Holders of roe. Apr. 15
Gas & Elec. Securities, earn.(monthly)
Lyon Metal Prod., Inc., pref. (guar.).- *$1 34 May 1 *Holders of rm. Apr. 20
eX of 1 may 2 Holders of roe. Apr. 15
Extra (In stock)
McCaskey Register, 1st pref.-Dividend passe 5.
, of 1 May 2 Holders of rec. Apr. 15
is
Preferred (monthly)
McIntyre Porcupine Mines, Ltd.(guar.) "25e. June 1 *Holders of rec. May 2
Gas Securities, coin. (in scrip)(mthly.)._ 14 of 1 May 2 Holders of roe. Apr. 15
McLeod Bldg., Ltd., pref. (guar.)
.513.1 Apr. 1 *Holders of roe. Mar. 15
•15
50c. May 2 Holders of reo. Apr. 15
Preferred (monthly)
Marconi Intl Marine, ord. reg
Mar 81 *Holders of reo. Mar. 7
Germantown Pass. Pty.. com.(quar.)-* $1.31M Apr. 5 *Holders of rec. Mar. 15
American deposit receipts
"13.2e. Apr. 7 *Holders of rec. Mar. 10
Greenfield Gas Light Co.,com.(guar.).- •111 Apr. 1 *Holders of rec. Mar. 15
Maytag Co., lst pref. (guar.)
,
'$1 34 May 2 *Holders of rec. Apr. 20
•
750. May 2 *Holders of rec. Apr. 15
Cumulative pref.-Action deferred.
6% Preferred (guar.)
Honolulu Gas Co., common (monthly).- *15c. Apr. 20 *Holders of rec. Apr. 15
Mercantile Amer. Realty,6% pref.(qu.) *134 Apr. 15 *Holders of rec. Apr. 15
•134 May 2 *Holders of roe. Apr. 15
Metal & Thermft Corp.. com.(guar.).- *$134 May 1 'Holders of rec. Apr. 20
Idaho Power Co.,7% Prof. (guar.)
"$134 May 2 *Holders of reo. Apr. 16
e8 preferred (quarterly)
Metropolitan Coal, pref. (guar.)
4134 Mar,31 *Holders of rec. Mar. 24
Kokomo Water Works.6% pref.(qu.)-. "134 May 2 "Holders of rec. Apr. 21
Met. Ind.6% pref. 50% paid °Us.(qu.) 0750. May 1 *Holders of rec. Apr. 25
Mohawk Mining Co. (guar.)
Lexington Tel Co.. 634% prior pf.(qu.). •134 Apr. 15 *Holders of rec. Mar. 31
260. May 31 Holders of rec. Apr. 30
Monmouth Cons. Wirt.. 7% pref. (qu.) •134 May 16 *Holders of rec. May
Lone Star Gas, 834% pref. (guar.).
- *S1.62 May 2 *Holders of rec. Apr. 20
2
•500. Apr. 15 *Holden; of rm. Apr. 7
Monroe Calculating Mach., prof.(guar.) *$134 Mar. 31
Mass. Pow. dr Lt. Asso.,$2 pref. (gu.)
134 May 2 *Holders of rec. Apr. 15
Montecatini Mining & Agrie. Co.
Michigan Gas & Elec.,6% pref. (guar.) •
707 prior lien preferred (guar.)
'134 May 2 *Holders of rec. Apr. 15
(American deposit receipta)
60e Apr. 15 Holders of roe. Apr. 11
Mtge. Corp. of Nova Scotia, com.(qu.). *$134 May 1 *Ilolders of rec. Apr. 24
Mladssippl Pow.& Lt.,36 1st pf.(qu.).- "UM May 2 *Holders of rec. Apr. 15
Motor Bankers Corp. (liquidating)
Mohawk Hudson Power 1st pref.(qu.)-- *$154 May 1 *Holders of roe. Apr. 15
':8334 Feb. 10
*UM May 2 *Holders of rec. Apr. 15
Mutual Invest. Trust (N. Y.), class A-Municipal Service, pref.(guar.)
•
cliz Apr. 15 'Holders of rec. Mar. 31
Natl. Carbon Co., Inc., pref. (guar.)._ ' $2 May 2 *Holders of rec. Apr. 20
New Brunswick Tel.Co.,Ltd.,com.(qu.) •150. Apr. 15 *Holders of roe. Mar. 31
.
1
Natl. Fin. Corp. (Bait.), cl. A ((M.).- *20c Apr. 1
North Amer. Gas & Elec.. $6 pref.(qu.) "$134 May 1 *Holders of rec. Apr. 20
Class B (quarterly)
Class A-Dividend omitted.
.200 Apr. 1
Apr. 15 'Holders of rec. Apr. 7
$10 par preferred (guar.)
North Boston Lt.. Prop., com. (guar.) *$1
*20o Apr. 1
*134 Apr. 15 *Holders of roe. Apr. 7
Neon Prod. oi W. Can., Ltd., pf.
$50 par preferred (guar.)
"75e May 1 *Holders of rec. Apr. 15
New Amsterdam Casualty (guar.)
Orange & Rockland Electric, corn. (qu.). *$2 May 1 *Holders of rec. Apr. 25
•500. May .2 *Holders of rec. Apr. 22
•
3730 May 16 *Holders of rec. Apr. 30
Newberry (J. J.), pref. (guar.)
Pacific Gas & Elec.6% pref.(guar.).
8134 June 1 *Holders of reo. May 16
'3434c May 16 *Holders of rec. Apr. 30
New England Equity Corp.,corn.(guar.) *50o May 2 *Holders of ree. Apr. 15
534% prof.(9991%)
New York & Foreign Invest. 834% pref.-Div dend o ranted.
Pacific Lighting Corp. (guar.)
"75e. May 16 *Holders of rec. Apr. 20
New York Investors, Inc., 2d pref.-Div Mend o mated.
Piedmont dr Northern Ry- cam.(rm.).- 91/4 Apr. 15 *Holders of rec. Apr. 6
N. Y. Utilities, inc., pref. (guar.)
Prineeton,(N. J.) Water Co., com.(qU.) "750 May 1 *Holders of rec. Apr. 20
'$IM May 1 *Holders of roe. Apr. 11
Niagara Share Corp.(Md.),com.& $6 pf .-Act ion dote rred until May 11.
*38c. May 113 *Holders of roe. Apr. 25
Quebec Power, common
Norfolk & Wash. Steamboat (guar.).
Rhode Island Public Service, pref. (qu.). •500. May 2 "Holders of rec. Apr. 15
Apr. 1 *Holders of rec. Mar. 23
"$3
Ridge Ave.Pass. Ry.,com.(guar.)
Northern Paper Mills, 6% and 7% pref. -Dirt dend o mitted.
"83 Apr. 1 'Holders of roe. Mar. 15
"230. May 2 *Holders of roe. Apr. 15
Pao. Finance Corp.
Rockland Light & Power (guar./
(Del.),$10 pi. A (qu.) "200. May 1 *Holders of rec. Apr. 15
$10 preferred C (guar.)
Shawinigan Water & Power, com.(qu.) .
25e Apr. 10
'16340 May 1 *Holders of rm. Apr. 15
Sierra Pacific Electric. common
*50c. May 2 *Hoiden of reo. Apr. 20
$10 preferred D (guar.)
•1734o May 1 *Holders of roe. Apr. 15
Preferred (guar.)
Peerless Motor Car Corp. (special)
Apr. 25 *Holders of rec. Apr. 20
*E134 May 2 *Holders of roe. Apr. 20
"$3
Springfield (Mass.) Gas Lt.. corn. (qu.) "750. Apr. 15 *Holders of rec. Apr. 7
Pioneer MIII, Ltd., corn. (monthly).- *100. May 1 *Holders of ree. Apr, 20
Standard Power & Light, corn. (guar.).- "50c. June 1 'Holders of rec. May 11
Printz-Blederman, common-Dividend p eased.
Class B (guarter.y)
•50. May 1 *Holders of rec. Apr. 21
•
50c. June 1 "Holders of rec. May 11
Process Corp., common (guar.)
Preferred (quarterly)
•
3131 May 2 *Holders of rec. Apr. 16
Procter dr Gamble, common (guar.).- 600. May 14 Holders of rec. Apr. 25
Tampa Electric Co.,corn.(guar.)
560. May 16 Holders of rec. May 2
Prudence Co.(N. Y.) pref. (semi-ann.).'$334 May 1 *Holders of rec. Apr. 22
Preferred A (quarterly)
Public Utility Invest. Co. 7% pref.-Di Mend °mitt° d.
$34 May 16 Holders of rec. May 2
Texas Power & Light 7% pref.(guar.)
*134 May 2 *Holders of rec. Apr. 15
Queens City Petrol. Prd..7% pref. (911.) '131 Apr. 14 *Holders of nee. Apr. 1
$6 pref.(guar.)
"$134 May 2 *Holders of roe. Apr. 15
Reed (C. A.) class B (guar.)
"12340 May 2 *Holders or rm. Apr. 21
United Light dr Power, classes A & Ii-D ividen ds omitted,
Class A (quarterly)
*500. May 2 *Holders of rec. Apr. 21
United Telephone, $7 25 preL-Action d eterred
Republic Service, pref. (guar.)
'$1 34 May 2 *Holders of rec. Apr. 15
•$1
Reserve Investing, pref. tquar.)
Apr. 15 *Holders of roe. Apr. 9
Trust Companies.
Rio Tinto Co., Ltd. (Amer. deposit
Real Estate-Land Title & Trust Co
15
May 2 Holders of rec. Apr. 15
receipts for ordinary bearer)
64. May 9 Holders of roe. Apr. 29
re 2s.
Rochester Service Corp.. pref. (guar.).- 11134 May 2 *Holders of rec. Apr. 15
Fire Insurance.
Rose's 5.10-25c. Stores. Inc.,7% pf.(qu.) •134 May 1 'Holders of rco. Apr. 20
Camden Fire Insurance (guar.)
•
25o. May 1 *Holders of rec. Apr. 15
St. Joseph Lead,from-Dividend passed
Firemen's Ins. Co.
(Newark. N.J.)(qu.)- •
300. Apr. 26 "Holders of rec. Apr. 16
Bt. Lawrence Flour Mills, pref. (guar.). .$134 May 2•Holders of roe. Apr. 20
By Barnes & Lofland, Philadelphia:
8 per Sh.
Shares. Stouts.
Proprietary rights of Shoemaker &
Busch. Inc., in certain patent
$130 lot
medicines, &o
31 Corn Exch. Nat. Bk.& Tr. Co.,
48
$20
Par
•
Name of Company.
April 16 1932
Shares. Stocks.
$ per Sh.
10 Penn. Co. for Ins. on Lives &
Granting Annuities, par $10
3533
30 Integrity Trust, par $10
14
2 Second & Third Sts. Pass. Ry.
Co., par $50
75
Financial Chronicle
Volume 134
Name of Company.
Per
When
Cent. Payable.
Books Cfesed.
Days Inclusive.
Miscellaneous (Concluded).
Savannah Sugar Refg., common (quar.)- *$1% May 2 *Holders of rec. Apr. 15
Preferred (guar.)
*$1% May 2 *Holders of rec. Apr. 15
Seater) Dillon. common (quar.)
*30c. May 14 *Holders of rec. May 6
Seaboard Surety Co.
-Action deferred u ntil Ju ly,
Security Baking (Chicago). Common
-o ividen d passed.
Selby Shoe Co., corn. (quar.)
•35c. May 1 *Holders of rec. Apr. 20
Preferred (quar.)
.51% May 1 'Holders of rec. Apr. 20
Service Stations, Ltd.,6% pf. A (qu.)_• it of 1 Apr. 30 'Holders of rec. Apr. 15
6% preferred (quar.)
* '4 of 1 Apr. 30 *Holders of rec. Apr. 15
Short Term Trust His. (coupon 3)
6.274c Apr. 1
Smith Agricul. Chemical, common-Div idend passed.
6% preferred (quar.)
*1% May 2 *Holders of rec. Apr. 20
Sotina (Amer. dep. receipts for ord. bear) •tc9 fr. May 7 *Holders of rec. Apr. 29
Stott-Briquet Co., Inc., pref.-Action de (erred
Suburban FiectrIc Securities, pref. ((M.) *V% May I *Holders of rec. Apr. 15
Swiss-American Electric., $6 pref. (s.
May 2 *Holders of rec. Apr. 22
-a.) *$3
Telephone Invest. Corp..corn.(monthly) *200. May 2 *Holders of rec. Apr. 20
Temple Bar Building, 7% pref.(quar.)
Apr. 1 *Holders of rec. Mar. 31
*1
Terminal Storage. pref. (s -a.)
s53
Mar. 1
Terre Haute Malleable & Mfg.. pref. A & Bet ocks- Dividends deferred.
Texas Gulf Products (initial guar.)
*23. May 10 *Holders of rec. Apr. 25
Tobacco Secur. Trust. Ltd. (interim)._ 5
May 17
Union Oil Associates (quar.)
35c May 10 Holders of rec. Apr. 18
Union Oil (Calif.). corn. (quar.)
*35c May 10 Holders of rec. Apr. 18
United Cigar Stores Co. of Amer. 6% pref.- 'Midden d passed.
United Invest. Shares A reg. (quar.).51 .5416 Apr. 15 *Holders of rec. Mar. 31
United Shirt Distrib., Inc., 7% pref
* h87% Apr. 1 *Holders of rec. Mar. 15
Virtu Biscuit. Ltd., 2d pref.-Action del erred.
Vickers, Ltd.(American deposit receipts)
ordinary registered
53.7c. Apr. 11 *Holders of rec. Mar. 10
Westbrook-Thompson Holding Corp_ _
*10c. Apr. 20 *Holders of rec. Apr. 20
Wil-Low Cafeterias, Inc., pref. (quer.). *S1
May 2 *Holders of rec. Apr. 20
Woolworth (F. W.), common (quar.)
560e. June 1 *Holders of rec. Apr. 18
Wrisley (A. B.) Co.. 7% pref. (quar.).- *1/i Apr. 1 *Holders of rec. Mar. 25
Yosemite Holding Corp.,$3% pref.(cps) •875c Apr. 1 *Holders of rec. NIar. 31
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, those being given in the preceding table.
Name of Company.
;Fliers
Per
Cent. Payable.
Books Closed.
Days Inciseire.
Railroads (Steam).
Atchison Topeka & Santa Fe. corn. Was
Si June 1 Holders of rec. May 6
•23.5 May 10 *Holders of rec. Apr. 22
Atlantic Coast Line RIt., pref
•ss July 6
.,
Augusta & Savannah
Extra
•25o. July
•s
derul-anutisl
Jan5'33
Extra
•25o. Jan5'33
*3 3. July 1 *Holders of rec. June 8
Chesapeake & Ohio. pref. (quar.)
Chin. Sandusk. & Cleve. RR. pf.
£13.5 May 2 Holders of rec. Apr. 15
& St. Louis, pf.(quar.) 1 ti Apr. 30 Holders of rec. Apr. 20
Cuba RR., pref.(guar.)
1% May 2 Holders of rec Apr. )5a
NS&honing Coal RR., corn. (quar.)
May 4
$12.50 May 2 Apr. 14 to
Norfolk & Western, ad). pref. (qtrar.)
May 19 Holders of rec. Apr. 30a
1
Muth. Ft. Wayne & Cola, corn.(qu.) _
July 1 *Holders of rec. June 1
•
I% Oct.
Common (guar.)
1 •Holders of rec. Sept. 10
•15.5 Jan2'33 *Holders of rec. Dec. 10
Common 'guar.)
•1!ii July 5 *Holders of reo. June 10
Preferred (guar.)
Preferred (rialtr•)
Oct. 4 *Holders of rec. Sept. 10
Preferred (quar.)
•11% Jan 333 *Holders of rec. Dee. 10
Reading Company, common ((mato_ 25e. May 12 Holders of rec. Apr. 140
Public Utilities.
Alabama Power, 55 pref. quar.)
$1.25 May 2 Holders of rec. Apr. 15
Amer. Cities l'ower .it Light, el. A (qu.)- 075e. May I Holders of rec. Apr. 5
Amer. Gas & Electric. Prof. (guar.)
51.50 May 2 Holders of roe. Apr. 9
Amer. Light & Tree., common (quar.)__ 62)4c May 2 Holders of rec. Apr. 15a
Preferred (quar.)
373.5c May 2 Holders of rec. Apr. 150
Amer. Water Wks.& El. Co.. corn.(qu.)
75e. May 2 Holders of rec. Apr. 80
Associated Gas & Elec. Co.
Class A (1-80th share corn. stock)....
May 2 Holders of roe. Mar. 31
Bangor Hydro-Eleo. Co.,corn.(quar.)
.50C. May 2 *Holders of rec. Apr. 11
Brit. Col. Tel., 6% pref. (quar.)
Apr. 30 *Holders of rec. Apr. 15
Broad River Power, pref. (quar.)
May 2 •Holders of rec. Mar. 31
Broadway & Newport Bridge. pref.(qu.) •14 May 1 *Holders of rec. Afar. 31
Buffalo Niagara & Eastern Power
$5 preferred (quar.).
•$1.25 May 2 *Holders of reo. Apr. 15
Calgary Power Co., Ltd.,6% pref. (qu.) 1% May 2 Holders of rec. Apr. 15
Canada Northern Power, corn (quar.)__
20c Apr. 25 Holders of roe. Mar. 31
Central Hudson G.& E.. corn. (guar.)._ *20c. May 1 *Holders of rec. Mar. 31
Central Power & Light,7% pt.(quar.) _ _
I% May 2 Holders of rec. Apr. 15
0% preferred (guar.)
•154 May 2 *Holders of rec. Apr. 15
Central & South West Util. $7 pf.(qu.)_ $t% May 16 Holders of rec. Apr. 30
$7 prior lien pref. (quar.)
$13.5 May 16 Holders of rec. Apr. 30
$6 prior lien pref.(quar.)
513.4 May 16 Holders of rec. Apr. 30
Cities Service Co., corn.(monthly)
234c May 1 Holders of roe. Apr. 15
Corn. (payable in corn. stk.) (mthly.) f% May 1 Holders of rec. Apr. 15
Preferred B (monthly)
Sc. May 1 Holders of rec. Apr. 15
Preferred & preference BB (monthly)
50c. May 1 Holders of rec. Apr. 15
Commonwealth-Edison Co.(quar.)
May 2 *Holders of rec. Apr. 15
•2
Commonwealth Utilities. $634 pf,(qu.) $1.625 June 1 Holders of rec. May 14
Consolidated Gas(N. Y.), pref. (guar.) $1.25 May 2 Holders of ree. Mar. 31a
Consumers Power Co., 5% pref.(quar.).. $1.25 July 1 Holders of rec. June 15
6% preferred (quar.)
134 July 1 Holders of rec. June 15
6.6% preferred (quar.)
1.65 July 1 Holders of rec. June 15
7% preferred (quar.)
1% July 1 Holders of rec. June 15
6% preferred (monthly)
50c. May 2 Holders of rec. April 15
6% preferred (monthly)
50o. June 1 'folders of rec. May 16
6% preferred (monthly)
50c. July 1 Holders of rec. June 15
6.6% preferred (monthly)
55c. May 2 Fielders of rec. April 15
6.6% preferred (monthly)
55c. June 1 Holders of rec. May 16
6.6% preferred (monthly)
55c. July 1 Holders of rec. June 16
Dayton Power dr Light, pf. (monthly).-500. May 1 Holders of rec. Apr. 20
Edison Elec. III. Co. of Boston (quar.)
53.40 May 2 Holders of rec. Apr. 11
El Paso Natural Gas,7% pref. ((Mar.)
-•1% June 1 *Holders of roe. May
Electric Bond & Share, 56 pref. (qual.). $1.50 May 2 Holders of rec. Apr. 22
9
$5 preferred (guar.)
$1.25 May 2 Holders of
Electric Power & Light, con). (guar.).-25e. May 2 Holders of rec. Apr. 9
roe. Apr. 5
Second preferred (quar.)
*$1.75 May 2 °Holders of roe. Apr. 5
Allotment certificates full paid (QIL)._ 1235c May 2 Holders of rec.
Allotment certificates 00% paid (qu.)_ 113.d c May 2 Holders of rec. Apr. 5
Apr. 5
Empire Dist. El. Co.,6% pf. (mthly)- 50o. May 2 Holders
April 150
Foreign Power Securities, Prof. (guar.)... 1 Si May 16 Holders of rec.
of roe. Apr. 30
Hal. Hills. Elec. Amer.Shares
Gen.
52.06 Apr. 20 Holders of rec. Apr. 13
Hamilton Bridge, Ltd., let Prof.((fuer.).
13.5 May 2 Holders of rec. Apr. 15
Hartford Electric Light, corn. (quar.)__ 68 lie May 2 Holders of rec. Apr. 15
Havana Eleo. & Utilities, 1st. pf.(pis). _
13.4 May 16 Holders of rec. Apr. 16
Preference (quar.)
13
May 16 Holders of reo. Apr.
noneis Northern Utilities, prof. (qu.)___ *1% May 2 *Holders of roe. Apr. 16
15
Junior preferred (quar.)
•$1.75 May 2 *Holders of rec. Apr. 15
Illinois Power & Lt., 36 pref. (euar.)--. $1.50 May 2 Holden' of rec. Apr. 9
International Utilities, $7 pr. pf.
•$1.75 May 1 *Holders of rec. Apr. 15
$3.50 prior preferred (quar.)
*87 lie May 1 *Holders of rec. Apr. 15
Jamaica Water Supply, 73.5% M.
•134 May 1 *Holders of rec. Apr. 9
Keystone Telep. of Phila., pref. (quar.). '75c. May 2 *fiefdom of roe. Apr. 22
Lincoln Tel. & Tel.6% pref. A (ottan)__ •1
May 10 *Holders of rec. Mar. 31
Los Angeles Gas & Elec.,6% pl. (qu.) _
13.4 May 16 Holders of rec. Apr. 30
Louisiana Power & Light, 50 pt.(qu.).-- $1.50 May 2 Holders of roe. Apr. 16
Malone Light & Power SO pref. (quar.)_ •5134 May 1 *Holders of rec. Apr. 15
Mich. Gas & Elec.,6% pref.(quar.)_ _ _ _
134 May 2 Holders of rec. Apr. 15
• 34 Slay 2 *Holders of rec. Apr. 15
$1
$6 prior preferred (quar.)
7% prior lien pref. (guar.)
155 May 2 Holders of rec. Apr. 5
Milwaukee Elec. Hy. & Light. pf. (q.). 134 Apr. 30 Holders of rec. Apr. 20
.$1.50 May 2 'Holders of rec. Apr. 11
Montana Power,$6 pref.(quar.)
Montreal L.. H.& Pow. Cons. (guar.)- 37o. Apr. 30 Holders of rec. Mar. 31
Mountain States Power. 7% prof. (au.). 13.5 Apr. 20 liolderti of roc. Mar. 31
Mutual Tele. (Hawaii) (monthly)
.80. Apr. 30 *Holders of rec. Apr. 18
Name of Company.
2859
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded.)
National Power & Light, $6 pf.(qu.).
,
$1.50 Nisi 2 Holders of rec. Apr. 5
*11% May 1 *Holders of rec. Apr. 16
Nat'l Tel. & Tel., 1st pref. (quar.)
3
A (quarterly)
.88c. May 1 *Holders of rec. Apr. 16
Nevada-Calif. Elea Corp., pref. (quar.)_
155 May 2 Holders of roe. Mar. 300
North Shore Gas, pref.(quar.)
*155 July 1 *Holders of roe. June 10
Preferred (guar.)
'135 Oct. 1 "Holders of rec. Sept. 10
Northern N. Y. Utilities. pref. (guar.).155 May 1 Holders of rec. Apr. 11
Northern Ontario Power, corn. (quar.).
25c Apr. 25 Holders of rec. Mar. 31
6% preferred (quar.)
134 Apr. 25 Holders of rec. Mar. 31
Nor. States Pow.(Del.), corn. A (qu.).. 2
May 2 Holders of rec. Mar. 31
7% preferred (quar.)
155 Apr. 20 Holders of rec. Star. 31
6% preferred (guar.)
134 Apr. 20 Holders of rec. N1ar. 31
Ohio Pub. Serv. Co.. 7% pref.(mthly.). 58 1-3r May 2 Holders of rec. Apr. 155
50c. May 2 Holders of rec. Apr. 155
6% preferred (monthly)
5% preferred (monthly)
• 412-3c May 2 Fielders of rec. Apr. 150
Pacific Lighting. common (guar.)
75c. May 16 Holders of roe. Apr. 20
Pacific Public Service Co. $1.30 let prof.
3234c afay 2 Holders of rec. Apr. 15
(guar.)
Peninsular Telephone (guar.)
•35e July 1 *Holders of rec. June 15
*35c. Oct. 1 *Holders of rec. Sept. 15
Quarterly
"35c Janl'33 *Holders of rec. Dec. 15
Quarterly
4 May 15 *Holders of rec. May 5
•1 8
7% preferred (quar.)
•1% Aug. 15 *Holders of rec. Aug. 5
7% preferred (quar.)
7% preferred (qual.)
"13% Nov. 15 *Holders of rec. Nov. 5
7% preferred ((Mari
'135 2-15-33 *Holders of rec. Feb. 5
Pennsylvania Power Co.. $6 prof. (qu.)- $1.50 June 1 Holders of rec. May 20
55e. May 2 Holders of rec. Apr. 20
$6.60 preferred (monthly)
55c. June 1 Holders of rec. May 20
$6.60 preferred (monthly)
Apr.
Peoples Gas Light & Coke (quar.)
2
Holders of rec. Apr. 40
Philadelphia Co., corn. (quar.)
35c. Apr. 30 Holders of rec. Apr. la
$1.50 May 2 Holders of roe. Apr. is
6% preferred
•45c. May 2 *Holders of rec. Apr. 9
Philadelphia Electric (quar.)
$1.25 May 2 Holders of rec. Apr. 90
$5 preferred (guar.)
Phila.Suburban Water Co., pref.(qu.)
13.5 Juno 1 Holders of rec. May 120
*135 May 2 *Holders of rec. Apr. 30
Potomac Edison. 7% pref.(quar.)
6% preferred
'135 May 2 *Holders of rec. Apr. 21)
Power Corp. of Canada, corn. (guar.)- _
50c. May 20 Holders of rec. Apr. 30
Public Serv. Co.of Colo.7% pfd.(mthlY) 58 1-3c May 2 Holders of rec. Apr. 150
5140 May 2 Holders of rec. Apr. 150
6% preferred (monthly)
412-Se May 2 Holders of rec. Apr. 155
5% preferred (monthly)
Pub. Serv. of N. J., 6% pref. (mthly.)_
50c. Apr, 30 Holders of rec. Apr. la
Pub. Serv. of No. Ill. corn.$100 par (on
*2
May 2 *Holders of rec. Apr. 15
Corn.(no par value) (guar.)
May 2 *Holders of rec. Apr. 15
*52
•135 May 2 'hFolders of rec. Apr. 15
7% preferred (roar.)
6% preferred (guar.)
*134 May 2 *Holders of rec. Apr. 15
Second & 3d Ste. (Phila.) Pass. RY•
July 1 *Holders of ree. June 1
(qM.) •53
*$3
Quarterly
Oct. 1 *Holders of roe. Sept. 1
Southern California Edlson, corn. (qu.)..
50c. May 15 Holders of rec. Apr. 200
Southern Calif. Gas Corp., $6.50 pl. (On) 1.625 May 31 Holders of roc. Apr. 30
Southern Canada Power, corn. (quar.)__ 125e. May 16 Holders of rec. Apr. 30
Stamford Gas & Elec. (guar.)
.234 Apr. 15 *Holders of rec. Mar. 31
Standard Gas & Elec.,com.(quar.)
8734e. Apr. 25 Holders of rec. Mar. 310
$6 prior preferred (quar.)
$1.50 Apr. 25 Holders of rec. Mar. 310
$7 prior preferred (quar.)
$1.75 Apr. 25 Holders of rec. Mar. 310
Standard Pow.& Lt.comslicom.11 (an.)..
50c. June 1 Holders of rec. May 11
$1.75 May 2 Holders of rec. Apr. 16
Preferred (quar.)
Tacony Palmyra Bridge
Preferred (quar.)
•13.5 May 1 *Holders of rec. Apr. 10
Tennessee Electric Power Co.
5% first preferred (quar.)
174 July 1 Holders of rec. June 15
6% first preferred (quar.)
134 July 1 Holders of rec. June 15
7% first preferred (guar.)
1% July 1 Holders of rec. June 15
7.2% first preferred (quar.)
1.80 July 1 Holders of rec. June 15
6% first preferred (monthly)
50c. May 2 Holders of rec. Apr. 15
6% first preferred (monthly)
50c. June 1 Holders of rec. May 15
6% first preferred (monthly)
50c. July 1 Holders of rec. June 15
7.2% first preferred (monthly)
60e. May 2 Holders of rec. Apr. 15
7.2% first preferred (monthly)
60c. June 1 Holders of rec. May 15
7.2% first preferred (monthly)
60c. July 1 Holders of rec. June 15
Toledo Edison Co.. 7% pref.(monthly). 58 1-3c May 2 Holders of rec. Apr. lba
6% pref. (monthly)
50c. May 2 Holders of rec. Apr. I50
5% pref. (monthly)
41 2-3c May 2 Holders of rec. Apr. 150
United Light & Rys. Co.. 7% prior pref.
(monthly)
58 1-3c May 2 'Holders of rec. Apr. 15
6.36% prior preferred (monthly)
*53c. Slay 2 *Holders of rec. Apr. 15
6% prior preferred (monthly)
*50c. May 2 *Holders of rec. Apr. 15
United Ohio Utilities
6% prior Prof. (quar.)
'134 May 2 *Holders of rec. Apr. 9
Utica Gas & Elec.. 50 pref.(QUar.)
*51.50 May 2 *Holders of rec. Apr. 20
West Penn Electric, 7% Pref.(nuar.)
5135 May 16 Holders of rec. Apr. 20
0% Preferred (qual.)
$134 May 16 Holders of rec. Apr. 20
West Penn Power Co.. 7% pref. (Q11.)
155 May 2 Holders of rec. Apr. 54
6% preferred (quar.)
134 May 2 Holders of rec. Apr. 54
Banks.
Amsterdam City National Bank (Amsterdam, N. Y.) (Uttar.)
Apr. 30 •Holders of rec. Apr, 15
Capitol Nat. Bank & Trust Co. (Hartford, Conn.) (quar.)
*$1% Apr. 20 *Holders of rec. Apr. 6
Trust Companies.
Corn Exchange Bank Tr. Co. (quar.)
Fire Insurance.
Lincoln Fire Ins.(N.Y.)(quar.)
Standard Fire Insurance(N.J.) (quar.)_
Nfay 2 Holders of rec. Apr. 22
25c Apr. 30 Holders of rec. Apr. 15
.75c Apr. 23
tliecellaneous.
Abraham &Straus, Inc., Prof.(guar.).
- 155 Apr. 30 Holders of rec. Apr. 15a
Acme Staple common-Action deferred u ntil Al ril 20
Adams (J. D.) Nits. (qual.)
*30c. May 1 *Holders of rec. Apr. 15
Adams Millis Corp., common (quar.)..
50c. May 1 Holders of rec. Apr. 19
7°3. 1st preferred (quay.)
di% May 1 Holders of rec. Apr. 19
MIAs Juneau Mining (guar.)
•12 Sic May 1 *Holders of rec. Apr.
Allied Chemical & Dye, corn. (qu.)__
$1.50 May 2 Holders of rec. Apr. 15
Allis-Chalmers Nftg. Co., corn.(quar.)_• 1234c. May 16 *ffolders of rec. Apr. 23
Alpha Portland Cement (guar.)
*25c. Apr. 25 *Holders of roc) Apr. 4
Aluminum Manufactures, corn. (qu.) _ •50e. June 30 *liolders of rec. June 15
Common (quar.)
.50c. Sept.30 *Holders of rec. Sept. 15
Common (quar.)
*50c Dec 31 'Holders of rec. Dec. 15
Preferred (quar.)
•1% June 30 'Holders of rec. June 15
1
Preferred (quar.)
•11.1 Sept.30 'Holders of roe. Sept. 15
Preferred (quar.)
*I% Dec. 31 *Holders of rec. Doe. 15
Amerada Corp., common (quar.)
50c. Apr. 30 Holders of rec. Apr. 15
Amer. Asphalt Rooting.8% pref.(qui
Apr. 30 *Fielders fo rec. Slay. 30
•2
American Can, corn. (quar.)
May 16 Holders of rec. May 2a
$1
American Cigar, prof
Apr. 18 Holders of roe. Apr. 14
556
American Coal of Allegheny Co. (guar.)
50c. May 2 Holders of rec. Apr. 11
American Envelope, 7% Pref. (quar.)
'135 June I *Holders of roe. May 25
7% preferred (guar.)
'155 Sept. 1 "Holders of roe. Aug. 25
7% preferred (quar.)
•13% Dec. I *Holders of roe. Nov. 25
Amer. Home Products (Monthly)
35e. May 2 Holders of rec. Apr, 14a
American Ice, cons. ((mar.)
50c. Apr. 25 Holders of rec. Apr. 4a
Preferred (guar.)
$1.50 Apr. 25 Holders of rec. Apr. 40
Preferred (guar.)
11.50 July 25 Holder's of rec. July ga
Preferred (quar.)
5140 Oct. 25 Holders of rec. Oct. 7a
Amer. Mach. A Fdry. Co. corn. (quar.)_
35c. May 2 Holders of rec. Apr. 21
American Steter. corn. (quar.)
*25c. Apr. 30 *Holders of rec. Apr. 20
American Shipbuilding. Com. (quar.) .
me. may 2 Holders of rec.
Apr. 15a
Preferred (guar.)
•155 May 2 'Holders of roe.
Apr. 15
Amer. Smelting & Rehr. Co.
7% preferred ((ivar.)
135 June 1 Holders of rec. May 6
6% 2d preferred (quar.)
134 June 1 Holders of rec. May 6
Amer. Thermos Bottle, pref. (guar.).- 8735c July 1
*Holders of roc. June 20
Amoskeag Co., common
•$1
July 2 'Holders of roe. June
Preferred
.$2.25 July 2 'Holders of rec. June 18
18
Archer-Daniels-MIdland, pref. (quar.).... $135 May 1
Holders of rec. Apr.
Associated Dry Goods, 1st prof. (guar.).
134 June 1 Holders of rec. May 20
130
Second preferred (quar.)
135 June 1 Holders of rec. May laa
Associated Portland Cement Mfg., Ltd.
American dep. rec. ord registered._ tr8 Apr.
20 Holders of rec. Apr. 1
Financial Chronicle
2860
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Name of Company.
April 16 1932
When
Per
Coml. Payable.
Books Closets.
Days Inclusive.
Miscellaneous (Conitssed)
Miscellaneous (Continued).
Industrial & Power Securities (qua!,)
Atlantic Ice Mfg. Co., $7 pref. (e.
250. June 1 Holders of red May z
-a.)--- •3334 May 1 *Holders of reo. Apr. 15
$134 May 2 Holders of rec. Apr. 20
Quarterly
Sept.
Atlas Powder, pref. (quar.)
Holders of rec. Aug. 1
750. June 1 Holders of red May 20
Quarterly
Atlas Utilities Corp., $3 p1. A (gu.).___
Holden) of red Nov. 1
Inter-Island Steam Navigation(mthly.). *10c. Apr. 30 'Holders of rec. Apr. 24
Austin, Nichols dz Co.. prior pf. A (qu.)- 3714c May 1 Holders of red Apr. lba
Monthly
Handful Petroleum (monthly)
*5c. Apr. 20 *Holders of rec. Mar. 31
*23c I ec 31 *Holders of red May 24
2 °10 A a
5°
I
Monthly
•10c. June 30 'Holders of red June 24
Beatty Bros.. Ltd., 8% pref. (qual.)- 154 May 2 Holders of rec. Apr. 15
Monthly
154 May 2 Holders of red Apr. 15
Belding-Corticelll, Ltd. (qu.)
•10c. July 31 *Holders of rec. July 24
Monthly
Beneficial Indus. Loan, common (gum) 3730 Apr, 30 Holders of rec. Apr. 15
•10c. Aug. 31 "Holders of ree. Aug. 24
•873.3c Apr. 30 *Holders of rec. Apr. 15
Monthly
$334 preferred A (guar.)
*10c. Sept.30 "Holders of rec. Sept.24
•
Monthly
Birtman Electric Co., corn. (guar.).
•I0c. Oct. 31 'Holders of rec. Oct. 24
- 123.4c May 2'Holders of red Apr. 15
Monthly
"d134 May 2'Holders of reo. Apr. 15
•10e. Nov. 30 "Holders of rec. Nov.24
7% Preferred (qual.)
(guar.)._ _ '37)4c May 15 'Holders of red May 10
Block Bros. Tobacco, corn.
Monthly
•10o. Dec. 31 *Holders of rec. Dec. 24
•37 Sic Aug. 15'Holders of red Aug. 10
Common (qual.)
Internat. Nickel of Canada,7% pf.(qu.) 134 May 2 Holders of rec. Apr. 20
'37)4c Nov. 15 'Holders of red Nov. 10
Common (qual.)
7% preferred ($5 par)(guar.)
•8340 May 2 "Holders of rec. Apr. 2
•1h June 30 *Holders of red June 24
Preferred (guar)
Internat. Printing Ink. pref. (qual.).... 134 May 1 Holders of rec. Apr. 18
•1A Sept.30 'Holders of reo. Sept. 24
Preferred (Qum)
International Shoe, pref.(Qum)
•500 Stay 2 'Holders of reo. Apr. 16
•1% Dec. 31 'Holders of red Deo. 24'
Preferred (guar.)
Preferred (monthly)
June
'Holders of tee. May 14
Bloomingdale Bros., Inc., pref. (qu.).-154 May 2 Holders of rec. Apr. 20a Interstate Dept. Stores. Pref. (qual.)... 73.e Apr. 30 Holders of reo. Apr. 14
1
4
1
• 87)40. July 1 'Holders of rec. June 10
Apr, 30 Holders of rec. Apr. 15
$1
Ivanhoe Foods, Inc., pref.(guar.)
Bon And Co., con). C114.9.8 A (qual.)
75c. June 1 Holders of rec. May 14
Jantsen Knitting MIlls. common
Borden Co., common (guar.)
3c. May 1 Holders of rec. Apr. 15
Briggs Manufacturing (guar.)
250. Apr. 25 Holders of reo. Apr. 11
7% Preferred (guar.)
"134 June 1 *Holders of rec. May 25
British United Shoe Machinery
Kalamazoo Vegetable Parchment (qu.). •150. June 30 'Holders of red June 20
Am. dep, rots, for ord. reg. shares.... 734 June 8 Holders of rec. May 17
Quarterly
•15o. Sept.30 *Holders of rec. Sept.20
BroadwayDept. Stores, 7% 1st pf.(qu.) 134 May 2 Holders of rec. Apr. 18
•15c. Dec. 31 'Holders of red Dec. 21
Quarterly
Brown Shoe Co., 7% preferred (qual.)__
134 May 2 Holders of rec. Apr. 20
Kaufman Dept. Stores, com. (guar.).
20c. Apr. 28 Holders of rec. Apr. 9
Buckeye Pipe Line (qua?.)
$1
Kemper-Thomas Co.. corn.(qual.)
June 15 Holders of red Apr. 25
•12 he July I *Holders of red June 20
Bullock's, Inc., pref. (quer.)
*134 May 1 'Holders of red Apr. 11
Common (guar.)
•1234c Oct. I 'fielders of red Sept.2
0
Bunte Bros., 7% preferred (quer.)
Common (guar.)
"154 May 2 *Holders of rec. Apr. 25
•1234eJanl'33'Bolder, of reo. Dee. 20
•1
Burroughs Adding Machine (guar.).
Preferred (guar.)
June 1 'Holders of rec. May 20
- 20c, June 4 Holders of red May 3
1 Holders of red Apr. 8
Bush Terminal Co.. corn. (qual.)
82S4c May
•134 Sept. 1 'Holders of rec. Aug. 20
Preferred (guar.)
Byers(A M.) Co.. pref.(guar.)
13z May 2 Holders of rec. Apr 15a
•154 Dec. 1 "Holders of reo. Nov. 20
Preferred (guar.)
Calamba Sugar Estates, corn. (qual.)...
40c, July 1 Holders of rec. June 15
Keystone Cold Storage
.31.25 Oct. 1 *Holders of rm. Sept.20
•350. July 1 "Holden) of rec. June 15
7% preferred (qual.)
Knudsen Creamery, class A & B (quar.)734May 20 'Holders of red Apr. 30
3
ma
Camps Corp., 6)4% pref.(guar.)
*1.34 May 1 'Holders of rec. Apr. 15
6roam Grocery & Baking 7% pf. (qu.).
*Holders of rec. Am. 20
Canadian Bronze, Ltd., corn. (guar.).- 3154c. May 1 Holders of rec. Apr. 20
Kress (S. H.) dr Co., common (quer.)
25o. May 2 Holders of red Apr. 11
-134 May 1 Holders of rec. Apr. 20
Preferred (qua!,)
Corn. (1 20th eh, special pref. stock)..
May 2 Holders of roe. Apr. 11
Can. Dredge & Dock, Ltd.,7% pr.(qu.) 13i May 2 Holders of rec. Apr. 15
Special preferred (qua!,)
15o. May 2 Holders of red Apr. 11
Canadian Industries. corn. (guar.)
'62)40 June 30 *Holders of rec. June 20
Landers. Frary & Clark (qual.)
'62)4c Apr. 30'Holders of rec. Mar.31
•25c. Apr. 30 *Holders of rec. Star. 31
Common (extra)
Quarterly
'6234c Sept.30'Holders o dec. Sept 20
•31
Candeld Oil, common (guar.)
June 30'Holders of reo. June 20
Dec.
'Holders of rec. Dec. 21
Quarterly
7% preferred (guar.)
1 Si Mar. 31 Mar. 21 to Mar. 24
Lane Bryant, Inc., 7% pref. (quar.)-- •6124c May 31 Holders of red Apr. 15
34
1
June 30 'Holders of rec. June 20
7% preferred (guar.)
Lawbeck Corporation. pref. (guar.).- -- •134 May 2'holders of rec. Apr. 20
•15.i Sept. 30 "Holders of red Sept. 20
7% preferred (guar.)
Lazarus(F.& R.) Co.,834% prof.(guar.) 134 May 2 Holders of rec. Apr. 20
7% preferred (qual.)
•1S4 Dec. 31 'Holders of reo. Deo. 20
Lefcourt Realty Corp., corn.(guar.).- - 40e, May 18 Holders of rec. may 6
Cartier, Inc.. 7% Pref. (quar.)
*134 Apr. 30'Holders of rec. Apr. 15
Link Belt, corn. (guar.)
30c, June 1 Holders of rec. Mayd14a
Central Illinois Sec. Corp.,$1 pf.(qu.) *3734c May 1 *Holders of rec. Apr. 20
•114 July 1 'Holders of roe. June 15
Preferred (gum)
Centrifugal Pipe (guar.)
15o. May 16 Holders of red May 5
Liquid Carbonic Corp.(guar.)
50c. Apr, 30 !folders of rec. Apr. 20
Quarterly
16o. Aug. 15 Holders of rec. Aug. 5
Loew's Boston Theatres corn.(guar.).- _
15c. Apr. 30 Holders of rec. A pr. 23
Quarterly
# 15o. Nov. 15 Holders of rec. Nov. 5
Loose-Wiles Biscuit, corn.(gum)
650. May 1 Holders of rec. Apr. 18a
Century Ribbon Mills pref. (guar.).
- 134 June 1 Holders of reo. May 200
100. May 1 !folders of reo. Apr. 180
Common (extra)
Cherry Burrell Corp., pref. (quer.)
"134 May 1 'Holders of red Apr. 15
Lord & Taylor, 2nd pref. (guar.)
May 2 Holders of red Apr. 180
2
50c. May 2 Holders of rec. Apr. 20
Cluett Peabody dr Co., Inc., common__
Lucky Tiger Combination Gold Mln.Coca Cola Bottling Co.of St. L.(guar.)
.40c. July 15 'Holders of reo. July 5
sac. Apr. 20 *Holders of reo. Apr. 9
Quarterly
Quarterly
•40e. Oct. 15 *Holders of red Oct. 5
Lunkenheimer Co., preferred (guar.)... •1511 July 1 *Holders of red June 20
82340. Apr. 20 Holders of rec. Apr. 11
Colgate-Palmolive-Peet. corn. (qu.)
•13.3 Oct. 1 •H older, of reo. Sept.20
Preferred (guar.)
•1•, Jan 2'33'Holders o rec Dos. 22
1
'1)4 July I Holders of rec. June 10
Preferred (qual.)
Preferred (guar.)
75c. May 2 Holders of red Apr. 15
Columbian Carbon cot. tr. ctfs. (Quer.).
McCall Corp.(guar.)
8234c May 2 Holders of reo. Apr. 20s
Community State Corp., class A (guar.) •12 Sic June 30 *Holders of rec. June 24
McCrory Stores, pref. (guar.)
1;4 May 1 fielders of red Apr. 20
•12 Yic Sept. 30 *Holders of rec. Sept. 28
Class A (guar.)
MacKinnon Steel, 1st pref. (qual.)
134 May 2 Holders of red Apr. 15
•1234C Dec. 31 *Holders of red Dec. 27
Class A (guar.)
MikeY (R. H.) dz Co.. corn. (guar.).- _ _
50c. May 18 Holders of roe. Apr. 221
Chem. Indus., pref. A (quar.)- '37)4c May 2 *Holders of rec. Apr. 15
Congo!.
Magnin (I.) & Co.,8% pref.(quar.)____ •154 May 15 'Holders of red May
Consolidated Laundries, pref. (guar.).* $1.875 May 2 *Holders of roc. Apr. 15
6% preferred (guar.)
'134 Aug. 15 •FI-Illers of reo. Aug.
'2
Conscl. Rend Co.,8% Pref. (qual.).
May 2 'Holders of rec. Apr. 21
8% Preferred (quar.)
•134 Nov. 15 *Holders of reo. Nov.
"5c. Apr. 2.5 "Holders of rec. Apr. 15
Consolidated Royalty Oil (guar.)
Melville Shoe common (guar.)
40c. May 1 Holders of red Apr. 1
•154 May 2 *Holders of red Apr. 12
Coon(W. B.) Co., pref.(qual.)
1st preferred (qua!,)
$134 May I Holders of rec. Apr. 1
corn. (qua!,)...
Apr. 20 Holders of red Apr. 4a
Corn Products Refg. Co..
750.
2nd preferred (guar.)
.7Sio May 1 'Holders of rec. Apr. 1
Cudahy Pecking, 13% preferred
3 May 2 Holders of red Apr. 20
Merchants Refrig. of N. Y. pref. (go.). '134 May 2'Holders of reo. Apr. 2
3)4 May 2 Holders of reo. Apr. 20
7% preferred
Mexican Petroleum, pref. (guar.)
Au. 20 Holders of red Mar. 31a
$2
8234c May 2 Holders of roe. Apr. 15
Cline° Press (guar.)
MInneepolls-Honeywell Regulator
63i% preferred (gum)
134 June 15 Holders of rec. June I 1
Common (qua?.)
750. May 14 Holders of red May 44
*30c June 1 'Holders of red May 15
Dr. Pepper Co.(guar.)
150. May 1 Holders of rec. Apr. 20
Modlne Mfg. Co., COM. ()Var.)
•30c Sept. 1 'Holders of reo. Aug. 18
Quarterly
Nash Moron;Co., common (quad)
*50c. May 2 "Holders of rec. Apr. 20
•30c Dec. I 'Holders of rec. Nov 18
Quarterly
National Carbon, pref. (guar.)
2 May 2 fielders of rec. Apr. 200
Dome Mines, Ltd.(quer.)
250. Apr, 20 Holders of reo Mar.31a
National Casket. corn
.$1.50 May 14 'Holders of rec. Apr. 30
Dominion Bridge (guar.)
Oa sic May 16 Holders of reo. Apr 31
National Distillers Prod., corn. (guar.).
50c. May 2 Holders of rec. Apr. 15
Dominion Motors, Ltd
110c. May 2 Holders of reo. Apr. 15
Natl. Industrial Loan Corp
"3234c May 15 *Holders of red Apr. 30
Dominion Tar dr Chemical, pref.(qual.) a% Slay I Holders of rec. Apr. 6
si May 2 Holders of rec. Apr. 220
Natlonal Lead, pref. B (guar.)
Du Pont(E. I.) de Nem.dr Co.
Natl Tea Co., 534% pref. (guar.)
1334c. May 2 Holders of rec. Apr. 14
Debenture stock (qua?)
134 A pr. 25 Holders of rec. Apr. 9a Nelson, Baker dr Co. (qua?,)
•15e. June 30 'Holders of red .Tune 28
Eastern Dallies. Ltd., corn,(guar.)
25c. May 2 Holders of red Mar.31
•15o. Sept.30 "Holders of reo. Sept.24
Quarterly
Eastern Food Corp.. class A (quar.)--..
750 July 1
May 15 Holders of rect. may
Neptune Meter, pref. (guar.)
2
Eaton Mfg. (guar.)
123.4e May 2 Holders of rec. Apr. 15a
Aug. 15 Holders of roe. Aug. 1
2
Preferred (guar.)
Electric Ferries, Inc., pref
*142 May 28 'Holders of red Apr. 20
2
Nov. 15 Holders of red Nov. 1
Preferred ((uar.)
Electrical Securities Corp..$5 pf.(qu.)_ _ •21.25 May 2 "Holders of rec. Apr. 15
New England Grain Prod.,$7 pref.(on.) *31.75 July 1 *Holders of red June 20
Eppens, Smith & Co
*2
Aug 1 'Holders of roe July 25
•131.75 Oct. 1 "Holders of red Sept.20
$7 preferred (qua!,)
1
May 2 Holders of rec. Apr. 15
Eureka Pipe Line (qual.)
.$1.75 Ja.2'33'Holders of rec. Dec. 20
$7 preferred (qual.)
Eureka Vacuum Cleaner (special)
Apr. 30 'Holders of rec. Apr. 15
"22
.31.50 Apr. 15 *Holders of roe. Apr. 1
$6 preferred A (guar.)
•800. May 15 *Holders of roe. May 5
Ewa Plantation (quer.)
"31.50 July 15 'holders of reo. July 1
$8 preferred A (quer.)
Exchange Buffet Corp., corn. (guar.).
- 654c Apr. 30 Holders of rec. Apr. 15
'$1.50 Oct. 15 "Holders of reo. Oct. I
28 preferred A (qual.)
Fenton United Cleaning dr Dyeing
3
41.50 Ja 1533 *Hold, of rec. Jan. 1 '33
28 preferred A (quer.)
*50c. Apr. 18 'Holders of rec. Apr. 10
Common (qual.)
New Jersey Zinc (Qual.)
50o. May 10 Holders of red Apr. 20.
*1.34 Apr. 18 *Holders of reo. Apr. 10
7% preferredNY & Honduras Rosario Min.corn.(qd) 250. Apr, 23 Holders of red Apr. 13
25c. Apr. 20 Holders of rec. Apr. 50
Firestone Tire & Rubber, corn.(quar.)__
25c, Apr. 23 Holders of red Apr. 13
Extra
N. Y. Merchandise Co., corn. (guar.)._ .25o. May 2 *Holders of red Apr. 20
Food Machinery, preferred (monthly)-- •50c. May 15 *Holders of rec. Mar. 10
'50c. June 15 *Holders of rec. June 10
Preferred (guar.)
•3134 May 2 'Holders of red Apr. 20
Preferred (monthly)
Newberry (J. J.) Realty. pref. A (qual.) •1% May 1 'Holders of red Apr. 15
Foundation Co. of Canada, corn. (guar.) 12S40 May 14 Holders of rec. Apr. 30
•134 May 1 "Holders of rec. Apr. 20
Preferred B (qua!,)
Gardner-Denver Co., pref. (quer.)
•1 3 May 1 'Holders of rec. Apr, 15
,
May 2 Holders of rec. Apr. 16
North River Insurance Co.(guar.)
"25c June 10 'Holders of rec. June I
General Cigar Co., Inc., corn.(quar.)__ _ $1
134 June 1 Holders of rec. May 23
0110MCEI Sugar (monthly)
.20e. Apr. 20 *Holders of reo. Apr. 10
7% preferred (guar.)
25o. Apr. 25 Holders of rec. Mar. 18a Outlet Co. common (qual.)
$1
May 2 Holders of rec. Apr. 20
General Electric mum.)
15c. Apr, 25 Holders of red Mar. 18a
lot preferred (quar.)
Special stock (guar.)
$154 May 2 llolders of roe. Apr. 20
75c. May 2 Holders of red Apr. 15
$134 May 2 Holders of red Apr. 20
2nd preferred (guar.)
General Foods Corp., common (qual.)..
*31 60 June 1 *Holders of red May 20
750. May 2 Holders of rec. Apr. 15a Package Machinery. (guar.)
General Mills, Inc., common (qual.).-let preferred (guar.)
$1.25 May 2 Holders of rec A or 20
'154 May 2 *Holders of red Apr. 20
General Motors, $5 pref (guar
let preferred (quer.)
Aug. 1 •Holders of red July 20
General Outdoor Adv.,6% pref. ((m.).- '1)4 May 15 "Holders of reo. May 5
75c. May 2 Holders of red Apr. 15
First preferred (guar.)
Nov. 1 'Holders of red Oct. 20
Gen. Stockyards Corp.. corn. (guar.)._
$1.50 May 2 Holders of reo. Apr. 15
Pan American Petroleum & Transport
$6 Convertible preferred (quer.)
40c. Apr. 20 Holders of reo. Mar.310
Common and common B (quer.)
OtIlette Safety Razor. pref. (guar.).
- $1.25 May 2 Holders of rec. Apr. la
Penmans, Ltd.. corn.(guar.)
*30c. Apr. 30 "Holders of rec. Apr. 15
75o. May 18 Holden) of red May 5
Gilmore 011, Ltd.(quer.)
134 May 2 Holders of reo. Apr. 21
Preferred (guar.)
*20o. May 2 'Holders of reo. Apr. 15
Globe Underwriters Exchange
40c. May 2 Holders of red Apr. 9a Plume & Atwood Mk.(guar.)
50c. July 1 'Holders of red June 26
Gold Dust Corp.(Quer.)
'50f.Oct. 1 'Holders of roe. Sept. 25
Quarterly
Goodyear Tire & Rubber 1st pref.(guar.) 134 July 1 Holders of rec. June 1
134 May 2 Holders of rec. Apr. 120 Plymouth Cordage Co., corn. (guar.). '$1.34 Apr. 20 'Holders of reo. Apr. 6
Gotham Silk Hosiery. pref. (quar.)- Pollock Pap. & Box, pref.(guar.)
3.4 June 15
134 July 1 Holders of rec. June 20
Gottfried Baking Co.Inc., pref.(guar.).
Preferred (qual.)
114 Oct. 1 Holders of rec. Sept. 20
Sept.15
Preferred (guar.)
.2134 Dec. 15
Preferred (quer.)
114 an 2'33 Holders of rec. Dec. 20
Preferred (guar.)
Public Utility Investing. $5 Pf. (Qtr.)-- •21.25 May 2 *Holders of rec. Mar. 31
Graee(W. R.)& Co..8% pref.(qual.).. 3
June 30 Holders of rec. June 29
Pullman, Inc. (guar.)
75e. May 16 Holders of rec. Apr. 230
3
Dec. 29 Holders of reo. Dec. 28
6% preferred
Quaker Oats, 8% preferred (guar.)
•114 May 31 'Holders of rec. May 2
Preferred A & B (qual.)
June 30 Holders of red June 29
2
750. Slay 2 Holders of ref. Apr. 20
Preferred A & B (qual.)
2
Raymond Concrete Pile, pref. (qual.)..
Sept. 30 Holders of rec. Sept.29
50c. May 1 Holders of ref. Apr, 21
Preferred A & B (quer.)
Reed (C. A.) class A (guar.)
2
Dec. 29 Holders of red Dec. 28
Harbison-Walker Refract.. pref. NUJ-. 134 Apr. 20 Holders of red Apr. 90
•1234c May 2 *Holders of red Apr. 21
Class B (guar.)
Her desty( .) Mfg 7% pref (guar.).
*50c. May 2'Holders of rec. Apr. 15
Rich Ice Cream Co., Inc. (guar.)
- •134 June 1 *Holders of rec. May 12
7% Preferred (guar.)
•134 Sept. 1 "Holders of red Aug 16
Rolls Royce. Ltd
•15( Dec. 1 *Holders of red Nov. 15
7% Preferred (quar.)
10 May 17 Holders of red Apr. 1
Amer. dep. rots, for. ord. reg. sharedHercules Powder, preferred (gum)
•10c. May 1 *Holders of roe. Apr. 15
Room Bros. (guar.)
154 May 14 Holders of red May 3
Hershey Chocolate Corp., corn. (qual.). •31.50 May 15 'Holders of red Apr. 25
• $1.625 May
'Holders of rec. Apr. 15
Preferred (qual.)
Convertible preferred (guar.)
*50c. May 2'Holders of rec. Apr. 15
Russell Motor Car. corn. (guar.)
•21
May 15 *Holders of reo. Apr. 25
Hewitt Bros. Soap, pref. (guar.)
"2
'154 May 2'Holders of red Apr. 15
July 1 'Holders of rec. June 20
Preferred (guar.)
Preferred (guar.)
*2
25c. May 2 Holders of rec. Apr. 15
Oct. 1 'Holders of red Sept. 20
Salt Creek Producers Assn. (guar.)
Preferred (guar.)
134 May 1 Holders of rec. Apr. 180
.2
Jan 1'33 'Holders of rec. Dec. 20
Scott Paper, pref. A (guar.)
Hibbard,Spencer. Bartlett& Co.
15o. Apr. 29 Holders of red Apr. 22
134 May 1 Holders of reo. Apr. 180
(mthlY)
Preferred B (guar.)
Monthly
150. May 27 Holders of red May 20
82 Sic. May 2 Holders of rec. Apr. 84
Sears Roebuck & Co.. corn.(qual.)
Monthly
150. June 24 Holders of ref. June 17
Seeman Brothers. Inc., corn. (qual.)...
75c. May 1 Holders of roe. Apr. 15
Hollinger Cons. Gold Mines
f5c. Apr. 21 Holders of reo. Apr. 7
Segal Lock & Hardware 7% pref.(guar.) '8754c Apr. 25 *Holders of rec. Apr. 10
Homestake Mining corn.
85c. Apr, 25 Holders of rec. Apr. 20
*$1.75 May 2 'Holders of rec. Apr. 20
Serve!. 100., preferred (guar.)
Horn & Hardart (N. Y.), corn. (qual.).. 62)4e
'Holders of rec. July 20
'111 75 Aug.
Preferred (guar.)
May 2 Holders of reo. Apr. 11
Indiana Pipe Line (guar.)
•Holders of rec. Oct. 10
10c. May 14 Holders of rec. Apr. 22
*111.75 Nov.
Preferred (qual.)
Imperial Chemical Industries, Ltd.
Sharp & Dohme, pref.(gum.)
8734c May 1 Holders of rec. Apr. 15
•3
Amer. dep. rcts, for ord. reg
rine 8 'Holders of rec. Apr. 15
Apr. 20 •Holders of rec. Mar. 31
Sheaffer (W. A.) Pen. pref. (guar.).- •22
International Cigar Mach.capital (guar.) 8210. May 2 Holders of red Apr. 21
Simpson (Robert) Co.. pref
3
May 2 Holders of rec. Apr. 16
0.314
Name of Corn pan.
2861
Financial Chronicle
Volume 134
When
Per
Cent. Payable.
Books Closets
Days 'ideates.
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 ending April 8:
Miscellaneous (Concluded).
Holders of rec. Apr. 15
May
Solvay-Amer. Investment Corp.pfd.(qu.) 31% June 16 *Holders of reo. June a
•1Ii
15
Sparks, Withhigton Co.. pret (gust.)..
June 30 Holders of rec. June 15a
15e.
Spencer Kellogg & Sons (gust.)
of rec. Apr. 15
Squibb(E.R.)& Sons, corn.(quar.)---- •25c May 2 *Holders of rec. Apr. 15
*21.50 May 2 *Holders
lst preferred (quer.)
*Holders of reo. Apr. 30
*37 Sic May 18
Stanley Works. pref. (guar.)
7
(43)4c May 2 Holders of rec. Apr. 7
Steel Co. of Canada,con).(guar.)
14344e May 2 Holders of rec. Apr.
Preferred (guar.)
•43%c June 30 *Holders of reo. June 15
Stix Baer & Fuller. 7% pref.(quar.)
043%c Sept.30 *Holders of rec. Sept 16
7% preferred (guar.)
16
043)4e Dec. 81 *Holders of rev. Dec. 20
7% preferred (guar.)
INSTITUTIONS NOT IN THE CLEARING HOUSE WWII THE CLOSING OF
250. May 1 Holders of rec. Apr.
128orkline Furniture Corp.. pref.(qu.)-1932.
BUSINESS FOR THE WEEK ENDED FRIDAY, APRIL
27)0 May 1 Holders of rec. Apr. 23
Superior Portland Cement, Cl. A (mthly)
of rec. Apr. 15
Holders
Sweets Co. of America (in capital stook) 1234d May 2 *Holders of rec. Apr. 15
-AVERAGE FIGURES.
NATIONAL BANKS
*GU. May d2
Gold Mines,Ltd
Teak-Hughes
15
35c. May 1 Holders of rec. Apr. 30
Telautograph Corp. (quer.)
re.c. Apr.
- 900. May 15 Holders of rec. Apr. 16
Other Cash Res. Dep.. Dep. Other
Thatcher Mfg.Co..cony. pref.(quer.)
Loans.
Gross
$11( May 16 Holders of
Tide Water CM, pref.(quer.)
Disc. and Gold. Including N. 3'. and Banks and
250. May 2 Holders of rec. Apr. 20
Bank Notes Elsewhere. Trust Cos. Deposer.
Tung Sol Lamp Works,corn.(gust.)-..Investments.
Apr. 20
760. May 2 Holders of reo. MAY A
Preferred (guar.)
•62%c May 10 "Holders of roe.
$
$
$
$
Union Storage (auer.)
$
$
Aug
'62340 Aug. 10 'Holders of rec. Nov 1
Quarterly
Manhattan
'62340 Nov. 10 *Holders ot reo.
619,061 13.734.814
82,722 1,404,485
1,200
Quarterly
June I Holders of roc. May 150 Grace National, 16,769,207
50e.
((MAO
United Biscuitof Amer.,corn.
May 1 Holders of rec. Apr. 160
Preferred (quer.)
1
Brooklyn
*21.50 Apr. 20 *Holders of rec. Apr. 15
18,000 5,820.000
402,000
92,000
United Linen Supply, 01. B (qu.)
Peoples Nat'l.- 6,409,000 5,000
250. May 1 Holders of rec. Apr.
United Piece Dye Works (max.)
114 July 1 Holders of rec. June 200
Preferred (guar.)
Oct. 1 Holders of rec. Sept.200
Preferred (guar.)
1% Jan 2'33 Holders of rec. Dec. 20a
Preferred (guar.)
50c. Apr. 30 Holders of rec. Mar. 3Ia
-AVERAGE FIGURES.
United Profit-Sharing, pref
TRUST COMPANIES
2 Holders of tea. Apr. 2a
United Verde Extension Mining (guar.). 12540 May 20 Holders of tea Mar 31a
600 Apr.
U. S. Pipe & Fay.. awn. lunar.)
50e July 20 Holders of reo. June 30a
Res've Dep.. Depos.0tMr
Loans,
Common (quay.)
Gross
600. Oct. 20 Holders of rec. Sept 30a
N. F. and Banks and
Disc. and
Common (mar.)
500. Ja.20113 Holders of rec. Dec. 3Ia
Elsewhere, Trust Cos. Deposits.
Cash.
.
Investments
Common (guar.)
Apr. 20 Holders of tea Mar. 31a
80o.
First preferred (guar.)
$
$
30o July 20 Holders of rec. June 30a
$
$
First preferred (quar.)$
30c. Oct. 20 Holders of tea. Sept 30a
First preferred (Quer.)
Manhattan-800. Ja.20113 Holders of rec. flea 31a Empire
58,473,200 *3,375,300 7.185,000 2,152,100 59.113,700
First preferred (gmar.)
655,500 17,915,200
•15c. May 16 *Holders of rec. Apr. 30
17.666,900 *2,615.200 1,560,000
Universal Cooler Corp., A
Fulton
58,433.002
750. May 2 Holders of rec. Apr. 150 United States
68,751,706 4.390,000 14,686,806
Universal Leaf Tobacco. corn (qua?.).*25c. Apr. 28 *Holders of rec. Mar. 15
Upton Co..Co., class A & B (mar.)
7a
600. Apr. 20 Holders of rec. Apr. Te
Vulcan DetinnIng, common
Brooklyn
368.000 107.659,000
14e Apr. 20 Holders of rec. Apr. 30
101,988,000 2,325,000 25,608,000
Preferred (guar.)
Brooklyn
*Holders of rec. Apr.
24,535,763
26,159,619 1,701,732 3,348.359
Western Cartridge,6% pref.(guar.)_.. 01% May 20 *Holders of rec. Apr. 16
Kings County
May 1
Western United Corp..64% pref.(qu)
250. Apr. 30 Holders of reo. Mar.31a
Westinghouse Air Brake (guar.)
25o. Apr. 30 Holders of rec. Apr. 11
•Includes amount with Federal Reserve as follows: Empire. 22.123.800:
Westinghouse Elec. & Mfg., corn (qui11
87)ig Apr. 30 Holders of rec. Apr. 20a Fulton, $2,466,500.
Preferred (quer.)
7)0. Apr. 30 Holders of rec. Apr. 16
class B
Wilcox Rich Corp.
.2
May 1 *Holden of reo. Apr.
%tasted Heeler,(guar.)
Aug. 1 *Holders of rec. July 16
*2
Quarterly
Nov 1 *Holders of reo. Oct. 15
*2
Quarterly
May 2 Holders of reo. Apr. 20
250.
Wrigley (William) Jr. Co.(mthly.)
-In the fol50o. June 1 Holders of reo. May 20
Boston Clearing House Weekly Returns.
Monthly
250. July 1 Holders of roe. June 20
Monthly
we furnish a summary of all the items in the Boston
*Holders of tea Jan. 19
lowing
*1St July 1
Wurlitser(Rudolph) Co..7% pi.(on.)
has ruled that
•From unofficial goatees. 1 The New York Stook Exchange
further notice.
stock will not be quoted ex-dividend on this date and not until
not be quoted
The New York Curb Ezehange Association has ruled that stook will
ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable In stook.
Of accumulated
fPayable In common stook g Payable In eerie h On account
dividends. J Payable In preferred stock.
Eaton Mfg. Co. In March
I Formerly Eaton Axle & Spring. Name changed to
1932.
cash
n Internat. Hydro-Elea. System elan A dividend 111 optional either 500
or 1-50th share class A stock.
payable In Canadian funds.
u Payable in United States funds.
cash or
Amer. Cltlee Power & Light class A dividend is optional either 76e.
I-32d share class B.
to Less deduction for expanses of deposItarY•
z Less tax.
exchange of five old
s Motor Bankers Corp. liquidating dividend is payable on
no par shares for three new 21 par shares.
Weekly Return of New York City Clearing House.
Clearing
Beginning with March 31 1928, the New York City
ts
House Association discontinued giving out all statemen
kind of
previously issued and now makes only the barest
deposits,
a report. The new returns show nothing but the
surplus. The Public National
along with the capital and
are now
Bank & Trust Co. and Manufacturers Trust Co.
York Clearing House Association,
members of the New
al
having been admitted on Dec. 11 1930. See "Financi
of Dec. 31 1930, pages 3812-13. We give the
Chronicle"
statement below in full:
NEW YORK CLEARING HOUSE
STATEMENT OF MEMBERS OF THE
ENDED SATURDAY, APRIL 9 1932.
ASSOCIATION FOR THE WEEK
Clearing House
Members.
•Cattital.
Surplus and Net Demand
Undivided
Deposits.
Average.
Profits.
Time
Deposits.
Average.
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
April 13
1932.
Capital
Surplus and profits
Loans, disc'ts & I uvestle.
Individual deposits
Due to banks
Time deposits
United States depositsExchanges for Clg. House
Due from other banks._
Reeve in legal deposiries
Cash In bank
RCS.In excess In F.R.Bk.
2
91.775.000
82,328,000
879,818,000
525,672.000
130,524.000
200,901,000
22,592,000
11,980,000
84,993,000
68,610,000
7,106,000
4.666,000
Changesfront
Previous
Week.
2
Unchanged
Unchanged
-7,301.000
-3,678.000
+3,076,000
-2,213,000
-7,082.000
-4,331,000
+4,478,000
-384,000
+194.000
+390.000
Week Ended
April 6
1932.
2
91,775,000
82,328,000
887,119.000
529,440,000
127,448,000
203,114,000
29,674,000
16.311.000
80,515,000
68,985.000
6,912,000
4.276.000
Week Ended
March 30
1932.
$
91,775,000
82.328,000
886,092.000
521.248.000
111,857,000
205,888,000
34,470.000
10,102,000
74.052,00C
67,196.000
7,159,000
4.420.001
-Beginning with the return for the
Philadelphia Banks.
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
es
but are included with the rest. In addition, the compani
d to membership in the Association are
recently admitte
of
included. One other change has been made. Instead
"Cash
showing "Reserve with Federal Reserve Bank" and
d under
in Vault" as separate items, the two are combine
designation "Legal Reserve and Cash."
Reserve
Reserve requirements for members of the Federal
time deSystem are 10% on demand deposits and 3% on "Cash
Bank.
posits, all to be kept with the Federal Reserve
trust comin Vaults" is not a part of legal reserve. For
System the
panies not members of the Federal Reserve
includes
reserve required is 10% on demand deposits and
Vaults."
"Reserve with Legal Depositaries" and "Cash in
14 1928,
Beginning with the return for the week ended May
ion discontinued showthe Philadelphia Clearing House Associat
above or
tng the reserve required and whether reserves held are
is continued.
below requirements. This practice
10,746,000
9,730,700
76.538,000
6,000,000
Bank of N.Y.& Tr. Co__
237,014,001) 38,157,000
22,250,000 44,436,700
Bank of Manhattan Tr.0
124,000.000 101,347,500 a951,219,000 177,566,000
National City Bank
21.327,000
208,879,000
21,000,000 44,758,800
Chem. Bank et Trust Co..90,000.000 194,959,000 8714.162.000 67.560,000
Guaranty Trust Co
252,389,000 87,137,000
Trust Co-- e32.935,000 e27,188,400
Manufacturers
41,344,000
21,000,000; 79,103.200 378,814,000
Cent Hanover Bk & Tr
166,174,000
25,596,000
15,000.000, 22,549.500
Corn Each Bank Trust Co
248,331,000
23.425.000
10,000,000; 112.537,200
First National Bank
291,557.000
38,435,000
50,000,000; 75,506.700
Irving Trust Co
6.750,200
25.592,000
3.777,000
4,000.000,
Bank & Tr Co
Continental
, 143.075.000 v982.130.000 106,557,000
148,000.000
Chase National Bank
Week Ended Changesfrom Week Ended Week Ended
31,672,000
2,666,000
3,405,800
500.0001
March 28
Avenue Bank
April 2
Fifth
April 9
Previous
38,634,000
d362.617.000
25.000.0001 75,020,
1932.
Bankers Trust Co
1932.
Week.
1932.
710,000
33.671,000
21,208,100
Title Guarantee & Tr Co. 10,000,000
6.178.000
36.007,000
7,019,000
10,000,0001
$
MarinaMidland Ti' Co
2
2
$
12,180,000
1,166,000
2,400,00
3.000,000[
77.052,000
Lawyers Trust Co
77,052,000
77.052,000 Unchanged
18.646,000 Capital
181,341,000
26.559.200
12,500,000
York Trust Co
205,718,000 205,718,000
New
205,718,000 Unchanged
2,389,000 Surplus And profits_
39,778.000
9.235.600
7,000,000
Com'i Nat Bk Jc Trust Co_
5,052,000 LOOM, Meets. and Invest. 1,157,531.000 -17,513,000 1,175,044.000 1.185,732,000
26,001.000
2,863,200
2,000.0001
18,319,000
23,155,000
Harriman Nat Bk & Tr
17,963,000 -5,192,000
28,825,000 Exch. for Clearing House
34,180.000
7,878,
8,250,000,
82,363,000
Bk & Trust
92,057,000
Public Nat
94,656.000 +2,599,000
Due from banks
141,403,000 +2.740,000 138,663.000 133,537,000
00t 5.288.296.000 745,693,000 Bank deposits
622.435,000 1.017.530.6
Totals
607,972,000 -15,252,000 623,224,000 613,692.000
Individual deposits
National, Deo, 31 1931 State, Dec. 31 1931: trust Time deposits
260,872,000 -1,710,000 262.582,000 261.327.000
ts• As per official reports: e As of Feb. 9 1932.
1,010,247,000 -14,222,000 1,024,469,000 1,008.558.000
R7 MR 000
RO MO nnn
companies, Dec. 31 1931.
--) 552 nnn
$58,846,000; C $50,- Total deposits 12 1212nk
R7 AGA nnn
branches: a $232,703,000: h
llmaa,m sit 2. L.
Includes deposits In foreign
013,000; d 220,287.000.
2862
Financial Chronicle
April 16 1932
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,April 14, and showing
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results the condition
for the System
as a whole in comparison with the figures for the seven preceding weeks and with those. of the
The second table shows the resources and liabilities separately for each of the twelve banks. corresponding week last year.
The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between
the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the
returns for the
latest week appears on page 2814, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
TIM CLOSE OF
BUSINESS APRIL 13 1932
Apr. 13 1932. Apr. 6 1932. Mar.30 1932. Mar.23 1932. Mar.161932. Mar. 9 1932. Mar. 2
1932. Feb. 24 1932. Apr. 15 1931.
RA'ROURCRti.
5
$
8
3
$
$
5
$
Gold with Federal Reserve agents
2,192,997.000 2.181.947,000 2.188.647,000 2,192,547.000 2,187.147.000 2,092.347,000 2.056,147,000
5
2.037,032,000 1,760,114,000
Gold redemption fund with U.S.Tread
41,830,000
43,201,000
44,895,000
46,410,000
50,340,000
53,834,000
54.744.000
55,745.000
32,529,000
exclusively aut.F.R.notes- 2,234.821,0002,225,148,000 2,233,542.000
Gold held
2,240,957.000 2.237,487,000 2,146,181,000 2,110.891,000 2.092,777.000 1,792,643,000
Gold settlement fund with F. R. Board
317,085.000 318.494,000 293,292,000 282.879,000
Gold and gold certificates held by banks- 466.400.000 488.560.000 490.923,000 483,651,000 277,453.000 322.321,000 278,531,000 285,549,000 523,304,000
481,739,000 490.918,000 549,552,000 559,222,000 825,911,000
Total gold reserves
3,018.312.000 3,032,202,000 3,017.757,000 3,007,487,000 2,996,679,000 2,959,420,000 2,938,974.000
Reserves other than gold
214,737,000 212.544,000 216.810,000 210,896.000 209.291.000 207,869,000 206.381,000 2.937.648,000 3,141,858,000
202,214.000 176,015,000
Total reserves
3,233,049,000 3,244,746,000 3,234,567,000 3.218,383.000 3.205,973.000 3,167.289,000 3.145,355,000
3,139.762,000 3,317,873,000
Non-reserve cash
78,994,000
74,062.000
79,131.000
76,575,000
75,158.000
76,144,000
73,549.000
75.546,000
Mlle discounted:
76,173,000
Secured by U.S.0091.obligations
316.088,000 319,796,000 318,935.000 341,647,000 342,452,000 397,340,000 462,142.000
40,336,000
Other bills discounted
312,514,000 315.478,000 314,320,000 323.936.000 318.340,000 350,639,000 366.260.000 471.180,000
364.063.000
91,668,000
Total bills discounted
628,602,000 635,274.000 633,255,000 665,583,000 660,792,000 747,979,000 828.402,000
835.243,000 132,004,000
Bills bought in open market
51,809,000
57,949,000
66,392,000
81,696,000 105.71-1.000 137,584,000 115,640,000 133,382.000 131,479,000
U. S. Government securities:
Bonds
321,183,000 318.690,000 327,667,000 318,732,000 318,857,000 318,717,000 318,686,000
319,241,000
Treasury notes
65.722,000
85,446.000
84,395,000
84,397,000
83,896,000
83.396.000
83,797,000
79,501,000
73.497.000
52,229,000
Special Treasury certificates
32,000.000
Certificates and bills
578,395,000 481,929,000 459,554,000 432.370.000 407,909,000 382,609,000 361,768,000
347.818,000 480,684,000
Total U. B. Government securities-- 985.024.000 885,014,000 871,618.000 834,998,000
842,162,000 785,123,000 769,955,000 740,556,000 598,635,000
Other securities
4,476,000
4.321,000
6,911,000
6,991,000
6,954,000
9,497,000
6,073,000
14.681,000
Foreign loans on gold
Total bills and securitlee
Due from foreign banks
Federal Reserve notes of other baults
Uncollected items
Bank premises
All other resources
1,669,911,000 1,582,555,000 1,578.146,000 1,589,268,000 1,615,622.000 1,680,183,000 1.710.070.000
1.723,882.000
6.669,000
6,644,000
6.645,000
6,629,000
8,613,000
8.605.000
8,613,000
8,595,000
14,107,000
14,810,000
14.376,000
14.009.000
13.738,000
13,658.000
14.880.000
15,215,000
410,810,000 362,758,000 331,558,000 343.167.000 436.762.000 356,634,000 384,984,000
398,332.000
57,854.000
57,853,000
57.828.000
57,8'28,000
57,824,000
57,824.000
57,821,000
57,821,000
37.960,000
36,602,000
36.387,000
36,143.000
36,977,000
39,035,000
39.730.000
39.793.000
862,118,000
697,000
15,981.000
598,488,000
58,417,000
16,963,000
Total reeouroes
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks
Other depoeits
5,509,354,000 5.380,030,000 5,338,638,000 5,342.002.000 5.450.667,000 5.399,380,000 5,434.994.000
5,458,926,000 4,946,715,000
2,537,075,000 2,561,573,000 2,546,275,000 2,572,815.000 2,601.262,000 2,617,381,000 2,638.488,000
2,642,827,000 1,515,716,000
2.010,899,000 1,942,268,000 1.911,496.000 1,910,603,000 1,919.316,000 1,909.586,000 1,992,138,000
1,877,793,000 2,356,415,000
52,494,000
28,137,000
52.572,000
43,340,000
47,107,000
3.518.000
36.875,000
49,302,000
18,859,000
41.137,000
29,712,000
31,249,000
10.874,000
13,464,000
12.905.000
16,392,000
16,399,000
5,183,000
19,435,000
20,044,000
23.325.000
18,333,000
42.030.000
19,001.000
21.606,000
30.002,000
25,733,000
Total deposit('
2.123,965.0002,020,181,000 2,018.642.000 1,983.150,000 1.077,769,000 1,989,158,000
Deferred availability Items
401.809,000 353,218.000 329,416.000 341.612,000 426,833,000 347,564,000 1.977,101,000 1,973,496,000 2,406,190,000
375.058,000 396,428,000 566,027,000
Capital paid in
155,458.000 155.558.000 155.624.000 156,027,000
Surplus
259,421,000 259,421,000 259.421.000 259,421.000 156,283,000 156.385,000 156.665.000 157.857,000 168,738,000
259,421,000 259,421,000 259,421,000 259,421,000 274,636,000
All Other liabilities
31.626.000
30,099,000
29,260,000
28,977,000
29,099,000
29,471,000
28,261.000
28,899.000
15,408,000
Total llabillties
5,509,354,000 5,330,030,000 5.338,638,000 5,342,002.000
5,450.667.000 5.399,380,000 5,434,994,000 5.458,926,000 4,946,715,000
Ratio of gold reserve to deposits and
F. R. note liabilities ootnbined
64.7%
66.1%
66.1%
66.1%
65.4%
64.2%
63.6%
63.6%
Ratio of total reserves to deposits and
80.1%
F. R. note liabilities combined
69.4%
70.9%
70.8%
70.6%
68.1%
70.0%
68.8%
Contingent liability on bills purchased
84.6%
68.0%
for foreign correspondents
325.684,000 335,312,000 335,425.000 334,881,000 336.057.000
317,113,000 311,640,000 313.281.000 424,148,000
Maturity Distribution of Ms and
5
$
$
4
4
4
4
4
-Term RecurtetesMori
4
1-15 days bills discounted
474,040,000 481.735.000 486,632.000 512,343,000
496,673.000 570.718,000 649.004,000 651,541.000
73,825,000
16-30 days bills discounted
40.106,000
39,618,000
37,151.000
38,787,000
48,485.000
49,994,000
47,28.3,000
46.619,000
31-60 days bills discounted
14,367,000
57,400,000
56,819,000
56.830.000
61,352,000
56,784,000
65.815,000
66,090,000
72,387,000
19,640,000
61-90 days bills discounted
38,809,000
39,210.000
34,414,000
35,321,000
40,639,000
42,467,000
46,217.000
45,350,000
12.291,000
Over 90 days Sills discounted
18,247,000
17.892,000
18.228,000
17,780,000
18.211,000
18.985,000
10,808,000
19,346,000
11,881,000
Total Wile discounted
628,602,000 635,274,000 833,255.000 065,583.000 660,792.000 747,970,000 828,402,000
835,243,000 132,004,000
1-16 days bills bought in open market_
15,188,000
26.913.000
28,602,000
33,172.000
49.224,000
64.075,000
48.008,000
50,110,000
16-30 days WU bought in open market
69,331,000
7,688.000
8.349,000
10,970.000
8.564,000
12,707,000
27,862,000
37,132.000
26,554,000
81-80 days bills bought In open market
35,916,000
14,890,000
12,871,000
15,810,000
11,043,000
10,852,000 11,409,000
12,211.000
21,129,000
13,758,000
14,432,000
61-90 days bills bought In open market
0,574,000
10,742.000
28,678,000
32,690,000
33,987,000
17.788,000
35,564.000
11,661,000
Over 90 days bills bought In open market
285,000
239,000
238,000
244.000
241,000
251,000
21.000
25,000
139,000
Total bills bought in open market
51,809,000
57,946,000
66,362,000
81.696.000 105,714,000 137,584,000 115,640,000 113,382.0(X) 131,479.000
1-15 days U.S. certificates and bills__
7,005.000
3.500.000
6,143.000
5,250,000
36,250,000
58,645,000 67,546.000
22,338,000_23.325,000
16-30 days U. S. certificates and bills__
3.800,000
3,800,000
3,500,000
.3,500,000
4,250,000
4,250,000
61,295,030
86,591,000 109,916,000
5,000:000
31-60 days U.S. certificates and bills__
66,916,000
48.236,000
24,625,000
6,300,000
6.300,000
7,050,000
74.300,000
29,422,000
61-90 days U.S. certificates and bills__
74,300,000
89.550,000 129,530.000 101,591.000 106.066,000
54,814,000 38,136,000 122,794,000
387,174,000 290,413,000 293,195,000 245,854.000 273.943,000 209,348,000
Over 90 days certificates and bUle
228,850,000 218,999,090
23,468,000
578.395,000 481,929,000 459,554,000 432,370.000 439,909,000 382,609.000
Total V.8. certificates and bills
361.768,000 347,818,000 180,684,000
4,216.000
1-16 days municipal warrants
4,166,000
5,591,000
4.521.000
3.874,000
8,065 000
4,390,000
3,702,0011
16-80 days municipal warrants
1,000,000
1,190,000
1,000,000
130,000
130,000
229,000
31-80 day, ninnIsInni warrants20,000
20.000
1,000
142,000
130,000
107,000
61-90 days municipal warrants
52,000
52.000
20,000
20,000
98,000
Over 90 days mUnbiligell warrants
28,000
68,000
28.000
60,000
32.000
52.000
20,000
4,478.000
Total =mined warrants
4,321,000
6,711,000
5,791,000
4.954,000
8,247,000
4.573.000
4,081,000
Federal Muerte Notes—
Issued to F. R. Bank by F. it. Agent-- 2.781,686,000 2,796.501.000 2,788,959,000 2,822,755,000 2,855,883.005 2.876.745,000
244,611,000 234,928.000 242,684,000 249.940,000 254.621,000 259,364,000 2,887.961.000 2.908,345,000 1.929,937,000
Held by Federal Reserve Bank
249,473,000 265,518,000 414,221,100
2,537,075,000 2.561,573,000 2,546,275,000 2,572,815,000 2,601,262.000 2,617,381,000
In actual circulation
2,638,488,000 2,642,827.000 1,515,716,000
Collateral Held by Agent as Security for
Notes Issued to Bank—
863,267,000 861,567.000 854.067,000 854,067,000 849,567,000 825,567,000
By gold and gold certificates
1,329,730.000 1,320,380,000 1,334,580,000 l,338.480,0001,337,580.000 1,286,780,000 748.967.000 737,952,000 620,134,000
Gold fund—Federal Reserve Board
By eligible paper
642,702,000 655,623,000 661,043,000 709,703,000 728,613.000 847.479,000 1,307.180,000 1,269.080.000 1.139,980,000
902,580,000 921,023,000 254.107,000
TOW
2.835.699.000 2,837.570,0002,849.600,000,2.902.250,000 2,915,760.000 2.939,826 000 2,958,707.000
2.958.055.one 2.014.221.000
*Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT
CLOSE OF BUSINESS APRIL 13 1932
Two Ciphers (00) omitted.
t
Federal Reserre Rank of—
Total. 1 Boston. Neu; York. Phila. Cleveland. Richmond Atlanta. Chicago. Rt. Lout& minima,.
Kaa.cup. Dallas. San Frau.
RZSOURCES.
1
$
$
$
$
$
I
S
5
$
$
$
$
Gold with Federal Reserve Agents 2.192,997,0 164,627,0 503,217.0 195,300,0 220,970,0 75,120.0 97.275.0555,420.0
$
5
78,170,0 63,045,0 64,080.0 31,010,0 144,763.0
Ciotti reern fund with U.El. Trees__
8,737,0, 6,019,0 5,361,0 1,566,0 2,013,0 4,190,0 1,988.0
41.830,0 1,938,0,
460,0 2,652,0
927,0 5,979,0
Gold held excl. agst. F. R. notes 2,234,827,0 166,565,0 511,954,0 201,319,0 226,331.0 76,686,0 99,288,0
559,610,0 80,158.0 63,505.0 66,732,0 31,937,0 150,742,0
Gold settle't fund with F.R.Board 317,085,0 15.435,0 142,967.0 17,100,0 21,346.0 3,578,0
Gold and gold Ws. held by banks. 468.400.0 19.926,0, 310,614,0, 12,197,0 21,544,0 6,327,0 7,547,0 51,962,0 8,139,0 0,612,0 8,969,0 7,510,0 22,870,0
7,973,0 28,422,0 12,084.0 2,793,0 13,105,0 3.565,0
27,850.0
—
—
Total gold reserves
—
—
3.0l8.312,0201.976,0' 965.535.0230,b16.0 269,221.0 89,591,0 114,808.0 639.994,0 100,381,0 75,910,0
Reserves other than gold
214,737,0 21.484,0, 56,982,0 28,785.0 17,445,0 12,762,0 6,031,0 25,187,0 10,517,0 4,696.0 88,806,0 43,012,0 201,462,0
7,148,0 11,059,0 12,641,0
;
Total reserves
—
3,233,049.0 223,460,0,1,022,517,0259.401,0 286,666,0 99,353,0 120,839,0 665,181,0 110,898,0 80,608,0
Non-reeerve cash
22,834,0 3,886,0 3,963,0 4,001,0 5.081,0 13.150,0 3,691,0 2,145,0 95.954,0 54,071,0 214,103,0
78,994.0 7,423,0
Bilb discounted:
2,239,0 4.027,0 6.549,0
Sec. by U. S. Govt. 0bl1g5tions_ 316,088,0 18,040 83,291,01 29.629.0 51,264,0
4.741.0 7,295,0 28.709,0
Other biLs discounted
312,514,0 11,748,0, 38.886.0 45,021,0 47,185,0 22,905,0 29,017,0 19,859,0 10.447,0 1,422,0 5,928,0 1,446.0 73,876,0
6,555,0 8,164,0 27,197,0 10,509,0 42,428,0
—
Total bills discounted
628,602,0 32,788,01 122,177,01 74,650,0 98,429,0 27.646,0 36,312.0 48,568,0 17,002,0 9,586,0
116,304,0
13111s bought In open market
51,809,0 2,418,0
13,875,0 3,407,0 3,122,0 2,704,0 3.512.0 7,279,0 2,147,0 1.0720 33,125.0 12,015.0 7,879.0
2,293,0 2,101,0
Volume 134
Financial Chronicle
Two Ciphers (00) Omitted.
Tota).
Bolo, New York
s
$
Philo
2863
Cl-rriund. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.Citg. Dallas.
seisms.
RESOURCES(ConaudedlJ. EL Government securities:
Bonds
Treasury notes_
Certificates and bills
321,133,0 23,399,0
85,446,0 6,494,0
578,395,0 26,263,0
111,458,0 23,192,0 26,207,0 7,772,0
33,586,0 7,233,0 8.307,0
1,446,0
311,354,0 41,011,0 48,475,0 13,613,0
Total U. S. Govt. securities__
Other securities
935,024,0 56,156,0
4,476,0
456,393,0 71.436,0 83,439,0 22,831.0 12,604,0 116,523,0 30,974,0 27,697,0 24,936.0 27,864,0 54,116,0
2,916,0 1,482,0
78.0
1.669.911,0 91,362,0
6.669,0
536,0
14,107,0
255,0
410,810,0 45,666,0
57,854,0 3,336,0
37,960,0
996.0
595,366.0 150,975,0 185,040,0 53,181,0 52,428,0 172,370,0 50,123,0 38,433,0 60,354,0 41,980,0 178,299,0
2,386,0
727.0
21,0
678,0
13.0
946,0
268,0
248,0
195,0
188,0
463,0
3,300.0
317,0 1,227,0 1,059,0
291,0 1,086,0
949.0 1,787,0 1,330,0
334.0 2.122,0
121.000,0 36,691,0 40,039,0 31,408,0 11,393,0 45,480,0 16,870,0 6,575,0 19,737,0 13,672,0 22,279,0
14,817,0 2,651,0 7,962,0 3,609,0 2.489,0 7.827,0 3.461,0 1,834,0 3,648,0
1.787,0 4,433,0
15.237,0 1,969,0 1,706,0 5.116,0 3,704,0 3,195,0 1,466,0 1,389,0 1,126,0 1,251,0
805.0
Total bills and securities
DWI from foreign banks
Y. B. notes of other banks
Uncollected Items
Bank premises
All other resources
Total resources
$
s
5
$
$
3
$
$
5,231,0 53,939,0 11,574,0
1,448,0 10,403,0 3,180.0
5,925,0 52,181.0 16,120,0
$
$
I
15,783,0 7,695,0 16,989,0 17,844.0
2,321,0 2,686.0
1,973,0 5,869,0
9,593,0 14,555,0 8,902,0 30,403,0
5,509.354.0 373,039,0 1,797,457,0 456,617,0 527,281,0 197,995,0 197,131,0 909,936,0 187.910,0 131,286,0 184,339,0 117,310.0 429,033.0
E. R. notes in actual circulation
Deposits:
Member bank reserve account
Government
Foreign bank
Other deposits
2.537,075,0 171,079,0
563.154,0 252,03.0,0 293,420,0 94,919,0 117,210,0 543,902,0 90,454,0 70.367,0 81,169,0 37,611.0 221,760,0
2,010,899,0 117,473,0
52.494,0 2,842,0
41,137,0 3,297,0
19,435,0
34,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabllitles
2,123,965,0
401.809,0
155,453,0
259,421,0
31,626,0
926.192,0 116,738,0 140,205,0 51,913,0
27,187,0 2,960,0 3,700,0
1,291,0
11,894,0 4,469,0 4,382,0
1.735,0
10,688,0
105,0 2,263,0
168,0
--975,961,0 124,272,0 150,550,0 55,107,0
114,240,0 34,948,0 38,607,0 30,110,0
59,178,0 16,234,0 14,257,0 5,291,0
75,077,0 26,486,0 27,640,0 11,483,0
9.847,0 2.647,0 2,807,0
1.085,0
123,646,0
45,792,0
11,533,0
20,039,0
950,0
47,194.0 254,879.0 57,888,0 41,038.0 68,056,0 47,356,0 141,967,0
172,0 3,090,0 1,509,0 1,537,0 2,665,0 4,009,0
1,532,0
955.0 1,258,0
1,605,0 5,814,0 1,519,0
1,215.0 2,994,0
323,0
262,0
709,0
490,0
120,0
36.0 4,237.0
50,6.54,0 261,355,0 63,206,0 43,764,0 70.971,0 51,272,0 153,207,0
11.347,0 45,014,0 18,339.0 6,346,0 19,157,0 14.730,0 23,179,0
4,892,0 17,414,0 4,492,0 2,937,0 4,098,0
4,002,0 11.130,0
10,449.0 38,411,0 10,025,0 6,356,0 8,124,0 7,624,0 17.707,0
1,394.0
1.516,0
2,579,0 3,840,0
820,0 2,071,0
2,070,0
Total liabilities
5,509.354,0 373,039,0 1,797,457,0 456,617,0 527.281,0 197,993,0 197,131,0 909,936,0 187,910,0 131,286,0 184,339,0 117,310,0 429,053,0
Memoranda.
Reserve ratio (per cent)
69.4
75.8
66.4
68.9
72.2
64.6
63.1
82.6
72.0
70.6
66.2
60.8
57.1
Contingent liability on bills purchased for foreign correspond't 325_684.0 24.1356.0 107 02s 11 33 41a CI :12 7RA n 19 077 n 1.) not n 43 4720 11.333.0 7.137.0 9.403.0 9.084.0 22.3851
FEDERAL RESERVE NOTE STATEMENT.
Pederal Reserve Agent atTall.
Boston. New York. Philo '
Cleveland. Richmond Atlanta Chicago. St. Louis. AfinneapiXan.Citg. Dallas. SauFraa.
Two Cipher:(00) Omitted.
$
I
$
$
5
$
5
$
$
$
$
$
$
Wilma! Reserve notes:
issued to F.R.Bk. by F.R.Agt_ „781,686,0 191,968,0 614,214,0 267,012,0 310,445,0 103,243,0 134,353,0 595,629,0 95,103,0 72,434,0 93,326,0 43,323,0
260,627,0
Bald by Federal Reserve Bank- 244,611.0 20,889.0
51,060,0 14,932,0 17,025,0 8,324.0 17,143,0 51,727,0 4,649,0 2,071,0 12,157.0 5,717.0 38,867.0
an actual circulation
2.537,075,0 171,079,0 563,154,0 252,030,0 293,420,0 94,919,0 117,210,0 543,902,0 90,454,0 70,367,0 81.169,0 37,611,0 221,760,0
bilateral held by Agt. as securlte
for notes Issued to bank:
Gold and gold certificates
863.267,0 47,010,0 393,217.0 73,400,0 67,970,0 12,520.0 14,275,0 123,420,0 15,770.0 13,145,0 9,280,0 12,260,0 81,000,0
1,329,730,0 117.617,0 110,000,0 121,900,0 153,000,0 62,600.0 83,000,0 432,000,0 62,400,0 49,900.0 54.800,0 18,750.0 63,763,0
Gold fund-F.It. Board
Eligible paper
642.702,0 32,843,0 125,145,0 74,800,0 98,237,0 28.657.0 37,636,0 51.346,0 17,167.0 9,524,0 33,215,0 12,591,0 121,511.0
Total collateral
2,835,699,0 197,470,0
628.362.0 270,100.0 319,207,0 103,777,0 134.911,0 606,766,0 95,337,0 72,569,01 97.295,0 43,601,0 266,304,0
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 Dee. 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," on page 1815,Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning wilt the ocaterneat of fan. 9 1932, the
loan figures exclude "Aeoeptanees of other banks and bills of exchange or drafts sold with endorsement. and Include
all res' estate mortgages and mortgage loans held by tile hank. Previously acceptanees of
included with loans, and some
and bills sold with endorsement
of she banks included mortgages in investments. Loans secured by U S. Government other banksare no longer shown separately, were
obligations
only the total of 103115 on securities
beim/given. Purthermoro. horrowIng st the Federal Reserve is not any more subdivided to show the amount secured by
U. 8. obligations and those secured by commercial
paper,ordy a lump total bales given. The number of reporting banks Is now omitted. In its place the number of cities Included (then
101), was for a time given, but beginning Got.9 1929 even thts has been omitted. The figures have also been revised to exclude a hank In the 8an Francisoo
district with loans and Investments of 3135.000.000
en3an.2 1929, which had then recently merged with a 00a-member bank. The figures are now given in round millions
Instead of In thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER
BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS APRIL 6 1932 (In millions of dollars).
Federal Rowse District-
Total.
Boston. New Yon
Phila.
Cleveland, Rtamand Atlanta. Chicago. .31. Loafs. Menem). Kan.City, Dallas. Sas Prem.
5
7.532
5
1,120
5
1,950
-total
Loans
12.060
830
4,667
686
5,222
6,838
311
519
2,267
2,400
7,113
434
On securities
All other
Investments-total
NN
3,882
3,231
.
1,475
201
10,875
5,656
381
1,010
2,561
'11'1
C...1.
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government depoeits
Due from banks
Due to banks
Florrotrinifs from P. 11 Flank
s
$
$
103
520
2,534
568
341
1.215
363
341
1,792
357
347
339
551
664
149
214
105
236
842
950
2,365
434
745
240
179
1,739
1,126
164
270
393
352
117
123
94
83
749
52
5,252
1,207
160
97
1,049
elff
69
12
620
264
33
75
151
107
26
839
827
27
71
189
35
13
284
224
20
52
84
31
7
235
194
27
58
82
192
32
1,303
985
29
218
367
19
17
s
$
$
560
409
1,762
204
295
260
1,050
142
215
59
145
84
211
78
182
287
763
742
211
137
265
149
712
386
356
91
120
62
75
137
128
88
61
383
329
38
6
307
208
6
50
91
21
5
172
149
4
44
64
29
44
6
12
240
355
128
131
16
6
72
91
81
129
101
81
16
560
874
25
103
• 145
AR
,
1
U. IL Government seeuritlea
Other securities
s
5
,
UN-IODNOC
0 1,
$
1,264
MCG,
Loam and investments-total
5
19.173
1A
'71
..
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business April 13 1932. In
comparison with the previous week and the corresponding date last year
. .._
Apr. 13 1932. Apr. 6 1932, Apr, 15 1931, ,
Apr, 13 1932. Apr, 6 1932. Apr. 15 1931.
Resources$
$
, Resources (Concluded)s
8
$
it
Gehl with Federal Reserve Agent
Gold rederup. fund with U. S. Treasury-
503,217,000
8.737,000
498,217,000
9,085.000
361,919,000
13,244.000
Gold held exclusively eget. P. R notes
Gold settlement fund veltn F. It. Board.
Gold and gold ctfe. held by bank
511.954,000
142,917,000
310,614,000
507,302,000
119,475,000
330,365.000
375,163,000
127.519,000
548,013,000
Total gold reserves
Reserves other than gold
965.535.000
56,982.000
957.142,000 1,050,695,000
55.210,000
57,474,000
Total resources
Total reserves
1,022,517,0(10 1,012,352,000 1,108,169,000
Non-t eserve cash
22.834,000
23,084,000
19.986,000
Bills discounted:
Secured by U.S. Govt. obligations__
83,291,000
90,901,000
10.393,000
Other bills discounted
38.886,000
15.751,000
40.347,000
Total bills discounted
11111.1 bought In open market
U. S. Government securltlea:
Bonds
Treasury notes
Special 'Treasury Certificates
Certificates and bills
Due from foreign banks (see note)
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other resources
122,177.000
13,875,000
131,248,000
16,280,000
26,144,000
24,551.000
111,458,000
33.586,000
109,414,000
32,638,000
21,523,001
11,380,000
311.354.000
243,284.000
149,810,000
2.386,000
3.300 000
121.000.000
14,817,000
15,237.000
2.361,000
4,025.000
99.438,000
14,817,000
14,566,000
223,000
5.284,000
165,828.000
15.240.000
4.662,000
1 797,457,000 1,703,275,000 1.555.898,000
Mainlines
Fed. Reserve total in actual circulation_
Deposits--Nlember bank reserve met_
Government
Foreign bank (see note)
Other deposits
363,154,000
926,192 000
27.187.000
11,894.000
10,688,000
573,358,000
817.167.000
5,216.000
9.070,000
10,716,000
261,754,000
974,558,000
1,506,000
1.731,000
15,128,000
Tam deposits
Deferred availability Items
Capital paid In
Surplus
All other Illabilittee
975,961.000
114,240,000
.59.178.000
75.077.000
9,847.000
892,169.000
94.021.000
59,179,000
75,077 000
9.471,000
992.923.000
150,735,000
65,547,000
80,575,000
4,364,000
Total liabhities
1,797,457,000 1,703,275,000 1,555,898,000
Ratio of total reserves to deposit and
Fed Reserve note liabilities combined_
66.4%
69.1%
88.3%
Contingent liability on bills purchased
Total bills and securities (see note). __ 595,316,000 535,730,000 233,408,000
for foreign corrempondents
107.025,000 109,231.000 139,485,000
No rE,_...iiwihai tig with the statement of Oct. 17 1925, two new items were
added In order 105(40W separately the amount of balaueee held abroad and amounts
due to
foreign correspondents In addition. the caption -Au other earnings assets." previously ma le up of Federal Intermediate Credit Bauk
debentures was crutaged to "Other
securitlee.- and .he caption 'Total earnings assets" to "Total hills and securities." Tile latter term was .1,10pted as a more accurate
deieription or tile total or the diaconal
acceptances and securitiee aoquired Under the Provisions of Sections 13 and 14 of the Federal Reserve Act. which It was stated are the only
Items Included therein.
Total U.S. Government securities.Other oecurities (ses 130(5)
voreign loans on gold
450.398,000
2,916,000
385,3311,000
2,866,000
182,713,000
Financial Chronicle
2864
April 16 1932
Quotations for United States Treasury Certificates of
Indebtedness, &c.
Wall Street, Friday Night, April 15 1932.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2853.
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 Ended Apr. 15.
Sales
for
Week.
RailroadsPar.Shares.
Central RR of N J_100 100
400
Chic & East Ill pref..100
40
Cleve & Pittsburgh_100
220
Colo & South 1st pf..100
100
Cuba RR pref
20
Det & Mackinac pf_100
50
Duluth S S & A pre 100
400
Ill Cent preferred_ _ _100
Leased lines
100
Int Rys of Cent Am_ _ _*
Manhat Elev guar .100
Market St RY pref.. 100
Minn St P & SS M
Leased Line
100
Nash Chatt & St L.100
Rensselaer & Sara_ _100
South Ry M &0ctfs100
St L Southwestern rots_
Range for Week.
Lowest.
$ Per
47
1
54
1234
13
10
share.
Apr 9
Apr 12
Apr 13
Apr 11
Apr 14
Apr 11
Apr 11
Highest.
Range Since Jan. 1.
Lowest.
Highest.
$ per share. $ per share.$ Per share.
Apr 78
Jan
47
Apr 9 47
1
Apr 12 1
Apr 2
Feb
Apr 60
54
Apr 13 54
Feb
14
Apr 11 8
Mar 14
Mar
16
Apr 14 1234 Feb 17
Mar
Apr 11 10
Jan 10
Jan
10
34 Apr
34 April
36 Jan
300 15% Apr 14 16
80 23 Apr 13 26%
10 2 Apr 14 2
210 2534 Apr 11 30
20 134 Apr 12 1%
Apr 11 1534 Apr 2636
Jan 36
Apr 12 23
Mar 3
Apr 14 2
Apr 9 2534 Apr 4634
Mar 234
Apr 12 1
Jan
Jan
Jan
Mar
Jan
Ja 14
80 834 Apr 13 9 Apr 15 7
100 1036 Apr 11 1334 Apr 15 1034 Ap 2734
10 90 Apr 11 90
Apr 11 90
Apr 90
Ap 25
100 16% Apr 14 16% Apr 14 15
100 434 Apr 11 4% April 494 Apr, 734
Mar
Jan
Apr
Feb
Mar
Indus. & Miscell.Affiliated Products.__• 18,300 636
100
Amalgamated Leather *
36
Preferred
100
200 5%
Amer Chain pref
100
300 12
Am Coal Coot Allegh'y
20 42
25
County, N J
10 110
Amer Express Co_ _ _100
Amer Ice pref
300 5036
100
American News
60 25
Artloom Corp pref_ _100
10 60
300 5
Art Metal Construe...10
300 3234
Atm Dry Gds lot p1100
2d preferred
500 2236
100
•
100 134
Atlas Tack
Apr 12 8% Apr 11 634
34 Apr 11
34
April
Apr 14 5% Apr 14 536
Apr 15 1234 Apr 9 12
Aprj 1634
Apr
34
Apr, 10
Apr, 26
Mar
Mar
Mar
Jan
Apr 942
Apr 9110
Apr 13 51
Apr 12 25
Apr 13 50
Apr 14 5
Apr 14 33
Apr 14 26
Apr 12 194
Apr 9 42
Apr 9 110
Apr 15 50
Apr 12 24
Apr 13 50
Apr 14 5
Apr 13 3234
Apr 11 2236
Apr 12 136
Apr/ 45
Apr 110
Jan 68
Apr 33
Jan 50
Mae 734
Apis 33
Apr, 35
Apr I%
Jan
Apr
Mar
Jan
Jan
Feb
Apr
Mar
Feb
Barnet Leather
•
100
54
Bigelow-Sant Carpet_*
100 1034
Blumenthal & Co pf 100
50 45
Brown Shoe pret_ _ _100
760 111
Burns Bros pref- _100
70 fiti
40 8
Chile Copper
2.5
Columbia Pict v t c-_*
900 434
180 1534
Com'l Cred pref (7).25
Com'l Div Tr pf (7).100
100 97
10 50
Consol Cigar pf (73_100
110 36
Prior pf ex-warrants_
Consolidated 011
* 55,400 436
700 83
100
Preferred
200 1934
Crown cork & Seal pf..•
200 7834
Cushm Sons p1(7%) 100
10 70
Preferred (8%)----*
April
34
Apr 9 1034
Apr 13 45
Apr 14 11434
Apr 15 I334
Apr 11 8
Apr 13 534
Apr 14 16
Apr 14 97
Apr 11 50
Apr 13 40
Apr 12 534
Apr 13 85
Apr 12 20
Apr 13 84
Apr 11 70
Apr 11
34
Apr 9 1036
Apr 13 45
Apr 9 111
Apr 15 531
Apr634
Apr 13 434
Apr 12 1534
Apr 14 93
Apr 11 50
Apr 11 36
Apr 15 434
Apr 11 79
Apr 14 1934
Apr 9 7034
Apr 11 67
Mar
34
Apr 1354
Apr 65
Apr 119%
Mar 30
Jan 10
Apr 734
Apr 2134
Feb101
Apr, 72
Apr 583
Apri 736
Feb, 96
Apr1 24
Jo 90
Jan 76
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Apr 11
Apr 9
Apr 15
Apr 14
Apr 14
Apr 14
Apr 12
Apr 9
Apr 14
Apr 12
Apr 9
Apr 11
Apr 9
Apr 15
Apr 9
Apr 12
Apr 15
Apr 12
Apr 9
Apr 14
Apr 12
Apr 9
17
636
90
436
50
8
134
634
2434
10
85
Apr, 23
Apr, 1236
Feb 10134
Apr, 1034
Apr, 7236
Mar, 16
Mar' 334
Apri 19
Jan 130
Feb' 27
Apr, 85
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Apr
Apr 12 1
Apr 15 19
Apr 9 834
Apr 9 100
Apr 14 50
Apr 14 2
Apr 9 234
Apr 11 45
Apr 13 15
Apr 12 5534
Apr 9 102
Apr 15 35
Apr, 5
Apr 36
Apr1936
Feb 105
Apr 60
Jan 236
Apr
573(
Apr 1834
Jan 71
Apr110
Apr 46
Mar
Mar
Jan
Apr
Mar
Mar
Feb
Mar
Feb
Mar
Jan
Apr
Dresser Mfg class A...*
•
Class Et
Duplan Silk pref-__100
*
Food Machinery
Franklin Simon pre!100
Gen Steel Cast pref....*
Grand Stores pref-100
GreeneCananea Cop 100
Helme (G
pref-100
Indian Motorcy pf__100
Island Creek Coal pf_ _1
800 17
100 636
90 90
300 434
30 50
90 8
60 2
10 836
10126
10 10
10 85
Kresge Dept Stores *
McLellan Stores pf_100
Mesta Machine Co_ _ _5
Mex Petroleum pref 100
Common
Newport Industries
1
*
N Y Shipbuilding
Preferred
100
Norwalk T & Rub p1100
Omnibus Corp pref_100
100
Outlet Co pre!
Common
270 1
220 19
300 834
393105
10 50
1,200 2
1,200 236
10 45
10 15
100 7036
10 10234
120 35
1734
6%
90
5
56
9%
234
834
26
10
8.5
Apr 12 136
Apr 14 20%
Apr 12 9%
Apr 9105
Apr 14 50
Apr 11 234
Apr 11 234
April 45
Apr 13 15
Apr 12 7036
Apr 910234
Apr 14 39
Maturity
sma.
Rate.
BM.
Ansa.
Maturity.
tat.
Rate.
Bid
Asked.
FePt.15 1982-Mar. 15 1933.June 15 1932.-Bain. 15 1932.Dee 15 1932 __
134%
2%
234%
3%
334%
100.ss
100.n
100"ss
100n
puha
100.n
1000n
100"ss
101
101..,,
Aug. 1 1932_
Oct. 10 1932Feb. 1 1933-Mar. 15 1932--
334%
354%
334%
334%
10090n
101in
101"ss
101.1ss
1001419
1018,1
101no
101..ss
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. Apr.9 1,17.r. 11 Apr. 12 Apr. 13 Apr. 14 Apr. 15
Mat Liberty Loan
High 100.hs 100.h, 100.hs 10024,,
.,
1019
831% bonds of 1932-47_1Low. 100...s' 100"n 1001019 100n,, 1012,,1001113 101
(First 336s)
Close 100..., 100"n 100"si 100"31 101
101..,
Total sates Its $1,000 units._
172
522
144
393
241
611
____ 100h, 10015., 101
Converted 4% bonds of
(High
100.
9ss
0:
__:____ 1004: 100 r 100
001
1932-47 (Fins 4s).......(ClLoswe_
01
01
0%
0
100uss
mph,
Tons mos 0,51,000 units__
s
1
1
1
Converted 4M% bondarlgh 101.; 101.ss 10191, 10112s3 Nisi; 102.n
of 1932-47 (First 4Mtb Low_ 100..s, 100":2 101
101",,
101_ 21 101
1.
101.as 101_15 101",, 101",,401.h.
.
::
Total sale, Os $1.000 units...
142
182
294
366
168
169
Second converted 454%I i :
:
t
--bonds of 1932-47(First) Low---------(Second 4 Ms)
Close
---------Total sales in $1,000 staits___
--Fourth Liberty Loan
---High 10124., 1011.81 101.
9n 10 - 4; 102 2
--9T11
Tr
ir boads of 1933-38 _ Low_ 101.
ury
742 101..s. 101..s, 1011.., 102Tss 102",,102",,
101 51 1014.4 101..., 1029n 102uss 102",,
..
37
(Fourth 434s)
.
Total sales Os 51.000 unitsfse
303
Cl 3907
1644
665
1059ss 105.ss 1081.1s 1084as
{High 104.h. 105
(51s, 1947-52
Low_ 104",, 1041111 104113: 105
1059.31 105uss
Cline 10414,, 104.
9si 105111 105.as 105"ss 105"ss
Total sales in 51.000 units-.
514
20
200
212
500
609
!Blab 102
102
102/31 1029s, 103uss 102"ss
48. 1944-1954
Low. 101... 101.12 10111n 102
102.ss 102uss
C101313 10136s 101.s, 101"31 1029ss 102".1 10219ss
Total sales in 51.000 units___
81
171
498
536
270
249
righ 99
09% 99113
99., 101,122 1019n
5
She, 1940-1958
Low_
98"., 98.... 98.
9n 99..2 100"ss 100.
9ss
98.
911 99
C1090 99
991.1 101..s 100",,
Total soles in 51.000 units__
244
131
288
275
1135
488
(High 98...1 98uss 98".s 97
9810n 99 IS,
Sits. 1943-1947
Low, 96',, 98.n
9619
. Huss
98.n
Tom saw In 1.000 . 96 ss
9810,,9811ss
98.ss 9814s, yen, 98.11
anus....
9
266
54
293
213
$
74
{High 92
92.”
94.
1ss 951.ss
91"as 921.1
3a, 1951-1955
911111 919n
91",Low.
93
941.31
glen
91us
Close 92
91uss
9ss
92"33 94uss 94.
Total saes in $1.000 unas___
235
311
563
1511
1287
428
9915,, 9924si
{High 97
97.31
971/3
97.11
S3
-is, 1940-3943
Low. 96"as 98113
99
98
Hun 961/3
(Chose 06"ss 9811
, 9610n 971/31 9911.2 99
Total soles Is 51.000 units...
115
31
72
143
340
71
063h, 9713,,
11113/1 97
97
99
99uss
11344, 1941-43
Low. 96"ss 98"n 961h, 97
981.1, 99
971q
081131
Tata sales in 51.000 tinits °81 9821 "
98
Ci :.
.
8
1
14 9619
213
81
19
93.5, 95
93h, 93
!High 93
Huss
3%8, 1948-1949
.1 9257.2 94.11
9519
Low
929.3, 92...s 92.1
.1
Close 93
9211
., 929.11 93.4„ 959.ss
Total sates Os 81.000 units__
102
743
320
255
1107
167
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
8 let 434s
100".. to 100118212 Tress 354* 1940
9815ss 1098",
8 4th 434s
101 liss tO 102",,2 Treas 334s 1946-49
9523n to 959.s:
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 2854.
A complete record of Curb Exchange transactions for the
week will be found on page 2882.
CURRENT
NOTICES.
-Norris E. Moore and Harry Shaer, formerly with Lehman Bros.,
100 9836 Apr 12100 Apr 15 9836 Apr 09
Pao Tel & Tel pref.-100
Jan and H. H. Wesley, formerly an executive and director of Johns Manville.
30 3;6 Apr 14 434 Apr 12 354 Apr 8
Panhandle P & R p1_100
Jan Inc. and other corporations, announce the formation of the firm of Moore
100 5534 Apr 9 5536 Apr 9 5554 Apr 73
Phlia Co 6% pf
Jan
Apr 14 26 Apr 11 24
400 24
Pierce-Arrow Co pf_100
Apr 41
Jan & Wesley, Inc., to deal in unlisted securities with offices at 50 Broadway,
700 27 Apr 15 29 Apr 13 26% Jan 31% Mar New York. All transactions will be cleared through the New York Stock
Pirelli Cool Italy
34 Apr 14
100
Pitts Terminal Coal 100
% Apr 14
34 Jan 151 Feb Exchange firm of Berg. Eyre & Kerr. Trading Departments have been
10 10 Apr 12 10
100
Apr 12 10
Preferred
Mar 12% Mar
real estate bonds, title and mortgage certificates, public
30 92 Apr 9 92 Apr 9 91
Proctor & Gamble p1100
Mar 103
Jan organized to handle
110 32 Apr 14 3334 Apr 12 32
Scott Paper
Apr 42
Feb utility stocks and bonds. industrial stocks and bonds, bank stocks, and
380 12 Apr 12 12 Apr 12 1(34 Jan 1534 Mar Canadian stocks and bonds.
Shell Transp & Trad_f2
20 8 Apr 13 836 Apr 13 734 Mar 14
Sloss-Shelf St & Sr p1100
Jan
-The twelfth annual field day of the Bond Club of New York is to be
20 70 Apr 12 70
Apr 12 70
The Fair pref
100
Apr 85
Jan hold this year on Friday, May 20 at the Sleepy Hollow Country Club.
Apr 11 95 Apr 11 95
320 95
Underw-Ell-Fish p1-100
Apr 101
Mar William H. Long Jr. of Doremus & Co. has been named chairman of the
40 22 Apr 14 22 Apr 14 22
United Dyewood pf_100
Apr 3334 Jan executive committee in charge of the event. He will be assisted by the
50 25% Apr 14 26
Apr 11 25% Apr 35
Van Malts lot prat-100
Jan
Ritter 3d, of Dillon, Read & Co.;
Apr 15 7 Apr 15 7
10 7
Va Iron Coal & Coke100
Apr 7
Apr following vice-chairmen: Henry G.
11 6834 Apr 11 66
Vulcan Detinning pf 100
20 6834 Apr
Jan 71
Mar Lindsay Bradford. of City Bank Farmers Trust Co.; and Albert L.Smith,of
Edward B. Smith & Co.
•No par value.
Announcement has been made of the election of Bernard W. Ford.
former Vice-President and Governor of the Investment Bankers Assn.,
Foreign Exchange.
as Vice-President of Blyth & Co., Inc., He takes office as an executive of
To-day's (Friday's) actual rates for sterling exchange were 3.7654@ the firm on April 15 and will make his headquarters in San Francisco.
for checks and 3.763.4@3.7754 for cables. Commercial on banks, For more than 11 years Mr. Ford was Vice-President of the Pacific Coast
3.7734
sight, 3.7554@3.7634; sixty days. 3.733443.7554; ninety days, 3.73© firm of Bond & Goodwin & Tucker, Inc.
3.'74 34; and documents for payment, 3.7434 43.76. Cotton for pay-Tweedy & Co.. members Bank Stock and Unlisted Dealers Assn.
ment, 3.7534, and grain, 3.7534.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.94 9-16 of New York, 15 William St., N.Y.,announce the extension of their
trading
@3.9454 for short. Amsterdam bankers' guilders were 40.52440.53.
facilities by the formation of a department to deal In bank and insurance
Exchange for Paris on London, 95.45; week's range, 95.45 francs high
stocks. The new department will be under the direction of John F. Reilly,
and 95.68 francs low.
formerly of Reilly, Dugan & Co., and Edward J. Enright, formerly of
The week's range for exchange rates follows:
Bridgman & Co.
Sterling. ActualCables.
Checks.
High for the week
3.78 7-16
3.8034
-The firm of Charcot & Morgan has been dissolved by mutual consent,
Low for the week
3.76
3.757-4
The partners, who are both members of the Bank Stock and Unlisted
Paris Bankers' Francs
Dealers Association are continuing, as dealers In unlisted securities, under
High for the week
3.95
3 %
.94
Low for the week
the names of Ralph C. Morgan, 120 Broadway, N. Y. City and Frank
3.9454
3.94 5-16
Germany Bankers' Marks
Charcot, Jr., 25 Broad St., N. Y. City.
High for the week
23.78
23.76
-Holt. Rose & Troster, 74 Trinity Pl., N. Y., have Issued a special
Low for the week
23.70
23.68
circular analyzing earnings of New York City banks and trust companies,
Amsterdam Bankers' Guilders
based upon their operations for the first quarter of 1932. The circular
High for the week
40.53
40.54
Low for the week
also contains a review of insurance company stocks.
40.51
40.47
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages Page One
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
IIIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr. 9.
Monday
Apr. 11.
Tuesday
Apr. 12.
Wednesday' Thursday
Apr. 13.
Apr. 14.
Friday
Apr. 15.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range for Year 1932
On ,!nists of 100
-share lots
Lowest
-
Highest
PER SHARE
Range for Prertoso
Year 1931
Lowest
litoltes1
Par $ per share $ per share $ per share $ per share
Railroads
$ Per share 4 per share $ Per share $ per share S per share $ per share Shares
4718 4112 46
5212 553
445'8 514 41
393 45
4
423 473 57.500 Atch Topeka & Santa Fe--100 3984 Apr 14 94 Jan 14
4
4
7914 Dec 2034 Feb
63
6112 5912 595
64
GO
*6112 63
5812 64
64
1,600
100 5812 Apr 14 86 Jan 18
Preferred
54
275 Dec 10814 Apr
15
16
16
14
16
16
1513 1512 15
15
1,500 Atlantic Coast Line RR 100 14 Apr 12 4113 Jan 14
16
16
25 Dec 120 Jan
5
94 1018
9
9
8 2 98
100
,
814 9
814 93
4
814 Apr 13 2138 Jan 21
83 101 1 38,900 Baltimore & Ohio
4
14 Dec
877 Feb
8
1318 1318 123 13
4
12
14
12
1212 1112 1312 1312 1412 4,800
100 1113 Apr 14 4112 Jan 14
Pre'erred
25 Dec
804 Feb
1612 1612 *15
*15
16
18
.1212 16
*13
16
400 Bangor & Aroostook
50 16 Apr 15 2412 Jan 14
16
16
18 Dec
663 Feb
2
*6518 70
6518 6518 •__-_ 65 s____ 65 •____ 62
100 60 Apr 15 7913 Jan 15
Preferred
60 6280
80 Dee 11313 Mar
*6
9
*6
10
7
7
.5
10
100 Boston & Maine
.5
100
10
7 Mar 31
1412 Jan 9
*5
10
10 Dec
66 Feb
613 613
53
4 61
6
6
53 Apr 11
4
*51 612 *57
1014 Mar 8
8 64 *57
612 Oct
600 Brooklyn & Queens Tr_No par
8 612
134June
.45
55
*46
54
*46
52
*46
54
*46
54
*46
No par 4614 Jan 7 58 Mar 5
Preferred
54
46 Dec
64 4June
3
37
383 36
37
3612 373
4 36,2 38
3118 Oct
8
343 371 3714 387 16.700 Bklyn-Marth Tran v t e No par 304 Jan 5 5014 Mar 8
4
6938 Mar
65 65,
4 65 65
64
65
*633 67
4
633 633 .65
No par 63 4 Apr 14 784 Mar .5
4
Preferred v t e
3
1,200
4
67
63 Dec
9413 Feb
•I2
7
8
•12 11
1
1
2 Jan 15
900 Brunswick Ter&Ry Sec No Pa
•8
5
1
5
1
12 Apr 13
188 Dec
2
12 .8
913 Feb
1212 127
8 117 1212 113 123
8
4
4 124 13
1253 133
25 107 Jan 2 204 Mar 5
8
13
14
37,900 Canedian Pacina
1034 Dec
453 Feb
2
.50
55
*50
72
•50
55
*50
55 .50
Caro Clinch & Ohio stpd_100 53 Apr 8 70 Feb 6
55 .50
72 Dec 102 Apr
55
144 1512 133 143
4
4 123 1414 1313 1418 1312 1514 15
2.5 1234 Apr 12 314 Jan 14
4
234 Dec
1718 62.200 Chesapeake & Ohio
4613 Feb
214 214
2
134 Apr 8
24
17
8
17
8
17
8
17
8
178
17
8
212 Dec
17
8 218 1,600 Chicago Great Western___100
410 Jan 11
7 3 Feb
7
.612 67
8
6
6
100
5 Apr 14 1512 Jan 22
6
6,
4
512 6
2713 July
4,200
5
Preferred
6
7 Dec
614 7
12
113 15
8 .113 IN
IN Apr 15
112 112
112 15
8
113 Dec
112 112
314 Jan 14
14
15
3 3.400 Chicago Milw St Paul & Pao_
878 Jan
•24 25
8
214
212
14 214
14 Apr 12
2
2
514 Jan 13
13
4
Preferred
2
214 21 10.000
213 Dec
1538 Feb
534 11,100 Chicago & North Weetern.100
5
412 5
458 5
412 Apr 14 1210 Jan 15
512
478
45
8 478
47
3 510
5 Dee
4512 Feb
010
15
*10
14
10
100
10
878 Apr 15 31 Jan 22
87
*8
8 9
1214 .514 10
300
Preferred
1312 Dec 116 Mar
412 5
412 47
8
5
5
54 553 4,300 Chicago Rock Isl & Pac1ne_100
5
518
5
518
412 Apr 13 16$8 Jon 22
7 8 Dec
7
6512 Jan
•10
11
*10
100 1014 Apr 8 2712 Jan 14
10
II
.9
.9
11
1012 •8
1012 1013
100
7% preferred
14 Dec 101 Mar
.64 8 4
614 Apr 8 2412 Jan 14
,
100
64 63
612 612
4
700
7
612 7
7
7 12 712
104 Dec
90 Jan
6% Preferred
.
6
93 Jan 11
4
.618 13
100
13 4 .6
' 618 13
,
.
1
•618 13
1314 .618 13
17 Mar 5
Colorado & Southern
712 Dec
48 Jan
7
7
7
6 Apr 15 1112 Jan 2
6
*7
7
7
74 •7
7
7
75
1,900 Consol RR of Cuba pref..
10 Dec
4212 Feb
.5312 55
5512 5612 5514 5512 5112 56
5114 53
5014 52
100 50,1 Apr 14 8912 Feb 13
2.800 Delaware & Hudson
64 Dec 15714 Feb
1253 12
12
1212 117 12
1234 12
8
115 121
8
124 14
5,600 Delaware Lack & Western_50 11 Apr 8 2834 Jan 13
173 Dec 102 Jan
4
8
3
*314 4
3
25 Apr 6
•3
3
5
353
9 Jun 15
500 Deny & Itio Or Wesi pref_100
*3
37
8 *314 4
312 Dec
453 Feb
4
100
4
4 14
334 Apr 14 10 Jan 22
434 518 5,000 Erie
418 44
47
8 518
4
45
8
33
5 Dec
4 43
4
394 Fe
44 5
412 Apr 13 1313 Jan 28
5
100
518 51 2,800
412 41
51
412 47
5
First preferred
5 18
8
64 Dee
4513 Fe
612 Jan 6
.3
100
.214 412 .112 6
41_ *3
33
4 *3
912 Jan 11
Second preferred
312 .
5 Dee
3
353
40 2 Jan
,
95 1012 10
11 18 11 18 10
8
11
95 Apr 12 25 Jan 14
103 115
8
103
8 9,600 Great Northern preferred..100
101
4 10
8
155 Deo
8
6934 Fe
.2
.2
.2
4
4
*2
4
4
.2
4
7 Jan 12
*2
4
8 Jan 14
Gulf Mobile & Northern.100
311 Dec
274 Fe
*5
7
.
100
5
7
8 Jan 13 1412 Jan 21
8
•5
.5
8
8
*5
*5
8
Preferred
13 Dec
75 Jan
183 187
18
100 1714 Apr 14 30 Jan 18
8
18,
8 173 1784 1714 173
3 1814 19
4
3,700 Hudson & Manhattan
34
4 17N 18
2614 Dec
4413 Fe
93 1014
4
95 10,
loll
1012 1114
8
4
911 Jan 4 1814 Jan 22
953 10
912 107
8
8
3 105 115 17,950 Illinois Central
91 Dec
89 Feb
812 .6
812 .6
3 Apr 8 1413 Jan 28
812 .6
*5
812 •6
812 .6
RIO Sec stock certificates__
S'z
7 Dec
61 Jan
712 712
714
71
3,600 Interboro Rapid Trau v t o.100
63
4 714
51 Jan 4 145 Mar 7
612 63
64 63
613 714
4
4
8
Os Dec
34 Mar
514
514
5
.514 614
6
5
5 14 *5
7
5 Apr 7 1314 Jan 22
•5
7
800 Kamm City Southem____100
61 Dec
45 Feb
•12
14
.12
14
12
12
.10
12
*11
100 117 Apr 15 2384 Jan 18
12
117 1212
8
8
300
Preferred
15 Dee
64 Feb
.55
8 9
714
714
8
712 8
10
,
2,000 Lehigh Vallee
8
50
8 14
714 Apr 12 IS Jan 12
73
4 84
8 Dec
61 Jan
13
1413 2,500 Louisville & Nashrille___ _100 1212 Apr 8 323 Jan 14
1314 1212 14
1313 14
1212 1312 13
14
15
8
2014 Dec 111 Feb
11
113
4 10
8 10
1012 1114 1018 107
1114 103 115
ION
7 Jan 5 203 Mar 8
4
8 6,500 Manhat Elev modified guar 100
4
64 Dee
30 Feb
*4
618
100 Market St lly prior pref_100
6
•6
6
4 .6
7
.6
63
25
4
.6
63
6 Apr 14
612 Doc
9 Jan 26
22 Feb
•18
14
4,15
14
18 Jan 12
Minneapols & St Louie__ .100
•18
14
.1
3 Mar 2
8
"3
14
"8
14
3 Jan
4
13 Dec
.1
2
1
2
200 Minn St Paul & 89 Marle_100
.14 23
.1 18 313 •1 12 3
4 .1
1 Apr 15
1
34 Jan 16
1 Dec
1112 Feb
234 21
3
3
23
4 314 5,400 Mo-Kan-Texas RR-__No par
23
4 27
27
8 27
8
8
23
4 3
238 Apr 8
74 Jan 22
34 Dec
2632 Jan
93
9
Preferred
914
834 9
100
913
912 10,
4 2.500
853 91_
83 Apr 14 2178 Jan 22
8
914 914
85 Jan
1013 Dec
318 334 8.100 Missouri Pacific
100
338 312
33
3 35
8
8
3 Apr 13 11 Jan 22
3
3 14
3
35
38 34
4251 Feb
64 Dec
75
Preferred
100
613 Apr 13 26 Jan 26
814
63
8 8
67
8
610 78g
7
7'2
73
4 918 16,000
77
s
12 Dec 107 Feb
4.18
3
8
*Is
•4
3
8
Nat Rys of Mexico 2d pref..100
1, Feb 9
4 Oct
13 Jan
3 Jan 12
3
*1
10
"8
N
.18
3
217 2313 20
2
100 18, Apr 14 364 Jan 15
8
4
2134 1814 2012 183 194 1818 203
3 1958 2112 138.308 New York Central
2472 Dec 13214 Feb
314 314
318 31
4
GOO N Y Chic & St Louts Go,,.. 100
34 313
4
312 Apr 13
91 Jan 12
3,
2 31 2
212 Dec
312 312
88 Feb
514
514
400
*44 514 .12 5
100
Preferred
413 Apr 7 154 Jan 22
.412 5
514
5
514
5
5 Dec
4
94 Ma
*9714 112
70 N Y & Harlem
98
50 95 Apr 4 125 Jan 15 2101 Dec 227 Fe
•96 117
98
96
98
96
9712 .9714 99
8
100 1218 Apr 14 3153 Jan 21
16
165
8 1312 153
4 1218 144 1313 155 38.300 NY N H& Hartford
4 1212 1418 1253 133
17 Dec
945 Fe
Preferred
400
36 '3512 38
33 Apr 14 7S4 Jan 14
34
33
*3512 39
34
34
.30
33
*33
62 Dec 119$,8 Feb
6
614 2.200 N Y Ontario & Western_100
54 Apr 8
84 Jan 22
512 6 4
,
512 512
54 53
4
8June
53
4 610
5 2 53
,
4
514 Oct
137
13
84
N Y Railways pref___Ne par
3 Feb 9
8
*14
1 Feb 26
3
4
*14
*14
3
4
*11
•14
3
4
2 Feb
*14
3
4
Is Dec
*5
8 2
7
8
7
8
114
1i4
•N
114
100 Norfolk Southern
100
N Apr 9
212 Jan 14
*58
1155
114
814 'an
*5
8
4 Dec
so
8412 6,400 Norfolk & Western
100 72 Apr 14 135 Feb 17 10553 Dec 217 Feb
88
80
883
4 87
85
72
85
8712 77
87
76
76 .74
Preferred
76 .74
*74
100 6712 Jan 2 78 Jan 22
773 *74
4
•74
76
93 Mar
*74
76
6612 Dec
103 114 1018 1114 10 8 103
4
.100 10 Apr 14 234 Jan 22
6078 Jan
1114 1012 1212 15,100 Northern Patine
1412 Dec
,
4 1018 ION 10
214
214 •1
.1
Pacific Coast
214 *1
100
I Mar 17
114June
7 Mar
112 Feb 18
214 .1
24 *1
214 •I
1278 1312 12
4
123 133 36,300 Penneyivanla
4
1314 12
50 12 Apr 11
13
1614 Dec
123 127
8
8 1212 131
66 Feb
23-53 Jan 21
47
•1
478 .1
478 *1
94 Jan
Peoria & Eastern
14 Jan 4
47
8
100
3 Jan 14
8 *1
47
8 .1
11 Dee
*1
47
500 Pere Marquette
*3
5
5
5
•4
5
4 Dec
4
*33
8 5
4
85 Feb
4
100
5
4 Apr 13 13 Jan 14
.7
630
10
Prior preferred...... 100
653 Apr 11
7
83
7
4 83
9214 Feb
..
84 Dec
19 Jan 14
4
71 8
712 75
8
65
8 814
•7
10
718
80 Jan
580
100
Preferred
54 Apr 14 1714 Jan 14
51 Dee
6
61
753
7
7
6
6 12
53
8 55
8
*5
.
5
6
86 Jan
6
11 Dec
Pittsburgh & West Virginia 100
.4
.4
9
*4
*3
9
9 Apr 2 15 Jan 11
9
5
.20
22
19
20
9712 Feb
50 r18 Apr 14 42 Jan 14
500 Reading
197 197 .
8
8 18
30 Dec
19
19
20
x18
18
46 Jan
233 2334 24
4
24 .22
28 Dee
5
1st preferred
20 Apr 14 33 Jan 29
*22
26
800
22
26
•21
26
20
24 .20
24
24
47 Jan
20
50 19 Apr 8 30 Jan 22
26 preferred
2753 Dec
*1818 19
400
20
•19
20
20
20
17
8 2
2
6214 Jan
2
65 Jan 14
8
2
218
3 Dec
2
218
13 Apr 8
4
214
24
,
2
23
s 2,500 St Louis-San Francisco_ _100
212 3
212 21
76 Jan
44 Dec
27
8 27
8
94 Jan 22
212 23
151 preferred
23
10
4
2 4 Apr S
,
333 1,300
4 3
.
314
*312 512 •3
4
4
334 Jan
414 Dea
*418 6
*4
4 Apr 9 114 Jan 26
4
500 St Louie Southwestern-..-,,100
5
5
5
•74 et
•712 10
60 Feb
614 Dec
*7
100
Preferred
10
*7
200
*712 9
9 Apr 15 2013 Jan 26
9
9
9
14
•
14
4
1
14
14
14 1.000 Seaboard Air Line
18 Dec
13 Jun
7, Jan 28
2
18 Jan 2
14
14
No P4
10
14
14
•14
•14
12
.14
12
18 Dec
21 Jan
78 Feb 2
*14
Preferred
12
•14
10
5
8
4 Jan 4
*14
12
135 15
8
2612 Dec 10912 Feb
115 1313 117 1258 1114 1414 127 154 42.900 Southern Pacific Co
1410 1514
8
8
10
1114 Apr 14 374 Jan 21
8
513 512
5
5 13
5
51 512
53
8
6553 Feb
.5
100
57
8
5 Apr 6 13 Jan 14
512 6
8.200 Southern Railway
635 Dec
613 7
8
612 Apr 14 2012 Jan 22
8
7
83 Feb
77
8
63 7
10 Dec
63
4 64
100
Preferred
2,200
8
8
•15
•I 5
30 •15
30
22 Dee 100 Jan
*15
30
•15
30
Texas & Pacific
•15
100 20 Mar 8 33 Feb 2
30
30
714 714
712 712
814 8,2 .
1514July
513 Apr
8
912
8
.812 95
1,400 Third Avenue
100
8
714 Apr 11 14 Mar 8
•178
17
218 •17
8 213
8 2 2 . 8 212 •17
172
2 Dec
177 Fet,
,
8
17g '1714
178 Apr 8
4 Jan 25
200 Twin City Rapid Transi8 100
21
10 •__ 10 •____ 10
10
10
62 Feb
•9
12
114 Dec
•f)
14
40
100
Preferred
97 Apr 8 2413 Jan 26
8
4
5412 485 53
8
5612 5812 523 5612 50
4612 .54
4612 Apr 14 9411 Feb 13
7018 Dec 2051 Feb
52
10
57 4 35,700 Union Pacific
,
52
.533
5412 52
*5213 54 .52
4 52
2 hitty,
87 l aL
6
700
53
100 5112 Apr 8 68 Jan 18
53
Preferred
6178 D
55
55
14
113
112 112
133
1 13
Dec
112
IN
112 13
13
8
100
112 .
4 Feb 2
1,100 Wabash
1 Jan 4
2
2
13
4
213 .2
2
213
134 •2
2 18
14 Dec
61
2.500
100
Preferred A
14 Jan 2
2
2
6 Jan 28
Jan
23
4 3
3
3
3 12
3
3
3
3
24 Apr 12
313
6 Dec
195 Feb
73 Jan 22
8
4
100
34 312 2,700 Western Maryland
.23
4 5
8 812 *23
4 5
100
20 preferred
3 AAAppprrr C
215.,8
5 Dec
23
818 Jan 22
.23
4 812 . 4 8,2 •27
*23
20 Feb
4 5
2
*1
•1
2
*1
.1
Western Pacing
2
*1
2
2
•1
Iec
N D
4 Jan 14
100
2
144 Feb
2
212 .
212 *2
218 218 .2
21 .
653 Jan 22
*24 23
Preferred
212
100
100
3 Dec
4
2
315 Feb
3
153
•5
•16
.85
314
•5114
.23
11
.2
453
8
•1
1334
•2
114
•2
•2
•178
112
15
8
51
. 5
8
247 .16
85
90
3
353
64 .53
2314
26
1153 1118
278 •2
4714 44
134 .1
145
8 1312
23
4 .2
1
IN
2
214
2
212
8
218 •17
10
13
8
11
514 •41
2478 .16
85 .
85
3
31
61 .
5114
2314
231
11 1
107
8
21
*2
4314
451
IN •1
1414 133
4
212 *2
1
1,
4
2
2
*2
2
8
218 •17
10
13
8
8 15g •112
112 152 •13
lj
514
8
478 47
*478
514
2472 .15
247
154 1534 .15
85 .84
85
85
90
85
314
314
314
3
3
31
5112 5112 5112 5112 .5114
58
•23
25
231 •2314 213 .23
11
1012 1012 1014 1014 .1014
214 214 *214 212 .214
212
8
4514 405 4414 4214
4512 43
13
4 .1
134 .1
134 •1
8
8 1318 1418 1353
143
8 135 143
212 *2
212 .2
2
212 •
118
1 18
1
14
I
118
21g
2
2
IN
17
8
2
IN
3
2 12 •13
4 212 9 2 212
21g .15g
218 *112
2,
8 •2
814 ---10
10
• 111/1 and voted Priees; no sale on 1121.4 day
Industrial & fdleeellaneoue
17
500 Abitibi POW& & Paper _Nu par
514
Preferred
500
100
20
100 Abraham & Straus__No par
210
Preferred
92
100
33
8 9,400 Adams Express
No par
Preferred
10(1
61
30
25
300 Adams Millie
No par
1012 1.700 Addreesograph Int CerpNo par
100 Advance Rumely new_No par
4
23
45
25,400 Air Reduction Inc_ _ _ _No par
134
Air-way Elea Appliance No par
141g 45.000 Alaska Juneau Gold Mln_ _10
A P W Paper Co
No par
22
,
114 16.800 Alleguany Corp
No per
Pref A w"th $30 Warr---100
214 1,200
152
Pref A with $40 warr___100
200
218
Pref A withoui wart_ _100
Allegheny Steei Co_
Ne pa
S14
a Ex-dividend and ex-rights
1 3 Apr12
2
478 Apr 14
153 Apr 13
4
85 Feb 2
3 Apr 11
5112 Apr 13
2314 Apr 11
104 Apr 1.4
2 Apr 6
4058 Apr 14
1 Apr 4
117 Jan 4
8
24 Apr 6
1 Apr 11
IN Apr 13
IN Apr 15
17 Apr 7
8
10 Jan 20
g fay; stuck dividend paid. r Ex-dividend
3 Feb 13
9 4 Jan 15
,
24 Jan 13
08 Mar I
53 Jan 11
4
70 Mar 3
3033 Mar 8
13 Feb 11
3', Mar 7
6212 Mar 8
2 Mar 3
1652 Jan 21
4 Mar 15
318 Jan 14
7 3 Jan 22
3
612 Jan 22
64 Jan lb
13 Jan 7
o Ex-rIghte
2
41
18
9:
,1
Dec
Dec
Dec
i ee
Dec
)
604 Dec
2218 Jan
10 0^t
Sept
423
72
C
14 Dec
7 Jan
2 4 Dec
3
14 Dec
2 Dec
14 Dec
154 Dec
10 Dee
1414 Feb
62 Feb
39 Aug
1031s
2
6
13la
'
?7
Feb
92 Apr
3313 Aug
2312 Feb
1011:4 1"ab
1
Fe.
1038 Feb
204Jutp
9 AU,
123 FM
4
594 Fed
59 FM
5512 Fel
461, Fed
-,
2866
nrFoR
New York Stock Record-Continued-Page 2
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE
SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Apr. 9.
Monday I Tuesday
Apr. 11.
Apr. 12.
Wednesday
Apr. 13.
Thursday
Apr. 14.
Friday
Apr. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOOK
EXCHANGE.
PER SHARE
Range for Year 1932
On baste of 100-share lots
Lowest
Highest
$ per share $ per share $ per share 5 per share 5 per share Shares Indua. & M1seell. (Con.) Par S per she's 5 per
share
624 673
6134 65
63 65 4 613 66 36314 663 144.700 Allied Chemical & Dye_No par 6138 Apr 14 8712 Mar 8
3
4
105 105
103 104% 99 10014 9612 98
104 104
Preferred
1,100
100 9012 Apr 14 119 Mar 11
87
812 814
712 818
8%
812 8%
8
712 Apr 14 1352 Jan 18
8
4,100 Allis-Chalmers Mfg_ __No par
65
6% *681 712
612 65
64 614 "6
700 Alpha Portland Cement No par
612
64 Apr 14 10 Jan 11
1212 1214 12
1214 124 1214 1212 1214 21218 1212 4,500 Amerada Corp
No par 12 Jan 25 143 Mar 8
4
4
8 *418 412 *4
414 43
412 43
414
412 412 1,600 Amer Agile Chem (Del) No par
414 Apr 12
712 Jan 16
9
10
84 9
84 9
83
834
912 912 3,300 American Bank Note
10
832 Apr 14 1813 Jan 14
37 37
35 35
34
34
34
"30
34
34
120
Preferred
50 32 Apr 8 47 Feb 15
"2
3
12
12
os
*3
2
12 '
American Beet Sugar _No par
*4
133
12
12
12 Feb 19
34 Jan 9
*2
3
*2
3
2
2
•134 3
20
7% preferred
"13
4 3
100
2 Mar 18
313 Jan 12
*83
4 914
84 *812 10
812 83
812 812
4
8
1.500 Am Brake Shoe & Fdy_No par
8 Apr 14 154 Jan 15
*60 83 "60 83 *60 693
83
4 68
6912 .66
100 68 Apr 14 90 Feb 18
20
Preferred
05 4812 Apr 14 737 Mar 8
4932 5212 4933 5239 5014 5218 4812 513
4 5014 5338 243,300 American Can
*98 110 1094 1094 1044 10434 10514 10514 *105 1098
400
Preferred
100 1043 Apr 13 129 Mar 14
4
433 434
44 433
432 434
414 458 3,800 American Car & Fdy___No par
44 412
4's Apr 13
814 Mar 8
22
2218 24
24
2214 2438 22
22
2214 24
880
Preferred
100 2014 Apr 8 394 Mar 9
*2
312 *212 312 *212 312
212 212
212 212
300 Amerloan Chain
212 Apr 14
No par
6 Jan 13
27 28
26
254 27
2612 2812 3,400 American Chicle
26
2514 26
No par 2514 Apr 12 8733 Mar 8
*4
412 *4
412 *4
412 *4
44 *4
44
100 Amer Colortype Co
No par
414 Apr 9
6 Jan 13
812 84
8
814
7 4 84
3
7
12 8141
No par
78 812 16.200 Am Comm•I Alcohol
613 Jan 29 11 Mar 22
*114 27 .114 27
*114 278 *114 2%
41
2 •114 2
100 Amer Encaustics TWag_No par
2 Apr 8
5 Jan 9
8
234 3
318
234 34
8
3
312 312 2.000 Amer European Seo•e-No par
4
23 Apr 11 104 Jan 16
212 3
3
338
314 358
333 41
23,900 Amor & Porn Power_ _No par
44 5
214 Apr 8
914 Jan 14
1233 *1114 1212 11
128 1412 1618 3.400
1033 13 *10
Preferred
No par
8 Apr 6 384 Jan 21
434 5
5
5
7
612 7
8
2,200
812 9
2d preferred
No par
4 Apr 8 174 Jan 14
10
1112 1014 12
*11
1313 *11
1312 144 2,300
15
No par
7 Apr 7 33 Jan 18
$6 preferred
'414 47
4
414 414
4
418
334 418
438 1.500 Am Hawaiian 13 S Co
10
6 Feb t7
33 Apr 14
4
*113 17
113 112
400 Amer Hide & Leather_No par
112
112
138 Apr 14
212 Jan 7
13, 138 *112 112
*812 10
*83
4 933 "83 1012 *83 10
Preferred
*84 10
4
4
100
9 Jan 4 12 Jan 6
37
3914 3712 3814 3718 3812 23614 38
3734 40
8,100 Amer Home Products-No par 3364 Apr 14 5138 Mar 9
1414 14
14
1414 144 1414 1272 15
1433 1512 6,700 Arnett= lee
No par 12 Jan 5 2198Mar 8
414 438
414 418
414 412
12,400 Amer Internet Carp, No par
418 434
43
4 5
Vs Apr 14
812 Feb 19
39
*4
3
Am L France&Foamite_No par
2
*14
3
8
*14
3
2
*14
•14
4 Jan 6
3
2
18 Jan 12
24 218 *112 312 *112 312 "112 314 *112 314
100
112 Apr 8
Preferred
30
418 Febo183
j'a
5
5
.5
5
5
5
512 53
51s 514 2,700 American L000motive_No par
5 Apr 8
9
35
35
343 35 "3412 64 *3412 30
4
600
*3412 30
Preferred
100 3014 Jan 6 445 Mar 7
14
1512 1388 14
1312 1412 1412 1534 5.700 Amer Mach & Fdy new_No par 134 Apr 14 2214 Jan 14
1333 133
*112 13
4
132 112 "112 2
400 Amer Mach & Metals-No par
"132 14 •1% 14
114 Apr 8
314 Mar 9
*212 3
238 212
27
8 278 *212 278
278 3
700 Amer Metal Co Ltd.....-No par
2% Apr 12
658 Jan 11
13
1314 '13
1414 '13
1414 "13
50
1414 '13
6% preferred
100 13 Apr 11 1912 Jan 14
144
Amer Nat Gas pref-__ _No par
1 Jan 4
178 Jan 11
712 - 1
74
0s 7 4
73712 1
63 93 39:400 Am Power & LIgni___-No par
4
4
832
68 ir4 1 -.7
614 Apr 5 1678 Jan 13
3512 34
*34
3512 .3378 35
3512 3578 3512 391k 3978 43
2,600
Preferred
No par 31 Mar 31 58 Jan 14
*30 3013 294 3113 3012 31
3113 3113 3113 33
3332 35
1,900
25 Preferred
No par 2433 Apr 2 4984 Jan IA
Pref A clamped
No par
438 13
4
413 14
1
iss 14
4E8 514 19;165 Am Rad ,4 Stand Sais'y _No par
3i38 iss
53
ias 1
84 Jan 8
433 Apr 8
.7
4 1
%
4
*82 1
100 American Republics...No par
4 Feb 19
12 Mar 17
*3
4 1
*3
4 1
*31 1
718 794
7
714
7
733
7
712 8
712
7
7'2
8,500 American Rolling Mill
7 Apr 8 13 Mar 3
25
•1914 1933 174 1712 *173 187 '1714 198
2'
400 American Safety Rasor_No par 1712 Apr 11 32914 mar 7
2
1712 19s 1812 204
*I% 4
*112 4
*112 4
.112 4
*112 4
"112 4
Amer Seating v t o
2 Jan 13
No par
212 Jan 21
14
Ca
14
*18
14
*18
100 Amer Ship es Comm_ _No par
14
14 Jan 27
*4
14
14
12 Jan 6
*18
14
•15
19 •14
15
15
15
14
15 •14
15
14
19
80 AmerShipbulldlngnewNopar 14 Apr 13 2518 Jan 14
77
8
812
839
733 814
798 773
712 81
812 914 9,500 Amer Smelting & Refg_No par
712 Apr 14 183 Jan 2
2
53 53
51
51
50 50 4 45
3
1,300
4514 4612 4618 4834 49
Preferred
100 45 Apr 13 85 Jan 29
•32 41
31
32
31
31
30 30
29
30
900
*25
30%
2d preferred 6% aum
100 29 Apr 14 55 Feb 19
283 293
4
30 30
283 29
4
29
1,300 American Snuff
294 28% 281 '2938 32
8
4
25 283 Apr 11 3432 Mar 3
0112 0412 934 9312 .94 101
*94 101
*94 101
"94 101
30
Preferred
100 90 Jan 11
103 Mar 14
Amer8oi,ente&ChemNopar
18 Feb 15
4 Jan 14
Preferred
Li Feb 18
No par
114 Jan 20
41. 14
:12
4T2 4
12
413 43414 1/8 4:200 Amer Steel Foundries_No par
4
2
3
4 4 - -3
7 48
414 -3
.
814 Jan 21
414 Apr 13
61
63
*60 64 "60 61
6212 6212 *6212 64
64 64
110
Preferred
100 61 Apr 12 SO Feb 18
33 33
33 34
3278 33
3234 33
3234 33
323 3318 2,700 American Stores
4
4
No par 323 Apr 13 361 Mar 3
4
1518 1.512 155
154 154 1514 1514 15
1612 1714 1,900 Amer Sugar Refining
1513 16
100 15 Apr 12 3914 Jan 13
"56 60 .56 60 *57 60 .56 60 *50
60
*56
60
Preferred
100 60 Apr 7 884 Jan 13
318 34 *3
312 *34 333 *34 338 •3
400 Am Sumatra Tobacsoo-No par
33
2
34 312
6 Jan 7
318 Apr 7
1071, 110 10514 1073 10514 10812 10613 10914 103 10712 1043 10834 404,800 Amer Temp & Teleg
4
4
8
100 103 Apr 14 1373 Feb 19
6513 67
69 694 67 70
65
66
63
654 67
4,500 American Toba000 DOW w I--25 63 Apr 14 8634 Mar 9
69
7112 68 70% 6814 70
7114 743
4 68
608 707
8 6913 7334 41.400
Common olasa B new w 1_25 6812 Jan 4 8934 Mar 8
"10134 102 102 102 100 101
99 100
9912 9912 100 101
1,900
Preferred
100 99 Apr 13 11012 Jan 21
*1012 15 "1012 17 *1012 17 '1012 17 "1012 15
•1012 18
Amerioan Type Founders__100 12 Apr 8 25 Jan 25
"1812 40
2012 2012 20 2014 *2014 35 •2014 33 .2014 35
40
Preferred
100 18 Apr 7 70 Jan 8
20
2 1834 20
2114 1834 21
1933 205s 1812 193
203 23
4
15,700 Am Water Wks & Eleo_No par 181 April 3412 Mar 8
19 "19
19
24
19
20 20
18
20
19
*1913 21
8,800
Com vot Cr etre
No par 18 Apr 14 31 Mar 8
597 *50
"30 55 •30 60 *40 60 *41
60 •40
let preferred
597
6212 Apr 2 75 Jan 16
3
318
3
3
3
27
8 3
3
278 3
3
3
5,100 American Woolen
538 Feb 25
100
212 Mar 18
2514 2633 25 257
2512 267
8 223 2532 25
8 241s 263
8
264 21,800
Preferred
100 154 Jan 4 3078 Mar 7
*14
*14
3
34 Jan 11
4
*14
3
4
*14
3
4
3
4
Am Writing Paper otfs_No par
*14
38 Apr 4
3
4
*14
3
4
"212 4
312 "212 5
3
*212 4
*213 7
*212 7
300
5 Apr 6
Preferred certificates_ _100
3 Apr 12
33 Jan 9
158 194 •138 2
118 15,
13
4 14
134 14
133
112 Apr 8
133
800 Am Zinc Lead & Smelt_No par
*104 1912 *10
1912 1412 1412 "1533 1912 *153 1934 *1512 1912
4
500
25 1412 Apr 12 23 Jan 18
Preferred
47
2 518
434 53,
5
5
5 14
514 6 66,300 Anaconda Copper Mining-50
Ms
518 53
8
413 Apr 8 123 Jan 14
2
*312 47
413 412 *44 47
*312 47
3
3
614
9 Feb 11
*3
200 Anaconda Wire & Cable No par
3 Apr 11
12
1212 1212 1,003 Anchor Cap
123 1234 115s 11% 12
8
*1234 13
1133 12
No par 11% Apr 12 1712 Mar 2
3
218 218 *212 312
24 212 *2
3
700 Andes Copper Mining_ No par
"2
2 Apr 7
48 Jan 8
4
2
2
812 1,400 Archer Daniels Midid_No par
8
8
•7
714 Apr 12 12 Feb 16
714 714 "714 8
712 73
*8
4
10
3412 33 *3414 37
3418 3414 34
344 3414 3414 *3414 35
1,700 Armour & Co (Del) pref--100 32 Jan 4 34 Mar 9
1
1
118 6,400 Armour of Illinois claw A-25
118
112
1
14
1
1
1 Jan 2
1 12
2 Mar 9
1
1
12 Jan 7
Claes B
8
4
14 Mar 10
3
4
*3
8
3
4 3,400
25
3
4
/a
%
%
%
%
%
3
8
75, 8
Preferred
8
8
8 12 1,500
8
100
633 Jan 2 1414 Mar 0
3
712 7 4
4
712 73
*713 10
*112 212 *112 212 *112 212
Arnold Constable Corp.N• par
8 Feb 1
133 Jan 18
•113 234 *112 212 *112 23
3
3
*3
514
3
40 Artloom Corp
3 Apr 2
3
No par
614 Apr 4
3
3
*3
54
514 *3
138
138 132 1,500 Associated Apparel Ind_No par
ils Apr 11
14 118 *112 13s •114
218 Jan 7
14 13
114 114
418 *Vs 478 2,200 &moo Dry Goods
4
4
35
No par • 312 Apr 13
84 Jan 15
34
34 3 8
3
7
4
3%
4
10 Associated Oil
*634 25
25
64 Apr 13
25
4 *7
64 63
9 4 Jan 2
3
*63 25
4
25
*7
*63 25
4
All G & W 1 S8 Line_ __No par
*812 1212 *812 1212
9 Mar 30 1018 Jan 22
*812 12
.812 12
*812 9
*812 12
11
1212 *514 11
200
*9
Preferred_
100 1234 Apr 12 1512 Jan 27
2
1234 127 '9
4
*1234 15 •123 15
912 1018 11.600 Atlantic Refining
912
25
888 Feb 9 1278 Mar 9
9
87
93,
8 94
938
87
2 98
9
3
9
114 3,600 Atlas Powder
1014 11
No par 10 Apr 14 2513 Feb 2
13
13
123 1312 1012 1212 1013 1012 10
4
614
590
Preferred
100 6012 Apr 14 794 Jan 13
6212 6312 6012 6212 61
634 66
6612 67
67 67
100 Atlas Stores Corp
4
No par
412 Apr 12
54 Feb 18
44 44 *412 434 *418 478 '418 43
*44 47
*44 47
4714 140,400 Auburn Automobils
4814 42
4 44
No par 42 Apr 15 15134 Jan 14
4812 5238 48% 523
484 53
533 57
3
4,52 1
•ss 1
No par
100 Austin Nichols
438
12 Feb 19
•12 1
14 Jan 12
53
14 ' 1
%
%
No par
14 Apr 1
14 1,200 Antosalen Corp
14
72 Jan 8
14
"4
14
'Is
14
4
%
•
14
' 4
14
4.42 1
4.42 1
59
*5
Preferred
78 Mar 30
8 1
2 Jan 11
*42 112
$22 1
.38 1
8 27 13,200 Aviation Corp
3
21
212 2 4
Na par
312 Jan 2
212 Feb 23
298 25
8
212 2%
238 233
238
23
4
1,400 Baldwin Loeo Worka.-No par
4
314 Apr 8
312 334
*312 4
813 Jan 14
314 4
35
8 333 *312 37
Preferred
100 1012 Apr 13 2812 Jan 16
8 1112 1212 1218 1312 1.050
1238 1018 117
1239 1418 12
15
15
520 Bamberger (L) & Co prat-100 80 Apr 11 99 Feb 25
*8014 87
82
8112 81
80 8112 81
80 82
82 82
280 Barker Brothers
'1
2
2
214 Jan 4
12 Apr 9
*1
No vas
*34 2
.38 2
32
94
98
12
57 Jan 14
412
4
4
414 15,300 Barnsdal Corp class
414
3 4 Apr 11
3
-.23
4
4
4
334 44
414
4
8
30 Bayuk Cigars Ina A--- par
'7
7
7 Apr 13 18 Feb 1
7
No
7
7
8
8
8
*7
1
1
*7
52
100 40 Apr 13 59 Jan
1st preferred
52 •40
200
45 45
40 40 •40
45 45
45
45
3
50 2112 Apr 11 434 Jan 1
2212 23 2 2234 2414 11,900 Beatrice Creamery
23
2312 24
2112 223
2112 23
4 23
Preferred77
1,000
100 72 Apr 11 95 Jan 1
7412 7612 72 74 *7134 7912 *7214 7912 *7612 80 "74
4
41
500 Beech-Nut Packing Co-_-20 3612 Apr 13 443 Mar 1
40 •37
*36
•3712 40
3714 3612 37
37 3712 *37
4 4 Feb 2
*312 4
3
812 333 *314 4
800 Beldlng Hom•way Co--No par
33
8 312
233 Jan 4
*313 37
312 312
8
300 Belgian Nat RY1 part prat._ 59 'Feb 25 6238 Jan 1
'6114 63
6114 6114 6038 6033 .604 62 '60% 6214 6112 6112
634 Apr 14 183 Jan 1
4
No par
20,600 Bendix Avtatton
74 8
63
4 712
8
712
73, 733
718 73
7
718 73
4
No par 1314 Apr 14 24% Feb 1
16
4 1412 16
7,500 Best & Co
1612 15
1614 143 1514 1434 1532 1314 143
4
14
15% 134 la
1213 14
1338 1434 43,700 Bethlehem Stara Corp-No par 1212 Apr 14 2488 Feb 1
1314 1439 124 14
40 40
100 3814 Apr 14 74 Jan
7% preferred
3
4 3934 4078 3814 3014 40 4014 1,800
39 4 39% 39 4 393
3
83 Jan 1
8
5 Apr 11
No par
700 Blew-Knox Co
8
512 512
53
8 53
5
5
' 57
5
5
514 538 *514 538
*- - 14 • _ 14 '1_ _ 14 •_ . 14 • - 14 • _ 14
Bloomingdale Brothers_No par 14 Feb 15 14 Feb 1
110
Preferred
100 50 Mar 31 61 Jan
2
2
•ii --,- 'E. 55 15. _ __ Ei 52 ;in 70 ;Hi 70
814 812
8 Apr 8 2214 Jan 1
814 812 3,000 Bohn Aluminum & Br__No par
84 8
812 814
12
8 8%
814 832
83
•44
4912 *44
48
*44
48
No par 44 Apr 12 5114 Mar
48 •44
100 Bon Ami clans A
4912 44 44 •43
*3
8
34
*3
12 Feb
14 Apr 14
No par
8
12
*14
14
3
2
3
8
14
"8
500 Booth 93811er186
3
8
3
2
.39 212
.311 212
*Ss 212
.5
8 212
114 Jan
*52 212 ' 212
5
8
let preferred
100
1s Mar 17
327 347
2
2 307 3312 314 323
a
4 32
3438 42.400 Borden Co
8
25 303 Apr 14 434 Mar
4 3112 3214 3033 323
63
4 7
838 7
64 6%
612 Apr 14 122, Mar
10
74 7% 8,800 Borg Warner Corti
658 08
633 63
4
*14
3
4
*14
3
4
Botany Cons Mills elan A 50
12 Mar 24
*14
118 Mar
3
3
*14
3
4
8
4
•14
*14
8
4
25
69 74
67
s
512 614
512 014 28,100 Briggs Manufaeturing_No par z5 Apr 11 1133 Mar
613 5.12
4
54 53
i per share
6714 694
*103 110
8 8 914
7
'61
712
12
1214
44 412
10 . 10
3712 37%
•5
3
%
*2
3
83
4 9
*60 85
52
5312
107 107
413 434
2014 22
3
3
2814 2812
414 414
84 9
2
2
318 314
212 234
1014 10%
412 47
1014 1014
*414 48
112
112
*912 1012
3912 40
1412 1412
433 43
4
*14
%
*113 212
5
54
35
35
1512 16
2
2
233 3
*1314 144
,
e•
• Rio ano Name pilaw no sake 00 MI, day. z El-d1rIdend
y Ex-rights.
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
5 per share 5 per share
64 Dec 18214 Feb
100 Dec 126 Apr
1013 Dec
621 Feb
4
18% Feb
733 Dec
1114 Dec
23 Mar
54 Oct
2914 Feb
1214 Dec, 6214 Feb
35 Dec 6614 Feb
14 Dec
484 Jan
113 Dec
1772 Jan
1312 Dec
38 Feb
71 Dec 12438 Mar
584 Dec 1298 mu
4
115 Dec 1524 Apr
44 Dec
285 Feb
2038 Dec 86 Mar
5 Dec
4384 Feb
3014 Dec 4818 Mar
5 Oct
214 Feb
5 Oct
144 Feb
23 Dec
8
16 Mar
733 Dec
8318 Feb
618 Dec
513 Feb
4
213 Dec 100 Mar
10 Dec
7913 Feb
18 Dee 90 Feb
4 Deo
1033 Jan
1 Sept
3 Mar
74 Dec
30 Apr
37 Oct 64 Mar
1012 Oct
31% Feb
5 Dec
26 Feb
5114 Dec
13
8105,Jaly
112JFe n
. ub
Dec
Dec
2912 Dec
8414 Mar
16 Oct
438 mar
4
114 Oct
7 Mar
47 Deo
231 Feb
4
14 Dec
8912 Feb
1 Oct 8978 Jan
Dee
1133
64% Feb
444 Dec 102 Mar
85 Dee
5 Dec
114 Dee
739 Dec
1914 Dec
118 Dec
18 Dec
20 Oct
174 Dec
75 Dec
45 Dec
28 Oct
9778 Dee
14 Nov
112 Dec
5 Dec
68 Dec
83 Dec
3412 Oct
8412 Dec
812 Dec
1121a Dec
604 Dec
64 Dec
96 Dec
10 Dee
72 Dec
2318 Dec
2114 Des
6412 Dec
238 Dec
1514 Dec
12 Dec
214 Dec
212 Dec
1912 Dec
94 Dec
6 Dee
18 Sept
4 Dee
8 May
20 Oct
3 Dec
4
12 Oct
518 Dec
15, Dec
4 Ott
114 Dec
5 4 Dec
,
833 Dee
10 Dec
15 Dec
833 Dec
18 Dec
7714 Dec
212 Dec
844 Oct
4Beta
12 Dec
1 Dec
2 Dec
418 Dec
15 Dec
88 Dee
133 Oct
4 Dec
14 Deo
60 Dec
87 Oct
90 Dec
3712 Oct
11
4June
547 Dec
2
123, Oct
1933 Dec
1714 Dec
80 Dee
6 Dec
15 Oct
75 Dec
51512 Dec
49 Oct
4 Dee
14 Dec
3518 Dee
9 Dec
4 Dec
VI Doe
85 Apr
2113 Mar
1233 Feb
8 Feb
87,
66 Feb
9 Feb
133 Feb
62 Jan
584 Feb
1384 Mar
102% Mar
4214 Mar
1107,July
4% Feb
1112 Feb
314 Feb
113 Feb
484 Mar
60 Mar
10812 Mar
1118 Feb
201% Feb
128% Apr
132% Apr
132 May
105 Jan
1104 Feb
4
801 Feb
803 Feb
4
107 Mar
1174 Jan
40 July
4 Jan
18 Feb
814 Feb
4512 Aug
4314 Feb
2614 Mar
86 Feb
1913 Feb
18 Feb
12 Jan
44 Jan
2 2 Jan
7
47 Jan
9 July
1012 Feb
2872 Feb
2933Mar
31 Feb
30 Jan
534 Jan
238 Feb
54 Feb
9978 Jan
1813 Feb
$954 Apr
214 Mar
21j July
5 Feb
els Mar
2778 Mar
1044 Mar
107 Feb
10 Jan
14% Feb
33 Jan
90 Mar
81 Mar
111 Mar
62 Apr
618 A us
80 4 Jan
8
2512 Feb
4614 Mar
70% Feb
12372 Mar
29 Feb
21 Nov
95 Jan
48 Aug
16614 AP:
$ Feb
174 Feb
764 Mar
30 4 Feb
8
35 July
4
2214 Mar
4r
•
2867
New York Stock Record-Continued-Page 3
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
Apr. 9.
Monday I Tuesday
Apr. 11.
Apr. 12.
Wednesday 1 Thursday
Apr. 13.
Apr. 14.
Friday
Apr. 15.
Sales
for
the
Week.
STOCKSPER SHARE
Range for Year 1932
-share lots
On basis of 100
NEW YORK STOCK
EXCHANGE
Lowest
Highest
PER SHARE
Range for Previous
Year 1931
Lowest
Mohan
$ per share $ Per share $ per share $ per share I $ per share 3 per share Shares Indus.& hileceil„ (Cos.) Par 8 per share $ per share $ per share $ per share
784 7 4
8 Sept
2413 Mar
7 4 Mar 29 1013 Jan 14
3
700 Briggs & Stratton
73
4 7 4 *73
3
No par
*73
4 8
4 83
8 *73
3
73
4
734
4 8
514 Mar
1 Jan 23
3 Dec
8
38 Mar 11
200 Brockway Mot Truck No par
*3
8
3
8
,
s
*3
8
lz
*3
3
12
*3
8
13
*3
8
12
13
26 Feb
212 Oct
5 s Jan 9
7
*134 3
*13
4 3
•13
4 3
212 Mar 30
7% preferred
100
*13
4 3
*13
4 3
*13
4 3
3
7238 Dec 129 8 Mar
74
8918 7012 65
71
4,900 Brooklyn Union Gas__ _No par 65 Apr 12 8912 Mar 8
70
66
68
70
6518 67
89
4512Ju11
3212 3212 3212 3212 *32
3234 Jan
3213 32
*3212 33
No par 32 Apr 14 38 Feb15
1,000 Brown Shoe Co
4
3213 323 33
15 Feb
218 Dec
3 Mar 2
133 Apr 14
400 Bruns-Balke-Collender_No par
17
8
17
8 *13
*17
8 218
13
4 13
4
4 214
13
8
13
:3 *113 214
2078 Feb
314 Dec
5 Jan 9
2 4 Apr 13
3
*213 3
3
3
10
1,200 Bucyrus-Erie Co
27
8 3
4 3
23
4 23
4 *23
*2 8 23
5
4
5
5
5
518
6
512 518 *5
518 518
518 518
8
347 Feb
438 Dec
818 Mar 7
5 Apr 14
10
Preferred
900
75 Dec 114 Apr
65 *__•___
100 8612 Apr 8 75 Feb 4
65 *__ _ 65 3,.._ _ 65 *____ 65 *____ 65
7% preferred
i
3 1
5 8 Feb
5
111 Dec
2 4 Jan 14
3
12 Apr 9
4,300 Budd (E (31) Mfg
114
No par
118
;
13
8
3
4
13 Feb
413 Jan 14
112 Apr 7
2
2
2 8 Dec
5
2
2
No par
214 214 1,800 Budd Wheel
214 214
218 214
218 214
312 Jan 25
15 4 Jan
3
314 Dec
118 Apr 11
114
114
118
118
•112 25
8
No par
600 Bulova Watch
118
118
118 118 *118 3
23 Feb
358 Dec
758 Mar 7
3 4 Jan 4
3
414 414 1,500 Bullard Co
43
4
434 *4
478 *4
No par
33
4 3 8 *4
33
4 31
4
7
718 73
8
10 Oct3214 Feb
63 Apr 8 13 Mar 7
4
738 724
75
8 77 15,800 Burroughs Add macb No par
8
714 77
8
73,3 734
738 77
8
31 Feb
4
153 Dec
8
No pat 153 Jan 4 2184 Mar 9
165 163
8
4 1614 167
1612 3,100 Bush Terminal
1614 1658 16
8 1612 165 *1612 17
8
49 Dec 104 Jan
10(3 38 Apr 14 65 Mar 9
4714 4714 45
180
39
40
42
44
45
Debenture
4018 4414 38
47
85 Dec113 Mar
•____ 70 •___, 70
Bush Term Blelge pref. _100 72 Jan 29 85 Jan 7
*66
70
*66
70
*1612 17
*60
70
13 Feb
4
7 Mar 8
8
le Jan 8
%Ma
900 Butte &Superior lvlining___10
3
4
3
4
*3
4
7
8
3
4
7
8
3
3
4
*3
4
*3
4
7
8
4
3
4
22 July
4
1 Dec
114 Jan 14
13 Apr 5
5
Butte Copper & Zinc
3
4
*12
3
4
•
12
3
4
*12
*12
3
4
*12
8
4
*13
3
4
458 Mar 7
20 Feb
53
3 Dec
258 Apr 11
par
No
258 258 *2
*213 3
100 Butterick Co
325
8 3
*218 3
*2 8 3
5
3
6934 Feb
107 Dec
8
712 Apr 12 19 Feb 19
No par
918 103
8
812 918 12,500 Byers & Co (A h4)
93 103
8
8
8
713 87
73
4 858
712 914
8
68 Oct 1087 Feb
100 50 Jan 26 61 Mar 19
*40
49
Preferred
*40
55
*40
55
*40
*40
55
*40
55
49
63 Feb
8 Dec
3
53 Apr 13 117 Feb 13
4
612 613 3,100 California Packing___Na par
633 612
63
4 7
8
63
8 65
614 63
53
4 618
8
138 Mar
14 Oct
12 Jan 15
14 Feb 0
10
-Lead
300 Callahan Zinc
3
8
*14
14
*14
*14
3
8
14
*14
3ii
*14
8
3
8
3
4338 Mar
s21 Oct
Calumet & Arizona Mining_2
---- ---- ---- ---- 4 Jan 13
8
3 Dec
2 Mar 30
25
113 Feb
218 218
2
2
218 214
213 214
214 214 2,300 Calumet & Heela
2
2
718 Jan 7
165 Mar
8
312 Apr 13
5 4 Dec
3
700 Campbell W dr C Fdy__No pa
418 418
414
*4
312 414
*312 414
4
4
*33
4 412
4
63 Apr 6 1311 Jan 14
45 June
714
103 Dec
8
7
712
7
7
7 14
7
73
3
714 75s 2.900 Canada Dry Ginger Ale No par
67
8 714
25 Mar
17 Jan
4
No par 153 Apr 13 20 Mar 21
177 177
8
4
8 1718 17513 163 17
8
153 165
4
8 1534 153 *167 1013 2,300 Cannon mule
4
16 Feb
413 Dec
618 Feb19
218 API' 8
•25
8 3
*258 3
23
500 Capital Adminis el A-No par
4 234
3
314 314
3
312 312
363 Feb
8
24 Dec
50 2013 Apr 8 2718 Jan 15
Preferred A
*2013 2113 *2012 2112 *2012 2113 *2012 211 *2013 2112 •2012 2113
3314 Oct 13112 Feb
100 2538 Apr 8 4338 Jan 18
2714 2812 257 2812 27
4 2614 2913 2778 3012 137,300 Case (J I) Co
8
275 293
8
29
53 Sept 118 Mar
100 45 Apr 13 75 Jan 12
110
45
Preferred certificatee
45
____ 4612 ____ 4812 *45
•4013 46
4611 45 45
5213 Feb
613 Apr 8 15 Jan 18
1094 Dec
67
8 718 4,000 Caterpillar Tractor-No par
7
7 14
612 63
4
7. 7
65
8 7
63
4 7
4 Feb
13 Dec
113 Jan 7
4 Feb 11
Cavanagh-Dobbs Ine_No par
*2
314 *2
314
*2
314 *2
31
318 *2
314 *2
26 Mar
53 Dec
8
7 Jan 12 2234 Feb 11
53
100
Preferred
20
38
15
8
8
15
'8
15
*8
*8
*8
15
15
16 Feb
5 Jan 14
212 Apr 9
253 Dec
8 312 1,100 Celanese Corp of Am__No par
212 212 323
3
212 212
*21
213 212 *212 3
143 Mar
8
218 Dec
33 Jan 18
8
114 Apr 15
No par
114
114
300 Celotex Corp
*113 218
*112 2'
113 112 *118 212 *118 214
133 Mar
4
128 Dec
214 Feb 29
1 Feb 8
No par
Certificates
13
8
138 *1
13
8 •1
•1
15
8 *1
158 3
.1
13
52 *1
713 Mar 15
373 Mar
4
73s Dec
313 Apr 8
No par
312 312 *312 5
.312 5
101 Preferred
*312 5
*312 5
*313 5
25 4 July
3
11 Dec
3
9 4 April1213 Jan 4
800 Central Aguirre Aseo_No par
1012
101 *10
9%3 1018 10
10
10
934 10
*97 10
8
614 Jan 9 I
814Sept
212 Jan
418 Apr
Century Ribbon Mills_No par
*33
4 41,2
4 4
4 418 *33
4 412 *33
*33
4 4
412 *33
*4
90 Sept
50 May
100 70 Mar 16 85 Jan 23
85
Preferred
.75
85
*75
*75
85
85
•75
*75
85
•65
85
9 8Sept
Apr 8 315 Jan 14
3018 Feb
7
CoPper_No par
512
612 714 9,100 Cerro de Page°
5512 612
57
8 612
53
4 63
8
6
613
6
614
714 Mar
333 Feb 17
214 Jan
4
13 Apr 14
1,700 Certain-Teed Produots_No par
13
13
4
4
13
4 13
*2
218
2
2
2
2
3
.2
218
11 Jan
35 Aug
100 11 Mar 24 1512 Feb 23
12
*8
7% Preferred
12
*8
12
•8
*8
12
*8
12
12
*8
373 Feb
s
2513 Dec
15 Apr 13 2813 Feb 19
No par
165
8 1718 181 13,900 City Ice & Fuel
15
17
15
22
2313 20
23
233i 23
90 Apr
6313 Dec
10(8 55 Apr 13 68 Jan 5
Preferred
120
555 577
8
55
55
58
55
60
60
*60
6114 60 60
7 Jan 14
2314 Feb
3'490p1
4
43 Jan 8
No par
1,600 Checker Cab
4 5
*43
4 5
43
514 514
43
4 518
478 53
43
4 5
8
5418 Feb
137 Dec
8
5
612 Apr 12 20 8 Jan 14
No par
83
8 98 7,800 Chesapeake Corp
814
7
7
15
7
613 713
714 83
4
8
9
1518 Feb
318 Oet
63 Jan 22
4
238 Apr 14
1,200 Chicago Pneumat Tool_No par
23
8 23
258 212
212 23
4
*212 3
25
8 25
8 *213 3
8
35 Feb
63 Dec
8
318 Apr 14 117 Jan 22
No par
Preferred
500
*314 418
318 4
4 4
43
8 43
8 *23
434 43
4
*434 5
23 Jan
8 Sept
9 Apr 12 14 Mar 12
No par
1,100 Chicago Yellow Cab
*93 11
4
*97 11
8
95 10
8
9
10
•10
1013 *10
1012
123 Mar
4
8 Dec
9 Mar 28
6 Apr 12
10
900 Chickaaha Cotton 011
7
*6
6
6
6
6
6
6
7
*6
*6
7
333 Feb
4
518 Dec
713 Jan 13
218 Apr 8
No par
700 Childs Co
218 3
218 214 *218 3
*214 3
*214 3
•214
3
253 Mar
4
113 Oct
4
4
814 Apr 11 153 Jan 14
No par
8 s 9 8 46.200 Chrysler Corp
7
7
83
8 9'8
838 9311
812 923
814 918
9
914
14 Dec
43 Feb
4
218 Jan 14
3 Apr 14
8
No par
*3
8
24
3
4
3,200 City Stores new
*3
8
.332
3
4
3
4
*371
1
3
3
5
8
5
8
227 Mar
8
813 Dec
83 Jan 7
4
6 Apr 15
No par
400 Clark Equipment
8
6
638
*6
614 *6
612 61
'658 63
63
4 7
3418 Feb
15 Dec
700 Cluett Peabody & Co_No par 10 Apr 14 22 Mar 5
*1113 14
10
1318 1318 10
15
*15
173
8 15
15
15
92 Dec 105 July
Preferred
100 95 Jan 5 96 Feb15
20
99 4
3
*95
993 *95
95
95
*95 100 *95 100
.95 100
9713 Oct 170 Feb
No par 9514 Apr 14 120 Mar 8
9918 103
63,000 Coca Cola Co
993 10512 9514 1011
4
103 105
8
10512 10653 1025 105
5313June
8
453 Dec
8
No par 453 Jan 6 50 Mar 22
Class A
2,100
48
48
4912 4714 49
*473
4
49
47
4814 49
487 49
8
5913 Mar
24 Dec
3,300 Colgate-Palmolive-Peet No par 2214 Apr 12 3112 Mar 9
8 231s 24
8
4
4 '223 235
223 223
2214 23
4
2314 2313 x223 23
797 Dec 1041s Sept
s
100 78 Apr 14 95 Mar 11
83
*81
78
78
6% Preferred
81
79
800
81
81
84
80 4 *81
3
803
4
1712June
613 Dec
8
43 Apr 11 107 Mar 7
4
No par
512 614 11,700 Collins & Altman
5
512 6
518
43
4 614
5
514
5
53
8
95 Aug
68 Dec
Non-voting preferred--100 7014 Apr 13 80 Mar 17
200
85 '751 85
7014 7014 *70
*7014 72
*7014 72
•7014 72
1012 Nov
712June
1012 Mar 8
9 Jan 11
10 1012 1012 1012 *934 1012 *934 1012 1,700 Colonial Beacon 011 Co_No par
10 1012 10 10
1912June
613 Dec
414 Apr 14 1238 Jan 14
1,500 Colorado Fuel & Jr new _No par
573 7
413 412
414 412
413 412
413 412
413 412
32 Dec 11153 Feb
21,200 Columbian Carbon v t c No par 25 Apr 14 4178 Mar 9
273 2265,2 28
8
2612 2712 25
257 277
2813 30
8
,
8 263 28
8
455 Mar
115 Dec
8
813 Apr 8 1618 Mar 9
83
4 95* 82,000 Columbia Gas & Elec_No par
4
75
8 83
77
8 8
758 818
7
313 8
714 8
7218 Dec 10913 Mar
100 40 Apr 8 79 Jan 16
Preferred
3,400
64
57 .57
5013 54
4412 5018 5012 5013 483 5014 50
4
1614 Mar
81:SePt
1118July
6 June
Certificates of deposit
8 Sept2314 Feb
7 4 Apr 12 11 Mar 5
3
818
8
8
83
8 6,000 Commercial Credit___No par
812 812
734 812
8
8
8
8 14
357 Feb
8
1918 Dec
50 1912 Jan 5 2814 Mar 7
300 (Pau A
8
20 4 223 *2014 2214 *2012 2238 *201z 223 *2013 2218
3
•223 23
8
8
15 Oct2412July
3
25 16 Apr 8 20 4 Jan 22
Preferred B
10
1612
161 *16
*16
17
1613 *16
•16
1613 1613 161 *16
92 _Sept
52 Dec
100 56 Jan 8 8878 Mar 14
120
61
6J.% 1st Preferred
359
60
60
*60
60
8112 60
62
60
*60
60
34 Mar
lSiaSept
163 *1613 1712 1714 1714 1713 1812 7,600 Comm Invest Truet___No par 1513 Jan 2 27783•Iar 3
4
1714 1714
1814 163
4 16
90 Jan
66
66
60 Dec
*6514 66
66
Cony preferred
No par 58 Jan 4 77 Mar 2
600
*6614 673
6513 6512 *65
4 6512 66
84 Dec 106 Aug
853% let preferred
100 89 Mar 2 95 Mar 11
200
.90
91
91
913
4
4
4
4
913 913
4
*913 92
4
913 913 *9l3 95
4
2113 Feb
65 Dec
8
612 April 1014 Mar 8
EN 6
55
2 6
512 6
6
614
513 618
6
653 28,000 Commercial Solventa_No par
12 Feb
3 Dec
478 Jan 14
21a Apr 8
212 27 89.400 Commonwlth & Sou._No par
8
214
212
214 212
214 213
214 212
214 213
46 Dec 1003 Mar
3
preferred mete_ _No par 46 Apr 14 6813 Mar 11
86
3,100
4658 51
46
48
47
47
48
47
4918 47
50
50
3414 Feb
10 Dec
7 Apr 14 10 Jan 6
100 Conde Nast Publica'ns.No par
*6
13
7
*3
13
.7
10
7
*7
10
*7
13
143 Aug
4
67 Jan
3
8 Jan' 11 Feb13
4,200 Congoleum-Nalrn Ine__No par
8
8
8
8
818 83
83
4 83
4
8
8
8
814
8
30 4 Mar
3
63 Dec
4
.313 314 *312 5
938 Mar 8
43 Apr 13
4
No par
300 Congress Cigar
*5
912
*47
8 7
5
43
4 43
5
3784June
20 Soot
1113 Apr 121 2413 Jan 8
No par
800 Consolleated Cigar
*1312 16
12
*1312 18
14
•13
15
12
12
1112 12
73 Ma.
42 Dee
100 3614 Apr 125 60 Mar 7
Prior preferred
280
39
*40
44
3918 39 g 40
393
37
*3813 40
3614 40
16 Feb
4Juue
83
538 Jan 11
23s Apr 4
700 Conan! Film Indus____No par
218
212 213
25
8 25
8
23
4 23
4
32 8 12 8 .*2-5*
3
5
2 8 21
3
8
73 Oct187 Feb
4
73
8 75
7 Apr 12 1134 Mar 7
8 1,600
No par
Preferred
7
7
714 714
718 712
7
7
7
7
5
5714 Dec 109 8 hiar
No par 4818 Apr 14 6834 Mar 8
Gas N Y)
4
s
513 5314 493 52
4
4918 5184 497 517
8
3
12 485 5212 513 5453 146.200 Coneol
88 Dec s107 July
No par 8112 Apr 11 95 Mar 8
Preferred
8112 84
*84
86
8414 883
4 2.300
8112 827
4
3 813 8212 81571 83
1578 Mar
813 Dee
8
6 Apr 12 107 Jan 13
No par
3.600 Cowed Laund Corp
7
63
4 73
73
3
613 7
6
618 61
7
612 7
8
14, Mar
t4 Jan
5i Jan 20
14
14
14
14
*14
as
No par
e14
as
14
14
14 Mar 22
3
8 2,200 Consolidated Tettlle
*14
813 Jan
7 Dec
8
212 Feb 19
1 Apr 7
113 31
113 *1
•1
200 Container Corp A vot_No par
1
1
1
1
114
114 *1
3 Jan
14 Dec
118 Jan 18
12 Mar 23
No par
Claw B voting
5
8
300
*12
*12
5
8
12
12
13
12
5
8
*12
13
13
413 Dec30 Feb
7 Jan 14
318 312
312 312
318 Apr 11
312 37
8
314
3,200 Continental Bak al A No par
318 314
313
338 4
33 Feb
3
13 Dec
1 Jan 8
12 Apr 7
58
58
12
No par
12
62
*12
3
8
12
1
Class B
12 17,400
NI
5*
7713 Feb
40 Sept
100 2814 Apr 12 4734 Mar 5
40
40
Preferred
2814 31
2912 3012 2912 3118 3212 3212 12,000
•-8 3
8234 Mar
3014 Dec
2914 313
3118 32
4 2914 30
8
8
2714 2918 285 297 33,900 Continental Can Inc___No par 2714 Apr 14 al Mar 8
30
29
187 Feb
3
34 Dee
4$4 Feb 17
8 Apr 6
4
3
314 *3
600 Cont'l Diamond Mr...No pat
*27
3
3
314
314
3
3
8 3
517 Feb
2
1818 Dec
10 1312 Apr 14 2514 Mar 8
3
8 14
1412 153
4 135 153
12,600 Continental Ins
1453 16
1312 15
135 14
8
15
413 Feb
1 Dec
4
13 Jan 14
1 Jan 5
1
1
1
1
1
18
1
1
118 5,100 Continental Motorn___No par
1
118
1
1
12 Feb
5 June
7 Mar 8
4 8 Apr 12
7
47
No par
518 5125
514 55
8
5
5313 35,500 Continental 011
51s
5
514
53
8
4
712
12 Feb
14 Dec
3 Jan 13
4
38 Jan 2
e3
8
1
No par
3
8
1
38
3
8
3
8
3
8
12 1,500 Continental Shares
•8
3
3
8
3
8
885* Feb
3614 Oct
35 I 2918 321
333 343 • 31
4
8
303 3153 2914 32
4
32
333 23.800 Corn Products Reftning____25 2918 Apr 12 4738 Mar 8
8
118 net 152h Apr
•__ _ 124
100 104 Apr 14 12912 Jan 11
*80 114
Preferred
48
105 105
104 106 *106 110
105 106
18 Feb
Vs Dec
45 Jan 18
4
2 Apr 8
No par
2
238
2
.
2
212 214
212 212 3,100 (lay Inc
3
3
212 3
3413 Mar
20 Sept
No par 19 Apr 11 23 Mar 9
1914 1914 1912 *1913 1953 2,200 Cream of Wheat
19
191
193 20
4
*19
19
19
19 8 APT
5
'1014 Nov
_100 1014 Jan 5 1918 Mar 21
18
173 1731 *17
4
700 Crex Carpet
31718 18
8
177 1814 1714 1714 1818 183
8
83 Feb
4
214 Dec
44 Jan 7
212 Apr 8
*213 3
*212 3
Crosley Radio Corp_-No par
*213 3
3212 3
*213 3
*Vs 3
3814 Feb
133 Del
4
157 Mar 5
8
918 Apr 11
Cork & Seal-___No par
€
62 1018 *612 1014 *912 10
1018 1018
101s 101$ 1,000 Crown
10
10
67 Jan
8
118 Dec
15
21.4 Feb
1 13 Jan 2
No par
200 Crown Zelierbach
112
112 *114
*112 2
•113 214 *112 2
17
8
134 *114
63 Feb
20 Dec
*11
3,100 Crucible Steel of. Amerlea_1(10 1012 Apr 12 2314 Jan 14
12
12
4
1012 12
12
1114 *103 113
1112 1113 11
8
387 Dec 106 Jan
8
100 23 Apr 12 497 Jan 14
Preferred
320
24
24's
2518 23
2512 25
2318 24
25
25
23
*25
57 Jan
8
78 Dec
13 Jan 14
4
3 Apr 14
4
No par
8
4
400 Cuba Co
34
7
8
*3
4
7
8
*3
4
3
4
34
*3
4
7
2
*3
4
7
8
2 8 Jan
5
14 Der
la Jan 15
14 Jan 5
1
.12
*18
14
14
*hi
14
*18
Cuba Cane Products__ _No par
*18
14
*18
14
53 Mar
4
1 Dec
13 Jan 11
4
11
3 Apr
4
800 Cuban-American Sugar._._10
7
*3
4
7
2
*3
4 1
7
8
*31
*3
4
7
8
54
7
8 1
35 Jan
8 Dec
811 Jan 18
5 Apr 9
100
Preferred
300
5
5
*5
6
.414 6
*414 6
*414 6
5
5
113 Jan
118July
Cuban-Domln Sugar_No Par
4873 Mar
3
5(1 287 Apr 14 3513 Mar 9 s29 Oct
4,400 Cudaby Packing
29
3
0
8
29
3018 287 29
30 30
30
304 30
20 Dec 100 Feb
Jan 15
16
16
15
15
900 Curth Publisblog Co___No par 15 Apr 13 31 Jan 14
15
17
16
16
18
1912 *16
*17
70 Dee 1185, Mar
No par 60 Apr 13 86
Preferred
500
*60
65
60 60
*60
64
64
66
60
80
65
65
1 Dec
234 Feb 2
57 Feb
8
1 Apr 2
'Jo par
1
1
1
118 37.100 Curtiss-Wright_
1
118
1
1
18
1
118
18
1
1
311s Feb I
813 Mar
13 Dec
3
112 Mar 28
100
Clan A
8,000
17
8 2
*13
4 2
15
8 2
4
15
8 13
17
8
15/1
15
8 153
41 Jan
7 Der
6 Apr 14 10 Jan 21
.No par
612 *6 4 618
63
4 *5
6
100 Cutler-Hammer hifa_
8
63
4 *6
*5
.6
614
23 Feb
3 Dec
14
514 Jan 15
2 Apr 11
No per
212 212
2
218
2
238
23
4 23
4 2,300 Davison Chemical
214
2
214 214
1212 Jae
8Sept
15
Debenbane Securittes__5 Sea
*13
4 3
*13
4 3
*13
4 3
*13
4 3
*13
4 3
•13
4 5
22 Jan
133 Dec
8
7 Apr 15 1514 Jan 15
20
812 4,100 Deere A Co pref
7
*713 8
8
8 8
77
8 77
11 *77
74 8
3
8
11014 Dec 195 Feb
100 SO Apr 11 122 Jan ld
3,900 Detroit Edleon
*86
95
4
4 853
4 833 84
843
4 843
84
81
80
85
83
191s 1131'
811 Der
9 4 Apr 12 1314 Feb 24
3
300 Devoe & Raynolde A__No par
39
15
39
10
10
03
4 93
4 *9
10
*0
10
10
23 Mel
go par
1053 Dec
8
12 Apr 0 157 Mar 10
2 1212 128 13
1312 4,600 Diamond Match
1214 123
1218 1218 1218 12Ig
121
12
,
381 All
1912 Dee
27. 215 Jan 13 2412 Mar 18
8
Preferred
2312 2312 233 233
8
3 4,000
5
4 2314 23
23 8 233
2313 234 2313 231
1
i
1
118
118
5584
• Bid
and flakal
Velem ou dalea on tnis der
• 513-divIdeud
1
b13-41.ndonn an I er-rignts
2868
New York Stock Record-Continued-Page 4
EY" FOR SALES DURING THE WEEK OF STOCKS NOT
RECORDED IN THIS LIST, SEE FOURT
H PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
Salts
PER SHARE
STOCKS
Range for Year 1932
for
Range for Previous
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
On Oasis of 100
-share lots
the
Year 1931
EXCHANGE.
Apr. 9.
Apr. 11.
Apr. 12.
Apr. 13.
Apr. 14.
Apr. 15.
Week.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ Per share
$ Per share 5 per share Shares Indus.& MIgeell.(Con.)
*87
Par $ per share 3 per share 5 per Mare 5
3 914
84 84
84 84
83
s 83
4 ,8
83
8
8
per shar.
8 14 11,200 Dome Mines Ltd
1518 154 *154 1514 1513 1514 *1412 1513 143 143
No par
7 Jan 4 113 Mar 5
12
3
4
4 144 154 1,100 Dominion Strum
rPs Oct s1313 Mar
*8
814
8
No par 13 Jan 5 18 Mar 5
8
8
8
*712 8
*712 8
8
11 Oct
8
24 Apr
700 Douglas Aircraft Co Inc No par
42
43
39
423
4 373 40
73 Jan 5 137 Feb 1
4
8
3412 3814 333 3712 37
3
4
7 8 Dec
7
3912 65,400 Drug Inc
2114June
I
No par 333 Apr 14 57 Feb 13
1
*I
2
*1
4
2
•1
2
"1
2
*1
424 Oct
2
784 Mar
100 Dunn! International No par
8
8
*8
10
1 Mar 28
*8
10
*8
113 Feb 4
10
*8
10
*8
14 Dec
10
814 Mar
100 Dupian Silk
*9114 9222 91
No par
9114 •____ 91 *---- 90 4 *____ 903 ,
8 Apr 7
4 t,__ _ 9034
3
10 Sept
4
143 Feb
20 Duquesne Light lot pref._ _100 89 Feb 10 1018 Jan 23
3
3
23
4 23
4 *212 23
4
2
97 Mar 14
212
2
214 *2
921 Dec 10712 Aug
4
23
4
800 Eastern Rolling Mill...No par
6514 667
63
6412 6313 653
2 Apr 13
4 6313 65
514 Mar 5
5914 623
4 6012 6412 21,700 Fastman Kodak Co
212 Dec
134 Mar
•11712 _ __ *11712 _ . 11734 119 *11812
No par 5914 Apr 14 873 Jan 14
1174 1173 WI 117
4
4
77 Dec 1854 Feb
100
6% cum preferred
412 -412
433 - /
4
1
4
100
4
2
414 _414
412 412 *5
531 1,400 F.aton Axle & Spring___No par 99 Jan 22 11912 Feb 18 103 Dec 135 Sept
3712 397
3 3413 3712 3313 353
414
4 323 343
8 Feb 19
4
3 3113 337
53 Dec
8 324 353 268,800 E I du Pont de Nemoure_...20 3112 Apr 4
3
8
214 Mar
9812 99
93
9714 9314 9314 9113 92
Apr 14 5934 Feb 19
8914 9012 8914 91
56 Dec 107 Mar
3.100
6% non-voting deb
*3
100 8914 Apr 14 105 Mar 17
3
12
*3
8
12
14
h
*14
3
8
94 Dec 1243 Aug
*14
5
8
*14
200 Eitingon tichlid
8
4
4
4
313 34
No par
34 314
/ Apr 12
1
4
*318 378 *318 378 *314 63
114 Jan 6
13 Dee
114 Feb
500
634% preferred
1412 163
4 133 15
100
8
1414 1518 15
31g At 11
1212 Jan 6
16
1413 1614
153 17
713 Dec
4
69 Feb
60,300 E,ectrie Autolite
86
86
No par
*80
133 Apr 11 323 Mar 7
88
3
80
80
*80
4
87
*75
80
20 Oct
75
75
30
7434 Mar
112 15
Preferred
8
112 112
100 75 Apr 15 10014 Feb 16
13
3 14
13
3 112 *114
13
94 Dee 110 Jan
3
13
3 112 4,200 Electric Boat
23
4 23
No par
4
23
114 Jan 8
3 24
3
24 23
4
213 Jan 6
24 24
212 24
24 23 17,600 Elec & Moe Ind Am shares._
8
54 Dec
44July
212 Apr 8
4 Jan 8
614 64
97 July
245ept
64 64
613 612
618 613
53
4 718
67
8 813 62.900 Electric Power & Light.No par
26
27
2312 2312 2212 2414 *25
54 Apr 8 153 Mar 9
8
26
25
9 Dec
2612 2913 343
603 Feb
4 1.900
4
Preferred
*1612 23 3 2114 214 *2113 243
7
No par 22 Apr 7 64 Jan 14
4 20
20
193 2014 2312 283
4
41 Dec 10818 Mar
4 1,500 $6 preferred
203 2114 20
4
No par 194 Apr 8 554 Jan 14
20
1812 193
4 163 174 1713 184 193 20
3
32 Dec
4
9814 Mat
5,500 Elee Storage Battery _No par 163 Apr
3
13 3314 Mar 7
23 Dec
68 Mar
Elk Horn Coal Corp___No pa
,
4 Jan 13
14 Jan 13
4 Dec
114 Feb
263s 263 •26
3
2678 *26
2614 •26
2714 *26
14 Dec
2712
24 Mar
100 Endicott-Johnson Corp__50 2512 Jan 4 364
*10312 122 *10312 122 *10312 122 *10313 10514 *10312 2712 .26
Feb 15
2313 Dec
10514 *1034 105
454Sept
Preferred
*12
15
100 10013 Jan 9 10714 Mar 17 s983 Dec
13
13
*13
1713 *13
1712 *13
1714 •13
3
1714
115 Aug
100 Engineers Public Serv__No par 13 Apr 11 25
*30
42
*30
397 •32
8
4213 .33
Feb 16
4.213 *33
15 Dec
45
*33
49 Mar
45
35 preferred
53613 45
No par 354 Apr 7 51 Feb 23
*3614 4413 .3614 40
*3614 40
42 Dec
3913 40
•404 45
87 Jan
200
5534 preferred
•17
No par 3913 Apr 14 57 Mar 16
177
3 1612 17
164 1612 163 163
8
42 Dec
3 163 163* 1614 1614 1,700 Equitable Office Blelg
3
91 Mar
*53
No par 164 Apr 15 19 Jan 4
4 6
6
6
53
4 53
4
53
4 54
1813 Oct
512 512 533
8 34
353 Jan
3
500 Eureka Vacuum Clean_No par 233 Apr 15
*14 2
112 112
3
13
714 Mar 29
3 13
3
114
114 *118
314 Dec
112 "Ils
112
123 Mar
4
300 Evans Auto Loading
1014 1014 10
5
113 Jan 29
214 Mar 5
1014 *10
1014 *10
1 Dec
1014 *10
1014 1014 1014
83 Feb
3
•14 2
230 Exchange Buffet Corp_Ne par
*14 2
9 4 Jan 30 113 Jan 11
*14 2
3
4
*14 2
.
14 2
10 Dec
*14 2
25 Jan
Fairbanks Co
*138 314 •13
25
3 314 •I3
8 314 *I
314 *1
13Sept
314 *1
3 Mar
324
*312 418
Preferred
100
112 Mar 31
313 312 *31
314 Mar 31
5
*314 4
2 Dee
*314 312 *314 312
13 June
300 Fairbanks Morse
No par
•10
29 •____ 29 •10
318 Apr 11
54 Jan 19
29
*8
29 *__
313 Dec
29 •.___ 29
8
293 Mar
Preferred
100 29 Mar 24 4734 Mar 8
*4 118
1
*12 1
1
*12
1
4,0 Dec 1097 Feb
;i2 1
3
*12
100 Fashion Park Assoc____No par
1
•10
14
•10
1 Apr 12
15
*10
13 Jan 25
4
1411 *10
14
*10
1 Dec
14
*10
612 Feb
14
Federal Light & 'Frac
42
45
15 14 Apr 7 22 Jan 25 s1513 Dec
42
42
*43
45
*43
45
45
45
43
497 Feb
43
8
110
Preferred
*2
No par 42 Apr 9 64 Mar 11
213 *2
312 *2
312 *2
312 *214 34 .214 312
48 Dec
92 Mar
Federal Motor TruckNo par
2 !star 30
333 Feb 6
24 Dee
*118
114 *118 114 *113 113 •118
73 Feb
3
114
1
14
7
3
7
2
400 Federal Screw Works No par
412 43
4
5
5
7 Apr 15
3
538 533
2 Jan 14
514 54 *53
14 Dec
151 Feb
/
4
3 57
8
4 614 1,100 Federal Water Serv A No par
53
103 103
8
3 1013 1014 1014 1014 *1014 1312
313 Jan 4 1033 Mar 16
3 Dec
30 Jan
10
1014 *1012 11
1,000 Federated Dept.Stores_No par 10 Apr 14 14
1538 1712 14
153
8 144 153
Jan 7
4 15
1012 Dec
15
143 1513 144 16
4
2713 Aug
9,700 Fidel Pben Fire Inc N Y...10 14 Apr 11
*64 8
3 8
"63
3
*64 8
27 4 Jan 15
*64 8
20 Dec
"634 8
8
5614 Feb
8
20 Fifth Ave Bus
•10
20
No par
*10
6/4 Feb 18
20 •10
812 Mar 8
20
*10
513 Oct
20
*10
9 Feb
20
*10
20
Filene's Sons
*86
90
No par
*80
7 Mar 31
84
*80
7 Mar 31
90
*80
1514 Oct
90
80
80
24 Aug
*80
90
10
Preferred
12
12
100 80 Apr 14 94
12
12
117 1214 .12
3
854 Feb 104 May
1212 •12
124 12
12
700 Firestone Tire & Rubber...10 113 Apr 2 1539 Jan 18
50
50
4912 493
4
3 5073 5012 5014 5012 50
Mar 8
127 Dec
3
20 JUDO
50
49
49
1,400
Preferred
4112 42 8 403 41
7
100 49 Apr 15 5913
3
4113 423
4 42
494 Dec
4214 4114 127
664.7une
8 43
44'2 10,400 First National Storee__No par 3912 Apr 8 53 Jan 26
13
18
13
Mar 7
18
Is
41 Jan
4
11‘
83 Aug
14
ls
18
18
1
1.500 Fisk Rubber
4 Feb 1
No par
*14
12
*14
3 Jan 11
3
12
*14
12
14 Sept
*14
/
1
4
7 Feb
s
*14
12
514
1
1st preferred
•
12
100
7
3
*4
/ Feb 2
1
4
7
8
*12
4 Jan 9
4
7
8 112
12Sept
*12 13
8 Feb
3
*12 111
100
let Prof convertible
*7
100
94 *7
4 Feb 3
94 *7
111 Apr 13
94 *7
128ept
74 *7
31s Mar
73
3
7
7
200 Florebeim Shoe clan A_No par
•75
90
*82
7 Apr 15 10 Feb 20
90 .82
90 •82
90
8212 8212 *82
7 3 Deo
7
3512 Jan
90
100
6% Preferred
100 65 Feb 5 8212 Apr 14
*34 412
312 34 *312 5
80 Dec 10212 Mar
*312 5
*312 5
*313 5
500 Follansbee Bros
512 512
No par
47
8 5
312 Apr 11
5
713 Mar 7
513
5
5 12
4 Dec
54 513
194 Feb
3 2,700 Foster-Wheeler
512 63
Ds 17
No par
3
44 Apr 8 12 Mar 10
113 112 *114
113 *Ds 112
8 Dec
6413 Feb
112 113 *114 2
1.900 Foundation Co
16
16
No par
*1514 1614 154 1514 *1514 154 *1533 17
14 Apr 11
412 Jan 14
211 Dec
164 Mar
1512 17
500 Fourth Nat Invest w w
2
214
1 154 Apr 12 2112 Mar 9 S153 Dee
24 21a
/
1
2
214
213 214
213 218
3
3213 Feb
24
23
8 5,400 Fox 1
,1Im class A
14
No
143
3 14
2 Apr 9
1418 14
144 1418 1412 14
53 Jan 14
3
218 Dee
15
2
383 Feb
144 1512 5,500 Freeport Texas Co.._ _No par
par 14 Apr 8 1912 Jan 15
*3
4 114
05
4 114
*3
4
1
*54
1
1314 Oct
*51
1
4314 Mar
*54
Gabriel Co (The) ci A__No par
1
10
1014
3 Feb 5
4
8
914
8
8
Ps Jan 4
74 73
4
713 73
1 Dec
4
eh Feb
7
7
810 Gamewell Co
No par
7 Apr 15 17 Jan 11
15 Dec
60 Feb
Gardner Motor
*17
3 24 *17
S
8 24 *17
3 2
2
2
a. Oct 25, Mar
*2
21
•2
212
900 Gen Amer Investorg___No par
*4312 48
*434 47
2 Apr 7
*44
333 Jan 14
47
*44
47
24 Dee
*44
47
771 Mar
44
44
100
Preferred
1912 21
100
18
197
3 1712 1812 17
45 Dec
1813 1612 1812 18
88 Mar
1812 9,200 Gen Amer Tank Car___No par 44 Apr 15 61 Feb 16
1612 Apr 14 35 4 Mar 8
74 8
73 8
7
*74 8
3
*73
28 Dec
3 77
3
7313 Feb
713 814
81* 812 2,600 General Asphalt
13
13
No par
1114 1212 11
74 Apr 8 1513 Jan 15
113
4 1112 12
94Sept
47 Mar
114' 133
3 1212 1312 8.700 General Baking
•100 10314 100 100
5 11 Jan 5 194 Mar 4
9712 971 *964 98
913 Dec
*9814 100
253 Apr
3
100 100
210
88 preferred
113 11
No par 97 Jan 27 1053 Mar 1 I
*114
13
4
112 11
4
95 Dee 114 Mar
*114 2
*112 2
*112 2
300 General Bronse
14 11
*114
No par
112 Apr 8
333 Jan 8
13
4
114
114
114
14 Dec
114 •1
912 Feb
13
8
13
3 13
3 1,000 General Cable
212 21
*218 212
No par
24 Feb 1
04 Apr 12
24 213
14 Dec
2
214 *2
13 Feb
21
212 23
3
900
Claw A
8
No par
8
2 Apr 13
8
513 Jan 13
813
8
8
24 Dec
74 81
2513 Feb
714 73
8 *713 9
180
7% cum preferred
2912 291
283 293 *2812 30
100
4
714 Apr 14 11112 Jan 4
4
*294 30
1113 Dec
65 Jan
284 29
4
*293 33
900 General Cigar Ins
153 1614 143 153
3
No par 28 Apr 6 383 Mar 10
3
3
4 1413 1533 147 154 143 157
25 Oct
3
4812 Feb
8
8 154 164 140.100 General Electric
1,107 11
No par
143 Apr 11 364 Jan 14 s227 Dee
107 11
8
3.
8
107 107
3
3 104 11
8
544 Feb
107 10 8 107 107
3
7
3
3 7.500
Special
10 107 Jan 2 1114 Jan 14
3313 343
3
3 323 337
3
8 3212 333
104 Dec
3 33
331
124 Jan
3212 34
3314 3433 37,600 General Foods
No par 313 Jan 5 4013 Mar 9
14
118
14 14
3
113
114
2814 Dec
113
86 Apt
114
113 114
114
114 5.400 Gen'i Gas & Eleo A___.No par
*8
118 Apr 8
113
4
914 94 •8
2 4 Feb 17
3
114 Dec
113
4 *8
113
8 *8
812 Feb
8 8 *812 15
7
100
Cony pref ser A
No par
•23
_
914 Apr 11 243 Jan 14
_ _ *2212
4
144 Dec
__ *2014 234 *2013 2313 *20
764 Mar
23
Gen Hai Edison Elea Corp__
31 If *232112 Jan
297 31
25 Mar 11
8
294 3
2032 Dee
014 30 30
35 4 Mar
2812 3013 x30
3
3012 5,200 General Mills
No par 2812 Apr 14 37 Feb 15
'
386
88
857 86 .8512 8614 *8512 8614 8512 8512 *85
8
2914 Dec
50 Mar
8512
300
Preferred
100 8512 Apr 14 88 Jan 29
12
123
4 114 123
3 1114 12
85 Dec 100148101d
1113 12
104 1218 114 123g 455,500 General Motor,
10 107 Apr 14 243 Jan 14
Coro
8
65
3
6612 66
6613 647 67
214 Dec
3
8
67
67
48 Mar
66
67
69
7214
55 preferred
.
No par
623 Apr 8 8714 Mar 12
4
5 8 618 *513 6
5
3
794 Dee • 1133
5
513 54
3July
.54 513
54 512 1,300 Gen Outdoor Adv A___No par
5 Apr 12
9 Feb 13
514 Oct
28 Jan
*312 37
3
7
33 4
*312 378 *312 33
4
33
3 4
*34 33
4 3,200
Common
No par
312 Feb 9
4 Jan 5
8
9
•84 10
314 Oct
*813 9
*813 9
1014 Feb
*818 9
*818 9
60 General Printing Ink No par
8 Apr 9 14 Jan 28
4012 45
45
45
•45
1014 Oct
46
*45
31 Mar
4612 •4514 4612 *4514 4613
70
t6 Preferred
No par 4012 Apr 9 60 Feb 18
•17
3 2
2
2
4313Seot
17
8 2
17
3 2
76 Jan
14 213
2
2 14 2,500 Gen Public Service
-No par
13 Apr 14
4
5 Jan 13
1412 141
1312 1312 133 14
3
2 3 Dec
3
13 3 14
7
23 Feb
1313 15
15
153
4 4,000 Gen Ry Signal
No par 13 Apr 2 2814 Jan 14
•75
85
21 Dec
*75
85
*76
344 Mar
82
*76
82
*76
82
*76
82
6% preferred
100 75 Mar 31 90 Jan 13
81 Dec 114 Mar
5
3
53
•
53
7
8
5 5
8 8
5
3
5
8
5
2
3
8
Es
3
8 2,100 Den Realty & Utillities_No pa
11 Apr 8
8
14 Mar 6
1112 12
*1112 13
11
11
11
11
3 Dec
3
11
94 Mar
11
3
*10 4 12
700
86 preferred
No par
11 Apr 12 1612 Feb 19
*714 7 4 *7
3
134 Dee
73
4 *6
714 *6
744 Mar
7
*613 8
•61g
7
General Refractories___NO par
7 Mar 17 143 Jan 9
4
12 Dec
14
14
h
3
573 Feb
8
14
14
14
14
14
14
2,000 (Jen Theatree Equip v t°No par
5
8
5
8
14 Apr 5
14 Jan
173 1913 163 1712 164 1712 1713 1784 163 183
3
8
13 Dec
1512 Feb
3
3 184 1918 66,900 Gillette Safety Rafor__No par 10 8 Jan 5 2414 Mar 11
3
3
56
56
914 Oct
5612 57
452
57
51
54
383
53
54
4Mes
*56
59
700
Cony preferred
100 860 Jan 5 684 mar 3
112 133
113 112
65 Dec
113 113 *14 13
767
*13
3May
3 13
4
112
112
700 Gimbel Bros
No Pa
112 Mar 17
211 Jan 14
12
131
*9
I% Dec
12
*914 10
*10
74 Feb
13 ' 10
'
1
13
"10
13
Preferred
300
100 12 Apr 9 31 Jan 13
412 44
412 412
264 Dec
412 413
413 44
52 July
414 44
413 44 2,000 Glidden Co
No par
414 Apr 14
7 Mar 9
•42
50
41
42
41 Oct
/
4
40
leis Feb
40
40
40 "39
434 *39
45
50
Prior preferred
100 40 Apr 12 54 Feb 13
413 438 *4
413
40 Dee
4
43
8
4
82 Aug
4
37
3 41g
4
44 2.300 Oobel (Adolf)
No par
37 Apr 14
3
el, Jan 21
124 1314 1114 1234 114 12
333 Oct
97 Mar
3
3
117 1212 114 1234 1212 1414 30,400 Gold Dust Corp v t o___No par 1114
Apr 11
194 Mar 9
•87
89
*87
144 Dec
/
1
89
424 Mar
90
90
*90
92
90
90
•91 100
300
$6 cony preferred____No par 86 Jan 8 95 Feb 6
85 Dec 11713May
34 34
3
3
314
34
3
3
27
8 3
34 34
2.000 Goodrich Co (It F)____No par
27 Apr 14
8
53 Jan 14
2
*74 1312
334 Dec
94 94 *83 1014 *83 12
2078 Feb
.84 12
8
8
912 912
Preferred
200
100
8 Apr 6 17 Jan 8
1012 1013
10 Dec
934 10
912 10
95 1012
8
88 Feb
918 912
933 1012 6,600 Goodyear Tire & Rub No par
94 Apr 8 184 Mar 9
•36
3812 3514 36
134 Dec
4
34
52 Feb
35
/
1
4
344 343
33
33
3512 3512 1,400
let preferred
No par 33 Apr 14 61 Mar 10
35 Dee
91 Feb
918 918
9
94
87
8 878
87
3 87
83
4 87
8
9
914 3,300 Gotham Silk Hoes
No par
714 Jan 6 1113 Mar 8
6412 64's 6212 631 :60
113
4SeP
13 4 Apr
6p
3
60
60
61
61
"59
6712
Preferred
340
100 504 Jan 11 6512 Mar 1
*12 II
*12 14
50 Jan
*12 113
*12
72 Apr
118
*12 1
.12
118
Gould Coupler A
No par
7 Mar29
3
1 Jan 11
133 11
14 138
3 Deceh Fe
4
114
14
13
3 138
14
138
133
13 11,700 Grabam-Patge Motors No par
3
113 Apr 1 I
458 Jan 12
34 3
3
34 4
DsSept812Mat
*37
8 4
37
8 37
4
4
4
44 1,700 Granby Cons M Sm A Pr...100
.12
3
8
.12
34 Apr 6
73 Jan 14
2
8
4
12
514 Dec
h
2258 Feb
*12
68
*12
3
8
•12
200 Grand Sliver Stores
f's
-No par
5 N1 sr 21
8
3 Jan 22
614 64
112 Dec
53
4 53
254 Ma
518 54
53
3 53
4 *513 54
6
6
2,100 Grand Union Co
No par
*2478 27
513 Apr 12
9 Mar 4
14
2473 25
7 Oct18 4 Mar
7
2312 2312 2412 25
25
2512 26
26
1,000
Preferred
No par 2314 Jan 6 3514 Mar 7
*1212 134 *1213 1312 *123
21 Dec
4 1312 1212 1212 *1218 13
48 Mae
*1218 13
100 Granite City Steel
No pa
, 124 Feb 1
243 25
4
1312 Feb23
2412 2412 2414 243 •24
113 Dec
4
2954 Fe
3
2438 2312 24
2414 244 1.700 Grant (W T)
94 914
No par 2312 Apr 14 3014 Mar 8
9
244 Dec
/
1
9
42 Aug
*812 9
8
813
8
8
84 818 3,800 Gt. Nor Iron Ore Prop__No par
4
4
8 Apr 7 1314 Jan 14
*33
4 4
10 Dec
4
4
2313 Apr
4
4
*4
414
41s 4'z 1,000 Great Western Sugar__No par
67
3 Apr 5
67
/
1
4
64 Jan 8
66
66
5114 Oct
8
6413 66
117 Jan
64
6412 633 64
3
64
Preferred
64'2 1.130
100 83 8 Apr 14 8114 Jan 5
5
8
3
3
4
5
8
73 Dec
964 Jan
/
1
3
4
5/4
h
12
h
1
13
h
1
8.400 Grtgsby-Grunow
/
1
4
5
*Ig
8
No par
12 Apr 13
14
134 Jan 11
214
14
1 Dec
.18
eh Mar
14
*18
14
*Is
lj
*4
/ 8
1
4
100 Guantanamo Sugar
No per
*438 512 *43
18 Mar 7
8 5
14 Jan 12
4 Dee
11s Jan
*44 614 *43
8 412 •43
8 413
•5
Gulf States Steel
20
*5
No par
20
43 Apr 6
3
8 Feb 16
*5
6 Dec
20
3718 Feb
•5
20
*5
20
•5
*1512 21
20
Preferr d
*154 21
100 2OMdr8 20 Mar 8
*1513 20
15 Dec
80 Mar
*1513 20 I *1513 20
*1513 20
.2612 28
Hackensack Water
*2612 28
25 20 Apr 7 23 Jan 12
2612 2613 *2612 28 I *2612 28
92 Dec
/
1
304 Mar
*2613 28
•114
40
11
7% preferred clan A _...25 25 Feb 27 274 Jan 2
*113 113
1
113
1614 Sept
118 14
30 A pr
1
1
113
116 2,500 Hahn Dept Stores
*1114 12'i 11
11 I 1018 1018 10
No par
1 Apr 12
214 Jan 14
11 Dec
/
4
4
93 Mar
10
*8
12
*9
13
834 83
600
Preferred
*812 83
100 10 Apr13 19 Jan 16
4 •812 83
6372 Mar
14 Dee
*812 9
812 81
84 812
900 Hall Printing
10
812 Apr 14 114 Jan 7
11 Sept
191 Mar
2
=..._-
• Bid and asked °new 50 gales an tide
day
s Er-dividend
p El-right.. ft Er-dividends.
New York Stock Record-Continued-Page 5
pp-
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Apr. 9.
2869
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Monday
Apr. 11.
Tuesday
Apr. 12.
Wednesday
Apr. 13.
Thursday
Apr. 14.
Friday
Apr. 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1932
-share lot*
On basis of 100
Lowest
Highest
Indus. & Miscall. (Cow.) Par $ per share $ per share $
. __100 30 Mar 7 30 Mar 7
Hamilton Watch
No par SG Apr 15 70 Jan 14
T11411118 pref new pref..
15 Jan 8
8 Apr 1
Harbison-Walk Rerrae_Ne par
178 Jan 15
4
3 Apr 14
Hartman Corp claw B_No par
4 Mar 8
112 Mar 2
No par
Class A
4
1
/
5 Apr 12 10 Jan 12
Hawaiian Pineapple Co Ltd _ 20
112 Jan 12
12 Apr 13
No par
Hayes Body Corp
25 6714 Apr 15 78 Mar 9
Helme (0 W)
812 Jan 15
6 Apr 14
No par
Hercules Motors
18 Apr 12 2818 Feb 18
No par
Hercules Powder
Hercules Powder $7 eum p1100 87 Apr 12 95 Jan 12
Hershey Chocolate____No par 62 Apr 14 83 Mar 9
No par 68 Apr 13 83 Mar 8
Preferred
4
/
13 Jan 12
14 Apr 1
Ivo par
Hoe(R)&Co
912 Apr 12 1178 Jan 11
No par
Holland Furnace
4 Apr 12 103851ar 10
-No par
Hollander ds Sons (A)
100 110 Feb 15 13014 Jan 7
Homestake Mining
4 Mar 5
2 Apr 14
HoudaUle-Hershey el B No par
Household Finance part Df_50 4514 Apr 14 5718 Jan 5
4
3
/
Houston 011 of Tex tern othr100 1212 Apr 14 24 Mar 8
518 Mar 8
258 Apr 9
Voting trust Ws new____25
6 Apr 14 164 Jan 12
No par
Howe Sound
4
/
418 Apr 5 113 Jan 8
No par
Hudson Motor Car
54 Jan 11
2 Apr 14
10
BUDD Motor Car Corp
4
/
13 Jan 9
se Apr 5
No par
Indian MotoeYele
4
/
13 Jan 21
1 Apr 1
10
Indian Refining
No par 2318 Jan 4 3838Mar 7
Industrial Rayon
4
3
/
19 Apr 13 3912 Feb 19
No par
Ingersoll Rand
8
No par 143 Apr 14 24 Feb 13
Inland Steel
4
1
/
4 Jan 14
2 Apr 4
Inspiration Cons Copper-20
4
3
/
212 Jan 19
3 Jan 7
Insuransharee Ctfa Inc_No par
8 Jan 12
44 Jan 2
Insuransharee Corp of Del_ __I
4
3
/ Jan 19
4
1
/ Apr 6
Interoontl Rubber-No par
4
1
/
4 Jan 22
218 Apr 15
No par
Interlake Iron
14 Jan 9
14 Apr 7
No par
Internal Agricul
4
1
/
7 Jan 18
418 Apr 7
100
Prior preferred
Int Business Machines No par 8018 Apr 13 117 Mar 9
54 Jan 13
4
13 Apr 13
Carriers Ltd_ No par
Internal
4
74 Apr 9 183 Jan 14
International Cement_No Par
4
/
13 Jan 15
4
3
/ Jan 7
Inter Comb Eng Corp_. No par
4
3
/
4 Jan 6 21 Jan 15
100
Preferred
3
29 4 Jan 18
Internat Ilfurventer____No par 1512 Apr 11
100 95 Mar 24 108 Jan 8
Preferred
500
4
963
•92
96
9712 95
4
/
*921 983 *95
971 *93
98
97
512 Apr 8 1158 Mar 9
7,900 Int Hydro•El Sys el A_ _No par
4
3
/
4
3
/ 6
5
534 6
4 6
53
534 6
4 6
53
4 61
53
12 Apr 14 2412 Feb 19
12 1
4
3 14,800 International Match pref__25
8
3
118
1
138
1
112
14
4
/
13 17
4 Jan 7
2 Apr 6
200 rut Mercantile Marine etts_ 100
2
2
*134 2
4 2
*13
*134 2
4 2
*13
4 2
*13
914 MOI 7
4
3
/
5 Apr 11
4
3
/ 63.800 lot Nickel of Canada__No par
8
8 57
6
53
6
4 6
53
4
3
/ 6
5
4
3
/ 6
5
534 64
8 Mar 7
4
/
100 771 Apr 13
Preferred
100
82
82a •70
4
/
7714 771 *70
81
*77
82
•77
831
*77
4 Apr 11 1012 Jan 15
100
360 Internal Paper 7% pref
414 .414 6
4
4
4
4 18
4
4
5
5
4o
212 Jan 21
1 Apr 8
400 hater Pap & Pow el A_ _No par
114
*1
1
1
118
*1
115
11
1
1
•I
1
114 Jan 21
52 Apr 7
No par
Claw 83
*12 118
*12 118
*12 Ps
*12 118
*12 1
*12 1
84 Jan 4
14 Apr 14
Claes C
No par
500
4
3
/
1
eh
12
8
*3
3
*3
*14
14
14
12
8
3
8
3
31 Apr 14 11 Jan 15
100
Preferred
900
4
*414 43
312 4
4
3
/
34 3
*314 4
4
4
45,
4
4
83 Mario
414 Jan 14
200 Int Printing Ink Corp_No par
4
/
4 43
4
3
/ *43
4
4
3
/ *434
*434 4
4 47
8 *43
478 47
4
3
/ 48
4
Preferred
100 x2434 Jan 15 40 Apr 15
550
38
*37
3712 40
*302 40
*3612 39
*3612 38
*3612 40
100 15 Apr 5 2312 Feb 17
1538 1.100 Intern?don& Salt
.15
15
15
16
*15
15
15
15
15
15
15
8
4
/
12.000 Inteniaticnal Shoe__ __No par 353 Apr 7 443 Jan 15
4
8
1
/
364 3714 371* 3714 363 3814 303 33
2
367 375, 3612 37
4
/
100 15 Feb 11 243Mar 10
700 International Silver
18
18
17hz 16
8
4
/
163 157 17.
*17
19
*17
•171 19
100 41 Apr 11 65 Feb 13
7% Preferrred
42
421 *40
0
4
4434 *40
*40
42
42
41
41
45
45
4
43 Apr 11 1214 Feb 19
5% 6% 77,000 Inter Telep & Teleg-- No par
51
5
4
3
/ 512
4
4
1
/
4
3
/
4
3
/ 5
4
514 5
4
3
/ 5o
4
24 Apr 8 11 Jan 9
1,200 Interstate Dept Storee_N2 par
3
318 318
3
5
318
4
*3
3
3
3
3
Preferred ex-warrants-100 3612 Mar 30 5212 Jan 8
8
*3414 341 *341 38
*314 38 .305 38
*3414 38
4
/
4
/
*341 38
7 Apr 1
3
3 4 Apr 12
No par
600 Intertype Corp
33
4 514 . 4 5
4 514 *33
*33
4
3
/ 41
3
*412 7
5
5
2% Jan 14
1 Apr 9
No par
112 *118
900 Inveetor. Equity
112
112 *124
114 *112
118
112
•1
11
1
1 1012 Mar 31 18 Jan 14
Wand Creek Coal
1,200
3
•.1
1114 11
4 10 4 11
4
4
11
1012 1012 103 104 103 103
Jewel Tee Inc
No par 25 Apr 14 35 Feb 13
4
3
/ 1,600
8
253 *264 29
30
2618 *26
2614 2512 2512 25
26
25
1014 Apr 13 2512 Feb 19
No par
4 117 12
8
8
127 133
4
3
/ 113 127
8
8 1014 1178 1014 1112 1012 1214 22,600 Johns-Manville
1
100 8314 Apr 8 9S 4 Jan 22
Preferred
80
_ 80 *_
82 *
82 *_
82 ._
... _ 82 •_
810 Jones & Laugh Steel pref _100 50 Apr 1 84 Jan 5
i0f2 524
52
'Lais 53
86C4 5o12 *5051
53
8
GoT 51
4
3
/
100 K C P & Lt lot pf ser B_No par 9012 Apr 8 113 Jan 23
91
91
*9114 94
91
92
9112 *91
91
*9112 94
91
112 Jan If
8
3
•14
4
3
/ Apr 11
8
3
*14
200 Karstadt (Rudolph)
12
414
12
eh
4
3
/
8
3
8
5
8
*3
1
/
94 Mar 7
5 Jan 4
4
600 Kaufmann Dept Stores $12.50
534 58
4
4
1
/ 512 .512 53
5
54 512
4
514 514 *512 53
4
3
/
9 Feb 19
4
53 Apr 11
3,000 Kayser (J) Coy t 0. __No par
57
4
3
/ 61
4 614 *5
53
4 6
4 *53
534 53
4
3
5 4 53
4
3
/
5
4
3
/
2 Mar 7
1 Jan 4
118 114 4.100 Kelly-Springfield Tcre_No par
114
118
4
/
11 138
114
114
118
114
114
118
4
63 Jan 6 2278 Mar 8
100
8% preferred
200
*12 • 177
*12
1212 1212 *1214 17
13
•1112
14
14
14
100 20 Jan 2 45 Mar 9
8% preferred
100
50
*30
50
*30
50
36
36
.2518 50
*30
42
*32
4
/
41 Jan 14
I Apr 8
4 2,800 Kelsey Hayes Wheel......No par
13
4
13
8
17
4
8 112
13
112
14
13
8
4
/
13 15
4
/
8 13
15
514 Apr 14 1038 Feb 19
No par
4
3
/ 614 13 900 Kelvinator Corp
5
614
514
4
54 6
512 53
4
1
/
512 534
4
3
/ 6
5
No par 25 Apr 13 38 Feb 23
200 Kendall CO Prof
294 *2612 29
2612 2612 2512 2512 25
2518 26
2512 *26
512 Apr 12 13 Jan 14
No par
51,000 Kennecott Copper
64 7
8 85
55
512 534
512 6
4
/
53 618
614
6
194 Jan 9
No par 1312 Apr 11
100 Kimberley-Clark
*1214 14
*1214 14
1312 1312 *12
*1214 14
•1312 14
4
1
/ 14
24 Jan 22
4 Apr 4
412 1
•12 1
No par
1,500 Kinney Co
4
/
33 13
4
/
*3 13
*4 1
4
8
7
12
4
5 Apr 12 134 Jan 23
100
Preferred_.
330
*612 10
5
5
7
712 814
10
10
1
/
74 *5
5
ii
4
3
/
8 Apr 7 19 Jan 14
4
103 42,100 Kresge (88) Co
1
/
94 9
4
93 104 10
4
3
/
8 9:
87
8
95 10
4
/
4
3
/
4
3
/ 93
8
No par 30 Jan 15 37 Jan 21
400 Kress Co
*2912 32
30
30
31
3012 3012 *30
313
*30
4 30 30
94 Jan 26
14 Apr 11
38 42,600 Kreuger & TO11
14
8
3
14
12
4
3
/
.
8
3
4
1
/
14
2
3
8
3
14
4
3
/
18 Mar 8
8
4
1138 1212 113 1214
1212 13
4
113 1212 113 1234 1212 133 14 800 Kroger °roe & Bak-_No par 1138 Apr 11
8
4
No par 3518 Apr.13 563 Jan 14
8
387 20.800 Lambert Co
3818 37
36
8
395 4114 39
4012 3814 4012 3518 38
4 Apr 1
3 Apr 13
_No par
Lane Bryant
300
4
*3
4
*3
038 4
4
3
/ 4
4
3
/ 4
*3
4
1
3 / *3
3
21a Jan 8
4
/
13 Apr 12
5,300 Lee Rubber & Tire__No pew
2
2
2
2
2
13 134
2
4
/
4
/
13 134
4
4
/
13 13
812 Jan 28
4
3
/
3 Apr 6
700 Lehigh Portland Cement-50
5
*4
5
4
4
5
*4
44 418 *1
4
4
Apr 15 75 Jan 12
100 59
7% preferred
770
5912
4 61
6112 613
4 5912 5912 59
6114 61
603
60
61
34 Jan 8
14 Apr 6
400 Lehigh Valley Coal-___No par
4
/
13
*118
114
4
•112 13
118 *1
112 112
118
4
/
11 118
9 Jan 9
4 Apr 8
50
1
/
Preferred
*34 412 *314 412 *314 412 *314 412 .4
412 *418 412
4
1
/
341 343 34
3434 3612 3612 4,300 Lehman Corp (The)......No par 34 April48 .Mar 7
4
/
4 343 354 3412 35
4
3
/ 353
35
8
No par 15 Apr 8 244 Mar 7
1,900 Lehn & Fink
4
173 18
16
16
1
/
154 16
15
16
1614
16
1614 1614
5 Jan 20
412 Apr 1
No par
4 54
43
8 53
53
5
412 5
2
514
5
5
4
1
/
5
514 4,800 Libby Owens Glares8
2,000 Liggett & Myers Tel:sumo-25 45 Apr 14 597 Mar 7
4
/
4 463 4612 47
4
453 463
47
4
/
4778 473 45
4512 4812 49
4
3
25 45 2 Jan 4 613 Mar 8
13erlea B
15.100
4
3
/ 51
48
4918 48
4912 4612 4934 4912 51
47
48
50
100 107 Apr 14 1184 Mar 7
Preferred
11.0
107 107 *108 112
•100 110 *105 110 *103 110 *102 110
-No par 16 Apr 12 21 Mar S
800 Lily Tulip Cup Corp.
8
163
1612 .18
*16
1612 1612 16
*1612 17
1614 *1534 1612
4
812 Apr 4 163 Jan 14
1112 1,600 Lima L000mot Works_No par
912 10
1012 *11
812 10
10
10
1114 1114 10
814 Apr 14 14 Mar 9
No par
1,200 Link Belt CO
95,
9
4
83
81
814 814 *814 9
914 114 *914 11 12
•
Na par 14 Apr 14 22 Mar 8
2,600 Liquid Carbon's
4
153
14
14
8 1414 143
4
/
143 144 1412 142
4 1412 1412 14
8
25,500 Leos.% Incorporated-No par 201 Apr 12 34 Mar 5
4
203 22
4 2218 24
233
2214 23
2038 2212 2118 213
4 21
No DM 66 Apr 12 72 Feb 19
800
Preferred
60
60
*60
60
58
63
70
*56
60
5912 *58
56
4
3
/
4 Mar 12
234 Apr 7
No par
4,200 Loft Ineorporated
4
1
/ 27
2
4
3
/ 3
2
4
4 2
23
4 27
'23
4
4 23
23
4 At
23
4
3
/
11$4 Jan 29
12 Apr 6
Long Bell Lumber A No par
*12 114
*12 114
*12 124
*12 114
13 114
"
*12 114
25 2712 Apr 14 2838 Feb 17
2,300 Lowe-Wiles Moduli
2812 30
2914 30
2928 30
2 2712 28
2914 2914 2814 287
25 12 Jon 4 16 ..r Mar 10
1
8 134 147 33,100 Lorillard
8
133 143
4
3
/ 14
4
3
/ 144 13
8 13
1352 1412 1312 137
100 734 Jan 6 9314 Mar 8
7% preferred
87
*86
87
*86
90
*86
*86
90
88
*88
*86
88
4
/
13Mar 8
1 Jan 7
No par
800 Louisiana OU
1
1
1
1
118
1
1
4
/
11 *1
114 *1
.1
100 12 Feb 3 18 Jan V
Preferred
ift
*10
*10
18
18
*10
*10
18
*10
18
*10
18
4
3
/
13 Apr 9 233811.far 8
8 4.000 Louisville G & El A____No par
163
16
14
8
137 14
154 16
15
16
15
1514 15
5 Jan 21
112 Jan 6
No Par
4
3
/ 1,700 Ludlum Steel
312 3
312 34
34 3
4
3
/
3 12
3
*34 4
4 4
*33
64 Jan 5 20 Mar 3
No par
Preferred
19
*10
19
*10
8
8
*85 19
*85 19
8
•1314 19
*85 19
700 MaeAndrews & Forbee_No par 10 Apr 7 1514 Feb 17
3
10 4
1012
1012 11
*1012 11
1012 10
11
10
*1012 11
100 GO Jan 6 624 Jan 6
8% preferred
70
70 •57
79
70 •57
*57
*57
79
70
*57
*57
4
1
/
No par 12 Jan 5 1818 Mar 4
1414 5,100 Meek Truck'Ins
14
8
127 13
13
4
3
/ 13
134 12
13
1318 13
13
No par 30 Apr 6 6012 Jan 14
8 7,500 Marry Co
355
34
3312 3012 34
4
/
321 3212 33
3312 33
3314 34
3
3 4 Mar 9
214 Jan R
4 1.600 Madiaon 1342 Garden-No par
3
4 2 4 '2% 23
23
2% 2%
212 25g .25, 3
4
3
/
214 2
4
83 Jan 14
412 Apr 14
No par
8 1,600 Magma Copper
4
/
43 47
4
3
/
412 4
4
3
/
4 4
4
3
/ *43
8 4
47
472 47
4
3
/
4
3
/ 4
4
118 Jan 18
8
7
4
*3
13 Jan 6
8
7
Mallison (H It) & Co No par
4
•3
h
484
h
4
42
h
4
43
h
444
18 Mar 2
I Jan 1 I
100
10 Manati Sugar
02
4
/
•3
33
•18
4
3
*4
2
3
*4
4
18
3
3
*18
2 Jan 25
4
/
*1 114
14 Apr 13
114
100
*14
Preferred
10
4
1
/
14
114
*14
4
/
11
*14
4
/
11
414
No par
3 Jan 5
4
1
/
2 Mar 26
Mandel Bros
2
8 *224 27
27
8 *21
27
8 *214 27,1 *2h
8 *24 27
*214 27
7 Jan 15
4
43 Jan 27
25
100 Manhattan SlArt
8 512
*47
5
5
512
512 *5
612 *5
*5
6
.5
12 Apr 9
I Mar 14
300 Maracaibo 011 Explor-No par
4
3
*12
4
3
*12
4
3
*12
4
3
*12
34
*4
4
3
/
12
918 Apr 14 1214 Jan 14
10
3
94 9 4 10.500 Marine Midland Corp
2
94 95
8 912
93
914 912
4
/
a 93
93
4
3
/ 10
9
No par
73 Apr 13 1112 Mar 8
4
3
7 4 1,800 Marlin-Rockwell
74
4
4 73
73
4
4 73
73
8
8
4
4 83
83
8
4
3
/ 97
*9
se Apr 8
2 Jan 9
Marmon Motor Cat.....No par
8
*5
8 1
*5
4
/
*3 1 •1
4
/
*3 1
*12 1
*1* 1
3
5 8 Apr 14 1311 Jan 14
2,400 Marshall Field & Co---No par
*54 6
4
3
/ G
5
6
6
5
58 6
4
3
/ 6
5
. 6
6
8 1
•5
4,44222e_papyy cerp____No par
12 Feb 3
1
8
*3
4
3 Mar 23
1
8
*5
1
8 1
*5
8
*3
1
*38
41
$ Per Share $ Per share $ per share $ per share 3 per share $ per share Shares
____ 50
.____ 50 *_-_- 50 .____ 50 *____ 50 •____ 50
320
61
60
62
61
82
62
63
63
644 64 64
*64
200
2
93
3
9 8 *8
8 *8
93
8
8
8
*8
9
8
*3
1
8
47
400
14
•1
1
1
8 1
*3
4
3
4
3
8
7
8
7
.112 312 *112 312 *112 312 *112 3h *112 312 *112 312
100
*412 7
*512 612
*414 612
514 *412 7
*512 9
514
300
58
*12
52
*12
8
5
*12
12
4
3
/
12
8
5
8
5
8
5
4
3
/ *68
6914 69
400
6714 6714
68
6912 *68
6912 63
8
685 *68
700
634
6
4
/
614
614 61 *618 8
8
*614 8
812 612
400
18
*17
20
18
*19
*17
19
18
19
18
18
18
130
87 "____ 87
87
88
89
.88
87
88
89
*87
87
4
/
4
3
/ 663 6,700
8 64
69
547
68
62
67
6212 66
67
6514 67
7412 1.000
6812 6812 683 68
4
4
3
/ *69
4 6914 6914 '70
68 683
73
12
*I4
414
12
12
4
/
414
*1
12
h
*14
12
*14
400
*912 10
*912 10
93
4 93
4
912 913
912 91
912 912
*41
600
5
3 3412 47
8 *414 47
*414 5
4
/
*41 47
4
4
3
*122 128
4
/
8
1203 121
1203 12012 115 12018 12014 120 4 2.500
1204 122
214
214
1,700
214 212
3
28 2
2
214
214
4
3
/
218
214 214
404 4914 49
49
4
/
4912 1.500
4
/
*45
523 491 59
*50
1
/
454 49
8 8,500
8
1412 16
15
13
13
1334 123 1312 1212 1412 135 147
4
5
2 8 318
278 3
2 314 7,200
21
4
3
/ 2
2
4
3
/
4 3
23
4
3
/ 3
2
612 612 4,800
612 7
612 7
818
6
658 *512 7
612
4
/
41 412 3,600
414 4
4
3
/
4
3
/
414 4
4
/
41 4
4
3
/
418 414
8
418 45
218 3,300
218
214 214
218
218 214
2
218 212
8
218 2,
300
58
4
3
/
1
4
3
/ 1
*
858
4
/
*3 1
8 1
*5
%
4
3
/
3,500
1
114
1
114
1
1
1
1
4
/
13
*1
1
1
3.600
26
26
264 263
4
/
4 253 2714 2712 23
4
273 273
4 2512 27
4,700
2212 2313 21
4 20
222
4
4
/
213 213 24
2114 193 2012 20
4
1514 15
1,100
*15
15
15
1434 15
15
15
*1414 15
15
24 1.400
2
2
2
2
212
2
2
2
2
2
*2
1,200
*212 27
*212 3
8 3
212 212
212 252 *25
212 212
500
7
5 8 57
3
3 6
57
4
3
/ 5
5
53
*552 6
7
4 64
7
400
3,
4
4
3
/
14
14
4
3
*24
sa
*14
*14
8
3
*14
3
3
218 212 2,000
4
3
8 23
25
3
*24 3
3
3
34
300
514
8
*3
8
3
8
3
*Ir
8
3
8
3
4
3
*12
8
7
*12
4
3
/ 5
*3
4 5
*33
4 5
*33
4 5
*33
4 5
*33
4 5
*33
4
3
/ 19,300
88
89
90
8018 8612 85
87
89
8318 804 88
86
1,700
2
2
4
/
*2
3
4
/
13 13
2
134 2
212
2
2
2,200
8
8
4
3
8/
8
712 8'2
8
4 8
73
84 813
81
7
8
7
8 2.200
7
8
7
4
3
4
3
4
3
4
3
4
3
4
3
4
3
4
3
2.100
10
8
*8
7
4
3
/ 758
4 7
63
4 8
63
614 714
90
4
/
8 1914 203 19,500
1714 1812 1812 20
174 193
8
8 175 19
4
173 195
•Bid and naked Urines: no sales on this day
a En-dividend. p its-rights.
PER SHARE
Range for Previous
Year 1931
Lowest
Highest
per share 5 per sfiar,
94 June 103 Jan
94 Feb
67 Dec
4414 Feb
114 Dec
h Dee
8
75 Feb
5
10 8 Feb
8
17 Dec
424 Jan
814 Nov
8 Mar
1 Dec
60 Oct 100 Feb
18 Mar
5 Dec
26 Dec 358 Mar
95 Dee 1194 Mar
4
3
/
68 Dec 103 Mar
704 Dec 104 Mar
84 Mar
8
13 Dec
37 Feb
1014 Dee
1918 Apr
4
1
/
5 Dec
81 Jan 138 Dec
212 Dec
914 Mar
5212Secit
65 Mar
1514 Dec
684 Feb
1418 Feb
8 Dec
294 Feb
1112 Dec
25 Jan
3
7 4 Oct
1318 Feb
Eh Oct
4
3
/
4 Feb
4
3
/ Dec
4
1
/
4 Feb
118 Dec
86 Feb
21 Oct
4
253 Dec 182 Jan
71 Feb
4
3
/
19 Dec
114 Feb
3 Dec
Ps Feb
214 Dec
414 Dec
128* July
41 Feb
14sem
15 Jan
a
27 Dec
1
/
54 Fet
1 Dec
5114 Feb
411 Dec
4
3
/
92 Oct 179 Feb
4
/
123 Feb
3 Dec
824 Feb
18 Dec
4 Feb
4 Oct
4
3
/
39 Feb
84 Dec
8011 Ma
4
3
/
22 Dec
106 Dec 14312Ms
31 Fe
918 Dec
4
1
/
73 Mar
11 Dee
1613 JAI/
212 Dec
2018 Feb
7 Dec
80 Dec 123 Ma
42 Mar
7 Dee
1014 Feb
4
/
13 Oct
8 Jan
4 Dec
VI Feb
12 Oct
634 Mar
84 Dec
1614 Feb
414 Dec
6912May
25 Dec
42 Feb
18 Dec
54 Jun
37 Dec
51 Ma
4
3
/
15 Dec
4
/
901 Mar
50 Dec
331, Feb
714 Dec
8
213 Feb
8 Dec
874 Ma
5212 Dec
1812 Fe
8
45 Dec
914 Fe
114 Dee
31 Jan
4
/
143 Dec
5712 Feb
24 Oct
4
3
/
80 Mar
4
/
153 Dec
8314 Dec 126 Apr
88 Dec 1234 Mar
11114 Oct 1154 Apr
7 Jan
14 Dec
18 Feb
512 Dee
2438 Mar
714 Dec
312May
4
3
/ Oct
26 Mar
54 Oct
45 Mar
10 Sept
294 Feb
3 Dec
1512 Mar
6 Sept
80 Apr
20 JA13
3112 Feb
8
95 Dec
41 Jan
13 2 Dec
7
2012 Jan
14 Dec
70 Jan
5 Dec
4
3
/
29 Aug
15 Dec
55 Feb
2814 Dee
4
3
/
27 Mar
4
/
41 Dec
1212 Dec 23512May
7
87 2 Mar
4018 Oct
4
1
/
17 Jan
4
1
/
3 Dec
4
1
/
4 Mar
4
/
13 Ott
4
/
183 Feb
5 Dec
72 Dec 1014 Feb
8
83 Jan
4
/
13 Dec
30 July
6 Dec
8
892 Feb
35 Oct
1
/
344 Feb
184 Oct
8
207 Apr
512 Dec
91 Feb
39 Oct
4
/
913 Feb
40 Oct
110 Dec 146 Map ,
261aune
16 Sept
4
3
/
34 Feb
1
/
124 Dec
33 Feb
14 Dec
554 Feb
134 Dee
8312 Feb
7
23 8 Dec
99 Mar
56 Dee
812 A pr
4
3
/
2 Oct
4 Jan
%Jill,
8
547 Mar
2
297 Dee
10 Oct21a July
4
743 Dec 10312 Aug
1 Dee
44 Feb
55 Jan
20 Dec
4
3
/
35 Feb
7
17 2 Dec
I Dec
19 Mar
10 Dec
524 Feb
13 Dec
25 Feb
60 Sept10012 Apr
12 Dec
434 Feb
60 Dec 1061 Feb
4
/
1 Sept74 Mar
74 Oct27 Feb
4
3
/
12 Dee
4
43 Mar
%No
IS Mar
4
3
/ Dec
4
3
/
12 Jan
3 Sept8 June
413 Dee
12 Feb
4
33 Feb
13SeD
914 Dec
1
/
244 Feb
8
93 Dec
4
1
/
32 Feb
114 Dec
10 Feb
42% Feb
gh Dec
4 Dec
318 Jan
-12870
New York Stock Record-Continued-Page 6
Ulf FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST. SEE SIXTH PAGE PRECEDING
.
-------HIGH AND LOW SALE PRICES
-PER SHARE, NOT PEI? CENT.
PER SHARE
Sales
PER SHARE
STOCKS
Range for Year 1932
for
Range for Preston*
NEW YORK STOCK
Monday
Saturday
Tuesday
On basis of 100-share lets
Wednesday
Thursday 1 Friday
the
Year 1931
EXCHANGE
Apr. 11.
Apr. 9.
Apr. 12.
Apr. 13.
Apr, 14, I Apr. 15.
Week.
Lowest
Highest
Lowest
Hithesi
$ per share $ per share $ per share $ Per share $ per share $ per
share Shares Indus. & Mlsoell. ((.'on.) Par 4 per
135
8 13
123 134 123 1312 13
4
4
13
1234 123
4 13)4 1314 1,600 Mathieson Alkall WorksNo par 123 share $ per share $ per share $ per share
4 Apr 9 2072 Mar 10
963 9814 ____ 98
02
4
92
893 903 *90
12 Dec
4
3112 Jan
4
96
*90
06
Preferred
140
100 893 A pr 13 105 Jan 13 104 Oct 12538
4
134 14
14
14
134 133
8 13
134 13
Mat
133
8 1314 1412 6,300 May Dept Stores
25 13 Apr 6 20 Jan 13
23
8 *2
24 212 *2
218
2
2
2
1553 Dec
2
39 Mar
*2
212 1,200 Maytag Co
No par
2 Jan 6
8 Jan 14
5
.438 44
5
112 Dec
44 44
878 Feb
37
3 4
3
312
312 313 1,200
Preferred_ .
No par
3 Apr 14
814 Jan 13
45
*34
45
*34
*34
45
*34
4 Sept
45
243 Mar
8
*34
45
*34
45
Prior preferred
No par 34 Mar 21 3514 Jan 7
•1614 1612 *1614 1612 1612 1612 *1614 17
35 Dec
7112 Mfa
16
1612 *153 17
4
1,000 McColl Corp
No par 16 Apr 8 21 Jan
14
14
15
14
*15
22
*15
1513 Dec
22
36 Jan
*15
22
*15
22
600 McCrory Stores ohm A No par 14 Apr 9 1513 Feb 14
15
14
15
15
14
4
14
*15
15 Dec
1814 15
613 Feb
4
15
*15
184
850
Clare B
No par
14 Apr 11
19 Jan 14
*48
48
60
50
48
48
1413 Dec
44
48
5153 Feb
46
46
46
50
380
Preferred
100 44 Apr 13 62 Feb 18
*43
4 514 *212 5
*213 5
64 Dec
*24 412 *213 412 *212 412
0312 Mar,
McGraw-Hill Publica'e No par
5 Apr 8
*1412 1534 *1412 153
713 Jan 7
4 1412 1412 *143 1514 143 1434 1412 1412
6 Dec
4
29 Feb
8
700 McIntyre Porcupine Miner,8
114 414 3912 4012 40
41
12 Oct
303 4112 393 413
4
8
2611 Mar.
8 403 4413 14,200 McKeesport Tin P1ate_No -6 143 Jan 5 1612 Mar 16
4
par 394 Apr 14 6214 Feb 19
214 3
214
214 25
27
8
8
218
384 Oct 10312 Apr
212
214
212
212 23
4 7,400 McKesson & Robbino._No par
218 Apr 13
714 S
5
512 Feb 15
7
418 514
33 Dec
8
44 5
17 Jan
5
5
5
53
4 4,900
Preferred
50
413 Apr 12 23 Feb 13
2
2
2
2
*13
4 214
15 Dec
13
4
13
4
2
2
3738 Feb
*211
213
400 McLellan Stores
No par
13 Apr 13
4
4 Mar 5
*11
12
11
*1012 12
II
1012 Mar
113 Dec
*1012 12
*1114 115 11113 1112
8
200 Melville Sbot ......
No par 11 Apr 11 18 Jan 9
114 *118 2
118
.114 2
1412 Dec
34 Mar
*114 2
*114
2
*114
2
200 Mengel Co (The)
No par
118 Apr 6
24 Jan 8
19
*1714 20
19
*18
19
2 Sept
1812 1812 *19
813 Feb
21
*19
21
200 Metro-Goldwyn Piet oret_27 1713 Apr 6 2214 Jan 14
15 Dec
27 Apr
2
218
2
2 13
214 214
2
214 .2
214
214 214 3,100 Miami Copper
6
2 Apr 7
414 Jan 13
33
4 43
4
412 43
4
23
4
412
4SeDt
414 43
1038 Feb
4
45
8 43
4
45
8 54 12,600 Mid-Cent Petrol
No par
34 Apr 9
612 Mar 8
25
8 25
8
5 Oct
23
4 3
23
4 3
160 Jan
23
4
4 3
4
318
318
34 34
1,900 Midland Steel Prod___ _No par
212 Apr 4
10 Jan 14
*31
39
39
*31
3112 3112 *31
7 Oct
3113 Feb
39
*31
39
*31
39
100 8% sum 1st pref
100 30 Apr 7 51 14 Mar 9
15
1,5
1314 1412 *13
3514 Oct
16
94 Feb
*13
16
*13
16
*1311 16
500 Minn-Honeywell Regu_No Par
A pr 11 2313 Jan 18
131,
•1
118
1
15 Dec
1
.118 14 *1
5813 Feb
118 *1
118
118
118
500 Minn-Moline Pow Irnpl No par
1 Apr 8
2 8 Jan 18
3
.612 15
*613 15
114 Dec
712 Feb
*7
8
.7
8
*7
10
*7
10
Preferred
No par
73 Jan 5 11 Jan 25
4
7
77
8
64 Dec
7
48 Mar
74
612 712
7
74
712 8
712 713 2,900 Mohawk Carpet 54111s_No par
612 Apr 12 1034 Jan 20
207 2114 2012 20 4 203 203
2
3
4
74 DOC
4 204 203
2152 Mar
4 2018 2012 2112 225
8 3,000 Monsanto Chem WksNo par 2018 Apr 11 30 4 Mar 8
,
63
4 73
2
1614 Oct
63
4 714
614
283 Aug
4
712
7
712
63
4 753
73
3 8
55.200 Mont Ward Co III Corp No par
61 s Apr 12 114 Mar 5
*30 __ _ *30 ____ .30
653 Dec
2914 Feb
31
*30
3213 30
30
*2912
100 Morrel (..-.) dc Co
No par 2938 Jan 6 3514 Mar 12
28 Dec
14
-14
*14
3
8
58 FeD
14
14
14
14
14
14
*14
38 2,500 Mother Lode CoalltIon_No par
4 Jan 2
38 Jan 4
3
8
14Sept
12
*3
8
3 Feb
4
12
3
8
3
8
*14
3
8
*14
*14
3
8
500 MotoMeter Clauge.tEu No par
3
8
38 Apr 4
1 Jan 9
13
134 135 1418 134 1414 14
8
53 Dec
412 Mar
14
1334 14
1412 15
3,000 Motor Products Corp_No par 13 Apr 8 2612 Mar 2
34 312
15 Oct
314 314 *3
4753 Apr
4
*314 34
33
8 33
8
333 33
8
400 Motor Wheel
No par
31 1 Apr 11
613 Jan 14
434 5
5 Dee
44 5
1973 Feb
412 5
412 458
412 5
54 512 2,200 Mullins Mfg Co
No par
412 Apr 12 133 Jan 13
8
1414 1414 14
814 Dec
14
3678 Mar
1414 1414 *1414 16
1414 1414 16
16
80
Preferred
No par
14 Apr 7 27 Jan 13
•147 62
3
20 Dec
144 147
7212 Mar
8 144 144 *144 62
*147 62
8
147 144
8
400 Munalugwear Int)
No par
104 .1ari 8 15 Feb 25
512 6
11 Dec
43
4 53
4
3114 Jan
412 5
438 458
44 413
43
8 53 12,200 Murray Body
4
44 Apr 11
No par
973 Mar 2
*12
16
5 Oct
*12
16
183 Mar
*10
4
16
*10
II) •10
16
*10
16
Myers F & E Brow
No par
1553 Mar 31
19 Feb 13
1214 124 12
20 Oct
1253 11
4513 Mar
127
8 1114 12
103 1112 113 1238 17,800 Nash Motors Co
4
8
No par 103 Apr 1.1
4
1912 Jan 14
24 212
15 Dec
23
8 212 *23
4072 Mar
3 23
4
214 23
8 *218 25
8 *218 3
500 National Acme stamped. _ All
218 Jan 4
34 Jan 14
218 Dec
•6
614
614 612
10 4 Mar
3
53
4 53
4 *53
4 714
714
714 ---- ---50 Nat Alr Transport
We par
51e Jan 6
713 Jan 21
4 Sept
13 Mar
Nat Hellos H
No Par
118 Jan 5
14 Mar 17
4 Dec
10 Feb
*14 - -12
2
*14 2 .__-- 212 *1
- -12 *1
2
212 .1.
il.
Preferred_
100
1 Mar 18
5 Feb 17
3 8 Dee
7
32
4 2914 33
333
32 Feb
30
3114 30
313
4 293 3214 3214 3414 35,600 National Blecult new
4
10 291 1 April 4678 Mar 7
853 Dec
8
•117 127 *11714 127 *11714 125 *11714 136 *11714 125 *11714 125
833 Feb
4
7% sum pref
_100 12512 Jan 16 130 Feb 19 11912 Dec 153145127
812 9
87
s 938
813 87
8
8 8 912
5
9
912
94 10
5,900 Nat Cash Register A w !No par
7Ii Jan 5 1438 Mar 7
3934 Feb
718 Dec
225 234 2218 2314 2214 23
8
225 233
8
4 223 243
8
8 244 255 86,200 Nat Dairy Prod
8
No par 21 Jan 5 3138 Mar 8
20 Dec
50 4 Mar
3
*311
3
4
*12
3
4
*12 1
*12
3
4
*12
3
4
*12
3
4
Nat Department Stores No par
5 Apr 5
8
1 Feb 19
12 Dec
712 Feb
*219 44 .212 43
8 *3
43
8 •3
438 *3
438 *3
438
Preferred
100
212 Apr 6
8 Jan 2
44 Dec
60 Jan
173 1818 1712 18
4
1818 1814 183 1812 1814 19
8
r18
193
4 3,000 Nat Distil Prod etts_-_No par
1714 Jan 4 244 Mar 3
3638 Feb
16 Dec
.518 618 *518 53
4
513 54 *5
618 *5
613 *5
100 Nat Roam A Stamping...,,.A00
613
5 Jan 6
8 Joe 21
.75
514 Dee
88
277 Feb
8
*75
82
73
74 .75
90
75
7518 72
72
700 National Lead
100 72 Apr 15 92 Jao 8 s784 Dec 132 Jan
111 111
108 11014 103 1073 103 1031 *100 103
8
101 104
1,330
Preferred A
100 101 Apr 15 125 Mar 11
*95 101
III Dec 143 June
95
95
*91
95
95
95
*85 101
*85
95
120
Preferred 13
(00 95 Apr 11 105 Jan 13 100 1)00 1203 Judy
913 103
8 10
4
93 1013
4
104 1014 10 4
3
97 11
8
114 124 33,600 National Pr & Lt
No par
83 Apr 6 1638 Mar 8
8
4414 Feb
---- ---- ---- ---- ---- ---- --__ ____ ____ __-- ___- ---1014 Dec
National Radiator
No par
Isklay
14 Feb
Preferred
par
No
-II 17 4 -Mkt - .1
1i- -itiR8 -1- 3- -iiiz If - -iaT,
IsSept
234 3M,
64
Ii18 5,200 Nat Steel Corp
No par 164 April 2312 Jan 8
6818 Feb
*514 8
184 Oct
4
54 *5
8
.5
8
5
5
5
5
700 National Supply
50
5 Apr 11
914 Mar 4
*23
5 Dee
22
30
22
7014 Feb
2212 *20
22
30
*20
23
20
20
7()
Preferred
100 20 Apr 15 34 Mar 6
9
918
9
20 Dee 111 Feb
9
84 9181
)
63
4 812
7 4 814
912 1014 3,300 National Surety
50
63 Apr 13 173 Jan 14 210 Dec
4
8
6
6
6
6
53
4 57
3
7638 Mar
3
53
4 54
53
4 53
4
6
6
1,000 National Tea Co
4
No par
53 Apr 12 10 Mar 8
*212 3
614 Dec
347 Mar
8
24 24
24 214, 24 218
13
4 2
•13
4 4
700 Neisner Bee.
No par
13 Mar 22
4
64 Jan 14
3 Dee
23
4 3
2514 Feb
24 3
24 3 I
3181
3
27
8 3
318
312 15,900 Nevada Consul Copper No par
23 Apr 6
4
65 Jan 14
8
414 Dec
143 Feb
4
No par
1012June
20j Mat
Class A
60
41 June
iig 1
5514 Oct
i
5
12
i
5
1
312 - ,555 Newton Steel
5
1
*3i1 4
No par
2 Apr 6
47 Jan 18
2
2)41)00
6
6
24 Feb
6
6
6
6
*512 7
54 512 *54 611 1,200 N Y Alr Brake.
No par
512 Apr 14
8 Feb 28
412 Deo
25 Jan
1012 *6
*6
104 *6
1012
6
II
.5
1012 *5
8
100 New York Dock
100
714 Jan 2
6 Apr 13
714 Dec
*15
20
20
4
45
373 Jan
•15 . 45
*15
45
*15
45
*15
45
100
Preferred
100 20 Apr 9 20 Apr 9
1
20 Sept
114
118
114
80 Jan
118
14
118
1.18
1
1
1 13
114 2,800 NY Investors Inc--.No par
2 Jan 14
1 Apr 7
14 Dec
82 82
82
82
124 Jan
827 824 81
8
81
8013 8012 8112 82
110 N Y Steam IS pref_ ...No per 80 Apr 6 98 Feb 5
804 Dee 1074 Mar
*9614 98
*9514 1024 *9614 1023. *9714 10213 9714 9714 98
98
20
$7 1s1 preferred...__We par 9612 Apr 7 10918 Mar 14
94 Dec 118 Apr
143 15
8
1418 15
14
145
8 137 1414
8
135 134 133 15
8
4
23,700Nomads Mines Ltd
• 123 Jan 4 1778 Mar 16
8
10 Oct
2512 267
8 2418 26
2912M0Y
243 2614 247 26 8 2412 27
4
8
,
263 283 115,800 North Arnerlean Co_ _No par 2418 Apr 8 40 Feb 19
8
8
*38
25 Oct
*3512 39 .36
39
384 3512 36
9014 Feb
3514 3514 374 39
1,000
Preferred
60 3514 Apr 14 4734 Mar 3
2
4012 Dec
218
2
57 Mar
2
2
213
13
4
17
8
13
4 14
13
4 2
6,500 North Amer Avlation_No par
13 Apr 13
4
414 Feb 1
233 Dec
70
70
66
11 API*
68
66 66
*65
73
*65
73
72
74
900 No Amer Edison pref_No par 66 Apr 11 8613 Jon 18
412 412 *37
79 1)00 1074 AL19
8 5
3 8 34 *33
7
4 412
412 412
414 414
400 North German Lloyd
37 Apr 12
8
8 Jan 21
4 Dec
21
21
21
353 Apr
8
21
*21
25
20
21
20
20
*21
25
120 Northwestern Telegraph_ 60 20 A pr 13 28 Jan 29
_ SO)
.I18
21 Doc
13
8 •1 18
13
8
4712MaY
114
114 *110
114 *118
114
118
1 18
200 Norwalk Tire & Rubber_._10
3 Feb 9
4
14 Mar 10
53
4 64
53
2 Nov
13 Jan
4 64
53
3 63
8
538 57
3
512 64
6
6 3 31,000 Ohio 011 Co_ __ .
4
No par
5 Jan 5
Vs Mar 31
34 Dee
1913 Jon
3
4
3
3
4
4
3
4
*3
4
7
8
3
8
3
8
5
8
38
*5
8
7
8 1,500 Oliver Farm Equip new No par
se Apr 13
2 Jan 15
5 8 Feb
037
3
458
8 44
5 Dec
3
37
8 *4
8 37
4
4
*4
45
8 .4
458
300
Preferred A
No par
3 Jan 5
612 Jan 15
218 Dec
26 Jan
.27
8 27
8 3
24 27
27
3
8
23
4 24
212 23
4 *25
8 3
700 Omnibus Corp
No par
112 Jan 4
4 4 Mar 8
3
153 Oct
612 Mar
514 514 *518 7
•514 7
*53
8 7
*534
7
*5
7
200 Opponbeim Coll & Co_ No par
5 Mar 29
94 Jan 21
84 Dec
2818 Feb
*64 8
*614 8
*614 ____
*63 12
8
.7
9
*7
12
Orpheum Circuit Ins pre( 100
6 Jan 4 1414 Jan 13
72 Mar
438 Deo
3 1218 1212 1118 1214 1113 1214 1114 124
1212 133
123 1314 13,200 Otie Elevator
8
No par
11 Apr 8 224 Jan 8
144 Dec
97
*91
•____ 98
684 11311
*92
*8612 95
95
92
95
*94
97
50
Preferred_
100 92 Apr 14 1145 Jan 15
97 Dec 12912 Mar
214 214 *218 214
214 214
218 218
218 1,400 0110 Steel ._
2
214 214
No par
2 Apr 15
414 Jan 7
34 Dec
1633 Fell
*___
7 8 *_
7
712 *---712 *1
77 *---3
312 5
74
50
Prior preferred ..._ .
preferred......
100
312 Apr 15 14 Jan 16
8 Dee
6913 Feb
2012 205
20
8 20
2012 20
8 2014 207
193 197
3
8 19 4 20
3
7,700 Owens-Mined Olves
193 Apr 14 27 Feb 19
8
20 Dec
31134 Jan
2512 2678 247 2612 2512 2638 26
8
2653 257 28
8
2818 20
13,100 Pacific Gan & Electrle
25 244 Apr 8 37 Feb 13
295 Oct
8
547 Mar
8
3218 335
4 29
283 3112 2914 293
4
4
8 313 32
304 30
323 11,300 Pactf(e Ltg Corp
4
No par 284 Apr 12 4134 Mar 7
713
*5
7
7
*7
712
35 Oct
5912 Mar
7
7
6
6
.5
6
50 Pacific Mills
100
6 Apr 8 1014 Jan 11
734 Dec
3414 Mar
8412 85
83 8312 8218 83
84
854 84
84
1,600 Pacific Telep dc 'Pelee__ _Id) 8218 Apr 14 1043 Mar
8212 84
4
5 8934 Dec 13134 Mar
24 23
23
214
3
218 23
8
218 214
8
24 23
3
214 212 40.700 Packard Motor Car___ _No par
2 Apr 8
514 Jan 11
34 Dec
1172 Feb
•155 30
*155 22
22
*16
8
8
.155 22
*155 22
8
8
*155 22
8
Pan-Amer Petr & Trans_50 1718 Mar 18 1718 Mar 18
20 Oct
3513 Jan
2234 23
2212 225
2112 2212 .155 22
8
22
8 22
*154 22
2,700
Clam B.
50 16 Feb 6 23 Apr 8
18 Dec
364 Jan
*3
312
3
314
3
*2
3
*2
3
3
*2
1.901 Park-Tilford Ina
3
No par
3 Feb 10
412 Jan 13
3 Sept
*53
II Mar
1
*4 1
*5
8 1
4 4
12 4,300 Parmelee Transportam No par
12
12
12
12 Apr 7
2 Jan 8
1 Dec
44 Jan
7
*3
4 1
3
4
*34
7
*3
8
3
4
*3
1
100 Panhandle Prod & Iter_No Par
4
8
*3
4
7
8
1
12 Jan 23
14 Jan 15
5 Dec
8
414 Feb
,5
45
37
512
43
8 5
8 412
4
8
3 8 47
8
,
412 514 67,285 Paramount Publix,_
No par
34 Apr 12
1111 Jan 14
513 Dec
5014 Feb
5/1
3
4
3
4
7
54 1.300 Park Utah C M
*3
3
3
3
4
34
4
4
3
4
31
3
4
1
5 Apr 14
8
Ill Jan 4
's Sept
24 Mar
12
12
12
12
12
38
12
3
12
8
3
8
3
8
12 1.500 Pathe Exchange
No par
se .1,111 2
1 Fab 17
14 Dec
278 Feb
212 212
212 212
23
212 212 1,600
8 258 *212 23s
212 314
MAW A
No par
13 Jan 11
4
6 4 Feb 17
3
14 Dec
8',, July
4
4
4
4
33
4 33
4 *331 44 *33
44 418 1,300 Patin'. Mines & F,nterpr___20
4 418
33 Apr 8
4
9 Feb 13
4125ept
1612 Feb
414 43
4
418 418 3,000 Peerless Motor Car
33
44 44 *44 413
4 4
414 412
60
212 Mar 2
43 Apr 12
4
2 Oct
44 Feb
23
22
2112 2218 214 22
215 22
-22
8
23
2314 2,600 Penick & Ford
No par 21 Apr 8 324 Mar 8
22 Oct
4612 Feb
2812 29
4
273 287
2812 275 28
8 277 2812 28
8
2318 287
8
8 8.400 Penney (J C).
No oar 2614 Jan 5 341 Mar 8
2634 Dec
4414 Aug
*8312 8512 8312 8313 *81
*82
87
87
8712 •85
.85
87
Preferred
100
100 80 Feb 3 91 Mar 5
7934 Dec 1004 Sept
ski 5
4
12
3
4
3
4
3
4
3
3
4
600 Penn-Dixle Cemeot __No par
3
4
3
4
*12
12 Apr 11
1
14 Jan 2
4 Dec
611 Feb
*514 8
5
53
4 *5
8
*5
Preferred
*5
8
*5
8
8
500
100
3 4 Feb 13
3
6 Mar 22
24 Dee
29 Jan
•1613 20 .1613 20
*1612 20
*1612 20
Peoples Drat Store._ No par
*1612 20
*1612 20
15 Dec
354 Mar
.823 89
8
*824 93
*8.5
*6513 93
88
SS
93
*6512 93
10
e38% cony preferred...Ad) 75 Jan 7 95 Feb 25
78 Dec 10414
624 66
6012 63
623
60
4 514 61
501, 6312 61
693 39,603 People',0 L & 0(Chic)._ _100 5014 Apr 14 121 Jan 15 107 Dee 250 Aug
4
Feb
1012 101
1012 101 *1012 11
*1012 11
*1012 11
*1012 11
200 Pet Milk
No par
1012 Apr 9 124 Jan 7
9 1)ec
1711 Jan
312 33
8
33
8 353
314 33
10,400 Petroleum Corp of Am_No par
3
318 354
34
3 Jan 4
314
31s 313
473 Jan 7
27 Dec
8
1072 Feb
412 47
413 43
412 43
453 45
54 512 6,600 Phelpe-Dodge Corp
4
412 412
8
25
4 Apr 5
813 Jan 11
572 Dec
255 Feb
8
_ Philadelphia Co (Pittab)__ _6
ISO May 155 June
-1-ill 16- -Hi -iii; -5ii2 21- 3312 -3
2
-312 -32- 12 4 -iitir2 - -tili _ 1
3
50 30 Apr 8 41 Mar 10
8% preferred
30 Dec
664Mar
23
8 23
4
212 234
23
8 25
8
7,400 Philla & Read C dt L ___No var
24 223
23
4 314
24 313
24 Apr 8
512 Feb 20
23 Dec
4
1214 Mar
*73
4 9
*8
9
8
*73
4 9
100 Philllp Morris & Co Ltd_ _ _ 10
8
.
*814 9
*814 9
8 Apr 7 10 Mar 8
8 Doe
124 Aug
.6
8
*6
612
412 43
4 *5
*5
8
*5
8
8
200 Phillips Jones Corp_ ___No par
413 Apr 12
94 Jan 5
2
912 Dec
147 Nov
*21
50
20
21
.1713 20
1713 1713 *15
1714 *15
10 Phlillps Jonas prof
100 1712 Apr 13 32 Feb 10
1714
62 Jan
86 Dec
414 412
414 44
412 28,000 PhIllire Petroleum_ _No par
37
414
8 418
378 414
34 418
37 Apr 12
8
612 Mar 8
4 Dec
•__ ,.
1652 Jan
6 •__ _
6 4.__
8 *__ _
312 .1
6 .____
noon,' Tioniery
11
6
312 Mar 23
312 Mar 23
1014 Apr
312 Dec
*13 5
5
'''
*5.
12 5
3;i3
5
Pleree-Arrow Clan A___NO par
5
*3
*3
5
3 Apr 7
2714 Fell
54 Oct
9 Jan 13
"
04
3
5
11
14
*14
3
28
*14
3
8
300 Plerce Oil Corp
34
*14
14
14
14 Jan 2
14 Dec
4 Jan 8
1 13 rob
.418 534 *413 514 *14 5 8 .418
418 413
412 413
o
Preferred
200
74 max 8
312 Jan 5
100
4
233 Feb
34 Dee
5
4
3
4
*31
7
8
54
3a
*3
8
53
3
4
3
4
No p-ar
*hi
54 1,300 Pierce Petroleum
38 Feb
8
4 flap
r's Jan 2
1 18 Jan 7
1613 1613 1612 17
167g 167
8 1612 1612 1012 1612 *1612 1712 1,100 Pillsbury Flour 34111.1....No par 16 Mar 29 224 Jan
37 Mar
194 Dar
9
-1-64 -iais
•Bid and asked prime; no sales on tills GAY
,
b Ex-dividend and ex-r ghts
s Ex-dividend. 2 Ex-r147
114.
New York Stock Record-Continued-Page 7
2871
r•Yr
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING'
--PER SHARE
PER SHARE
STOCKS
T
Sales
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Range for Year 1932
Range for Previous
NEW YORK STOCK
for
Year 1931
-share tote
On basis of 100
EXCHANGE
Saturday
the
Monday
Tuesday
Wednesday
Thursday
Friday
Highest
Lowest
Lowest
Highest
Apr. 11.
Apr. 12.
Week.
Apr. 9.
Apr. 13.
Apr. 14.
Apr. 15.
,
$ per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par 3 per share $ pa share $ per ekare 3 per share
4 Dec
2812 Jan
100
4 Apr 8
712 Jan 14
434 *37
8 5
8 414 *37
200 Pittsburgh Coal of Pa
2 412 *37
5
*37
Preferred
100 27 Apr 12 40 Jan 28
29% *27
29
27 27
300
273 Dec
4
80 Jan
*27
27
27
*27
29
*27
29
1514 Feb
2 Apr 12
4 Feb 16
3 Dec
312 *2
312 *212 312
500 PROD Screw & Bolt___No par
*3
312
3
3
2
2
'2
217 Dec
2
87 Jan
10 Pitts Steel 7% cum prof_ _100 20 Apr 14 24 Jan 18
*____ 22 *--__ 22 *____ 22 *____ 22
20
20 *__ __ 21
25
1 Jan 4
212Mar 8
1 Dec
15 Feb
100 Pittsburgh United
15
138 *114
134 *114
2
*114 212 *114 312 *114 3
Preferred
100 2112 Apr 14 40 Jan 21
991 Feb
2
40
40 Dec
*2212 26
*2212 26
*2212 25
2212 2212 2112 2112 *1912 2112
*4 3
/
1
*12 3
*12 3
*12 3
Pittston Co
1814 Jan
*12 3
No par
5 8 Dec
3
*12 3
17 Apr 9
g
43 Jan 14
4
No par
131 Jan
3 Oct
1,900 Poor & Co class B
2
2
17
17
2
2
2
2
2
2
2
2
2 Apr 13
514 Jan 15
27 Feb
2 Sept
214 214 *23
238
214 214
*214 24 3,900 Porto Rican-Am Tob cl A__104)
2
21
/
4
2
2
Class B
No par
3 Apr 4
4
11 Jan 14
/
4
%Sept
8 Feb
200
%
%
*3
4
%
%
7
8
7
8
*3
4
*%
7
8
"4
3
%
43
312 Apr 11
9 Jan 14
4 Dec
3912 Jan
300 Postal Tel & Cable 7% pref 100
414
*33
4 44
312 312 *314 414 *314 414 *33
4 414
n.
41 Apr 14
/
4
718 Mar 8
410 Dec
20% Feb
800 Prairie 011 & Gas
*44 512
/
1
414 412
414 44
47
8 47
414 414
44 418
/
1
57 Dec
25
53 Apr 12
4
9 4 Mar 8
3
57
2612 Feb
63
8 612
61 6%
/
4
718 8,900 Prairie Pipe Line
53
4 6%
7
618
5% 614
114 Apr 7
No par
2% Jan 14
114 Dec
718 Fob
12
13
8 1,090 Pressed Steel Car
*114
112
114 I%
114
13
114 *114
8
114
138
35 Apr 9 11 Jan 14
Preferred
100
512 Dec
475 Feb
300
/
1
6
4
4
4 "312 44 *312 5
3% 38 '4
*312 43
No par 2512 Apr 11 425k Jan 14
382 Dec
71% Mar
g 264 2714 2718 28% 273 29
2614 267
2712 2812 2812 298 19,100 Procter & Gamble
4
13 Mar 9
2
3 Apr 6
4
1 Dec
8 Feb
*34
1
100 Producers & Refiners Corp_ _50
7
8
3
4
3
4
*3
4
*3
4
%
*3
4
7
8
*3
4
7
8
318 Jan 8
93 Mar 30
4
50
3 Deo
Preferred
16 Feb
40
4 8
*53
'8
93
4
8
8
4 8
*8
8
/
1
4
8
8
*53
491 Dec
/
4
9612 Mar
50.300 Pub Ser Corp of N J___NO par 3814 Apr 11 60 Mar 7
4118 4212 3814 41
46
3918 41381 397 4112 3912 428 43
8
78 Dec 10212MaY
No par 7214 Apr 11 87 Mar 7
300
35 preferred
78
*7214 77
7214 7214 74
*77
74
*73
/ 75
1
4
76
78
02 Dec 12014 Aug
3
100 9238 Apr 12 10 8 Mar 11
6% Preferred
500
.93
96
93 93
9238 9314 *
96 "-,,-, 23
*86
33
100 108 Feb 10 114 Mar 10 11212 Oct 1325 Aug
7% preferred
*____ 110 *____ 10712 *944 1073 *95 107% *95 1068 *98 10638
/
1
100 11012 Apr 14 130% Mar 5 118 Dec 16012 Aug
8% preferred
200
*115 12412 *115 121 *115 120 *115 118
11012 115 *11012 120
87% Dec 10714 Aug
Pub Ser El & Gas pf 55_No par 86 Jan 5 96 Mar 9
03
*87
*87
945 *873 90
8
*88
90
4
90
*873 90
*88
4
1514 Dec
5812 Feb
Pullman Inc
No par 148 Apr 14 25 Jan 14
14 16
1612 12,300
1514 168 15
15
16
14% 1538 14% 1538 ln
/ Feb 17
1
4
14 Aug
38 Jan 2
2 Jan
SO
14
300 Punta Alegre Sugar
"
18
14
*18
*%
14
ls
14
14
18
18
18
314 Dec
5 Jan 15
/
1
4
8
117 Jan
25
3 Apr 12
14
32
8 3
/
1
4
33
8 312
314 3
378 44 10.900 Pure Oil (The)
/
1
4
33
8 3
/
1
4
312 334
/
1
5312 Dec 10172 Jan
/
4
100 50 Jan 5 601 Jan 14
100
8% preferred
56
57
*55
*56
57
58
56
*56
57
57
56
56
103 Dec
4
5514 Mar
No par
64 Apr 14 1578 Mar 7
7% 8
67
63
73
8 814 11,600 Purity Bakeries
6% 712
4 73
8
68 738
738
5 Dec
/
1
4
27 Feb
/
1
4
5 Apr 8 1038 Feb 19
1Vo par
6
5
/
1
4
53
2 57 44,900 Radio Corp of Amer
51* 5
618 512
5
/
1
4
538
5
5
/
1
4
5518 Mar
8
20 Dec
50 20 Apr 12 327 Jan 12
Preferred
600
*2014 24
22
*2014 24
22
20
21
"20
2012 20
20
8
9 Dec
/
1
4
60 Mar
8
73 Apr 13 187 Jan 14
Preferred B
No par
8
9
83
4 912 5,500
8
83
4
83
8
814
8
73
4 814
738
2 4 Dec
3
4 Dec
7 Jan 14
234 Jan 4
No pox
3
314
3
/ 3
1
4
/
1
4
318 3
/
1
4
312 4
3
31
/
4
3
318
3,800 Radio-Keltb-Orph
812 Dec
2912 Mar
514 Apr 14 1138 Feb 15
3,300 Raybestos Manhattan_No par
5
/ 6
1
4
8
8
78 7 4
3
3
514 6
7
712
612 612
17 Dec
8
307 Feb
5 Mar 12
/
1
4
10
214 Jan 4
312 1.100 Real Silk HoslerY
234 23
4
23
4
212 23
212 212
4
212 212 *212 24
90 Feb
5 Dec
100 10 Mar 9 16 Mar 14
Preferred
*718 91 t *74 914 *614 914 *614 914 *614 914 '614 914
2
17 Jan
18 Apr 12
12 Jan 12
/ Dec
1
4
No par
100 Reis (Robt) & Co
14
*1
/
4
14
*1
/
4
3
8
*18
*18
14
3
8
18
/
1
4
*1
/
4
13 Apr
6 Feb 4
6 Sept
4
100
13 Apr 15
390
1st preferred
1% 2
2
2
*2
414
2
414
2
*2
414 .
12
33 Jan 14
8
193 Feb
4
17 Dec
2 Jan 5
No par
214 214 5,200 Remington-Rand
2
2
24
2
2
218
218 238
24 214
/
1
88 Jan
6 Dec
/
1
4
/
1
4
100
8 Apr 7 13 Mar 24
1st preferred
4
4 "65
•638 93
8 93
4 "65
8 8
'65
8 93
4 '638 93
4 *68 93
98 Jan
10 Dec
100 11 Jan 22 12 Jan 21
26 preferred
30
1214 "9
1214
"9
1214 '9
1114 1114 1114 *9
1214 *9
33 Jan 8
1018 Feb
2% Dec
10
112 Apr 4
8 1,500 Reo Motor Car
14 17
8
•13
8 178
14 17
13
8 13
4
*13
4 18
13
4 17
4 Dec
/
1
4
6 Jan 14
/
1
4
25% Feb
3 Apr 8
3
/ 314
1
4
314 37
8 5,000 Republic Steel Corp___No par
3
/
1
4
314 312
314 314
3
33
8 3
/
1
4
54 Feb
818 Dec
8
8 Apr 8 153 Mar 5
100
8% cony preferred
9
1,400
9
9 ff, 914
9
*9
10
9
*83
4 9
9
9
13 Jan
312 Dec
/
1
4
218 Apr 8
3 Jan 29
Revere Copper & Brass_No par
312 "2
312
*2
4
*2
4
,02
4
*2
312 *2
00 Jan
6 Jan 30
6 Dec
6 Jan 5
No par
Class A
*112 7
*112 7
;
*112 7
*112 7
"11 7
/
4
•112 7
3
7 Sept22 8 Mar
612 Apr 12 10 Mar 3
634 63
4 2,400 Reynolds Metal Co_ _No Par
612 &7a
67
7
63
612 612
4 64
612 7
14
212 Oct18 Mar
3 Feb 23
538 Jan 14
Reynolds Spring now__No par
.12 33
312
312 .2 s• 312 *2
312 *2
4 *2
312 "2
5412June
3212 Dec
314 Apr 14 4014 Jan 14
Reynolds(R J) Tob class ILI
4
33
3334 3218 3328 32
3238 313 3212 3218 3312 49.900
323
4 32
89 June
7512 Feb
3
10 64 4 Mar 24 69 Jan 2
Class A
250
8
*653 66
4
654 654 655 6538 6512 658 6512 6512 13512 6512
68 Jan
/ 2,925 Richfield Oil of Calif __No par
1
4
12 Jan 4
3 Jan 11
4
/8 Dec
*1
/
4
/
1
4
*12
13
5
8
12
12
12
12
/
1
4
12
212 Mar 18
114 Nov1014 Feb
2 Jan 2
..No par
218 218 5,400 Rlo Grande 011
/
4
218 21
2% 2
/
1
4
2
2/
1
4
24 218
/
1
2
/ 218
1
4
41% Mar
8 Jan 9
53 Dee
4
6 Mar 26
No par
77
100 Ritter Dental Mfg
8
84 "6
*6
618 618 "6
712 "6
7
/ *6
1
4
612 Jan 14
314 Dec
26 Feb
3 Apr 11
10
/
1
4
318 318
3
/
1
4
31 314
/
4
314 3
318 318
3
313 312 1,400 Roasts Insurance Co
421* Feb
13 Dec
8
8
4 165 174 8,500 Royal Dutch Co (N Y shares) 133 Jun 4 23 Mar 4
1618 165
153 16
8
1531 1614
1614 164 158 163
3
30 8 Feb
518 Apr 11 10 Feb 15
12
7 Dec
10
12
4 53i 4.500 St Joseph Lead
538
512
53
5% 513
51*
5%
512 5
5
14 6
38% Jan
8912 Aug
No par 39 Jan 2 5914 Mar 5
4618 4538 477 15,100 Safeway Stores
4312 4412 43
4438 457
4212 4514 434 45
98413e01
/
1
100 72 Jan 6 84 Mar 8
63 Dec
/
1
4
50
6% preferred
75
75
75
75
8112 78
79
"78
78
•70
75
*73
71 Dec 10812 Aug
100 75 Jan 4 94 Jan 15
85
470
7% preferred
85
85
837 844 84
8
8414 85
/ 844 85
1
4
87 87
2014 Feb
4
738 Feb 1
23 Apr 12
338 Dec
3
/ 4
1
4
700 Savage Arms Corp____No par
3
3
3
27
8 28
3
23
234 *23
4 3
1118 Mar
13 Apr 11
4
4 Jan 13
3 Dee
4 1% 2,100 Schulte Retail Stores_Ne par
13
4
13
4
13
13
4 2
2
2
13
4 2
*13
4 2
65 Mar
30 Dec
100 10 Apr 12 30 Jan 5
Preferred
190
14
*1014 1212 '1014 1212 1014 1014
14
14
1412 10
10
201 Apr
4
97 Mar 8
73
5 Oct
/
1
4
638 Apr 12
63
4 72
77 15,300 Seaboard 011 Co of Del_No par
8
738 8
638 714
/
1
74 713
63
4 74
11 Feb
214 Dec
1 Apr 12
2 4 Jan 21
3
No par
700 Seagrave Corp
'11 112 *118
/
4
112
•____
2
1
1
"1
2
1
1
6314 Feb
30 Dec
/
1
4
/
4
4
2114 23
20
211 2032 2138 20% 227
/
4
8 19 2 1 2131 211 223 83,300 Bears, Roebuck & Co No par 19% Apr 14 373 Jan 18
3 .
613 Feb
14 Dec
1
7 Apr 11
8
11 Jan 12
8
/ I
1
4
*
/
8
/
1
4
*
/ 1
1
4
100 Second Nat Investors
*3
4 11
*3
4 111
*34
1
5818 Feb
27 Dec
1 2714 Apr 11 32 Jan 2
Preferred
32 ,
100
8
'2712 35
2714 2714 *27
30
*2714 3018 '273 3018 '27
14Sept
13 Feb
4
14 Jan 12
/ Jan 4
1
4
No par
14
/
1
4
14
*14
33 1,500 Seneca Copper
3
h 14
,
*14
/
1
4
14
14
*14
51 Jan 13
3 Dec
12
112 AP*
4
No par
212 Apr 6
8 7,800 Serval Inc
278 3
252 27
234 3
4
212 23
4 , 212 238
238 23
2913 Feb
814 Dec
95
7 Feb 11 1234 Mar 8
/
1
4
No par
4,300 Shattuck (F GI)
812
914
8
9
9
818 813
812
8
814 812
137 Feb
8
212 Dec
3 Apr 8
*3
No par
5 Jan 14
31 *3
200 Sharon Steel Hoop
314 314 *3
314
338
338
312 *3
31
21 Mar
312 Oct
2 Apr 11
5% Jan 13
No par
2,100 Sharp & Dohme
*218 3
212 213
2
2
2
214
2
2
2
2
8112 Mar
28 Dec
No par 20 Apr 5 3014 Jan 18
100
Preferred
22
*1512 22
20
*1412 22 '15
20
*1512 22
*1614 22
1014 Jan
4,8 Mar 9
2 Dec
/
1
4
8
No par
25 Mar 2
5,900 Shell Union 011
27
8 3
23
8 278
2
/ 23
1
4
8
23
4 27
8
21
27
23
4 27
78 Feb
15 Dec
100 19 Jan 2 31 Mar 7
Preferred
2,500
25
25
21
21
21
2114 2118 2114 2312 2312 23
24
3 Jan 14
4
/ Dec
1
4
9 4 Mar
/
Shubert Theatre Corp-NO Par
4 Jan 4
*14
1
*14
12
*14
1
*14
38
*14
3
8
*14
3
2
4
233 Feb
67 Dec
8
414 Apr 13 104 Mar 5
/
1
No par
57
518 512 7,800 Simmons Co
612
4
/ 5%
1
4
5% 53
414
434
4
434 514
11 Fet
312 Dec
6 Feb 19
10
314 Apr 8
52,400 Shams Petroleum
414
4
4
378 3% "33
4 4
414
4
4
312 4
g
157 Feb
44 Dec
/
1
7 Jan 7
/
1
4
414 Jan 4
Sinclair Cons 011 Corp_No par
64 Dec 103 Mar
100 79 Feb 6 98 Mar 24
Preferred
8
127 Jan
2 Dec
412 Mar 8
33
33
25
2 Feb 3
12
33
33
314
900 Skelly 011 Co
8 *318
4
314 33
8 *318 33
3,
31
8
82 Jan
10 May
100 12 Jan 4 19 Mar 12
Preferred
400
25
16
16
1614 164 *16
*1512 20 '16
2.5
16
16
4+4 Feb
l4Bept
*14
3
8
% Mar 5
1 Jan 11
4,14
2
8
No par
14
14
14
200 Snider Packing
14
*1g
3
8
*la
%
2 Oct1538 Feb
414 Jan 11
11 Mar 8
/
4
112
Preferred
No par
*38
•8
3
112
*5
8
112
*3
8
112
*58
112 .
3
8 112
21 Aug
83 Dec
8
25
83 Mar 31 10 4 Feb 16
2
3
70,300 •Socony-Vacuum Corp
8 8 87
5
8
812 87
83* 83
812 9
4
83* 8
5
83
, 838
95 Mar
1.0 Dec
*46
4618 46
46
*46
600 Solvay Am by Trust pref-100 4012 Jan 4 63 Jan 19
55
*46
4818 '4612 48
34514 4514
1712 Jan
638 De
83 Jan 14
2
4 Apr 12
/
1
4
51
5
5
47
8 4%
7,600 So Porto Rico Sugar___No pa
412 47
538
55
438
48 47
87 Oct11212JulY
100 88 Jan 8 93 Jan 5
*90
95
Preferred
90
90
130
89
90
90
90
90
90
89
89
5412 Feb
Oct
283
8
4
2314 243
2312 247
24
2412 2414 25
25 2314 Apr 8 323 Feb 19
24
2518 24% 2612 13,900 Southern Calif Edison
5 Ma
2125e0
3 Feb 26
2 Jan 14
/
1
4
*218 5
*214 5
Southern Dairies cl 13-No par
*21 5
/
4
*218 5
'218 212 *24 5
/
1
36 Jan
8 Dec
9 Feb 3 12 Jan 12
No par
'9
1012 '9
1012 *9
10
912 912 *814 912 *814 1013
100 Spalding Bros
94 Dec 11512Ma7
100 55 Apr 7 95 Jan 9
58
58
*55
58
*55
1st preferred
58
*55
5612 *55
66 '55
66
20
12
9 4 Dec27 Feb
3
934 Mar 3
834 Mar 7
SpangChaltant&CoIno_No par
*33
4 9
*33
4 9
*33 11
4
*33 11
4
*33 11
4
*33 11
4
4812 Oct9212 Jan
/
1
•____ 40 •__ - _ 40 •____ 40 •____ 40 •__ 38 *__-_ 38
100 40 Mar 9 484 Jan 2
Preferred
13% Mar
2 Dec
312 Jan 14
/
1
112 1%
112 113 2,800 Sparks Withington.._No par
11 112 •112 14
/
4
112 Apr 2
112 18*
112 112
9 Sept1612Mat
9 Apr 7 10 Jan 18
*9
912
9
9
9
9
9
9
9
9
9
9
7,900 Spencer Kellogg & Sons No par
%
6 Sept17 Fe
638 Feb 19
53 Apr 15
4
6
6
6
6
6
6
0
6
6
6
No par
53
4 514 3.000 Spicer Mfg Co
1114 Dec3312 Fe
13 Apr 7 15 Mar 22
•13
161 •13
/
4
1618 13
13 '13
1618 '13
13
13
16
Preferred A
No par
200
171 Mar
/
4
3 Dec
33 Jan 14
8
*112 214 *112 33
13 Apr 15
4
-May-Stern Co_No par
100 Spiegel
4 *14 214
13
4
*13
4 33 '
13
4 27g
13
4
4
2012 Fe
1012 DeC
97 1018
14 Mar 5
93 10
4
914 1014
93 1012 10
4
93 Apr 11
4
97 1018
3
107 58,300 Standard Brands
8
No par
4
Jan 22 1143 Dec 124 July
*11314 117 *1134 117 *11314 117
114 115 *11314 117 *11314 117
300
No par 114 Apr 13 11918
Preferred
4 Fe
13 Dec
4
17 Apr 9
2
*178 2
2 Jan 4
17g
17
8
2
2
"178 2
*17
8 2
*17
600 Stand Comm Tobacco_Ns par
883* Ma
254 Dec
/
1
145s 1614 15
4
1512 17
1612 1512 1612 1518 1714 1 114 183 30,500 Standard Gall& El CO No Par
1412 Apr 8 3414 Mar 8
847 Mar
8
297 Dec
8
20
223
4 2232 2612 4,700
2 2012 2134 2012 22
2114 21% 2012 213
Preferred
No par 20 Apr 14 41% Jan Is.
40 Dec 101 Mar
'39
43
41
"40
50
300
'39
443 *39
4
38 cum prior pref
No par 38 Apr 8 6112 Jan 11
4038 4038 41
4
55 Dec 1091 Mar
443
4
4314 4412 47
4112 - - 42
"41
4712 "41
45
700
$7 cum prior pref
75 Jan 15
48
*41
No par 40 Apr 8
414 Feb
% Dec
Stand Investing Corp-No par
7 Jan 13
8
8
%
"8
3
5
8
%Mar 26
53
8
12
53
8
%
*3
*3
2
3
8
*3
8
%
8718 Dec 106 Sept
4
300 Standard 011 Export pref-100 844 Apr 12 911 Jan 9
4
2
/
4
4
/
1
864 863 *8413 8634 8412 8412 8412 8412 *8314 883 *833 863
MA Feb
2318 Dec
s
163 1834 183 19341 84,500 Standard Oil of Calif _No par 164 Apr 14 2714518r 9
4
4
1744 18
20% 2112 187 2012 173 19
19 Jan
75 Dec
7
'714
738 1.300 Standard 011 of Kanass____25
*7
812
7
7
7
7
7
7 14
7
7 Apr 7 123 Jan 21
2
52 Feb
/
1
4
2138 24
227g 2434 261,700 Standard 01101 New Jersey-25 2138 Apr 14 3112 Mar 9
26 Dec
2 2314 253
4 213 24
4
2512 263
2618 27
26 Feb
Standard Oil of New York25
187 0
130 e
344 Feb
/
1
612
612 *4
Starrett Co (The) L El__No par
6 1)60
812 *4
612 *4
4 Apr 5
/
1
738 Jan 22
*4
612 *44 612 *4
57 Feb
12 Dec
I. Apr 5
12
/
1
4
12
12
*12
3
4
12
12
*12
3
4
*313
3
4 2,800 Sterling Securities 01 A_No par
138 Jan 9
93 Feb
4
*112 2
300
Preferred
112 113
112 112 *113 2
No Dar
113 Apr 6
112 112
Ps Dec
3 Mar 5
4
•112 13
1818 Dec
40 Mar
19
1812 1918 1834 19
3,300
Convertible
- _50 1812 Apr 14 2312 Jan 2
107 161 1938 1978 19
8
/
4
1912 19
273 314 7,000 Stewart
-Warner Speed Corpp 10
Preferred-23 Apr 13
2
23
2 228
28 23
4
63 Jan 14
2
23, 23
4
4 48 13
1 81.
28 3
2171 Mar
314
3
5412 Mar
71
8 9.700 Stone & Webster
No par
814 914
83
4 97
714 Apr 7 1532 Mar 10
8
83
8 9
97 Dec
83
814 83
4
8%
8
57
26 Mar
62* 63
5,600 Studebaker Corp (The) No par
512 Apr 2 1314 Jan 14
63*
9 Oct
57
8 614
5 8 618
7
57
8 614
(318 614
Preferred
92
110
100 92 Apr 13 1047 Mar 31
92
92 '851 92 '65
8
75 Dec 11814 APT
92
*7018 95
*71
95
95
273 2912 9,300 Sun 011
8
No par 244 Apr 13 32 Mar 1
4514 Feb
2
4
4
261 Oct
243 2752 253 28
*28
2918 273 28
4
30
*28
Preferred
100 70 Apr 14 87 Mar 16
70
72 '70
73 4
3
75 Dec 10412 Feb
7012 •72
733
4 70
*7112 74
7112 7112 70
11
912 Apr 6 1312 Jan 18
3
"10
700 Superheater Co (The)__No par
40 8 Feb
93 10
4
11 Dec
10
1014 *93 10
4
4
1038 *93 10
*10
No par
100 Superior Oil
14 Jan 5
3 Jan 18
2
138 Feb
3
8
3
8
•14
*14
3
8
514
*14
3
8
*14
3
8
14 Dec
14
14
Superior Steel
27 Dec
100
3 Apr 6
*23
4 4
7 Feb 13
187 Mar
8
/
1
4
*23
4 4
4 4
*23
4 4
*23
*23
4 4
*318 5
Sweets Co of America
50
9 Apr 7 11 Jan 4
15% Aug
1012 Dec
*812 938 *812 924 *812 912 '812 912
*813 II
*83 10
4
Symington
No par
le Mar 31
% Jan 21
*14
12
21 Feb
/
4
12
*14
12
/ Dec
1
4
*14
*14
13
*24
12
12
*14
7
8
*3
4
7
8
*3
4
Class A
7
8
200
No par
3 Apr 8
4
2 Jan 19
7
8
612 Jan
1 Oct
1
1
*7
8 1
*4 1
/
1
91 Apr 13 133 Mar 23
/
4
No par
2112 Mar
4
X10
1012 1,600 TelautOgra103 COIP
1118 Dec
918 10
93 10
4
912 10
4
4 93
93
*1014 12
118 Apr 14
23 Jan 18
2
No par
912 Jan
2 Dec
118 "114
118
113 1,000 Tennessee Corp
114
114
114
114 114 *118
15*
114
91 Dec
357 Jan
25 10 Feb 9 137 Jan 14
11
113 48.300 Texas Corporation
4
103 11
8
4 105* 11
4 1014 105* 104 103
103* 103
/ 103 27,600 Texas Gulf Sulphur.. __Ns par
1
4
4
17
/ 17
1
4
4 16
16 Apr 14 2634 Feb 17
55% Feb
1918 Dec
/
4
161 168
8 1618 167
174 1614 173
17
11 Deci
3,000 Texas Pacific Coal &011
10
112 Apr 12
64 Jan
/
1
25* Jan 15
112 112 *112 134 •112 2
4
112 13
2
2
14 I%
r
--
Ex-rlghts
•Bid and asked urines no isles on thts day. sr Ex-dividend. y
__
1
2872
New York Stock Record-concluded--Page 8
tar FOR SALES DURING THE WEEK OF
STOCKS NOT RECORDED IN THIS LIST, SEE
EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
Sales
IPER SHARE
riTOCKS
Range for Year 1932
NEW YORK STOCK
Range for Prestos*
for
Saturday
Monday
Tuesday
On basis of 100-share lots
Wednesday
Thursday
Friday
the
EXCHANGE
Year 1931
Apr. 9.
Apr. 11.
Apr. 12.
Apr. 13.
Apr. 14.
Apr. 15.
Week.
Lowest
Highest
Lowest
IMAM
share $ per share $ per share s per share $ per share Shares Indus.
3 Per share $ Per
&(Sitwell.(Cond.)
418
438
4
4 14
37
338 4
8 44
358 378
378 418 9,000 Texas Pacific Land Trust_ _ Par $ Per share $ per share $ per share 3 prr share
_ _1
*214 4
358 Apr 13
*214 4
*238 3
612 Mar 8
214 23
8 0214 3
414 Dec
173 Feb
8
*214 3
1,000 Thatcher Mfg
No par
2 Apr 5
*2414 29
2414 2414 2414 2414 2318 2318 23
412 Jan 16
372 Dec
234 .2218 26
22 Feb
Preferred
500
No par 23 Apr 14 29 Jan 21
*____
6
57
8 6
57
8 64
6
6
244 Dec
57
8 6
41 Mar
.53 12
4
2,700 The Fair
No par
44 Apr 5
14
15
8
13
8 112
1
7 Jan 12
114 *114
1 12 *110 112 *114
538 Dixi
23 Jan
90 Therrnoid Co
112
No par
1 Apr 12
12
12
12
*1112 12
12
3 Jan 12
1112 1112 11
112 Dec
9 Feb
11
103 103
4
800 Third Nat Investors
4
•
1
1034 Apr 15 1612 Mar 3
10
*10
10
1012 *914 10
*914 10
1114 Dec
*914 10
27 Feb
10
400 Thompson (J 11.) Co
10
25
83 Feb 9 1634 Mar 5
4
4 14 .4
4
412 *4
12 Dec
412
35 Mar
4
4
4
44 *4
800 Thompson Producta Inc No par
412
12
3
4
3
12
4
*12
312 Apr 7 10 Feb 29
Of
*12
3
4
*12
3
4
658 Oct
12
18 Feb
12 1,900 Thompson-Starrett Co_No par
•1312 16
12 Apr 9
*1312 1512 1312 1312 *13
112 Jan 9
1312 13
78 Dee
13
*13
15
83 Mar
8
800
33.50 cum pref
No par
13 Apr 14 1412 Jan 30
24 214
24 212
24 24
1418 Dec
24 24
344 Mar
24 214
218 23 10,500 Tidewater Ammo 011_ No par
8
2 Apr 8
*2212 234 2234 223
312 Feb 13
4 223 223 *225 25
4
4
8
2214 2212 2310 2318 1.000
218 Dee
9 Jan
Preferred
100 20 Feb 3 2818 Mar 15
*7
9
*7
9
*7
9
*7
0
2012 Oct
*7
9
*7
64 .
9
1811
Tide Water 011
100
7 Mar 29 79 Mar 18
*31
37
*31
35
*31
35
*31
35
97
8Nov
*31
40
18 Mar
*31
40
Preferred
100 30 Feb 9 41 Mar 11
314 314
314 33
4
318 4
3
3
30 Dec
83 Feb
3
3
3
3
1,800 Timken Detroit Axle
10
1418 15
3 Apr 13
14
1414 137 1414 14
5
8
312 Dec
15
14
12 Fob
1512 1538 16
10,100 Timken Roller Hearing _No par 134 Apr 12 23 Jan 6
Jan 9
1612 Dec
59 Feb
I Tobacco Products Corp No par
24 Jan 5
638 Mar 5
13
8June
412 Nov
Class A
No par
5i8 --12 5T, --12 ii, 1,2 51; --4 5 - -12
638 Jan 4
3
3
9 Mar 3
3
3
6 Dec
35 2
14 Apr
51 4 - -8 - 3,666 Transamerica Corn
25,
218 Jan 2
6 Feb 17
2 Dec
18 Feb
*23
4 312
23
4 Vi *3
312 *3
34 *3
314
318 318
300 Tr:truffle& Williams St'! No par
214 Apr 11
238 212
23
8 212
5 Mar 4
2
23
8, 2
272 Dec
214
1712 Mar
214 214
23
8 212 9,500 TM-Continental Corp__No par
2 Apr 12
44
44
44 Jan 14
433 433
4
4 435 433 *4314 45
8
81
2 Dec
1194 Feb
4314 44
*45
50
500
6% preferred
100 427 Jar. 2 5814 Mar 8
217 214 20
8
8
22
2018 21121 2118 22
2112 223
3612 Dec
944June
8 223 223
4
4 5,300 Trio° Products Corp_ __No par 20 Apr 11
*118
3112 Mar 9
112
14 14 *14
24 Dec
112 *118
454 Feb
112 *118 112 •14
112
600 Truax Truer Coal
No par
1 Mar 3
*212 5
318 Jan 14
*412 5
*412 5
0412 478
1 Dec
10 Jan
4
412 •15
8 43
8
300 Truscon Steel
10
4 Apr 14
*1
652 Jan 12
2
*1
14 *1
2
57 Dec
8
*1
24 Fen
2
*1
2
*1
2
Ulen &Co
1 Mar 24
No par
1512 1518 *1512 17
3 Jan 13
154 1518 143 15
2 Dec
213 Mar
4
4
14
143
4 1318 14
4,600 Under Eillott Fisher Co No par 1318 Apr 15 2312
*85
8 9
Mar 7
83
4 84
1332 Dec
75
8 814
4
753 Feb
74 3
73
4 73
3
4 1.500, U11109 Bag&Paper Corp No par
8
74 Jan
2218 2319 2058 22
205 2112 2012 217
8
5 Dec
14 Aug
8 2018 224 2118 2312 127,5001 Union Carbide & Carb_No par 2018 Apr 7 1014 Jan 20
14 3638 Mar 7
II
11
1012 107
8 1012 107
2712 Dec
8 1014 104 10
72 Feb
1012 1012 1114 5,9001 Union 011 California
25 10 Apr 14
1312 135
8
8 1312 134 13
11 Dec
2638 Feb
1312 13
13
13
1412 2,600' Union Tank Car__ _ _No par 13 Apr 12 137 Jan 7
1318 *13
1914 Jan 2
1012 1114
97 1012 10
8
16 Dec
105
8 1018 104 10
115
254 Jan
8 10 4 1218 47,000: United Aircraft & Tran.No par
3
9 4 Jan 5 164 Feb 17
3
42
42
413 42
4
*415 45
94 Dec
2
384 Mar
4152 424 4114 4212 *4212 45
1.100. Preferred.
54) 4114 Jan 5 46 Feb 16
23
2314 21
2314 2112 22
40 Oct
2112 2112 2112 22
614 Aug
223 2318 2,200. Called Biscuit
4
No par 204 Feb 9 2812 Mar 4
*96 101
95
413 Mar
95
18 Dec
95 95
*90
*90
95
95
*90
95
401 Preferred
100 90 Jan 5 103 Mar 23
105 105
8
8
914 10
90 Dec 122 Mar
918 93
4
Vs 10
912 10 '10
11
2.0001 17nited Carbon
12
1
No par
912 Jan 2 14 Mar 8
618 Oct
12
5
8
2404 Feb
12
5
8
5
8
5
8
12
5
8
5
8
5
8 3,3001 United Cigar Stores__ _No par
3 Apr 5
8
*8
13 Jan 11
4
11
10
10
14 Dec
*8
712 Apr
10
*8
10
•8
11
*8
10
100' Preferred
100 10 Apr 8 20 Jan 11
54 55
20 Dee 276 Apr
8
518 552
54 53
4
53
4 612
552 6,12
614
714 101,3751 United Corp
5 Apr 7 1012 Jan 15
No par
274 28
28
2814 28
712 Dec
3114 Mar
284 28
284 2712 29
283 3014 7,200, Preferred
4
No par 27 Apr 8 384 Mar 7
*4
412
33
4 37
2618 Dec
5218 Mar
8
312 35
8
312 3 8
5
37
8 4
4
4
3,300 United Electric Coal. No par
3 Jan 4
55 Mar 23
8
2012 21
205 22
8
3 Jan
12 Feb
2018 21(l 20
203
4 19
2018 20
2012 15.800! United Fruit._ ....._No par
19 Apr 14 3012 Mar 9
1712 Dee
673 Feb
4
1518 1652 15
153
4 15
153
4 15
155
8 147 1618 1618 1714 60,200 Milted Om lmprove
8
No par
144 Apr 8 213 Mar 8
4
1530 Dec
*8112 8412 82
82
3712 Mar
8412 8412 84
84
8412 8412 844 87
900
Fraternal__ _ _ ..
No par 82 Apr 11 94 Mar 10
*14 2
*14
83 Dec 1063 Aug
1
4
*14
1
•14
1
04
3
4
*14
3
4
United Paperboard
100
7
74
2 Sept
63
4 7
314 Jan
63
4 63
4
63
4 63
7
900 United Piece Dye Wito_No par
7
*7
8
6 4 Apr 11
3
11 Jan 6
118
118
914 Dec
112 112
4
114
813 Fel
114
D8
114
1
118
1
1
5,800 United Stores class A_ _No par
I Apr 14
3 Jan 28
423 435
4
8 4212 4318 4214 4234 4212 4234 4218 4258 4234 44
138 Dec
8
95 Apr
9,200
Preferred class A_ ..No par 27 Jan 4 4814 Mar 9
16
1612 16
21 Oct
16141 *1514 17
52 Apr
e16
*1614 17
17
17
1712
700 Unlvernal Leaf Tobacco No par
16 Feb 9 20 Jan 7
36
36
4112 Apr
*30
157 Oct
2
3712 _
36
34
34
32
324 3212 34
80 Universal Pictures lat 936_100 32 Apr 14 60 Jan 27
24 Slay
12
5712 Aug
12
*12
3
4
*12
3
4
012
3
4
*12
3
4
3
4
3
200 Unlvenal Pipe & Rad_No par
4
12 Apr 7
I Feb 2
918 94
4 Feb
4 Oct
83
4 912
918 912
94 912
9
10
104 1012 8,400 318 Pipe it Foundry
20
83 April
4
*13
1512 Jan 21
1314 123 123 •123 1314
10 Dec
4
3718 Mar
4
4
1234 1234 1214 123
4 123 123
4
4 1,500
1st preferred
No par 1214 Apr 14 1512 Feb 3
*2
5
*2
5
133 Dec
4
*2
2014 Mar
5
*2
5
*2
5
*2
5
U fil DIstrlb Corp
*),
4
*4
No par
12
312 Jan 27
04
12
3 4 Jan 27
3
..I,
4 Deo
12
10 Mar
*18
12
*18
12
11 13 Engem _
100
*44 5
14 Jan 15
*412 5
3 Jan 23
,
*412 5
8
3 Dec
*412 5
13 Jan
4
*412 5
5
5
ICO U S Freight
No par
5 Apr 6
218 214 *2
8 Jan 14
212
412 Dec
2
2
3012 Mar
24 218
2
218
218 24 2,100 US & Foreign Seeur
No par
2 Apr 12
38
38
40
312 Feb 15
*40
42
1212 Feb
4212 40 40
14 Oct
40
40
4018 4018 1.000
Preferred
No par 34 Apr 9 5112 Mar 11
16
1614 144 1512 1518 151s *15
40 Dec
90 Feb
1614 153 153
4 16
4
1612 2,700 ET 8 Gypsum
03
314
"0 144 Apr 11 25145far 5
3
3
25
1412 Dec
8 25
8
50 Mar
3
3
212
212 *23
8 3
800 U S Hoff Mash Corp._No par
212 Apr 14
213 227
4
4 Feb 19
8 214 2212 213 2212 2018 223
212 Deo
4
8
123 Apr
4 1914 2212 204 224 39.300 318 Industrie) Aleohed_No pa1914 Ape 14 3118 NW 9
*14 17
17
8
8
17
8 *15
8 2
203 Oct
8
112 14
774 Feb
2
2
212 210 1,700 U 8 Leather
No par
14 Apr 13
*4
34 Mar 9
5
4
4
4
15 Dec
8
4
*33
4 412
1034 Mar
4
4
418 418
700
Chum A
No par
•... _ 59
4 Jan 2
5518 554 *55
712 Mar 9
814 Dec
8
587 *55
157 Mar
8
60
55
55 '55
60
300
Prior preferred
67
s 7
612 612
100 66 Apr 14 65 Mar 14
6
5714 Dec
612
8612 July
53
4 6
6
6 14 06
7
6,500 U fi Realty & Inipt...__No par
55 Jun 5
8
812 Feb 13
512 Dec
3614 Feb
3
318
3113
3
3
3
3
3
33*
312
312 4
4,600 1.1 S Rubber
No Par
3 Apr 6
54 Jan 14
53
4 53
34 Dec
4
55
8 53
518 518 *54 5 8
4
2058 Star
3
5
513
538 6
2.600
lot preferred
1212 127
8 12
100
5 Apr 14 1112 Mar 9
1238 1134 12
3618 Mar
618 Dec
1112 12
113 113
4
4 13
13
4,800 U S SmeitIng Ref & Min
_50 1112 Apr 13 1978 Mar 9
3612 3612 36
3614 353 353
l258Oept
4
4 3534 36
2534 Nay
333 353 03512 37
4
4
1.100
Preferred
3
50 35 4 Apr 12 39 Mar 8
343 361 1 33
2
343
8 3314 3434 3338 3478 3214 3412 333 3512
35 Sept
47 Apr
8
316,400 U 8 Steel Corp
8
100 3214 Apr 14 523 Feb 19
853 8614 84
2
86
36 Dee 1523 Feb
844 86
8
85
8712 833 85
4
843 47
4
9,100
Preferred
100 834 Apr 14 113 Feb 19
*6114 62
607 6114 6018 605
94 Dee 150 Mar
8
8 60 60
*60
6312 GO
60
800 U 8 Tobacco
No ear 59 Jan 5 6512 Mar 9
23
4 3
23
4 3
587 Dec
2
23
717 Mar
4 3
8
3
3
27
8 3
27
8 33
8 8,100 Utilities Pow & LS A.
.,_No par
4
3
23 Apr 8 10 2 Jan 14
*14
4
7 2 Dec
7
3
2
3
31 Fell
8
4
14
*14
4
014
3
8
*4
3
8
300 Vadeco Holm
4 Mar 3
12 Jan 4
•17
No par
2512 *16
2512 *16
2 Feb
48 Dec
2512 16
16 '16
2512 16
2512
200
Preferred
100 16 Apr 13 20 Jan 9
812 918
8
14 May
8 53
24 Feb
8
83
8
818 85
8
77
8 83
4
87
8 914 12,500 Vanadium Corp
No par
778 Apr 14 1878 Pets 19
12
12
11 Dee
7634 Mar
12
12
012
5
5
12
12
*12
52
52
3
8
400 Virginia-Carolina Chem No par
7 Jan 15
8
*313 4
12 Mar 14
4
4
12 Oct
035
8 4
*3
34 Feb
4
*358 4
3 8 35
5
8
300
100
318 Feb 26
6% preferred
44 Jan 15
*21
"21
23
25
20
23 Dec
4
22
17 Feb
213 213 *21
4
4
24
021
24
1,000
7% Preferred
100 20 Apr 12 3912 Jan 14
*8018 8412 .80
81
34 Dec
7134 Jan
*80
8012 *80
82
80
8018 794 81
160 Virginia El at Pow 36 pt No par 7918 Apr 15 8478 Jan 22
154 163
4 145 1512 1512 1512 1512 157
8
81 Dec 109 May
8 143 173
4
4 1612 17
520 Vulcan DetInning
100 1418 Apr 8 2972 Jan 12
1112 12
113 12
4
1112 12
2014 Dec
714 Feb
113 12
4
1112 12
13
13
1,700 Waldorf System
ego par 1114 Jan 5 19 Jan 2
1
3
1 '1
8
173 Oct
8
13
8 •1
114
274 Feb
13
8
13
8
13
8
13
8 *14 15
8
500 Walworth Co
8
7 Apr 8
No par
3 Jan 14
414 414
112 Dec
412 412
15 Feb
414 414
4
418 *416 6
*418 6
500 Ward Bakeries alms A_No par
4 Apr 13 1014 Jan 13
118
64 Apr
118
118
118
1
2712 Mar
118
118
118
1
1
1 18
14 1.700
Class if
I Apr 12
No par
252 J1811 14
112 Dec
.23
88 Jan
373 *23
34
4
22
23
22
22
21
21
22
22
1,100
Preferred
100 21 Apr 14 4012 Mar 16
114
24 Apr
112
114
15
8
15
114
574 Jan
8
13
8
15
8
138
15
8
112 13 17,900 Warner Bros Pletures-No par
4
1 14 Apr 9
432 Jan 13
218 Dec
20 8 Feb
3
10
512 512 "5
*5
10
*512 10
614 614 *512 10
512 Apr ili) 20 Feb 1
Preferred
No par
200
812 Dee
404 Jan
114
114 .
7
8
118 ' 118
*78
7
8
118,
*78
1I
*7g
1
Ye Par
1 Jan 4
100 Warner Quinlan
Da Jan II
4 Dee
3
3
3
3
212 23
73 Feb
0
4
212 212 *24 3 i *23
4
212 Apr 12
1,600 Warren Broil now
No par
7 Feb 19
*5
712 *43
4 712 *5
834 Dec
712
4632 Feb
512 512 *54 7 12 0512 3
719
Convertible prig--No par
5 Apr 8 174 Jan 14
20
1214 Dec
4972 Feb
912 912
.912 10
9
9
9
9
9
9
No par
.812 1112
9 Apr 12
14 Feb 3
800 Warren FdY & pipa
134 Dec
03
4 1
32 Feb
*3
4 1
*3
4 1
03
4 I
03
4 1
'Jo par
Wester Ebienlohr
7 Feb 19
8
*3
4
2 Jan lli
1
*912 1018 *912 1018 *912 104
ei Feb
14 Dec
95
8 95
8
978 10
1018 1018
900 Wissoa Oil& Snowdrift No par
94 Apr 6 164 Jan 14
12 Dec
2614 Mar
*47
49
47
47
47
47
*47
48
47
No par 47 Mar 28 50 Jan 6
Preferred
47
47
2,000
47
4414 001
5718 Feb
324 344 3114 3314 31
3312 323 3312 304 3214 31
8
334 22,800 Western Union Telegrapti_100 3014 Apr 14 50 Feb 19
384 Dec 15034 Feb
10
10
1018 1014 1018 1014
1012 104 1014 1012 1018 1038 3,600 WeetInghise Alr Brake_ No par
914 Apr 8 1714 Feb 13
11 Doc
3818 Feb
2312 247 x22
8
2318 2214 2358 2258 24
I 204 2314 223 2458111)300 Westinghouse El & 5(1g.. _50 1978 Jan 4 354 Feb 19
8
224 Dec 1073 Feb
4
6118 6118 265
65
*5814 65
64
64 I 6314 64
1st preferred_
637 64
50 6118 Apr 9 723 Jan 20
8
90
4
6014 Dec 11912 Feb
314 314
312 312 *35
8 512 *4
512
4
4
212 Apr 8
4
4
500 Weston Elee Inetrumit_No par
914 Feb 19
6 Dec
28 Feb
•1312 28
01312 28
*1312 28
*1312 21
*1312 21
Class A
*1312 21
No par 1314 Apr 8 19 Jan ID
364 Jan
2I9 Dee
*4838 53
*483 56
8
*483 56
8
483 483 *48
8
8
49
48
40 Wait Penn Elee elms A_ No par 44 Apr 15 70 Feb 14
48
5018 Dec 10514 Apr
554 5814 5718 593
8 57
58
57
57
Preferred
5514 57
100 5414 Apr 15 76 Jan 11
5414 5518
570
55 Dee 112 Mar
48
4818 •48
57
534 5312 49
4912 *49
100
5312 049
100 4714 Apr 8 70 Jan 12
5312
6% Preferred494 Dec 103 Mar
10212 10312 100 10112 10012 10112 100 100
(3
9814 934 99
100 98 Jan 6 110 Mar 17
9978
360 West Penn Power prat_
9314 Dec 121) Feb
95 95
*95
98
*95
98
50
95 95
6% preferred
9312 9312 e__- 91
100 83 Jan 6 10134 Mar 24
88 Dee 1.1312July
*712. 17
*8
9
8
8
0712 10
100 West Dairy Prod el A.-No par
'712 1012 '9
8 Apr 7 1612 Star 3
17
84 Dec
444 Feb
2
2
*210 3
218
21s *218 3
.1218 3
300
Clam 13_ - .._. _No par
*218 :3
2 Apr il
4. 8 Mar 4
3
218 Dec
124 Mar
7
7
7
7
7
7
7
900 Westvaco Chlorine ProdNo pa'
718
718
7 Apr 9 1258 Ntar 9
718
714
71 t
758 Dec
40 Ma
64 618 *6
918 '6
11
*6
200 Wheeling Steel Corp. _.No par
11
*6
11
6 Apr 8
*6
11
618 Apr 0
20'4J,311
9 Dee
812 9
8
9
Motor
73
4 81 1
3,800 White
8
.8
9
No par
8
8 a.8
73 Apr 12 12 Mar 5
4
7 8 Oct
3
2614 Jan
18
18
1618 1738 1618 1614 1638 1638 *18 , 19 '183 20
1,000 White Boat Mn Spring et1.50 Ms April 2812Mar 7
1
4
20 Dec
4
.473 Ma
*38
12
3
8
3
8
12
12
12
21
12
12
12 1,100 White Sewing Machine_No par
3
8
14 Apr 8
I Jan 2
*3
4 1
7 Dee
8
5 AV
*3, 1
*3
4
1
03
4
1
Preferred
_No par
*3
3 Apr 8
4
4
*3
I
4
1
178 Feb 3
1 Dec
10 4 AD
3
33
4 4
33
4 33
4
4
4
312 31.
312 33
No Dar
34 352 2,100 Wilcox Oil it Gas
4
314 Jan 12
53 Mar 8
4
23 Dec
4
*1658 2112 *165 2112 01638 2112 *1650 2112 165 165 •15
93 Ma
2
8
100 Wilcox-Rich el A annv.No par
2112
8
8
1653 Apr 14 2012 Mar 17
1714 Dec
30 Ma
I
1
7
8
1
7
8
1
la
0,500 Willys Overland (The,
1
78
1
1
6
7
2
4 Apr 4
3 Jan 13
13 Oct
4
8 Ma
*10
11
*10
11
Preferred_
9
500
934
*5
11
7
2 *5
11
100
7 Apr 13 25 Jan 26
1412 Oct
661451aY
118
118
14
114 *1
138 1,200 Wilson & Co In.
114 "1
114 *1
No par
138 •1
3 Jan 11
4
13 Star 14
4
4 Fe
3 Oct
*23
2
8 3
*233 3
*212 3
Class A
100
8 25
8
*212 3
25
No par
"212 3
24 Jan 12
434 Mar 9
134 Oct
22
103 Feb
4
22
2012 2012 2012 2012 205 2058 2012 2012 2114 2114
Preferred
1,300
8
100
8 Jan 7 31 Mar 10
3712 3914 3512 372
15 Oct
4 358, 361s1 36
613 33
4
378
4 354 377
3738 384 79,100 Woolworth (F W) Go
8
10 3514 Apr 14 455 Mar 8
8
4
35 Dec
723 Aug
10
101
812 10
73
8 8.900 Worthington Pit M
107
4 85
818 1012 10
8
814 9
toe
73 Apr 12 233 Feb 19
4
8
•10
1514 Dee 1064 Fe,
30
*10
25
*15
Preferred A
25
30
*10
*10
25
*10
25
100 30 Mar 7 41 Jan 15
3414 Dec
*1518 171
95 Ma
1518 154 16
Preferred B
500
16
*1514 20
14
15
14
15
.100 14 Apr 14 8012 Jan 11
83118 Ma
•378 618 04
23 Dee
612 *4
Wright Aeronautleal___No par
6
8 612 '45
8 612
*4
612 *45
37 Apr 8
8
812 Jan 14
74 Dee
27 Fel)
38
393
3712 3812 371s 363
383
4 3614 3712 12,200 Wrigley(Wm)Jr (De)_ No par 36 Apr
37I
36
4
38
13 57 Jan 114
46 Deo
804 Ma
9
9
*84 912 *814 9
0814 9
300 Yale et Towne
"814 9
26
9
814 Yen 10 1012 Jan 18
9
30 Jan
814 Dec
14 2
17
8 218
2
2
2
2
218
218 3,400 'Yellow Truck it Cozen si B..10
2
218
17 Apr S
2
5 Jim 14
3 Dec
18
1612 Mr.
18
*1612 20
173 1778 *16
4
174
00
Preferred_
*15
1712 16
16
100 133 Apr 14 24 Jan 12
102 Dec
76 Ma
05
6
5
5
514 54 *5
5
600 Young Spring & Wire. _No pa
512
5.3
5
5 Mar a
5
912 Mar 8
29 Fe
6 Dee
10
10
*95
8 97
8 *814 10
200 Youngstown (Meet it T _Na par
4
.93 10
*912 93
4
10
10
10 Apr 9 17, Feb 17
4
12 1500
5
8
5
8
52
78 Fe
*Ss
at
*58
38
3
4
5
8
500 Zenith Radio Carp ._ ..A• pa
3
8
4
*3
3
8
8
5 Apr 6
8
2 Jan 22
514 Fe
4 Dee
64 71_
7
7
67
8 7
7
67
4,300 Zonite Products Corp
7
7
8 678
7
14 Jun
6 4 Dec
3
97 Mar 8
8
1.131 Jan 4
1
• Hid and Wiwi prices: no Wee on mils day. 12 Es-clIMMaid. ir Er-rights.
0.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 She Szchange method of gaoling hoods was eari7cret and prices
BONDS.
N. Y. STOCK EXCHANGE
Week Ended April 15.
44'
Price
Friday
Apr. 15.
Week's
Range or
Lail Sale.
451'
Ask Low
High NO.
U. S. Government.
111a
First Liberty Loan
-Ii) 101 41 Sale 10313a 1013:1 2083
,
822% of 1932-17
3D 1001 21 Sale 1001,2 10010si
8
.
Cony 4% of 1932-47
3D 1013,122 Sale 1001%2102 n 1261
,
Cony 44% of 1932-47
3D
:1Sept'31
2d coo, 44.4 % of 1932-47
10113
Fourth Liberty Loan
• 0 1021a1 Sale 10116a21021322 7725
4(% of 1933-38
Treasury 41-s
1947-1952 AO 1050042 Sale 104134210613a 2165
Treasury 4,1
1944-1954 Jo 1021442 Sale 101342 103nn 1805
Treasury 3 Sas
1001114/ Sale 98224/10114a 2561
1946-1956 M
Treasury 34
.1943-1947 3D 9S2142 Sale 96'n 9913a 909
Treasury Is. _Sept 15 1951-1955 M
941•4/ Sale 915a 951•42 4335
Treasury 334n June 15 1940-1943 3D 99
Sale 96148 993,42 782
Treasury 3115
1941-1943 MS 9913n Sale 961'ss 99134/ 579
Treasury 3112aJune 15 1948-1949 J
951342 Sale 92,44, 96"42 2814
Stat. and City SecurItlea.
N Y C 3128 Corp stk _ _Nov 11154 MN
334s
1955 MN
45 registered
1936 MN
4s registered
1955 MN
4% corporate stook
1957 MN
64% corporate stock __1957 MN
corporate stock
434%
1957 MN
6% corporate stock
1958 NI N
6% corporate stock
1952 MN
44% corporate stock___. 1960 M
434% corporate stock._ 1963 M
434% corporate stock__ 1965 3D
NOW York State 4 jas
1963 5(5
Foreign Govt. & Municipals.
Agile Mtge Bank 61 66
1947 F A
Sinking fund Os A Apr 15 1948 A 0
1963 M N
Akenams (Dept) ext ba
Antlouula (Dept) col 7.A...1945 3 3
External a t 7a ser B
19453 3
External s t 76 ser C
1945 3 3
External t 76 ser D
1945 3 3
External s 7. let ser. _ _1957,A 0
External see s1 7s 2d eer.1957 A 0
External see e f 7. 3d ser_ _1957 A 0
Antwerp (City) external 58_1958 J
Argentine Goat Pub Wka 66_1960 A 0
Argentine Nation (Goat 01)—
Sink funds 68 of June 1925-1959 3D
Ext1 a f 6, of Oct 1925_1959 A0
Eat' sfOe wales A
1957 MS
External 6. mace B._Deo 1958 3D
N
Extl Sf85 of May 1926.__1960
External if 65 (State nil -1990 St $
1981 FA
Works
Eat! as Sanitary
Extl 66 pub wks May'27)_1961 MN
Public Works exti 5141_1962 FA
Argentine Treasury 5e L__ _ _1945 MS
Australia 30-yr fis _ _ _July 15 1955 I 3
External 5a of 1927_ _Sept 1957 MS
N
1956
External g 434501 1928
1913 3D
is
Austrian (Govt)
1957 33
Internal s f 7.
92 Nov'30
4
923 Apr'31
10012 Apr'31
9912 July'31
102 Niay'31
9812 Dec'31
109 May'31
10012 Apr'31
10012 Sept'31
991 Oct'31
10614 Dec'30
10512 Dee'30
Jan'31
112
28
4
273
8
523
614
5
5
5
5
6
6
4
733
4818
Sale
Sale
58
Sale
8
10
6
712
8
Sale
Sale
Sale
50
50
50
4914
4
483
50
5014
48
451
65
60
4
593
5312
8812
51
Low
High
941u 101518
9614,100 '11
,
971135 1024,
93.2,102"12
9515111061,n
94 1031381
891.41101 1in
87,34, 9915n
82388 9510,8
871381993382
88118 9913,8
83
963388
____
_ _ __
__ __
____
__ __
____
_____
____
16
29
2614
2912 32
4
273
29
62
60
712 16
8
57
3
7
4
53
7
5
2
2
7
514
6
6
712
Apr'32 ____
8
15
7
6
4 19
743
73%
4812 10
47
48 Sale 4514
48 Sale 457
48 Sale a4512
49 Sale 4534
48 Sale 4614
49 Bale 4518
48 Sale 4512
4514
8
463 48
4078 Sale 39
6313 6412 64
5712 Sale 56
8
58 Sale 555
5213 Sale 4912
8812 Sale 8538
45 Sale 43
Range
Since
Jan. 1.
86
50
54
34
22
52
59
30
42
7
288
255
197
104
88
34% 44
Bavaria (Free State) 634..._1945 FA 3414 Sale 3212
141
92
Belgium 25-yr exti 64e
8
1949 St S 897 Sale 89
4
843 184
8
External s I 6s
1955 33 835 Sale 83
98% 140
External 30-year. f 78_ _ _1955 3D 96% Sale 96
98% 108
Stabilization loan 76
1956 MN 9612 Sale 96
Bergen (Norway)—
57 Mar'32 ___
65
Ext1 sink funds 5s _ _Oct 15 1949 AO 57
55% Apr'32
65
External sink fund 156_ _ _ _1960 M S 55
49
26
Berlin (Germany)4164a-1950 AO 25 Sale 25
2112 15
External e t 66___Jun 15 1958 .1 13 21 Sale 21
1412 11
Bogota (City) exti a t 85___ A945 AO 11 Sale 11
618 25
Bolivia (Republic of) FAB 88_1947 MN
612 512
6
5
412
25
412 Sale
External secured 75 (flat).1958 J J
5
412
14
External e I Is (flat)
412 Sale
194.19 MS
10214
8
Bordeaux (City of) 15-yr 85_1934 MN 10138 102% 101%
22
23
497
57
534
5
51 4
6
8
6
085
45
33
83
63
16%
153,
lb
15
12%
4
143
14
777
86
4514
45
4418
45
44%
45
44
4514
39
511k
4612
4612
41
83%
37
6718
87
88
87
67
67
67
67
593,
87
617
811,
58
98
55
are
now
-onlatnterwf"—ereept
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 15.
for
2873
Woos and defaulted bonds
Price
Friday
Apr. 15.
Ranee
Since
Jan. 1.
West's
Range or
Last Sale
1105 No, Low
Mot
Ask Low
BO
Cundinamareis (Dept) Colombia
713
2
712 17
512 832( 71
MN
1959
External a 1 6 4E1
9016 16
85 100
90 85
Csechoelovakla(Rea of) 86.._1951 A 0 88
14
8514 10012
90
Sinking fund gs ser B... —1952 A 0 89 Sale 88
70% 87
8412 54
80
Denmark 20-year ext!68.. 1942 3 I 80 Sale
8112
2
62
4
853
81
79
73
1955 F A
External gold 548
5518 71
8 37
637
A 0 57 Sale 5518
External g 1120__Apr 15 1962
6314 111
5712 7512
S 6318 Sale 6112
Deutsche Bk Am part ett 66_1932,
34
38
41
5511
Dominican Rep Cust Ad 63.4s '42,M S 04012 Sale 3912
35
60
0
1910 S 33 Sale 50 Fela32
2d series a 1 54,
30
3
tb
36
35 Sale 35
1940
let ear 5145 of 1926
53
6
44
35
,
21 series sink fund 53.45.. 1940 A0 33 Sale 35
4
243 45
7
36
8
Dresden (City) external 76_1945 Si N 36 Sale 357
9112
4
8612 12 a81
Dutch East Indies exti 65_ 1947 33 8612 Sale 833
77% 89
58
83
1982 M S 825 Sale 80
40-year external 65
76 8 83
7812
5
78 a87
785
8
30-year ext 514a—__Mar 1953M S
75
8712
92 81 Apr'32
30-year ext 15141__-.Nov 1953'M N 76
61
21
9
24
El Salvador (Republic) 86...._11148 3 3 22 Sale 22
8212 393,
3612 41
35 Sale 35
Estoala (Republic of) 18.. 1967
6218 567
5514 53
53 Sale 53
Vinland (Republic) extl 85..1945 M
38
4318 597
58
&
5712 56
External sinking fund 76..1950 M S 55
4212 56
5118 34
4
4
External sink fund 640_1(156 Ni S 0513 Sale 0513
5112 34
3518 52
50
52
External sink fund 545-1958 F A 48
3
44
5414
54
51
Finnish Stun Loan 645 A 1954 A 0
41
54%
8
54, Apr'32
55
External 614a series B...1054 A 0
18% 30
2112 30
183,
23
20
Frankfort (City of) s t 61-49_ _1953 #1 N
11718 109 1103, 118
'
French Republic eat! 7146._1941 31 117 Bale 116
5r1171
11512 58 011187
:
8
1949 3 D 11512 Sale 1145
External 71 of 1924
German Government Interna3512 801
tional 35-yr 544s of 1930__1965 3 0 35 Sale 32
219
59
German Republic eat! 7s____1949 A 0 59 Sale a55
German Prov & Communal ilks
10
21
(Cons Agrle Loan) 8145...1958 3D 17 Bale 11
6
4
363
8
363
40
1954 MN 35
Gras (NiunicIpality )88
,
100 4 .'09
(at Brit & Ire (11 li ot) 5148._1937 FA 10012 Sale 9914
3
if,)
FA 100 Sale 100
4 A
a)35
'
5
.4% fund loan C opt 1960_1990 M N •0727 Sale 1a72
.8,
05% War Loan £ opt 1929_1947 1 D *07614 Sale •a7614 a7a791 i f I
Greater Prague (City) 7141.1952 M N 8212 61 a89
2
327
8
8
Greek Government 6 f gar 78.1964 at N 317 Sale 317
6
27
1968 F A 26, Sale 26
8
Sinking fund see (35
6618 44
Haiti (Republic) s 1 as
19 A 0 6112 Sale 63
4
27 I 11
1946 A 0 24% 26% 25
Hamburg (state) 65
30 Mar'32 ____
Heldelberg(Germany)ext1 7 550 J J 2514 29
19
52
Heistagfors (City) ext 6116 19a0 A0 48% Sale 48%
22
20
Hungarian Mimic Loan 74s 1945 3, 19 Sale 19
10
19
33 18 Sale 18
External a f 75_ __Sept 1 1946
2114 12
Hungarian Land M Inst 7%.'61 MN 20 Sale 20
2
1914
1914
Sinking fund 7145 ser B...1961 MN
14
3518
Hungary (Kingd of) a f 744_1944 F A 35 Sale 34
8
7314
4
Irian Free state art' e f 5e
1960 MN 7314 Sale 723
9014 274
4
Baty (Kingdom of) eat! 78_1951 J o 89% Sale 883
91
9
Italian Cred Consortium 75 A '37 MS 9014 Sale 91
4 13
82
813
7714
80
External Sees t 7saer B__ _1917 M
22
71
70 06812
Italian Publie Utility eat! 75_1952 .1 .1
r7112 190
Japanese Gov 30-yr e 1 641_1954 FA 71 Sale a57%
6012 49
Exti sinking rand 548._1965 MN 6012 Sale 5814
Jugoslavia (State Mtge Bank)
3414 36
1957 AG 32 Sale 32
Secured a t g 78
4
FA
30
264
22
25
5
4014
4014 Sale 4014
LetPrigA ustr i a P" 75 . : 050 J
.
Lower ( e ma Proa r 7 41.. 1 47
( y l)
G
5
1004
8
-year 88_11/34 MN 1013 Sale 101%
Lyons (City of) 15
4
278 445
8
6514
a55
3312
284 60
egg% 10 2
10' ;10
66 •0767
s
$ea77
9812
I.
7.J.1 6312
27 r41
95
83
80
891 x
10214 20
40101
913
Marseilles(City of) 15-yr 65.1934 MN 101% Sale 10138
4 10
133
4
9134 10114 Medelliu (Colombia) 63-4s._.1954 3D 133 Sale 1114
4
2
218 Feb'32 _ - _ Mexican Irrig Asstag 434s._1913 MN
-- -- 26 Apr'30
63
56
Mexico (US) exti 55 01 1899 £ '45 al J
212 411 3% Apr'32
1045
4
553
46
Assenting 6a of 1999
Mar'
2218 317
Assenting 6a large
8
12
4
2012 287s
Assenting 421 of Mt
3211 Apr'32
5 Feb 3322
812 a22
Assenting 4s of 1910
312 16
3
Assenting 4e of 1910 large—.
512 10
214 -14 4% Mar'32
.
412 818
Assenting 4e of 1910 small._ _
6 Dee'31
5 Sale
412 811
Trews as of '13 assent(large)'83
15
5
4%
4
983 103
Small
6512 56
6512 Sale 64
Milan (City. Italy) eat)84s 1952
3118 Minas Genteel (State) Brasil18
23
51
Brasil(US of) external 8a1941 J
23 Sale 20
10
812 Sale
812
30
4
143 r2512
External s f 6 48
1958
21
86
External 516 Sas of 1936_ _1957 A 0 19 Sale 1434
812 97
8 812
10
25
1959
1513 25-1
Eat! see 634o series A _
57
20
External s 6 Sae of 1927 _1957 A 0 19 Sale 1512
1712 13
17 Sale 17
Ta (Central Ry)
1952
19
1218 25
Montevideo (City of) 7s
35
1952 3 I) 19 Sale 1618
1118
1114 21
1114
714s (coffee aecur) (f160_1952 A 0 7614 87
1959
Apr'32 ____
8512 86
External a 1 6s series A
86
7
_
10014 Mar'32
,
._1972
39
297 4312 Netherlands 85 (flat prim)
Bremen (State of) ext17a
85
1935 51 S 38 Sale 37
78
52
e
"Li" E3;3- 45
Brisbane (City) a ba
40
33% 481, New So Wales (State) ext15a 1967
13
1957 M S 40 Sale 36%
5112 91
5112 Sale 4514
External I Se.
Sinking fund gold be
18%
40% 37
32
40 Sale 39
Apr
1958
22
80
78 a76
77
-years 1 68
20
4
4
1053
5712 Norway 20-year ext1 Oa
483
27
8
1950 J D 4618 Sale 46
19
80
7714 81 076
11144 F A
2618
20-year external 65_ _ Budapeat (City) exti if 65 1902 .1 D 16 Sale 16
21
18
37
77% 13
76
4
783 07614
Buenos Aires (City)8las 2 111955 J J 43 Sale 43
48
4014 5812
30-year external fis __ __ _1952
9
7614 55
75 Sale 75
External sf6. ear C-2_ _.._1960 A 0 374 -- 3712
3712
36
1
1965 J
50
40-year. 1 545
23
4
3.43 55
74
S 72 Sale 72
External a t 66 ser C-3 _
External a f Se _Mar 15 1983
Joao A 0 3714 98 3834 Apr'32 _ _
7
7012
Buenos Aires (Prov) exti 66_1961 M S 27% Sale 2718
4 75 024
3714
303
Municipal Bank ext1815e_1967 ▪ D 7012 Sale 69
33
73
8
715
Esti s 1 834.
2414 37
8
A 2712 Sale 263
2814 56
Municipal Bank extls f 56_1970 ▪ D 7012 80
1961
6
20
17
19
Bulgaria (Kingdom)a 17a_ _ _1967
20
8
20
34
175
15
17
2
16
Nuremburg (City) exti 61.-1952 P A
46
51
Eltabl'n 1 7148—Nov 18 1968 Ni N
25
23
25
1
1953 M S 533, Sale 513,
4112 Oriental Devel guar 65
50
51
195a Ni N .5014 Sale 4918
Ext1 deb 5445
20
69
MN 6052 74
Caldaa Dept Of(Colombia)734e46 .1 3
6614
9
12
10
9
2014 Oslo(City) 30
-year at da ___ _1955
912 Sale
Canada (Dom'n of) 30-yr 46_1960 A 0 7714 Sale 57513
7714 92
71
81
9
93%
65
9412 83
87
3
963 Panama (Rep) ext1 54a __ __1953 3D 90 Sale 90
1952 M N 9413 Sale 93
8
52%
43411
95
86
2 45
947
Extla bs ser A._May 15 1963 MN 5212 58 a49
1936 F A 94% Sale 93
6
3
Carlsbad (City) 5 1 8a
6
714 6
7112 90
8212
1
8212
1954 1 3 8212 85
Pernambuco (State of) eat) 75'47 MS
1014 18
1912 Peru (Rep of) external 78.-1959 rt S 10 Sale 10
Cauc-a Val (Dept) Colom 74546 A 0 1212 Sale 12
1272' 12
12
7
5 s 85
5
Central Agri° 1Mak (Germany)—
5 Sale
Nat Loan extl ST 88 let ser 1960• D
518, 22
4
34131 67
Farm Loan a 17g _Sept 151954)
434 Sale
30
•S 31 Sale 30
8
477
Nat loan ext.! if Os 2d ser_1961 A0
5512 331
Farm Loan 5 1 6.. July 15 1960 J J 2914 Sale 2718
4
2718 4112 Poland (Rep of) gold 65___1940 AG 533 Sale 48
3012 96
4
543 230,
Farm Loan • f 6s _Oct 15 1980 AO 30 Sale 273
4
273 4214
4
32
256
Stabilization loan 81 78....1947 A0 51 Sale 4611
59 1 1091
2714 r43
Farm Loan (Meer A Apr 16 1938 AO 3014 Sale 2918
8' 98
317
External sink fund g 86-1950 J J 52 Sale 4812
Apr'32
11
Chile (Rep)—Ext 5 t 7.
19
1112'
10
Porto Alegre(City of) Ss__ __Mt JO 1012 11
8
1942 M N
1014 13's 10
672
9 I 12'
712 Sale
3
External sinking fund 68...1960 A 0
'
101
5
712 15
712
914i 29
Eati guar sink fund 73.4s..191)5
34
24
712 Bale
External Making fund 136 1961 F A
912 19
71s 14% Prussia (Free State) eat! 644s '51 MS 24 Sale 2214
8
67
8
237 127
Ry ref eat' a t 6s
101si 20
6% 15
,
71
1952 A0 22 Sale 2058
1961 J J
7% Sale
External st as
79 1 38
Eat! sinking fund 6,
8
83 1514 Queensland (State) eatl a t 761941 AO 77 Sale 77
8
8 83
1012 26
712 87
1961 NI S
141g
6712 19
6612
Extl sinking fund (ta
5
8
7
7
7
25-year external 85
81
1947 FA 6612 69
1962 M S
Extl sinking fund eal
35
9
8
65
8
65 1412
1963 hl N
7 Sale
34 I 20
3012
56
Chile Mtge Ilk 6%s June 30 1957 1 1)
4
73 20
Rhine-Main-Danube 7, A .._195() MS 30
1018 84
4
73 Sale
7%
11 J5
ST 634s of 1026__June 30 1961 1 I) 153 22
54
271
19 r32
19
Rio Grande do Sul ant s I 88_1948 A0 1114 1434 10%
4
13
7
7
Guar a 1 6e
918 23
718 Sale
, 1512
71
712
A 0
tanking fund 66__1968 3D
External
Apr 30 1961
712 Sale
1018 22
8
Guar 8 f 68
38
1554
9
812 1012 67
9
External 5 1 7a 91 1926 _ _ _1966 MN
9
1962 M N
9 Sale
804
512
5
514
73
512 13
Chilean Cone Mania 7s
External a t 7a manic loau_1967 3D
614 19
1960 M S
914 Sale
812
1012 11
802_1_4
7
Rio de Janeiro 25-year et 85.1946 A0 10 Sale 10
.
Chinese(Flukuang fly) So.. .1951 .1 D
13
814
8
85 187
8 I 113
75
712
75
8 Sale
75 Mar'32
Christlania (Oslo) 20-yr e 1 65 '54 M Ei 71
1953 FA
External a f 614s
1
0
7
: .;
24
le
8 , 89
(
7
Rome (City) eat 846
1952 AO 8 1 Sa2I2 6812 A,5 ,1223 1_09
r3812 85
36 Sale 3212
2212 r3812 Rotterdam (CIty) exti 61-1984 M
Cologne(City)Germany 634. 1950 M
21
3
4
a3518
35
Colombia (Republic) 6s.__ 1961 1 .1 19 Sale 1714
42120 54
1714 30
Roumania (Monopolies) 76-1959 FA 41
58
58
1953 ii 55
211s 95
1714 30
External a t 65 of 1928____1961 AO
Saarbruecken (City) 1311
19 Sale 1714
15
19% 38
1812 27% Sao Paulo(City) ef
15
_Mar 1952 MN 11
Colombia Mtge Bank 64.of 1947 AO
1914 Sale 19
1904 32
27
18
12
1812 Sale 18
External st 6 ais of 1927._1957 MN 1114 137 11
Sinking fund 7s of N26_1946 MN
3
18
36
Sinking fund lent 1927_1947 FA 2012 Sale 1914
2812 San Paulo (State) exti s t 81.1938 3' 3312 36
2112 18
18 Sale 18
5512 7118
e 18
1952 3D 5912 Sale 56
647
External Flee a f 8s
Copenhagen (City) 53
1950 J J
18
37% 27
7
5452
50
I
67
1053 MN 54% Sale 5458
External a f 76 Water L'n.1956 MS 1114 13
12
25-yr g 4 45
1412 16
20
3
9
'
34
22
9 Sale
External et Os
Cordoba (City) eat! s1 78...A957 P A 2112 Sale 20
1968
46
32
2
39
Nov 18 1937 MN 39 Sale 39
Secured
is
External s t 78
1940 AO 60 Sale 57
6014 81
3512 Sale 3512
3
3512
3014 42
Santa Fe (Prov Arg Rep) 78_1942 MS 39 Sale 36
Cordoba (Prov) Argentina 75 '42 1
Saxon Pub Wks(Germany) 76'45 FA 2312 Sale 2212
58
37
255, r45
Costa Mat(Repub) eat, 7s__195I MN 35 Sale 3414
3 72 72
7
26
4
89
8
783 Sin
8
12
91 (1875
Cuba (Republic) 5s of 1904._1944 MS 89
Gen ref guar 6)4.
1951 MN
1912 Sale 1812
22
81
_
5
90
90
81
90
External 55 of 1911 ser A__1949 FA 88
Saxon State Mtge lost 7e_ 1945 J O 37 Sale 37
4012 26
P A 69 Sale 69
74
72
52
External loan 411. tier C...1949
Sinking fund g 612a __Dee 1946 3 0 3212 Sale 32
8
33
12
e 44
747
7 012 SO
Sinking fund 6%. Jan 15 1953 J J 71 Sale 7012
Serbs Croats & Slovenes 88._1082 M N 33 Sale 30
39
79
3934 42
4
33
Public wlui 534. June 30 1945 3D 393 Sale 37
3
40 4
External sec 78 ser B__ ..1962341 N 32 Sale 27
32
58
r Cash sale • It the exchange rate of 54.86415 to the f sterling. a Deferred delivery
6612
62
25
271/
84
16
14
20
1914
34
a69
8412
82
7012
60%
066%
57
36
36
52
25.8
25
30
81
55
76
.
911
100
83
75
84
7314
31
25
33
4
983
43
35
46
103,s
,
988 103
1812
10
218 314
3.8
5
114
212
3
41
354
62
5
5
212
4.3,
5
4,8
i"
8
707
8
1812
812 17
15% 2814
1018 25
100,4 10514
30's 511
29% a-56
84
70
7114 8412
44
70
s
64, 79
6314 7614
3
s
597 70 4
4
648 73
19
3112
51% 72
4812 6814
75
60
;
97%
85
45
64,2 I
6
934
141g
10
5
754
4 5111711
48
6014
46121,i5S12
64
48
16
11
it% 11 12
22
35
4
20% 333
6014 88
69
47
3012 55
10
21
8
67 1114
67 1414
8
812 13
10
18
712 12%
66'3 7414
4
843 94
a351a be
40
60
1311 23
1012 717
50
33
16 225
12
18
8
17
614
46
3144 4512
221. 344
1812 33
344 45
2112 4212
60
30
27 }47
New York Bond Record-Continued-Page 2
2874
BONDS
N. Y. STOCK EXCUANGE
Week Ended April 15.
"' .8
t
Price
Friday
Apr. 15.
Week's
Range 07
Last Sale.'
•
Range
Since
Jan. 1.
L'E
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 15.
.40.
Prue
Friday
Apr. 15.
Week's
Range or
Last Sale,
Range
Since
Jan. 1.
Foreign Govt. &Municipals.
Rid
Ask Low
High No. Low
High
ID 39 Sale 37
Silesia (Prov ot) exti 7e
Bid
1958
Act Low
High No. Low
40
3111 47
43
High
Chic Burl & Q-Ill Div 330_1848 J J
elleetlan Landowners Assn 6x_1947 F A 2113 Sale 2112
75
80
7912 Apr'32
2412 13
18
84
79
28
Registered
J .1
Soissons (City of) exti 6s
1936 M N 101 102 100
91
101
Jan'31
8
97 103
Illinois Division 44
F A
1949 J J
Styria (Prov) external 7s_-_ _1946
36 Sale 36
86
3612
87
2831 42
3
.5 -ail lit:
General ex
Sweden external loan 530_1954 M N 8013 Sale 793
84 Sale 82
85
4
823
7914 92
74
81
88 8
3
let & ref 414e ear B
1958 M A
F 8
Switzerland Govt exti 34o 1946 A 0 10212 Sale a1023 104 4 109
82
3
82
54 101 104
82
1
let & ref 5s series A
884
. 0 53
4 A
F
Sydney (City)it 63.4a
1955 F A
43 Sale 42
9314
43
13 19
3
34
93
50
C& E IllR yasteIilel)geii_ ..1934 NI N 50 Sale 93
ChIcago & E o w o es 85 110777
991
es
9951
60 60
60
1
701
60
Taiwan Elea Pow e f 5148_1971 J J 4934 Sale 4914
812 Sale
8
812 11
50
49
23
673 Chic & Erie let gold 5e
4
Tokyo City Si loan of 1912_1952 M S 41
82
8213 Mar'32
4113 4114
3514 4512 Chicago Great West tat 48_19 9 61 N 30
30
413
4
9
87
1952 111 S 394 Salo 36
8
External it 5348 guar__ _1961 AO 51 Sale 49
4118 145
51
49
31
36
70
Chic Ind & Louis, ref ft.__ _1947 J 1 5014
563
4
Tolima (Dept of) esti 7s____1947 M N
55
_
9
10
4
Apr'32_
53
53 3
7
2
9
18
5012 60
Refunding gold &
Tr000h3cm (City) let 5348-1957 M N -53
48 Sale 48
55
50
48
10
4114 58
47
Refunding 4e series C....1947 5 j
50
1947
J
Upper Austria (Prov) 7s1945 1 D 2932 Apr'32 ::-_-_
91
_
Apr'31
3412 __.!
2814 41
1st & gen & oerles A
1986 M N
External a t 634e_June 15 1967 .1 D 23 -3-0
32 Apr'32 _
2934 Apr'32
"iii, 42
25
3812
let & gen 88 ear B_ __Mal' 1968 J 5 20
Uruguay (Repubilo) exti 88_1946 FA 4018 44
30
29
30
40
40
6
14 a311 50
28
4
40
Chic Ind & Sou 50-yr 4e
M N
External st 61
1956 J J
1960
7912 80 Mar'32 2712 Sale 2478
2712 31
23
80
12 3514 Chic LB & East let 4 %11- _1069 J D 85
80
Exti f68
May 1 1964 AI N 2678 Sale 2518
93
93 Dec'31
275
8 32
24
347 Ch M & St P gen 48 A_May 19895 J 60
8
Venetian Pro, Mtge Bank 78 '52 AO 88 Sale 88
62
58
58
5712 iif
4
887
e 16
8012 9112
s
Gen g 3348 ear B__May 19895 J
Vienna (City of) exti at 68_ _1952 M N 543e Sale 5414
55
5614 5512
5512
5913 89
5
47
51
643
58
4
Gen 434e series C___gfay 19895 J 64
Warsaw (City) external 78..1958 F A
30
3912 Sale 3612
04
6
3912 63
62
82
4514
72
Gen 4344 aeries E_May 1989 J J 65 Sale 62
Yokohama (City) exti 8s___1961 J D 55 4 Sale
3
65
4
52
55 4 29
3
52
75
UN 7112
Gen 4344 series F_ __May 1989 J J ---- 6912 65
64
64
2
73
59
Chic Milw St P & Pao 5s
Railroad
1975 F A 28 Sale 2 4
43
283 196
4
243 42
4
Cony adj &
Ala CH Sou let cons A 5s-__1943 J D
. 10
3an .! 2 80 a O
JmI . 007 m N
614 Sale
512
614 177
105 Sept'31
514 113
Chic & No Weet gen g
4
1st cons 46 ser B
52 Sale 52
1943 J D
5212
5
52
73
3
61
671 801-i13- ---4
Registered
Q F
Alb & Sus(' let guar 3348-1946 A 0 7512 ____ 8012 Feb'32
7912 Mar'31
704 Feb'32
2
General 4s
Alleg & West let g gu 4s
1987 M N 50
597 55
1998 A 0
8
GO
71 Feb'32
-El -fel 71
71
Stixl 4a non-p Fed Inc tax '87 MN ---- 6812
Alleg Val gen guar g 48
1942 M
-§o" IS' 89 Feb'32
62
, 1 62 70
a85
89
Gen 4 Ns stud Fed ino tax_1987 MN 5018 80 62
Ann Arbor let g 4s...._.July 1995 Q 4 14
72 Mar'32
20
20
20
1914 213
72
1
72
Cien Se stpd Fed inc tax_ _ _1987 M N 65
Mob Top & S Fe
-Gen g 4s_1995 A 0 8518 Sale a815e
72
77 Mar'32
67
8512 425
83
5112 91
Sinking fund deb Si
Registered
AO 82 Sale 82
1933 M N 70
82
70
70
4
82
62
818 8612
2
85
4
Registered
M N
Adjustment gold 41..July 1995 Nov 75
72 Feb'32
76
76
60
75
77
76
5
8412
15
-year secured g 6 Ns _..1936 M S 7312 81
Stamped
-July 1995 M N
75
7'7 Sale 757
75
1
8
75
1
77
17 a74.8 85
87
let ref g Si
May 2037 J D 3313 Sale 30
Registered
MN
3312
7
Mar'32_
80
30
80
57
let & ref 434s
Cony gold 4s of 1909_1955 J D ___- 7212
31 Sale 27
31
16
7559
- __
__
2513 46
73
84
18t & ref 4 Ns ser CM ay 2°3 j D 3414 Sale 27
Cony 48 of 1905
Maj203 J
7
1955 J D 71 Sale 71
3414 10
71
2618 46
8314
Cony 434e series A
Cony g 4s iseue of 1910_1960. D _ _ 82
19 Sale 1613
1949 MN
1913 353
1
74 Jan•32 _ _ _6
71
74
1612 89
_
7412
Cony deb eye_ .
1948 J D 3012 Sale 773
8012 73
4
77 a94
Chic R I & P RallwaY gen 4 198 J
Rocky Mtu 1.1Y lee 48_1965 J J
s
8
I 64 Sale 60
64
82 82 Feb'32
6
55
8173 82
__
80
Registered
J J
Trans-Ikon Short L let 48_1958
71 Nov'31
8212 86
82 Feb'32
801s 89
Refunding gold 41
Cal- krt. 233 ' ref Ns A_1962 10
0 44 Sale 38
45
88 Sale 86
-5g- 78
9214
91
86
10
Registered
AU Knox. J.- Nor let g 5s_1946 J 0
AO
Apr'31
_
Secured 414e serial A
AU & Cheri A L 1st 4 Ns A 1944. J 804--- 10312 Feb'31
1952 M
9
34
3612 Sale 3313
1
37
60
59 -55
82
8418 Mar'32
6314
-i1512 -8-5-.
Cony g eNs
let 30-year Si series B__1944 J J 70
1960 MN 22 Sale 1913
'2414 241
847 83 Mar'31__ __
s
10l2 50
Mar'32 _ ___
79
90
Ch St L & NO fd__June 161951 S D 6012 81
Atlantic City let cons es_ 1951 5 J
72
Apr'32 46
89
75
Registered
AU Coast Line let cons 48July'52 MS 70
in
98 Sept'31 - 76
643
8
70
10 -6434 "lil
a Gold 334e
General unified 431.
in 4214 75
June
1964 J D _
8512 May'31
75
70 Apr'32
70
82
Memphis Div let g48_19 J o 50
L & N coil gold 4.........Oct 1952
1. 1951
6 31
7212 50 Mar'32 -- 1E13 11"
54
5714 11
53
65
Ch St L & P 1st cons g 5s----1932 AO 993 Sale 9913
Atl & Dan lst g 4e
4
M J 5
1948 J N 2714 8ale 18
0 Sa
993
4
5
9914 low.
20
18
15
35
Registered
2d es
A0
01 Feb'31 - 1943 J J
17 Sale 15
17
15
8
30
Chlcog0 dis East let 50_-_1960• D 39
in T11 So
AU & Yad let guar 48
4414 37
1949 A 0
42
4 -34- "W"
60
64
Austin & N W let jai g 541_1941 J J ____ 100 104 Sept'31 _
MS 23 Sale 2012
Dad 1 1960
25
6
2013 87
Mar'31
Chic Un Sta'n 1st gu 4He A_1963I, 87 Sale 86
87
13
86
94
let Si series B
Salt & Ohio let g es___July 1948 AO 77 Sale
1963 Si 983 Sale 9714
4
99
95
971s 101
7178
77
7134 8612
57
Guaranteed g Si
Registered
1944 S D 9512 Sale 9512
July 1943 Q J
9512
5
9414 99
80 Mar'32 _
80
81
1st guar 6 Ns series C
20
-year cony 4 he
19635' 109 Bale 07
1933 MS 573 Sale 50
109
4
19 106 11114
59
169
53
4
5
0
4
87
7112 Chic & West Ind con 48
Refund & gen Si series A_1995 J
1952 S i 67 Sale 63
5012 513 44
67
4
29
63
4878
79
let ref She series A
Registered
J D
1962 MS 85 Sale 8412
8514 46
80
Oct'31 ____
68
873
4
Choc Okla & Gulf cone 5s
let gold Sc
A0 -5ii8 Sale
1952 MN 603 80 80 Dec'31 _
8
July 1948
8213 56 -iii4 ---- Cin H & D 2d gold 4
91
6%
Ref & gen 6s series C1995 S D 5318 Sale 5014
'
he
S
90 Feb'32
76 id'
54
65
504, 79 4 C I Eit L & C 1st g 4s__Aug 2 1937 Q F 85
3
PLE&W Va Bye ref 48__1941 MN 63 Sale 58
1938
9812 91
Feb'32 _
63
91
53
95
58
80
Registered
Southw Div let Si
Aug 2 1936 Q F
1950• j 60
-85
65
Jan'32 _ 63
69
85
12
85
5912 824 Cin Lob & Nor let con gu 46.1942 MN
Vol & Cin Div let ref 4e A_1959 I
44
7414 --51
45
48
8
45
75
62
77
Cin Union Term 1st 434e...20205' gni Sale 77 Mar'32 _ _
Ref de gen Si series D..2000 M
4512 Sale 43
93 Apr'32
46
17
43
71
85
95
1st m 15a merles Es
Cony 434.
1960 P A 3412 Sale 3012
2020 J J 97 Sale 9618
07
35 4 314
55
3
3012 59
99
95
Clearfield & Mate let gu 58 1943 is
Bangor dr Aroostook let 58 1943 .1 J
85
Cleve CM Ch & St L gen 45_1993• D 65 Sale 9814 Apr'31 - _ _
Con ref 4s
1951 J
68
59
5 78 .7544
0
8
68
'
5 32 ll!
3 'al 'ff
5_0 s 66
1317 8813
.
.
General Si series B
Battle Crk & Eltur let gu 38-1989 J
in 8014 90
-_-__- 70 61 Feb'31
97 Nov'31
_
Ref & !mat 6a ear C
Beech Creek let gu g 48_1936 J J ---- 9614 92 Mar'32
11994931 • J 75 Sale 75
75
1
____ -91- --1
99
95
92;
Ref & impt fd Der D
2d guar g &
68
1936 S i
1963 S i 56
76 Mar'32
100
Jan'30 --_- ---- ---84
68
Ref & impt 434s ear E
Beech Crk ext let g 330_1951 * 0
56
58
1977 J
54
56
88 Mar'31 _ _ ---- -11
7112
54
Cairo Div let gold es
Belvidere Del cone gu 3346_1943• 5
8712 75 Feb'32
1939 is 75
75
761
.
Cln W& NI Div let g 4s 1991 S i
Big Sandy let 48 guar
1944 in 853
61 Mar'32 -4-3
853 8812
81
70
4
St L Div let coil tr g 48._ _1990 MN
Boston & Maine let Si A C_1987 MS 5713 gale 85 4 Jan'32 __ _
74 Mar'32
5712
63
9
05
5712 7814
7412
Spr & Col Div let g 413
let M & series 2
N 61 Sale 60
1955
1940 MS
75 Dec'31
61
24
60
77
W W Val DI)) 1st g 4s
let g 4Ns ser JJ
3
1961 * 0 5114 5912 60
19405' 60 8 96
9734 July'31
60 ____I.
60
74
Boeton & N Y Air Line lit 4.1955 FA 5912 7512 6012
Apr'32 _-__
5112 75
CCC&I gen cons go 65___1934 J J
_ 10014 100
Bruns dr West led gu g 48_1938 J J 82
-- 88
Mar'32
Oet'31
94 100
Bat Roch at Pitts gen g 68,.l937 M S 883 -94
4 93 893 Mar'32 ____ -ii- lici" Clay Lor AZ W con 1st g 5e___1933 AO 90 loo
Apr'32
4
97
94
Cleve]& Mahon Val g 5s__ __1938 is
Consol 4348
1957 MN 41
101 Sept'31
4412 4412
4412
2
40
61
Cl & Mar let gu g 4 Ns
Burl C R & Nor let & coil 54_1934 * 0
1935 MN _
9913 Oct'31
70
70
3
70
9
70
83 4 Cleve & P gen gu 434s ser B.1942 AO iorz
1013 Mar'28
4
Series 13 3;0
Canada Sou cons gu Si A _1962 AO 76
1942 AO 7912 - - 97 Mar'29
82 82
8313
4
---77
8934
Series A 414e
Canadian Nat 4548-Sept 15 1954 MS 70 Sale 74
1942 J J 8012 --_- 98 Dec'30
7814
7
72 e 8312
---- ---3
Series G 3Ne
80
-year gold 431s
1948 MN ---1957 S i 7734 Sale 07613
8014 Dec'31
75 4 30
3
7318 8312
---Sallee D 334e
Cold 4348
1950 AF
1968 S D 77 Sale 75
.
884 Apr'30
7718 16
7214 8214
Gen 434e ear A
Guaranteed g Se......July 1969 S i 84 Sale 8214
1977 FA
84
39
80
90
Cleve Shor Line let gu 4346_1961 AO ___- 88 10113 Aug'31
Guaranteed g Si
Oct 1969 AO 84 Sale 8234
8718
84
52
8018 90
"go "ill;
Cleve Union Term let 534e_ _1972 AO 8718 90 87 Mar'32
Guaranteed g Si
1970 FA 8314 84
8234
91
84
.5
3
81
87 10312
8814
let 13 f 541 series B
Guar gold 4 Ns..-_June 15 1955 S D 813 Sale 8018
1973 AO 77 Salo 75
4
80
813
4 31
13
75
85
93
late f guar 4 Ns series C_1977 AO 6012 77
75
Guar g 4)4e
1956 P A 78
79 076
7
0
78
72
7
17
73
8314 Coal River Ry let gu 48
8411
70
1945 J D
Guar g 434e
Sept 1951 84 S 7912 Sale 7714
85 Apr'32
7913 33
7512 8313 Colo & South ref & ext 4348_1935 MN "goi
8812
85
5
Canadian North den a f 7e_ _1940 ID 957 Sale 935
s
80 Apr'32
957
8 70
92
9912
78
93
Gaol m 434s ear A
1980 MN 50
6412 63 Apr'32
25
-year f deb 6 Ns
96 Sale 9412
1946
9612 41
913 102 Col & II V ist ext g 48
8
82
70
_
1948 AO
10-yr gold 4 Ns_Feb 15 1935 P A 9112 Sale 9118
75 Feb'32
9112
4
83
93 4 Col & Vol let ext es
3
75
75
75
1955 FA 7380
Canadian Pao Ry 4% deb stock.. is 0593 Sale 5212
4
77 Apr'32 -60
122
5212 6914 Conn & P88811130 RI, let 46_1943 * 0
80
77
__ 90 Dec'30'
84
Coll tr 434s
a66..._ 6412
1946
6812
8
6412 81
Consol Ry non -cony deb 48_1954
' 60-S 35
59
68 equip tr cUs
50 Jan'32
1944 Si 7758 82
7738
80
16
70
88
- "iso" 16"
Non-cony deb 4s
'
S 35
195,5
50
Coll tr g 5s
4113
70 69
Dee 1 1954 Jo 69
7214 12
4112
69
2
8314
Non-cony deb es
4112 5714
1955 AO 35- -- 44 Dec'31
Collateral trust 4348
1658 0 2
1960 ii 64 Sale 64
0
69
64
38
8014
Non-cony deb es
'
1956
S 35
8614 45 Dec'31
Caro Cent let cons g es_ _ _1949
45
20
1
20
21
Cuba Nor Ry let 51.0
2212
18
1942 J D
Caro Clinch de 0 lot 30-yr 55_1938 in
89
89
89
4
19
42
Cuba RR lot 50
-year 51 g_ - _1952• 11 02814 Sale 2712
293
let & con 168 ear A_Deo 15'52 SD
8 11 "iii4 30
797
8
797
s
3
1
87 9
7 8 94
9
6
9
2712 46
let ref 7344 series A
1936 J O 35 Sale 35
art & Ad let gu g 48
35
1981 SD --- ---- 80
Oct'31 _ _
- -- __
8
let lien & ref 65 ear B
4114
85
1936 S D 35
37
Cent Branch U P let g 0_1948
38
3
5
38
38
35
47
1 -38
3
35
138
Central of Oa let g Si._Nov 1945 FA
- 81 Mar'32 __
6814 r81
Del & Hudson let & ref 48..1943 MN 78 Salo
7228
Consol gold 5s
75
423 II
4
1945 MN 504212
423
4
2
4213 55
35
30
-year cony 521
7218 87
1935 AO 89
95
89 Apr'32
Ref & gen 514s series 13_1959 * 0
30 30 Mar'32 ____
2512 41
15
8212 91
-year 5348
1937 MN 86
91
Ref & gen Si series C
8812 16
4
4
3
1959 * 0 203 233 207
2118
8
307 38
8
D RR & 13rIdge let gu g 4.._1936 FA 893 ____ 88
8714 95
4
90
Chatt Div our money g 48_1951 JD
75
75 Sept'31 --..------ Den & R 0 1st cons g 4s
Oct'31
1936 ▪ ,1 48 Sale 46
Mao dc Nor Div let g 58_1946
37
697 9314 June'31 ____
2
5713 31 "ii
Consol gold 434s
69
1936 is 47
55
4978
Mid Ga & AU Div our m 58'47• J
go
102I2 Nov'30 i ii .-- -- -- ---- -_ -- Den & R G West gen
:
..
5
45
70
fis Aug 1955 P A 21 Bale 17
Mobile Div let g Si
21
1946• 5 ---- ---- 95 Sept'31 -- __
56
Ref &!mat S.ear 5_-_Apr 19713 AO 2913 Sale 29
1613 38
Cent New Eng lot gu es_ _ _ _1961'S
ito
70 Mar'32
-55- ---- Des Al & Ft D ist gu 48
27
73
28
491
4
1935 J J
2
8
Cent RR & Bkg of Ga coil 681937 MN 4014 45
8 Feb'32
4014 Apr'32 _-__
39
50
8
8
Certificated of depoeit
.1
2
2213 4 Feb'32 -7: Sale 75
6 8 .- i
6
Central of NJ gen gold 58_ _1987 5
80
75
16
98
4
Dee Plaines Val led gen 414e_1947 M
6
25
87 99 Nov'30
Registered
92
1987 Q J
90 Mar'32 __
8713 r94
13et & Mac let lien g es
1955 S D
General 4s
pr32
90
76 Feb'32
1937 S i
76
76
24
50
Gold 48
1995 J
-- 35
Cent Pac let ref gu g 4a_..1049 FA 73 Sale a(18
25 Mar'32
73
85
35 a68
25
25
Detroit River Tunnel 4346_1961 MN 55
84
80
Registered
84
FA -- - - --- 9614 July'31 ------------ Dui Miesebe dr Nor gen Si
5 80 39
_.1941 is 9812 100
9812 Feb'32
Through Short L let gu 4s 1954 AO 68 --- 733 Mar'32 ____
4
723 7
98
4 713 Dui & Iron Range let &L.-1937 AO 9613 9812
9812
95
Guaranteed g Si
973
4
1960 FA 60 Sale 59
84
7
96
984
Dui Sou Shore & AU g 58 _1937 is 23
26
Charleston & Sav'h let 711_1936 ii 95
25 Apr'32
____ Ill June'31 ------------ East Ry Minn Nor Div 1st 4e '48 * 0 68
3212
25
5
5979
_ 973 July'31
Chas & Ohio lst con g 58___ _1939 MN 10012 Sale
4
100
____
10012 38
99 103
East T Va & Oa Div let 5s.-1956 MN
Registered
72
725s
MN
7
977 10314 Nov'31 ------------ Elgin Joliet & East let g 541-194 I MN iioT2
8
72
87
General gold 4 34e
914 9012
9012
8614 Sale 8312
1992 M
1
8614 _ 54_
841 95
4
85
73_
El Paw & W 1st 51
1965 AO
85 98 Sept'31
Registered
MS
83 Feb'32
83
83
Erie let cony g
P7107
1998 .1 .1 64 Sale 62
Ref &'mat 4 He
04
18 -Li1993 AO
73
75 Apr'32
Registered
Ref & !mat 4143 ear B. ..l995
1996 ii
- 85
6613 Feb'32 -_ -- 76
0812 mit
74
5
74
8614
5931a74
let consol gen lien g 4a,.--1996 J
Craig Valley let 5s..
41 Sale 38
.May 1940 J
4112 109
70
32
993 993 Feb'32 --.._
4
8314
4
993 993
Registered
4
4
Potte Creek Branch let
1996 is
57 Mar'32
4812 5ri
es..1246
943 Aug'31
8
Penn coil trust gold 45___ _1951 FA -66T2100
ft & A Div let con g 48_1989 J J
9912 Mar'32
9913 9912
ii 72
_
81
8013 Mar'32 __ ._ a75- Ill;
50
-year cony es series A...1963 * 0 34 Sale
20 consul gold 4s
1939 J
3312
347
8 20
83
511s
70
Apr'32
__
70
70
Series B
Warm Spring V let 15.1941 M J 5112 59
1953 AO 3213 387 30
8
33
85
80
90 1043 Mar'31 _ _ _
491s
4
.
Oen cony 4e eerie* D
& Alton RR ref g 38_1949 AO 41
1953 A0 -52 6713 Aug'31 - 5
Sale 40
4112 29 -io " " ii
Ret & impt 56
Ctf dep stpd Apr 1 1931 Int_
1907 MN 55i8 Sale 2314
2912 124 -ii
4934
4518 Mar'32 ____
40
Ref & Impt 58 of l930.._1975 A0 2812 Sale 23
473
4
Railway first lien 310
1950 Ii
2912 175
49
23
75
79 4 Dec'31 - -__ ---- --__
3
Erie & Jersey 1st s f Os- --1955 5
75
8212 Apr'32
85
8212 93
°encases River 1s6 e f 6s_ .1957
83
85
90
85
1
7581 80
r 01-)t) "ale. a Deferred delivery.
ru es
9614
iLa
New York Bond Record-Continued-Page 3
2875
---------
BONDS
N. Y. STOCK EXCHANGE.
Week Ended April 15.
Price
Friday
Apr. 15.
Week a
Range or
Las: Sale
Range
Since
Jan, 1.
High
High No. Low
BO
Ask Low
Erie & Pitts gu g 8 448 Mr B_1940J I
83
83
83
Jan'32
1940.1
Series C 3Ho
9518 July'31
88
Fla Cent & Pea 1st cons g 68 '43.1 .1 30 4212
30
35
3
30
30
Florida East Coast let 4343_1959 J D 53 Sale 53
5
53
4412 60
1974M S
1st & ref 53 swim A
4
712
4
32
r6
5 Sale
313 611
Certificates of deposit
23
15
33
4 514 312
Fonda Johns & Gloy let 4 4461952 M P4
913
91
912 17
1
913 Sale
912 9 Apr'32
(Amended) 1st cons 4 34s....1982 M N
712 9
Fort St U D Co 1st g 434s__1941 .1 .1
96
Oct'31
FSW&DcnC1stg634s___1961J D 75 1513 82 Mar'32
82
82
Elk & Mo Val 1st 6o_1933 A 0 85
Frem
90
96
93 90 Mar'32
Galv Boils & Hend 1st 5s___1933 A 0
65
65
65 Mar'32
60
Ga & Ala Ry 1st cons be Oct 1946.1 .1
18
11
11
1218 Apr'32
49
Gs Cam & Nor 1st gu g 53 '29
Extended at6% to July 1_1934 J .1
9812 45 Nov'31
Georgia Midland let 3s
1946 A 0 - --- 50 63 Mar'32 ---- "iF 63
Gouv & Oswegatchle 1st 56 1942
13 60100 Jan'31
60_
100
Or R & text let gu R 434s 1941 J
90
80
90 Apr'32 ---- "55
Grand Trunk of Can deb 78_1940 A 0 95 Sale 94
92gs 90
64
97
15-year s f (is
1939M
8712 a9714
94 Sale 91
45
95
Grays Point Term let 53___ A047
40
____ 96 Nov'30 --- Great Northern gen 73 see A.1936 J
6012
227
74 Sale 6912
75
Registered
J .1
9712 Oct'31 _--let & ref 41s series A
_1961 .1 .1 78 Sale- 74
74
85
78
27
General 534s series B____1952 .1 J
69
85
_ 653 69
5
4
69
General be series C
1973.1 .1
60
7812
68
60
60
2
General 4 Hs serlee D
1976.1 .1 ,
ii 60 574 Apr'32 ____ 5714 73 8
General 434s series E___ .1977 J
62
7412
55
60
62 Apr'32
Green Bay & West deb Ws A___ Feb 20
50
6712 Apr'31 __-___._
Debentures ctfs 13
Feb
212 713 3
3
Greenbrier Ry let (pi 4s.__A940 M N 85
90
953 Mar'31
s
Gulf Mob & Nor let 5443-1950 A 0 2512 4413 467 Mar'32
"iF 16'8
1st M be series C
1950A 0
39 50
4978 Mar'32
Gulf & S I let ret 3c ter ba_Feb '52 .1
25
40
40
55
40 Apr'32 _--_
Hocking Val 1st cone g 4448_1999 J J
80
8612
86
Apr'32
86
Registered
1999 3
10012 Apr'31
Housatonic Ry cons g 53
88
1937 51 N 88
79
91
88 Mar'32
& T C let g ba int guar
1937 J
08012 a8518
85 100 08518 Apr'32
Houston Belt & Term 1st bs 1937 J
873 89
4
87
89 Mar'32 ____
Houston E & W Tex 1st g 53_1933 M N
944 9484
3
--- 94 4 Jan'32
let guar 53 redeemable_ 1933 M N -ii foo
954 96
9512 Mar'32
Hod & Manhat 1st to set A.1957 F A 7218 7812 69
89
69
119
76
46
64
Adjustment Income tia Feb 1957 A 0 49 Sale 46
5414 72
1111note Central let gold 4s
1951 .1 J
let gold 314s
1951
.1
Registered
J .1
Extended 1st gold-3 Hs___1951 A 0
let gold 33 sterling
1951 M S
Collateral trust gold 48-1952 A 0
1955 M N
1st refunding 43
1962.1 .1
Purchased lines 354s
Collateral trust gold 41-1953 M N
1955 M N
Refunding 5.
15-year secured 73441 g- -1936
Augi 1966 F A
40-year 443
1950 J D
Cairo 'Bridge gold 45
Litchfield Div let gold 33_1951 J J
J
Loulay Div & Term g 334s 1953
Omaha Div let gold 3s__ _1951 F A
St Louts Div & Term g 33_1951 J .1
1951 J J
Gold 3445
Springfield Div lot g 3448_1951 J
Western Lines 1st g 4s
1951 F A
F A
Registered
Ill Cent and Chia St L & N
Joint 1st ref ba series A__1963 J D
lst & ref 440 series C____1963 J D
Ind Bloom & Wait 1st ext 48_1940 A 0
1950 J J
Ind Ill& Iowa let g 48
1966 .1 .1
Ind & Louisville 1st gu 4s
Ind Union Ry gen be set A 1965 J J
1965 J .1
Gen & ref 53 series B
Int & GU Nor 1st (la ger A 1952 J .3
Adjustment 68 Mr A_July 1952 A 0
151 its series B
19561
1st g 58 serieo C
19561
lot Rys Cent Amer let 5s 1972 M N
let coil tr 6% notes
1941 MN
let lien & ref 6441
1947 F A
1938 .1 D
Iowa Central let gold 5a
.11 D
Certificates of deposit
1951 M 14
let & ref g 43
James Frank & Clear lot 48 1959 .1
Kai A &
R 1st gu g 53_1938 J
1990 A
Kan & M lot gU it 43
K C FUR & M RY ref g 43-1936 A
Kan City Sou let gold 33_1950 A
Ref & Rapt be
Apr 10501
Kansas City Term let 45___1960 J
Kentucky Central gold 45..1087.1
Kentucky & Ind Term 4346_1961 J
1961 J
Stamped
1961 .1
Plain
8213 Feb'32
70 Dec'31
8614 June'31
8
855 July'31
73 Mar'30
19
51
1,19- Sale a49
4618 27
45 Sale 45
8412 July'31
65
5
4
403
35 Sale 35
6
60
60 Sale 554
6112 23
6112 Sale 54
3512 209
343 Sale 31
4
56 Mar'32
50
66
70 Sept'31
4218
55 Mar'32
Oct'31
65
413
4
31
7218 Sept'31
Jan'32
8
0
57
50 - 781, 85 Sept'31
50
4818 Apr'32
49 ,88
80
9012 July'31
5712 80
Sale
Sale
981
65
721
364
39
37
32
80 Dec'31
9114 Sept'31
45 Mar'32
98 Nov'31
10318 Oct'31
32
30 Sale 30
6
7
7 *Sale
25
24 Sale 224
24 Apr'32
35
21
4
30
29 Sale 293
31
Apr'32
35
31
18
28
18
15
3
5
54 Feb'32
27
8
25
8 7
25
8
12 178
12 Mar'32
39
36
7514
63
13 ___ 9214
J
--_0 50
75
46 Sale
55 Sale
40
48
8434 Sale
.1 63
80
85
30
92
75
Lake Erie & West let g 53._1937
60
2d guld 53
1941
Lake 811 St Mich So g 354s._1097
6614 733
3
Registered
199
Lob Val Harbor Term gu 66_1954 FA
Leh Val N Y 1st gu g 4148 194 .1
023 627
4
Lehigh Val (Pa) eons g 43_200 MN 41
45
90
Registered
M
General cons 4443
4
2003 MN 413 Sale
Gen cons be
N 43
60
2003
Leh V Term Ry 1st gu g 53._1941. AO 84 Sale
Lehigh & N Y 1st gu g 4s_ 1945 MS
Lax & East let 50-yr ba gu 1965 AO 724 80
Little Miami gen 43 series A 1962 MN 70
85
Long Dock consol g 63
1935 40
Long Island
General gold 48
1938 ▪ D 87
93
Gold 45
1932 ID
Unified gold 4s
1949 MS 70
82
Debenture gold 53
1934 in 81
92
20-year p m deb bs
1937 MN 7612 Sale
Guar ref gold 4s
1949 M
78 Sale
Nor Sh 11 lot con gu be Oct'32 Q J 9912 Sale
Louisiana & Ark 1st baser A.1969II 3912 Sale
Louis & Jett Bdge Co gdg 46_1945 MS
Louinville & Nashville Se--1937
N
Unified gold 45
1940• .1 7514 781
Registered
II
let refund 5345 series A....2003 *0 57
80
let & ref Si series B
2003 *0 57
68
1st & ref 440 series C
2003 AO 52
60
10-yr sec g Is
1941 A0
Paducah & Mem Div 48. _1946 FA 55
621
St Louis Illy 26 gold 33..1980 MS 55 Sale
Mob & ?Aunts let g 4143_1945 MS
South Ry joint Monon 48_1952 J J --- 617
N
AU Knoxv & Cln Div 48._1955
1934,1
Mahon Coal RR let ba
Manila flit(South Lines)43 1939IM
1959 M
let ext 48
Manitoba 8 W Coloniza'n 68 1934 J
Man G & N W los 8 He_ _1941 .1
76 Mar'32
68 Apr'32
7314
737
8
72 Nov'31
9012 Mar'32
80 Mar'32
37
40
64 Nov'31
4012
413
4
614 Mar'32
84
84
9514 Aug'31
794 Feb'32
9112 May'31
974 Apr'32
8812
98
80
94
7612
78
9912
38
75
95
7514
8212
827
8
7212
70
95
8012
55
81
827
8
81
Mar'32
Feb'32
Mar'32
Mar'32
78
78
9912
40
Feb'32
Apr'32
77%
Jan'32
Mar'32
Apr'32
Mar'32
Dec'31
Apr'32
553
4
Feb'32
Nov'31
Mar'32
.1
100 Sept'31
N -68 4 - -1 53
7 68
53
N
52
52
13
96 Dec'31
8712 Aug'31
r Cash sale. a Deferred delivery.
79 Mar'32
103 May'31
83 Sept'31
45
46
58
52
48
51
a8012
85
68 Mar'32
84 Aug'31
8914 July'31 _
89 Apr'30 _
60
29
_
20
17
18
6
3
2
11
23
22
32
6
16
52
2
5
5
39
7
2
2
2
80
a38
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 15.
r. •
tS
t
Price
Friday
Apr. 15.
Range
Slue
Jas. 1
Week's
Range or
Last Said
High No. Low
Bid
Ask Low
Max Intermit 1st 48 aastd---1977 St S
212 Dec'30 -'I 70
Mich Cent
-Mich Air L 48._1940
98 Aug'31
Jack Lana & Sag 3Hs___1951 MS 60
79 May'26
1st gold 33.4s
1952 MN 704 "iiira
Apr'32
7511 71
Ref & Impt 434s ser C
1979 1.1
Oct'31
95
85
Mid of N J 1st ext 53
1940 A0 42
677 72 Sept'31
8
Mil& Nor let ext 444s(1880)1934 ID
75
Jan'32
90
75
Cons ext 434e (1884)...,_1934J 13 35
50
50
98
50
Mil Spar & N W 1st gu 43_1947 M
28 Nov'31
Maw & State Line lot 340_1941
J
90 Apr'28
Minn & St Louis let cons 53_1934 M N
212 Mar'32
23
8 5
1934 M N
CUs of deposit
5
3
10
5 Mar'32
let & refunding gold 4s
1949 M S
112
112 212 2 Mar'32
1962 Q F
7
8
g
Ref & ext 50-yr 5seer A
5
5 Mar'32
Q F
5
Certificates of deposit
14
5 Mar'32
MEItP6c8Skicong4ointgu'381 J 44 Sale 41
38
4612 20
.1 25
1938
lot cons 58
27
27 Mar'32
31
1st cons 53 gu as to hit _.1938 J J 4212 50
40
42
45
9
1 22
1946
1st & ref es milea A
21
26
21
21
3
26
1949 M
20
-year 5345
20 Sale 20
20
6
let ref 634s sec B
1978 31 - - 55
53
2
65
50
1st Chicago Term it 45.__1941 MN 76
95% Dec'30
Mississippi Central let 63..1949 J J
1959 1 J
Mo-III RR liit bs ger A
Mo Kan & Tex let gold 48_1990 .1 D
Mo-K-T RR pr lien to set A-I962 J .I
40
-year 43 aeries B
81 J
1912 1 j
Prior lien 4 He set D
Cum adjust 53 see A_Jan 1967 A 0
1965 F A
Mo Pao lat & ref 53 ser A
General 4s
1975 M N
19 8 m S
1977 M 8
let & ref be ported F
1st & ret g 63 ser CI
1949 M N
Cony gold 514s
1980 A 0
lat ref g be series H
1981 F A
Ist & ref ba ser I
7312 85
25
70 Sale
57 Bale
51
57
50
55
33 Sale
34 sale
20 Sale
35 Sale
353 Sale
8
184 Sale
3414 Sale
35 Sale
Mo Pat 3d 7s ext at 4% July 1938 MN
19451J J
Mob & Sir prior lien g bi
J .1
Small
j J
1945 .1 j
lit M gold 41
Small
Mobile & Ohio gen gold 43_1938 M 6
Montgomery Div 1st g 731-1947 F A
.
Ref 5 .es
341nt 444e
t
51
841
90
10
80
55
1612 22
697
s
123 Sale
4
15
18
55
75
/
1
4
77
75
7112
-1
2
;
0
212
8
6
u50
39
5114
2213
81 I
13512
75
25
66
56
50
50
3112
30
8
157
283
4
29
15
29
29
80
42
80
79
68
6912
60
8311
all
60
60
Ws
60
60
1
53
53
5
"io"
75
8
77
25 Apr'32
66
25
70
56
5814 15
50
3
0
5
5014
50
34
3112
35
59
34
30
228
16
20
2334
3512 294
29
3512 99
1912 346
15
29
3513 202
29
3512 206
53
53
95 Aug'31
97 Sept'31
69 Nov'31
81 July'31
80 May'31
9512 Sept'31
1112
123
4
1312
1312
72 Feb'32
10114 Nov'31
Jan'32
99
72
72
86 Feb'32
Apr'32
76
High
2
993787 M
k1
Molit CMaIgo 0e gold 48_1991 54 S
m n & 1st lst gu
1937 .1
4518 67
87
lot gUar gold 63
42
56
71
Morris & Essex let ftu 834s.2000319373 0 65
1955 kf N --_- 91
Conetr M 58 ser A
523
8
35
1955 SIN 7012 73
Constr M 4 448 ser B
48
60
823 Naah Chatt & St L 4sser A--1978 F A 50
4
7212 7012 Mar'32
54
1937 F A
31
62
N. Fla AS 1st go g its
99 Dec'31
58
58
Nat Ry of Mex pr lien 4443_1957 J .1
18 July'28
J .1
1814 July'28 _July 1914 coupon on
-51 - .65
Assent mats war rct No. 4 on ---118 Apr'32
---- --__
Guar 4s Anr'14 coupon...1977 A 0
1234 July'31
Aesent cash war rct No.5 on
158 Jan'32
1
-.7 ii" Nat RR Mex pr lien 444s Oct'261- -.53512 July'28
Assent cash war rct No.4 on -_.
184 Mar'32
No.40A 0
1951
igs - --1
4 ;
let conool 45
.
22 Apr'28
8
Assent cash war rct
- -14 118
118
Naugatuck RR lst g 43
4
1954 iii"ii -b6i 713 66 Dec'31
36
54
New England RR cons 515_1945 J .1 7112
100 Sept'31
743 90 Sept'31
4
32
52
Consol guar 48
1945.1 J 45
_
1986 F A
92 Nov'30
---- ---- NJ June RR guar let 43NO & NE 1st ref & impt 4 Hs A'62 J J 40 -5
67 5678 Jan'32
45 45
New Orleans Term 1st 4s
1953 J .1 6018 75
6018
6018
NO Tex & Mex n-c 11 0 63_1935 A 0 3812 54
97
3 8 Jan'32
let 58 aeries B
1954 A 0 25
26
30
26
30
60
1st 58 scrim C
1958 F A 23
3012 Apr'32
26
6
30
lst 4343 aeries D
1956 F A
2412
2412 Sale 24
22
50
let 5443 series A
1954 A 0 27 Sale 26
284 23
24
4811 N & C Ildgo gen guar 434e 1945 .1 .1 65
8212 Feb'32
89
2858 84 NYB&MBletconS &L.-1935 A 0 86 971 9412 Jan'32
31
504
18
20
N Y Cent RR cony deb 6s
1935 M N 75 Sale 7412
83
14
8
514
Consol 43 series A
1998 F A 673 75
8
65
68
19
27
3 34
Ret & Inapt 4 Hs Berko A2013 A 0 5812 Sale 543
5812 95
4
When 183ued
12
12
5713 Sale 5414
5712 99
Ref & impt 5s series C___2013 A 0 594 Sale 5612
60
89
75
80
N Y Cent a, Hud Rly M 341s 1997 I J 7214 Sale 69
73
103
6912 6712 Mar'32
---- -___
Registered
1997 1 J
Debenture gold 48
8212 119
1934 M N 794 Bale 7038
45
70
80-year debenture 48
7912 80 Apr'32
1942 1 J
52
70
Lake Shore colt gold 8445_1998 F A 56
4
5612 663 Apr'32
48
714
68
Regtstered
6814 Apr'32
1998 F A 59
80
8714
Mich Cent coll gold 3443 1998 F A
6912 Mar'32
68 68
8412 8212 Mar'31
Registered
1998 F A
---- ---- NY Chic & St L let g 48-1937 A 0 ____ 745 75 Apr'32
8
9314 Mar'30
Registered
1937 A 0 4614 48
483 338
4
1932 A 0 47 Sale 42$8
6
% gold notes
2718 52
Rebinding 5148 series A1974 A 0 2718 Sale 2238
2514 91
65
2514 Sale 21
8312
Ref 434s series C
60
88
69
N I' Connect 1st gu 4Hs A1953 F S 70
88
7 8M A
9
93 Mar'32'____
7012 76
9018 97
1st guar ba series B
--- -___ N Y & Erle lot ext gold 43_1947 F N 7712 ---- 81 Dec'31
953 M A
8712 9012
30 ext gold 434s
1933 M S _______ 100 Sept'31
70
80
751 8834 Nov'31
N Y & Greenw L gu g 53---1946 MN 30
36
69
77 Mar'32
N Y & Harlem gold 394s_2000 MN 6614
75 Feb'32
N
-4012 - - .- NY Lack & W ref 4443 B___1973
6
8
100 Dec'31
61
85
N Y &Jersey 1st 53
1932 FA
8412 Dec'31
90
84
N Y 34 Long Branch gen 48-1941 M S
9512 July'31
NY&NE Bost Term 43-1939 * 0
6214 63 Apr'32
7912 7912 NYNH3c n-e deb 48.-1947 MS 57
70
67 Mar'32
Non-cony debenture 840-1947 MS 52
50
3
Non-cony debenture 844s-1954 * 0 50 Sale 50
97'm 101
49
8
4812
49
55
1
1955
Non-cony debenture 4a
7
53
8214 8812
Non-cony debenture 45...1956 MN 53 Sale 5212
5018 Apr'32
98
98
1956 J J 4118 50
Cony debenture 3448
79
34
7014 RO
1948 II 79 Sale 75
Cony debenture 63
92 Mar'32
II
90
95
Registered
7514 42
1940 AG 74 Sale 74
7511 80
Collateral trust 68
491 50 Apr'32
1957 MN 35
73
82
Debenture 43
6212 11
99 1002 4
lot & ref 4345 ear of 19271987 J O 60 Sale 5912
67% 747 83 Mar'32
3613 50
Harlem R& Pt Chee lot 4s1964 M
73
75
50
4
0
31
50 Sale 4238
Juna_1(192 M
95
96
NYO&W ref g 43
5
1955 J 13 40 Sale 35
4
7514 883
General 4s
96 Mar'31
81
8212 NY Providence & Boston 4e1942 A 0 70 _-_
____ 7718 Jan'32
733 84
4
N Y & Putnam 1st eon Itu 43_1933 A 0 70
_
40
_ 36
_ _ 70 4012 Mar'32
718 78
4
N Y Suon & West 1st ref 53._1937 J
4
75 Mar'30
1937 F A
64
7518
Id gold 4 443
11
25 Sale 25
General gold As
98
9212 Feb'32
8612 Terminal list gold 53
1943 M N 60
949 F A
43
50
50 Sale 47
45
56
J
N YWChes&B 'steer 14348'48
10214 28
81
81
Nord Ry ext'l sink fund 634.1050 A 0 10214 Sale 10018
117 1312 Apr'32
s
7
A
No-folk South 1st &
53_1961 F
40 40
2
40
"iiis 81 Norfolk & South 1stref A 53_1941 M N
gold
4 .
014 Mar'32l
4
Norf & West RR impt&ext (18 '34 F A 1_021_ 11_3_212 1023 Mar'32 ____
____
New River let gold 63.-1932 A 0
994 56
"ii" "6"4"" N & W Ry lot cens g 43-1998 A 0 8914 Sale 82
52
52
804 Feb'32 ---Registered
a89 Sale 89
90 4 31
3
Diy'l 181 lien & gen g 4a..1948,1
9
9 4A
91
933 91
4
Apr'32 ---Pocab C & C joint 43
194111
13
72
28
75 4
3
"lio"
10
-733
2
88
7914
69
88
70
7012 7012
lI
1571
1
212
"io"
60
85
24
3012
24
26
80
9412
66
397g
41
3972
443
2
45
8212
9412
77
6212
543
4
5414
3612
68
6712
8
793
78
6512
6814
137
92
80
58
72
72
78 4
3
75
6812
921s
8212
727
8
8814
70
71
82
Ws "Ws
20
19
794
9012
4812
40
88
93
72
75
77
75
-a 12'
53 1117
5012 61
4
4812 663
54
68
5012 68
95
75
92
92
74
94
48
59
5912 77
81
83
388 55
4
35
46
7724 77I
85
64
"iF
391
92
9211
47
62
9133 103
4
1112 MI
40
60
101 1023
4
9934 10014
82
9212
8012 81
87
921
4
851 9212
4
Neweork Bond Record-Continued-Page 4
2876
-
BONDS
N. Y. STOCK EXCH(NOR
Week Ended April 15.
1!
44:
Priee
Friday
Apr. 15.
Week.
Range or
Last Sale
Ask Low
Bid
High
North Cent gen es ref 53 A__1974 M
____ 104 107 Nov'30
Gen & ref 410 ser A
1974 M
k 85 104 Sept'31
North Ohio 1st guar g 53_ _1945 AO ____ 50
18% Oct'31
North Pacific prior lien 43..1997 Q
a75 Sale 7014less 7614
Registered
Q
69
Apr'32
Gen lien ry & Id g 3a_Jan 2047 Q F 8218 Sale .55 9 k 5943
Registered
Jan 2047 Q F 55 4 Sale 55 4
3
3
55 4
3
Ref & impt 4143 series A...2047 3, 58 Sale 58
60%
Ref. & imptes series B-20473, 6812 Sale 66
74
Ref & impt 53 series 0-2047 .1
73 Mar'32
Ref es impt 53 series D--_2047• 1
68
70 Apr'32
Nor Pan Term Co 1st g So- -1933 „I
10012 Mar'32
9718
Nor Ry of Calif guar g 5a_.1938 AG
9514 Oct'31
Og & L Cham lot gu g 43-1948 3, 401/ "4"3:1 46
Apr'32
Ohio Connecting Ry 1st 43..1943 MS 80
97 May'31
Ohio River RR 1st g 53
1936 J D 86
90 Jan'32
General gold 53
1937 AO 72
82
78%
783
8
Oregon RR & Nay cons g 43_1946 J
8012 85 8012
85
Ore Short Line let cons g 53_1946 J
9112 Sale 90
9112
J
Guar stpd cons 53
1946
96
98 98
98
Oregon-Wash 1st .fr ref 43__ .1901 • 1 a73 Sale 71
73
•
g
Range
Sines
Jan. 1.
No. Low
High
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 15.
".q
Pries
Friday
Apr. 15.
Week's
Range or
Last Sale.
;,•
g
so 1
e
Range
Sines
Jan. 1.
Bid
Ask Low
High
High No. Low
Seaboard All Fla 1st gu 63 A.I935 F A
214
3
212
2
212
8
5
Certificates of deposit.........
ye
112 24 3
412
3
13
Series 1i
A
13 Apr'32
8
152
252
Certificates of depouit __ 7.36 1-A
4
64 7123 12%
_
112
212
212 Feb'32
212
69
751s Seaboard & Roan let 53 extd 1931
8212 9012 Aug'31
& N Ala cons gu g 58
514 63
86
1938 F A
8712
8712
55; SoGen cons guar 50-yr 53_ _ _1963 A 0 7014 85 100 Nov'31 3 -§7i2 8712
50
*1 1
Pac coll 48(Cent Pao coil)4'49 J D 48 Sale 44
78
58
21
50
44
73
-74
let 4345(Oregon Lines) A_I977 M
66
148
901/
684 Sale 68
6912 34
68
84%
20 year cony 5s
73
78
19
68
34
D 3312 85 85 Apr'32
s
85
97
Gold 434s
70
78
491/ 53
48
52
11
48
7312
Gold 434s with war
100% 10012
1969 M N 51 Sale 47
51
68
47
74
Gold 434e
1981 MN 5114 Sale 47
52
133
46
721s
San Fran Term lot 43_ _ _.1950 A 0 70 Sale 70
"40 49
73
11
84
70
So Pao of Cal 1st con gu g 53_1937 MN 98
98% 98
"66" "5"6- So Pao Coart 1st gu g 43_. _1937 J J 72 90 96 Apr'32 _ _ 98 99
Jan'30
78% 78% So Pau RR lst ref 4s
1
1955J
7312 Sale 691/
7312 103
55i2 162
Registered
861s 87
4
--__ 9512 Nov'31
J
_
Stamped (Federal tax)_195.5 J J _
90
3
99
921/ May'30
_
Southern Ry 1st con' g 53-1994 . -3 69 Sale 67
942 100
4
4
69
1
12 "5"i
801,
Registered
71
24
83
J .1 27% 30 104 July'31
Devel & gen 43 aeries A__ _1956 A 0 2912 sale 2612
33
30 -2611 54 Pacific Coast Co 1st g 55_ _1946 J O 1812 22
Devel & gen 63
1814
1818
1815 191s
4
1956 A 0 35 Sale 29
35
68
29
67
Pac RR of Mo 1st ext g 43_1938 FA 60
Deyel & gen 6 Hs
85% 90
90 90 Mar'32
1956 A 0 3734 Sale 32
40
59
32
72
53 extended gold 53
Mem Div let g 53
1938 3 .1 45
85
94
93 Mar'32
93
55
95
93 Nov'31
_
Paducah & Ills let ef g 4118_1955 3 .1 65
St Louts My let g 43
93
93 Mar'32
91
9518
54
19 6 3
9 1 .1
5
6
6314 Feb'32
60 - - 58
6
7
Parts-Lyons-Med RR ext 85_1058 P A 101 Sale 10014 101
East Tenn reorg Hen a 53_1938 M S
91 101
80 101 Sept'31
157
Sinking fund external 7s._1958 M S 1033 Sale 10258 1033
Mob & Ohio coll tr 45_
98 7'10412
4
37
4 31
34
1938 M S 34
34
3 -84- .
43
Paris-Orleans RR ext 5345..1968 hi 8 9512 961/ 963
884 9712 Spokane Internat 1st g 6e.,_19553 .1
8
96% 36
25 Apr'32
19% 31
Paulista Rs let dr ref al 73..1942 64 S 51
Staten Island Ry Ist 4143_1943 J D
41
65
(15
6014
12
63
87
Oct'30
Pa Ohio & Det 1st & ref 4113 A'77 A 0 681/ 74
70
787 Sunbury & Lewiston let 4s....1936 J .1
8
77 Mar'32
974 Nov'31
Pennsylvania RR cons g 43_1043 M N 891/ _- 8912 Apr'32
88
92
Consol gold 4a
1948 M N 8612 Sale 8612
8612 9314 Penn Cent lst 63 A or B
4
30
3478 Mar'32
8612
1947 A 0 25
244 38
43 sterl optel dollar May 1 1948 M N 8514 88 85
85
9134 Term Assn of St L let g 4)0_1939 A 0 90
9314 9314
12
85
9314
2
88% 94
Con3o1 sinking fund 4313_1960 F A 92 Sale 90
let cons golds.
90
98
96
92
19
1944F A 90
96
Apr'32
9311 96
General 410 series A
Gen refund f g 45
1965 J D 70 4 Sale 70
69
3
8713
7415 46
1953
75
J 74 Sale 74
10
71
79
General 53 series B
69
1968 J o 801/ Sale 78
78
923 Texarkana & Ft 1st 5113 A 1950 F A 66
4
69
8012 38
69
3
63% 74
15
-year secured 611s
95 10218 TeX&NOCongoldta._,,.l943J J
1936 FA 971/ Sale 95
971 106
10012 Nov'31
FA
Registered
Texas & Pap 1st gold 5.2000J D 78 Sale 75
_ 83 4 Mar'31
3
78
11 "65" I/
40
-year secured gold 581964 MN 7012 Sale 68
- 2.1 he 53(Mar'28 cpon)Dec2000 Mar
95 Mar'29
21 "65" 16
71
Deb g 4143
Gen & ref 5s 3eries B
55
1970
5512 Sale 55
743
4
583
44
4 39
1977 A 0 44 Sale 44
2 "ii" "70
General 414s sec D
1981 A 0 6912 Sale 685
Gen & ref 56 aeries C
69% 79
8
70
45
1979 AG 45 Sale 43
38
43
7012
Pa Co gu 3313 colt tr A reg-1937 M S
Gen & ref 53 series D
87 Nov'31
1980 3 13 45 Sale 45
50
37
45
7012
Guar 34s coil trust see B 1941 FA 91
81 If" Tex Pac-Mo Pao Ter 5113_1964 M S
81 Feb'32
85 Mar'32
AO
8912
Guar 3Hs trust ctts C1942 J o
3
85 s 85
4
14 Tol & Ohio Cent 1st all 5s_ _1935 1 J 75 4 88
854 Jan'32
995234 SeptJan 3321
92% 9214
Guar 314s trust citts D._.1944• D
oen goid lv 1st g 53
Western D5a
96
78
80%
78 Mar'32
96 Mar'32
1935 A 0
96
96
Guar 46 oer E trust cUs_....1952
N ____ 78
76% 78
78 Apr'32
Secured gold 4145
Tol St L & W 50-yr g 4s_ _ _19 .1 D 55 4 70
3
1963 MN 62 Sale 6012
601/ 82
74 Nov'31
66
15
31
1 50 A O
Peoria & Eastern let cons 43_1940 AO
49
51
60
1004 Oct'30
Apr'32
55
ToIWV&Ogu434oserB 1933 J J
Income 48
1st guar 43 series C
2E8 6
April 1990 Apr
74 Dee'31
1542 M S
Peoria & Pekin Un let 534s._1974 FA 65
8
Toronto Ham & Buff lst g 4a 1948
65
8
9
8 D c3
72
79
Ae
72 Mar'32
D 643 ____ " 6r:31
Pere Marquette let set A 55_1956 3, 5314 Sale 4612
45
Ulster & Del let 53
69
40
55
1928
lst4s series B
40
Ctts dep god as to Dec 1930
1956 3, 4014 53 4 40
41
55
3
let g 4Hs sexiest C
54 Sale 50
40
let and $570 ret of prin
4812 Sale 40
58
1980 M
4812 44
54
34
50
7713
Phil& Ball & Wash 1st g 43..1943 MN 85
461/ 48 Feb'32
1st refunding g 43
88
9012 90 Apr'32
91%
48
1952 AO 41
484
General 55 series B
Union Pap let RR & Id gr 4a9014 Sale
1974 FA _
9812 10812 Sept'31
9014 206 a85'4 93%
119472 3' 86 Sale 8514
Gen'l g 4p4. ner C
"if" 1611977 .1 .1 i51.2
4
77 Jan'32
86
J
Registered
86
5 86
91
Philippine Ry let 30-yr C 1 43'37 J
let Hen es ref 43
18 Sale 18
16% 214
15
1814
76
June 2008 M S 76 Sale 7212
29
7212 84
Pine Creek reg 1st 65
Gold 4113
100 100
1932 3D
100 100 Feb'32
75
14
1967 3) 75 Sale 70
70
8711
PCC&6tLgu411sA
let lien & ref 55
a9213 96
11140 AO 9234 100
95 Apr'32
MS
08 Apr'32
90
June 2008
99
Series B 4 Hs guar
40
92
95 95
-year gold 4s
1042 AO 92
96%
1
95
1968 J O 7412 Sale 6713
741
: 50 a671/ 80
Series C 4Hs guar
U NJ
94 94
94 Mar'32
1942 MN
90 Feb'32
& Can gen 43
8
1944 MS
90
9312
Series D 45 guar
MN 8612
Utah & Nor 1st ext 45
_-_- 00
874 Mar'32
8614 90
1945
July'31
1933 J
Series E 411s guar gold_1949 FA
Vandalla cone g 4s series A_ _1955 FA ____
95 Mar'30
95 8 June'31
3
Series F 43 guar gold
Cons et4e series 11
98 Sept'31
1953 3D 8012
9312 Sept'31
1957 MN
3314 8314 Vera Crus & P assert 4 He_ _1933 .1
114
Series 04.guar
MN 8114 _- 8314 Mar'32
234 114 Feb'32
1957
14 lit
Series H cons guar 48
Virginia Midland gen 55_1936
95
80
80
1960 FA 8014 -- 80 Apr'32
00
N 88
90
1
90
95
Series Icons guar 4116..._1963 FA 8
8814 90
'
80 Feb'32
3
414 ---- 90 Mar'32
80
80
Series J cons guar 4113
Valsat cons 50-y let
37
93
86uthw.near"
87
93
1964 MN 844
93
3014
2
3014
53 66-200 AO 24
1958
3
3014 45
General M 58 aeries A.
_1970 J D 64 10
80
80 Apr'32
9211 Virginia Ry lets. artiste A_.1962 MN 83 Sale 83
86
45
80 4 91
3
Gen mtge guar Suet 13_1975 AO ____ 8712 90 Mar'32
1st M 411s series B
87% 9412
75
1962 MN 75 Sale 75
10
70
76
Gen 414s series C
1977 J
741s 8
77 Mar'32
512
Pitts McK & Y 1st gu 65-1932.1, _loo 10018 Mar'32
_
100 10018 Wabash RR lot gold 5s____1939 MN 6014 Sale 55
6012 21
55
79
2d guar 63
3818 45
2d gold 53
J 55 Icto 100 Mar'32
1934
100 100
36
FA
40
8
36
69
Pitts 131/ & L E Ist g 5s
Deb 6s series B registered.19 93'
1940 AO
99
Oct'31
98% May'29
1639
-3
let consol gold 53
let Ilen 50-year g term 43_1954
10014 Aug'28
1943 3,
' "55" 1E- 87 July'31
3
Pitta yak Char lat 4s
Del & Chic eat let 56_ _ _1941 3.1 27
60
_
1943 MN 60
985 June'31
8
73 Feb'32
721k 73
Pitts & W Va
Dee Moines Div let g 46.1939 .1 .1
D 40 . 54 Mar'32
4115 Der A_1958
45
60
32 Feb'32
68
30
46
let M 43s series B
40
47
1958 AO 4712 92
55 Feb'32
Omaha D1v let g 3113_1941 .40 32
5314
79 Attg'3I
---- -M 4113 series C
21
70
Tol & Chic Div g 43
45
1960 AO 471/ Sale 4712
50 Feb'32
48
16
56%
1941 M
50
50
Pitts Y & Ash 1st 43 oar A_ _1948 J D
7 4 7 2 712
,
Wabash Ry ref & gen 531s A.1975
,
95% Sept'31
•S
712
5
5
19
let gen 53 series B
6
612 6
Ref dr gen 5s(Feb'32 coup)B
1982 FA
8812
881/
7
6
19
' P A
76
1st gen 53 tieriee C
614 Sale
Ref & gen 4113 series C.. 1978 AG
1974J D 79%
6
64
,
3
4% 164
Providence Secur deb 4s_ 1957 M N
/4 710 July'31
64 8 2 61/
Ref & gen 53 series D
,
1980 AG
61/
5
534 1611
Providence Term let 4s
Warren 1st ref gu g 310_ _2000 FA
iL 77 741/ Mar'32
1956 M
78
- 56 July'31 _ _
Washington Cent 1st gold 44_1948 QM "Li" 16
Mar'32
Reading Co Jersey Cen ponds'51 A0 _ - 7114 75 Mar'32
Wash Term let all 331s
79
75
82 Feb'32
1945 FA .7614 90
82
8212
Gen & ref 44s series A___1997
' 01
3
1st 40
68
61
61
68
-year guar 45
81%
11
1945 FA 83% _ _ 831/ Apr'32
8311 8338
' 6114 65 4 81 Mar'32
Gen & ref 4 Hs series B...1997
3
Western Maryland let 45
82
76
,
1952.40 53 Sale 49%
54
48
62
48
Rensselaer & Saratoga 81_1941 MN 80
let & ref 5145 aerie,' A.__ _1977 J J 5018 54
_ 113
Oct'30
51
53% 17
46
63
Rich & Medi let g 4s
West N Y & Pa lot g 53_ _1937• J 93% 94
72
7912 Sept'30
1948 MN
_
93
9411
8
9112 98
Richm Term Ry let an 53_ _1952 J
Gen gold 45
56.4 Sale 964
8014 78
963
8
1 "55" 9614
78
1943 AO 76
1
77
91%
Rio Grande Juno 13t gu 511-1939 3D
9212 85 Sept'31
Western Pac 1st 55 sec A_1946 MS 3113 Sale 30
3112 18
28
49
Rio Grande Sou let gold 46_.1949 j
West Shore let 43 guar
68
24 June'31 -6514
2361"3 67
68
8
65
78
69
Guar 48 (Jan 1922 coupon)'40• J
Registered
65 Apr'32
-- 712 Apr'28
2361 J J 66
63% 74
Rio Grande West lot gold 43.1939
6714 Sale 65
56 75 Wheel & L E ref 454e set A.1986 M S 571a 65 54 Apr'32
5
6714
3 1
6
54 r6114
44
let con & coil trust 4s A_1919 AO 4712 Sale 47
Refunding Is series B_1966 MS 55% -- 9712 Aug'31
48
7
56
RR let cannot 43
R I Ark & Louis lot 434e.1954 M
3912 Sale 38
75 68
3912 11
3413 70
1949 MS 68
68
3
554 "idle
Wilk & East 1st gu g 5s___ _1942 J O 173 22
39
8
38
Rut
39
Jan'32
48
-Canada Ist gU g 4s
2218 Apr'32
1949 3' 30
2013 29
4111 47
_ 443 411. Apr'32
win & F 122 gold ila
4
Rutland 1st con 4;0
91% Oct'31
1941 .1.5
1938 J O
70
Winston-Salem 13 B 1st 43_1960 J
8912 76 Mar'32
76" 16
Wls Cent 50-yr 1st gen 43_1949 J
29 Sale 29
St Jos & Grand Isl let 4s_ _ _ _1947"3 7218 7712 72
84
72
81
3
293
4 30
254 4015
Sup & fluidly & term let 45 .36
St Lawr & Adr let st 58
95 Apr'31
95
25 Apr'32
N 24% 28
1996 3'
24
34
Wor & Conn East 1st 4;13_1943
6314 86
55f.
2d gold 63
8
891 897 Feb'32
8814 Sept'31
1996 AO 40
St Louis Iron Mt & Southern5014 8312
Rlv & G Div lat g 43
104
61
INDUSTRIALS
1933 MN 61 Sale 5014
Abitibi Pow & Pap let 58_1953 ▪ D 37% Salo 33
.5* 1,-Ban Fran pr lien 4s A...1950 3' 2112 Sale 173
17% 34
4
2111 125
37% 59
2814 41
12% 2614 Abraham & Straus deb 5315_1943
Con M 4313 series A
383
17
1978 MS In Sale 13
With warrants
787 703
3D
AG 77
8
- 421/ Aug'31
Registered
8
795
2
7514 845
2
Adams Expreas Poll tr g 45_1948 MS 63% Sale 63
8
2218 Sale 203
Prior Hen 53 series B
224 30 "Ws 42
1950 1
67
4
70
63
Adriatic Elea Co exti 7s____1952 AG
St L Peor & N W lst gu 63 1948 3,
743 77
4
65 105 Aug'31
742
77
5
8214
72
2% 10
64 16" Ajax Rubber let 15-yr II 85_1936 30
St LB W 1st g 43 bond etf5.1989 MN 58
5
58
59% 56%
5 Jan'32
5
6
103 13
37
2d g 48 ice bond Ma Nov 1980 J J 40 Sale 37
49% Alaska Gold M deb Be A___1925 M
13
40
103 Apr'32
4
8
147
2
Cony deb 63 series B
42
89
Consol gold 4s
75% 199
1926 MS 1012 1154 1012
1932 J O 681/ Sale 67
1014
9
14
Albany Perfor Wrap Pap 681948 AO 28
32
271s 55
let terminal& unifying 56_1952'.1 35 Sale 30
30
20
35
32
4512
3
30
019 Sale 18
Allegany Corp coll It 5s
424 60
St Paul & K C Sh L 1.8 4341.1941 FA
48
48
8
50
1944 FA
19% 74
144 4112
Coll & cony 55
SIP & Duluth 1st con g 43_.1968 J O _85
73
73
"
_ 73 Mar'32
1949 ▪ D 1612 Sale 14
17,4 77
14
40
Coll & cony S.
85
St Paul E Or Trk 1st 410.1947
9918 Aug'30
' _
3
1950 AO 16 Sale 1311
16
1313 33
64
94l 97
Ants-Chalmers Mfg deb 5a 1937 MN 73% 75
St Paul Minn & Man con 46_1933 3, 56
1
95
71
98
95
75
12
91
71
451/ 45
96 10014 Alpine-Montan Steel let 73 _1955
let consol g 84
•B 45
47
1933 3, 9812 9912 9912 Apr'32
3
41) 514
63 reduced to gold 4Hs_ 1933
97% Amer Beet Sug cony deb 63_1935 FA 2018 27
94
20
J 95% Sale 941/
95% 22
2014
3
1812 22
American Chain deb e f 63.1933 AO 13214 Bale 6214
74
100 Apr'31
Registered
'ID
32
594 874
Am Cyanamid deb 5s
Mont ext. 1st gold 4s
.40 77 Sale 767
861 Mar'32
8
96
1842
1937 J
77
2
80
69
Am & Foreign Pow deb 53_2030 MS 36 Sale 23l2
81
70
Pacific ext gu 48 (sterling)
79% 81 Mar'32
36
.1940 j 3 76
532 622
47
St Paul Un Dep let & ref 58.1972
Amer
J 9712 Sale 94
9 91 99 Amer Ice etdob Be
9712
1953• D 6912 7312 6912
6912
3
75
65
SA& Ar Pass let an 443_1943 .1 J 6712 70
I G Chem cony 510_1940 MN 5812 Sale 55
67% 801/
70 Apr'31
593
3
4 75
55
701,1
Am Internal Corp cony 5315 1949
Santa Fe Pres & Phen 1.1 58.1942 M S
95 Dec'31
'
3 65 Sale 6312
65
63% 72%
91
Am Mach & Fdy f fk,
Say Fla & West let g 83
1939 AO 10233 10312 10312 Apr'32
---- rI0718 Sep'31
1934 AO
102 4 10314
,
let gold 55
Amer Metal 534% notes-1934 AO 48 Sale 47
Oct'31
- 101
50
1934 AG --_65
68
47
Scioto V & N E let gu g 43_1989 MN 81 Sale 81
Am Nat Gas 854e (with war) 1942.40
2
3
7858 84
81
2
10
3
I% 4
18
Seaboard Alt Line let g 45..1950 AO
Certificates of deposit
18 r25
804 81
9
16 Mar'32
212 Feb'32
23
212 311
Gold 45 !tamped
10
IP% Am Sm & R 1st 30-yr 53 ser A '47 A 0 82 Sale 80
10 Apr'32
9
10
1950 AO
827
80
89
96
Certificates of deposit
812 13
AG
3
8
123
4 812
'8 Amer Sugar Ref 5-yr 63__1937 1 J 101 Sale 101
812
98 105
1014 66
AdJuatment 54
1
112 Am Telep & Toles cony 40-1936 M 13 9834 Sale 98
12
1
1
Oct 1919 P A
Apr'32
9414 100
983
4 14
Refunding 43_
30
-year coil tr 55
213 5%
3
4
6
312
23
9738 102 2
7
1959 AO
1960 J D 10114 Sale 10013 1013 113
946
,
4
J
Certificates of deposit
35
-year f deb 65
212 434 312 Apr'32 987 Sale 9612
2s 7
7
8
9914 276
95% 10,458
Ist & cons 63 seriee A
20
-year 3 f 5Hs
1023 Sale 10114
3
8
614
1945 MS
1023 173 10011 105
3
,21 56
3
4 3
4
3
Certificates of deposit
Cony deb 4)13
2 8 512 33 Apr'32!_
7
3
102 Sale 10014
7
4
102
94 100% 107
1939
AU dr BIM 30 7r Isle 43_41933 MS 12
35
-year deb 53
17
18 Mar'32
1512 20
8
99
203
1
954 100 4
N
:.° 99 Sale 965
15 31 A
1983
r Cash sale. 4 Due May. 4 Due August. a Deferred delivery.
----
....
New York Bond Record-Continued-Page 5
BONDS
N Y STOCK EXCHANGE
. .
Week Ended April 15.
Price
Fricfay
Apr. 15.
Week's
Range or
Last Sale.
•r3 •
r1.
3
.
e°,
Rang*
Sines
Jan, 1.
Bid
Ask Lore
High No. Low
High
Am Type Found deb es_ -1940 A 0 a65 Sale 65
1
65
65
973
4
Am Wet Wks & El coil IF 58_1934 A 0 877 Sale 8778
8
27
89
8314 95
Deb g Oa sorted A
1975 M N 57 Sale 50
57
28
8418
50
Am Writing Paper lit g 68-1947 1 .1 22
26 .2012
10
'21
2012 30
at dab 7a._..1945 MNAnglo-Chiea
2
5 Apr'32
6
5
1212
Antilla (Comp Ans) 7144-1939 J .7
1
10
10 Sept'31
Ark & Mem Bridge & Ter 54_1964 M S 75
85
75 4 Mar'32
3
- 4 7631 111Armour J4 Co (III) lat 4348_1939 J D 68 Sale 8014
114
70
6014 79
Armour & Co of Del Oft__ _1943 .1 J 5714 Sale 5014
6014 138
5014 89
Armstrong Cork cony deb 54 1940 J D 55 Sale 55
10
61
70
55
Associated 0116% gold notes 1935 M S 993 -2
98 10134
4
4 10014
993
Atlanta Gas L 1st 54
1947.7 D 95
95 Apr'32
95
9514
Atl Gulf & W BB L colt tr 64 1959 J J 3512 Sale 34
361
34
34
44
Atlantic Refining deb 5a_ -1937 J .1 93 Sale 92
8
93
8513 9312
Baldwin Loco Works lat 54_ _1940 M N 9812 101
99
11
993
99 10112
Demme (Comp Asuo) 734e1937.7 .1
614
5
5
5
33 lo
712
Batavian Petr guar deb 414s 1942.7 J a78 4 Sale 75
66
7134 8212
781
Belding-Hemingway MI
1936.7 .1 85 Sale 88
8512 90
Apr'32
Bell Telep of Pa 54 series B 1948 J .7 1023 Sale 10112 1023
4
40
9834r104
let & ref be seriee C
1960A 0 1027 Sale 10014
3
1027 102
9834 10312
Beneficial Indus Loan deb 64 1948 M
73
27
747 7214
8
75
7012 80
Berlin city Elee Co deb Ohs 1951.7 D 303 Sale 2812
91
8
313
2812 4712
Deb sinking fund 6 he_ _ _ _1959 F A 2912 Sale 28
28
54
291
42
Debenture Be
1965 A 0 2012 Sale 2718
58
291
253 37
8
Berlin Elec El & Underg 634,1956 A 0 30 Sale 30
2414 3512
62
32
Beth Steel lit & ref 54 guar A '42 M N 8313 Sale 797
20
84
e
797 97
8
80
-year p m &'mot f 54_1936 J .1 87 Sale 867
53
92
8
867 98
8
Bing & Bing deb 654.
1950M S 26
30
20
26 Apr'32
30
/3018123 Cone Mills 6144
,
1012 24
1934 A 0
8
8
173
4
814 Sale
Bowman-BM Hotels let 78_1934 M
4112 50
42 Apr'32
35
50
B'way & 7113 Ave lit cons 58_1943 J D
212 312 3 Apr'32
3
£s
7
Certificates of deposit
.1 0
__
1
1 Mar'32
114 3
1
Brooklyn City RR let 54____1941 J J 50
50
55
60
18
55
665
2
Bklyn Edison Inc gun 54 A__1949 J .7 1027 Sale 102
8
8 22
1027
9714r105
Bklyn-Manh K T sea 138_ _ .1968.1 J 84 Sale 8112
334
84
8018 9114
Bklyn Qu Co & Sub eon gtd 58'41 M N 55
5518
73
5518
5
5518 58
let Is stamped
1941.7 J 563 ---- 9012 June'31
4
Brooklyn It 'Fr let cony g 4e 2002.7 J
9212 Mine'29
Bklyn Union El let g 54
1950 F A 68
2
74 68
29 755- 79
bklyn Un Gas lit cons g 5L.A945 M N 102 Sale 101
_19.15
42 100 10434
103
lst lien & ref 64 seem A_ _ _1947 MN 107 ---- 108 Mar'32
107 111
Cony deb g 5348
1938 .1 J 140 147 Feb'32
147 147
Cony deb 54
1950.7 D 94 Sale 905
94
8
8
90% 99
Bur & Susq Iron 1st f 54.-1932 J D
96 Nov'31
Buff (len El 414s series 11_1981 F A "9412 gide ea
9412 77
91
9658
Bush Terminal let 48
1952 A 0 6718 7412 6254
70
80
625
2
1
Coma! 58
1955.7 J 63 Bale 8112
63
58
6
71
Bush Term 131fts Is Pt tax ex 80 A 0 81 Sale 81
90
81
8212
3
By-Prod Coke let 5346 A-1945 MN ____ 434 45
16
48
45
60
Cal G & E Corp unit& ref 54_1937 MN
Cal Pack cony deb 54
1940.7,
Cal Petroleum cony dabs f 541939 FA
1938 MN
Convdebefgs4,
Camaguey Bug let a t 74
1942 AO
Canada BB L lit & gen 6
W-1941 AO
Cent Dist Tel let 80-yr 58-1943 J D
Cent Foundry lets fOe May 1931 P A
Cent Hudson
& E 56 Jan 1957 MS
Cent III Eleo & Gas let 54._1951 FA
Central Bteel lit g a I Ets_ _ _ _1941 MN
Certain-teed Prod 6 he A _ _1948 M
.
Cespedes Buser Co 1st if 73.4a'39 MS
Chomp Corp cony 54 May 15 '47 MN
Chic City & Conn Rye Se Jan 1927 A0
Ch G L & Coke lst gu g 5s_ _1937
.1
Chicago Rya let 5.stpd Ma 15%
principal and Aug 1931 Int-- FA
Childs Co deb 54
1943 A0
Chile Copper Co deb Si
1947'.7
Cin & E lat M 44 A
1968 AO
Clearfield Bit Coal lat 44_ _1940
'3
Colon 011 cony deb 64
1938 I
Colo Fuel & Ir Co gene!541_1943 FA
Col Indus let di cabs gu
1934 P A
Columbia0& E deb Is May 1952 MN
Debentures Se_ __.Apr 15 195 AG
Debenture 54
Jan 15 198 J J
Columbus Gas let gold 54. _ _193' .7,
Columbus Sly P & L 1414 he 195 3,
2
101 ---- 101
10114
55
8
a55 Sale 53
13
755 Sale 7538
8
77
7718 87
80
8014 49
2 Sale
4
10
2
30 Sale 30
30
7
10112 108 10112 Apr'32
8718 100
9012 Apr'32
99 10012 10012 Apr'32
62 Sale 5912
62
70
89 2 89
89
,
8918 13
31 Sale 30
33
13
5
10
612 Mar'32
5112 Bale 4434
5112 143
274 July'31
98 100 98
12
99
9914
53
6114
64
2
23
9984
2
89 4
9624
54
85
30
5
4434
1013
4
71
77
8014
514
3814
10214
93
10012
77
07
443
4
8
78
97
1- 2
6d1-
Sale 36
24
38
Sale 2014
14
23
Sale 41
42
22
Sale a86
39
89
77 Dec'30
_
343
4 65
33
341 50
55
33
2
40 Sale 40
4
40
4
653 Sale 615
8
883 135
4
6418 Sale 60
36
651
67 Sale 59
164
67
83 Sale 9512
961
7
83 Sale 83
24
851
36
20
41
82 4
3
60
48
6012
9212
-5irs
50
40
8
615
60
59
90
8112
40
67
65
8512
85
8413
9612
92
Commercial Credit 41 68....- _1934 M N
Coll tr f 514% notes
19353 .1
Comm'l Invest Tr deb 5144_1949 F A
Computing-Tab-Bee a f 64_1941 J
Conn Ry & L 1st & ref g 4 hs 1951 .1
Stamped guar 4 ha
1951 J
Consolidated Hydro-Elect Works
of Upper Wuertemberg 74_1958 J
Cons Coal of aid lst& ref 54_1950 J D
Conseil Gas(NY)deb 534s _1945
Debenture 430
1951.7 D
Consumers Gas of Chic go 5i1936.7 D
Consumers Power 1st ft__ _1952 MN
Container Corp 1st 64
1946.7 D
15-year deb 54 with warr..1943 J 13
Copenhagen Telep Se Feb 15 1954 F
A
Corn
Refs let 25-yr et 68'34 M N
Crown Cork & Seal f
_ _1947
Crown Willamette Paper 84_1951 J D
J
Crown Zellerbach deb Sew w 1940 M .1
Cuban Cane Prod dab ft__ _ .1950.7 8
.7
Cuban Dom Sugar tat 7144_1944 MN
Stpd with porch warr attached
CUB of dep stpd and unatPd--- __Cumb T & T let & gen 54_1937
Cuyamel Fruit let elSe A 1940 A
0
Del Power & Light 1st 4 hs-1971
J
let & ref 4144
1069
J
let mortgage 4144
1969 J J
Den Gas & El L let & ref at Is'51 M
Stamped as to Penns tax 1951 M N
Deny(DO)Corp lets!78_1942 M N
26 74 stpd Sent 1930 coupon._ M 5
Detroit Edison lit coil tr 54_1933 J
J
Gen a( ref 54 serles A
1940 A 0
Gen & ref 5.2 series B
1955.7 D
Gen & ref 5e series C
1962 F A
Gen & ref 4 he series D__ _1961 F A
Dodge Broil eonv deb 64--1940 M N
Dom (Jacob) Pack lat
64_1942 II N
Donner Reel let ref 74
1942.7 J
Duke-Price Pow let fla ear A.1966 M N
Duquesne Light let 4348 A _ _1967 A 0
9214
873
4
85
106
11
4
77
10
91
841s
79
105
95
9112
92
10812
1
80
12 4
-3-
East Cuba Sue 15-yr et g7 ha .37 M S
Stamped as to f guar...... _
Ed El Ill Bklyn let con 421_1939
Ed Else (N Y) lit cons g 54_1995.7,
El Pow Corp (Germany) Om .50 MS
let sinking fund 634a
1953 AO
Elk Horn Coal let lk ref 6 he 1931 J D
Deb 7% notes (with warr) 1931 3D
Ernesto Breda Co let m 74._1954
With stock purchase warranta- FA
r Cash sale. a Deferred de !very
38
23
4112
89
30
1958
103
9312
9212
923
93
8912 8412
88
Sale 8434
8758
Sale 106
108
10158 July'31
91
89
89
Sale 30
Sale 1958
Sale 10118
Sale 9114
loo 9924
Ha, sale 100
303 32
8
3014
1012 Sale 1012
74
70
70
1013 103 10138
8
77
75
73
6712 Bale 67
51 Sale 50
112 Sale
14
134 _ -- 5
12 - - 2
4
134
15
8
100 4 Sale 10012
3
1043
4
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 15.
r. •
Federal Light & Tr let Ed_1942 MB
1st lien. f Is stamped_ _1942 M 13
1st lien 6a stamped
1942 M S
30
-year deb 64series B
1954 J 0
Federated Metals a I 78
1939 J D
Fiat deb f g 74
1948 J J
Fisk Rubber lit sf8.
1941 al 5
Framerican Ind Day 20-yr 7344'42 J
Francisco Bug let s f 7248.-1942 M N
Gannett Co deb 88
1943 F A
Gas & El of Berg Co cons g 541949 J D
Gelenktrehen Mining 6a.._ _1934 M B
Gen Amer Investors deb 50_ _1952 F A
Gen Baking deb if 5148
1940 A 0
CenCable 1st s f548 A
1947 J J
Gen Electric deb g3144
1942 F A
Gen Elea(Germany) 7a Jan 15'45 J .1
.7 D
20
-year f deb 84
1948 MN
Gen Mot Accept deb 68
1937 F A
Genf Petrol 1st f 54
1940 F A
Gen Pub Sera deb 5364
1939 .1 J
Gen Steel Cast 5246 with warr 49 J 1
Gen Theatres Equip deb 68_ _1940 A 0
Gool Hope Steel & Ir see 74...1945 AO
Goodrich(B F)Col st 6244_ _1947 J J
Cony deb 6e_
1946 .1 D
Goodyear 'Fire & Rub let 54.1957 MN
Gotham Bilk Hosiery deb 84.1938 J D
Gould Coupler 1s8
64.-194 P A
0
at Cone El Pow (Japan)74.._1944 F A
lat & gen a 8144
1950 J .1
Gulf States Steel deb 5hs
1442 .1 D
2877
Fake
Friday
Apr. 15.
Week's
Range or
LAM Sale.
caQ
Ask Low
High No. Low
High
75
71
74
9
68
76
Sale 73
16
75
70
7612
Sale 71
75
7
71
82
Sale 46
46
3
46
66
70
70
70
1
70
80
771, gli4
82
8118
814 40
Sale 16
173
4 32
16
28
Sale 83
8414 26
823 913
4
4
15
15
294 15
15
20
74
22
Bale 70
69
7514
__
10314 Sept'31
3218 24 -31- 32 Sale 31
a7414 17
7318 75
74
82
74
9314 Sale 9314
9412 19
8912 9513
44 Sale 43
37
44
3512 5812
98 Sale 94
96
9
93
96
39
437 40
8
40
4
39
5012
a3314
3414 15 a33% 49
3312 Sale
30 Sale 2912
3112 53
2814 43
10014 Sale 99
10012 196
973 10214
4
9634 98
9814 28
963
4
95 4 100 s
3
5
82 Sale 73
22
84
43 Sale 3812
43
29
3912 6112
312
334 Sale
37
59
1
74
3
29 Sale 2534
79
30
251s 40
7712 Sale 7712
49
79
80
79 4
3
443 118
403 Sale 4034
4
3513 463
4
69 Sale 68
99
701
821
68
(
80 Sale 80
80
9
7212 804
24 Sale 24
24
2
23
254
48 Sale 48
48
13
53
69
3712 411 4018
423
10
404 60
2812 29
301
11
2914
25
38
Bid
74
75
71
46
68
8118
17
84
1512
70
Hackensack Water ist 44_1952• J 85
8614 85
85
Hansa BS Lins3334 with warr 1939 A0 15 Sale 12
15
Harpen Mining 64 with stk porch
war for corn stock of Am aft'49
29 Sale 29
35
32
P A 18
Havana Eleo comet g 58.- --1952
2212 20 Apr'32 _ _ _ _
Deb 5•44 series of 1926._1951 MS
4
912 5 Apr'32
Hoe(R)& Co let(354e ear A.1034 A 0
814 Sale
814
1
8141
Holland-Amer Line 64(flan _1947 MN 1512 28
1978 Mar'32 _ ___
Houston 01• sink fund 514s-1940 M N 5118 Sale 51
5212 15
Hudson Coal 1st f 64 sec A..1982 .1 D 30 Sale 2858
30
40
Hudson Co Gas lit g 5a_ _1949 MN 99 100 99
99
1
Humble Oil& Refining 5248_1932 J .1 1003, Sale 1004 100 4 81
5
Deb gold 54
1937 A 0 998 Bale 98 4 100
114
3
5
Illinois Bell Telephone 54_1956 J
Illinois Steel deb 41
1940 A0
4e
Reeder Steel Corp rage
_1948 P A
Indiana Limestone lit if 6sA941.
N
Ind Nat Gas & 011 ref 54._ _ _1936 MN
Inland Steel lit 45ta
1978 AO
let al f 4 he see B
1981 FA
Interboro Metrop 4242;
1956 AG
Certificates of deposit
AO
Interboro Rap Tram 1st 62_1986.7,
Stamped
• J
10
-year fie
1932 A0
10
-year cony 7% notes...1932 36 S
Intonate Iron lst 54 B
1951 MN
Int Agri° Corp let 20-yr 54_ _1932 M N
Stamped extended to 1942_ _ _ M N
Int Cement cony deb 54_ _1048 M N
Internet Hydro El deb 68-1944 A 0
Internet Match if deb 5s
1947 M N
Cony deb Is
1941 J
Inter Mere Marine a fft
1941 A 0
Internal Paper 66 ser A & B_1947 J J
Ref a f 64 series A
)955M B
Int Telep & Tales deb g 4ha 1952 J J
Cony deb 4144
1939.7 .7
Deb Ed
1955 F A
Investors Equity deb Is A 1947 J D
Deb 56 ser 13 with wart _1948 A 0
Without warrants_ _ _1948 A 0
K C Pow & Lt lat 41,sser B_1957 J
let M 4144
1961 F A
Kansas Gag & Electric 4344_1930 1 D
Karstadt (Rudolph) lit 64_1943 M N
Keith (13 F) Corp let 64
1946 M B
Kendall Co 513e with warr 1948 M
Keystone Telep Co lit he.,_1935 J
Kings County El L & P 5a 1937 A 0
Purchase money 6s
1997 A 0
Kinga County Elea 1st g 44_ _1949 F A
Kings Co Lighting let 54
1954 I
First and ref 8is
1954 J
Kinney(OR)& Co 7,4% notes•36 J D
Kresge Found'n coil tr 64_ - _1936 J D
Kreuger & Toll see f 54. _1959 M 8
31
30
13
3518
19
193
4 47
2214
103
153 al00 4 105
3
9312 139
89
96
Lackawanna Steel let So A__ 1950 MS
Apr'32
98 101
Laclede G-L ref & ext 54._ _1934 AO
10114
97 10138
7
Coll & ref 5.,,series C._.l1153 FA
30
31
3713
Coll & ref 5't4 series D._ .1960 P A
3
1012
3
10
24
Lautaro Nitrate Co cony 55.1954
70
62
13
7214
Without warrants
.3
10214 10 100 8 103
5
Lehigh C & Nav a f
A 4954 1/
74
2
73
84
Cons elnk fund 4.isser C.1954
70
23
7512 Lehigh Valley Coal lit g 5a..1953
87
5312 36
60
48
1st 40-yr go Int red to 4% 1933
114
278
12 18
ist & ref a f 58
1934 P A
Dec'31
lat &ref f 54
1944 FA
Mar'32
1st & ref f 5e
I964 P A
Apr'32
_
118
15
8
1st & ref f Le
1904 P A
am 10214
1013
4 28
let & ref f 58
1974 FA
Mar'32
97 1043 Liggett & M yore Tobacco 73_1914 AO
4
54
1951 P A
858 Sale 85
4
86
85
12
93
I.oew'elncdeb,?Os
1941 AG
Lombard Elea 74 without war.'52 3D
82
87 AP1-'5
87
92
With warrants
J
ia
Sale 85
85
9212 Lorillard (P) Co deb 74
85
S
1944 AO
_ 70
85
85 _
924
85
531
1951 P A
85
89
61
Oct'29
Louisville GE1/3 dr El(Ky) 51_1952 MN
8414 8912 1
Dec'31
Lower Austria Hydro El Pow-101 Bale 1005
8
101
32 iaors 1617-4 1st f 6144
1944 P A
1003 Sale 9814
4
100 4 56
3
9512 10112
97
98
97
98
28
04 r104
McCrory Stores Corp deb 6sia'41 J D
9712 100 9712
9712 14
96 101
McKesson & Robbins deb 51(4'50 M N
9238 Salo 5718
9238 63
96
87
Maned Sugar 1,1 ,1 7144_ _1942 A 0
7012 Sale 68
72
78
86
66
Stamped Oct 1931 coupon 1942 A(
5418 Sale 5418
5418
2
50 4 551s
3
Certificates of deposit
84
88
80
84
4
75
8612 Mantled Ry(NY)cons 44_1990 14
55 Sale 55
61
55
18
8112
26 442013.3 D
96 Sale 953
4
9614 198
9314 29712 Manila Elee RR & Lt f 54_1953 M S
ants Tr Co oft of partici in
5
512 5 Apr'32
41a
A I Namm & Sett let 84_ _1943 1 D
51a
4---- 412 Dec'31
Marion Steam Shovels f (14_ _1047 A
0614 ire- 9814
9814
5
94 - 2 Market St RY 7.sex A _April 1940 Q 0
a1J
10712 11214 10712 Mar'32
l07' 110 Mead Corp let S. with warr_1945 M N
2718 Sale 26
273
4 20
25)8 38
aleriellonale Elea lit 74 A
1957 A 0
21318 '20% 294 Apr'32
2618 38
efetr Ed 1st At ref 58 aer 0_1953
J
20
25
20 Mar'32
20
213
4
Ist g 41 series D
0
1968 M
15 Aug'31
Matron Wat Sew & Dr 5144_1950 A
Met West Side El(Chic) Is.1938 F 0
_
483 5212 49
8
40
513
4 10
522 Mies Mill Mach lit i t 74_1958 J A
8
Midvale St ez Genii Ira 161_1938 M 8
Range
Macs
Jae. I.
7814 8514
12
27
42612 34314
25
20
5
8
814 28
1712 1978
51
7014
28
44
98 100 4
,
9912 10041
94 100
10114 Sale
9614 Bale
2418 Sale
10
---- ---70
75
70 Sale
912 12
10038
10112 72
9612 1023
4
9512
31
97
934 9913
22
25
15
204 80
1112
4
10
10
18
9118 Apr'32
91
96
71
73
7
71
84
6512
82
7112 27
65
912 Mar'32
912 412
Ii
3 Mar'32
8
32
45 Sale 4112
5118 264
40
59
45 Sale 4134
51
231
40
59
29 Bale 254
29
159
4
254 443
61 Bale 5712
6818 71
79
57
22
35
38
38
1
38
60
9912 _-__ 9912 Mar'32 ____
9912r10114
33 Apr'32
50
32
32
38
5212 Sale 52
5612 44
52
7014
35 Bale 3112
36 1 128
3112 54
012 143
414 Sale
4
821,
4
4 Bale
44
412 64
10
197
42
44 a41
14 a41
42
543
4
471g 497 47
4838 13
45
56
2114 Sale 21
32
24
21
884
3018 Sale 19 8
203
31
5
51
19
3512 Sale 24
36
351
23
69
32 Sale 2112
34
292
2114 5412
55
55
4
60
55
55
80
55
60
55
55
1
55
60
55
72 60 Dec'31 ---92
___
90
923
4 12
90 4574
9212 Bale 9012
604
r93
9012 963
4
81 Sale 7512
36
81
744 58
1814 Sale 1814
193
9
18
253
2
4
45
48
43
48
1
63
43
5812 Sale 57
6212 35
49
65
70
69
68 Mar'32 -_
70
68
1005 __. _ 100
8
1003
4
9812 102
8
120 125 11912 11912 22 119 122
62
62
16
78
804 75
64
98k 95
91
9812
2
93
95
10638
761s
107
77
2 108 109
5
45
44
20
50
4612 Apr'32 -.._115e 1076638'2
Sale
l
763 9111
4
6912
6
1112 228
9 Sale
6
80
85
51
50
Sale
883
4
Sale
Bale
80
90
51
50
514
538 Sale
84
8014 8Se 90
4
8014 8712 882
995 94
8
157
4
- 10014
____ 55
40
35
4212 43
3912 41
4
31634 Bale 1163
101 Sale 9012
7814 Sale 7512
.
63 Sale 65
69
105 166 103
85
88
86
97 Sale 9412
84
90
60
53
3
3
41
13
64 34
Mar'32 ____
Feb'32
Apr'32 ---Dec'31
Mar'32
Feb'32
Feb'32
Jan'32
Jan'32
17
117
101
23
9
783
2
12
68
Nov'31
9
103
8712 11
37
97
SO
90
51
50
4
923
98
78
753
2
514
84
89
80
1412
90
90
93
-651, 1661.
3973 44
3K
85
43
43
41
41
115 119
0612 102
754 90'4
7012
57
1018. 108
5114 9212
91
997a
3
34
48
76
60
38
3
2
91
80
10
6
3314
Apr'32
Sept'30
36
284 4312
30
30
80
80
SO
79
3212 34
3212
323
4
8312
7912 Sale 79
48
443 a43
4
42
7914 Sale 7914
8018
90
90
95
93
7812 Sale 773
80
4
44 Sale 44
46's
--__ 30
38 Mar'32
1884
16
173 183
4
89 Sale 873
4
9113
2
8
9
10
14
1
6
12
83
78
21
36
92
79
a43
Si
76
86
90 100
773 85
4
3358 50
38
3811
,
IS', 30
PM 97
3512 Sale
60
40
314
314
214
3212
22
71
Sale
Bale
612
5
133
4
Sale
30
84
3513
38 2
,
60
38
3
5
65
4212
Mar'32
Mar'32
30
30
98
4
59
New York Bond Record-Concluded-page 6
2878
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 15.
44
Prue
Friday
Apr. 15.
Week's
Range or
Lan Sale.
RanSe
Stria
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended April 15,
Price
Friday
Apr. 15.
Week's
Range or
Last She,
e;
F..
s5ue
Range
Mine
Jan, 1.
High No. Law
Ask Low
Bid
High
B41
11(013 No. Low
High
Ask Low
59
86
9412 Ilium Steel let o t 71
81
1955 F A
ilw El Ry & Lt 1st fa B---1961 .3 D 8214 Sale 81
3712 12
26,8 89
37
39
33
1971 .1 J 82 Sale 8014
limb GarEl gen mtge 5158 eer C'48 M S 9712 Sale 9712
8612 73
8014 95
3
9712
99
let mtge 6e
96
36
86
Gen mtge 435e aeries D.. 1977 M S 90
9512
81
92
9212 Mar'32
Montana Power lit 94 A__ -1943 .7 J 8512 Sale 81
4
4
913 923
7
8
1962.3 I) 605 Sale 6058
6214
8
605 8234 Roch & Pitts 0 &I p m 58_1946 M N
70
85 Dec'30
Deb 6a serlen A
8 75
Royal Dutch 45 with warr 1946 A 0 7014 Sale 6812
603
MontecatIni Min & Aerlo78
(35
8012 12
.7 80 Sale 785
1937
8
68
8218 Ruhr Chemical o f 13,3
1948 A 0 12
20
J)eb 78 with warranta
20
1
20
2030
J J 078 Sale 078
8 51
823
67
8212
Without warrants
7
8
8
815
7574 8412 St Joseph Lead deb 534e
1941 MN 76 Sale 76
Montreal Tram let & ref 5.._l941.3 J 815 Sale 80
9
76
91
76
0 62
73
60 Dec'31
St Joe Ry Lt Lit & Pr 1st 68_1937 M N 79
88
79
Oen & ref f 5e series A---1955 A
1
79
85
79
1956 A 0
94 May'31
St L Rocky Mt & P 66 etpd_1955 J J 3834 45
383
Gen & ref e f 5s ser B
4
3834
1
4
383 42
St Paul City Cable Coils 56_1937)
60 Feb'32
"tio"
4212 98
14358 ser 0 1955 A 0
2013 Dec'31
Gen & ref s
1955A 0 62
9112 9312 May'31 _
1937.3 J 50
Guaranteed 5.3
69
Oen&refef5aierD
40 Feb'32
_ id- 166614 78
San Antonio Pub Serv lot 6e 1952 J .7 85 Sale 8378
2
8512
7012 3
7
1939. J 6812 Sale 6614
Morrie & Co lot e 4%...
11
8
815 93
A 0 4014 5014 4014 Mar'32
4014 4014 Schuico Co guar 6358
45 Sale 45
-Bond Co 45 ear 21966
Mortgage
47
15
45
5012
1934 J 9 7314 8712 72
4
72
6) j
72
194
9512
Guar e6 634e nerieerie.B_1946 A O 67 Sale 67
Murray Body let 6348
8
70
82
60
Apr'32
93 100
95
37
Sharon Steel Hoop at 535a 1948 F A
35
Mutual Fuel Gas lot gu g 55_1947 M N 91 100
1
35
44
35
1952 M N 63 Sale 6138
8
997 997 Nov'31
Shell Pipe LIne e deb 53
8
63
Mut Un Tel gtd 6a ext at 5% 1941 MN 80
162
5712 78
Shell Union 011 f deb 5a.._1947 M N 6012 Bale 5914
61
155
71
47
_See Mfrs Tr
1949 A 0 61 Sale 59
Deb fs with warrante
Namm (A I) & Son _
061
260
47
7114
4134
42
415 50
5
8
Sblnyetau El Pow let 61
58 1952 J D 40 Sale 39
Nassau Elec guar gold 41- 1951 .1 J 4112 44
4412 29
8812 593
4
1942.3 D 5312 80
58 Mar'32 -- -1
58
60
4
Shubert Theatre 6s_Juue 16 1942) D
Nat Acme let 5 f 68
312
113 Mar'32
114
9014 407
9512
86
Nat Dairy Prod deb 5348_1948 F A 9014 Sale 8612
938 12
10
10
1947 F A
3
3
Deb, s r 6 f
1412 Ste meres & naleke4e 7e _ _ 1935 J J a46 Sale 42
l wre
47
Nat Radiator deb 694e
21
78
42
74
1956 A 0 6812 Sale 68
76
88
a43 Sale 038 8
80
Nat Steel let coil 55
,
4112 102 a38
59'4
95
4
8
953 1023 95 Apr'32 ___
4
98
91
5 1M S
Sierra &San Fran Power 5619949 F A 893 94
9112
Newark Coneol Gas eons 56_1948 J
2
9518
87
14
85
77
17 Sale 1514
1946 F A
J Pow & Light let 43.4t_1980 A 0 85 Sale 77
953 Silesla Elec Corp s f 6358
17
9
1514 23
19
8114 Silesian-Am Corp roll tr 7a 1941 F A 2612 28
70
4
70
2612
31
Newberry (.3.3) Co 535% notes'40 A 0 70 Sale 70
18
2612 4118
10318 39
4
9712 104
1962 J D .10318 Sale 1013
1937 M 8 8618 Sale 86
Sinclair Cons 011 16-yr 7o
New Eng Tel & Tel 55 A_
89
159
7258 9312
1901 MN 96 Sale 96
4 36
963
91
86 Sale 85 4
98
let Ilen 635s series B
1st g 4146 serles13
,
8613 91
90
68
8 18
707
32
67
,
38
19 J J
Sinclalr Crude 011635e oer A _1933 j D 9634 Sale 96 23
New Orl Pub Sery let fie A 1952 A 0 67 Sale 67
97
43
4
913 98
1955 .1 D 67 Sale 6612
4 16
3
673
6612 80 8 Sinclair Pipe Line f 55
1942 A 0 93 Sale 92
First & ref 58 seem B
93
24
8012 9412
F A 51
4
54
50
50
50
58
4
Skelly Oil deb 53.5a
573 Sale 6618
-year let g 48.._19,51
57
33
N Y Dock 50
43
60
3112 10
1938 A 0 31 Sale 30
30
43
9M S
Serial 5% notes
Smith (A 0) Corp let 630_1933 M N 10012 1007 10012 1005
a
193
3
3
9812 10112
8 23 10612 109 4 Solvay Ana Inveet 513
79 Sale 78
81
N Y Edition let & ref 6348A_1941 A 0 109 Sale 10812 1093
3
32
89
78
1944 A 0 103 Sale 10014
8
9712 1037 South Bell Tel & Tel let f 65'42 191
53
101 Sale 00
103
let Ilen & ref 5s aeries B
101
1941 .1
63
,
,
97 4 101 8
10312
2 10014 165
10114 87
Sweat Bell Tel let & ref Es_1954 F A 10118 Sale 00
N Y Gas El Lt H & Pow g La 1948 J D 10312 ____ 10258
9612 1017
8
8312 85
93
20
Is.-1949 F A 93 Sale 9112
.1 79
8718 95
Purchase money gold
8
Southern Colo Power Ca A 1947.3
857
9312
7
85
90 102 Sept'30
8
NYLE&W Coal & RR 615e '92 M N
,
---- --__ Stand 01106 NJ deb Si Deo 15'48;F A 1013 Salo 100 8 102
189
99127'102
3
4 3; Stand 011 of NY deb 4 48_1951J D 883 Sale 8818
95 100 June'31 _ _ _ _ _ is _ _ _
4
89
N YLE&W Dock & Imp 611'43 J
8
937
23
87
43
2
8
8
433
8
N Y Rys let R E & ref 9s_ _ 1942 J J 433 ____ 433
20
Stevens Hotel let lie series A 1945J J 20 Sale 19 8
,
16
,
19 8 28
433 50
40 Dec'31
8
Certificates of deposit
lie
118 9 4 118
Sugar Estates (Oriente) 75-1942 M S
3
3
1 18 8
is
118 213 Dec'30
8
3
M S
-year ad) Inc 55____Jan 1942 A 0
30
3
Certificates of deposit
58
8
3
9814
A 0
Certificates of deposit
Syracuse Ltg.Co. let g 6s.._ _ 1951 J D 9812 99
9814 2 5814 100
8 134
17
2
4
118
13
N Y Rya Corp Inc 6e___Jan 1965 Apr
8 21s
3
33
16
8
303 3744 30
30
4
973 97 Mar'32
.1965
50
_
Prior lien tle &ellen A
95
Tenn Coal Iron & RR gen 6a 1951iJ
97 10112
4
55 Apr'32 _
65
9234 98
N TA Richm Gas let 6a A__1951 MN 93 1023 9318 Apr'32
Tenn Copp & Chem debilaB 1941 M 8 48
63
50
112 312 2 Feb'32
N Y State Rya let cons 4;58_1962 M N
96
4 212 Tenn Elec Power let fie
3
1047.3 D 9512 Sale 92
80
92 102
MN
1 Mar'32
13
1
I
343
Certificates of deposit
77
1
Texas Corp cony deb 5a__1944 A 0 7812 Sale 74
7112 83
1
212 '212 Mar'32
2
4218 39
212 Third Ave Ry let ref 45
1960 J J 42 Sale 401e
50-yr let cone 634a ser 8_1962 MN
4018 5012
102
2 10012 106
4
NY Steam 1st 25-yr 6o ser A 1947M N 1013 10412 102
2918 181
,
2718 39 4
Ad) be 5s tax-ex NY Jan 1960 A 0 29 Sale 2718
94
1951M N 94 Sale 92
21
91
4
92
2
4
lot mortxage 5e
883
98
84
1937.7 J 88 4 9412 883
,
Third Ave RR let g 66
9312 Sale 903
r9312 173
4
19561M N
8714 355
,
8
82 4 93
005 913 Tobacco Prods(NJ)635e_ _ _2022 MN 86 Sale 83
lot M 5e
4
94
100
4
13
53
N 'Felep let & gene! 4)46 1939 SIN 100 Sale 983
47
9618 10012 Toho Electric Power let 7s-1955 M
47 Sale 47
68
3
58
58
1946.7 D 58
60
9812 Sale 9814
N Y Trap Rock let (311
,
8 32
985
9418 98 4
55
B% lid uLig ht
Tok yog:ec otes Co, Ltd 1932 j j
79
ol
9414
17
Niag Lock &0Pow let 521A_195.51A 0 9234 Sale 92
3912 62
851e 97
4612 124
1953) D 4138 Sale 3912
let 6s dollar series
62
1950,M N 5712 Sale 5712
120
Niagara Share deb 535a
99
5713 7012 Trenton 0 & Eliot g 5a
0918
1949 itt
99 10014 09 Apr'32 _ _
26
8
2312 267 23
43
2214 3512 Truax-Traer Coal cony 6540 1943 M N 2314 25 a24 Apr'32
NorddeutacheLloyd 20-yr of 68'47 M N
26
19
_
19
18 Apr'32
Nor Amer Cam deb 6358 A 1940 M S 18
17
19
59
263 Trumbull Steel let it 6e.,.,_1940 MN 5414 Sale 5418
591e 65
4
Sale 63
76
1961 F A
76
68
68
North Amer Co deb 5a
88 'Twenty-third St Ry ref 5a 1962 J J
10
10
30
10
10 Feb'32
80
78
8
81
5212
No Am Edlson deb 6a eer A 1957,M S 76
73
5214 20
91
40
48
48
Tyrol Hydro-Elec Pow 73.58 1955 MN 45
81
21
7712 94
Deb 5341 ear B___Aug 15 19631F A 81 Sale 7712
1
44
4012 61
44
1952 F A 40
47
Guar sec o f 7a
77
31
Deb 5n Hertel] C _ Nov 15 1969131 N 77 Sale 70
70
89
1947
4
953 Sale 91
4 25
Nor Ohio Trac & Light 6a
953
71
9
927 0
90,4 19114 ITOgawa Elm Power e 7e 1945 M ET 67 Sale 55
65
52
61
9412 104
Nor States Pow 25-yr 58 A-1941 AO 9414 Sale 9214
8
9912 1005
8
Unlon Elec Lt & Pr(Mo)Si 1932 M S 10018 ---- 10012 10012
8 20 100 105 4
1015
1941 AO 101 Sale 100
let & ref 5-yr 6a ser B
3
10033 40
99 10112
Ref & ext 53
4
10012 1003 10014
Apr'32
91
80
North W T let fd g 435e gtd_1934'.3
101
9712 Un E L & P (111) let it 534o A 1954.I N 101 Sale 99
9814 10118
5
33
9 M J
4 25
543
4612 48
49
Norweg Hydro-El Nit 6348-1957 MN 52.8 Sale 52
65
Union Elev Ry (Chic)58--- _1946 A 0 3112 3913 46 Mar'32
1
95 101
Union 011 30-yr 13/3 AMay 1942 13 A
99
3
Ohio Public Service 7353 A- _1946 AO 9812 103
9818 10614
9914
9712
let lien of 94eer C___Feb 1935 A 0 9814 Sale 96
0014 20 692
97
97
1947 FA
1
let sts ref 79 Berk*, 11
97 10414
70 14 18
80
70
69
Deb 58 with warr ___ _Apr 1945 J D 703 79
8
1944 FA
1312 Sale 1312
1614 14
Old Ben Coal let (Is
9912
96
1312 20
88
8
United Biscuit of Am deb 6. 1942 131 N 96 Sale 9512
9212 90
8612 125
90
Ontario Power N F lot 58-1943 FA 00
1
83
95
8312 93
United Drug 25
1953 81 S 8412 Sale 8312
-year 5s
52
10
Ontario Power Serv lot 5358_1950.7, 4912 Sale 45
45
34
40
64
32
United Rye St L let g 9a
32 Sale 32
1934 J
03
00Mar'32
Ontario Transmisolon let So..1945 MN 35
80
37
5911
95
92
US Rubber 1st & ref baser A 1947) .1 37 Bale 35
32
69 Sale 67
69
Oeio Gas& El Wks esti 55_1963 M
8412
9
5014 7114 United SS Co 15-y3ar 6a_1937 M N 80
79
8012 8412 Apr'32
1941 MS 30
31
29
30
Otle Steel let NI tle ear A
9
1918
28
,
16 8 32
8
50
Un Steel Works Corp 6555 A 1911) D 19 Sale 17
18
1518 3012
7
18 Sale 1518
Sec a f 634e series C
Pacific Gas & El gen & ref 56_1942 J J 98 Sale 9638
98
120
18
am,
14
91104101
21
1957 J J
Sinking fund deb 6 35 a serA1941 j D 18 Salo 1518
1936 M El 85 Sale 85
Pao Pub Serv 5% notes
88
12
85
00
United Steel Wks of Burbach11137.3 .1 10134 Sale 0118
Pacific Tel A Tel let 54
8
83
927
80
10
86
4 14 a97 r103
1013
80
1961 A 0 80
Esch-Dudelange of 7s
1952 M N 100 Sale 9918
Ref rage .5e series A
100
20 Dec'31
23
Universal Pipe & Rad deb 681936 J D
9
063 102
26
Pan-Amer P AT cony 81 68_1934 M N 10112 Sale 01
85°g
24
10112 42 100 01013 Unterelbe Power & Light 66_1953 A 0 24 Bile 24
18
4
8
Pan-Am PetCo(ofCal)conv de '40.3 D
1213 143 14
80
60
8 35
623
Apr'32
60
1278 21
Utah Lt & Tree let & ref 38_1944 A 0 6312 67
20
Certificates of deposit
1112 Apr'32
54
74
9112
70
1113 1113 Utah Power & Light lot 58_ J944 F A 72 Sale 70
97
Jan'32
Paramount-Wway let 535e.._1951 .1 .1 61 Sale 61
97
65
15! 61
.1 ---- 10613 97
82
Utica Elec LA 1' let If g 56_1950
40 Sale 33
Paramount-Fern's-Lasky 68_1947 .1
99 10314
99 Apr'32
41
78' 33
60%8 Utica Gas & Elec ref & ext be 1967.7 J 94 100
2718 127 1 18
49
Paramount Publlx Corp 535e 1950 F A 3414 Sale 27
35
1947 ./ D 2718 Sale 18
79
27
55
Utll Power & Light 535e
8
2412 89 01812 477
17
8
Park-Lea let leasehold 6158_1953 J .1 13
15
20
1959 F A 243 Sale 01812
13
28
15
Deb 58 with warranta
1944 A 0
Parmelee Trans deb 65
514 13 .9 Apr'32
2312
9
Without warrants
Pat & Passaic G & El eons 5e 1949 M 8
9914 Jan'32
9914 9914
3712 60
75
36
Pathe Exch deb 7e with warr 1937 M N 5812 7012 69
69
2
59
8012 Vanadium Corp of Am cony 55'41 A 0 3712 Sale 36
6
4
16
4
4
112 6
39
Penn-Dixie Cement let 68 A..1941 34 S
40
21
39
4
433 Vertientes Sugar let ref 7e__1942 .1 D
_
10 Apr'32
10
___ 15
14
1953 .1
Pennsylvania PA L lit 4353_1981 A 0 86 Sale 81
8612 116
4
803 893 Victor Fuel let a f 68
4
45
45
45
1
693
J4
M 8 9512 96
C let cons 6e.._1943 A 0 103 1073 10612 10612
4
Peop Glia L &
2 103 1073 Va Iron Coal & Coke let g 68 1949
4
8 39
99 7
9614 100
8
1947 M S 92 Sale 8312
Refunding gold 58
92
16
8812 9712 Vs Ry & Pow let & ref 5e......1934 J J 997 Sale 99
M S
Registered
10912 July'31
15
1724 Mar'32
3
4
173 22
1967.7 D 77 Sale 7412
Phila Co sec 58 aeries A
4 64 -- 41- -- - Walworth deb 634,8with warr 1035 A 0
773
6
7 2 9
20
3
20
20 Mar'32
22
A 0
4
Phila Elec Co lat & ref 43513_1967 MN 963 Sale 9414
Without warrants
983
4 20
9213 9814
1312
12
9
28
1971 F A 883 Bale 86
series A 1945 A 0 1214 Bale 12
4
let & ref 9e
89
73
let sinking fund 68
9213
83
18
1512 90
102
63
6312 6318
Phlia & Reading Ca I ref 541_1973 J
Warner Bros Pict deb 63_ -1939 M S 18 Sale 16
6312
61)
6
59
(10
3
60
60
66
.1949 M S 3814 Salo 33
Cony deb (38
Warner Co let 65 with warr_191
3814 76
53
32
_
A D 2
4A O 6
25
6814 85 Mar'32
9
0
66
60
1939 .1 D 5514 Sale 50
Without warrants
Phillips Petrol deb 511e
6213 100
62
45
27
2712
32
27
6
Warner-Qulnian Co deb 6a _ _1939 M S 99 100
4
31'r Mille 20-yr 68.1943 A 0 953 97
Pillsbury 1
95
9512 32
94 101
100
14
9712 103
let 78-1911 J 13 99 Sale 99
M N 8112 Sale 8112
1952
Waraer Sugar Refill
Pirelli Co(Italy) cony 75
92
1
80
8112
712 Dec'31
Warner Sugar Corp let 7a-1939 .1 .7 __ __ 10
29
6 Feb'32
0
6
Stamped July 1931 coup on '39 J 7 28
Pocah Con Collieries let s f re'573 J
80 Mar'32
89
80
29
1941 M 8 29 Sale 28
50
28
16
Warren Bros Co deb (Is
Port Arthur Can & Dk es A_1953 F A ____ 7938 80 Feb'32
80
80
s
2
8
955 10112
1953 F A -__ 793 104 Mar'31
4
lat M ds series B
Wash Water Power if /93-1939 J .1 997 1017 0012 10112 11
100
4 100 10514
4
Port Gen Elec 1st 4342 scr a_1960 MS 543 Sale 513
4
05" 8
185 -iii- - - 7- Westchester Ltg 6s etpd gol 1950 J D 100 Sale 00
66
_
00
1005
8 53
9634 1027
4
Portland Gen Elea let 65._ _1935 J J 9312 95
95
95
9834 West Penn Power ear A 5a_1946 M 8 100
89
26
8
1963 31 5 101 Sale 0012 10013
9713 102
let 5s serks E
Porto Mean Am Tob cony 6a 1942.3 J 02614 Sale 26
4212
32
42
20
1956 1 13 100 Sale 00
r102
58
96 r102
8
let sec 158 series G
Postal Teleg & Cable coil 58_1953 J .1 245 Sale 1912
8
245 161
1812 39
9714 117
91 10212
Weetern Electric deb 58._....1944 A 0 9612 Sale 9412
78
70
Pressed Steel Car cony g 68_1933 J .1 75
75
75
56
5
77
74
73
8614
73
Western Union coil trust 58_1938 J J 70
9612 59
Pub Serv El & G let & ref 434a '67 J D 9612 Sale 9448
9114 98
60
(
5
19
66
14
80
58
yd
earg h
tr ln 0 Areal en g 45211.193 1 MN
1970 F A 9714 Sale 95
/ at & ref 435e
98
91
9714 41
A 8
• N 69 Bale 79
63
0
Si
35
97
79
1971 A 0 91 Sale 8312
let & ref 48
93
92
83
41
0
90 51 s 5
1951 3 D 55 Sale 54
3
5612 101
75
54
-year gold 55
25
1
Punta Alegre Sugar deb 731 1937. J
41a 47
8
47 Jan'32
1
53
57
49
-year Es
5212 7218
30
1937 F A 70 Sale 6678
Pure 011 f 635%, notes
6512 76
70
61
193 Sale 18
4
20
Un El Power 65_1953 -1 J
Westphalia
18
27
75
8 1 535% notes
73
1940M 13 65 Sale 62
62
65
34
79
1948 J J 65
70
Purity Bakeries a f deb 68
69
68
16
71
Wheeling Steel Corp let 5 1.4819413 J J 55 Salo 51
77
51
4 28
563
45
135
43
lit & ref 435e series 13_..l953 AO 43 Salo 43
8
Radio-Keith-Orpheum part paid
:
oils for deb as & corn stk. _1937 81 N ---- 873 90 Mar'32
90 1041 White Eagle Oil & Ref deb 535a'37
4
10014 35
With stock perch warrants.._ _ MS 10014 Sale 9918
0612 10014
4
Remington Arms let a f Oa_ _1937 M N 7018 Sale 8934
853
67
24
73
J
918 _
852 _3 _ 1012 Niar 32
6
Jan 32
:
812 In
Rem Rand deb 534e with war '47 M N 42 Sale 35
5414 White Sew Mach 6e with warr '38
35
42
51
J J
Without warrants
8
107
8
Repub IA 10-30-yr 65 a f 1940 A 0
85
70
7412 75
Apr'32
818 12
1940 hi N
10 Apr'32
818 11 12
Ref & gen 515e eerie. A
61
39
1953 J
5212 Sale 51
53
18
rkoslr t
wieartieeaSpednecber6S0r1 let 7s 1935 .1
312 Feb'32
Revere COD & Braes 6e_July 1348 M
313 312
3
49 4 56
54 Sale 04
54
8
Ctf dep Chase Nat Bank_..
Rheinelbe Union a t 711
1946 J
2312 Sale 2012
r2614 43 01912 41
14
128 2
112 313 231 Dec'31
1
75(Nov 1927 coup on) Jan 1935 1431
Rhine-Ruhr Water aeries 681_1953
30
20
J 2512 Sale 21
25
26
4
Sf N _21 8, 53138
218
s Di
Ctf 'lap Chase Nat Bank _
2 "li
Ithine-Weetphalla E1 Pr 71_1950 M N 38
6812
1 (339
40
40
40
92
Direct mtge fle
83
Willys-Overtand a f 64e.- _ _1933 NT S
Apr'32
45
1952,M N 29 Sale 27
27
29
24
Cone IA (18 of 1928
8518
8
75
8 75
833
19531F A 2814 Sale 25
4
413 Wilson & Co let 25-yr a f 68_1941 A0 823 Sale 8114
25
2814 50
Con M Cool 1930 with war 19551A 0 27 Salo 24
9018
24
47
28
Richffeld 011 of Calif tle
YoilaptO.rn Sheet & Tub,5s' 0 J J 5931 Sale 5818
5318 72
8
197
1919 M N
6418 168
12 Sale 12
1012 17
s 15
125
72
fe ser B
A0 59 Salo 59
Certificates of deposit
59
555 N
63
1112 143
7
let mtge
-__ 12
4
8
125
8
125
to
r Cash sales
a Deferred delivery. 4 Union 011 94 series 0 1936 sold on Jan 5. 81,000 as 73 "deferred delivery.
-
Volume 134
Financial Chronicle
2879
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, April 9 to April 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Railroad
Boston & Alabama___ 100
Boston Elevated
100
Boston & Maine
1st preferred class A stpd
Class B 1st pref stamp__
Prior preferred sunnped_
Ser 01st pref stamp. 100
Chicago Junction & Union
Stock Yards pref_ -100
East Maas St RY p1 B._100
1st preferred
NYNH& Hartford_ _100
,
Old Colons
100
Pennsylvania RR
50
68
674 104
69% 71
10
12
33
20
1335
10
12
36
20
85
3
4
12
8834
1134
85
3
4
1635
904
13%
469
1,075
95
30
84
10
25
30
25
1,054
65
1,486
Range Since Jan. 1.
Low.
High.
67% Apr 130
Jan
69% Apr 78% Jan
9
12
33
20
Apr
Apr
Apr
Apr
85
3
4
12
87
114
Mar
Apr 92
Feb
3
Feb
Apr
Jan
6
Apr 31% Jan
Jan 100
Jan
Apr 2335 Jan
26
24
62
50
Miscellaneous
Amer Continental Corn-234 234
75 750
Jan
834
American Founders Corp •
34
75
Apr
%
54
134
Amer Pneumatic Serv pref.
1% 134
2
134 Apr
3
Amer Tel & Tel
100 10634 102% 108% 10,52 102% Apr 13534
Amoskeag Mfg Co
3
34
95
3
Apr
435
Bigelow Sanford Carpet..'
834 11%
240
935
22
8% Apr
Preferred
70
10 68
70
Feb70
Brown Co oref
4
5
65
4
Apr
935
Continents See
34
36
A
3
35
34 Apr
Preferred
2
2
2
Apr
2
9
2
Crown Cork Int Seal Corp.
134
134
100
135 Jan
1%
EastBoston Land
1
East Gas & Fuel Assn
Common
•
534
5
434% Prior preferred 100 6234 60
8% cum preferred-100 4
635 43
Eastern AS Lines
•
Common
7
let preferred
81
Edison Mee Ilium
100 156
151
Employers Group Asan____
634
oeneral Capita Corp
•--- 1335
Georgian Corp pre!
1
1
Gilchrist Corp
3
3
Gillette Safety Razor-- •
16%
Ygrade SYlvania Lamp Co
11
Intl Buttoohold Mach_ _
9
Jenkins Television Corp600
Lowe's Theatres
8
1
300
1
Apr
631
61%
50
427
189
545
5
58
43
Apr
Jan
Apr
734
8334
161
7%
1331
1
334
19%
11
9
600
834
42
7
84
70
150
18
1,264
10
125
100
30
Mae! Unlities Asecic v to.'
Nferganthaier Linotype Co 34
National Service
34
New Eng] Pub Serv Corp._ -----New Eng Tel & Tel__100 99
Pacific Mills
100
Reece Buttonhole Mach- _
shawmut Assn TO
•
634
stone & Webster
•
Swift & Co new
• 1531
2
235
33% 34
34
A
2
2
97
99
5
634
834 834
4% 6
735 84
1435 20
Torrington co
•
Union Twist Drill
United Found Corp corn_ _•
united Shoe Mach Cor9_25
Preferred
25
Utilities Equities Corp pfd.
Venevula Mexican 011 Corp
Waltham Watch pref
warren Bros Co new
•
Winnfield Mfg
•
30
954
1
33
30
40
250
934
24
13
2
135
1035
1
300
1434
250
6
13(
%
30c
MlninoCalumet & Reda
•
Copper Range
25
Island Creek Coal
1
i•le Royale Copper
25
La Salle Copper
Mohawk Mining
25
North Butte
Pond Creek Pocohontas Co
Quincy Mining
25
Utah Apex Min
5
Utah Metal &
30
135
344
3034
1334
134
11
135
15
250
35c
Bonds
A muekeag Mfg Co 65-1948
Brown Company 5%6_1946
Chic Jut & Un Stkyde 4s'40
E Mass At Ry stir A 44e '48
Series 013s
1948
Lexington Water
1968
New Eng Tel & Tel 55 1932 100%
Pocahontas 75
Swift Co bs
1944 80
• No par value. z Ex-dividend.
50
27
82%
26
30
40
10035
100
80
234
10
64
70
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Feb
Apr
Feb
Jan
Feb
Jan
Jan
Apr 10
Apr 8631
Apr 205
Apr
11
Mar 204
Apr
84
535
Apr
Jan 2435
Apr 2431
Jan
9
Feb
1
Jan
834
Feb
Mar
Mar
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Feb
Apr
2,036
110
100
15
952
170
356
1,040
749
666
2%
134 Jan
3351 Apr53
1
Jan
2
Mar
9
Apr 116
97
Apr 11
5
935
834 Feb
435 Apr
734
735 Apr 1534
144 Apr 20
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Apr
3034
934
134
3434
31
40
25e
914
3
1335
1,475
2
.
24
4,96
27
6
150
100
320
675
30
9%
1
33
$0
40
250
935
235
13
Jan
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Mar
32
12
234
4034
32
4715
250
1235
7
1834
Jan
Jan
Jan
Mar
Feb
Mar
Apr
Feb
Feb
235
1%
11
135
30c
15
300
6
135
34
35c
50
933
150
405
130
366
1,550
65
70
14
1,20
2
134
1035
1
300
1131
25e
6
134
A
34
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Feb
Apr
Jan
Jan
334
835
1534
23
4
40o
18%
600
835
24
60
tile
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Feb
Feb
55
67.00
27
3,00
8234
1,000
28
3,000
30
4,000
40
1,000
10034 3.000
10035 2.000
81
2,000
51
27
8235
1735
23
40
9934
80
99
Apr 6534
Apr 43
Apr 85
Jan 313(
Fe
3335
Apr 40
Jan 10034
Feb 85
Jan 10034
Mar
Feb
Mar
Mar
Mar
Apr
Jan
Jan
Apr
5
81
151
634
11%
1
3
1035
11
9
500
755
Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, April 9 to April 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abbott Laboratories corn.
•
Acme Steel Co
25
Allied Motor Ind coin- •
Amer Equities common_ •
Amer Pub fierv Co pref 100
Art Metal Wke Inc corn_ •
Associates Invent cam_
•
%save Tel & Tel
66 preferred
•
7% preferred
100
Assoc Tel UM Co corn
•
Backstay Welt Co corn
•
Bandit Aviation corn _•
Blots DAM Co cons prefA.•
Berg-Warner Corp oom-10
Brach & Sons K J corn...'
Brown Fence & Wire
•
Class A
Bruce Co(EL)common_ •
30
Sutler Brothers
Canal Constr cony pref •
rent Illinois See Co rem_ •
Convertible preferred •
•
Central Ill P S pref
Cent Pub Ser Corp A._..'
rent 8 W Utn corn new_.•
Preferred
Prior lien cumul pref •
2434
13
34
2
1134
2
45
50
731
234
731
4%
135
A
134
19
Range Since Jan. 1.
Low.
High.
2535
1334
34
2
13%
2
47
200
100
200
100
80
100
200
2435 Apr
12
Apr
35 Feb
2
Jan
11% Apr
2
Mar
45
Apr
3134
1734
34
2%
50
2)4
54
Jan
Jan
Jan
Jan
Jan
Jan
Jan
61)5
50
6854 6935
234
234
3
3
631 8
2
234
634 736
6
6
30
20
300
20
4,600
490
5,500
250
60
Apr
6834 Apr
215 Mar
3
Feb
634 Apr
134 Jan
634 Apr
Apr
6
66
77
1234
34
1834
5%
12%
7%
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Jan
6
6
435 5
135
135
3-41
%
54
10
11
4335 4934
A
A
1%
135
1435
12
19
15
100
200
1,550
110
150
250
480
100
2,700
200
150
6
AD
435 Apr
134 Apr
35 Apr
35 Jan
10
Apr
4334 Apr
35 Apr
Apr
1
12
Apr
15
Apr
835
14
2%
135
135
15
6934
34
634
44
55
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Friday
Sales
Last Weeks. Range for
Sate
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High Shares.
Chic Investors Corp
Common
•
•
Convertible pref
Chicago Towel cony pref_ •
Chic Yellow Cab can
•
Cities Service Co com
•
Commonwealth Edlson_100
Community Tel cum pt_ •
Consumers Co common_5
Cont'l Chicago Corp
•
Common
•
Preferred
Cord Corp
5
Corp Sec of Chic allot etf-•
•
Common
Crane Co
Common
25
Preferred
100
Dayton Rubber Mfg pfd'
De Metz Inc prat w w ..•
Else Household UtIlCorp10
Empire Gas & Fuel
8% preferred
100
Fitz Sim & CD & D corn.'
Foote Bros G & com_ _5
Goldblatt Bros common..•
Great Lakes Aircraft A-•
Great Lakes D & D
•
Grigsby Grunow Co coin.'
Hall Printing Co corn___10
Hart-Carter cony pref •
Hormel & Co common- •
Houdaille-Ilershey CorpClassA
•
Clare B
•
Illinois Brick Co
25
Illinois Nor Uri] prof...100
Ind Pneurn Tool v t c__
Insull Util Invest Ine____.
Prior pre/ two w)
24 preferred
Iron Fireman Mfg v t c •
Jefferson Electric corn.•
Kalamazoo Stove com__•
Katz Drug Co common___1
Kellogg Siv'bd & Sup
Common
10
Ky Uri! Jr cum pref
50
Keystone Steel & W corn.
•
Lawbeck Corp 6% Cu 91100
Leath & Co cum} prof •
Libby McNeill & Libby _ 10
1.1ndsay Light corn
10
Lion Oil Refg common_ •
Lynch Corp porn
•
McGraw Electric Co oom •
McWilliams Dredging Co.'
Mamba!, Field & Co nom •
Material Service com___10
Mer & Mfrs Sec A com
•
Middle NA est Util new _ _ -.
0
•
$6 cony pref A
Class B warrants
Midland United Co oom__•
Convertible pre( A____•
Midland Utilities Co
7% prior lien
100
7% preferred class A 100
M-Kan Pipe Line com__•
Modlne Mfg common_.•
Monroe Chemical pref---•
Common
•
10%
5
71
34
12
5435
10
3%
51
3
31
1331
2%
35
34
13
1434
254 3
35
A
55
35
2,500
9,000
9,350
1,100
5,300
435 5
28
43
834 834
734 7%
335 3%
220
270
10
10
200
4534 4534
935
9
35
35
14% 15
35
34
634 7
54
35
8%
8
4
44
1135 1135
50
A
1334 1,100
5431
50
700
10%
54 55,900
74% 34,900
3
40
300
34
Range Since Jan. 1.
Low.
54
12
5435
10
335
51
3
3(
High.
Apr
2%
Apr 17%
Mar 66
Jan 13
Apr
635
Apr 122
Apr
4
Mar
34
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
28
33-4
7
8
4
614
2
4
55
3.4
34
2
12%
4
34
135
2
NactiMan-SprIngtIlledeem• -----Nat Else Pow A conv____•
135
Nat Sem Inv Co
-6% preferred
100
Nat-Standard corn
• 12
Noblitt-Sparksi Ind corn..' 1235
North Amer Car Corp corn"
Nor Amer Lt & Pow oom.
•
7
Nor & SQ Amer A com.._•
Northwest Bancorp oom.50 1035
Northwest Eng corn
•
No West Util 7% pr In_100
Oshkosh Overall
Common
•
Convertible preferred-•
Penn Gas & Elea Acorn..'
Peoples G L & C cap. _100
Perfect Circle (The) Co..' 2335
Pines WInterfront oom_ •
Process Corp common.....'
Pub Sere of Nor IL
Common
• r60
Common
100 z60%
7% preferred
100 75
Preferred
6%
100 66
Q R De Vry Corp Com- •
Quaker Oats Co
Common
• 8455
Preferred
100 99
Rath Packing common.
.10
Raytheon Mfg com v t 0. •
Railroad 5lbs Corp oom..•
15
Reliance Mfg Co
Common
10
Preferred
100
Roes Gear & Tool corn...' 19
Ryan Car Co common_
Ryerson 4s Sons Inc corn.'
Sally Frocks Inc corn....'
Seaboard Util Shares Corps
35
[Abater Co (The) class A..
So Colo Pow El A corn. 215
Southern Union Gas corn •
So'west Gas & E17% p1100
Standard Dredge cony pt•
Common
•
SuperM aid Corp corn_
•
Swift International
Swi & Co
ft3
15
2
Telephone Bond & Share 15%
Class A
•
7% 1st preferred_
100
Thompson Co (J R) corn 25
Transformer Corp corn_ •
United Amer Util corn_ •
• Gypeum
20
Preferred
100
U S Tires Inc prof
•
• Radio & Telev eorn •
634
Utah Radio Prod com
•
CHI & Ind Corp coin
•
renverttlue preferred •
255
21
835
4
2
331
28
834
74
334
Apr
Apr
Apr
Apr
Apr
18
Jan
64
Jan
835 Apr
10
Jan
8
Jan
50
1,000
100
5534 Apr
Apr
Feb
55
Jan
Feb
16
h Feb
150
300
850
2.150
1,050
350
50
14%
34
635
A
8
4
1135
Apr
Mar
Apr
Apr
Apr
Apr
Apr
19
Jan
2% Jan
1334 Jan
135 Jan
1135 Jan
534 Jan
15
Jan
434 6%
800
2
235
800
4
435
10
50
65
15
14
6
14
34 22.45
35
34
35
1,25
% 1
850
2'35 3
300
5
535
450
435
2
4
50
14
34
35
35
3
5
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
11%
4
531
95
18
6)4
15
17
5
12
6
6
1935 1935
34
Apr
13
Mar
234 Apr
34 Apr
34 Apr
300
100
6
Apr
1734 Feb
1034 Feb
223.4 Mar
1
135
244
19
335 4
35
35
635 6%
2
235
735 835
2
2
1134 1234
250
50
150
250
10
3,050
500
5
75
A
18
3
3135
5
2
7
2
1135
Apr
Apr
Apr
Apr
Jan
Apr
Mar
Apr
Apr
3
48
6
36
734
44
1035
235
1835
Feb
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Feb
4
4
50
4
435
800
5% 5%
200
1035 11
70
2
2
100
A
35 218.100
135 334 2.400
1-16 1-16
5
1
1% 4,250
1% 2
350
4
335
534
1054
2
34
135
1-18
I
134
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
5%
1035
13
1434
6
7
54
34
64
1634
Jan
Jan
Jan
Jan
Jan
Jan
Jar
Jan
Jan
Jan
6
834
7
7
35
34
6
6
24
24
3
3
620
4
1,100
5
2
50
6
Apr
Apr
7
34 Apr
535 Apr
24
Apr
Apr
3
50
4835
2
12
3234
435
Jan
Jan
Jar.
Jan
Fell
Feb
334 Apr
1
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
334
1
334
1%
100
2,700
30
12
1135
2%
434
31
10
3
20
30
13
124
3%
7
34
13
3
20
1,100
600
650
700
800
50
1,350
200
10
30
12
1034
234
435
X
10
3
20
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
45
204
1534
6
24
115
2134
8
60
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Feb
2
15
5
63
21
2
3
2
15
5
6334
23%
335
3
20
100
35
10
200
1,600
600
2
14
5
63
21
2
3
Mar
Mar
Apr
pr
Apr
Apr
Apr
2
16
73(
63X
2735
64
434
Mar
Jan
Mar
Apr
Mar
Jai,
Jan
4134
41
63
60
3.4
63
63
7534
66
35
7,650
1,475
340
150
100
4135
41
87
60
34
Apr
Apr
Apr
Apr
Feb
76% 86
99 10535
1535 1654
I
135
35 1
1.280
460
250
250
750
7834
gg
1534
1
h
Mar
Apr 103
Apr 10731 Mar
Apr 1715 Feb
Jan
Jan
2
Apr
13,4 Jan
734 714
8334 8334
19
19
34
34
7% 7%
150
90
700
500
150
134 134
34
34
534 5%
335 4
1
1
45
45
135 134
1
1
1
1
19% 21
15%
15
150
650
100
100
150
10
50
50
50
2,800
8,900
135
34
535
334
1
45
1
1
I
18
15
2734
20
78
78
934 10
34
34
%
3
4
1635
15
98% 10334
34
34
634 634
34
34
i
1%
6
7
100
1
30
15
20
3,850
40
100
2,100
850
1,850
3,400
20
Apr 44
Jan
78
Apr 95
Jan
854 Feb15% Mar
115 Jan
15 Jan
Jan
Jan
2
15
Apr 25
Mar
Feb
9834 Apr 114
74Apr
Apr
Mar 1235 Jan
5
135 Jan
A Jan
1
Apr
3
Jar.
II
Apr
Feb
6
735 Apr
8235 Jan
Jan
19
)4 Mar
735 Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Feb
Apr
534 Feb
12
Jan
125
Jan
115
Feb
114
Jan
10435 Jan
A Jan
934 Jan
8515 Mar
Jan
10
54Mar
1054 Jan
235
14
535
16
235
69
334
134
3
2534
19
Jan
Jan
. pr
3
Jan
Mar
Jan
Jan
Feb
Jan
Mar
Mar
oates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low, lltgh. Shares.
Bonds
%leas° Rya
1st mtge 56-----.__1927
58 malts of deposit_1927
Fed Pub Serv 6s
1947
1940
iouhl Util Inv 6s
Metr West Side El 48_1938
Standard Pub Ser 6s__1948
Range Since
Low.
21
4
8%
16%
10
63
20
50
250
550
450
5,050
200
70
Apr
21
Jan
3
7% Apr
1554 Apr
814 Apr
Apr
59
Apr
20
11
7
514 614
214 254
34
54
90
450
4,150
300
600
Apr
7
314 Jan
2)4 Apr
Apr
Apr
21
3%
714
15%
8%
59
20
Viking Pump Co pref. •
4
*
Common
8
•
vortex Cup Co com
• 16)4
Class A
Walgreen Co common ' 10
Ward (Monts) & Co A • 61
A'aukesha Motor corn...'
, ester° Pow Lt & Tel
Ai
100
7% preferred
•
5%
Wieboldt Stores Inc
WiSCOINSAVI Bank Shsenm 10
-Amer Mach part pi*
Yates
Zenith Radio Corp corn...*
35
35
28
1
24
30
38
3614
154
38 524.000
3754 32,000
1,000
28
3 148.000
5.000
25
34
2.000
Jan. 1.
High.
Feb
Feb
Jan
Jan
Jan
Jan
Jan
23
4
1414
2314
11%
73
34
49
8
4
Feb
Feb
Jan
Jan
13.6 Jan
Jan
Jan
Apr
Jan
Mar
Apr
Apr 50
35
Apr 50
35
22% Apr 28
1
Apr 38%
24
Apr 37
Apr '34
30
y Ex-rights
* No par value. x Ex-d vidend
-Record
Toronto Stock Exchange.
of transactions at
the Toronto Stock Exchange, April 9 to April 15, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low, High. Shares.
Abitibi Pow & Pap com_ •
6% preferred
150
Alberta Pacific Grain A_ •
Preferred
100 21
Beatty Bros pref
100
Bell Telephone
100 93
Blue Rib Corp 614% pf_50
Brazilian T L& Pr prer_100 10
S C Packers cam
•
B C Power A
•
Building Products A
•
Burt (F N) Co corn
25 21
1%
6
4
21
58
90
3
934
5
1814
14h
21
13.4
6
4
21
60
9514
3
1054
534
20
17
25
70
105
5
11
75
1.000
50
8,654
230
290
1,010
672
3
314
30
114
Oil
British American 011
•
Crown Dominion 011 Co *
Imperial 011 Ltd
•
Internat'l Petroleum
McColl Frontenac Oil corn'
Supertest Petroleum ord_ _•
Preferred A
100
Union Natural Gas Co...'
936
2
8%
91i
7%
14%
Unlisted
Coast Copper
Noranda
Sherritt Gordon
Sylvanite
Teck Hughes
Wright Hargreaves
17
2h
3
Low.
ROA.
I
20
7%
3
4
34
114
98
17
1114
234
10
50
1,915
45
510
125
45
45
10
90
10
14
20
7h
254
3
30
114
95
17
11
2
Apr
314 Feb
Jan
Apr 40
834 Pan
Apr
Mar
4
Apr
Jan
Apr
7
Feb
Apr 46
Apr
Jan
3
Feb 100% Jan
Mar
Apr 18
Mar
Apr 13
Mar
3% Jan
914
2
714 814
914 10
7%
7
14
15
96
96
3
314
4,898
10
4,921
2,240
353
265
5
260
854
2
714
9/
4
7
14
95
3
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
14
20
714
214
3
30
114
98
17
11
214
914
2
750
1.00
5
• 16.50 15.00 16.50
40
40
1
50
50
1
3.81 4.50
3.90
2.23 2.42
•
11% Mar
Jan
3
10% Mar
11% Mar
10% Jan
183.4 Jan
Jan
98
Jan
5
205 75o Apr
Jan
3
5,147 15.00 Apr 19.80 Mar
200 40
Apr 64
Feb
900 50
Apr 62
Jan
7.145 3.81 Apr 5.25 Jan
2,800 2.23 Apr 3.03 Jan
-Record of transactions
Philadelphia Stock Exchange.
High.
at Philadelphia Stock Exchange, April 9 to April 15, both
inclusive, compiled from official sales lists:
Low.
314 Mar
Apr
Mar
Apr 10
Apr
454 Mar
Jan 2134 Mar
Apr
Jan 60
Apr 119
Feb
Apr
8
Jan
Apr 1454 Mar
Jan
614 Apr
Apr 2414.1 Mar
Apr 20 I Mar
Apr 32 1,/tin
154
6
4
15
57
90
3
934
43.4
183.4
1414
21
Dome Mines Ltd
•
•
Dominion stores cora
•
Panny Partner corn
•
Nord Co of Can A
Lieueral Steel Wares corn...
Goodyear T & R prof..100
Gypsum Lime & Alabas__*
Hamilton Cottons pref_ _30
Harn ilton Un Thea corn 25
Rinde & Dauche Paper.. •
Eiullinger Cons G Mines__5
bates
Friday
Last Week's Range for
Range Since Jan. 1.
Week. ----ofPrices.
Sale
Low.
High.
Par. Price. Low. High. Shares.
Stocks-1,700 3254 Apr 3634 Fet
3254 33
American Stores
•
1,200
9
10
Apr 1034 Jar
9
Bankers Securities pref..
400 10014 Apr 113
106 108
him
Bell Tel Cool Pa pref .100 108
900
34 Apr
114
34
Budd (E 01 k4rg co
•
114
234 Jar
300
134 2
414 Jar
13.4 Apr
Build Wheel Co
500 1114 Apr 1434 Jar
Camden Fire Insurance__
. 1114
1134 12
705 1634 Apr 3354 Mat
1654 21)4
Electric Storage Battery 100
554 Apr
1,500
914 Jar
554 614
10
Fire Association
554
Apr 150
220 100
Apr
100 110
Horn & Ilardart(Phil)com• 100
Apt
1914 2114 3,400 1934 Apr 34
Horn & Hardart(NY)com • 2114
Apr 106
Apt
30 85
85
85
100
Preferred
Mai
Mar 40
1,600 26
28h 31
Insurance Co of N A_ .... _10 31
814 Apr 1414 Jar
83.4
914 2,000
93.4
Lehigh Coal & Navigation_
7% Apr 1734 Jar
30
754 834
Lehigh Valley
Jan
234 Jar
1
100
134
134
Mitten Bank Sec Corp_ -- _
334 Fet
13.4 Apr
400
134 2
134
Preferred
2
Pennroad Corp
Pennsylvania RR
50
Pinta Elea of Pa $5 pref--__
9134
Phlia Elec Pow pref
25 27
Phila Rapid Transit__ ..50
7% preferred
8
50
Phil & Rd Coal & Iron....
Philadelphia Traction _ 50 233-4
Railroad Shares Corp
Scott Paper
Seaboard Utilities Corp......
Shreve El Dorado Pipe L 25
14
Tacony-Pahnyra Bridge..•
Tonopah Mining
I
Union 11•action
.
50 1254
United Gas!met com new• 1654
•
U S Dairy Prod el A
Common class B
•
•
3%
Warner Co
West Moreland Inc
17.4
12
91
263-4
2
8
2%
22
34
3114
%
35
3414
h
1214
1436
25
5
354
6
214 6,000
5,000
1334
270
97
2714 1,300
800
254
250
934
50
2h
300
2334
20
74
10
3114
330
54
200
/4
20
3634
14
100
1,100
13
1734 35.700
1,152
5834
200
5
414
500
100
6
134
12
91
25
2
8
2%
22
54
3114
14
h
3214
14
1214
1414
25
5
33.1
6
Apr
Apr
Apr
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Feb
Mar
Jan
Mar
Apr
Apr
Apr
Apr
Apr
Apr
37.4
2254
9834
3834
634
18
534
2854
514
4214
154
3
3834
34
1714
2154
60
7
5%
6
Jan
Jan
Mar
Felt
Jar
Jan
Fet
Jan
Jan
Max
Jan
Jan
Apr
Max
Jan
Mat
Jan
Jail
Mai
Apr
9.00 9.00
1654
1654
9
954
10
114
88
314
3
6
2
114
4.50 4.46
10.00
17h
9
10%
114
90
4
7
2
114
4.85
2,290 9.00
264 16h
105
9
2,290
954
25
154
93 80
289
3
375
6
100
114
115
1
1,245
4.48
9414
614
1)4
26.00
33
934
851
3
16.00
23
7
114
9
7
94%
7
1)4
27.55
36
10
914
4
16.50
23
754
13.4
9
7si
20 9414 Apr 07
Mar
8.236
Jan
63.4 Apr 11
25
214 Apr
134 Apr
545 26.00 Apr 29.25 Mar
110 33
Apr 39
Apr
756
934 Mar 10% Jan
380
854 Apr 10h Jan
121
3
Apr
414 Jan
430 16.00 Apr 19.25 Jan
1 23
Apr 30
Jan
232
7
Apr 10
Jan
25
134 Apr
2
Feb
30
8
Jan
9
Apr
36
7
Apr
9
Feb
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, April 9 to April 15, both inclusive, compiled from official sales lists:
353.4
1534
10
27
2
15
24
67
234
954
3
46
17
1154
30
214
16%
24%
67
334
914
334
1.480
50
60
11
135
786
210
15
1.688
3,704
514
160
Appalachian Corp
14Si
AU Coast Line (Conn).-50 15
•
1.
14
Black & Decker corn
Chesa & Potomac Teleph of
111
100 112
Baltimore pref
8
Commercial Credit
25 1654 16
Preferred
16
25
Preferred B
60
614% 1st preferred_ _100
5614 50%
Consol Gas E L &
105
6% pref series D__ _ _100
100 9634 96
5% preferred
7
934
9
'age-liersey Tubes com__• 43
'hut° Engr & Electro_.--* 16
Ilverside Silk Mills A•
limpson's Ltd pref__ _100
qand Steel Cons corn....'
iteel Cool Canada coin. • 16
i5
Preferred
rip Top Tallers Pref---10
0
314
Valkers new
•
914
Preierred
•
iValkers-G'ham Worts '
3554
15h
10
27
2
15
24
67
214
914
254
Apr 12.45
Apr 20
Apr 11
Apr 16%
Mar
234
Jan 9314
Apr
5
Apr 10
Feb
2
Feb
2
5.60
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
66
1934
12
5514
3h
23%
29
67
554
12
4
Mar
Mar
Apr
Mar
Feb
Mar
Feb
Jan
Apr
Mar
Jan
Jan
Mar
Mar
Jan
Mar
Mar
Jan
Apr
Mar
Feb
Mar
•No par value.
Toronto Curb.
-Record
of transactions at the Toronto
Curb, April 9 to April 15, both inclusive, compiled from
official sales lists:
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares
Beath & Son(W D) A- •
BlIttnore Hats corn
•
3
Preferred
100 50
Brewing Corp
•
Preferred
•
Canada Bud Brew corn-.
734
Canada Malting Co
•
Canada Vinegars corn_-_• 1414
cosgrave Export Brew- _10
Dellavliand Aircraft p1100 10
Distillers Corp. Seagrams•
Dom Pow & Trans etubs100
614
Dufferin Paving & Crushed
Stone corn
•
Durant Mot of Can corn.10
English Elec & Can A
•
Goodyear Tire & Rub coin• 60
Hamilton Bridge corn. •
Honey Dew corn
Preferred
Imperial Tobacco ord. __5
Rogers Majestic
•
Service Stations corn A__
Preferred
100
Stand Pay & Mater corn...*
Tamblyas Ltd G pref 100
Thayers Ltd pref
•
Toronto Elevators com. •
Waterloo Mfg A
Range Since Jan. 1.
*No par value.
320
2
Apr
3
Apr
10
5
Apr
7 I Mar
61
5
Apr 66
Jan
2
4
Apr
714 Mar
120
954 Apr 13
Mar
50
9
Apr
9
Apr
42
734 Jan
454 Apr
65 1154 Apr 15% mar
Feb
17
380 12
Mar
15 179
Apr 179
Apr
17 55
Apr 59
Mar
15
54 Apr
154 Jan
10
114 Apr
114 Apr
200
9
Apr 13 !Mar
10 95
Apr 98
Feb
Apr 22%1 Mar
2.802 13
55
414 Apr
6
Feb
10
114 Apr
354
an
3.50
5 I Mar
an
8
Apr 75 5 Mar
719 35
102 148
Apr 166
Jan
25
334 Jan
5
Jan
170 48
Apr 68
Jan
40
3
Apr
5
Jan
internal Milling Is pf...100
•
littera:4 Nickel corn
Intermit Utilities B
•
1
f.ake Shore Mines
Laura Secord Candy corn.'
Lublaw Groceterlas A.---•
•
B
Vlassey-Harris common. •
gelrit Porcupine Mines- -5
stomach Knitting pref.100
)loore Corp common. •
quirheads Cafeterias corn •
Preferred
10
Jut Erma Life 10% pf_100
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Canada Bread corn
2
•
2
Canada Cement com----•
534 534
53.4
Preferred
100 57X
5714 593.4
Can SS Lit.es pref
4
4
100
4
gh
•
Can Wire & Cable B
934
Canad Canners Cony pf...•
9
9
Canad Car & Frdy oom •
454
43.4
Preferred
1154 1134
25
1214 13
Can Drede k Dock corn..
•
179 179
Can General Elea com...50
Preferred
50 5514 5534 56
Can Indus Alcohol A.... •
14
34
134
114
Can Locomotive ord. 100
•
9
Canadian 011 corn
10
9
95
95
Preferred
100
Canadian Pacific Ry_25 15
1354 15
434 454
Cockshutt Plow com____.
114
114
•
conduits Co com
514 614
6)4
Consolidated Bakeries •
35
4114
Cons Mining & Smelting 25 39
148 150
Consumers Gas
100 149
3% 354
334
Cosmos Imp Mills corn...
53
48
100
Preferred
3
3
Consol Industries
•
Stocks-
April 16 1932
Financial Chronicle
2880
5
3
50
54
2
734
113.4
1434
3
15
3%
6%
10
65
20
71
51
1,430
490
95
470
25
5.50
100
2
2
2
2%
15
15
80
60
4% 43.4
25
180
25
62
105
5
3
50
34
2
634
10
1434
3
10
3%
614
Range Since Jan. 1.
Low.
High.
Apr
2 Feb
Mar
Si Jan
2
AD
6% Apr
10
AD
Jan
14
2% Feb
Apr
10
3% Apr
4
Mar
5
3
50
1
314
9
1454
16
sg
15
6%
734
Apr
Apr
Apr
Mar
Jan
Jan
Mar
Mar
Mar
Apr
Jan
Jan
Apr
2
Apr
2
Mar
13
Apr
60
4% Apr
4
5
19
82
7
Jan
Feb
Feb
Mar
Feb
5
45
Bonds20
Elec & Peoples tr ctN 48'45
6814
1935
Keystone Tel 5s
Lehigh Power & IA03 68.... ...... 624
101
Phila El (Pa) 1st 5s1966
10114
1960
1st lien & rei 5s
103
Co 5143.'72
Phila Elec Pow
8914
late Harbor W Pr 434s '79
$3,200 20
24
1.000 6834
6834
62% 6.000 6234
103
22,500 100
101% 1.000 10114
103
1.000 100
8934 4,000 8914
Feb
Apr 29
Jan
Apr 70
Apr 8214 Jan
Feb 10314 Mat
Apr 10114 Apr
Mar
Jan 104
Apr 9154 J68
* No par value.
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Pries. Low, High. Shares.
•
Eastern Rolling Mill
Emerson Bromo Belts A w
Fidel & Guar Fire Corp 10
50
Fidelity & Deposit
Finance Coot Amer class A
Mfrs Manna com v t 0-.25
Preferred
25
2nd preferred
Maryland Casualty Co-.-March & Miners Transp__*
Monon W Penn P S pfc1.25
Mtge Bond & Title w 1_
New Amsterdam Cam Ins-..•
Parma Water & Power.
Standard Gas Equip corn..
United Rys & Electrle 50
U S Fidelity & Guar new 10
West Md Dairy Inc pref. •
Bonds
Baltimore City Bonds
City 4s P & B (Coup)'61
Cent'y Parkw Corp 6s 1956
Consol Gas 1st 5s____1939
General 434s
1954
Wash Bait & Annan 54 1941
•No par value.
25
40
3
3%
20
16
45
4
5
2%
24
10
373.4
3
2%
1034
514
3)4
20
17%
2
16e
15
114
112
814
16%
16%
80
56%
10534
9714
100
90
3,5
Range Since Jan. I.
Low.
16o
Apr
1414 Apr
1% Apr
53 111
610
8
45 16
110 16
10 55
833 50%
81 105
246 96
Apr 11634 Feb
Feb
Apr 10
jan
2
0
8
Apr 6 Si M ar
Apr
Jan
Apr
Apr
J
81A j anran
Apr 62:H Mjan
0
3
25
10%
40
4
2%
10%
6
4
20
19
2
180
70
207
580
130
9
24
31
1,690
160
16
180
2%
24
10
3714
3
1%
8
534
334
20
1734
2
Apr
Jan
Mar
Apr
Apr
Feb
Mar
Feb
Apr
Jan
Apr
Jan
15
1634
40% 45
3
3
50o
60e
4%
3
71
75
583
65
48
265
2,263
13
13
40
3
500
3
76
Mar
Apr
Feb
Mar
Apr
Apr
9534
65
10114
93
5
High•
we Feb
454
32
Mar
291 Feb
8534
15
7%
8
10)4
634
834
21
632213%1
j
Jan
ari
Mar
Feb
Apr
Mar
Jan
Feb
MarMar
Ma
3
81
Jan
Jan
34 br
F
Jan1
34
90
Jan
9514 Apr
9514 $5,000 9534 AD
Jan
65
Jan 66
1,000 65
Jan 101h Apr
2,000 100
10154
Mar
96
Apr
93%
2.000 93
Mar
6
Apr
5
5
1.000
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, April 9 to April 15, both
inclusive, compiled from official sales lists:
Stocks-
2881
Financial Chronicle
Volume 134
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Ark Nat Gas Corp., pf__10
Armstrong Cork Co
•
Blaw-Knox Co
Clark(D L) Candy
Columbia Gas & Elec___
Devonian Oil
10
Harbison Walker Ref__ *
Koppers Gas S& Coke p1100
Lone Star Gas
McCrady Rodgers pref 50
Mesta Machine
5
Pittsburgh Brewing
50
Preferred
Si)
Pittsburgh Plate Glass_ _25
Pittsb Screw & Bolt Corp_•
Plymouth 011 Co
5
United Engine Sr Fdy
•
United States Glass
25
Vanadium Alloy Steel_
•
Westinghouse Air Brake_ ..*
Westinghouse El &Mfg_50
5%
5
43.4 434
5
6
5% 534
6% 634
7
8%
4
4
8
55
50
15
1031
24
UnlistedCopperweld Steel
Lone Star Gas, pref
_100
Penns Industries pref_ _100
Western Pub Serv v t c___.
High.
Low.
35
10
4
7%
15
3
6
15%
13.4
12
10%
24
210
35
515
30
6,413
1,759
20
360
29,566
20
730
190
25
1,390
1,165
100
435
60
85
2,19
1,45
4%
5
534
6%
6%
4
8
50
3%
35
9
3
6
14
3
6
14%
134
12
931
22
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Mar
Apr
Apr
Jan
Apr
Apr
Apr
6 • 6
70% 70%
8
8
3
33.4
60
100
.50
4,055
5
70%
8
3
Feb
Jan
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Mar
9% Mar
Mar
20
4% Feb
73.4 Jan
2334 Jan
Jan
2
Jan
14
16% Feb
27% Mar
534
10
831
834
16
5
14
61
931
42
193.4
6
Mar
Apr
Apr
Apr
35
9
3
731
14
3
6
15
13.'
12
10
22
3%
Range Since Jan. 1.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Carnation Co
•
Firemens Insurance_ __10
Hecht Mining
25c
Modine Manufacturing *
Old Line Life Ins
10
Outboard Motors A
Waukesha Motor
.10
Wisconsin Bankshares.
Wisconsin Investment A.*
Wisconsin Tel 7% pref.100
Stocks-
•
Apex Electrical Mfg
•
City Ice & Fuel
Cleve Elea 111 6% pid..100
Cleve Ry ctfs deposit. i00
Cleve Securities Pi. pfd_.•
Cleve Un Stkyds corn....•
Cleve Worsted Mills corn.*
•
Dow Chemical corn
•
Elea Contr Mfg corn
Fed Knitting Mills corn_ •
Foote-Burt Coln
Glidden, prior pref. _100
Goodyr Tire & Rub corn..•
Greif Bros Cooperage CIA *
Hanna MA,$7 cum Md...
•
Harbauer common
*
India Tire & Rub com_
Interlake Steamship com_•
•
Jaeger Machine corn
•
Kelley Isl L & Tr corn_
Lamson Sessions
Miller Wholes Drug corn_*
Mohawk Rubber com____*
100
Nat Carbon prat
•
National Tile corn
•
1900" Corp class A
•
Ohio Brat,s 13
•
Packer Corp corn
Peerless Motor corn
3
•
com
Richman Bros
Selberling Rubber corn_ •
Selby Shoe corn
•
Sheriff Street Mkt corn. *
Sherwin- W'lliams corn_ _25
AA preferred
100
Thompson Products, Inc_.
Union Metal Mfg corn_ •
White Motor Secure pf_100
Bonds
Cleveland Ry 55
Range Since Jan. 1.
High.
Low.
25
3,631
257
18
204
171
41
255
21
75
170
22
300
155
25
100
75
175
470
470
20
10
150
340
170
50
14
10
100
403
365
39
40
823
42
50
12
841
6
15
91%
35
31
1131
334
25
14%
2031
5%
40
9%
1034
64
3
3%
15
3%
12
4
5
1
115
2
23
634
53.4
331
18%
134
9
14
23
89
4
5
85
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Jan
Jan
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Apr
90% 90% $1,000
90%
Apr
634 63.4
21
15
9131 92
35
35
51
34
11% 11% 1134
334 335
2731
25
1531 1531
2231 23
8
8
40
40
9% 1031
1031
10% 1034
64
64
3
3
394 3%
15
15
15%
331 391
12%
12
43.' 434
5
5
131
1%
131
115 1163.4
2
2
233.4 2334
63.4 7
7
531 5%
4% 4%
20
19
19
1% 2
9
9
14
14
23
26%
24
90
89
4
4%
5
5
89
85
183.1
91%
1933
6 31 Apr
Feb
28
103% J.,"
43
"
an
1
Jan
Jan
14
454 Jan
36
Feb
Jan
28
2334 Mar
894 Mar
5034 Mar
18% Mar
13% Jan
Jan
65
634 Jan
Feb
5
Jan
16
Apr
4
Jan
15
Jan
7
Apr
5
234 Jan
Jan
120
3% Feb
24% Mar
Jan
13
Mar
7
434 Apr
Feb
Si
4% tJan
1031 Jan
Apr
14
Jan
35
100% Jan
9% Feb
Feb
6
Apr
89
95
Mar
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange, April 9 to April 15, both
inclusive, compiled from official sales lists:
Stocks-
Amer I.aund Mach com_20
Amer Rolling Mill corn..25
Amer Thermos Bottle A..*
Champ Coated 1st pref.100
Special preferred_ _100
Champ Fibre pref
100
Cin Gas & Elea pref____100
Chi Street RY
50
Cin & Sub Tel
50
CM Union Stock Yards •
City Ice & Fuel
•
Dow Drug corn
•
Eagle-Picher Lead corn.
.20
Formica Insulation
•
•
Gibson Art own
Hobart Mfg
•
Julian & Kokenge
•
Kroger corn
•
Meteor Motor
Procter & Gamble new...*
Pure 0116% prat
100
•
Randall A
Richardson corn
US Playing Card
U S Print & Lith corn_
Preferred
Waco Aircraft
10
•
50
•
13
7%
76%
123.4
57
334
7
29%
44
1434
1234
7
2%
90
85
85
75
1231
50
16
2234
33.4
3%
20
16
734
1131
2
2631
43%
9
334
43.1
1431
2
6
231
1534
73.1
3
90
85
85
80
1431
58
16
2334
3%
3%
7
2031
17
8
13
2
29%
45%
10
4
434
1431
2%
6
2%
435
694
60
4
23
454
489
256
54
33
185
186
40
10
150
25
533
30
6,439
69
160
43
2
52
Range Since Jan. 1.
High.
Low.
1231
7
241
90
85
85
75
1234
50
16
2231
331
8%
6
20
16
11%
2
25%
4334
9
ssi
1434
2
6
234
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
17
Jan
12% Jan
334 Feb
93
May
Jan
90
Jan
90
9034 Jan
1734 Jan
Jan
69
19
Jan
28
Mar
5
Feb
631 Feb
12
Jan
30
Jan
24
Jan
8
Apr
18% Mar
431 Mar
4231 Jan
Jan
50
1134 Mar
5
Jan
7
Jan
24
Jan
5
Feb
10
Jan
234 Apr
-Following is
Milwaukee Grain & Stock Exchange.
the record of transactions at the Milwaukee Grain & Stock
Exchange, April 9 to April 15, both inclusive, compiled
from official sales lists:
StocksBriggs Stratton
Bucyrus Erie
•
10
754
3
8
3
300
100
Range Mug Jan. 1.
Low.
794
3
Apr
Apr
High.
1034 Jan
43.l Mar
Range Since Jan. 1.
High.
Low.
Mar
Jan
Feb
80
1,332
100
100
100
70
85
13
60
10
20
265
11
4
9
243
15
1,702
60
21
75
304
130
1,237
112
5
32%
112
5
73.4
1631
5
100
2
3%
85%
12%
10%
534
734
534
90
50c
3%
134
16
110
6
100
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Ap
Apr
Apr
Ap
7
3631
120
6
851
20
7
109%
3
8
4334
15
1534
6
15
9
95
5(50
4
3
16
115
9%
9%
110%
Jan
Mar
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Feb
Mar
An
Fe
Mar
Mar
Apr
Mar
Jan
Apr
Mar
Jan
Feb
Feb
* No par value.
-Record of transactions
Los Angeles Stock Exchange.
at the Los Angeles Stock Exchange, Apiil 9 to April 15,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
3%
25
Barnsdall 011 A
10
Bolas Chica 011 A
B'way Dept Store pref_100
California Bank
25 55
Citizens Nat'l Bank__ _20
Claude Neon Elec Prod_ •
93.4
Chrysler
Emsco Derrick & Equip_ •
Farmers & March N I3k 100
Globe Grain & Mill corn 2S
Goodyear T & R pref__100
Goodyear Textile pref._100
25
Hal Roach 8% prat
Hancock 011 common A_25
Internat Re-insurance 10 20
Los Ang Athletic Club_ .10
LA Gas & Elec pref.__ ion 9034
LA Investment Co
10
Mortgage Guarantee..100 74
Pac Amer Fire Ins Co___10 __16%
4
Pac Clay Products Co.„.
Pac Finance Corp com__10
Preferred series A_ -_10
Pao Gas & Elec com____25 2834
lot preferred
25
•
Pacific Lighting corn
Pscific Mut Life Ins.„10 3231
Pacific Pub Serv corn.
...5
• 1034
1st preferred
3%
Pacific Western OH Co...•
1
Republic Petroleum Co.10
Richfield 011 Co pret__ _25
2%
Rio Grande Oil com____25
S J L & P7% prior pref 100
Security First N BOIL A25 55%
Shell Union 011 Co com_25
234
Signal 011 & Gas A
25
25 26
So Calif Edison com
Original preferred
25 35%
25 26
7% preferred
6% preferred
25 21%
534% preferred
25 19%
So Counties Gas 6% pref 25
Southern Pacific Co.-_100 1434
• 1934
Stand 011 of Calif
Title Ins & Trust Co-__25
Trans-America Corp
•
334
Union 011 Associates__25
991
Union Oil of Calif
25 10%
Range Since Jan. 1.
Low.
3%
100
3% 394
134
100
131
134
40 5034
539.4 5331
250 5134
5434 56
500 49
49
50
6
400
6% 7
831
834 9% 2,000
3
700
3
3
13 225
230 230
8%
100
8% 834
91 3634
3634 40
60 62
6234 6231
10
4
4
3%
5
600
S
S
1,400 17
20
17
231
100
231 231
443 91
93%
88
4%
1,100
43.4 534
419 74
77
74
100 15
1634 1634
4
300
434
4
6
4,500
6
6
8%
200
934 934
2834 1,300 2434
25
1,700 2431
2431 2434
200 30
30%
30
600 32
32%
32
300
134
134
134
9%
700
934 1031
3%
800
3% 3%
34
200
1
1
31
100
31
34
2
1,300
134 234
168 97
97 10034
3,150 5434
5434 57
2%
200
234
234
194
300
234
191
2334 2631 5,000 2331
360 34%
34% 36
900 2531
26
25
2134 2234 2,380 21%
1931
1934 19% 3,50
88
1
90
88
12
1,20
15
12
17
2034 24,70
17
40
1
40
40
231
331
334 9,600
9
5,000
9'
9
10% 1034 9,600 10%
2 225
405 .195
High.
534 Jan
Apr
Jan
4
Apr
Jan
Jan 55
Mar
Jan 61
Jar
Apr 55
Apr 1034 Mar
Apr 15 34 Jar
354 Fet
Jan
Jar
Feb 250
Feb
9% Fel
Apr 5734 Ma
Jar
Apr 77
Jar
Jan
4
Jar
Apr
7
Apr 25
Ma
234 Ap
Apr
Jai
Apr 100
Fel
7
Apr
Jai
Apr 115
Jig
Mar 25
Fel
8
Apr
Apr
734 Jar
Feb9.31 At
Fe
Apr37
Ja
Apr 26
Apr 4034 Fe
Ma
Apr 39
Apr
254 Ms
Apr 13
MaLr
Apr
634 Ja
131 Fe
Jan
Apr
31 ME
Jan
2% Me
Apr 108
Ja
Apr 65
ME
Apr
Mr
4
Apr
53.4 Mr
Apr 3291 Fe
Apr 43
Ja
Apr 2734 Ja
Apr 25
Mr
Apr 23
Ja
Feb 92
FE
AD
Js
37
AP
n
27
J5
Apr55
Jan
Fr
6
Apr1234 jr
Apr1331 Jr
in 225
7.
• No par.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, April 9 to April
15, both inclusive, compiled from official sales lists:
• No par value.
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High Shares.
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Apr 49
169 40
Jan 110
105 103
3 59% Apr 67
4034
105
60
Miscellaneous
5
5
American Inv B
3234 33
100 32%
Brown Shoe corn
112 112
100
Preferred
534
5
5
Burkart Mfg pref
7% 734
Chicago RY Equip pref__25
1634 17
..1
Coca-Cola Bottling Co.
5
5
5
Curtis Mfg corn
109 109
Globe
-Democrat pref. _100
2
2
2
Hamilton-Brown SI/be...25
3%
Hydraulic Pr Brk pref__100
3
% 334
36
36
International Shoe corn •
14%
14
•
Johnson-S-S Shoe
1031 12
20
Laclede Steel Co
6
6
Marathon Shoe corn__.25
73-4 734
734
Mo Portland Cement _ _ _25
531• 531
5%
National Candy corn
90
93
let preferr
100
50c 50c
Nicholas Beazley Airplane 5
331
334
Rice-Stix Dry Gds 2d pf 100
134
134
134
Scullin Steel pref
•
16
16
Sielott Packing. coin
110 111
Southw Bell Tel, pref__100
6
63.4
Stix Baer & Fuller corn__ _•
6
631
694
Wagner Electric corn.__100
100 100
Preferred
15
• No par value.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High Shares.
Bank & Trust
40
20
First Nat Bank
104
Mere-Corn Bk & Tr Co_100 104
------ 60
St Louis Un Trust new
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, April 9 to April 15, lzkoth inclusive, compiled from official sales lists:
Stocks-
Apr 19
Jan 11%
5
Apr
Apr
934
Apr 20
Apr
1
Feb
Apr 35
4
Apr
Jan
Apr 110%
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, April 9 to April 15, both inclusive, compiled from official sales lists:
• No par value.
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
16%
9
334
5%
15
2%
31
20
3
131
108
High.
Low.
20 16%
6
734
325
531
100
37 15
2
200
300
34
130 20
2%
1,200
100
13-4
2 108
• No par value.
Feb
Feb
Apr
Feb
10
76
8
16%
9
23,4,
5%
15
2%
%
20
2%
1%
108
Range Since Jars. 1.
Stocks-.
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Anglo & London P Nat Bk10054 10034
131
Assoc Ins Fund Inc
1%
134
Bank of Calif N A
14234 142%
Byron Jackson Co
1%
134
Calif Copper
A
34
Calif Cotton Mills corn_
1% 2
Calif Ore Pow 7% pref
------ 80
80
Calif Parking Corp
6 31
6
7
Calif Water Service prat
57
57
57
Caterpillar
7%
6% 7%
Clorox Chemical Co A
13% 13%
Coast Cos G & E 6% 18t pf
73
85
Range Since Jan. 1.
Low.
High.
73 100
Apr 114
1,201)
131 Jan
23.4
20 142% Feb 162
385
1% Apr
231
5,500
31 Jan
fi
8
131 Apr
3
1
80
Apr 101
4,41
6
Apr 11%
10 57
Apr 65
4,834
634 Apr 15
721 1334 Apr 15
52 73
Apr 96
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Ja
Niat
2882
Financial Chronicle
"Tway
saw
Last Week's Range for
Bale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Crown Zellarbach v t o_
Pref A
12
Pref B
12
Firemans Fund Ins
4054
5
Food Mach Corp com
Foster & Kleiser corn
134
Gen Paint Corp B com_
Golden State Co Ltd
Hale Bros Stores Ino
Hawaiian C & S Ltd
2134
Home F & M Ins Co
21
Honolulu Oil Corp Ltd
634
Hunt Bros A corn
Investors Assoc (The)
Langendorf United Bak A_
634
B
Leighton Ind A
B
Leslie Calif Salt Co
9
Los Ang Gas & El Corp pf_
Lyons-Magnus Ino A___
334
Magnavox Co Ltd
54
(r) magnin & Co corn
Market St Ry pr pref
Natomas Co
No Amer Inv corn
North Amer 011 Cons
Oliver United F Iters A_ _ _ -__ __
Pacific 0 & E corn
2834
6% 1st pref
2454
534% pref
Pacific Lighing Corp corn_
32
6% pref
8234
Pac Pub Serv non-vot corn.
134
Non-voting pre:
1034
Pac Tel & Tel corn
83
6% pref
Paraffine Cos corn
12
pig'n Whistle pref
Ry Equip dr Realty 1st pref
Rainier Pulp & Paper Co
ROOR Bros ram
S J L& Pow 7% pr pref
-----6% prior pref
Shell Union Oil corn
2%
Sherman Clay & Co pr pref 50
Sierra Pac Elec 6% ord.__ -----Socony Vacuum Corp
Southern Pacific Co
1434
SO Pac Golden Gate A
B
Spring Valley Water Co_ _ _ -----‘2•....1,111 f
,
....I C...
III
Range Since Jan. 1.
Low.
High.
April 16 1932
Friday
Sales
Last Week's Ranor for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan, 1.
Low.
High.
134
134
2,077
134 Apr
234 Jan Tide Water Assd Oil COM-- -----2
2
150
2
Apr
334 Jan
11
1334
270
9
Jan
1634 Jan
6% prof
22
23
140 20
Feb 27% Mar
11
1334
300
9
Jan
15
Jan Transamerica Corp
3
33i
3% 41,839
23.4 Jan
6
Feb
3934 4134
561 393.4 Apr 4834 Mar Union 011 Associates
9%
934 10
1.962
9% Apr 12% Jan
434 534
1,709
434 Apr 11
Union 011 Co of Calif
Feb
10%
10
11
3,463 10
Apr 14
Jan
154
134
200
134 Feb
134 Feb Wells Fargo Bk & ii T
177
177 182
40 175
Feb 200
Mar
% %
115
54 Apr
54 Feb West Amer Fln Co 8% pre1
134
1%
100
134 Apr
2
Jan
834 634
237
574 Jan
834 Feb Western Pipe & Steel Co.__
15% 14% 15% 2,175 14% Apr 20
Feb
634 654
160
634 Apr
634 Apr
2134 24
360 2134 Apr 38
Jan
New York Produce Exchange Securities Market.
21
21
218 21
Mar 21
Mar
534 654 1,460
534 Apr
mg Jan Following is the record of transactions at the New York
3
3
660
3
Jan
5
Feb Produce Exchange Securities Market, April 9 to
April 15,
2
2
10
134 Jan
3
Feb
634 674
490
634 Apr
931 Max both inclusive, compiled from sales lists:
2
2
100
2
Apr
2
Apr
Friday
Sales
25
51
51
% Apr
% Apr
Last Week's Range for
Range Since Jan. 1.
25
%
% Apr
54
1
Jan
Sale
ofPrices.
Week.
_
9
9
620
par. prim Low. High. Shares.
9
Max
834 Jan
StocksLow.
High.
85
9334
161 85
Apr 100
Jan
334 3%
100
234 Jan
334 Mar Admiralty Alaska Gold__ _1
180
130 20c 29,500 110
Jan 23e Feb
34 9,860
54
% Jan
134 Feb Atlas Gold
1 820
750 820 38,000 650 Apr 82o
Apr
534 534
100
554 Apr
6
Mar Bancamerica Blair
134
10
500
1% Apr
154
134
254 Max
634
654
100
634 Apr
634 Apr Belmont Metals
240 24o
1
500
8c Mar 350
1234 1234
Jan
340 1234 Apr 1234 Apr Chemical Research
1 3.4
134
500
134 Apr
131 Apr
3
3
20
3
Apr
5
Feb Como Mines
1
70
70
500
70 Apr 19e Mar
3
3
1,025
3
Max
534 Feb Detachable Bit
500
134
134
Mar
154 Jan
434 434
200
434 Apr
8
Feb Fuel Oil Motors
10
1%
1% 4,900
Apr
4
Jan
2434 29
18,956 2434 Apr 3634 Feb Globe Television
234 354 8,200
1% Jan
334
2434 2434 4,549 2434 Apr
334 Mar
2634 Jan Group No.2 Oil
1
100
h
34 Mar
34
21
2134
14 Mar
722 21
Apr 2434 Jan Hendrick Ranch Roy__ _5
100
h
74
55 Jan
134 Mar
2
834 3234 9.861 2834 Apr 4134 Feb Huron Holding ctf dep___1
300
34
h
34 Mar
134 Mar
8034 8234
235 8034 Apr 95
Jan Inter Rustless Iron
1 25e
20o 25c
1,500 190
Jan 42c Feb
134
134 1,489
IX Apr
334 Max Jenkins Television
•
500
54
56
34 Max
13( Jan
834 1034 3,630
851 Apr
100 10c
1434 Mar Keystone Consolidated_ 1
500
90 Feb 25o
Jan
8234 85
776 8234 Apr 104
Max Hilduu Mining
2.50 1.80 3.00 2,000
1.55 Feb
3.00 Apr
99
9934
83 9834 Apr 112
Jan Macassa Mines
300 320
4,000 25o
1
Feb 37e Mar
9
12
2,205
V
Apr 2534 Jan Mid-Cont Pub Serv A.__•
554 7
1,800
6
5
Mar 1334 Jan
2
2
30
1
Jan
154 Jan Petroleum Conversion_ _ _5
2
2%
1,000
134 Jan
3% Feb
934 10
1,405
9% Apr 1134 Jan Railways
1,400
8
•
4
834
8%
Jan
8% Apr
654 634
227
634 Feb
Jan Rhodesian Seim Tr_ __5 sh.
934
200
34 Apr
.74
1
1% Feb
454 454
250
334 Jan
534 Jan Royalties Managetn't A •
400
51
34
54 Jan
34 Feb
97 100
377 97
Apr 107
Jan Sanabria Television
134 2% 3,100
234
134 Mar
•
33( Jan
86
86
26 86
Jan 96
Jan Seaboard Fire
254
234
200
10
234 Apr
4% Jan
254 234 1,633
234 Apr
4
Mar !Merritt Gordon
500 32c
32o 32c
1
Apr 32o
Apr
40
50
125 40
Apr 51
Max Shortwave & TelevLsion_l
54
34 10,200
54
2
54 Apr
Jan
72
72
10 72
Apr 76
Feb Tobacco Products
•
100
53.4 554
53.4 Apr
6% Mar
854 834
207
1034 Max Tobe Deutschmann
834 Apr
22,500 30c
34 30c
1
Apr
Si
1.25 Mar
1134 15
5,597 1134 Apr 37% Jan Trustee Std Oil B
100
2.87 2.87
2.87 Apr
3.62 Mar
934 934
200
954 Apr 1134 Mar Western Television
2
12,800
1%
2
1
2% Jan
34 Mar
7
7
350
7
Apr
1034 Mar Zenda Gold
12o
5,500
160
1 160
Sc
Feb
16c
Apr
63( 6%
70
63.4 Mar
7
Jan
1,I!
0112., on OW3
1,1
, •CP"•
, .r.-1• No par value.
New York Curb Exchange-Weekly and Yearly Record
In the following extensive list we furnish a complete
record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (April 9 1932)
and ending the present Friday (April 15 1932). It is compiled entirely
from the daily reports of the Curb Exchange itself, and
is intended to include every security, whether stock or bonds, in
which any dealings occurred during the week covered.
Friday
Sales
Last Week's Range for
Sale
ofPrtces.
Week.
Par. Price. Low. High. Shares.
Week Ended April 16.
Stocks-
Indus. & Miscellaneous.
Acetol Prod cony A
534 654
•
Acme Wire cam v t o.___25
2
2%
Agfa Ansco Corp com_
•
154 1%
Ainsworth Mfg corn_ _ _ _10
6
Air Investors cony pref. •
234 234
Warrants
54
34
•
Alexander Industries
54
h
Allied lot by $3 pref. •
5
6
•
Allied Mills Inc
2% 334
334
A lumlnurn Co common...• 3034 24
32%
100
6% preference
45
4934
Aluminum Goods Mfg._.
•
9%
9% 9.4
Aluminum I,td D warr____
334 3%
Amer Arch Co common_ •
7% 734
Amer Brit & Cont'l corn..
34
34
34
Amer Capital Corp al B.. •
Si
Si
•
83 preferred
4
4
Cyanamid corn B-_•
Amer
2% 3%
334
American Equities corn- •
2
2%
Amer Founders Corp.___'
34
54
%
Amer Investors corn B_ •
1% 1%
Warrants
54
%
%
14
Am Laundry Mach corn 20 14
14
9
11
Amer Maize Prod corn_ _.• 10
10
Amer Mfg corn
100
10
Amer Yvette Co corn----•34
34
54
Anchor Post Fence COM •
1%
1
Anglo Chilean Consol
•
Nitrate Corp Coln
31 51
Art Metal Works com•
2
254
234
Associated Flee Industries
Amer dep rets ord shs..C1
334
334 33-4
Atlantic Coast Fisheries--•
34
Si
Atlantic Securities corn...'
23-4 2%
Atlas Plywood Corp
•
134 134
Atlas Utilities Corp coln--•
554
534 596
•
$3 Preferred
34
34
Warrants
1%
134 IX
Automatic Vot Mach
Cons prior parole new...
,
2% 214
254
Baumann (Lud) & Ca
Cony 7% 1st pref....b00
sellanca Aircraft corn v t c•
seneficlal Indust Loan__ •
Blckfords Inc 82.50 pref--•
•
llls0(E W) Co Corn
Blue Ridge Corp corn_ --•
134
6% opt cony pref....50 19%
Blumenthal (S) & Co com•
334
Bourjois Inc
•
sower Roller Bearing__ •
still° Mfg Co corn
•
British Celanese. Ltd
Am dep rots ord
1,
14Nya Watch wetrag-- -----•
Burco Inc corn
•
Cony pre(
Burma COMAra dep rota nig
Butler Bros
20
Cable Radio'rube corn vto•
Carnation Co common_ •
Centrifugal Pipe
•
Chain Stores Stocks Ino_.•
Childs Co pref
log
outs Service 00MInon... • z5
Preterred
• 42%
Preferred B
•
Preferred BB
•
Range Since Jan. 1.
Low.
5% Apr
2
Apr
134 Apr
534 Jan
254 Apr
3.1 Feb
Is, Jan
5
Apr
2% Apr
24
Apr
45
Apr
934 Apr
234 Feb
7% Apr
5. Feb
34 Jan
4
Apr
2% Apr
134 Jan
54 Apr
I% Apr
h Feb
14
Apr
9
Apr
5% Jan
34 Mar
1
Feb
1,600
200
5( Mar
2
Mar
1,300
2% Jan
200
Si Apr
1,000
2
Apr
100
1% Apr
22,700
4% Jan
900 z335( Feb
900
1% Jan
300
254 Max
40
1,500
3,100
100
700
2,300
4,900
100
100
loo
500
3Si
554
z654
1%
200
300
100
100
151 Max
554 Apr
34 Feb
23% Apr
13.4
154 1% 1,300
154
200
500
34
54
1534 1634
700
2% 3
600
4% 534
400
8
8
100
z334 534 169,800
40 n4534 3.600
3
3
200
26% 33
290
18
1
8%
21
2
1734
134
34
15%
234
434
8
z354
40
3
2814
Apr
Jan
Feb
Apr
Apr
Apr
Jar
Apr
Apr
Apr
Mar
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Friday
Sales
Las
Week. Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Lew. High. Shares.
Claude Neon Lights corn..1
Celveland Tractor Co.
COMO' Automatic Merchandising corn v I 0---•
Coon (W 13) Co corn
•
( ont I Sharer eon, near 100
Cooper Bessemer Corp
$3 prat A with warr..100
Copeland Products Ino--•
Cord COSI)
Corroon dr Reynolds eora.•
Courtauld.• Ltd
Am dep rots ord reg. _ £1
Crocker Wheeler Eleo_ •
Crown Cork Iniernat A._
Crown Zellerbach Corp
56 cony pref A
•
Cuban Cane Prod war?.....
Curie° Press corn
•
Curtis Wright Corp warr__
a%
2%
1
234
2,500
100
Range Since Jan. I.
Low.
a% Apr
254 Apr
High.
Jar,
Jan
Jan
Feb
Jan
100
1-32 Feb
34
Si
54 Feb
Jan
4% 43.4
100
4% Jan
5
Jan
Jan
Si 1
800
34
14 Apr
334 Jan
Feb
Feb
4
200
5
4
Apr
9 s Jan
3
Jan
100
834 854
8% Apr 14
Mar
Jan
3
2% 3
7,300
254 Apr
814 Jan
Jan
15( 1%
700
154 Feb
2% Mar
Jan
Jan
554 55'
100
53.4 Feb
574 Jan
Jan
234 294
900
234 Apr
5% Jan
Jan
1%
1% 1%
300
134 Jan
2
Feb
Jan
Apr
12( 12%
25 12% Apr
1334 Mar
Mar
100
hi
1-32 Jan
1-32 Jan
Mar
100 15
1634 16%
Jan
1934 Mar
Mar
200
1-18 Jan
34 Jan
Jan
Jan Deere & Co common
4% 8
751
4.700
•
454 Apr LUX Jan
Jan De Forest Radio common_•
Si
54
54 4,000
54 Apr
154 Jan
Jan Detroit •Ircraft Corp_
Iii
.14
1,000
54 Jan
3.4 Feb
Mar Doehler Die Casting_
2
•
2
100
2
Apr
33( Feb
Mar Draper Corp
22
22
•
100 1854 Feb 2234 Mar
Feb Driver-Harris Co
10
5% 534
400
au Apr
9
Mar
Jan Dublliet Condenser Corp.•
3i
200
53
54
54 Mar
134 Jan
Durant Motors Inc
.•
600
34
54
54 Am
% Jan
31 Jan Duval Texas Sulphur Co.*
100
54
34
% Mar
14 Jan
234 Apr Eisler Rectrie common. •
1
1% 2.000
1
Jan
2% Jan
Eles Power Assoolates•
3% 534 2,000
534
3% Apr
8,4 Jan
4
Mar
Class A
35( 5% 4,900
5%
334 Apr
9% Jan
134 Mar Eleo Shareholdings fora_ •
134 1%
134 Apr
434 Mar
3% Jan
96 cum pref with warr •
42
42
-ioo 38
Jan 4034 Mar
2% Feb Employers Reinsurance.10
18% 1834
300 1634 Jan 20
Jan
734 Mar FarJardo Sugar.
100
12
1234
200 12
Apr
1634 Feb
38
Mar Fansteel Products Ino_..•
1
1
1
300
1
Apr
Mar
2
2
Jan Federated Capital coin_ •
700
54 Feb
3
Jan
Federated Metals
•
534 5%
700
8% Jan
Jan
6
2% Mar Flat Am dep rcta
6% 8%
300
83( Apr
714 Mar
Fire Assn of Phil&
10
5
5
100
5
Apr
834 Feb
Filntkote Co elms A corn_•
2
2
2%
800
2
Apr
4
Mar
Max Ford Motor Co Ltd
40
134 Feb
Amer dep rots ord reggb
434
3% 4% 9,400
3% Apr
634 Jan
Ford Motor of van el A__•
1154 Jan
9
834 9
3,100
8.14 Apr 16
Mar
24
Jan Foremost Fabrics corn*
54
500
34
SS Jan
Jan
4% Feb Foundation Co
2% Mar
Foreign shares class A_ •
3% 4
1,100
2
Feb
4
Apr
Mar Fox Theatres corn A
27
54
54
34 3.500
Si Apr
154 Jan
Jan Oarlock Packing corn_
6
•
6% 6%
100
63.4 Apr
834 Jan
434 Jan General Alloys Co
2%
•
254 3
3,500
34 Jan
Apr
554 Apr Genera, Aviation Corp ' 3% a
354 3,400
Jan
Jan
634 Jan (ben Elee Co (OS Britain,
Am dim rets ord reg. /I
1354 754 2,000
854 Apr
8% Mar
154 Feb Gen'l Theatres Equip pf.•
54
34 7-16 2.700
h Mar
134 Jan
e12
•
Jan Glen Alden Cost
9%
855 93.4
900
8
Apr 22, Jan
4
Feb Globe Underwriters Exch.' 2354 z354 434 2,000
1
854 Apr
4% Jan
Mar Goldman-Sachs Trading -•
27
2
1% 2
5,400
1% Apr
8)4 Jan
Gold Seal vioostioot co •
8-16 3-16
% Feb
100
5-16 Jan
1% Mar Gorham, Inc
53 prof with warrants...
2% Jan
7
150
7
734
Apr
Jan
9
Mar Gorham Mfg COM V t C. •
134
11% 1134
200 11
Feb 12% Mar
Jan Oottiant Knitbao Mach..•
18
1
1
3.400
1% Feb
34 Jan
•
434 Feb Graymur Corn
11% 14
2,600 1154 Apr 17
Mar
63( Jan GS All & Pan Tea
Non vol corn 'took. •
30
Jan
130 133
120 128
Apr 150
Jan
7% first preferred
Feb
614
100 116
116 116
100 :115
Feb
Feb s118
53% Mar Gt Lakes Dredge & Dook.•
7% Apr
75
( 7
100
%
75' Apr
4% Feb Groe Sts Prod corn v t a_ •
1
1
200
Jan
1
154 Jan
Mar Hachmelmer-1 Ind Co
45
•
5
5
$434 Jan
5
5
100
Apr
600
600
200
200
600
1,000
400
200
7.400
4,450
400
1,600
108
100
100
100
100
9,000
500
11,000
300
100
25
700
525
200
300
20
18
1
1
9
93.4
21
21
2
234
% 134
1954 20%
354 334
3% 334
5% 534
6% 6%
1
1
23% 2354
High.
634
354
334
834
434
ki
sit
7
454
61%
87
10%
10
934
51
1
834
5%
3
1%
3%
34
17
13
10
1%
1%
1%
3%
Sales
Friday
Lan Weeks. Range for
West.
ofPrices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
2883
Financial Chronicle
Volume 134
Range Since Jan. 1.
Low.
High.
Friday
Last
Rate
Stocks (Concluded) Par. Pike.
Sates
Weer* Range for
West.
of Prices.
Low. High. Shares.
Smite Bina Jan. 1.
Low.
Utah.
Mar
194 2135 1,800 174 Mar 28
15 21
4 Jan Swift International
4 Jan
200
34
14
Happiness Candy Stores_•
3
Jan
Feb
2
100
24 234
Jan Syracuse Wash Mach B_ •
7
Feb
100
5
64 834
*
Hazeltine Corp
Feb
4
300
134 Apr
134 2
•
Corporation
34 Feb Taggart
34 Apr
100
14
4
Helena Rubenstein com__•
34 Feb
4 Apr
400
s
,
4
Jan Tastyeast Inc class A- - •
Apr 29
214 3,400 20
20
•
Horn & Eiardart com
334 Jan
154 Apr
134 114 1.000
•
200
434 Apr 114 Mar Technicolor Inc corn
54 514
Hydro-Elec becur eom•
Mar
Apr 24
100 14
14
14
Jan Tobacco & Allied Stocks- •
4
1,500
284 Apr
2% 3
24
•
Hyerade Food Prod
'ii
1s
34 Jan
3-16 Apr
2,500
Si
Feb Tobacco Prod Weil new WI
21
1.100 1034 Apr
54 Mar
Hygrade Sylvania Corp_ • 114 1034 12
4 Apr
800
34
35
Prod Exports__ •
Tobacco
Imperial Tob of (Jr B & Ira
*
1.400 104 Apr 1834 Mar
104 12
200 1234 Jan 1434 Apr Todd Shipyards
144 1414
Am dep rots for ord she Cl
700
314 Jan
134 Apr
14 2
Apr 194 Feb Transoont Air Trawl"- •
100 16
1634
16
_100
Indus Finance Pref
Jan Trans Lux Daylight
6
14 Apr
Si 7,800
34
Haub Utility Investment •
24 Jan
Apr
1
1
134 2,700
134
Piet Screen common.-_'
Jan
4 Apr 15
200
34
4
•
$6 prat with wan
14 Feb
4 1,200 13-16 Jan
34
Mar Trl-Cont'l Corp warrants- -----Apr 40
304 2,200 28
insurance Co of No Am_10 304 28
-234 Jan Triplex Safety Glass
Mar
1
134 2,500
134
1
634 Mar
Insurance Securities_ _ _ _10
44 Jan
200
534 514
Am dep rats for ordshal
Apr
1
34 Jan
100
1
1
Int Holding & Invest Co-*
134 Feb Tubise Chatillon Corp
300 5-16 Apr
14
5-16
514 Mar
interstate Equities com •
1% Feb
24 4,600
2
234
Common B volt? certifs.
Feb
Jan 12
1,300 10
10
10
•
84 Mar
$3 cony prof
34 Jan
614 1,100
5
54
434 Feb Tung Sol Lamp Wks corn •
214 Apr
600
23.4 24
•
Irving Air Chute oom_
Mar
Jan 22
200 16
184
* 1834 18
$3 convertible pref
Jan
400 1034 Apr 15
1014 12
•
Klein (D Emil, corn
Jan
24
Apr
1,000 18
19
18
•
414 Feb Ungerleider Financial_
34 Apr
500
334 4
2
Mar
4 Apr
Kleinert (I B) Rub com__•
600
34
34
corn__ •
United Amer Lail
Apr
Apr 40
Kolster-Brandes Ltd100 40
40
40
134 mar Un ted Carbon prat_ _ _100
Feb
1
14 134 2,400
El
34 Jan
American shares
134 Mar
500
1% 134
Jan United-Carr Fastener__._'
10
Jan
10
100 10
10
4 Jan
Kress(S H)special pref 100 10
1
.
1 Apr
600
34
14
•
14 Jan United Dry Docks
Feb
1
200
14 14
14
24 Jan
34 Apr
Lakey Foundry & Mach....
34 134 22,000
14
294 Feb United Founders oom___•
Jan
1
Lackawanna Securities_.' 1834 1634 1834 2,000 1634 Apr
4 Jan
200
1
1
Feb United Milk Products- •
6
Apr
2
200
214
2
Apr
Le:court Realty com- --•
Apr 173
10 173
173 173
64 Apr 184 Feb Un NJ RR de Canal_ _100
200
7
7
•
14 Jan
Preferred
54 Apr
600
34
34
Profit Sharing_ •
84 Apr 1234 Jan United
1,900
84 10
• 10
Lehigh Coal & Nay
200 334 Apr 4034 Mar
3434
,
714 Feb United Shoe Mach's com25 3334 334
Apr
5
5
5
300
4 Jan
34 Apr
Lerner Stores Corp corn_ •
14 1,300
4
11
Jan Un Stores Corp corn •t a •
4
24 Mar
100
24 234
Jan
Libby, MeN & Libby com •
Apr 60
1,600 25
58
25
class A__• 30
Jan U.S Dairy Prod
Apr 11
7
700
10
7
10
Apr
5
Lindsay Light corn
114 Apr
300
14 5
•
Class 13
74 Jan
54 Mar
24 Mar
34 11-16 1,700
Louisiana Land & Endor •
114 Apr
100
*
14 14
F11118111°2 com
134 Feb US
34 Jan
100
134 14
Marion Steam ShoveL_ _•
% Jan
34 Jan
00
5
34
14
14
4 Jan U S & Internat Securities.*
14 Apr
300
4
34
34
Jan
Mayla Bottling corn A_5
Apr 30
First prat with warr_ ___ 164 1634 174 2.800 1634 Apr
Apr 2834 Jan
2334 2,100 22
22
4 Apr
•
Mayflower Associates_
34
4
34
300
*
Mar US Rubber Reclaiming
300 4314 Jan 61
47
46
• 47
74 Mar
Mead Johnson & Co
4 Jan
SOO
34
34
Apr United States Lines. pref •
Apr 30
100 30
30
Jan
30
Metal Textile Corp pr pfd •
100 z1434 Apr 23
z14 z14
U S Playing Card com-10 14
24 Jan
Minneapolis-Honeywell
34 Apr
1,200
1
1
34
Jan 714 Mar Utility Equities oorn____•
200 62
6334 634
100
Regulator prat
Jan 4934 Feb
250 404
42
40
• 40
Priority stock
Mar
6
Jan
5
100
5
5
Mississippi Riv Fuel warr_
Apr 114 Feb
6
400
6
631
Mar Utility & Indust Corp pf_•
Apr 72
10 60
60
60
Jan
2
Montgomery Ward cl A.'
94 Apr
100
si
54
Apr Van Camp Packing corn_ •
200
934
0
554 Jan 12
Moody. Invest Serv pref.'
Mar
234 Jan
1
100
1
1
1
25
Preferred
Apr
Apr 14
9
200
12
12
44 Mar
Moore Drop Forging ci A •
344 Jan
4
434 2,400
4
6
Feb Vick Flnanciel Corp
2
Feb
1
100
134
13.4
•
Feb
Morison Elec Supply
5
34 Apr
100
334 334
3
Jan Vogt Manufacturing
134 Apr
100
14 114
134
34 Apr
Mtge Bank of Col Am shs__
h Apr
100
h
34
•
Apr Wahl Company
Apr 23
100 20
20
20
Murphy(0 C) Co corn_ •
400
834 Apr 114 Jan
834 10
• 10
5
Jan Walgreen Company
Apr
4
100
4
4
*
Nachmann-Spgf Corp500
934 Apr 1134 Jan
94 10
•
134 Feb Want & Bond class A_
Jan
1
900
1
1
•
Nat Amer Co Ins
314 Feb Walker(Hlram Gooderbam
234 Jan
3
334 4,100
•
334
0
314 Apr
234 Apr
National Aviation
214 314
314
•
& Worts New
Jan 2334 Feb
1934 204 1,100 19
854 Apr
Nat Bond & Share Corp • 204
100
834 Apr
834
834 84
Feb
New preferred
Jan 100
150 95
99
98
4 Jan
34 Jan
200
Nat Dairy Prod pref A.100 99
hi
GIs
•
34 Jan Watson (J W) Co
Apr
2
234 1,300
2
214
•
Jan
1
14 Feb
Nat Investors corn
200
*
34
h
Feb
2
354 Mar Wayne Pump Co
2% 1,300
2
234
Apr e364 Jan
Nat Rubber Machry oorn •
*
300 34
35
34
Grape Juice
34 Jan Welch
3-16 Jan
300
34
1.4
•
834 Apr
54 Feb
Nat Service Co corn
200
64
654
254 Jan Western Air Express_ _10
Mar
1
134 1.700
1
14
Nat Short Term See A-..•
100 494 Apr 5334 Mar
494 50
400 194 Apr 231.4 Jan Western Cartridge 8% pref
1914 20
•
Nat Sugar Refining
2% Mar Westvaco Chlorine Prod
Feb
2
100
2
2
•
Nehl Corporation
150 4934 Mar 664 Mar
100 50
4934 50
7% cum pref
934 Apr 224 Mar
25
934 914
100
Nebular Bros pref
50 834 Apr 853.4 Feb
834 8334
Feb W Va Pulp & Pap 6% p1100
7
Mar
3
200
44 434
414
Nelson (Herman) Corp___5
Feb 104 Mar
7
100
7
7
•
Apr 1734 Feb Williams(R C) Inc
100 15
15
15
•
Newberry (J J) Co
8
Feb 104 Mar
100
•
8
8
4 Jan Wilson-Jones Co
34 Mar
500
Si
h
4
New Mexico & Arts Land.)
Woolworth (F W1 Ltd
44 Jan
Jan
3
300
4
4
•
New Process Co cam
734 Jan 104 Mar
934 1034 2,600
Amer dery rota for ordain 1034
700
534 Feb
134 Apr
134 24
Id,.' oho_ •
N Y Shipbldg
314 Jan
14 Apr
114 14 1,100
134
Niagara Share of M6____8
Public Utilities
834 Jan
Apr
6
200
84
6
Niles-Bement-Pond ('o- •
Jan
Apr 85
20 67
67
67
Alabama Pow $8 pref....* 67
Jan
Nitrate Corp of ChileApr 93
20 73
744
73
* 73
$7 preferred
1.4 Jan
34 Jan
34 2,500
34
14
Ctfs for ordinary B she-500 1934 Apr 284 Mar
2014 1934 2034
34 Jan Amer ClUes P & L Com A 50
24 Apr
294 214 1,100
234
Noma Electric Corp oom •
Mar
3
14 Apr
1,900
2
•
134 2
Common B
3,000 2734 Jan 3334 Apr
324 8354
Jan
I
Northam Warren pref._ •
34 Jan
300
14
X
634 Jan Am Corn'teth Pow corn A•
24 Apr
200
24 34
Northwest Engineering_ •
Mar
5
134 Apr
134 254 7.100
234
Jan Amer & Foreign Pow wan_
Apr 36
30
700 28
28
Novadet Agana Corp corn • 28
Jan
234 Jan Amer Gas & Elee corn__ • 2534 204 2514 52,000 z2034 Apr 3934
Jan
2
700
2
2
Outboard Motors pret A.•
Apr 8834 Mar
600 z70
72
z70
1150
Preferred
Mar
1
34 Feb
10
4
4
•
Overseas Securities
Jan
12 34 x1.7% 4,400 124 Apr 24
25 x17
16% Mar Amer L & Tr corn
600 1234 Jan
*
14
13
Pan Amer Airways
Jan
Apr 26
400 18
4
181
IS
25
6% preferred
Jan
114 1334 1,200 1134 Apr 19
•
Parke Davie & Co
314 Jan
214 Feb
100
24 24
Mar Am Sts Pub Serv corn A_ •
Apr 55
50 26
26
26
..5
Parker Rust Proof corn.
434 Jan
14 Apr
2
37.600
114 2
834 Jan Am Superpower Corp corn•
14 Apr
194 234 9,500
Pennroad Corp corn vie •
17.4
2.800 394 Apr 624 Mar
• 45
394 46
First preferred
Feb
30 834 Mar 90
8314 8334
100
Pet Milk Co pref
34 Jan
4 Jan
Is 9,000
4
4
.
234 Mar Appalachian Gas com
14 Jan
14 194 1,600
Philip MOITIS Congo'com.•
Feb
7
Apr
2
200
2%
2
Elea corn_ _•
34 Mar Assoc Gas &
1-16 Jan
4 14,200
4
' 4
Phoenix Secur Corp corn
434 J110
Apr
h
14 214 13,300
215
Clam A
0
Apr 1034 Mar
•
9
800
10
9
Cony pref class A
Jan
Apr 46
125 21
2234 27
$8 lot-bear allot certif... 27
14 Jan
Mar
*
1
101)
1
1
Pierce Governor Co
Jan
11
Apr
5
400
634 8
8
$1.60 int bear allot ctfs
334 Jan
134 Apr
134 234 2,500
Pilot Radio & Tube el A __•
234
I.
34 Jan
I.
ljs 2.200 1-32 Mar
Warrants
Pitney Bowes Footage
Mar
Apr 112
50 108
106 106
pf_100 106
Jan
334 Mar Bell Tel of Pa 634%
2
2% 2,900
2
•
Meter Co
834 Jan 134 Mar
9
834 914 29,300
,
Apr 473.4 Jan Braallian 'Er Lt & Pr ord..
35
650 30
30
Plttsb & L E RR com- -50
20 Apr 2234 Feb
600
2034 2014
1,900 134 Apr 194 Mar Buff Niag & East Pr pf__25
Patel/ Plate Glass com__25 144 1394 15
mar
Apr 84
300 78
79
78
• 78
Jan
First preferred
200 134 Apr 19
•
1334 1394
Pratt & 1.ambert
Apr 1234 Mar Cables Sc Wireless Ltd
100 11
11
11
Prentice Hall Inc
•
54 Jan
34 Jan
100
4
4
she Cl
Am dep rots Bard
514 Feb
Apr
3
34 4,700
3
Prudential Investors com •
450 554 Apr 654 Mar Canadian Marconi-See M anon' Wireless Tel g of Am erica
5534 61)
•
$11 preferred
Jan
Apr 16
600 13
134
Cent Bud G & E corn v t c• 134 13
Public Utility Holding Corp
334 Jan
14 Apr
1,400
,i
Si
4
ai Jan Cent Pub Sera class A-- 31 Apr
0
50
Cora without warrants_•
%
Si
244 Jan
1
es
Jan Cent States Elea corn __•
6
154 Apr
100
pref
134 154
$3 cum
•
Jan
56
Apr
200
42
1.
42
1
441.6
5,0°0 42
1
AP
3-32 Jan Cities Sera P & L $7 prof.
1-16 Jan
Ile 2,100
lie
Warrants
Jan
Apr 50
100 37
*
37
37
8% preferred
24 Jan
214 Apr
600
24 24
pyrene Mfg Co com
_10
Feb
• 2414 224 244 1,000 224 Apr 30
Jan Cleve Elec Ilium cora
3
Jan
1
214 1,300
2
Radio Products corn
234
•
Jan
Apr103
10 97
97
97
iik,
6% preferred
14 Jan
34
400
4
34 Apr
•
4
Railroad Shares corn
Mar
Apr 90
120 55
62
55
34 Apr Columbia 0 & E 5% Dna_ ---4 Apr
500
14
34
Rainbow Lumin Prod A' 34
Jan
Apr 122
20,100 50
74
50
71
*
134 Jan Commonwealth Edison 100
100
14 Mar
14 14
Raytheon Mfg v t c
300 13% Apr 184 Mar Com'w'ith & Boo Corp
•
1334 15
Reeves (Daniel) corn
4 Jan
Si Apr
4 28,400
4
34
114 Jan
Warrants
14 Jan
500
si
si
Reliance Internal corn A •
174 Jan
4 Apr
100
yi
5,‘
14 Jan CommunItY Water Serv- •
34 Feb
34
100
14
Reliance Management oom•
Apr 693.4 Mar
2,500 5014
56
51
14 Jan Consol GE L&P Bait corn' 56
60(3
•
Republic Gas
4 Jan
4
4
234 Feb
14 Jan
100
2
2
_
134 Mar Consul Gas Utli class A....•
4 Jan
300
10
Reybarn Co Inc
34
4
300 6234 Apr 7354 Jan
624 65
65
10 ____Feb Duke Power Co
25 19
Apr 28
Richman Bray Co
• 194 1934 194
84 Mar
434 Apr
700
6
5
Fuel Assoc. _•
4 Feb East Gas &
•
4 Apr
Richmond Radiator
200
Si
314 Feb
14
14 Apr
1,600
114 2
Apr
100
1
134
234 Jan East States Pow corn H-•
7% CUM cony pref
*
134
Jan
Jan 25
100 018
* 2134 2134 214
Si Apr
h Jan East 1.3111 Assoc corn
•
Rossi& International ---). 1,100
Si
h
534 Jan
24 Apr
300
24 2'4
•
Convertible stock
54 Apr
100
54 54
834 Mar
Royal Typewriter
•
934 APr 3234 Mar
62,200
Feb EleoBond&Share new oom5 1534 10% 164
900 254 Apr 38
Ruberoid Co
• 2534 2534 31
Jan
4634 10,000 x2934 Apr 62
• 4494 34
g6 cum preferred
Apr 3114 Feb
375 15
Safety Car, lit & Lt_100
16
15
Jan
394 4,700 z273'4 Apr54
30
• 39
16 cum prat
514 Feb
St Regis Paper Co corn.
.I0
24 334 11,400
234 Apr
34
Mar
1514 Apr 45
250
2151
,
114 Jan Elea Pow & Lt 2n4 pfd A.'s 214 18
4 Apr
Seaboard Util Shares corn •
500
15
A
134
134 234 LOGO 35 Apr 6 Jan
234
Warrants
7% Jan
514 Apr
Securities A Wed Corp_ _-•
7,100
54 6
594
Apr4644 Jan
200
37
35
Jan Empire 0 & F 7% pf__100
z2
3,000 z474 Mar 10
z2
Securities Corp General..'
Apr 524 Mar
200 45
x45 n52
100 x45
8% preferred
Jan
2
4 Apr
Segal Lock Sc hardware..'
1,000
1
Si
13.4
Mar
600 1111 Apr 18
12%
Jan Empire Pow part stock....* 1134 1134
4
•
14 Apr
Seiberling Rubber
100
134
134
1.0 Mar
14 Jan
100
s.
I.
134 Jan Empire Pub Serv com A--•
Selected industries oom_.•
34 Jan
4
.4
4 1,400
Jan
3
14 Mar
400
13.4 14
European Else class A__10
Mar
Apr z42
314 1,800 28
• 314 28
25.50 prior stock
4 Jan
34 Mar
300
h
A
Ovion warrantsyY
1,100 4134 Jan 454 Mar
Allot ctfs full pd unstpd.
284 30
Jan
Apr 25
7
150
9
7
7
•
Jan Gen O&E $6 pref B
I
h Apr
Safety Control__ •
1,000
34
Si
Sentry
Fe
Apr 50
10 22
22
22
22
Jan Gen Pub Serv 66 pref A..
2
34 Apr
100
abenandoah Corp Com_ •
4
%
Jan
100 654 A or 82
.
614 Apr 124 Mar Georgia Power $6 met _.• 6714 654 6734
900
614 73.4
7
6% cony prat
50
Apr 554 Jan
50 48
51
48
575 2214 Apr 3434 Jan Hartford Elea Light_ _ --25 61
2234 2531
Sherwin-Wins Co corn_ -25 24
100 404 Apr 6334 Mar
114 Jan Ill Pow.& Lt. 86 pref. •
4034 434
4 Apr
100
4
4
Silica Gel Corp corn v t e.•
514 Apr 1234 Jan
500
Jan Internal Super Power....'
Apr 134
40 110
534 634
11134 1144
100
ainger Mfg
Mar
8
Feb
5
100
5
5
5
54 Jan Internat Utll Class A____•
4
Apr
200
•
5
5
Sisto Financial Corp
Jan
3
500
134 Apr
I% 134
Class B
14
Jan
100 284 Apr 59
•
31
30
Smith (A 0) Corp corn___• 31
Apr 524 Jan
140 19
204
19
Mar
134 Mar Interstate Pow $7 pref_ _ _a
1
600
14 134
•
Southern Corp corn
14 Jan
34 Mar
4 1,600
!,i
ILOILO 8UperDOW corn A.O
Spanish & Gen Corp Ltd14 Jan Kings County Lighting__
34 Jan
300
4
4
Amer dep rcts ord bear El
50 814 Apr 624 Apr
5% pref series D...100
4 Feb
14 Mar
100
34
6134 624
4
Stand Motor Conan_ •
Apr
1954 Jan
4 Jan Long Isld Ltg corn
•
16
X Mar
1654 2,100 16
•
300
Ins
34
Starrett Corp COM
Mar
10 894 Apr 101
7% Preferred
100
90
200
90
234 Jan
154
114
134 Mar
...50
134
6% prof with aria _
134 Feb
4,000
1
Mar Marconi W lire! T of Can._1
h
34 Jan
54
Apr 80
50 75
75
75
Stein (A) & Co 6 Si% p1100
234 Jan
Jar
2
24 1,300
Jan Mass UM A8800 corn vto •
2
1
2
94 Jan
100
4
34
*
Corp
Stinnes (Hugo)
Jan
175 1634 Apr 23
5% preferred
50
Feb
16% 18
9
Mar
5
100
5
5
Stromberg-Carls Tel Mfg *
.511 Jan
334 Apr
100
314 334
800 104 Mar 1334 Jan Memphis Nat Gas oom_ •
1134
• 114 11
Jan
'nuts Motor Car
T
4 Apr
34 15,100
4
Jan Middle West Utll com___•
4
600 1954 Apr 24
1934 20
• 194
Sun Invest $3 prof
Apr
1534 Jan
3
800
4
3
$6 cony pref ser A _ _ ...•
Mar
4
It
z147 15% 4,000 z1436 Apr 22
Swift .a r'n .
2884
Financial Chronicle
FrWar,
Sales
Lasi Week's Range for
Public Utilities
Sale
Week.
of Prices.
(Concluded). Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Ifigh.
Friday
Sales
Last Week: Range for
111InIng Stocks
Sale
of Prices.
Week.
(Concluded) Par Price. Low. High. Shares.
April 16 1932
Range Since Jan. 1.
Low.
High.
Miss River Power preL 100
82
82
10 82
Apr 8231 Jan Teck Hughes Mines
1 x3%
331 331 2,800 x3'% Apr
Moir & Bud Pow lst preL•
76
125 76
7635
4% Jan
Apr 9334 Mar Tonopah Mining (Nev.)1
200
Mtn States Tel A-. TeL _100 102
102 102
10 10034 Apr 105
% Nfm
% Jan
Apr United Verde Extens'n_ 50c
2
235
900
2.35
Nat Eiec Power class A._*
1% Apr
131
134
135
700
431 Jan
1% Apr
1035 Jan Wenden Copper Min____1
4.100
31
31
1-10 Jan
Nat P& I. 56 pref
3.4
51
59
• 59
800 49
Apr 72
31 Jan
Jan Wright IIargreaves Ltd__*
1%
1% 2%
New Eng Pow Amen
600
134 Apr
2% Jan
6% preferred -------100
39
40%
460 39
Apr 5934 Jan
Bonds
New Eng Tel & Tel____100
99
99
50 99
Apr 115
Jan Alabama Power Co
NY Pow & It 7% pref_100
90
90
25 90
Apr 100
Jan
1st Is
119951 93
46
92
93
42,000 91
56 preferred
85
85
Apr 99% Jan
25 85
Apr 85
Apr
lit &ref 6s
85
12.000 85
87
•
N Y Steam Corp cora
45
45
200 43
Feb 95% Mar
Apr 55
Afar
1st & ref 5s
1955
83
83
NY Telep 63
2,000 83
108 112
6% pref__100 112
650 108
Apr 96% Jan
Apr 114
Mar
lst & ref 474:
1967 75
72
75% 175.000 72
Niagara Bud Pow corn..10
4
4% 37,400
Apr 84% Jan
4
Apr
731 Jan
let & ref 511
1968 85
12,000 80
84
8531
New common w L_15 1331
1231 13%
Feb 91
700 1234 Apr 13% Apr Aluminum Co a f
Jan
deb be 1952 89% 88
Class A opt warranta___
8934 79,000 88
35
Apr 98% Jan
31
35 2,600
31 Apr
Iii, Feb Aluminum Ltd. deb 55 1948
131
Class B opt warrant__ -1
13-4
1,400
Apr
74
Mar
I
Apr
331 Jan Am Commonw'h Pr tle 1940 63% (1334 6731 48,000 63
234
Nor States Pow corn A.100
236
236 4,000
52
53
234 Feb 11
200 52
Jan
Apr 83
Jun
Debenture 53
4e
1953
1
1
7% preferred
2
12,000
z55
100 65
1
7834
550 z65
Apr
8
Jan
Apr 943
'
, Jan Am Commun Pow 53511
5% 6
Pacific 0 @ E
'
10,000
53
1s1 pf_25 2431 2431 2435 2,800 24% Apr 26% Jan
4
Apr
19
Jan
Am & Cont Corp be_ -1943 50
Pa Water & Power
50
42
5136 10,000 91
• 46
46
1,900 33
Jan 52% Mar
Apr 63
Mar Am El Pow Corp deb fis '57 30
Peninsular Telep coin_ *
26
30
41,000 26
Apr 42% Mar
143-4 14%
100 1434 Apr 1434 Apr Am Oas & El
deb 5s_ .2028 7535 72
Philadelphia Co corn
08,000 72
77
8
• 1131
1134
Apr 88% Mar
600
8
Apr 17
Jan Am Gm & Pow (bob Os 1939 27
2554 30
Ry & Light Secur corn...
13,000 2534 Apr 46% Jan
731
73.4
50
735
731 Apr 20
Jan
Secured deb be
1953
18
R I Pub Serv $2 pref
22
17,000 18
21
21
•
100 21
Apr 874 Jan
Jan
2234 Mar Am Pow & Lt deb 6s2016 22
Sou Calif Edison
6734 5531 68% 46,000 55% Apr 82% Jan
AmericanRadiator4'-4:1 947
Preferred B
84
8531 12,000 80
213.1 3,000 21
25 21% 21
Jan 87
liar
Apr 25
Jan Am Rolling Aillideb 581948 45
5% pra class C___ _25 19% 19
44% 4535 25,000 43
1935 2,300 19
Jan 67
Mar
Apr 22% Jan
1136% notes_ __Nov 1933
So Colo Pow class A....25
,
434
4
5735 16,000 65
5
300
Jan
Mar
2
76
Apr
15
Jan Amer Beating cony 65_1936 5735 55
So'west Bell Tel 7% pf_100 111 411
30
34
13,000 30
111
200 z110% Jan 115
Apr 47
Mar
Mar Appalachian El Pr 5e_1956
Southweet Gas UM com__•
87
93,000 80% Fib 92
500
31
31
Mar
31 Feb
Mar Appalachian Gas 6s___1945 86% 82
Standard P & L com____•
9
935
10% 15,000
035
6% 9%
900
83
5 Jan
16
Jan
6
Apr 20
Jan
Com deb Os ear B__1945
Common class B
836 z734 9
•
39,000 z735 Jan
635 9% 1,100
6% Apr
134 Jan
20
Jan Appalachian Pow Is. _1941
Preferred
9736 97% 13,000 97
34
34
50 34
Mar 97%. Apr
Apr z67
Jan
Deb gold (is
2024 72
Stand Pub Serv partic A..•
68
73
21,000 68
234 2%
500
Apr 85
131 Mar
Jan
3% Si ar Arkamas Power & Lt 581956
Voting trust ctfs
7934 7531 7951 56.000 75
31
13-4
600
Jan
86
Mar
35 Apr
135 Apr Arnold Print Works 6s 1941
Swiss Amer Elec pref. _
50
4034 4031 53
50
1,000 10
500 40
Apr 60
Mar
Jan 5434 Mar Associated Elm 4%5..1953
Tampa Electric common_• 21% 21
3734 39
39
05,000 36
2131
Apr 5734 Feb
900 21
Apr 32
Jan
iated Ito:Asc
ElectricTenn El Pow 7% pref_ _100 7231 72% 72%
50 7231 Apr 93
Jan
eb
Conyl 381 22% 17
d°88*
UDIOD Nat Gas Of Can.__•
25
80,000 17
235
235 2% 1,700
Apr 39
Jan
431 Jan
2% Mar
Cony deb 434s
United Corp warrants
17
1948 25
25
42,000 17
134 2% 4,400
Apr 43
1% Apr
Jan
4
Jan
Cony deb 436:
United Gas Corp corn___•
1949 25
17% 25
10,000 17
1
1% 18,100
Apr 30% Jan
1
Apr
234 Jan
Cony deb be
Pref non-voting
• 3535 213/ 3536 2,500 21% Apr 65
26%
26% 22,000 1734 Apr 4434
183-4
Jan
Jan
Debenture Es
Warrants
19
1961 2536
1731 25% 68.000 17
Apr 44% Jan
34
31
% 3,700
31 Apr
Jan
Registered
United 1.1 & Pow coca A _.•
20% 20% 1,000 20% Apr 35
335
2% 331 12,400
Feb
231 Apr
Jan
Cony deb 5358
cony 1st tire!
19
1977 2736
• 25
$6
2735 63.000 19
18
1,700 1631 Apr 53% Jan
Apr 47
25
Jan
S Elec Pow with warr •
1,700
35 Apr
1% Jan Associated Rayon
OBI Power & Light corn..
30
31
14,000 30
34
1
Apr 4031 Jan
4.800
34
z5-( Apr
8% Jan Amos Simmons 5s 1950
Class v t c
Hardware
•
3
3
431 5.800
3
Apr 13% Jan
63-4e
7% preferred
31
31
4,000 30
13
100
Jan 37
150 13
1634
Afar
Apr 61% Jan Assoc
Tel Co 1.01 55..1 9 5 31
75
1963
3
8,000 75
76
Jan
Assoc T & T deb 534a A 56 5035 4734 5531 44,000 4734 Apr 88
Former Standard 011
Apr 72
Feb
Assoc Telep Utll 535E1944 333-6 30
Subsidiaries
35
14,000 z2834 Apr 54
Jan
6% notes
Borne Scrymser Co
1933
z37 z37
1,000 z45
25
6
6
Apr 7534 Feb
500
6
Jan
Feb Atlas Plywood deb 530'43
Buckeye Pipe Line
3
34
34
50
25
1,000 z34
25
Apr 3735 Jan
100 25
Apr 35
Jan Baldwin Loco Wks 534s
Eureka Pipe Line_ _ _100 28
28
80
80
'33
4,000 78
28
100 23
Jan
Mar 90
Jan 35
Mar Beacon 011 deb 6s____1936
Humble Oil & Refining__25 3831 37% 4335 4,800 3731 Apr
49
Afar
With warrants
Imperial 011(Can) cOulD-98% 9636 2,000 z9535 Jan 90% Feb
735'
•
634 7% 16,000
034 Apr
934 Mar Dell Tel of Canada
Registered
55_1957 88
8734 88% 35,000 8334 Jan z9435 Mar
7% 7%
300
7% Apr
931 Mar
let mtge be ser A__1955 88
Indiana Pipe Line
3
8734 89
10
3
36,000 84
3
600
Jan 93% Mar
3
Apr
731 Feb
let mtge Is ear
National Transit___ _12.50
8
87% 8834 10,000 83% Jan 94
8%
400
Mar
6% Jan
1034 Feb Birmingham Elea C_ _1960 88
Northern Pipe Line new._ _
435s 1968 78
335
77% 78
4,000 70
3% 3%
600
Jan 81% Mar
3% Apr
434 Jan BlackstoneVal
Ohio 011 6% pref
65
92
100
65
93
800 60
7.000 92
Apr 9331 Star
Jan 7631 Mar Boston Consol0 & E 5s '52
Penn Mex Fuel
Gas 58.1947 9434 9335 98% 11,000 94% Feb 100
4
25
531
800
4
Apr
Jan
Mar
klyn Edison
south Penn On
1 52
11
6
25
10034 102% 243,000 97
1131 1,600
944 Jan
Feb 102
Mar
14% Mar Buffalo Gen 5a set E_1 95 102
Elec Is „1939 101 35 101
Standard 011(Indlana)__25 1531 1331 1535 41,200 1331 Apr
10134 15,000 101
Mar 102% Apr
17% Mar
Gen & ref Is
Standard Oil(Hy)
25 11% 10% 115-4 8,300 10
101
101
1,000 0834 Feb 103
Apr 15% Mar Burmeister
Jan
& Wain Co of
Standard 011 (Neb.)___ _25
1534 16
200 1434 Apr 19
Jan
Copenhagen Os_ _ _ _1940
Stand 011 (Ohio) com___25 20% 1535 20% 10,650 15% Apr
60
60
2,000 60
Apr 7335 Jan
28% Jan
Canada NM fly eq 7s 1935 9531 94
Other 011 Stocks21,000 94
93
Apr 100
Jan
Cap Administration Is 1953
/ 10,800
34
kmer Maracaibo Co
•
34
54 Jail
31 Apr
With warrants
trk Nat Gas Corp com__ •
5,000 70
73
75
600
13-4
Feb 76
134 Apr
Jan
2% Jan
Without warrants
Cla.ss A
134 134 5,100
•
20,000 70
75
134
75
74
Feb 76
134 Apr
Jan
2% Jan Carolina Power & I.t 56
Preferred
1956 78
100
z431
25,000 72
7434 78
3,500 zl% Apr
Jan 85
Jan
535 Jan Caterpillar Tractor
British Amer 011 Co Ltd
5s 1935
17,000 80% Jan 91
91
83
Mar
Cent Arizona L& P561960
Coupon stock hearer. ,
3
8
8136 10,000 80
8
8174 80
100
Apr 9034 Jan
8
Apr
93.1 Mar Cent III P 8
Carib Syndicate
4%s F.1967 59
25c
5731 02% 45,000 57% Apr 7454 Mar
34
%
600
31 Jan
35 Jan
let mtve 58 ser 0_1968 65
Columbia 0 & Gam v t e--•
65
6734 6,000 65
74
4i
1,900
Apr 85
31 Apr
1% Jan Central Pow Sc ser
Jan
Como! Royalty 011
D 1957
1
1
14,000 5134 Apr e70
1
3,500
1
Jan
Feb
1
Jan Cent Pow & 14 1st 5e 1956 5551 5434 58
Cosden 011 corn
•
76,000 51
34
54
57
Si
600
%
Apr 7134 Jan
1( Feb
1
Mar Cent Pub Seri 5356 1949 57
Creole Petroleum Corp •
,
135
134 2
11,000
1% Jan
231 Mar
With warrants
Darby Petroleum corn__ _*
235 215
5
63-6
8% 160,000
5
100
Apr 2731
1% Jan
236 Apr
Jan
Without warrants
Derby Oil & Ref com____•
1%
2,000
131 1%
7% 8
731 Apr
100
1% Jan
1534 Mar
231 Jan
Gulf Oil Corp of Penna.._25 30
43,000 29
32
2635 3036 8,100 25% Jan 3535 Mar Cent Stated Elm Is...1948 3131 29
Apr 39% Jan
Deb has.__Sept 151955 33
Intercont Petrol Corp..„5
65,000 z2911 Apr 42
z2914 33
700 1-16 Jan
34
31
Jan
X Jan Cent 5
,taten P & I.
Internat ) Petroleum___ _•
.
3755 3934 49.000 3731 Apr 59
874
8% 9
23,300
834 Apr
Feb
1035 Mar ChM Dist Elm' gen 5%.'53 39
Kirby Petroleum
•
4%s '70 60
5434 6736 21,000 54% Apr 73% Mar
%
300
34
31 Jan
3/ Feb
Debenture 531e Oct 1 '35
Lion 011 Refining Co
•
2,000 60
1% 2
60
60
400
Apr 793
135 Apr
2% Apr Chic Pneum Tool 534s 1942
1 Jan
Lone Star Gas Cory
•
431
5,000 38
3% 47.4 12,200
38
40
Apr 50
3% Apr
Jan
9% Jan Chic Rys 5s ctf of deP_1927
ill
Magdalena Syndlcate
I,. 7,100
1
3734 76,000 34
3636 34
'16
Apr 60
1-16 Jan
Jan
34 Jan Cigar Stores Realty Hold
Mexico Ohio 011 Co
•
2
2
2
1,900
2
Feb
2
Feb
Deb 535e series A _ _1949
Middle States Petrol32
19,000 29
20
Apr 40
Mar
Cincinnati St Ity 5355_1952
•
54
3,000 52
ClassA vtc
52
34
300
Apr 62
31 Apr
Mar
I% Jan
1st 63 series B
•
Class 13 v t e
56
59
4.000 56
1955
300
Apr 66
31 Jan
Feb
31 Feb Cities Service es
1966 40
•10-lianzna Pipe L corn.3734 4136 53.000 3134 Apr 4714 Jan
318
34
200
31 Apr
2% Jan
Cony deb 5a
Mountain Produeere____10
1950 40
2565060 3331 Apr 524 Jan
3434 ni3
2%
1,800
231 Apr
3
Jan Cities Sere Gas 5.4.._1942
• 11
National Fuei Gas
4831 52 131.000 4831 Apr 5931 Mar
49
10% 11
3,000 10
Apr 13..4 Jan Cities Serv Oris Pipe
42,000 52% Feb 65
New Bradford 011 Co.. .5
L 13543 60% 58% 62
100
41
-5
31
,c, Jan
;
Mar
31 Mar Cities Serv P & I.5%8_1952
38
44 213,000 38
Nor European Oil corn.__
Apr 68% Jan
900
51
34
34 Jan
35 Jan Cleve Elm III let 5.5_1939 4234
•
10234 10231 102% 44.000 9954 Jan 103
Pacific Western Oil
4
3% 4
300
3% Apr
Mar
6% Jan
Gen 5s series A
1954 102% 10234 103% 7,000 09
Pantepec 011 of Venez _
Feb 103% Apr
500
34
34
34 Feb
36 Feb
Gen 59 series B_ _ _ 1961
Plymouth 011 Co
10134 101% 1,000 99
63/ 73-1
800
Feb 10334 Mar
6% Feb
7% Apr Commers uud Privat
Producers Royalty Cori).*
200
31
31
34 Jan
% Jan
Dank 514:
1937 3335 32% 34
Pure 011 Co 6% pref. _100
17,000 3234 Apr 4634 Feb
45
45
20 42% Apr 4934 Jan Commonwea
lth Edison Co/
34
Reiter-Foster 011 CorD. •
700
34
31 Jan
34 Jan
ln mtge 5s. ger A._1953 95
91
95
48,000 91
Salt Creek Prod An _10
331 374
Apr
800
334 Jan
414 Mar
1st mtge Is. Fier B 1954 92% 90% 92% 31,000 905-4 Apr 98% Mar
Southland Royalty
•
500
334
Mar
08
3% Mar
3% Jan
let 435e series C
1956 86% 85% 86% 24,000 82
Sunray Oil Corp
6
Fen 113% Afar
500
314
Tie
3( Feb
34 Jan
1st to 451:ser D
1957 86
8335 86
21,000 81% Apr 53
Tenon 011 & Land -------•
431
431 5% 1,300
431 Apr
Jan
631 Mar
1st M 4,6a eer E
1980 86
84
86
27,000 8131 Feb 93% Jan
Union Oil Associates_ __25
9
600
9
Apr 12
Jan
1981 7231 72% 78 235,000 72
let M 45 set F
Venezuelan Petroleum...5
Apr 84
400
34
31
Mar
34' Apr
% Jan Community Pr & Lt 551957 51
4931 52
32,000 45
Woodley Petrol Corp- --1
134
135
Jan 0134 Feb
400
134 Jan
2
Jan Comm]
(las El Lt & P(Bait)
1981 89
Int ref t 4s
88
90% 22,000 82
Mining Stocks
Jan 9234 Mar
1st & ref 5345 ser E..1952
10331 104
21,000 103% Apr
Bunker Hill & Sullivan-10
19% 20
550 19
Mar 24
Jan
1st & ref 434s ger (1_1909
9934 9935 2,000 98% Mar 10(3% Jan
Voting trust ctfs
19
10
20
550 1734 Mar 2334 Feb
101
Mar
0
,
9534 9631 18,000 94
lot & ref 43 ser 11_1970
Constock Tun & Drain___1
Feb 9935 Jan
1,100
31
Jan
36 Jan Consol Gas Ufll COConsol Copper Mines_
700
9ff6 Apr
35
31
131 Jan
25
DA at coil Os ser A..1943
1835 2534 41,000 1835 Apr 31
Consol MM & Smelt Ltd 25
36
"
36
20 36
Jar
Apr 64
Deb 6,58 with wan.1943 1434 1331 14% 27,000 12
Mar
Copper Range Co
Mar 20% Jar
25
200
134
1%
13-4 Apr
334 Jan Consol Publishers 6%61936 76
76
78
Cresson Cons 0 NI & Ni__1
4,000 72
Jail 81
Feb
is 1,400
Si
3.4 Jan
Jan Consumers Power 4Hs 1968 93% 91% 94
Evans Wallower Lead com•
27,000 87% Feb 95% Mar
36
ti 2,500
34 Apr
1936 101% 100% 101% 53,000
1st & ref 55
ii Jan
Falcon Lead Mining
10034 Mar
1
lit
It
500
Ito Jan
1958 57
101 Jan Cont'l0 & LI 55
50% 5531 256,000 5031 Apr 101% Mar
Recta Mining Co
25e
2% 3% 1,500
67% Mar
234 Mar
Continental 011 5348.-1937 9135 80% 81
515 Jan
Bollinicer Consol 0
34 17,000 78
Feb 85
434, 44 1,300
JIM
43-6 Apr
Jan Crane Co 5s_ - -Aug 1 1940
Bud Bay Min & Smelt_ •
58% 67
15,000 5731 Apr 89
Jan
1 31 3,500
3.4 Apr
2% Feb Cuban Telep 730._ _1941
Kirkland Lake G NI I.td_ _1
73
73
2,000 73
Apr 83
Jan
100
Irs
Apr
Mar Cudahy Pack deb 57481937 82% 81
Lake Shore Mines Ltd___1
83
15,000 81
Jan 87
24
Mar
24
2535
800 23,
Sinking fund be____1946 97% 97% 9735
1
Jan 20% Mar
Mohawk Mining Co...
18,000 9534 Jan 09
.25
Mar
14
15
700 12% Jan
1834 Feb Dallas Pow & I.t Os.-.1919 100% 100 101
15,000 100
Apr el0331 Apr
lot Is series C
New Jersey Zino Co____25 213-4
1952
91
92
4,000 91
Apr 99
Jan
14% 22% 5,200 1436 Apr 28% Jan Del Elm Power 730_1959 58
Newmont Mining Corp.10
58
60% 1,800 5534 Apr 73
Mar
8% 831
100
7% Apr 14% Jan Denver & Salt Lake 6s 1960
N NY & Honduras Ros_10
25
27
13,000 25
Apr 4331 Mar
13% 1335
100 13
Jan
NipfssIcig Mines
1434 Mar Derby Gas & Elm Is 1946 58
57
58
5
9,000 5534 Apr 08 34 Mar
35
200
36
% Apr el
Jan Pet City Gas 6s sec A,1947
Ohio Copper Co
1
90% 9335 25,000 60
Jan 9714 Pet
20,800
1-16 Jan
let series 11
3-16 Jan
Pioneer Gold Mines Ltd _.1
1950 81
79
82
18,000 79
33.1
Apr 89
Mar
3
13,100
Mar Del Int Bridge 635s 1952
4
231 Jan
Roan Antelope Cop Mines
6
6
1,000
Mar
5
73 4 Mar
,
Dixie Gulf Gas illHe 1937
American shares
4%
500
4
With warrants
Apr
Jan
St Anthony 0 Alines
64
1
70
26,000 62% Jan 74
Feb
lie
ire
700
1-10 Jan
3-16 Jan Duke Power 43-6s,.,.1957
Shattuck Dann Mining.
90
90
5.000 87
131 131
Feb 04% Mar
300
131 Apr
234 Jan Duquesne Gas Corp Cs 1945
Standard Silver Lead 1
555
5% Apr
531 2,000
8
Jan
1-16 liar
5-4 2.700
14 Jan Duquesne I.t I st 4 1.4s 1957 oui 95
9834 100,000 0331 Mar 0034 Apr
6
,,..---
Bonds (Continued)
2885
Financial Chronicle
Volume 134
Bates
Friday
Last Week's Range for
Week.
of Prices.
Sale
I
Price. Low. High.
last Utilities Investing
56 with warranta_ _1954 14
Edison El (Boston) 56_1933 100%
4% notee____Nov 1 1932 10035
1932
455s
Elea Power & Lt 68._ 20311 47
El Paso Nat Gas 6358_1938 52
1943 69
63134w w
1962 .55
Empire Diet El 5s
'42 4134
Empire Oil & Refg 8
Ercole Marelli El Mfg6%s with warranta_1953
Ere Lighting 5s
1967
European Elea 6158__1966
Without warranta_
European NitadrInv 7.C'87
Fairbanks Morse deb 55 '42 48
Federal Water Serv 534s'54 40
Finland Residential Mtge
Bank 6a
1961 4351
Firestone Cot af Ills 56_1948
Firestone T & Rub S, 1942
Fisk Rubber 555s---1931
Fla Power Corp 515e._1979 5355
Florida Power & Lt ba 1954 6834
Gary El &Gas baser A 1934 62
gatineau Power lot 56 1955 6234
Deb gold 66 June 15 1941 60
Deli 6s ser BA & 0_1941 614
Oen Bronze Corp dab (is 40
Gen Cigar serial Gs_ __1935
Gen Motors Accept Corp5% serial notee____1933 9934
5% serial notee__1934
5% serial notes____1935
5% aerial notee____1936
Gen Pub Serv 5s _ - __ 1933 73
(Jan Pub URI 61 _________ 294
58
6558
1933
Gen Refractories 58 _ _1933 58
Gen Vending Corp 64_1937
With warrants
firm Wet a% kg Corp 5s1943 26
Gen Wat Works Gas & Elec
Cony deb fin B1944 1351
Georgia Power ref 5e1067 81
Georgia Pow dr Lt 5.9_1978
Gesture' deb 6s
1955
Without warrants
Gillette Safety Razor 58 '40' 87
Gobel (Adolpf 6 •iii A 1935
With warrants
Godchaux Sugars 755s 1941
urand Trunk By 6 H8_1936 90
Grand Trunk West 4g50 61
Great Nor Power 5s....11135
(It West Power let 66 1945 95
Green Mtn Power 5s_1948
Guardian Invegtors As 1948
with warrants
Guatanamo & W Ity 6s '58 13
1937 9234
Gulf 011 of Pa 5s
Sinking fund deb 58_1947 93
Gulf States Util 58_1956 72
let & ref 4358 ear 13_1961
Hamburg El & Und 555s38
Hanna (Si A) deb 6s__1934
1936
Hood Rubber 7s
III year 5558_Oct 15 '36
Houston Gulf Gas 65_1943
Deb 6 550____Aur 1 1943
(Sous 1. & P 1st 455e E1981
1953
lot 58 series A
Hudson Bay M dc 868_1935
flungarlan-Ital Ilk 7%s '63
Hydraulic Power (Niagara
Falls) 55
1951
Ilygrade Food 66 ser A. '49
1949
as series B
1947
Idaho Power 53
III Pow & L 1st 6s ear A '53
let de ref 5 H s ear B_1954
1st dr ref 58 ear C_ _1956
,
8 Mel) 5 55_ _May 1957
Judea Oil & Gas 65_ _1939
Indiana Elea 6 Sis ser 11 '53
1st mtge 5s series C_1951
hat at 65 series A _ __1947
Ind & Mich Elec 5s_ _ -1955
lilt:liana Service be____1963
let & ref be
1950
Ind'polls P & I. 5,9 sew A '57
Ind'polis Water 5.55s__1953
Insull UM Invest (ia__19411
With warrants
Deb be merits A __1949
Intercontinenta Pow 68 '48
with warrants
Interns% Pow Sec 615a B '54
as
Secured 6, ear C__1955
Secured 7, ear D_ _1936
,
1957
7e series I
Secured 7s ear F___1952
International Salt 58..195i
I nternat Permitter, 68.1947
Interstate Nat Gas 60.1936
Interstate Power 6e.__1957
1952
Debenture 66
interstate P 13 be D 1956
1958
let & ref 4')s F
Interstate Tclep 5s- _1961
Investment Co of Am Se '47
With warrants
Without warrants
Rrwa-Neb L & P 5.__1957
1961
bs series 11
Iowa Pow & Lt 4158..1958
Pub Service 5s__1957
Iowa
Iowa Ry & Light 58...1932
isarco Hydro-Eloc 76.1952
,
(motto 1 raschini 713_1912
With warrants
Without warrants
Italian Superpower of Del
Hebei 68 without war '63
Jacksonville Gas bs- - _1942
ler C P & L 151 bs B__1947
let 4 %a scrim C____1961
Jones & Laughlin Steel1939
5s
Kansas City Gas(3a--1942
Kansas Gas & Elea 6s_2022
1947
Kansas Power 5s
Kan Pr & I.t (is A____1955
1957
so series 11
Kentucky Util let 58._1961
6348 series I)_____ _ _1948
1st mtge 555s ser F_1955
lot mtge 56 ser I_ _1969
Kimberly-Clark 58 A.1943
Jan
Apr
634 Mar
Mar
99
56,000 38
37,000 '22
2,000 z50
50,000 26
Apr
Apr
Jan
Feb
49
35
60
52
38
2255
z52
3751
42
24
52
43
40
72
78
1055
5234
66
59
61
5951
55
3134
100
3,400
45
35,000
78
22,000
SO
11,000
13
5334 48,000
6835 64,000
19,000
65
66 163,000
78,000
63
36,000
62
314 11,000
1,000
100
69
67
65
5674
8255
644
42
8631
155
Jan 10034
Jan 99
Jan 9834
Jan 9735
Apr75
Apr
4133
Apr 35
Feb70
Mar
Mar
Mar
Mar
Apr
Jan
Apr
Jan
7,000
23,000
Apr
1
2455 Apr
134 15
773-4 81
55
48
27,000
54,000
14,000
Feb
21
1155 Jan
Jan
Apr90
77
Apr 6531 Mar
48
33
3434 35,000
8651 8855 37,000
6055
6355
88
59
10053
94
82
6055 4,000
1,000
6355
5,000
00
7,000
61
10055
2.000
11,000
95
5,000
82
8
40
3234 Apr 47
7755 Janz93
604
6355
87
55
9733
914
82
Apr 70
Apr 8634
Jan 100
Feb 69
Feb 10034
Feb 9833
Apr 8433
Jan
Feb
Feb
Mar
Star
Jun
Jan
Mar
Mar
Mar
Jan
2555
13
91%
91
67%
68
26
1333
93
93
7255
68%
6,005
23,000
22,000
63,000
24,000
2,000
25
13
9155
91
6755
6633
Feb
Apr
Apr
Apr
Apr
Apr
3933 Mar
194 Jan
96
Mar
9634 Feb
Jan
84
Jan
75
31
90
43
35
31
27
8055
86
60
30
31
90
48
40
38
35
8235
90
6034
31
1,000 :30
3,000 88
15,000 43
25,000 35
46,000 31
17,000 27
11,000 7755
35.000 86
62,000 58
21,000 26
Jan
Feb
Apr
Jan
Apr
Apr
Jan
Apr
Feb
Mar
4434
92
55
45
51
50
86
9455
63
4853
Feb
Feb
Mar
Mar
Jan
Jan
Mar
Jan
Mar
Feb
9736
3274
32
91
6653
62
59
54
8814
81
60
78
89
42
45
814
95
98
3453
32
92
6955
67
65
5674
8255
8355
66
78
89
4451
4755
8751
95
Feb
Apr
9934
4933
46
9655
9134
88
83
744
85%
95
79
90
z9333
62
63
96
08
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Feb
Jan
Mar
155
2
2,000
7,00
1,000
13,000
63.000
28,000
155,000
25,000
21,000
2,000
46,000
1,000
1,000
14,000
10,000
72.000
1,000
355 117,000
455 10,000
5851
5755
704
61)
77
704
9751
5255
5851
65
7353
694
77
7155
984
5355
2.000
27,000
11,000
15,000
2.000
5,000
25,000
22.000
4331 4351
4351 434
1,000
1,000
9234
75
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Jan
Apr
3
1
2455 26
4
9153
72
87
78
74
63
4955
10135
58
41
6954
5974
52
31
5338
9055
82
Jan 48
26
Jan 7834
62
704 Feb 81
1055 Apr 17
Jan 6251
61
Apr 78
66
Apr 85
59
Apr 74
61
Jan 70
54
Jan 68
50
Star 40
30
Jan 100
98
98
9634
9434
934
65
2251
31
50
9934
93H
974
07
75
394
31
59
4
90
70
8355
7634
70
63
4754 46
101
58
5351
3555
37
6731 65
57
5631
4734
52
6215
Mar
Jan
Mar
Mar
21,000
12.000
4,000
12,000
65,00
40,000
1,000
4,000
9955
9751
974
9634
62
224
31
59
7035
87
7673
74
66
High.
Low.
45
96
3,000
3,000
49
984
49
96
3255
64
86
Bonds (Continued)
Feb
10
Apr 30
18 178,000 10
10055 1005/á 52,000 9834 Jan 10154 Mar
Jan 10035 Apr
9934 10033 26.000 98
10055 10035 10,000 100% Apr 100% Apr
Jan
334 504 697,000 3234 Apr 64
Mar
Apr 60
55
52
4,000 52
Apr
2,000 59
Jan 69
69
69
Apr 6555 Jan
55% 11,000 52
52
Jan
41
Apr 48
424 55,000 41
40
38
32
8255
8735
60
31
85
Range Since Jan, 1,
9534
3233
32
8855
65
62
58
53
64
80
55
70
87
42
45
8155
95
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Feb
Apr
Apr
Apr
Apr
134 Apr3S8 Jan
Jan
Apr27
2
4,00
2%
11,000 90
16,000 6334
12.00
80%
42,000 70
9,000 5255
1,000 6955
189,000 4233
13,000 101
89.000 5134
28,000 3555
19.000 64
24,000 5633
10,000 474
Jan
6
Jan
98
Jau
78
Feb
97
Jan
87
Apr
74
7333 Mar
Jan
Si
Apr10135 Mar
Aprz6955 Mar
Apr 51
Jan
Jan 79
Feb
Feb
Apr75
Apr 52
Apr
Jai
Jan
Jan
Jan
Feb
Jan
Jan
Jan
585.3 Apr67
4734 Ap
6754
7
034 Apr 80
68
Apr e79
Apr e5034
77
Star 8233
69
92
Jan 99%
49
Jan 60
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
394 Jan
3S33 Jan
Mar
Mar
49
48
3051
50
9055
7835
313.5 84,000
6,000
54
19,000
91
47,000
82
27
Mar 4253 Jan
50
Apr66
Feb
884 Jan 9051 Jan
7755 Jan 86% Jan
97%
9255
75
83
84
754
67
86
71
6355
54
99
8,000
9235 2,000
2,000
75
1,000
83
8533 8,000
7,000
7631
10,000
68
1,000
86
1,000
71
31,000
67
9,000
86
9733
8735
75
7951
84
75
64
86
70
633.4
81
Aprel01
Mar
Jan
Jan e96
Apr 90
Jan
Jan
Feb 90
Jan
Apr 95
Jan
Feb 84
Jan
Apr 82
Apr 9674 Feb
Jan
Apr 84
Jan
Apr, a2
Mar
Jan, 86
Sales
Friday
Last Week's Range for
Week.
of PrEes.
Sale
1
Price Low. High.
Koppers 0 & C deb fe 1947
Sink fund deb 5158_1950
Kresge (SS) Co 5s_ _ _ _1945
Certificates of deposit__
Laruton Gas Corp 64s '35
Lehigh Pow Secur 6s. _ 2026
Leonard Tietz
. _1946
755sLexington Utilities 53.1952
Libby 515N & Libby 58 42
Lone Star Gas deb 5s_1942
Long Island I.tg 6s___1945
Los Angeles G&E 5s__196I
1939
55
Louisiana Pow & Lt 5,1957
Manitoba Power 5855_1951
Mass Gas Co 5158_1946
1955
Sink fund deb 5a
Mass URI Assoc Es_ 1949
McCord Earl & Mfg 6s '43
Melbourne Elea 7 55s A 1946
Memphis P & L 58 A.1948
Metropolitan Edison 4s '71
1946
Michigan Ltg 5s
Middle States Pet 65561945
Middle West Utilities
1932
Cony 6% notes
1933
Cony 5% notes
1934
Cony 5% notes
1935
Cony 5% notes
Milwaukee Gas Lt 455e '67
Minneap Gas Lt 4'54_1950
Minn P & I. let 47.4s_.1078
1955
lot & ref 5s
Miss Power & Light Sr. '57
Mississippi Power 5s__1955
Miss River Fuel 6s_ __1944
With warrants
Without warrants
Mfrs My Power 1st be 1951
Monon West Penn Pub Ser
1st Hen & ref 5159 B '53
Montreal L H & P Con00 dr ref bo ser A._1951
Morris Plan Shares 6r.,.l947
Munson SS Line 655s_1937
With warrants
Narragansett Else 5a A '57
Nat'l Else Power (a....1978
Nat Food Products 69 1944
.
Nat Pow dr TA Gs A _ _2026
2030
Deb 5s series B
Nat Public Service 68_1978
National Tea Co 5s_ _ .1935
Nebraska Power 455s_1981
2022
Deb 6s series A
Netsuer Bros Realty 6e '48
Nevada-Calif Elea 54_1956
N P Gas dr El Anon 58_1947
Cony deb 5r1
1948
Cony deb fs
1950
New Eng Power Co 551951
New Eng Pow Amen 59_1948
Deb 5558
1954
New On P Sera 4338_1935
65 series A
1949
N Y Edison 5.9 ear C_ _1951
NY dr Foreign Inv 5558 '48
with warrants
NY P& L Corp 1st 474867
NY State G k E 438s.1980
N Y & NA eaten Lta 4s_2004
Niagara Falls Pow 61_1950
Nippon El Pow 8 1
56_1953
Nor Amer L & P 5%....1934
Nor Coot Utll 5345..._1948
Nor. Ind,P. S. 4 55s E 1970
lot & ref fe ser
_1966
Nor Ohio Pr & Lt 6555 1951
C_No Ohio Tree & Lt Se.1956
No States Pr 554% notes'40
Refunding 4559____1961
N'western Pow 64 A__1960
Ohio Edison tat As.,..,_1960
Ohio Power let 59 B__1952
tat & ref 4%.sex D_1955
Ohio Pub Sexy 5s tier 13.54
Okla Gas & Flee be___1950
Osgood Co deb 6s____1938
With warrants
1941
Oswego Falls 69
Par (has & El 1st 4%8_1957
1941
1st &series B
1952
lot & ref 5s.C
1955
5s series 1)
let & ref 41.iii F_ _1960
Par Pow et Light 58_1955
Pacific Western 011 6%8'43
With warrants
Park & Tilford 6s__ _1936
Penn Cent L & 1' 4558.1977
Penn-Ohio Edison 136 A '50
Deb 5A a series 13._1959
Penn Elec 1st & ref 46_1971
Penn-Ohio P & L 555s A '54
1956
Fenn Power 5s
Penn Pub Serv 68 C_1947
1960
Penn Telep 5s C
Penn Wat dr Pow 4359B '68
1940
5s
Penn Water Service .58 1967
People; Gas Lt & C 48 B '81
Peoples Lt dr Pow 58_1979
Flint, Electric Co Se.. _1966
Phil. Elea Pow 5158_1972
Phi% & Suburban Cos
G & E 455s
1957
Piedmont Hydro-El Co
let At ref 615s el A__1960
Pittsburgh Coal 8n..1945
Pittsburgh Steel 6s.,..1948
Poor & Co Gs
1939
Portland Gas & C 54_ _1940
Potomac Edison 56 E_1956
Potrero Sugar 70
1947
Power Corp (Can) 455s '59
5s series A
1957
Procter & Gamble 4%a '47
Prussian Elec deb 68 1954
Pub Serv of N J 6% etfs- Pub Serv of Nor Illinois1st & ref 415s ser D 1978
1st & ref 435n ser E.1980
let & ref 43.4s ser F_1981
Pub Serv (Okla) fs D.1957
Pub Serv Subsld 5559_1949
Puget Sound P & L 6558'49
let & ref 58 ser C..- _1950
It & ref 4158 Set D_1950
Radlo-Kelth-Orph 65_1941
Full paid
6734
674
91
87
6734
6055
8334
5455
82
SO
73
2655
11
84
9
84
9355
79
70
Range Since Jan. 1.
Low.
7151 89,000
72 134,000
7,000
91
19,000
89
4,0(10
38
69 329,000
2,000
42
1,000
63
35,000
70
9074 3,000
2,000
94
9451 6,000
974 2.000
8333 45,000
5434 10,000
8274 12,000
8,000
80
1,000
70
64
66
89
87
32
50
42
63
8035
77
88
9155
9834
793
40
8351
80
78
Jan
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Feb
Feb
Feb
Apr
Jan
Jan
Apr
Apr
Apr
88
904
95
93
42
83
51
78
81
9335
99
96
9834
93
61
9734
90
90
Mar
Mar
Jan
Jan
Jan
Mar
Mar
Jrn
Mar
Mar
Jan
Mar
Apr
Mar
Jan
Jan
Mar
Jan
72
93
7555
98
24
10,000
73
2.000
93
7533 2,000
2,000
98
2854 12,000
60
92
73
98
24
Feb
Jan
Jan
Apr
Apr
783.3
96
80
98
38
Jan
jar,
Jan
Apr
Feb
7
5
6
z654
0351
74
7855
82
65
60
22
1455
13
1434
9334
74
79
82
70
GO
7
5
6
z655
90
664
754
82
65
60
Apr
Apr
Apr
Apr
Feb
Jan
Star
Apr
Jan
Apr
8934
69
65
60
96
78l
79%
9034
82'i
7755
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Apr
Mar
Mar
253,000
165,000
93.000
95,000
17,000
2,000
8,000
1,000
16,000
11,000
7134 Apr
Apr
GS
Feb
90
Mar
90
Mar
84
9814 Jan
23,000
5734 Apr
803.3 Mar
8454 87% 44,000
2,000
57
57
8234 Feb
4935 Feb
93
65
Jan
14
7155 73
70
68
94
91
8,000
2.000
14,000
62
5734 64
854
714
68
924
fligh.
65
66
904
87
3755
5555
42
63
6055
89
9334
93
97
8133
54
7955
75
70
634
9434 0355
8
1351
25
623-4
70
6331 54
17
24
73
89
8834 8433
29
6434
4031
47
40
47
41
47
9555
4455 40
46
49
6855
69
52
52
1004
102
3,000
654
5
Mar
Mar
Jan
Apr 084
Apr 4655
Jan 343-3
Apr 8434
Apr 72
Apr45
Jan 78
Feb 94
Apr98
Mar 3155
Apr 77
Apr 674
Apr 64
Apr 6451
Apr 96
Apr674
Apr 70
Apr 8074
Apr63
Jan 10334
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Ja6
Jan
Jan
Jan
Apr
Jan
Jan
Mar
Jan 60
5,000 z42
75,000 814 Jan 90
77 ' Apr824
7,000
8,000 7833 Apr e84
18,000 1014 Jan 105
Apr 59
20.000 33
15,000 6055 Feb8334
Apr 40
6,000 24
Apr 81)3
4,000 70
Apr 8734
5,000 72
Feb 964
41,000 88
6.000 79
Jan 894
4,000 80
Apr 92
Apr 91
69,000 79
1,000 z35
Jan 4355
65.000 864 Jan 98
5,000 90
Feb 96
79,000 7951 Feb 8834
Apr 8833
11.000 76
Apr 8734
26.000 70
Feb
Jan
Mar
Mar
Mar
Feb
Apr
Mar
Jan
Jan
Mar
Mat
Mar
9474 35,000
1833 97,000
3,000
26
59,000
70
63)4 174,000
26 220,000
6.003
74
90% 20,000
8833 3,000
14,0011
29
69,004)
65
71,000
47
47 170.000
47 146,000
9555 1.000
504 70,000
5231 77,000
7055 25,000
5,000
52
103 424,000
52
50
8755 8434 8733
78
79
77
82
82
79
10355 10374 10334
36
33
43
81
8055 82
24
24
31
70
72
72
74
74
72
93
90
9351
80
82
8034
SO
80
8555
8533 79
z33 z33
9075 92
9136 9134
8834 8333 88A
79
76
79
70
79
92
8
25
61
54
17
69
88
8434
23
6051
404
40
41
94
40
46
6855
52
97
Apr
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Jan
45
45
48
48
8833
8834 85
10433 103 104%
9834 9833 9933
94
92
88
84
88
6851 70
69
Jan
Apr 50
2,000 45
Feb
1,000 4733 Apr 55
Apr 9251 Mar
121.000 85
18,000 10155 Jan 10534 Jar
60.000 9734 Jan 10255 Mar
Apr
Apr 94
5,000 92
Mar
Apr 92
89,000 84
Mar
46,000 6851 Apr 85
5455 58
50
45
7174 74
6031 65
5755 584
6955
69
8955 93
92
90
92
92
91
91
91
88
100% 10055
68
66
7534 78
14 151
10155 102
10255 1034
70,000 2514 Jan 7134 Mar
Feb
Apr 60
7.000 45
Apr 794 Jar.
'22,000 70
15,000 604 Apr 8455 Mar
7,000 5755 Apr 8355 Apr
Mar
Feb 76
2,000 68
11.000 8933 Apr 10051 Mar
Apr
Apr 92
13,000 90
Mar 9474 Mar
2,000 92
afar 9455 Jan
13,000 90
Apr
32.000 8655 Jan 91
Apr
Apr 101
1,000 101
Feb
Jan 70
2,000 60
8,000 7551 Apr 82 !Mar
Jan
6
14 Mar
13.000
28.000 10174 Apr 1024 Mar
Max
9955 Jan 105
67,000
5551
7234
584
6955
93
9131
91
10055
78
103
95
95
55
60
55
76
75
78
80 80
____
6255 6255 63
9131 9151 9111
81
77
5
5
45
45
45
57
57
57
98
9751 93
21% 22
100.3 10034 10155
'
74
69
71
68
724 6955 7251
684
64
50
50
6655 71
67
65
65
65
6131 5934 6255
55
55
55
9633
Jan
9,000 :5135 Jan 6334
Apr 90
8,000 75
Feb 85
8,0004 z79
Jan 70
5.000 60
Star 9234
1,000 91
Apr 90
22,000 77
Apr 10
5
2,000
Apr 83
1,000 45
1,000 57
Apr63
4,000 9654 Feb 100
15,000 194 Jan 31
45,000 10055 Apr 107
Mar
Jan
Jan
Mar
Mar
Star
Jan
Star
Star
Jan
Feb
Mar
2,000
6,000
39.000
36,000
11,000
1,000
47,000
1,000
53,000
1,000
94
Jan
69
08
6955
64
48
6636
65
5955
Apr e81 4
Apr84
Apr 82%
7955
Apr
Feb 50
Apr 81H
Apr 7755
73
Apr
58
Apr 106
Mar
Jan
Jan
Jet
Jan
Mar
Mar
Mar
Jan
2886
Bonds (Continued)
Financial Chronicle
Friday
Sales
Lori Wee, Range for
Said
of Prices
IVeek.
Price. L.010. High
S
Reliance Met 55
1954
With warrants
75
Republic Gas 65 June 1545
Rochester Cent Pow 541953
Ruhr ()as Corp 6 46..1953 21
Ruhr Housing 6348.-1958 21
safe Harbor Wet Pr 446'79 93
San Antonio Pub Sec 51 '58 77
San Joaquin L & P 65_1952
Saxon Pub Works 5e__1932 38
Schulte Real Estate as 1935
With warrants
25
ialthout warrants
ser1101)(E W)deb 5146 1943
serve' Inc 55
1948
Shawinigan W & P 440 '67 63
1st & con 446 per B.1968 62
1st 56 series C
1970 70
let 44s series D
1970 64
Sheffield Steel Corp 5148'48
Sheridan Wyo Coal 6s 1947
Silica Gel Corp 648_1932
With warrants
Snider Packing 65____1932
Southeast P & L 68___2026
Without warrants
71
Son Calif Edison 5.___1951 99
Refunding be
1952 98%
Refunding 56 June 1 1954
Ref 58 new
1954 98%
Gen & ref 56
1939 101%
Sou Calif Gas Corp 55_1937
Sou Cal Gan Co 414e1961 7951
1st & ref 5.54s series B '52 93
let & ref 5s
1957 864
Southern Gas 6 45 1936
without warrants
southern Natural Gas 6s41
With privilege
3234
Without privilege
31
S'west Dairy Prod 64s '38
With warrants
Southwest G & E 5.4 A _1957 59
Sou'west Lt & Pow 56_1957 5934
So'west Nat Gas 65___1948 154
elo'west Pow & Lt
62
Staley Mfg Os
1942 55
Stand Gas & Elea 64_1935 63
Cony 61
1935 60
Debenture 64
1951 52
Debenture Sc Dec 11966 534
Stand Invest 541.... 1939 59
10-yr deb 5s
1937 60
Stand Pow & Lt 6s
1957 4916
Stand Telephone 545_1943
-Manes(Huec) Corp
Ts Oct I '36 without warr 24
7s without warr
_1946 23
Stutz Motor Car 73.0_1937
nun 011 deb 54e
1939
5% notes
1934
Super Pow of III 446'___68 5714
let 1k1 44s
1970
Swift & Co 188 1316 I 56.1944 10034
5% notes
1940 88%
Syracuse Lt 55 ser 6_1957 954
75
65
10
1134
254 254
21
18
2254
21
88% 93
77
77
102 102
36
38%
25
25
6434
60
62
82
70
6354
56%
23
25
25
65
60
65
65
7354
65
57
264
29
31
29
31
dinCe
Low.
Jan. 1.
Mar 88%
Apr 25
Apr 40
Apr 35
Apr 27
Apr 94
Jan 85
Apr 102
Jan 44
Jan
Jan
Jan
Jan
Feb
Mar
Apr
Apr
Feb
14,000
17,000
15,000
3,000
44.000
31.000
14.000
56,000
2,000
7,000
25
25
6314
60
62
62
70
623.4
664
23
Apr 40
Apr 42
Jan 704
Apr 75
Apr 76
Apr e76
Apr 86
Apr 75
Apr 70
Apr 35
Jan
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Mar
29
24
Apr
Jan
Jan
Jan
62%
94
934
93
95
9854
794
754
9354
84
Apr 85
Mar
Feb 99
Mar
Feb 99
Mar
Feb 98% Mar
Apr 95% May
Feb 102% Mar
Apr 8814 Mar
Feb 864 Mar
Feb 97
Mar
Jan 91
Mar
1,000
5,000
40
38
75
2,000
68
Jan
8034 Mar
2834 33
30 n32
21,000
12,000
28
27
Feb
Jan
Mar
43
414 Mar
534
58
51
1554
52%
55
434
48
42
40
5334
54%
sl()%
35
554 1.000
16,000
65
594 16.000
17,000
18
63
79.000
554, 6.000
63 154,000
57,000
60
524 143.000
5334 102,000
38,000
59
9.000
60
93,000
50
3514 2,000
54
58
51
1514
524
55
434
47
40%
39
52
53
404
35
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Mar
8534
80
72
34
81
70
784
79
73
71
5934
5634
684
51
Jan
Feb
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Jan
40,000
37.000
2,000
5,001)
15,000
23,000
17,000
36,000
26,000
48,000
24
22
31
86
86
554
52
97
84
84
Apr e31
Jan 294
Apr 31
Jan 96
Feb 91
Apr 74
Apr 72
Feb 101
Jan 95
Apr 9714
Mar
Jan
Apr
Mar
Mar
Jan
Jan
Mar
Mar
Mar
84
81
Tenn Elec Power 55...1956
20,000
Tern] Hydro-Elee 6341 '53
60
53
35,000
Final Cities Gas 56....1948 38
38 340
3.000
Farm Electric Serv 5s_1980 7455 7254 7634 14,000
1434 16
Texas Gas UM 6s___1945
6.000
Texas Power & Lt 56_1956 814 78
814 49,000
1937 95
95
bs
9654 12,000
Deb (Is
2022
78
78
1,000
rhermold Co On
1934
With warrants
36
36
1,000
rri Utilities Corp deb 5.79
34
.4 1,000
Twin City Rap Tr 54s 52 31
30
3234 37,000
ilien Co deb tki
1944 21
2034 214 42,000
Un Amer Invest 5s
1948
With warrants
65
65
65
1,000
tin El Lt & Pow be 11_1967 954 9534 98
18,000
Union Gulf Corp fis Jul 150 92
93
91
51,000
United EleeService78.1956
Without warrants
6234 8,000
6151 *31
20% 8,000
United Industrial 646 1941 20% 20
United Lt & Pow 68..1975 5034 4974 51
46,000
2.000
75
74
let 5145-April 1 1959
51% 71,000
1974 504 50
Deb g 614n
7254 74
On Lt & Ry6 6sser A.1952 74
16.000
50
50
5,000
1973 50
Os
9934 9934 41,000
1932
1st series 56
51% 72,000
1952 51% 47
Deb 545
2,000
25
24
tin Rye(Havana) 71451936
30% 30% 2,000
1938
U S Radiator 55
U S Rubber
notee____1933 63
67 177,000
63
3
-year
64% aerial notes__1933 80% 804 8034 12,000
9,000
38
37
654% serial notes__ _1934
2834 284 4,000
64% serial nothq_ _ _1935
5,000
28
28
654% serial notee__1936
2654 2754 8,000
84% serial notes__1937
26
26
5,000
634% serial notes...1938
64% serial notes _1939 2354 2354 234 5,000
2254 24
8,000
654% serial notes_ _ _1940 24
70
Utah Pow & Light 4148 '44
5,000
70
11,000
Uttee Gas & El 56 E__1952 93
9211 93
90
Va Elee dc Pow 58.--1055 83
5,000
88
Convertible 5545_ _ _1942
4,000
954 96
va public Serv 5454_1946 62
65% 42,000
54
lst ref 56 series 13___1950 60% 57
6054 16,00(
Deb 66
55% 2,000
Feb 1 1946 5531 53
Waldorf-Astoria Corplst 7s with warr__1954
64 84 51,000
634
Ward Baking 68
1,000
81
81
1937
Wash Water Power 56.1960
5,000
92
92
West Penn Elec 55____2030 51
1,000
51
51
west Texas fitil fie A 1967 494 45
4914 95,000
Westvaco Chlorine Prod10-yr deb 5540
1937 10154 101 10114 17.000
Western United Gas & Elec
1st 548 ser A
74
70
1955 74
17,000
wte Pow & Lt fs
80% 7,000
1956 304 79
1st! dr ref be see F _ 1958
80
80
1,000
Wise Pub Serv (35 _ _1952
90
9054 5,000
1st & ref 545 B_ _1958
86% 87
2,000
Yadkin Itiv Power 58_1941
90
91
13,000
Foreign Government
And MoniethaNtlesSerie Mtge Bk (Colombia)
20
-year s f 7s
1946
264 28
2,000
20-yr 5 f 75 Jan 15 1947 30
28
30
10,000
Baden (Canso!) 75____1951
174 20
17,000
'silence Airess(Prov) 714647 38%
384 42% 213,000
Ext 78
Apr 1952 2754 27
31
24,000
Cauca Valley 75
1948 344
316 344 8.000
int Bk of German State &
Prov Banks 66 A
1952
2254 25
20,000
tle series It
1951 36 % 36% 3894 123.000
81
50
36
724
14%
78
95
78
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Mar
Feb
Mar
Mar
Feb
Feb
Apr
Feb
24
25%
23
23%
31
'31
894 91
874 88
554 5714
5634
52
99% 100%
85
88%
94
9555
ForeIgn Government
and MunIciaplities
(Corvinded)
High.
2,000 65
4.000 10
1,000 25
36,000 18
10,000 2034
71,000 88%
8,000 70
3,000 102
43,000 254
63
72 111,000
9514 99
74.000
9514 984 19,000
9554 9656 83,000
95
96% 200,000
10034 1014 12,000
7914 82% 16,000
77
7954 6,000
93
93
2,000
84
864 3,000
75
Range
Jan
29
34 Apr
30
Apr
20
Jan
92%
61
4854
85%
24
92%
97
9134
43
Mar
534 Jan
31% Apr
34% Mar
65
90
91
Apr 7134 Feb
Feb 100
Mar
Jan 85634 Mar
63
20
4934
74
50
72%
50
924
45
24
304
Jan 65
Apr 32
Apr 66
Apr 85
Apr 66
Apr 88
Apr e64
Jan 9914
Apr 884
Apr 31
Apr 40
5951
66
37
28%
28
2854
26
21
2254
70
111q
88
92
51
57
53
Jan
Jan
Apr
Mar
Apr
Apr
Apr
Apr
Apr
r
Apr
Apr
Feb
Apr
Apr
Apr
69%
83
63
63
46%
43%
394
39
40
83
943.4
97
96
7934
74
704
635
80
92
45
45
Apr
Feb
Feb
Apr
Apr
20% Jan
9054 Mar
974 Jan
Feb
66
65
Feb
Feb
Jau
Jaa
Jan
Jar,
Mar
Mar
Mar
Jan
Feb
Mar
Jan
Mar
Jun
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Feb
Feb
99
Feb 10134 Mar
68%
79
78
8814
85
88
Apr
Apr
Mar
Feb
Jan
Feb
Mar
80
Jan
89
Jan
91
Apr
05
Jan
91
934 Mar
Jan
22
21
Jan
1754 Apr
284 Jan
27
Apr
33.4 Apr
35
Jan
Jan
34
Feb
30
44
Apr
434 Jan
15% Jan
19
Jan
26 . Jan
,
563.4 Feb
404 Feb
April 16 1932
r r...v
Last Week's Range Sates
Safe
of Prices.
for
Price. Low. High. IVeek.
Danish Cons 5148_ __1955
65
65
55
1953
55
56
Danzig Port & Waterways
6 34s
July 1 1952
32
32
German Cons Manic 7e 47 2134 214 2354
Secured an
1947 2038 1994 21
Hanover (City) 75
1939
23
24
Hanover (Prov)6%i..1949
1634 164
Indus Mtge Bk (Finland)
1st mugs coils fin. _1944 68
6334 6934
Lima (City) Peru 6145 1958
64 64
biendoss (Prov) Argentine
External 5 f g 74s._1951 41
32
41
Mortgage Bank of Bogota
76 Issue of May '27 1947 2356 2334 2434
7s Issue of Oct '27..1947
2354 2434
Mtge Bk of Chile 68..1931
1254
1234 14
Netherlands (Rifled) 66 72 10234 1024 10234
Parana (State) 7s____1958
8
8
Rio de Janerio 6545___1959
7
7
Russian Government
64s certifiestes__1919
54
4
Saar Basin Counties 7s 1935
90
904
Saarbrucken 78
1935
96
95
Santiago (Chile) 7s_ _ _1949
454
454 614
Santa Fe (City) 7s____1945
324 3234
1,000
7.000
2,000
55.000
47.000
12.000
1,000
Range Stnce Jan. 1.
Low,
High.
53
45
Jan
Feb
Mar
75
6434 Mar
32
2134
19
23
1634
Apr
Jan
Jan
Apr
Apr
4454
3831
32
35
31
Jan
Jan
Met
Jan
Jan
25.000 :54
Jan
2,000
354 Feb
Apr
70
954 Mar
66,000
41
254 Jan
4(3,000 204
39,000 204
4,100 1114
10.000 101
2,000
6
5,000
7
5,000
5,000
4,000
2,000
2.000
Apr
Jan
37
Jan
Jan 37
Jan
Jau
Feb
16
Mar e10454 Feb
Mar 1154 Jan
Mar e16
Jan
34 Apr
83
Jan
88
Mar
414 Apr
30
Jan
1
Jan
Feb
95
96
Mar
13
Feb
381(1 Mar
• No par value. I Correction. in Sold under the rule. o Sold
for cash. s De
ferred delivery. I Ex-rights and bonus. w When Issued.
s Ex-dividend. is Exrights.
y ie
t eralphabetleal list below for "Under the Rub" sales affecting
the range for
the
Bulova Watch pref., Feb. 2, 10 at 123ji
Central Power 55 series D, 1957, Mar. 7, 21,000 at 72.
Cltfee Service. pref. 11, Jan. 11. 10 at 5.
Dallas Power & Light 6s. 1949, April 5, $1,000 at 105.
Iowa Power & Light 454s, 1956, April 1, $1,000 at 8154.
Jones & Laughlin Steel 5s. 1939, Mar. 31, 553,000 at 10334.
Kansas City Gas 65, 1942. Mar. 1, $4,000 at 98.
Netherlands 64 1972. Jan. 5, 310,000 at 106.
New York & Westchester Ltg. 46, 2004, Mar. 15, 51,000 at /354.
Nthissing Mlne5, March 23. 100 at 14.
Rio de Janeiro 6545 1959, Jan. 18. 812.000 at 1654.
Public Service of No. III., 414s, 1978, Feb. 8, $1,000 at 86.
Russian Govt. 5545 ars.. 1921. Feb. 4, 11.000 at 154.
Shawinigan Water & Power 4545, series B. 1968, Mar. 10, $2,000 at:78.
Stinnes (H.) deb. 75, 1936. Jan. 25, 81,00058 8114.
SYlvaulte Gold Mine., Jan. 27, 100 at 4.
Union Gulf Corp. 55. 1950, Mar. 9, $1.000 at 98.
United Light & Rye deb. 65, 1973, Mar. 9. $2,000 at 654.
Welch Grape Juice corn.. Jan. 27, 2.5 at 374
.
for•
rabotIcal list below for "
sSeel
ye
Deferred Dvery" gale al/tether sal canes
Delivery"
the
Amer. Gas & Elec. corn., April 1, 200 at 25.
Amer. Gas & Elec., pref., April 12, 100 at 68.
Appalachian Gas es B. 1945, April 15, $2,000 at 734•
American Solvents & Chem. 654s, w. w.. 1936. Mar. 17, 51.000 at 144.
Arkansas Natural Gas, pref., April 14, 200 at 4.
Arkansas Power & right 57 pref., Mar. 30, 20 at 73.
Art Metal Works, corn., Mar. 29, 100 at 14.
Associated Telephone Co., I.td. 55. 1965. Feb. 18. 81.000 at 8158.
Associated Xelephone Utilities 5.4s, 1944, April 8, $2,000 at 28.
Associated Telephone Utilities 68, 1933, April 11, 91,000 at 37.
Atlas Plywood deb. 54s, 1943, Feb. 29. $1,000 at 33.
Beacon Oil deb 13s, 1938. with warrants. Jan. 2. 59,000 at 94.
Bell Telephone of Canada 55, 1957. Mar. 7. 59.000 at 944.
Central Public Service deb. 534s, w. w., 1949, April 14, 85,000 at 3.
Central States Electric 545, 1954, April 13, 53,000 at 29.
Cities Service. corn., April 9, 400 at 3g•
Claude Neon Lights, corn., April 12, 100 at 56.
,
Commonwealth Edison, April 8, 53,000 at 623.1.
Fairbanks Morse 55, 1942, April 15, 51,000 at 48.
Gillette Safety Razor 5s, 1940, Mar. 7, 51.000 at 94.
Hamburg Elevated Underground & Street Ry. 534$ 1958. Jan. 2, 31,000 at
Indiana & NfIchigan Elec. 55, 1955, Mar. 12, $2,000 at 04.
Industrial Mortgage Bank of Finland 7 1944, Jan. 2, $1,000 at 50.
Interstate Power 58, 1957. Mar. 10. $5,000 at 70.
Lerner Stores Corp- corn- Feb. 0,300 at 54.
Middle West Utilities Is, 1935, April 13, 51,000 at 5.
National Investors Corp. corn.. April 8. 200 at 154.
New Bradford 011, Feb. 8, 500 at 14.
N.Y & Foreign TovernIng deb 54e 1048 with warrants. Jan. 13,
21,1800 et 4134.
Northern States Power 7% pref., April 14, 100 at 64.
Northwestern Power Os series A, 1960, April 13, $1,000 at 33.
Pacific Gas & Elec. 6% first pref.. Mar. 9. 12.000 at 2444.
Pacific Western 0115. f. 6 4s with wart.. 1943 ran. 4. 58,000 51 51.
Penroad Corp. vot. tr. ctf8.. April 2, 100 at 14.
Piedmont Hydro-Electric 1st & ref el,* 1960. Jan. 7.
$2,000 et 81
Pittsburgh Steel (is. 1948. Feb. 8. 31,000 at 76.
Public Service of No. III. 7% pref.. April 5, 75 at 68.
Securities Coro. General, April 9, 300 at 2.
Southwest Bell Telephone, 7% pref., April 15, 150 at 110.
Southwest Dairy Products der) 64s Mb. Jan. 20. $1,001) at 7
Swift & Co., April 14. 300 at 144.
rthUtilltles Corp. deb. 68, 1979. Feb. 1, 52.000 at 334.
U. S. Playing Card, corn., April 15, 100 at 14.
Utilities Power & Light, April 8, 200 at 44.
United Verde Extension Mining, Mar. 16. 100 at 254.
Van SwerIngen Corp. 65. w. w.. 1935. Jan. 30, 55.000 at 58,
West Penn Electric deb. 5.2030. Jan. 4. 51,18i0 at 5334.
CURRENT
NOTICES,
-Shields & Co.. members of the New York Stock Exchange, of 52 Wall
Street have taken over the business of the Stock Exchange firm of Morrison
& Townsend, one of the oldest firms in Wall Street.
-T. E. Shapiro, formerly associated with Gondar, Kelley & CO., has
formed the firm of T. E. Shapiro & Co., to engage In a general investment
business, at 25 Broad St., N. Y. City.
-Pringle, Price & Co., dealers in investment securities, have removed
their offices to the now Henry L. Doherty Building, 70 Pine St.. N. Y.
-James T. Brown. Jr. formerly with F. S. Moseley & Co.. Is now associated with McClure, Jones & Co. in their bond department.
-Christian DJorup & Co., certified Public Accountants, announce the
removal of their offices to 120 Wall Street, Now York.
-Theodore P. Dixon, formerly Vico-President of Irving Trust Co..
has become associated with Goldman, Sachs & CO.
Talcott, Inc., has been appointed factor for The ltatlibtIIt
Knitting Co., Woonsocket, Rhode Island.
2887 I
Financial Chronicle
Volume 134
Quotations for Unlisted Securities
Investment Trusts (Concluded).
Public Utility Bonds.
Bid
14
Am Com*th P 530*53.MAN
Amer BPS534e 1948 _MAN 53
Appaiach Pow 681941 _J&D 97
A ppalach P deb tie 2024_J&J 89
Atlanta 0 L 56 1947__J&D 9312
Ask
33
4
56
98
72
Broad Riv P 58 1954M&S
Cen 0 & E 514a 1933..F&A
1st Hen con tr 5145'46 JAD
let Hen roll tr 68 '46.1VIAS
Cen Ohio L & P 5s'60.A&0
Derby 0 & E 55 1946 _F&P
Fed P 8 let Cs 1947 _
Federated Util 514e '67 M&S
Gen Pub Utll 634e'56&A&0
Houston Gas & Fuel 6e.1952
60
18
2314
33
71
56
211
28
2612
291
64
21
26
3312
7334
59
2512
32
2812
3412
Ill Wat Bar let 5e 1952 _J&J
Interstate P S 414e '58 M&S
Iowa So Util 514s 1950 _J&J
Jamaica W B 5148 1955 _J&J
Lexington Utll 56 1952_F&A
L011190 & E 414e 1961 _F&A
Deb e f tie 1937...__A&O
Louis Light let tta 1953_A&O
6131
55
581
87
60
88
96
89
6814
5714
6014
9012
79
9212
99
92
New On P B Os 1949__J&D
51
54
Newp N & Ham 5e '443&J
N Y Wat Ser 58 1951 _MA N
N Y & Wes L 4e 2004...i&J
N Am LAP at deb5146'56J&J
Bit
8012
72
7914
4214
Ask
85
7414
81
46
Okla G & E 5s 1940___MAS
Old Dom Pow 55.May 1651
Parr Shoals P 5e 1952 _ AAA)
Peoples L & P 514s 1941 J&J
Pow Corp N Y 610'42 MAN
Pow Sec coil tr fis '49_ _FAA
Queens GA E 414s '58 _MAS
Roanoke W W5:1950...J&J
Sierra & S F 58 1949___JA
Tide Wat Pow 55 '79-FAA
7612
59
8414
3014
87
62
82
54
8112
5912
80
62
8812
33
91
68
87
14
59
82
62
United L & RI 611 •73__JA
United Wat Gas A E 55 194
Virginia Pow to 1942__J&D
45
52
83
9413 iff
"
Wash fly & E 4s 1951.-T&O
Western P 8 514e 1960 _F&A
Wheeling Elec 56 '41 _MAN
Wichita RI AL 58 1932.___
Wise Elec Pow 55 '54. _FAA
WLse Minn LAP Si,'44 MAN
Wise Pow A Lt 58 '56 _MAN
73
6612
94
81
9312
8012
7912
Public Utility Stocks.
77
70
1183
8112
Par BM A11
Big As..
25
,
212 3 Trustee Standard Oil She A
31234 --5
5.88 6.26
3
TrUPteed Amer Bank Share/
212 2 5
-7
Series A
,
3N 3 5
14 Trusteed N Y City Bk She.
12
215 21
:
50
75 20th Century Fixed Tr She.
654 IN
1.85 1.95 Two-year Grust Shares....
43
4 512 Untied Bank Trust
54
3
2115 315 United Fixed Shares
2.70 320 Unit Founders Corp 1-70the
--555
212 314 United Inc Trust
14 1
14
1015 107 U S & Brit Internal class A..
5
ig
3
4
2.95
Class B
4
8
2.65
Preferred
1312 1512
Else Lt & Pow Shares A
314 4
23
4 315
39
37
2
235
7
23
4 2 5 Universal Trust Shares
Bends.
2 4 27
3
s
4 5 4 5 Int Beene Trust of Amer
3
7
1933
Secured gold 6s
4
412
1943
Secured gold 6e
23
8 23
4
Trust Shares of America...
1933
Secured gold 58
TrusteeStand Investment C 1.60 1 80
Secured cold 5g....1943
1.55 1.75
13
Par
Public Service Trust Share,
Representative Trust Share.
Second Internal Sec Corp A
Common B
6% Preferred
Becurtriea Corp Gen $6 prof
Selected American Shares_
Selected Cumulative She...
SelectedIncome Shares_ _ - Selected Mat Trustees SheShawmut Bank Inv Trugt-•
•
Spencer Trask Fund
Standard All Amer Corp- - Standard Amer Trust Shares
Standard Coliat Trust SheState Street Inv Corp
Super Corp of Am Tr She A
Industrial Stocks.
Adams Millis $7 Prof
• 75
100
Aeolian Co $7 pret
Aeolian Weber P&P corn 100 0 1
100
Preferred
Alpha Portl Cement 01 100 80
100 60
American Book $7
112
Amer Canadian Properties_•
American Cigar pret
100 100
100 a 6
Amer Hard Rubber
A meecan Hardware
25 18
• 12
American Meter new
86
28
6
8
90
65
3
•
Liberty Baking COM
100
Preferred
Firebox Co...*
Locomotive
12
212
412
3
Mactadden PublIcVne com.5
• 21
24
Par
$8 preferred
56
97
Memphis Pr & Lt 37 pret__• 92
Merck Corp $8 pret____100 52
Metro Edison $7 Prof B---• 63
56
38
dir
84
$6 preferred C
1- National Casket $3
65
95
pref-.: 55
90
Mississippi PA L
21
$7 preferred
84
24
Miss River Power pref_100 80
18
20 National Licorice corn.. _100
65
20
Mo Public Serv 7% pref_100 55
Natiooal Paper & Type Co_
7
2
60
Mountain States Power.•
39 New Haven Clock prof _ _100 80
Babcock & Wilcox 4%...100 34
55
100 48
7% Preferred
- 28
9
13 New Jersey Worsted prat
Baker (J T) Chemical corn.'
75 80
96
Bangor Hydro-El 7% pf.
-100 100 104 Nassau & Suffolk Ltg prof _
2
4 Northwestern yeast_ -100 90
Bancroft (I) & Sons corn__ •
7
9
Binghamton L HAP $6 pf • 64
72 Nat Pub Serv 7% pf A _ .1.00
.
35
Preferred
100 25
99
1112 1412
75 Nebraska Pow 7% pret-100 96
Birmingham Elea 7% pret...• 70
30 Ohio Leather
Bliss (E W) let prof.... 50
99
80
25 Newark Congo' Gas_ _ l00 91
Broad River Pow 7% pf_100
70
2d peer B
94
let preferred
10
75
70
pre!
._.26 - - 2012 New Jersey Pow & Lt $6 pf• 70
60
20
Buff Nies & E pr
Bohn Refrigerator 8% pf 100
2d preferred
67
70
New Orleans P El 7% pf_100
65
• 83-- Okonite Co $7 prof
100
23
29
Bon Am)Co B com
72 N Y & Queens EL&P pf100 100
Carolina Pow & Lt $7 Pret-• 68
1/- Bowman-Biltmore Hotels..
4
- 78 Nor States Pow (Del) corn A 45
2
Cent Ark Pub Berv pre1.100
6 Petroleum Derivatives
151preferred
100
75
65
Preferred
84
•- 70
Cent Maine Pow 6% 0.100
_S Publication Corp $3.20 com• 31
2d preferred
100
78
100 73
preferred
7%
100 93
Brunsw-Balke-Col pref.....'
$7 let preferred
74
69
40 Ohio Edison $6 prof
Cent Pow & Lt 7% tact -100 35
if"
Bunker Hill & Bull com--I0 19
80 85
412
$7 preferred
3
50
Cent Pub Sere Corp pref.. •
25
40 Reming'n Arms $7 let pt 100 40
Burden Iron prof
60
94 Ohio Pub Serv 6% peel-11
Cleve El ilium 6% prof..100 90
Riverside Silk Mils
18- z62
100
75
412 712 Rockwood & Co
7% Preferred
Col Sty P & L 6% let p1.100 72
12
Canadian Celanese COM-i6i.)
_ Okla Gas & El 7% pret _100 69 74
100 73
4512 4812
612% preferred B
100 51
Preferred
18 preferred
3
4 Carnation Co $1.50 core_ • 17
2 - P• ac Gas A El $1.50 pref__85 23 4 243
6
Coneol Traction N I-- _100 20
19 Rolls-Royce of America. -29
25
75 Pao Northwest Pub Ben__
Consumers Pow 5% prof • 70
Preferred
Preferred
00
iio 100
22
20
100 84 87
6% preferred
6% preferred
3
14 3 4
Chestnut Smith corn
2 Roy,.Theatres unit
z14
20
12
Prior preferred
100 94
97
6.60% preferred
3
12
Preferred
Common
80
50 Pao Pow & Lt 7% Pref-100 75
Cont'l Gas& Else 7% Dt-100 45
8
Childs Co prof
13
4 314
13
100
Preferred A
86
88
Pa Pow A Lt 7% pret
51s 7
1
3 Rubel Corp corn
Clinchtield Coal Corp_ -10i
50
Phila Co 55 prof
Dallas Pow & Lt 7% prof 100 96
20
16
Preferred
35
100 20
Preferred
83 Piedmont Northern Ry -100 20 16- Color Pictures Inc
Dayton Pow & Lt6% p1.100 79
30
100 26
N 11s RUberoid Co $4
70
56 Pub Serv Co of Col 7% 14100 63
Derby Gas & Else $7 pret-• 50
12
13
Columbia Baking coin _ --•
54
51
16
N Puget Sound Pow & Lt pr pf
Detroit Canada Tunnel-Is
1
212 Safety Car Heat & Ltg_100 13
let preferred
•
61
• ---- 2 Rocheeter & E 7% pf 13100 56
Erie Railways
1812
2d preferred
Si, Scovlll Manufacturing ___25 17
Is
100 46'2 50
30
8% preferred C
100
Preferred
8
Colts Pat Fire Arms Mfg_25
7
10 Shippers Car Line
71
100 137 142 Sioux City 0& E 7% pf_100 64
Essex-Hudson Gas
Congoleum-Nalrn 37 WACO 08 101 Singer Manufacturing -100 110 115
79
5 40 Somerset Un Md Lt___ _100 72
Foreign Lt & Pow unite_ __ 8
214 415
_
2 Solid Carbonic Ltd
Crosse & Blackwell com
28
95 South Calif El $1.50 pret.25 24
14
Gas A Else of Bergen...100 90
42
Crowell Pub Co $3 corn new -- - 4312 Splitdort Beth Elm
23
25 21
$1.75 preferred
20
Gen Gan & F.I part offs
40
100 105 Standard Screw Co
100 30
$7 preferred
25
4
'2 9
Hudson County Gas......100137 142 So Colo Pow corn A
Standard Textile Prot'.-100
100 85
7% preferred
Idaho Power 6% prat
77
7
De Forest Pbonotilm Corp...
100
N
Class A
92 South Jersey Gas A Elec_100 137 143 - DictaphoneCorp corn_- •
7% preferred
4
100
513 712
Class B
641:
44 Tenn Elea Pow 8% pref _100 x 61
Illinois Pow & Lt 6% pf-100 x 40
9
$8 preferred
6
i6o 77
84 Stetson (J B) Co corn......'
73
100 69
Inland Pow & Lt 7% pf_100 1
27% preferred
Dixon (Jos) Crucible 54_100 30
40
25 13 17
12 preferred
95
Interstate Power $7 prof..' 19 11- T• exas Pow & Lt 7% Dfd_100 91
Doehler Die Cast pref.- -50
512
73
49 Toledo Edison prof A._.100 y69
Jamaica Water Supp 0_50 46
71:
Preferred
• 1112 -- Taylor Mill Corp com
•
5 80 United & E (Conn) p1_100 --- 55
Jersey Cent P & L 7% p1100 7
41:
Douglas Shoe prof
100 1612 2012 Taylor Wharton Ir& St com•
15 United 0& E(N J) pt.-100 ___ 59
Kansas City Pub Service_ _. _
411
8
Draper Corp
26
_100
100 23
Preferred
• -1
4
2
Preferred
5 United Public Service Pref.
Driver Harris $7 pref
31
: 812
100 55
63 Tenn Products Corp prat 50
• 46
50
Kansas Gas & El 7% 01.100 75 82 Utah Pow & Lt 7 prof
53
Dry-Ice Holding Corp
30 Tubize Chatillon $7 i/f 13 100 38
98
Kentucky Sec Corp com_100 26O 325 Utica Gee & El 7% pref _100 96
16
0__ UM Pow & Lt 7% pre/--100 13
8% preferred
100 6
tisemann Magneto corn....
112 212
5 Unexcelled Mfg Co 40c__10
60
100 40
Kings County Ltg 7% p1100 85 9
.
5 Virginian Ry corn
15
Preferred_
/5 United Business Pub pret100
Long Island Lt 6% pfd. 100 65 68 Wash Sty & Elec com_100 225 310
20
United Publishers prof. 100
87
100 81
Preferred A
88
5% preferred
100 84
14
8
Franklin RI Supply
• 10
_-- U S Finishing $7 pref.--100
Los Ang Oas & El6% pf_100 85
95 Western Power 7% Pref _100 85 90
a
Gen Fireproofing 57 pf--100 70
SO Walker Dishwasher corn___•
64
drawn & Knight corn
•
II 3 Welch Grape Juice pref_100
Investment Trusts.
151:
4
11
W VaPulo& Pap $1.00 com• 13
Preferred
100
87
100 84
Gt Northern Paper $2.40_25 1712 20
$6 preferred
3
312 Diversified Trustee She A-A B C Trust Shares ger H552
White Rock Min Spring
amer Brit & Coot $6 prof..'
B
515
1
4
98
100 92
22
IP 1st preferred
1.95 lio Herring-Hail-Mary Safe-100 17
Amer Composite Tr Sharee_
C
235 21
2
100 110
3
6
$20 2d preferred
338 33
. Howe Scale
Amer Founders Corp
20 16 54
18
Preferred
14
Willcox & Gibbs $2.50 corn_
100 15
Convertible preferred -..
--- Equity Coro corn stamped
7
4
100
Woodward Iron
10 Equity Trust Shares A
2.00 2.30
6% preferred
100 82 8512
4 Worcester Salt $5
Industrial Accept com7% preferred
•
7
11
83
Preferred
100 30
1-40the
Five-year Fixed Tr Shares_
218
_
4
5 Young (J EI) Co com____100 75
Internal Textbook
100
1-70the
53
4
Fixed Trust Shares A
•
100 90 98
Lawrence Port! Cam $4 100
9
13
Preferred
Warrants
•
434
Amer & General See corn A_
25, 31s
5
7 - F• undamental Tr Shares A..
B
Common
Shares B
3gIN
27
5 34
3
Telephone and Telegraph Stocks.
$3 preferred
6
35 Granger Trading Corp....'
30
17
Am Dist Tel of NJ $4.---• 47
52 New York Mutual Tel_ _100 4 12
Amer Insumnatocke Corp.'
1
13 Gude-WInmill Trad Corp..' 25
4
7% preferred
100 76
81
Northw Bell Tel pf 614%100 104 106
5
Assoc Standard 011 Shares..
275 33 Huron Holding Corp
N lls
12
85 Pao & All ['wag U 8 1%_ _25 4 8
All & Pao 'wee' Corp units 1714 __ Incorporated Inveetors____• 1314 145, Bell Tel(Can)8% vrat 100 80
17
Common with warrants
14
N Incorp Investors Equities
134 Bell Tel of Pa 634% pre/ 100 10512 108 Peninsular :aleph 51.40_• 14
1
86
100 80
Cin & Sub Bell Telep----50 55
Preferred with warrants_. 17
7% preferred A
59
___ lot Sec Corp of Am corn A
50
Common 13
Atlantic Securities Corp pf_• 16
Cuban Telephone
- 100 Porto Rico Telephone
7% preferred
614% preferred
Warrants
8
12
50
57 Roth Telep 86.50 1st 01-100 100 16118
251 13
Empire A Bay State Gel _100
38 Elo & ALI leieg $1.25
6% preferred
7
11
Bancamerica-Blak Corp --33 So dr N E Telephone 8%_100 115 120
115 112 Independence Trust Shares_ 1.65 1.90 Franklin Teieg $2.50____100 28
31
: 35
8 Int Ocean Teleg
45
50 S W Bell Tel 7% pref... 100 109 111
Bankers Nat Inveet'g Corp • 13
17 Investment Trust of N
Lincoln Tel & Tel 8%
100
Bensiellia Corp
TO-States Tel & Tel $6---• 6100
27
5
315 412 Investors Trustee Shares.
7
10
Mountain States Tel & Tel_ 100 105
501) preferred
Leaders of Industry A
!Melo Industry Sharee____•
13
2N
B
British Type Invest
• .75 1.25
17
5 23
8 Now Ergland Tel & Tel_100 97 100 Wisconsin Telep 7% prof 100 108 ill
1512
C
Central Nat Corp clam A___
13
IN 214
2.10 2.65
12 2 Low Prices Shama
Class B
Chain Store Stocks.
15 4 163
Century Trust Shares
3
4
12 114 Major Shares Corp
29 Melville Shoe Corp-114 2 4 Bohack (H C)Inc oom....._• 25
3
Chain & Gen'l Equities Inc•
• 1338 147
Chartered Investors corn_
1st prof 6% with ware_100 x60
7% let preferred
100 73 88
5
1
3 Mass Inventors Trust
72
2 Metropol Chain pref.-100
355 45
5 Butler (James) common__
42
46 Mutual Invest Trust cl APreferred
Preferred
100
14 I
Mutual Management corn_•
19 Miller (I) & Sons pref___100
24
3
Chelsea Exchange Corp A..
Diamond Shoe met with war
14 Nat Industries Shares A .
ClassB
52 Mockluds&voehringerpfloo 33 43
14's
5
Edison Bros Stores pref _100
41
5
1.65 -__ National Trust Shares
Corporate Trust Shares_
55 Murphy (S C) 8% pret_100 ---- 90
2412 Nat Shirt Shops corn
2 4 2 4 Fan Farmer Candy Sh pt. •
3
1.60 1.75 Nation Wide Securities Co.
3
Series AA
•
2
5
315 355 Fishman (H M)Stores corn_
16
1.60 1.75 N Y Bank Trust Shares
Accumulative aeries
Preferred 8%
100
Preferred
•
90 Newberry (I) Co 7% 01_10 479
No Amer Trust Shares
1.85
Crum A Foster Ins Shares
4
135
8
Series 1955
10 11
1312
1.75 1.90 Gt AU & Pao Tea prof..100 11512 117 NY Merchandise 1st pf_100
Common 13
---- 80
72
Series 1956
100 69
1.75 1.90
Preferred
Kobacher Stores prof...100
11
40 Pigmy-wiggly Corp
1312
•
Crum & Foster Ins ooM B__
71e
Kress(S El) 6% peer
83 Northern Securities
45
50
78
z 9 4 1012 Reeves (Daniel) Prof __ADO 103
3
8% preferred
Lerner Stores 64% prat w w
512 9
Cumulative Trust Shares.._
212 3 011 Shares Inc units
40 Rogers Peet Co com____100 40
75
Old Colony Inv Trust cora
Lord A Taylor
1
3
2 50
1004 90 135 Schiff Co prof
Deposited Ilk She see N Y
100
60
22
4
1st preferred 6%
8
10
2N - - Old Colony Tenet fitsaoc 8/1•
100 4 _- 90 Sliver (Isaac) & Bros pf_100
Depot§ Bk She N Y ger A..
5
15
Bea preferred 8% - - - - 100 d _-_ 89 II 8 Stores let
8
255 318 Petrol & Trad'g Corp cl A 25
4
Deposited Inane She A
pre!.100 15
23
marked. 4 New stock. e Ex-stock dividend. z Dividend. v Ex-rights.
• No par value. a Last reported
Per
Alabama Power $7 prof._100 89
74
Arizona Power 7% prel-100
- 54
Ark Pow & Lt $7 pref
13
• - - 68
Assoc Gas & El °rig pret•
5
10
• 15
$6.50 preferred
20
30
• 18
$7 preferred
Atlantic City Eleo $6 prof-• 9712 10012
•
4
4
oo
2888
Financial Chronicle
April 16 1932
Quotations for Unlisted Securities-Concluded-Page 2
Sugar Stocks.
Fajardo Sugar
flaytlan Corp Amer
qavannah Sugar corn
7% preferred
Insurance Companies.
Ask
Bid
Par Bid Ask
1212 1412 Sugar Estates Oriente p1100 ____
1
112 United Porto Rican corn___ ---- 5
• 50
58
Preferred
8
88
100 82
Par
100
Par Bid A sA
Ask
Par Bid
Aetna Casualty & 8urety_10 3412 39 Kansas City Life
100 500 000
Aetna Fire
2634 Knickerbocker (new)
4
7
Aetna Life
10 2412 2412
0 2214
Agricultural
55 Lincoln Fire (new)
25 45
9
6
10
American Alliance
10 12
15 Lloyds Casualty
2
1
10
American Colony
8
10
Voting trust certifs. ___10
1
2
American Constitution
4
9
American Euultable (new)
7
10 Malestfc Fire
1
4
10
American Home
4
7 Maryland Casualty
25
3 4 73
3
4
American of Newark
5
73
4 83 Mass Bonding & Ins
4
25 20
30
American Re insurance....
. 25
30 Merchants Fire Assur com10 15
19
American Reserve
10 15
18
Merch & Mfrs Fire Newark 5
3
5
American Surety
25 11
14
Missouri State Life
10
4
5
10 15
Automobile
19 Morris Plan Insurance
Federal Land Bank Bonds.
45 1957 optional 1937.91&N
ts 1958 optional 1938_MAN
41421 1956 opt 1936____J&J
J&J
4!2 e 1957 opt '37
4)0 1957 opt 1937___MAN
43.45 1958 opt 1938_MAN
55 1941 optional 1931_91&N
4145 1933 opt 1932_ J&D
8012
80121
81 I
81121
8112
8112,
92141
9712
8112; 414s
81 12, 4345
83 1 4348
8212 4140
8212' 4345
8212 4)2s
93I 4315
98
1942 opt 1932_91&N
1943 opt 1933____I&J
1053 opt 1933__J&J
1955 opt 1935____J&J
1956 opt 1936_J&J
1953 opt 1933__J&J
1954 opt 1934__J&J
871 4
8714
86
8714
8714
8714
86
88
88
88
88
88
88
88
New York Bank Stocks.
Bank of Yorktown
100---- 35 1
20 3212 3412
Chase
20 393 41341
City (National)
4
Columbus Bank
100
150 I
35 143
Comml Nat Bank & Tr 100 1100 1350 1450
Fifth Avenue
First National of N Y 100 1450 1550
Flatbush National
100 ____ 60
Grace National Bank
10C ____ 500
Harbor State Bank
25_ 60
Harriman Nat Ilk &Tr_100 1340 1440
-Kingsboro Nat Bank _ _ _100 54
64
I afayette National
25
8
12
Liberty Nat Bank & Tr 25
312 5'2
Manhattan Company____20
Merchants__
100
Nat Bronx Bank
50
National Exchange
Nat Safety Bank & Tr-- -25
Penn Exchange
100
Peoples National
100
Public Nat Bank dc Tr___25
Stern! g Nat Bank & Tr_ _25
Textile Bank
Trade Bank
100
Washington Nat Bank_100
Yorkville (Nat Bank of)_100
2372 257a
70
44
37
13
18
4
7
9
12
_ 200
2112 2314
13
10
27
30
60
12 5
30
40
Trust Companies.
Halle& Comm Italian& Tr 100
Bank of Sicily Trust
20
Bank of New York & Tr_100
10
Bankers
ltronx County
20
Brooklyn
100
20
Central Hanover
Chemical Bank & Trust_ 10
Clinton Frust
100
10
Coot Illt & Trust
Corn Exch Ilk & Trust___20
25
County
2l1
Empire
165 170
1512 1812
305 325
5312 5512
13
18
169 184
119 123
2934 313
4
35
50
1372 157
3
49
52
221 1 2414
2314 2514
Fulton
100 225 245
100 261 266
Guaranty
Hibernia Trust
100 35
40
Irving Trust
10 163 1734
4
Kings County
100 2200 2301)
Lawyers 'a We & Guar
100 57
62
Manufacturers (new) ____26 24118 2818
Mercantile Bank dr Tr w I__
23
4 434
25 8113 8412
New York
38
Title Guarantee & Trust_2(, 35
frost Co of N A
100
70
Underwriters Trust
612 812
25
United States
100 1430 1530
Chicago Bank Stocks.
I
100 70 i 73
Central Republic
Chic 13k of Commerce
13
17
Continental III Ilk & Tr_100 9212 9412
100 174 178
First National
Harris Trust & Savings_100 275
Northern Trust Co
100 290
Peoples Tr A Say Bank 100 80
Strauss Nat Bank & rr..100 110
280
296
85
125
Baltimore Amer Insurance _5
3
4
Bankers & Shippers
25
65
100 315 340
B°144111
Carolina
10
City of New York
100
10
Colonial States Fire
Columbia National LI6e_100
Connecticut General Life_10
Consolidated
ConstItutton Indemnity__10
Continental Casualty..
10
Cosmopolitan Insurance---Faith]
5
Excess Insurance
5
Federal Insurance
10
Fidelity & Deposit of Md_50
20
Firemen's
Franklin Fire
5
Loew's New Brd Prop-J&D
65 1945
Merchants Refrig 69 1937...
N 0 Or No RR 55 '55 FAA
NY & Hob Ferry 5848 JAI)
N Y Shipbldg Es 1946 MAN
Piedmont & No Ry 58'54J&J
Pierce Butler & P 63.58 '42
Realty Assoc Sec 68 '37 J&J
Securities Coot N Y
_ _
61 Broadway 5145 '50 AA13
4s_So Indiana Ry 48 1951 FAA
Stand Text Pr 8448 '42M&S
Struthers Wells Titusville6145 1943
Tol Term RR 434s '579i&N
US Steel Is 1951
ward Baking Se .37 j&D 15
Witherbee Sherman Os 1944
Woodward Iron ba 1952J&J
5
612
43
4 Vt
36
41
40
50
772 934
11
13
Halifax Insurance
10
50
Hamilton Fire
10
Hanover
Harmonia
10
Hartford Fire
10
Hartf St'm Boller Insdars 10
Home
10
Home Fire Security
Homestead
10
Hudson Insurance
10
importere & Exp of N Y__25
Independence Indemnity___
9
31
314
23
1512
ii
12
30
12
5
9
35
70
Pacific Fire •
25
Phoenix
10
Preferred Accident
20
Providence
-Washington_ _10
Public Fire
5
Public Indemnity (formerly
Hudson Casualty)
General Alliance
3
7
Glens Falls Fire
10 29
31
Globe & Republic
5
8
Globe dr Rutgers Fire_ .100 137 167
Great American
10 10 4 1212
3
Great Amer Indemnity_ 10 -.-_ 8
Industrial and Railroad Bonds.
61
Adams Express 48 '47 J&D 58
PO
95
American Meter 66 1946.._
___
Amer robacco 4s 1951 FAA 88
_
Am Type Prim 039 1937 MAN
Debenture 66 1939.M&N 98-__ 81
3912 45
Am Wire Fab 78 '42 _M&S -Bear Mountain-Hudson
7612
River Bridge 78 1953 A&O 73
__
BlItmore Comm 7s '34 M&S
Chicago Stock Yds 5a 1961 4268
72
39
45
Cnosol Coal 414s 1934 MAN
11
( onsol Mach Tool 7s 1942
1512
Congol Tobacco te 1951_ _ d 85Continental Sugar 78 1938.
3
7
Eqult Office Bldg 5a 1952_
6312 68
_ 20
Melt Tire Fabric 81-45 1935
Haytian Corp 881938
_-- 11
7
70
Hoboken Ferry 5e '46 MAN ea
Internet Salt 58 1951.A&O 62 67
Journal of Comm 6345 1937 52
58
Kane City Pub Sere 69 1951 2812 30
National CastutitY
10
National Fire
10
National Liberty
5
National Union Fire
5
1112 1312 New Amsterdam Casual_10
85 105 New Brunewlek
10
4
6 New England Fire
10
120 145 New Hampshire Fire_ _ _ _10
40
45 New Jersey
20
1
3 New York Fire corn
4
6 North River
14
16 Northern
25
5
8 Northwestern National_ - -_
11
33
414
33
1712
13
18
35
17
8
it
45
80
85
4112 4312
1331 183
4
1912 21 12
214 414
114
23.
Reliance !nem of Phila
2
4
Rhode Island
10
3
8
Rochester American
25
30
St Paul Fire & Martne25 100 1r5
Seaboard Fire & Marine... _ _
212 412
Security New Haven ___ _10 19
21
1014 1214 Springfield Fire & Marine 25 60
70
115 Standard Accident
50 30
80
17
19 fituyvesant
25 13
18
1114 1314 Sun Life Assurance
100 320 420
343 3631
4
40 Transportation Indemn'y le
35
3
5
14 4 163 Travelers Fire
3
4
100 430 480
11 1 214 U S Casualty
25
8
13
812 1012 US Fidelity A Guar Co_ _10
33
, 63i
16
U S Fire
10 1734 1931
US Merch dr Shippers_ _100 130 160
12
16
Vlctory
10
2
4
4
6
Westchester Fess
10 1712 1912
Realty, Surety and Mortgage Companies.
6412
94
10
65
80
56
5
35
40
82
38
24
4938
80
114
80
5
48
6812
97
1312
___
_
Bond &Mortgage Guar_20 2812 3112
Empire Title & (ivar_ _100 65
___
Guaranty Title A
__ 180
Home Title Insurance_ __25 14
.
Mortgage.18
International Germanic Ltd
Lawyers Mortgage
21)
National Title Guaranty 100
State TRIO Mtge (new)__100
15
1012
8
23
20
1212
11
35
61
10
42
50
66
43
25
52
85
8514
1,0
5112
Aeronautical Stocks.
Alexander Indite 8% pre__
____ 40
American Airports
__
_
1
Aviation Sec of New Eng1__ _-Corp_5
2
Central Airport
2
4
Cessna Aircraft corn
_
112
Curtiss Reid Aircraft corn ------113
General Aviation 1st pref _ _ ____ __
Kinner Airplane & 9fot new
34
Sky Seecutitles
2
Southern Air Tmneport.- _ _ a 2
Swallow Airplane
a __
Warner Aircraft Engine_
1
4
WhItteleey Manufacturing
____
lb,
4
5
2
111
:
1
Quotations for Other Over-the-Counter Securities
Short Term Securities.
Bid
81
9512
50
86
46
55
92
88
88
75
85
Ask
83
9612
55
87
47
59
93
90
89
85
86
Ailla-Chal Mfg iSs May 1937
Alum Co of Amer Es May'52
Amer Metal 514s 1934 A&O
Amer Rad deb 4 34s May '47
Am Roll 91111 deb 56 Jan '48
434% notes 1933_ _ _NIAN
Amer Thread 5)4s'38_MAN
Amer Wet Wks be 1934a&O
Bell Tel of Can 58 A Mar '55
Baldwin Loco 514s '33 M&S
Cud Pkg deb 5548 Oct 1937
Edison Elec 111 lioston8
4% notes Nov 1 '32 MAN 9950 997
6% notes Jan 15'33_.J&J 10014 10012
Gulf Oil Corp of Pa
Debenture 5s_ __Dec 1937 9512 9612
94
Debenture 58...Feb 1947 93
Railroad Equipments.
Bid
General Motors Accept
5% ser notes___Nlar 1933
5% ser notee___Mar 1931
5% ser notes___Nlar 1935
5% ser notes__ _Mar 1936
Koppers Gas & Coke
Debentures 58_ _June 1947
Mag Pet 454e Feb 1530-35
Mass Gas Cos 514e Jan 1048
Proc &(Iamb 4358 July 1947
Swift &
M&S
notes
6%notes 1940
Union Oil .58 1935_ _ Fdr A
United Drug 59 1932._ A&O
Debenture 66 1933_ _Adr0
Ask
991g
9714
97
96
10014
98
9712
647
76
97
82
97
78
100
84
98
85 87
96
99
9912 100
99 100
Water Bonds.
Alton Water 56 1958__A&0
Ark Wat 1st 50 A 1956 A&O
Ashtabula W W Se 1958A.60
Atlantic Co Wat be '58M&S
Birrn W W 1st 514sA'54A&O
let m 56 1954 set B_J&D
1st 6s 1957 eer C____F&A
Butler Water 54 1957_A&0
City W (Chat) 48 Pi '54 J&D
1st be 1957 eer C__MdrN
Commonwealth Water
1st 56 1956 B
FAA
1st m Fa 1957 ser C_F&A
Davenport W 58 1961_J&J
E S I. & Int W 5s '42 J(4.1
1st m tis 1942 ser 13...ydra
let Is 1960 ser
65
75
65
75
93
80
80
75
84
84
85
85
80
76
84
75
75
80
71
80
95
80
_
90
90
84
id
'54 M&S
Hunt'ton W 1st
1st in 58 1964 sec B_M&S
Joplin W W59 67 ser A M&S
Kokomo W W be 1958 J&D
Moon Con W 1st 56'5(1.1&D
Monon Val W 514s '50 .16c.1
Richm'd W W 1st 58'57MAN
St Joseph Wat be 1941 AA()
&Ma Pitts Water Co
FAA
1st 5a 1935
1st & ref 58 '60 tier A J&J
let & ref 56 '60 ser B J&J
TerrelFte W Wes'49AJ&D
1st m 58 1956 ser ILiAD
Texarkana W lot 58'58F&A
Wichita Wat let fie '49 M&S
lst 111 58 '56 Her II_ FAA
1st m 55 1960 ser C_M&N
94
83
70
65
73
80
72
88
90
84
80
94
80
68
03
81
81
96
90
78
75
74
85
75
92
94
88
96
73
95
85
85
Atlantic Coast Line 136
Equipment 61'0
Baltimore & Ohio ile
Equipment 414s & Ss
Buff Roch A Pitts equip 6s...
Canadian Pacific 434e A es
Central RR of N J Os
Chesapeake & Ohio Os
Fleuipment 614e
Equipment Oa
Chicago & North West 61._
Equipmert 654s
Chic R I A Pee 414s & 58_ _
Eauf pment ils
Colorado & Southern Ca
Delaware & Hudson ea__ _
Erie 43.4s & 5s
Equipment Os__
Great Northern 66
Equipment 58
Hocking Valley Is
Equipment 63
Minnie Central 4149 A 58_
Equipment es
Equipment 75 & 6)45_ _
Kanawha & Michigan 66_
Bid
6.75
625
6.25
Ask
6.00
5.50
5.60
5 50 600
7.(H) 6.25
7.00 6.25
7.00 6.25
7 00 6.25
6.75 6.00
5.75 6.25
5.75 6.26
5.75 5.25
5_S0 5.00
6.00 5.50
6.25 5.50
5.110 5 00
6.25 5.50
5.60 5.00
6.75 6.00
7.50 6.50
6 00 5.25
0.25 5.50
6.60 5.50
6.50 6.60
6.50 5.50
6 25 5.50
Investment Trust Stocks and Bonds.
Bankers Nat Invest corn A...
Beneficial Indus Loan pref..
Colonial Investors Shares_ - Continental Metrop Corp A
'font Savor Corp pre(
Industrial & Pow Sec
Invest Fund of N J
Mohawk [masa
For American Trust Shares_
• No par value. aAnd (Befriend. 4 Last reported market.
I Flat price. s Ex-dividend.
Bid Ask
6.25 5.60 Kansas City Southern 554s.
6.25 5.50 Louisville & Neshville 6s _
6.50 5.50
Equipment 614s
6.50 5.60 Michigan central be
6.50 5.50
Equipment (le
7 00 6.00 Minn St P dr SS M 414s & 5s
6.25 5.50
Equipment 63.4s & 76
6.00 5.50 Missouri Pacific 634s_
6.00 5.50
Equipment Is
.
_
8 00 5.60 Mobile & Ohio Is
0.50 5.50 New York Central 44s A Si
6.75 6.00
Equipment 68
8.50 5.50
Equipment 7e
6.75 5.75 Norfolk & Western 43.48.„..
6.75 5.75 Northern Pacific 7,
6 50 5.50 Pacific Fruit Express 7s
6 75 6.00 Pennsylvania RR equip 15s
(3.75 03.00 Pittsburgh & Lake Erie
6.00 5.50 Reading Co 43.58 & 5s 634s
6.00 5.50 St Louis A San Fran 5s.._
6.00 5.50 Seaboard Air Line 53.40 AL Os
6.50 5.75 Southern Pacific Co
454e....
7.00 6.00
EquIpment 7s
7.00 6.00 Southern fly 4141 &
7.00 6.00
Enulpmert es
6.50 5.60 Toledo A Ohio Central 08...
Union Pacific 7a
is Ex-rights.
13
17 Old Colony Inv Tr 414% bda
34
39
wmut Association corn__
-_-- ___ Shawmut Bank Invest Trust
4%a
-___
2
1942
_-__ 15
5s
1032
Standard 011 Trust Shares A
3
41e
Casa B
24
2514
1.93 1.97
___ 612
- -•
7
60
--50
3
--Vs 31s
current Carning5 fare*, J uarterip anb jbati pearlp.
CUMULA FIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, guar..
terly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present week.
It includes those given in our issue of April 9, April 2, March 26, March 19 and some of those given in the issue
of March 12. The object of this index is to supplement the information contained in our "Monthly Earnings
Record," which has been enlarged so as to embrace quarterly and semi-annual statements as well as monthly
reports. The "Monthly Earnings Record" was absolutely complete up to the date of issue, March 10,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 March number of the
"Monthly Earnings Record" was issued.
We mean to continue giving this, current index in the "Cnronicle" 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 supplemntary index in the
"Chronicle" will furnished 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.
Issue of Chronicle.
Issue of Chronicle.
Name of CompanyWhen Published. Page
Name of CompanyWhen published. Page.
When Published. Page.
Name of Company-.
Mar. 19-2143
Mar. 12_1944 Ches. & Potomac Tel. Co. of Va
Mar. 12..1958 Bethlehem Steel Corp
Abbott Laboratories
Apr. 16..2903
Apr. 2.._2525 Chicago Aurora & Elgin Corp
Mar. 19_2150 Bickfords. Inc
Abitibi Power & Paper Co., Ltd
Apr, 16_2903
Apr. 16_2892 Chicago Aurora & Elgin RR.Co
Abraham & Straus, Inc
Mar. 26..2340 Birmingham Electric Co
Apr. 2..2501
Apr. 9__2724 Blackstone Valley Gas & Elec. Co __Mar. 26-2334 Chicago Burlington & Quincy
Advance Rumely Corp
Mar. 19_2143
Apr. 2..2525 Chicago City By. Co
Mr-Way Elec. Appliance Corp
Mar. 12__1958 Blau:tors, Inc
Apr. 2__2526 Chicago Dist. Elec.GeneratIng Cotn_Mar. 12-1951
Apr. 2...2501 flaw-Knox Co
Akron Canton & Youngstown
Apr. 2..2502
Apr. 16_2914 Chicago & East Illinois
)
Alabama Great Southern
Apr. 2_2505 (E. W. Bliss Co
Apr. 2..2502
Mar. 26_-2343 Chicago & Erie
Apr. 16_2898 Bloomingdale Bros.. Inc
Alabama Power Co
Apr. 2__2506
Apr. 2_2525 Chicago Great Western RR
Alaska Juneau Gold Mining Co
Apr. 9..2700 Blum's Inc
Apr. 2__2502
Apr. 2_2526 Chicago & Illinois Midland
Aldred Investment Trust
Apr. 16..2912 (H. C.) Bohack Co
Apr. 16..2915 Chicago Indianapolis & Loulsville_Apr. 2_2502
Alleghany Corp
Apr. 9_2711 Bohn Aluminum & Brass Corp
Mar. 19-.2135 Chicago Jct. Rya. & Union Stock
Allied Chemical & Dye Corp
Mar. 19-2136 Borden Company
Yards Co
Mar. 19_2153
Mar. 19-.2152
Allis Chalmers Mfg. Co
Mar. 26__2329 Borg Warner Corp
Mar. 26__2322 Chicago Milwaukee St. Paul & Pac-_Apr. 2_2502
Alton RR
Apr. 16..2891 Boston Elevated By
Apr. 2__2506 Chicago Motor Coach Co
Mar. 19-2143
Alton & Southern RR
Mar. 19_2131 Boston & Maine RR
Aluminum Co. of America
Apr. 2-2523 Boston Personal Property Trust____Apr. 9.-2702 Chicago Nortb Shore & Milw. RR Co.Mar. 19__2143
Apr. 2..2502
Apr. 9__2727 Chicago & North Western
Apr. 16_2912 Botany Consolidated Mills
Aluminum Goods Mfg. Co
Mar. 12..1960 Chicago Pneumatic Tool Co
Mar. 26-.2344
Amalgamated Leather Cos.,Inc
Mar. 12..1958 Bower Roller Bearing Co
Apr. 9._2726 Chicago Rye. Co
Apr. 9...2709
Amerada Corp
Apr. 9..2724 Bowman-Biltmore Hotels
Apr. 2..2502
American Chain Co., Inc
Mar. 12-.1958 Brazilian Traction. Light & Pow.Co Mar. 26..2322 Chicago River & Indiana
Mar. 12__1960 Chicago Rock Island & Gulf
Apr. 2..2502
American Chicle Co
Apr. 16..2892 Briggs & Stratton Corp
Mar. 26__2343 Chicago Rock Island & Pacific Ry.-Apr. 2-2507
Amer.Coal Co.of Alleghany County.Apr. 2-.2523 J. G. Brill Co
Mar. 19..2152 Chicago St. Paul Minn.& Omaha___Apr. 2..2502
American Coiortype Co
Mar. 26_2340 British-American 011 Co., Ltd
Mar. 26__2323
American Commercial Alcohol Corp_Mar. 19_.2150 British Columbia Power Corp., Ltd_Apr. 2..2508 Chicago Surface Lines
Apr. 9..2701 Chicago & Western Indiana RR
Apr. 16..2901
American & Continetal Corp
Apr. 16..2912 Broad Street Investing Co
American Cyanamid Co
Mar. 19.-2150 Brooklyn Eastern District Terminal Mar. 26_2320 Cinc. New Orleans & Texas Pacific_Apr. 2..2505
Mar. 12- _1951
American Encaustic Tiling Co.,Ltd_Apr. 16..2912 Brooklyn-Manhattan Transit Syst _Mar. 26-2323 Cincinnati Street Railway Co
Apr. 2__2508
American Equities Co
Mar. 26..2340 Brooklyn & Queens Transit System Star. 26.-2323 Cities Service Co
Mar. 19-.2152 City Ice & Fuel Co
American European Securities Co___Apr. 56.2892 Brunswick-Balke-Collender Co
Mar. 26_2345
American Gas & Electric Co
Mar. 26..2333 Brunswick Term.& By. Secure. Co _Mar. 12...1960 Claude Neon Elec. Prods. Corp.,Ltd.Mar. 12..1962
Mar. 12..1960 Cleveland Union Terminals Co
-Erie Co
Mar. 19_2141
American Gas & Power Co
Mar. 12_1950 Bucyrus
Mar. 12..1961 Cliff Mining Co
Apr. 2..2527
American Hardware Co
Mar. 26..2340 Bucyrus-Monighan Co
Mar. 12-1961 Clinchfield Coal Corp
Mar. 26..2345
American Ice Co
Mar. 19_2151 Bullard Co
Apr. 16..2915 Clinchfield
Apr. 2..2502
American Light & Traction Co __Mar. 26-2334 Bullock's. Inc
Coca Cola Co
Mar. 19..2153
American Locomotive Co
Mar, 26-.2330 Bunker Hill & Sullivan Mining &
Apr. 16..2916
Concentrating Co
Mar. 26-2343 Collins & Arkman Corp
American Machine & Foundry Co_Apr. 9-2724
Mar. 19..2154
Apr. 2__2501 Colonial Beacon 011 Co
American Machine & Metals, Inc. _Mar. 26__2322 Burlington-Rock Island
Apr. 2..2502
American Pneumatic Service Co____Apr. 16..2912 Burns Brothers
Apr. 9-.2728 Colorado & Southern
Mar. 19-2137
American Power & Light Co
Apr. 16..2915 Columbia Gas & Electric Corp
Apr. 9..2701 Burns & Co., Ltd
Mar. 26..2323
American Public Service Co
Mar. 12..1961 Columbia Pictures Corp
Apr. 9_2714 Burroughs Adding Machine Co
Mar. 19-2154
Amer. Radiator & Stand. San.Corp_Apr. 9..2725 Bush Terminal Co
Apr. 2..2526 Columbian Carbon Co
Apr. 2_2502
American Rolling Mill Co
Apr. 9__2728 Columbus & Greenville
Apr. 2..2517 Butterick Company
American Ship & Commerce Corp___Apr. 16..2913 (A. NI.) Byers Co
Apr. 16_2892 Commonwealth & Southern Corp -Mar. 26__2323
Mar. 26_2323
American Stores Co
Mar. 26-2343 Community Power & Light Co
Mar. 12-.1959 (H. M.) Byllesby & Co
Mar. 26..2320
American Sugar Refining Co
Apr. 16..2892 Conemaugh & Black Lick RR
Apr. 9..2710 California-Oregon Power Co
Apr. 2__2521
American Tel & Tel. Co
Mar. 19-2153 Connecticut Co
Apr. 16_ _2892 California Petroleum Corp
American Tobacco Co
Electric Service Co__-.Mar. 19-2144
Apr. 16..2903 Connecticut
Mar. 19..2140 California Water Service Co
Mar. 19-2144
American Water Works & Elec. Co__Apr. 9-2701 Callahan Zinc Lead Co
Apr. 2__2526 Connecticut Light & Power Co
American Writing Paper Co
Apr. 9__2725 Calumet & Ilecla Consol.Copper Co.Apr. 2__2527 Consolidated Chemical Indus. Inc-Mar. 12_1962
Apr. 16..2892
American Zinc Lead & Smelting Co_Apr. 2..2524 Calumet & South Chicago By
Apr. 9..2715 Consolidated Laundries Corp
Mar. 19_2154
Anaconda Copper Mining Co
Apr. 2..2501 Consolidation Coal Co
Apr. 16..2913 Cambria & Indiana
Anaconda Wire & Cable Co
Consul.Gas.El.Lt.& Pr.Co.of Balt.Apr. 9..2701
Apr. 16_2913 Campbell, Wyant & Cannon Fdy.Co_Mar. 12..1961
Mar. 26_2323
Anchor Cap Corp
Mar. 12..1959 Canada Northern Power Corp., Ltd _Apr. 2_2508 Consumers Power Co
Mar. (9-2154
Ann Arbor
Mar. 26..2343 Container Corp. of America
Apr. 2_2506 Canadian Celanese. Ltd
Electric Corp.__.Apr. 16_2903
Arkansas Power & Light Co
Mar. 19-2132 Canadian General Electric Co.,Ltd_Apr. 9-2728 Continental Gas &
Mar. 19_2139
Armstrong Cork Co
Mar. 26_-2343 Continental 011 Co
Mar. 12..1959 Canadian Industries. Ltd
Mar. 12- _1943
Arnold Constable Corp
far. 26_2342 Canadian Pow. & P.Invest., Ltd.
.Mar. 19-2153 Corn Products Refining Co
Mar. 19.-2155
Associated Dry Goods Corp
Apr. 9__2725 Canadian Locomotive Co
Mar. 19..2153 Crane Co
Associated Gas & Electric Co
Apr. 2..2508 Canadian Nat. tines in New EnglandApr. 2_2501 Cresson Con. Gold Min.& Mill. Co__Apr. 9__2701
Apr. 2-.2528
Associated Oil Co
Apr. 16__2896 Crowley-Milnor & Co
Apr. 16_2897 Canadian National By.System
Atch.Topeka & Santa Fe Ry.SystemApr. 2-.2506 Canadian Pacific Lines in Maine____Apr. 9..2700 Cumberland County Power & Lt. Co_Apr. 9..2716
Mar. 26__2346
Atchison Topeka & Santa Fe
Cuneo Press. Inc
Apr, 9-.2705 Canadian Pacific Lines in Vermont_Apr. 9..2700
Apr. 9.-2730
Atlantic Sugar Refineries, Ltd
Apr.
Apr. 2_2506 Curtiss Wright Coro
Canadian Pacific Ry. Co
Mar. 19-2144
Atlantic & West Point RR
Apr. 22501 Canadian Westinghouse Co., Ltd
2..2525_
Apr. 9_2728 Dakota Central Telephone Co
Apr. 16..2892
Atlanta Birmingham & Coast
Poster & Light Co
Apr. 2_2501 Capital Administration Co
Apr. 9._2701 Dallas
Mar. 12..1963
Atlantic City
Apr. 2..2501 Carnation Co
Mar. 26..2344 Davenport Hosiery Mills, Inc
Mar. 12-_1939
Atlantic Coast Line
Apr. 2..2501 Carolina Power & Light Co
Mar. 19..2132 Deep Rock Oil Corp
Apr. 2..2502
Atlantic Gulf & West Ind. SS. Lines.Apr. 2..2507 Celanese Corp. of America
Mar. 26-2344 Delaware & Hudson Co
Apr. 2..2509
Atlantic Refining Co
Apr. 16_.2892 Central Arizona Light & Power Co__Apr. 16..2892 Delaware & Hudson RR. Corp
Atlas Plywood Corp
Denver & Rio Grande Western RR__Apr. 9..2706
Mar. 26_2342 Central of Georgia By. Co
Apr. 9..2708
kpr. 2__2502
Atlas Tack Corp
Apr. 16..2913 Central Illinois Electric & Gas Co--Mar. 19..2143 Denver St Salt Lake
Atlas Utilities Co
Apr. 16_2892
Mar. 12-.1942 Central IllinoisLight CoMar.19_2143 Detroit Edison Co
Auburn Automobile Co
kpr. 2..2503
Apr. 16_ _2892 Central Indiana Power Co
Mar. 26-2334 Detroit Terminal
Automatic Washer Co
Apr, 2..2502
Mar. 12_1960 Central Power Co
Apr. 16..2903 Detroit & Toledo Shore Line
Autosales Corp
Apr. 2..2503
Apr. 16..2914 Central Power & Light Co
Apr. 9..2715 Detroit Toledo & Ironton
Aviation Corp
Apr. 2__2502
pr. 9-_2726 Central RR. of New Jersey
Apr. 2_2501 Detroit & Mackinac
Aviation Securities Corp
Apr. 9.2726 Central & South West Utilities Co- _ Apr. 2...2520 Delaware Lackawanna & Western__Apr. 2_2502
Baltimore & Ohio RR
Mar. i2_.1963
Apr, 2..2501 Central Vermont By
Mar. 26..2320 Dexter Co
Baltimore & Ohio Chicago Term- __Apr. 2..2501 Centrifugal Pipe Corp
Mar. 12..1962
Apr. 2..2527 Deisel-Wemmer-Gilbert Corp
(L.) Ilamberger & Co
Apr. I6.2914 Century Shares Trust
Apr. 9..2701 Dequesne Light Co
Apr. 9..2708
Bangor Aroostook RR
Apr. 2..2506 Charts Corp
Mar. 12..1961 Detroit Edison Co
Mar. 19_2133
Bangor Hydro-Electric Co
Apr. 9_2701 Charleston Interurban RR. Co
Apr. 9..2715 Detroit Street Railways
Mar, 19_2132
Barker Bros. Corp
Apr. 16..2892 Charleston & West Carolina
Apr. 2.2501 Dominion Stores Ltd
Mar. 12-.1963
Barnsdall Corp
Mar. 12.-1942 Checker Cab Mfg. Corp
Apr. 2..2527 Douglas Aircraft Co.,Inc
Mar. 12_1963
Beaumont Sour Lake & Western____Apr. 2...2504 Chester Water Service Co
Apr. 16._2903 Duluth Missabe & Northern
Apr. 2__2502
Apr. 162901 Chesapeake Corp
_
Apr. 2..2513 Duluth South Shore & Atlantic _ _ __Apr. 2__2502
Belt By. of Chicago
Apr. 9..2726 Chesapeake & Ohio By. Co
Apr. 9..2706 Duluth Winnipeg & Pacific
Bendix Aviation Corp
Apr, 2__2502
Apr. 2._2530 Chesapeake & Potomac Tel. Co D.C.Mar. 19-2143 Eagle Picher Lead Co
Berkshire Street By
kpr. 2..2528
Apr. 2_2501 Chesapeake & Potomac Telephone
Eagle Picher Mining & Smelting Co_ Apr. 2-2528
Bessemer & Lake Erie
Apr. 2_2525
Mar. 19_2143 East St. Louis & Suburban Co ....Mar. 26-2335
Co. of Baltimore City
Best & Co
2890
Financial Chronicle
April 16 1932
Issue of Chronicle
Issue of Chronicle
Issue of Chronicle
When Published. Page.
Name of Corn paneName of CompanyWhen Published. Page.
Name of CompanyWhen Published. Page,
Eastern Gas & Fuel Associates
Apr. 16_2904 International Silver Co
Mar. 12_1967 National Public Service Corp
Apr. 16..2907
Eastern Massachusetts St. Ry. Co.
.Mar. 12_1952 International Tel. & Tel. Co
Mar. 12_ _1940 National Rys. 00 Mexico
Apr. 9-.2700
Eastern Rolling MiII Co
Mar. 12 .1963 International Utilities Corp
Mar. 26..2351 National
Mar. 19..2164
Eastern Shore Public Service CoMar. 12_ _1952 Interstate Department Stores, Inc Apr. 2_2533 National Steel Corp
Supply Co
Mar 19..2165
Eastern Steamship Lines. Inc
Apr. 9...2701 Interstate Rys., Camden, N..1Apr. 9..2718 National Sugar Refining Co
Mar. 19..2164
Eastern Utilities Associates
Mar. 26..2335 Iowa Public Service Co
Mar. 19..2113 National Surety Co
Mar. 26..2355
Apr. 2..2508 Iron Cap Copper Co
East Kootenay Power Co
Apr. 2..2533 Nebraska Power Co
Mar. 19..2133
Eaton Axle & Spring Co
Mar. 12_1963 Irving Air Chute Co
Mar. 12_ .1968 Neisner Bros. Inc
Mar. 19-2164
Eaton gff1. Co
Apr. 16..2892 Island Creek Coal Co
Apr. 2..2533 Neptune Meter Co
Mar. 26..2355
Edison Electric Ilium Co Boston
Mar. 19..2144 Isle Royal Copper Co
Apr. 2..2534 Nevada-California Electric Corp
Apr, 16..2907
Edmonton Radial Railway
Mar. 26__2323 Jersey Central Power &Light Co
Mar. 12_ _1933 Nevada Consolidated Copper Co
Apr. 16..2923
Electric Auto-Lite Co
Mar. 19..2156 Johns-Manville Corp
Apr. 16..2893 Nevada Northern
Apr.
Share Co
Electric Bond &
Apr. 16..2893 Kansas City Power & Light Co
Mar. 12..1941 New Bedford Gas & Edison Light CoNfar. 2_2504
19_2146
Electric Power Associates. Inc
Apr. 16..2892 Kansas City Public Service Co
Mar. 19 2146 (J J.) Newberry Co
Mar. 19_2165
• El. Lt.& Pr.Co.of Abington & Rock'dMar. 26.-2335 Kansas City Southern RR. Co
Apr. 2_2503 Newburgh & South Shore Ry
Mar. 26_2321
Electric Storage Battery Co
Mar. 19..2156 Kansas Electric Power Co
Apr. 9_2718 New England GA,& Elec. Assn
Apr. 16..2907
Electrical Securities Corp
Mar. 26_2347 Kansas Gas & Electric Co
Mar. 19..2133 New England Steamship Co
Apr. 2_2539
Elgin Joliet & Eastern Ry
Apr. 9_ _ 2708 Kansas Gas 8c Electric Corp
Apr. 16.-2893 New Idria Quicksilver Mines
Apr. 22519
Elmira Water. Light & RR. Co
_
Mar. 26-.2335 Kansas Oklahoma & Gulf
Apr. 2.2503 New Jersey & New York
Apr. 2..2502
El Paso Netur.d Gag Co
Apr. 9_2716 Kaufmann Department Stores,Inc_Apr. 2..2534 Newmount Mining
Co
Apr. 9..2737
Empire Gas & Electric Co
Apr. 9_2716 Keith-Albee-Orpheum Corp
Mar. 12..1968 New Orleans & Northeastern
Apr. 2_2505
Empire Gas & Fuel Co
Apr. 9__2717 Kelsey Hayes Wheel Corp
Mar. 26..2352 New Orleans Great Northern
pr. 2__2504
Empire Eitie & Guarantee Co
Apr. 16..2892 Kendall Co
Mar. 12_ _1968 New Orleans Public Service Inc
Mar. 19..2133
Emporium Capwell Corp
Apr. 9...2730 Kentucky Utilities Co., Inc
Mar. 26..23.46 New Orleans Terminal
Apr. 2..2505
Emsco Derrick & Equipment Co_.
-Mar. 12..1964 Keystone Public Service Co
Apr. 16..2905 New Orleans Texas & Mexico
Apr. 2..2504
Engineers Public Service Co
Apr. 2_2508 Keystone Telephone Co. of Phila
Apr. 9__2718 New York Central
Apr. 2..2504
Equitable Office Bldg. Corp
Apr. 16..2892 Kimberly-Clark Corp
Apr. 16_2893 New York Central Electric Corp
Apr. 9_.2719
Erie RR.
Apr. 2__2507 Kings County Lighting Co
Mar. 12__1953 New York Chicago & St. Louis
Apr. 2..2504
European Electric Corp., Ltd
Apr. 9..2717 (G,R.) Kinney Co
Apr. 2..2535 New York Connecting
Apr. 2_.2504
Fairbanks Co
Mar. 19_2132 Kobacker Stores, Inc
Apr. 2__2535 New York Hamburg Corp
Mar. 26_2355
Fairbanks Morse & Co
Mar. 19..2157 Koppers Gas & Coke Co
Apr. 9._2735 New York Investors Inc
Mar,
Fanny Farmer Candy Shops
Apr. 2__2529 Laclede Steel Co
Mar. 19_2161 New York New Haven & Hartford RRA pr. 19-.2165
Federal Bake Shops, Inc
Apr. 2..2329 Lake Superior District Power Co
Mar. 26__2336 New York Ontario & Western Ry____A pr. 2..2507
Federal Light & Traction Co
9_2712
Apr. 16..2893 Lake Superior & Ishpeming
Apr. 2__2503 New York & Richmond Gas Co
Apr. 9..2719
Federal Mining & Smelting Co -- Mar. 26--2323 Lake Terminal
Apr. 2..2503 New York Shipbuilding Corp
Mar. 12_1971
Federal Motor Truck Co
Apr. 16.2917 Landers Frary & Clark
Apr. 2..2536 New York State Rys
Apr.
Federal Screw Works
Mar. 12..1964 La Salle Copper Co
Apr. 2..2536 New York Susquehanna & Western.Apr. 16_2907
Federal Water Service Corp
2..2504
Apr. 2_2516 (F. & 12.) Lazarus & Co
Apr. 9..2735 New York Telephone Co
Apr.
Fifth Avenue Bus Securities Corp Mar. 19_2145 Lehigh & Hudson River
Apr. 2..2503 New York Westchester & Boston RyApr. 9..2702
(Wm.) Filenes Sons Co
2_2508
Apr. 9-2731 Lehigh & New England
Apr. 2..2503 Niagara Hudson Power Corp
Apr. 2..2522
First American Corp
Apr. 9_2701 Lehigh Portland Cement Co
Apr. 16..2893 Niles
-Bement-Pond Co
Mar, 26__2355
M. H. Fishman & Co.,Inc
Apr. 2..2519 Lehigh Valley
Apr. 2..2503 Noblitt-Sparks Industries, Inc
Apr. 2__2539
Fisk Rubber Co
Mar. 12-1964 Lerner Stores Corp
Apr. 2_.2536 Noranda Mines, Ltd
Apr. 2..2539
Florida East Coast
Apr. 2..2502 Leggings, Inc
Apr. 2..2536 Norfolk Southern
Apr. 2..2504
Florida Power & Light Co
Apr. 16..2893 Libby. McNeill & Libby
Apr. 9..2735 Norfolk & Western Ry
Apr. 2..2507
Florida Public Service Co
Mar. 19..2145 Libbev.Owens-Ford Glass Co
Apr. 16..2894 North American Aviation Corp
Mar. 19_2165
Follansbee Brothers Co
Mar. 19..2157 Lily-Tulip Cup Corp
Mar, 12-1968 North American Car Corp
Apr. 2._2540
Fonda Johnstown & GloverivIlleCo_Apr. 16..2891 Lincoln Printing Co
Apr. 2__2537 North American Cement Corp
Apr. 2__2540
Ft. Smith & Western
Apr. 2_.2503 Lincoln Stores, Inc
Apr. 2..2536 North American Co
Mar. 12-1942
Ft. Worth & Denver City
Apr, 2_2502 Lindsay Light Co
Apr. 9__2702 North American Edison Co
Mar. 19-2146
Ft. Worth & Rio Grande
Apr. 2..2505 Lion Oil& Refining Co
Apr. 9._2736 North American Light & Power Co Apr. 16..2907
Foster & Wheeler Corp
Mar. 19_21158 Loblaw Grocerterlas, Ltd
Apr. 9__2702 Northern Alabama
Apr. 2_2505
Fourth National Investors Corp
.Apr. 9.-2702 Loft, Incorporated
Mar. 26_2353 North Carolina Public Service Co_...Apr. 9_2719
Fox Film Corp
Apr. 9.-2707 London Street Ry. Co
Apr. 92719 Northern Indiana Public Service Co.Mar. 12_1954
Galveston Wharf Co
Mar. 26_2320 Long Island
Apr. 2_2504 Northern Ohio Telephone Co
Apr. 2..2522
Gamewell Co
Mar. 119_2133 Los Angeles Gas & Elec.Corp
Apr. 16_2905 Northern Pacific
Apr. 2-2504
Gannett Co.. Inc
Mar, 12_1965 Los Angeles Ry. Corp
Apr. 9..2718 Northern Pennsylvania Power Co
Apr. 9...2720
Garner Drover Co
Mar. 12-1965 Los Angeles & Salt Lake
Apr. 2_2503 Northern States Power Co
Apr. 16..2894
Gary Railways Co
Mar. 19..2145 Louisiana & Arkansas
Apr. 2_2507 Northwest Bancorporation
Mar. 19..2165
General American Tank Car Corp _Mar. 26..2148 Louisiana Arkansas & Texas
Apr. 2..2503 Northwestern Bell Telephone Co.
-Mar. 19__2146
General Asphalt Co
Apr. 2..2529 Louisiana Power & Light Co
Apr. 16._2894 Northwestern Electric Co
Mar. 19-2134
General Baking Corp
Apr. 16..2893 Louisville Gag & Electric Co
Apr. 16..2893 Northwestern Pacific
Apr. 2-.2504
General Cable Corp
Mar. 12-1965 Louisville & Nashville RR
Apr. 9._2703 Northwestern Public Service Co___Apr. 16__2908
General Electric Co
Mar. 26..2325 Louisville Railway Co
Mar. 12.-1953 Northwestern Utilities, Ltd
Mar. 26-2337
General Foods Corp
Mar. 19..2137 Ludlum Steel Co
Mar. 12._1969 North West Utilities Co
Apr. 9_2720
General Motors Acceptance Corp-Mar. 12.-1942 McCrory Stores Corp
Mar. 19...2161 Ohio Edison Co
Mar. 26..2324
General Realty St Utilities Corp
Mar. 12-1966 McKesson & Robbins,Inc
Mar. 26..2353 Ohio Oil Co
Mar. 19-2166
General Refractories Co
Mar. 19_2138 McLellan Stores Co
Mar. 19-2161 Ohio Water Service Co
Apr. 16..2908
General Theatres Equipment Co
Apr. 16_2918 Mackay Companies
Mar. 19_2146 Oklahoma City Ada-Atok
Apr. 2..2504
Georgia RR
Apr. 2__2503 (R.11.) Macy & Co.,Inc
Apr. 16..2922 Oklahoma Gas & Electric Co
Apr. 16..2894
Georgia & Florida
Apr. 2__2507 Madison Square Garden Corp
Apr. 9._2702 Oklahoma Ry. Co
Apr. 9-.2720
Georgia Southern & Florida
Apr. 2..2505 Magma Copper Co
Apr. 2._2517 Old Colony Investment Trust
Mar, 26_2356
(The) Georgian, Inc
Apr. 2_2530 (1.) Magnin & Co
Apr. 2._2537 Old Colony Trust Associates
Mar. 26_2356
Gillette Safety Razor Co
Mar. 19..2158 Maine Central RR. Co
Apr. 2_ _2503 Old Dominion Co
Mar. 12_1972
Gimbel Brothers.Inc
Apr. 2...2530 Mandel Brothers, Inc
Apr. 2__2537 Omnibus Corp
Mar. 19..2146
Goldblatt Brothers, Inc
Apr. 3_.2530 Manitoba Power Co
Apr. 16..2894 Oneida Community, Ltd
Apr. 2..2540
(B. F.) Goodrich Co
Mar. 26...2329 Merchant Calculating Machine Co-Mar. 12_1969
Orange & Rockland Electric Co
Apr. 9__2703
Gorham Mfg.Co
Apr. 9...2731 MarineMidland Corp
Apr. 9_2702 Oregon Short Line
Apr. 2..2506
Gould Coupler Co
Apr. 16..2893 Marion Steam Shovel Co
Apr. 16..2894 Ore.-Washington Ry.& Nev. Co
Graham-Paige Motors Corp
Apr. 2_2506
Mar. 26_2349 Market Street Ry
Apr. 16_2894 taregon.weghington Water Sere. CoApr, 16_2908
(F.& W.)Grand 5-10.25c.Stores,Inc.Apr. 2_2531 Marlin-Rockwell
Corp
Mar. 19-2162 Orpheum Circuit Inc
Mar, 12_1973
Grand Trunk Western
Mar. 26...2120 Maryland &Pennsylvania RR
Apr. 9_2712 Otis Elevator Co
Granite City Steel Co
Apr. 16..2894
Apr. 2_2531 Massachusetts Gas Companies
Apr. 16..2905 Otis Steel Co
(W. T.) Grant Co
Mar. 12_1972
Mar. 26.._2349 May Department Stores
Apr. 2.-2537 Ottawa Lt., Heat & Pow.Co.,Ltd...Apr. 9...2720
Great Atl. & Pac. Tea Co. of Amer Apr. 9_2732 Maytag Co
Mar. 12..1969 Outlet Co
Great Lakes Power Co.,Ltd
Apr. 9.-2738
Apr. 16_2905 Melville Shoe Corp
Mar. 12__1970 Owens-Illinois Glass Co
Great Northern Iron Ore Properties-Apr. 9__2706 Memphis Power & Light
Apr. 2..2540
Co
Apr.
Pacific
Great Northern Ry
Apr. 2_2540
Apr. 2._2503 Merritt Chapman & Scott Corp -. _Mar. 16..2894 Pacific Clay Products
26_2353
Coast Co
Mar. 19..2166
Green Bay & Western
Apr. 2..2503 Mexican Light & Power Co
Apr. 16..2894 Pacific Finance Corp. of Calif
Greyhound Corp
Mar. 26..2356
Apr. 9__2732 Mexico Tramways
Apr. 16_ _2894 Pacific Gas & Electric Co
Grigsby-Grunow CoApr. 2..2531 Miami Copper Co Co
Apr. 2-2514
.
Apr. 9.-2736 Pacific Mills Co
Mar. 12_1972
Grocery Store Products, Inc
Mar. 26__2350 Middle West Utilities Co
Apr. 2_2515 Pacific Public Service Co
Apr. 9-2721
(Rudolph) Guenther-Russell Law,
Midland Steel Products Co
Mar. 12_1970 Pacific Power & Light Co
Mar. 19_2134
Apr. 2..253l Midland United Co
Inc
Mar. 12..1947 Pacific Tel. & Tel. Co._
Apr. 16..2894
Apr. 2__2503 Midland Utilities Co
Gulf & Ship Island
Mar. 12_0954 Pacific Western 011 Corp
Mar, 19..2167
Apr. 2__2506 Midland Valley
Gulf Coast Lines
Apr. 2__2503 Pan American Airways Corp
Apr. 9_2738
Apr. 2..2501 Midvale Company
Gulf Colorado & Santa Fe
Mar. 19..2162 Panhandle Producing & Rein.
Co_Apr. 9-2738
Apr. 2..2503 Milwaukee Gas Light Co
Gulf Mobile & Northern
Mar. 19..2146 Panhandle & Santa Fe
Apr. 2..2501
Mar. 19..2159 Mining Corp. of Canada. Ltd
Gulf Oil Corp
Apr. 2.-2538 Paramount Broadway Corp
Mar. 26__2357
Mar. 12_1966 Minneapolis
Gulf States Steel Co
-Moline Power Imp.Co.-Mar. 19_2162 Paramount Publix Corp
Apr. 9..2762
Mar. 26_2350 Minneapolis & St. Louis
Hahn Department Stores. Inc
Apr. 2..2503 Park Utah Consolidated Mines
Co_ _Apr. 3..2541
Apr. 2..2531 Minnesota Power & Light
Halle Brothers Stores,Inc
Apr. 16..2894 Park & Tilford, Inc
Apr, 3..2541
Apr. 16__2919 Minn. St. Paul & S. S. Marie RR
(W.F.) Hall Printing Co
Apr. 9..2700 Pathe Exchange, Inc
Mar. 26_2357
Mar. 26...2350 Mississippi Central
Happiness Candy Stores. Inc
Apr. 2..2503 Patin° Mines & Enterprises
Consol_Apr. 2_2542
Apr. 9..2718 Mississippi Power & Light Co
Hartford Gas Co
Apr. 16..2894 Peerless Motor Car Co
-.Apr. 16..2895
Apr. 16 2919 Missouri Gas & Elec. Service Co
Hartman Corp
Apr. 16 2906 (David) Pander Grocery Co
Mar. 12..1972
Mar. 12..1966 Missouri & North Arkansas
Hathaway BaYeriese Inc
Apr. 2-2504 Peninsular Telephone Co
Apr. 2._2523
Mar. 26_2331 Missouri Illinois
Hawaii Consolidated RI.. Ltd
Apr. 2_2503 Penick & Ford, Ltd
Apr. 2_2541
Apr. 16..2920 Missourl•Kansas-Texaa
Hayes Body Corp
Apr. 2__2504 Penn Central Light & Power
Co.- Apr. 9_2720
Apr. 2_2532 Missouri Pacific
Hecla Mining Co
Apr. 2_2504 Penn road Corp
Mar. 26..2332
Mar. 12..1966 Missouri Power & Light Co
Hershey Chocolate Corp
Mar. 19-2146 Pennsylvania Coal & Coke Co
Apr. 2..2541
Mar. 12..1967 Missouri Public Service Co
Hobart Mfg. Co
Apr. 16..2906 Pennsylvania Gas & Electric
Co_ -__Apr. 2_2508
Apr. 2-2532 Mobile & Ohio
(R.) Hoe& Co.,Inc
Apr. 2..2504 Pennsylvania Power Co
Mar. 26..2324
Apr. 2_2532 Mohawk Investment Corp
Homestake Mining Co
Apr. 16..2894 Pennsylvania Power & Light
Co__Apr, 16...2895
Apr. 9-2702 Monongahela
Honolulu Rapid Transit Co., Ltd
Apr. 2_2504 Pennsylvania RR
Apr. 9_2703
Mar. 12-1967 Monongahela Connecting
Hoskins mfg. Co
Apr. 2 2504 Pennsylvania System
Apr. 3_2504
Apr. 9-.2731 Monongahela West Penn Pub.S. Co_Apr. 9_2719 Peoples Drug Stores, Inc
Houdaille Hershey Corp
Mar. 26..2357
Apr. 16_2893 Monsanto Chemical Works
Household Finance Corp
Mar. 26_2354 Peoria & Pekin Union
Apr. 2_2504
Houston Lighting 8c Power Co
Apr. 16..2893 (The) Montana Power Co
Mar. 19..2133 Pere Marquette Ry
Apr. 2..2504
Hudson Bay Ming.& Smeltg.Co.,Ltd.Apr. 16..2920 Montour RR
Mar. 19 _2131 Pet Milk Co
Mar. 19_2167
Hudson & Manhattan
Mar. 26_-2323 (Philip) Morris Consolidated. Inc
Mar. 19_2163 Phelps Dodge Corp
Mar, 26.-2326
Hudson & Manhattan RR
Moto Meter Gauge & Equipment Co_Mar. 12..1970 Philadelphia Co
Apr. 2-2513
Apr. 16..2895
Humble 011 & Refining Co
Mar. 19_2159 Motor Products Corp
Aar. 13..1971 Philadelphia Electric Co
Apr. 2..2522
Hupp Motor Car Corp
Mar. 26..2351 Motor Wheel Corp
Mar. 12..1971 (The) Philippine Ry. Co
Apr. 16_2891
Hydro-Electric Securities Corp
Apr. 16..2904 Mountain States l'ower Co
Apr. 16..2894 Phillips Petroleum Co
Mar. 12..1946
Idaho Power Co
Mar. 19_2133 Mt. Vernon-Woodberry Mills,Inc
Mar. 26_2354 Phoenix Hosiery Co
Apr. 2..2543
Illinois Central RR.Co
Mar. 26-.2337 Pierce Arrow Motor Car Co
Apr. 16...2896 Municipal Service Co
Mar. 12_1945
Illinois Central System
Apr. 2_ _2503 (G. C.) Murphy Co
Mar. 26-.2354 Pittsburgh Coal Co
Mar, 12..1972
Illinois Terminal
Apr. 2..2503 Murray Corp. of America
Apr. 16..2923 Pittsburgh & Lake Erie
Apr. 2_2504
Illint is Water Service Co
Apr. 9.-2719 Pittsburgh Plate Glass Co
Apr. 16..2905 Narragansett Electric Co
lncorp ,rated Investors Corp
Apr. 9-.2702 Pittsburgh Shawmut & Northern. Mar. 19..2167
Apr. 16_ _2893 Nash Motors Co
..Apr. 2...2505
Indian Refining Co
Apr. 2..2533 Nashville Chattanooga & St. Louls_Apr. 2-2504 Pittsburgh & Shawmut
Apr. 2..2505
Indiana Bell Telephone Co
Apr. 9-2737 Pittsb. Suburban Water Service
Mar. 121953 (Conde) Nast Publications
Indiana Harbor Belt
Mar. 12 1971 Pittsburgh Terminal Coal Co Co_Apr. 16-2908
Apr. 2..2504 National Acme Co
Mar. 19 2167
Indianapolis Union Ry. Co
Mar. 26-2354 Pittsburgh & %Vest Virginia
Apr. 2_25(9 National Aviation Corp
Apr. 2_2505
Industrial Rayon Corp
Mar. 19..2163 Pond Creek Pocahontas Co
Apr. 9..2702 National Belles Hess Co.,Inc
Ingersoll-Rand Co
Apr. 2..2542
Apr. 16..2920 National Bond & Share Corp
Mar. 26-2355 Poor & Co
Inland Steel Co
Mar. 12_1973
Mar. 26_2328 Portland Gas & Coke Co
Apr. 2_2532 National Cash Register Co
Interborough Rapid Transit Co
Mar. 19-2134
Mar. 26_2329 Porto Rican American Tobacco
Mar. 26._2323 National Dairy Products Corp
Co Apr. 2_2542
Internat. Business Machine Corp_Mar.
12-1945 National Department Stores, Inc._ _Apr. 2..2539 Postal Tt•legraph.Cable Co
International Cement Corp
Apr. I6__2895
Apr. 9_2719 Pressed Metals of America, Inc
Apr. 16_2921 National Electric Power Co
International Cigar Machinery Co_Apr.
Apr. 2-2542
9-2734 National Enameling & Stamping Co_Apr. 9-2737 Providence Gas Co
Mar. 12..1955
International Great Northern
Apr. 2_2503 National Fireproofing Corp
Mar. 19 2164 Public Electric Light Co
Apr. 9_2721
Internat. Nickel Co. of Can.. Ltd
Mar. 19-2133 National Leather Co
Mar. 26-2355 Public Service Co. of Ind
Mar. 12-1955
Internat. Rye. of Central America -Mar. 26-2321
National Power & Light Co
Apr. 16-2894 Public Service Co. of Oklahoma -- -Mar. 26-2338
Issue of Chronicle.
Name of CompanyWhen Published. Page.
Public Service Corp. of New Jersey Mar. 26--2324
Pullman Co
Apr. 9..2702
Pullman, Inc
Mar. 26_2327
Pyrene Mfg. Co
Apr. 2_2543
Radio Corp. of America
Mar. 19_2138
Radio-Keith-Orpheum Corp
Mar. 12..1973
Railway Express Agency Inc
Apr. 2__2508
Real Silk Hosiery Mills, Inc
Apr. 2_2543
Reading Co
Apr. 16..2897
(Daniel) Reeves, Inc
Apr. 2-2543
Reliance Mfg. Co. of Illinois
Apr. 2__2543
Reliable Stores Corp
Apr. 2..2543
Remington Arms Co
Apr. 9_2739
Revere Copper & Brass, Inc
Mar. 26-2358
Reynolds Metals Co
Apr. 2._2544
Reynolds Spring Co
Mar. 12-1974
Richmond Fredericksburg & Potom_Apr. 2_2505
Mite Kumler Co
Apr. 2__2544
Rio Grande Oil Co
Mar. 19__2168
Rochester Gas & Electric Corp
Mar. 12. _1956
Rochester & Pittsburgh Coal Co----Mar. 19--2168
Rochester Telephone Corp
Mar. 19-2148
Roosevelt Field, Inc
Apr. 2--2544
Rossia Insurance Co. of America____Apr. 2-2544
Royal Typewriter Co
Mar. 26.-2358
Ruberoid Co
Apr. 2....2544
Russeks Fifth Ave.. Inc
Apr. 2._2544
Rutland
Apr. 2__2505
Safeway Stores, Inc
Mar. 26-2358
St. Joseph & Grand Island
Apr. 2._2506
St. Louis Brownsville & Mexico
Apr. 2__2504
St.Joseph Lead Co
Apr. 16__2895
St. Louis-San Francisco Ry
Apr. 2__2505
St. Louis Son Fran. of Texas
Apr. 2..2505
St. Louis Southwestern Ry
Apr. 2..2507
Salt Creek Producers Association-Mar. 19..2169
San Antonio Uvalde & Gulf
Apr. 2__2505
San Diego & Arizona
Apr. 2_2505
San Diego Cons. Gas & Electric--Apr. 16..2895
Seattle Gas Co
Apr. 9__2721
Savage Arms Corp
Apr. 2_2545
Seaboard Air Line
Apr. 2_2505
Seaboard Oil Co
Mar. 26.-2358
Seagrove Corp
Apr. 2__2545
Second National Investors Corp___Apr. 9__2702
Selected Intitt‘tries, Inc
Apr. 16_2895
Sharon Steel Hoop Co
Apr. 2-2545
Sharp & Dohme Inc
Mar. 19-.2169
(Frank G.) Shattuck Co
Mar. 26..2359
Shattuck Denn Mining Corp
Apr. 2_.2545
Apr. 16..2895
Shawinigan Water & Power Co
Apr. 9-.2740
Shawmut Associates
Apr. 2-2546
(Isaac) Silver & Bros. Corp
Apr. 2-2546
Silver King Coalition Mines Co
Mar. 12_ _1945
Simms Petroleum Co
Mar. 26_2327
Sioux City Goa & Electric Co
Apr. 16..2899
Skelley Oil Co
Apr. 9_2711
Snider Packing Corp
Mar. 262322
Soo I.ine System
Apr. 16..2909
South Bay Cons. Water Co
Apr. 16_2895
Southeastern Express Co
Southern Bell Telep. & Teleg. Co___A pr. 9__2703
Southern Calif. Edison Co., Ltd --Mar. 26_2324
Apr. 16_2895
Southern Colorado Power Co
Southern Canada Power Co.. Ltd. Apr. 2...2509
Southern Counties Gas Co. of Callf_Mar. 19__2148
Apr. 2.-2505
Southern Pacific Co
Apr. 2.-2505
Southern Pacific S.S. lines
Apr. 16..2895
Southern Public Utilities Co
Apr. 9__2705
Southern Railway Co
Southwestern Bell Telephone Co--Mar. 12-1956
Southwestern Gas & Electric Co__-Apr. 16_2910
Apr. 9_2722
So'western Light & Power Co
Mar. 19-.2148
Southwest Gas Utilities Corp
Spang, Chalfant & Co.. Inc
Mar. 26..2359
Apr. 9_2702
Sparks WIthIngton & Co
Mar. 12 .1975
Spear & Co
Issue of Chronicle.
Name of CompanyWhen Published. Page.
Spiegel, May, Stern Co
Mar. 12..I974
Spokane International
Apr. 2...2505
Spokane Portland & Seattle
Apr. 2__2505
Springfield Street Ry
Apr. 2_2523
Standard Gas & Electric Co
Apr. 16_2895
Standard Oil Co. of Ky
Mar. 26...2359
Standard 011 Co. of Ohio
Apr. 2..2546
Starrett Corp
Apr. 9_2740
State Street Investment Corp
Apr. 16..2895
Staten Island Rapid Transit
Apr. 2..2505
Steel Co. of Canada. Ltd
Apr. 2..2546
Stone & Webster, Inc
Mar. 26_2327
(A.) Stein & Co
Mar. 26..2359
Studebaker Corp
Mar. 12...1943
Sullivan Machinery Co
Mar. 26-2360
Superheater Co
Apr. 16__2895
Superior Oil Corp
Mar. 26_ _23/4
Superior Steel Corp
Mar. 12..1975
Super-Power Co. of Illinois
Apr. 16_2910
Sweets Co. of America
Mar. 12..1975
Symington Company
Apr. 16_2895
Telephone Bond & Share Co
Apr. 16..2910
Telephone Investment Corp
Mar. 19. _2149
Tennessee Central
Apr. 2..2505
Tennessee Electric Power Co
Mar. 26_2324
Terminal RR. Assn of St. Louls____Apr, 2_2505
Texarkana & Ft. Smith
Apr. 2__2503
Texas Corp
Mar. 26-2324
Texas Electric Service Co
Mar. 19_2134
Texas & New Orleans
Apr. 2__2505
Texas & Pacific
Apr. 2..2507
Apr. 2..2505
Texas Mexican
Mar. 26..2360
Texas Pacific Coal & Oil Co
Mar. 19_2134
Texas Power & Light Co
Apr. 2..2508
Third Avenue Ry. System
Apr. 9...2703
Third National Investors Corp
Apr. 16..2898
Tide Water Associated Oil Co
Apr. 16_2899
Tide Water Oil Co
Tishman Realty & Const. Co., Inc_Apr. 16__2927
Apr. 2..2506
Toledo Peoria & Western
Apr. 2..2506
Toledo Terminal
Transcontinental Air Transport,IncApr. 16..2927
Transue-Williams Steel Gorg. Corp_Apr. 16_2895
Apr. 16..2895
Tri-ContInental Corp
Tri-State Teleph. & Telegraph Co-..Mar. 12_ _1957
Mar, 12..1976
Trico Products Corp
Truscon Steel Co
Mar. 19..2169
Underground El. Rys.of London,LtdApr. 16_2910
Underwood-Elliott-Fisher Co
Apr. 16_2896
Union Bag & Paper Corp
Apr. 16_2927
Union Carbide & Carbon Corp
Apr. 2..2510
Union Oil Co. of Calif
Apr. 16_2896
Union RR. of Penne
Apr. 2..2506
Union Pacific Co
Apr. 2_2506
Union Pacific System
Mar. 26-2322
Union Sugar Co
Apr. 16..2927
Union Tank Car Co
Mar. 19...2170
United Aircraft & Transport Corp__Apr. 2-2547
United Chemicals. Inc
Apr. 16..2927
United F.ngineering & Foundry Co_Apr. 16..2927
United Fruit Co
Apr. 16..2896
United Gas Corp
Mar. 26_2339
United Gas Improvement Co
Apr. 9_2708
United Light & Power Co
Apr. 16...2816
United Light & Rys. Co
Apr. 16..2910
United Piece Dye Works
Apr. 16 _2928
United Power & Transportation Co.A pr. 9._2722
United Profit Sharing Corp
Mar. 26__2360
United States Cold Storage Co
Apr. 16..2928
United States EHatributing Corp _ _Mar. 26__2361
U.S. Envelope Co
Mar. 12..1976
U. S. Freight Co
Mar. 26..2360
United States Glass Co
Apr. 9..2741
United States Leather Co
Mar. 26...2361
United States Lines, Inc
Mar. 26..2361
United States Playing Card Co
_Mar. 26..2361
United States Pipe & Foundry Co_ _Apr. 9...2710
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Name
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
1st
1s1
4th
1st
1st
1st
1st
1st
Previous Inc.(+1 or
Year.
Dec.(-)
$
3.396.388 -625.222
2.777,000 -556.000
52,179
-22,554
-66.981
213.066
-66,101
226.003
2,704.495 -822.903
351.005 -114,505
296,868
-44,218
Current
Year.
Period
Covered.
wk of Apr
wk of Apr
wk of Mar
wit of Apr
wk of Apr
wk of Apr
wk of Apr
wk of Apr
2,771.166
2,221,000
29.625
146,985
159.902
1,881,592
236.500
252,650
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.
&wilt of Road.
Gross Earning*.
Most).
Inc.(+) or
Dec.(-).
1931.
1931.
1930.
$
450,731,213
January
8
865,416,906
336,137,879
875.588,834
389,106.310
368,485.871
389,212.042
377.938.882
364,010.959
349,821,538
362.647.702
304.896,888
2118,239.790
1932.
274.276,242
February
266.892.520
336 182 205
242 312
Mural
February
Mara
April
May
Jane_
7MY
August
September
(etober
November
December
452,261.686
450,567,319
8
-85.314.308
-91.327.890
78.672,852
-81.461.009
462,577,503
-94,091,632
242.716
444,274.691 -75.062,879
468,088.890 -80,150.008
465,762,820 -101,751,861
466,895,312 -117,073.774
482,754,602 -120,136.900
398.272.617 -93.375.649
877,499,123 -89,259,333
1931.
385,522,021 -90.645.842
242.988
242,819
243,024
242,815
242,745
242.734
242,639
427,465,369
-09.299.775
Na Raratays.
Moatha
Mites.
242,657
242.660
242.366
242,832
1932.
244.243
1930.
January
%web
Atuil
May
June
JULY
Atutuat
September
October
November
December
January
February
Issue of Chronicle.
When Published. Page.
Name of CompanyMar. 12..1976
United States Radiator Corp
U.S.Smelting Refining & Mining CoApr. 2-.2548
Mar. 19.-2135
United States Steel Corp
United Verde Extension Mining Co Mar. 26-2363
Apr. 16__2896
Universal Pictures, Inc
Apr. 2-2548
Universal Products Co., Inc
Mar. 19..2134
Utah Light & Traction Co
Mar. 19_2134
Utah Power & Light Co
Apr. 2-2506
Utah RR
Utica Steam & Mohawk Valley Cot.
Apr. 2__2548
ton Mills
Mar. 26_ _2362
Utility & Industrial Corp
Mar. 26_2362
Van Raalte Co.. Inc
Apr. 2.-2548
Veeder-Root, Inc
Apr. 2_ _2507
Virginian
Apr. 2__2548
Vogt Manufacturing Corp
Apr. 2__2507
Wabash Ry
Mar. 26._ 2362
Wagner Electric Corp
Apr. 2..2548
Waitt & Bond. Inc
Mar. 12-.1977
Waldorf System. Inc
Mar. 12...1977
Walworth Co
Ward Baking Corp
Apr. 9..2703
Mar. 19..2170
Warren Foundry & Pipe Corp
Washburn Wire Co
Apr. 2_ _2549
Wash. Bait. & Annapolis El. Ry___Apr. 9-2722
(The) Washington Water Power Co_Mar. 19..2135
Webster Eisenlohr, Inc
Mar. 26._2363
Weinberger Drug Stores. Inc
Apr. 2..2549
Wellman Engineering Co
Apr. 2__2549
Wesson Oil & Snowdrift Co.,Inc____Apr. 9_ _2703
West Texas Utilities Co
Apr. 9_ _ 2722
West Virginia Pulp & Paper Co
Apr. 2-2549
Western Air Express Corp
Apr. 2_ .2549
Western Auto Supply Co
Mar. 26..2363
Western Dairy Products Co
Mar. 19-.2170
Western Electric Co
Mar. 19..2140
Western Maryland Ry
_Apr. 2..2507
Western Massachusetts Co.
Apr. 9-.2722
Western New York WaterCo
Apr. 16_2911
Western Pacific
Apr. 2_ _ 2506
Western Pipe & Steel Co. of Calif __Mar. 26.-2363
Western Power Corp
Apr. 9_.2723
Western Ry. of Alabama
Apr. 2_ _2506
Western Union Telegraph Co
Apr. 16..28'16
Western United Corp
Mar. 26__2339
Western United Gas & Electric Co _Mar. 26__2339
Westinghouse Air Brake Co_
Mar. 26__2363
Westinghouse Electric &
Co___Mar. 19. 2136
West Ohio-Gas Co
Mar. 12_ _1957
West Penn Electric Co
Mar. 12. _1957
West Penn Power Co
Mar. 26-.2339
West Virginia Water Service Co
Apr. 16..2911
Wheeling & Lake Erie
Apr. 2..2506
Wheeling Steel Co
Mar. 19-2171
White Motor Co
Mar. 26_2329
White Rock Mineral Springs
Apr. 16..2896
Whitman & Barnes Inc
Mar. 26..2363
Wichita Falls & Southern
Apr. 2_ _2506
Wilcox-Rich Corp
Mar. 19. 2171
Willys-Overland Co
Mar. 19_21411
Winnipeg Electric Co
Apr. 16_2896
Wisconsin Electric Power Co
Mar. 19_2149
Wisconsin Gas & Electric Co
Mar. 19..2149
Wisconsin Power & Light Co
Mar. 19...2149
Wisconsin Public Service Corp
Apr. 16..2896
Wisconsin Valley Electric Co
Apr. 16..2896
Worthington Pump & Machy. Corp_Mar. 12.-1977
Mar. 12..1977
Wm. Wrigley Jr. Co
Apr. 2_2511
Co
Yale & Towne
Apr. 2_ _2503
Yazoo & Mississippi Valley
Co---Mar. 12_1941
Yellow Truck & Coach
Apr. 2_.2550
(J. S.) Young Co
L. A. Young Spring & Wire Corp___Apr. 2..2550
Mar. 19_ _ 2135
York Shares Corp
Youngstown Sheet & Tube Co
Apr. 9..2711
Zenith Radio Corp
Apr. 9-.2703
&mite Products Corp
Mar. 19_ 2171
we.
mtg.
Net Earnings Monthly to Latest Dates.
Alton1932.
1929.
1931.
1930.
Gross from railway-- $1,306.367 31.678.013 52,089.544 $2,451.518
Net from railway_
638.296
397.881
Net after rents
352.001
31,867
91.150
134,773
From Jan 1
Gross from ratlway
3,712.288 4.839.101
6.121.915 7.911.584
1,661.272
Net from railway_
1.083.386
877.812
Net after rents
225.315
116.615
122.384
March-
-In the folOther Monthly Steam Railroad Reports.
lowing we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, &c., or where they differ in
some other respect from the reports of the Commission.
Fonda Johnstown & Gloversville RR.
Feb. 29-Month of February.- -2
242.332
1931.
1932.
1931.
1932.
242,726
$116.905
$153.782
$74,018
$58.562
Operating revenues
242.421
108.484
120.678
57.739
53.573
Operating expenses
242,674
242.542'
$8.420
333.104
316.278
$4.989
Net rev,from oper
242,494
8.000
9.000
4.500
3.500
Tax accruals
234,105
242.632
$420
324.104
$11,778
31.489
Operating Income_ -- _
242,693
3.217
3.345
7.285
1,686
Other income
242.174
242.836
$3,638
$31.389
$3,176 . 315.123
242,319 ' Gross income
35.248
28.718
58.117
17.464
Deduc.from gross inc
1931.
242,395
--$14.288 --$13.594 --$31,610 --$26.728
Net Income
240.043
12rLast complete annual report in Financial Chronicle Mar. 26 '32, p. 2326
lat.(+) or DIM. 1 ).
-
1930.
Amosai.
94036.076
97.522.762
101.641.509
103.030.623
111.359,322
110.264.613
125.430.843
139.101.475
147.379.100
157.141.555
99,557.310
79,982.841
22.883.171
-412.904,121
16.893,287
-23.885,970
30.320.738
-20.687.220
-28.465,456
44.043.146
55,161,214
-5C.222.527
-82,706,576
-32.841,593
--24.13
-33.76
--16.66
23.21
27.28
--18.70
22.73
--81.64
--37.41
--115.14
-82.85
--41.06
1932.
65,940 685
57 375,537
1931
72,022,230
66,078,525
-26.082.545
-8.702,988
-36 21
- 13.17
Philippine Ry. Co.
Per Cent.
8
71,962,904
66.618,641
84,648,242
79,144.653
81.038,584
89.667.807
06.985.387
95.118,329
92.317.888
101.919,028
66,850.734
47,141.248
mtg.
Miles.
1981.
February
2891
Financial Chronicle
Volume 134
Gross-oper. revenue____
Operating exp.& taxes_ -
Net revenue
Deductions:
-Month of January.- -12 Mos. End. Jan. 311932.
1931.
1932.
1931.
$76,495
363.181
$627.328
$666.052
36.245
40.383
431.747
504.335
540,250
322.797
3195.581
3161.717
Interest on funded debt..
28.496
28.496
341.960
341.960
Net Income
Inc. approp. for Inv. in
physical property.. _
311.753
*35.698
*3146.378
*3180.242
76.293
41.855
Balance
311.753
*35.698 *3188.234 4256,535
* Deficit.
larLast complete annual report in Financicl Chronicle April 18'31, p. 2949
2892
Financial Chronicle
INDUSTRIAL AND MISCELLANEOUS COS.
April 16 1932
California Oregon Power Co.
12 Months Ended Jan, 31Gross earnings
Operating expenses, maintenance and taxes
American Chicle Co.
Quar. End. Mar. 311932.
1931.
1930.
1929.
Net profit after int., deprec'n & Fed. taxes__
$134,811
3185.268
3475.172
$466,847
Shs. corn. stk. outstand.
(no par)
490.000
500.000
500.000
435,389
Earnings per share
$0.89
$0.97
$0.95
$0.94
IC=4,2 Last complete annual report in Financial Chronicle Feb. 6 '32, p. 1025
'
1931.
1932.
83.835.713 $3.923,417
1,667.551
*1,798,395
Net earnings
Other Income
$2,037.318 32,255,866
5,009
6.190
Net earnings including other income
32.012.327 32,262,056
* Less $291,666 extraordinary operating expenses to be amortized, approved by Railroad Commission of California.
Central Arizona Light & Power Co.
(American Power & Light Co. Subsidiary)
-Month of February- 12 Mos. End. Feb. 29.
1932.
1931.
3 Months Ended March 311932.
1932.
1931.
1911.
Operating revenues_
_
3255.136
$287.445 $3,092.188 $3.227,537
received
Cash dividends
$206,088 ()per. exp. lad. taxes___
$205.910
144.743
150.770
1.780.500
Interest received or accrued
1,744.284
13.243
12.162
Net rev. from
8110,391
$136.675 $1,311.688 31,483.253
Total
$218,250 Other income °per_ __
S219,154
30.720
29.960
372,669
Expenses,including miscellaneous taxes
292,665
4,458
4,987
Gross corp. income_
$141,113
3166,635 $1,684.357 $1,775,918
Balance
$214.695
$213.262 Int. on long term debt
31,250
31.250
375,000
Deduct interest paid or accrued
293.155
50,000
50,000 Other int. & deductions_
387
431
2.633
58.072
Net Income
$164,695
$163,262
Balance
3109.476
3134,954 31.306,724 31,424,691
Net profits (after taxes)
106
24.788 Dividends on preferred stock
108.284
107,549
Total net income and profits
$164,802
$188,051
Balance*
$1.198.440 31.317,142
Preferred stock dividend requirements
75,000
75.000 Retirement (deprec.) reserve appropriation
435.605
384.912
Balance
$89,802
3113.051
Balance
3762,835
Common shares outstanding
$932,230
354,500
351.500
* Before dividends and retirement (deprec.) reserve appropriation.
Earnings per share
$0.25
$0.33
1'
-Last complete annual report in Financial Chronicle June 13 '31, p.4407
Stock dividends received have been entered on the books of the company
by only recording the number of shares received without increasing the
cost or book value of the securities involved.
Consolidated Laundries Corp.
rZ Last complete annual report in Financial Chronicle Jan. 16 '32, p„ 500
,
(And Subsidiaries.)
Quarter Ended March 31x1932.
1931.
1930.
Net profit after deproc., int., Federal
American Telephone 8c Telegraph Co.
taxes, &c
3116,869
3154,905
8178,629
Shs. corn, stock outstanding (no pad_
403.885
403,569
Earns. Quar.End. Mar. x1932.
400,741
1930.
1931.
1929.
Earnings per share
$0.27
$0.36
$0.41
Dividends
335.174.105 $40,284,624 $34,999.420 332.935.754
x Quarter ended March 26 1932.
Interest
y6.902.320 y7,409,109
7,301.928
4.478,668
ParDast complete annual report in Financial Chronicle Feb. 20 '32, p. 1378
Telephone oper. rev_ _ _ _ 24,848,213 28,566.511 28.950.824 27,579,777
_see y-.-..--.
bIlscellaneous revenues_
339.009
311.456
Dallas Power & Light Co.
Total
866,924.638 376,260.244 371.591,182 $65.305,655
(Electric Power 8c Light Corp. Subsidiary)
Exps., incl. prov.for Fed.
and other taxes
-Month of February- -12 Mos.End.Feb. 2921.606,650 22.672,082 22,129.564 18,921,154
Deduct interest
1932.
1932.
1931.
1931.
6,618,784
8,147.584
8,844.678
5,883.736
Operating revenues
$440,292
3159.269 $5,365.799 35.383.042
Net income
216.282
213,695
2,444.508
2.605,466
$38,699.204 $45,440,578 $40,616,939 $40,500.765 Oper. exps., incl. taxes..
Deduct dividends
41.984,248 38,301.693 30.871.269 27.402,512
Net rev, from oper___
$226.597
$242.987 32,921.291 $2,777.576
Balance
x601
13,485
234
13.998
def$3.285,d44 $7,138,885 $9,745,670 $13,098,253 Other income
Earns. per sh. on cap.stk
$2.07
$2.96
$253
$3.14
Gross corporate inc_ _ _
$225,996
3243.221 32.934.776 82,791,574
xThese figures are subject to minor changes when final figures for March
Int. on long-term debt._ _
58,125
697.500
697,500
58,125
are available. y Includes miscellaneous revenues.
Other int. & deductions_
4.092
4.335
41,800
45,997
IC:rLast complete annual report in Financial Chronicle Mar. 5 '32, p. 1750
Balance_ y
3163.779
3180,761 32.191.279 12.052,274
Dividends on pref. stock
347.762
474.415
Atlantic Refining Co.
Balances
31.716.864 31.704,512
(And Subsidiaries)
x Debit. y Before transfers to accident, maintenance & depreciation
and surplus reserves in accordance with franchise provisions and before
Quar. End. Mar. 311932.
1931.
1930.
1929.
x Net profits
$435,000loss$2162.800 $1,124,300 33,892.600 dividends. z Before transfers aggregating $854.977 made during the 12
months ended Feb. 29 1932. to accident maintenance & depreciation and
Earns, per sh. on corn.
stk. after pref. dills
$0.16
loss$0.80
$0.42
$1.77 surplus reserves in accordance with franchise provisions.
x After interest,'depreciation, depletion, taxes, costs, &c.
KXPLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1567
Detroit Edison Co.
(And Subsidiary Utility Companies)
12 Months Ended March 311932.
1931.
Auburn Automobile Co.
Total electric revenue
345.693.762 849,143.485
Steam revenue
1,941.328
(And Subsidiaries)
2.473,708
458,601
3 Months Ended462,436
Feb. 29 '32. Feb. 28'31. Gas revenue
Miscellaneous revenue
Dr.3.233 Dr. 10,255
Consol. net profit after deprec., int., Fed, taxes,
min. hit., &c
$7,959
$202,409
Total operating revenue
$48,090,458 352,069,374
Shares common stock outstanding (no par)
206,895
191.292 Non-operating revenue
46,327
77.059
Earnings per share
$0.04
$1.06
arLast complete annual report in Financial Chronicle Jan. 23 '32, p. 679
Total revenue
348.136,786 $52,146,433
Operating and non-operating expenses
x31.448.366 35,348.439
Interest on funded and unfunded debt
Barker Bros. Corp.
5.780,499
5,682,021
Amortization of debt discount and expense
197.210
282.090
Quarter Ended March 311932.
1931.
Miscellaneous deductions
42.771
38.425
Net sales
$2,278,231 33.003.535
Net income
$10.667,939 310,795,457
Cost of sales
1.499,210
1,913.678
x Includes current appropriations of 34.150,000 to retirement reserve
Expenses & depreciation
874.280
1,041.913 (depreciation) in addition to which $1,500,000 was appropriated from
profit and loss (surplus) as at Dec. 311931.
Los
$95,259 prof.$47.914
Other income
rarLast complete annual report in Financial Chronicle Jan. 23 '32, p. 668
10.313
18,828
American European Securities Co.
Loss
Federal taxes
$84,946 prof.$66,772
Cr9,461
8,445
Eaton Manufacturing Co.
Birmingham Electric Co.
(Formerly Eaton Axle & Spring Co.)
Quarter Ended March 311932.
1931.
Consol. net Income after deprec. and Federal taxes
$57,521
$217,373
Shares common stock outstanding
657.837
597.677
Earnings por share
$0.04
$0.30
tarLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1963
(National Power & Light Co. Subsidiary)
-Month of February- 12 Mos. End. Feb. 29.
1932.
1931.
1911.
1912.
Operating revenues
3561.683
8627,552 37.184.462 38.036.095
Oper. exp. incl. taxes_ _
.
394,364
431.696
5.567.180
4.993.112
Earnings for Three Months Ended March 31 1932.
Income from dividends and interest after expenses
$220.622
rX.Last complete annual report in Financial Chronicle Jan. 23 '32, p. 682
Net loss
$75,485 prof.$58.327
IarLast complete annual report in Financial Chronicle Mar. 12 '32, p. 1960
Net rov. from oper_ _ _
Other income
$167,319
1.553
3195.856
25.705
Gross corporate inc
Int. on long term debt
Other int. & deductions_
3168.872
45.750
12.635
$221.561 $2.298.520 $2,846,520
900,633
633.698
66,514
104,577
158,678
18,800
Balance x
$110.487
Dividends on preferred stock
3136.247
Balance
Retirement (deprec.) reserve appropriation
32.191.350 12.468.915
377.605
107.170
31,506,144
430.801
$1,841,310
410,209
31.075.340 31.431,101
350.000
275.000
Balance
$800.340 $1,081,101
x Before dividends and retirement (depreciation) reserve appropriation.
(A. M.) Byers Co.
(And Subsidiaries)
Quar. Ended Dec. 31-1931.
1930.
earnings after taxes_ iess$9,068
Net
432,196
Other Income
14.735
21.782
Profit
Depreciation
$5,667
136,851
353.978
1929.
x$231.753
108,094
1928.
x$341.823
78.880
3339.847
3420.703
See
1084131.181
853.978
Net profit
8120,703
3339,847
x After deducting depreciation.
annual report in Financial Chronicle Jan. 9 '32, p. 330
ifarLast complete
Electric Power Associates, Inc.
Empire Title & Guarantee Co.
Earnings for Quarter Ended March 31, 1932.
Net earnings before taxes
Earns, per share
$11,012
$1.10
Equitable Office Building Corp.
1932.
1931.
11 Mos. End. Ma r. 31
1930.
Total revenue
Operating profit
Depreciation
Balance
Other income
1929.
$5,549.274 35,8.16.758 85,777.207 $5,329,717
4,585,189
4,793,808
4,716.751
4,296.067
252,800
252,800
252,800
252,800
$4.332,389 34,541,008 34.463,951 $4,043,267
109,001
71.865
04.325
73.038
Total income
54,441.390 34,612,873 34,558,276 34,116,305
Int.,real estate,tax. &c_ 2,063,616
2,016,469
1.988.807
1,999,540
Federal tax
283.000
311,500
289,950
253,000
Profit
$2,094,774 $2,284,904 $2,279,519 $1,863,765
Reserve for additional
depreciation
101,807
85,710
55.191
69.870
Net profit
31.992,967 32.199,194 $2,209,649 31,808,574
Shs. com, stock outstanding (no par)
895.464
893,581
895.361
893,584
Earnings per share
$2.22
$2.02
$2.47
$2.45
March net profit was $169,056 after charges and Federal taxes, against
$191,989 in March 1931.
12rLast complete annual report in Financial Chronicle Feb. 6,'32, p. 1034
2893
Financial Chronicle
Volume 134
Household Finance Corp.
(And Subsidiaries)
Electric Bond & Share Co.
12 Months EndedGross income
Expenses, including taxes
Mar.31 '32. Dec. 31 '31.
$30,484,225 $32,560,483
7,071,990 7,510,399
Netincome
Preferred stock dividends
$23.412,235 $25.050.084
8.249.308 8.120,255
Balance
Common stock dividends
415.162,927 $16,929.829
6.901,035 8,714,486
Surplus income
$8.261,892 $8,215.343
Analysis of Surplus March 31 1932.
Earned
Capital
Total
Surplus.
Surplus.
Surplus.
Balance Dec. 31 1931
$48,617,165 $199,385,688 $248,002,853
Surplus income three months ended
March 31 1932
1,829,469
1,829,469
Transfer from capital account pursuant to vote of stockholders at
meeting held March 22 1932.
124,137,238 124.137.238
Total
$50.446,634 $323,522,925 $373,969,559
Excess of book value over sales price
of securities sold during three
months ended March 31 1932,net
96.088
96.088
Miscellaneous deductions
25,199
25,165
34
Balance March 31 1932
$50,446,600 $323.401.672 $373,848,272
x Equivalent to $3.05 per share on the total shares of common stock outstanding at March 31 1932. Dividends received by the company in the
form of capital stock are taken on its books either at par value-or if no
par value than at stated value as shown in the balance sheets of the respective issuing companies
-or at market value if loss than par value or stated
value, as the case may be. If stock dividends received by the company
during the 12 months ended March 31 1932 had been recorded at no value,
the earnings per share of common stock would have been $2.87, or if stock
dividends received had been recorded at market value at dates received the
earnings per share would have been $3.48.
Net excess of sales price over book value of securities sold during the
three months ended March 31 1931 ($33,259), and net excess of book value
over sales price of securities sold (a) during the nine months ended Dec. 31
1931 ($8,630,979) and (b) during the three months ended March 31 1932
($96.088) have been applied to capital surplus. Also, the book value of
miscellaneous marketable securities (i.e., securities of companies other than
client companies and wholly owned subsidiaries) owned at Dec. 31 1931,
was adjusted to market quotations at that date by charging capital surplus
$41,477,893.
Regular quarterly dividends in common stock at the rate of 3-200ths of
a share (1%% or at the annual rate of 6%) were charged out at $10 per
share (being the then stated value of the common stock) for each share of
common stock issued in payment of dividends for all periods covered by the
above statement of income up to and including the payment for Jan. 15
1932. The common stock dividend declared March 22 1932 for payment
April 15 1932 has been charged out at $5 a share, which is the par value of
the present outstanding common stock.
repast complete annual report in Financial Chronicle Feb. 27 '32, p. 1567
Federal Light & Traction CO.
(And Subsidiaries)
(Earnings of New Brunswick Power Co. not included)
Gross earnings
Operating expenses
-Month of February- -12 Mos. End. Feb. 291932.
1931.
1932.
1931.
$688,042
$694,889 $7.994.273 $8,375.705
384,723
394,146 4,984.967 5.248.932
Not earnings
Interest and discount_ -
$303,319
101,230
$300.743 $3,009,306 $3,126,773
1,316,384
106,263 1,280.038
$194.480 51,729,268 $1,810.389
Net income
$202,089
176.438
182,590
Pref.stock diva,of subsidiary companies
Balance available for pref. and com.stock dim $1,546,678 $1,633,951
it Last complete annual report in Financial Chronicle Mar. 18'32, p. 2145
Quarter Ended March 31
Gross income from operations
Operating expenses
1931.
1932.
$3.205.262 $2,999.566
1.535.846
1,628,385
Net income from operations
Other income credits
51.576.877 *1.463.720
4.790
2,851
Gross income
Interest paid
Federal income tax
Other charges
$1.579.728 $1,468.510
255.425
288,855
148.024
178,245
30.964
27.075
Net income
Balance, surplus. Jan. 1
$1.085.553 $1,034.097
2,891.530 2.918.340
Total surplus
Other charges and credits (net)
Dividends
-Part. pref. stock
Class A common
Class B common
33.977.083 $3.952.437
Cr.927 Dr.29.794
177.600
224,358
82.279
140.139
412.137
410.210
Balance, March 31
Capital surplus
$3.203.303 $3,250.627
133.100 (Inc. above)
*3.336.403 $3.250.627
Total surplus per balance sheet
The net income of $1.085,553 is equivalent to 4.71 times current quarterly dividends of $1.05 per share on outstanding participating preference
stock. This compares with $1,034,096 for the quarter ended March
31 1931. and with average quarterly earnings of 11.038,652 for the four
quarters of 1931. Such net earnings for the 1932 quarter amounted to
31.40 per share on the combined class A and B common stocks outstanding
after allowing for current preference dividends, or $1.33 after allowing
for maximum participation of $1.25 per quarter on the outstanding preference stock. These earnings on an annual basis are $5.60 and $5.32
respectively.
la"Last complete annual report in Financial Chronicle Jan. 23 '32, p. 684.
Houston Lighting & Power Co.
(National Power & Light Co. Subsidiary)
Operating revenues
Oper.exps.,incl. taxes
-Month of February- -12 Mos.End.Feb.291931.
1932.
1931.
1932.
*681.631
5669.283 $8.581.846 $8.771.829
302,054
314,572 3.914,530 4.549.037
Net revs, from oper
Other income
$379,577
1.973
$354,711 $4,667.316 $4.222,792
53.026
36.809
2.830
Gross corporate inc__ _
Int. on long-term debt
Other int. & deductions_
5381.550
108.125
8,150
$357.541 $4.704.125 $4,275,818
94.179 1.200.263 1.047.093
83.393
7,272
99.294
Balance_x
Dividends on pref. stock
$265,275
$256,090 $3,404.568 $3,145.332
330.000
330.000
Balance
Retirement (deprec. res. approp)
$3.074.568 *2.815.332
1.300.032
1.286.288
Balance
51.774,536 *1,529.044
x Before dividends and retirement (depreciation) reserve appropriation.
101
-Last complete annual report in Financial Chronicle June 13'31, p. 4409
Johns-Manville Corp.
(And Subsidiaries)
x1929.
Quer. End. March 31- 1932.
1930.
1931.
$4,604,192 17,811.487 $12,164,662 113,023.884
Sales
Cost expense, &c
5,516,799 7,563,103 11,320.964 11.785.230
132.565
Federal taxes
18.274
102.068
Net profit
$741,630 $1,106.089
df.$912,607
$230.110
Earns, per sh.on 750,000
$0.81
$1.30
shs. com.stk.(no par) def.$1.39
$0.13
x Including earnings of Celite Co.. Banner Rock Products Co. and
Weaver Henry Co.
ICR'Last complete annual report in Financial Chronicle March 5 1932, p.
1774 and March 12 1932, p. 1968.
Florida Power & Light CO.
(American Power & Light Co. Subsidiary)
Lehigh Portland Cement Co.
-Month of February- -.12 Mos.End.Feb.2912 Months EndedMar. 31 '32. Mar.31 '31. Feb. 28'30.
1932.
1931.
1931.
1932.
Net income after depreciation,Federal
Operating revenues
$1,093.436 $1.250,636 $11.396.073 *11.636.608
taxes, &c
exps..incl. taxes
Oper.
543.730 5.697,093 5.973.725 Earns per share on 450,348 sharesloss$25.734 $2,140,304 $2,441.042
483,974
common stock (par $50)
Nil
$2.13
$1.56
Net revs, from oper__ $609,462
1706,906 $5,698.980 $5,662.883
O'Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1775
1,036,180
633.170
Other income
67.267
36,409
Gross corporate Inc
Int.on long-term debt:
Int, on mtge. bonds_
Int.on debs.(all owned
by Amer. Pr.& Lt.)
Other int. & deductions..
$645,871
Balance_x
Dividends on pref. stock
$302,842
$774.173 S6.332.150 $6.699,063
21(3,667
216,667
2,600,000
2,600,000
110,000
16.362
110,000
12,994
1.320.000
155.649
1,320.000
131.975
$434.512 $2,256.501 $2,647,088
1.166,553
1.153.636
Balance
Dividends on 2nd pref. stock
Kansas Gas & Electric CO.
(American Power & Light Co. Subsidiary)
-Month of February--12 Mos.End.Feb. 291931.
1932. •
1932.
1931.
5466.679
$192,395 $5,598.104 $5.920.892
265.980 2.814.646 3.013,328
236,072
Netrev.from oper.*230,607
$226,415 $2,783.458 $2.907.564
88.488
55.330
Other income
3.159
7,660
*234.075 $2.838.788 52.996.052
Grosscorporate inc..
*233.766
935.333
900.000
Int. on long-term debt
75.000
75.000
65.286
96.657
Other int.& deductions7,348
7,571
Operating revenues
Oper. exp., incl. taxes....
*1,089.948 $1,493.452
140.000
140.000
Balance
5949.948 $1,353,452
Retirement (deprec.) reserve appropriation
450.000
500.000
Balance x
$151,727 $1,842,131 51,995.433
$151,195
Balance
459.695
525.707
$499,948
$853,452 Dividends on preferred stock
Before dividends and retirement (depreciation) reserve appropriation.
$1.316,424 $1.535.738
Balance
tarLast complete annual report in Financial Chronicle June 11 '31, p. 285
600.000
600.000
Retirement(deprec.)reserve appropriation
$935,738
$716,424
Balance
General Baking Co.
x Before dividends and retirement (deprec.) reserve appropriation.
Earnings for 12 Weeks Ended March 19 1932.
profit after int., deprec. Fed. taxes, &c
Net
$1,014 617
Kimberly-Clark Corp.
Earns, per sh. on 1,594,799 shs.corn.stk. outstanding
$b.53
1930.
Quarter Ended March 311931.
1932.
WLast complete annual report in Financial Chronicle, Feb. 6,'32, p. 1034
Net sales (excl. or inter-plant sales)... $3,778,408 *4,871.893 $5,907,083
Cost of sales
3,130,003 3.751,994 4,356.436
668.525
General & selling exp., incl. bond lot..
557,977
561,754
Gould Coupler Co.
Quarters End. Mar. 31
1932.
1931.
1930.
Profit from operat on
1929
5561,922
$86.650
$880.121
profit after deprec.,
Net
80.028
Other income
186.101
157.655
Federal taxes, Jec____ def$60,114 def$61.567
$237,024
$100.048
Other Income
7.287
28.197
39.744
Total income
25.600
$960,149
$272,751
$719,577
Federal income taxes
115.218
28.000
85.429
Total
def$52.827 def533.370
*276.768
$125,648
Interest
48.000
50.355
52.732
69.000
Net after taxes
$844.932
*244.751
8634,148
Liquid.loss of sub.cos....
5.168
11.038
Provision for divs, on pref. stock
149.445
150,000
1°0 000
Net profit
def$105,996 def$94,763
$224,036
556.618
Net amt. earned on corn. stock
*95.306
$694.932
$484 148
Nil
Nil
$1.28
30.32 Amt, earned per share on corn, stock.
Earns, per sh.on cl.A stk
$0.19
$1.39
$0.96
1:26rLast complete annual report in Financial Chronicle April 2 '32, p. 2530
10 Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2332
-
Incorporated Investors.
Louisville Gas & Electric Co.
Quarters Ended March 31Net earns,from diva. & int, after exps.
Undivided earnings, Jan. 1
1932.
*232.185
308,461
1931.
3226,918
240.216
1930.
$246.277
147,096
12 Months Ended Jan. 31Gross earnings
Operating expenses, maintenance and taxes
Undivided earns, prior to dividend_
Div. payable April 15 (25c, per share)
$540.647
220.687
$467.135
208.670
$393.373
202,344
Net earnings
Other income
$319.960
$358,465
*191,029
Undivided earnings. Mar.31
Net earnings,including other income
1932.
1931.
$10.507.420 $10.625,758
4.763.570
5.111.835
55.743.850 $5,513.923
448,985
295.700
*6.192.835 55.809,623
Financial Chronicle
2894
Libbey-Owens-Ford Glass Co.
April 16 1932
Mississippi Power & Light Co.
1932.
3 Months Ended March 31Manufacturing profit after deducting materials
used, labor and manufacturing expense
$1,061.276
469,659
Less depreciation
$740.243
586.986
Net manufacturing profit
Other income
$591.617
59.910
$153.257
55.369
Total income
Selling. ad vtg., admin., experimental and develop.
expense. Drov ,for doubtful accts.,conting.. &c
Interest expense
3651.527
$208,627
x495.399
111.897
396,699
1931.
444,231 loss$188.072
Net profit
x The increase in this Item over the corresponding quarter in 1931 is
entirely due to Increases in advertising and development expenses.
tarLast complete annual report in Financial Chronicle April 2 '32, p. 2536
Louisiana Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month of February--12 Mos. End. Feb. 291932.
1931.
1932.
1931.
$453,143
Operating revenues
$500.662 $6.031.566 $6.240.342
Oper. exp., incl. taxes
236.664
252,467
3.024,534
3,244.668
Net rev,from oper
Other income
$216.479
3.166
3248.195 $3.007.032 $2,995.674
68,755
89.490
1,676
Gross corporate inc
Int. on long-term debt
Other int. & deductions_
$219.645
73.057
4,143
$249.871
60.417
6.648
(Electric Power & Light Corp. Subsidiary)
-Month of February- -12 Mos.End. Feb. 291932.
1931.
1932
1931.
Operating revenues
$4421.128
5418.402 $4.988.907 35,058.439
Oper. exps., incl. taxes
260.658
267.011
3.098.801
3,333.967
Net revs, from oper
3160.470
$151.391 $1.890.106 51.724.472
Other income
8.186
14.166
120.061
225.826
Gross corporate Inc
$168.656
3165.557 32,010.167 $1,950,298
Int. on long-term debt
68,534
68.142
818,906
661.058
Other int. & deductions_
11,795
9.819
147.442
285.131
Balance x
$88.327
587.596 31.043,819 51,004,109
Dividends on pref.stock
406,094
355,820
Balance
3637.725
3648.289
Dividends on 2d pref.stock
210,000
210.000
Balance
3427.725
5438.289
Retirement (depreciation)reserve appropriation
126.632
151.743
Balance
5301,093
5286.546
x Before dividends and retirement (depreciation reserve appropriation.
PZ`East complete annual report in Financial Chronicle Mar. 19 '32, p. 2146
Balance x
$142,445
Dividends on preferred stock
$3,075.787 $3,085,164
682.223
868,757
47.656
133.467
$182,806 32,159.374 $2,269.474
352.500
354.952
Balance
Dividends on 2d preferred stock
$1,804,422 $1.916.974
187,500
180.000
Balance
Retirement(deprec.) reserve appropriation
31.624.422 $1.729.474
452,585
320.700
Balance
$1.303,722 $1.276,889
x Before dividends and retirement (depreciation) reserve appropriation.
Manitoba Power Co.
-Month of February- -2Mos. End. Feb. 291932.
1931.
1932.
1931.
3125.436
$97,150
$259,006
3197.163
30.798
62,392
23.689
47.413
Gross earnings
Operating expenses
Net earnings
$94,638
$73,461
5196,614
$149,750
Marion Steam Shovel Co.
Earnings for Quarter Ended March 31 1932. .
Net loss after taxes and reserve for deprec.. obsolesc.. &c
5172,048
ta"Last complete annual report in Financial Chronicle Mar. 12 '32, p. 1969
Mohawk Investment Corp.
Quarter Ended March 31Dividends and interest received
Reserve for taxes
Expenses
1932.
333.834
1,923
3.705
1931.
834.587
2,077
9.137
1930.
$46,844
2.857
14.708
Net income
Dividends declared
$28,206
35.448
$23.374
36.052
529.279
38.359
Deficit
$7.242
512.678
$9.080
Net loss from sale of securities
208.653
167.910
127.274
leg Last complete annum report in Financial Chronicle Feb. 13 '32, p. 1208
-
Mountain States Power Co.
12 Months Ended Jan.31Gross earnings
Operating expenses, maintenance & taxes
Net earnings
Other income
Net earnings including other income
1932.
1931.
33,347.002 $3,430,132
2.205.995
2.225.397
1.141.007
1.204,735
237,167
170.192
1,378,174
1.374.927
National Power & Light Company.
(And Subsidiaries)
[Inter-company items eliminated]
12 Months EndedFeb. 29 '32. Feb. 28 '31.
Subsidiaries
Operating revenues
376.622.828 579.626.476
Operating expenses, including taxes
40.277.216 43.602.778
Net revenues from operation
Other income
Market Street Ry.
1932.
12 Mos. Ended March 311931.
Gross earnings
$8.407.302 $9,041,733
Net earnings, including other income before provision for retirements
1,225,234
1,350.937
le'Last complete annual report in Financial Chronicle April 16'32, p.2905
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
-Month of February- -12 Mos. End. Feb. 291932.
1931.
1932.
1931.
$621.784
Operating revenues
3616.994 36.785.780 $6,868.604
364,069
364.885
Oper. exps., Incl. taxes....
3.926,155
4,074.369
Net revs,from eper
Other income
3257.715
2.776
$252,109 52,859.625 52,794.235
14,233
96.389
258,423
Gross corporate inc_
Int on long term debt
Other int. & deductions_
5260.491
61.448
12.240
5266.342 32.956.014 $3,052,658
61.448
737,376
755.746
9,203
144.481
74.316
Balance_ x
Dividends on pref.stock
$186.803
$195.691
$2,074,157 52.222.596
395.549
355,188
Balance
Retirement (depreciation reserve appropriat'n)._
336.345.612 336.023.698
495.322
935.017
Gross corporate income
Interest to public & other deductions
Preferred dividends to public
Retirement (deprec.) reserve appropriations
Portion applicable to minority interests
336.840,934 336.958,745
13.081.884 12.417.358
6.011,307
5,678.134
5,818.819
5,895.983
48,801
60,794
Balance applicable to National Power & Light Co$11.850.123 512,906,476
National Power & Light Co.
Balance of subs.' income applicable to National
Power & Light Co.(as shown above)
11.850.123 12.906,476
Other income
370.896
430,945
Total income
Expenses. including taxes
Interest to public & other deductions
512.221.019 313.337.421
132.364
218,396
1.357.433
1,135.735
Balance applicable to preferred stock
Dividends on preferred stock
Dividends on common stock
$10.731.222 $11.983.290
1,678.210
1.778,988
5.449.427
5,444.988
$1,678.608 $1.867.408
691.564
655.312
Balance
53.603.585 54.759.314
Earnings per share on common stock outstanding_
$1.66
$1.87
"Last complete annual report in Financial Chronicle Mar. 5 '32, p. 1761
Northern States Power Co.
Mexican Light & Power Co.
(And Subsidiaries)
-Month of February- -2 Mos. End. Feb. 291932.
1931.
1932.
1931.
Pesos.
(Mexican Currency)Pesos.
Pesos.
Pesos.
2,112.420
Gross earnings
2.021,870
4,317.390
4.253.730
1.260.760
Operating expenses
1,039,480
2,532.900
2.111,330
3851.660
Net earnings
3982.390 51.784.490 52,143,400
Last complete annual report in Financial Chronicle July 4 '31, p. 115
Mexico Tramways Co.
(And Subsidiaries)
-Month of February- -2 Mos. End. Feb. 291932.
1931.
1932.
1931.
Pesos.
(Mexican Currency)- Pesos.
Pesos.
Pesos.
692.730
Gross earnings
704.950
1.464.900
1,429,340
851.520
Operating expenses
825.430
1.704.090
1.708,790
-Dr____
158.790
Net earnings
120.480
279,450
239.190
12,
-Last complete annual report in Financial Chronicle July 4 '31, p. 115
Minnesota Power & Light Co.
12 Months Ended Jan. 31Gross earnings
Operating expenses, maintenance and taxes
1932,
1931.
533.937.108 333.305.891
16.345.082 x16.6513)89
Net earnings
Other income
Balance
5987,044 31.212.096
x Before dividends and retirement (depreciation) reserve appropriation.
tarLast complete annual report in Financial Chronicle July 25 '31, p. 641
317.592.026 $16.653.902
207.536
238,061
517.799.562 $16,891.963
Net earnings, including other Income
x The operating expenses for the year ended Jan. 31 1931 include $385.000
credit for withdrawal from contingency reserve.
Oklahoma Gas & Electric Co.
12 Months Ended Jan, 31Gross earnings
Operating expenses, maintenance and taxes
Net earnings
Other income
1932.
.1931.
$11.837.642 314.001.685
x5,819.912 x7.459.367
36.017.730
95,097
36.542.318
161.174
46.112.827 46,703.492
Net earnings, including other income
x The operating expenses include credits of 5282,710 for the 12 months
ended Jan. 31 1932 and $25.700 for the 12 months ended Jan. 31 1931 for
withdrawals from contingency reserve.
Otis Elevator Co.
Quar. End. Mar. 31.
Operating earnings
Reserve for pensions
Federal tax reserve
1932.
1931.
1930.
1929.
$775.645 $1.592,647 31.959.443 31.922.506
25.000
60.000
120.000
200.000
205.000
(American Power & Light Co. Subsidiary)
-Month of February- -12 Mos. End. Feb. 29Net income--3715.645 51,472.647 31.759.443 31,692.506
1931.
1932.
1931.
1932.
Shares Corn, stock outOperating revenues
$482,352
standing (no par)
5524.235 $5.987,375 56.479.331
2,000,000
2,000,000 • 2,000,000
y496,996
Oper. exps.. Incl. taxes
2.426.932 Earnings per share
172.786
2,211,065
199,955
$0.31
$0.68
30.83
$3.21
y Par 550.
Net revs, from oper___
$3,776,310 $4.052.399
$309.566
$324.280
IZPLast complete annual report in Financial Chronicle Mar. 26'32, p. 2356
Other income
132.611
1.877
138.746
14.995
Gross corporate Inc.__
Int. on long-term debt_._
Other int. & deductions..
$311.443
141.472
5.545
3339.275 $3,915.056
1,705.527
142.617
68.762
5,536
Balance x
Dividends on pref.stock
8164.426
3191.122
34.185,010
1,685.613
66.102
32,140.767 52.433.295
1,001.872
994.543
Balance
51.146.224 $1,431.423
Retirement (depreciation) reserve appropriation250.000
250.000
Balance
4896.224 31.181.423
x Before dividends and retirement (depreciation) reserve appropriation.
iGtrLast completi; annual report in Financial Chroncile June 13'31, p. 4410
Pacific Telephone & Telegraph Co.
-Month of February- 2 Itfos, End. Feb. 2919:12.
1931.
1932.
1931.
Telep. oper. revenues...._ 34.806 989 35.066.259 39.698.445 $10,284,396
Telep. oper. expenses___ 3.300,511
6.968.942
3.417:360
6.851.579
Net telep. oper. rev.- $1,506.478 31.648.899 32.846.866 53.315.454
Uncoil. oper. revenues-47.500
91.000
90.600
48.800
Taxes assign, to oper-495.378
1,000.447
499.737
976.522
Operating income-- - 8983.600 $1.100.362 31.779.344 42.224.407
ta"Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1579
Financial Chronicle
Volume 134
Southeastern Express Co.
Peerless Motor Car Co.
1932-6 Mos.-1931.
Period End. Mar.31- 1932-3 Mos.-1931.
Net loss after charges,
$201,525
3110,084
$114.221
$67,001
depreciation. &c
O'Last complete annual report in Financial Chronicle Dec. 26 '31, p. 4340
(Lehigh Power Securities Corp. Subsidiary)
-Month of February- 12 Mos. End. Feb. 291931.
1932.
1931.
1932.
Operating revenues
$2,998,909 $3.053,295 $34.831,113 $31,765,481
1,542,865 16.753.551 15,867,208
1.485.627
Oper. exp., incl. taxes
Net rev. from oper_ _ _ $1,513,282 $1,510,430 $18,077,562 $15.898.273
602.284
521,900
31.622
46,164
Other Income
Gross corporate Inc- -- $1,559.446 $1,542,052 $18,599,462 316,500.557
5,371.944
6,117,655
522.411
504,158
Int. on long-term debt
376,055
278,029
53.685
16.910
Other int. & deductions_
$965,956 $12,203.778 $10.752.558
3,490.788
3.732,359
Balance
Retirement (deprec.) reserve appropriation
$8,471,419 87,261.770
1.500.000
1,500.000
$6,971,419 $5,761,770
Balance
x Before dividends and retirement (depreciation) reserve appropriation.
earnings (from dates of acquisition only) of propThis is a statement of
erties owned and operated by the Pennsylvania Power & Light Co. and does
not include any operating earnings of controlled companies. Income
received from controlled companies is included in other income of Pennsylvania Power & Light Co.
8330.374
67.000
3437.550
133.430
Revenue from transportation
Operations other than transportation
$263.373
7.263
8304.119
8.319
Total operating revenues
Expenses
Maintenance
Traffic
Transportation
General
$270.637
$312,439
37.884
6.806
222.294
21.217
$12.400
7.698
257.859
21,922
Operating expenses
Net operating revenue
Uncollectible revenue from transportation
Express taxes
3258.203
12.434
177
70.000
3299,880
12,559
78
8,000
$5,256
$4,480
Operating income
Southern Colorado Power Co.
12 Mos. Ended Jan. 31Gross earnings
Operating exps., maint. & taxes
12 Months Ended Jan.31Gross earnings
Operating expenses, maintenance & taxes
1931.
1932.
$54,991,415 $61.289,974
27,608,344 31.207,466
Net earnings
Other income
$27,383,071 $30,082,508
1,456,166
1,511.396
328.839,237 $31,593,904
Postal Telegraph & Cable Co.
-Montl of February- -2 Mos. End. Feb. 291932.
1931.
1932.
Teleg. & cable oper revs. 31.873.203 $2,016,315 $3,861,435 $4,186,211
291.862
206.152
129.294
101,949
Repairs
392.411
457.336
241,530
224.765
All other maintenance_ _
3,536,101
3,075,030
1,637.194
Conducting operations_ _ 1,513.616
167.597
138,796
81,677
69,524
(Ion, and miscall. exp_ _ _
Total teleg. & cable oper.
4,387.971
3,877,314
2,092.694
1,909,754
expenses
Net teleg. and cable
oper. revenues.. _Dr.
Uncollec. oper. revenues
Taxes assign. to oper_- _
$36.552
10.833
50,000
$76,379
6.250
42.500
$15.880
21,667
100.000
$201,760
12.500
85,000
-Dr.
Operating Income
Non-oper. income
$97.385
6.754
$125.129
9.091
$137,546
12.378
$299,260
18,840
Gross income-Dr.._ _
Deduct,from gross inc
$90.631
212.538
$116.038
174,720
$125,169
424.096
St. Joseph Lead Co.
(And Subsidiaries)
Earnings for 3 Months Ended March 31 1932.
Profit from operations
Other income
$133.038
69,516
Total income
Int. and exp, on funded debt
Provision for depletion
Loss applicable to minority interest
$202,554
125.785
461.508
2.329
Net loss
Surplus, December 31
$662,880
12,027,557
Surplus, March 31 1932
411,364.677
x Including surplus arising from revaluation of ore reserves and mineral
rights amounting to $1,159,441.
KE"Last complete annual report in Financial Chroncile Feb. 20 '32, p. 1389
San Diego Consolidated Gas & Electric Co.
-Month ofFebruary- -12 Mos.End.Feb. 291931.
1932.
1931.
1932.
$757.144
$689,917 37.602.235 $7.425.918
407,033
373,165
3,785,645
3,904.545
3.563
569
378
5,443
Gross earnings
Net earnings
Other income
Net earns. incl. other
Income
Balance after Interest
$407,602
$373,543 33.909,989 $3,789.209
3,052,162
3,124,106
Selected Industries, Inc.
Statement of Income for Period Jan. 1 to March 31 1932.
Income: Interest
$75,015
Dividends
514,476
Miscellaneous
21,575
Total
General expenses
Service fee
Taxes
$611,067
30.814
41.002
3,593
Net income
$535,657
Balance,surplus Dec.31 1931
18.887,078
Surplus arising from conversion of cum.cony,stock into corn.stk
214
Loss on sale of securities
Dr8,867
Total surplus
Dividends on $5.50 cum. prior stock
819.414.082
553.256
Balance, March 31 1932
$18,860.826
-The unrealized depreciation of investments (incl. U. S. Govt.
Note.
securities and New York City notes) on March 31 1932 was $1,562,517
more than on Dec. 31 1931.
.Last complete annual report in Financial Chronicle Jan. 23' 32, p. 689
Shawinigan Water & Power Co.
Earnings for Quarter Ended March 31 1932.
33.246,164
Gross revenue
Net income before income taxes and allowance for U. S. exchange 2,016,648
180,000
Accrual to provide for payment of bond int. in U. S. funds
988,646
Interest on funded debt
$848.001
Surplus before depreciation and Income tax
r-Z"Last complete annual report in Financial Chronicle Feb. 27 '32, p. 1569
3993.401 $1,041.524
1,385
10.781
Net earnings, incl. other income
$994,786 $1,052,305
Southern Public Utilities Co.
Month Ended Dec.31Gross income
Operating expenses,incl. taxes
Ge neral expenses
Renewals Ss replacements reserve
Interest on underlying bonds
Interest on 5% gold bonds
1931.
$921,025
548,862
56,197
105,717
4.425
68,696
1930.
3915.692
563.719
17,632
99,035
4,543
68,69.1
Surplus
$137,127
$162,06 110 Last complete annual report in Financial Chronicle April 16'32, p.2859
-
Standard Gas & Electric Co.
'Earnings of all subsidiary and affiliated public utility companies
now In the system.!
1932.
12 Months Ended Jan. 311931
Gross earnings
3144.023.0E0 3153,257,280
Operating exps., maint. & taxes*
72.658,296
79.722.883
Net earnings
Other income
$280,420
350,466
-Dr
$303,168
$290.759
$549,265
Net income
3630.887
Inc. bal. transferred to
$290,759
$549,265
$630,887
profit and loss
-Dr_ _
$303,168
WLast complete annual report in Financial Chronicle Mar. 19'32, p. 2147
1932.
1931.
32.084.707 $2,255.858
1,091,306
1,214.334
Net earnings
Other income
Philadelphia Co.
Net earnings including other income
-Month of January1932.
1931.
$329.828
$437.545
545
5
RevenuesExpress
Miscellaneous
Charges for transportation
Express privileges (Dr.)
Pennsylvania Power & Light Co.
Balance x
$1,038,378
Dividends on preferred stock
2895
371.364,764
1.295.531
$73,534,397
1,614,615
Net earnings, including other Income
$72.660.295 875,149.012
* After contingent reserve withdrawals of $282,710 and $410,700 respectively, in the 1932 and 1931 periods and $291.666 extraordinary riper
sting expenses in 1932 approved by regulatory commission to be amortized
State Street Investment Corp.
Quarter Ended March 31Dividends and interest received
Reserve for taxes
Expenses
1931.
$112.531
5.643
32,586
1930.
3203.203
11,070
58.526
388.482
130.585
Net income
Dividends declared
1932.
$104,487
4,852
1..153
$74,291
134.882
3133.606
144.209
Deficit
$42. 03
360.590
$10,603
Net loss from sale of securities
951.010
568,690
120.992
tarLast complete annual report in Financial Chronicle Feb. 13 '32, p. 1211
Superheater Co.
Earnings for Quarter Ended March 31 1932.
Net income after depreciation, Federal taxes, &c
$160.746
Earnings per share on 884,799 shs. capital stock (no par)
$0.18
)Last complete annual report in Financial Chronicle Feb. 13 '32, p. 1212
Symington Co.
Quar. End. Mar. 31.
1932.
1931.
Net after depreciation,
Federal taxes, &c_ _
def$61,357 def$102,674
Other income
2.281
15.302
1930.
$150.807
14.651
1929.
$59.093
9.477
368.570
Net Income
3165.458
def$59,076 def$87,372
la"Last complete annual report in Financial Chronicle April 2 '32 p. 2547
Transue & Williams Steel Forging Corp.
1932.
$52,010
21.425
26.654
7,329
Quarter Ended March 31
Gross profit
Depreciation
Expenses
Other charges
1931.
$48,133
38 089
41.759
4,534
$36,249
$3,398
Net loss
tOPLast complete annual report in Financial Chronicle Feb. 6,'32, p. 1045
Tr -Continental Corp.
Three Months Ended March 31Interest received
Divs. (excl. divs. on corp.'s own pref.stock held)
Profit on syndicate participations
Fees for investment service
Miscellaneous income
1932.
$110,301
400.375
1931.
8164,424
547,589
23,556
48,416
4,945
4,173
Total income
Expenses
Taxes
$564,037
99,084
4,708
$739,742
118,697
12.192
$608,854
$460,244
Net income
Undistributed net income from Oct. 30 1931
61,088
Surplus Dec. 31
46,088,422 x19,989,151
Profit on sale of securities-Based on average cost..
87,545
Based on cost of individual purchases
57.101
Loss on sale of securities
-Based on average cost_ _Dr2,932,294 Dr2,849,542
Amount transferred from general reserve
2,704,896
Total reserve
$43,677,461 $20,598.005
Preferred dividends declared
440,988
600,000
Dividends on corp.'s own pref. stock held
Cr77.327
Surplus March 31
$43,236,473 $20,075,331
x Paid-in surplus on Jan. 1 1930 was 326,353,693.
Transactions during
1930, including the transfer of $10.000,000 from surplus to
general reserve,
resulted in a surplus of $19,989,151 on Dec. 311930.
The unrealized depreciation on investments (including U. S.
Government
securities and N.Y. City notes) on March 31 1932 was $1,918.138 less than
on Dec. 31 1931.
rtrLast complete annual report in Financial Chronicle Jan. 23 '32, p.
691
2896
Financial Chronicle
Underwood Elliott Fisher Co.
3 Mos.End. Mar.31Combined inc. after deducting mfg., sell. &
general expenses
Other net income
Total income
Depreciation
Res. for Fed. inc. taxes_
(And Subsidiaries)
1932.
1931.
1155.337
69,177
$224,514
161,342
13,632
1930.
April 16 1932
Wisconsin Public Service Corp.
1929.
$924,830 11.629.527 $2,306,402
88,426
46,680
90,497
$971.510 $1,717,953 $2,396,899
167,646
182,006
177,966
168,934
98,264
295,318
Combined net income_
$19,540
$705,600 $1,367,013 $1,923,616
Shs. corn, stk. outstand_
674.648
696.835
695,173
696,835
Earnings per share
$0.94
$0.01
$1.89
$2.63
10
0
"Last complete annual report in Financial Chronicle Feb. 27'32, p. 1600,
and Feb. 20 32, p. 1391.
Union Oil Co. of California.
12 Months Ended Jan 31Gross earnings
Operating exps., maint. & taxes
1931.
1932.
15.485.087 $5,580,665
3,078,632
3,274.191
Net earnings
Other income
$2,408,435 $2,306,474
19,161
19,344
Net earnings, incl. other income
12 Mos. End. Jan. 31Gross earnings
Operating exps., maint. & taxes
Net earnings
Other income
United Fruit Co.
3 Mos.End. Mar.31- x1932.
x1930.
x1931.
1929.
Net earns, after all chgs.
except Pod,taxes (est.) $700,000 $3,260,000 $3,800,000 $3,300,000
Shs. common stock outstanding (no par)_
2,925.000
2,925,000
2,925.000
2,625,000
Earnings per share
$1.11
$0.24
$1.33
$1.25
x Includes Cuyamel Fruit Co.
MT-Last complete annual report in Financial Chronicle Jan. 16 '32, p. 500
United Light & Power Co.
(And Subsidiary Companies)
12 Months EndedFeb. 29 '32. Feb. 28 '31.
Gross operating earnings of subsidiary and controlled cos. (after eliminating inter-co. transfers) 182.300.075 1687,177,941
Operating expenses
$35,044,079 $37,354,354
Maintenance,charged to operation
4,666,334
5,475,818
Taxes, general and income
7.535.806
7,788,068
Depreciation
8.476.123
8,565,971
Net earns. from oper. of sub. & controlled cos_ _$26,577.733 $27,993,729
Non-oper. income of sub, and controlled cos
3.797.501
5,134,429
Total income of sub, and controlled companies_ _130,375.234 $33,128,159
Int., amort. & pref. divs, of sub. & controlled cos.:
Interest on bonds, notes, &c
10,747,799 11,339,027
Amort. of bond and stock discount and expense..
799,879
763.721
Dividends on preferred stocks
4,447,812
4,241,695
Balance
$14,379,743 $16.783,716
Proportion of earns. attrib. to minority com.stock_ 3,593,765
4,320,809
1932.
1931.
$2,287,587 $2,267.468
1,312,128
1,355,284
$975,439
26,422
Net earnings, incl. other income
Quer.End. March 311931.
1932.
1930.
1929.
Sales
$13,300,000 $18,200,000 $22,750,000 $19,700,000
Prof.aft.int.,Fed.tax.,&c 2,750,000
3,800,000
6,050,000
6,100,000
Deprec., depletion, &c
1,800.000
3,500,000
2,000,000
3,450,000
Net income
1950.000 $1,800.000 12.600,000 $2,600,000
Shs. corn. stk. outstand.
(par $25)
4,386,070
4,386,070
4,264,067
3,914,882
Earnings per share
$0.22
$0.41
60.61 •
$0.66
Production of crude oil and natural gasoline, subject to royalties, approximated 3,900,000 barrels, an increase of 300,000 barrels from the same
period of last year.
tarLast complete annual report in Financial Chronicle Feb. 27 '32, p. 1570
$2,325,818
12.425,596
Wisconsin Valley Electric Co.
$912,184
22,574
$1,001,861
$934,758
FINANCIAL REPORTS
Illinois Central Railroad Co.
(82d Annual Report
-Year Ended Dec. 31 1931.)
The remarks of President L. A. Downs, together with
general statistics, income, profit and loss account, balance
sheet, and other tables, will be found under "Reports and
Documents" on subsequent pages.
GENERAL TRAFFIC STATISTICS FOR YERAS ENDED DEC. 31.
1931.
1930.
1929.
1928.
Aver. miles operated
6,689
6,711
6,721
6,698
Tens freight carried_
42,724,024
53,621,124
62,750,085
61,937,935
Tons fgt. carr. 1 m__ 9,752,447,820 12,568,231,120 15,467,369,973 15,494,819,712
Tons slits. carr. 1 m.11,47,507,000 14,158,428,000 17.364,419,000
17,219,678,600
Aver,revenue per ton
Per mile
.958 cts.
.933 Ms.
.926 cts.
.914 cts
Rev, pass. carried_ 32.048,888
30,697.856
42,712.964
40,473,220
Rev. pass. carr. 1 m. 823,085,170
798,559.102
920,015,230
916,972,135
Average revenue per
passenger per mile
2.204 cts.
2.423 cts.
2.610 cts.
2.720 Ms.
-V. 134 p. 1574.
Canadian National Railway System.
(Annual Report
-Year Ended Dec. 31 1931.)
INCOME ACCOUNT YEARS ENDED DEC. 31.
1931.
Revenue
Freight
Passenger
Express
Mail
Other
Total
Expenses
Maintenance of way & structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
1930.
*133,217,349 $164.304,477
19,656,958
28,096,824
9,491.132
11,499,677
2,925,688
3,099,604
11,982,611
15,368,966
$177,273,738 1222.369,548
34,796.191
39,862.266
38,259,946
43.197,001
6,643,500
7.731.435
Equity of United Light & Power Co. in earnings
81,984,651
96,382,953
of subsidiary and controlled companies
$10.785,978 112,462,907
1,536.330
2,237,688
Earnings of United Light & Power Co
66,949
920,415
7,408,784
7,722,774
941,394
1,360,203
Balance
$10,852,927 $13,383,322
Expenses of United Light & Power Co
122,910
126,320
Total
$169,688.008 1195,773,913
Gross income of United Light & Power Co
110.730.018 $13,257,002 Net revenue from ry. operations
7,585.730
26,595.635
Holding company deductions:
Ry. tax accruals
5,465,451
5.709.977
Interest on funded debt
2,888,065
2.906,839 Uncollectible ry. revenues
41.984
39,098
Other interest
7,713
19,152
Amortization of bond discount and expense
336,105
335,426
Ry. operating income
$2.078,294 $20,846,581
Revenues from miscellaneous
2,485.433
Balance available for dividends
2,923,402
$7,498,135 $9.995,585 Expenses of hotel operations operations
2,581,335
2,949.784
Preferred stock dividends
3,600,000
3,589.538 Taxes on hotel property
102,864
100,459
Balance available for common stock dividends__ $3,898,135 $6.406,047
Aver. No.of com.shs. outstanding during periods- 3,473,923
Hotel operating deficit
3,465.906
3198.765
3126.841
Earnings per average share
$1.85
$1.12
Last complete annual report in Financial Chronicle Apr. 16 '32, p.2900
1:217Total operating income
$1,879,529 $20,719,721
Rent from locomotives
422,423
314,487
Rent from passenger train cars
732.911
Universal Pictures, Inc.
672.446
Rent from floating equipment
349
1.614
3 Months Ended Jan. 301932.
1931.
Rent from work equipment
241,097
341,719
Net profit after all charges
$181,557 41,045,326 Joint facility rent income
1.480.185
1,339,022
x This profit was due to the change in the method of amortizing positive Income from lease of road
15,712
21.905
and negative costs to conform to the general practice in the industry of Miscellaneous rent income
971,153
974,809
writing off these costs over the income-producing life of pictures. Had Miscellaneous non-operating physical property..
120,938
231,987
the inventories of the released film at the beginning of the first quarter of Dividend income
600.497
1,067,172
1931 been valued on the same basis as were'the released inventories at the Income from funded securities
1,255,900
1,080,208
beginning and end of the first quarter of 1932, then the profit for the first Income from unfunded securities tic accounts_
3.758,508
3.390,820
quarter of 1931 would have been $90,433, which is comparable to the net Income from sinking Sc other reserve funds_
1,106,733
1,039.593
Contributions from others
above.
profit of $181,557 reported
100,000
100.000
1,110,104
ra'Last complete annual report in Financial Chronicle Mar. 26 '32, p. 2362 Miscellaneous income
202,464
Western Union Telegraph Co.
1931.
1930.
1929.
Quar. End. Mar. 31- *1932.
Gross revenue,incl. dividends and interest_ __ _$22.538,943 $28,352,011 $33,617,769 $35,642.794
5,588,783
5,487,276
3,609,928
Maint.,repairs & reserve 3,058,033
Other oper. exps., incl.
rent of leased lines and
18,058,497 21,897,857 25,293,181 25,437,135
taxes
1,028,561
902,518
1,339,329
Int. on bonded debt__- 1,338.985
Net income
$83,428 $1,504,897 $1,808,751 $3,714,360
Slas. cap,stock outstand1,023,781
1,023.789
1,023,812
1,045,270
ing (Par 8100)
$3.64
$1.76
$1.47
$0.08
Earnings lier share
*Month of March estimated.
The surplus on March 31 amounted to $92,371,453, against $93,333,051 on
Dec. 31, and $95,107.554 on March 311931, and $95,692.897 on Dec. 31.
1930. Dividends of 61,015,026 were paid in the first quarter of 1932.
against $2,090,040 in the 1931 Period.
'32, p.2705
larLast complete annual report in Financial Chronicle April 9,
White Rock Mineral Springs Co.
Total non-operating income
Gross income
Hire of freight cars-debit balance
Rent for locomotives
Rent for passenger train cars
Rent for floating equipment
Rent for work equipment
Joint facility rents
Rent for leased roads
Miscellaneous rents
Miscellaneous tax accruals
Separately operated properties-loss
Interest on unfunded debt
Amortization of discount on funded debt
Miscellaneous income charges
Miscellaneous appropriations of income
Total deductions from gross income
$11,916,513 $10,778,228
13,796,042
31,497.947
374.273
1,578.770
114,523
53.314
350,069
379.038
13,618
13.654
34,842
55,761
2,009,467
1,837.094
1,326,195
1,307,660
309,684
315,952
113,774
120.141
1,805,341
880,290
1,357,651
2,288,400
852,967
690,757
2,086,920
141,750
77.249
73,688
$10,826,572
$9,736,268
Net income before interest on long-term debt
& int. on Dominion Government loans _
82,969,470
Interest on long-termrlebt
55,214,977
821,761.679
50.922,837
1931.
Quarter Ended March 311932.
Net Inc. def. before int. on Dom. Gov. loans- $52,245,507 $29.161,159
Net income after depreciation & Federal taxes____
$212,528
$182,621
Earns, per sh on 250,000 shs. corn. stk. (no par)_
32.067,463
32,017,211
$0.73 Interest on Dominion Government loans
$0.62
March net profit was 279,853 after depreciation and Federal taxes,
against net profit of $82,257 in March 1931.
Net income-deficit
$84.262,718 861,228.621
*Mast complete annual report in Financial Chronicle Mar. 26 '92, p. 2363 'dr Profit & Loss Account.
-The profit and loss account for 1931 shows:
-Profit on road and equipment sold, $49.134; unrefundable overCredits.
charges. $4.176; donations, $56,024; miscellaneous credits, $802.567:
Winnipeg Electric Co.
total, $911.902. Debits.-Deblt balance at Jan. 1 1931. $579,755,822;
-Month of February- -2 Mos. End. Feb. 29- balance at Feb. 1 1930, Central Vermont Ity. System, Credit, $1,493.812;
debit, balance transferred from income. $84.262.718,• surplus applied to
1932.
1931.
1932.
1931.
Gross earnings
1499,759
1495.850 11,023,358 11.053,890 sinking and other reserve funds, Credit, 31.906; surplus appropriated for
Operating expenses
339,803
342,875
706.278 Investment in physical property, $14,193; miscellaneous appropriations
685,986
of surplus, $52,308; loss on retired road and equipment. $12,546,712;
Net earnings
$180,156
8347,412 miscellaneous debits,8802.655;adjusted ofland surplus account,33,171,728:
1337,372
$152,975
lal Last complete annual report in Financial Chronicle Apr. 16 p. 2911
-debit,balancesforward. *669.692,327.
Volume 134
Financial Chronicle
COMBINED INCOME STATEMENT FOR CALENDAR YEARS.
-Including Eastern Lines- -Eastern Lines Only
1930.
1931.
1931.
1930.
open revenues_ _ 3200.505.162 $250,968,101 $23,231,424 $28,598,553
By.
.Ry. oper. expenses-- 199,312,995 228,802,429 29,624.987 33,028,516
Net rev,from ry. op $1,192.166 $22,165,672df$6,393,563d1$4,429,963
299,462
308,623
6.009.439
5,774,074
By. tax accruals
3.056
42.152
2,527
44,511
Uncollectible ry. revsBy. oper. inc. or defdf$4,626.419Pf$16,114,080df$6,704,714df$4,732,481
243,570
Revs.from hotel oper_
466,197
3.166,972
2,951,630
234,615
Expenses of hotel oper
446.955
3,184,399
3,028,290
Taxes on hotel prop__
7,183
107,641
13,787
116,650
Hotel oper.inc.or def def$193,310 def$125,068
pf$1,772
pf$5,455
Tot.oper.inc.or def.df$4,819,729 pf15,989,012 df6,699,259 df4,730,709
Non-operating income 10,797,462
371,696
408,211
9,955,426
Gross income
$5,977.732 $25,944,438 d136,291,048df$4,359,013
Deduct'nsfrom gross inc 11.260,382 10,154,215
1,612,442
1,961.072
Int. on long-term debt 55,587,145 51,317.537
394,700
372,168
Int.on Dom.Gov.loans 32,643.624 32,693,875
626,413
626,413
Net deficit
$93.513,419 $68,221.18911$9,250,701 $6,992,569
-CONSOL. BALANCE SHEET DEC. 31 (CAN. NAT. RY. SYSTEM).
Assets1931,
1928.
1930.
1929.
Inv. in road & equip.82,137,388.433 32,111,519,813 32,038,398,433 31,942,148,253
Imp.on leas'd ry.prop
3,497.933
2,707,483
3,627,302
3,464,459
Sinking funds
16,764,007
17,061,995
19,708,598
19,134,345
Deposits in lieu of
mtgd. prop. sold
5,073.405
4,954,224
4,998,617
5,617,657
Misc, physical prop_
57,178,042
53,818,942
60,410,641
52,071,316
Inv. in MM. cos-- _ _
46,241,160
28,094,692
53,140,158
28.723,552
Other inv. at cost._
5,348,073
2,301,088
5,646,258
2,744,245
Cash
18,233,300
18,923,376
14,481,436
12,338,890
Special deposits
22,265,771
6,505,523
47.880,951
6.528,976
Loans & bills rec.2,128
Traffic & car service
balance receivable_
1,545,017
833,261
1,574,980
1,389,898
Net balance reedy.
Irons agents & con_
8,951,995
4.705,254
6,211,399
4,277.767
Misc, accts. teeth9,900.769
,
7,601,571
10,051,758
7,190,868
Dom. Govt.. oper.
1,821,472
883,643
def. on East. Mee_
1,888,872
2,394,906
42,582,882
Materials & supplies_
40,166.304
42,088,695
39,961.850
368,535
Int.& diva. receiv_ _ _
1,230,074
871,721
822,241
186.663
130,669
Rents receivable... _
152.478
53,944
30,279
771,693
801,252
880.644
Other current assets_
314,571
336,987
360,921
Working fund adv_ _
263,067
9.288.284
10,480,455
10,683,738
Insurance, &c.. funds
11,125,973
9.786,521
9,725,567
9.454,900
Other def. assets_ _ _ _
8.392,497
Rents & Ins, prem.
48,919
287,059
301,831
216,690
paid in advance-.
196,520
189,710
189,820
189.620
Disc, on cap.stock
7,998,957
11.087,025
12,943,599
16,309,412
Disc, on funded debt
5,251,801
3.773,295
4,418.119
5,416,372
Other unadj. debits.
472,244,138
513.294.188
579,755,822
Profit & loss deficit_ 869.692,327
2897
Coalinga to Monterey, its extension to Belridge, and construction of a
cracking Plant at the Avon Refinery.
A survey has determined that it is now possible to adequately cover the
company.s properties by fire insurance at rates lower than heretofore Possible. Company's properties are now being insured on basis of substantially 90% of insurable value at an annual premium approximately equal
to the annual premium heretofore paid for considerably less coverage.
A total of 82,321.779 heretofore appropriated out of earned surplus as a
protection against extraordinary fire losses and other contingencies has
therefore been restored to unappropriated earned surplus.
COMPARATIVE CONSOLIDATED STATEMENT OF INCOME YEARS
ENDED DEC. 31.
1928.
1929.
1930.
1931.
xTotal volume of busi$49,984,577 $65.269,908 $72,815,785
ness done
$40,701,610
29,900.575 33,426,208 45,596,372 59,041.481
yTotal expenses
Real loss or lig. invent-- 1,516,856
Operating income---- 89,284,179 *16.558,369 819,673.536 $13,774,304
686.516
683,391
448,814
237,352
Other income
89,521,531 $17.007,183 $20,356,926 814.460.820
Total income
Int., disc. & premium on
1.040.857 1,201,274
882,884
727,374
funded debt
Deprec. & dep. charged
5,509.470 5,160,435 5,313,819 5,203.187
off
465,612
473,719
161,131
Est. Federal income tax.
172,298 3,587,447 4,587,832
Cancelledleases, &cUnreal, invent. loss..__ - 4,094,152
loss$981,764 37,215,285 $8940.700 87,590,748
Net income
34,187,229 32,681,671 28,903,307 27,599.829
Surplus at beg, of year
Transfer from reserve for
600,133
contingencies
Trans.from approp.surp 2,321,780
236,052
Adj. appllc. to prior per.
835,763,297 339,896.956 $37,844,007 835,790.710
Gross surplus
Net adjustment applic.
675.569
183.367
925,020
to prior periods
Approp. for fire losses &
1,631.010
338,144
203,883
other contingencies
1,946.850 4,580,824 4.580,824 4.580.824
Dividends paid
Unapprop. surplus. $33,816,447 $34,187,229 $32,681,671 628,903,307
Earns. per sh. on 2,290,412 abs. cap. stk. (par
$3.31
$3.90
aloss$0.43
13.15
$25)
a The net Income of $3,112,388 before unrealized inventory loss was
$1.36 per share.
a Total volume of business done by Associated Oil Co. and Its subsidiaries
as represented by their combined gross sales and earnings, exclusive of
inter-company sales and transactions. y Total expenses incident to operations, including repairs, maintenance, administrative, insurance, and
other charges (exclusive of depreciation, depletion, development expense,
loss on retirement of physical properties, and Federal income tax).
CONSOLIDATED BALANCE SHEET DEC. 31.
1930.
1931.
1931.
1930.
$
Moat/Wes-$
$
AssetsFixed assets......x72,746,545 73.528,507 Capitalstock... 57,280,300 57,260,300
Inv.in cos. affil _ 7.011,238 6,101,952 Funded debt... 9,490,000 11,869.000
Other investm'ts 5,657.282 5,155,953 Accts. payable_ 1,999,830 2,247,489
1,000,000
Invested res. Id_ 1,671,780 1,583,037 Notes payable__
639.774 Due affil. cos.__ 4,193,753 1,885,092
724,683
Due Zr. MM.cos
2,437,424 2,385.470 Wages, Int. de
Cash
1.039,657
mlsc.ac'ts pay 1,100,447
Notes & Reels
739,369
4,338,979 4,206,218 Accrued taxes__
receivable
1,479,782
Mater. & suppl. 1,104,922 1,358.712 Fed.tax (est.).408,552
517,389
15,210,542 20,619,470 Def. liability..._
Merchandise
2,233,037
Def. & unadi U.9 _ 1.793,038 1,611,942 Res,for conting_
3,578,917
Prem.on cap.stk
37.395.364 34,187,229
Surplus
$3,043,784,988 $2,924,448,580 32.847.173,107 32.685.536.564
Total
IdabilUtes5270,220,984 $270,221,124 3270,223.249 $270,245,949
Capital stock
10,600
10,600
10,600
10,600
Stock liab. for cony.
16,841,136
16.730,086
17,028.887
17,153.638
Grants in aid const
Fund, debt held by
977,889,033
1,276,457,207 1,168.565,863 1,122,559,493
public
Dom. Canada acct._ 1,363,788,593 1,330,006,078 1,308,684,662 1,290,216,482
55,653,542
43,507.750
44,829,600
35,008,251
Loans & bilis pay _ _ _
Traffic and car serv.
4,971,468
6.100,687
3,593,249
2,961,808
balances payable...
Aud. accts. & wages
21,459,832
24,407,219
17,440.134
14,041,300
payable
3,297,974
2,820,586
2,584.631
2,433,523
Misc,accounts pay
112.698,435 117.187,038
112,606,435 117,187,036 Total
7,301,152
Total
8,449,964
8,907,658
7,866.496
Int. matured unpaid
93,127
573,997 • a After reserves for depreciation and depletion of 357,979,581.-V.
111,230
28,960
Fund, debt mat. cap
9,148,642
8,213,999 134, p. 2525.
9,298,594
11,213,285
Unmat. int. accrued_
430,367
377,867
379,354
385,059
Unmat. rents accr'd_
Reading Co.
85.294
72,874
154,429
114,484
Other curr. liabilities
7,658
Liab. for prov. funds
(34th Annual Report-Year Ended Dec. 31 1931.)
4,483,424
5,004,355
4,800,661
Other deferred Bab4,665,358
2,140,688
1,772,106
2,574,406
Tax liability
2,477,299
President Agnew T. Dice, in his remarks to stockholders,
10,485,771
9,112,094
10.568,401
Insur. e.: can. reserve_
11,110,838
2,361,363 says in part:
2,681,497
2.407,829
Accrued depre.-Rd.
2,862,300
8,488,322
7,377,883
Electrifteation.-The entire program for the electrification of Philadelphia
11,123,176
12,199,864
Accr. depre.-Equip
950,391 suburban lines, approved by directors in 1928 and 1930. was completed
1,138,977
1,036,009
Aar. depre.-MIsc.
1,229,799
6.108,977 during 1931, with the exception of the Germantown and Chexstnut Hill
2,827,899
2,441,995
Other unad1. credits_
3,138,183
Branch, north of Wayne Junction. which was delayed due to grade crossing
Add. to prop. thru
1,334,192 elimination work under way thereon.
645,018
611.239
Income & surplus.
659,852
Funded debt retired
Electric suburban passenger train service from Philadelphia to West
587.466
515,000 Trenton. Hatboro, Lansdale, and Doylestown, over 64.6 miles of line and
583,000
through inc. & Bur_
587,465
717,583 156.9 miles of track, affecting 144 stations, was inaugurated July 26 1931.
fund reserve
Sinking
840,609
771,928
915,952
2,501,607
Appropriated surplus
2,262,687 when new schedules were put Into effect, practically doubling the suburban
2,385.177
2,553,914
train service over electrified routes and Increasing train speed from 15%
Total
53,043,784,988 32,924,448.560 32,847,173,107 82.685,536.564 to 25%. This service is provided by 70 multiple unit cars delivered during
-v. 134. p. 1365.
the year. Operating results under electrification have been very
satisfactory.
Directors have deemed it advisable to extend electric service to NorrisAssociated Oil Co. and Subsidiary Cos.
town. Involving 14.7 miles of line and 30 miles of track, the purchase of
30 additional multiple unit cars and the conversion of 20 passenger coaches.
(Annua Report-Year Ended Dec. 31 1931.)
presently used in steam operation, for trailer cars, as well as changes in
signals from Shawmont to Norristown. All of the construction work will
William F. Humphrey, President, says in part:
be performed by company forces and will be commenced early in 1932.
After deducting sustained inventory losses of $1,516,856, the net income Service on the Norristown and Chestnut Hill Branches is planned for early
from operations for the year 1931 is $3,112,388. or $1.36 per share against in 1933.
17.215.284 or $3.15 per share, for the year 1930.
Upon completion of electrification of the lines to Chestnut Hill and
In addition to charging against earnings the sustained inventory losses, Norristown approldmately 93.5% of the suburban trains In the Philathere has been an adjustment of 34,094,152 in values of inventories ac- delphia territory will be electrically_ operated.
cumulated prior to the year 1931 and remaining on hand Dec. 31 1931.
-The hearing upon the tentative report
Federal Valuation of Railroads.
As result of this adjustment, inventories are valued lower than market or and order of the I.
-S. C. Commission, directing the Ironton RR. (owned
net realization to the extent of $907.761. The volume of gasoline and and operated jointly by Reading Co. and the Lehigh Valley RR.) to make
other refined products was materially reduced during the year 1931 and an additional "recapture" payment of $88,719, covering the period from
crude oil and fuel oil Inventories remained substantially unchanged in Aug. 31 1920 to Dec. 31 1924, which was referred to In last year's report,
volume. Although this adjustment in the sum of *4,094,152 Is an un- was concluded on Nov. 16 1931. No decision thereon has been rendered by
realized losS. It has been charged against net income for the year, thereby the Commission.
showing a not loss of $981,764, or 43c. per share.
Work has continued on the reports, required by the Commission, of
The gross volume of business decreased $9,282,966. or 18.57% compared changes made in the Reading Co. property from June 30 1917 to Dec. 31
With the gross volume of business for the year 1930. while the total operating 1927, for the purpose of bringing the valuations up to Dec. 31 1927.
expenses were reduced by $3,525,633, or 10.55%. The decreased expenses
During the year 1931, the Reading System expended the sum of 888.865
resulted partly from the lower prices paid for purchased crude oil and for the continuance of the physical valuation of its property on account of
partly from reduction of operating expenses. The volume of refined Federal valuation under Act of Congress approved March 1 1913, making
products sold during 1931 exceeded the volume sold during 1930 by 21%. the total expenditure to Dec. 31 1931. for this purpose. $1.670.103.
Reading Transportation Co.
and the sales of gaso.ine through Associated distribution on the Pacific
-Company continued during 1931 the operaCoast were 7.33% greater than those of the preceding year.
tion of the motor coach lines mentioned in the 1930 annual report, with
It has always been the policy of company testate its assets conservatively. the exception of the Shippensburg-Carlisle route of 22.7 miles which was
The present general economic situation, intensifying the already dis- discontinued Oct. 24 1931, and commenced operations over new routes
turbed conditions in the oil industry, necessarily has the effect of reducing covering 344.8 miles.
It also continued the operation of the Reading-Bridgeport freight truckthe values of some of the company's assets. Accordingly, a survey of the
company's assets Is being made so that values of individual assets may be ing line, and commenced operation of motor truck lines between Fern Rock
reduced wherever a conservative policy would indicate this to be necessary. and North Wales, Pa. and Jenkintown and Neshaminy Fails. Pa. These
It is contemplated that there will be no reduction In value where pro- lines are operated in lieu of local freight train service. The plan adopted
vision for depreciation and depletion is considered ample to amortize for their operation involves the handling of L. C. L. freight 1)y night rail
the remaining investment, and that the total value of the company's oil trains between certain concentration and distribution points and truck
producing properties will not be Increased above actual costs, even though delivery to outlying stations the following morning.
The Heading Transportation Co., in conjunction with the Jersey Central
it is definitely known that the values are much greater. It is estimated
that on completion of this survey, the present earned surplus will be re- Transportation Co., commenced motor truck operations between Philaduced about $12,500,000, leaving after such reduction a comfortable delphia and New York City and between Harrisburg and New York City.
These truck routes render a complete store-door service between points
earned surplus of approximately $25,000.000.
Although the company's earnings from operations have been unfavorably served by them.
The inauguration of motor truck lines by the Reading system Is In the
affected by existing economic conditions and the serious price disturbances
in the markets for gasoline and crude oil, its Indebtedness has been re- nature of an experiment to determine the practicability of a co-ordination
duced during the year 1931 by the sum of $4,306.260, of which $2,379.000 of rail and motor truck service in the Improvement of service to patrons.
was applied in reduction of funded debt and $1,927,260 in reduction of No plans for a system wide co-ordinated service-part rail and part truck
current liabilities. Capital expenditures in the sum of $6,905,864 have -have been evolved but such a program may eventually be necessary.
At the close of 1931, Reading Transportation Co. had a total of 81 motor
been largely financed out of gross income. Unusual major Items included therein are expenditures for improvement of the pipeline from coaches and 10 motor trucks In service.
2898
Financial Chronicle
April 16 1932
The following statement shows the results from the operation of the
motor coach and truck lines during the year 1931:
Alabama Power Co.
Total revenues
(Annual Report
$724,421
-Year Ended Dec. 311931.)
Total expenses
730.013
CONSOLIDATED INCOME ACCOUNT YEARS ENDED
DEC. 3L
Deficit for year
5,592
1931.
193J.
1929.
While the operations of the Reading Transportation Co. showed a net Gross earnings: Electric
$17,142,482 $17,168,735 $17,346.415
Gas
loss of55,592 for the year, Reading Co. was enabled to save many thousands
221,395
Transportation
of dollars through the substitution of an adequate motor coach and truck
520.013
633.506
734,035
Water & ice
service for unprofitable train service on several of its outlying rail lines.
65.218
63.231
Segregalion.-Certificates of interest in 47 shares of the Philadelphia &
Total gross operating revenue__ 317.727.713
Reading Coal & Iron Corp. were presented to the Wilmington Trust Co.,
$17,865,472 $18,301.845
Non-operating revenue
Wilmington. Del., for redemption at $29.50 per share,
30.730
in
45.099
35.355
accordance with the order of the U. S. District Court. during 1931 of
Certificates
Total gross earnings
Interest in 339 shares of the Coal corporation remained outstanding and
$17.758.443 517,910.572 518.337.201
Operating expenses
unredeemed on Dec. 31 1931.
5.723.884 5.672.384 5,283.189
Taxes
2,019.678
TRAFFIC STATISTICS
1,982,309
1.669.811
-YEAR ENDED DEC. 31.
Gross income
1931.
1930.
1929.
1928.
510,014,880 510,255,878 $11,384.200
Average mites operated_
Interest on funded debt
1,456
1.458
1,459
4,618.645 4,755,463 4,726,118
1.426 Amortizatio
Number of tons of mdse.
n of debt disc. & expense
153,386
144.617
144.480
freight carried
519.387,684 526,516.581 531.592,867 $29,459.829
Number tons anthracite
Less: Interest charged to construction $187,090
$869,970
$714,952
coal carried
16.216,055 16.073,224 13.510.493 14,347.727
Number tons bituminTotal fixed charges
$4.584,941 $4,030,110 $4.155,647
ous coal carried
14.865.940 18,546,491 20,020,970 20.786,425
Number tons all freight
Net provision before prov. for retire $5,429.939
56.225,768 57,228,552
carried
50,414,679 61.136,296 65.124.330 64,593.981 Provision for retirement reserve....
933,000
920.515
950,000
AVerage revenue per ton
per mile
Net income
1.162 cts. 1.168 cts. 1.203 cts. 1.193 cts.
54,496,939 $5,305,253 $6,278,552
Number passen. carried_ 11,634,032 14,224,192 16,340.726 19.663.554 Dividends on preferred stock
2,270.954 2,006,648 1.883.396
Numoer passengers carried 1 mile
Balance
210,071,570 259,744,467 300.596,445 335,520.821
$2.225.985 $3,298,604 $4,395,155
Average distance per
CONSOLIDATED BALANCE SHEET DEC.
passenger (miles)_ _ _ _
18.06
31.
18.26
18.40
17.06
Total passenger revenue $3,200,188 $7.893,915 59.621,119 $10,426,679
1931.
1930.
1931.
1930.
AssetsAverage fare per pass$
$
Liabilities-.
S
$
enger per mile
2.177 cts. 2.291 cts. 2.356 cts. 2.397 eta. Cost ot proplies 181,429,949 179,375.165 Capital stock-y82,938,476 79,001,207
Inv. in attn.,
Funded debt-RESULTS FOR CALENDAR YEARS.
&O., cos
190.599 1,436,690 Notes,accta. pay 96.928,600 88,929.000
501.148
385,172
Cash
R.Oper. Revenues1,653,772 1,287.945 Divs., &c., pay_
1931.
1930.
1929.
573,671
1928.
611.851
Coal
148,232
$32.803,069 537.113.764 537,485.247 539.0814.474 Notes receivable
Purchase money
Merchandise
28.234.497 37.292.010 45,237.747 42.684.090 Accts.receivable x2,221.240 2,329,536 obligations. _
. 254,051
Passenger
4.573.328 5,950,185 7.080.682 8,041,229 Matls. dr suppl. 1,401,054 1,588,552 Due to Mill. cos
Mail and express
1.296.918 1.518,400 2,075.296 1.900.166 Debit ctisc.&exp.
Retir. di renew's 3,373.326 9,593,915
3.949.314
in process of
Miseell. operations
1.606.295 2,252,327 2,420.604 2.285.692
Taxes.&c
606.577
549.230
Incidential & it.facility_ 2,099.980 2,765,928 2.897.379 2.449.238
amortization. 3,314,024 3,041,000 Interest accrued
724.388
694,888
Due to affil. cos_
549,943 Deferred Ilabil
339,429
814.348
Total
$70,614,089 $86.922,614 597.196.955 $96,454,889 Due on subscrip.
Miscellaneous
38.999
1,195
to prof. stook_
89,281
Ry. Oper. Expenses147,542 Other reserves
991,960 1,483,144
5.455
MaInt. of way & struct- 59.194.346 513.253,104 S14.097.108 513.563,852 Int. & dive. roe_
28,852 Contrib. for ext.
125,598
116.782
U.8. Governm't
surplus (subl, to
Maint. of equip
17.031.875 21,111,063 22.000.823 20,801.316
securities .....
861,769
Traffic
Federal tax).. 4.416,953 4,473,833
1.086.1851.141,384 1.144.655
1.056.672 Special
9,500
8,985
Transportation
28,861.489 33,674.255 35,698.864 35.879.756 Prepaiddeposits_
insur.,
Miscell. operations
305,420
348.630
376.942
442.101
licenses. &o.363,710
474.430
General expenses
2,592.697 2,697.663
2,652.633 2,630,371 Miscell. Items in
Trans. for Invest
Cr49.552
C,65,238
Cr41.230 Cr174.633
suspense
234,241
Other def. digs_
124,590
Total
$59.025.460 572.160,861 575.929,795
Net, rev, from ry. riper- 11,588,630 14.761.753 21.267.159 574.199,435
22.255.454
Total
191,813,176 190,502,881
Railway tax accruals
Total
191,813,176 190,502.881
2,286,226 2,292.960 4.439,921 4.837.406
x After deducting $310.398 reserve for bad debts. y Represented
UncollectIble ry. revs
1,580
4,711
2,928
14,206 $5 (no par) cum. pref.
by
stock (preferred on dissolution at 5100 per share)
Total ry. oper. income $9,300.824 $12,464,082 516,824,310 $17,403.843 outstanding 26,231 shares; $6 (no par) cum. pref. stock (preferred on dissolution at $100 per share) outstanding 175,075 shares,
Non-Oper. Income
subscribed but
unissued 1,626 shares; $7 (no par) cum. pref. stock (pref. on
Hire offgt. cars. net
-Dr. 3599.620
dissolution
5109,967
$104.052
521.500 at $100 per share) outstanding 165,255 shares,
Other equip, rents. netand common stock out93.807
118.493
131.587
202.323 standing 3,650,000 shares (no par).
-V. 132, v. 4582.
Joint facility rents, net199.893
171.899
136.577
109.260
Tide Water Associated Oil Co.
Total
$306.121
$180.425
5372.210
$333.084
Other Non-Oper. Income(Annual Repot
-Year Ended Dec. 31 1931.)
Miscell. rent income--- S539,324
$359,272
$370.406
$513.415
Misc. non-op. phys. prop
268,584
307.068
President Axtell J. Byles April 12 1932 wrote in part:
308.489
331.677
&par. o er. prop. profit
45.340
66,334
89,238
105.739
The Income and profit and loss statement for the year
Dividend income
1,408.363 2,100.228 4,448,227
Indicates a loss of
Inc. from funded securs- 1,040,852 1,219.775 1,241,926 3,605.841 55.818,671 after making allowance for $6,950,892 of extraordinary and(or)
1.060,671 non-recurring charges. Included in the latter is an
Income from unfunded
adjustment of55,037,966
to bring inventories below market. Operating profit,
securities & accounts_
514.604
before extraordinary
824,762
434,396
887.475 and(or) non-recurring charges, was 22.009,611.
Inc.from sink. &c.funds
29,992
31,941
43,689
25,744
Unfavorable results were due to unprocedente
Release of premiums on
products. The total volume of business, whichdly low prices of crude and
funded debt
includes sales of refinable
3.902 crude oil, fuel oil and refined products, transportati
Miscellaneous income
on and other operating
11,374
12.119
16,972
18,243 earnings,amounted to 596,265.234,a decrease of
$38,284.950 or 28.5% from
1930. The decrease in money value was occasioned
Tot,other non-op.inc. $3.858.433 54,921.498 56.953.343 $8,552,709 prices
principally by the low
received for refinable crude oil, fuel oil refined
Gross income
12,853,137 17.566,005 24,149,865 24.289.635
The total expenses and costs incident to operations products.
amounted to 579,186,Deductions
746, a decrease of 527.610,691 or 25.9% from
Rent for leased roads.-- $3.271.861 $3.287,831 $3,337.245 $3,260,966 expenses were reduced $8,378.000 or 16.7% 1930. Contmliable operating
in 1931 as
Miscellaneous rents-135,207
134.901
Other income in 1931 shows a decrease of 51.215,339compared with 1930.
133.208
115.692
or 50.6% from 1930,
Misc, tax accruals
194,926
193.527
165.794
184,285 due to reduction in dividends from
Int. on funded debt---- 5,574.743 5,113.193 4,690.887 4,820.472 and profit from sale of capital assets.affiliated companies, interest received
Current assets at the close of the year
Int. on unfunded debt
26.692
64,402
22,188
85.069 were $53,785,289, current liabilities $10.472,174, a ratio of 5.14
Amortization of discount
to 1, as
compared with a ratio of 5.82 to 1 at the close of 1930.
13.619
on funded debt
The combined expenditures for capital investments
20,256
of the operating
Miscal. Income charges
321.160
309,524
291.801
317.095 subsidiaries for the year 1931 amounted to $15.839.000 as compared with
$20.844,000 for the year 1930. These investments
by divisions of the
$9,538,209 59,103.379 $8,641,124 58,803.814 business wore as follows:
Total deductions
3,314,928 8,462.627 15,508,741 15,485.820
Net income
1931.
1930.
Production
Disposition of Net Inc.
$8,299,000 $7,206,000
Transportation
Inc. applied to sinking,
2,352,000 3,959,000
Manufacturing
$47.414
reserve funds_ -&c..
$42.456
$54.720
$42.144 Marketing
4.222.000 2,833.000
Inc. approp. for Invest.
935,000 6,682,000
8.895.819 3.170.000 Miscellaneous
in physical property31,000
164.000
Total
$3.267,514 58.420.170 $6.558.202 812.273.677
Income balance
The company was particularly active during $15,839,000 520.844,000
(4%)...1.119.648 1.119.648
First pref.(Wis.
1.119.648 1.119,648
1931 in acquiring and
Second pref. diva.(4%) 1.678.826 1.678,826 1,678,826
1.678.826 developing low-cost crude reserves in the East Texas field and participated
-in, crude line from that field to
4 899 237 5,599.128 5.599.128 5.599.128 in the construction of a 12
. .
Common diva.(8%)
transportation of crude oil to its Bayonne Refinery, the Gulf for water
thus continuing the
522.568 df.$1.839400 $3,876,075 progressgftgrt three years toward adequate reserves
Balance.surplus_ - __df.$4.430.197
low7t crudeso;en ft hes o;hey areo4)anyhad326aces
ins.corn.outst.(par $50) 1.399 782 1,399.782 1.399.782 1,399,782
of
$9.08
Earn. per share of corn..
$0.37
$4.05
$9.06 proven leaseholds in the East Texas field with 94 producing wells and 19
drilling. Subsequently, additional acreage has boon
figures are restated for comparative purposes.
Note.
-The 1928
purchased.
The company now has developed crude oil
reserves in excess of the
BALANCE SHEET DEC. 31.
GENERAL
capacity of Its refineries,a large proportion of which
,
under existing protation
is shut in, compelling the purchase of a substantial
1931.
1930.
1930.
1931.
.
part of its crude oil
recoure ig tts.past
i rifnenhe
LiabilitiesAssets-$
$
$
S
1st pref. stock-- 27,991,200 27,991,200
year, expenditures for transportatio
Invested In road
facilitiesamounted
$2,352,000. In addition to providing a 25%
& eauipment_319,934,993 313,089.702 2nd pref. stock.. 41,970.650 41,970,650 to
li
Common stock- 69.989,100 69,989,100 from the East Texas field to the Gulf hereinbeforeinterest t the cty l ne
Impts. on leased
ry. property__ 44,166,051 40,240.825 Long-term debt.136,097,412 137,409,912 ing and tankage system in connection therewith, referred to, and a gatherthe company's Coalinga
Monterey pipeline system in California was
Deposited In lieu
Traffic & car serof mtge, prop,
vice bats. pay. 1,356,290 1,776,911 extended to the North Belridge and Kettlemanreconditioned and this line
Hills oil fields.
During 1931, expenditures for manufacturing
sold
763,597
763,416 Audited accts. ...1c
facilities amounted to
Misc. phys. prop. 11,704,808 12,352,934 wages payable 6,132.979 7.283.368 $4,222,000. Cracking equipment was installed and placed
Inv.In mill. cOa.:
Misc. accts. pay.
52,114 the Avon refinery and additional cracking equipment in operation at
35.654
Installed at the
Stocks
23,460,408 23,160.368 Int. mat'd unpd 1,769,049 1,789,907 Bayonne and Drumright refineries, increasing the yields and
Improving the
Bonds
15,084.445 14,878,840 Divs. mat'd unpd
41,745
49,814 quality of gasoline produced. Stabilizing units were installed
at both the
Advances_
rn 19e1and Dvomr gh regasol e
o
Ba ynn3 sal08 ru umestof finerig.
8.266,891 8,322.789 Funded debt maOther investm'ts 34,432.273 37.896,585 tured unpaid_
37.889
and lubricants showed a slight
37.889
Cash
3,514,554 8,632.411 Unmat.divs.decl. 1,119.598 1,819,489 from 1930, whereas kerosene showed an increase. The volume decrease
of fuel oil
Special deposit&
38.584
38.842 Unmet. Int. accr
609.579 sales was materially reduced in 1931, because of the substitution of natural
Loans & bills rec. 726970 2,602,537 Unmat.rets accr. 580.559
324,866
324.866 gas for fuel oil and unfavorable economic conditions resulting in a reduction
Traffic and car
Other curr. nab47,174 in industrial and marine consumption of this commodity.
18,385
aerv. bals. rec.
837,124 1,110,855 Deferred liab___
Expenditures during 1931 for marketing facilities were kept
300,107
593,070
Net baLs. reeditat a minimum.
,
Unadjust. credits 79,878,716 73,941,624 amounting to 5935,000. and were confined principally to improvement to
able from fiats.
s
Add'ns to prop.
service stations and purchase of electrical gasoline dispensing equipment
& conductors.
948.069 1,291,198 through Inc. &
For many years the uninsured fire hazards of the operating subsidiaries
Misc. accts. rec. 1,415.749 1,482,810 surplus
were a matter
by reason
Material & sup- 6.607.834 6,893.820 Fund.debtretied103,111,987 103,000,588 impracticaole of concern. butrisks with of high premium rates it was deemed
to insure these
outside companies. In 1927 invested
Int. & diva. rec469,211 1,081,830 through Inc.&
fire reserves were established by the company's subsidiaries and contribuDeferred assets831,099
867,203 surplus
1,738,000 1,738.000 tions thereto continued until the close of 1930,
Unadjust. debits
958.579 3,304,629 P.& L. balance- 1,667,047 7,587,038 ance was secured at lower rates in an amount by which time outside insurconsidered adequate to protect
the companies' properties. The subsidiary companies were therefore able
Total
473,161,231 478,011,593 Total
473,181,231 478,011,590 abolish, as of nee. 31 1931, the reserves for fire losses. reverting them to
-v. 134, P. 2519.
to
surplus.
NPR
Financial Chronicle
Volume 134
During the year 1931 the board of directors of Tide Water Oil Co. authorzed the cancellation of the reserve for death benefits and pensions as all
death benefits are now covered by outside insurance and pension payments
are applied against earnings.
It is recognized that to understate values for the purpose of creating false
future earnings would be as unjustifiable as to overstate values. However,
to be conservative it is desirable to write off unrecoverable values carried on
the books and to refrain from writing up those assets which are carried on
the books below their intrinsic worth, leaving this increment for future
realization or as an offset against future declines in values.
Pursuant to this policy, surveys are being completed which indicate that
Associated Oil Co. will write off approximately $13,500,000, charging it to
surplus; Tide Water Oil Co. will write off approximately $16,000.000,
charging it to surplus: Tide Water Associated Oil Co. (Calif.) proposes to
write off approximately $900,000, and Tide Water Associated Oil Co.
(Del.) proposes to write off approximately $1,700.000.
The board of directors of Tide Water Associated Oil Co. has approved
and will recommend to the stockholders for their approval at the annual
meeting to be held on May 5 next, a restatement of the book value of the
common stock to $IO per share (now stated at $15.68 per share), thus
creating a capital surplus of $34,069,543 to which will be charged the amount
required to give effect to the above write-offs.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1928.
1929.
1930.
1931.
$
aTotal volumeofbusiness 96,265,234 134,387,145 175,922,744 162,235,198
bTotal expenses
79,186,746 107,339,946 142,908,707 130,735,231
Operating incomeOther income
17.078,488 27,047,199 33,014.036 31,499,967
1,186,785 2,414,160 4,358,875 3,270.567
2899
-inch crude line from the East Texas field to the Gulf for water trans12
portation, thus continuing the progress of the past three years toward
adequate reserves of low-cost crudes for its Bayonne refinery.
The company now has developed crude oil reserves in excess of the
capacity of its refineries, a large proportion of which under existing proration
is shut in, compelling the purchase of a substantial part of its crude oil
requirements.
The expenditures for transportation facilities amounting to 21,437,000
Included a 25% interest in the crude line from the East Texas field to the
Gulf mentioned above, and a gathering system and tankage in connection
therewith.
Expenditures for manufacturing facilities amounting to $1,447,000
included additional cracking equipment and stabilizing units at the Bayonne
and Drumtight refineries, increasing the yields and improving the quality
of gasoline produced.
Expenditures for marketing facilities were kept at a minimum amounting to $600,000, and were confined principally to improvements to service
stations and purchase of electrical gasoline dispensing equipment.
For many years, the uninsured fire hazards of the operating subsidiaries
were a matter of concern, but by reason of high premium rates, it was
deemed impracticable to insure these risks with outside companies. In
1927 invested fire reserves were established by the company and contributions thereto continued until the close of 1930, by which time outside insurance was secured at lower rates in an amount considered adgquate to
protect the various properties. The company was therefore able to abolish,
as of Dec. 31 1931, the reserve for fire losses, reverting it to surplus.
During the year 1931. directors authorized the cancellation of the reserve
for death benefits and pensions, as death benefits are now covered by
outside insurance and pension payments are applied against earnings.
As a result of proration of crude oil production but a small percentage
of the potential is permitted. Under these conditions it was deemed advisable as of Jan. 11931. to capitalize intangible drilling costs which heretofore had been charge against income, amortizing these and all other costs
on a unit basis. This change resulted in a net decrease in charge to 1931
income of $776,252.
It is recognized that to understate values for the purpose of creating
false future earnings would be as unjustifiable as to overstate values. However, to be conservative it is desirable to write off unrecoverable values
carried on the books and to refrain from writing up those assets which
are carried on the books below their intrinsic worth, leaving this increment
for future realization or as an offset against future declines in values.
Pursuant to this policy, surveys are being completed which indicate that
the company will write off approximately $16,000,000, charging it to
surplus.
COMPARATIVE CONSOLIDATED STATEMENT OF INCOME FOR
CALENDAR YEARS.
1929.
1928.
1930.
1931.
business$57.321,631 $87,647,865$120,131,729 $95.590,614
a Total volume
Total exps.incid.to oper.b50,584,956 78.048,616 107.616,604 78.550.616
Total income
18,265,272 29.461,359 37,372,911 34,770,534
Depr.& depl. charged off 13.663,011 12,500.924 12.522,082 13,278.441
Cancelled leases,&c_ --. 1,754,413 5,661,995 7,022.463
Est. Federal income tax..
1,807,933
1,009,097
308,331
Int., discount & prem.
on funded debt
1,354,477
838,237 . 1,049.802 1,177,885
Extraordinary &(or) nonrecurr. charges
6,950,893
Divs. on sub. cos. pf. stk
997,230
Min.int.propor.ofearns. Cr119.840
1,189,393 1.640.696 4.197.140
Net income
loss5,818,671 8.750,914 14.000.689 14,132,543
Divs. paid in cash, pref_ 4,289,622 4,397,070 4,392.141 4,367,355
Dividends, common_ ___ 1,736,589
3.453.898
Balance, surplus__ _def11,844,882 4,353.844 6,154.650 9.765.188
Previous surplus
20.517,486 16,888,080 11,615.444 3.164.310
Surplus adjustments... _Dr5,066.643 Dr724,438 Dr882,013 Dr1,314,054
Profit & loss surplus_ _ 13,739,247 20.517,486 16,888,080 11,615,444
Operating income- --- $6,736,674 $9.599,249 $12,515,126 $17.039,998
Shares corn. stock out890,179 1.895.591 3,450,064 2,503,441
Other income
standing (no par)- - 5,789.907 5,739,258 5,560.424 4.852,519
2.01
Earnings per share
1.73
Nil
0.76
$7,626,853 $11,494.840 815.965.190 $19.543.439
Total income
a Done by Tide Water Associated Oil Co. & Subs, as represented by Depreciation & depletion
their combined gross sales and earnings, exclusive of intercompany sales
charged off
7,709.724 6.954.459 6,870.834 7.812.331
and transactions. b Incident to operation, including repairs, maintenance. Canceild leases, &c
1,582.115 2,071,538 2,434,631
472.000 1,295,234
pensions, administration, insurance costs and all other charges, exclusive Est. Fed,income tax
100.000
of depreciation and depletion and Federal income tax.
Net income
loss$1,664.986 $2,368,843 $6,187,724 $10,435.874
CONSOLIDATED BALANCE SHEET DEC. 31.
1.010.144
Outside stk. prop.of prof
1931.
1930.
Extraordinary charges_ - 2.856,740
1931.
1930.
Llat.flUfeS
S
Assets$
Pref.stock__ 68,455,200 73,284,500 Tide Water Oil Co.stock
Oil producing_ _119,969,448 124.260,262
Refining
holders'prop.of prof.loss$4.521726 $2,368.843 $6.187.724 $9.425.730
56,349,177 55,120,460 Common stock_b90,855,377 90,275,926
Surplus at begin, of year 28,218,4.35 29,403.499 26.691.724 22.040.017
Transportation_ 59,515,835 59,933,660 8% gold notes,
Marketing
32.738.377 32,802,226 due Sept. 1
Total surplus
Miscellaneous_ _ 3,775,774 3,731,462 1935 (Associ$23.696,709 $31,772,342 $32,879,448 831,465.747
ated Oil Co.)_ 9,490,000 11,869,000 Surplus adjustment--- _Cr2,564,978 Dr803.195 Dr718.407 Dt2.002,660
Total
272,348,612 275,848,070 Tide Water Assoc'd TransRes. for deprec.
Balance,surplus
$26,261,787 $30,969,146 232.161.041 829.463.087
port Corp.
1.035.260
Preferred dividends_.._
& depletion.. _125,370,291 124.132.676
997.230
997,230 1,006,018
funded debt- 1.650,000
1,990,000 Common dividends
767,137 1,753,457 1.751.523 1,736.103
Purchase money
Total proper's
988,881
Earn. surp. end of yr424,497,320 528,218.460 $29.403,499 326.691.724
& equipm1_146.978,320 151.715,394 obligations_ _ _ 1,442.438
Notes payable..
600,000 1,000,000 Paid-in surplus
1,432,839
Divest's in co.'s
1.555.872
1,555.912 1,555,887
Accounts payaffiliated, not
Total net consol.surp-$26.053,231 $29.774.347 $30,959.371 $28,124,563
consolidated _ 13,629,263 12,200,822 able-trade..- 3,750,893 4,631.586
Shs.com.stk.out.
(no par) 2,191.823 2,191.821
Other investmls 6,313,058 4,326,459 Wages, interest
2.191.820 2.178,776
3,625,897 3,807.816 Earnings per share
& miscell_ - _
Nil
Cash on hand &
$3.85
$0.63
$2.36
in banks
10,764.703 12,166,240 Duetotes. affilia Exclusive of inter-company sales and transactions. b In addition to
ated, not conCash & secure.
taxes of $1,213,098 included in the expenses, State gasoline taxes paid or
1,790.173 1,556,010 accrued amounted to $6.685,183.
solidated._ _
in escrow_ _
946,206
Marketable sec's 3.238,629 3,214,007 Estimated Fed308,331
Notes and trade
COMPARATIVE CONSOLIDATED BALANCE SHEET DEC. 31.
eral tax
aceeprs rec_ _ 1.240,335 1,594,478 Divs. pay. Tide
1931,
1930.
1931.
1930.
Accts.receivable
Water Assoc!.
Acids$
$
-less reserve_ 8,550,377 10,240,626 011 Co.'s 6%
producing.... 42.752,349 47,804,334 5% cony. pt. stk 19,944.600 19,944,600
1,099,268 011
1,052,946
preferred_ _ _
Due from co.'s
Refining
40,734.240 40,792.957 Common stock_x54,795.575 54,795,525
affiliated, not
Deferred pureh.
Transportation_ 26,902,017 26,676,857 Purchase money
consolidated
1.638,253
861,815 money °Mg.- 5,486,294 6,567,441 Marketing
19,694,616 19.895,477 obligations_ __ 1.312,335
858,778
Crude oil and
Def. credits to
Miscellaneous _ _ 2,295,974 2.299,683 Accts. payable.
products
516,650
27,832,135 38,588,040 operat
trade
1,750,938 2,384,040
Materials & sunDeferred and un132,379,197 137,469,308 Wages, Int. and
480.328 Total res.fords-plies
2,159,108 2,889,097 adjusted items
113,253
797,473
771.040
miscellaneous
Inv.res.funds_
5,102,048 Reserve for con689,022
888,795
prec.& dept._ 65,793,288 67,278,545 Accrued taxes
Advances to
2,448,378 5,880.844
tingencies_ _
84.082
338.823
Due to attn. cos_
others--secur.
13,739,247 20,517,486
232,875 Surplus
Net properties
Defer purchase
Deferred & unNlin. interest in
money oblige 3,144,449 4.095.494
& equipm't_ 66,585,908 70.190,763
adjusted items 5,479,899 5,170.421
subsidiaries... a23.753,541 24,044,905 Cash
113,254
7,746.854 6,028,780 Misc. def. nab._
2,557,019 2,698,498 Res.for conting. 1,965,602 6,444,726
Marketsecur_
Total
228.770,288 248,302,323 Total
228,770.288 248,302,323 Notes and trade
Estimated Fed'l
a Includes $19,944.600 Tide Water Oil Co. 5% pref. stock. b Repre100.000
789,756 1,165,204 taxes
acceptances
sented by 5,789,907 shares, no par value.
-V. 133, p. 3268.
Accts.receivable 4,556,063 6,274,029 Deterred credit
401,782
330,666
Crude oil & prod 12,619,827 17,943,643 to operations_
26,053,231 29,774.347
Tide Water Oil Company.
Surplus
Materials & supplies at cost__ 1,053,499 1,531,695
(Annual Report
-Year Ended Dec. 311931.)
Cash & sec. in
946,206
WTOW
Axton J. Byles, President, says in part:
444,440
Due fr. &MI.co.s. 3,449,185
3,519,011
The income and profit and loss statement for the year indicates a lose Inv.res.funds
of $4,521,726 after making allowance for $2,856.740 of extraordinary and Inv.in attn.cos. 6,618,025 6,098,870
772,666
(or) non-recurring charges, including an adjustment of $943,814 to bring Other invwdm'ts 1,689.794
inventories to market. Operating loss before these charges was 21,664,986. Exch.deprec-Acc
916,382
Unfavorable results were due to unprecedentedly low prices for crude Deferred and unand products. Total volume of business which includes sales of refinable
adjusted items 1.907,222 2,675,838
crude oil, fuel oil and refined products, transportation and other operating
111.435.740 119.343,437
earnings amounted to $57,321,631, a decrease of $30,489,273 or 34.7%
Total
111,435.740 119,343,436 Total
from 1930. The decrease in money value was occasioned principally by the
-V. 134, p. 1975.
x Represented by 2,191,821 no par shares.
low prices received for refinable crude oil, fuel oil and refined products.
The total expenses and costs incident to operations amounted to $50,584,956, a decrease of $26,921,046 or 34.7% from 1930. Controllable operSkelly Oil Co., Tulsa, Okla.
ating expenses were reduced $5,429,000 or 18.8% in 1931 as compared
-Year Ended Dec. 31 1931.)
with 1930.
(Annual Report
assets at the close of the year were $29,323,017. current liaCurrent
W.0. Skelly, President, says in part:
bilities of $4,749,540. a ratio of 6.17 to 1 as compared with a ratio of 7.42 to
The year 1931 was one of the most difficult and trying years in the
1 at the close of 1930.
The combined expenditures for capital investments of the operating sub- history of the petroleum industry. Prices of crude and refined oils flucsidiaries for the year 1931 amounted to $8,770,000 as compared with $10,- tuated within a low and unprofitable range, accompanied by curtailment
765.000 for the year 1930. These investments by divisions of the business of the volume of output, reaching, at times and places, complete cessation
of production either voluntarily or under State control.
were as follows:
1931.
1930.
In view of the extraordinary conditions which now confront industry
25,286,000 $2,666,000 and finance generally, company aims to maintain an unusually liquid
Production
1,437,000
222,000 position and the ability to meet any contingency. To that end, prudence
Transportation
1,447,000 2.272,000 In capital expenditure and vigilant economy in every form of expense
Manufacturing
600,000 5,567,000 are being practiced, and the liquidity of our position has been not only
Marketing
38.000 maintained but in fact improved. The balance sheet shows current
Miscellaneous
assets of $9,695,448 (including cash $4.440.843), against current liabilities
$8,770,000 $10,765,000 $2,084,754, a ratio of 4.6 to 1-compared with current assets $8,853,731
Total
during 1931 in acquiring
liabilities $3,668,213, a ratio of
The production division was particularly activeEast Texas field and at (including cash $2,639,715) and current no
2.4 to 1 at Dec. 311930. Company has
bail* loans or other borrowed
and developing low-cost crude reserves in the
money, except its 5;4% gold debentures due in 1939.
the close of the year, had 3,226 acres of proven leaseholds in this field with
The balance sheet has been changed in form, to accord with conventional
producing wells and 19 wells drilling. Subsequently additional acreage
94
practice. Among other changes, reserves for depletion and depreciation.
has been purchased. The company participated in the construction of a
2900
Financial Chronicle
formerly shoWn on the liability side, are brought over to the asset side
and deducted from "Fixed assets: Cost of property, plant and equipment,"
leaving only tne residual or unextinguished part of such cost to be shown
as an asset.
The fixed asset accounts have been materially revised. By increasing
the reserves for depletion and depreciation, the residual or unextinguished
part of property costs has been further written down, in the net amount
of $9,272,616. In practical result this revision reduces the balance of
cost of producing leases to be hereafter returned through depletion and
reduces the per barrel cost of future oil as produced, and accords with
the assumption that industry in general has entered a zone of lower commodity prices. Further, in order to make the revision of the balance
sheet complete and to disencumber progress hereafter, a number of asset
accounts have been written off, such as book value of good-will (arising
from the absorption of other companies in earlier years). capitalized developmental expenditures and other intangibles. As to the remaining
asset accounts, adequate provision has been made for the contingency of
loss as determined in the light of present conditions.
These thoroughgoing revisions, with the dividend declared in 1931 on
the 6% cum. pref. stock, create, in total, a charge of $14,122,325 against
the surplus account: and this charge, with the net loss of $2,117,110 sustained in 1931, results in the transformation for the time being of the
surplus account into a deficit of $5.086,730.
At first view this policy may appear to be drastic, and in a sense it Is;
but its wisdom should be demonstrated by its result
-extreme conservatism
in the capitalization of the assets of the company and the reduction of
charges against future operations.
On the revised basis, allowing fully at face or par value for the 5%%
gold debentures and the pref. stock, and for the accrued but undeclared
dividends on the pref. stock (since May 1 1931), the common shares have
a book equity of over $19 each, based on residual costs of property as now
written down. In making increased provision for depletion and depreciation reserves and correspondingly reducing residual or unextinguished
property costs, the engineering estimate of future oil recovery from producing leases, used as a factor in calculating the revision, is limited strictly
to the expectancy of recovery from present wells. The undrilled portions
of present producing leases are not within that estimate and are therefore
left in effect uncapitalized on our balance sheet, notwithstanding the
further estimate of our engineers that 41,000.000 barrels of net company
oil, now reeding in its natural reservoirs, will be produced in future from
these undrilled portions. The basis on which the revised depletion and
depreciation reserves are calculated equally disregards the expectancy of
future oil recovery from the company's backlog of wholly undeveloped
Prospective oil land, some 800,000 acres, which in itself constitutes a
resource of great probable productivity and value. These potential values
inure to the benefit of the common shares, in addition to the book equity
mentioned above. The properties out of which they arise are fundamental
in the business of the company, forming a reserve of low cost oil to be
drawn upon in the future, as needed.
Last summer company disposed of its interest in the project for trans
Porting gas by pipe line from the Texas Panhandle to the Chicago district
and withdrew from the project. The enterprise involved financial obligations that seemed unwise for the company. In connection with our withdrawal, we were able to effect a profitable sale to the project of the gas
rights in 27,500 acres of oil and gas leases held by us in the Texas Panhandle, leaving our oil rights in that acreage intact.
In the annual report for 1930 stockholders were informed of the organization and ownership by company and five others of Great Lakes Pipe Line
Co., which was then constructing a 1,400-mile pipe line system for the
transportation of gasoline from the refineries of the six proprietary companies
in the Mid-Continent area to Omaha, Minneapolis and St. Paul, Chicago,
and the Great Lakes region, and intermediate points. Construction was
completed in August 1931 and subsequent operation has been satisfactory.
This pipe line system forms an important and profitable facility for the
transportation of gasoline and is fully justifying the expectations of its
founders. Through the system company is conveying to its markets a
substantial part of the gasoline produced at its El Dorado (Kansas) refinery. Company's interest in this project tends to enlarge its marketing
territory and to expand the sale of its products. ,
Consolidated Income Account for Calendar Years.
1931.
1930.
1929.
1928.
Gross earnings (exclud'g
inter-co. transactions)$18,639,310 $27,212,596 $32,633,438 $26,559.443
Deduct oper. & admin.
exps., taxes, &c. (incl.
res. for Fed. inc. tax)_ 13,419,132 18,061.197 19,003,541 15,388,242
Interest charges
841,211
980,547
924,003
1,082,136
Deplet., deprec. & other
capital extinguishment 7.547,316
6,253,980
6,919,403
5,984,688
Extraordinary profit on
sale ofsundry property 1,051,440
1931.
Assets$
Property, Plant &
equipment- - -x35,723,862
Inv. in & adv. to
&c., cos__ 869,011
Advances
Employees' stock
account, &c-.. 378,594
Deferred notes and
accounts rec.-- 2,670,420
Specialfund
1,882
Cash
4,440,843
Notes & accts. rec_ 1.539.270
Inventories
3,715,335
Deferred charges- 776,458
April 16 1932
Balance Sheet Dec. 31.
1930.
1930.
1031.
1443111ties8
6% Pref. stock__11,400,000 11,980,000
52.675,547 Common stock...25,293,815 25,331,585
Funded debt
11,912,000 12,788,500
2,730.510 Pur. money oblig_
124,439 •
87.410 Min. Int. in sub. co
1,665
Empl. stock accts. 279,800
384,825 •
402,473 Other def'd °bile
118,242
499,003
Notes payable.-85,861 1,356,820
2,459,963 Accounts payable_ 1,264,587 1,253,485
134,909 Pref. diva. PaY179,700
2,639,716 Accr. interest, &o. 734,306
878,208
1,969,698 Unadj. credits_ 529,787
651,219
4,244,318 Insurance reserves
82,342
1,715,926 Res. for conting- 3,500,000 2,500,000
Surplus
df5,086,730 11,152,706
Total
50,115,676 69,060.470
Total
50,115,676 69,060,470
x After reserves for depreciation and depletion of
$51,665,726 in 1931
and 339,149,889 in 1930.-V. 133. p. 3641.
(The) United Light & Power Co.
(Annual Report
-Year Ended Dec. 31 1931.)
COMPARATIVE CONSOLIDATED EARNINGS STATEMENT 12
MONTHS ENDED DEC.31(COMPANY AND SUB.COMPANIES).
1931.
1930.
1929.
Gross earns. of sub. & controlled cos.
after eliminating Inter-co. transfers)$87,291,404 $93,743,543
$96,200,648Operating expenses
35,497,551 38.082.328 40,193.660
Maintenance.charges to operation_ _ 4.798.809
5,679,646
6,469,120
Taxes, general and income
7,510,399
7.895,756
8,188,223
Depreciation
8.671.560
8.445,133
7,507,861
Net earns. ofsub. & controlled cos-$30,813,085 $33,640,681
533,841,782
Int. amortiz. & pref. diva. of sub. &
'
controlled companies:
Interest on bonds, notes. &c
10,739,974 11,330.615 11,446,260
Amortiz.of bond & Stk.disc. & exp.
810,480
752,033
940,349.
Dividends on peferred stocks
4.419.732
4.208.864
4,033,885
Balance
$14,842,898 $17,349,166 $17,421,285
Less
-Proportion of earns., attrib. to
minority common stock
3,751,508
4.502,107
5,174.453
Equity of United Light & Power Co.
in earnings ofsub.& controlled cos..$11,091,390 $12,847.059
512,246,831
Earnings of United Light & Power Co.
80.545
1,007.522
934,468
Balance
$11,171,935 $13,854.582 513,181,300.
Exps. of United Light & Power Co.....
125,742
131.637
182,682
Gross inc.of United Lt.& Power Co.$11,046,192 $13,723,044 $12,998.617
Holding company deductions:
Interest on funded debt
2,888,065
2,906,564
2.909,742
Other interest
2,637
18,755
297
Amortiz. of bond & disc..k expense_
336,108
335,274
116.936
Balance available for dividends-- $7,819,382 $10,462,449 59,971,641
Class "A" preferred dividends
554,439
Class "B" preferred dividends
161,260
$6 cum. cony. 1st preferred dividends 3,600.000
3,568,612
1,753,804
Bal. avail, for corn, stock dividends $4,219,382 $6,893,837 $7,502,136
Earnings per average share outstanding during periods
$1.21
$2.01
$2.32
CONSOLIDATED BALANCE SHEET DEC. 31.
1931.
1930.
1031.
AssetsLiabilities$
$
Props., fran'aes
Un. Lt. & Pr. Co.:
organiz'n, &c_446,110,400 436,862,197
Pref.stock-- 60,000.000
Unamort. bond
Corn. stock- - 13,895.692
disc. & stock
surp- 11,995,617
expense
20,566.304 22,020,906 Sub. Companies:
Invests (at cost) 72,065,654 70,599,152
Pref.stock.... 69,510,993
Cash
10,120,913 11,130,968
Corn. stock- - 31,924,848
Secs. parch, for
Paid-in surp_ 8,346,546
temp. invest- 2,752,233 3,718,734
Burp. appl. to
Accts. reele, less
min. int.._ 17,326,306
allowance- - - 9,486,730 9,925,108 Funded debt_ - -266,303,700
Accts. receivable
Notes pay.. sec- 6,000,000
unbilled
734,187
674,523 Accts. payable_
Notes receivable 1.524,941
5,418,388 Notes payable__
168,786
Int. & diva. rec552.579 Accts. payable- 2,578.753
618,494
Inventories
8,171.974 9,363,430 Interest
4,979,195
Prepd. expenses
803,593
759,897 Dividends
3,283,254
Due Ir. officers
Federal inc. tax
& empl. under
(est.)
1,636.455
spec. stk. sub.
General taxes-- 3,186,515
595.323 Miscellaneous.agreement...
505,975
91,021
Spec.fds.on dep. 1.409.772
1,304,539 Del. liabilities__ 2,520,445
Items in stulp'se
872.524
720,728 Reserves
652,948,910
Earned surplus- 18,946,657
1930.
60,000,000
13,895,604
11,991,059
66,341.886
31,792,820
8,304,244
16,827,872
260,824,000
11,500,000
a1,053,800
1,029,424
3,112,232
4,822,275
3,161,488
Net income
loss$2,117,110 $1,916,872 35,786,490
Add-Opening surplus__ 11,152,706 13,649,904 10,259.208 54,104.377
8.770,012
Miscell. adjustments_
36,527
62,116
2,479,281
Total
3,153,397
$9.035,596 $15,566,775 $16.082.225 512.936,504
249.758
Preferred dividends_ _ _ _
179,700
503,400
2,858.516
Common dividends
2,130,670
2,165,305
2,177,296
48,723,248
Prov. for contingencies_ 1,000,000
1.780,000
267,016
500,000
21,525,571
Adjust. by adoption of
new bases ofres
9,272,616
575,643,694 573,646,484
Total
Total
575,643,694 573.646,484
Sub. co. & div. develop.
a To be liquidated under terms of contract by issuing preferred stock of
Mate, &c
2,053,019
subsidiary. b For retirement of properties, $44,710,035; contributions for
Good-will charged of
_
979,177
extensions, 5874,955: maintenance and other operating reserves, $1,016,688;
Other surplus adjusts-....
637.813
general contingencies, $6,347,231.
Note.
-The United Light & Railways Co., a
Closing surplus_ _ _def$5,086.730 $11,152,706 $13,649,904 510.259,207 • & Power Co.. was reported to be contingentlysubsidiary of United Light
liable at Dec. 31 1931 as
Shares capital stock outco-guarantor with North American Light & Power Co. and Lone Star Gas
standing (par 525)..... 1,011,752
1,089,571 Corp. of notes payable of Northern Natural Gas Co. in the amount of
1,013,263
1,095.581
Earnings per share
Nil
$5.28
51.39
$3.76 $17,000,000.-V. 134, p. 2149.
enerat Corporate anti 3ntie5tinent
STEAM RAILROADS.
Grain Rate Hearing Broadened By I.
-The I.
-S. C.
-S. C. Commission.
Commission has acquiesced in the request of western railroads and other
bodies by modifying its order reopening the western grain rate case so as to
eliminate the restriction of the reopened hearing to evidence appertaining
to changed conditions affecting agriculture. "Wall Street Journal," April 13.
9.3.
Unified Delivery in View By Roads.
-The railroads of the country are
Considering a proposal to have the Railway Express Agency, Inc., undertake
door-to-door delivery and thus offset competition by independent motor
trucks. N. Y. "Times," April 14, p. 33.
Cotton Rate Cut Asked.
-The 1.-S. C. Commission has taken under consideration a request by southern railroads for permission to reduce rates on
.cotton from Mississippi Valley origin points to southeastern ports and to
southeastern mill destinations in Alabama, Georgia and Tennessee. and
from origin points in those states to Carolina mill destinations. "Wall
Street Journal," April 9, . 2.
Matters Covered in the "Chronicle" of April 9.-(a) Additional railroads
seek loans from Reconstruction Finance Corporation, p. 2648;(b) Separate
agency for rail aid sought
-Senator Couzens offers bill to take loans from
hands of Reconstruction Finance Corporation, p. 2643:(c) Initial report of
Railroad Credit Corporation-Loan authorized 514,538,452
-Loans made
$2,363,120
-Total assets $18,609,378. pi. 2648;(d) New York Central RR.
to re-employ approximately 7,000 workers
-West Albany shops to reopen
April 4. p. 2654.
Aberdeen & Rockfish RR.
-Loan of $127,000 from
Reconstruction Finance Corporation Approved. See under
"Current EventS" on a preceding page of this issue.
-V.134,
13. 1755.
Boston & Maine RR.
-Stockholders Authorized Company
+to Issue Notes and Borrow from Reconstruction Finance
Corporation-Also Approve not Exceeding $10,000,000 Bonds
Under General Mortgage.
The stockholders at their annual meeting, April 13,_ authorized
an
equipment notes: application to Reconstruction Finance Corporation
Isueof
for a loan not exceeding 57,500,000 to be secured by pledge
mortgage bonds; and the proposal to authorize not exceeding of general
$10,000.000
of bonds under the general mortgage to reimburse the
road
and improvements and refunding securities coming due early for additions
in
comprise $3,991,000 Boston & Maine series M 6 Q bonds, due 1933 which
Jan. 11933;
$400,000 Fitchburg 4%% bonds, duo Jan. 1 1933;
$1,000,000 Boston &
Lowell 4M % bonds, due Feb. 11933.
The vote on question of making dividend payments
of quarterly was carried. The authorization to issuesemi-annually instead
75,000 shares of 7%
prior preference stock to provide for conversion of bonds was
approved as
was also the execution of an agreement between Boston
Nashua & Lowell RR., modifying the lease of the latter to & Maine and
the Boston &
Maine.
To Establish Pick-Up and Delivery Service.
Effective May 16, Boston & Maine will establish pick-up
delivery of less-than-carload freight between more than 50 and store-door
England
cities and towns located on its lines. This is the first such New
service to be
established by any eastern railroad, and is a move to meet highway motor
truck competition.
Between most points the new pick-up and delivery service will be furnished with no addition to the rail rate now applying between freight
stations In the communities selected for starting the experiment. The
pick-up and delivery service will be performed by local truckmen in each
city and town.
The road will pick-up and deliver less-than-carload freight at the cuetomer's doorway or platform. Service will be overnight between practically
all of the communities selected to start 11.-V. 134, p. 2331, 2511. 2518.
Financial Chronicle
Volume 134
-Earnings.
Belt Railway of Chicago.
Hoboken RR. & Terminal Co.
-Sale.
-
Calendar Years1931.
1930.
1929.
1928.
Railway oper. revenues- $5,244,415 $6,803,386 $8,299,173 $8,152,395
Railway oper. expenses.. 3.592.374 4,678,119
5,608,791
5,601,187
Railway tax accruals, &c
824,389
649,247
685,448
643,349
Railway oper. income_
Non-operating income__
$827,652 $1,476,021 $2,004,934 $1,907,859
995,206
689,616
129,313
140,363
Gross income
$1,822,858 $2,165,637 $2,134,247 $2,048.222
Hire of freight cars
187,977
Rent for leased road
1,740.203
1,761,421
1,762,782
1,696,850
Other rents
194,636
210,904
178.355
163,164
Int. on unfunded debt....
1.654
5,011
1.263
43
Miscellaneous charges
1,101
965
4,646
Net income
los4301,611
$187,200
$187,200
$187,200
Dividends paid
187,200
187,200
187.200
Comparative Balance Sheet Dec,31.
Assets1931.
1930.
1931.
1930.
Investments
$3,119,63 ($3,119,629 Common stock-53,120,000 $3.130,000
Cash
769,760
374,699 Long-term debt-- _ 154,000
198,000
Demand loans &
Traffic & Car servdeposits
26,791
ice bal. payable_
47,963
77,565
Time drafts dr deps 500,000 1,000,000 Audited accts. &
Traffic & car servwages payable_ _ 193,392
233,953
ice balance rec _ 253,497
445,045 Mfseell. accts. pay.
18,470
12,057
Net balance recely.
Unmatured divifrom agents &
dends declared-93,600
conductors
34,007
29,627 Unmat.int. aver5,435
3,780
MaceII. accts. rev.. 528,906
521,635 Other eurr. liabil- 119,041
145,871
Material & supplies 298,253
362,361 Unadjusted credits 2,213,113 1,856,710
Mt.& dive. ree_ _ _
21,600
24,288 Approp. surp, not
Deferred assets10,369
660 specifically inUnadjusted debits
18,655
vested-undivid.
30,786
surplus
13,322
165,541
Income balance def 301,611
Total
$5,581,469 $5,908,734
Total
$5,581,469 55,908,734
Note.
-Equipment leased by this company from Chicago & Western
Indiana RR.as of Dec. 311931, is va ued at $2,210,989. including $931,152
inventory value of equipment leased Nov. 1 1912.-V. 132, p. 3141.
Chicago Rock Island & Pacific Ry.-Bonds.-
The I.
-S. C. Commission has authorized the company to issue not exceed-frig $178,000 1st & ref. mtge, gold bonds, in reimbursement for capital
npenditures heretofore made, the bonds to be pledged and repledged as
collateral security for short-term notes.
New Directors.Henry Rogers Winthrop of Winthrop, Mitchell & Co., and E. G. Wilmer
have been elected directors, succeeding P. G. Ten Eyck and Jesse Hirschman.
-V.134, p. 1948, 1943.
Chicago & Western Indiana RR.
-Earnings.Calendar Years1931.
Operating revenues
$135,555
Inc.from lease of road
2,109,275
Joint facility rent income 2,761,098
Miscell.rent income....
54,872
Equipment rents
6,370
Income from unfunded
securities & accounts..
6.181
Miscellaneous earnings_ 21,949
1930.
$174.018
2,133,961
2,603,405
53,501
27.665
1929.
$216,037
2,116,971
2.552,
50,968
60.331
1928.
$258,435
•
.
2.434,580
47,255
96,325
11.134
23,822
16.453
24,310
8,139
17,172
Total
$5,095,300 $5.027,508 $5.037,714 $4,935,852
Operating expenses
404.399
330,484
243,657
319,376
Interest on funded debt.. 3,284,128
3,231,012
3,288,451
3,308,869
Rent for leased road- - - 48,675
116,932
133,717
126,635
Joint facility rents
13,410
14,762
15,623
14.055
Equipment rents
8,649
4,469
928
4.573
Tax accruals
674,528
721,519
751,016
979,036
Amortization of discount
on funded debt
67,289
48,534
48,181
49,672
Miscellaneous expenses36.189
26,002
76.583
27,589
Total
Net income
Surplus forward
previous year
Other credits
Total
Dividends paid
Other debits
$4.774,694 $4.597,378 $4,572,910 $4,473,965
from
2901
$320.606
$430.130
$464,805
$461,886
242,741
41,596
724,095
212,905
575,504
267,020
427,016
250,560
$604,943 51,367330 31,307,329 $1,139,462
300,000
800,000
300,000
300,000
132,090
324,388
283,234
263,967
Default having been made in payment of interest due Sept. 1 1931 and
March 1 1932 upon the 1st lien 6% sinking fund gold bonds, the Chase
National Bank, New York, as trustee, will sell at public auction April 25.
at Exchange Salesroom, 18 Vesey St., N. Y. City, all securities and property pledged as security for the bonds, viz.: 3,993 shares ($100 par) common stock of Hoboken Manufacturers' RR.; 4,997 shares(no par) common
stock of Hoboken Terminal Properties, Inc.; promissory note for $90,111.
dated March 17 1932, payable 11 months after date without interest,.
made by Hoboken Terminal Properties, Inc., payable to the order of
Hoboken Railroad & Terminal Co. and endorsed in blank by payee.
Bondholders' Protective Committee-Plan to Sell Property
and Realize 20% in Cash.
The committee for the holders of first lien 6% sinking fund gold bonds
consists of William L. Diener, Chairman: Ronald M. Craigrayle and
Y. City;
Bradford M. Couch; Howard Peterson, Sec'y, 42 Cedar St.,
Chapman, Snider, Duke & Radebaugh, counsel, 55 Cedar St., N. Y. City.
N.
The depositary is Chase National Bank, New York. It is understood
that over 85% of the $1,250,000 outstanding bonds have been deposited
with the committee.
The committee in a circular dated March 24 sent to bondholders stated:
In various communications of this committee and its Chairman, you
have been informed of the exceedingly drastic decline in the shipping business
and the consequent disastrous effect on the operations and revenues of the
subsidiaries of Hoboken Railroad & Terminal Co. Conditions have not
Improved and it is now obvious that unless new interests can be brought
into the company who are in position to furnish tonnage to the railroad
properties, it will be Impossible for the existing organization long to continue. The committee has canvassed the situation to the best of its
ability, has co-operated in the furtherance of plans for the development of
the shipping business in Hoboken, and finally has endeavored to interest
every known prospective buyer in acquiring the assets of the company, with
a view to obtaining the best price possible for the bondholders.
For the 12 months ended Dec. 31 1931 the consolidated loss of the company before bond interest was $44,434. If interest charges of $75,000 had
been included, the deficit would have been $119,434. It is significant to
note that the monthly rate of loss has been increasing rather than decrees
lag. It is now evident that continued operations of the properties of the
company during the year 1932 can be carried out only if additional funds
are provided for working capital. Frankly, the committee does not know
where to procure such additional funds, and even if such funds could be
obtained, the committee would be unwilling to recommend proceeding
along that line because the immediate outlook for the transportation Industry is so uncertain that it would be hazardous to subordinate the present
position of the bondholders to any new financing. Naturally, any fresh
capital would demand security prior to that of the bondholders.
After negotiations extending over a considerable period of time, committee has now received from a responsible organization a cash offer for
all of the existing assets of every nature and description of the Hoboken
Railroad & Terminal Co. The committee has given careful consideration
to this offer, as well as to suggestions of exchanging new securities for the
existing bonds, which suggestions, however, have not materialized in any
offer. The committee is of the opinion that it would be to the best interests of the bondholders to receive cash, for while the amount to be received
shows a reduction from the original market price, yet in view of present
financial opportunities the members of the committee believe that the
proceeds to be received by the bondholders in cash will enable them to
acquire other securities at this time on a basis that will maintain substantially their anticipated income on the bonds of the company and recoup
to a considerable extent, if not entirely, the amount of capital lost. Accordingly the committee has determined that, under the circumstances,
the offer is fair and that its acceptance is to the best interests of the bondholde:s.
The committee has accepted, approved and adopted the above offer and
has approved and adopted this plan as and for the plan of readjustment of
the company, and proposes to take such steps as may be necessary or appropriate in order to carry out the same, including without limiting the
generality of the foregoing, the election to have the principal of said bonds
declared due and payable forthwith, the proceeding with the foreclosure
of the lien of the trust agreement pursuant to which such bonds were
issued, and, if deemed necessary or advisable, the application of bonds
then on deposit with the committee in part payment or otherwise of the
purchase price pursuant to such foreclosure, and generally such other and
further steps as the committee may deem necessary or appropriate in
order to carry out the proposed sale and distribution of proceeds thereof
to depositing bondholders.
The committee has fixed the period ending April 20 1932 as the period
in which holders of bonds may deposit the same and become parties to the
protective agreement and holders of bonds who have not deposited within
such period, unless the same in the discretion of the committee may be
extended, will not be entitled to deposit the same or become parties to the
protective agreement or to share in the benefits thereof and shall acquire
no rights thereunder except upon obtaining the express consent of the
committee, which may be granted or withheld in the obsolute discretion
of the committee.
Non-depositing bondholders will be entitled to receive only their distributive share of the foreclosure price and it is the belief of the committee
that this share will be materially less than the amount which will be received by depositing bondholders. The committee estimates, but does
not guarantee, that the distributive share which should be received by depositing bondholders will be approximately 20% of the principal amount
of the deposited bonds. It is the hope of the committee that all bondholders will deposit and thereby share in the benefits of the plan.
-V. 125.
P. 1456.
Surplus Dec.31
$172,853
$242.742
$724,095
$575,504
Earned per share on corn
6.41%
8.60%
9.24%
93.0%
Comparative General Balance Sheet Dec. 31.
Assets1931.
1930.
Liabilities-1931.
1930.
Investments: Road 77,642.937 77,435,703 Capital stock: corn. 5,000,000 5,000,000
Equipment-3,838,318 3,832,241 Funded debt
72,603,400 72,746,667
Impts. on leased
Non-nego. debt to
ry. property9,499
9,499
affiliated cos..-- 3,876,973 3,790,236
Cash in sink. fund..
928
1,434 Loans & bills pay'. 701,100
664,830
Dens. in lieu of
Traffic & car servmtgd. prop, sold
ice bal. payable40
3,992
5,110
Louisiana Arkansas & Texas Ry.-Withdrawal of Second
Misc. phys. prop._ 1,444,891 1,444,646 Audited accts. &
Invests. In MM.cos
4,900
3,300
wage.] payable_ _ 512,139
490,836 Wage Reduction Advised by Emergency Board.Cash In treasury.... 341,457
397,669 Misc. accUL pay...
27,364
24,055
Holding that the wages of the employees of the company should not
Special deposits_
1,662.586 1,578,815 Int, matured, unTraffic & car servpaid
1,008,616 1,010,426 be out of line with customary wages in similar line of employment. an
emergency board appointed by President Hoover under the provisions of
ice bal. receiv.-17,144
15,156 Divs. matd. unpd _ 500,000
the Ralln7 Labor Act submitted a report to the President April 2 and
Net bal. rec. from
Funded debt mashould
agents & condrs.
395
5 tured, unpaid..
1,500 suggested that at least the second reduction between be withdrawn. A
The report was made upon a controversy
the Louisiana
454,608
Misc. accts. rec..
545,591 Unmatured
Texas railways and their emMaterial & supplies 373,533
460,592
declared
75,000
575,000 Arkansas and the Louisiana Arkansas & Locomotive Engineers, Brother3,333
4,057 Unmat.int. accrd. 396,541
Rents receivable._
402,442 ployees. represented by the Brotherhood of
hood of
7,874
Deferred assets.._
8,874 Unmat.rents accrd
3,333
4,057 ductors, Locomotive Firemen and Enginemen, Order of Railway ConBrotherhood of Railroad Trainmen, the Railway Employees
Other ourr. liabil _
Rents & ins. prems,
583
941
Department
8,354
paid in advance_
1,944 Other defd. Sabi!._
46,137
52,923 and Local of the American Federation of Labor, Federated Shoperafts.
Lodge No. 24 of the Colored Railway Trainmen.
Disc, on fund. debt 1,251,182 1,279,644 Tax liability
1,780,589 1,528,929
After having reduced the wages of employees in 1931, the railways
Other unadj. debits 3,391,454 3,017,340 Accrd. deprec.ordered a further reduction of 10% in accordance with tho Chicago conequipment
1,702,025 1,599,205
ference of last January. at which representatives of a majority of the
Other unadjusted
credits
885,535
871,537 railroads and of the employee organizations agreed upon a wage cut. The
L. & A. and the L. A. & T., however, were not parties to this conference,
Addit'ns to prop.
but maintained their right to act independently.
through income
The Emergency Board, in its report to the President, agreed with this
& surplus
1,102,626
970,529 position,
stating that "there is no provision in the Railway Labor Act
Funded debt rewhich compels all the roads of the United States to act as a unit.
tired through inOn the other hand, the Board expressed the opinion that no exception
surplus.
come &
54,582
54,582
Profit & loss
-Bat 172,853
242,742 can be taken to the effort of the national organizations, representing the
employees of all roads, to apply the principles of the Chicago agreement to
Total
90,453.391 90,036,549 all carriers. This agreement, among other things, provided that the
90,453,391 90,038,549
Total
railroads assenting to it cannot make a further deduction in wages prior
-V. 132, p. 2756.
to Feb. 1 1933.
"Previous to Aug. 24 1931," the report said."the employees in the classes
Colorado & Southern Ry.-Seeks Fort Worth Line.
under consideration
rates of pay common to all
-S. O. Commission for permission to acquire railway employees in received the standard in their section of the country.
The company has asked the I.
similar classes
stock control of the Fort Worth & Denver Northern Ry. At the same The application of a 10% reduction of work
to a previous 15% reduction is equivaa suasidiary of the Colorado & lent to a total
time the Fort Worth & Denver City RR
reduction of 23.5% below the standard rates.
Southern, asked permission to lease the Fort Worth & Denver Northern.
"The Board has the
sympathy with carriers who are faced
The Colorado & Southern plans to buy 1,051 shares of stock of the Fort with the responsibility ofgreatest
maintaining properties operating at a loss. EviWorth & Denver Northern for 5109,000.-V. 134. p. 2518.
dence, however, presented in this case, acquiesced in by the carriers in
the Chicago agreement does not support the contention that wages should
Genesee River RR.-Tenders.
be unduly depressed in order to maintain a road. In the Chicago agreeGuaranty Trust Co., trustee. 140 Broadway, N. Y. City, will ment no exception was made to the uniform reduction of 10%, and acThe
until 10 a. m. on April 28 receive bids for the sale to it of 1st mtge. 6% cording to such information as the Board could gather, a considerable
-year sinking fund gold bonds, duo July 1 1957, to an amount sufficient number of the carriers assenting to the agreement were operating under
50
to exhaust 850,186 at prices not exceeding 115 and interest -V.116,p. 1649. a deficit.
"The Board does not believe that the wages of the employees of this
Groveton Lufkin & Northern Ry.-Abandoned.road should be out of line with customary wages in similar lines of unemWe have been informed that actual abandonment of this road took place ployment and suggests that at least the second reduction on the L. A. & T.
should be withdrawn. -V. 134. p. 1574.
on Dec. 311931. See also V. 133, p. 2102.
2902
Financial Chronicle
April 16 1932
Missouri Pacific RR.
-Obituary.
-
Walter Gifford, President, in remarks to stockholders says:
"During the first quarter of the current year the number of telephones
disconnected throughout the Bell System exceeded those added by 280,000.
"The number of telephones now in service is approximately 4% under the
high point reached in May 1930.
Pennsylvania RR.
-Dividend Has No Relation to Applica-The number of long distance calls for the first three months of this
year was about 13% less than for the same period last year.
tion to Reconstruction Finance Corporation for Loan.
"The earnings report of the
the first
The company's dividend has no relation to its application for a loan from the fact that no dividend was company for Western quarter of 1932 reflects
paid by
klectric Co. during the
the Reconstruction Finance Corporation, according to General W. W. period, while $5,900.493 was received the
from that source in the first quarter
Atterbury. President. who is quoted as saying:
of 1931. While final figures
"The Reconstruction Finance Corporation has made no such ruling. We from associated companies are not yet available, the dividends received
have never received any such ruling from the officers of the Finance Cor- $35.174.104. were not fully during the first quarter of 1932, amounting to
earned by these companies during the quarter
poration, and the question of payment of dividends did not enter into by approximately
$5.000.000."-V. 134, p. 2333.
our application for a loan of $55.000.000 to be used to continue the Wash"
-Associated Gas & Electric Co.
ington-New York electrification project. All the money we seek will be -Reduces Stated Capital.
used to furnish employment and for the purchase of materials. •
The company has filed with the Secretary of State
notice of the reduction in capital from $237,017,463 toin Albany, N. Y.a
New Vice-President.
$175,000,000. The
entire amount of the reduction, or 862,017.463, has been carried
to surplus,
Charles D. Young was recently elected Vice-President in charge of inasmuch 83 none
purchases, stores and insurance, to succeed Col. M. C. Kennedy. who In its reports the of the assets of the company has been written down.
company always carries capital stocks and surplus as
retired April 1. Col. Young has been Assistant Vice-President in charge one item. The
of purchases, stores and insurance since December 1930.-V. 134. 13. 2712. as $310.491.088,company's Dec. 31 1930 balance sheet showed this item
and in addition there were $76.003,224 obligations conPittsburgh Fort Wayne & Chicago Ry.-Listing of vertible into stock at the option of the company or of the nolder.
The reduction in stated value of the capital stock, which includes preAdditional Stock.•
ferred, class A, class 13 and common shares. is to safeguard the company
The New York Stock Exchange has authorized the listing of 277.520 in its compliance with the statutes of the State of New York, which contains
additional shares of common stock, making total applied for 1,145,648 a provision that no corporation shall declare or pay any dividend unless
the "value of its assets" remaining after the payment
shares (par $100)
.-V. 134. p. 2519.
of such dividend
shall be at least
its capital and other liabilities,
St. Louis Southwestern Ry.-Loan of $18,000,000 from applies whether equal todividends are currently earned. a provision which
or not
:elm Mobley, Houston. Tex., General Counsel for this company, Jumped
or fell to his death from the ninth floor of the Hotel Pennsylvania, in New
York City on April I3.
-V.134, p. 2712.
Reconstruction Finance Corporation Approved by .-S. C. CornMarch Output Off
.Electric output of the Associated System,excluding sales to other utilities.
mission.
-One-half of Bank Loansof $9,000,000 and $20,727,amounted to 217,536,622 units (kwh.) in the month of
500 BondsDue June 1 to Be Retired and Balance Extended.
March, a reduction
- of 5.2% from the same month of last year. Notwithstanding this decline,
See under "Current Events" on a preceding page.
the drop in electric sales by the Associated System was
in January, the most recent comparable month, whensomewhat less than
the
Southern Pacific Co. Assumes Corporate Control
-Will proximated 6.5%. The output for 12 months ended Marchfalling off ap31, of 2,680.Guarantee $18,000,000 Loan from Reconstruction Finance 472,750 units, was 3% less than in the previous year.
Sales of gas during March, totaling 1.564.328,000
Corporation.
-See Southern Pacific Co. below.
-V.134, p. under those of last year; but this decline, also, was less Cu. ft., were 4%
than the January
2713.
drop of 13.3%. Abnormal weather conditions
the country
continued to affect adversely the sales of gas throughoutpurposes; the
Southern Pacific Co.
-Assumes Control of St. Louis System, In the 12 months ended with March. for heating less than last
sold 5.9%
the total
Southwestern Ry. on Acquiring 80% of Stock-Will Guarantee year, increase being 17,345,859,100 Cu. ft.
An
of 13.7% in
$18,000,000 Loan from Reconstruction Finance Corporation supplied by the Associatedthe amount of water consumed in that territory
System occurred during March, with
367,157.000
to Cotton Belt.
-Following the regular meeting of the Exec- ended Marchgallons. The gain in water gallonage during the 12 sales of
months
31 last was 10.7%.
utive Committee of the company, held April 14 at its office
Retiring Current Indebtedness.
-The company has issued
in New York, the following statement was issued:
the following statement:
The Southern Pacific Co. has to-day filed with the
I.
-S. C. Commission
at Washington, its final acceptance of the Commission's order in the proceedings instituted by it to acquire, by purchase of capital stock, the control
of St. Louis Southwestern Ry. Upon authority contained in the said
order, it has also to-day notified J. F. B. Mitchell, Chairman of the Committee of the Stockholders of St. Louis Southwestern By., of its acceptance
of the deposits of capital stock of the St. Louis Southwestern Ry. in accordance with the plan under which said committee requested the deposit of
shares of capital stock of the said company for the purpose of exchange
therefor on the agreed ratios for shares of the capital stock of the Southern
Pacific Co., and has also requested the Guaranty Trust Co. of New York,
the depositary for said shares, to issue notice to depositing shareholders a
the St. Louis Southwestern By., and to proceed with the exchange for
Southern Pacific stock as aforesaid..
The effect of these actions is the acceptance of definite control by the
Southern Pacific Co. under the order of the Commission of the St. Louis
Southwestern Ry. upon an ownership at this time of approximately 80%
of the total capital stock of the St. Louis Southwestern By., the offer of the
Southern Pacific Co. for exchange of its shares, as aforesaid, to remain
open as required by the order of the I.
-S. C. Commission until the end of the
present year. The Guaranty Trust Co. of New York will continue to
receive deposits of certificates of stock of the St. Louis Southwestern Rp.
until the close of business on April 18, after which date further deposits of
certificates of stock of the St. Louis Southwestern By. will be received at
the transfer office of the Southern Pacific Co.. 165 Broadway, in the city
of New York, and further exchange therefor of certificates of stock of.the
Southern Pacific Co. will be made at that office.
It was also announced that upon the performance by the creditor banks
and by the holders of the first consolidated mortgage bonds of the company
of the several conditions contained in the report and certificate of the 1.-S.
C. Commission in Finance Docket 9149, decided April 8 1932, upon application of the St. Louis Southwestern Ry. for a loan of not to exceed $18.000.000 from the Reconstruction Finance Corporation, for the purpose of
meeting and refunding maturing obligations of that company, Southern
Pacific Co. will comply with the requirements of the Commission and give
its unrestricted guaranty of the collection of both principal and interest of
the note or notes to be kciven by the St. Louis Southwestern By. to the
Reconstruction Finance Corporation evidencing said loan.
"The response of security holders generally and particularly
investors residing in the territory served since March 21 and the customer
to the
present time had been so substantial that it was believed that downthough
even
the bond market generally throughout the country showed
no improvement,
the sale of the eight-year 8s would be sufficient to take care
of the
bank loans and the purchase money obligations thereby leaving Associated
to be proAided for through further sales of other securities only the maturities represented by one year notes which were the subject of public offerings
last year
by groups of prominent bankers. The earnings of all
the companies continue to be very satisfactory and a few of the
larger ones actually show
increases for the year 1931 over 1930.
"The company has not yet published its
calendar year 1931, added time being required earnings statement for the
in order to consolidate more
fully the operations of some of the larger companies
which
been treated as merely affiliated investment companies have heretofore
instead of having
been fully consolidated into the earnings. It
was stated that
Posed to do this in the forthcoming statement, thereby giving a it was promore accurate picture of the earnings of the system as
than has heretofore been possible. This a whole for each class of security
statement will not, of course.
consolidate the operations of New England Gas & Electric Association
which is not and cannot for legal reasons become a subsidiary
of Associated
Gas & Electric Co. It is understood
more than 75 cents per share on the that there will be shown something
class
nearly 50% increase in the amount reserved A stock after giving effect to
"In connection with the New England for depreciation. Association,
mention was made ofthe maturity on June 15,Gas & Electric New Bedford
Gas & Edison Light Co. one-year 3% gold of $4,500,000 of
notes which was one of the
issues of one-year notes which were sold in the spring and early summer
of 1931. It was learned that this maturity had
been fully provided for
and funded, to be taken care of out of earnings over
of two years.
The financial situation of the New England Gas & a period Association is
Electric
such that it is readily able to do this. As a result, none
of the subsidiaries
of New England Gas & Electric Association will
have outstanding at the
end of that time any interest bearing debt or
the common stocks with the exception of a few preferred stocks and all of
shares of one or two of the
companies will be owned by the Association. The New England Gas &
Electric Association was one of the few large utility organizations of the
country which was able to show an improvement in earnings
for 1931 as
compared with 1930."
1.-S. C. Commission Requires Company to Guarantee Loan
of $18,000,000 from Reconstruction Finance Corporation to
H. C. Hopson, Treasurer of the Associated Gas & Electric
-See under "Current Events" on a preceding Securities Co., Inc.,
Cotton Belt.
April 7 states:
page.
Since the offering of 8% eight-year gold bonds was
made,
customers throughout the territory served and other security stockholderMissouriPacific and Texas dc Pacific File Action to Halt purchased these
holders have
bonds at the rate of nearly $1.000,000 a week,the majority
Merger.
paying in full although many have subscribed on the installment basis.
The Missouri Pacific and the Texas & Pacific RR.'s have filed suit at Approximately $5,000,000 of the bonds have been sold
funds in
Frankfort. Ky., in an effort to prevent taking over of the Cotton Belt payment therefor are sufficient to reduce bank loans andand the money
purchase
by the Southern Pacific Co. Notice of the suit was filed with the I.
-S. C. obligations from $9,040,000 to $4,000,000.-V. 134, p. 2714, 2520.
Commission April 13.
Brazilian Traction, Light & Power Co., Ltd.
The Missouri Pacific and Texas & Pacific allege that the decision of the
-Stock
Commission approving the action was contrary to the evidence and seek to Dividend of 2%.
have the case reviewed in the courts.
Secretary A. W. Adams, April 14, says:
The suit was filed in Federal Court at Frankfort. Ky., because the SouthThe exchange situation in Brazil has been for
-V. 134, p. 2'714.
ern Pacific is a Kentucky corporation.
that it has been impossible, except in a very some time past so difficult
restricted degree, to procure
foreign exchange for the purpose of remitting funds
-New Director.
Union Pacific RR.
continues. Under the circumstances and in order to and this condition still
Henry Bruere. President of the Bowery Savings Bank, has been elected cash resources
the board considers it is inadvisable toconserve the company's
-V. 134. p. 1757.
a director to fill a vacancy.
at this time but that a stock dividend be declared declare a cash dividend
instead. Accordingly,
notice is hereby given that the directors have
Western Maryland Ry -Bonds Authorized.
declared a stock dividend on
the ordinary shares of no par value at the rate of
one
-S. C. Commission has authorized the company to procure the share for each 50 fully paid
The I.
ordinary
shares held by shareholdersfully paid
authentication and delivery of $1.384.000 1st & ref mtge. 535% geld The shares comprising
of record April 30
.
such stock dividend will rank for dividend as from
bonds, series A, in partial reimbursement for capital expenditures.
-V. June 11932, but no dividend
will be paid in respect of a fractional part of
1:34, p. 2333.
a share. When such fractions are converted into
will then rank for all dividends payable after the whole shares the latter
date of such conversion.
Definitive certificates and (or) fractional certificates
PUBLIC UTILITIES.
representing the stock
dividend will be forwarded to shareholders on or
about June 11032.
Holders of fractions can either sell the same or
Matters Covered in the "Chronicle" of April 9.-(a)Production of electricity
purchase sufficient addideclined 11.9% during the week ended April 2 1932 as compared with the tional fractions to make up a whole share and should
such
corresponding period last year, p.2611:(b) Decline noted in general business adjustments through their bankers or brokers as soon arrange for after
as possible
receipt of the fractional certificate. Where necessary
activity in Philadelphia Federal Reserve District, p. 2611.
fractional certificates
may be split into smaller denominations and t
facilitate distribution
American & Foreign Power Co., Inc.
-Bank Loans Due whole shares may be split into fractions but no splits of whole shares will
be allowed after July 311932. Applications for
Oct. 26 1932 Extended to Oct. 26 1933.splits must be made to the
company's transfer agent,
wAt the offices of Electric Bond & Share Co. April 14 it was announced but for the convenience National Trust Co., Ltd., Toronto or Montreal,
that arrangements have been made to extend the maturity of the $50.- sent through the London of European shareholders applications may be
agents of the company under conditions, parti000,000 bank loans of American & Foreign Power Co., Inc., (now due culars of which may be obtained from
the agents. Fractions resulting from
Oct. 26 1932) to Oct. 26 1933, and to extend the $21,250.000 bank loans the above stock dividend may
be combined
of United Gas Corp.(now due July 20 1932) to July 20 1933.
respect of the Dec. 11930, March 2 1931.and with outstanding fractions in
June
Bee also Electric Bond & Share Co. below.
-V. 134. p. 1950.
but not with outstanding fractions in respect of 11931,stock dividends,
stock
dividend, unless the right to accrued dividendsthe March 1 1930. latter
American Gas & Electric Co.
applicable to the
-Status.
fractions when converted into while shares is
See Electric Bond & Share Co. below.
waived.
the purpose as previosuly announced can be obtained Forms of waiver for
-V.134. P. 2333
.
from the company's
transfer agent. National Trust Co., Ltd.
American Power & Light Co.
-Status.
The company's London agents are Canadian
See Electric Bond /4 Share Co. below.
& General Finance Co..
Ltd.,3 London Wall Buildings, London,
-V. 134. p. 2714.
E.0. 2. England,
[Quarterly cash distributions of 25 cents per share were made on the
American Telephone & Telegraph Co.
-Earnings.
ordinary shares on March 1 last and on Sept. 1 and Dec. 11931. while on
For income statement for three months ended March
31 see "Earnings March 2 and on June 1 1931 stock dividends of 2% each were paid.-Ed.i
Department- on a preceding page.
-V. 133, P. 2601.
Volume 134
Financial Chronicle
Brockport Gas Light Co.
-Distribution to Bondholders.
-
The Bankers Trust Co., as trustee, on April 11 announced that it was
prepared to make a distribution on Brockport 1st mtge. 7% bonds, dated
Jan. 1 1911, at the rate of 8346.77 for each $1,000 bond. The payment
will be made out of the proceeds of foreclosure sale of the property.
Payments will be made to the holders of said bonds upon surrender
thereof with the Jan. 1 1924 and subsequent coupons attached, to the
trustee, 16 Wall St., N. Y. City.
Calendar YearsTotal income
Miscellaneous expensesInt.on notes payable__ _
1931.
$235.457
7.474
229,045
1930.
5208.010
11.691
193,684
1929.
5160.052
7,614
139.695
1928.
5104.659
7,563
90.788
Net earnings
def. 51.062
Accrd. int. on deb. bonds
360.000
52.635
360.000
$12,743
360.000
56.307
360,000
$357,364
5347.257
5353,692
California Oregon Power Co.
-Earnings.
Deficit
For income statement for 12 months ended Jan. 31 see "Earnings De- -V. 132, p. 2963.
partment" on a preceding page.
-V. 134. p. 504.
California Water Service Co.
-Earnings.
-
Calendar YearsOperating revenues
Operating expenses
Maintenance
General taxes
2903
Chicago Aurora & Elgin Corp.
-Earnings.
-
$361,062
Chicago Aurora & Elgin RR. Co.
-Earnings.
--
1931.
1930.
1928.
1929.
52.006.464 $2,204,286 52,123,08 52.067.704
760.669
805.147
838.756
812.064
69.857
105.064
80,666
97.033
142.735
161,827
149.313
142.468
Calendar Years
Operating revenue
Operating expenses
1931.
1930.
$2.176,077 $2,661,062
2,113.029
2.296.702
Net revenue from railway operations
$63,048
$364,360
Net loss from auxiliary operations
1.662
3,808
Net earns, from oper_ 51,035.223 51,156.647 51,038.386 51.008.109 Taxes
102.033
90.324
Other income
25,912
16,786
12,778
19,631
Operating deficit
540.646 Inc$270.228
Gross corporate Inc- -_ 51,061,135 $1,172.433 $1,051,164 $1,027,739 Non-operating income
299.131
286.953
Less amount not applic.
to Calif. Water Service
Grossincome
5258.485
5557,181
Co
505.526
478.031
31,309 Interest on funded debt
Int. paid or accrued on
Other deductions
78 444
98.446
funded debt
431,547
412,678
356,756
209,842
Res for retire., replace.
Net loss for the year
5325.485
519.297
and Fed. inc. tax &
Balance Sheet Dec. 31.
miscell. deductions_ _ _
165,987
181,511
135.675
92,282
1931.
1930.
1931.
1930.
Assets
Net income
Liabilities
3
$463.601
$579,244
$558,733
5694.308
Divs, paid or accrued on
Investments
21,037.148 20,217.972 7% pref. stock____ 746,000
562.500
Cash
48,409 Common stock__.9,100,000 9.500.060
57,463
preferred stock
171.901
157.391
143.375
111.856 Working funds_ _ _
x Interest 006% notes_ _
11,185
8.777.500 8,834,000
12.945 Funded debt
40.427
4-.427
40,427
26,727 Loans & notes rec.
28,997 Notes Deg. affil30,414
z Interest is junior to the preferred dividends.
Accounts reedy.
101,779
iated company- - 940,000
124,909
50,000
Comparative Balance Sheet Dec. 31.
Material & supplies 135,697
150,589 Audited accts. Sc
Prepaid expenses &
wages payable
1931.
87,137
1930.
95.568
1931.
1930.
Assetsdeferred items._ 449,949
494,103 Misc. accts. pay
157,365
151,342
$
Liabilities$
$
$
Plant,prop.,equipAccrd. lit. payable
38,767
32,565
Funded debt
8,738,000 9,270.778
meet, &c
Accrued taxes.....125,604
16,627,551 20,899,190 Consumers' dep.125,980
97,209
Inv. In other cos
Deferrd liability_
9,001
9,000 Special non-negot_ 673,778
98.646
109,280
Mina.special dep
Reserves
26,266
25,243 Miscell. det.11ab.&
747.435
834,986
Cash
Other unadj. credits
151,300
9.171
15.014
unadl. credits__ 296.317
40,845
22,922
Accts. receivable_ y112,103
.
Surplus
848.218
518.480
97.187 Due affiliated cos_ 187,357
318,619
Notes rec. MM.cos 421,200
Notes payable.,..._
55,200
21.000
Accts. rec. affll CM.
Total
21,827,636 21,077,924
Total
7.000
21,827,636 21,077,924
Accounts payable_
30,011
127.125
Materials & impel_
Note.-Ctimulative dividends on the prior lien pref. stock in the amount
160,615
232,018 Interest accrued._ 109,766
111,152
Miscell, propayrn't
33,794
Taxes accrued_ ___
53.512
60,374 of$13,055 are in arrears since Sept. 30 1931.-V. 134, p. '124.
Deferred charges &
Dividends accrued
21,855
20,789
prepd accounts_ x963,240
952,457 Miscell. accruals._
21 164
7,611
Chicago North Shore & Milwaukee RR.
1,501,670 1,993.366
Reserves
The Department of Justice, lt is stated, is considering an appeal from
6% cum.pref.stock 2,914,000 2,771.900 the
decision of the U. S. District Court for Northern Illinois, which ruled
Common stock_ z2,914,200} 6.959.771 that
the company was an electric Interurban railroad not subject to Section
Earned surplus_ _
. 553.063
-V. 134, p. 2715.
Prem.on cap.stock 455,730
455,730 20-A of the Inter-State Commerce Act.
Total
18,512,071 22,255,940
"Columbia Gas & Electric Corp.
Total
18,512,071 22,255,940
-Reduces Common Divix Including unamertized debt discount and expense
capital stock. y Loss reserve for uncollectible accounts and commission on dend Payable in Preference Stock-Initial Distribution on
of $4,298. z Repre- Latter
sented by 29.142 shares of $100 par.
Issue.
-V. 134, p. 504.
The directors on April 14 announced a quarterly dividend of 250. a
Central Power Co.
-Earnings.
share on the common stock, payable May 15 in convertible 5% preference
Calendar Years1931.
1930.
1929.
1928.
stock at par, to holders
Operating revenues
of 3754c. a
$1,461.839 51.475,544 51,425.604 51.313.286 share in preference stock of record April 25. A distributionNov. 15 1931
Operating expenses
was made on Feb. IT, last, while on
796,882
841.052
843.819
762.827 a cash dividend of 37}4c. per share was paid on the common stock, as
Retirement expenses..,.
52.756
55.501
50,935
44.709 compared with 50c. per share in cash previously each quamer.
Taxes and uncollee. bills
60.582
85.016
57.072
46.224
The directors also declared an initial quarterly dividend of 1}i% on
Rentals
50
1.139
2.191
2,172 the 5% cum. cony, preference stock, par $100, payable May 15 to holders
of record April 25.
Net operating income_
5551.569
5512.836
$471,586
$457.354
Non-operating income
15.526
Commenting on the financial condition of the company. President Philip
13.662
7,751
2.400
G. Gossler stated that cash on hand exceeds $12,500,000 and that bank loans
Gross income
5367.094
$526,498
$479.338
S459,754 have been reduced by $6,500,000 since Jan. 1, and now amount to $37.Interest on funded debt_
250.988
203,086
186.725
169.055 003,000. "Under ordinary market conditions," President Gossler stated.
Misc.Int. amortiz.,&c
33,706
22,863
24.301
22,068 "these loans would have been liquidated through the sale of sezurities.
Prey.for Fed. taxes
"Last December the directors adopted the policy of continuing to pay
.-,.• 00
dividends on its preferred stock in cash, but of paying dividends on its
Net income
5282,400
5300.549
5268.312
5263.631 common stock in convertible preference stock, instead of in cash, so that
Pref. stock dividends_ _ 84.807
86.018
77.555
78.478 cash would be available from earnings to retire bank loans during this
Common stock dive_ _ _
136.080
108.106
104,264 period of depressed conditions, even if conditions in the investment mar104.275
ket did not permit the sale of securities.
Surplus for year
"It is anticipated as a result of this program that there will be funds
561.513
$86,482
$106,425
580.889
Shares coin, stock out,available from earnings during the rest of this year to reduce bank loans
standing (par 5100)...
29,801
29.801
29.801
29,801 further, as well as to meet the single bond maturity of less than 51.300.000
Earnings per share
$7.41
$6.21 and the construction requirement of the year of less than $9,000,000.
$7.19
56.39
13.s. p.
"There are no other bond maturities, excepting a serial issue of $325,000
a year for four years, until $1,875.000 in 1935 and $1.469,000 in 1937 and
Central Telephone Co (Dei.).-Defers Dividend.
then no more of importance until 1941."
The directors recently voted to defer the quarterly dividend due April 1
[With two minor exceptions, aggregating 5350,000, none of the subon the no pax value so cum. pref. stock. The last regular quarterly pay- sidiary companies has any bank debt.}
-V. 134. p. 2137.
ment of 81.50 per share was made on this issue on Jan. 2 1932.-V. 133,
p. 1613.
Consolidated Electric Light & Power Co. of BaltiCentral West Public Service Co.
-Class A Dividend.
- more.
-Power Sales Lower.
-
The directors have declared a quarterly stock dividend of 1}4% on
the class A stock, payable May 1 to holders of record April 18. Previously,
the class A stockholders received an optional dividend of 2i% in class A
stock or 3714c. In cash quarterly.
-V. 134. IL 504•
Chester Water Service Co.
-Earnings.
-
Calendar Years1931.
Operating revenues
$536 128
Operating expenses
140,885
Maintenance
23.348
General taxes21,568
5573 661
139,056
21.302
14,685
$565 611
138,662
24.125
15,093
1928.
$519,306
133.363
27.7511
13,698
Net earns, from oper_
Other income
$351%328
8,993
$398,518
11,258
8387,931
3,214
5344.487
7.183
Gross corporate inc_ _ _
Int, paid or accrued on
funded debt
Macon. interest charges
Res, for retire., replace.
and Fed. Inc. ta < and
miscell. deductions...
5359.321
$409,776
5391,145
$351,669
148.995
141,615
135,000
1,108
106,875
829
42.13(2
54.543
39,954
27.831
Net income
Divs. paid or accrued on
preferred stock
5167.724
5213,618
$215,083
5216,135
66,000
66,001
66,002
52,067
Balance Sheet Dec. 31.
Assets-1931.
1930.
LfaMliftes1931.
1930.
Plant, prop.,equIp1st mtge. 434%
86,008.614 $5,982,467
ment, &ci
gold bonds
$3,311,000 $3,311,000
17,384 Consumers' dep..
1ev.In still. oos
56,447
73,858
Misoell.special dep
516 Due af111. cos. (not
43,261
9,712
current)_
Cash
206,500
137,087
receivable
50,808
Accts.
83,259 Accounts payable_
6,980
9,321
39,400
Due affil.cos.(curr)
Unbilled revenue_
1,502
35,542
Materials & suppl_
45,551 Interest accrued_
.
57,112
accrued1
Taxes accrued_
} 114,948
Def. charges & pre46,927
182,993 x 182,653 Dividends
prepaid accts.- _
8,250
DeLliabil.Arunadj.cr 55,150
Miscell. accruals..
3,999
Reserves
243,815
251,155
$5.50 cum.pref.stky1,200,000 1,200,000
Corn, stk. & surpl.z1,259,033 1,273.794
Total
56,398.927 $6,355,091
6,398,927 $6,355,091
Total
x Including unamortizod debt discount and expenses and commission
on capital stock. y Represented by 12,000 shares (no par). z Repre-V. 134, p. 504.
sented by 12,000 shares (no par).
Industrial sales of electricity of this company (exclusive of power supplied
to the Bethlehem Steel Corp. and the Baltimore Copper Smelting St Rolling
Co.) totaled 33.310,342 kwh. In February, against 33,415.814 kwh. in
February 1931, a decline of .32%. For the first two months industrial
sales were 67,790.633 kwh., a drop of .56% from the 68,170,067 kwh. in
the like 1931 period.
Sales of gas for industrial and commercial uses totaled 251.335.400 Cu.ft.
In February, a decrease of 12.37% from the 286.810,500 Cu. ft. in the like
1931 month. For the first two months sales were 491.373,000 Cu. ft.,
against 585,836,100 in the corresponding 1931 period, a drop of 16.12%.V. 134, p. 2716.
Continental Gas & Electric Corp.(& Subs.).
-Earns.
12 Months Ended Dec. 311929.
Gross earnings ofsub.companies.. _ _ -531,228,397 $33,423,455 531,956.866
1931.930
.
1
Operating expenses
11,379.046 12.038,942 12,155,356
Maintenance, charged to operation.. 1,
2,005,000
2.141.293
2,8756.90
Taxes,general and income
2,3,420 2,748.585
247.930
Depreciatioia
3,345.237
3,655.305
3,858.725
Net earnings ofsub.companies_ --511,886,107 511.850,788 $11,568,411
Interest on bonds,notes. &e
2.769.483
2.720.171
2,805.5S5
Amort,of bond & stock disct. & exp..
328,538
312,045
340,335
Dividends on preferred stocks
1.057.519
1.060.530
1.056.926
Balance
$7,683.260 $7,744,559 57,424,351
Proportion of earns. attrib. to minor.
common stock
23.053
47,686
16,247
Equity of Continental Gas Sc Elec.
Corp. in earnings of sub. companies $7,667,013 57.721,505 57.376.665
Earn.of Continental Gas Sc Elec.Corp
6.965
46.253
4,969
Balance
$7.713,266 $7,728.470 $7,381,634
Exp.of Continental Gas & Elec. Corp.
143,646
151,157
127,667
Gross income of Continental Gas Sc
Elec. Corp
$7.562.109 57,534,824 57.253,966
Interest on debentures
2,600.000
1,982,222
1,800,000
Other interest
100.984
663,330
412.526
Amort.of deb. discount & expense_ _ _
164.230
98.843
116.135
Balance available for dividends.... $44,696,895 $4,824.137 $44,942.596
Prior preferred dividends
1,320.053
1,320,053
1,320.053
Bal. avail,for common stock diva- - $33,376,842 $3,504,084 $3,622,543
Earnings per share
$20
$18
$19
-V. 133, p. 3629.
2904
-New President.
Detroit City Gas Co.
Witham G. Woo!folk has been elected President and a director, to succeed
R. B. Brown of Milwaukee. For the past several months Mr. Woolfolk
has been consulting engineer for the American Light & Traction Co. on
its natural gas development work.
There will be no change in the personnel of the company. Its operation
will continue under the direction of Charles W. Bennett, Vice-President
and General Manager. The new president will give his personal attention
to working out tho various financial and other problems affecting the
general policies of the company.
-V. 134, p. 2334.
-Earnings.
Detroit Edison Co.
For income statement for 12 months ended March 31 see "Earnings Department" on a preceding page.
-V. 134, p. 2144.
Eastern Gas & Fuel Associates (& Subs.).
-Earnings.
Calendar Years1931.
1930.
$11,456,795 $10,348,202
Net income from operations
Income from temporary investment in own securs
510,702
192,706
Miscellaneous income
845,293
1,717,725
Non-recurring income
188,180
221,545
Total income
Miscellaneous deductions
Non-recurring deductions
$13,000,970 $12,480,178
454,696
602,422
123,415
159,512
Income avail, for depr., int., Fed. tax, &c
Depreciation
Interest on funded debt
Other interest paid
income tax
Minority interest in earnings
$12,422,859 $11,718,244
2,684,829 2,051,681
3,507,086]
79.730} 3,360,842
337.489
337.489j
38,154
93,281
Net income
Divs. paid on prior preference stock
Divs. paid on preferred stock
April 16 1932
Financial Chronicle
$5,775,570 $6,212,281
1,083,913
1,076,606
1,972.219 2,448,622
Surplus for year
$2,208,737
Shares common stock outstanding
1,987,676
Earnings per share on common stock
$1.11
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
AssetsLiabilties$
5
$
Prot.., equip- &
Propr preferstk_ 24,492,900
capital assets_ 163.875,637 159,887,887 Prof. stock
41,210,800
Investments ..... 9,436,761 9,525,367 Common stock_ 37,234,611
Funds held by
Min. Mt. In cap.
s. f. trustees__
4,393
6,330 &sure.of subs
770,189
Cash
2,575.838 4,259,023 Funded debt of
Accts.¬esree 6,714,946 14,214,584 subs
64,820,000
Due from allied
Notes & accts.
6,293,374
cos
pay. dc accr'ls 9,537.313
Inventories
9,059,539 8,186,584 Deprec. & depl. 10,049,259
Unamort. bond
Special retirem't 3,518,303
disc. Sr exp. &
Surplus reserves 1,715,884
other def. chgs 5,084,117 5,527,710 Other purposes_ 1,089,475
Det. credits to
operations ___
97,410
Capital surplus. 2,533,333
Earned surplus_ 5,955,127
$2,687,212
2,000.000
1930.3 4
1
$
23,967,800
41,118,200
37,234,611
1,413,250
68,964,000
7,685,272
7,888,958
364,789
1,663,291
1,366,051
is: $3,610,227 due in 1932; $9,485,756 in 1933. and $10,569,105 in 1934.
Its subs, have, from latest available figures, cash in dollars and foreign
currencies figured at current rates of exchange aggregating approximately
All securities owned by American Power St Light Co., American Gas &
Electric Co.. National Power & Light Co., Electric Power & Light Corp.,
United Gas Corp. and American & Foreign Power Co., Inc., aro held free
of pledge. There are no inter-company loans or debts between these holding
companies nor does any of them have any loans from any operating sub.
nor, except as above stated in the case of aFr East Power Corp., from
any subsidiary holding company.
The March 31 1932, balance sheet reflects the change in the common
stock of the company as approved by stockholders at the special meeting
held March 22 1932. Pursuant to action taken at that meeting, the coin.
stock was changed from no par value shares, having a stated value of $10
per share, to shares having a par value of $5 each, and the outstanding
shares of common stock were reduced by two-thirds.
Aggregate investments of company calculated at March 31 1932, market
quotations, as shown at the foot of the balance sheet, were approximately
$169.915,000. On this basis the net assets of company at that date were
equivalent to $176.36 per share on all outstanding prof. stocks and, after
deducting $100 per share for all outstanding preferred stocks, were equivalent to $22.39 per share on the common stock outstanding at that date.
The lower prices prevailing for securities subsequent to March 31 1932.
have decreased the market value of the investments and as calculated at
April 11, on the basis stated above, the value per share on all outstanding
preferred stocks was $155.48, and the value per share on all outstanding
common stock was $16.26.
Comparative Balance Sheet.
Mar.31 '32. Dec. 31 '31
21far. 31'32. Dec. 31 '31.
Assets
Liabilities$
Cash
17,827,096 22,770,521 Accts. payable169,432
143,752
Bnkra. accepts.&
Divs. declared
U. S. govern't
on fret.stks__ 2,108,483 2,108,483
securities_ _ - 13,392,334 5,688,998 Taxes accrued_ - 4,065,091 3,951,096
Time deposits._
150,000 1,575,000 cCapital stock__170,392,948 292,333,040
State, munic. &
b Mal). to issue
oth.short term
capital stock372,144 2,199,611
securities- - - 3,152,423 2,554,129 Reserves
4,811,101 4,811,119
Notes de Ins.rec.:
Capital surplua_323,401,672 199,385,688
Amer.dc Porn
Earned surplus- 50,445,600 48,617,165
Pr.Co.,Inc. 30,000,000 30,000.000
Un.Cas Corp. 25,925,000 25,925,000
Wholly owned
subsidiaries
625,300
528,300
Accts. receivle. 1,375,516
824.745
Accr. int.& dive.
receivable____
544,663
251,292
128,951
Miscellaneous _ _
48,899
aInvestments __461,917,691 462,705,923
702,828
702,828
Deferred charges
Total
555,741,791 553,575,634
Total
555,741,791 553,575,634
March31 32. Dec. 31 31.
aInvestments calculated at market quotations at
dates of balance sheets (incl. at book value
Cuban Electric Co. 6% 20-yr. deb. bonds
160,938
$20.000,000 and securities of wholly owned
6,033,333
$217.957,000
subsidiaries 35,084.939) approximately
3.746 391 bIncl, corn, stock diva, declared but unissued.. $169,915,000
370,644
2,192,694
Shs. Authorized -Shares Outstanding
Total
203,024,608 201.607,484
Total
203,024,608 201,607,484
eRepresented by:
March 31 32. March 31 32. Dec. 31. 31.
New Trustee.
$5 pref. stock (no par value)_ 300,000
1,000.000
300,000
J. T. Tierney, President of the Connecticut and Philadelphia coke com- $6 pref. stock (no par value)._
1,155,655
2,500.000
1,155.655
panies. both Eastern Gas & Fuel subsidiaries, has been elected a trustee to Corn. stock & scrip ($5 par value)
4,965.490
20,000,000
-V. 132, p. 1220.
succeed H. F. Smith.
Corn. stock & scrip (no par
par value, stated val. $10 a
share)
Eastern States Power Corp.
14.676.754
-Stock Change Ratified.
The stockholders on April 13 approved a proposal to reclassify the present
Stock Held by Officers and Directors.
authorized number of shares of class A common stock and class B common
stock into an equal number of shares of common stock which will be identical
Directors and executive officers were registered holders of 10,592 common
in all respects, save in name, with the present shares of class B common and 100 preferred shares of the company on March 31, after giving effect
stock. Of the class B common, 750,000 shares are authorized, of which to the one-for-three exchange of shares recently approved by the stock572,132 shares are outstanding. Of the class A common,500,000 shares are holders. This is a little more than 0.2% of the 4.965.489 common shares
authorized, none of which had been issued.
outstanding after the reduction of the stock. The company's latest report
-V.134. p. 2335.
indicated that only two stockholders held as much as 1% of the common
Edison Electric Illuminating Co. of Boston.
-Obituary. stock.
President Charles L. Edgar died of pneumonia at Atlantic City, N. J.,
Sidney Z. Mitchell, Chairman, had 8,800 shares credited to his name;
Edwin G. Merrill, 707 shares; Frederick A. Farrar, 385 shares; George
on April 14.-V. 134. p. 2716.
H. Howard, 215 shares; William C. Potter, 36 shares: E. K. Ha.1, 7 shares:
Electric Bond 8r Share Co. Earnings.
-Lewis E. Pierson, 2 2-3 shares of common and 100 shares of preferred, and
For income statement for 12 months ended March 3 see "Earnings W. C. Lang, 439 common shares.
-V. 134, p. 2335.
Department" on a preceding page.
S. Z. Mitchell, Chairman, and C. E. Groesbeck, Pres., in a statement to
Electric Power & Light Corp. Status.
stockholders stated:
See Electric Bond & Share Co. above.
-V. 134, p. 1759.
Company's investments at March 31 1932, included certain miscellaneous
marketable securities (1. e., securities of companies other than client comFederal Water Service Corp.
-New Officers.
panies and wholly owned subsidiaries) which at that date had an indicated
J. P. Shaw Jr., W. A. Culin and C. Van Den Berg, members of the
market value of 831.757,128.
elected
The principal investments of company consist of securities of American executive committee, have beenhas been Vice-Presidents, while F. A.
Tansill,
elected Secretary.
-V. 134, Ti•
Power & Light Co., American Gas & Electric Co., National Power & Light 2717. also on that committee,
Co., Electric Power & Light Corp.. United Gas Corp., and American &
Power Co.. Inc. None of company's investments or other assets
Foreign
Gesfurel (Gesellschaft fur Elektrische Unternehare pledged or encumbered.
American Power & Light Co. has no bank or other loans payable and no mungen), Germany.
-Proposes Smaller Dividend.
maturing prior to 2016. It has a contractual liability of
long term debt
The company proposes to pay a dividend of 4% on rm. 100,000,000
31,228.814 due Jan. 1 1933. Current assets at March 31 1932, included capital for 1931 as compared with 9% for 1930 and 10% two years ago.$6,331.664. bankers acceptances and U. S. Government securities of V. 132, p. 388:3.
cash of
$3,118,336. and municipal and other short term securities of 3600,839.
Hydro-Electric Securities Corp. Earnings.
Subsidiaries have no bank debt and their long term debt maturing prior to
Calendar Years1935 is $464,000 due in 1933. Subsidiaries have, from latest available
1931.
1930.
figures, cash, bankers acceptances. U. S. Government and municipal short Divs, and int, received in cash
31,830,752 $2,599,420 $1,663,.
1929569
approximately $8,400,000.
Divs. received in stock, whereof sold
term securities of
for cash
American Gas & •Electric Co. has no bank or other loans payable and no
671,858
606.318
1,137.683
Retained as invests. & valued at
long term debt maturing prior to 2028. Current assets at March 31 1932.
market prices prevailing on dates
Included cash of $8,804.048. bankers acceptances and U. S. Government
dividends were received
securities of $6.649,244, time deposits of n.922,467, and State, municipal
517.321
625,827
535,774
and other short term securities of $4.492,630. Subsidiaries have no bank Rio de Janeiro Trac. Light & I'ower
Co. coupons funded
debt and their long term debt maturing prior to 1935 Is: $720,000 due in
54,955
and thereafter serial maturities to 1935 aggregating $8,000. Subs. Net profit on sale of investments _
1932,
4.066,503
3,149,297
have, from latest available figures, cash, time deposits and U. S. Govern- Other income
2,028
75,577
ment securities of approximately 55,400.000.
Total income
National Power & Light Co. has no bank or other loans payable and no
33.021,959 $7,497,751 $7,017,172
long term debt maturing prior to 2026. Current assets at March 311932, Administrative & general expenses &
differences of exchange
included cash of $6,875,823. bankers acceptances and U. S. Government
53,494
103,968
71,458
securities of
securities of $7,675,655, and municipal and other short term
Net profit
$544.241. Subsidiaries have no bank debt and their long term debt maturing
$2.968,465 17.426,293 $6,913,205
due in 1932; 358.140 in 1933, and $15,540 in Previous surplus
prior to 1935 is: $182,370
9,342,473
1,021,838
6.063,552
1934. SubS. have, from the latest available figures, cash, bankers acceptTotal surplus
ances and U. S. Government securities, and State. municipal and other
$12,310,937 313,489,845 37,935,043
Approp. to investment reserve
abort term securities of approximately 515,400.000.
8,197,297
Electric Power & Light Corp. has no bank or other loans payable and no Remuneration directors & advisory
committee
long term debt maturing prior to 2030. It has a contractual liability of
150,839
19,361
143,301
31.1.186 due Jan. 1 1933. Current assets at March 31 1932, included Diva, on preferred shares
27
1,000,000
1.000,000
1,144.993
cash of $5,633,050. United Gas Corp.a sub. of Electric Power & Light Divs, on common shares
1,476,393
852,129
2,859,079
and
Corp.. has loans payable $21,250.000 'to banks (clue July 20 1932)
Surplus Dec. 31
$25.925.000 to Electric Bond & Share Co. The subs. of United Gas Corp.
$1,486,417 39.342,472 36,063,552
have no bank debts. The other subs. of Electric Power & Light Corp. have
Balance Sheet Dec. 31.
no bank debts and the long term debt of all of its subs, maturing prior to
1931.
1930.
1930.
1935 is: $4.616,000 due in 1932:82.249.500 in 1933. and 81,921,500 in 1934.
1931.
Assets$
8
The 1932 maturities of $4,616.000 include $4,587.000 of Houston Gas &
274,431
277,915 5% class B cum.
Fuel Co. bonds due Sept. 1 1932. more than two-thirds of which have been Cash
Panto. pref.she.10,062,000 20,000,000
deposited for exchange for new 20-year 5% securities. The subs. of Electric Acc'ts receivable.- 982,348 11,228,628
26,272,432 54,148,100 Common shares_ _x7,381,965 34,190,860
Power & Light Corp. have, from latest available figures, cash and bankers Investments
516,030 Investment reserve 8,598,829
acceptances and U. S. Government securities of approximately $7,300,000. Syndicate acc'tsAmerican & Foreign Power Co., Inc.. has no
2,637,343
Unmat'd obligates
term debt maturing
prior to 2030. It has loans payable $50.000,000 to long (due Oct. 261932).
Surplus
1,486,417 9,342.472
banks
330,000,000 to Electric Bond & Share Co.and as of March 31 1932. 81.981.27,529,210 66,170,675
Total
500 (now reduced to 81.391,5001 to Far East Power Corp., a sub. nonTotal
27,529,210 86,170.676
operating holding company, The Current assets of American de Foreign
x Represented by 1.476.393 shares no par common stock.
Power Co., Inc. at March 31 1932, included cash of 31,512,380. Its sub.
Note.
-The value of the investments at Dec. 31 1931, expressed in
Companies have bank debt equivalent of approximately 31.400.000 and Canadian currency at the rates of
their long term debt maturing prior to 1935 (computing such amounts of which 320,547.561 was based on exchange then ruling, was $26,322.636.
current market quotations and 15.775.thereof as are payable in foreign currencies at current rates of exchange) 075 valued by the directors.
-V. 134. p. 2336.
2905
Financial Chronicle
Volume 134
Consolidated Balance Sheet Dec.31 1931.
-Earnings, &c.
Great Lakes Power Company, Ltd.
Assets
Liabilities
Great Lakes Power Co., Ltd., is controlled by Middle West Utilities
$5,740,537 Capital Preferred stock...-.. $498,395Co. of Canada, Ltd., a part of the Middle West Utilities Co. Company Fixed capital
1.150,000
Cash
81,548 Common stock
was incorporated in the Province of Ontario, Oct. 6 1931, by the amalga- Notes
9,573
receivable
8,700 Capital stock subscribed
mation of The Great Lakes Power Co.. Ltd., and The Algoma District
4,000,000
201,579 Funded debt
Power Co., Ltd. It owns the entire $150,000 capital stock of International Accounts receivable
Interest receivable
165,000
17 Notes payable-banks
Transit Co.
38,285
Under the terms of the amalgamation provision was made for the issue Materials dr supplies
77,922 Accounts payable
36,935
13,212 Consumers' deposits
. of 7,500 no par value $7 preferred stock, and 30,000 shares of common. Prepayments
18,954
5,475 Discounted contracts payable_
no par value. The preferred stock was to be exchanged share for share Subscribers to preferred stock_
5.484
907,254 Miscell. current liabilities.of the outstanding preferred stock in each company. The holders of Miscellaneous assets
153,973
common stock in The Great Lakes Power Co., Ltd.. receive one share of Deferred debits
302,766 Accrued liabilities
1,899
new stock for each share of the old stock; The Algoma District Power Co., Reacquired preferred stock__ _
329 Due to affiliated cos
988,190
Ltd.. shareholders receive one share of now stock for five shares of old stock. Cost of pref. stock sales
16,183 Reserves
2,246
Miscell. unadjusted credits
Comparative Consolidated Income Account, Years Ended Dec. 31.
41,085
Capital surplus
[Including The International Transit Co.]
Earned surplus
252,504
1929.
1928.
x1931.
1930.
Operating revenues
$705,241
$673,888
Total
$746,461
$704,834
$7.358,527
57,358,527
Total
Operating exps., maint.
-V. 133, p. 4158.
ik taxes
249,481
210,007
304,068
323,795
Retirement appropriation
120.000
77.938
120.186
115,571
Los Angeles Gas & Electric Corp.
-Loses Rate Plea.
The corporation has been
a permanent injunction to prevent the
Net operating income_
5343,881 California RR. Commission denied enforcing
$326,822
5303,101
5335,574
from
its order for rate reductions
Non-operating income__
21,222
30,074
18,158 approximating $1,300,000 yearly. The decision, g.ven
21,287
by the Statutory
Court of three Federal judges, held that
Gross income
$362,039 over public utilities, and that the order the Commission had jurisdiction
$348,109
$333,175
5356,796
for a reduction in rates was fair.
Int. on funded debt___ _
128.186
134,290
121,615
116.370
The Commissions order was issued in November 1930, and stipulated the
Misc.int.& 0th. deducts
3,530 new rate schedule should become
9,521
3,655
46,664
effective Jan. 1 1931. In appealing, the
corporation contended the new rates would amount to a confiscation of
Net income
$224,955
$224,219
$185,075
$202,039
Preferred dividends_ _ _ _
42,000
42,000
42,000 property.
44,450
Calendar Years1931.
1930.
Common dividends
1929.
1928.
80,000
sumo Gross earnings
90,000
110.000
$24,064,371 $24,115,777 823,902,896 $22,318,592
12,778,570 13,359,109 12,556.123 12.024,341
Surplus for year
$102.219 Oper. expenses & taxes
$50,625
$50,039
$102.955
Times pref. diva. earned
2.480.611
2.483,127
2,449.568•
4.16
4.81
5.34 Int. charged to oper_ _ _ - 2,455,710
5.36
3,472,769
3,313,022
2,835,513
2,673,545
x On Oct. 6 1931 The Great Lakes Power Co., Ltd., and The Algoma Depreciation
Amortization
142,861
195,431
195.424
253,601
District Power Co., Ltd., were amalgamated, forming Great Lakes Power
Bal. for diva. & surpl- $5,214,461 84.767,604 $5,832.709 $4,917,537'
Co.. Ltd. The figures for 1931 are for the consolidated figures for The
Great Lakes Power Co., Ltd., and Great Lakes Power Co., Ltd., together --V. 133, p. 2433.
with the International Transit Co.
Louisville Gas & Electric Co.
-Earnings.
-Comparative Condensed Balance Sheet as of Dec. 31.
For income statement for 12 months ended Jan.31see "Earnings DepartAssets
Liabilities
ment" on a preceding page.
-V. 134, p. 675.
Property account
$750,000
$10,374,407 Preferred stock
Invests, in arta. cos
2,050.000
428,438 Common stock
Market Street Ry. Co.
-Earnings.
Invests. in other utilities....
1,905,000
79,930 Bonded debt
Calendar Years1931.
1930.
1929.
1928:
Materials & supplies
19,142
14,521 Accounts payable
88.589,034 59.196,340 $9,590,194 $9,754,461
Accounts receivable, &C
50,000 Operating revenue
95,354 flank loan
477,857
548,854
656.462
574,992
Cash
1,168 Maint. of way & struc- 32,430 Consumers' deposits
472,075
526,816
643.192
Special deposits
576,269
34,375 Maint. of equipment_ - 547 Dividends accrued
60.247
82,751
Prepayments
25,600 Maint. of power plants_ 2,329 Taxes accrued
Misc.invs. & market. seems.
19,502 Power (including dis47,187 Interest accrued
puted surcharges)_
1,234,112
1,277,198
1,355.688
1.378.601
Misc, deferred debits
3,759,918
40,898 Due to affiliated cos
3,830,231
3.890.067
4,042,184
1,184,998 Transportation & traffic 3.680.199
Reserves
965.478
1,040,895
1.072,461
1,026,193
798 General & miscellaneous
Misc. lined]. credits
449,695
556,000
595.000
607.000
1,335,538 Taxes
Surplus
Total
.--V. 132, p. 2581.
$11,118,039
$11,116,039
Total
Illinois Water Service Co.
-Earnings.
Calendar YearsOperating revenues
Operating expenses
Maintenance
General taxes
1931.
$668,090
239,302
41,533
38,778
1930.
$667,916
264.795
44,470
50,143
1929.
$637,812
249.364
35.673
45,061
1928.
$583,776
240,439
24,569
47,296
Net earns, from oper. 5348.477
Other income
1.715
$308,508
1,039
$307,714
654
8271.471
1,130
Gross corporate inc_ _ _
Int. paid or accrued on
funded debt
Miscell. int. charges_ _ _ _
Res, for retire't, replace.
and Federal inc. tax
and miscall. deduct_ _
$350,192
$309,547
$308,369
$272.601
157.046
3,951
146,997
1,876
128,544
18,762
124,271
12,671
32,006
29,374
29,244
42,402
Net earnings
51,249,372 $1,353,595 $1,525,716
Other income credits....
25,772
20,523
22,552
51.400,848
25,925
Gross income
$1,275,144 81,374,118 51,548,268 $1,426,773
Interest on funded debt_
584,830
639,753
694.537
743.554
Discount on funded debt
37,565
41.332
45,029
47.977
Depreciation
503,500
500.000
500,000
500,000
16,217
Miscellaneous
23,854
14,128 .
5,463
Net income
Previous surplus
Misc.adjustment credit_
$125,394
3,905,798
84,891
5178.906
3,677,386
76,124
5292,485
3.340,061
47,073
8129,778
3,428,794
21,641
Gross surplus- - - $4,116,084 $3,932,415 $3,679.619 $3.578.213
Loss on property retired
192,442
45.710
2,233
Miscellaneous charges4,977
I'rofit & loss surplus., $4,116,084 $3,927,438 $3,677,386 53,340,061
Shared of prior preferred
outstanding (par $100)
116.185
116.185
116.185
116,185
Earn. per sh.on prior pf$1.11
$2.52
$1.08
$1.54
Comparative Balance Sheet Dec. 31.
1931.
1930.
1931.
1930.
AssetsLiabilities$
$
t
$
Rallroad.prop.,Ito.47,401,754 47,299,182 Prior pref. stock--11,618,500 11,818,500
Sinking fund
208,294
191,882 Pref. stock
4,988,850 4,988,850
1050 2d pref. stock_ _ __ 4,673,700 4,673,700
Dep. with trustees
Investments
23,303
36,803 Common stock_ _ _10,647,400 10,647,400
402,859 1st mtge. bonds- 8,030,000 8,857,500
Materials & supp- 365,286
Cash
281,290 1st mtge. 5% gold
292,569
1,050
bonds
Special deposits _ _ .
.
240
240
Accts., notes & int.
Standard Gas &
300,000
ree
Elec. Co
147,944
90,580
Notes payable,... 225,000
Ins. prem.-unex290,496
pired portion...
Accts. payable_ _ _ 315,323
19,396
423,956 Accrued taxes &
Deterred items- 304,849
583,570
483,712
int., &c
240
Divs. payable__
121,371
127,420
Def. credit items
3,180,282 3,097,092
Reserves
4,116,084 3,927,437
Surplus
Net income
$157,189
$131,301
$131,818
$93,257
Divs. paid or accrued on
preferred stock
53,400
53,400
53,400
45,233
Balance Sheet Dec. 31.
Assets1931,
Liabilities1931.
1930.
1930.
Plant, property,
Funded debt
$3,150,000 $3,131,500
equip, &c
55,974,309 $5,880,584 Consumers' dep.
19,031
Special deposits
515
2,006 Misc. def. Habil. &
Cash
24,151
38,734
unadju. creel__ 26,657
5,155
Accts.receivable
92,708
139,822 Due attn. cos
343,500
186,588
Unbilled revenue_
30,481
Notes payable_
217,770
Matls. & supplies.
42,969
60,922 Accounts payable_
22,725
14,931
Deferred charges &
Due affil. cos
8,264
prepaid accounts x104,193
138,125 Interest accrued_
83,834
1,581
Taxes accrued,. _
78,067
Divs. accrued_ _ _
4,450
Misc. accruals.
7,359
Reserves
519,928
567,190
6% cum. pref. stk. 890,000
890,000
COM. stk. dr surp_y1,229.1317 1,126,392
48,704,271- 48,785.206
Total
48,704,271 48,785,206
Total
Total
$8,269,324 $6,249,993
Total
56,269,324 56,249,993 -V. 134. p. 506.
x Including unamortized debt
-Earnings.
Massachusetts Gas Cos.(& Subs.).
capital stock. y Represented bydiscount and expense and commission on
53,200 shares (no par).
-V. 134. p. 505.
Income Account for Year Ended Dec. 31 1931.
$8,406,750
••••------k Indianapolis Street Ry.-Sale Set for May 6.
Net income from operations
575.471
On application of George C. Forrey Jr., receiver, Judge Harry 0. Cham- Miscellaneous income
180,781
berlin, of Marion County (Ind.) Circuit Court, has fixed May 6 at 10 a. m. Non-recurring income
for sale of the system to the highest bidder. Judge Chamberlin authorized
$9,163,002
the receiver to sell the property. No minimum price was fixed but the
Total income
252,003
Court reserved the right to reject bids.
Miscellaneous deductions
-V. 133, p. 3629.
115,238
Non-recurring deductions
International Telephone & Telegraph Corp.
-Deal
$8.795,761
Income available for interest, depreciation, etc
with Kreuger Canceled-Agreement for Purchase of Ericsson Interest on funded debt
2.899.670
107,846
Interest Rescinded.
-See under Kreuger & Toll Co. under Other interest paid
1,980.987
Depreciation and depletion
"Industrials" below.
-V. 134, p. 2718.
118,871
Federal income tax
Johnstown Traction Co.
-Receivership.
-Lehigh Valley Transit Co.
-Stocks Off List.
The Stock List Committee of the Philadelphia Stock Exchange on
April 8 struck from its list the common and preferred stocks of this company
-V. 133, P. 2602.
at the latter's request.
Keystone Public Service Co. (8c Subs.).
-Earnings.
1931.
Calendar YearsOperating revenues-- - $1,399,316
778,196
Operating expenses
1930.
$1,510,468
705,759
1929.
81.556,922
679,968
1928.
$1,395.70.1
822,047
Operating income....
Other Income
$621,120
48,419
8804.709
30,800
$876,956
24,903
$773,656
16,478
Total income
Interest, amortization.
Federal inc. tax. Scc_.
8669,539
$835,509
8901,859
$790.134
197,618
296,361
314,315
281,121
Net Income for year..
Diva, on pref. stock
Divs, on corn. stock
$471.921
27,723
460,000
8539,148
17,060
517,500
$587,543
3.933
506,000
$509,013
18,000
94,500
def$15,802
$4,588
$77,610
8396,513
Balance to surplus.
$3,688,388
Consolidated Balance Sheet Dec. 311931..
Assets
Llexbildies525,000,000
Property,equipment & other
Preferred stock
41,666,700
capital assets
5133,445,757 Common stock
2,533,333
Investments
Capital surplus
10,814,370
Funds held by sinking fund
Earned surplus
52,230,000
trustees
4,393 Funded debt
Cash
1,896,963 Notes & accounts payable &
5,787,913
Notes & accounts receivable 5,576,795
accruals
1,915,198
Inventories
8,724,521 Due to allied companies-. _ _
7,287,402
Unamortized bond discount
Depreciation & depletion_ _ _
Os expense dr other de3,518,303
Special retirement ferred charges
500,000
2,378,584 Preferred dividend
1,715,888
Surplus reserves
1,016,887
Other purposes
97,380
Deterred credits to oper- .
Net income
Lee T. Shannon, was appointed receiver on Nov. 8 1931 by Court of
Common Pleas of Cambria County, Pa.
-V. 133. p. 3630.
Total
-V.133, p.3255.
$154,083,353
Total
.1
5154,083,352
Middle West Utilities Co.
-Fol-Receivers Appointed.
lowing the filing of a petition for a receiver on April 14 by
the Lincoln Printing Co., with listed claims for $8,000,
Federal Judge Walter C. Lindley. on April 15 at Chicago
2906
Financial Chronicle
appointed the following as receivers: Samuel Insull, Chairman of the Board; Edward N. Hurley, war-time Chairman
of the United States Shipping Board,and Charles McCulloch,
taxicab official.
The move was a friendly action and was concurred in by
officials of the company. The step followed conferences
between Samuel Insull and bankers at which it was agreed
that receivership was the only way to meet the company's
financial problems.
Similar receivership action, it is understood, will be
initiated soon against Insull Utility Investments, Inc., and
Corporation Securities Co. of Chicago. These investment
trusts, organized in 1928 and 1929 by the Insull interests,
are large holders of the securities of Middle West Utilities
and its various subsidiary properties. A bill is already
pending in the Circuit Court against Insull Utility Investments, Inc., but it is expected that action will be taken
by interest close to the companies to insure the appointment
of friendly receivers.
Ths receivership for the Middle West enterprises is, it is
said, the largest in the history of American business. The
company's operations extend into 30 States, reaching from
the Southwest to New England and into Canada.
Receivership Will Not Affect Utility Operating Companies.
The directors of Middle West Utilities announced Thursday night their
determination that the best interests of creditors and stockholders will be
served by the appointment of a receiver. This action seemed unavoidable
as a first step in a reorganization of the company. This action in no way
affects utility operating companies which are subsidiaries of Middle West
Utilities Co. These subsidiaries whose business generally is eminently satisfactory in view of economic conditions, will function as usual, financing
themselves as heretofore. The board emphasizes the fact that the eastern
properties of the company which are all included in the National Electric
Power Co. group are not involved in the receivership. Middle West Utilities Co. does not owe money to any of its eastern companies. Receivership
is the result of the company's inability to finance its obligations. Economic
conditions make it impossible to work out an immediate plan for the payment of about $22.033,000 in well secured bank loans, slightly over $7,000,000 in partkularly secured loans and meeting of a maturity of $10,000,000 of notes on June 1. With the company's assets conserved through
protection of the Federal Court, reorganization plans for the company will
be developed as rapidly as economic conditions permit. Samuel Insull,
Chairman of the company, stated that details of the plan would be announced as they became available.
April 16 1932
companies, including National Public Service Corp. Middle West's interest
in the National Electric Power Co.'s system is solely that of an owner of
class A and B common stock of National Electric Power Co. Middle
West Utilities Co. is not indebted to National Electric Power Co. or any
of its subsidiaries. National Electric Power Co. is meeting its obligations
as they mature. Its bank loans are being constantly reduced and are
amply secured. Dividends have been passed on its common stock in order
that the moneys thus retained in the company may be used to accelerate
the reduction of such loans. The banks from which the National companies have received accomodations during the period in which these
companies have been unable to do their usual long term financing have
co-operated with the companies to our entire satisfaction and we have
every reason to believe that they will continue to do so. The earnings of
the operating companies of the National Group are being satisfactorily
maintained and are amply sufficient to meet all fixed charges of the System,
including the interest on all holding company obligations. The funded
debt maturities occuring during the next 12 months amount to less than
three million dollars, of which over a million dollars are now owned within
the Stem. None of these maturities occur before Nov. 1 1932, and are
ys
maturities of several minor operating companies.
New England Units Not Affected.Walter S. Wyman, President of the New England Public Service Co.,
said that the receivership action against the Middle West Utilities Co.
would have no effect on the Maine or New England companies operated
by the Insull group. He said the power companies of Northern New
England were "comparatively well off" and that the New England Public
Service Co. "has no debts except endorsements of two secured notes total
ing $500,000."-V. 134, p. 2719.
Missouri Gas & Electric Service Co.
-Earnings.-Calendar YearsOperating revenues
Oper.exps.(incl. taxes).
1931.
$698,758
513.914
1930.
$721,504
526,413
1929.
$700.479
526.030
1928.
$673,067
501,207
Net oper. income-- - Non-oper.income
$184.844
4,516
$195.091
4.711
$174.449
2,635
8171,860
1.787
Gross income
Int. on funded debt_ __ _
Amortiz.of debt discount
and expenses
Int. charged to construct
Miscel. amortiz. & int_ _
$189,361
93,981
$199,802
89,165
$177,084
79,532
$173,648
72,188
7,331
Cr3.234
10,796
6.876
5.731
5.227
14.942
16.309
27.528
Net income
Prior lien dividends_ _ _ _
Preferred dividenda--- -
$80.486
32.709
45.198
$88.819
32.863
34.596
$75.512
35.730
21.933
$68.703
36,498
18.000
Balance,surplus
Profit and loss,surplus_ Shares of common outstanding (no par)_ _ _
Earns,per share on com_
$2.579
95,488
$21.360
92.909
$17,849
88,453
$14,205
75,144
8,698
$0.29
8.304
$2.57
7,730
$2.39
7,444
$1.91
Comparative Balance Sheet Dec. 31.
Assets1931.
1930.
1931.
1930.
Litz5ili leeFixed capital
$4,089.158 33,683,255 7% prior lien stock 5467.400 $467.400
790,100
630.000
53,643
80,540 $6 pref.stock
With deep concern for the large number of holders of the securities of Cash
830,400
11,798 Common stock__. 869.800
13,505
three of America's soundest utility companies, I have watched the drastic Notes receivable__
5.300
3.800
137.350 Cap.stock subscrlb
-Commonwealth Accts.receivable__ 156,736
sacrifice in values of the securities of these companies
1,736,700 1,739,200
906
454 Funded debt
Edison Co., The Peoples Gas, Light & Coke Co. and Public Service Co. of Interest receivable
52.401
Materials & supp70.616
78,377 Notes payable_ _ _ _
Northern Illinois. The extent to which the market price of these securities
65.103
75,037
0,141
5,136 Accounts payablehas declined can only be explained by the existence of confusion, misunder- Prepayments
14.262
15.749
Consumers'deposit
standing and misapprehension in the public mind as to the relationship Subscribers to capi17.602
20.031
tal stock
2,311
1,496 Dividends declared
between the three companies and Middle West Utilities Co.,!mull Utility
1,523
1,159
12,168 5ilscell. curt. flab_
9,619
Investments. Inc., and Corporation Securities Co. I say this most posi- Mlscell.assets_
38.780
38.840
183,153 Accrued liabilities_
tively. whatever may happen in the affairs of these latter companies will Deferred debits_ _ _ 190,682
,
249,696
1,500 A dv.from affll.co's 349,922
3,100
have absolutely no effect intrinsically upon the standing of the three operat- ReacquIr.securities
43.056
50,992
Reserves
ing companies which serve Chicago and the surrounding area.
92,908
95,488
Surplus
Upon recent occasions I set forth, I thought clearly, the position of
Commonwealth Edison Co., Public Service Co. of Northern Illinois and
$4,576,419 $4,195,232
$4,195,232 Total
Total
$4,576,419
the Peoples Gas, Light & Coke Co. and their subsidiaries. For the sake of
removing any doubts regarding their position I want to summarize again -V. 133, p. 3255.
not only the already given facts but additional ones which I hope will
clarify the public mind.
-Earnings.
Missouri Public Service Co. (8c Subs.).
Let us consider first the Commonwealth Edison Co. It is prehaps the
-Year Ended Dec. 31.
Consolidated Income Account
largest steam generating company in the country and has an unbroken
1931. ' 1930.
dividend record extending over 42 years. This company itself has absolutely
$1,557.400 $1,552.84
nothing invested in the securities of Middle West Utilities Co., Insull Operating revenues
916.00
843.464
Utility Investments Inc., or Corporation Securities Co.
a Operating expenses
4,893
3.3
Commonwealth Edison Co. has a wholly-owned subsidiary, Common- Uncollectible bills
98,457
83.15
wealth Subsidiary Corp, which has total investments of about $113,000,000 Taxes
Cr .5,702
Dr.6
and of this total investment Just a little over one-tenth of 1% is invested Lease oflines and plants
In securities of the two investment companies named. It holds no Middle
$549,644
West Utilities Co. securities.
$616,287
Net operating income
36.556
43,059
Now consider these figures. Commonwealth Edison Co. and its subsid- Non-operating income
iary at the present time has in excess of $20,000,000 in cash and no bank
$586,201
$659,346
Gross income
loans.
293.749
310.404
Commonwealth Edison Co.'s not earnings for the first quarter of this year Interest on funded debt
88,180
94.426
were more than $5.129,000, or only 898.000 less than for the similar period Miscellaneous interest deductions
Cr.4.635
in 1931. In 1931, it will be recalled that the company earned its dividend Interest charged to construction
32.975
Amort. of debt discount and expense
35.826
of $8 a share by a very substantial margin.
3,817
1,203
The Peoples Gas, Light & Coke Co. has absolutely nothing invested in Miscellaneous deductions from gross income
the securities of the two named investment companies or Middle West
$167.478
Net income for the year
$222,122
Utilities Co. The company and its subsidiaries has more than $8,000,000
65,303
72.781
in cash and none of them has any bank loans. Peoples Gas Subsidiary Previous earned surplus
Cor has total investments of approximately $46,700,000 and less than
$232,781
$294,903
of the two
334% of thistotal is invested in the securitiescombined. investment com- $7Total surplus
preferred dividends
131,636
132,021
panies named and Middle West Utilities Co.
5,786
2,993
The earnings of the Peoples Gas Light & Coke Co. to date despite a $6 preferred dividends
24,985
65,1,67
rate reduction made last October, were but very slightly below those for Common dividends
the same period last year. The net earnings for the first quarter of 1932
Earned surplus Dec.31
$72,781
$87,799
were 91,692,000 or about $80,000 less than for the first quarter of 1931;
303.506
303,566
in 1931, the dividend of $8 per share was earned by a substantial margin. Capital surplus Dec.31
a Including retirement provision of $45,880 in 1931 and $45,279 in 1930.
The company has paid dividends for a period of some 30 years with the
b Of which $303,566 capital and $72.78t earned.
exception of the post-war adjustment years.
Public Service Co. of Northern Illinois is in the same investment position
Consolidated Balance Sheet Dec. 31.
as the other two operating companies. Not one cent of its money is in the
1930.
1931.
.
1930.
securities of the two investment companies named or Middle West Utilities
AssetsLiabilities$
$
$
$
subsidiary-Public Service
Co. The company and its wholly-owned
pref stocka1,887,500 1,887.500
-has upwards of $7,000.000 in cash and .either com- Plant, property &13,385,432 12,738,643 87cum.'nor. atk_ a121
Subsidiary Corp.
equipment
$6 cum.
152
58,848
The subsidiary corporation has $38.000.000 in
pany has any bank loans.
42,779
61,815 Corn. stk. (59,970
investments. Of this total a little more than two-tenths of 1% is in the Cash
2,445 shares)
Notes
9,080
2,999,500 2,999,500
securities of the investment companies named and Middle West Utilities Accts receivable- - 249.985
receivable
255,456 Cap,stock subscr_ 108,864
30,144
Co. combined.
Material&supplies
96,939
121,979 Funded debt
6,212,000 6,200,000
The net earnings of Public Service Co. of Northern Illinois have to date Prepayments
3,136
5,336 Pur. contr. oblig.
41
those for the same period of 1931. The 1931 earnings, it
been in excess of
due 1031-45_._ _
23,194
25,944
may be recalled, were the largest in the company's history and amply Subscrs. to capital
21,904 Current liabilities_ 249,395
270.656
covered its dividend. The net earnings for the first quarter of 1932 were Mstock assets_ _ _. 89,851
iscell.
17.955
18,414 Accrd. liabilities
148,215
136.790
more than $2.423,000. or $382,000 in excess of the 1931 showing.
036,466 A dv.from atilt. cos 1,601,060 1,079,000
Commonwealth Edison Co. has an issue of $20,000,000 of 334% notes Deferred debits__ - 653,012
4,552
500 Reserves
809,276
797,025
The Peoples Gas Light & Coke Co. has an issue of $15,000,- Re-acquired secure
due July 30.
Mige.unadj.credits
1,200
1,205
000.000 of 334% notes due the same day. Public Service Co. of Northern
Earned surplus..87,799
72,781
Illinois has $15,000,000 of 4% notes maturing July 30 and $10.000,0130
Capital surplus- -- 303,566
303,566
debentures maturing Aug. 1. It also has other obligations totallin $2,292,000 maturing during the year. The figures given represent all the
Total
Total
14,552,720 13,862,958
14,552,720 13,862,958
maturing funded obligations of all these companies. None of the subsidiaries have any funded obligations maturing this year.
a 18,875 shares (no par). b 1,262 shares (no par).
-V. 133, p. 1614.
In view of the splendid condition of these three companies and keeping
in mind their record of credit standing as well as their tremendous assets `1Wontana Cities Gas Co.
-Dividend Deferred.
and earning power, it seems inconceivable that their obligations will not
The directors recently voted to defer the semi-annual dividend of 354%
be met when due. While actual arrangements for payment have not
due Jan. 1, on the 7% cum. pref. stock, par $100. The last previous semibeen made, and it certainly would be unusual practice to make such
arrangements for maturities over three months away, I have ascertained the annual payment on this issue was made on July 1 1931.-V. 132, p. 1618.
views of investment bankers of this community who are conversant with
the affairs of the companies and I find the consensus of opinion to be that
Mountain States Power Co.
-Earnings.
under prevailing conditions the refunding of these obligations could readily
For income statement for 12 months ended January 31 see "Earnings
be effected.
Department" on a preceding page.
-V. 134, p. 506.
Chicago Utilities Safe.
-Samuel Insull Thursday night
issued the following statement:
Receivership Does Not Involve Units
-Statement of Harry
Reid, President of National Electric Companies.
Receivership of Middle West Utilities Co. does not involve, nor need it
Involve the National Electric Power Co. or any of the latter's subsidiary
National Power & Light Co.
-Earnings.
For income statement for 12 months ended Feb. 29, see "Earnings Da
partment" on a preceding page.
See also Electric Bond & Share Co. above.
-V. 134, P. 1761.
Financial Chronicle
Volume 134
2907
National Public Service Corp.(8z Subs.).
-Earnings. "New Brunswick Telephone Co., Ltd.
-Reduces Div.
Consolidated Income Account Year Ended Dec. 31.
1931.
1930.
$36,449,923 $33.126,350
19,868,705 18,831.073
194,992
133,668
2,297,150
1,753,025
174.678
165,851
Cr8,398
Operating revenues
Koperating expenses
Uncolloctible bills
-general
Taxes
Rent for leased lines & plants (not)
Rent accrued from lease of linos and plants
Net operating income
Profit on sale of subsidiary co's to public
Profit on sale of securities & properties to public_
Dividends, interest, &c
Other non-operating income
$13,922,797 $12,242,731
600,000
1.039,361
995,255
80.686
267,429
318,770
Gross income
$15.785,481 $13.681,550
Interest (net)
8.164,935
5,970,915
Amortization of debt discount & expense
565.640
453,489
Miscellaneous deductions from gross income
142,462
3.926
Provision for Federal income tax
350.546
Dividends on stocks & proportion of undistributod
earnings to outside holders
3,208,495
2,395,938
Net income for year
Unbilled income at Dec. 31 1930
Previous earned surplus
$3.703,948 $4,506.734
887,172
2.989.184
1,769,188
Total surplus
7% preferred stock
$3.50 preferred stock
$3 preferred stuck cumulative series
Class A common stock
Class B common stock
Surplus charges
Miscellaneous debits (net)
$7,580,306 $6,275.923
903,541
906.500
350,008
266.991
3
11,951
1,060,197
1,060.001
1,011.242
1,016,729
872.776
26.901
24.564
Earned surplus, Dec. 31
$3,355,638 $2.989,184
x Including retirement appropriation of $1,832,453 in 1931 and $1,803,503
in 1930.
Consolidated Balance Sheet at Dec. 31.
Assets
-
1931.
1930.
Fixed capital_ _ _276.291 ,015 205,916.329
Cash
2,635,466
2,550.652
Notes receivable
327,368
120,529
Accts.receivable 5,664,20:3 3,482,180
Int. & dIvs. rec_
9,020
27,500
Materials & supplies
2,312,421
2,693,854
Prepayments_
306,243
181,301
Subscriber to capital stock- _
730,029
523,385
Miscel, current
assets
11,484
12,671
M Lice'. assets_ 12,758.604
5,560,534
Deferred debits. 16,247,834 12,694,755
Capital stks reacquired by Issuing cos., at
cost
3,957,651
3,938.158
Disc. & exp. on
capital stock_ 4,327,624
3.820,135
Secs, borrowed
from Mill. co.. 6,560,637
Total
LiabitUtes-
$
The directors have declared a quarterly dividend of 15 cents per share on
the capital stock, par $10, payable April 15 to holders of record March 31.
The company previously paid 20 cents per share on Jan. 15 1932.-V. 131.
P. 2379.
New England Gas & Electric Association.
-Earnings.
(Income of companies acquired during the period is included only from
the approximate dates of acquisition.)
Calendar Years1930.
1931.
1929.
Total operating revenues
$14.711,019 $14.740,528 $9,082.847
Operating expenses & maintenance_.. 7.608.661
8.361,148
5,346,119
Prov. for retirement of fixed capital
1.3)4.409
754.718
1.444,014
Taxes (incl. prov. for Fed'i inc. taxes) 1,636,079
1,454,316
781,045
Operating income
Other income
$4.022.266 $3,620.654 $2,200,963
28,429
472.896
461.543
Gross income
$4,415,162 54,082.198 $2,229,392
Fixed charges, &c., deduct, sub. co's
Cr8,155
392,389
360.851
Int. on funded debt of Association
1,722,493
1.144,050
2,143,960
Int. on unfunded debt to public of
Association
68.551
25.816
11.501
Balance
51.978.851 $1,898.763 $1,067.680
Surplus Account Dec. 311931: Balance. Jan. 11931. $1,918.748 balance
for 1930, $1.935.317: other credits, $100,384: total surplus, $3,997,983:
interest on advances by shareholders. $53,435; dividends on pref. shares,
$1,249,926: amortization of debt discount and expense, $12,339; balance.
Dec. 31 1931, $2,682,282.
Consolidattd Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
AssetsLta'
$
Fixed capital__ _101.083.234 101,254,189 Capital shares &
Investments _ _ _ 3,848,749
5,267,034
surplus
49,870.719 51,074,252
Cash & spec. dep 1.448.674
1,105,092 Adv.from shareNote. receivable
1,535,130
8.315
10,175
holders
A cets receivable 1.919,415 2,246.233 Funded debt_ ... 42.885.700 47.569,500
Marls& supplies 1,065,258
1,358,445 Sub.....o. 3% gold
Undistributed
notes
4,460.000
debititems
140,272
131.879 Notes payable
1,177.500
610.000
Accts. payable
522.992
386.116
Divs. declared
17.772
293,835
A ecr. taxes At Int
725,294
721,822
Other accruals
75.146
19.028
Consumers' dep.
493,544
494.890
M 'see'. unadjust.
credits
40,474
74.783
Reserves
9,439,895 8.398.538
7% preferred stk 13,000,000 13,000.000
53.50 cum. preferred stock_ a4,578,51I
4,578.511
$3 ser. cony. pt.
161,301,535
stk. option wts
Claw A corn.sr kd 12.444,731 12,444,731
4,408,469
Class B com.stk c3,717,725
Total
109,513,917 111,373,020
Total
109,513,917 111,373 020
Minority interest
64,787.357 44,240,594 -V. 134, p. 327.
in subs
Funded debt_ ..156,318,631 131,263.500
New Orleans Public Service Inc.
-Tenders.
-Purch. contract
126,562
obligations ___ 1.560,487
The New York Trust Co., trustee, 100 Broadway, N. Y. City, will
1,667.380 until 2 p.m. on May 4, receive bids for the sale to it of general lien 435%
Notes payable_ 20,056,296
Accts. payable_ 1,503.683 1,174,890 gold bonds, duo, July 1 1935, to ati amount sufficient to exhaust $150,441
Consumers' deat prices not exceeding 105 and interest.
-V. 133, p. 287.
1,114.626
1,376,197
Posits
New York State Rys.-Receivers' Report.
276,876
861,688
Divs. declared_
Discounted conCalendar Years1931. .
1930.
651,297 Railway operating revenue
tracts Pay - - $6,060,533 $7.607.222
578 385
.
271.750
Fur. contr. oblig
Railway operating expenses (incl. depreciation)
5,633.910
7.189.212
86,709
106,808
Habil
Misc. trot.
A cc.rd. liabilities 4,252,945 3,451.499
Net revenue railway operations
$426,623
$418,010
Net revenue auxiliary operations
Dr7.284
140
Syndicate participations bal.
153,409
Net operating revenue
$119,339
$418,150
subject to call
177.492 Taxes
484.582
531.884
Due to affil. co's 12,817.899
17,585,170 15,069,194
Reserves
Operating deficit
$65,243
$113.734
Misc. unadjust.
350,080 Non-operating income
656.115
118,434
credits
101.529
Liability to deCress income
$36,286
$4,700
liver borrowed
6,560.637
Deductions
sees
57.593
59.606
2,989,184
Earned surplus_ 3,355,638
3.148.853
15.595.535
Deficit
Capital surplus_
$21,307
$54.906
V. 134, p. 2522.
332,139,599 241,521,989
Total
332.139,599 241,521.989
a 100,000 shares (no par) with non-detachable warrants entitling holder
North American Light & Power Co.
(& Subs.).
-Earns.
to purchase on or before March 1 1935 one share of class B common stock
Calendar Years1931.
1930.
1929.
1928.
at varying prices as set forth in warrants. b 28,923 shares (no par) with
non-detachable warrants entitling holder to purchase at any time to and Combined gross earns..-$46,518,577 $47,419,444 $46,131.765 $42.342,001
214,741
261,599
including Jan. 1 1931, one-half share of class B common stock at the rate Less inter-co. items
324,962
445.441
of $60 per share, for each full share of preferred stock. c 460,031 (no par)
Gross earns. from oper$46,303,836 $47,157.845 $45.806.802 E41,896,560
shares. d 662,664 shares (no par). x Resulting from appreciation in value
of properties of subsidiaries since date of acquisition. y Notes payable are Exps., maint.& taxes.... 25,069.460 25,819,494 25.434.456 23,504,919
as follows: (a) 'Banks: secured by: (1) subsidiary companies' stocks and
Net earns,from oper_ _$21,234,376 $21,338.351 $20,372,347 518.391,641
bonds (eliminated in consolidation) which represent a not equity of $32,1,517,200
187.780 Dr.78,614 Dr.76.155
346,277 Included in assets,(2) Securities borrowed (per contra)of $6,560,637 Other income
$13.150,000: Unsecured $2,632,661.-$15.782,661;(b) Others:secured by
Total net earnings_ --.522,751.576 $21,526,131 $20.293.733 518,315,486
subsidiary company's reacquired preferred stock of a value of $670,000$610,000; Unsecured,$3.663,634.-$4,273,635, total as above,$20,056,296. Rentals
1,199,215
Int. on bonds, &c., and
- 133, p. 3630.
V.
amort. of debt disct_ _ 8.504.239
9.155,450
8,000.204
8,863,732
pf. stks. sub. cos
Nevada-California Electric Corp.(& Subs.
-Earns.-'. Div. onfor minor.stk.int. 4,099,166 3,980,308 3.687.279 3,720.249
Allow,
3 r. 599
1.528
2.046
1.587
1929.
12 Mos. End. Dec. 31- 1931.
1928.
1930.
Gross operating earnings $5.650.825 $5.672.386 $5.674.700 $5461340
Balance
$8,949.555 59,544,032 57,740.676 55.438.259
Oper.& gen.exps.& taxes 2.741.054
2.791.972
2.704.224
2,341.230 Appropriated for deproc.,
retirements, &c
2.480.951
3,064,561
3,175,549
Operating profits...,_ $2,909.771 $2,968,163 $2,882.729 $3,120.110 Int. on bonds of North 3.300,585
Non-oper. earns. (not)-196.152
140.286
133,119
103.401
Amer. Lt. & Pow.Co_ 1,433,018
958,528
Total income
$3.013.172 $3108448 $3.078.880 $3,253,229
13a1 avail, for diva, on
Interest
1,464.275
1,487.231
1,473,200
1.5:32.408
Nor.Am. Lt. & Pow.
Depreciation
689.673
628.725
602,750
676.781
Co.stocks
54.215.952 55,409.956 54,676.115 52.957.308
Disc. & exp. on sec.sold_
97.488
96.629
97,147 Div. on N. A. Lt. & Pr.
102.623
Miscoll.add'ns & deducts
Co. pref.stock
847,317
1,113.860
1,212,000
1,159,500
(net credit)
Dr7,595
129.513
47,992
44,480
Surplus after pref. div $3,003,952 54.250.456 $3,562,248 52.109,991
Slurp, avail, for red, of
bonds, di vs., &c_ _ _
$849,417
$995,809 $1,124.612
Consolidated Balance Sheet Dec. 31.
$749,352
Divs. on pref. stock_ _ _ _
777.427
703.913
669.383
787.787
1930.
1931.
1931.
1930.
Dies. on stock of subs.
Assets$
$
Ltantaties$
$
not held
178
181
158 Prop.accts..rts.,
178
Funded debt _ _ _189,164.226 179.210.400
Balance
$290,619
$71.809
$38.613
Comparaqve Consolidated Balance Sheet, Dec. 31.
(Inter-Company Securities and Debts Eliminated.)
5455,071
1931.
1931.
1930.
1930.
Assets
$
Prop.& egulp.,&c.47.284,419 45.280,557 Preferred stock..- -11.221.200 11,138,800
8,537,000 8.531,800
Common stock_
Net add. to assets
based upon the
Stock of sub, cos.
3,701
acquIs.of stks.of
not held
4.201
Proms. rec. on
sub. by Nevada17,374
Calif. Dec. Corp 3.280.722 3,280.722
pref. stock
17.374
Disc. on stock of
Inveet's In. & cores.
corp. In hands of
advs.to. control.
Dr1,179.208 Dr1178,912
700,518
626,631
public
cos.. Scce
Bonds & debent's_30,500.000 28.503.000
Funds with trustee
891,789 1,034.046
2.227
2,780 Current liabilities_
for red. of bonds
193.243
232,954
Curr. assets & Inv. 2,833.482 2,825,221 Snap. credit Items.
Res. for deprec...._ 4.469,364 4,085,302
Maur., taxes.
Prep.
77.894
53,094 Res.for fire loss.drc 270,043
333.633
expenses. &c..- Surplus
1,920,486 1,959,099
Disc. & exps. on
funded debt &
prem. pd. In bd.
red. In process of
2,665.932 2,592.289
amortization
58,844,994 54.881,298
Total
-V.132, p. 4159.
franchises, &c303.990.563 291,039.377
Cash held by
trustee
32,354
546.346
Investment sects 17,880.346 17,563,119
Sinking funds...
115.562
313,804
Special deposits_ 1,755,333
1,787.967
Cash
6,364,086
7.596.477
Notes and accts.
receivable_ - - 6.849.365 7.647,287
Mats.& supplies 3,634.451
4.139.361
Prepayments. _
343.249
297,738
Unamortised dt
dint. & sips. 5,826.737
5.606.391
Misc. def. accts.
.
471,512
362,873
Re-acquired secs 6,123,380
Bonds & stocks
held by subs_
7.524,592
Total
Total
56,844,994 54,661,298
353,386,938 344,425.331
Preferred stocks 83,799.773 82.641,939
Min. stockholdera' equity In
corn. stock &
sup. of subs_
31.928
12.386
Common stock _x42,773,975 39,527,350
35.522
Corn,stock scrip
47.224
Corn. stock diva.
855.503
payable
Notes payable_ _ 8,219.527 9,858.000
Accts. payable.. 2,232,713 3,037.280
1,019,137
Consumers' dens 1.151.745
Prof. stock diva
875.886
853.708
Payable
2.285.011
Accrued taxes
2,688.206
Accrued int. and
2,395.280
2,421.526
dividends_ .
Deterred Habits,
834,647
658.665
Retirement res_ 12,296 521 11.887.671
Other reserves
3.474.784
4.368,043
Earned surplus
3,320,111
4,249,989
Paid In surplus
1.805.634
Total
353.380.938 344,425,331
Note.
-North American Light & Power Co. and
companies
which own the common stock of Northern Natural liasthe other guaranteed
Co. have
jointly and severally borrowings by the latter company in the amount o
$17.000.000.
x Represented by 1,710,959 shares of no par value.
-V.134, p. 2522.
2908
Financial Chronicle
New York Telephone Co.
-Extends Part Timing.
In order to continue employment for the maximum number of employes, part timing of employes will be extended on May 1 1932, to include
everyone employed by the company. Employes now working full time
or who are part timed lass than X day a week will be part timed X day
a week.
Time off will be rotated so that no change will be made in the hours during which business and administration offices will be open. No phase of
telephone service will be affected.
-V. 134, p. 2522.
Niagara Hudson Power Corp.
-Capitalization Reduced.
The stockholders on April 12 approved a reduction in the common stock
to one-third of the number of shares outstanding, corresponding changes
in the warrants and a change in the authorized capital from 45.000,000
shares of $10 par common stock and 5,150,000 shares of no-par preferred
stock to 20.000,000 shares of $15 par common stock and 1,500,000 shares
of no-par preferred stock. One new share of $15 par common stock is to
be issued in exchange for every three shares of $10 par value. This will
reduce the number of shares two-thirds but only 50% in stated value.
Floyd L. Carlisle, Chairman of the board, said that unless conditions
changed radically for the worse, he,could see no reason why the company
should not pay the regular dividend for this year. He added that of 225,000,000 bank loans at the end of 1931, it was proposed to pay them off
through the sale of bonds of the operating companies. The construction
budget for 1932 amounts to 6193100,000.
The two outstanding developments of the last year in the Niagara Hudson System were, Mr. Carlisle said, the forthcoming interconnection of
Niagara Hudson and New York Edison power lines and the resultant
savings expected in both systems, and the arrangements made to purchase
natural gas for distribution by gas companies in the Syracuse area.
The principal stockholders of Niagara Hudson Power Corp. at this time,
and the amount of their holdings, are as follows, all figures being unchanged
from a year ago:
Shares Owned.
Holder2,713,492
Aluminum Co
3,500,000
Niagara Share Corp. & Schoellkopfs
892.528
Mohawk Valley Securities Corp
74.646
Niagara, Lockport & Ontario Power
157.600
Bonbright & Co
624,425
Power & Electric Securities Corp
5,729,250
United Corp.& St. Regis Paper Co
1,930.323
United Gas Improvement Co
-The United Corp. some time ago acquired from the St. Regis
Note.
company a large block of its Niagara Hudson Power stock in exchange for
United Corp. shares, so that the aggregate holdings, which are unchanged,
are grouped in the foregoing.
-V. 134, p. 2522.
-Omits Class A Div.
North American Gas & Electric Co.
The company has decided to omit the quarterly dividend due at this time
on the no par value class A stock. Three months ago a dividend of 10
cents per share was paid on this issue, prior to which the stock was on a
$1.60 annual basis.
The directors declared a quarterly dividend of $1.50 per share on the 26
pref. stock, payable May 1 to holders of record April 20. An initial distribution of like amount was made on Feb. 1.-V. 134. p.327.
-Earnings.
Northern States Power Co.
Foe income statement for 12 months ended Jan.31 see"Earnings Department" on a preceding page.
-V.134. p. 506.
-Earnings.
Northwestern Public Service Co.
April 16 1932
Comparative Balance Sheet Dec. 31.
Assets1931.
Liabilities1930.
1931.
1930. .
Plant,prop., eqpt.
1st mtge. 5% gold
&,3
87,339,203 68,993,071
bonds
83.820,000 83,857,000
Miscell. sp'l dens_
822
1,110 Consumers' dens.
40,104"
Cash
29,368
50,440 Misc. def. liab. &
Accounts recelvle 120.288
129,292 unadj. credits
30,946
1,528
Notes receivable._
2,480
Due Mill. cos
1,287,500 1,051,238
Unbilled revenue37,015
Notes payable_ _
238,493
Due from attn.cos.
21,574
Accounts payable20,891
18,283
Mats.& supplies
35,298
40,308 Due affiliated cos.
Misc. curr. assets_
50 (current)
15,904
Def. chgs.& prepd.
Interest accrued }
78,117
accounts
s439,595
407,882 Taxes accrued._
84,860
169,928
Dividends accrued
9,139
Miscell. accruals
10,176
Reserves
425,430
441,462
5Si% cum. p1,81k, 1,300.000 1,300,000
6% cum. pref. stk. 101,700
37,500
Cora. stk. .4 Burp_ y853,343 y656,276
Total
$8,025,643 27.622,153 Total
$8,025,643 $7,622,153
X Including unamortized debt discount and expense and
commission on
capital stock. y Represented by 58,746 shares (no par).
-V. 134. p. 1023.
Oregon-Washington Water Service Co.
-Earnings.
-
Calendar YearsOperating revenues
Operating expenses
Maintenance
General taxes
1931.
$492,565
162,564
18,934
63,889
1930.
$548,119
194,592
19,771
66,050
1929.
2605,838
232,022
27,897
75,253
1928.
$571,907
200,849
30,805
69,394
Net earns, from oper_
Other income
•
Gross corporate Inc_ _ _
Int. paid or accrued on
funded debt
Res. for retire., replace.
& Fed.inc. tax & misc.
deductions
$247,177
7,634
$267,707
6,413
$270,666
1,846
$270,859
2,486
$254,811
$274,120
$272,512
$373,345
136.156
136,276
137,692
132,222
Net income
Divs, paid or accrued on
preferred stock
32,822
$85,834
38.455'
$99,389
32,089
32,889
$102,731
$108.233
38.496
39,956
42,000
45,400
Balance Sheet Dec. 31.
Assets1931.
Liabilities-1930.
1931.
1930.
Funded debt
xPlant, property.
$2,676,500 $2,627,000
equipment, &I:1_24,859,305 $4,799,333 Consumers' dens.
16,955
Investments
121,463 Misc. def. !lab. &
Misc,special deps_
49,204 unadjust credits
3,453
17,306
4,460
Cash
19,242 Due Will. cos
17,346
40,500
208.824
Accounts reedy.
50,941 Accts. payable.- 34,862
.
5.714
5.059
Unbilied revenue4,433
Due atIll, cos.(cur48,102 rent)
39,273
Materials & supp's
5,899
Def. charges & preInterest accrued._14,172
paid accounts.._
42,392 Taxes accrued_ -..- 101,378 i
89,797
77,153
Dividends accrued)3,208
Misc, accr. Habil._
7.991
Reserves
722,586
708,508
Capital stock &
surplus
y 1,478,588 1.457,348
1928.
1930.1929.
Year Ended Dec. 311931.
Total
25,048,469 $5,130,677 Total
25,048,469 $5,130,677
Operating revenues
$3,089,966 $3,207,794 $2,964,832 $2,686,416
x Plant and property at appraised values. y Represented by 6.416
,
,
1,807,346
1,668,907
1.836,815
Oper. expenses and taxes 1.758,280
144,816 shares of $6 cumul. pref. stock (no par) and 42,500 shares of common stock
205,274
215,441
Retirement
220.188
(no par).
-V. 134. v. 506.
Rent for lease of other
1,271
1,410
electric plant
Operating inoome---- $1,110,087 $1.154.267
9,339
7,529
Non-operating income_ _
$952,212
17,842
$872.693
10.248
Pacific Telephone & Telegraph Co.
-Loss in Oper.
In connection with the distribution of the regular common dividend
checks, President H. D. Pillsbury advises stockholders as follows:
"The decreasing trends in volume of business and revenues mentioned
$882,941 in our annual report for 1931 recently issued continued in January
$970,054
21,117,616 $1.163.606
Gross income
and
348,673 February. There was a net loss of 174351 telephones in these months,
348,198
359.671
412,970
Interest on funded debt78.658 8,288 in January and 9,563 in February." See also V. 134,
109,303
75,567
88,473
Misc. Int., amort., &cP• 1579.
$455,610
$512,553
2629,079
$715,463
Philadelphia & West Chester Traction Co.
Net income
-Cuts Fares
196,587
219.635
268,842
232.848
Divs.paid & accr.on pref.
The company on April 8 announced reductions in fares on its trolley
140.000 lines and bus lines of its subsidiary, Aronimink Transportation Co., effec164,750
355,775
297,000
paid on com.stock
Divs,
-cent zone fares is reduced to 7X cents
tive April 15. The previous 10
$119,023 through the purchase of 50
$128,168
$185,615
24,462
Balance
-trip ticket books for $3.75. Books are not
35,000 restricted in use to the purchaser, any bearer being allowed to
49,500
Shs.com.stk.out.(no par)
52,150
49,500
use them,
27.40 and are good only for 30 days.
25.93
$6.91
$9.74
Earnings per share
Balance Sheet Dec. 31.
Similar reductions were made in bus fares, rates previously 10 and 20
cents being reduced to 73-i and 15 cents. The trolley fare from Media to
1930.
1931.
1931.
1930.
69th Street remains unchanged at 15 cents.
$
Liabilities-$
Assets
$
Reductions are an experiment for 90 days, which will be continued if
7% cum. pt. stock 2,758,600 2,756,600
Plant and prop-V.134, D. 1955.
15,678,210 14,722,034 6% cum. pt. stock 1,827,900 1,068,700 warranted, the company stated.
erty
109.398
175,696 Common stock... 3,262,463 3,050,463
Cash
Philadelphia Electric Co.
-New Director.
56,000
259,000
32,661
8.185 Cap. stk. subscrib.
receivable
Notes
Edward Hopkinson, Jr., of Drexel & Co. has been elected a director
1,030
1,145
478,083
537,532 Prem.on cap.stock
Accts.receivable
8,798,000 7,901,000 to fill the vacancy caused by the resignation of Thomas Newhall, also of
1,018
541 Funded debt
Interest receivable
73,341
95,000 Drexel & Co.
Notes payable._ _ _
Materials and supOther directors were re-elected as follows: Martin V. Bergin, Morris
50,944
97,174
320,013 Accounts payable_
271,588
plies
R.Bockius, Samuel T. Bodine, William A. Law, Horatio G. Lloyd, Thomas
16,793 Pur. contract obllg 117,198
16,574
Prepayments
Consumers'depos _ 129.089
126,158 N. McCarter, Edward B. Robinette, Morris W. Stroud, Jeremiah J.
Subscribers to cap11,361 Sullivan Jr. William H. Taylor, Sidney F. Tyler, John T. Windrim and
165,011 Misc. curr.
32,725
katstock
Taxes accrued..
- 168,424
177,209 John E. Ziiiimernutnn.-V. 134, p. 2522.
Adv. to Will. cos- 100,344
4.600
3,905
62,338 Interest accrued__
84.184
Miscell. investmls
Pittsburgh Suburban Water Service Co -Earnings.
20,452
23,801
Dividends accrued
4,937
Sinking fund
Calendar Years1931.
1930.
722,353
Adv.from atill.cos
1929.
1928.
Unamortized debt
2335,983
$339,558
881,705
766,361 Operating revenues
$322,643
$306,963
(Ilea. & expense 1,436.893 1,387,143 Reserves
122,526
123,303
587,537
583,074 Operating expenses
4,850 Surplus
113,367
1,858
111,885
Jobbing accounts_
Maintenance
14,493
22,463
16,984
22,778
Miscellaneous deGeneral taxes
9,821
6,794
83,321
5,791
7,274
47,747
ferred debits_ _ _
170,500
Net earnings from opReacquired secur- 242,412
erations
2189,143
$186.998
2166,509
$185,018
18,538,632 17,639,956 Other income
660
18,538,632 17.639,958 Total
906
Total
838
1,170
Gross corporate income 2189,803
-v.133. p. 3256.
2187,904
$167,347
$186.188
Int. paid or accrued on
- funded debt
-Renewal of Franchise.
92,441
86,256
Oklahoma Gas & Electric Co.
85,000
77.692
By a majority of nearly three to one, citizens of Shawnee, Okla., at a Reserved for retirements,
-year electric
replacem'ts & Fed'l InApril 12, voted a renewal of the 25
special election held on
Oklahoma
come tax & miscell. defranchise to the above company. Shawnee is the fifth city in
25,616_
duct
-year electric franchise to supply electric
22,471
11,475
23,531
to recently vote the company a 25
$71.686
Net income
service.
$79.178
$78,179
$77,658
Divs. paid or accrued on
Earnings.
27.500
pref. stock
27,500
21.694
27,500
For income statement for 12 months ended Jan. 31 see"Earnings DepartBalance Sheet Dec. 31.
-V. 134, p. 506.
went" on a preceding page.
1930.
1931.
LiabilitiesAssets1931.
1930.
-Earnings.
-Funded debt
Plant, property.
$1,894,500 $1,833,000
Ohio Water Service Co.
equipment, &c.$3,418,567 $3,334,555 Consumers'depos1928.
1929.
47,482
1930.
1931.
Calendar YearsMiscell,defer.liab.
2550,294 Miscellaneous spec.
$592,073
2640,755
$524,270
Operating revenues
870 & unad). credits
583
138,549
deposits
15.039
156.858
157,242
190,207
59.247
Operating expenses
41,301 Due alai. co's... _ 144,880
8,927
38,861 Cash
128,780
28,357
24,679
23,682
Maintenance
47,586 Accounts payable_
38,583
55.347 Accts. receivable
9,647
57,201
4,347
66,022
77.861
General taxes
Due mill. co's (cur21,030
Unbilled revenuerent)
$317.536 Materials and sup11,716
3349,656
3359,848
Net earns,from opera- 3265.484
20,771
22,336 Interest accrued..
38.883
plies
22,912
28,708
Other income
22,453
20,333
Taxes accrued - _
18,429
43.5341
Deferred charges &
3,437
132,897 Dividends accrued
prepaid accounts x150,420
Gross corporate Inc_
$378,364
$340,448
$382.301
$285,817
2,811
Miscell. accruals..
:Amt.not applic.to Ohio
Res. for retirem'ts
Water Service Co
103,409
& replacements_ 359,396
Int. paid or accrued on
359,726
50,133
60,201
funded debt
Contrib. for extens
103,560
189,941
171,630
160,916
Res, for retire.. replace.
Mina over. res3,187
500,000
& Fed. Inc. tax & mis$5.50 cum. pfd.stk 7500,000
568,477
cellaneous deductions_
Corn,stock & surp. z573,872
6.179
47,090
21,325
43,354
Net income
289,697
3163,580
Divs. paid or accrued on
preferred stock
66,522
77.737
x Majority of properties acquired April 1 1928.
2174,095
$112,153
66.182
39.686
23.854,882 $3.579.546
Total
Total
33.654,882 23,579,546
x Including unamortized debt discount and expense and commission on
par). z Represented
capital stock. y Represented by 5,000 shares (no
-V. 134, p. 506.
by 5.000 shares (no par).
Volume 134
2909
Financial Chronicle
-Smaller Dividend.
-Shawinigan Water & Power Co.
--The directors on April 14 declared a quarterly dividend of
25c. per share on the capital stock, no par value. It was
Quebec Power Co.
-Dividend Decreased.
recently decided that hereafter all dividends shall be payable
The directors have declared a dividend of 38 cents per share on the
common stock, no par value, payable May 16 to holders of record April 25. on the 15th day of February, May, August and November.
previously, dividends were paid on the 15th days of January, April, July Previously quarterly distributions were made on or about
and October.
The last quarterly dividend of 50 cents per share was paid on the com- the 10th day of January, April, July and October.
On Jan. 11 1932 and on Oct. 10 1931 dividends of 50 cents
mon shares on Jan. 15 last, as compared with 62% cents per share previously
each quarter from Oct. 15 1929 to and incl. Oct. 15 1931.-V. 134, p. 2147. each were paid, as against quarterly dividends of 62
cents
- per share paid from January 1930 to and including July
Radio Corp. of America.
-Monopoly Charges Answered
Says Unrestrained Competition Exists in Radio Field.
1931.
Rather than a monopoly, as charged by the Government, there exists In
Earnings.
radio spirited and unrestrained competition, with broadcasting stations in
-Philadelphia Co.
-Earnings.
For income statement for 12 months ended Jan. 31 see "Earnings De-V. 134, p. 1955.
partment" on a preceding page.
competitive hands and with plant capacities for radio sots and tubes vastly
in excess of market demands, according to the answer filed April $ by the
corporation to the amended and supplemental petition of the Government
in anti-trust law proceedings in the U. S. District Court of Delaware.
The answer points out that the patent cross-licensing agreements between
certain of the principal defendants in 1920 and 1921, which the Government has attacked, were not entered into secretly and with intent to violate
the law, but were negotiated with the full knowledge of the Government.
were considered and approved in the presence of a representative designated
by the President of the United States, and were submitted to the Department of Justice before execution.
"Neither the Department of Justice nor said Government representative
objected to or criticized any of these agreements," said the reply, "this
defendant then, as now, being advised and believing that they were legal."
The cross-licenses were necessary, the corporation stated, because the
patents held by different concerns were supplementary and overlapping'
making it impossible as a practical matter for any of these concerns to manufacture efficient and reliable radio apparatus. The result of the crosslicenses was the development in radio without parallel in any other industry
In so short a time.
The answer denies that the defendant company has created or attempted
to create a monopoly, but on the contrary has granted licenses under its
patents on reasonable terms with the result that licensees have been enabled
to compote with the defendants without restriction as to selling prices or
quantity. They are licensed to use all patents covered by the cross
-licenses.
and in consequence there has been the most intense and active competition in radio apparatus.
In analyzing competition In the various fields of radio under attack by
the Department of Justice, the answer states that:
1. In the manufacture of radio broadcast receiving sets there are more
than 35 concerns in open, intense and unrestrained competition, having
productive capacity of more than 20,000,000 receiving sets a year compared with the present annual market consumption of about 3,500,000 sets.
The defendants charged with a monopoly do less than 20% of the total
receiver set business.
2. Radio vacuum tubes are manufactured by about 30 concerns in open,
intense and unrestricted competition, having a productive capacity of
about 150.000.000 tubes a year compared with the present annual market
consumption of about 50,000,000 tubes. The defendants charged with a
monopoly do less than 40% of the total tube business.
the
3. There are more than 600 radio broadcasting stations licensed by
Federal Radio Commission, while the Radio Corp.of America, including its
but eight broadcasting stations and leases four others.
subsidiaries, owns
additional
All of the other defendants in the radio litigation own only five
stations. These stations are in active competition with other stations of
like power and scope.
4. Radio communication is carried on by R.C.A. Communications, Inc.,
a subsidiary of the defendant, in active competition with many other
communications companies, both domestic and foreign, and this company
carried less than 20% of the total trans-oceanic telegraph communication
between the United States and foreign countries and less than one-tenth
of 1% of the domestic communications of the United States. Among
its competitors are the Western Union Telegraph Co.. operating cables and
handling domestic traffic; International Telegraph & Telephone Co..
controlling Postal Telegraph Co., Commercial Cable Co.. All America
Cables, Commercial Pacific Cable Co. and Mackay Radio & Telegraph
Co. operating circuits to South America. Europe, Honolulu, Manila and
also services to ships at sea; American Telephone & Telegraph Co. with
radiotelephone to Europe and South America; French Cable Co.: Groat
Northern Telegraph Co., Italcable Co.; German Cable Co.; and Imperial
& International Communications, Ltd., and others.
The answer refers to the cross-licensing of patents as follows:
-licenses and other agree"This defendant denies that the patent cross
restrained
ments referred to in the amended and supplemental petition otherwise.
trade and commerce in radio, or radio apparatus or devices or
Those agreements were lawful, reasonable and in furtherance of the public
interest, enabling the creation and development of the modern art of radio
by relieving a patent deadlock.
"Prior to 1919, the radio art was largely experimental and there was no
substantial public use of radio instrumentalities because no concern up
communito that time had offered efficient and reliable apparatus for radio field had
cation for sale to the public. The principal concerns in the radio
supplementary and overlapping patents, which, as a practical matter.
made it impossible for any of them to manufacture reliable or commercially
useful radio apparatus without infringing the adversely held patents of
others and subjecting themselves to injunctions and recoveries of profits and
damages. The United States Government recognized this aituation,and being
compelled by the necessities of the World War to obtain radio apparatus
adequate to the satisfactory conduct of radio communication, created an
Involuntary cross-license situation by obtaining radio apparatus utilizing
patented inventions adversely held with respect to each other under government guarantee of patent protection to the manufacturer. This Government involuntary cross-licensing did not extend to radio apparatus
made for the public. In 1919 and subsequently, the patent cross-license
agreements were entered into between various of the defendants, not
secretly nor with any intent to violate any law of the United States, but, on
the contrary, with full knowledge of the Government and for the purpose
The patent cross-license
of enabling the development of the radio industry. and the defendant Amagreements complained of between this defendant
, and the defendant WestingSt Telegraph Co
erican Telephone
. .., entered
1921,
house Electric & Manufacturing Co. • defendant's into in 1920 and in the
board of directors
were considered and approved by this
presence of an Admiral of the United States Navy, who had been designated
with this board and advise with
by the President of the United States to sit
public interest in
with the
it concerning matters of and by-laws, and accordance submitted specific
were then
to the
provisions a its charter
Department of Justice of the United States before execution. Neither the
Department of Justice nor said Government representative objected to or
this defendant then, as now, being adcriticized any of those agreements, legal.
vised and believing that they were
"The result of the patent cross-licenses was to bring about a development
parallel in any other field within so
in the field of radio without development of world wide radio short a time,
transoceanic
and to make passible the
telegraph and telephone systems, efficient ship to shore communication,
and many other uses of radio apparatus. This defendant
broadcasting,
attempted to
denies that it has maintained or that such hasmaintain a monopoly in the
purpose
results of this development, or more of them, been theto in said or effect
referred
petition.
one or
of the agreements, or anyrestrained trade but on the contrary it has granted
alleges that it has not
and
licenses, on reasonable terms, to companies other than the
many patent
to
defendants, which licenses have enabled the licenseesor compete with the
quantity, by the
defendants without restriction as to selling prices so that.
as a result of
covered by the cross-licenses,
patents
use of all of the these licenses, the most intense and active competition in
granting of
the
has grown up and exists to-day throughout the United
radio apparatus
States. -V. 134, p. 2338, 2148, 2138.
For income statement for three months ended March 31 1932 see "Earnings Department" on a preceding page.
In connection with the quarterlyreport, J. E. Aldred, President of the
following statement:
at the present time most difficoVonrIci-Nnvliaddeectohnedifaollnso
cult and the maintenance of the company's resources is therefore essential
In order to carry to an operating condition the development at Rapids
Blanc. In Feb. 1932 the directors authorized the issue of $6.000,000
five-year 6% secured notes. Of that amount about 84,000.000 of the
notes have been sold. This provides the company with sufficient funds
to meet all capital commitments up to date and to carry on work which is
essential this year. This enables the company to continue the employment
of a considerable number of men occupied in this construction work, and to
obtain the advantage of lower costs made possible by the present condi-V. 134, p. 1580, 1569. 1371.
tions."
-Earnings.
South Bay Consolidated Water Co.
Calendar YearsOperating revenues
Operating expenses
Maintenance expenses
General taxes
1931.
$537,135
143,567
24,724
42.272
1930.
$466,866
156,561
28.431
65.161
Not earnings from operation
Other income
$326.571
3,539
$216,714
8.399
Gross corporate income
Interest on mortgage debt
Miscell. interest charges
Reserved for retirements,replacements and Federal
Income tax and miscellaneous deductions
$330,110
158,506
10.360
8225,114
158,923
14.686
46.526
29,212
Net income
822,290
$114.718
Dividends on preferred stock
62,499
62,664
Balance Sheet Dec. 31 1931.
Assets
Liabilities-.
Plant, property, equip
86,338,216 Long term debt
83,157,500
Miscell. special deposits
1,327 Construction advancement__ 450,300
56,434 Notes and accts. payable
Cash and working funds
48.053
75,436 Due affil. companies
Accounts receivable
19,576
Unbilled revenue
59,107 Accrued int. taxes,(Him., &c__ 103,601
Materials and supplies
45,000 Deferred income &
166,466
5,011 Reserves
Prepaid accounts
218,958
6% preferred stock
Deferred charges & unadjusty1,048,200
z226,443 Common stock and surplus___z1,594,320
ment debts
Total
$6.806,976
Total
$6,806,976
x Including unamortized debt discount and expense. y Represented by
10,482 shares of $100 par. z Represented by 7,500 shares of $100 Par.
-V. 134, p. 506.
Southern California Edison Co., Ltd.
-Estimated
Earnings.
January and February reports, together with estimates for March,
indicate that this company will show net earnings, after fixed charges,
for the first three months of 1932, in excess of the $4,049,544 net for the
corresponding 1931 period, President It. H. Ballard said.
Gross revenues, it is expected, will be off approximately 6% for the
first three months, compared with last year, when gross was $9,462,837.
This loss will be more than offset by savings due to an abundance of water
power, and other operating economies.
Savings in fuel costs during the current year will exceed $1,500,000.
according to estimates. Operating savings put into effect to meet present
conditions will exceed $1,000,000, stated Mr. Ballard.
Estimates now indicate that the kwh. output for the first quarter will
show a decrease of approximately 12%, against the same period in 1931,
principally due to the lessened demand for seasonal agricultural pumping.
which in the early months of last year was abnormally high. This class
of service was furnished at very low rates. The abundant supply of early
rainfall has been instrumental in retarding the opening of the pumping
season throughout the area served.
The domestic load is holding up very satisfactorily, Mr. Ballard said,
and reports indicate there will be a slight increase in both kwh. sales and
in revenue from this class of business. The connected load of new business
signed up since the first of the year has shown a net increase of more than
5,000 hp.
The net Increase in total number of consumers in the first two months
of the year was 12,907.-V. 134. p. 2338.
Southern Colorado Power Co.
--Earnings.
For income statement for 12 months ended Jan.31 see"Earnings Department" on a preceding page.
-V. 134, p. 506.
Southern Public Utilities Co.
-Earnings.
Calendar Years1928.
1929.
1931.
1930.
Gross income
810,852.165 $10.736,217 810,749,888 88.581,471
5.035.450
Oper.eX119., incl. taxes
6,865,829
6,568,204 6,191.234
General expenses
698,526
726,277
430,249
451.631
766,221
Renewals & replace. res_ 1,242,733
1,054,197
1,162.980
Int. on underlying bonds
t 68,560
55,110
53.110
54.510
Int. on 5% gold bonds
1424,350
624.350
824,350
824,350
$1,435.895 $1,674,541 82,098,719 81,588.365
Balance Sheet Dec. 31 1931.
Assets
LtaM1StesPlants, lines rolling stock.
$21,000,000
Capital stock
1,054,000
substations, &o
$40.042,642 Underlying bonds
16,487,000
Vehicles & livestock, turn.
5% 30-year gold bonds
& fixtures, &c
400,000
199,873 Notes payable
Stock of material & supplies_
554,282 Accounts & interest payable_ 1,333,056
Unexpired Insurance
131,391
26,664 Accrued interest en bonds
Suspense accounts
321.414
576,066 Reserve fcr taxes
Notes, accts. & int. reedy_ _
6,736.314 Reserve for injuries & damage 1,046,353
Stock in other companies
8,407,941
2,287,558 Ftes. for renewals & replace
Sinking fund
11,106 Profit & loss
1,902,458
Bonds In treasury
26,818
Cash
1,622,292
Surplus
Total
-V. 130, p. 2772.
$52,083.616
Total
652,083,616
Southern United Gas Co.
-Protective Committee.
-
See United Public Service Co. below.
-V. 134, p. 2722.
Southwestern Bell Telephone Co., St. Louis.
-New
- Director.
-Omits Dividend.
Joaquin Light & Power Corp.
-
San
payable
Directors early this 34 ar omitted the quarterly dividend usually $100.
$13,000,000 common stock. par
about Jan. 7 on the outstandingis owned by the Pacific Gas & Electric
of this issue
Approximately 99%
payment of 2% was made on this issue
Co. The last regular quarterly
2003.
on Oct. 7 1931.-V. 133, p.
Schenectady Ry.-Receivers Appointed.
foreclosure receivership Feb. 4 1931 by
The company was placed in
date. The receivers appointed
Federal Judge Bryant at a hearing on that
receivers viz.: Abram V. Loner and
the same men appointed as equity
are
-V. 133, p. 1290.
James C. Cooper.
Charles Nagel was recently elected to the board, succeeding Frank II.
Hamilton, deceased.
At a subsequent meeting of the board the retiring officers were re-elected
with the exception of Eugene D. Nims, Chairman of the board,
his own request, was not re-elected. No action was taken in who, at
selecting
his successor.
-V. 134, p. 2523.
Standard Gas & Electric Co.
-Earnings.
--
For income statement for 12 months ended Jan.31 see "Earnings:Department" on a preceding page.
-V. 134. p. 2722.
2910
Financial Chronicle
Southwestern Gas & Electric Co.(& Subs.).
-Earnings.
Calendar Years1930.
1929.
1931.
1928.
Operating revenues
$6067483 $5,469,818 85.169.725 $5,859.319
xOper. exp. & taxes_ _ _ _ 3,255.632
3.391.359
2,974,615
3,537,282
Operating income
$2.811.851 $2.078.459 $2.195.110 $2.322,037
Non-oper. income (net)_
83.436
175.778
154.879
175.364
April 16 1932
In order for the committee to act effectively In preserving and protect
ing the rights of the holders of the bonds, it Is absolutely imperative that
substantially all of the bonds be immediately deposited. Bonds accompanied by March 1 1932 and all subsequent coupons should be deposited
with Chicago Bank of Commerce, Dearborn and Madison Sts., Chicago.
-V. 134, p. 328.
Toledo Edison Co.
-March Production.
-
Month ofGross income
82.895.287 $2,254.237 $2,349,989 $2,497.401
Power
Interest on funded debt_
916.263
903.230
903,230
911.658 -V. output (k.w. h.)
134, p. 1371.
Misc. int.. amort., &c
121.623
125.151
195.869
183.852.„
Balance
$1.857.400 $1,225.856 $1.250.890 $1,401.891
56,348
58.490
89' preferred dividends_
58,516
58,480
7% preferred dividends_
623,264
620.843
607,843
606.101
Common dividends
1.344.950
363.500
853.925
654.275
Balance. surplus_ ___ def.S167.162
$183.023
x Includes retirement reserve of $263.531.
$37,409
$83,032
Consolidated Balance Sheet Dec. 31.
1931.
1930. i
1031.
AssetsI Liabilities$
$
$
Fixed capital
34,998,119 31,959,794 8% cum.pref.stock 754,400
Cash
368,315
303,707 73 cum.pretstock 9,004,000
Notes receivable_ _
62,385
31.148 Common stock _ _ _ 7,270,000
Accts.recelyable
826.310
724,851 , Cap, stock subecr.
54.900
Int.& dive. reedy.
49,970 Funded debt
115
90,364,600
Malls. de supplies_
245.778
364.610 Pay. assess. °Nig..
12.191
Prepayments
18.091
9,6881/ ccounts payable_
181,564
Subs, to cap. stock
29.562
39,657 Notes payable_ _ _
757,500
Due from MM.co. 1,200.000
I Consumers' der.- - 254.768
invest. In still. cos
1,084,000 Dividends declared
Misc. Investments
60.335
ISC.curr !Ishii__
63.585 A,
3,965
Special deposits__ _
46.650
38.063 Taxes accrued. _ _ _
366.603
Unamortlzed debt
Interest accrued__
83,161
disc. & expense. 3,075.908 2,036.993 Retire. reserve. _ _
511.133
Work In progress
71.791 Cas. & ins. reserve
27,745
Misc. def. debits
100.864
103.385 Contrib. for exten_
104,417
Reacquired secs
235,660
35.100 Misc. reserves.....
23,548
Misc. unad.l. cred_
20.272
Surplus
1,473,325
Total
41.268,092 37.716,342
Total
1930.
754.400
8,781,800
7,270.000
66,600
18,064.600
12.659
218,005
181,064
72.700
4.240
301,948
55,761
449,053
31.003
89.485
14.139
23.306
1.325,487
41,268,092 37,716.342
-V. 133. p.:3257.
Super-Power Co. (of Illinois).-Earnings.Calunwir I ear1931.
Mar. 1932.
Feb. 1932. Mar. 1931.
35.212,542 35,144.518 41.550,881
Underground Electric Rys. of London, Ltd.
-Div. Rate
Reduced-Earnings - Statement.
A final dividend of 4% was recently declared on the ordinary shares.
par .E1 each, for the half year ended liec. 311931. making a total (with the
Interim payment of 3% on Aug. 5 last) of 7% for 1931. This compares
with 8% paid for each of the two preceding years and 7% for 1929.
Number of Passengers Carried in 1931, Compared with 1930.
Metropolitan
London
City &South Central
London Cent
District Ru. Elec. Ito. London R. London Ry Omnibus, Ltd.
Passengers carried_ _133,124,737 154.227,945 63,440,791 44.222,152 1,538,638,219
Decrease under 1931 3.894.021
3,249,786 x803.678 2,459,619
17,440,644
x Increase over 1930.
Combined Results of Above Five Companies.
Calendar Years1931.
1930.
1929.
1928.
Passengers carried (No.)_1.933.653,844 1,959.894,236 1,843.210.937 1,802,885,572
£
£
£
£
Traffic receipts,&c
15.487,079
15,778,410
15,097,592
14.941.552
Expend ture
12,644,944
12,888.762
12,288.229
12.046 381
Net receipts
2,042,135
2,889.648
2.809.363
2,895,171
Miscell. receipts (net)_..1,060,680
1.098.263
1.080.003
1.052.916
Total net Income
3,902.815
3,987.912
3.880.366
3.948.087
Deduct.-Int. rentals,&c_
1.763,464
1,739,652
1,724.304
1.810.423
R es. for costing., &c_
645.606
624.746
547.659
497.500
Dirs. on guar.& pref.stks
466.977
466.977
466.977
466.977
Balance
1,026,768
1,156.537
1.150,426
1,173.187
Previous surplus
504.305
483.786
460.508
414,468
Total
Divs. on ord. stks. & shs_
1,531.073
1,010,292
1.640.323
1,136.018
1.610.934
1,127,147
1,587.655
1.127.147
Operating revenues
Oper. expenses and taxes
Retirement appropriation
Rent for leased lines and plants
Balance forward
520,781
504,305
483,787
460,508
1930.
$6.221,095 $3,429.812 -V. 132, p. 4764.
3,117,257
1,88 - ,249
.
United Gas Corp.
-Bank Loans Due July 20 Next Ex720,000
360.000
118,250
118.250 tended to July 20 1933.
-See American & Foreign Power
Net operating income
Non-operating income
-V. 134, p. 2339.
$2.265,588 81.066.312 Co., Inc., above.
155,653
74.974 ‘'-'"-• United Light & Power
Co. (Md.).-Omits
Gross income
Net interest charges
Amortization of debt discount and expenses
Miscellaneous deductions from gross income
$2.421.241 $1,141.286
836.924
525,251
37.213
27,783
14.738
17.172
Net inc. before provision for Fed. income tax-- $1.532,366
Provision for Federal income tax
60.000
Net income for the year
$1.472.366
Common dividends
1,071.720
Balance
$400,646
-V. 133, p. 3791.
$571.078
30,000
3541.078
$541.078
Telephone Bond & Share Co.(& Subs.).
-Ear
Calendar Years-
Gross earnings
0perating expenses and taxes
1931.
1930.
$7,987,174 $8.088,401
4.270.622
4,627,325
Net earnings before depreciation
Provision for depreciation
$3.716,551 $3.461,076
1,400.809
1.387.881
Net earnings after depreciation
Total interest & other deductions
32.315.743 32,073,195
1.192,018
1.143,462
Balance of income
Sat preferred dividends
Participating preferrea dividends
Class C dividends
Class A common dividends cash
Class A common dividends stock
Class B common dividends
$1,123,725
399.583
23.450
11
59,780
240.697
300.476
$09.728
Balance of income
$929.732
$155,853
Consolidated Bala nce Sheet Dec. 31.
1931.
1930.
1931.
Assets
Liabijilies$
Plant, prop., riAits
7% lot pref. stock_ 6,000,000
franchises, &e. .37,638,939 34,990.056 Partic. pref. (no
Investm ts & advs 3.089.497 3,080,802
pan
238,270
Pref. stk. commisClass C (no par)....
Class A corn. stock
sions & exp. In
(no par)
process of amort. 103.503
71.074
5,201.223
Class B corn. stock
Debt disc. he exp.
(no par,
process of
In
4,500,000
amortization_ _ 2,176.058 1,218.098 Accrd. dive. pay
In Cl. corn. stock
Prepaid Maur. &
66,165
143.157 Pret.stk. of subs. In
directory expe_. 146.577
hands of public_ 3,662.775
Other prepaid & un121,737 Min. Int, in corn.
106,548
adlusted Items_
311.391
stock & surplus
Due from Mill. cos. 3.167.666
818,232
of subs
1,921,752
Cash & work. funds 983.155
132.254 Funded debt_ _ _ _ _15,701,300
353.422
Accts. & notes rec.
305,982 Deterred liabilities
278.468
3,270
Unbilled toll
107,824
846.096 Due to an.cos.__
MateriaJa & suppb3. 881.931
Bank loans
3.310.000
Notes payable.
Accounts payable- 459.939
Accrued taxes. _
567.757
Accrd. Int. & divs. 311,898
Service billed In advance
43.367
Reserves
5,660,065
Capital surplus__
145,631
1,023.626
Surplus
48.925,764 42.046.882
Total
-V. 134. p. 2148.
Total
266,875
119,917
17.368
24,407
145.244
200.066
1930.
5,000,000
357.402
3,250
4.969.723
4,500,000
56.969
4,365,950
Common Div.
The uirectors on April 13 decided to omit the quarterly dividends ordinarily payable about May 1 on the class A and class 11 common stocks,
no par value. The last quarterly payments of 25 cents per share on these
two Issues was made on Fob. 1 1932.
Earnings.
For income statement for 12 months ended Feb 29 1932, see "Earnings
Department" on a preceding page.
-V. 134, p. 2149.
United Light & Rys.(& Subs.).-Earninos.12 Months Ended Dec.311931.
1929.
1930.
Gross earnings of subs. & controlled
cos. (after eliminating inter-company transfers)
$76,' 22.521 882.033.025 8/14.253.696
Operating expenses
30.812.227 33.530.621 35.497.218
Maintenance, charged to operation_ 4.167,747
4.984.380
5.753,827
Taxes, general and income
7,413.396
7.862.539 8.046.049
Depreciation
7,730.095
6.638.098
7,503.754
Net earnings of subs. & contr. cos..$26.1t9.0 .7 $24,,5.,7.0 328.318.504
Int., amort. & pref. divs, of subs. &
contracting companies:
Int. on bonds. notes, &c
Amort. of bd. & stock disc. & exp._
9,489,662 10.365.299
677.918
Divs.on pref.stocks
Balance
3.192.921
611.942
3.157.011
9,790.611
573.271
3.134,683
312.838.556 $14.017.478 $14.819,920
Less: Prop. of earns., attributable to
min o:ity common stock
3,754,383
4,501,576
5.171,818
Equity of United Light & Rys. Co. In
earns, of subs, of contracting cos.._ _ $9.084.173 39.515.903 89.648,102
Earns.of United Light & Rys
383.295
251,224
264,983
Balance
$9.467,468
Less: Expenses of United Light & Rya.
:15.369
39.767.126 39.913,085
34,767
50,314
Gross inc. of United Light & Rys.
Co
80.432,099 39.716.812 39,878,317
Bolding company deductions:
Interest on 5Si% debentures
1,375.000
1.375,000
1,374,910
Other interest
761.016
381.570
Amortization of deb. disc.& expense
146.234
1:19,064
139.698
Balance available for dividends
37.910M5 $7.441.098 37,982,773
Prior preferred stock dividends:
7% prior preferred
6.36%, prior preferred
6% prior preferred
314.320
392.977
523.500
321.192
419.410
314.500
327.729
4113.168
128.500
Bal. avail,for common stock diva-- 16.680.069
$6.385.996 S7,078.376
-V. 132. p. 3528.
1,
639.166'•-..United Public Service Co.
-Protective Committee.
A committee organized In the interests
11,839,200
6.729
448,034
1,350.000
419,366
540,162
297,574
46.387
5,116.784
145,631
943,653
48.925.764 42,046,882
of all security holders of the
United Public Service Co., United Puolic Utilities Co.
and
Gas Co., which companies defaulted on interest due April Southern United
I on their respective bonds and debentures, is announced. The
committee is composed
of Ralph A. Bard, Pres. of Chicago Investors Corp.,
Chairman; Thompson
Ross. Pres. of Thompson Ross & Co.: Josiah
Macy, Director and former
Pres. of Hambleton & Co.; James T. Bale, Pros.
Bale, Waters & Co., and
F. E. Kreusi. Vice-Pros, of Middle West Utilities Co.
Alfred Evers of
Chicago is secretary of the committee and Pam &
Hurd. Chicago, counsel.
The Committee issued the following statement:
the payment of coupons due April 1 19:12 on the "Default was made in
Public Utilities Co. 1st lion gold bonds, Series A. following issues: United
B and C;
Service Co. 15
-year collateral trust gold bonds, series A, United Public
-year gold
debentures. Southern United Gas Co. 1st lien sinking and 5
fund gold bonds.
series A and B. had been
expected that payment
met a partly
.A pnd en edefault was precipitated by failure of this interest would be
.
th
at
procure the necessary funds. This committee is beingthe last moment to
very fully informed
-year 6% sinking fund Icpy the officers of the companies involved and has definite assurance from
A committee for the protection of the holders of 15
debenture gold bonds. dated March 1 1927. has been formed consisting of such officers that the existing status quo will be maintaintxl, and believes
Lawrence Regan. Chairman, Carman S. Brown. Warren A. Laubenstein that it is not without the range of possibility that within the 60-day period
and Burney J. Simpson with Burney J. Simpson. Sec.. 105 West Adams St.. of grace the default in respect of payment of interest on United Public
Utilities Co. first lien bonds may be cured.
Chicago, and Roy D. Keehn. Counsel. 33 North La Salle St.. Chicago.
"The committee requests that no security
Th, committee I . a letter to the holders of the bonds states:
holders
bonds,
/ Receivers for the company, were appointed in the U. S. District Court debentures or stock, take any action hi respect of his whether ofwithout
securities
at Forth Worth. Texas. on Jan. 1 1932 upon the application of certain first consulting the committee. The committee also warns security holders
against sacrificing their securities."
creditors.
In connection with the announcement, Mr.
On March 1 1932. the company defaulted in the payment of interest due
that date on its debenture bonds outstanding in the principal amount of as Chairman was due to the fact that he wasBard stated that his selection
thu Otto member of the com$5.788.400.
mittee who had no financial interest in the United Public
Service Co. and
-day grace period having expired, it is, therefore, urgently neces- its subsidiaries.
The 30
sary that immediate and Intelligent action be taken to protect and preserve
Receivership Asked.
the rights of the holders.
I The Individuals constituting the personnel of the committee either are,
Appointment of a receiver for the company
when
or represent large holders of the bonds and certain of them are acquainted Vice-Chancellor John J. Fallon in Jersey City was asked April 11
directed the company to
with the situation, so that the committee is competent to take care of the show cause April 18 why a receiver should
not be appointed to take over
Interests of the bondholders.
and conserve its assets.
-Protective Committee.
Texas-Louisiana Power Co.
2911
Financial Chronicle
Volume 134
The order on the company was filed in Jersey City. It follows a charge
preferred stock
of 60
by Howard J. Umiand of Brooklyn, holderwhich shares ofutility and icecontrols
and four trust bonds, that the companyStates has defaulted in the paymaking concerns in nine Middle Western
ment of interest on its bonds and that It was not justified in borrowing
$5,000,000 from the Middle West Utilities Co. He charged that while
the company was not bankrupt, it is insolvent, and a receiver should be
-V. 134, p. 2722.
named to conserve its assets.
-Protective Committee.
United Public Utilities Co.
-V. 134, P. 2722.
See United Public Service Co. above.
-Defers 1st Pref. Div.
Telephone Co. (Del.).
The directors have voted to defer the quarterly dividend due April 1 on
the $7 div. 1st pref. stock, no par value. The last regular quarterly
payment of $1.75 per share was made on Jan. 1 1932.-V. 132. P. 2586.
-To Reorganize.
"
-- --Utility Securities Co.
setup and
operations, the
With reference to a proposed change in its
company has issued the following statement:
as the
"A new Utilities Securities Co. will be shortly put into operation Public
securities distributing organization for Commonwealth Edison Co.,
and the Peoples Gas Light & Coke Co.
Service Co. of Northern Illinois,
"The new company will be identical with the old as to facilities and personnel. Liquidation of the old company will be undertaken simultaneously
with the formation of thew new company. All indebtedness will be liquidated in an orderly manner.
"The new company company will, therefore, be enabled to start with
ne ther bank loans nor brokerage loans and vrill be entirely free from debt.
There will be a new paid-in capital of $500,000. so widely popularized by
"The partial payment purchase plan which was
-V. 119.
the former concern will be carried on by the new company."
p. 1853.
-Listing of $4,000,000
Virginia Electric & Power Co.
-Year 532% Secured Convertible Gold Bonds.- .
10
The New York Stock Exchange has authorized the listing of $4,000.000
10
-year 53 % secured convertible gold bonds, due March 1 1942.-V. 134,
P. 2722.
-Earnings.
West Virginia Water Service Co.
1931.
Calendar Years$1,163,965 41.194.d04
Operating revenues
486.538
438,582
Operation expenses
52,271
54,506
Maintenance
130.006
138,909
General taxes
Net earningsfrom operation
Other income
$531.968
2,386
Gross corporate income
Earnings on new properties
Interest on long term debt
Miscellaneous interest charges
Reserved for retirements, replacements & Federal
Income tax & miscellaneous deductions
$534,354
81,122
227.277
4,635
Net income
Dividends on preferred stock
Dividends on second preference stock
$132,612
68.985
7,500
88.707
1928.
$5,680.795 $6.078.055 $6.415.540 $6.076.639
3,709.018 4.023.039 4,068.892 3.922.131
Net operating revenue $1,971,777 $2,055,016 $2,346,648 12,154.508
376.899
469,092
173,774
Miscellaneous Income.._
387,702
Gross income
Int. charges, taxes, &c
Depreciation
Net income
Preferred diva. (7%)
Common dividends
Balance, surplus
Previous surplus
$2,145.551 $2.431.915 $2,815,740 $2.542,211
1,350,864 1,343,762 1,357.829 1.323.187
201.050
488.416
515.345
531.886
$572.808
350.000
239.889
$262,801
262,500
$969,495 $1,017,973
339.345
349.944
429.483 (12)300.000
$301 def$17.081
362.059
291,938
$190,068
281,760
$378.628
323.665
$344,978
$471,828
74.760
$702,293
250,420
77,500
1397.068
229,483
$2.69
$374,374
150,000
$4.52
Total surplus
Additional depredation_
Sinking fund reserve_
Def'd & undla. charges_
$292,239
Profit & loss surplus__
Shs. corn. out. (no par)..
Earns. per sh. on com___
$292,239
244 472
$6.01
Balance Sheet
1931.
1930.
$
$
Assets-Physical prop'ties_34,281,078 33,797,189
Sinking funds.- 1,663,242 1,512,373
Advs. to & stock &
bonds held in.
sub., &c., cos.,
at book value_ __ 7,164,600 6,951,241
297.534
333,236
Cash
Consumers' & 0th.
598,514
acets receivable 573,694
Working funds and
dep. with Workmen's Compen.
55,094
42,151
Board, &a
634,579
Mat'l & supplies_ 552,003
315,624
300,710
Deferred charges
$344.978
241.924
10.92
Dec. 31.
1931.
1930.
$
$
Liabilities-Preferred stock__ 5,000,000 5,000,000
Common stock-x13,866,255 13,866,256
16,380,000 16,380,000
Funded debt
850,000
Notes pay. (seed) 996,000
Notes pay.(mam) 107,918
550,457
512,006
Acc'ts payable84,852
88.700
Wages & sal. pay_
45,174
45,558
Consum. sec. dep_
387,845
Other liabilities_ _ _ 578,072
125.000
Accrued interest_. 125,000
193,346
Accr. int. charges_ 199,444
52,000
71.900
Sinking fund accr_
87,500
Divs. on pref. stk.
137,209
nerd liabilities__ 133.331
6.499.970 6,071.850
Reserves
292,239
344.978
Surplus
$525,488
1.992
44,910,718 44,162,148
Total
44,910,718 44.162,148 Total
Note.
-No dividend was declared or paid on preferred stock for the
last quarter of the year. x Represented by 244,472 shares of no par value.
$527,480
146,965 -V. 134, p. 2339.
188,300
-Earnings.
Wisconsin Public Service Corp.
For income statement for 12 months ended January 31 see "Earnings
-V. 134, p. 507.
Department" on a preceding page.
70,915
$121.300
69,000
Balance Sheet, Dec. 31, 1931.
Assets
Plant, property,equ'p.,&o-- -$7,269.997
4.631
M iscellaneousspecial deposits_
126.057
Cash & working funds
159,458
Accounts receivable
78,655
Unbilled revenue
90,851
Materials & supplies
9,381
MIscellaneous&prepaid accts.
Deferred chgs.& unadJust.deb x741,671
-Annual Report.
Winnipeg Electric Co.
1930.
1929.
1931.
Calendar Years-
Gross earnings
Operating expenses
-Earnings.
Wisconsin Valley Electric Co.
For income statement for 12 months ended January 31 see "Earnings
-V..34, p. 507.
Department" on a preceding page.
Worcester Consolidated Street Ry.-Ordered Sold at
A uctton
$5,160,000
Long term debt
100,500
Construction advances
35,570
Notes& accounts payable...24,812
Due affiliated companies
Accrued int.,taxes, divids.. &c 280.943
Deferred liabilities& unadJust.
84.010
credits
552,555
Reserves
1,114,000
$6 preferred stock
$6 cumulative second pref.stk. 365,000
y763,2I3
Common stock & surplus
Under an order approved April 8 by Federal Judge Hugh D. McLellan,
the assets of the company will be sold at public auction on May 11. The
sale will be conducted on the front steps of the Worcester County Court
House, by Eugene T. Connolly. special master. It has been stipulated in
the terms of the sale that no bid less than $1,500,000 will be entertained,
and all prospective bidders must deposit at least $100,000 with Connolly
24 hours prior to the sale. Each bidder also will be required to file a statement setting forth whom he represents and a guarantee of protection for
the numerous interests connected with the project. Bids will be subject
to approval by the court. See reorganization plan in V. 134, p. 2723.
$8,480,605
$8,480,605 Total
Total
x Including unamortized debt discount and expense and commission on
-V. 133,
capital stock. y Represented by 12,000 shares no par value.
p. 3968.
INDUSTRIAL AND MISCELLANEOUS.
Plumbers' Pay Cut.
-Plumbers in Youngstown,Pa., have signed an agree-
-Earnings.
Western New York Water Co.
1930.
1931.
Calendar Years
Operating revenues
Operating expenses
Maintenance
General taxes
$768.301
198,565
15,024
87,551
$811,381
268,373
38.741
81,983
1929.
$772.534
278.941
'39.198
75.774
Net earningsfrom operations
Other income
$467,161
1.344
$422.284
2,977
$378.621
3.696
Gross corporate income
Interest paid or accrued
Reserved for retire.. replace. & Fed.
inc. tax & miscl deductions
$468.505
263,845
$425,261
262,608
$382.317
75,801
55.467
Net income
Divs,paid or accrued on pref.stock
$107,185
$128,857
51,262
51,530
Balance Sheet, Dec. 31.
1931.
Assets1930.
1930,
1931.
LiabilitiesFunded debt
Plant, property,
$4,868,000 $4,877,000
equipment, &o.$8,273,057 $8,071,333 Construction adv.
72,700
6.000 Consumers' & exInv. in other cos_
2,254
1,115 tensions, dens- - 293,638
mise, special daps.
310,789
48,015
37,798 Misc. Oct. Dab. &
Cash
62,018
75,337
unacll. credits.
15,544
Accts.receivable._
7,000
Accounts payable.
Unbilled revenue.
9,678
9,882
22,372 Due affiliated cos.
Due from atiii. cos.
31.119
36,343 (current)
6,378
Mats.& supplies ._
Interest accrued..) 116,829 f 42,725
Def. chgs & prepd.
x214,233
200,489 Taxes accrued...
I 12,594
accounts
Miffed!. accruals_
4,500
Reserves
1,848,697
818,519
Contrib. for extens 164,283
156,498
$5 non-cum.partio.
pref stock
206,133
7206,133
Corn. stk. & surp.z2,051,359 1,996,602
18,637,696 $8,450,786 Total
$8,637,696 $8,450,786
Total
•Including unamortized debt discount and expense. y Represented by
-V.134.
10,306 shares (no par). Represented by 50,000 shares (no par).
p.507.
-Earnings Exceed
Western Union Telegraph Co., Inc.
Estimates--New Director.
ment with contractors reducing the hourly rate to $1.12% from $1.371
The agreement is a compromise, the contractors asking a reduction of
-hour day. The new rate
instead of $2, as finally agreed upon, for any 8
will be in effect to March 1 1933. "Wall Street Journal," April 11, p.4,
-Month Wage Cut.
-With the announcement
*Mailers Union Agrees to 3
-month wage reduction of 7%
that Mailers Union, No. 6, has agreed to a 3
on the contract with the employing printers which does not expire until
Sept.30 1932, hope was expressed that Typographical Union, No. would
h
confer
e
33.proposed reduction at any early date. N. Y. "Times,
Aprilrl3 npt
nfe o .
.
Matters Covered in the "Chronicle" of April 9.-(a) Constitutionality of
Texas anti-trust laws upheld by Texas court in over-ruling exceptions in
Attorney-General's action against 15 oil companies, p. 2601;(b) The new
capital flotations during the month of March and for the three months
since the first of January, yo. 2602; (c) Copper price changed to 53( cents,
-International
equaling record lop, P. 2619; (d) Copper production cut
Nickel head reports 90% of companies at 20% of capacity, p. 2619;(e) All
miners not under contract in Ohio and West 'Virginia Panhandle involved in
strike effective April 1 as plan of Joint meeting with owners fails-Five Ohio
coal mines close till strike ends, p. 2621; (f) Operators act to cut wages of
Illinois coal mine workers 50%-50,000 miners strike as contract expires.
P.2622;(g) Coal miners'strike in Pennsylvania ended abruptly-Insurgents
ordered back to work April 2, p. 2622; (h) Closing of De Beers diamond
mines
-Subsidy to Amsterdam industry, p. 2630; (i) Market value of listed
shares on New York Stock Exchange April 1 524,501,826,280, compared
with $27,585,989,257 March 1-Classification of listed stocks, p. 2634:
(j) Reconstruction Finance Corporation in report LO Congress indicates that
emergency fund was used to assist 935 institutions-Loans of $238,740,000
-More
authorized up to March 31-Iowa given largest number of advances
than half of total sum granted to banks and trust companies with railroads
second largest borrowers, p. 2646;(k) T. S. Mersereau of New York Real
Estate Securities Exchange cites some factors which would tend to alleviate
frozen condition of real estate securities. p. 2648; (I) Gov. Roosevelt signs
two anti-stock fraud bills to strengthen New York Securities Law, p. 2653;
(m) Transamerica Corp. elects new board, p. 2656.
--Tenders.
Advance Bag and Paper Co., Inc.
The Pennsylvania Co. for Insurances on Lives and Granting Annuities,
trustee, will until May 2 receive bids for the sale to it of 1st ref. mtge.
series A s. f. gold bonds, dated June 1 1927, to an amount sufficient to
-V. 133.
41
p 2 3 5525,892 available in the sinking fund for that purpose.
exhau .
Affiliated Products, Inc.
-Dividends Earned.
J. Lyman Pratt, Chairman of the board,issued the follow.ng statement:
"The management of Affiliated Products, Inc., reports that the sales for
the first three months of 1932 are very satisfactory and that the earnings
for this period more than cover the dividend requirements. Through consolidation of operations important savings are being effected this year and
the management looks forward tor as good a year as last year.'' V. 133,
p. 2930.
president Newcomb Carlton states:
"Net in the first quarter was about $200.000 better than estimated and
covered interest and maintenance charges. The first quarter is usually
the lean period and I hope the company will do better in the balance of
Air-Way Electric Appliance Corp.
-To Open Canadian
the year.
"Whether this company is destined to stand alone as a corporation as Plant.
for the past 76 years I cannot tell or whether it will be part of a
it has
Airway. Ltd., a
larger plan. No action or plans have been made to bring about anything manufacturers of newly-chartered Canadian subsidiary of this corporation
vacuum cleaners, has secured premises at Windsor,
business comes
of this kind but we must be prepared for a change when only come from Ont. and will open a Canadian plant there. Machinery
we believe that satisfactory income can
and equipment
back. Primarily,
are being assembled at the plant.
-V. 134, p. 195
satisfactory service, which we are now trying to maintain on a half load. alreaily
of which 20,000 are not profitable,
We could close many of our 26,000 offices,national service, essential to the
Alles & Fisher Inc.
-New Director.but they are necessary to maintain a
B. Berenson has been elected a director.
-V. 134, p. 2150.
communication business.
j 0. Willever, 1st Vice-President, has been elected a director, sucAlliance Realty Co.
-To Change Par Value.
ceeding William H. Truesdale, resigned.
The stockholders will vote May 11 on a roving
proposal to Change
the authorized common stock from 200,s; sharesaof
Earnings.
no par value to
For income statement for three months ended March 31 see "Earnings 200,000 shares of $5 par value, each present share to be exchangeable
for one new share.
-V. 134, p. 2705.
-V. 134. p. 1025.
Department" on a preceding page.
2912
Financial Chronicle
April 16 1932
Statement of Surplus and Undivided Profits and Reserves, Year ended Dec. 31
Aldred Investment Trust.
-Earnings.1931.
--Calendar Years
Dec. 1 '27 to
•
(After giving effect to transactions duly authorized by corporate action
Period1931.
1930.
1929. Dec. 31 '28.
Revenue from all sources $451,142
$811,734 $1,054,617
$575.853 since Dec. 31 1931 as follows: (1) Reduction in stated value of class A and
common stock to $1 per share, (2) Transfer of $6,749,274 from capital
General expenses
23.731
18,083
21.099
72,217 surplus to
reserve for contingencies and depreciation.)
Int. on 4Si% shareholdSurplus and Undivided Profits:
s era' debentures
378,322
446,250
450,000
357,799
Prov. for Fed. inc. taxes
Balance, Jan. 1 1931
3.632
23,756
Undivided profits
$2,456,967
P Net profit
$49,089
$343,769
$559.761
$145,837 Net income for year (as above)
595,722
Preferred dividends_
30.000 Surplus arising from reduction of stated value of capital stock
10,362,500
Common dividends
104,550
212.500
106.250
Total
$13,415,188
Balance, surplus
Appropriations for reserves:
$449.089
$239.219
$347,261
$9,587
Earias.per sh.on com.stk.
$0.25
$1.61
$2.63
$0.72 From undivided profits
1,000,000
6,749,274
Combined Statement ofSurplus and Profit and Loss, Year Ended Dec.311931. From capital surplus
Balance, Dec. 31, 1931
Earned Surplus
Undivided profits
2,052,688
Orating profit for year 1931
$449.089 Capital surplus
3,613,226
Balance, beginning of year (consisting of interest, dividend and
Reserve for Contingencies and Depreciation:
miscellaneous income, less expenses, interest & diva. paid)
19.026 Balance, Jan. 1 1931
500.000
Appropriations as above
7,749,274
Operating surplus, end of year
$68.114
Loss on sale of securities during the year
15,079
Total
$8,249,274
Securities written off during the year (Sagacia)
22.367 Loss from sale of securities
806.007
Write-offs on intermediate credits
343,267
$37,446
Less
-Adjustments of profits for prior years to conform to basis
Balance, Dec. 31 1931
$7,100,000
prescribed by Internal Revenue Department, net
14.159
Balance Sheet December 31.
•
a1931.
1930.
21931.
1930.
$23.287
Assay$
Liabilities5
Balance, beginning of year (consisting of profit on sales of se$
$
$683.388 $715,765 Int. acerd. on 5%
curities, net, less Federal income taxes in connection therewith) 577.040 Cash
Investments_ ___b12,401,820 21,615,377 debentures, &c_ 131.544
124,956
Corporation's debs.
Taxes-estimated_
Balance, end of year
24,194
98,288
$553,753
purchased at cast 2,046,515
515,488 Sundry accts. paycomable & accruals.. 147,960
Earned surplus, end of year
144,454
$621,867 Accrd. Int..
mission dr sundry
Participations by
Capital Surplus
246,248 others in interaccts. receivable 245,111
Unamort. discount
mediate credits_ 1,710.673 2,246,650
Addition arising from difference between issue price and re290,937 5% delis. Maturing
267,187
on debentures
acquirement cost of $1,100.000 principal amount of shareApril 11943_ -- 7.500.000 7,500,000
holders' debentures and attached 11.000 common shares, reUnearned interest
tired and canceled during the year
$447662
& discount
Less
-Reserve for contingencies
13,735
35.000
Capital stock
c450,000 10,812,500
Sure. & undivided
$412.662
profits
Balance, beginning of year (consisting of difference between issue
5,665.915 2,456,967
price and reacquirement cost of debentures and attached com15,644,021 23,383,815 Total
mon shares retired and canceled in 1930)
Total
15,644.021 23,383,81C
232.628
a After giving effect to transactions duly authorized by corporate action
Capital surplus, end of year
$645.'z90 since said date as follows: (1) Reduction in stated value of class A and common stock to $1.00 per share. (2) Transfer of 36.749.273.97 from capital
Total surplus, end of year
$1.267.158 surplus to reserve for contingencies and depreciation.
b Comprised as follows: Securities in portfolio at cost,$8.187.762 (market
Balance Sheet Dec. 31.
value Dec. 31 1931. 33.203,199): intermediate credits to Industrial enter1931.
1930.
1931.
1930.
prises and foreign governments at various maturities, $11,314,058: total,
Assets-s
$
Liabitaios3
$
819.501.820: less reserve for contingencies and depreciation, $7,100,000;
Invest. at cost- __y11,081,374 11.324,979 434% shareholders
balance as above, 812,401,820.
Cash
30.759
409.138
7,900,000 9,000.000
debentures
c Represented by 25,000 no par shares class A stock and 425,000 no par
Funds on call
100,000 Accr. int. on debs_
29,572
33,750 shares common stock, not including 250,000 common shares reserved for
Awls receivable
4,976
Accounts parable_
6.140
3,057 exercise of stock purchase warrants at $50 a share on or before July 1 1932.
Shareholders' deb.
35.000
Res, for conting__
Note.
-On Dec. 31 1931, foreign participants had accepted risks in interdg common she.
Res. for Fed. taxes
3.632 mediate credits granted by the corporation amounting to $493,570.In treasury
4,935
11.982.588 2.096.470 V. 132. p. 2198.
Capital stock
Accrued interest dr
Surplus
1,267,159
828,695
dividends
94.532
127.605
American Department Stores Corp. (Del.).
-Changes
Organization exps_
3.884
3,884
in Personnel.
New executive policies of a far reaching nature were announced this week
Total
11,220,460 11,965.605 Total
11,220,460 11,965,605
by the corporation, concurrently with the election o new oificers. The
x Represented by 191.500 no par shares. y Market value $5.437,206.
corporation operates 14 retail department stores located throughout the
A list of the securities in company's portfolio is given in the report,
- eastern states.
V 132. P. 1033
.
S. W. Metzler, Manager of Wright-Metzler Co. of Uniontown. Pa., an
affiliated store, was named Chairman of the board of directors. W. G.
Aluminum Goods Mfg. Co.
-Earnings.
Rehm, Manager of the J. D. Purcell Co of Lexington, Ky., an affiliated
Calendar Years1931.
1930.
1929.
store, was chosen President of the corporation. The other officers are:
Net sales
$9.290.941 $10.847,973 $14,426.511
F. Armstrong, Vice-President and Treasurer; S. Berschad. Secretary;
Cost of sales and expenses
8.031.888 9.454.468 12.777.435 L. G. Levin, Asst. Vice-President in charge of buying; M. J. Anderson,
Asst. Vice-President; and F. Pruzan, Asst. Secretary.
Profit from operation
$1.259,053 31.393.505 $1,649,076
The following directors were elected In addition to Mr. Metzler: W. G.
Other income
267,568
275.262
316,334 Rehm, S. Berschad, 11. F. Armstrong, C. W. Barber. E. B. Hunt. B. C.
Brown. L. G. Levin. David F. Ryan and F. E. Schluter. F. E. Schluter,
Total income
$1.526.621 $1,668.767 31.965.410 President of the investment banking firm of Schluter & Co., Inc. was
Income taxes
149.358
201.996
294.319 named Chairman of the executive committee which also includes the first
Depreciation
471.037
486.761
four directors above named. A committee on store operations was appointed
consisting of Messrs. Rehm Metzler and Anderson.
Net income
$906.226
$980.010 $1.671.090
"With a majority of the board of directors actively interested in the
Surplus and undivided profits Jan. 1- 1.529.607 2,005,774
1.785.087 operations of the corporation
stated Mr. Rehm "the new executive
organization insures a closer co-ordination of buying and selling activities
Total surplus
$2.435.833 32.985.784 $3.456.177 than heretofore possible. The committee on store operations will be conDividends paid
1,423.585 1.437.985 1,437,893 stantly in the field working on plans to increase the efficiency and economy
Adj. of prior years income taxis
103.547
18.192
12.510 of our retail operations. We feel that this will tend to increase the speed of
inventory turnover
Surplus & undivided profits Dec.31 3908.700 $1,529,607 32.005.774 greater volume andof each individual store which in turn will make possible
profits"
Shares common stock outstanding
In an analysis of the corporation's activities for the year ended Jan. 31
(no Par)
1,200.000 1,200,000 11,198.244 1932 Mr. Rehm emphasized the improvement In current assets to current
Earns, per share on 1,198,244 shs.
liabilities. Last year the ratio was 2.59 to 1 he explained as compared
common stock (no par)
$0.75
$0.82
$1.40 with 2.6 to 1 now. Merchandise inventories showed a reduction of $125 000
as compared to that of last year he said a decrease of more than 12%.
Balance Sheet Dec. 31.
"Substantial salary reductions were made during the past year in the
1931.
1930.
1931.
1930.
New York office and in all stores Me. Rehm added. 'Landlords were
Liabilities5
Assets$
i
$
approached in all stores where rentals were considered out of line and rental
1,652,987 2.041,503 Accounts payable_ 208,415
Cash
188,496 concessions for the year 1932 have been obtained ranging from a minimum
Accts.recelvable„ 638,436
929,803 Dividends payable 353,879
357.987 of 15% to a maximum of 40%."-V. 133 P. 2437.
37.867
43,836 Accrued labor and
Notes receivable
2,943,160 commissions __
2.801.626
77.402
Inventories
85.097
American Encaustic Tiling Co. (Ltd.) (& Subs.).
102,396 Income taxes Pay- 142,808
301.920
203.192
Treasury stock
Earns.
1931.
1930.
108,130 Accrued local taxes 193.124
1929.
52.655
214.759 Net sales Cal. YearsAccrued int.recNot Avail. $3,138.588 $4,779,927 $5,150,775
.
1928
Invest. (at cost)- 4,247,896 3,950.250 Common stock _c14,224,840 14,224,840 Gross profit
354.683
291.766 Surp. & undivided
302.894
Real estate
731.184
profits
a3,437,300 3,535.007
908,700 1,529,607 Exensee
Buildings
Mach. & equIp_b1,934.1347 2,063.235
$376.501
Operating loss
641.974
740.810
Other assets
Other income
22,888
56.076
58.766
Deferred charges
16,108,968 18,803,978
16,108.988 18.803.978 Total
Total
a After depreciation of 31.203.791 b After depreciation of $4,316,704.
-V. 134. p. 1373.
C Represented by 1,200.000 no par shares.
-Earnings.
American Chicle Co.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 1765.
-Earnings.
American & Continental Corp.
Calendar YearsInterest (net)
Dividends (including no stock dividends)
Commissions (net)
Discount
Syndicate and option profits
Profit from sale of securities
Total income
Management fees
Operating expenses
Foreign taxes
Interest on debentures
Amortization of discount
Provision for state taxes
Net income
Dividends paid on capital stock
Balance, surplus
;Includes Federal taxes.
1931.
$933,647 $1,024,741
165.626
197,776
28,8941
24.179
168,075
2,291
93,954
$1,154,637 $1,484.546
119.786
115.918
37.753
30,3041
2,143
398.750
375,000
23,750
x96,100
11,800
$595.722
$832,157
225,000
$595,722
$607,157
Net earnings
Interest
Depreciation
Federal taxes
Amort. of good-wW
loss$353,613
18,337
168.592
355,504
4,168
143.302
6.633
6,633
Net income
Sub. pref. dividend
Dividends paid
1°835547,174 108098.599
2.702
56.367
284.588
$897.763 31.138.827
2,756
355
136.582
107.856
121.255
87,253
6.633
6.633
$695,665
$871,600
343.874
Surplus
$606.243 losa$383,187
$527.728
$240,325
Shares coin, stock outstanding (no Par)---243.170
113,835
227,670
227_,870
Earnings per share
Nil
$7.52
Nil
13.06
Consolidated Balance Sheet as of Dec. 31.
Assets-1931.
1930.
Liabilities1930.
1931.
Land, bides., ma7% pref. stock of
chinery. &a- _a$2.228,840 $2,043,514 sub. company__ $77,200
Good-will
23.214
29,847 Common stock. _..b2,032.115 $1,880,925
Invests.. at cost
125,000
55,038
100,355 Bank notes pay_ __ 537,500
Inv. In cos. stock
Mortgage bonds of
at cost
c5.386
subsidiary
100,000
Inventories
1,844.353 1,514,040 Accts., wages and
99.159
Accts. & notes rec. 405.881
491,841 comm. pay
93,178
Market securities_
21,525
120,142 Earned surplus
1,744,465 2,359,320
Cash
166,025
126,835
Deferred charges_
34.196
41,838
445.340
Total
84,584.458 $4,474,410
$4.584,458 $4,474,410 Total
a After depreciation of $1,704,471. b Represented by 243.170 (no Par)
shares. o Consists of 800 shares-V. 133. P. 3633.
Volume
134
Financial Chronicle
-Earnings.
European Securities Co.
American
For Income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
G. C. Fetherston, Secretary, says:
Based on market values of March 31 1932, the appraised net assets
available for the common stock of the company, after allowing for all
known liabilities of the company and the preferred stock outstanding at its
liquidating value, amounted to $162.482 or $0.46 per share compared with
31.627.633 or 84.59 per share on Dec. 31 1931. on 354,500 common shares
outstanding.
-V. 134. p. 500.
-Earns.
American Pneumatic Service Co.(& Subs.).
Calendar Years1931.
1930.
1929.
1928.
Gross income
$3,195,684 84.694,714 $6,806.301 35,421,087
Total exp., incl. deprec,
3.608.304 4,732,935 6,148.836 4,865,161
and taxes
Net combined inc._ _-loss$412,620 loas$38,221
Dividends paid:
Minority Lamson stk_
20
4
First pref. stock
105,000
52,500
Preferred stock
189.865
$657.464
$555,625
2913
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Assets$
x Land, buildings,
Capital stock---y20.270,717 20,270.717
mach.,equip.&c.16,238,322 15,868,258 Notes payabie_15,000
Pats., process., &c.
119,941
49.591 Int. & taxes accr'd 108,284
44,195
Investments
45.522
16,385 Accounts & wages
Supplies on hand
2,002.051 4,717,572
345.611
payable
423,720
Raw materials, &c. 4,796.463 8.595.296 Divs. payable_ 105.817
Accts. receivable__ 1,179.152 2,981.033 Deprec. reserve _
1.672.992 1,022,510
Cash
de1830,251
480.482 Surplus
477.549
222.621
Deferred charges __ 349.907
314,141
Total
23,221,794 26,728,906 Total
23.221,794 26,728,906
x Before depreciation. y Represented by 422,470 no par shares.
V. 133. p. 3456.
Anaconda Copper Mining Co.(& Subs.).
-Earnings.
-
Calendar Years1931.
1929.x
1930.
16 Gross sales and earnings
$96.387.706 $179,332,798 3305,751.876
105.000 Cost of sales-operating expenses,
development, maint. and repairs,
126.577
-dmin. selling and general exBalance,surplus
def$465,124 def$333.106
$172,701
$324,032
penses and all taxes
89.978.278 150,903.305 223.972.464
Shares of corn. outstanding (no par)
198,501
198.501
198,501
Operating income
198,501
36.409.427 $28,429.492 $81,779,412
Earns.Per sh.on com
Nil
Nil
$0.86
$0.35 Other income-int., diva. & miscell.
income
Consolidated Balance Sheet Dec. 31.
799.411
2.696.778
8.483.041
1931.
1930.
1930.
1931.
Total income
$7,208,838 $31,126.271 $90,262,453
Assets
$
Amount charged off this year for
Mall tube systems,
Common stock__ x992.503
992.502
depreciation and obsolescence__ _ 5.891.903
Incl. franchises- 5.635,915 5,634,112 Preferred stock_ - 8.274.350 6,274.350
8,251,988
11,685,736
Installations on
4.468.662
4,091.315
8,258,977
First pref. stock_ - 1.498,050 1,498,050 Interest, incl. discount on bonds
contract
1,135,025 1,283.962 Subeid. stock held
Net income, carried to surplus
Land & buildings. 545,562
by mm.stahldrs
538.562
15.789
15,589
account
108883,151,727 $18.782,968 370,317,739
Manufac's plant
601,719
588,715 Accounts payable_ 101,105
126,152 Minority interest
Patterns, jigs and
179,117
420,692
1.202,010
Franchise taxes acfixtures
165,825
250
165,826 crued
Balance
loss$3,330,844 $18,362.276 369.115.729
Invest. In General
Fed, taxes seer. _ _
10,000
6,680,656 34,314.426 53.567.278
Conveyors, Ltd. 277.500
257.500 Deprecia'n res've_ 5.052.987 4,962.106 Dividends
Other Investments
47,935
123.753
60.186 Other reserves_ _
82,734
Balance, deficit
$10.011,500 $15.952,151sur.$15548451
Pats. & good-wIlL 3,718,662 3,725,261 Surplus
659,649
219,688
Cash
694,944
623.032
Shares of capital stock outstanding
Notes & accts. ree_ 500,251
757,241
(par $50)
Long term notes
8,914,932
8,828,063
8,866,380
Earnings per share
Nil
& accts. rm.._ _
$2.07
$7.83
61,299
Mdse.Inventories- 770.908
x Includes no sales and expenses of the Great Falls Rod, Kenosha Wire
928,318
Contracts in process
and Hastings Rod & Cable Mills and does include the entire year's sales
of completion
and expenses of Chile Copper Co.. Andes Copper Mining Co. and Greene
37,933
45,053
Cananea Copper Co.
Prepaid accounts_
46,404
51.936
Consolidated Surplus Account
-Year Ended Dec. 31 1931.
Total
14,247,005 14,652.603
14,247,005 14,652,603
Total
Surplus Dec. 31 1930
z Represented by 198.501 shares (no par)
387,442,901
-V. 133, p. 4333.
Minority interest, balance Dec. 31 1930,$257,845; lees acquired
--- American Ship & Commerce Corp.
-To Reduce Stock.
- during year, 82,294
255.551
The New York Stock Exchange has received a notice from the corporaTotal surplus
$87.698.452
tion of a proposed reduction in the authorized capital stock from 1.500.- Net
loss of the year 1931. per income account:
000 shares of no par value to 600.000 shares.
Anaconda Copper Mining Co. loss
3,168,523
Calendar Years1929.
1931.
1930.
1928.
Minority interest profit
Cr16,796
Total income
$340,248
$403,765
$735.272
3628.020 Deduct Dividends:
General expenses
i-, .11.43
2
100.554
45,285
49.657
By subsidiary companies on stock owned by minority interest
Interest
338.212
407,483
542.992
508.375
at Dec. 31 1931
84,637
By subsidiary companies on stock acquired by Anaconda
Net profit
10683343.249 loss$53,375
891.726
327,446
Copper Mining Co. In 1931-amount paid prior to acquis
363
By Anaconda Copper Mining Co., dividends Nos. 111 and 112 6,680,657
General Balance Sheet Dec. 311931.
Inventory adjustment to reduce all unsold metals to market
Assets-7,449.459
1 Liabilities-Cash
5.48,929
$135,453 Notes pay, to banks--secured51.5911,800 Sundry adjustments applicable to prior years
Invests. in Hamburg-Am.Line
Notes pay. to others-secured 3,570,000 Minority interest
179,117
at costAccounts payable
141.915
Surplus Dec. 31 1931
7% parch. money notes, maAccrued interest
$69,613.562
110,605
turing serially to 1937._ 2,125,000 Capital acct. at Dec. 31 1931_62,311,329 -V. 134, p. 2725.
Capital stock 35.096 shares
Anglo American Corp. of So. Africa, Ltd.
(par 300 marks)
-Earnings.
3,323,839
The following are the results of operations for the month of March 1932:
Notes receivable-Win.Cramp
& Sons' Ship & Engine
Tons
Total
Building Co
Milled.
Revenue.
Costs.
Profit.
161,406
Accrued Interest (net)
Brakpan Mines, Limited
104,000
£160.922
£111,822
24.792
£49,100
Springs Mines, LimitedInvests. In sail. cos. at adj.
68,800
160,554
82.506
78.048
book value
West Springs, Limited__
77,000
• 81,584
a1,958.602
64.484
17,100
Miscell. Investments at coat
Daggafontein Mines,Ltd
36,000
59,014
44,545
198
14,469
Furniture & fixtures (net)
-V.134. p. 1959.
361
32
105,000
379.731
Total
-Smaller Div.
87.732.650 Total
37.732.650.N.Associated Electrical Industries, Ltd.
A dividend of 4% has been declared on the ordinary shares for the year
a Wm. Cramp & Sons' Ship & Engine Building Co., general mortgage
ecz, bonds due June 1 1930 at cost, $1.958.600; Wm. Cramp & Sons' Ship 1931. This compares with 6% paid a year ago for 1930.-V. 133, p. 4333.
& Engine Building Co.. 93,845 shares (61.59% of total capital stock) at 4162.
nominal value, $1; Cramp-Morris Industrials, Inc , 131.427 shares
Atlantic Refining Co.
-Earnings.
of total capital stock) at nominal value. El. b Represented by(87.62%
591,271
For income
shares of no par value outstanding (1,5( 0.000 shares authorized).
March
-V. partment" on statement for quarter endedp. 2342.31 see "Earnings De
a preceding page.
-V. 134,
134. p. 2725.
American Steel Car Lines, Inc.
-Protective Committee
Organized for 5% Equipment Trust Certificates.
-
In an effort to avoid a receivership
mittee has been organized to act for for the company, a protective comthe
trust certificates it has been announced by holders of the 5% equipment
Charles E. McSweeney, Pros.
Members include E. M. Griffith, of the Iowa-Des Moines
Co. of Des
Moines, John B. Clark of the Union Trust Co.
Charles I. liamerer of Spencer, Kamerer of Erie, of East. St. Louis, and
Pa.
The company defaulted on its rentals to
trustee
Interest payments on its certificates March the Holders Feb. 28 and on the
of the five series of
equipment trust certificates, dated Sept. 1 1.
1931. aggregating $1,389.000.
are being advised by letter to deposit their holdings
with
Illinois Bank & Trust Co. of Chicago, which has agreed to the Continentalact as depositary.
Schuyler, Dunbar & Weinfeld is the law
Dutton Stahl of Des Moines is Secretary. firm acting for the committee.
All holders of the original series of certificates
exchanged their holdings
last June for the present 5% series
provided
lower fixed charges. At the time it whichconsidered for lower rentals and
that this plan when
effective would relieve the company ofwasheavy
its
burdens. General business
conditions, however, continued to grow worse and
shortly afterward three
States practically shut down oil production, thereby
eliminating the company's largest source of revenue.
he castastrophe of the curtailment of
in Texas.
Kansas was primarily the cause 01 our not oil wells promptly Oklahoma and
meeting
to our certificate holders after 100% of them had exchanged our obligations
their securities
and granted us an extension of time. We were
gratified
and hope to merit a continuation of it," Mr. Mc...Sweeney at this confidence.
declared.
-V.133.
p. 1619.
Atlantic Securities Corp.
-Proposed Consolidation.
See Atlas Utilities Corp. below.
-V. 134. p. 1198.
-Earnings.
Atlas Tack Corp.
Calendar YearsNet sales
Costs and expenses
1929.
1931.
1930.
1928.
$1.378.048 $1,571,399 $2.171.921 82.359.676
1,462.066
1.692.106
2.050.304
2.232.989
Operating income_ ___ loss$84.01810583120,707
$121,617
3126.687
$121.617
25.795
14,373
3145.835
57,494
10.736
19,148
Other income
loss$84.018 loss$120.707
Total income
48.243
52,784
Interest. &c_ _ - -Employees' profit slier_
loss$136.802 loss$168,950
Net Income
$81.449
377.605
Shares capital stock outstanding (no par)_ _
98.000
98,000
98.000
95.000
Earnings per share
Nil
Nil
$0.83
$0.81
Consolidated Balance Sheet Dec. 31.
AssetsLiabilUtes1931.
1931.
1930.
1930.
Ld.. bidgs., mach.
Capital stock
x$588,000 $588.000
equip., &(.1
$1.875.011 $1,739,452 Accounts payable_
47,693
36.461
Cash
75.000
26.367
22,646 Notes payable_ _
Accts. & notes rec.
Accr. payroll, &o_
885
1.634
(trade)
97.402
120,866 Res. for depr.,&c.. 353.985
329.648
Inventories
321,120
438,604 Surplus
1,977.110 2,062,995
Employees'& misc.
399,149
Earned deficit
618,367
- American Thermos Bottle Co.
notes & accta.rec
10,784
-Omits
16,277
The directors have decided to omit the quarterlyDividend.
401
401
dividend ordinarily Investments
payable about May 1 on the common stock, no par value. A distribution of Other assets
78,300
21,950
15 Cents per share was made In each of the three preceding quarters as Pats., trdmka. &
against 30 cents per share previously.
good-will
295.862
299,758
-V. 134. P. 2151.
Deterred charges
14.058
34.634
Anaconda Wire & Cable Co.(& Subs.).
-Earnings.
- Total
Calendar Years$2.449,306 $2,694,588 Total
1931.
1930.
1929.
$2,449,306 $2,694.588
Profit on manufacturing operations_ $1,853.194 $2,345.056 33.950.657
x Represented by 98,000 no par shares. y Represented by 1.079 shares
Selling and administrative expenses_ - 1.156.132 1.355.695
1.151.938 of Atlas Tack Corp. purchased for delivery on patent contract.
-V.133,15.
3095.
Net profit from operations
3697.062
3989,361 32,798.719
Other income
Atlas Utilities Corp.
15.301
29,164
-Makes Offer to Acquire Stock of
29,447
Atlantic Securities Corp.
Total income
$712.366 $1,018,525 32,828.166
The Atlas Utilities Corp. has made an offer to the stockholders of the
Depreciation charged off during year
690.684
587.808
478.565
Interest paid
110.779
136.500 Atlantic Securities Corp. to acquire the shares of capital stock of the latter
Federal income tax
3.000
40.945
248.019 corporation in exchange for shares of Atlas Utilities Corp. The basis of
Income of year
8278.992 $1.965.082 exchange is as follows: Atlantic $3
318.681
1.-For each share of
eumul. pref. stock, at the election of
Dividends paid
211.180
678.323
1.088,203 the holder thereof, either (a) Two-thirds of a
share of Atlas $3 Preference
Balance, surplus
def$202,499 def$399.331
$876.879 stock, series A. and one option warrant to purchase one share of Atlas
Shares com,stock outstand.(no par)_
422,470
422.470
411.620 common stock, or (b) Four shares of Atlas common stock and one option
Earnings per share
$0.04
$0.66
$4.77 warrant to purchase one share of Atlas common stock.
2914
Financial Chronicle
-For each share of Atlantic common stock one-third of a share of
2.
common stock of Atlas Utilities Corp. and one option warrant to purchase
one share of Atlas common stock.
The Atlas preference stock and common stock and Atlantic preferred
stock and common stock are traded in On the New York Curb Exchange.
The Atlantic Securities Corp. is a Delaware corporation organized In
1927 under the sponsorship of A. Iselin & Co. and F. S. Smithers & Co.
The assets of the Atlantic corporation as of March 31 were approxhnately
$2,500,000. There were outstanding at that time approximately 168,000
shares of common stock and approximately 50.000 shares of pref. stock.
A. Iselin & Co. and F. S. Smithers & Co. have addressed a communication to the stockholders of the Atlantic Securities Corp. in which they say
that they recommend that the offer of Atlas Utilities Corp. be promptly
accepted, and that they themselves will deposit their own holdings of
of Atlantic Securities Corp. in accordance with the Atlas offer. The
offer expires on April 30, 1932.
Maurice L. Farrell, of F. S. Smithers & Co., is President of Atlantic
Securities Corp.. and its other directors are: George S. Franklin, of Cotton,
Franklin, Wright & Gordon; John J. Rudolf, of A. Iselin & Co.; J. Henry
Harper, Jr., of F. S. Smithers & Co. and Ernest Iselin, of Iselin & Co.
Floyd B. Odium is President of Atlas Utilities Corporation and its other
directors are: E. K. Hall. director of New England Telephone & Telegraph
Co.; L. Boyd Hatch, director of Manufacturers Trust Co.; George U.
Howard, President of United Corp; Reeve Schley, Vice President and
director of The Chase National Bank of the City of New York.
The option warrants to purchase common stock of Atlas Utilities Corp.
entitle the holders thereof at any time to purchase the number
of shares of common stock deliverable thereunder at $25 per share, with
the right in the holder thereof to present to Atlas Utilities Corp. one share
of preference stock of Atlas Utilities Corp. (either of series A. or of any
other series that Atlas Utilities Corp. may create in accordance with the
existing provisions of its certificate of incorporation) in payment for each
two shares of common stock of Atlas Utilities Corp. deliverable under the
option warrants. Should Atlas Utilities corp. acquire stock of Atlantic
Securities Corp. then, in consideration of the assignment to Atlas Utilities
Corp. or an agreement entered into by Atlantic Securities Corp. upon its
organization, as supplemented, together with the delivery to Atlas Utilities
Corp. of certain stock option warrants, series A, B and C. issued under
said agreement. Atlas Utilities Corp. will deliver to the holders of said
stock option warrants, series A, B and 0, its option warrants evidencing
the right to purchase, as stated above, certain shares of its common stock.
The Atlas Utilities Corp. will not be obligated to accept (but may do so
at its option) any shares of $3 cumul. pref. stock or of common stock of
Atlantic Securities Corp. deposited under the above offer, unless at least
/
750 of all the now outstanding she. of such $.3 cumul. pref. stk.and 75%
of all the now outstanding common stock of Atlantic Securities Corp. (other
than shares of such $3 cumul. pref. stock and-or common stock already
owned and-or controlled by Atlas Utilities Corp.) shall have been deposited
before the close of business on April 30 1932, or such extended date or
dates not later than May 20 as shall be specified. Should Atlas Utilities
Corporation accept any of the deposited stock it must accept all such
stock. The Corporation Trust Co., 15 Exchange Place, Jersey City, N. J.,
will return the deposited stock on the surrender of the deposit receipts representing the same in the event Atlas Utilities Corp. shall not acquire such
deposited stock pursuant to the terms of the above offer.
-V. 134. p. 2342.
April 16 1932
Comparative Consolidated Balance Sheet.
Jan. 30 '32. Jan. 3131.
Jan.30'32. Jan.31'81
Assets
Land, bldgs.. gro-30.674,326 31,859,469 6 4% pref.stock._ 8,867,500 9,390,500
Mark.'recur
84.217
121,450 Common stock __22,500.000 2,500,000
Cash
624.189 1,363,096 Mortgage payable 5,550.000 5,700,000
mounts receiv_
3,938.291 4,126,006 Notes payable1,500,000
Inventories
3,326.517 3.507.970 Miscell. credit bal. 116,313
60,173
Due from employees 14,340
Pref, dive. pay-- 144,097
152,596
Sundry debtors
112.921
96,837 Accts. payable_
641,428 1,192.687
Other investments 305.447
319,330 Accrued salaries.&o 464,928
-457.402
Deferred charges- 130,366
87,086 Reserve for tax. - 140,800
45.000
Res. for condos:dr
insurance
146,137
130,987
Surplus
20.619,411 20,351,919
Total
39,190,615 41,481,244 Total
39,190615 41,481,244
,
a Represented by 500,000 no par shares.
-V.132, p. 2588.
Barker Bros. Corp.
-Earnings.
For income statement for quarter ended March 31
partment" on a preceding page.
-V. 134. P. 1960.
see "Earnings
De-
Barnsdall Corp.-Listing_d_Common Stock,
-25-Par-Value.
New York Stock Exchange has authorized the listing of 2,258,779
shares of common stock (par $5 per share) upon official notice of issuance
in exchange, for certificates for 2.257.764 shares of class A voting capital
stock and 14)15class B non-voting capital stock (par $25 pr share) now
outstanding
At a meeting of directors held Feb. 11 1932. resolutions were adopted
recommending to the stockholders that the amount o. capital, represented
by 2,257,740 shares of class A stock (par $25) and 1,039 shares of the
class B stock (par $25) issued and outstanding, be reduced from $5(3,_
489.475 to $11,293,895. to give effect to the change and reclassification of
the class A and class B stock to common stock, and reduction in par
from $25 per share to $5 per share for the common stock. At the value
same
meeting resolutions were adopted by directors declaring it advisable and
recommending to stockholders an amendment to the certiricate of incorporation. changing the authorized shares of the corporation from 4.000,000
shares (par $25) to the same number of shares (par $5). The reasons assigned by the directors in recommending the reduction of capital and the
amendment to the certificate of Incorporation, were to effect a substantial
saving In Delaware annual franchise taxes and capital stock transfer tax,
and the creation of a paid-in surplus, representing the difference between
the $25 per share par value for the old outstanding stock and $5 per share
par value for the new outstanding stock.
The foregoing proposals were approved oy stockholders on March 22 1932.
Takes Over Management of MonaMotor Oil Co.
-
Resignations of H. A. Searle, Fred H. Searle and E. D. Judd as chief
officers of the Mona Motor Oil Co. of Council Bluffs, Ia., were announced
after a conference of company officers, their attorneys and J. F. Adams,
special representative of the Barnsdall Corp.
Mr. Adams issued the following statement:
"The Barnsdall Corp. having been heretofore a large stockholder In
the Mona Motor 011 Co.. of Council Bluffs, but not connected with the
-Earnings.
Auburn Automobile Co.(& Subs.).
management of the company.
For income statement for three months ended Feb. 29 see "Earnings management, now assumesof the Barnsdall Corp.,
E. B. Reeser, President
and new President of
Department" on a preceding page.
Oil Co.,
that Fred G. Searle, former
Current assets as of Feb. 29 1932, were $14,092,293 and current liabilities the Mona Motor the latter on April 13 said be
Vice President of
retained as manager of the
$2,067,600, comparing with $13,021,752 and $3,831,268, respectively, division in Toledo, Ohio. company, would
Neither the office in Toledo nor Mr. Searte
on Feb. 28 1931.-V. 134, p. 2342.
had had anything to do with the tax matters in the Council Bluffs division
that led to charges against certain officials of Mona Motor 011 Co.. he exAutosales Corp.
-Earnings.-plalned.-V. 134. p. 2525.
Calendar Years1929.
1930.
1928.
1931.
Gross collections
$930,645 $1,349.957 $1,575,969 31.068,433
Bendix Aviation Corp.
-Bonus Plan Approved
-DiCosts, open, gen.. &c..
1.011,784 rectorate Reduced.
1,690.350
920,289 1,388,879
expenses
At the annual meeting of the stockholders held on April 13, Victor W.
$56,649 Kliesrath, President of the Bragg-Kliesrath Corp., was elected a
Net earnings
$10,356 108438,922 loss$114.381
director.
1,092 The board of directors was reduced from 17 to 1$ members, through
Other income
the
resignations of C. H. Colvin and M. W. McConkey.
$57,741
$10,356 108438.922 loss$114.381
Total income
President Vincent Bendix stated that the company operated in the black
15,165
18,762
6.023
Other charges (net)in the first quarter. Over 30.000 clutch controls are now being shipped
7 5 6 monthly.
5.'27
Federal taxes
0
8
The stockholders adopted a bonus plan, proposing to set aside annually,
$133,143 prof$44:88
$4,809
$44.946
263
958
Net loss
for the purpose of bonuses to officers and employees, an amount not ex80.730
Preferred dividends..- _ earnings over and above a 7% return on capital emBalanceloss$44,946
$213.873 sur$18,075 ceeding 10% of netstockholder dissented to the
Only one
Previous surplus (adj__- de5114128 def357,717 1.030.419
1.193,567 ployed. statement that adoption of the plan plan, but following Mr.
Consignment reserve_
1,337 Bendix's the present staff of employees, manywas necessary in order to
of whom are now underDr41.782 Dr518.675 Dr182,560 maintain
Miscell. adjustments_ -- Dr15.§.57
paid, and that it closely follows the General Motors plan, the dissenting
Net capital surplus
Cr1,956,493
vote was withdrawn.
Total surplus
def$464,492 def$444,446 $2,254,362 $1,030,419
Following the annual meeting Mr. Kliesrath was elected a member of the
She, of pref. outatand'g
executive committee, succeeding Mr. McConkey.
-V. 134, P. 2726.
(no par)
185,000
:35.994
x35,994
x35,899
Earns. per sh. on profNil
Nil
Nil
$1.25
o
(E. W.) Bliss Co.(& Subs.), Brooklyn, N 29 -Eai92.19 Y
. ..
rns.
8
x Par value $50.
Calendar Years1931.
Comparative Balance Sheet Dec. 31.
x'Potal earnings
$454,773 $1,328,404 $3,383,517 $2,347,191
Depreciation
417.492
297,042
545,681
LtaMlgtes-1931.
471,207
1931.
Assets1930.
1930.
$1,799,190 $1,839,812 Preferred stook---$1,799,750 $1,799,750 Carrying charges on unMachines
used & idle prop
825,510
383,728
289903
44 :989
9
85,926
Mach'y & equip
175,460
99.378 Common stock__ - x185,000
Feral taxes
ed
Weighing & Sales
641:241
126
Pats., leases, con2,173,691 2,173,709 Co. 5% bonds-9,100
tracts. &a
Net Income
def$225,998
$85.403 $2,097,944 $1,108,310
34,484 Adv. & deposits__
27,781
98,172
98,336
Coliec. in transit
16,137,693 18,086,866 16,466,653 16,260,412
10,000 Notes payable__-} 18,4471
22.512 Previoussurplus
Due fr. underwrit_
625.430
625,430
627,550
34,468 Accounts payable_
j
42,832 Surplus account capital..
30,892
652,735
Cash
y2,141,140 2,167,125
26,654 Surplus
13,437
Accts. receivable_ Total
$16,537.124 818,797.699 $19,192,147 118,021.457
Marketable !recurs.
Adjust.ofinventory
1.024,304
1,024,304
Cr86.115
807
3,807
336,272
& investments
Deductions from sur88,502
68,838
Inventories
plus (net)
4,612,156
14,303
42,149
Deferred chargesDividends paid (cash)
366,262
540,992
562,722
565,372
104,761
469,280
$4,242,511 24,315,118 Dividends paid (stock)-$4,242,511 $4,315,118 Total
Total
Divs. paid to min.int. in
Represented by 185.000 no par shares. y Capital surplus 22.605.633
x
affil.company
1,125
425
less operating deficit of 1464,493.-V 134. p. 2726.
Surplus, bal. Dec.31-311.453.945 $16,763,122 $18,714,416 817,119,388
--Earnings.
(L.) Bamberger & Co. (& Subs.).
per Mi.on 356,270
Jan. 30 '32. Jan. 31 '31. Feb. 1 '30. Jan. 31 '29. Earns, coin. shares_ __
Years Endedno par
Nil
Nil
$5.88
$3.11
$35,919.463 135,872,279 $37,168,176 $35,001,214
Net sales
x After deducting all expenses incidental to operation, Including ordinary
2,915,374
1.964,354 3,227.291
2,605.698
Profit from operations
repairs and maintenance.
328,672
367,881
320,035
Interest paid
362,257
Condensed Consolidated Balance Sheet Dec. 31.
1,205,798
1.295,439
1,286,577
Depreciation
318,425
190,000
45,000
140,800
Federal taxes
1931.
1930.
1931.
1930.
AssetsLiabilities-$
$
$
$
3256,034 $1,502,821 $2,234,692 Cash notes and ao$858,286
Net profit
Bank loans
1,735,000
300,000
629,841
629.417
619,319
589,513
Preferred dividends
counts receiv__ - 2,545,522 2,187,574 Accounts payable- 407,878
582.179
Due from salesmen
Dividends declared 158,157
600,072
8873,404 81.604,851
$268,773 def$363,285
Surplus
45,314 Reserve for eontln& other employes 62,214
Inventories
4,408,657 5,270,641
Consolidated Surplus Year Ended Jan. 30 1932.
gencles de taxes_ 132,144
138,488
1,290,176 1,722,257 Special reserve for
$9,859,794 Investments
Previous earned surplus
181,160 amortization__
224,804
858,286 Deferred charges
Net profit,fiscal year ended Jan.30 1932
1,648.942
Land, buildings de
Adjust, of capital
Depreciation on increased values shown by appraisals added
equipment_ ___:11,537,880 11,888,668 accts, of foreign
256,727
back to profits
Goodwill & letters
subsidiary co's._
143.981
3,487,271 3,483,124 Specs. res, relating
patent
Total
110,974,807
to war facilities_ 5,087,508
589,513
Dividends on cumulative preferred stock
Minority interests_
3,575
3,514
Premiums on preferred stock repurchased during year
1,281
Capitalstock
4,596,380 4.598,380
Transferred to appropriated surplus
523,000
Surplus
11,453,945 18,763.122
Balance, Jan. 30 1932
59,861,014
Total
23,554,525 24,776,738 Total
Earned Surplus Appropriated
23,554,525 24,7713.738
Transfers from earned surplus representing par value of
x After depreciation of $9,641.186 -V. 134, p. 2343.
preferred stock repurchased: Balance,Feb.1 1931
5609.500
Transfers during year ended Jan. 30 1932
Bethlehem Steel Corp.
-Dividend Outlook, &c.
523,000
At the annual meeting of the stockholders held on April 12, Charles M.
Balance, Jan. 30 1932
$1,132,500 Schwab, Chairman of the board, told the stockholders that never in his
Property Surplus
27 years in the corporation has the outlook been as depressing or as unBalance, Feb. 1 1931
this year.
Depreciation on increased values for the year ended Jan. 30 $9,882,626 promising asEugene G. Grace said:"The first quarter of 1932 has followed
President
1932. transferred to earned surplus,see above
256,727 the downward trend which prevailed during 1931." [In the first quarter
of this year the average operations were 23.4%.I
Balanct, Jan. 30 1932
In answer to a question by a stockholder as to what action would be
9,625,897
taken in the future on preferred dividends, Mr. grace replied: "It is no
Total surplus
320,619.411 secret that we are not earning preferred cUvidends.'
Mr. Schwab, in response to a question by Mr. Grace as to the propriety
stock, said that he would
of forecasting dividend action on the preferred the regular preferred divisay that he would recommend the payment of
dend at the meeting of the directors to be held on April 28.
Mr. Grace, in reply to a stockholder, stated that the company could
make a reasonable profit on 50% to 55% capacity operations. He said
such a figure was purely an estimate but that at that level and the general
conditions which would go with those operations the company should
make a reasonable profit. Mr. Grace continued:
"The tide still is running out. It has not turned as yet. This is discouraging, but it is a fact and we must face it. Our operations have been
steadily reduced until they are about 20% of capacity. We have kept
our forces intact and could handle 80% to 90% operations with these forces."
-v. 134, p. 1944.
-Earns.
Bohn Aluminum & Brass Corp.(& Subs.).
1931.
Calendar YearsGross profit from sales__ $1.551,101
inc.(id.int, and
Other
40,453
royalties)
1929.
1928.
1930.
$2,103.061 $4,135,518 $4,386,993
137.141
208.093
123,199
Gross profit &income_ $1,591,554 $2,240,202 84.343,611 $4,510,192
887.796
894,387
671.902
740,942
Sell. & general expenses_
392.175
249,520
396,981
421,275
Depreciation
114,114
122,386
113,987
Bond interest
314,939
44,310
91,421
403.677
Prov.for Federal taxesNet profit
Dividends paid
2915
Financial Chronicle
Volume 134
$295,333
528,647
$725,596 $2,619,722 $3,185,093
792,944
1,579.999
941,241
loss$233,314 loss$67,348 $1,039,723 $2,243,851
Balance,surplus
352,419
352,419
352,418
350,000
Common shs. outstand$0.84
$2.06
$9.09
$7.43
Earned per share
Consolidated Balance Sheet Dec. 31
1931.
1930.
1931.
1930,
5
Assets
Capital stock
z3,630,904 3,630,904
M., bldsts.. mach.
y5,029,151 5,182,471 Gold bonds
1,874.900 1,901,900
& equip
786,322 Accts. payable__ - 280,954
154.250
489,787
Cash
912,590 Fed,tax reserves
44,048
91,420
Accts. notes reo--. 683,088
3,785,356 3,467,185 Res. for conting.19,635
Inventories
55,000
Surplus
4,642,143 4,881,855
Cash sur. val. life
52.900
57,700
Insurance policy
216,743
35,262
Other assets
Marketable secure. 306,417
391.531
Pats., licenses. gd.133,648
149.829
will, &c
128,329
92,876
Deferred Items. _ _
10,492.584 11,050,866
10,492.584 11,050,866
Total
Total
x Represented by 352.418 no par shares. y After depreciation of $2,517.761.-V. 134, p. 2526.
-Bond Holders Organizing.
Booth Fisheries Co.
A committee of holders of the first mortgage & collateral trust 634%
bonds is now being organized, according to J. Sanford Otis, Vice-Pres. of
Central Republic Co. and director of the company, who will be a member
of the committee together with Louis H. Schroeder, Vico-Chairman of
Central Republic Co.
laThe bondholders' committee will have as its objective a general plan
looking toward reorganization of the company in co-operation with the
company's management. Formation of the committee will probably be
completed shortly at which time a letter will be sent out to bondholders.'There are about $4,700,000 of the first mortgage bonds currently outstanding, of which approximately 60% are understood to be scattered
among numerous individual holders.
,The one-year notes issued to the banks and by means of which the
-year 7% debenture notes a year ago have been
company extended its 5
further extended beyond expiration date of April 1. These total $799,000.
-V. 134, p. 1376.
Borden Co.
-Listing of Additional Capital Stock-Further
Acquisitions.
The New York Stock Exchange has authorized the listing of 3,900 additional shares of capital stock (par $25) on official notice of issuance in
connection with the acquisition of the entire assets and business of Beverly
Hills Ice Cream Co.(Beverly Hills, Calif.) and the acquisition of the business
and certain assets of Crown Dairy Products Co. (Chicago, Ill.). The
total listing applied for to date is 4,417,958 shares.
The issuance of additional shares has been authorized as follows: 2,000
shares in payment for the assets and business of Beverly Hill Ice Cream
Co., a partnership. Company will also assume all liabilities of the partnership except capital liability and certain tax liabilities. 1,900 shares in
past payment for the assets (except certain real estate) and business of
Crown Dairy Products Co. a partnership. Company will also pay to
$25.000 in cash and will assume a mortgage in
the partnership the sum of '
the principal sum of $30,000 upon the main plant of the partnership which
will be acquired by the company. Company will not assume any lia-V. 134
bilities of the partnership other than the aforesaid mortgage.
p. 2135.
-Balance Sheet.Boston Storage Warehouse Co.
Mar. 31'32. APT. 1 '31.
LiabilUies-AssetsCapital steel{
Land, buildings &
$1,840,401 $1,827,069 Surplus
machinery
2,000
Construction
81,539 Suspense
12,804
36,289
Cash
2,000
2,000
Insuran. premium
10,000
10,000
Accts. receivable
175,200
Securities
131,509
$2,042,406 $2,068,406
Total
-V. 132, P. 4416.
Total
Mar. 31'32. Apr. I'31,
$1,569,000 $1,569.000
472,627
498,903
779
503
$2,042,406 $2.068.406
-To Increase Operations.
Briggs Manufacturing Co.
The company has received sizable orders for sport type open and closed
bodies for Hudson and Essex models and a convertible body for the new
Rockne six.
Pe Activity at the company's plants is now at the highest point since early
last summer and will be materially increased when fabrication of these new
'Inas gets under way,according to H.E. Hund, Vice-President and General
-V. 133, p. 4334.
Manager.
Bullocks, Inc.
-Earnings.
1930.
1929.
1931.
1932.
Years End. Jan.31Net sales of merchandise $23,699,527 $27,052,048 $26,750,472 $24,605,766
366,443
312.504
329,352
356.704
Sales of leased sections__
15,266,526 17,389,475 17,124,341 15,471,128
Cost of sales
-Owned
Gross profit
$8.076,296 $9,333,221 $9,259,688 $8,822,134
sections
Income from leased sec19,327
9,561
20,393
18,391
tions.&c
Balance Sheet Jan. 31.
1932.
1931.
1932.
Liabilities
Assets
Cash
589,417 Notes payable1,256,485
Cust. accla (net).. 1,879,252 2,328,128 Acc'ts Pay, incl.
mdse.in transit_ 1,205,517
Inventory
3,831,300 4,952,713
Due fr. U.S.Govt.
193,542 Accr. Int. & local
132,841
taxes
U.S.Treas. Ws_ 402,250
78.034
Value of life insur_ 140,931
122,391 Fed. Income taxes
Res. for cont., &o. 211.988
Munic. and Joint
Prop. purch.oblig. 200.000
Stk. Land Bank
127,000
bonds
92,718 Def'd liability_
49,500
3,441.000
Secured s. I.
Sundry corporation
113,725 First mtge. 6s- _ 3.500,000
securities, &c_ _ _
113,725
4.250,000
Real att. adjac't to
7% Pref. stock
Common stock__ _134,457,569
Wilshire store-. 641,735
2.733.188
Surplus
Empl. notes for stk.
316,696
& bond subscr'ns 228,119
297,390
Sundry other assets 114,107
Land, leaseholds,
bldcs.& equip_a10,876,804 11,368,104
1
1
Good-will
876,186
Deferred charges.- 802,926
1931.
146,000
1,551,988
131,522
131,950
182,825
3.593,000
3,500,000
4,380,000
4,566,638
3,066.089
20,337,136 21,250,012
Total
20,337,136 21,250,012
Total
a After deprec., &c., of $2,859,626. Of this allowance for depreciation
and amortization, $2,429,610 has been absorbed in operating expenses
-V. 133. P.
since Oct. 1 1927. b Represented by 244,029 no par shares.
1933.
-Increases Operations.
Budd Wheel Co.
The company has increased its production schedule for April and May
as a result of orders from automotive manufacturers for wheels, brakes and
brake drums. The increase calls for an April schedule larger than for any
month since October 1931, and a May volume greater than for any month
-V.132, p. 1585.
since May.last year.
-Initial Dividend.
Bullock Fund, Ltd.
The directors announce an initial dividend of 20 cents per share, payable
May 2 to holders of record April 15. See also V. 134, p. 832.
-Earnings Show Loss.
Burns Bros.
March tonnage was the largest of the year, it was announced.
President Noah H. Swayne stated that January and February both
showed a loss, the second month's loss being smaller than the first month.
Tonnage in the first 12 days of April was about the same as in the corresponding period of March. He said the company is doing a good seasonal
business and added that the company had a met $300,000 note maturity
on Feb. 1 of a $475,000 issue, the balance of which will mature in August.
He said the company had purchased for its treasury 593 shares of its
pref. stock.
-V. 134. p. 2728.
-To Defer Interest and SinkBurns & Co., Ltd., Calgary.
ing Fund Payments.
-year bonds. series A,
The holders of the 1st mtge. sinking fund 534% 20
will vote May 4 on approving the following:
1. That the time for the making the semi-annual interest payments
becoming due on the bonds on June 1 1932, Dec. 1 1932, and June 1 1933,
shall be in each case extended and postponed until Dec. 1 1933, subject to
such extension and postponement ceasing and becoming ineffective from the
date, if any, when the bondholders' committee shall certify to the trustee
that payment of such interest then due is demanded forthwith.
2. That the time for the making payment of the balance of the sinking
fund instalment which became due on Jan. 1 1932 (default in payment of
which is to be waived), and the sinking fund instalment becoming due on
Jan. 1 1933 shall in each case be extended and postponed until Dec. 1 1933,
subject to such extension and postponement ceasing and becoming ineffective from the date, if any, when the bondholders' committee shall certify
to the trustee that payment of such sinking fund instalments then due is
demanded forthwith.
3. That a committee be appointed with power and authority to exercise
on behalf of the bondholders powers of the bondholders exercisable by
extraordinary or other resolution as defined in the draft resolution which
Will be submitted to the meeting and providing for the employment of
advisers and other assistants and for the payment by the company of the
expenses and disbursements of the committee and its reasonable compensation, the whole of which shall form a charge on the mortgaged premises
under the trust deed prior to the charge in favor of the bonds and further
providing that such committee shall continue in office during the pleasure
of the bondholders, the members thereof, however, being entitled to resign
at any time, and vacancies occurring in the number of the committee
may be filled by the remaining members and further providing that neither
the committee nor the members thereof shall be liable for any loss a/sing
from any action taken or omitted to be taken by them in good faith relating
to or in connection with the powers and authorities conferred by such
resolution and further providing that all acts of the committee within the
authority delegated to it by such resolution shall be binding upon all bondBondholders' Committee.
-The following have consented to act on the
committee: E. G. Long, H. C., of the firm of Long & Daly, barristers,
Toronto: A. B. Shepherd, C. A., resident partner of the firm of Peat.
Marwick, Mitchell & Co. chartered accountants, Toronto- Colonel A. M.
Brown, of Victor W. Odium. Brown & Co. bond dealers, Vancouver, and
H. N. Bawden, of the Dominion Securities Corp., Ltd., Toronto.
'
In the letter to bondholders accompany the notice calling the meeting,
the company states that it believes the arrangement outlined above to be
in the best interests of both the bondholders and the company.
Earnings for Calendar Years.
1928.
1929.
1930.
1931.
Oper. prof. before deprec
$411,962 $1,042.359 81,263.134
$86,365
146.478
404,648
Other income and divs-275,568
212,924
Totalincome
Depreciation
Income tax (estimated)Approp.for development
(sub. cos.)
Int. on funded & other
Indebtedness (net)_ _ Net income
Divs,on pref.shares
$299,287
297,219
$687,532 $1,447,007 $1,409,612
274,359
281.335
30,000
30.000
60,000
533,193
685,975
646,218
449,525
loss$531,124
$1,557
312,531
$489.454
416.250
$595,728
343.295
$252.433
$73,204
def$531,124 def$310.974
Balance Sheet Dec. 31 1931.
Liabilities
Assets$1,469,598
Cash on hand and In transit$157,169 Due to banks(secured)
226,177
Trade bills & accts. payable
Customers'accts.& bills rec..
31,171
dm
1,388,070 Bond interest accrued
91,209
1,935,118 Due to subsidiary company__
Inventories
Due to directors,shareholders
Proportion of adv. to subs.,
-on deposit...
de employees
53.203
not In excess of the net cur140,851 Dom.& Prov. taxes--est____
19,979
rent assets of such cos
7,660 Mtgs. & agreements for sale
Mtgee & agree, for sale rec.
on real estate. &c
Cash in hands of sinking fund
153,778
289 lat mtge.5 Hs,due 1948
trustees
6,800,900
173,264 Gen. res. avail, for deprec- __ 2,126.445
Prepaid expenses
1,405,786 Other reserves
Inv. In & adv. to subs
38,241
476.168 6% cum,red. pref
Other inv.(valued at cost)___
6,904.300
12,074,823 Preferred management shares
Fixed assets
Common shares(119,997 sbs)
119,997
Capital surplus
240,859
Operating deficit
518,461
Balance,surplus
Total gross profit.-- $8,094,687 $9,353,615 $9,279.015 $8.831.695
6,762,948
6,690,943
7,036,543
6,396,855
Operating expenses
599,191
649,693
606,967
Deprec. & amortization_
238,842
226.938
429,553
420,029
Bond interest
124,747
27,036
74,855
56,225
Other deduc'ns (not)
149,453
220,000
131,950
78,033
for Fed. inc. tax....
Prov.
$536,577 $1,031,020 $1,403,834 $1,666,778
Net Profit
1,598,008
651,230
2,672,901
3,066,089
Previous surplus
14,628
Adjustments
$33,602,666 $3.703,921 $3,016,468 $2,318,008
Total surplus
315,000
Total
315,000
Total
$17,759,197
312,082
302,846
Preferred dividends_ _ _ $17.759.197
375,000 -V. 134, p. 2728.
278,760
368,922
Common dividends
30,000
28,567
35,000
35,000
Add'ns to res. for contin_
stock
Superior Mining Co.
Butte &
-Annual Report.
Prom. paid on pref.
12,000
140,676
D. C. Jackling, President, says in part:
,
1 retired
22,033
In February the salvaging of equipment from the underground operations
Other charges
$2,733,187 3,066,089 $2.672,901 $1.598,008 was completed and the mine workings abandoned and, consequently the
Surplus Jan. 31
250,000 book value of mining claims and development is properly charged off to
250.000
244,029
250 000
Bhs.com.stk.out.(no par)
$5.40 surplus.
$4.35
$.88
$0.97
Earnings per share
2916
Financial Chronicle
Active efforts towards disposal of salvaged equipment and supplies were
continuous during the year, and while sales were not extensive because of
the generally depressed condition of the mining industry, the revenue
from this source was sufficient after March 1 to meet practically all current
expenses, including shut down costs. Very little major equipment was
disposed of the sales being mostly of small supplies and scrap material.
With a revival of mining activity sales should increase materially. The
employees at the property consist solely of necessary watchmen and those
engaged In disposal of equipment and materials.
Comparative Balance Sheet Dec. 31.
1931.
Assets1930.
Liabilities1931.
1930.
Mats. dr supplies_ $39,778
$49,530 Accounts payable_ 515,627
$23,424
Accounts revelvle_
7,576
406 Pay rolls accrued_
71
2,334
Prepaid Insurance_
1,003 Reserve for taxes_
7.500
904
525,746
Cash
566,384 Res.for deprecm_ 2,604,157 2.604.157
accounts... 2,782.826 35,973,142 Res. for compenProp.
sation insurance
30,581
5,000
Cap. stk. (290,197
shares)
2,901,977 2,901,977
Sum. from sale of
securities
2,176,868 2,176,868
Excess of db3trib.
to stkhldrs. over
sur. tr. op-- __ Dr1,162,110Ds11513.375
Mth.claims & dev.
written oft__ _Dr3,186,569
Total
$3,355,925 $6,590,465
-V.132, p. 2970.
Total
53,355,924 56,590,465
(A. M.) Byers Co.
-Earnings.
For income statement for three months ended Dec. 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 2525.
Calumet & Hecla Consolidated Copper Co.-Resig-
nation.At the annual meeting all the directors were re-elected with the exception of Thomas L. Chadbourne, who resigned during the year.
-V. 134.
p. 2527.
Canadian Theatre Co., Ltd.
-To Postpone Interest, &e.
This company, operating the Princess Theatre in Montreal, Canada.
showed gross revenues of $348,716 in 1931 and expenses of 8304,903,
leaving net operating profits available for interest and depreciation of
$43,813. This was sufficient to meet bond interest charges of $23.312.
bond discount of 52.666 and depreciation of $16.532 and leave a surplus.
Failure to secure a quorum at a meeting of the bondholders on March 29
resulted in the adjournment of the meeting until April 30. Bondholders are
asked to waive a default in interest due March 1 1932, and postpone such
payment until March 1 1934. Postponement of Interest due Sept. 1 1932.
until March 11935. is also asked.
-V.123, p. 2001.
Cavanaugh-Dobbs, Inc.
-Acquisition, &c., Approved.The stockholders on April 14 approved the reorganization of this cot'poration and the acquisition of Knox Hat Co., Inc. See V. 134, p. 2344.
------ CeCo Manufacturing Co., Inc.
-Receivership.Mahe C. Mowry of Providence, R. I., was named temporary receiver
April 13 for the company. Presiding Justice Hugh B. Baker of the Superior
Court of Rhode Island assigned April 27 for hearing on the appointment
of a permanent receiver.
On Feb. 23 Robert Brindle Jr. of Cranston, a stockholder,
temporary receiver at an ex-parte hearing, but at a subsequentwas named
hearing at
which counsel were present. Judge Baker canceled Brindle's appointment
and a decree was entered enjoining the corporation from disposing of any
equipment, machinery or assets.
Under an agreement reached at that hearing, minority
to be allowed to examine the books of the company and stockholders were
the matter of the
appointment of a receiver was left open: at that time Brindle and Ernest
Snider, a creditor, were the petitioners.
Under the decree now entered the temporary receiver is authorized to
carry on the business and to borrow sums of money required to meet opersting expenses and pay-rolls, the amount to be approved by the Court.V. 134, P. 1585.
April 16 1932
Collins & Aikman Corp.
-Earnings.
-Years EndedFeb. 27 '32. Feb. 28 '31. Mar. 1 '30. Feb. 28 '29.
Net profit
$2.422.645 $1,746,896 83,084.227 $2,950,080
Depreciation
745.872
735,293
712,769
676,551
Interest, &c
81,755
Federal tax reserve
170,000
35.000
215,000
250.000
Reserve for adjust. & inventories
407,456
870,481
405,980
Oper. loss incidental to
starting new Canadian
plant
58,321
Net Income
$1,099,317 def$106.121 $1.728,374 81,905,555
Preferred dividends520,468
630.744
710,500
810,133
Balance
$578,849 def$736,865 $1,017.874 $1,095,422
Earnings per share on
597.000 shares of cornmon stock (no par).....
$0.98
Nil
$1.70
$1.84
Earned Surplus Feb. 27, 1932.
Balance at Feb.28 1931
$382.033
Net income tor year ended Feb 27 1932
Excess ot par value eve: cost ot preferred stock purchased and $1.099.316
held in treasury for retirement
265.773
Total
$1,747,123
Dividends on preferred stock
520,468
Reserve for contingent Inventory losses
300,000
Organization expenses of Collins & Aikman of Canada, Ltd.,
written off
5,871
Provision for conversion of net current assets of Collins &
Aikman of Canada, Ltd., into Amer can dollars at current
rate of exchange
22,781
Balance at Feb. 27, 1932
8898,003
Comparative Consolidated Balance Sheet.
Feb. 27'32. Feb.2811.
Feb. 2712. Feb. 28'31:
AssetsLtalIltt
$
$
3
$
Real estate, buildPreferred stock__ - 6,550.000 8,520,000
ings, plant, &o_11,359.445 11,714.224 Common stock_ .x10,000.000 10.000,000
Cash
1,117,291
846,238 Res. for Fed. taxes 170.000
35,000
Trade accts. &
Other eurr.!lab. _ _ 438.850
567,868
notes rec
1,055.649 1,789,781 Sundry reserves.,
8.847
81,453
Due from employ_
7.617 Surplus
11.116
2,597,009 2.295,841
Investments
2,075,951
789,574
Invest. in corp.'s
common stock- - 328,108
299,846
Cash surr. val. lite
Insurance
234,208
197,949
Inv. in Farnham
Develop. Corp.
at cost
33,333
Mtge. received and
337,574
accr. Int
304,241
2,890,080 5,155,585
Inventories
Deferred accounts_ 353.083
341,470
Total
19.762.505 21,480,157
Total
19,762.505 21,480,167
x Represented by 597.000 shares of no par value.
-V. 133. o. 4335.
Consolidated Retail Stores, Inc.
-March Sales.
1932
-March-1931.
Decrease.1 1932-3 Mos.-1931.
Decrease.
$1,461,240 $1,841,290
8380,0501$3,677,495 $4,783,395 81,105,900
-V. 134. o. 2154. 1378.
(William) Cramp & Sons' Ship & Engine Building Co.
-Balance Sheet Dec. 31 1931.
Asetss
1 LiabilUtesCash in banks
33,6331 Accounts payable
Due from associated companies
23,626 Notes payable (incl. 1931 ml.) 111.48
822
0 1
'
Proceeds sale of assets
153,550 Property taxes, penalties, &e_ 460,735
Gen. mtge. fis held in treasury 125,000 Notes payable
1,037,500
Fixed assets at book value-- 7,578,548 Past due obligations
4,888,123
Deferred assets
26,484 Ground rents (est.)
Celotex Co.
-Vice-President Resigns.-,
Reserves and deferred items-24;771
42
30
0. E. Stedman has resigned as Vice-President in charge of distribution
Capital stock
15,232,500
for the Celotex Co. and will enter the domestic air conditioning field.
Deficit
13,908,430
Harold Knapp, general sales manager, has been placed in charge of dis1
Total
tribution, but the office of Vice-President held by Mr. Stedman is left
$7,910,843' Total
$7,910,843
vacant.
-V. 134, p. 680.
-V.132. p. 4596.
Century Shares Trust.
-Completes Third Full Year. ----.,Credit Utility Banking Corp. Reduces Dividend.
Century Shares Trust, one of the investment companies sponsored by
The directors have declared a dividend of 25 cents per share on the class B
American Trustee Share Co
9., completed its third full calendar year of stock, no par value, payable April 10 to holders of record March 28. From
operation on Dec. 31 1931. ncorne per Participating share, exclusive of April 10 1931 to Jan. 10 1932 quarterly distributions
of 37% cents per share
profitfrom the sale of securities, has been as follows, based on the number of were made on this issue.
-V. 134, D. 1201.
shares outstanding at the end of each year:
YearsCuban Cane Products Co., Inc. Resignation.
1931.
1930.
1929.
Income per share
$1,164
Col: John R. Simpson. President of this company and of
Still!),
3,73
31 8
. 3%
9
Eastern
Offering price, Dec.31
50% Cuba Sugar Corp. has resigned both offices, effective Aprilthe 1932.34%
15
Return on offering price
2.30% V. 133, p. 321.
7.75%
"These figures illustrate the stability of the income of the underlying
Cutler-Hammer, Inc. Shipments Fall Off.
securities in Century Shares Trust and indicate that the present offers an
Quarter Endedexcellent opportunity to buy steady income at low cost, it was stated.
1tfar.31'32. Dec.31'31. Mar. 31'31.
Shipments
(See also V. 134,p. 1199.)-V. 134, P. 2729.
8844,192 $1,130,538 $1,670,822
-V.134, p.512.
Cespedes Sugar Co.
-Plan Effective.Dayton Rubber Mfg. Coe
-Meeting Again Postponed.The finance committee in a notice to holders of certificates of deposit for
The special stockholders' meeting for consideration of
first mortgage 7%% sinking fund gold bonds states:
of the company,scheduled for April 11, has been adjourned recapitalization
More than 85% of the bonds having been deposited under the plan
until April 25.proposed by this committee, the plan has been eclared effective in its V. 134. p. 1379.
entirety. You should now send your certificate of deposit by registered--„Detro t
Gray Ivroon ouin ta CrtorlyOng dendiviu .om td cmoo- d its D dzdpayable
.
mail to the depositary, J. & W. Seligman St Co., 54 Wall St., New York,
Dividend.
The directors
i
to
who will return your bonds stamped with an appropriate notation. A pplicaOen for the listing of the stamped bonds on the New York Stock Exchange about this time on the no par value common stock. A distribution of 25
cents per share was made on Dec. 18 last, while on Jan.
will be made.
-V. 134, p. 2153.
1
1931, quarterly payments of the latter amount wore also and on April 1
paid.
-V. 133.
p. 3615.
-Plymouth Orders.Chrysler Corp..
A total of 23.119 retail orders was received by Defloto, Dodge and Chrys--...... District Bond Co.
Smaller Dividend,
ler dealers throughout the United States in the first four days since the
A quarterly payment of 37 cents per share as
announcement of the new 1932 Plymouth car, it was announced on April 8
common stock on April 1 to holders of record March
st
by H. G. Moock, General Sales Manager of the Plymouth Motor Corp.
30. Previously, the
company paid quarterly dividends of 50 cents per share
on this issue.
De Soto Sales Gain.-Dividend Deferred.Deliveries by DeSoto dealers to retail customers for the week ending ----Donahoes, Inc.
The company has decided to defer the payment
April 9 totaled 1.601 cars, against 1,118 for the previous week and 822 cars
of
for the same week last year. Dealers reported twice as many unfilled retail dividend due on the 6% cum. cony. pref. stock, par the usual quarterly
$100. On
orders on hand as for the same period last year. The factory has more than June 30 and Dec. 21 last, quarterly distributions of 1H% on March 31.
the 8% pref.
twice as many orders for immediate shipment to dealers as for the same stock were made.
-V. 133, p. 4164.
Period a year ago, President Byron C. Foy,stated.
''Earl Radio Corp. Receiver Removed.DeSoto retail deliveries the first quarter were 36% greater than last year,
Harry G. Hendricks was peremptorily removed as
Mr.Foy announced, Shipments were 49% ahead of last year. The DeSotoreceiver for the corporaPlymouth dealer organization also reported a record March. with a volume tion April 12 by Vice Chancellor Church at Newark, N.
J.
acickteds
a shut in m o0 .s1hVoarltlacinehisaiaccl. counsel for The Vice Chanaboowsig hy C
that exceeded March oflast year by 50% and February of this year by 77%•
0
ou ni
the receiver, that
"Helirdr
was
V. 134, p. 2729.
as
I
Jacob L. Newman was appointed substitute receiver
to
Coast Foundation, Inc. (San Francisco). Dividend stead and his bond was fixed at $200,000. Creditors serve in Hendrick's
and stockholders of
Earl were directed to show cause May 3 why
Postponed.Newman should not be conAction on the regular quarterly dividend has been postponed until the tinned as receiver.
Hendricks and Oscar A. Klamer were appointed co
July meeting. The last quarterly payment of six cents per share was made
-receivers for Earl
Nov. 22 1929, on a stockholder's bill
on Feb. 10 1932.-V. 130 p. 804.
has had practically entire control of the charging insolvency. Hendricks
Earl receivership funds
appointment, as Mamer, formerly of Paterson, is now located in since his
Consolidated Film Industries, Inc. Capital Revision.Indiana.
The stockholders will vote April 29 on approving a proposal to reduce Practically all checks have been signed by Hendricks.
In his citation for contempt directed
captal represented by outstanding preferred and common stocks from
peered that "Harry G. Hendricks did against Hendricks, Vail stated it ap39.000.000 to 86,524,973 (preferred stock $15 per share, common stock $1
commit a contempt to this court In
per share); also on changing the authorized common stock from 600,1'00 that he did appropriate to his own use certain of the moneys committed to
shares without par value to 600,000 shares par value $1 per share, each his care as one of the receivers of Earl Radio Corp.
present share to be exchangeable for one new share.
Hendricks Removed from Seven Receiverships.-V. 134, p. 2729.
Harry G. Hendricks, who has been missing under a charge of contempt
Consolidated Laundries Corp.
-Earnings.
of court in
For income statement for three months ended March 31 see "Earnings Earl Radio alleged misappropriation of funds he handled as receiver for
Corp. was removed April 14 from seven other receiverships.
Department" on a preceding page.
-V. 134, p. 1378.
Federal Judge Fake signed orders removing Hendricks as receiver for the
Volume 134
Financial Chronicle
2917
F. dr W.Grand 5-10-25 Cent Stores Inc. and for Isaac Silver & Brothers Co.
Ford Motor Co. of France.
-Omits Dividend.
Vice Chancellor Church ordered Hendricks's removal as receiver for
The directors recently decided
dividend due at this time for
the Crescent Ring Co., the Bell Furniture Co. and the Rankin Finance 1931. A year ago a distribution to omit thewas made for 1930 as against
of 1234%
Association, all of Newark: for Reid's, of Elizabeth and the United States 10% the
year previous.
-V. 132, p. 3894.
Cutlery Co. of Belleville.
Vice Chancellor Backes appointed Thomas E. Fitzsimmons of Newark
Fox Film Corp.
-Recovery of Funds Sought in Connection
as receiver for the Meadowbrook Investment Co., formerly controlled by
Hendricks. William Harris. representing a creditor of the Burtis Co.. with Gaumont Advances.asked Referee Porter to appoint a receiver for funds he said Hendricks had
tathe "Journal of Commerce" in a special cable from London, on April 12.
T
taken as receiver for the Burtis Co.
-V. 131, P. 945.
sed:
Writs have been issued in London by the Fox Film Corp. in an attempt
Eastern Cuba Sugar Corp.
-President Resigns.
to recover the money the company contributed toward the financing of the
See Cuban Cane Products Co., Inc. above.
Gaumont Picture Corp. The defendants are Isadore Ostrer and a private
-V.133, p. 1771.
holding company. The British Gaumont Pictures Corp., operating more
Eastman Kodak Co.
than 300 theatres in the British Isles, is not a party to the action, which it
-Director Elected,&c..A. F. Sulzer, who had been filling the interim term of W. S. Hubbels, is understood involves £4,000,000.
The "Journal of Commerce" further added:
deceased, has been elected a director.
Details of the action being brought by the Fox Film Corp. in England
Frank M. Page has been elected Assistant Treasurer, succeeding P. W.
to recover funds advanced by it for the financing of the British Gaumont
Turner, deceased.
-V. 134, p. 2156.
subsidiary were not available at the offices of the company in New York
on April 12. The company has brought action, but advices regarding it
Eaton Manufacturing Co.
-Earnings.
as yet, it was said.
For income statement for quarter ended March 31 see "Earnings De- have not been received company was acquired in 1929 through the offices of
Control of the British
partment" on a preceding page.
-V.134. p. 2346.
William Fox, then President of the company. It was effected through the
ownership of all the capital stock of the United American Investing Corp..
Electric Auto Lite Co.
-Receives Order.
which holds 4734% of the voting stock and 75% of all the outstanding stock
The company has received an order for several carloads of electric clocks of the Metropolis & Bradford Trust Co., Ltd.,owners of65% of the ordinary
from Ivanhoe Foods, Inc., ot Auburn, N. Y. Shipment will start immedi- stock of the British Gaumont Picture Corp. The United American Investately. Many workers are being recalled in the clock division to fill the ing Corp. Is a British corporation.
order. There are 20,999 clocks in a carload.
Claims by stockholders that Mr. Fox had paid too much for the British
-V. 134, p. 2156.
Gaumont interests were the basis for complaint, and were partly the reason
Electric Power Associates, Inc.
for his resignation in 1930.-V. 134 p. 2731. 2707.
-Earnings.
For income statement for three months ended March 31 1932 see "Earn(Robert) Gair Co.
-To Recapitalize Under Delaware
ings Department" on a preceding page.
-V.134, p. 682.
Empire Title & Guarantee Co.
-Dividend Omitted.
-
The directors have decided to omit the quarterly dividend usually payable about May 1 on the capital stock, pending readjustment of the mortgage and real estate market. The last regular quarterly dividend of $1
per share was paid on Feb. 1 1932.-V. 134, p. 1033.
Earnings.
-
For income statement for three months ended March 31 1932 see "Earnings Department" on a preceding page.
-V. 134, p. 1033.
Emporium Capwell Corp.
-Balance Sheet Jan. 31.1932.
1932.
1931.
AssetsLiabilities-$
est.,leasehlds.,
Pref. stock (The
land, buildings.,
Emperium)._- 250,300
a15,285,384 15,479,478 Corn. stock (Emp.
Cash
546,283
750,708
Capwell Corp.).b6,880.883
Aocts. receivable_ 3,455.069 3,704,393 Bonds,&c
11,226,000
Inventories
3,734,478 4,334,555 Notes payable____ 1,100,000
Market. securities
7,324
Accts. payable_ _ _ 1,535,105
Other assets
102,793
56,821
152,834 Est. Fed. taxes_ _ _
Deterred charges- - 788.873
892,498 Acct. accounts_ __ 202.257
91,353
Reserves
Def'd liabilities_ _
22,206
Profit & loss surp_ 2,555.279
1931.
$
250,300
6,880,883
11.876,000
1.975,000
1,762.895
16,250
208.262
121,854
29,579
2,193,443
Total
23,920,205 25.314,466
23,920,205 25,314,466
Total
a After depreciation and amortization of $2,275,596. b Represented by
412,853 shares no par value.
Our usual comparative income statement for the year ended Jan. 31
1932 was published in V. 134. p. 2730.
• Equitable Office Building Corp.
-Earnings.
-
For income statement for 11 months ended March 31. see "Earnings
Department" on a preceding page.
-V. 134, p. 2156.
---Etowah Coal & Iron Co.
-Receiver
Joseph T. Davis, was appointed receiver for t
ompany April 4, by
Federal Judge Faris at St. Louis.
A receivership for the company was asked in a suit filed March 27 to
satisfy claims of bondholders and stockholders. It was charged that the
Company, organized in 1921 in Delaware, with authorized capital stock
of $3,000.000. had defaulted in payment of interest and principal of $1,500.000 first mortgage 8% gold bonds which matured Oct. 1.
Exchange Buffet Corp.
-Sales Again Off.
Sales for Month and Eleven Months Ended March 31.
-Month-1931.
1932
Decrease,
1932-11 Mos.-1931. Decrease.
3424,361
5505,663
581,302134,509,159 $5,465,891
$956,732
-V.134, p. 2731.
.-- Federal Bake Shops, Inc.
-Dividend Deferred.
-
The directors recently voted to defer the quarterly dividend due April 1
on the 7% cum. pref. stock, par $100. Regular quarterly distributions of
% were made on this issue from Jan. 1 1928 to and incl. Jan. 1 1932.V. 134, p. 2529.
Laws.
-The company is sending to shareholders a plan
for recapitalization of the company under the laws of
Delaware to make possible acquisition of other manufacturing units to balance the company's present operations.
The committee in charge of the plan consists of: F. Winchester Denio,
Chairman, William J. Alford Jr., Grant H. Fairbanks, George E. W. de
Clercq and T. Raymond Pierce, with Wilbur F. Howell, Fee.,420 Lexington
Ave., N. Y. City. Stockholders are asked to deposit their stock with
Old Colony Trust Co., 17 Court St.. Boston, and the First of Boston Corp..
100 Broadway, N. Y. City, depositaries.
E. Victor Donaldson, President of the company. states: •
Company was Incorp. in New York in January 1903, to take over the
bysiness of Robert Gair, which was established in 1864. Until 1920, ifs
manufacturing operations were confined to the State of New York. In
that year, however, the company entered upon a policy of etpansion and
acquired manufacturing plants in several States.
Company is engaged in a basic industry in which, due in some measure
to its over-capacity, competition is unusually keen. During the past year,
when operations of practically every other Industry were materially lessened,
the volume of paper board production showed a decrease of only 7%, as
compared with 1930, but the tonnage of company showed an actual Increase.
Company has improved the quality of its products and broadened its
markets. We believe company has the confidence of its customers as
well as the respect of its competitors.
The executive staff has been completely reorganized. The engineering
and research departments have been expanded and have contributed materially to the Improved performance of the company. These and many other
changes have resulted in material reductions not only in the cost of manufacture, but also in over head expense. Further opportunities for progress,
however, appear to be limited unless operations are balanced by the acquisition of co-ordinating and complementary units it obtainable on a practical
basis.
Directors are of the opinion that this important improvement could be
accomplished more speedily, economically and satisfactorily if the stockholders would assent to the transfer of all the company's properties to a
Delaware corporation having the broader powers afforded by the Delaware
statutes, and would agree to exchange their holdings in the Gair company
for securities of the new Delaware company on an equitable basis which
recognizes their present situation and their future prospects. Under the
more flexible provisions of a new charter, such additional units may be
acquired by the Issuance of additional securities of the new company.
Holders of more than 70% of the outstanding shares have already signified
their approval of the plan and have deposited or agreed to deposit their
shares thereunder for the purpose of carrying out the plan.
Digest of Plan of Recapitalization.
New Company.
-A new company to be called Robert Gair Co.. Inc.,
will be created in Delaware. All of the properties and assets of old company are to be acquired as a going concern by the new company which will
assume and agree to pay all of the debts, obligations and liabilities of the old
company of every kind, character and description whatsoever. The
management of the new company is to be the same as the present management.
-The present outstanding share capital
Capitalization of Old Company.
of the old company is:
186.408 she.
Class A participating shares (no par)
498,900 shs.
Class B shares (no par)
These represent net assets shown by the books of the company as or
Dec 31 1931, approximately, as follows:
$2,971,000
Net quick assets
10,162.000
Fixed and other assets (less depreciation)
Federal Mining & Smelting Co.
-Operating at a Loss.
At the annual meeting of the stockholders held on April 12, President
F. H. Brownell, stated that the company had $525,000 in cash and government securities on April 9. He stated that the company is now operating
at a loss of $100,000 a quarter.
The company is operating the Morning and Page mines in Idaho, but
$13,133,000
Total
all the mines in Oklahoma are closed. The loss from operating the Morning
New Securities.
-New company is to issue its income notes and shares ot
and the Page mines is slightly less than it would be if they were shut down. stock to
depositors of class A stock and class B stock of the old company.
-V. 134. p. 2347.
in the amounts authorized by the plan.
-Income notes will be limited to an aggregate
Federal Motor Truck Co.(& Subs.).
40-year 6% Income Notes.
-Earnings.
principal amount of $7,000,000, of which not exceeding 52.330,100 are to
Calendar Years1931.
1929.
1930.
1928.
be issued under the plan to depositors of class A stock of old company.
Operating income
loss $423.774
$16i.113
$53).110
$663,847 They are to be dated April 1 1932, and will be expressed to mature on
Other income
69,782
126.170
182,796
124,473 Apri 1 1972. Denom.$50 and multiples thereof, registered as to principal
105. Interest payable annually,
and red, all
Total
loss$353.992
$286,283
$712.906
$788.320 commencing or part on any int. date at
April 1 1933. at rate not exceeding 6% per annum, but only
Depreciation
92,948
95,001
90,521
81.532 out of earnings during next preceding calendar year: provided, however,
Interest on funded debt_
14,890
38,062
55,140
71.200 that in any event directors in their discretion may vote to pay such interest
Federal income tax
65.055
85,000 out of surplus from earnings during previous calendar years. Old Colony
Trust Co., trustee. In the indenture, new company will covenant, as long
Net income
loss$461,830
$153,220
$502,190
$550.588 as any of the income notes are outstanding, not to pay dividends on its
Dividends
170.625
397,554
399.634
385.250 preferred and (or) common stock in any calendar year unless and until the
Stock dividends
234,562 full interest on the income notes payable that year has been paid or accrued
in cash at least equal to
Balance
"
def$632,455 def$244,334
$102,556 def$69.224 for payment, and unless and until an amount
15% of the earnings of the next precedir g calendar year has been deposited
Shares of common stock
with the trustee for purchase and retirement of income notes in manner
outstanding (no par)499,543
499,543
499.543
499.543 provided in indenture. In lieu of making such cash deposit, new company
Earnings per share
Nil
$0.30
$1.01
$1.10 may deposit with the trustee an equal aggregate par amount of income
Comparative Consolidated Balance Sheet.
notes. Indenture will provide that claims in respect of the income notes
Jan. 1 '32. Dee. 31'30.
AssetsLiabilities-Jan. 1 '32. Dec. 31'30. against the assets of new company shall be deferred to claims of trade
Land, wee.& eq_ $1,336,627 81.423,051 Capital stock --x$2,497,715 $2,497,715 creditors and loans maturing within one year from their respective dates.
524,908 1,243,841 Accts. payable- _ - 209,628
Cash
228,003
Preferred and Common Stock.
-The capital stock of the new company
Notes accept. .II:
Divs. payable_ --24,172
98,749 will consist of 560,000 shares of preferred stock and 1,900,000 shares of
accts. receivable 480,298
774,492 Accruals
5,865
10,828 common stock, of which not exceeding 186,408 shares of preferred stock
Inventories
1,769,160 2,173,171 Debenture notes409,000 and 519.008 shares of common stock are to be issued to depositors under
Investments
606,939
187.672 Other reserves_ ___ 210,885
112.738 the plan. Both classes of new stock may be issued with or without par
62.636
Deterred charges68.899 Surplus
2,293,485 3,025,941 value, as the committee shall determine.
461,183
511,847
Other assets
Preferred stock will be preferred as to assets and earnings over the common
stock and will rank for quarterly dividends at the rate of $3
85,241,751 86.382.975
Total
Total
$5,241,751 $6,382,975 annum from and after April 1 1934. During 1934 and 1935,per share per
dividends on
-V. 134. P. 1588.
preferred stock shall be non-cumulative and in either of said years shall be
x Represented by 499,543 no par shares.
payable only out of earnings of the next preceding calendar year. From and
-Status, &c.
First National Stores, Inc.
after Jan. 11936, the dividends on the preferred stock will be cumulative
The market decline in the company's shares is not due to any develop- and no dividend shall be paid on common stock in any fiscal year
unless
and until tull cumulative dividends shall have been paid onprfor
ments within the corporation. states Charles F. Adams, Treasurer.
Earnings for the fiscal year ended April 2 1932, equalled or exceeded the for all previous fiscal years, nor unless and until full dividends efe
rrech t eS
sud syr
a
balance of $5.03 a share reported for the year ended March 28 1931, accord- shall have been declared and either shall have been paid or
ing to estimates.
payment in such year on the preferred stock. Arrears of set aside for
dividends will
Tho cash position is even stronger than at the end of December and the not bear interest.
company has anticipated its sinking fund requirements for the next 10
No dividends shall be paid on either class of stock
years by the purchase of more than $500,000 of its bonds.-V. 134, p. 2157. or earned surplus, but no such dividends shall be except out of earnings
paid out of earnings
2918
Financial Chronicle
April 16 1932
-Buick March Sales Higher.
General Motors Corp.
unless there Is an earned surplus at the time of declaration of such dividends.
No dividends shall be paid on preferred stock in any calendar year, so
Sales of Buick automobiles in March were approximately 36% greater
long as any of the income notes are outstanding, unless the sinking fund than during February, W. A. flees, General Sales Manager of the Buick
requirements in respect of the income notes have been complied with tor Motor Co., said. "Tabulation of Buick sales for March shows that the
such year, nor, alter the income notes have been retired, shall any such motoring public spent approximately $10,000,000 for Buick autos during
dividends be so paid on the common stock unless and until an amount in that month," Mr. Blom said.
-V. 134 p. 2732.
cash at least equal to 15% of the earnings of the next preceding calendar
-Preferred Stockyear shall have been paid or set aside by the new company for the purpose"..,, General Theatres Equipment, Inc.
yr
er acquiring preferred stock at a price not exceeding the redemption price, holders' Committee..
as provided.
At the request of holders of a substantial amount of preferred stock
time
At any time, all of the preferred stock outstanding, or from time to
independent
cas.). the following have agreed to act as
on
any part thereof may at the option of the new company be redeemed the (rot. trustcommittee for such preferred stock (vet. trustan
protective
ctfs.) holders.
at least 40 days written notice at $52.50 per share and divs.. and also day T
The committee has retained attorneys to make an independent investigaproportionate amount of the dividend accrued since the last preceding
the company and to appear before the chancery
tor the payment of dividends to the date fixed for redemption whether or Con of the affairs of Wilmington,
Del., in the receivership proceedings
Court of Delaware,
not earned or declared.
Holders of preferred stock shall be entitled to be paid in full out of the there pending.
All Independent holders of preferred stock (vet, trust at's.) are urged to
company before any amount shall be paid out of such
assets of the new
cooperate
assets to the holders of the common stock, in the event of any liquidation, committee with the committee in order to protect their inverests. The
further states:
dissolution or winding up of the new company, if voluntary, $52.50 per
A matter of vital interest to the holders of preferred stock (vet. trust eds.)
event, an amount
share. If involuntary. $50 _per share, plus, in either
communiwill
You are
equal to all arrears in cumulative dividends, whether earned or not earned cate come up for hearing on April 15 1932.committee,urged to
of the
immediately with the
giving your name,
but without interest, and the holders of the preferred stock shall not be address and the number ofchairman
shares owned. You incur no expense by coinentitled to any other or further distribution of assets,
chairman
-committee will cause 55,992 shares of common stock municatllng with the is requiredof the committee.
Common stock.
to protect your interests.
Immediate action
of the new company to be issued and set aside or reserved for issue, for the
-Arthur N. Setif (Chairman). 570 Seventh Ave.. N. Y.
Committee.
purpose of sale or giving options for the purchase thereof to the present
and Harry
.management of the old company, from time to time at the lesser of the City; Peter KovtunY. City. Alter. Kaye. McDavitt & Scholar, counsel,
book or market value thereof, as determined by the directors. For the 149 Broadway, N.
purpose of computing the book value of the shares of common stock, the
Listing of Certificates of Deposit for 10-Year 6% Convertible
preferred shares shall be taken at $50 a share, plus all cumulative dividends,
If any, accrued and unpaid. In addition to the 55.992 shares of common Gold Debentures.
The New York Stock Exchange has authorized the listing of certificates
stock above referred to. directors may from time to time sell to the managemanagement of the new of deposit issued by City Bank Farmers Trust Co., as depositary, for
ment of the new company or give options to the
-year 6% cony, gold debs., duo April 1 1940, upon official
company for the purchase of shares of common stock of the new company $29.554,000 10
at such price or prices and under such terms and conditions as directors notice of issuance thereof upon the deposit of the outstanding debentures.
may determine.
Statement of Income and Expense for the Year Ended Dec. 31 1931.
Except as otherwise provided by law, holders of the preferred stock and Income from dividends:
$317,899
Stocks of subsidiary companies
holders of the common stock shall have equal voting rights, and each
2,087,263
-Class A stock
share of stock, whether preferred or common, shall be entitled to one vote.
Fox Film Corp.
Treatment of Deposited Stock.
106.410
Class B stock
otherwise subHolders of certificates of deposit for stock deposited or
139,000
Film Securities Corp., preferred stock
jected to the plan, will be entitled on the consummation of the plan to receive Income from interest:
new securities at the following rates, viz.:
10,412
Fox Film Corp
Each outstanding share of class A stock of the old company shall be
180;72861
128,261
Fox Theatres Corp
entitled to receive: $12.50x par value of income notes (equals approximate
Subsidiary company
on each share of
of unpaid cumulative dividends to April 15 1934
3,547
Other
class A stock); 1 share of new preferred stock and 1 share of new common
stock.
$2,803,574
Total income
Each outstanding share of class B stock of the old company shall be E
50,000
Expense:Paym. made in 1930 on special process, written off_ _ _ _
entitled to receive: 2-3 of a share of new common stock.
89,939
Stock registration and transfer expense
Tabulation.
23,063
Trustees' foes
Assuming all outstanding shares of class A and class B stock of the
78
39;866
old15 51
and tax stamps
company are deposited und the plan, the new securities required to make
under
Legal, office and other expenses
the foregoing distribution are estimated on the basis of the Dec. 31 1931 Interest on 10
1,784,334
es
-year 6% convertible gold debentures
nterest
1,248,030
balance sheet, viz.:
Interest on unfunded debt
Preferred
Common Amortization of debt discount and expense
304,194
Income
Shares.
Shares.
Notes.
Outstanding Stock
186,408
186,408
4993.704
$2,330,100
186,408 shares class A
Net loss for the year ended Dec.31 1931
332,600
498.900 shares class B
x Does not include estimated loss of $1,098,280 duo to trading in class
A stock of Fox Film Corp. and failure of brokerage house. This amount
519,008 has been charged direct to operating surplus.
186,408
42,330,100
55,992
For sale to management
Statement of Operating Surplus at Dec. 311931.
1,325.000
373.592
Available for other corporate purposesy 4,669,900
$3,547,826
Operating surplus-Jan. 1 1931
-year 6% cony, gold dabs. retired
1.900.000 Discount on $446,000 10
560.000
Totals
$7,000,000
257,598
through sinking fund
z Equals approximately 75% of the old company's net quick assets on Unamortized debt discount applicable to debentures retired--- Dr39,681
Dec. 31 1931. y It is contemplated that a substantial portion of the un$3,765,743'
issued new securities may be used by the new company for the acquisition
Total
of properties and assets in addition to those acquired from the old company. Deductions
710,397
-Div.of 75c. per share on preferred stock
Estimated loss due to trading in class A stock of Fox Film
Balance Sheet Dec. 31 1931.
1,098,281
Corp., and failure of brokerage house
Liabilities.
AssetsTo write down to a nominal value of $I patents obtained
Cash in banks and on hand_ _ 61,076,502 Accounts payable, incl., acthrough allowance for developments and experiments fin$709,255
Trade & miscell. accts. Sc
crued payroll
192,953
anced by H.L. Clarke
notes rec.(less reS.)
40.686
1,051,530 Accrued taxes
993,704
Net loss for the year ended Dec.31 1931
Investments market value.. _
11,633,768
22,875 Capital
Inventories
1.499,707
1,570,673 Surplus
$770,408
-Dec.31 1931
Operating surplus
Sundry investments
45,363
Schedule of Investments in Subsidiary Companies at Dec. 31 1931.
Land, buildings, machinery._ x10,072,292
International Projector Corp.:
Goodwill
1
$28,488,600
Common stock (no par value) 999,600 shares
Prepaid taxes, Insurance, &c_
44,179
Preferred stock, $7 div. (no par value), 24.791 shares (24,640
2.850,965
shares pledged to secure notes payable)
Total
$13,883,416
$13,883,416 Total
National Theatre Supply Co.:
x After depreciation of 35.146.516 -V. 134. p. 1769.
12,787,579
Common stock (no par value) 554,207 shares
Preferred stock, $7 div.(no par value), 19,988 shares (19,769
. General American Tank Car Corp.
-Dividend Outlook.
2,148,560
shares pledged to secure notes payable)
At the annual meeting of the stockholders held on April 12, President
Theatre Equipment Acceptance Corp..
Lester N. Selig said:
50,000
Common stock (no par value) 5,000 shares
"I am fairly confident that we will pay a dividend in June. What that
330,000
1st preferred stock, $6.50 div.(no par value) 3,000 shares..._
-will be I cannot say. Our earnings for the first half will determine that.
210,000
preferred stock $7 div.(no par
We were well in the black in the first quarter, although earnings probably J.2ndMcAuley Mfg. Co.,corn, stock value) 2.000 shares
(no par value) 10,000 shs.;
E.
were somewhat less than the $1 quarterly current dividend requirements."
Strong Elec. Corp., corn. stock. (no par value) 10.000 shs.;
-V. 134. p. 2731.
Ashcraft Automatic Arc Co.,corn,stock (no par value) 10,000
3,000,000
she.; Hall & Connolly, Inc.,corn.stock ($100 par) 305 shs
-Earnings.
General Baking Co.
40,000
For income statement for 12 weeks ended March 19 1932 see "Earnings J. M. Wall Machine Co., Inc., corn.stock (no par) 100 shs
325,000
Fearless Camera Co
-V. 134, p. 1034.
Department" on a preceding page.
Total
$50,230,704
-Reduction in Capital.
General Bronze Corp.
Balance Sheet at Dec. 31 1931.
The stockholders at the annual meeting April 13 ratified a proposal to
Assets
change the authorized common stock to 500,000 shares of $5 par value
Liabilities-z$63,331,054
$1 Capital stock
from 500.000 shares of no par and to reduce the capital to $1,438,900 from Capital assets: Patents__ - _
4122,851.626 Capitalsurplus
12,264,476
12,877.800, transferring to surplus the amount'ay which the capital is Investments at cost
770,408
Operating surplus
reduced. The proposal to reduce the number of directors to 11 from 14 Fret, stocks of subs. to be
25,325 10-yr.6% conv.debs
acquired (contra)
29,554.000
was approved.
90,036 Purch. money oblig. due '33
50,000
Heretofore, the company has been carrying its stock in its balance sheet Special deposit, lot. acct.-of last December the corpora- Cash in banks
2,574 Notes payable:banks
318,000
at a stated value of $10 a share. At the close
146,444
500,000
CBI. Pr. & Lt. Secs. Co
tion had outstanding 287,800 shares of stock. less 13,100 shares in its Controlled cos., current sect
184,906
Sub. cos., current acct
75,000
Utll. Pr. Sc Lt. Corp
treasury.
37,069
2,300,000
All Continent Corp
ta_Each present share is to be exchanged for one new share.-V. 134. p. 2530. Sundry accountsreceivle_ _ 101,223
Divs.& int.rec.,sub. cos. _ Anil.co.:Grandeur,Inc_ 37,750
-Refrigerator Prices Cut.
Co.
1,319,050 Porch, money °Wig., due
General Electric
Duefrom controlled co
2,496,742
100,000
1 931 & 1932
Price cuts, ranging from 5% to 20%, in all domestic and commercial Unamort.debt disc. & exp
1,121,155 Accounts payable:sub.cos-18,000
models of the General Electric refrigerator have been made, according to Organization expense
65,478 Pref. dividend payable
1,014
Pres. Rex Cole, of the Rex Colo, Inc., distributors in Greater New York, Other deferred charges
-V. 134. Purchase warrants
y1,660,000 Accrued int. on funded debt_
443,310
Westchester, Long Island, Connecticut and up-State counties.
564,872
Accrd.lot,on unfunded debt
P..2732.
Pref, stocks on sub. comGeneral Electric Co. (Allgemeine Elektricitaets
25,325
panieslobe acquired
Other current liabilities
50,421
-Dividend Omitted.
Gesellschaft), Germany.
Special loans-notes payable
to omit the dividend due at this time on the
The company recently voted
-secured
19.700.000
ordinary shares. A year ago a distribution of 7% was made for the year
-V. 133, p. 4165.
6130,101,630 Total
1930 as against 9% the year previous.
Total
$130,101,830
x Subsidiary companies-(24.640 shs. International Projector Corp.
-New Directors.
Foods Corp.
General
pref. stock, and 19,769 shs. of National Theatre Supply Co. prof. stock
George W. Davison. President of the Central Hanover Bank & Trust pledged to secure notes payable), $50,230,703; Fox turn Corp., class A
Co., and S. Sloan Colt, President of the Bankers Trust Co., have been stock (v. t. c.) 1,221,213 shs. (1,220,964 shs. pledged to secure notes
elected directors. succeeding Elisha Walker, formerly Chairman of the payable). $37,270,794; Fox Film Corp., class B stock (v. t. c.) 86,094 she..
Transamerica Corp.. and Edward R. Tinker, President of the Fox Film and Fox Theatres Corp., class B stock, 100,000 shs., $21,857,024; FoxCorp., resigned.
Hearst Corp., corn, stock, 500 shs., and Fox-Hearst Corp. pref. stock,
19,979% shs., $2,238,103; Film Securities Corp., prof. stock, 100.000
Extends Plan of Production Control to East.
she. (pledged to secure notes payable), $9,700,000; 50% of ontire capital
The corporation is inaugurating a new plan of closer production control. stock of Grandeur. Inc. (pledged to secure notes payable), $1,555,000.
Involving creation of two important new manufacturing positions.
y For 170,000 she, of Fox Film Corp., class A stock exercisable at $35
Udell C. Young, of New York, who has been general superintendent of
share on or before April 15 1933.
the Maxwell House coffee division, has been appointed manager of the per Issued and outstanding-946,916 she. $3 div. cony. pre stock, and
z
leading eastern plants.
-V. 134, p. 2530.
shs. common stock.
R. R. Thomson. who has been in charge of several manufacturing opera- 1,893,832
tions in the West, with the title of general superintendent, will continue
-Stock Off Curb.
Golden Centre Mines, Inc.
with the same responsibilities as manager of eight western plants, one of
York Curb Exchange on April 6 suspended dealings in this
The New
-the newly created offices.
company's stock until further notice. Last August Charles V. Bob filed
The success of the system of control in the western group under Mr. an involuntary petition in bankruptcy against the company. which was
Thomson's direction led the company to adopt the plan for the East.- one of the enterprises in which he had been interested. He charged that
V. 134, p. 2137.
the company owed him more than $1,000.000.-V. 133. P• 1297.
Volume
Financial Chronicle
134
-New Director, &c.
(B. F.) Goodrich Co.
W. D. Ticknor, President of the Commercial Solvents Corp. has been
elected to the board of the B. F. Goodrich Co.
Sidney J. Weinberg of Goldman. Sachs & Co. has been appointed a
member of the executive committee.
The company recently announced that sales of first line tires in January
and February were 25.9% ahead of those for similar months last year.
V. 134. P. 2329.
-Balance Sheet Jan. 31.Gorham Mfg. Co.
1932.
Assets-51.100,709
Cash
accts. rec.,
Notes &
1,007,464
less reserve
1.939.561
Inventories
Inv.(book value)_ 1.831,761
U. S. Govt. scour_ 797.510
Plant property (de1,892,537
preciated)
Expends. amino. to
40,728
future operat'ns.
Contingent assets- 260,324
1932.
1931.
1931.
11,564,301 Accts. payable and
sundry accruals_ 5141,824 $194,607
1,198,170 Dividends payable
78,869
97,555
2,518.791 Federal taxes
15,000
2,114,421 Reserve against Inventory loss, &c. 450,634
574,347
260.324
Contingent nabs
282,363
1,991,278 Common stock-115,773.423 5,773,422
625,503
Capital surplus
625,503
56,949 Earned surplus_ _ _ 1.540,017 2,163,475
282,363
Total
$8,870,594 29,726,273
$8,870,594 59,726,273
Total
a Represented by 194,859 shares (no par value).
comparative income statement for the year ended Jan. 31
Our usual
1932 was published in V. 134, p. 2731.
-Earnings.
Gould Coupler Co.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134. p. 2530.
Graham-Paige Motors Corp.
-Estimated Earnings.
-
2919
Balante Sheel Jan. 31.
1932.
a1931.
1932.
Assets$
LfaMittlesCash
665,030
520.769 Notes payable,
Mktable.securities
59,000
machinery
121,000
Value of life insur_
64,082
59,976 Acc'ts payable__
372,889
accts.rec.Cust rec.,
Accruals and Fedless reserve_
1,524,747 11,983,430 eral taxes
389,729
Cost. notes
1 77,111 Trade acceptances
Notes & accts.rec.,
receiv., diseted_
sundry
140,348 Pur. mon. °Wigs_
80.144
90,000
Inventories
693,312
876,129 Pref. & com,stock
Land, bides., maobligations
380,000
chine, &c
b16,337,944 17,357,901 Obllg. under contr.
35,000
Adv. for purchase
Res. for °opting_
806,759
of machinery
352,623 Funded debt
7,750.000
Tax anticipation
Preferred stock
800.000
warrants
20,000
Common stock
4,000,000
Cash appr.to meet
Capital surplus_ _ 5,929,454
pref.& corn.stk.
Earned surplus_ _ _ 1.193,448
obligations
380,000
Notes & acc'ts of
officers & empl_
41,270
Treasury stock _ _
74,512
Bldg. purch.contr. 100,000
10,000
Cost. notes and
acc'ts receivable,
not current_ _ _ _ 755,418
516,549
Empl.stock purch.
contr. & real_ 162,655
es
197,098
Assoc. co. notes recelvable
594,942
Stock of directly
controlled cos.,
not consolidated 408,545
635.284
Other investments
55,304
76,422
Bonds purch. for
sinking fund_ _ _ 267,937
27,312
Prepd.dr def. chgs.
335,307
57.377
a1931.
$
40,561
480.652
498,138
41,880
7.750,000
1,000,000
4,000.000
6,956,060
3,114,890
A profit of more than $165.000 after taxes and charges will be reported
In the forthcoming statement of the corporation for the quarter ended
March 311932. according to President Joseph B. Graham, who will present
the report at the annual meeting of the stockholders next Monday. In
the first quarter of 1931 the company reported a net loss of $178,523 after
taxes and charges.
"This profit in the face ofadverse conditions affecting industry generally,"
Total
21,747,280 23,882,181
Total
21,747,280 23,882,181
said Mr. Graham, "is due to the success of the new Graham 8 which has
a Based on consolidated balance sheet of company and wholly owned
resulted in factory production and in retail sales that exceed the company's
subsidiaries as of Jan. 311931. givin effect as of that date to (1) sale of
-V.134.P.2732.
record for the first quarter last year."
$2,200.000 sezies A bonds: (2) acquis toin of all outstanding capital stock
-Successor- of Art Color Prtg. Co. for cash and $1,000,000 pref. stock: (3) lquidation
& W.) Grand Properties Corp.
Trustee.
m• 4
he Empire Trust Co. has been appointed successor trustee of the 6% of bank loans and funded debt of Art Color Prce CO a1id, retirement of
1225.000, series A bonds through sinking fund on
-V. 130. p. 2037.
convertible sinking fund gold debentures.
15 1931and
,
payment of dividend on common stock on Feb. 2 1931. b Alter deprociation of 14,978,058.-V. 134. D. 1205.
-Retail Sales Lower.Grand Union Co.
1932.
1931.
13 Weeks Ended April 2Decrease. --- (T
.. Grasselli Chemical Co. Btagendr-Operattanr=
Retail sales
$7.598,942 $8.583,824
$984,882
he company sus
ded operations on April 8 at its Niles, Ohio, plant,
-V.134, p. 2158.
for an indefinite period V. 127, p. 2964.
Great Atlantic 8e Pacific Tea Co.
-Sales Off 15%.
-
1932.
Five Weeks Ended April 21931.
Decrease.
$88.912,192 1104742.250 $15,830,058
Total sales
520,198
Tonnage sales (estimated)
552,825
32,627
$17.782,438 120,948,450 $3,166.012
Average weekly sales (est.)
104,040
Average weekly tonnage sales (eat.)..,.
110.565
6,525
-V.134. p. 2732.
Gulf Insurance Co., Dallas, Tex.
-Reduction in Capitalization-Liquidating Dividend Paid in Southwestern Life
Insurance Co. Stock-Par of Shares Changed.
We have been advised that the stockholders at their annual meeting in
January authorized the reduction of the capital of this company from
$2,000000 to 51,000,000. They further instructed that to bring about this
reduction $500,000 was to be passed to the credit of surplus account and
$500,000 was to be paid to stockholders as a liquidating dividend and said
liquidating dividend was to be paid in Southwestern Life Insurance Co.
stock on the basis of $55 per share. They further instructed that the par
value of Gulf Insurance Co. stock be reduced from 1100 per share to $10
per share.
It was further announced that all of the above has been consummated.
Edgar L. Flippen is President of the company.
(W. F.) Hall Printing Co.
-Dividend Outlook.
President Frank R. Warren at the annual meeting stated that he believed
earnings so far in the current fiscal year, which began Feb. 1, had been
sufficient to justify continuation of the dividend on the common stock.
The company paid dividends on a quarterly basis until the current
quarter when the directors decided that because of the seasonal nature of
Hall's business, payments should be made on a semi-annual basis. The
next payment is due July 31 (See V. 134, p. 1036).
Calendar Years
1932
1931
Gross profit from oper_ _ $3,383,238 $3,074,440 $2,464,539 12,310,206
Gen., admin., selling &
expenses.._ _ _ 1,114.347
shipping
1,067,886
776,642
669,212
Depreciation
1,004,525
916.621
616,433
602,948
Net profit from oper
$1,264,367 $1,089,934 $1,071,464 $1,038.046
Miscell. earns. (net)
244,591
699.734
285.663
625.274
Gross earnings
$1,508.958 $1,375,597 $1,771.198 11,663,320
Interest charges
450,649
323,767
321.493
335,429
Federal Income tax
77,720
145,494
111,463
profit
Net
$1,058,309
$974,110 11,304,210 11,216,427
Wholly own.subs.' prof..
147,982 loss211,117
Proportion of net loss of
directly contr. cos. not
wholly owned
20,180 prof.59.460
Net income
$1,058,309
$953.930 51,511,653 $1,005,310
ghs, capital stock outst_
400,000
400,000
375,000
300.000
Earned pr share
$2.50
$2.38
$4.03
$3.35
Consolidated Surplus Accounts Year Ended Jan. 31
1932.
Earned
Capital
Surplus.
Surplus.
Total.
Surplus as at Jan.31 1931
$3,443,135 $7,324.228 $10,767,363
Net income (as above)
1,058,309
1,058,309
Machinery costs recov. under contract
112,500
112,500
Equity in Chicago Rotoprint Co.
adjustment as at Dec.31 1931
98,281
98.281
Total
$4,712.225 $7.324,228 $12,036,453
Prov,for losses in realization of assets
of Rotoprint Gravure Co., Inc.
in process of dissolution (incl. precautionary reserves)
624,412
624,412
Adjust. of book value of machinery
& equipment of Edw. Langer Prtg.
Co. excl. of transfers to other W. p.
Heil pets. Co. plants (Langer operations discontinued)
711.988
458.633
1.170,621
Machinery abandoned (Chicago plant
116,023
100.188
216,211
Deprec. of apprec. of property, plant
334,318
& equipment
334,318
adjustments
Appraisal
149,297
149,297
Advances for development purposes
written off
103,037
103,037
Precautionary reserves against decline In value of balances receivable,
invests., &c.; of which $234,935
absorbed during year in respect of
903.765
903.765
items originating prior thereto
Art Color Prtg. Co. (good-will
352,337
352.337
written off)
Sundry surplus charges incl. discount
450,933
450,933
on bonds issued during year
548,618
548,618
Common dividends
60,000
60,000
Preferred dividends
Surplus, Jan. 31 1932
11,193,448 $5,929,455 $7.122,903
'Hambleton C rp.-Pays Liquidating Dividend.
-
The directors recently declared a liquidating dividend of $4 per share on
the $3 cum. & partic. pref. stock, no par value, payable April 8.-V. 132,
P. 2002.
Hamilton Watch Co.
-New Director, itc.Ellery S. James has been elected a director, succeeding C. F. Miller,
deceased.
C. M.Kenclig has been elected 1st Vice-President and Treasurer: Charles
C. Smith, Secretary and Comptroller, and Wihiam E. Port, Assistant
Beckwith was re-elected President, and Robert E.
Secretary. Frank
Miller a Vice-President.
OD. -V. 134, p. 856.
Hartman Corp. (& Subs.).
-Earnings.
-
Years Ended Dec. 31y1931.
1930.
1929.
Net sales
$7,428,551 113,077,920 520,294,122
Cost of sales, incl. selling expenses,
administration expenses
9,158.769 14,416,121 x18,923,494
Depreciation and amortization
274,191
253.330
Net loss from sales
11,730,218 $1,612,392 pf$1117.298
Other income
34,736
144,297
299.190
Total loss
$1,695,482 $1,468,095 pf.$1416488.
Interest
380,784
400,449
313,056
Net loss
$2,076,266 11.868,544 Pf.$1103432
Surplus beginning of year
1.770,912
4,031,804 3.514.219
Surplus arising from reduction in
stated value of class B shares..
11,653,470 c1.130,781
Total surplus
Class A dividends
Class B dividends
$11,348,115 13,294.041 $4,617.651
116,856
113.091
221,545
472,754
Balance, surplus
$11.348,115 $2.955,640 $4,031,804
Deductions from surplus
a5,347,737 b1,184.728
Surplus close of year
$6.000.378 51.770.912 $4,031.804
Shares of class B stock outstanding
(no Par)
335,121
400,000'
335,121
Earnings per share
Nil
Nil
x Includes Federal taxes. y Adjusted to give effect to a reductionauthorized by directors April 4 1932 in the stated value of class B stock to.
$10 per share and to a write down of filtures, delivery, equipment and
leasehold improvements up a nominal value of $1.
a As follows: Loses, expenses. &c, of stores closed during year,$761.648:
additional provision for real estate and personal property taxes and accrued interest on Federal income tax assessments, applicable to prior
Years, $90,240, losses and expenses in connection with liquidation of Home
Complete Division and Hartman Wholesale Corp., assets, 1387.403:
amount transferred to reserve for contingencies, 11,251.000; write-down of
fixtures, delivery, equipment and lease hold improvements to nominal
value of $1, $2,248,139: prepaid rentals, commissions, expenses written-off,
&c. $249,594: write-down of sundry investments. $365,713. b As follows
additional provision for doubtful accounts, (supplementary to $819.973
Included in operating expenses), $589,795; leases and expenses of Home
Complete Division, 1254.077: adjustment of depreciation and bond discount
of realty trust, $42,232; loss on notes of Wholesale corporation. $298,624.
c Surplus from proposed cancellation of class B stock.
Consolidated Balance Sheet Dec. 311931.
[Adjusted to give effect to a reduction, authorized by the directors On
April 4 1932, in the stated value of class B capital stock (to $10 per share)
and to a write-down of fixtures, delivery equipment, and leasehold improvements to a nominal valuation of 11.1
Assets
LiabliftfegCash
$221,124 Collateral trust notes
$3,250,000
Cash deposited under colAccounts payable
435,972
lateral trust agreement__
140.928 Purchase money obligations,
Customers' install, accts., net 5,376,401
maturing within one year..
56,000
Installment notes, net
532,153 Real estate and personal propReceivables applIc. to Home
erty taxes (estimated)_ _ _
322,921
Complete Division
1,273.606 Miscellaneous accrued accts_
133,920Notes receivable, mlscell_ 43,226 Purchase money obligation dr
Accounts receivable, sundry_
120,469
notes payable, def. matur_
35,466
Merchandise and supplies
1,270,184 Hartman Realty Trust, accts.
Investments (at book value)- 1,370,489
payable deferred
234,159
Fixtures, delivery equip., &c.
1 Federal income tax (includ.
Deferred charges
59,524
accrued int.) in dispute
272.000
Good-will
4,992.992 Reserve for contingencies_ 1,250,000
Class A stock (59.072 abs.)....
59,072
Class B stock (335,121 shs.)- 3.351,210
Capital surplus
6,000,378
Total
$15,401,098
Total
$15,401,098.
-V. 134, p. 2732.
Hamilton Woolen Co., Inc.
-To Retire 6,500 Shares.
-
The stockholders will vote April 18 on approving a proposal that thee
company purchase from the stockholders 6,500 shares or capital stockat
2920
Financial Chronicle
April 16 1932
$65 per share and on authorizing the directors to purchase in the open
market or otherwise the company's stock on such terms as the board may
determine. Stockholders may offer stock, up to one-sixth of the number of
shares held, to the company at the above price on or before noon, May 10.V. 134. p. 1205.
Consolidatd Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
Assets
Liabilities
Cash
379,528
241,432 Notes payable_ _ __ 900.000
400,000
Metals at refinery
Accr.Int on bonds_ 137,500
137,500
or in transit_ _ _y1,645,055
Hammermill Paper Co.
-Dividend Meeting Postponed.
- Accts. rec. (sued.) 38.026 424,573 Accr. Int. on_ notes
28.425
Payable_ _ _ .._
13.843
Action on the regular quarterly dividend on the common stock, par $10.
210.792
269.321 Accts. payable_ _ .. 251,554
211,898
scheduled for April 5 1932, has been postponed until the July 5 1932 meet- Metals &
Materials
661,911 Contracts payable
37,327
24,913
ing of the board. On Feb. 15 last and on Aug. 15 and Nov. 16 1931, the Min claims,sum. 542.493
devel.
Accrued payroll.,,, 101,503
141,546
company made quarterly distributions of 15 cents per, share as compared
& land
11,050,183 11,038,784 Misc. accr. Habil_
16,782
39,596
with 25 cents per share previously.
-V. 133, p. 651.
Mine & metabur-i
Res. for coming_
50.000
birettas! plants_
13,466,915 5-year 6% cony.
-Earnings.
Hayes Body Corp.
Power plant
g Id bonds
,
5,000.000 5,000,000
Calendar Years1931.
1930.
1929.
transmLs. line_ 19,601,111 7,095,303 Capital stock_ _ _ _x27.500.000 27,500,000
$1,961,108 $7,458,487 $24.388.036 Furs. & fixtures
Sales
46,037 Surplus
2,916
det299,031
and expenses
2,191,598
Cost
7,953,732 24,473,698 Prepaid mine dev_ 115.963
Depreciation
234,705
247,144
207,296 Def. cons Items_
19,990
Prepaid Insurance.,
28,497
27,536
Operating loss
$465,195
$742,388
$292,958 Prep. oper. exp.__
24,940
67,203
Other income
58,334
37.417
184,624 Prepaid deb. unwriting expenses
60.300
77.528
Net loss
$406.861
$704,971
$108,334
Interest and other charges
19,052
147,636
136.711
Total
33,719.878 33,417,960 Total
33,719,878 33.447,969
x Represented by 2.500,000 shares of no par value. y Sold under conTotal loss
$425,913
$852,607
$245,045 tract -V. 132, p. 3158.
Balance Sheet Dec. 31.
Hudson Motor Car Co.
-Price
Assets 1931.
1930.
Liabilities1931.
1930.
In reponse to enquiries concerning the attitude of this company regarding
$16,195 8137.051 Notes payable___ 8100.000
Cash
Accts.receivable_ _ 390,317
761,607 Accounts payable.
61,118 $257,221 price reductions, Chester G. Abbott, General Sales Manager, has wired
Inventories
232,470
567,331 Accrued liabilities_
18,281
38,229 Hudson-Essex distributors and dealers that the company's established
Res. for conting.
Life insur.-Cash
100,000 price policy for the 1932 maket "will not be affected by any competitive
action which considers low price as the chief impetus to sales.
44,423 Shareholders'
surrender value_
2,680
'
Partial reports from major markets throughout the country indicate a
51,701
50.841
y3,680,123 4,560,422
Other assets
equity
material increase in Hudson and Essex car sales during the special spring
Plant & equipml_x3,137,468 3,360.749
showings in all dealers' show rooms. In many instances attendance figures
1
1
Patents
have equalled the record-breaking crowds which thronged the sales rooms
28,689
33,867
Deferred charges
n January when the new models were announced.
-V. 134, p. 1967.
83.859,522 84,955,872
Total
83.859,522 84,955,872 Total
Humble Oil & Refining Co.
-New SalesManager.x After depreciation of $1,770,509. y Represented by 316,780 shares
Stuart A. Giraud has been appointed general sales manager, with headof no par stock.
-V. 133, p. 3468.
quarters in Houston. He succeeds Bob White, who has been transferred.
V. 134, p. 2532.
- Hecla Mining Co.
-To Omit Dividend.The directors have voted to omit the quarterly dividend ordinarily payable
Hupp Motor Car Corp.
-Shipments Increase.
about June 15 on the capital stock. From March 15 1931 to and incl.
Month ofMarch 1932. Feb. 1932 March 1931.
March 15 1932, the company made quarterly distributions of 10 cents
Shipments
2.622
1.527
2,361
per share as against 25 cents per share each quarter from June 15 1929 to -V. 134, (number of cars)
p. 2351.
and incl. Dec. 15 1930.-V. 134. p. 2532.
-New Directors.
(George W.) Helme Co., Inc.
Imperial
Chemical
Industries, Ltd.
-Forms
New
W. L. Clarke and James C. Flynn were recently elected directors to Holding Subsidiary.
succeed J. H. Holmes and to fill an existing vacancy on the board.
-V.
ICI Explosives, Ltd., a new subsidiary, has been registered in London,
134, p. 1205.
Eng., with a capital of £4,992,900 in £1 shares. The concern was formed
with the object of holding not less than 90% of the companies controlled
•
(Henry) Holt & Co., Inc.
-Decreases Class A Dividend.
- by the Imperial Chemical and engaged in the manufacture of explosives.
The centralization to be accomplished will not affect the direct holdings
A quarterly dividend of 22Y6 cents per share has been declared on the
class A stock, no par value, payable June 1 to holders of record May 11. of Imperial Chemical shareholders, it was stated in cables from London
-V. 128. p. 3838.
Previously quarterly distributions of 45 cents per share were made on this ("Oil, Paint & Drug Reporter").
issue.
-V. 130. P. 4427.
Incorporated I nvestors.-Earnings.For income statement for quarters ended March 31 see "Earnings De-Receivership Denied.
Hotel Roosevelt, N. Y. City.
page.
Supreme Court Justice Alfred Frankenthaler of New York denied partment" on a preceding
Balance Sheet March 31.
April 13 a motion by a bondholder for the appointment of a receiver for
1931.
1932.
1931.
property in New York State of the New York United Hotels, Inc., operator
1932.
$
Liabilitiesof the Hotel Roosevelt, and granted a counter-motion by the company for
Assets$
$
$
817,249 1,053,517 Capital stock surp.13,592,287 30,132,788
dismissal of the complaint. The receivership application was made by Cull
Samuel M. Bomzon,
258,465
Invest, in stocks_x13,269.075 29,513,056 Undivided earns__ 319,960
100,000
117,610 Accrued dividends
Justice Frankenthaler held that the complaint was insufficient in that it Divs. receivable
contained no proof that the plaintiff was a creditor of the company, merely
292,929
taxes,&c
274,078
alleging he was a general creditor by vitue of his claim of "$1.000 upon a
14,186,324 30,684,183
Total
bonded indebtedness which has matured but remains unpaid." Justice
Total
14,186,324 30,684.183
Frankenthaler gave permission to the plaintiff to file an amended complaint.
-V. 134, p. 2733.
x At cost or market whichever is lower.
Justice Frankenthaler said that even if the complaint were to be held
sufficient, and the court bad power to appoint a receiver, "the papers
-Reduces Prices.
Indian Motocycle Co.
before me indicate that a proper exercise of discretion requires the denial
A reduction of $15 on each of its two models is announced by this comof the motion."
prices are $450 for 45 cubic inch motor and $435 for model
pany. New
The holders of more than 95% of the debentures have approved a plan with 37-inch motor.
-V. 134. p. 1206.
which appears to protect adequa ely the interests of the bondholders, the
court said, while the granting of the receivership motion might have
Ingersoll-Rand Co.(& Subs.).
-Earnings.
"disastrous consequences."
-V. 134, p. 2733.
1931.
Calendar Years1928.
1930.
1929.
a$624,190 $6,037,270 $12,209.498 $9,761,044
Total earnings
Houdaille Hershey Corp.
-Outlook-New Treasurer, &c.
1,277.060
1,249.731
1,177,577
1.208.934
At the annual meeting of the stockholders held on April 12, the board of Depreciation
directors was reduced to nine members from 11.
Operating profit_ ___ loss$652,870 $4,787,539 $11,031,921 $8,552,110
President Claire L. Barnes told the stockholders that the outlook for
487,149
490,945
609.481
827,399
April was better. He said that curtailed automobile production during the bOther income
first quarter was reflected in the company's operations and that no profit
Net profit
loss$165,721 $5,397,020 $11,859,320 $9,043,055
would be shown for the period.
50,000
25.000
He added that the company's new thermostatic-automatic control shock Interest
35,875
absorbers will be used in all Studebaker lines and that other companies Bond premium
975,869
522,244
1,144.634
were negotiating for it. Previously only one Studebaker model was equipped Federal taxes
with Houdaille shock absorbers. The company's new shock absorbers are
Net profit----- ---- loss$165.721 $4,874.776 $10,653.810 $8,017,186
standard equipment on all new Ford models.
Div. on pref. stk. (6%)151,518
151,518
.51.518
151,518
Fred L. Flanders has been elected Treasurer, succeeding M. D. Harri- Common dividends
5,999,661
3,999.810
5,999,696
6,999,629
son, resigned. Mr. Flanders also is Executive Vice-President and General
Manager. Geo. C. Phelps has been elected Assistant Secretary and
Balance. surplus____df$4,317,049df$1,276.438 83.502.663 $1.866,007
-V. 134. p. 2733.
Assistant Treasurer. Other officers were re-elected.
Previous surplus
16,284.304 17,936,827 14,083,588 11,623,127
Adjustments
682,813
376,085 0.350.575
.
-Earnings.
Household Finance Corp.
Prop, of sup. of sub, co.,
For Mcome statement for three months ended March 31 see "Earnings
not prey, taken up0%594.453
Department" on a preceding page.
Profit & loss surplus_ $11.284,442 $16,284,304 $17.936,826 $14,083,588
Consolidated Balance Sheets March 31.
Shares of common stock
1932.
1931.
1931.
1932.
1,000,000
outstanding (no par). 1,000.000
1,000,000
1,000,000
Assets
Earns, per share on com.
$7.86
Nil
$4.72
$10.50
Cash & Govt.secur.6,531,061 5,674,403 Panic. pref. stock10,956.800 8.869,500
a After providing 8203.757 additional reserve for inventory obsplescence
a Class A com.stk. 3,892,750 2,285,525
Install, notes receivable, net. _ _41,857.124 40,708,947 b Class 11 com.stk.c 11394,725 11.448.250 and $154,656 loss on foreign exchange. lz Includes dividends on treasurY
Notes pay., banks16,250,000 16,000.000 stock.
Other notes and
Consolidated Balance Sheet Dec. 31.
311,442 Notes pay., other. 275.000 2,314.500
162,910
accounts receiv_
Dividends payable 780.557
674,416
Not receiv. from
1931.
1930.
1930.
1931,
145,213 Employees Thrift
employees,seam 145,175
Assets$
$
Liabilities$
150,572
account
273,423 Property account al0,173,685 10,955,532 Preferred stock_ __ 2,525,500 2,525,500
26,138
Other receivables_
618,869
426,120 Federal Inc. tax
575.238 Investments
Office equip., net. 457,779
3,623,473 3,264,571 Common stockc28,000,000 28,000,000
Miscellaneous_ __11,449
27.303 bTreasury stock
132,266
727,216
770,924 Em pi. stock acct._
43,128
Perch. money oblig 1,430,332 1,430,332 Accts.receivable 2,444.936 3,926,433 Accounts payable. 993,838 1,107.241
Contingent reserve
82,730s
117,010 Inventories
75,759
9,280,419 11,120,178 Dividends payable
75.759
Earned and capital
522,244
Bills receivable__ _ 639,849
422,517 Accr. Fed. tax_
surplus
3,336,403 3,250,627 Advances
288.596
290,947 Capital surplus_ _ .. 1,462,691 1,396,705
U.S. Gov. securs. 4,018,195 8,065,234 Earned surplus...11.284.443 16,284,304
Total
49,180,187 47,266,125 Other securities.... 8,173,651 4,908,604
49.180,187 47,266,125
Total
Cash
4,936,357 6,173,717
a Repreented by 91,421 no par value shares 1931 and 155,710 shares
78,980
145,362
1932. Is Represented by 457,930 no par value shares 1931 and 455.789 Deferred charges._
shares 1932. c Class B common shareholders were given the option until
Total
44,385,358 50,044.019 Total
April 9 1932 to exchange 10% of their class B common for an equal number
44,385,358 50,044,019
of shares of class A common; the class B shares surrendered in exchange are
a After depreciation of $4,008,278 Is Includes common stock held for
being retired and are not included above. No change in actual capital sale to employees. c Represented by 1.000.000 no par shares.
-V. 134.
results from this exchange.
-V. 134, p. 2733.
p. 684.
Hudson Bay Mining & Smelting Co., Ltd.(& Subs.).
Insuranshares Certificates, Inc.
-Meeting Postponed.
The stockholders' meeting, scheduled for April 11 for the purpose of
Increasing the stock and to approve a change in the charter provisions of
the company, was adjourned until May 2.-V. 134, p. 2533.
Earnings for Calendar YearsSales of metals
Freight,refining & all other sales & delivery exps
1931.
$5,401.312
812,252
1930.
$497.162
56,462
Balance
Cost of sales
Other revenue
Interest on bonds & bank loans
Amortization of deb. disc. & exp
Provision for reserve for contingencies
Depreciation
Elms.In excess of all inc. during construe. period-
$4,589,060
3,470,948
Cr.258,508
346,692
17,229
50.000
1,264,647
'\
..International Match Corp.
-Receivership.
$440,700
The corporation, controlled by the Swedish Match Co., an affiliate of
415,386
Kreuger & Toll, which was controlled by Ivar Kreuger, passed April 13
into the hands of the Irving Trust Co. as equity receiver.
The receiver was appointed by Federal Judge Francis G. Caffey on petition of Morris Bernhard, as assignee for a claim of $3,100 of the IIudson
County National Bank of Jersey City, registrar of the corporation's capital
22,397 stock in that State.
The petition asserted that the corporation, which owns the greater Dart
$2,916 of the capital stocks of the companies owning match manufacturing plants
Net profit
loss$30.947
Volume 134
Financial Chronicle
2921
in foreign countries, has been deprived of much of its income by the opera- Cash on hand showed an increase during this period of $175,384 and totaled
Lions and suicide of Mr. Kreuger.
$834.852 as of March 31 1932, said Mr. Richardson, who also added that
The corporation. the Petition said, has suffered reverses because of finan- collections on the company's residential mortgages, which are on the monthly
dal chaos among its various subsidiaries which resulted from the capitalist's pay-off plan, continue satisfactory.
death. Accompanying the petition is an affidavit quoting a similar petition
Payment collections on Investors Syndicate thrift certificates have
filed In Delaware by Benjamin Potaker, a stockholder,
shown a definite improvement during the first quarter of 1932, according to
"Following Mr. Kreuger's death," an excerpt from that petition reads, Mr. Richardson, while sales of new certificates have shown an upturn In
according to Mr. Bernhard,"an investigation by Price, Waterhouse & Co.. New York, Boston, Washington, and other eastern cities.
-V.134,P. 1384.
an English and American firm of accountants, was made, It appears
from the facts discovered by that firm that for some years preceding his
Island Creek Coal Co.
-Production.death Mr. Kreuger had so mismanaged the affairs of the defendant corporaMonth of
March 1932. Feb. 1932. March 1931
Uon and its associated and affiliated companies that very large sums of Coal output (in tons)
ed
332,220
274,145
327,707
money had been converted to his use.
-V. 134, p. 2533, 1968.
"It is estimated that the total loss to the defendant corporation and Re--.
affiliated corporations through his mismanagement will exceed $250,Jantzen Knitting Mills (Ore.).
-Smaller Dividend.
000,000. Of this amount the defendant has lost a considerable part."
A quarterly dividend of3 cents per share has been declared on the common
Shortly after the Now York petition was filed, Frederic W. Allen, the stock, no par value, payable May 1 to holders of record April 15. Three
corporation's president, entered an answer consenting to the decree and months ago a distribution of 5 cents per share was made as compared with
admitting all toe allegations In the bill of complaint.
15 cents per share in each of the two preceding quarters and 373i cents
Judge Gaffey then signed an order directing creditors and stockholders to per share previously.
-V. 134, p. 334.
appear in court on May 16 to show cause why the receivership should not
be made permanent or terminated.
Jewel Tea Co., Inc.
-Sales Again Decline.
Mr. Bernhard, through James J. Carpenter Jr., his attorney, set forth
Period End. March 26 1932-4 Wks.
-1931.
1932-12 Wks.
-1931.
on information and belief that the corporation's reputed assets greatly Sales
$893,726 $1,091,724 82,686 2 5 $3,265,990
1:356
3
exceeded Its liabilities through funds on hand were not sufficiently liquid Avge. No. of sales routes
exceed
lities
1.285
1.288
w
1,337
to meet current obligations.
Sales of the 81 stores recently purchased from Loblaw Groceterias, Inc.
No reliable information concerning complete assets or liabilities is avail- and
from the Middle West Stores Co. now owned and operated by Jewel
able at present, according to Mr. Bernhard, because the affairs of the Food
corporation were left In confusion and uncertainty as a result of Mr. -V. Stores, Inc. for the two weeks ending March 26 1932 were $211.744.
134, p. 2160, 1384.
Kreuger's death.
Johns-Manville Corp.
-Earnings.-Protective Committees Formed.
-Protective committees to
For income statement for 3 months ended March 31 see "Earnings Deassert the rights of the corporation's preferred stock and partment" on a preceding page.
-V. 134, p. 1968.
debentures holders were announced April 11 by Lee, Higgin'.."-Ilulian & Kokenge Co.-AqaevesStock Pw.hoser-pv
son & Co.
t a special meeting of the stockholders held
Preferred Stockholders' Contmittee.-Charlea E. Adams, President of Air purchase and retire 30,000 shares at not to exceedon April 12, a proposal
$10 a share was approveD
Reduction Co.,
Inc.. has consented to serve as Chairman of the Preferred President H. N. Lape. said 3,600 shares already have been purchased at
Stockholders' Committee. The other members are: Arthur 0. Choate. average cost of $6 a share. Mr. Lape also stated that the company will be
(Mark, Dodge & Co.; Frederic A. Delano. Washington, D. C.; Rowland moved to its Columbus headquarters by June 1 and that, through conH. George, Wood, Struthers & Co.: Frederic S. Goodwin. Boston; Harold solidation of its manufacturing, considerable savings will be effected.
-V.
I. Pratt, Now York; David B. Stern, A. G. Becker & Co., Chicago, and 134, p. 2734.
Charles E.Coning,Lee, Higginson & Co. The Secretary of the Committee
Kimberly-Clark Corp.
-Earnings.
Is George E. Warren. Counsel for the Preferred Stockholders' Committee
For income statement for three months ended March 31 see "Earnings
are Cotton, Franklin, Wright & Gordon. The depositary is Chase National
Department" on a preceding page.
-V. 134, p. 2352.
Bank, 11 Broad Street, N. Y. City.
Debentureholders' Committee.
-The committee representing debenture(S. H.) Kress & Co.
-March Sales.
holders consists of James H. Perkins, President of City Bank-Farmers
1932
-March-1931.
Increase.
1932-3 Mos.-1931.
Increase.
Trust Co., Chairman; Howard Bayne, New York; Thatcher M. Brown,
$5,290,334 $5.259.257
$31,0771814,262,185 $14,136,129
$126,056
Brown Brothers Harriman & Co.; Wayne Chatfield-Taylor, Chicago; -V 134
p 2535 2160
George Murnane, Lee, Higginson & Co.' Burnett Walker, Vice-Free..
Guaranty Co. of New York: Dean Witter. Dean Witter & Co.. San Fran-1Creuger & Toll Co.
-Protective Committees Formed.
chic°,and L. E.Zacher. Pres., Travelers Insurance Co.,Hartford. Counsel Under the direction of independent chairmen, four
separate
for the debentureholders are Shearman & Sterling. The Secretary Is
Frederick G. Curry, 22 William Street, N. Y. City. Depositary is City committees have been organized to protect the interests
Bank-Farmers Trust Co., 22 William Street, N. Y. City,
of holders of Kreuger & Toll and International Match securi-
Formation of two committees to represent the holders of ties issued in the American market, it was announced at
Kreuger & Toll securities is also announced (see below), the offices of Lee, Higginson & Co. These four issues are:
-V. 134, p. 2160.
Kreuger & Toll American ctfs. representing participating debentures.
Kreuger & Toll 5% secured debentures.
International Cement Corp. (& Subs.).
-Earnings.
- International Match 'preferred stock.
"'Cal. YearsInternational Match 5% debentures.
1931.
1929.
1928.
1930.
Sales, less Engels. &c-- -820,087,148 $27,037,855 $28,370,032 $27,595.096
Aggressive steps, it is announced, will be taken by each committee to
Mtg.and shipping costa_ 11.932.264 14,573,987 15,885.169 15.790.100 bring to light all facts relating to the financial position of Kreuger & Toll
Prov.for deprec. & depl_
Sell., admin.& gen. exp-
2,906,863
2,691,834
3,034,578
3,299.511
P Net profit from oper__ $2,556.11t7
t
Miscellaneous Income--298,049
$6,129.777
346.289
$6.200,088 $6,140,480
436.014
420,838
Total income
$2,854.236
Int., taxes & misc. exps_ 1,496,023
$6,476,068
1.936.558
$6,620,926 $6,576,494
1,670,493
1,427,105
Net income
$1,358,213 $4.539,510
Preferred dividends
Common dividends
2,357,016
2,529,289
Divs. paid (incl. subs.)
on stock not owned_
294
609
Balance, surplus
$999,096 82.009,611
No. of coma shs.(no par)
636,450
635,798
Earns. per com.share_
Nil
$7.14
2.772,084
3,512.691
84,950.433
2.486,357
2,442,300
3,222.216
55,149.388
256,376
2,418.978
1.708
2.967
$2.462,368 $2,471,067
618.826
627.865
$7.90
$7.88
Consolidated Balance Sheet Dec. 31.
1931.
1931.
1930.
1930.
Assets-Liabilities
Cash
2,445,859 3,818,616 Accounts payable_ 674,800 1,096,317
Marketable secure.
. 337,249
13,179 Accr.Int.& exp._
358,175
Accts.¬es reo..a2,524,995 2,705,132 Prov. for taxes_ - - 356,000
459,752
Inventories
4,740,674 5.874,585 Insurance reserves
88,234
39,504
Res. for less on
Employees'subser.
exch.on net curr.
26,933
to capital stock_
76,367
assets in South
Funded debt
17,995,500 17,995,500
America
Dr778,613 Cap, stock of sub.
Inv. In securities
11,630
8.250
cos. not owned_
at market
642,812
254.818 Common stock_ _c21.885,342 21.850,986
Plant sites, mineral
Sur. of sub. co. in
lands, rlehts,
Argentina set
bidge., mach'y,
aside in accord.
& equipment_ .M2,437,022 43,413,733
with Argentine
Bond discount prelaw
179,230
155,439
paid expo., &c.... 1,459,915 1,534,777 Earned surplus-12,699.738 14,852,558
Total
54,251,276 56,896.228
Total
54,251.276 50,896,228
a After reserve for doubtful wxounts of 8118.000. b After reserve for
depreciation and depletion of $19.845,292. e Represented by 636,450 no
par shares.
-V. 134, P. 1773.
Co. and International Match Corp. and to protect to the fullest extent the
investments of holders of the securities issued in the United States.
The two committees representing the Krouger & Toll American certificates and the 5% secured debentures are as follows:
Committee for American Certificates.
-Charles Hayden of Hayden, Stone
& Co., Chairman; George C. Lee of Lee, Higginson & Co.; Gelrge C. Clark
of Clark, Dodge & Co.; Charles A. Stone. Chairman of the board of Stone
& Webster, Inc.; Walter T. Rosen of Ladenburg, Thalmann & Co.; Joseph
M. Cudahy of Chicago, and Arthur Adams of Boston. R. B. Hindle,
Secretary, 25 Broad St., New York. Counsel are Chadbourne & Stanch
field. The New York Trust Co. Is the depositary for the committee.
Committee Representing Debentures.
-Grayson M.
-P. Murphy of G.
M.
-P. Murphy & Co., Chairman; Jerome D. Greene of Lee, Fligginson &
Co.; Joseph R. Swan, Pres., Guaranty Co. of New York; Stanley A.
Russell, Vice-Pros., Natilonal City Co.; Ray Morris of Brown Bros. Harriman & Co.,and Frederic C.Duxnaine,Pros. Amoskeag Mfg.Co. Tristram
Antell. Secretary, 52 Broadway, New York. Sullivan & Cromwell.
counsel. The Guaranty Trust Co. is the depositary for the committee.
The names of the protective committees for International
Match Corp. securities are given under that company.
International Telephone & Telegraph Corp. Cancelled Deal
with Kreuger & Toll-Agreement for Purchase of Ericsson
Interest Rescinded on Kreuger's Visit-Obligation for Further
Payments Denied-Misrepresentation Charged in Negotiations.
The New York "Times" of April 12 had the following:
The transaction whereby Kreuger & Toll arranged in June last, to sell
to the International Tel. & Tel. Corp.,a large interest in the L. M.Ericsson
Tel. Co. was rescinded by mutual consent when Ivar Kreuger made his
last visit to the United States, it was revealed April 11.
It was further disclosed that International had not obtained return of
the cash payment made in part payment for the Ericsson stock, which is
still held for Its account by a Swedish bank. The cash payment made is
reliably placed at $11.000.000, but further details of the rescinded transaction are not available.
Cancellation of the contract, it was announced at the offices of the
International company, was agreed upon when certain representations of
fact by Kreuger & Toll upon which the arrangement was based had been
found to be inaccurate.
The interest shown by International in obtaining a large holding of
Ericsson stock was due to the fact that the Swedish company was one of the
International Projector Corp.
-New President.
two only important competitors of International in the world telephone
Samuel R. Burns has been elected President of this corporation,
having
resigned as Vice-President and Secretary of the Fox Film Corp. Mr. business. The third prominent company is the Siemens & Halske Co. of
Burns previously had been Vice-President and Secretary of the Inter- Germany. All three have figured prominently since the war In the sale of
telephone equipment and the obtaining of telephone monopolies in many
national Projector Corp.
-V. 129, p. 487.
foreign countries.
the terms of the
International-Stacey Corp.
-In Hands of Creditors.
- Considerable secrecy has surrounded the nature and
The corporation has been placed in the hands of a creditors' committee. contract between International Tel. & Tel. and Kreuger & Toll ever since
it was consummated. Conflicting reports on the status of the deal and its
which includes 0. M. Havekotto, credit manager, Carnegie Steel Co..
and S. H. Barrett, treasurer, Columbus Bolt Works, Columbus, together repercussions have been current in stock market circles since the suicide of
with representatives of three banks. The corporation was formed in Ivar Kreuger on March 12.
April 1931 through a merger of the Stacey Mfg. Co. and Stacey Brothers
The following statement was made by the International
Gas Construction Co., both of Cincinnati; Connersville Blower Co. and
P. H. & F. M. Roots Co., both of Connersville, Ind.; the Wilbraham company in response to numerous inquiries regarding the
Green CO., Pottsville. Pa.; International Derrick & Equipment Co. of transaction:
Oklahoma, Tulsa, and the International Derrick & Equipment Co. of
International Tel. & Tel. Corp. last year made payment in cash, but not
Texas, Beaumont.
-V. 133. p. 2608.
In shares, against delivery to a Swedish bank for account of the International
Tel. & Tel. Corp. of part of the Ericsson company stock, covered by the
Interstate Department Stores, Inc.
-March Sales.contract between the International Tel. & Tel. Corp. and Kreuger & Toll.
1932
-March-1931.
Decline. During the last visit of the late Ivar Kreuger to the United States by mutual
Decline.' 1932-3 Mos.-1931.
$1 408.828
$702,792 agreement the contract was rescinded since certain representations of fact
$4,302.572
$1,660,091 $251.2631$3.599,780
-V. 134, p. 2533.
by Kreuger & Toll upon which the arrangement was based had been found
inaccurate and Kreuger & Toll agreed to return the consideration received.
The Ericsson company stock already delivered is still held for International
Investors Syndicate.
-New Business Improves.Assets of Investors Syndicate totaled $48.0o8,480 as of March 31 1932, Tel. & Tel. Corp.'s account against the return of the payment already made.
according to E. M. Richardson, Secretary and Treasurer. This is an In- The International Tel. & Tel. Corp. has never delivered any if its stock
and is under
crease or 31.412,261 in the first three months, and a gain of 17,332,698 for account no obligation to make any payments in cash or stock to or
of Kreuger & Toll.
over the total as of March 31 193.. Capital surplus and reserves showed
The Ericsson and International companies own telephone companies in
a gain ot $844,912 In the same 12 months' period, totaling $6,242,80
adjacent areas in Mexico and in other Latin-American countries. Plans
as ot March 31 1932.
Current favorable market conditions brought a substantial increase In for the unification of operations in such areas were expected and it was under
purchases for bond and security account, Mr. Richardson stated. This stood that the sale of equipment and supplies would be shared by Interns
item, consisting chiefly of securities legal for life insurance investment tional and Ericsson on a definite quota basis.
under New York State laws, totaled 84,748,399 as of March 31 1932.
Standardization of Equipment.
A further benefit which telephone men hoped for was a standardization
an Increase of $2,186,800 in 12 months.
First mortgages on improved city residential property Increased during of equipment.In order to make the products of both companies interchangethe year from $32,019,455 to $33,732,453, according to the latest report. able.
2922
Financial Chronicle
Before the transaction, announced by Sosthenes Behn, chairman of
International, and Ivar Kreuger, President of Ericsson, on June 18 last,
there had been active competition between the two companies and Siemens
Halske, A. G., on all the world markets where opportunity for telephone
Improvements and extensions existed. The struggle was attended by varying sucess in the several instances.
The arrangements between International and Ericsson were believed to
have precluded further joint transactions by which Siemens & Halske and
Ericsson united in bidding for concessions also sought by International.
What the outcome of the present tangled Kreuger & Toll situation with
respect to the International contracts may be,is highly uncertain. Officials
of International would not comment on the point. It is believed to be
their feeling that a complete severance of the relationship between the
Ericsson company and the International is necessary. How the indirect
interest in Ericsson through the stock held for International's account
through a Swedish bank can be eliminated, without the refunding of the
payment made to the Kreuger & Toll Co., is not apparent at this time.
Among the possibilities reviewed is the likelihood of a Swedish syndicate
arranging to acquire the Ericsson stock held for International's account
by repaying the cash advanced under the contract.
At the time of the original contract it was reported from Stockholm that
400.000 shares of International stock were to be exchanged for 600,000
shares of Ericsson non-voting stock owned by Kreuger & Toll, and that the
latter company would retain a majority of the voting Ericsson shares.
This report was never confirmed nor denied and was accepted as accurate
until recently.
It was asserted authoritatively yesterday that the terms of the contract
were the payment of 511,000,000 cash by International for an unstated
number of Ericsson shares, with certain shares of International to be
transferred upon completion of an audit of the Ericsson company made by
-V. 134, P. 2735, 2535.
the British auditors, Price, Waterhouse & Co.
April 16 1932
Comparative Consolidated Earned Surplus.
Fiscal Year EndedJan. 30,'32. Jan. 31,'31.
Previous surplus
523 617 639 525.745,418
Net profits applicable to common stock of R. H.
' '
Macy & Co., Inc
6,510,983
5,199,541
Profit on sale of Eleventh Avenue factory and
properties
755,612
Total
$28,817,180 $33,012,013
Dividends on common stock of R. H. Macy &
Co., Inc. Cash
4,312,526
4,106,739
Stock dividend:
517 stock dividend paid Feb. 16 1931, and
°
Feb. 15 1930, in 68,460.55 and 65,200X
shares, respectively
2,608,020
2,738.422
Portions of buildings and equipment demolished for addition to store
905,034
290,054
Expenses in connection with new, and alterations to old, buildings
862,702
1,697,193
Provision for decline in market value of capital
stock of R. H. Macy & Co., Inc., purchased,
less dividends received and less excess premium provided for retirement of L. Bamberger & Co. preferred stock
378.372
911,880
Balance, surplus
$19,400,614 $23,017,639
Comparative Consolidated Balance Sheets.
(Including Wholly Subsidiary Companies)
Jan.3032. Jan.3131.
Jan. 3032. Jan.31'31,
Assets
Liabilities
Cash
2,965,013 3,826,295 Notes pay. to links 4,000,000 1,500,000
Kroger Grocery & Baking Co.
-Dividends Earned.
Marketable secur.
70,617
142,476 Accounts payable:
John M.Hancock of Lehman Bros. and a director of the Kroger company, Customers' accts.
Trade creditors- 1,975,805 2,493,152
states the company's report for the first three periods of 1932, of four weeks
receivable of L.
Trade creditors
each, will show earnings substantially in excess of the dividend requirements
Bomberger & Co. 3,938,291 4,126,006
merchand'se in
of 25 cents for the first quarter.
-V. 134, p. 2735.
Sundry debtors436,958
370,136
transit
110,715
156.176
Misc, credit balDue from em103,911
ployes
163,545
ances
133,193
119,548
Lehigh Portland Cement Co.
-Earnings.
Inventories
For income statement for 12 months ended March 31 see "Earnings Deferred charges 12,757,390 12,900.068 Accr,salaries drexp 1,722,114 2,238,422
581,226
565,310 Dividends payable:
Department" on a preceding page.
-V.134, p. 1775.
On corn. stk. of
Int. in attn. stores
not consolidated 3,696,916 3,886,176
R.H. Macy &
Lehigh & Wilkes Barre Corp.
-Reduces Dividend.
Other investments
Co., Inc
1.067,008
677.465
On pref. stk. of
-at cost and for
A quarterly dividend of
per share has been declared on the no par
controlled cos.,
L. Bomberger
value common stock, payable April 22 to holders of record April 12. From
not consolidated 331,147
374,282
Zi Co
April 1 1931 to and incl. Jan. 2 1932, the company paid quarterly dividends
144,097
152,598
Capital stock of R.
Res. for Fed. tax
of$4 per share on this issue.
-V.132. p.2783.
710.000
945,300
H. Macy a, Co.,
Mortgages payable:
Inc., purchased_ 253,083 1,296,981
On main store
Libbey-Owens-Ford Glass Co.
-New Director.
land & bldgs.,
Fixed assets
63,837,476 61,606.886
W. W. Knight has been elected a director succeeding J. C. Blair.
*Goodwill
7.000,000 7,000,000
L. Bomberger
Earnings.
& Co
5.550.000 5,700,000
On property when
For income statement for three months ended March 31, see "Earnings
purchased, R.H.
Department" on a preceding page.
-V. 134, p. 2736.
Macy & Co.,Inc 900,000
900,000
Reserves for con--McCaskey Register .Co.
-Dividend Deferred.
824,670
tingencies
367,940
The directors recently voted to defer the quarterly dividend due April 1
75,000
Reserves for insur.
75,000
on the 7% 1st cum. pref. stock, par $100. The last regular quarterly disPref. stock of L.
tribution on this issue was made on Jan. 2 1932.-V. 133, p. 2112.
Bomberger &Co.:
Par value, less
McKesson & Robbins, Inc. (Md.).-New Directors, &c.
shares repur-Trend of Sales Shows Upward Tendency.
chased and held
In treasury
8,867,600 9,390,500
Harvey D. Gibson, President of the Manufacturers Trust Co. of New
Premium of $10
York,and George M.Moffett, President of the Corn Products Refining Co.,
per share pay.
have been elected directors and members of the executive committee.
939,050
on retirement
886,750
Jesse Wynne of Memphis, and Leo Lanigan of Chicago have been elected
x Common stock_49,664,194 46,925,739
Vice-Presidents. Both Mr. Wynne and Mr. Lanigan are officers of subEarned surplus__ _19,400,613 23,617,839
sidiary companies.
Following the organization meeting of the directors it was announced
Total
Total
96,031.662 96,198,527
96,031,662 96,198,526
that the trend of sales since the first of the year has shown an upward
*At the rate paid for one-half interest in 1914.
tendency and that operations have been carried on on a profitable basis,
the profits being more than sufficient to cover interest charges on the
x Represented by 1,437,672 shares in 1932 and 1,369,211 shares in 1931.
outstanding debentures. Further economies have also been put into effect
Note.
-Stock dividends of 71.884 and 68,461 shares of common capital
since the first of the year in addition to those put into effect last year.
stock declared payable on Feb. 15 1932 and Feb. 16 1931, increase the
shares to be outstanding at those dates to 1,509,556 and 1,437,672, reCancellation of Patents.Certificates have been surrendered to the Commissioner of Patents at
• 517.
Washington for cancellation of registrations of the name milk of magnesia.
"
-Defers Dividend on $3 Cum. Pref. Stock.
The surrender of these certificates marks the end of a long controversy ---- `Maytag Co.
No action was taken this week on the quarterly dividend
carried through the courts by Nims & Verdi, attorneys for McKesson
Robbins, Inc., against the Charles H. Phillips Chemical Co., over the right of 75 cents per share due May 1 on
the $3 cum. preference
to register as trade-marks the name milk of magnesia. This action follows
a recent ruling of the U. S. Supreme Court refusing to review the decision stock, no par value. Distributions at this rate were made
of the Circuit Court of Appeals of New York City in favor of McKesson & from Aug. 1 1928 to and incl. Feb. 1 1932.
Robbins, Inc., affirming the decision of Judge Thomas, Conn., declaring
The directors have declared the regular quarterly dividend
the registrations of the name milk of magnesia and its Spanish equivalent,
leche de magnesia by the Phillips Company to be invalid and authorizing of $1.50 per share on the $6 cum. 1st pref. stock, no par
-V. 134, p. 2537.
their cancellation in the Patent Office.
value,
-New Director.
Marion Steam Shovel Co.
Allan A. Nolte has been elected a director
Earnings.
payable May 2 to holders of record April 20 1932.V. 134, p. 1969.
Merchants & Manufacturers Securities Co.-Stkinc.
The stockholders on April 9 approved an increase in the authorized class A
common stock to 700,0C10 from 600,000 shares. The shareholders also
approved a change in the payment of dividends on the prior preferred
stock to a semi-annual basis from a quarterly basis as well as the elimina-Subsidiary to Move.
Mayflower Associates, Inc.
tion of earnings restriction pertaining to the issuance of additional shares
Mayflower Consolidated, Inc., New York subsidiary, has leased space of prior preferred and a change in conditions under which prior preferred
on the 45th floor of the City Bank Farmers Trust Building, 22 William St., stockholders may elect an additional director to the company's board.
N. Y. City, and will remove its offices to that location from 14 Wall St. -V. 134, p. 2538.
on May 1.-V. 134, p. 1039.
For income statement for quarter ended March 31 1932 see "Earnings
-V. 134, p. 1969.
Department" on a preceding page.
(R. H.) Macy & Co., Inc.-Earnings.
[And Wholly Owned Subsidiary Companies.]
Jan. 30,32. Jan. 31,'31.
Fiscal Years Ended$96,810,376 $99.130,598
sales: R. H. Macy & Co., Inc
Net
35,872.279
35,919,463
L. Bamberger & Co
Merrimack Manufacturing Co.
-New Officer.
-
The directors have appointed Frederick A. Flather Sr., to act with-the
Treasurer, advisory committee, and directors in the management and
operation of this company. Mr. Flather is Treasurer of Boott Mills. of
Lowell, with which he has been associated many years -V. 134, P. 2736.
Metropolitan Industries Co.
-Preferred Dividend.-
$132,729,839*$135,002,877 onThe directors have (Iodated the regular quarterly dividend of 75 cents
Total
the $6 preferred 50% paid allotment certificates, payable May 1 to
Cost of goods sold, selling, operating & adminis122,897,096 124,135,270 holders of record April 25.-V. 130, p.4430.
trative expenses
472,844
Interest paid
'
-Protective Committee.
2 476 147"-..Missouri Illinois Bridge Co.
503,457
2,792,924
Depreciation
A protective committee has been formed for the holders of the let mtge.
'945,000 7% bonds.
Provision for Feral income tax
Federal
In a letter to the bondholders the committee states:
On
$6,942,993 able March 25 1931, we addressed a letter to you in connection with a prob$5,856,975
Net profit
default in payment of the May 1 1931 coupon. As a result of our
Provision to reduce securities owned by the comaction taken at that time, the May 1 coupon was paid, as was the Nov. 1
28,408 1931 coupon.
subsidiaries to market value
102,059
pany and its
Loss on sales of, and provision to reduce, securiIt has come to our attention that the company has addressed a letter,
ties owned by R. H. Macy & Co., Private
dated April 2 1932, to its stockholders, which letter has also been sent to the
bankers to market value, limited for bonds, at
bondholders. This letter asks the bondholders to agree to take no action
Jan.30 1932, to the basis decided by the bankfor the formation of a bondholders' committee or for appointment of a
112,733 receiver, or for foreclosure
340,443
ing department of the State of New York
of the mortgage. This letter was sent out withShare of net loss of affiliated stores not consoliout the knowledge of T. F. Murchison, although he is a director of the Misdated (Lasalle Koch Co. and Davison-Paxon
souri Iiiirn is Bridge Co.
159,131
91,896
Co
We have no desire that a hardship should be'worked upon the stockholders of
$601,633
5233.036 repeatedlythe company. Mr. Murchison. representing this committee, has
assured the President of the Bridge company that he is anxious
Less interest earned, dividends on securities and
533,711
other non-trading income
420,347 and willing to co-operate in every way possible with the management in
working out its difficulties, and on March 31 suggested to Mr. Stark
Net profit
$5,789,053
$7,130,303 that there should be a meeting at an early date in this connection. Mr.
Stark agreed to such a meeting, but did not at that time make any mention
Divisible as follows:
of a proposed letter of April 2.
L. Bamberger & Co. and subsidiary companies
$858.286
$256,034
The recent practice adopted by some
of approaching their
R. H. Macy & Co., Inc., and other subsidiaries
4,930,768
6,874,269 bondholders direct for relieffrom terms ofcorporations
a mortgage should, in our opinion,
Deduct dividends on preferred stock of L. Bambe discouraged by bondholders. It is clear that the bondholders as indiberger & Co
589,513
619,320 viduals cannot negotiate nearly so effectively as if they are united in a body
Net profit applicable to common stock of R. H.
under competent and honest leadership.
Macy & Co.. Inc
$5,199,541
$6,510,983
We represent a substantial amount of the bonds, and have consented
*These figures do not include sales of The LaSalle & Koch Co. and to serve as members of a bondholders' protective committee. believing
Davison-Paxon Co. which aggregated $11,881,978 and $12,766,620 for that rom the standpoint of the bondholders it is essential that such a comthe year ended Jan. 30 1932 and Jan. 31 1931, respectively.
mittee should be formed. We hope that it may be possible to work out a
Volume 134
2923
Financial Chronicle
friendly arrangement with the management of the company, which will
safeguard the interests of the bondholders.
although
At the present time we are not asking for depos t of the bonds,
this may be done at an early date if such action appears desirable. & Co.,
F. Murchison. Chairman, President Peabody
-T.
Committee.
Chicago: Edward D. Jones, Edward D. Jones & Co.. St. Louis and Walter
R. Mayne. Fordyce, White Mayne & Williams. St. Louis. Mo.; Harold Bray
-V. 132. p. 2978.
Sec.. 10 South LaSalle St., Chicago.
--Earnings.
Mohawk Investment Corp.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
Balance Sheet March 31.
1931.
1932.
Lfablittles1932.
1931.
Assets$2,960
$207 Res. for Fed. &
Acer.Int. paid__ __
$12,132
59,523
State taxes
288,031
Accts.receivable_ _
9,480
38.416
13,602 Accts. payable,etc.
Cash&Gov. bonds 667,627
(at cost)_ _x3,159,999 4,073,914 Cap. stk. & surp._ 3,782,646 4,354,142
Elmira.
$3,830,586 $4,375,754
Total
53,830,586 34,375,754
Total
x Market value $1,309,354.
shares of this corporation, after
On March 31, the liquidating value of the
all expenses and reserves for taxes, stood at $27.73 against a similar value
of $29.24 on Dec. 31 1931.
Mar. 31 1932. Mar. 31 1931.
$4,285,442.79 $4,449,856.20
Paid-in capital and surplus
1,966,308.94 3,406,825.95
worth
Net
72,103
70,897
No. of shares outstanding
$47.24
$27.73
Net worth per share
-v. 134, p. 1208.
-Changes Fiscal Year.
Montgomery Ward & Co.
The fiscal year of this company has been changed to end Jan. 31 instead of
Dec. 31 in order to avoid having the annual inventory and closing follow
immediately the Christmas rush. The current fiscal year will include 13
months and the semi-annual closing will be as of July 31.-V. 134, p. 2736.
the stated value of the remaining 114,775 shares now issued and outstanding from $100 to $50 each. See also V. 134, p. 2538, 2737.
-Annual Report.
Nevada Consolidated Copper Co.
Statement of Operations Years Ended Dec. 31.
[Including operations of the Ray and Chino properties.]
1929.
1928.
1930.
1931.
Operating Revenue-$9,310,030 $17,331,434 $44,606,144 $40,470.218
Copper produced
1,221,723
1,271.551
602.755
544,853
Gold produced
149,299
128.623
44,588
24,266
Silver produced
Total
Operating Expenses
Mining, incl. strip & development charges_ _ _
Ore delivery mine to mill
Milling
Treatment, freight & refining
Selling commission
$9,879,150 $17.978,778 145,956,4891 41.891.068
4,631,118
887.748
2,876,273
6,582.155
1,050.622
3,740,500
11.332.842
1,691.054
6.156,861
9,958,820
1,567,746
5,950.664
3,449,488
164,173
4,030,781
177,679
7,417,565
332.615
6,875,505
335,527
Prof. from opers.-Joss$2,129,651 $2,397,041 $19,025,553 $17.202.805
1,368,756
1,942.750
1.316.590
797 233
Miscell. income (net)_
loss$1,332,418 $3,713.630 $20,968.303 $18,571,561
Total income
1,676.647
1.726,409
1.792.580
721.169
Depreciation
227.789
60,317
149,398
7.082
Prop.retirements,&c_
164,599
Int. on debentures
1,520.128
1,379.812
Federal tax. &c
Net income to surplus
acct.(before depl.)_loss$2,060,609 $1,860,733 $17,493,977 $15,201.104
12,631,960 22.792,428 19,870.195 12,574,943
Balance Dec. 31
$10,571,292 $24,653.161 $37,364,172 $27,776,047
Total
13,168
4,128,143
24.264
Chgs. against surplus__ _
7.892,684
7,893,057 14,571.744
Distrib. to stockholders_ 3,885,798
-Liquidating Dividend.
Motor Bankers Corp.
Balance Dec. 31- ---- S6,661,229 $12,631,960 $22,792,428 $19,870.195
Shs. of cap.stk.outst'd'g
4,857.248
4,857.248
4,857,248
4,857,248
(no par)
$3.13
$3.60
Nil
$0.39
Earns.per sh.on cap.stk.
Mullins MIg. Corp.
-Option Extended.Comparative Balance Sheet Dec. 31.
Exchange that the
Tho corporation has notified the New York Stock
1931.
1930.
1930.
1931.
option given C. C. Gibson, President, on Feb. 14 1930 to purchase 15.000
Liabilities-$
$
$
Assets$
shares of common stock at $25 a share at any time during the subsequent
three years, in consideration for his agreement to continue as President Mining propertles_17,846,769 17,823,489 Capital stock_ ___852,864,150 52,864,150
1,662
1,139
during that period, has been extended for a period of three years beginning Constr. & equip_b10,890.215 11,437,602 Gold debentures__
Aects.pay. not due 2,028,752 1,157.633
March 30 1932, with the purchase price reduced to $15 a share. Mr. Develop. stripping
-V. 134,
32,640
15,177
& def. charges. 21,957,970 22,052,222 Deferred accounts
Gibson has agreed to continue as President during that period.
Investments
7,652,887 7,897,411 Unpaid treatm't on
p. 1594.
metals, not due_ 853,072
Materials & suppl. 2,301,580 2,780,498
750,108
1,182,059 1,036,658 Reserve for taxes,
-Sales Show Improvement.Accts. receivable
(G. C.) Murphy Co.
Increase. Suspense accounts 274,323
245,325
insurance, &c__ 2,053,028 2,523,350
Increase. 1 1932-3 Mos.-1931.
1932--March-1931.
17.860 Metals on hand &
Paid-in surp'us_ _ _13,259,408 13,259,408
13,754.637
$11,1671$3,762,497
$1,340,301
$1,329,134
In transit
8,943,460 9,894,534 Surplus from °per_ 6,661,229 12,631,960
The number of stores in operation on April 1 1932 totaled 171 as compared
655.647
30.647
Marketable scours.
-V. 134, p. 2354.
with 166 a year previous.
6,656,045 9,397,525
Cash
A liquidating dividend of $3.50 per share was paid on the common stock,
-V.133, p. 1775.
no par value, on Feb. 10 last.
-Earnings.
Murray Corp. of America.
Total
77,735,956 83,220,912
Total
77 735,956 83,220,912
1928.
1929.
1930.
1931.
Calendar Yearsa 4,857,248 shares of no par value. b After aepreciation of $25,564,391.
111,452,876 $2,971,898 $3,937,251 54,609.862
Gross revenue
1,731,166 -V. 134, p. 2539.
1,088,458
1,150,593
Sell., gen.& admin. exp.. 1,023,214
474,216
850,944
1.214,402
1,268,094
Depreciation
-March Sales.
(J. J.) Newberry Co.
285,178
368,110
235,357
204,978
Interest
Increase.
Increase. 1 1932-3 Mos.-1931.
1932-March-1931.
306,877
162,433
20.000
'Faxes
5931.911
$554.3311$6,379,421 $5,447,510
$2,537.179 $1,982,848
159.115
117,132
198.173
Other deductions
-V. 134, p. 2165. 1208.
$234,412 $1,308,190 $1.812,426...„
loss$1,241,583
Net profit
-Reduces Dividend.
New England Equity Corp.
Prof. dive. of J. W. MurThe directors have declared a quarterly dividend of 50 cents per share on
17,392
17,624
17,052
16,692
ray Mfg. Corp
the common stock, no par value, Payable May 2 to holders of record April
809.939
Common dividends
15. Previosuly, the company paid quarterly dividends of 621 cents per
-V. 133, p. 1937.
$480,859 $1,794,802 share on this issue.
$217,360
Balance, surplus__ _def$1,258,275
256,859
2,054,283
2,183.724
1,943,406
Previous surplus
-Balance Sheet Dec. 31.Newmont Mining Corp.
2,756
Profit from sale of stock
1930.
1931.
1930.
1931.
$
$
Liabilities$685.131 $2,401,084 $2,535,142 $2,054,417
AssetsTotal surplus
$
$
243.000
457,410
Stocks owned_ _ _x40,713.438 42,996,200 Common stock.- 5,316,460 5,316,460
Stock div., corn. stock._
302,650
Underwriters' fees in conMlscell. stocks_ _ - 3,445.738 2,893,653 Accounts payable_ 325,837
108,418
Loans pay.(secur.) 1,000,000 1,000,000
nec. with corn. stock_
Bonds of domestic
134
531,646
268
481,299 Divs. payable_ _ _ _
80
Miscellaneous charges
co's (at cost) _ __ 481,299
75,000
75,000
Tax reserve, &c___
Bonds-not listed
1,180.117Capital surplus_ __ 4,321,757 4,321,757
Profit & loss surplus_ _
$685,051 $1,943,406 $2,183,724 $2,054,283
(at cost)
871,811 Earned surplus.... 35,l66,301 35,904,656
262,929
Cash
Shs.com stock outstand'g
538,020 Other assets
762,342
209,204
760,599
121,833
(no par)
763,607
$3.34
$1.69
$0.29
Nil
Earned per share
46,205,354 47,452,168
Total
Total
46,205,354 47,452.168
Consolidated Balance Sheet Dec. 31.
x Stocks of listed dividend paying corporations at cost, 514,811.385
1930.
1931.
1931.
1930.
Dec. 31 1931, $1,967,535): stocks of listed non-dividend
(market value
3
8
Liabilities$
Assets5
19,868,906 20,122,564 Common stock __x22.745,127 22,699,287 paying corporations at cost, $25,902,053 (market value Dec. 31 1931,
Fixed assets
210,900 $5,286,182.
301,3211 Pref. stock of subs 203,900
Pats. & good-will. 295,851
Our usual comparative income statement for the year ended Dec. 31 1931
2,500,000 2,860,000
507,789 Funded debt
Invest, in affil. cos
was published in V. 134, p. 2737.
95,524 Purchase money
Sink.fund deposits
550,788
566.952
obligations
385,877
Misc.sec.& sects_ 354,575
-New Director.
New York Dock Co.
559,791
558,501
311,629 Res, for conting
Prep.exp.& misc.. 303,763
Earl E. T. Smith, a member of the New York Stock Exchange firm of
Accounts payable_ 830,737 1,085,170
Dies & patterns be42.355 Paige, Smith & Remick. has been elected a director. succeeding J. E.
42,002
ing amortiz _
1,448,051 1,242,584 Accruals
-V. 133, p. 2939.
20,000 Ruston, deceased.
3,357,967 3,281.991 Tax reserve
Cash
757,548 Profit & loss sur633,779
Accts.receivable
-Defers Dividend on 2d Pref.
"
' -New York Investors, Inc.
685,052 1,943,407 .plus
Inventories
1.847,862 2,915,934
45,930
21,516
Dies & patterns
Shares-Sepreihal-ol-hoccrrfrarn- Re-Corgthietio-7i-Finance
28,132,271 29,971,699
Total
Total
28,132,271 29,971,699
-V. 133. p. 3265.
x Represented by 763,607 no par shares.
-Decreases Dividend.
Mutual Investment Trust.
The directors have declared a dividend of 4 cents per share on the 6%
cum. class A certificates, par $10, payable April 15 to holders of record
March 31. A dividend of 73.i cents per share was paid on Jan. 15 1932.
The company on July 15 1931 made a distribution of Scents per share on
this issue as compared with 7A cents per share on April 15 1931, and
-V. 134, p. 518.
quarterly payments of 15 cents per share previously.
___
ational Air Transport, Inc.-Stork-Off Ltst7---
he common stock, no par valu, was stricken from the list of the New
Stock Exchange on April 35-V. 133, p. 2773.
Co.,Ylk
-The directors have decided to defer the semi-annual
Corp.
dividend due April 15 on the 6% cum. 2d pref. stock, par
$100. The last regular semi-annual payment on this issue
was made on Oct. 15 1931.
A special meeting of the common and 1st pref. stockholders has been called for April 25 to authorize the directors
to negotiate a loan from the Reconstruction Finance Corporation to the Prudence Co. Inc., all the common stock
of which is owned by Now York Investors, Inc. Stockholders of record April 14 are entitled to vote.
President William M. Greve states:
-Receiver Denied.
Inc.
It is believed that any recovery in the real estate field will be of considNational Bellas Hess
Justice Frankenthaler of the New York Supreme Court, April 13, denied erable advantage to our stockholders and that this recovery can be hastened
by Louis Steinberg for the appointment of a temporary by maintaining a free and liquid market for first mortgage investments.
an application
receiver. In denying the petition the Court said that the plaintiff, who Feeling that this was one of the aims of the Reconstruction Finance Corp.,
represents minority preferred stockholders, had not proved any facts we have made application for a loan of an amount adequate, in our opinion,
in justification of serious charges upon which he had sought to obtain a to_produce beneficial results.
R. F. C. has made a temporary advance pending completion of legal
receiver.
Justice Frankenthaler commented that the company had paid all of its details so that the matter might receive final approval. The contemplated
accounts payable and took the position that since it was entirely solvent loan will be guaranteed by New York Investors, Inc., which is asked by
the administration of its business and affairs was a matter exclusively for R. F. C. to pledge the stocks of its subsidiaries.
the stockholders.
New President of Prudence Co. Inc.The company will now proceed with its plan to hold an adjourned special
William 11. Wheelock, of Brown, Wheelock. Harris & Co.,
meeting of the stockholders on April 18, at which plans for disposing of elected President of the l'rudence Co., Inc., succeeding Arthur has been
II. WaterThe meeting originally was
the assets will be submitted to stockholders.
man, who has retired because of ill-health but remains a director. Mr.
called for April 4 but was adjourned because the required number of shares Wheelock has been a member of the Prudence board since
to obtain better co-operation Edward E.
incorporation
were not represented. In an effort
of the company in 1919.
Cody, First Vice-Prosident and chief executive of the company, has sent
The l'rudence Co. declared the regular
another letter, to the stockholders urging them to attend or as an alternative on the preferred stock, payable May 1 tosemi-annual dividend of $53.50
holders of record April 22.-V. 134, p. 2737.
to send in their proxies without delay.
V. 134. p. 2165.
-Reduces
---- National Enameling & Stamping Co., Inc.
Noranda Mines, Ltd.
-Estimated Earnings.
At the annual meeting of the stockholders, President James Y.
Slated Capitalization, rite.
Murdock
the annual meeting held April 12 the stockholders approved the stated the company would show estimated earnings after all write-offs and
At
recommendation of the directors to decrease the total authorized no par taxes of about 81.000.000 for the first quarter of 1932. Ile stated that the
value common stock from 200,000 shares to 158,857 shares, and reduce company plans to increase its concentrator capacity of 2.000 tons a day
capital from $15,591,800 to $5,738,750. This will be accomplished by from 1.000, and that it will also increase its crusher capacity.
-V. 134. 1?•
.
(Airing 41,143 common shares now owned by the corporation and reducing 2539.
2924
Financial Chronicle
Otis Elevator Co.—Receives Orders.—
Orders approximating $150,000 have been placed with the company
for four escalators by the Department of City Transit of Philadelphia, Pa.
The First National Bank of New York has contracted with the Otis Elevator Co. for the installation of nine elevators in its new building, No. 2
Wall St., N. Y. City.
Earnings.—
Air income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
April 16 1932
as may be sanctioned from time to time by the Secretary of State upon
payment of the requisite fees. The chief place of business of the company is to be at the City of Montreal. Quebec, Canada.
Panama Corp., Ltd.(England).—Proposed Sales.—
See Panama Corp. (Canada). Ltd.. above.—V. 133, p.
1462.
Pan American Airways Corp.—Acquires Cuban Air
Company.—
The transfer of ownership to the above corporation
Nacional Cubans de Avaicion, S. A., the national air of the Companla
Correction.—
transport service
of Cuba, has been effected.
In our issue of March 26. p. 2356, due to a typographical error, it is
The
stated that the company earned $3.44 per share on the 2,000,000 shares of by the transfer contemplates, through an exchange of stock, the acquisition
Pan
common stock for 1931. The earnings per share should be $2.01 for 1931, company. American corporation of the entire capital stock of the Cuban
as compared with $3.44 for 1930.—V. 134, p. 2356.
Operating mail and passenger service over 850 miles of airways, the
Cuban
Pacific Coast Terminals, Ltd.—Reorganization Plan.— a fleet company has in service 14 airports along its main line and operates
of 11
The company, owners of the large cold storage and warehousing plant amphibians. planes, including tri-motored land planes and twin-motored
on the waterfront at New Westminster,found themselves without financial
The Cuban company will operate entirely independent
of the interresources to pay the Feb. 1 coupon on its bond and debenture debt due national air line system
of the Pan American corporation, and the present
on Feb. 1.
In June 1931 the Consolidated Mining & Smelting Co., which use the management of the Cuban company will not be affected.—V. 134, p. 2738.
facilities of the Pacific Coast Terminals for the exportation of its products,
Paramount Publix Corp.—Proposes Change in Par Value
acquired an interest in this company and appointed W. B. Lanigan as of
Shares—To Vote on Employment Contracts.—President
President of the company.
Mr. Lanigan in seeking to place the property on its feet has proposed Adolph Zukor, April 5, states:
the reorganization of itsfinancial structure, which now consists of$1,500,000
Recently there was mailed the consolidated balance sheet and profit
and
1st mtge. 6j.i 7 bonds, due Aug. 1 1948; $300.000 2nd mtge. 7%. due the
same date; $200.000 7% cumul. preference shares, and 75.000 common loss account of the corporation for the fiscal year ending Doc. 26 1931 (see
V. 134,
shares of no par value. Of the latter, the Consolidated company ac- equal toD. 2706). The results show a net profit for the year of $6,345,488
$2.02 Per share. The motion picture industry, in common with
quired for a consideration of $100,000, 50.000 shares of common stock. practically all other
business, suffered a drastic decline In gross revenues
In a letter to the bondholders seeking approval of his plan of organiza- during the
tion, Mr. Lanigan recounts the financial situation as it concerns the com- corporation year. Anticipating this decline in gross, the executives of the
entered upon a policy of stringent retrenchment and expense
pany and proposes the following plan of reorganization:
(a) That the existing $1,500,000 1st mtge. 6A % bonds (with the Feb. 1 reduction in the early part of 1931. Pursuant thereto, salaries of all em1932 and subsequent coupons attached) be converted into $750,000 1st ployees of the corporation and its subsidiaries were substantially reduced
mtge. 5% income bonds in denominations of $500 and $250, payable as on June 1 1931, making in the aggregate a difference in salary expense of
approximately
to both principal and interest in Canadian funds, dated Feb. 1 1932 and cut was made $2,000,000 annually. On Jan. 1 1932 an additional salary
amounting to approximately $300,000 annually. Many of
maturing Feb. 1 1962. secured under the existing trust indenture dated the officers
and
Aug. 1 1928 in favor of Montreal Trust C6. under which the outstanding factors in the employees whose salaries were thus reduced were important
management of the corporation and were under contract for
1st mtge. bonds are issued and secured.
a period of years. These executives,
(b) The Consolidated Mining & Smelting Co. will unconditionally employees, accepted the reductions together with the rank and file of the
with a fine spirit of loyalty and have
guarantee the payment of the first three years' interest on the $750.000 given,
without stint, their best efforts to the organization. Other reductions
1st mtge. 5% Income bonds; that is, the interest for the three years be- in the operating
expenses of the corporation and its subsidiaries have been
ginning Feb. 1 1932.
(c) That the company Increase its capital so that an additional 15,000 made,so that at the present time the corporation is conducting its business
no par value common shares shall be made available for allotment as fully on a basis upon which its total operating expenses are approximately at the
paid shares pro rata to the holders of the existing $1,500,000 1st mtge. bonds. rate of $11.000,000 per annum less than they were last year at this time.
In the opinion of the board of directors it would be of great benefit to
(d) That the existing trust indenture dated Aug. 1 1928 be amended so
as to provide (1) that commencing 1937 and annually thereafter the com- the corporation in maintaining organization morale to provide that the
employees (who have made and are making these sacrifices, in addition to
pany will pay $18.000 into a sinking fund for the redemption of bonds,
together with such further amount as shall equal the interest on all bonds having lost large sums of money in the purchase of the capital stock of the
redeemed through the sinking fund, and (2) that no further bonds are corporation at $52 per share under the Employees Stock Purchase Plan
authorized by the stockholders several years ago) be compensated to some
to be issued under said trust indenture.
The above proposals as they affect the holders of the 1st mtge. bonds extent in proportion to the future success of the corporation. With this in
view, the board of directors has appointed a committee of its members to
mean that each $1,000 bond will be converted into a $500 1st mtge. 5%
income bond, dated Feb. 11932, maturing Feb. 11962. with the payments work out a profit-sharing plan for employees of the corporation and its
of the first three years' interest guaranteed as above stated, and the holder subsidiaries.
Subject to approval by the stockholders, employment contracts are being
will receive 10 fully paid common shares of the company of no par value.
Mr. Lanigan states: "I realize that the above proposals entail a sub- entered into with some of the principal executives of the corporation, who
will not participate in the profit-sharing plan, under which six blocks of
stantial loss in both principal and interest to the holders of the 1st mtge.
bonds, but I am convinced that such loss has already been incurred, and stock, each block consisting of a total of 108,000 shares for all such executhat the holders will be well advised to recognize their loss now and accept tives, will be set aside, one block for each six months'service between Jan. 1
this revision in the capital structure, which in my opinion is within the 1932 and Dec. 311934, for issue to such executives on payment by them in
cash of $15, $18, $21, $24. $28 and $32 per share for the respective blocks.
company's powers to carry out.
"The acceptance of the foregoing proposals by all interested parties The right of each executive to take up his respective share of each block
ensures the continuance of the Consolidated company's business and its extends to Dec. 31 1935, but is conditioned upon his having continued In
friendly co-operation in an the activities of this company. Failing such the employ of the corporation during the six months' period for which each
acceptance, the holders of the $1.500,000 1st mtge. bonds will be entitled block is reserved. Thus, in proportion to the SUCCESS of these officers in
by reason of default in paying their interest, to realize on their security. their management of the corporation, they will be ablo to take up stock of
In that event there is no assurance that the business of the Consolidated the corporation upon making cash payments which may be less than market
company will be retained, and in this connection 1 point out that other prices then prevailing, but which are very greatly in excess of the present
competing ports are now offering facilities similar to those we provide at market prices, such cash payment in respect of the first block being more
charges not greater than our own. For this reason I greatly doubt that than twice the present market price.
Some of the officers with whom these contracts have been made, have
the whole property would fetch anything like $750,000.
heretofore had contracts under which they were entitled to receive, as 'part
"The proposed reorganization leaves the existing $300,000 2nd
7% debentures untouched, as the interest thereof is unconditionally mtge. of their compensation, a percentage of the profits of the corporation. Upon
guar- approval of the now contracts, these officers will surrender
all of their future
anteed by the City of New Westminster, and the holders of these derights under the prior profit-sharing contracts.
bentures refuse to give up the benefit of this guarantee.
It is further proposed to change the shares of stock of the corporation
"I am in negotiation with the holders of the $200,000 7% preference
shares with a view to these shares being converted into say 5,000 no par from shares without par value to shares having a par value of $10, which
will result in an aggregate outstanding capital stock of approximately
value common shares.
'The Fraser River Dock & Stevedoring Co.Ltd. although a wholly
- $33.000,000. This amount is materially leas than both the present capital
owned subsidiary of Pacific Coast Terminals, Lid., is a separate company of the corporation and what the directors believe to be the intrinsic value
.
and the 1st mtge. bonds do not constitute a direct charge on its assets. of the shares, and hence the proposed change will create a substantial
In the event of the proposed reorganization being effective, all of the corporate surplus. It will. In addition, reduce the amount of the stock
assets of the Dock company will be transferred to Pacific Coast Terminals, transfer tax payable by stockholders on sales of stock of the corporation.
[The stockholders will meet April 19 for the purpose of taking action on
Ltd., and made subject to the lien of the trust indenture dated Aug. 1
the above proposals. A vote of two-thirds of the capital stock, represented
1928."—V. 133. p. 134.
either in person or by proxy,is required to make the change in capitalization
--Pacific Steamship Co.—Change in Objects of the Plan from no par to par value stock.]—V. 134, p. 2738.
--
Patino Mines & Enterprises Consolidated (Inc.).—
of Reorganization.—
The bondholders'protective committee gives notice of the following change Listing of American Share Certificatesfor
Capital Stock (Voting)
In the objects of the plan of reorganization:
The New York Stock
Exchange has authorized the listing of American
share certificates for: (a) 1,518.667 shares of capital stock (no par value)
upon official notice of issuance in exchange for (on a share-for-share basis)
American share certificates for capital stock of the
now outstanding; 138,351 of such shares shall be par value of $20 each
of the corporation and shall be held subject toissued into the treasury
restricted registration:
(b) 200,000 additional shares of capital stock (no par) upon official notice
of issuance in exchange for certificates of deposit to be issued upon the
deposit of shares of the capital stick of Sociodad Empress
de Estano de
Araca; (c) 200,000 additional shares of capital stock (no
upon official
notice of issuance, pursuant to the warrants for sharespar)capital
of
to be issued to holders of such certificates of deposit; making the stock
total
amount applied for 1.918.667 shares of capital stock (no par) of total
a
authorized issue of 2,500.000 shares.
The presently outstanding shares of the capital stock
(par $20 each)
are represented by certificates of two series, one designated "American
shares and the other "Foreign shares." The shares of capital stock
(no par) to be issued- in exchange therefor, and the additional shares to
be issued in exchange for certificates of deposit and warrants
capital stock will also be represented by certificates of twofor shares of
series,
designated "American shares" and "Foreign shares." respectively. also
The certificates for Foreign shares are and will bo transferable on the
books of the corporation kept by Anglo-South American Bank, Ltd., its
transfer agent in Santiago. Chile. Certificates for Foreign shares are not
interchangeable with certificates for American shares;
but the holder of
certificates for Foreign shares may, upon
transfer agent in Santiago for cancellation, surrendering the same to the
require that transfer agent to
transmit to the secretary of the corporation in New York,
cancellation and to deliver to the holder an order addressed notice of such
of the corporation for the issuance of certificates for a to the secretary
number of
American shares. Upon the receipt by the secretary of like corporation
the
in New York of such notice and the surrender to him by the holder of
such order for the issuance of American shares, the secretary
instructs
the transfer agent of the corporation in New
certificates, representing the same number of York to issue to the holder
American shares.
said. In like manner, certificates representing American sharesas aforeCorp.(Canada), Ltd.—Organized.—
may be
his corporation was incorporated in Canada on March 9 with an author- surrendered by the holder thereof to any American transfer agent of the
ized capitalization consisting of 4.500.000 shares of no par value (a) to ac- corporation and certificates representing an equal number of Foreign
shares will, in due course, be issued to the holder by the transfer agent
quire the assets and undertaking and assume the obligations of l'anama
Corp., Ltd., a company incorporated in England under the English Com- of the corporation in Santiago, Chile, against receipt by the transfer agent
panies Acts 1908 to 1917, and with a view thereto to enter into and carry of notice from the secretary of the corporation and' against surrender to
into effect, with or without modification, an agreement with the Panama the transfer agent of the respective order issued by the secretary.
The certificates for Foreign shares of par value of $20 each are now listed
Corp.. Ltd., in the terms of the draft which has already been prepared
and is expressed to be made between the Panama Corp., Ltd., and the on the Santiago (Chile) Stock Exchange and the London Stock Exchange
liquidator thereof of the one part and this company of the other part. and and the new certificates representing Foreign shares without par value
(b) to acquire from any sovereign. State or authorities any concessios, will also be listed on such exchanges.
grants, decrees, rights, powers and privileges whatsoever, which may seem
Offer for Araca Company Approved—Changes Par Value
to the company capable of being turned to account, and to work, develop,
of Shares.—
carry out, exercise and turn to account the same.
above shares may be issued or allotted for a consideration not exA new plan under which the Patine company will acquire not less than
ceeding in the aggregate $9,000,000 or its equivalent or such greater sum 90% of the stock, or in lieu thereof all the assets of the Socledad Empresa
"The time for payment of cash to holders of deposited bonds who have
elected to receive cash for their bonds as set forth in the plan is extended
for not more than six months from and after Feb. 24 1932, and interest
will be payable on amounts due to such bondholders who do not withdraw
their deposit certificates deposited for sale, at the rate of 6% per annum
from Feb. 24 1932, until paid, and such bondholders will be afforded the
additional means of payment provided by a letter of credit of the Anglo &
London Paris National Bank in the sum $750,000 deposited with the committee; provided, that this change in the objects of the plan shall not apply
to any bondholders who withdraw their deposit certificates from deposit
with Anglo-California Trust Co. where they have been deposited for sale
to the Robert Dollar Co., nor shall it apply to any bondholders who withdraw their bonds from the bondholders protective agreement and plan of
reorganization within the time specified; and provided further, that this
change in the objects of the plan shall not affect the rights and powers of
the committee to act for depositing bondholders in any manner authorized
by the bondholders' protective agreement or plan of reorganization under
any circumstances which may arise."
In view of this change in the objects of the plan, any holder of deposited
bonds may withdraw his bonds from the bondholders' protective agreement
and the plan of reorganization as so changed,(1) by surrendering his deposit
certificate or certificates to the depositary and paying to the depositary
his then pro rata portion of all committee expenses and liabilities on or
before April 13 1932, or (2) by giving written notice to the depositary of
his intention to withdraw his bonds on or before April 13 1932, and within
15 days after receipt of such notice by the depositary, surrendering his
deposit certificate or certificates to the depositary and paying to the
depositary his then pro rata portion of all committee expenses and liabilities.
By such withdrawal such holders of deposited bonds shall cease to have
any rights or obligations under the bondholders' protective agreement or
under the plan. Holders of deposited bonds who shall not withdraw their
bonds in the time and manner stated shall be deemed and treated as assenting to and shall be bound by the change in the objects of the plan as provided above.—V. 134. p. 2166.
Financial Chronicle
Volume 134
2925
to di spose of its bonds, but had failed to live up to the contract, returning
unsold bonds to the amount of $300.000. If the company had kept its
contract there would have been no difficulty, Mr. Battle said.
"It will be noted that this receiver is only in charge of the building He
is not in any sense a receiver of the museum itself, and the only effect of
the receivership will be that the revenues from the building, after meeting
the expenses for the cultural work of the museum, will be applied to pay
the taxes and the amounts due to the bondholders. These revenues would
have been applied by the museum in this manner even if a receiver had
not been appointed and, therefore, his installation will not in any sense
affect the museum Itself and its work.
"The Roerich Museum is assured by the committee of bondholders
which is acting in this matter and by its counsel that the receiver will cooperate to the fullest extent in maintaining the present educational and
-33 Cash Distribution.
-Peerless Motor Car Corp.
The directors have declared a cash dividend of$3 per share on the common cultural facilities which have been so eminently beneficent and successful.
The resident members of the museum and the others who are interested in
stock, par $3. payable April 25 to holders of record April 20.
Its lectures, concerts and other cultural work
be In the least disEarnings.
-For income statement for three and six months ended March turbed by the appointment of this receiver. need not it is our confident
In fact,
-V.134, p. 1972.
belief that the museum will be able to act most efficiently with the receiver
31 see "Earnings Department" on a preceding page.
and that the result will be to give added financial stability to the museum
-No. of Stores Increased.
(J. C.) Penney Co., Inc.
and its work."
At the end of March 1932 the company had in operation 1,463 stores
Craig B. Hazelwood, Vice-President of the National Bank of Chicago. 18
-V. 134, p. 2739.
as against 1,454 a year ago.
Chairman of the oondholders' committee that applied for the receivership.
de Estano de Araca, was approved by the stockholders at their annual meeting held on April 12 (see V. 134, P.688)•
The stockholders also voted to change the par value of the authorized
2,500,000 shares of capital stock from $20 each to no par value, each present
share to be exchanged for one new share.
Fred M. Carter. Vice-President of the National Lead Co., and Joseph
T. Crosby, Vice-President of the National City Bank, have been elected
directors to succeed Evans McCarty and Cecil Piatt. E. J. Cornish,
Vice-President. said that although the cost of supplies and wages is down
almost to the 1914 levels and the cost of mining Is being reduced, the
-V. 134.
company is not making money because the price of tin is so low.
p. 2542.
-Pays Dividend of 10%.
------Penn Tobacco Co.
(R.J.) Reynolds Tobacco Co.
-Camel Sales Improving.
-
The directors at a special meeting held on March 23 declared a dividend of $10 per share on the class A common stock, par $100. payable
March 31 1932.-V. 126, P. 3313.
"Sales of our Camel cigarettes are improving their position in relation
to other brands. President S. Clay Williams stated at the annual meeting of stockholders.
-V. 134, p. 520.
-Decrease in Capital.
---Petroleum Corp. of America.
Richfield Oil Co. of Calif -Officer Promoted,
-
The stockholders on April 27 will vote on decreasing the authorized
W. C. Burns, formerly Vice-President and director in charge
- of the Richfield Oil Co. of New York, a subsidiary, has been electedof sales
capital stock from 10,000,000 shares of no par value to 4,000.000 shares.
ExecuV. 134. p. 2739.
tive Vice-President of that company.
-V. 134, p. 1974.
Pittsburgh Bond & Share Corp.
-Consolidation.
-
Rio Grande Oil Co. of Del.-Meetivg Postponed.
-
See State Street Investment Corp. below.
-V. 130, p. 1477.
The adjourned annual meeting, which was scheduled to be held on
April 11, has been postponed indefinitely, it is stated.
-V. 134. p. 2168.
Pittsburgh Forging Co.
-Successor Trustee.The Union Trust Co., Pittsburgh, Pa., has been appointed as successor"-...St. Joseph Lead Co.
-Dividend Omitted.
-The directors
trustee the issue of 1st mtge. 6% serial gold bonds to succeed The Bank
on April 14 voted to omit'the quarterly dividend usually
of Pittsburghat onal Association.
-V. 132. p. 4604.
payable about June 20 on the capital stock, par $10. A
distribution of 15 cents per share was made on March 21
last, as compared with 25 cents per share on June 20, Sept.
21 and Dec.211931, and 50 cents per share on Mar.20 1931.
Preferred Automobile Insurance Co. of Grand Rapids,
President Clinton H. Crane said that in view of the conMich.
-Omits Dividend.
ditions existing in the mming industry, it has been decided
The dividend ordinarily due March 1 was not paid because "the directors to omit the June dividend m order to maintain the company's
elt that under the conditions now prevailing, it was best to build up a
strong financial condition.
greater surplus and be prepared."
-V.132, p. 2213, 2010.
Earnings.
-For income statement for three months ended March 31
Biederman Co.
-Omits Dividend.
1932 see "Earnings Department" on a preceding page.
Pond Creek Pocahontas
Month ofCoal output (tons)
-V.134, p. 2542.
Co.
-Production.
Mar.'32.
110,579
Feb. '32.
93.736
Mar.'31.
85,433
The directors have taken no action on a quarterly dividend which was
due at this time on the common stock, no par value. A quarterly distribution of 25 cents per share was made on Dec. 31 1931, which was the first
payment since Oct. 15 1929 at which time 12M cents per share was paid.
-V. 134. p. 519.
Prudence Co., Inc.
-New President, &c.
-V. 132, p. 2788.
See Now York investors, Inc.. above.
Radio-Keith-Orpheum Corp.
-New President, &c.
Merlin H. Aylesworth on April 13 was elected President to succeed Hiram
S. Brown, who remains on the board of directors and will act in an advisory
capacity to Mr. Aylesworth.
Benjamin B. Kahane was elected Vice-President, and Mr. Sarnoff was
re-elected Chairman of the board of directors and Chairman of the executive
committee.
Owen D. Young, Chairman of the General Electric Co.. and a director
of the company, was elected a member of the executive committee.
Gerard Swope. President of the General Electric Co., and Andrew W.
Robertson, Chairman of the Westinghouse Electric & Manufacturing Co.,
were elected directors and members of the executive committee of RadioKeith-Orpheum Corp.
Mr. Aylesworth has also been elected Chairman of the boards of R-K-0
Radio Pictures, Inc.. Keith-Albee-Orpheum Corp., and Orpheum Circuit,
Inc. Mr. Kahane was elected President of R-K-0 Radio Pictures, Inc.,
Harold B. Kranklin was elected President of Keith-Albee Orpheum Corp.
and Orpheum Circuit, Inc., and Joseph Plunkett and Phil Reisman were
elected Vice-Presidents of these companies.
-V. 134, p. 2357.
ftRaybestos-Manhattan Co.
-New Director.
1. John Dillon, of Hayden, Stone & Co., has been elected a director to
--V. 134, p. 1389; V. 133, p. 3475.
fill a vacancy.
(Robert) Reis & Co.
-New Director.V. E. Raddatz has been elected a director to succeed Gilbert Brown
of White, Weld & Co.
-V. 133, P. 2940.
Reo Motor Car Co.
-Changes in Personnel.-
Comparative Consolidated Balance Sheet.
Mar. 3132. Dec. 3131.
Mar. 31'32. Dec. 31'31.
Assets$
Lialriffites2
$
Ore reserve & minCapital stock ____c19,504,050 19,504.650
ing rights
a13.178,536 12.696,723 Scrip
439
439
Min. Int. sub. cos. 101.605
Bldga. & equIp_b12,573,610 13,740.480
103,934
Railway construe_ 206.390
207.055 Funded debt
8,552.800 8,567,300
Investments
2.892.682 2,897.975 A sets.& wage pay. 884,954 1,485,812
Cash
2,210,343 2,450,604 Divs. payable...._
292,570
A ccr.int. on bonds 196,323
Marketable see. &
call loans
2,016.000 2,026,000 Deferred credits__ 111,915
126,369
Accts.receivable._ 977,871 1,598,417 Reserve for contin7,053,542 6,830.931
gencies,&c
Inventories
799.382
766,821
427,215 Surplus
Deferred charges_ 407,772
11,364,677 12,027,557
Total
41,516,746 42,875.451
a After depletion of $31,057,157.
Par value $10.-V. 134, p. 1389.
Total
41,516,746 42,875,451
b After depreciation of $7,681,499.
St. Louis Rocky Mountain & Pacific Co.
-New
Director, &c.
E. C. Crampton has been elected a director to succeed the late Charles
Springer. H. P. Roseberry has been appointed Treasurer. The office of
Chairman of the Board formerly occupied by Mr. Springer was not filled.
V. 134, p. 1974.
Sally Frocks, Inc.
-March Sales.
1932
-March-1931.
$384.173
$383,285
Increased 1932-3 Mos.-1931.
$8881$875,187
$1.066,807
Decrease.
$191,620
-Dividend Action Postponed.
..."-% Seaboard Surety Co.
Action on the quarterly dividend ordinarily payable on May 15 on the
capital stock, par $10. has been deferred until the July meeting of the board.
From Aug. 15 1929 to and incl. Feb. 15 1932 the company made regular
quarterly distributions of 12M cents per share on the stock.-V.130,p.2985.
The resignation of William Robert Wilson as Vice-President and GenSears, Roebuck & Co.
-Plans Stores in New York Area.
eral Manager was announced on April 11 by Donald E. Bates, Secretary
Treasurer, Richard H. Scott, President, will act as General Manager. Mr.
Gen. R. E. Wood, President of the company, on March 21 last stated
Wilson remains on the board of directors. The change has been in effect that Sears will erect three $1,000,000 department stores this summer
two months.
-V. 134. p. 2544.
In the New York metropolitan trade area. They will be in Hackensack.
N. J., at the corner of Main and Anderson streets- in Brooklyn at the corner
Republic Steel Corp.
-New Directors, &c.
At the annual meeting held on April 13 W. W.Hancock and Thomas F. of Bedford Avenue and Beverly Road, and in Union City, N. J., at the
intersection of Hudson Boulevard and the Hackensack turnpike.
Veach were elected directors to fill vacancies.
"Coming so soon after the opening March 3 of the big new Sears departPresident Tom F. Girdler said in substance:
ment store at the corner of State and Van Buren streets, Chicago. announce"The steel business at present is the worst it has been in the 30
years I ment of the three Eastern units holds additional interest from the fact
have been connected with the Industry.
"In the first quarter of.this year we got a little more than our share of that it marks Sears' first entrance to the New York trade area with large
-V. 134, p. 2545.
the business. In 1931 wo got a little less than our share, and in 1930 also department stores," the statement declared.
got a little less.
Selected Industries, Inc.
-Earnings.
"At 40% of capacity I believe the company can make a profit at present
For income statement for 3 months ended March 31 see "Earnings
price levels. Operations of the company are now at about 25% of capacity.
Department" on a preceding page.
"We have made several cost records through economies, even at levels
Comparative Balance Sheet.
below 30% of operating capacity."
Mar.31'32 Dee.31'31
Mar.31'32.Dec.31'31
Number of Stockholders Increase-Orders Received-. •
AssetsLief
lilies
$
The number of stockholders in this corporation have shown a sharp
606.965
payable- increase during the past year and now total approximately 30.000, it Is Cash& cal loans__ 3,888.876 7,116,988 Divefor sec. loaned 601.086
A ccr.
303.870 Due
stated. This estimate includes holders of both common and preferred Corp lnt.&dIvs.ree 443.068
706.700
1,109.500
own stocks
against cash
shares and represents an increase of several thousands over six months
92,190
68,929
held-at cost__ 1,314,256 1,252,116 Due for see. porch.
ago.
Special deposits for
Reserves for exps.,
The corporation on April 11 announced the receipt of an order for 88
dividends
72,561
78,271
taxes,&c
601.096
606,965
miles of pipe from the Southern Counties Gas Co. of California, involving Invests. at cost.
_a43.260,850 39,726,506
For each Contr. 247,617
about $500.000. The order will enable the Republic company to operate Foreign exchange
Capitalstock__ b28.795.035 28,795.249
one pipe mill for about throe weeks of parttime work, with attendant in18,860.826 18,887.078
contracts
247,617
Surplus
crease in open hearth and rolling mill operations.
-V. 134, p. 2168.
Total
49.755.554 49.166,454
49.755.554 49,166,454
Total
Roerich Museum, Inc.
-Receivership.
a Investments owned on Mar. 31 1932. are carried at the lower of cost
Acting upon application of a committee representing bondholders whose
that date. Subsequent purchases are carried at cost. The
bonds are secured by mortgages on the building, Supreme Court Justice or market at of
market
Joseph M. Callahan has appointed Philip J. Curry of 116 Nassau St. March value investments, U. S. Govt. securities and N. Y. City notes on
31 1932, was $17.099.326 less than the amount shown above, the
receiver for the itoerich Museum, Inc., at 103d St. and Riverside Drive.
of investments not readily marketable having beenshare(nopa
determined
The receivrship resulted from the alleged failure of the corporation, value eumuat
ive1rrs
corporation,42 Represented
b
4A0.479 etrmindb4gVsalThe
owns and operates the Roerich Museum and Its auxiliary scientific
which
sareInopacumulative convertiand cultural institutions housed in the museum building, to meet the in- ble stock and 2,17.809 sham (no par)
common stock. Of the unissued
terest on mortgages totaling $2.075.000.
common stock (4,500.000 shares
According to the papers filed with Justice Callahan, the board of trustees 1.275.909 shares for conversion authorized) there are reserved as follows:
of convertible stock; 335,212 shares for
of Roerich Museum, Inc.. Authorized the issue of bonds on Aug. 6 1928. exercise of purchase warrants; 200,000 shares for option at $15 per share
A trust mortgage was issued against the bonds, in which the museum and 20.000 shares for option at 28 per share; total 1.831.121 shares.
promised to pay the principal on June 15 1940. with 6% interest payable
To Change Par of Shares.
In semi-annual instalments on Dec. 15 and June 15. The complaint stated
The stockholders, at their annual meeting May 9, will be asked to vote
that the museum corporation had failed to make the payments.
The receivership order shows that from April 1 1931 to Feb. 29 1932, on proposals to change the three classes ol stock of the corporation from no
the museum corporation had a gross income of $410,000, with operating par value shares to par value shares of $25 for the prior stock, $5 for the
expenses of $315.000. It further states that the income from the operation convertible stock and $1 for the common stock. This reduction in capital
will release substantial sums to surplus and facilitate the continued Payof the museum itself was $4,000, with operating expenses of $13,000.
In a statement issued in behalf of the museum corporation. George ment of dividends on the prior stock. Rights of the various classes or
Gordon Battle, its counsel, blamed the corporation's difficulties on the stockholders will remain unchanged. Stockholders of record April 16 will
-V. 134, p. 689.
fact that a bond and mortgage company had contracted with the museum be entitled to vote.
2926
Financial Chronicle
Seneca Copper Mining Corp.
-Protective Committee.
-
• A bondholders protective committee has been formed for the holders of
the 1st mtge. sinking fund 7% 10
-year gold bonds dated July 1 1923 of
Seneca Copper Corp., consisting of Thomas F. Cole. Joseph B. Cotton,
Reginald 11. Johnson, Melville D. Munsie and Harold Peirce. B. C.
Babcock is Secretary, 225 Broadway, N. Y. City.
The committee, in a letter to the bondholders, states in part:
"Seneca Copper Mining Co. defaulted in its obligation to tay instalments
of interest as they have matured under the mortgage and likewise became
In default in the payment of its current obligations as to insurance, taxes,
labor and other statutory liens in respect of such mining property, and
the U. S. District Court for the Northern Division of the Western District
of Michigan appointed receivers of the company and such receivership
is now in full force and effect.
"Company became the owner of the properties in Michigan subject to
the lien of the 1st mortgage and has not only not paid the interest on the
mortgage since Jan. 1 1931. but likewise has become indebted to the extent
that a receivership of the properties subject to the mortgage became necessary and was made effective by order of the U.S. District Court of Michigan
dated Sept. 10 1931.
The present financial condition of the company is due primarily to the
world wide economic depression and to the consequent unsatisfactory prices
prevailing as to the copper metal.
"Under the circumstances it is believed that the interests of the 1st
mortgage bondholders will be best conserved by arranging as soon as practicable a reorganization in respect of the properties covered by the 1st
mortgage, the same to be accomplished, if reasonably possible, through
the agency of the bondholders' protective committee.
"Holders of 1st mortgage bonds are requested to deposit their bonds
in negotiable form, together with all coupons due Jan. 1 1931, and subsequent coupons attached, with Central Hanover Bank & Trust Co.,
70 Broadway, N. Y. City, as depositary. Bonds may be deposited up
to and including May 1 1932."-V. 133, p. 3640.
Servel, Inc.
-Terms of Option Changed.
-
• The company has notified the New York Stock Exchange that the
terms of the option on 45,000 shares of the common stock of Servel. Inc..
granted to the Chairman of the board, have been changed to the following
new terms:
-Option to purchase 15.000 shares of common stock at $4 por share
1.7 1.
during the period commencing March 25 1932, and ending Feb. 28 1933;
2.
-Option to purchase 15,000 shares of common stock at $5 per share
during the period commencing March 11933, and ending Feb. 28 1934; and
-Option to purchase 15,000 shares of common stock at $6 per share
3.
during the period commencing March 1 1934. and ending Feb. 28 1935.V. 134. p. 1974, 2545.
April 16 1932
value of securities as of Dec. 31 1931. This transfer in no way affects the
liquidating value of the shares.
For the quarter ended March 31 1932 thero was
from the sale
of securities amounting to $951,010„ as against net a net loss
loss of $568,690 for the
same period of 1931.-V. 134, p. 1211.
State Street Investment Corp.
-Earnings.
-
For income statement for 3 months ended March
31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
1932.
1931.
1931.
1932.
Assets$
$
Liabilities5
$
Cash & Govt. bds_ 4,534,169
b54,857 Accts. ,S, notes pay
c9,257
31,835
Accr. int. paid.
4,374 Res.for taxes
28,852
41,777
Short-term notes.,
4.497.241 Res. for divs. dec. 130.585
Securities (at cost)23,328,581 10,906,052 Capita!stock
5,737,756 14,110,488
Accts. receivable_
781,175 Surplus
1,956,302 2,059,600
Total
7.862,751 16.243,700
Total
7,862,751 16,243,700
a Cost of securities, $9,548,192 (market value
$2,903,722), less reserve
for depreciation of $6,219.610; balance, as above,
$3,328,501. b Cash
only. c Accounts payable only.
-V. 134, p. 1211.
Stewart-Warner Corp.
-New Director-New
Joseph E. Otis, Jr., Vice-President and General Manager Line.
of the Alemite
Corp.. has been elected an additional member of the
board of directors.
The corporation has added a new low-priced
frigerator line to retail at $99.05, f.o.b. factory. model to its electric reunit, which will be known as "Leader," will start Production on the now
model's food compartment grosses four cubic feet. immediately. The new
-V. 134, p. 1598.
Stone & Webster, Inc.
-New Officers of Subs.
-
Charles A. Stone and Bayard F. Pope have been
Chairman and Vice-Chairman of Stone & Webster elected respectively
and Blodget, Inc.
Robert H. van Deusen, former Executive Vice
-President, was elected
President.
Book Records Pioneer Work.
-
An illustrated book issued on April 4 by Stone &
the history of the organization and its services to Webster, Inc. records
industry
'
A chart sets forth, for the first time, the working relationship and science.
between the
parent company and its various subsidiaries which
broad field, embracing engineering construction function as a unit in a
and finance and the
ownership and supervision of public utilities.
The original firm of Stone & Webster was founded in 1888,
of $4,000. On Jan. 1 this year, according to the balance with a capital
sheet, assets of
Stone & Webster, Inc., exceeded $400,000,000.
Service Stations, Ltd.
-Halves Preferred Dividends.
Among the Stone & Webster achievements cited in the book are:
The directors have declared dividends of V, of 1% (75 cents per share)
More
on the 6% cum. cony. red, preference stock and on the 6% cum. cony. than $1,000,000,000 worth of construction completed: more than 3,2(10,preference stock, series A, both of $100 par value, payable April 30 to 000 h.p. or steam power, about 10% of the Nation's central station total,
holders of record April 15. Previously, the company made regular quarterly designed and built; 1,235.000 h.p. of hydroelectric power, about 8% of
the Nation's total, designed and constructed, and over $7.000,000
distributions of 1M % on this issue.
-V. 133, p. 4172.
worth
of property appraised. Of Stone & Webster's total construction
program
75% has been for clients independent of Stone & Webster interests and
Shawmut Association.
-Balance Sheet Dec. 31.
-80% has been repeat orders.
Assets
1931.
1930.
LiabilitiesPublic utility supervisory services were established 30 years ago. Since
1931.
1930.
Cash
5917,351 $1,317,280 Accrued expenses_
then properties have been supervised in 20 States, Canada, Mexico and
$259
the
Accts. & accrued
Prey, for Federal
West Indies. As a principal, the organization has participated in underlet. receivable_ _
39,615
37,000
Income tax
$18,421 writing more than $2,000.000,000 of security issues during the past five
Notes & accts. rec.
Capital stock
x8,103,138 8,103,138 years and security distribution since 1027 totals more than $1,000,000,000.
partly sec. by
Surplus
1,000,000 exclusive of wholesale and commission business.
-V. 134. p. 2546.
Was. of Shawmut
Undivided profits.. 717,208
14,220
Assn. it other
''''-.Stott Briquet Co., Inc.
-Dividend Deferred.
collateral
192,599
213,423
The directors have voted to defer the quarterly dividend due
May 1
Securities (at cost)y5,568,900 6.442,281
on the $2 cutn. cony, preference stock, no par value. The last regular
Inv.in shs.ot &Mi.
quarterly distribution of 50 cents per share was made on Feb. 1 1932.banks (at cost)_ 1,102,139 1,125,793
V. 129. p. 1930.
$8,820,604 59.135,779
Total
Studebaker Corp.
Total
-Passenger Car Sales Increase.
$8.820,604 $9,135,779
Passenger car sales of this corporation in the United States and Canada
x Subscribed and paid 400,000 shares of no par value, of which 396.900
shares were issued and outstanding and 3,100 shares were represented from Jan. 1 to Mar. 20 increased 20.3% over the same period last year,
by subscription receipts not exchanged, all of which totaled $8,150.000. according to President A. R. Erskine.
less 2.300 shares held in treasury amounting to $46,862. y Market value,
"The new Studebakers have met with a remarkable reception, PierceArrow retains its hold on the fine car field, and the Rockne Six has stopped
$3,547,600.
11111Our usual comparative income statement for the year ended Dec. 31
p oduction to meet the demands from dealers," Mr. Erskine said.
"r
"Sales of Studebaker models alone increased in January and February
1931 was published in V. 134, p. 2740.
from 17% to 600% over the same months last year in two-thirds of the
cities with over 100,000 population.
Simmons Co.
-March Sales.
"In New York in February Studebaker cars registered an increase of
Including Subsidiaries1932.
1031.
Decrease. 101% over February 1931. In San Francisco
deliveries were 70% in excess
March sales
$1,711,774 $2,615,825
$874,051 of last year. Sixty-three per cent more
3 months
4,619.179
6,955,808
2,336,629 Orleans; 97% more in Detroit; 55% more in Studebakers were sold in New
St. Louis;63% more in Buffalo
Excluding Subsidiaries
62% more in Cincinnati; 82% more in Denver and 114% more in Toledo.
March sales
1,280,161
2.181.233
901,072
This increase in Studebaker sales during 1932 was predicted early in
3 months
3,461,625
5,622,441
2,160,816 January by many motor experts, following the
-V. 134, p. 2740.
introduction of the
President Eight, Commander Eight, Dictator Eight and Studebaker new
Six
at the national automobile shows."
Sloss-Sheffield Steel & Iron Co.
-V. 134, p. 2546.
-New Director.
Leigh Willard has been elected a director to fill a vacancy.
-V. 132,
Sun Life Assurance Co. of Canada.
-Policy Dividend Cut
p. 3167.
The company has reduced to 65% ot last year's scale the amount
dividend to be paid on policies in the insurance year which began on of the
Agricultural Chemical Co.
April
-Omits Dividend.
1. The company states that this is a temporary change to cover present
The directors have decided to omit the quarterly dividend ordinarily business
payable about May 1 on the common stock, no par value. On Feb. 1 last rates willconditions and that It is confident that in a short time the former
be resumed.
the company made a distribution of 1234 cents per share on this issue as
In the past 20 years there have been 15 Changes' 12
against 25 cents per share previously each quarter.
-V. 134, p. 1043.
reductions, including the present one. In 1918 and 1919,advances and 3
when mortality
was heavy, previous reductions were made.
"Snia Viscosa" (Societa Nazionale Industria Appli- from influenza of policyholders' dividends
While rates
vary, the first dividend was,
cazioni Viscosa), Turin, Italy.
until the current change, about 25% of the annual premium. Dividends
-Dividend.
The company recently declared a dividend for the year ending Dec. 31 are begun at the end of the second year of each policy. ("Wall Street
-V. 134, P. 1390.
1931. on the new shares of lire 200 at a rate of lire 12 per share. The lire Journal.")
has been converted into sterling at the rate of 70.95 per E. and the dividend
Superheater Co.
-Earnings.
of 3s. 434d, per new share is payable on the shares represente dby English
For income
certificates. Dividend checques are now ready for holders who lodged Department" statement for quarter ended March 31 1932 see "Earnings
on a preceding page.
their old certificates on or before March 19 to be exchanged Into the new
certificates in the proportion of one share of lire 200 against the surrender
Superior Steel Corp.
-New Director.
of five old shares. Coupon 1 detached from the new Italian bearer certifiBruce Borland has been elected a director.
-V. 134, p. 1975.
-V. 134, p. 1211.
cates may be presented for payment.
Southern Surety Co.
-Off List.
The capital stock of company has been dropped from the Boston Stock
Exchange list -V. 134, p. 2359.
Standard Oil Co. of N. J.
-Constitutionality of Texas
Anti-Trust Laws Upheld by Texas Court Overruling Exceptions
in Attorney-General's Action Against 15 Oil Companies.
-See
last week's "Chronicle," p. 2601.-V. 134, p. 2456.
Standard Oil Co. of Ohio.
-New Director.
-
Symington Co.
-Earnings.
For income statement for quarter ended March
31 see "Earnings Department" on a preceding page.
-V. 134, p. 2547.
Third National Investors Corp.
-Earnings.
---For income statement for 3 months ended
March 31 see "Earnings
Department" in "Chronicle- of April 9, page
2703.
Balance Sheet March 31.
1932.
1931.
1932.
1931.
Assets
Cash
138,705
269,206 Accr. expenses
4.800
2,900
W. J. Semple has been elected a director, succeeding J. S. Harrison, Call loans
400,000 Prey, for Federal
Time dep. with
resigned.
-V. 134, p. 2740, 2546.
tax
14,255
13,982
banks
300,000 Prey. for N. Y.
Bankers' accept.
Standard Oil Co. of Ohio.
-New Director.
210,1137
State tax.
220
W. J. Semple has been elected a director to succeed J. S. Harrison, U. S. Govt.oblIg 1,234,083
Unearned int___
843
3.343
Short-term notes
who resigned some time ago.
400,000 Corn. stock ($1
-V. 134, p. 2740.
by. at cost- c7,663,966
9,034,864
par)
220,000
s220,000
Int. receivable I
Starrett Corp -New Directors.
28,699{
536 Paid-in surplus.bI0,148,502 10,148,502
Russell H. Hunter and Thomas Watkinson have been elected directors Dividends receiv1
30,691 Earned surplus def1,113,326
61,456
to fill the vacancy caused by the death of Colonel Starrett and a vacancy Prepaid N. Y.
State fran.tax
which had been existing on the board.
14,559
-V. 134, p. 2740.
State Street Investment Corp.
Total
9,275,621 10,449,855
-Acquisition-Transfers
Total
9,275,621 10,449,855
a Of the authorized 400,000 shares, 130,000 shares are reserved for
3310,000,000 from Capital to Surplus.
exercise of purchase warrants entitling the holders to purchase common
The stockholders of the Pittsburgh Bond
& Share Corp. have approved stock at $60 per share until March 1 1034; and thereafter at $2 more per
an offer of the State Street Investment
former on the basis of liquidating value Corp. to acquire the assets of the share per annum until March 1 1939, when the warrants expire. b Repreas of April 15. The assets of the senting the excess of paid-in capital over
Pittsburgh corporation
the par value of capital stock.
stock will be exchanged approximate $150.000. One share of State Street after deducting organization expenses. c Market value $2,979.275. V.
for slightly more than two shares of the Pittsburgh 134, p. 339.
unit
k,„President Richard C. Paine. April
Tide Water Associated Oil Co.
-To Decrease Stated
"On Feb. 19, in order to permit 15. says;
voted to transfer $10,000.000 from the continuance of dividends, It was Capital and Create a Capital Surplus of $34,069,543 in Order
to set up a reserve amounting to thecapital to surplus and from this surplus
difference between the cost and market to Provide for Certain Write-Offs.-
2927
Financial Chronicle
Volume 134
-New Directors.
Union Bag & Paper Corp.
Surveys are being completed which indicate that the Associated Oil Co.
will write off approximately $13,500,000, charging it to surplus; Tide Water
C. W. Goodyear and Stanton Griffis have been elected directors to fill
Co. will write off approximately $16,000,000, charging it to surplus; vacancies.
on
Tide Water Associated Oil Co. (Calif.) proposes to write off approximately
Income Account for Year Ended Dec. 31 1931.
$900,000, and Tide Water Associated Oil Co. (Del.) proposes to write off Net sales
$7,330,657
approximately $1,700,000; making a total in all of approximately $32,100,- _Cost of sales
x5,905,266
000.
The stockholders of the latter company will vote May 5 on a proposal to
$1.425.390
Manufacturing profit
value of the no par common stock to $10 per share (now
restate the book
1,352.598
Delivery,selling, administrative & general expenses
stated at $15.68 per share), thus creating a capital surplus of $34,069,543
to which will be charged the amount required to give effect to the above
$72.792
Balance
write-offs.
reduction of Government securities to
Discussing the write-down program, Axtell J. Bayles, President, said: Interest received, less
39,792
market value
understate values for the purpose of creating false future earnings
"To
would be as unjustifiable as to overstate values. However, to be conserva$112.584
Net profit for the year
tive it is desirable to write off unrecoverable values carried on the books
Note.
-No provision for Federal income tax is required inasmuch as
and to refrain from writing up those assets which are carried on the books allowable deductions exceed the taxable income.
below their intrinsic worth, leaving this increment for future realization
x Including $104,583 for depreciation.
-V. 133, p. 3268.
an offset against future declines in values."
or as
Consolidated Balance Sheet Dec. 31.
1931.
1930.
1930.
1931.
Tishman Realty & Construction Co., Inc.(& Subs.).
Liabilities
$
Assets$
1929.
1928.
1931.
1930.
Earn. for Cal. Years$1,195,408 $2,118,804 $2,527,510 $1,476,918 Capital assets_ ___x3,284,262 3,470,063 Capital stock_ __ _y 4.382,230 4,382.230
Gross income
385,363
1.287.908 1,133,084 Accounts payable_ 186,830
389,417 Inventories
379,308
379,135
364,412
Gen. and corporate exp_
650,743 Accrued liabilities_
78,415
64,842
585,601
Accts. <Yr bills rec
407,596
374,953
261,259
Int. and oth. finan. exp_
115,860 Tax reserves and
Investments
915,450
Loss on sale of properties
contingencies_ _ _
251,855
561.206
418,831
Cash
474,844
53.310
Other deductions & losses
305,859 Capital surplus_ _ 1,518.292 1,518,292
U. S. Govt. secur_ 166,894
Provahon for deprec. and
350.000 Earned surplus- -- de142,699 def155,283
200,000
264,048 Demand loan
344,056
absolescence
479,872
548,032
34,011
27.460
Deferred charges
Provision for taxes and
341,405
154,000
223,000 Other assets
contingencies
Net profit
xPotential peofit
def$961,778
$899,568
$1,242,551 $1,600.453
1.126,979
565,412
Total realized and po$899,568 $2,369.530 $2,165,865
tential profit
def$961,778
Shares of corn. stk. out400.000
400,000
400.000
398,341
standing (no par). _ - Nil
$3.10
$4.00
$2.24
Earnings per share
x On building completed during year if sold at the respective values
thereof on Dec. 31 as appraised by Horace S. Ely & Co., less provision for
Federal taxes.
Consolidated Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Li att
Assets
$
$198,231 $471,021 Notes payable_ - 1,800,000 1,474.800
Cash
Notes & accts.reo _
107,797
141,672 Loans payable,sec. 1,428,750 1,950.000
142,500
Loans, pay. unsec. 765.979
Deposit on purch.
168,210
107,245
of property_._
60.000 Accts. payable_ ___
249,373
10,240
Real estate, bldg.,
Contracts, payable
leaseholds, &c_x12,994,748 11,016.024 Accr. int. on mtge.
723,726
and loans
1,194.870
Sundry notes 4St
71,899
Rents rec. in adv_
61,698
accts. rec
37,079
Mtgs. receivable
1,429,680 3,251,390 Rm. for taxes &
381,992
contingencies
398.405
Stock held for emy6.413,845 6.440,557
51,844 Capltal stock
ployees
2,924,067 3,909.901
Surplus
Security deposit on
17,000
5.000
leaseholds
332,565
504,007
Deferred charges
Total
6,374,925 6,614,275
Total
6,374,925 6,614,275
x After depreciation of $3,957,781. y Represented by 146,074 shares
no par.
-V. 133, p. 1940.
-Earnings.
-Union Sugar Co.
Calendar YearsOperating profit
Previous surplus (adj.)
Miscellaneous Credits...
1931.
$32,347
154,876
2,325
1930.
$38,217
253,711
1929.
$44,951
358.813
6,884
1928.
$3.778
544.473
225
Total surplus
Preferred dividends--Depreciation
Miscellaneous debits- - -
$210,548
17.435
88,268
31,760
$291.928
35.420
95,163
5.099
$410.648
35.420
99,590
21.927
$548,476
35.420
118.696
35,547
Profit & loss surplus- $73,084
$156.246
$358,813
$253,711
Condensed Consolidated Balance Sheet Dec. 31.
Liabilities1931.
Assets1931.
1930
1930.
$8,344
Cash
$66,047 $ 85,504 Accounts payable_
$10,897
35,689 Rents payable_ _ __
3,627
Notes & accts.rec_
25.478
5.505
19,287
6,882
13,287 2d install. taxes_ _ _
20,871
Unsold crops
37,004 Deferred credits__
43.896
51.788
Material & supplies
31,304
Preferred stock... 434,625
Merchandise acct.
9,373
501.000
Common stock... 2,511,875 2,530,000
Deferred assets &
63,292
125,129 Surplus
73,083
156.246
prepaid exp_
Capital assets_ _ 2,882,727 2,954,194
25,500
9,633
Investments
Total
Total
$3.094,740 $3,276,307
$3,094.740 $3,276.307
15,105,099 15,512,959
Total
15,105,099 15,512,959
Total
x After depreciation and mortgages payable of 839,418,150. y Repre- -V. 133. p. 4174.
-V.132, p. 1634.
sented by 398,341 shares of no par value.
Union Tank Car Co.
-To Broaden Powers.
The stockholders on April 13 acted favorably on the recommendation
-Earnings.
Transcontinental Air Transport, Inc.
-V. 134, p. 2170.
of the board to broaden the powers of the corporation.
(Including Maddux Air Lines Co.)
United Chemicals, Inc.(& Subs.).
-Earnings.
Consolidated Income Account for Year Ended Dec. 31 1931.
$45,606
Jan. 2 '32. Dec. 27 '30.
Income from unfunded securities & accounts
Years Ended3,000 Net sales
income
Dividend
$5,089.549 $6.356.154
932 Cost ofsales
Miscellaneous rent income
3,111,020
4,107.484
30 Selling and administrative expenses
Miscellaneous revenue
714.780
799.303
Other deductions, net
137,395
66,130
$49,568 Depreciation
Total income
497.376
468.217
Provision for Federal taxes
Salaries & expenses incident to completing merger of air lines,
86,874
99.897
32,276
maIntaiing organization, &c
37,656
Net profit for year
Legal expense
$542,103
$815,123
4,518 Portion of net prof. applic. to minority interest_
Insurance
259.877
338.972
15,888
Services and expenses of registrars and transfer agents of stock_ _
1,134
Cost of printing notices of annual meeting, proxies,envelopes,&c
Balance applic. to United Chemicals, Inc
$282.226
$476,150
10,967 Dividends paid
Taxes
315,838
345,450
215
Uncollectible revenues
7,287
Interest on unfunded debt
Balance
def$33.612
$130,700
8,139 Earnings per share on common stock (no par)._
Depreciation-buildings
Nil
$1.28
4.207
Other miscellaneous expenses
Consolidated Balance Sheet Dec. 27.
Jan.2'32. Dec.27'30.
Jan.232. Dec.27'30.
$72,723
Net deficit
AssetsLiabilities$
$
$
$1,823,979
Amount to debit of profit and loss. Dec.31 1930
$239,207 $351,692 Accts.& notes pay. $204,108
$93,737
588,662 Cash
Sundry net debits
Marketable scourDivs. pay. to min.
!ties at cost_
841,802 1,241,541
stockholders _
18,161
Amount to debit of profit and loss, Dec.311031
$2,485,365
Accts. & notes rec- 566.465
467,256 Reserve for Fed.
Consolidated General Balance Sheet Dec. 311931.
Inventories
1,061.983 1,201 490
Income tax
86,874
99,897
Interest receivable
(Including Maddux Air Lines Co.)
8,442
17,635 Res,for roy.,&c
14,998
23,168
Subscrip.to cap.stk
5,108 Deferred credits
44,679
24,265
Liabilities
Assets
258,934 10
-year notes, due
x85,259.350 Deferred charges__ 277,703
Real property & equipment_ _ _ $521,697 Common stock
Cash on dep. with
1932
22,000
4,455.043 Minority interest of Maddux
Investments
trustee
47,426
106,717 10
-year 534% debs 1,615,500 1,929,000
Air Lines Co
47,077
4,444
Cash
2,000 Min.int.in subs.:
16,473
50,000 Audited accts. & wages unpaid
1,571 Permanent Invest.
Notes receivable
Fixed assets
Preferred stock_ 2,467,800 1,316,600
8,201,171 7,661,140
82,060 Accounts payable
Accounts receivable
7
Com.stk.& surp 2,885,591 2,540,048
4,602 Estimated tax liability
Interest, dividends & rents ma_
710 Patents,contracts,
goodwill, &c_ _ _ 2,346,175 2,311,004 $3 pref.stock $3_ 4,007,300 5,806,474
Waking fund advances
110 Unadjusted credits
19,937
43,393 Common stock- 2,318,744 1,794,560
Organization exp_
38,748
25.633 Corporate surplus
6ef99.797
Deferred debits
Total
$5,186,225
Total
$5,186,225
-V. 132, p. 2605.
a Represented by 747,569 shares of no par value.
Total
13.645.595 13,667,913
V. 134, p. 1976.
Total
13,645,595 13,667,913
----United Cigar Stores Co. of America.
-Defers Dividend.
Transue & Williams Steel Forging Corp.
-Earnings.-- -The directors on April 14 decided to defer the quarterly
dividend due May 1 on the outstanding $17,137,700 6%
cum. pref. stock, par $100. On Feb. 1 last a distribution
-Earnings.Tr -Continental Corp.
of $1 per share was made on this issue as compared with
For income statement for three months ended Mar. 31. see "Earnings
Department" on a preceding page.
regular quarterly payments of $1.50 per share previously.Balance Sheet March 31.
V. 134, p. 2360.
1932.
1931.
1932.
1931.
LiabilitiesUnited Electric Coal Cos.
-Output Gains.
$
$
$
$
Assets-
For Income statement for 3 months ended March 31 see "Earnings
-V. 134, P. 1045.
Department" on a preceding page.
Investments __-_c46.186.297 60,349,905
Cash & call loans_ _ 4,588,246 8,879,002
Treasurypref.stkb 134,623 4,923,394
Short-term notes
1,233,867
& advancee __ _ _
U.S.Gov.sec_ _ _ _ 2,506.442
606.409
Spec. dells.for diva 451.098
38,221
369,345
Seeur. sold, recelv
518,444
Int. & dim. receiv 413,995
from foreign
Due
exchange sold for
976.548
future delivery_ 247,617
6% pref.stock __ __ 7,396,350 40,000,000
Common stock_ __a2,020,158 5 050395
Divs. payable_ _ __ 451,099 '
606;408
Due for securities
purchased
71,853
16.303
Rm,for exp. & tax
44,490
174,558
Due for securities
loan, again. cash 1,098,500 3.652,292
Panic. in syndic__
9,975
For'n exch.sold for
future delivery_ 247,617
976,548
General reserve__
7,295.104
Surplus
43,236.473 20,075,331
Total
54,566.540 77.856.914
54,566,540 77,856.914
Total
shares. b Represented by 2,462
a Represented by 2.020.158 no par
shares. c The market value of securities as at March 31 1932 was $23.-V.134, p. 691.
783,908 less than amount shown above.
-Earnings.
Underwood Elliott Fisher Co.
for 3 months ended March 31 see "Earnings DeFor Income statement
-V. 134, p. 1600.
partment" on a preceding page.
-Earnings.-Union Oil Co. of California.
3 months ended March 31 see "Earnings DeFor income statement for
-V. 134. p. 1570.
partment" on a preceding page.
March output established a new high record, registering a gain of 44,291
tons over output in February. The latter in turn was 26,319 tons better
than in January and 13.693 tons above the previous record established in
December, 1931.-V. 134, p. 1392, 1213; V. 133. p. 3477.
United Milk Products Corp.
-Correction.
On page 2170 (April 19) with respect to the reorganization plan of this
company, in item "C" at the end of the article we state that the old company had outstanding on Dec.31 1931, 168,788 shares (no par value). The
number of shares should read 209.394 shares -V. 134, p. 2170.
United Engineering & Foundry Co.
-Earnings.Income Account for Year Ended Dec. 31 1931.
Gross profit from manufacturing
Miscellaneous income
Gross profit from operations
Administration,selling expenses & royalties
es
Depreciation
Federal taxes
Net earnings
Miscellaneous surplus adjustments
Increase in surplus before dividends
Earn,per share on 416,118 shares common stock
$1, 92,7 1
623 9055
2
$1,
638 657
916, 6
3
2390516318
$953.708
704.040
$1,657,748
$2.13
2928
Financial Chronicle
Condensed Balance Sheet Dec. 31 1931.
Assets
Liabilities
Cash
$927,013 Accts. payable & accrd. wages $255,847
Accts. ex notes receivable
1,972,012 Accrd.taxes,local & State__
64,839
Inventories
1.380.591 Advance billings
379,441
Marketable securities
2,158,287 Reserve for Fed.Income tax
167,289
Treasury stock (cost)
272,861 Res. for allow. &
379.258
Mortgage loans
140,000 Preferred stock
975,400
Deferred charges
52,856 Common stock
x5,409,534
plants & property
4,834,811 Earned surplus
4,410,153
Eatterns, drawings & pat.rts.
303.331
Total
512,041.763
Total
$12,041,763
x Represented by 416.118 shares of no par value.
-V. 134, P. 1781.
United Fruit Co.
-Earnings.
-
For income statement for thrte months ended March 31 see "Earnings
Department" on a preceding page.
-V. 134, p. 1976.
United Piece Dye Works (& Subs.)
-Earnings.
--
Calendar YearsOperating income
Other income
1931.
1930.
$3,217,982 $6,436,512
291,423
323.862
Total income
Expenses
Depreciation
Federal taxes
33,509.405
1,479.711
1.101,649
97.654
Net profit
Preferred dividends
Common dividends
$830,391
462,839
1,800,000
36,760,374
1,779,269
1.159,786
455.791
1929.
Not
Available
$3,365,528 $3,391,320
487.500
480,004
1,800,000
1.800,000
Surplus
_ def.$1,432,448 $1,085,524 $1,103,820
Earns, per share on 900,000 shares
common stock (no par)
$3.22
$3.20
$0.41
Comparative Balance Sheet Dec. 31.
1930.
1931.
1931.
1930.
Assets
Liabilities
Land. bidgs., maPreferred stock__ _ 7,026,600 7,193.600
chine & equlp_x11,529,953 12,091,960 Common stock_ _ _y1,125,000 1,125,000
Good-will
1
1 Accts. payable ec
U.S. Govt.semi._ 3.935,808 3,603,059
accrued liab____ 518.918 1.136,466
Cash
117,383
1,456,929 1,925.784 Dividends payable 114,247
455.791
Accounts rec
97,654
1,951,909 3,471,200 Federal taxes
155,465
57,032
Inventories
1,139.784 1,569.140 Capital surplus_ _ _
Accrued Inc.on Inv
9,613
25,352 Earned surplus...11.453.824 12,909,157
Unexpired ins.,&o.
61.728
96,466
Investments
307.550
309,900
Total
20,393,275 23.092.862
Total
20.393,275 23,092.862
x After depreciation of $9,983,663. y Represented by 900,000 no Par
shares.
-V. 133. p. 4342.
United Shirt Distributors, Inc.
-Resumes Pref. Div.
The directors recently declared a quarterly dividend of 1 % on the 7%
cum. pref. stock, par $50, payable April 1 to holders of record March 15.
A further distribution of 131 %, payable on account of accumulations and
covering the period from Oct. 1 1931 to Jan. 1 1932, was also made on
this issue on the same date.
-V. 130, p. 1299.
United States Capital Corp., Boston.
-Sale of Stock
Barred
Director Hull of the Securities Division of the Mass. Department of
Public Utilities has barred from sale in Massachusetts securities of the
corporation. From information disclosed or in its possession it believes
sales of securities of this corporation are fraudulent or would result in fraud.
-V.134, p. 2360.
United States Cold Storage Co.
-Report.
-
April 16 1932
'Virtu Biscuit Corp., Ltd.
-Dividend Deferred.
The directors recently decided to defer the quarterly dividend due -April
1 on the 7% cum. 2nd pref. stock, par $100. The last regular quarterly
distribution of 1'4% was made on this issue on Jan. 2 1932.-V. 134, P.
2170.
Waco Aircraft Co.
-New Director.
V. E. Clarke has been elected a director to succeed Col. Thurman H.
Bane, deceased.
-V. 133. p. 3269.
Walgreen Co.
-March Sales.
Decrease.
1932
-March-1931.
1932-3 Mos.-1931.
Decrease.
$3.866,806 54.499.565
$632,759 1512,059.512 313.097,607 31,038.095
On March 31 1932, the company had 464 stores in operation against
466 on Feb. 29 and 444 stores on March 31 1931.-V. 134. p. 2170. 1214.
Walker-Gooderham
classifies Capitalization.
-
&
-ReWorts, Ltd.
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated Mar.31 1932.converting and consolidating the 3.500,000 shares of capital stock of no par value, of which
2,640,000 are issued shares and 860.000 are unissued shares, into 875.000
cum. dlv. red, preference shares without par value of which 660,000 preference shares shall be issued and outstanding and the remaining 215,000
preference shares shall be unissued, and into 875.000 common shares without
par value of which 660.(l00 common shares shall be issued and outstanding,
and the remaining 215,000 common shares shall be unissued. See also V.
134, p. 1977.
-New Treasurer, &c.
Walworth Co.
W. B. Holton Jr. was recently elected Treasurer, succeeding G. A.
Ricker. John M. Lovejoy, Allen Martin. Robert I. Laggren and Vernon
C. Stewart were added to the board of directors, succeeding G. A. Ricker,
J. S. Conley, N. B. Jackson and J. M.Olmsted.
The stockholders voted authorization of several changes in and additions
to the bylaws, providing chiefly for election by the board of directors of a
Chairman of the Board, a new office, and an election of an executive com-V.134, p. 2362.
mittee consisting of 3 to 5 members.
-New Directors-Outlook.
Warren Bros. Co.
At the annual meeting of stockholders held on April 12, E. 0. Burland
and R. W. Price were elected directors. succeeding Edward 0. Delafield
and J. H. Lippincott. Mr. Burland is Asst. President of the BancamericaBlair Corp., and Mr. Price Is Asst. Secretary of Warren Bros. Co.
President Charles R. Gow, in response to questions from the stockholders, stated that so far as the company could see ahead its earnings this
year would be ample to cover bond interest. He referred to the fact that
the budget for overhead expenses for the current year has been reduced
to about 5% of the comparable figure for 1930. Thus, he stated it would
be possible for the company to expect a material reduction in business
without suitably affecting the earnings. He qualified his statement.
however, with the information that it is always difficult at this time of the
year to predict the earnings for the full year. and doubly so In 1932 because
-V. 134, p. 2170.
of the business unsettlement.
-Earnings.
Wesson Oil & Snowdrift Co., Inc.
For income statement for six months ended Feb. 29 1932 see "Earnings
Department" in "Chronicle" of April 9. page 2703.
Consolidated Comparative Balance Sheet.
Feb. 29 '32. Feb.28'31.
Feb. 29 '32. Feb.28 '31.
Liabilities
AssetsCapital stock_ _626.509,465
Land, bldgs.equip.,
638,596,493
ea)
al0,155,949 10,563,782 Cap.stk. az sumAccts. pay. seer.,
Inv. & adv. attn.._
1,254.971 1,413,320
dm
175,518
companies
660.295
Bank ctfs. of dep. 500,000 2,450,000 Dividends payable 473,209
692,548
15,986,666 17,373,753 011 mill exp. res.__ 365,344
Inventories
300,449
271,535
Accts.and bills ree. 2,053,021 2,588.369 Federal taxes
956,615 Insur. eic cont. res. 513,371 1,816,480
Loans & advance_ 739,996
Cash
5,173.846 6,319.319 Paid in surplus__ 3,200,000
Capital surplus__ 5,203.439
Govt. bonds, do.._ 1,772,688
Earned surplus__ 3,519,437
Preferred stock in
treasury
c4,042,499 2.185.770
161,622
190,999
Miscei advance
149,796
82,430
Prepaid expenses._
Empl.stock acct... 108.383
555,041
504,294
Ins. fund Inv
Calendar Years1928.
1929.
1931.
1930.
Gross income
$1.974,031 $1.701,622 31,844.763 31,631.189
:Net income
296.402
293,927
289,328
271,712
x Net income after all operating expenses, income taxes, bond interest
and reserves.
Condensed Consolidated Balance Sheet Dec. 31.
Assets1931.
1931,
1930.
1930.
LtabilUiesCash
$938,722 $272,334 Total working nab. $291,590 $350,330
Rec.(less res.)
972,356
Total
582.620
41,310,771 43,479,585
566,306 Notes payable_
41,310,771 43,479,585
Total
Adv. to customers 1,051,286 1,544,461 Loss to carry adv.
a After depreciation of $7.151.206. b Represented by 400.000 no par
Prepaid expenses
106,735
1,350,000 shares of $4 cumulative convertible preferred and 600,000 no par shares of
to customersInvestments
647,923
140,196 1st mortgage bonds
-V. 134.
933 0 common stocks. c Consists of 77,056 shares of preferred stock.
Fixed assets
15,486,613 5,428,790
2,848.000 2, ,50
& notes
Deferred charges
37,714 p. 1601.
52,666
172,537
278,380 Reserves
min.
Pref. stock et
-Stated Capital Decreased.
---••-• Western Electric Co.
Int. in Detroit
At the annual meeting of the stockholders hold April 12, the capital
42.669
subsidiary
from 3180,000,000 to $142,500.000 by the
1,900,000 of the company was reduced capital to
1.900,000
7% pref.stock
surplus. The company's capital
$37,500,000 from
Common stock__ _y3,658,628 1,958,923 transfer of
had been increased by this amount In 1927 and 1928 by transfers from
-V. 134. p. 2140.
surplus.
Total
$9.376,175 $8,230,467
$9.376.175 $8,230,467
Total
x Less reserve for depreciation of 31,181,964. y Represented by 75,000
Westinghouse Electric & Mfg. Co.
-Receives Order.
Share. (no par value).
-V. 134. p. 2360.
The Board of Transportation has awarded to the company a contract
United States Finishing Co.
-Promotions.
for furnishing the electrical power equipment for the new Fulton Street
Herbert H. Hesse of Providence, R. I., has been named General Manager subway in Brooklyn, N. Y., at the bid price of $1.290.860.
of all the company's plantain Rhode Island, a new position. Nelson Barlow
The contract calls for nine mercury arc rectifiers to be installed along the
succeeds Herbert S. Morrow, who has resigned as Manager of the plant at line of the new subway for the purpose of transforming alternating current
Pawtucket, R.
to become Vice-President and a director of Joseph into direct current for power for the third rail of the subway. These
rectifiers are installed under the public street, requiring no real estate
Bancroft & Sons Co.
-V. 132, p. 2605.
and avoid long runs of expensive copper cable.
-V. 134, p. 2549.
United States Freight Co.
-Board Decreased.
Westinghouse Electric & Mfg. Co.
At the annual meeting of the stockholders the board of directors was
-New Director.
reduced to 1() members consisting of F. N. Melius, H. W. Burnham, T. P.
company announces that at the annual meeting of the stockholders
The
Healy, F. L. Bateman, W. 11. St. John, W. L. Taylor, C. A. Waltz, B. It, held on April 13 David K.E. Bruce of New York, son-in-law of Andrew W.
Lawrence, E. It. Gardner and Ralph J. Leibenderfor. The board formerly Mellon, Ambassador to Great Britain, was elected a director.
consisted of 15 members, G. F. Breen, W. H. Eshbaugh, W. T. Hoops,
Four directors, whose terms expired, were re-elected. They are Joseph
-V. 134, p. 2360. W. Marsh. A. W. Robertson, H. II. Westinghouse and Albert II. Wiggin.
S. G. Rea and Graham C. Woodruff not being re-elected.
-V. 134. p. 2549.
-Minority Preference Group
United States Lines, Inc.
Forms Protective Committee.
-
White Rock Mineral Springs Co.
-Earnings.
-
For income statement for quarter ended March 31 see "Earnings DeA protective committee had been formed by the minority preference share- partment" on a preceding page.
-V. 134, p. 2363.
holders, which is seeking to set aside the recent sale of the company's
assets to the United States Co. of Nevada. The committee is comprised N ,,,
" (H. F.) Wilcox Oil & Gas Co.
,
-Changes Par Value.analytical chemist,
of J. V. Bendus, manufacturer; Charles H. Kimberly,
f
The stockholders on April 5 approved a proposal to change the common
and Isabel Vernon Cook. The address is given as Room 2,357, 120 Broadss
from 1.150,000 shares o no par value to 1.150.000 shares par veins
way, N. Y. City.
$5, each share to be exchanged for one new share.
In a circular addressed to minority preference stockholders the comVacancies existing on the directorate were filled by Howard 0. Babcock.
mittee apparently blames the United States Shipping Board, which ap- of Buffalo. N. Y., and Frank F. Winters, of
-V. 134.
for most of
Williamsport, Pa.
proved the sale to the Chapman group and their financing,
the troubles which finally resulted in the sale of the company's assets v. 2171.
,
w olg........ _
had been as liberal to theoui
and ships. They hold that if the Board
Woods Manufacturing Co., Ltd.
-Changes Par Value.owners in reducing mortgages on the ships, and other items, they
Supplementary letters patent have been issued under the Seal of the
have bean able to carry on.
-V. 133, p. 3269.
Secretary of State of Canada. dated Feb. 13 1932, converting the 24,920
common shares, $100 each, of which 17,106 shares are outstanding, and
-Unfilled Orders.United States Steel Corp.
-V. 7.814 shares remain unissued. into 24.920 common shares without par value
See under "Indications of Business Activity" on a Preceding Page.
and decreasing the paid-up capital by 31,673,940.24, such reduction being
134, p. 2548.
effected by reducing the capital consideration in respect of the 17.106 issued
and outstanding common shares from $1,710,600 to 536.659.76.-V. 134.
-Production.United Verde Extension Mining Co.
1932.1929. P. 1601.
1930.
Copper Output (Lbs.)1931.
4.675,640
4.446.000
Januy
ar
2,824,696
3,043,930
T. W.) Woolworth Co.
-Declares Regular Dividend.I
4.047.610
3.738,000
3,221.000
Feburary
3.031.458
rs
he directors on Apr. 13 declared the regular guar. div. of 60c. per share
5,207.946
March
3,362.000
3,236,000
3,049,976
on the outstanding 597.500,000 capital stock, par $10, payable on June 1
-V. 134. p. 2362.
to holders of record April 18. Ordinarily, the record date would not be so
Universal Pictures, Inc.
close to the date of declaration but it was necessary to advance it this year
-Earnings.For income statement for 3 months ended Jan. 30 see "Earnings De- in order to close the books for the annual meeting scheduled for May 18.
partment" on a preceding page.
The last previous ciparterly dividend of 60c. per share was paid on March 1
-V. 134, p. 2362.
olaers or recor
Waldorf System, Inc.
-March Sales.
-March-1931.
1932
$1.265.936 51,350,825
-V. 134. p. 2170.
Decrease.I 1932-3 Mos.-1931.
384.889133,670,008 $3.855,516
Decrease.
$185,508
(L. A.) Young Spring & Wire Corp.
-Now Director.
C. M. Young has been elected a director, succeeding Benjamin Clark.
V. 134, p. 2550.
Volume
134
Financial Chronicle
2929
Seports mut Pocnuxents.
PUBLISHED AS ADVERTISEMENTS
ILLINOIS CENTRAL RAILROAD COMPANY.
EIGHTY-SECOND ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31, 1931.
territory. Its traffic and revenues reflected the prevailing
conditions.
Competition of other forms of transportation was also a
factor influencing the operation of your property in 1931.
The Illinois Central System has sought and is still seeking
to prevent inroads upon its traffic by competing highway
and waterway carriers. Efforts are directed not only to
more intensive traffic solicitation and improvements in
service but also to the field of public education. These
efforts are beginning to bear fruit; public opinion is coming
The number of miles of road operated as of December 31,1930. was 6,701.05
to recognize the urgent need of equality of regulation.
Less:
12.50
Retirement of line-Helm. Miss., to Jacobs. Miss
The loss of revenue in 1931 made reductions in expenses
.27
Various changes due to remeasurement. etc
12.77 necessary. Total operating expenses, which were reduced
18.4 per cent in 1930, were further reduced 16.7 per cent in
The number of miles operated as of December 31, 1931. was.... 6,688.28 1931. These reductions were accomplished largely through
The average number of miles of road operated during the year was 6,689.51
consolidations of divisions, shops and offices, discontinuance
INCOME.
of unprofitable trains, abandonment of unprofitable branch
income for the year ended December 31, lines, force reductions and economies in plant maintenance
A summary of the
previous year is stated below: and operation. Expenditures for materials and supplies
1931, as compared with the
Increase(+)
Per
were lower than for any year since 1916. Total operating
Decrease (-). Cent.
1930.
1931.
expenses were lower than for any year since 1917.
Average miles op-21.57 -0.32
6.711.08
erated during yr.
6.689.51
Notwithstanding the economies that were instituted to
offset the decrease in revenue, the property was adequately
Railway operating
-21.33 maintained to meet the demands made upon it, and there
revs. (Table 0_116.788,193.87 148.455,904.55 -31,667,710.68
Railway operating
in the high character of service that has
asps. (Table 10) 94.797.653.90 113.813.197.27 -19.015,543.37 -16.71 was no let-down
long been maintained.
from
Net rev,
ry. operations 21,990,539.97 34,642,707.28 -12,652.167.31 -36.52
RAILWAY OPERATING REVENUES.
By. tax accruals-- 7.482,147.67 9.141.528.09 -1.'559.380.42 -1q16
Uncollectible rail"Railway Operating Revenues" were $116,788,193.87 this
+11,208.19 +25.52
43,923.31
55,131.50
way revenues....
year, as compared with $148,455,904.55 last year, a decrease
of $31,667,710.68, or 21.33 per cent. For details of "Railway
Railway operating income--- 14,453,260.80 25,457,255.88 -11,003,995.08 -43.23 Operating Revenues," see Table 1.
Equipment rents
+385,792.75 +16.43
Freight Revenue," decreased $23,822,888.88, or 20.32 per
net debit(Tab.1) 2,733,224.55 2,347.431.80
Joint facility rent
cent. The number of tons of revenue freight carried one
net credit (Table
-359,315.11 -73.83 mile was 9,752,447,820, a decrease of 2,815,783,300, or 22.40
486,696.83
127,381.72
1)
per cent, compared with last year. The average rate per
Net railway operating income 11,847,417.97 23,596,520.91 -11,749,102.94 -49.79 ton per mile was .958 cent, an increase of .025 cent, or
Non-operating In2.68 per cent compared with the previous year.
come (Table 1)- 2,597,308.40 3,849,211.29 -1,251.902.89 -32.52
"Passenger Revenue" decreased $5,628,658.67, or 29.04 per
Gross income-- 14,444,726.37 27,445,732.20 -13,001,005.83 -47.37 cent. The number of passengers carried one mile was 623,Dedu'ns from gross
-129.303.94 -0.71 740,110, a decrease of 175,855,413, or 21.99 per cent, as comIncome(Table 1) 18,026.838.05 18,156,141.99
pared with the previous year. The average revenue per
transferred
Balance
passenger per mile was 2.205 cents, a decrease of .219 cent,
to profit and loss dj1,582,111.68 9.289,590.21 -12.871,701.89
or 9.03 per cent, compared with last year. The decline in
The year covered by this report was one of the most try- passenger traffic was accounted for by existing business
ing in the experience of the Illinois Central System. Your conditions, coupled with unregulated motor competition.
"Mail Revenue" decreased $212,955.49, or 7.34 per cent,
railroad serves a territory of wide diversification. However, a decline in foreign trade, an epidemic of bank fail- due in part to the taking off of trains and to the general
ures, widespread drouth, extensive unemployment, collapse decrease in volume of mail handled.
"Express Revenue" decreased $766,054.39, or 22.01 per
of commodity prices, contraction of credit and curtailment
of buying power all contributed to the downward trend in cent, due to the continued shrinkage in express business
commercial activity which was carried over from 1930 and handled.
There was a decrease of $242,864.94, or 25.01 per cent, in
continued unchecked throughout 1931.
The territory served by your railroad normally produces the other items of passenger train revenue, consisting of
a large exportable surplus of agricultural products, and "Excess Baggage," "Parlor and Chair Car," "Milk" and
more than 40 per cent of the manufacturing plants in the "Other Passenger Train Revenue," due to the same causes
territory are adjacent to agriculture. The prosperity of as the continued decline in passenger traffic.
"Switching" and "Special Service Train Revenue" dethis region is therefore largely dependent upon the prosperity of its farming. Curtailment of foreign demand and creased $396,016.10, or 21.11 per cent.
"Incidental" and "Joint Facility Revenues" decreased
of domestic buying power resulted in declines in the prices
of nearly all farm products. The value of the corn crop in $598,272.21, or 22.92 per cent, due to the continued stagnathis territory in 1931 was 38 per cent less than in 1930; the tion in business throughout the year.
value of the oat crop was 39 per cent less; the value of the
RAILWAY OPERATING EXPENSES.
wheat crop was 28 per cent less; the value of the tobacco
"Railway Operating Expenses" amounted to $94,797,crop was 11 per cent less, and the value of the cotton crop
was 21 per cent less. The gross farm income of the territory 653.90, a decrease of $19,015,543.37, or 16.71 per cent. For
served was 30 per cent under that of the previous year and details, see Table 10.
There was a decrease of $2,600,977.05, or 15.29 per cent, in
less than half that of 1929.
The demand for all kinds of construction materials was "Maintenance of Way and Structures Expenses."
"Maintenance of Equipment Expenses" decreased $6,350,seriously affected by the virtual suspension of building
activity. Lumber exports in 1931 were approximately half 183.72, or 20.58 per cent.
"Traffic Expenses" decreased $366,373.95, or 10.01 per
the 1929 volume. The demand for stone, sand, gravel,
cement, asphalt and other construction materials also cent, the major reductions being in outside agencies, advertising, stationery and printing.
declined.
There was a decrease of $9,478,944.73, or 16.86 per cent,
Lessened business activity, an unusually warm winter and
Increased competition of other fuels, particularly natural In "Transportation Expenses."
"Miscellaneous Operations" decreased $278,195.07, or 24.90
gas, caused a serious loss of coal traffic. The combined
Illinois, Indiana and West Kentucky fields produced in 1931 per cent, due to a decline in dining car and restaurant
approximately 15,000,000 fewer tons of coal than in 1930 and expenses.
"General Expenses" increased $12,361.41, or 0.24 per cent,
30,000,000 fewer tons than in 1929.
Manufacturing output was approximately 16 per cent due principally to an increase in pension payments.
under 1930 and 32 per cent under 1929. Steel output declined
RAILWAY TAX ACCRUALS.
87 per cent under 1930.
"Railway Tax Accruals" for the year amounted to $7,482,ratio of business failures to total business enterprises
The
147.67, as compared with $9,141,528.09 last year, a decrease
was higher in 1931 than in any year since 1878. In the of $1,659,380.42, or 18.15 per cent.
There was a decrease of
served by your railroad there were 6,958 comterritory
mercial failures reported, including failures of 1,374 manu- $463,675.00 in Illinois charter taxes and a decrease in taxes
In other states and on non-charter lines in Illinois of $2 139,facturing enterprises and of 825 banks.
partly offset by a Federal income tax refund of
It was impossible for your railroad to escape the effect 622.25,
$944,000.00 last year.
.of such reverses that bore down upon the business life of its
To the Stockholders of the Illinois Central Railroad Co.:
The Board of Directors submits the following report of
the operations and affairs of the Illinois Central Railroad
Company for the year ended December 31, 1931, including
The Yazoo & Mississippi Valley Railroad Company, the
entire capital stock of which is owned or controlled by the
Illinois Central Railroad Company. For convenience the
two companies are designated by the term "Illinois Central
System."
2930
Financial Chronicle
April 16 1932
EQUIPMENT RENTS—NET DEBIT.
ADDITIONS AND BETTERMENTS—EXPENDITURES.
"Equipment Rents—Net Debit" amounted to $2,733,224.55
There was expended during the year for "Additions and
this year, as compared with $2,347,431.80 last year, an in- Betterments" (including improvements on subsidiary
and
crease of $385,792.75, due principally to a loss of $954,129.00 lessor properties) $564,779.15. The following
is a classified
in System car hire and mileage caused by decreased use of statement of these expenditures:
our cars, partly offset by decreased payments for private
Total
Road—
car mileage and reclaims of $656,193.54.
Expended.
Engineering
Cr. $537,380.24
Land for transportation purposes
JOINT FACILITY RENT—NET CREDIT.
12,425.78
Cr
Grading
85,576.59
Cr
"Joint Facility Rent—Net Credit" amounted to $127,381.72 Tunnels and subways
Cr.
1.26
Bridges, trestles and culverts
this year, as compared with $486,696.83 last year, a decrease Ties
250,258.01
8,922.26
Cr.
of $359,315.11, due in part to a decline in use of facilities by Rails
136.566.00
tenant companies and partly to increased tolls incident to Other track material
188,828.92
Ballast
44,568.44
an increase in use of the Vicksburg bridge and increased Track laying and surfacing
25.609.20
charges for use of the Belt Railway in Chicago.
Right-of-way fences
16.513.47
Crossings and signs
222,520.51
NON-OPERATING INCOME.
Station and office buildings
545,349.46
Roadway buildings
15,600.21
"Non-operating Income" amounted to $2,597,308.40 this Water stations
Cr.
Cr. 35,064.43
year, as compared with $3,849,211.29 last year, a decrease of Fuel stations
Cr.
48,797.07
Shops and engine houses
$1,251,902.89. The principal causes of this decrease were: Grain elevators
Cr. 25,946.36
Cr. 101,950.40
(a) a reduction in amount of dividends received from the Wharves and docks
463.29
Central of Georgia Railway Company of $699,947.50; (b) a Telegraph and telephone lines
21,223.44
Signals and
66,804.86
reduction of $344,050.20, interest received last year on an Power plantinterlockers
buildings
55.40
income tax refund in excess of that received this year, and Power substation buildings
8,033.64
Cr.
Power transmission systems
177.76
(e) a reduction in "Income From Funded -Securities" of Power distribution systems
32,076.94
$107,359.45, due principally to the sale of United States Gov- Power line poles and fixtures
9,389.99
Underground
ernment securities and Vicksburg, Shreveport & Pacific Miscellaneou conduits
26,749.63
s structures
1,341.06
Cr.
Railway Company Refunding and Improvement Gold Bonds Paving
4,697.65
Roadway machines
held in the treasury.
102,611.50
Roadway small tools
Cr.
1,854.95
Assessments for public improvements
DEDUCTIONS FROM GROSS INCOME.
66,390.92
Revenues and operating expenses during construction
522.54
"Deductions From Gross Income" amounted to $18,026,- Other expenditures—Road
Cr.
2,331.74
Shop machinery
Cr. 45,975.30
838.05 this year, as compared with $18,156,141.99 last year, Power plant
machinery
Cr.
2,899.50
a decrease of $129,303.94. The principal causes of this de- Power substation apparatus
Cr.
1,515.61
crease were: (a) a decrease in "Interest on Funded Debt"
Total
$833 261 53
of $43,397.48, due to inclusion in Profit and Loss, interest
Equipment
-on company securities held in our Western Lines and
Steam locomotives
Cr. $16,925.08
Omaha Freight train cars
Division Sinking Funds, of $196,535.19, together with
Cr.
7,202.16
Cr. 164,546.54
continuance of interest on securities matured during dis- Passenger train cars
Cr.
5,200.00
the Floating equipment
year of $371,862.29, offset by accrued interest of $525,000.0 Work equipment
44.451.72
0 Miscellaneous equipment
2.297.46
on our Three Year Four and One-Half Per Cent Gold
Notes
Total
of 1934 sold during the year; (b) a decrease in "Interest on
Cr. $147,124.60
General—
Unfunded Debt" of $116,787.02, due to $72,692.58 interest
Organization expenses
Cr. $19,805.89
on income taxes and $55,559.21 interest in connection with General officers and clerks
11,840.25
Cr.
acquisition of 50% ownership in the Chicago Produce Termi- Law
Cr. 82,689.96
1,053.62
Cr.
nal Company paid last year, with no corresponding items 'Taxes during construction
Interest
5,968.06
Cr.
this year; and (c) an increase in "Amortization of Discount
Total
Cr $121,357.78
on Funded Debt" of $35,696.90, due principally to discount
incurred on our Three Year Four and One-Half Per Cent
Grand Total
3564.779.15
Gold Notes of 1934 sold during the year.
The foregoing statement includes $805,823.14 advanced
during the year for additions and betterments to the propCAPITAL STOCK AND FUNDED DEBT.
erties of subsidiary and lessor companies as follows:
There was no change during the year in either the common Batesville Southwestern R. R.Co
Cr. $112,803.45
or preferred stock.
Baton Rouge, Hammond & Eastern R. R. Co
463.84
Cr.
Benton Southern R.
Illinois Central Railroad Company Three Year Four and Blue Island R. R. CoR. Co
10.49
5,723.29
Cr
One-Half Per Cent Gold Notes amounting to $20,000,000.00 Canton, Aberdeen and Nashville R. R. Co
1,988.52
Cr
Chicago, St. Louis & New Orleans R. R. Co
were issued and sold as of June 1, 1931.
515,431.17
Chicago,
Cr
1,995.46
Under the terms of the Illinois Central Railroad Company Dubuque Memphis & Gulf R. R. Co
and Sioux City R. R. Co
49,321.58
Golconda Northern Ry
and Chicago, St. Louis & New Orleans Railroad Company
147.69
Kensington and Eastern
Joint First Refunding Mortgage there were issued $1,000.00 South Chicago R. R. Co R. R. Co
130.924.17
2,879.45
par value of Series "A," or Dollar, Bonds in exchange for Southern Illinois and Kentucky R. R.Co
7.170.08
Total Subsidiary Companies
£200 Sterling Bonds, the equivalent of $970.00 of Series "B,"
3582.915.57
or Sterling, Bonds upon payment of the difference of $30.00. The Alabama Sz Vicksburg Ry. Co
$88.183.90
134.723 67
The Sinking Funds of our Western Lines First Mortgage Vicksburg. Shreveport & Pacific By. Co
Total Lessor Companies
$222,907.57
Four Per Cent Gold Bonds and Omaha Division Three Per
Grand Total
$805,823.14
Cent First Mortgage Gold Bonds, heretofore accounted for
in the accounts of the Dubuque and Sioux City Railroad
PHYSICAL CHANGES.
Company, were transferred by authority of the Interstate
The following summary includes the more important
imCommerce Commission, to the accounts of the Illinois Cen- provements during
the year,
tral Railroad Company. Through this transfer Illinois Cen- wholly or partly to "Road the cost of which was charged
and Equipment":
tral Railroad Company securities held in these funds,
ADDITIONS AND BETTERMENTS—ROAD.
amounting to $5,314,500.00, are now shown as held in Illinois
The Chicago Terminal Improvement work was continued.
Central Railroad Company Sinking Funds as indicated in
The new Randolph Street suburban terminal
Table 6.
was completed,
On September 1 $550,000.00 St. Louis Southern Railroad as was the suburban station at South Water Street. The
Company Four Per Cent Bonds and $122,00600 of its Income reconstruction of the Randolph Street viaduct west
of the
Michigan Central property was continued.
Bonds matured and payment has been provided for.
Track work
There were retired and canceled during the year, under Incident to the construction of the Randolph Street viaduct
the terms of the respective trust agreements: Illinois Central east of the Michigan Central property and for Field BouleEquipment Trust, Series "F," $737,000.00; Series "G," $324,- vard viaduct was begun.
Fifty-three company sidings, covering 6.20
000.00; Series "H," $217,000.00; Series "I," $443,000.00;
miles of track,
Series "J," $1,273,000.00; Series "K," $863,000.00; Series were built or extended, and 11.10 miles were taken up.
"L," $616,000.00; Series "M," $386,000.00; Series "N," $311,- Fifty-two industrial sidings were built or extended.
The subway at Alma, Ill., was completed,
000.00; Series "0," $564,000.00; Series "P," $466,000.00, and
and one was
Government Equipment Trust No. 33, $647,100.00. There constructed at Manson, Ia. Work on subways at Clinton,
was also a retirement, under the equipment agreement with Ill.; Mt. Pulaski, Ill., and Sioux Falls, S. D., was begun.
Ovearhead bridges were constructed at
The Pullman Company, of $222.139.06. The total retireMonee,
roe, Wis.; Madison, Wis.; Meriden, Ia.; Corinth, Ill.; Monments for the year amounted to $7,069,239.06.
Miss., and
H.ckleburg, Ala. Work was begun on
overhead bridges at
SECURITIES OWNED.
Central City, Ia.; Ackley, Ia.; Sioux City,
Ia., and Kenner
United States Three and One-Half Per Cent Treasury Junction, La.
Notes, Series "A," of 1930-1932 to the par value of $500,The reinforcement work near West Point,
Ky., referred
000.00 were sold during the year.
to in last year's report, to permit the operation of heavier
The Chicago & Illinois Western Railroad redeemed $32,- power was completed.
Work on the replacement of the
633.35 par value of its equipment trust certificates, dated old drawbridge and
steel
August 1, 1926, in two installments maturing February 1, port, Ky., was continued. truss over the Green River, Rock1931, and August 1, 1931, respectively.
The outbound freight station at East St. Louis, which
There was acquired in June, 1931, City of
York, Three and One-Half Per Cent Bonds Albany, New was destroyed by fire, was reconstructed.
of 1932 to the
A 75-ton electrically operated coaling station was erected
par value of $184,000.00.
Fulton, Ky.
Agricultural Securities Corporation Collateral Trust In- atAutomatic
interlocking plants were installed, replacing
come Gold Bonds to the par value of $19,500.00
were sold manually operated interlocking plants, at East Rockford,
during the year.
Ill.; Sand Ridge, Ill.; Marion, Ill., and Independence, Ia.
2931
Financial Chronicle
Volume 134
Your Board on October 27, 1931, passed the following
bridges and
One thousand eighty lineal feet of permanent
replacing pile and timber bridges resolution:
trestles were constructed,
"Resolved: That the dividend which customarily would
ent bridges and
and trestles; 310 lineal feet of perman timber bridges be paid December 1, 1931, on the common stock of the Comfeet of pile and
trestles and 14,474 lineal
pany be and is hereby suspended, and
were rebuilt.
"Resolved Further: That the action of the Board of
ENT.
ADDITIONS AND BETTERMENTS-EQUIPM
Directors in regard thereto be announced in the following
were
One freight locomotive and one switching locomotive 185 statement:
to
"'The Board of Directors of the Illinois Central Railroad
retired. Steam pressure was increased from 175
net decrease Company, at its meeting today, has decided to suspend divipounds on four Mikado type locomotives. The .
pounds
dend payments on its Common Stock, believing it to be in
in tractive power for the year was 37,326
Thirty-six passenger cars were condemned, sold or trans- the interest of its stockholders as well as holders of its
ions to conserve its cash resources under the present
ferred to other classes.
or obligat s and financial conditions.'"
busines
One hundred seventy-two freight cars were retired
The Board of Directors takes pleasure in expressing its
transferred to other classes.
appreciation to the officers and employes for their loyal
GENERAL.
and efficient service.
The stockholders of record at the close of the year numthese, 16,247 held common stock and 4,923
bered 21,170. Of
By order of the Board of Directors.
the
held preferred stock. There were 20,220 stockholders at
L. A. DOWNS, President.
close of the preceding year.
MBER 31, 1931 AND 1930.
INCOME STATEMENT FOR THE YEARS ENDED DECE
Table 1.
1931.
Average miles operated
Railway Operating Revenues
Rail-Line Transportation:
Freight
Passenger
Excess baggage
Parlor and chair car
Mail
Express
Milk
Other passenger-train
Switching
Special service train
Total rail-line transportation revenue
Incidental Operating Revenue
Dining and Buffet
Hotel and restaurant
Station. train and boat privileges
Parcel room
Storage-freight
Storage-baggage
Demurrage
Telegraph and telephone
Rents of buildings and other property
Miscellaneous
Total incidental operating revenue
Joint Facility Operating Revenue
Joint facility-Cr
-Dr
Joint facility
Total joint facility operating revenue
Per Cent
of Total
Operating
Revenues
1930.
Per Cent
of Total
Operating
venues
Per Cent
21.57
0.32
$23,822,888.88
5.628,658.67
26,912.50
11,713.40
212,955 49
766,054.39
70,532.98
133,706.06
396,650.27
20.32
29.04
34.58
26.59
7.34
22.01
17.79
29.52
21.56
1.77
____
6,711.08
6,689.51
Decrease.
Increase.
$93,400,233.29
13,756,605.95
50,924.99
32,342.25
2.688.042.25
2.714,042.99
325,852.98
319,261.69
1,443,398.77
36.526.67
79.98
11.78
0.04
0.03
2.30
2.33
0.28
0.27
1.24
0.03
2117.232,122.17
19,385,264.62
77,837.49
44,055.65
2,900,997.74
3,480,097.38
396,385.96
452.967.75
1,840,049.04
35,892.50
78.97
13.06
0.05
0.03
1.95
2.34
0.27
0.31
1.24
0.02
$114,776,231.83
98.28
$145,845.670.30
98.24
$31,069,438.47
21.30
$463,168.95
161,807.81
195.755.49
22,944.90
103,244.77
5.652.31
154,317.50
4,560.43
88.126 17
196.230.64
0.40
0.14
0.17
0.02
0.09
0.00
0.13
0.00
0.07
0.17
0.44
0.15
0.16
0.02
0.12
0.01
0.17
0.00
0.05
0.19
2195,104.79
53,803.49
36,584.03
8.273.30
74.315.80
2.899.50
101.111.50
1,574.71
$1.395,808.97
1.19
0.57
$665,812.46
Dr.49,679.39 Dr.0.04
$634.17
79,872.67
29.64
24.95
15.75
26.50
41.85
33.91
39.38
25.67
6.28
28.93
1.31
$548.329.84
28.20
0.50
$737,365.36
Dr.71,269.92 Dr.0.05
$71.532.90
9.70
30.29
$658.273.74
215,611.30
232.339.52
31,218.20
177.560.57
8,551.81'
255.429.00
6,135.14
82,916.22
276,103.31
81,944.138.81
25.209.95
$21,590.53
$616,153.07
0.53
2666,005.44
0.45
$49.942.37
7.50
Total railway operating revenues
Railway Operating Expenses
Maintenance of way and structures
Maintenance of equipment
Traffic
Transportation-rail line
Miscellaneous operations
General
Transportation for investment-Cr
$116,788,193.87
100.00
8148,455.904.55
100.00
831.667.710.68
21.33
11.46
$17,013,643.81
20.79
30.88,545.99
2.47
3,661,071.98
37.86
56,210.800.20
0.75
1,117,457.69
3.43
5,096,516.09
Cr.144,838.49 Cr.0.10
22,600.977.05
6,350.183.72
366.373.95
9,478,944.73
278.195.07
15.29
20.58
10.01
16.86
24.90
0.24
32.29
Total railway operating expenses
$94,797,653.90
81.17
2113,813,197.27
76.66
$19.015.543.37
16.71
Net revenue from railway operations
$21,990.539.97
18.83
$34,642,707.28
23.34
812.652,167.31
36.52
$7,482,147.67
55,131.50
6.41
29,141,628.09
43,923.31
6.16
21.659.380.42
18.15
25.52
$14,453,260.80
12.38
$25.457.255.88
17.15
$11.003.995.08
43.23
$805,050.44
433.578.69
____
---____
67.350.53
$83.082.71
1.536.12
155,627.63
$737,699.91
516,661.40
1,536.12
139.388.96
---
16,238.67
9.13
16.08
100.00
11.65
$1,394.256.76
21,395,286.39
----
Railway tax accruals
Uncollectible railway revenues
Railway operating income
Additions to & Deductionsfrom fly. Oper. Income
Rent from locomotives
Rent from passenger-train cars
Rent from floating equipment
Rent from work equipment
Equipment rents-Credits
Hire of freight Cars-debit balance
Rent for locomotives
Rent for passenger-train cars
Rent for floating equipment
Rent for work equipment
12.34
$14,412,666.76
20.99
24,508.362.27
2.82
3.294,6 .8.03
40.01
46.731 855.47
0.72
839.262.62
4.37
5,108,877.50
Cr.98,088.75_ Cr.0.08
-
$12,361.41
46,769.74
$11.208.19
$1,029.63
$2.795.641.46
-696,640.22-____
558.976.91
4.009.91------_
72,212.81
82.497.706.00
619,289.70
548,192.54
4.402.00
73,127.95
___--__-____
$297,935.46
77,350.52
10,784.37
-Debits
Equipment rents
$4,127,481.31
----
$3,742,718.19
____
$2.733.224.55
----
$2,347,431.80
----
$392.09
915.14
10.28
8384,763.12
Equipment rents-Net debit
0.07
11.93
12.49
1.97
8.91
1.25
$385,792.75
Joint facility rent income
Joint facility rent deductions
-Net credit
Joint facility rent
Net railway operating income
Non-Operating Income
Income from lease of road
Miscellaneous rent income
Miscellaneous non-operating physical property
Separately operated properties-profit
Dividend income (table 4, pamphlet report)
Income from funded securities(Table 4,pamphlet renort)
income from capital advances to affiliated companies
(Table 5, pamphlet report)
Income from unfunded securities and accounts
Miscellaneous income
Total non-operating income
Gross income
Deductions from Gross Income
8, pamphlet report)
Rent for leased roads (Table
Miscellaneous rent deductions
Miscellaneous tax accruals
Separately operated properties-loss
pamphlet report)
Interest on funded debt (Table 7,
Interest on unfunded debt funded debt
on
Amortization of discount organization
Maintenance of investment
Miscellaneous income charges
Total deductions from gross income
transferred to Profit and Loss
Balance
$2,479,976.62
2,352,594.90
---_
____
$2,705,817.56
2,219,120.73
$127,381.72
___
-----_-
2486,696.83
$133,474.17
10.14
823,596.520.91
-_
____
$215,680.54
659.058.47
52,710.63
2,156.08
2,008,624.95
194,965.04
----
$2.597,308.40
$3.849,211.29
$14,444,726.37
81,719.509.01
22,012.94
2,833.20
10,161.90
15,808.726.13
188,070.90
379,028.55
628.00
25,171.36
5,256.04
---_
----
$1.251,902.89
----
$13,001,005.83
----
$3.204.32
----
$27,445.732.20
81.716.304.69
24,421.84
3,922.13
15,422.24
15,765,328.65
71,283.88
414,725.45
694.50
14,734.67
----------------
116.261.02
1,485.87
707,373.34
107.359.45
65.419.20
320.997.83
212,043.54
488,032.83
15.939.21
----
49.79
$6,906.33
268,644.11
73.83
811.749,102.94
15.89
$208.774.21
727,702.58
Dr.63,550.39
670.21
1.301.251.61
87,605.59
---
8.35
6.01
$359,315.11
211.847.417.97
146,624.34
167,035.00
21,195.25
16.43
$225,840.94
818.026,838.05
818.156,141.99
$129,303.94
-----------------------------_-
def$3,582,111.68
$9,289,590.21
$12.871,701.89
----
____
____
$2,408.90
1,088.93
5,260.34
43.3f7-.41.
116,787,02
- ----66.50
10,436.69
2932
Financial Chronicle
April 16 1932
PROFIT AND LOSS.
Table 2.
Balance transferred from income
Surplus applied to sinking funds:
L Western Lines bonds
L Omaha Division bonds
$3,582,111.68
$200,100.77
33.522.57
233,623.34
Dividend appropriations of surplus:
Preferred:
Payable Sept. 1, 1931 (3%)
559.371.00
Common:
Payable June 1, 1931 (1%)
$1,357.997.00
"
Sept.!, 1931 (1%)
1,357.997.00
2,715.994.00
Surplus appropriated for investment in physical property__
40,068.00
Unaccrued depreciation prior to July 1, 1907, on equipment
I retired
78,567.44
Difference between cost of property retired and not replaced
i and net value of salvage recovered
1,425.092.72
Loss on sale of property
74,416.95
Miscellaneous debits
202,469.37
Balance, December 31, 1931
73.881,805.89
Balance, December 31, 1930
Donations
Unclaimed vouchers, wages and miscellaneous drafts
Miscellaneous credits
$82,793,520.39
$81,749,292.01
40,068.00
588,371.50
415,788.88
$82.793.520.39
CONDENSED GENERAL BALANCE SHEET-DEC. 31,
1931, AND COMPARISON WITH DEC. 31, 1930.
Table 3.
ASSET SIDE.
Dec. 31, 1931.
Investments—
Dec. 31. 1930.
Road and equipment to June 30, 1907
Road and equipment since June 30. 1907
$169.510.131.34 $169.510.131.34
294.705.625.41
294,946.669.40
Total road and equipment
$464,215,756.75 $464,456,800.74
Sinking funds
Less:Illinois Cent. R.R. Co.'s obligations(Table 6,pamphlet report) *5,416.840.83
5.314.500.00
$102.340.83
Miscellaneous physical property
$1,739,074.81
$1.968.424.37
Investments in affiliated companies:
Stocks
Bonds --------------------------------------------------------------- $42,743,867.28 $42,653,867.28
18.847,201.42
Notes---- ----- ------- -18,894.331.02
1.040.167.36
Advances (Table 5, pamphlet report)-----------------------------------1.040,167.36
177.335.646.15
176.610,409.00
8239.966.887.21 $239.198,774.66
Other investments:
_______________________________________________________________
Stocks
$51.052.00
$51.052.00
Bonds __ - ________--------------------------------------------------196.531.17
21,100.00
Notes, advances, etc
1,276.843.38
1,499.826.90
$1,524.426.55
Total investments
Current Assets—
Cash
Demand loans
Time deposits _ _
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Other current assets
$102.340.83
$229,349.58
$90.000.00
$47,124.60
725,237.15
$768,112.55
$175.431.17
$222,983.52
$1.571.978.90
$707.548.486.15 8707.195.978.67
Deferred Assets—.
Working fund advances
Other deferred assets
$47.552.35
$352.507.48
$8,828,308.55
$4 511,110.17
5.000.000.00
2,200.000.00
46.099.13
428,511.11
1.238,883.37
1,334.491.64
12.062.495.18
8,063.014.02
543,362.01
47,936.89
61,354.28
110.619.02
1,790,907.86
1,726.933.06
10.329,816.21
9,874,252.78
523.793.39
82,225.80
1,732,678.97
$33.328,210.95
$2,147,692.57
$89.646.71
2.803,950.49
Total deferred assets
Unadjusted Debits—
Discount on funded debt
Other unadjusted debits
$5,000,000.00
2,200,000.00
$64,973.81
2,772,517.58
$2 893 597 20
$2 837 491 39
Z.5.689.307.44
2,105,827.50
Total unadjusted debits
317,892.09
LIABILITY SIDE.
$4,317,198.38
15.255.15
552,024.49
392,441.42
1,811.238.76
19,568.62
34,288.91
$24,672.90
31,432.91
$5,810,757.84
2,870,609.64
$56.105.81
$121,450.40
764,782.14
$7.795.13 _.94
$8.681,367.48
$753.713,121.81
Grand Total
Decrease.
$241,043.99
$241.043.99
$35.475,903.52
Total current assets
Stock—
Common Stock
Less: Held In treasury
Increase.
$752,043.048.49
$1 670 073 32
Dec. 31. 1931.
Dec. 31, 1930.
Increase,
$886,232.54
Decrease.
$135.799.700.00 $135,799,700.00
208.33
208.33
Total common stock outstanding
Preferred stock, series "A'
Premium on capital stock
$135.799.491.67 $135,799.491.67
18.645.700.00
18,645,700.00
138,754.53
138,754.53
Total stock outstanding
$154,583.946.20 $154,583,946.20
Governmental Grants—
Grants in aid of construction
$16,849.20
$10,460.68
Funded Debt (Table 6, pamphlet report)
$432,238.628.87
Less: Owned within the System and Sinking Funds (Table 6, pamphlet report) 65,855,500.00 $419,970,837.93
60,669,000.00
Total funded debt outstanding (Table 6. Pamphlet report)
$366.383,128.87 $359,310,837.93
Current Liabilities—
Loans and bills payable
$654,065.27
Traffic and car-service balances payable
$2,284,979.35
3,036.596.12
Audited accounts and wages payable
10.894.361.65
11,597.743.47
Miscellaneous accounts payable
421.937.92
495,166.47
Interest matured unpaid
1,768.181.26
1,805,845.09
Dividends matured unpaid
17,473.80
22,387.55
matured unpaid
Funded debt
18,533.32
17,558.32
Unmatured dividends declared
2,935,865.75
Unmatured interest accrued
2,579.844.40
2,692.466.65
Unmatured rents accrued
297,827.11
314,075.26
Other current liabilities
520.055.79
761,719.95
Total current liabilities
$18,603,194.60 $24,333,489.90
Deferred Liabilities—
Other deferred liabilities
$4,985,0411.24
$4,921,482.17
Total deferred liabilities
$4,985,040.24
$4,921,482.17
Unadjusted Credits—
Tax liability
$4,704,557.19
$7,913,546.02
Accrued depreciation—Equipment
96.171,429.26
89,153.322.53
Other unadjusted credits
5.154.535.87
6,327,588.90
Total unadjusted credits
Corporate Surplus—
Additions to property through income and surplus
Sinking fund reserves
Profit and loss (Table 2, pamphlet report)
Total corporate surplus
8106,030,522.32 8103,394,457.45
$10,425,742.66
5.449,484.34
73,881,805.89
$10,385,674.66
$89,757.032.89
$7,072,290.94
$654,065.27
751,616.77
903.381.82
73,228.55
37,663.83
4,913.75
$975.00
2,935,865.75
112,622.25
16,248.15
241,864.18
$5,730,295.30
$63,558.07
$63,558.07
$3,208.988.83
$7.018,106.73
1,173.053.03
82,636,064.87
$92,134,966.67
81,749,292.01
As this consolidated balance sheet excludes all intercompany items, securities of
The Yazoo & Mississippi Valley Railroad Company owned by the Illinois
Central Railroad Company
subsidiaries are not included. Tho difference between the par value and its securities as carried on the books of
such
The
Yazoo & Mississippi Valley of
Railroad Company and the amount at which the
securities are carried on the books of the Illinois Central Railroad Company
is entered here to balance
$13,353,407.49 $13,353,407.49
Grand Total
$753,713,121.81 $752,043.048.49
$6.388.52
$12,258,790.94
5.186.500.00
$40,068.00
5,449,484.34
$7.867,486.12
82.377,933.78
$1.670,073.32
Volume 134
Financial Chronicle
2933
THE DELAWARE, LACKAWANNA AND WESTERN RAILROAD COMPANY.
ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 31, 1931.
The cost of equipment maintenance decreased $1,601,024,
or 12.4%. The decrease in steam locomotive repairs was
To the Stockholders of
due, in part, to the change from steam to electric operation
in the New Jersey suburban zone whereby a number of steam
The Delaware, Lackawanna and Western. Railroad Co.:
locomotive units were retired, but in greater part to the
A report of the results from operation of the Railroad reduced mileage performance of freight locomotives, account
and other property of your Company for the calendar year of light traffic conditions.
1931, with schedules of statistical comparisons with the
There was a decrease in freight train car repairs which is
previous year, property changes and other itiems of interest, likewise due to the reduced service mileage made, but all the
is herewith respectfully submitted.
freight train car equipment was fully maintained during
the year as evidenced by the fact that the cost of repairs per
REVENUES.
OPERATING
freight car mile of performance in 1931 was slightly more
Total revenues from railroad operation were $58,674,838, than in 1930.
a decrease under the previous year of $10,986,652, or 15.8%.
The reduction in cost of passenger train car repairs may
The decrease in revenue from transportation of anthra- be attributed to the substitution of new steel for old wooden
cite coal, amounting to 19.7%, may be attributed in part car units in the New Jersey suburban zone, but there was
to light consumption of domestic fuel on account of abnor- also a considerable reduction in passenger car mileage which
mally mild weather that prevailed throughout the Winter contributed to reduced cost of upkeep.
and Fall months of the year under consideration. In this
During the year your company retired from service 27
connection, the New York Weather Bureau records indicate steam locomotives, 1,144 freight cars, 124 wooden passenger
that 1931 was the warmest year since 1868.
cars formerly used in suburban service, and 71 service or
Revenues from freight transportation, other than anthra- work cars.
cite coal, decreased 10.5% as a result of the general falling
At the close of the year 1931 your company's rolling stock
off in all kinds of industrial production and distribution.
and floating equipment was in an excellent state of repair.
Revenues from transportation of passengers decreased
The total cost of performing transportation service during
13.9% compared with the previous year. The primary the year was $25,057,052, a decrease of $3,545,014, or 12.4%.
causes for the progressive decline in this class of traffic
Comparable with the decrease in operating costs, revenue
from year to year have been pointed out in previous annual tons carried decreased 12.1%; revenue freight train mileage
ever increasing use decreased 12%, and revenue passengers carried dereports and are, of course, due to the
of private automobiles and the competition from bus lines creased 3.8%.
The substantial reduction in the cost of fuel for yard and
operating on highly developed highways paralleling your
road locomotives, amounting to approximately 20%, may
railroad.
monthly suburban commuta- be attributed to two causes, namely: (1) reduced locomotive
Applications for increases in
tion fares amounting to approximately 25% in the electri- performance and (2) discontinuing the use of steam power
fied zone and 15% in the steam operated zone were filed In the electrified portion of the New Jersey suburban zone.
For comparative purposes, the increases in cost of train
with the Interstate Commerce Commission and the Public
Utility Commission of New Jersey, effective November 1, power produced and purchased for suburban electric opera1930. These tariffs were suspended pending extended joint tion should be associated with the decrease in the cost of
hearings conducted by the two commissions. The Interstate fuel for yard and train locomotives.
Approximately one-half of the bituminous coal used for
Commerce Commission rendered its decision in a report
dated December 22, 1931, permitting the increased tariff fueling locomotives is furnished by the Keystone Mining
rates to become effective January 1 1932, following which Company whose mines are located at East Brady in Western
the Public Utility Commission of New Jersey rendered its Pennsylvania, and the control of this operation was acquired
decision to the same effect. Commencing with the year 1932, by your company in 1917 through purchase of its entire
therefore, the increase in revenues that may be expected capital stock. The original cost of acquisition was $351,from this source will tend partially to arrest the rapidly 313.37 and the amount of subsequent advances for additional
declining receipts from passenger traffic.
coal lands and development $570,266.05.
Railway express revenues declined heavily during the
It has been the practice of your company to allow the
decrease of 27.3% com- Keystone Mining Company, for its coal, the going prices
year under consideration, showing a
class of transportation obtained by other mining companies in that region. All but
pared with the previous year. This
Is subject to intensive truck competition.
$45,296 of the advances have been repaid by the Mining
Mail transpc.rtation receipts and revenues from trans- Company out of profits.
portation of milk held up well during the year, and the
Decreases in labor cost of enginemen and trainmen in
decreases in both classes of traffic were comparatively small. yard and road service, as well as decreases in labor cost of
Revenues from transportation of local passengers and operating floating equipment, are commensurate with the
vehicles over the company's ferries amounted to $1,562,975, reduced volume of traffic handled.
a decrease of 5.5%.
Payments for loss and damage of freight in transit were
The increase in incidental revenues during the year is $125,949 less than in the previous year, and the ratio of loss
largely due to the final settlement and collection of adjusted and damage payments to gross freight revenues in 1931 was
demurrage charges.
.51%, the lowest ratio since the year 1905.
There was a gratifying reduction in the payments for
OPERATING EXPENSES.
Injuries to persons amounting to approximately 25% less
The total expended for railroad maintenance and opera- than the payments of the preceding year.
tion in 1931 was $46,140,666, a decrease compared with the
AGRICULTURE.
previous year of $6,472,186, or 12.3%. A detailed statement, by primary accounts, showing increases and decreases
Production of agricultural commodities in the territory
In comparison with like expenses in the previous year, will
served by your company was somewhat greater in 1931 than
be found on pages 17 to 20 of this report.
generally
main- in the previous year. Market prices, however, were
Substantial reductions were effected in the cost of
and
expen- lower for all products of the farm excepting lettuce
taining all classes of fixed property, but all necessary
peas, for which latter crops fair prices were realized. The
ditures for repairs and renewals were promptly made when- prices realized for farm products during the year 1931 were
ever necessary to keep the property in serviceable condition generally below the pre-war level.
and in a good state of repair.
Dairymen who represent the larger percentage of farmers
There were laid in replacement during the year 186,389
lines produced large quantities
chemically treated and 556 untreated cross ties, as compared located along the company's
of milk and other dairy products during the year and the
with 195,636 chemically treated and 190 untreated cross ties
unusually mild weather conditions that prevailed throughlaid in the preceding year.
tendency to increase
out
A comparative statement of rail tonnages by weight sec- the the Fall and Winter months had a
yield.
tions laid in replacement and tons of rock ballast applied
Potato and cabbage growers produced large crops of these
during the twelve years ended December 31, 1931, is as vegetables, but
marketing conditions were unsatisfactory.
follows:
The Agricultural Agent of your company is doing everything possible to assist the farmers in this period of readTotal
Total
justment.
Tonnage Tonnage Tonnage Tonnage Tonnage Tonnage
Rock
AU
130 Lbs. 118 Lbs. 105 Lbs. 80 Lbs.
Year.
FINANCIAL.
to Yard. to Yard. to Yard. to Yard. Weights. Ballast.
By order of the Interstate Commerce Commission, dated
19,241 117,676
2.944
16.297
-----1920
20.855 178,733
1.283
July 20, 1931, the Morris & Essex Railroad Company was
19,572
------1921
12,849 131.133
1.245
11.604
------1922
authorized to issue $10,000,000 of its Construction 41
h%
71.661
16.507
2,308
14.199
192316.367 135,542
Gold Mortgage Bonds, Series 0, dated November 1, 1930,
620
6,232
,
figi5
-::-1924
12.795 114.088
36
880
4,501
7,378
and maturing November 1, 1975. These bonds were delivered
1925
17.924 145.857
723
3,634
26
13,541
1926
to your company at their par value in reimbursement of a
17,365 145,820
400
3,298
44
13,623
1927
71.802
5
20.523
5.113
7
15.398
like amount advanced by it to the Morris & Essex Railroad
1928
18,934 116.040
869
1,931
-___
16.134
1929
Company in payment of the cost of additions and better89,230
13.824
50
____
2,904
10.870
1930
61,222
11.234
602
1.678
3
8.951
ments to the property of the latter company.
itzt1
New York, April 1, 1932.
2934
Financial Chronicle
April 16 1932
A further temporary bank loan amounting to $5,500,000
EQUIPMENT.
was'negotiated during the year to reimburse the treasury
The
for addition and betterment expenditures and to furnish duringfollowing new equipment was ordered and delivered
the year: Thirty-five All Steel 50
-ton capacity Air
working funds.
Dump Ballast Cars, delivered in April and May.
In addition to the foregoing, 5 of the 1,100 class road
WELFARE EXPENDITURES.
freight locomotives were reconstructed
The pension system was inaugurated June 1, 1902, and a shops, and alterations made to convert in the Company's
same into a type
comparative statement of disbursements for account thereof, suitable for yard service.
by calendar years, is as follows:
Other projects that were either completed or upon which
substantial expenditures were made during the year are as
follows:
Calendar
Calendar
"ssatmer Calendar
Amount.
Year.
Year.
Amount.
Year.
Amount.
ROAD AND STRUCTURES.
$6.360.94
1902
1912
$93.521.50
1922
$223.587.23
1. Addition of one 150-ton track scale, Bloomsburg, Pa.;
16.202.85
1903
1913
103.607.95
1923
245,071.48
24,619.09
2. Addition of two automatic locomotive washing ma1904
1914
111.089.68
1924
260,213.20
31.681.05
1905
1915
122.828.46
1925
302,040.85 chines for engine terminal, Scranton, Pa.;
1906
45396.13
1916
134.969.98
1926
347.161.36
3. Addition of oil and waste reclaiming plant, Scran1907
51.412.95
1917
154.009.42
1927
369.641.42
1908
57,620.24
1918
153,577.12
1928
401,543.04 ton, Pa.;
1909
71.322.42
1919
160.958.05
1929
447,995.51
4. Extension to bulkhead building, Pier 68, New York,
1910
80,580.15
1920
187.299.98
1930
499,609.64
1911
85,092.24
1921
213,625.49
1931
556,702.53 New York;
5. Additions and improvements at Lake Coal Trestle,
25.559.141.95
dredging in harbor, etc., to facilitate the loading of soft
coal into Lake Boats, Oswego, N. Y.-90% completed;
Number of pensioned employee on rolls Dec. 31st„ 1931-728
Number of employes pensioned June 1st. 1902 to Dec.
6. Addition of cover plates and replacement of stringers,
31st, 1931
1,992 floor beams and laterals with heavier members
Number of employes granted pensions during 1931
on various
109 bridges in New
Number of pensioned employes removed by death during
York State, to provide for the handling of
1931
71 heavier equipment;
Greatest length of service
68 yrs..8 months
Number of pensioners who served 50 years and over
7. Strengthening dock, supporting tracks between Piers
104
Number of pensioners who served between 40 and 50 years
307 No. 3 and No. 4, Hoboken, N. J., account increased weight
Number of pensioners who served between 25 and 40 Years
305 of locomotives;
Number of pensioners who served less
12
Average number of years in employ ofthan 25 Years
Company
8. Addition of one 125-ton track scale, including new
40 yrs., 5 months
Average age of retirement
67 yrs., 3 months approach piers and new scale house, Jersey
Average age at present time
City, N. J.;
72 yrs., 7 months
9. Construction of new combination passenger and
freight station, including platforms, canopy and approaches,
GROUP INSURANCE.
Lyons, N. J.;
Pursuant to the Group Insurance Plan authorized and
10. Proportion of cost covering construction of new reinmade effective February 1, 1922, your Company paid as
its forced concrete bridge to carry State Highway Route No. 81
proportion of the premiums assessed for the year 1931, over Railroad Company's tracks,
Netcong, N. J.;
$169,634.26.
11. Proportion of cost
A statement of the number of beneficiaries and the over new State Highway of new reinforced concrete bridge
Route No. 30, including grading for
amount of insurance carried at the close of the year,
to- new highway across Railroad Company's Right-ofi.Way
gether with other important details, follows:
(Phillipsburg Branch), Washington, N. J.-90% completed;
12. Proportion of cost of two new under-crossings (State
Number insured Dec.31, 1931
15,194 Highway
Total insurance, Dec.31. 1931
Route No. 30). One at Washington, N. J., con$30,312,000
Deaths during the year 1931
163 sisting of street grading across Railroad Company's RightPermanent disability claims, year 1931
28
Insurance Company paid account of death claims during 1931
317,000 of-Way, and a reinforced concrete flat top bridge with center
Insurance Company paid account of disability claims during
pier and box abutments. One at Hampton, N. J., consisting
1931
$53,650 of a through plate girder bridge with
Premiums paid by employes
box abutments
-90%
8256.339.68
Premiums paid by Company
$169,634.26 completed.
Number of death claims. Feb. 1, 1922 to Dec.
1,623
Number paid permanent disability benefits 31, 1931
Industrial tracks were constructed or extensions made
167
Amount paid account of death Maims Feb. 1, 1922 to Dec.
to previously existing tracks serving industries at Kings
31.
1931
83339,500 land, Newton, Branchville, Netcong and Millington, N. j.;
Amount paid account of permanent disability claims
$329,275 New
Milford, Pa., and Brisbin, Syracuse, Greene, Sherburne
In addition to the foregoing expenditures, your Company and Homer, N. Y.
paid as its proportion of the 1931 deficit from the operation
The location of 54 new industries at various points served
of the Moses Taylor Hospital, of Scranton, Penn.,
$35,867.76, by the Railroad was effected during the year.
and contributed toward the running expenses of
Railroad
Y. M. C. A.'s located at various terminals,
GRADE CROSSINGS.
$27,665.58.
The following grade crossings were eliminated in 1931:
TAXES.
One at Basking Ridge, N. J., Conklin Avenue; 1 at New
Providence, N. J., Springfield Avenue; 1 at Tully, N. Y.,
' Tax assessments during the past seventeen
years are Lafayette-Tully State Highway; 2 at Earlville,
indicated by the following:
N. Y., Baldwins and Baldwins Creamery Highway; 1 at Painted Post,
N. Y., Painted Post-Campbell State Highway; 1 at Kanona,
Taxes per
Taxes per Dollar
Calendar Year.
N. Y., Bath-Avoca State Highway; 1 at Chenango Forks,
Total Tax
Dollar of
of Revenue after
Assessments.
Gross Revenue. Operating Expenses.
N. Y., Gulf Bridge Highway; 1 at Whitney Point, N. Y.,
Castle Creek-Whitney Point Highway.
Cents.
Cents.
1915
$2315.333.84
Concrete undercrossing eliminating grade crossings at Lib4.72
12.42
1918
2.517.882.68
4.88
12.82
erty Street, Binghamton, N. Y. was in process of construc1917
3.584,917.49
6.27
18.35
1918
tion at the close of the year-80% completed.
3,922.872.54
5.71
20.85
1919
5.159.802.72
7.18
Elimination projects shown in 1930 report as being in
32.74
1920
4.539.78'34
5.45
47.79
process of construction at the close of the year were com1921
4,979.439.57
5.80
28.01
1922
4.894.466.10
6.56
pleted: East Corning, N. Y., Big Flats-Gibson County High44.72
1923
5.995.697.51
6.80
32.02
way; Cheektowaga, N. Y., Indian Road, Broadway, Williams1924
6,900.101.85
7.96
31.02
1925
6.832.652.72
ville Road and School House Road.
8.17
32.16
1926
7.671.403.68
8.64
29.03
Twenty-two grade crossings were protected by installation
1927
7.457.093.11
8.81
30.43
1928
of flashing light signals, bells, etc.
6.392.638.37
7.88
27.60
1929
6.635.895.83
8.12
27.62
Assessments for street and highway improvements, other
1930
6.081.111.71
8.73
35.67
than grade crossing eliminations, were levied by munici1931
5.234.483.48
8.92
41.76
palities on your Company in 1931, as follows: Lyndhurst,
The decrease in tax requirements is practically all due to Chatham, Denville, Hackettstown and Gillette in New
reduction in Federal Income Taxes, owing to the decline in Jersey, and Binghamton, Cortland, Syracuse, Ithaca, Oswego, Fulton and Buffalo, in New York.
earnings.
During the past twenty-two years your Company has
ADDITIONS AND BETTERMENTS.
expended upwards of $30,000,000 in the elimination of grade
Expenditures chargeable to capital account for road and highway crossings, but owing to the location and construcequipment in 1931 were limited to the completion of projects tion of new highways during the same period practically no
undertaken in previous years and property changes neces- reduction has been effected in the number of highways crosssary to promote efficiency and effect economies in operation. ing the railroad at grade.
The suburban electrification project, of which detailed
GENERAL.
mention has been made in previous annual reports, was completed and full operation commenced January 22, 1931.
Mr. William H. Truesdale, Chairman of the Board of
The change from steam to electric operation was effected Managers of your Company, owing to
without interference or delay in the regular daily passenger to be relieved of his duties, whereupon,ill health, requested
your Board of Manservice rendered New Jersey suburban patrons between their agers,at a meeting held
October 29, 1931, regretfully assented
homes and places of business. From the date of installation to the retirement
of Mr. Truesdale, effective November 1,
to the present time the system of electric operation adopted 1931.
by your company has proven eminently satisfactory and in
Application of the carriers for a general increase of 15%
all respects has met the expectations of the Management.
In freight charges was submitted to the Interstate Commerce
An itemized statement of important property changes Commission
June 17 1931, and after prolonged hearings
during the year 1931 is as follows:
before that body, a decision was rendered October 10, 1931,
2935
Financial Chronicle
Volume 134
denying the application. Coincident with the denial of the
15% rate increase, the Interstate Commerce Commission
suggested specific increases in rates on designated commodities to become effective from the date of filing the supplements to existing tariffs until March 31, 1933, conditional
upon submission and approval of arrangements by the carriers for the pooling of the revenues accruing from the suggested increases, and payment of the proceeds thereof, withall
out recourse, to carriers whose available income from
sources was insufficient to meet their fixed charges. Thereafter, the carriers filed a petition requesting permission to
substitute a loaning plan for the gratuity payments suggested by the Commission, and in a report dated December 5,
1931, the Commission modified its previous report acceding
to the request of the carriers.
Following supplemental decision of the Commission, the
carriers organized the Railroad Credit Corporation for the
purpose of collecting and administering the fund growing
n.
out of the increases in rates authorized by the Commissio
Supplements to tariffs were filed, giving effect to the
authorized increases as of January 4, 1932, extending over a
period to March 31, 1933.
On October 1, 1931, in view of the continued decline in
traffic and consequent loss of revenue, the following salary
and wage reductions became effective:
A reduction of 10% was made in the salaries of executives
and 7%% in the salaries of all other officers and supervisors
receiving in excess of $6,000 per annum. Officers receiving
$6,000 or less per year and employes not already working
short time or dividing time were given two days' leave of
absence each month without pay.
Effective February 1, 1932, pursuant to an agreement
reached in Chicago between a Committee of Railroad Presidents and the Railway Labor Executives' Association representing certain classes of our employes, a 10% deduction
was made from the pay checks of such employes. In the
interest of uniformity the 10% reduction was simultaneously
applied to all officers and other employes in the Company's
service, in lieu of the action taken October 1, 1931.
The valuabll co-operation of the stockholders who have
so ably assisted in the procurement of competitive traffic
is greatly appreciated and hereby duly acknowledged; and
to the shippers and travelers who have favored the company
with their patronage during the past year, the Management
wishes to extend its sincere thanks.
The Management takes this opportunity to commend the
officers and employes of the company for their continuing
loyalty and efficiency.
By order of the Board of Managers.
J. M. DAVIS, President.
GENERAL BALANCE SHEET, DECEMBER 31, 1931 AND 1930.
Increase or
1930.
1931.
ASSETS.
Decrease .
Investments:
Investment in Road and Equipment:
Road
Equipment
Improvements on Leased Railway Property
Miscellaneous Physical Property
Investment in Affiliated Companies:
Stocks
Bonds
Notes
Advances
Other Investments:
Stocks
Bonds
Notes
Advances
Total Investments
Current Assets:
Cash
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balances Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
Total Current Assets
Deferred Assets:
Working Fund Advances
Insurance and Other Funds
Total Deferred Assets
Unadjusted Debits—
Rents and Insurance Premiums Paid in Advance
Other Unadjusted Debits
Total Unadjusted Debits
Grand Total
S184.980.24
$54,143,593.75
1.964.955.11
71.240,964.86
16,405.013.4971,460.40
3,328.72
2.267,946.39
9.485,081.37
..........
3.355,624.50
3.772,964.42
28 153.90
3,006.717.08
' -...
OF
1,252.607.75
10,000.000.00
15,490.180.70
1,185.00
634,272.11
9,342,641.31
21,381,261.37
*202,436.227.79
$201,290,880.43
892,597.64
$3,163,259.04
$2.270,661.40
269.23
479.23
210.00
87.061.15
1,006.277.59
1,093.338.74
122,839.03
700,604.22
823,443.25
113,613.16
1,321.440.13
1,207.827.07
371,313.07
2,466,457.81
2,095,244.74
$8.658,518.12
$7,490,725.20
$54.328.573.99
69,270.009.75
16,333.553.09
2,271,275.11
9.485,081.37
3.368,448.50
3,772.964.42
3,034.870.98
1,255.845.35
25,490,180.70
635,457.11
12,038,620.06
468.70
$30,688.54
151.659.00
*30,219.84
151.659.00
$182,347.54
$181,878.84
18,983.65
$605.760.80
948,830.32
*586.777.15
821,613.33
*1.554.591.12
$1.408,390.48
$210,371.874.95
$212,831,684.57
LIABILITIES.
Capital Stock—
Common Stock
Less held by Company
Premium on Capital Stock
Total Stock
Long Term Debt—
$84,511,920.00
82,459,809.62
.g
eijOi,
$87,407.500.00
2,966,300.00
E84.441,200.00
70,720.00
$87,407,500.00
2.966.300.00
$84.441,200.00
70,720.00
1127,218.90
111.ao.A01
NZ
$84,511,920.00
$170,000.00
126,000.00
$44.000.00
$44,000.00
$45,454.19
262,834.35
308.288.54
Affiliat
Non-Negotiable Debt to Affiliated Companies
..
Debt,. $306,834.35
Total Long Term
$352,288.54
5,500,000.00
$4.500,000.00
$10,000,000.00
Loans Payable
Current Liabilities—
160.246.90
$1,582,040.21
and Car Service Balances Payable
$1,421,793.31
Traffic
785.479.80
3,747,429.98
.
2961,950.18
Audited Accounts and Wages Payable
2,269.98
6,9110.68
4,696.70
Miscellaneous Accounts Payable
1,350.00
1,350.00
Interest Matured Unpaid
3,615.50
36,892.00
40,507.50
Dividends Matured Unpaid
2,533.236.00
2,533.236.00
Unmatured Dividends Declared
2,565.41
1,636,868.94
1,639,434.35
Unmatured Rents Accrued
31,565.31
145,121.43
113,556.12
Other Current Liabilities
$11
$9,689,905.24
Total Current Liabilities
....
$6.183,288.16
Deferred Liabilities—
11814.60
$4,250.78
$5,065.38
Other Deferred Liabilities
Unadjusted Credits—
867,853.99
$765,539.01
$1,633,393.0o
Tax Liability
58,128.42
693,776.38
635,647.96
Insurance and Casualty Reserves
413.41
24,951.82
25,365.23
Operating Reserves
895,136.09
.
36,050.106 96
35,154.970.87
Accrued Depreciation—Equipment
,615,904.73
101,836.28
717,741.01
Other Unadjusted Credits
A
$38,167.118.07 II
Total Unadjusted Credits
$37.636,210.45
NM
Corporate Surplus—
684,500.391 14,734.33
$6.
r—
$6,699,234.72
Additions to Property through Income and Surplus
3,953,819.38
64,998,602.03
68,952,421.41
Profit and Loss—Credit Balance
as
4-.•
'
$75.651,656.13 11111
$71,683,102.42
Total Corporate Surplus
.57 $2.459,809.62
3212.831,684
$210,371,874.95
Grand Total
Funded Debt Unmatured
Less hold by Company
$170.000.00
126,000.00
-11
PROFIT AND LOSS ACCOUNT FOR THE
To Evidetndrytedap er
to Credit:
I! Balance
annum)
December General Balance Sheet
YEAR ENDED DECEMBER 31sr, 1931.
*4.222,060.00 By Balance Brought Forward from
December 31st, 1930
822,449.77
64,998,602.03
370.043.111.80
" Net Income for Year ended
December 31st, 1931
368.952.421.41
1.090.690.39
370.043.111.80
2936
Financial Chronicle
April 16 1932
The Commercial Markets and the Crops
COTTON-SUGAR
-COFFEE
-GRAIN-PROVISIONS
PETROLEUM--RUBBER-HIDES-METALS-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
prompt shipment, Santos Bourbon 2-3s were here at 9.55 to
9.75e.; 3s at 9.45 to 9.90c.; 3-45 at 9.25 to 9.70c.; 3-55 at
9.25 to 9.600.; 4-5s at 9.25 to 9.400.; 5s at 9.20 to 9.250.;
5-6s at 8.80 to 9.25c.; 6s at 8.70 to 9.100.; 6-7s
8.85e.;
7-8s at 8.600.; Peaberry 4s at 9.30c., and partat
Bourbon
Friday Night, April 15 1932.
3-55 at 9.25c. To-day cost and freight prices with only
COFFEE on the spot at one time in good demand and moderate offerings: Prompt
shipment, Santos Bourbon
3
higher; Santos 40,9% to 9%c.; Rio 7s, 73% to 73/80.; Victoria 2-3s were here at 9.750.; 3s at 9.70 to 9.900.;
3-4s at 9.25
7-88, 732 A large chain organization was said to be buying to 9.700.; 3-5s at 9.30 to 9.500.; 4-58 at 9.25 to 9.400.;
e.
5s at 9.250.; 5-6s at 9.15 to 9.25c.; 78 at 8.65c. and Peaberry
freely said to be 18,000 bags mostly Santos Bourbon at
9.25 to 9.60e. Maracaibo, Trujillo, 93 to 9%c.;Cucuta, 4s at 9.35o. For prompt shipment from Rio, Bourbon 2-3s
were offered at 9.600. and 5-6s at 8.85c.
fair to good, 103j to 109.c.; prime to choice, 11 to 113'c.;
The Department of Commerce, the
washed, 103jto 10%c.;Ocana,103 to 1054e.;Bucaramanga Brazil is working on a plan to exchange Coffee Council of
coffee for 500,000
natural, 103 to 103c.; washed, 103/i to 11c.; Honda, tips of Ruhr coal at prices to be determined by public
%
bidding, according to a cablegram received April 9 from
Tolima and Giradot, 11 to 11%c.; Modelin, 12 to 123c.;
Manizales, 11 to 113c. Mexican, washed, 14 to 15c.; Commercial Attache Carlton Jackson, Rio de Janeiro. This
Ankola, 25 to 34e.; Mandheling, 25 to 32e.; genuine Java, amount of coal is equal to the average annual consumption
of Brazil's state-owned railways and
23 to 240.; Robusta, washed, 83 to 834c.; Mocha, 13 to the 9th inst. Rio futures here closedsteamship lines. On
net unchanged to 3
14e.; Harrar, 12 to 12c.; Abyssinian,93% to 10c.; Salvador, points higher with sales estimated at 4,000 bags. The spot
washed, 113 to 123c.; Guatemala prime, 103 to 113c.; market was firm and cost and freight coffee was higher in
%
Bourbon, 93 to 10c. The National Coffee Council during some cases. Santos futures closed 4 points lower to 1 point
higher with
the week ended April 9 destroyed 93,000 bags of Santos Rio futures sales estimated at 3,000 bags. On the 11th inst.
here closed 8 to 16 points higher
coffee; 17,000 bags Rio and 15,000 bags of Victoria. They 9,000 bags. Higher cost and freight offers, with sales of
an advance in
also destroyed 93,000 bags of Sao Paulo to date. For the spot prices here and a rise in Exchange put in futures.
fourth consecutive month, the world's visible supply of Santos closed 13 to 17 points higher with salsa of 17,000
coffee has been shrinking, according to the New York Ex- bags. On the 12th inst. Rio futures ended 3 points lower to
change. The visible supply on April 1, not including the 6 points higher with sales of 32 lots. Santos advanced 2 to
6 points with
"restricted coffee," was 5,619,697 bags compared with 5,- was a supportsales of 58 lots. The firmness of spot coffee
to futures.
851,703 bags on Mar. 1. The total on April 1 1931, was
On the 13th inst. futures advanced 2 to 7 points with
5,963,351 bags. World consumption of coffee held up sales of 4,500 bags of Santos and 8,250 of Rio. The question
fairly well for the nine months from July 1 1931 to April 1 of changing the Rio contract is to be considered by a com1932. The consumption for that period was 17,877,259 mittee. On the 13th inst. the trade and Europe bought.
Brazil was said to
bags, a decrease of 23/2% when compared with 18,317,553 here opened 1 to be selling. On the 14th inst. Rio futures
2 points higher and closed net unchanged
bags consumed in the first nine months of the crop year of to 4 points lower with sales estimated at 3,000 bags. A
1930-31, which was of record proportions. It is announced large chain organization is said to have bought nearly 20,000
by the Statistical Department of the Exchange that the bags of spot Santos. Santos futures opened 2 points lower
destruction of coffee by the National Coffee Council in to 3 higher and closed 2 to 5 points net lower with sales of
6,000 bags. To-day Rio futures here closed 12 to 14 points
Brazil had passed the 4,000,000 bag mark by the 1st of April. lower with sales
of 9,000 bags; Santos 18 to
On the 9th inst., as usual, offerings in the cost and freight of 14,000 bags. Final prices are 1 point 21 off with sales
lower to 4 points
market on Saturday were small and some showed advances higher on Rio as compared with a week ago and 3 points
of 5 points. For prompt shipment, Santos Bourbon 2-3s lower to 1 higher on Santos.
were here at 9.95c.; 3-4s at 9.15 to 9.350.; 3-5s at 9.200.;
Rio coffee prices closed as follows:
4-5s at 9.10 to 9.15e. and Peaberry 3-4s at 9.15c. On the Spot unofficial
734 §
1September
0.17§nom
May
6.28 nom December
6.13 nom
11th inst. cost and freight offers from Brzail were unchanged July
6.25 nom March
6.14 nom
Santos coffee prices closed as follows:
to 10 points higher with most of the cables up 5 to 10 points
September
8.62§nom
in:sympathy with higher exchange. Some scattered buying. Spot unofficial
May
8.53@8.54 I December
8.62 --8.61 nom Mch
March
For prompt shipment, Santos Bourbon 2-3s were here at July
8.62 nom
9.55 to 9.65c.; 3s at 9.35 to 9.70c.; 3-4s at 9.25 to 9.500.;
COCOA to-day closed 1 to 2 points higher with sales of
3-5s at 9.10 to 9.300.; 4-5s at 9.10 to 9.20c.; 5s at 9.1504 76 lots. May ended at 4.090.; July, 4.340.; Sept., 4.480.;
5-6s at 8.60 to 9.05e.; 6s at 8.70 to 8.95e.; 7s at 8.800.; Dec., 4.63e. and March, 4.780. Final prices are 3 to 4
Peaberry 2-3s at 9.50c.; 3-4s at 9.25 to 9.40e.; 4s at 9.10 to points lower for the week. It is said that cocoa is not the
9.300. and Victoria 7-8s at 7.15 to 7.35c. In New York victim of overproduction as are other commodities but singly
spot coffee was again firmer in sympathy with Brazilian from the general business situation. Some declare that given
exchange, with a fair inquiry reported. Santos 4s, 9% to a better economic situation cocoa should be the first to re9%e., and Rio 7s at 7%c. Victoria 7-8s at 7%c. On the spond and the most emphatically. On the 14th inst. Liver12th inst., cost and freight offers were up about 5 to 10 pool at 1:30 p.m. was 3 to 6 points lower and the spot
points. Santos Bourbon 2-3s offered at 9.60 to 9.800.; 3s market there opened at a decline of 3d. London spot was
at 9.45 to 9.800.; 3-4s at 9.25 to 9.60e.; 3-5s at 9.20 to 9.500.; 3 to 6d. lower. New York licensed warehouse stocks on
4-5s at 9.20 to 9.30c.; 5s at 9.05 to 9.25c.; 5-6s at 8.75 to April 13 were 448,755 against 435,681 on the previous day
9.15c.; 6s at 8.85 to 9.00c.; 6-7s at 8.80c.; 7-8s at 8.60c.; and 200,678 on the same day last year. Arrivals in New
Peaberry 3-4s at 9.25c.; 4s at 9.200.; 5s at 9.15c., and York since April 1 are 73,165 against 134,347 last year.
Victoria 7-8s at 7.20 to 7.40e. On the 12th inst., the dollar
SUGAR.
-Spot sugar has latterly risen to 2.65e.
rate in Santos opened 50 reis lower at 14$790. Stocks of to 2.670. delivered with moderate transactions. perhaps
Wall
coffee in the U. S. other than Brazilian on April 11, totaled Street and Cuba have bought futures
and some Cuban
381,698 bags against 399,590 last week and 267,925 last interests have sold. Rumors aro afloat to
the effect that a
year. Arrivals at all ports for the week included 48,011, selling agency will be established
making 118,625 since April 1, while deliveries for the week United States Atlantic ports for thein Cuba. Receipts at
week
tons
amounted to 65,903, making 136,781 since April 1. Stocks against 66,417 in the previous week and were 74,688same
65,744 in
this week included 313,424 bags at New York, compared week last year; meltings 42,868 against
45,896 in previous
with 210,051 here last year; 38,885 bags at San Francisco week and 55,473 in same week last year; importers'
stocks
and 29,381 at New Orleans.
171,638 against 159,889 in previous week
On the 13th cost and freight prices were unchanged, to week last year; refiners' stocks 162,077and 147,994 in same
5 points higher in sympathy with firmness of Brazilian previous week and 179,041 in the same against 141,966 in
week last year; total
exchange. Prompt shipment, Santos Bourbon 2-3s were stocks 333,715 against 301,855 in previous
week and 327,035
here at 9.65 to 9.973/2c.; 35 at 9.45 to 9.823/ic.; 3-4s at in same week last year. Corrected
returns of British March
9.35 to 9.6714c.; 3-5s at 9.25 to 9.50c.; 4-58 at 9.20 to 9.25c.; statistics as given on the
12th inst. by the Exchange here
5s at 9.12% to 9.25c.; 5-6s at 8.800.; 65 at 8.70 to 9.00c.; are as follows:
6-7s at 8.70c.; 7-8s at 8.55c. On the 14th the dollar buying same month last Imports 178,000 against 125,599 in the
year; consumption 207,000 against 162,989
rate at Santos declined 40 reis more from yesterday to in March 1931; stock 191,000
against 293,200 in March last
14$700. The Santos exchange on London was advanced year; including home
9-64d. from the last previous quotation received on April 4 last year. On the 9thgrown 5,500 against 70,200 in March
inst.
to 4 23-64d. On the 14th cost and freight offerings were higher with sales of 16,700 futures closed 2 to 3 points net
Covering and new buying
from unchanged to 5 points higher. Demand limited. For accounted for the advance. tons. the
Also
spot market seemed to
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Volume 134
Financial Chronicle
2937
parcels
Sellers 4s.
be in better shape. Offerings at 2.60e. had been cleaned up. "Terminal market uncertain. Moderate 6d. after London
trade."
On the 9th inst., London closed % to Id. off.; Liverpool 4s. 3d. and 4s. 4%d. done. Liverpool opened % to id.
opened firm at 2 to 23'd. up.
.closed 34 to Id. off.
On the 11th inst. futures closed 2 to 3 points lower with up. London at 3:15 p. in. was easy with prices 34 to 13jd.
sales estimated at 14,150 tons. The opening was unchanged lower than initial quotations. The New York Exchange
to 1 point higher with trade operators and Wall Street buy- received advices from Havana that 13 mills stopped grinding
ing. Also London was firm. Later however came moderate yesterday, making a total of 70, whose production is 10,9,467,892 bags, or
selling by Cuban banking interests and apparently Cuban 076,060 bags, compared with quotas of San
Isidro resumed
producers and some sold down to the previous low levels. an excess of 607,168 bags above quotas.
There were sales of 4,100 tons and 5,000 bags of Porto Ricos grinding cane of the Fidencia Central.
Closing quotations follow:
•for prompt shipment, 3,000 tons of Philippines due late
December
0.84§0.85
0.65©
this week and 5,000 bags of Porto Ricos for prompt ship- Spot unofficial
0.86 0.87
March©
0.630.64 January
May
ment, all at 2.60c., and 30,000 bags Cuban afloat at .610 July
0.92 _ __
0.71©0.72
0.77©0.78
cost and freight or 2.61c. delivered. Refined was 3.90c. September
8
and quiet. On the 11th London opened firm at % to 2d.
-On the 9th inst. futures closed 2 to 3 points
LARD.
advance. Liverpool opened 1d. up. British refined was higher,affected more or less by the upturn in grain prices.
reduced 3d. London at 3:15 p. in. was firm with prices On the 11th inst. futures advanced 3 to 7 points. Hog
X to 14d. higher than initial levels. Two declines of 3d. receipts at Chicago were 35,000 against 43,000 last year, and
each were reported in the English refined sugar this morning, at all Western points 116,000 against 126,000 a year ago.
making a total drop of 6d. There were said to be sellers of There cleared from New York on Saturday 567,000 lbs. of
raws there at 4s. 3d. according to private cables. On the lard to London, Liverpool, Southampton and Antwerp.
11th, Havana cabled figures for the week ended April 9: Clearances for the week from New York were 3,029,000 lbs.
Arrivals 112,111 tons; exports, 88,820 tons, and stock, Cash prime Western, 5.05 to 5.15c.; refined to the Con1,372,966 tons. Centrals, 65. The exports were distributed tinent, 58%c.; South America, 534c.; Brazil, 68%e. On the
as follows: To New York, 23,281 tons; Philadelphia, 4,819; 12th inst. futures declined 3 to 7 points with hogs 5 to 10e.
Baltimore, 6,638; New Orleans, 14,440; Houston, 1,562; lower. Liverpool lard advanced 3 to 6d. New York exports
Mobile, 1,562; Interior U. S., 281; U. K., 33,936; Sweden, were 378,000 lbs. to Liverpool and Glasgow. Cash prime
1,045 and Belgium, 1,256. On the 12th inst. futures closed Western was rather weaker at 5 to 5.10e. On the 13th inst.
1 point lower to 2 points higher with sales of 27,350 tons. futures closed unchanged to 2 points lower with hogs off
May sold down to a new low of .59c. Spot raws were re- 10c. Western receipts were 73,400 or 66,600 last week.
ported steady at 2.60e. delivered. Sales included 30,000 Cash lard was weaker at 5 to 5.10e. for prime Western.
bags of Porto Ricos due April 25 at 2.600. half this quantity On the 14th inst. prices closed 3 points lower; though grain
prompt and 2,000 tons of Philippines, June arrival to New was higher and what is more hogs advanced 5 to 10e. Cash
Oirleans at 2.67e. delivered.
was rather weaker; prime Western 5 to 5.100.; refined to
On the 12th London opened easy at 1 to 38%d. decline. Continent, 534c.• South America, 5%c.; Brazil, 6c. Stocks
London at 3:15 p.m. of lard increased in the first half of April, 3,546,000 lbs.;
Liverpool opened quiet at 34d. decline.
'
was easy with prices unchanged to id. lower than opening total 47,429,000 lbs. against 30,847,000 a year ago. To-day
market easier; otherlevels. London also cabled: Terminal
prices declined 7 to 10 points. That also measures the
wise dull, but little pressure to sell. It is reported that decline for the week.
unusually large, amounting
March exports from Java were
FUTURES IN CHICAGO.
to 190,000 tons to the East compared with 112,000 tons last DAILY CLOSING PRICES OF LARD
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
4.37
4.47
4.50
year and 28,000 tons to the West. Cable advices stated May
4.52
4.57
4.50
4.55
4.62
4.65
4.65
to meet on the 12th. July
4.65 .4.72
that the Cuban Sugar Institute was
4.70
4.77
4.80
4.82
4.85
4.80
The purpose of meeting has not been officially announced. Sept
creation of a Single
High and When Made- 1 Season's Low and When Made1932
Season's
The gossip here is that it relates to the
Apr. 6
4.37
1931 May
Nov. 14
7.00
Apr. 6 1932
4.55
Selling Agency and the possible introduction of legislation May
Feb. 1 1932 July
5.50
July
for a temporary embargo on shipments of Cuban sugar until
PORK steady; mess, $16.75; family, $18.25; fat back,
the price rises. On the 12th Amsterdam cabled the situation
worse, as evidenced by $13.25 to $15.25. Ribs, Chicago, cash 5e. Beef firm.
in the Java sugar industry is getting
family,$13.12 to $13.6234
the increase in loans on sugar stocks. Numerous companies Mess,nominal; packer, nominal;
No. canned corned beef, $2;
have mortgaged their stocks with the banks. If the slump extra India mess, nominal; South 1America, $10.50; pickled
continues many Dutch East Indian sugar concerns probably No. 2, $3.50; six pounds, Cut meats steady but quiet;
will pass into the hands of their creditors. H. Prinsen beef tongues, $45 to $50. 103/2c.; 14 to 16 lbs., 93/20.;
lbs.,
Geerligs' first estimate of the Java sugar crop for 1932 is pickled hams, 10 to 12 York,8 to 12 lbs., 88%c.;6 to 8lbs.,
2,411,290 long tons, against the actual outturn in 1931 of bellies clear,f. o. b. New
20 lbs., 63.4c.;;
2,798,870 tons. On the 13th inst. prices closed unchanged 834c.• bellies, clear, dry salted, boxed, 18 toto higher than
'
to 1 point higher with sales of 17,350 tons. Of actual sugar 14 to 16 lbs., 6%c. Butter, lower grades daisies, 1134
the sales reported included 2,000 tons of Philippines for extra, 178% to 200. Cheese, flats, 11 to 100.; grades all
lower
April-May shipment at 2.6643. to an operator, 2,000 tons due to 100.; Young America, 12 to 1734e.; special packs, 12
May 27 at 2.65c.• 2,600 tons of Philippines due April 15 sorts 10 to 128%c. Eggs, medium to
at 2.60e. and 1,000 tons to New York due April 15 at 2.60c. to 17c.
The steadiness of spot sugar called a halt on the decline in
OILS.
-Linseed was in fair demand early in the week, but
futures for the moment at least. On the 13th London of late buying has fallen off. Two large producers went
opened % to id. off. Liverpool opened quiet and un- back to the 6.00. level for carlots cooperage basis. Cocoachanged to M.lower. London at 3:15 p.m. was steady and nut, coast tanks, 38%e.; tanks New York, 334c. Corn,
unchanged to %d. higher than opeiaing quotations. One crude tanks, f.o.b. Western mills, 3c. Olive, denatured,
London cable reported sales there yesterday at 4s. 13d. spot, 61c.; shipment, 59c. Chinawood, N. Y. drums,
-Refiners are interested at 4s. but nothing is offered. The carlots, spot, 6 to 68%c.; tanks, 58% to 58%c.•, Pacific Coast,
Sugar Institute, Inc. Stated the total melt and total tanks, 5 to 534e. Soya bean, tank cars, f.o.b. Western
7
deliveries of 14 United States Refiners up to and mills, 2.8 to 30.; carlot, delivered N. Y., 41 4c.; 1.c.i., 5
including the week ended April 2 1932 and same period for to 534c. Edible, olive, $1.65 to $2.15. Lard, prime,
-1932 Jan. 1 to April 2,855 000 long 98%c.; extra strained winter, N. Y., 7c. Cod, Newfound1931 as follows: Melt.
- land, 21 to 26e. Turpentine, 458% to 503je. Rosin,
tons; 1931 Jan. 1 to April 4,990,000 long tons. Deliveries.
1932 Jan. 1 to April 2, 740,000 long tons; 1931 Jan. 1 to $3.25 to $6.20. Cottonseed oil sales to-day, including
3
3.76 7
April 4, 865,000 long tons.
switches, two contracts. Crude S. E., 28% to 2N0. 7: 0
On the 13th Havana cabled that three additional mills closed as follows:
September
had finished grinding with production 45,000 bags above Spot
3.50
33..9845:3410
3.51 3.55 October
quotas. On the 14th inst. futures opened 2 to 3 points May
3.63©3.70 November
higher, with sales of AugustJuly
higher and closed 5 to 6 points het
3.6803.90
34,000 tons. Wall Street, Cuban and scattered interests
-Illinois, Princeton, Lima, Indiana and
PETROLEUM.
bought. No confirmation was heard of rumors from
by
London of a possible formation of a selling agency in Cuba western Kentucky crude oil prices were advanced 150.
and another reduced European beet sowings. Also the the Ohio Oil Co. early in the week. Wooster was advanced
Creek,
greater firmness of spot raws counted. The price is ab- 10c., Elk Basin, Grass Creek, Bid Muddy and Rock to the
surdly low. The technical position was stronger after 15c., Lance Creek 100. and Sunburst 5c. In addition Co.
prolonged declines on heavy liquidation. Spot sales in- above changes the Stanolind Crude Oil Purchasing
cluded 3,800 tons of Philippines at 2.68 to 2.70e., 38,500 increased the price of Mid-Continent crude oil 15c. Corning
bags of Porto Rico prompt at 2.63c., two cargoes of Porto crude was advanced 10c. by the South Penn Oil Co.. Prices
Rico prompt at 2.65e. Sales were said to have been made in the Salt Creek field were raised 15c. by the Mid-West
at.2.67o. On the 14th London cable said the terminal Refining Co. The Standard Oil Co. of New Jersey advanced
market was firm and rumors of single seller; raws 45. 3d. Grade C bunker fuel oil 5c. at Texas ports. Diesel oil was
nominal. Parcel sold 4s yesterday. London at 3:15 p. m. advanced 5c. The price of Grade C bunker oil is now 55e.
3
prices unchanged to 4d. higher than the opening. Other at Houston, Baytown, Texas City, Ingleside and Galveston.
London cables received reported a sale yesterday of 3,000 Diesel oil was raised to $1.20 at Baytown, Ingleside, Galvestons Demeraras for second half April shipment at 4s. with ton and Houston. Other large suppliers in the Texas Gulf
sellers to-day of parcels at 4s. 434d. for April and 4s. 6d. are expected to make similar advances. Big suppliers here
for May, with buyers at 4s. 3d. for May. London opened still ask 65c. at refineries and 70e. f.a.s. New York harbor
4
.
firm at 38% to 13 d.advance. Liverpool opened quiet and un- for Grade C bunker. Diesel oil was also firmer at $1.30 at
changed. To-day futures closed 1 to 2 points lower with refineries. Light heating oils were steady. Bulk gasoline
prices
sales of 13,150 tons. Final prices show an advance for the was stronger and there were rumors that tank car Motor
week of 2 to 3 points. To-day one London cable said: would be shaprly increased soon. United States
2938
Financial Chronicle
April 16 1932
gasoline below 65 octane was quoted at 58 0. and above 5.1% above March a year ago.
/
65 octane 63 to 6Mc. Kerosene was firm with 41-43 water stocks of crude rubber on hand It estimates total domestic
March 31 at 334,566 long
white in tank cars at refineries 53 to 53.4e.
tons, which compares with Feb. 29 stocks of 322,117.
Tables of prices usually appearing here will be found on an earlier page in March
stocks show an increase of 3.9% above Feb. of this
our department of "Business Indications," in an article entitled "Petroleum
year and 53.6% above the stocks of March 31 1931. Closing
and Its Products."
prices for No. 1 standard were as follows: April, 2.984.;
RUBBER.
-On the 9th inst. prices advanced 1 to 3 May,3.02 to 3.060.; July,
points net with sales of 150 tons of No. 1 standard. Spot Oct., 3.22c.; Dec., 3.25 3 to 3.11c.; Sept., 3.17 to 3.20e.;
remained at 3c. April closed at 2.960.; July at 2.990.; to 3.530.; sales 320 tons. to 3.35c.; Jan., 3.38c.; March, 3.50
New "A" closed with April, 2.96c.;
July at 3.04 to 3.05c.; New A April 2.940.; May at 2.97e. May,3c.; June, 3.030. Outside
and June at 2.99c. The total Far Eastern stocks on March 31 2 15-16 to 3 1-160.; June, 3 prices: spot, April and May,
to 3X3c.; July-Sept., 3 3-160.;
were 48,103 tons against 52,495 tons on Feb. 29 1932 and Oct.
-Dec., 3 7-1643.; spot first
45,607 tons on March 311931. On the 9th London opened latex, 4e. On the 13th inst., latex thick and thin pale
quiet and unchanged and closed dull and unchanged; April, changed to 1-16d. up, and at London opened quiet, un2:39 p. m. was quiet; April,
18 4.; May, 1 13-16d.• June, 1 13-16d. Singapore closed 1 13-16d.; May, 1N
4
3d.; June, 1 15-16d.; July-Sept., 2d.
unchanged to 1-16d.'
higher, April 1 9-16d.; July-Sept., London closed quiet and unchanged
to 1-16d. decline;
/
158d.; Oct.
-Dee., 1 11-16d. The Rubber Association of April and May,1 13-16d.; June,
America's monthly statistical report with comparisons is as The Netherlands East Indies 1%d.; July-Sept., 1 15-16d.
Statistical Bureau announces
follows: Consumption in March 27,828 tons against 30,012 that 161 rubber estates with an
in the previous month and 32,788 in March last year; arrivals stopped tapping on the entire area of 24,531 hectares had
42,382 tons against 30,546 in previous month and 36,645 that 114 estates with an area region by the end of Jan. and
of 14,968 hectares had stopped
in same month last year; stocks on hand 334,566 tons, on part of their area.
against 322,117 in previous week and 212,833 in same
On the 14th inst. prices
month last year; stocks afloat 44,190 tons in March against lower closing with No. 1 ended unchanged to 4 points
standard
68,970 in previous month and 63,133 in same month last year. 3.15c.; Oct., 3.21e.; Dec., 3.31e.; July at 3.050.; Sept.,
On the 11th inst. prices ended 4 to 5 points higher with sales April, 2.92e.; May, 2.96c.; June, sales, 320 tons; new
2.990.; July, 3.030. On
of 130 tons of No. 1 standard. London was firm with a the 14th London opened quiet,
noteworthy decrease in stocks in Malaya during March, and at 2:35 p. m. was quiet. unchanged to 1-16d. decline
April-May, 1 13-16d.; June,
i.e. about 4,000 tons. No. 1 standard April here closed at 13/sd.;
Singapore closed quiet, 1-16d. to %d. decline;
3o.; May at 3.04c.; Sept. at 3.18c.; Dec. at 3.38c.; March April, 13,d.; July-Sept., 153cl.
/
at 3.55 to 3.57e.; New A April 2.98c.• May, 3.02c.; June, are now on the Ford Motor Co.Approximately 82,000 men
payroll in
3.05c.; July, 3.080. Outside prices: '
Spot, April and May, trict against 75,000 around April 1. To-dathe Detroit disy futures ended
2 15-16 to 3 1-16c.; June, 3%03.; July-Sept., 33.ic.; Oct. unchanged to 3 points higher
with sales of 22 lots. Final
Dec., 3 7-16e.; spot, first latex thick and thin pale latex, prices are 1 to 3 points higher
than a week ago. To-day
443.• clean thin brown No. 2, 2 15-16c.; rolled brown crepe, London opened quiet
2c.;No. 2 amber and No. 3, 304 No. 4 amber, 2 13-15e.; and at 2:39 p. in. was and unchanged to 1-16d. advance
quiet, unchanged. April 1 13-16d.;
Pants, up-river fine spot, 0,4•3.
May, Id. and June, l'%d. Singapore closed steady and
On the 11th London opened quiet and unchanged to 1-16d. unchanged; April, 1Md.;
July-Sept., liNd. and Oct.-Deo.,
advance and at 2.36 p. m. was quiet. April and May, 1 11-16d.
1 13-16d.; June, 13d. Closed with May and June, 17 d.
4
HIDES.
-On the 9th inst. prices closed 25 to 30 points
Singapore closed steady, unchanged to 1-16d. advance;
April, 1 9-16d.;July-Sept., 1%d.; Oct.
-Dec., 13 d. London higher with sales of 800,000 lbs. closing with May, 4.15e.;
%
rubber stocks for the week ended April 9 totaled 64,015 June, 4.650.; July, 4.860.; Sept., 5.35e. and Dec., 5.90 to
tons, an increase of 202 tons over the week preceding. 60. A lot of 4,000 April frigorifico steers sold at 5 13
716e.
Liverpool stocks decreased 178 tons last week to 60,832 tons. Business in the "new" contract began on Monday, April 11.
The first delivery month will be June 1932, while the last
Harbor Board stocks of rubber at Singapore and Penang at
the end of March were 3,515 tons against 5,189 tons in delivery month for trading in the present contracts will be
February and 3,983 tons in March last year. On the 10th March 1933. On the 11th inst. trading in the new hides
Amsterdam cabled the "Times": Several Dutch East India contract began. Prices for old and new were as follows.
rubber companies have decided to halt production until June old, 4.32 to 4.4004 new, 4.400.; Sept., old, 4.95 to Sc.;
prices improve, and others are expected to follow their new 5.05e.; Dec. old, 5.50 to 5.55e.; new, 5.60c.; March
example. The fall in wholesale prices for commodities here old, 5.95o. and new, 6.050. Sales of the old contract were
continues unchecked. On a basis of 100 for the years 1901 1,280,000 lbs. and of the new 160,000 lbs. On the 11th inst.
frigorifico hides were active with sales reported of 2,500
to 1910, the index figure for 48 articles in March
as compared with 92 in February and 112 in 1913. was 90, frigorifico cows March at 60., 2,000 frigorifico cows MarchOn the 12th inst. futures ended 3 to 7 points higher on April at 60.and 2,500 frigorifico light steers, April at 5 7-16e.
No. 1 standard with sales of 320 tons against 130 the day City packer hides were quiet. Country and common dry
before. London was a drawback. It was unchanged to hides were also quiet. On the 12th inst. futures advanced
1-16d. higher, showing no real snap. But for this the 20 to 23 points on the old contract and 20 to 25 on the new
advance at New York would have been greater. Batavia with total sales of 1,200,000 lbs. Spot Argentine hides
advices stated that production was being suspended entirely were in fair demand with sales of 10,000 April frigorifico
on numerous plantations, while tapping on many others is steers at 5%c. and 1,000 April frigorifico cows at 6c. Closbeing rapidly reduced. In addition to complete suspension ing prices at the Exchange left old June at 4.550.; Sept.,
on several estates, the Anglo-Dutch and Ross Taylor inter- 5.15 to 5.20c.; Dec., 5.700.; New June, 4.65o.; Sept., 5.25c.;
ests were restricting tapping on their remaining estates 50%. Dec., 5.80e.; old March, 6.15c.; New March, 6.250.
On the 13th inst. prices of futures ended unchanged to
Batavia rubber firms expect an important decline in native
production at current prices, according to Department of 10 points lower with sales of 1,320,000 lbs.; also 4,000 April
Commerce advices. Some think that prices have finally light frigorifico steers sold at 5 3-160. Spot hides were dull.
got down to so low a point where they will act as an auto- Old contract Sept. closed at 5.15c.; Dec., 5.67c.; New June,
matic check on production. No. 1 standard contract closed 4.55c.; Sept., 5.200. Outside prices: common dry Cucuta.
with May,3.07 to 3.11c.; July, 3.17e.; Sept., 3.25 to 3.280.; 934 to 10c.;Orinocos and Santa Marta,83,e.;Central America,
Dec., 3.41 to 3.44c.; March, 3.60c.; New "A" April, 3.01c.; 7c.; Maracaibo, La Guayra, Ecuador and Savanillas, 7%03.;
May, 3.050.; Outside prices: Spot, April and May, 3 to Native steers nominally, 6c. New York City calfskins,
3%e.;June, 3 1-16 to 3 3-160.; July-Sept., 334c.; Oct.
-Dec., 9-12s, $1.35 to $1.45; 7-9s, 70 to 80c.; 5-7s, 523/ to 573e.
2
nio.; Spot, first latex, thick, 4c.• thin, pale latex, 4c.; On the 14th inst. old contracts closed 5 points off to 5 points
up; new contract declined 5 to 15 points; sales
clean, thin, brown No. 2, 3c.; rolled brown crepe, 23 e.
'
4
in both conOn the 12th inst., London closed unchanged to 1-16d. tracts 1,960,000 lbs. Prices closed with June old 4.50 to
advance; April and May, 13d.; June, July and Sept., 4.60c.; Sept. old 5.14e.; Dec., old and new 5.65c.; Mar.
1 15-16d.; Oct.
-March, 2 3-16d. Singa- old, 6.05c.; new,6.05 to 6.10e. Spot hides were more active
-Dec., 2 1-164.; Jan.
-Feb. butt branded steers at 43/2e.;
pore closed quiet and unchanged to 1-16d. higher; April with sales of 6,000 Jan.
-Mar. Colorado steers at 4c.; 9,500 Feb.
-Dec., 1 13-16d. With 8,000 Feb.
1 9-16d.; July-Sept. 1 11-16d.• Oct.
-April
branded cows at 40.; 7,000, Dec.
a back log of more than 300,0005 unfilled orders, Ford Motor
-April heavy native cows
at 4c.; 2,000 Dec.
-Jan. heavy native cows at
Co. has sufficient business booked to maintain active pro-April light native cows at 43/2e. and 4Ms.; 2,000,
duction at the rate of 4,000 units a day through July, ac- Mar.
.
heavy
native steers, Jan. take-off at 43/243. To-day 2,500 closed
cording to Dow, Jones, Detroit advices. On the 12th inst.,
prices
20 to 35 points lower with sales of 31 lots.
Batavia cabled the New York Rubber Exchange: "Numerous
May ended at
rubber plantations in this area are closing down and tapping 3.80e.; July at 4.500.; Dec., at 5.41 to 5.500., and Jan. at
5.550. Final prices show a decline for the week
on many others is being rapidly reduced. Anglo-Dutch
of 10 points
rubber plantations and Ross & Taylor have decided to close on May.
down several of their plantations and both concerns are
OCEAN FREIGHT -There was a better market at
reducing the tap on their remaining estates by 50%. On times. Grain trading S.
was larger later on.
the 13th inst. prices declined 5 to 10 points with the March
CHARTERS.
-Grain berthed 2 loads
consumption smaller. It was 7.3% less than in Feb. Also Liverpool, Is. (Id.; 10 loads to Liverpool, to Glasgow, Is. 9d.; 9 loads to
to Hamburg. 6c.i
large imports increased the stock. Consumption of crude 5 loads to Manchester, Is. 9d.; 3 loads toIs. (Id.; 1 loadIs. (Id.; 6 loads of
Manchester,
barley to Rotterdam,
-3
rubber by manufacturers in the United States for March May, 101ic.; 15 loads 7c. Grain Booked. loads Montreal-Marseilles.
7 loads Montreal
amounted to 27,828 long tons against 30,011 long tons for Rotterdam, May, 8e.;Montreal-Rotterdam, April, 9c.;April, 7c.z 1 load
2 loads New York-Antwerp,
Rotterdam. April,
Feb. 1932 and represents a decrease of 7.3% below Feb. Marseilles. April, 7c.; 4 loads Glasgow, April, Is. 3d.; 10 loads Montrealis.
loads Montreal-Marseilles, April 10;4c.:
and 15.1% below March 1931, according to statistics re- 4 loads to Glasgow, Is.6(1.; 10loads Hull, April, Is. 9d.; 1 load Glasgow.
9d.; 5
April,
9d.; 3 loads
leased by the Rubber Manufacturers' Association. It 2 loadsIs. Liverpool, Hamburg, April, 6c.; 2 loads Antwerp. April, 7C.;
to
Is. 6d. and two Norfolk-Manchester. Is. 9d.; 13 loads
reports imports of crude rubber for the month of March to New York-Antwerp, 6,4c.; I load Hamburg, Oc.; 5 loads London, Is. 3d.
-30,000 gra. Montreal, May 1-10, picked United Kingdom Porta"
be 42,382 long tons, an increase of 38.7% over Feb. and Grain.
24., Bristol Channel,2s. 1 3id.,2 ports, 2s. 3d. Rio prompt, North Hatteras.
Volume 134
Financial Chronicle
2939
lower on further liquidation, with sales of 1,600,000 ounces
ending with May, 28.41c.; July, 28.70c.; Sept., 29c.; Oct.,
29.15 to 29.30c.; Dec., 29.41c. The production of silver
continues to decrease. The exports in March from the
United States were noticeably less than the output. It is
said that Mexico and Cuba have purchased on a consider-At New York there has been a fair business able scale. Some think that the production for some
TOBACCO.
at about steady prices. Disappearance of most tobaccos so months to come will not be a depressing factor. The rupee
far during the present season has been at a reduced rate, stock of the India Government, it is stated, has been redue prtl.y to decreased exports and also to curtailed con- duced within the last few months to an amount equal to
sumption in this country. As a result stocks of leaf tobacco some 125,000,000 ounces of silver, which it seems went into
of all types, including cigar and cigarette, have been piling circulation in the form of rupees. The necessity of selling
up, and the future is improved only by radical curtailments silver by the India Government has therefore been correin the acreage of some types as reported by the Department spondingly lessened. In China there is said to be a large
of Agriculture. Mounting cigar stocks, however, are indi- short interest. The trade has been buying here. The techcated. Amsterdam cabled the "United States Tobacco nical position has naturally been strengthened by the recent
Journal" April 8: About 1,200 bales bought for America at heavy liquidation at a very sharp decline in prices. On the
third Sumatra inscription. Market firmer. Principal buy- 13th inst. prices closed 15 to 25 points lower with sales of
ers were General Cigar Co., 556 bales; H. Duys & Co., 377 975,000 ounces, closing with May, 28.25 to 28.30c.; July,
bales; Bayuk Cigars, 185 bales, and American Cigar Co., 97 28.45 to 28.50c.; August, 28.60 to 28.75c.; Oct., 28.90 to
bales. To date this season approximately 4,300 bales of 29.000.; Dec., 29.180. On the 14th inst. prices closed 21 to
Sumatra tobacco have been taken by American buyers. 32 points higher, with sales of 1,375,000 ounces, closing with
This compares with about 7,200 bales bought during the May,28.40 to 28.460.; July, 28.77o.; August, 28.80 to 290.;
first three sales last year. The Sumatra crop of 1933 will Oct., 29.12 to 29.20c. To-day futures ended 20 to 47 points
be reduced to 125,000 bales. Under normal conditions this higher with sales of 1,175,000 ounces. April closed at 28.500.
would produce about 15,000 bales of American tobacco. May, 28.60c.; July, 28.980.; Aug., 29.150.; Sept., 29.40c.,
This decision follows a substantial reduction already made and Oct., 29.54c. Final prices are 35 to 70 points higher
in the 1932 crop. This crop will be 150,000 bales. Smaller for the week.
consumption and lower prices have seriously impaired the
COPPER was in small demand. Export sales have generSumatra growing companies. The foregoing figures on anthe first half of April were
ticipated production in 1932 and 1933 compare with 188,000 ally been light. Sales abroad for
firm, however, at 5Vic.for
in 1931 and 211,000 bales in 1930. The Havana may 3,300 tons. Prices werefor export. In London on the
bales
domestic delivery and 6c.
end in a fortnight.
14th inst. spot standard advanced is. 3d. to £29 8s. 9d.;
since last week. futures up 2s. 6d. to £29 15s.; sales 300 tons of futures.
Mayfield, Ky.-No material change
Sales in the southern markets during the past week are as Electrolytic unchanged at £34 bid and .£34 10s. asked; at
follows: At Mayfield: 484,330 lbs. at an average of $1.95, or the second session standard copper rose 2s. 6d. on sales of
4c. lower than in the preceding week. At Paducah: 25 tons of spot and 150 tons of futures. On the 14th inst.
171,310 lbs., average $2.47, or 16c. lower than the week futures closed unchanged nominally; no sales. May ended at
or 28e.
before. At Murray: 147,420 lbs., average $2.87,tobacco, 4.30c.; July, 4.450.; Sept., 4.650.; Dec., 4.950.; March,
lower. At Hopkinsvillo: 685,240 lbs. of dark 1,204,085 5.25c. Export sales to-day were 2,250,000 lbs. Futures
average of $4.10, or 47c. higher. At Clarksville: 1,100,795 closed at 4.30c. for April and May,4.350.for June and 4.45o.
lbs., averaging $4.88, or 3c. lower. At Springfield: : 497,905 for July; no sales.
lbs., average of $6.88, or 4c. lower. At Owensboro $4.05;
/
TIN touched a new low of 183 c. for spot Straits on the
lbs. dark, average $2.36, and 107,930 lbs., average
14th
on
At Henderson: 209,435 14th inst. Demand was small. In London10s.,the
Dark, 76c. and Burley, 15c. lower.
while at
Lynchburg: 161,169 lbs., inst. at the first session prices rose 7s. 6d. to
lbs., average $3.68, off 26c. At.
the second session standard tin declined 2s. 6d. to 5s. with
average $3.14, or 58c. lower. At Blackstone: 61,233 lbs., sales for the day of 275 tons. On the 14th inst. futures
Clarksville, Tenn wired:
averaging $4.40, or 97c. lower.
closed 5 to 25 points lower; sales 10 tons ending with April,
"Officials of the Eastern Dark-Fired Tobacco Association 17.80c.; May, 17.950.; July, 18.25c.; Sept., 18.60c. To-day
that the organization
said that there was a possibility
the futures closed with April, 18.20 to 18.35c.; May, 18.350.
might begin receiving tobacco on April 11, through
Springfield and Clarks- nominal; June, 18.50c.; July, 18.70c. and August, 18.900.
three regional pools it will operate at
pool
LEAD was in fair demand and firm at 3o. New York and
ville, Tenn., and Hopkinsville, Ky. Functioning of the
awaits the approval by the Intermediate Credit Bank at 2.90c. East St. Louis. In London on the 14th inst. prices
Louisville, and the Federal Farm Board of loan appraisals." advanced 6s. 3d. to .£11 Os. 3d. for spot and E11 us. 3d.
Schulte Cigar Stores lost $314,659 in 1931, it is stated. At for futures; sales 200 tons futures; at the second session
Hartford, Conn., trade is more active. Baltimore, Md.: prices dropped 2s.6d. on sales of 50 tons of futures.
The prices now being offered for Maryland leaf are $2 to
ZINC was steady but dull. The price was 2.800. East
$4.50 per hundred pounds for frosted and inferior; $5 to $15 St. Louis. The American Zinc Institute compiled weighted
to good;
for sound to good common; $15 to $30 for medium
average prices of zinc sales in March from the sales books of
$30 to $39 for good to fine red; $39 to $40 for fancy. In 12 producers. The average for March delivery was 2.789c.
second,common to medium is bringing $4 to $15 per hundred per pound, East St. Louis on sales of 6,524 tons; for subsepounds;$16 to $25 for good to fine. The 1931 ground leaves quent delivery 2.7940. per pound on sales of 5,211 tons.
are bringing $2 to $12 per hundred pounds. The price of The price of brass special for March delivery was 2.909c.
upper country burley is nominal.
on sales of 264 tons; for subsequent delivery, 2.896c. on
-Buying in most parts of the country has been sales of 300 tons. In London on the 14th inst. spot advanced
COAL.
Ell 5s.; sales 50
on only a very moderate or small scale. Slack was fairly 6s. 3d. to .£11 8s. 9d., futures up 5s. to
firm at Hampton Roads. Pittsburgh steam slack is quoted tons spot and 275 tons futures; at the second London session
West at 55 to 65c. and gas at 75 to 90c. The range on the prices unchanged with sales of 25 tons of futures.
STEEL remained about as quiet as ever. There is no
high and low volatiles is everywhere unchanged. Price
reductions per circular have not increased sales. Unionized sign of any well defined change for the better. There were
mines in central territory will post a $4 wage scale, 33% rumors of a new cut in wages of perhaps 10 to 15% to avoid
out in wages. In the following memorandum prices of lump heavy operating deficits. Last Oct. there was a reduction
and egg, the lower offers alone are shown. They are the in wages of 10% by the U. S. Steel Corp., the Bethlehem
market. Southern Illinois lump , $2.50; egg, $2.25; central Steel Corp. and others. The industry is operating, it is
Illinois, No. 4 small lump, $2.25; small egg, $1.90; central stated, at an average of only 21% against 22 in the two
Illinois lump small, $1.75; egg, $1.75; Wilmington lump, previous weeks. Also the backlogs of the two leading com$3;egg,$2.75; Danville lump, $2; egg same; Fulton Peoria panies are being steadily reduced. Birmingham, Ala. wired
egg,
lump, $2; egg, $1.80; Belleville lump, $1.60; vein $1.40; April 11 that 1,200 employees of the Tennessee Coal, Iron
lump, & Railroad Co. will return to work next Monday for an
Indiana 4th vein lump, $2; egg, $1.75; 5th
Elkhorn
$1.60;egg, $1.35; Brazil lump, $2.40; egg, $2.10; egg, $1; indefinite period after a lay-off of several weeks. They
will be employed in the Ensley rail mills, furnaces and two
block, $1.50; egg, $1.25; Hazard block, $1.20;
Harlan block, $1.50; egg,$1.25; eastern Kentucky premium, mines. Also on the 13th, Birmingham, Ala. wired that steel
$2; egg,$1.75; western Kentucky small lump,95c.; egg same. mills' operations in South will be advanced from 21%
Shenandoah, Pa., wired the U. P. to-day; "Five thousand capacity to nearly 50% next Monday when the Ensley
anthracite miners in this region who had been idle most of works of the Tennessee Coal, Iron & Railroad Co. subhard coal have
the winter because of the slack demand for Philadelphia & sidiary to United States Steel Corp. resumes operations.
recalled to the pits this week. The
Included in the works are the rail mill, five of the nine open
been
Reading Coal & Iron Co. to-day reopened the West Shenan- hearth furnaces, two of the six blast furnaces, an ore mine
Valley and other plants. Twelve hundred men are being called
doah colliery employing 800 men. Many Lehigh
collieries and a number of privately operated mines have back to work.
resumed work.
PIG IRON was still generally dull. The Ford Co., it is
inquiring for 700 tons of high manganese,
been.
-On the 9th inst. prices closed 30 to 42 points stated, has.
SILVER.
.
sales of 925,000 ounces, ending with May at 26 to 28 Splegeleisen for April-May shipment to its plant at
higher with
28.820.; August, River Range, Mich. Somemeltersseem to be buying higher
28.55 to 28.70c.; June, 28.68c.; July, 29.34e. On the percentages of high silicon iron which is used to carry larger
28.92c.; Oct., 29.10 to 29.25c. and Dec.,
16 points higher with percentages of cast iron scrap. Boston recently received
11th inst. prices closed unchanged to
closed at 28.56c.; July at nearly 1,000 tons of Indian iron, some of which was forsales of 2,325,000 ounces. May
and warded to New York. Imports of foreign at Philadelphia
28.85o.; August, 28.95c.; Oct., 29.21c.; Dec., 29.50c.,
closed 5 to 21 points during March were 11,189 tons, of which 10,340 tons was
Jan.,29.65o. On the 12th inst. futures
-Santo Domingo or Haiti, prompt, London,
12,30, Gulf, $2.40. Sugar.
KingdomHavre, Hamburg range, 14s.; Prompt Santo Domingo Unitedt,
Continent, 158. 6d.; April, Cuba to United Kingdom-Continen 14s. 6d.;
173e.; molasses Cuba to
-April, May, Tampico-Philadelphia,
Tankers.
-West Indies prompt, round, continuation,
North Hatteras. Mc. Trips.
4Me.
$1.05: prompt Gulf, redelivery United Kingdom-Continent about
-West Indies round prompt, 80c.
cubic bale foot. Time.
2940
Financial Chronicle
April 16 1932
Dutch iron and 350 tons Indian. So far in April 11,000
of iron have arrived at Philadelphia most of which istons
the
Royal Dutch brand. The domestic trade is keeping a sharp
eye on all this.
WOOL was dull and lower in some cases. Boston prices:
ber, October and November, $1.33 to $1.35. On the
inst. futures closed 4 to 6 points higher with sales of 14th
300
bales, ending with May at $1.37 to $1.38;
$1.38; September $1.39; October, $1.37; July $1.36 to
and
$1.39. To-day futures ended 2 points lower November
to 1 point
Domestic, unwashed Ohio and Penn. fine delaine, 20
higher with sales of 640 bales. April
ing, 17 to 18c.; A blood combing, 20 to 21c.; A blood to 21c.; fine clothclosed at 81.36; May
clothing, 17 to 18c.•, at $1.36 to $1.37; July,
A combing. 20 to 21c.; A
$1.35 to $1.37 and August $1.37
18c.; A combing, 18 to 19c.; low 4,
blood, 16 to 17c.; Territory clean basis, fine staple, 48
clothing.
to 50c.; fine, fine Final prices are 5 to 7 points lower for the week.
medium, French combing, 47 to 48c.: fine, fine
medium clothing, 45 to
46c.• A blood staple, 46 to 48c.: A blood, 42 to 43c.;
low' blood, 33 to 34c. Texas, clean basis, fine 12 A blood, 35 to 37c.;
A
months, 48 to 50c.;
fine 8 months, 42 to 43c.; fall, 33 to 35c.; Pulled, scoured
45 to 47c.: Mohair, original Texas, adult, 22c.; fall, kid, basis, A super,
48c.: spring, kid,
40c.; Australian clean, 64s combing, 34 to
land clean basis, in bond, 56-58s, 28 to 30c.:36c.•. 60s, 30 to 32c.; New Zea50-56s, 26 to
grease in bond, 58-60s, 17c.; I (56s), 16c.; Buenos Aires 28c.; Montevideo,
grease in bond IVs
and Vs, 9 to 10c.
In London on April 12 the third series of Colonial wool
auctions opened. Total offerings comprise 135,000 bales.
The series will close on April 28. Attendance large. The
day's offerings were 9,700 bales; good general competition.
Sellers' reluctance to meet lower bids resulted in the withdrawal of about 2,000 bales. Compared with March rates,
prices of merinos were 5% lower. New Zealand and Puntas
greasy crossbreds, 5 to 10% lower, and Now Zealand slipe
and crossbreds 10% cheaper. Details:
Sydney, 625 bales; scoured merinos,
144.; greasy, 9 to 11%d.;
Queensland, 544 bales; greasy, 7% to 63. toVictoria,
10d.•,
412 bales; greasy
merinos, 9A to 123'd.; New Zealand, 3,195 bales; scoured merinos,
13 to
17d.; scoured crossbreds, 73 to 15d.; greasy, 4 to 9d.
Cape. 396 bales;
greasy merinos, 54 to 73d. Puntas, 4,487 bales;
greasy
7d. New Zealand slipe ranged from 5A to 84d., latter merinos, 6 to
halfbred lambs
In London on April 13 offerings of 9,500 bales met with
increasing Continental demand. Sellers' firm limits led to
further withdrawals of about 2,500 bales. Prices steady.
Falklands greasy crossbreds to-day sold at 10% below March
levels. Details:
Sydney, 665 bales; scoured merinos, 6% to
Queensland, 491 bales; scoured merinos, 11A 15d.; greasy, 7% to 9 d.
Victoria, 733 bales: scoured merinos, 9 to to 12Ad.; greasy, 6 to 83.id.
South Australia, 645 bales; scoured merinos,1661.; greasy, 9% to 113d.
tralia, 285 bales; greasy merinos. 7 to 104. 113-i to 15Ad. West AusTasmania, 39 bales; greasy
merinos, 10A to 13%d. New Zealand, 4,635
bales; scoured crossbreds,
7 to 11d.: greasy. 4 to 103d. Cape. 900 bales; greasy
merinos, 5A to
7%d. Falklands, 1,060 bales: greasy
slipe ranged from 4A to 103.d., lattercrossbreds, 4 to 104. New Zealand
super half-breds.
In London on April 14, offerings 8,140 bales of Austral
ian
merinos, chiefly speculators' lots. Withdrawals were rather
frequent at firm limits, but otherwise a good sale to
home
and Continent at late prices. Details:
Sydney, 984 bales; scoured merinos,
to 12d.; greasy, 6% to 10%d.
Queensland, 66 bales; scoured merinos,73 to 16d.; greasy,
15
toria, 477 bales; scoured merinos, 113 to 13d.;'creasy, 8A 5% to 64. Victo
Australia, 76 bales; greasy merinos, 8 to 9d. Tasmania. 1189 yid. South
crossbreds, 7 to 93d. New Zealand, 5,195 bales; scoured bales: greasy
merinos. 13A
to 18Ad.; scoured crossbreds, 6 to 16d.; greasy,
33 to
1,030 bales; greasy merinos, 6 to 94. Kenya, 188 bales: 10Ad. Cape,
greasy merinos,
4% to 7%d. New Zealand slipe ranged from sx to 83.d.
COTTON
Friday Night, April 15 1932.
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 62,040 bales, against 93,799
bales last week and
115,587 bales the previous week, making
the total receipts
since Aug. 1 1931 9,022,174 bales, against
8,169,896 bales
for the same period of 1930-31, showing
an increase since
Aug. 1 1931 of 852,278 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
New Orleans_ __ Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles _ _ -Wilmington
Norfolk
Baltimore
Totals this week_
Sat.
Mon.
Tues.
Wed.
989
695
3,253
1,972
1.397
47
2,144
879
1,938
251
5,549
129
15
584
2,744
253
7,743
5,238
1,902
70
4,612
1,286
442
73
73
------29
66
22
35
67
---86
31
177
401
15
-- - 184
410
236
5.816
9.335 19.907 11.029
Thurs.
Fri.
Total.
1,640
35 8.584
-- 1.896 1,896
2:139 3.301 13,421
62, 683
1,614 2
-f157 24.499
1,071
'453 9,056
65
69
174 1.682
-___
__
401
13
41
282
---322
322
40
80
485
23
26
547
117
117
6.671 0 989 89 nen
The following tab e shows the week's total
receipts, the
total since Aug. 1 1931 and the stocks to-night,
compared
with last year:
Receipts to
April 15.
Galveston
Texas City
Houston
Beaumont
Port Arthur, die
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
N'port News, ateNew York
Boston
Baltimore
Philadelphia
1931-32.
1930-31.
Stock.
This Since Aug This Since Aug
Week. 1 1931. Week. 11930.
1932.
1931.
8,584 2,191,484 8,265 1,373,161 709,523 556,082
1,896 230,912
399 111,081
48,037
31.900
13,421 3,107,277 5.009 2,803,334 1,370,592
1,099.588
683 427.281
298 572,459
59.522
53,148
_--25,171
250
24,356
24,499 1,781,648 18,499 1,337,702 1,069,43
2 732,024
9,056
65
439,844
60,147
6,973
1,288
562,562
62,300
186,484
245,809
26,770
---_
Bradford cabled that the opening results of the London
493
17,029
1,360
1,682 308,036 4,341 689,628 249,158
362.174
wool sales have disappointed the Bradford trade and have
401
29.776
49,050
282 120,605 2,587 286,380 114,417
practically stopped business there. Prices of wools and tops
166,710
322 136,997
140
59,213
61,529
are easier again. Another cable from Bradford said: "The
485
49,711
239
61,230
19,378
12,113
547
63,251 1,565 150,406
latest Dawson 'Outlook' says that the opening of another
59,260
84,696
series of London wool sales was marked by hesitation on the
1.175 205,905 228.379
part of buyers and weakness. The consuming centers are
867 1,392
4.436
12,581
3,026
117
22,320
874
20,918
nervous and fresh demand is lacking. The political and
2.893
1,314
12
5,389
5,213
financial factors are dominant it is said, and exchan
ge
Totals
62,0409,022,174 52.119 8.160 RQ0 4 lei 190a
fluctuations and restrictions on the outflow of capital by
888 FAR
In order that comparison may be made
European countries are menacing demand. The uncertainty
with other years,
we give below the totals at leading ports for
it is believed is partially due to the absence of definite prosix seasons:
nouncement on the British tariff. Leicester yarn buyers
Receipts at- 1931-32. 1930-31. 1929-30.
• are not prepared to place contracts until they feel sure they
1928-29. 1927-28. 1926-27.
have found the cheapest markets." At Wellington on April Galveston____
8,584
8,265
6,537
12,417
20,041
Houston
19,567
5,009
11, 12,000 bales were offered and 9,800 sold, The selection New Orleans- 13,421
6.143
12,369
10,266
15,160
24,499
18,499
24,711
21,212
of crossbreds was representative, but merinos were poor. Mobile
17,460
28,342
9,056
6,973
3.314
2,785
2,583
3,655
Yorkshire competition was irregular and the Continent was Savannah
1,682
4,341
1,876
3,754
10,357
Brunswick..
10,860
401
quiet. Compared with Timaru sales on April 7 crossbreds Charleston _ - _
282
2,587
273
315
2,970
Wilmingt
9,981
were easier. Fine grades were wanted and coarse qualities Norfolk on...
485
239
525
775
4,292
4,981
547
1,565
427
were neglected. Prices paid: Merinos, average, 534 to 6d.; N'port News..
1,467
3,510
5,668
crossbreds 56-58s, 5% to 83d.•, 50-56s, 6 to 8Md.•, 48-50s, All others-_
3,083
4
4,641
2,887
2,257
1,463
3,896
4
43's to 53 d.; 46-48s, 334 to 43 d.; 44 46s, 334 to 43 d. Total this wk_ 62,040 52,119 46,693
4
4
57,351
72,882 102,107
At Sydney on April 14 the seventh series closed with a good
average selection offered. Yorkshire and Japan were the Since Aug.1- 9,022.174 8,169,896 7.677.473 8.646 017 7 861 848 11878628
The exports for the week ending this even
chief buyers. Compared with opening rates, best merinos
fell 10%;others, 734 to 10%. Comeback greasies and cross- of 126,069 bales, of which 21,000 were to ng reach a total
Great Britain,
breds were about par. The next series will be held from 13,028 to France, 21,068 to Germany,
14,466 to Italy,
April 26 to May 12 and offerings will total 115,500 bales. nil to Russia, 40,501 to Japan and China
At Wanganui on April 14, 15,000 bales were offered and other destinations. In the corresponding and 16,006 to
10,200 sold. Selection of crossbreds was fairly represen- total exports were 90,926 bales. For the week last year
season to date
tavie; no merinos. Yorkshire competition was irregular aggregate exports have been 7,089,063
and the Continent was quiet. Compared with Wellington 739,317 bales in the same period of thebales, against 5,previous season.
sales on April 11, prices ranged from par to 5% lower. Below are the exports for the week.
Fine grades were wanted and coarse qualities were neglected.
Prices paid: Crossbreds, 48-50s, 434 to 5Md.; 46-48s, 334
Exported to
Week Ended
to 434d.; 44 46s, 3 to 334d.
Apr. 15 1932. Great
GerJapan&
WOOL TOPS closed quiet to-day at a decline of 100 Exportsfrom- Britain France. many. Itat Russia. China. Other. Total.
points to an advance of 50 with April and May ending at Galveston
1,204 5.804 6,414
19,361 4,116 38.699
Houston
4,440 5,815 11,923 2,195
60c.; June at 60.30c.; July 60.60c.; August 60.90c.• Septem Texas City
1,627 5,852 31,052
726 1,199
ber, October, November and December 61c. and Januar
765 2,690
2jai
'
y, Corpus Christi
2,408
New Orleans_ _
8,352 5;iia
February and March 61.50c. Boston spot unchan
5.807
13.907 1;ii5 33,012
ged at Mobile
67c. Roubaix unchanged to 101. off, with sales
100 4,750
4,850
Pensacola
15
50
65
Antwerp quiet Md. off to Mid. up with sales of 297,000 lbs. Savannah
4,851
1:g51
2;i5O 9,842
of 247,000 lbs. Brunswick
401
401
SILK.
Charleston
-On the 11th
2.504
2,504
with sales of 950 bales. inst. prices closed 5 to 7 points lower Norfolk
425
425
April closed at $1.38; May at $1.36; Los Angeles---205
60
750 1,971
956
to $1.38; July, $1.37; August,
Lake Charles_ _
50
$1.37 to
150
100
November, $1.38. On the 13th inst. $1.39; October and
Total
21,000 13.028 21,008 14,460
40,501 16.006 126,069
points lower with sales of 470 bales, prices closed 3 to 5
ending with May and Total 1931
July at $1.32 to $1.34; August at $1.32
26,131 8.289 9,420 3,886
33,939 9,261 90,926
to $1.35; and Septem- Total 1030
24,808 4,844 21,048 13,145
20,710 8.702 93,267
Financial Chronicle
Volume 134
2941
yarns also held up well. The details cabled to New York
showed British exports of cloth in March as 203,000,000
From
yards against 136,000,000 in March last year; total thus
it
Japan&
Ger4p. 15 1932. Great
far this year, 563,000,000 yards against 438,000,000 in the
Britain. France. many. Italy. Russia. China.L2ther. Total.
ffslrortsfrom,
same time last year. The New York Exchange estimated
--____ 902.878254,142 1,837,042
•3alveston____ 219.320 90,419 210.229160.0
consumption of all cotton in this country
510,367204,802 - _-- 905.098 311.7052.311,328 that the total
197.004182,352
Houston
reported by the Government,
144,260
Texas C11y._20,278 12.730 39.852 9,853 --- 41.408 20.139 329.319 during March, as it would be
77,687 17,744 27,492 29,370 --- 139,205 37.821
compared with 450,000 in February and
Dorpus Christ
4,325 3,132 22,133 at 489,000 bales
50 ---5,035
8,111 1.480
Beaumont
___336.227 94,1841,001,211 489,000 in March a year ago. The daily rate in March
New Orleans.. 232,327 52,214 161,938124.321
99,138 7,400 110,084 6,534 --- 182,383 23.355 428,894 was about 19,600 against 19,800 in February and 20,400 in
Uobile
6,268 ---------122 11,072
__-_
4,682
facksonville_.
__-- 5,304 1,105 76.747 March a year ago. The world's consumption of American
374
__-- 57,965
11,999
Pensacola
__95,475 11,898 379,479 cotton in February totaled approximately 1,051,000 bales
__-_ 1
750
129 89,481
81,746
3avannah
200
450 29.776
24,959 --------- -____
4,167
Brunswick
and 898,000 in February
55,994 --------- -35,046 16.487 159,889 compared with 1,069,000 in January
__-_
- 52,362
Dharleston.
_- 1,858 28,798 last season, according to the New York Cotton Exchange
-___
10,854 159
____
186
Wilmington
37,941
6,758 2,261
9.277 --------- -322
19.323
Norfolk
total consumption in the seven months of the
1,136 --------- -18,974 2,104 24,847 Service. The
175
2,458
New York.2,229 season to Feb. 29 was approximately 7,201,000 bales against
_
42 --------- -----2,053
____
134
Boston
45
45
last season. The increase in
Baltimore
565 4,346 165,751 6,275,000 in the same period
____
585 12,143 1,84..2
5.270
Los Angeles_
766 43,346 February over February last year was about 153,000 bales,.
142 --------41,059
____
1,379
Ian Francisco
685
685
3eattle
or 17%. The increase in the seven months ending Feb. 29
5,746 9,157 24,193 8,293 --------8,882 54,271
Lake Charles_
over the same period last season was 926,000 bales, or 15%..
2955905797.4957.089,063 The world consumption of American cotton during the first
_ _._
.043.362374,7071,357,451 580,143
Total
of this season looks like 6,150,000 bales. Manchester
Total 1930-31 983,636895,878 1,488,477419,797 29,2791284264 637,9865.739,317 half
Total 1929-311 .186,542 780,327 1.627,829605.931 78.0401097118 619,569 5.995.356 on the 12th inst. reported a moderate demand for cloth from
--Exports to Canada -It has never been our practice to Include In the home and South American sources. Spot prices at the South
Note.
above table reports of cotton sh pments to Canada, the reason being that virtually were firm or slightly higher, with the basis firm. Liverpool
all the cotton destined to the Dominion comes overland and It is Impossible to
give returns concerning the same from week to week, while reports from the customs and, seemingly, co-operatives and the Japanese sold, but In
districts on the Canadian border are always very slow in coming to hand. In view, the later business New Orleans and local traders bought
however, of the numerous inquiries we are receiving regarding the matter, we will
stimulating effect was plain. In Alexsay that for the month of March the exports to the Dominion the present season on a scale whose
have been 19.632 bales. In the corresponding month of the preceding season the andria prices were irregular. It seems that the Egyptian
ended March 31 1932 there were
exports were 15,848 bales. For the eight months
Government is making strenuous efforts to dispose of a
139,115 bales exported, as against 154,933 bales for the eight months of 1930-31.
In addition to above exports, our telegrams to-night also portion of its holdings of cotton to Europe. Special efforts
spingive us the following amounts of cotton on shipboard, not are being made to place Egyptian cotton with German Alexners who have not heretofore used Egyptian cotton.
cleared, at the ports named:
andria holds 2,179,538 cantars, or approximately 290,000
bales of cotton belonging to the Egyptian Government in
On Shipboard Not Cleared for
store at Alexandria, about 40% of the stock at Alexandria.
Leaving
Other CoastGerGreat
On the 13th inst. prices advanced 10 points early, with
Stock.
April 15 at- Britain. France. many. Foreign wise. Total.
offerings light and the trade, Liverpool, the Continent and
6,500 4,000 5,000 27.000 1,500 44.000 665,523 New Orleans buying. Domestic mills fixed prices rather
Galveston
New Orleans- - 17,018 4.780 8,934 9,591 10,291 50.614 1,018.818
200 248,958 freely. In Liverpool London and Bombay bought. Dallas
200
Savannah
reported a good spot demand at the best basis of the season.
---- 24,120 162.364
---- 18,941
Mobile
3,079 2,100
59,260 Liverpool bought on the relative cheapness of New York
Norfolk
500 30,000 1.772,855 prices. A little outside demand was reported. The West
4,000 2.000 3.500 20,000
Other ports*
may try cotton if wheat continues to rise. It often does.
30,597 12,880 17,434 75.532 12.491 148,934 4.042,195
Total 1932
7,871 4,778 8,547 34,676 1,980 57,8523,525.684 The tendency seems to be toward easier rates for money.
Total 1931
4.091 106,981 1,598,759 But
9,751 8,320 19.851 64.968
Total 1930
later the early cotton rise was lost on profit-taking,
•Estimated.
an unsatisfactory stock market, a decline in wheat, and a
Speculation in cotton for future delivery has been on somewhat weakened technical position in cotton after a
only a fair scale but the tone has been better and prices show rise of late of 40 points. Also May liquidation was noticed.
a rise of about $1 a bale partly of late in sympathy with Japanese advices were not encouraging. The cotton belt
an advance in wheat and something of a rally in stocks. was rainless. The summary of the weekly report said:
The weather is becoming too dry in the Southwest. Home "Field work was active in the belt, and much ground was
and foreign mills have bought. The rise would have been prepared for planting which progressed steadily in the more
greater but for liquidation of May cotton. It is largely southerly districts. Some cotton has been planted as far
north as Southeastern North Carolina and Southern Ara trading market.
On the 9th inst. prices advanced nearly 20 points with kansas. In Texas planting progressed steadily to the north
wheat up 3c., stocks higher, Liverpool, Bombay and Japa- central portions of the State. In the western portion of the
nese buying cotton freely here and Liverpool cotton cables belt the weather was rather unfavorable for germination
much higher than due. They closed firm at an advance of because of cool nights." Prices here on the 13th inst. ended
14 to 16 English points on heavy buying by Japanese and practically unchanged. The regional office of the ReconBombay interests as well as general covering. Later came struction Finance Corporation at Dallas reports 15,000 loans
a moderate reaction here with the closing 12 to 15 points made to planters thus far involving $1,388,000. While pernet higher. Worth Street was quiet. Manchester was mitting each borrower a minimum of 10 acres, advances are
pessimistic and the Egyptian section decided to curtail being made under a stipulation that all planting in excess
production 20% beginning on April 11th. Alexandria de- of 10 acres shall be confined to 65% of last year's acreage.
On the 14th inst. prices advanced a dozen points net under
clined 32 to 59 points. Here the South, Wall Street and
local traders sold. There was some liquidation of May. the stimulus of a sharp rally in stocks,some advancein grain,
The Continent fixed prices to some extent. German fi- and the smallness of the offerings. Also there was persistent
buying attributed to trade interests and shorts who found
nances seemed to be getting into better shape.
On the 11th inst. prices opened at some slight advance the going, especially later in the day, more difficult. The
but later were 8 to 11 points lower. Still later they rallied consumption in the United States in March was 488,655
hc. rise in wheat and closed 2 to 4 bales against 450,018 bales in February and 490,509 in
with stocks and a 31
points net higher. Fixing of prices by domestic mills con- March last year. The total for eight months is 3,569,945
tributed to the later firmness. Rains fell over most of bales against 3,384,135 bales for the same time last season,
the belt. They were heavy in parts of Georgia, the Caro- an increase this year of 185,810 bales. Liverpool had a good
linas and Alabama, Arkansas and Tennessee. Spot firms spot demand. New Orleans reported a more spirited call
bought near months. Some Western people it is supposed for cotton under one inch staple with a noticeably larger
went long of the new crop, because of the rise in grain. Inquiry from Bremen. Washington news seemed on the
The professionals covered on a scale that attracted atten- whole more favorable. Moreover, though the size of the
tion. On the other hand at one time Liverpool, the Continent next crop is a more or less academic question it is of interest
and apparently the Japanese sold but their offerings were to note that a well known crop observer wired from Cuero,
readily taken. Manchester reported producers losing Tex.: "Large percentage of ground has been plowed and
ground. Worth Street was dull. The big jump in wheat 30 to 40% planted; all very dry; may be 10% up; too dry
was one of the most vivifying factors of the day. Some for any more to come up; condition of the crop is exceedreasoned that if wheat could rise 6%c. in two days it ingly bad."
At one time on the 14th inst. there was a temporary reacmight go further on a broadening of outside speculation
and so communicate some of its strength and activity to tion. There was more or less liquidation of May. New
Orleans and, supposed1^, Japanese interests sold. Memphis
cotton.
On the 12th inst. prices closed a few points higher after reported the tone bearish with the weather for crop prepaless than
being at one time 7 to 9 points lower when stocks were rations better. Manchester was quiet, with sales report of
weak. The later rise in cotton of 11 to 16 points from the production. Worth Street was quiet. The
the low of the morning was due to an advance in wheat, the Cotton Textile Merchants Association for March showed
cloth to production to have
sales
something of a rally in stocks, a falling off in offerings, the ratio of in fiveof standard
weeks against 100.5% in four weeks of
and covering outside buying especially from the West. Also been 58.1%
buying by American and Continental spinners counted. February; shipments, 93.1% against 105.9% in February;
Spot houses bought May on a fair scale. The recent rise stocks increased in March 8.2% against a decrease of 5.7%
of 7 cents in wheat accompanied by a big increase in the in February; unfilled orders decreased in March 26.4%
speculation was regarded as indirectly of hopeful augury against a decrease in February of 3.4%. The unfilled orders
for cotton. Liverpool cabled that the Board of Trade at the end of March were 278,163,000 yards as against a
statement of cloth exports for March showed an increase stock of 259,231,000. In other words, hand-to-mouth buyof 50% over those of a year ago and that the exports of ing continued in March. Of course this cannot and will
Exported to
2942
Financial Chronicle
not go on indefinitely. The question is, When will buyers
muster courage enough to go ahead and buy on the old-time
and normal scale?
To-day prices declined 10 points, mostly on May liquidation. For a time the tone was steady, despite some rain
in the Texas Panhandle and a prediction of showers for the
Western belt. The weather is beginning to be watched more
closely. Japanese were supposed to be selling. The South
and local traders certainly were. Worth Street was quiet,
with mill goods neglected and second hands doing most of
the business. With March sales by mills 40% smaller than
the output we have a vivid exhibit of the dullness of trade
in the last six weeks. Liverpool closed 6 to 8 English
points lower. The world's spinners' takings were 40,000
bales less than last week and the exports 56,000 less. It is
too early to get excited over dry weather in Texas and the
Southwest generally. But the trade, Liverpool, the Continent and scattered interests of one kind or another bought.
Washington news as to legislation affecting business interests was considered better. Drouth in the Southwest,
especially in Texas, began to evoke comment. The Dallas
"News" said to-day that the Texas crop is having one of
the poorest starts on record owing to the dryness of the
top soil. Also it touched on something new. It said that
at College Station the weevil emergence is among the largest
on record, i.e., 2.18, which was exceeded only slightly less
than in the bad years of 1926 and 1927. In Liverpool there
was buying by the Continent and Bombay. Manchester reported a better business in cloth with India and the Continent. Stocks closed higher. Final prices show an advance
for the week of 17 to 20 points. Spot cotton ended at 6.30c.
for middling, an advance for the week of 20 points.
The official quotations for middling upland cotton in the
New York market each day for the past week has been:
April 9 to April 15Middling upland
Sat. Mon. Tues. Wed.Thurs. Fri.
6.20
6.25
6.25
6.25
6.40
6.30
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
April 15 for each of the past 32 years have been as follows:
6.30c.1924
10.15c. 1923
16.00c. 1922
20.60c. 1921
20.35e. 1920
14.50e. 1919
19.35c. 1918
24.65c. 1917
1932
1931
1930
1929
1928
1927
1926
1925
30.55c.
28.75c.
17.75c.
12.30c.
43.00c.
28.65e.
30.50c.
20.85c.
1916
1915
1914
1913
1912
1911
1910
1909
12.00c.
10.15c.
13.10e.
12.40c.
11.55c.
14.85e.
15.25c.
10.65c.
1908
1907
1906
1905
1904
1903
1902
1901
10.00e,
11.15c,
11.80c
7.85e•
14.40c•
10.50e•
9.25c•
8.31e•
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
SALES.
April 16 1932
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.
April 15Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
1932.
646,000
1931.
901,000
223,000
bales
226,000
1930.
831,000
1929.
965.000
124,000
87,000
869,000 1,127,000
955,000 1,052,000
308,000
186.000
24.000
85.000
84,000
462,000
290,000
6,000
89,000
49,000
489,000
237,000
18,000
89.000
46.000
896,000
879,000
539.000
395,000
10,000
127,000
56.000
687,000 1,127,000
Total European stocks
1,556,000
India cotton afloat for Europe... 43,000
American cotton afloat for Europe 324.000
Egypt,Brazil,&c.,afloatforEurope 66.000
Stock In Alexandria
646,000
Stock in Bombay. India
684,000
Stock in U. S. ports
4,191.129
Stock in U. S. interior towns_
1,781,096
U. S. exports to-day
14,547
2,254.000
109,000
230,000
58.000
675.000
1,019.000
3,583.536
1,213,994
10,203
1,851,000 1,931,000
238,000
155.000
221,000 335,000
81,000
111.000
534,000 397.000
1,292,000 1.308,000
1.705.740 1,477,941
1,024,125 646.881
Total visible supply
9,305.772 9.152,533 6.946,865 6,359,822
Of the above, totals of American and other descriptions
are as follows:
American
Liverpool stock
300.000 446,000 356,000 670.000
Manchester stock
136.000
93,000
72.000
68,000
Continental stock
638,000 1,012.000 816,000 805.000
American afloat for Europe
324.000 230,000 221,000 335,000
U. S. port stocks
4.191.129 3.583,536 1,705,740 1,477.941
U. S. interior stocks
1,781,096 1,213.994 1.024.125 648,881
U. S. exports to-day
14,547
10.203
Total American
7,384,772 6,588,733 4,194,865 4,002,822
East Indian, Brazil,
Liverpool stook
steak
346.000 455.000 475.000 295,000
London stock
Manchester stock
87,000
133,000
52,000
19,000
Continental stock
49,000
115,000
80,000
74.000
Indian afloat for Europe
43.000 109.000 238,000 155,000
Egypt, Brazil, B.c.. afloat
66.000
58,000
81,000 111,000
Stock in Alexandria, Egypt
646,000 675,000 534,000 397.000
Stock in Bombay, India
684.000 1.019,000 1,292.000 1,306,000
Total East India, &e
Total American
1,921.000 2.564,000 2,752.000 2,357,000
7.384.772 6,588,733 4,194,865 4,002.822
Total visible supply
9,305,772 9,152,733 6,946,865 6,359,822
Middling uplands, Liverpool.....
5.00d.
5.55d.
10.69d.
8.61d.
Middling uplands, New York....
6.30e.
16.20c.
20.30c.
10.15c.
Egypt, good Sakel, Liverpool....7.85d.
9.70d.
19.55d.
15.20d.
Peruvian, rough good, Liverpool_
14.500.
Broach, fine, Liverpool
4.71d.
4.52d.
6.25d.
8.900.
Tinnevelly. good, Liverpool
4.84d.
5.27d.
7.60d.
10.05d.
Continental imports for past week have been 78,000 bales.
The above figures for 1932 show a decrease over last
week of 177,692 bales, a gain of 153,039 over 1931, an
600
---500 increase of 2,358,907 bales over 1930, and a gain of
300
---300 2,945,950 bales over 1929.
700
---700
850
---850
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
Total week_
2.350
---2.350
Since Aug. 1
116,328 107.000 233.328 the week and the stocks to-night, and the same items for the
FUTURES.
-The highest, lowest and clos ng pnces at corresponding periods of the previous year, is set out in
detail below:
New York for the past week have been as follows:
Spot.
Confect Total.
Saturday-- Steady. 10 pts. adv_ Steady
Monday ___ Steady,5 pts. adv... Steady
Tuesday ___ Steady. unchanged_ Steady
Wednesday_ Quiet, unchanged._ Steady
Thursday __ Steady, 15 pts. adv. Steady
Steady. 10 pts. dec _ Barely steady__
Friday
Movement to Apr. 15 1932.
Saturday,
Apr.9.
AprilRange-CgoehhilMay
Range..
ClosingJune
Range_
CloshzilJuly-IhRange_
Closing_
Aug.
Range.
ClosingSept.Bangs..
WC:Web:1gRange-Closing_
Woe.
Range
Ckmdag_
DOC.Range-Closing_
Ion.(1933)
Range--
Monday,
Apr. 11.
Tuesday,
Apr. 12.
Wednesday, Thursday,
Apr. 13. Apr. 14.
Friday,
Apr. 15.
6.07- 6.10- 6.12- 6.12- 6.23- 6.136.06- 6.20 6.02- 6.20 6.09- 6.23 6.18- 6.28 6.16- 6.30 8.17- 6.33
6.13 ---- 6.16- 6.17 6.18 ---- 6.18 ---- 6.29- 6.30 6.19- 6.20
6.22 ---- 6.25 ---- 6.27 ---- 6.27 ---- 6.38- 6.286.22- 6.34 6.21- 6.36 6.27- 8.41 6.35- 6.48 6.34- 6.48 6.35- 6.52
6.31- 6.32 6.34- 6.35 6.37- 6.37- 6.38 6.48 - 6.378.40 ---- 6.43 ---- 6.45 ---- 6.45
- 6.57- 6.486.49 ---- 6.51 ---- 6.53 ---- 6.53 ---- 8.85 ---- 6.54 ---6.48- 6.61 6.46- 6.62 6.52- 6.67 6.59- 6.71 6.58- 6.73 6.61- 6.76
6.57- 6.59- 6.60 6.61 - 6.61- 6.62 6.73- 6.626.85 ---- 6.67 ---- 8.69 ---- 6.69 ---- 6.80 ---- 6.70 ---6.65- 6.79 6.63- 6.78 6.67- 6.83 6.76- 6.87 6.75- 6.89 6.76- 6.93
6.74- 6.76- 6.77- 6.77- 6.78 6.88- 8.78- 6.79
6.73- 6.87 6.74- 6.86 6.77- 6.88 6.86- 6.94
Closing. 6.83- 6.86- 6.88- 6.86- 6.87
Feb.
Range._
Closing. 6.90- 6.93- 6.95 ---- 6.93 ---Ifarch
Range.. 6.91- 6.99 6.89- 7.01 8.94- 7.07 7.00- 7.10
P Closing_ 6.97 ---- 7.01 - 7.02- 7.03 7.00- 7.01
6.83- 6.97 6.84- 7.00
6.96- 6.97 6.877.04- 6.946.99- 7.13 7.00- 7.16
7.12- 7.13 7.02-
Range of future prices at New York for week ending
April 15 1932 and since trading began on each option:
Option for
Apr. 1932
May 1932._
June 1932
July 1932.._
Aug. 1932_
Sept.1932
Oct. 1932._
Nov. 1932
Dec. 1932..
Jan. 1933
Feb. 1933..
Mar. 1933._
Towns.
Range for Week.
6.02 Apr. 11 6.33 Apr. 15
8.21 Apr. 11 6.52 Apr. 15
6.46 spr. 11 6.76 Apr. 15
6.63 Apr. 11 6.93 Apr. 15
6.74 Apr. 11 7.00 Apr. 15
Range Since Beginning of Option.
6.63 Mar.22 1932 6.99 Nov. 6 1931
5.89 Apr. 8 1932 11.40 June 27 1931
6.62 Nov.23 1931 9.74 July 27 1931
6.06 Apr. 8 1932 9.15 Aug. 1 1931
6.35 Mar. 31 1932 7.57 Oct. 30 1931
6.38 Apr. 6 1932 7.68 Oct. 30 1931
6.31 Apr. 8 1932 7.67 Nov. 9 1931
7.32 Feb. 11 1932 7.32 Feb. 11 1932
6.48 Apr. 8 1932 7.77 Feb. 19 1932
6.57 Apr. 8 1932 7.84 Feb. 19 1932
6.89 Apr. 11 7.18 Apr. 15 8.72 Apr. 8 1932 7.18
Apr. 15 1932
Ship- Stocks
meats. April
16.
Week. Season. Week.
Receipts.
Movement to Apr. 17 1931.
Receipts.
Week. Season.
Ship- Stock
ments. April
Week. 17.
Ala.,Birming'm 1,360 73.368 2,897 27.354
248 97.502
378 33,063
Eufaula
12,347
440 6.845
5
16
28,584
243 13,723
Montgomery.
608 58,649
38 38.446
169 68.495 1,226 61,803
Selma
859 86.399 2,709 63,941
109 98.734 1,703 44,106
Ark.,BlythevIlle
249 119.543 2,563 44.049
26 76.722 1,422 19,176
Forest City..
33,599
108
372 18.320
491
14,505
793 5,283
Helena
77.398 4,511 41,416
978
27 41,311 1,125 14.613
Hope
42 59.349
814 13,672
12 32,255
368 4,490
Jonesboro21,006
97 3,030
16 86,363
166 2,414
Little Rock
5,159 184,206 4,263 64,949
569 101.238
878 31,819
Newport.
43 48.411 2,043 14,823
27.659
5,461
Pine Bluff_
1,143 172,137 2,680 55,237
175 86.788 "Ho 16.683
Walnut Ridge
21
47.020
547 8,228
23.886
160 2,626
Oa., Albany_....
5,294
9 4,262
7.393
7 3,772
Athens
335 38,354
200 41,270
75 44.833 1,200 28.472
Atlanta
849 77.493
256166,981 3,602 202,603 1.897184.498
Augusta
1,336 177.933 2,179117,038 2,745 323,784 5,916 85.945
Columbus...
100 57.587
400 25,200
200 49,180
650 14,500
Macon
31,474
141
191, 37,875
143 91,452
311 31,881
Rome
115
13.981
150 10,783
30 20,886 1,050 11,502
La., Shreveport
311 110,984
539 84.551
253 107,368 1.863 66,763
Mlss.,Clarksdale 1,091 195.856 4,337, 89.542
147 112.330 2,77 30,739
Columbus..
22,556
487
948 11,140
32 25.128 1,233 10,384
Greenwood..
639 169.726 1,905 86,708
68 137.979 3,541 44,309
Meridian
25,652
----1 28,785
168 60,627
688 21,822
Natchez
12.417
86
264 5,512
61
12,192
398 7,313
41,033
Vicksburg81
338 13,677
6 35,040
594 12,276
Yazoo City_
10 47,147 1,034 19,934
2 32,870
765 9.533
Mo., St. Louis_ 1,358 126,775 1,385 1,124 6,064 210,833
6,064 9.953
N.C.,Greetusb'o
109
18,915
92, 20,719
200 43,961
468 36,445
Oklahoma
15 towns'
945 614.884 3,9131 51,873
375 531,606 1,757 37,484
S.C.,Greenville 4,931 152,829 2.125 83,633 1,054 134.519 3,452 57,613
Tenn.,Memphis 31,107 1,894.987 37,335392.918 10,1721,250,478 28,717237,587
Texas, Abilene.
55,2281
18
5
402
15 26.985
152
87
Austin
28 132
3.5
(
92 2.808
24,802
559
'
Brenham....
19,840
14
165 5.884
--io 19.411
49 4,805
Dallas
572 142,588 1,217 23,987
178 144.126 1,560 9,505
Paris
120 97,176
414 9,084
60 63.500
285 1.218
31,129 --_
Robstown_ _
831
9 54,781
292 9,742
San Antonio_
17,848
197
725
418 1,340
25.177
Texarkana
161 64,218
199 12,960
.
33 34,556
216 3.856
Waco
169 81,192 1,808 10,377
26 61,226
84 4.762
Total, 56 towns 55,1345,346,457 88,2411781096 27,5864,613,668 75,3991213990
•Includes the combined totals 0115 towns In Oklahoma.
The above total shows that the interior stocks have
decreased during the week 31,736 bales and are to-night
567,106 bales more than at the same period last year. The
receipts at all towns have been 27,548 bales more than the
same week last year.
2943
Financial Chronicle
Volume 134
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
---1930-31--
----1931-32---
April 15ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes. Sec
Since
Week. Aug. 1.
6,064 214,882
49.425
1,595
1.509
100
16,147
162
4.233 138.761
13.697 465.840
Since
Week. Aug. 1.
1,385 132,058
24,164
275
468
7,719
--47
3,406 136.249
5,571 353,845
Total gross overland
10,684
Deduct Shipments
Overland to N. Y., Boston, &c_...117
Between interior towns
308
Inland, Sic.,from South
2,798
Total to be deducted
654,503
25,851
886.564
23,520
9,935
183.596
2.266
413
2.345
26.541
11.635
235.110
3.223
217,051
5,024
273.286
Leaving total net overland *-_- 7,461
437,452
20,827
613,278
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 7,461 bales, against 20,827 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 175,826 bales.
-Planting has progressed steadily in this State.
Texas.
-Plowing is active.
Memphis, Tenn.
-1930-31
-1931 32
In Sight and Spinners'
Since
Since
Takings.
Aug. 1.
Week.
Week.
Aug. 1.
Receipts at ports to April 15
52,119 8,169.896
62.040 9,022,174
Net overland to April 15
613.278
20,827
437.452
7,461
flouth'n consumption to April 15-103,000 3,383,000 100,000 3,080.000
Total marketed
172.501 12,842.626
Interior stocks in excess
990,869
*31,736
Excess of Southern mill takins
over consumption to April 1..........
603.754
172,946 11,863,174
652.295
*50,855
Came into sight during week--140,765
Total in sight April 15
14,437,249
122,091
---- 12.833,153
North. spiral's' takings to April 15 9.702
-
26.505
778,801
317,684
850,535
• Decrease.
Movement into sight in previous years:
Bales.
13.678,702
14,420,273
12,767.906
Bales.
.Since Aug. 1113,895 1929
144,228 1928
148,749 1927
Week1930
-April 17
-April 19
1929
1928-April 20
Rain. Rainfall.
1 day 0.03 in.
dry
dry
1 day 0.14 in.
1 day 0.04 in.
1 day 0.01 in.
dry
dry
dry
dry
dry
dry
dry
1 day 0.42 in.
dry
dry
1 day 0.06 in.
1 day 0.05 in.
2 days 0.47 in.
1 day 0.74 in.
1 day 0.88 in.
dry
1 day 0.47 in.
1 day 0.17 in.
dry
1 day 0.17 in.
1 day 0.56 in.
1 day 0.48 in.
1 day 0.57 in.
1 day 0.03 in.
2 days 0.26 in.
4 days 0.35 in.
3 days 0.62 In.
2 days 0.07 in.
3 days 1.00 in.
3 days 1.58 in.
3 days 0.45 in.
3 days 1.04 In.
4 days 1.41 in.
4 days 1.02 in.
3 days 0.68 in.
Galveston, Texas
Abilene, Texas
Brenham,Texas
Brownsville, Texas
Corpus Christi, Texas
Dallas, Texas
Henrietta, Texas
Kerrville. Texas
Lampasas, Texas
Longview, Texas
Luling, Texas
Nacogdoches. Texas
Palestine. Texas
Paris, Texas
San Antonio. Texas
Taylor, Texas
Weatherford,Texas
Oklahoma City, Okla
Eldorado, Ark
Little Rock, Ark.
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Vicksburg, Miss
Mobile. Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Augusta, Ga
Columbus, Ga
Charleston, S. 0
Greenwood, S. C
Columbia,S. C
Conway, S. C
Charlotte, N.0
New Bern, N.0
Weldon, N. C
Memphis, Tenn
Thermometer
high 73 low 48 mean 61
high 92 low 40 mean 66
high 86 low 42 mean 64
high 82 low 50 mean 66
high 78 low 52 mean 65
high 86 low 40 mean 63
high 92 low 38 mean 65
high 90 low 28 mean 59
high 90 low 30 mean 60
high 84 low 38 mean 61
high 84 low 36 mean 60
high 80 low 36 mean 58
high 86 low 42 mean 64
high 84 low 40 mean 62
high 90 low 50 mean 70
high 86 low 40 mean 63
high 88 low 36 mean 62
high 87 low 37 mean 62
high 83 low 45 mean 64
high 81 low 47 mean 64
high 82 low 44 mean 63
high 89 low 46 mean 68
high 79 low 40 mean 60
high 78 low 53 mean 66
high 83 low 50 mean 67
high 81 low 40 mean 61
high 78 low 42 mean 60
high 78 low 51 mean 64
high 83 low 47 mean 65
high 82 low 48 mean 65
high 84 low 49 mean 66
high 80 low 45 mean 63
high 80 low 43 mean 62
high 79 low 49 mean 64
high 68 low 39 mean 58
high 82 low 42 mean 62
high 82 low 36 mean 59
high 66 low 40 mean 55
high 79 low 40 mean 60
high 66 low 33 mean 50
high 77 low 48 mean 58
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:
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
April 15 1932. April 17 1931.
Feet.
Feet.
12.3
6.2
31.4
23.8
14.2
13.6
10.:1
10.2
38.9
30.5
-The folRECEIPTS FROM THE PLANTATIONS.
lowing table indicates the actual movement each week from
the plantations. The figures do not include overland reQUOTATIONS FOR MIDDLING COTTON AT ceipts nor Southern consumption; they are simply a state-Below are the closing quotations ment of the weekly movement from the plantations of that
OTHER MARKETS.
for middling cotton at Southern and other principal cotton part of the crop which finally reaches the market through
markets for each day of the week:
the outports.
Closing Quotations for Middling Cotton on
Week Ended
April 15.
Saturday. Monday. Tuesday. Wed'day, Thursd'y. Friday.
Galveston
New Orleans..
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock__ _ _
Dallas
Fort Worth_ _
6.20
6.13
5.90
6.13
6.15
6.15
6.13
5.55
6.10
5.42
5.75
6.25
6.13
5.95
6.17
6.20
6.20
6.19
5.55
6.15
5.46
5.75
5.75
6.25
6.26
5.95
6.18
6.20
5.25
6.19
5.55
6.20
5.48
5.80
6.80
6.25
6.26
5.95
6.18
6.20
6.25
6.19
5.60
6.20
5.48
5.80
5.80
6.35
6.37
6.05
6.29
6.35
6.25
6.31
5.70
6.30
5.60
5.90
5.90
6.25
6.26
5.95
6.20
6.25
6.35
6.19
5.60
6 20
5.50
5.80
5.80
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
salurday,
Apr. 9.
Monday,
Apr. ii.
Tuesday, Wednesday. Thursday.
Apr. 14.
Apr. 12.
Apr. 13.
Friday,
Apr. 15.
April
6.13
May
6.15
6.21- 6.22 6.21- 6.32 --- 6.22June
--- --6.31- 6.32 6.33- 6.34 6.38- 6.39 6.39- 6.49- 8.50 8.38, 6.39
July
August... ---- --September
October .. 6.54- 6.55 6.57- 6.68 (1.63- 8.81 ---- 8.72 -- 6.62November-December. 6.73 ----- 6.73- 6.79 ---- 6.77 ----- 8.88 Bid. 6.78 -Jan.(1933) 6.81- 6.82 6.81- 6.82 6.87 Bid. 6.85 Bid. 6.98 -- 0.85- 6.86
February - ---- --6.95 Md. 6.97 Bid. 7.03 Bid. 7.03 Bid. 7.12- 7.01 March
April
-- -ToneSteady.
Spot
Steady.
Options
Steady.
Steady,
Steady.
Steady_
Steady.
Steady.
Steady.
Very Oily
Steady.
Steady.
NOMINATING COMMITTEE OF NEW YORK COTTON EXCHANGE APPOINTED.
-The following nominating committee has been appointed by the Board of
Managers of the New York Cotton Exchange to present
?andidates for all offices to be filled at the annual election
in June: Edward K. Cone, Chairman, William J. Jung,
William Wieck, Frank H. Wiggin,Thomas F. Cahill, William
C. Bailey, and Wilbur C. Johnson.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING MARCH.
-Persons interested in
this report will find it in the department headed "Indications of Business Activity" on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
ON HAND, &c., IN MARCH.
-This report, issued on
.
April 14 by the Census Bureau, will be found in an earlier
part of our paper in the department headed "Indications
of Business Activity."
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the weather has
been mostly favorable in nearly all sections of the cotton
belt. Plowing and farm work are active in most localities.
Planting in the southern portion of the belt has made good
progress.
Week
Ended
Receipts at Ports.
Stocks at Interior Towns,
Receiptsfrom Plantations
1931. 1930. 1929.
.
ilea
I
14.,.. 191.637 161.383 187,7852,217.262 1,800.744 1.493.016 194,046161,065204.101
Si.. 218,441)122.377 154.384 2,219,563 1.777,081 1.476.971 220.741 98,714 138.820
=1932. 1931
1931
1930
1930.
1932.
1932. 1931. 1930.
Jan.
8. 453,60.115.570,137,6992,206.968 1.750.859 1.477.345 341,014 89,348 iggsng
,
15. 274,657 106.805 104.5232.198.054 1.725,164 1.456.833265.743 81,111 84.011
22._ 241,478 80.428 98.3882.175.407 1.696.148 1,432,387218.831 51,412 73.942
29... 280,442 115,045 87,5942.158,461,1,658,372 1,403.107263.496 77,269 58,314
Feb
i
6_ 223.645105.953 82.277 2.123.944 1,627,316 1.311.825 189.128 74,89 84,791
12. 249.848106.106 53.5062.102.990 1,588.762 1,326.078 228.894 67.55 23.972
19 _. 175.417 113,438 65.8862.040.961 1.556.997 1,306.632 15:4.388 81.67. 48.446
26. 161.669119.302 55,7482,032,312 1,514.882 1,288,139 113,020 77,047 37,251
Mar.
I
6
4._ 184.045 118.571 50.312 1.997,9031.461.1436 1,256.075 149. 82 65.72. 18.246
IL. 158.701 93,477 44,919 1,1161.11R 1,420353 1.224.666 121.908 41.043 17,51C
18_. 125.715 68.139 46,415 I.908,51U 1,379.376 781.667 73,101 26.762 20.691
25... 130,984 61.736 46,906 1,872,8781,349,018 1.163.170 95,336 31,378 7,132
Apr.
L. 115,567 53,101 49.351 1,847.1551,312.85111.113.692 89,6144 18.93.
, .
54,476
454
_ _.
.
8-_ 93.729 40,426 47,494 . . ' . .
in
6.2 n401 a2 I In 45 801.751.W 1.213.990 1.024.125 30.304 1.264 4.271
1931.
1930. I 1929.
1931. I
1030.
1929.
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1931 are 9.941,442 bales
in 1930 were 8,807,478 bales, and in 1929 were 8,467,460 bales. (2) That, although the receipts at the outports the past week were 62,040 bales, the actual movement
from plantations was 30,304 bales, stocks at interior towns
having decreased 31,736 bales during the week. Last year
receipts from the plantations for the week were 1,264 bales
and for 1930 they were 4,274 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons from all sources from
which statistics are obtainable; also the takings of amounts
gone out of sight for the like period:
Cotton Takings,
Week and Season.
1931-32.
Week,
Season.
1930-31.
Week.
Season.
9.247.421
Visible supply April 8
9.483.464
Visible supply Aug. 1
6.892.094
American in sight to April 15...... 140.765 14.437.249 122,091
95.000
Bombay receipts to April 14 .53 000 1,373.000
Other India shIp'te to April 14....
2.000
5,000
283.000
Alexandria receipts to April 13
7.000
18,000 1.321.000
Other supply to April 15 * 6.......
Total supply
Deduct
Visible supply April 15
8.000
430.000
5.302.014
12.833.153
2,633.000
459 000
1.278.900
516.000
9.000
9.708,229 24.736.343 9,482.512 23.022.067
9.305.772 9.305,772 9,152.733 9,152.733
Total takings to April 15_a
402,457 15.430,571 329,779 13.869.334
Of which American
299.457 11.568,571 243,779 9.651,434
Of which other
103,000 3,862.000
86.000 4.217.900
Embraces rece pta In Europe front Brazil. Smyrna. West Indies. Arc.
a This total embraces since Aug. 1 the total estimated consumption by
Southern TWOS, 3.381.000 bales in 1931-32 and 3, 80,000 bales In 1930 -31
0
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners, 12,017,371 bales in 1931-32 and 10,789.334 bales
in 1930-31. of which 8.185.571 bales and 6,571,434 balm American.
6 Estimated.
2944
Financial Chronicle
April 16 1932
INDIA COTTON MOVEMENT FROM ALL PORTS.
Bales.
The receipts of India cotton at Bombay and the shipments HOUSTON-To Genoa-April 8-Monrosa, 2.195
2.195
To Dunkirk-April 9
-Topeka, 1.728: Aquarius, 196
1,924
from all India ports for the week and for the season from
To Oslo
-April 9
-Topeka. 200
200
To Gothenburg-April 9
Aug. 1, as cabled, for three years, have been as follows:
-Topeka, 978
978
To Copenhagen-April 9
-Topeka. 491
491
To Gydnia-A ril 9
-Topeka. 1.600
1,600
To Bremen-April 11-Nemaha, 5,368--April
1931-32.
1930-31.
12
-Craig,
1929-30.
5,577
April 14.
10,945
To Japan-April 9
-Madras City. 200.... April 12
Receipts at
Since
Since
-Sheaf
Since
spear, 1.627
Week.lAug. I. Week.' Aug. 1. Week.lAug. 1.
1,827
To China-April 9
-Madras City. 3.211
3.211
To Havre
-April 12
-Aquarius, 3.691
Bombay
53.000 1,373,000 95,000 2,633,000 95,000 2.861,000
3,691
To Antwerp-April 12
-Aquarius. 80
80
To Ghent
-April 12
-Aquarius, 70
For the Week.
70
Since August 1.
To Liverpool-April 13
-Ventura de Larrinaga, 2,293; Cripple
Exports
Creek, 576
Great Conti- Japan&
from2,869
Great
Conti- Japan et
To Manchester-April 13
-Ventura de Larrinaga,
Britain! neat. China. I Total. Britain.
1,365;
nerd.
China.
Total.
Cripple Creek, 206
1,571
MOBILE-To Oporto
-April 6-Prusa, 100
Bombay
100
To China-April 7-Silverteak, 4.650
4,650
1931-32_ 1,000 2,000
.000 28,000
16,000 113,000 723,000 852,000 CHARLESTON-To Liverpool-April 9
-Tulsa, 1.200
1930-31_ 2,000 8,000 12,000 22,000 106.000 545,000 1,433,0002,084,000
1.200
To Manchester
-April 9
-Tulsa, 1.301
1929-31__ 2,000 11,000 37,000 50,000
1,304
67,000 617,000 1,201,0001,885,000 PENSACOLA-To Liverpool-April 9-Afoundria,
15
Other India:
15
To Venice-April 11-Jolee, 50
1931-32__
50
5,000
5,000
77,000 206,000
283,000 LOS ANGELES
-To Manchester-(?)-Pacific Exporter, 295._
1930-31__
205
2,000
2,000 106,000 353,000
To Dunkirk-(?)-Oregon,60
459,000
1929-30__ 17:0155 23,000
60
40,000 126,000 489,000
To Japan-(7)Shinyo Meru, 225: In. President
615,000
Monroe
-3I;
(7)-Takai Meru, 700
956
Total all
To India-(?)-President Monroe. 750
1931-32__ 1.000 7,000 23,001 31.000
750
93,000 319,000 723,0001,135,000 CORPUS CHRISTI
-To Liverpool-April 11-Magician, 1,151
1930-31_ 2.000 10,000 12.000 24,000 212,000 898,000 1,433,0002,543,000
1,151
To Manchester-April 11-Magician, 1.257
1929-30_ 19,000 34,000 37.000 90.000 193.0001,106,000 1.201,0002,500,000 BRUNSWICK-To
1.257
Bremen-April 12-Wildwood. 401
401
SAVANNAH-To Liverpool-April 13
-Tulsa, 3.335
3,335
According to the foregoing, Bombay appears to show a
To Manchester-April 13
-Tulsa, 1,316
1,316
To India-April 13
-City of At iens, 2.000
decrease compared with last year in the wee t's receipts of
2,000
To Bremen-April 14-Wildwood, 1,728
1,728
42,000 bales. Exports from all India ports record an increase
To Hamburg-April 14-Wildwood, 163
163
To Rotterdam-April 14-Wildwood, 700
of 7,000 bales during the week, and since Aug. 1 show a
700
To Antwerp-April 14-Wildwood, 100
100
decrease of 1,408,000 bales.
NORFOLK-To Liverpool-April 15
-Clairton, 100
100
To Manchester-April 15
-Clairton, 325
325
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We TEXAS CITY-To Dunkirk-April 12
-Topeka, 726
726
To Gothenburg-April 12
-Topeka,80
now receive weekly a cable of the movements of cotton at
80
To Bremen-April 7-Bockenheim. 1.119
1.119
Alexandria, Egypt. The following are the receipts and
To India-April 9
-City of Athens, 765
765
-To Rotterdam-April 10
shipments for the past week and for the corresponding week LAKE CHARLES
-Deer Lodge, 100
100
To Bremen-April 12-Syros, 50
50
of the previous two years:
Total
126,069
Alexandria. Egypt,
1931-32.
1930-31.
COTTON FREIGHTS. Current rates for cotton from
1929-30.
Apt! 13.
New York, as furnished by Lambert & Barrows, Inc.,
are
Recripts (Cantars)as follows, quotations being in cents per pound:
This week
90.000
35.000
125.000
High StandHigh Stand
Since Aug. 1
High Stand
6.365.260
6,238.813
7.591.599
Density. ant.
Density. ant.
Density. ord.
Liverpool .450. .60o. Stockholm .60o. .750
Shanghai
•
This
Since
This
Since
Manchester .45a. .600. Trieste
This
Since
.50a. .650
Bombay
.400.
Export (Bales)
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1. Antwerp
.450. .600. Flume
.500. .650. Bremen
.450. .600.
Havre
.310. .46c. Lisboa
.450. .600. Hamourg .450. .600.
To Liverpool
167.7,49
104.840 4.000 125.340 Rotterdam .450. .130e. Oporto
.600. .75o. Piraeus
.750.
To Manchester. Ste
128,810
95.632
.41)0.
118.950 (Inoue
Barcelona .350. .150a. Salmilca
.75a. .900.
To Continent and India
9.000 461.198 7:656 432.289 12:666 374.337 Oslo
500. .650. Japan
•
Veuloe
•
.650.
To America
23.91.5
• Rate Is open.
14.115
88.350
LIVERPOOL. By cable from Liverpool we have the folTotal exports
9.000 781.1.01 7.000 646.876 16,000 706.977
lowing statement of the week's sales, stocks, &c., at that port:
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs
Note.
This statement shows that the receipts for the week ended Apr. 13 were
Mar. 25.
Apr. 1.
Apr. 8. Apr. 15
90.000 canters and the foreign shipments 9.000 bales.
Sales of the week
Of which American
MANCHESTER MARKET.
-Our report received by Sales for export
Forwarded
43,000
43.000
80.000
16,000
cable to-night from Manchester states that the market in Total stocks
656 000 662.000 645.000 64d.000
yarns is quiet and in cloths is steady. Demand for India
Of which American
307.000 310.000
21)1.000
3.10.000
Total Imports
68.000
58.000
39.000
Is improving. We give prices to-day below and leave
72.000
,
Of which American
...
16.000
50.000
those of previous weeks of this and last year for comparison: Amount afloat
158.000
145.000
148.000
106.001)
Of which American
87.000
74.000
79.000
1,0.000
The tone of the Liverpool market for spots and futures
1931.
1930.
each day of the past week and the daily closing prices
of
fyi Lb. Shirt- Cotton
sii Lb. Shirt- Cotton
32s Crop
lags, Common Middrg 32s Cop
fogs, Common MO/dig spot cotton have been as follows:
Twtst„
to Finest.
Lipids.
Twist.
to Finest.
Lipids.
Spot.
Saturday. Monday.
Tuesday. IVednesday. Thursday.
d.
it. s. d.
a. it.
it.
d.
Friday.
d. s. d.
s. it.
d.
Dec.
Market,
24.... 814@1014 8 0 @I 8 4
5.30 83(05) 911 8 5 ta 9 1
5.31
12:15 i
Quiet.
Moderate Moderate
Good
31---- likig nisi 8 0 0 8 4
Good
Quiet.
5.39 LIR@ 98( 8 5 0 9 1
5.33
P. M.
demand,
demand.
demand.
demand.
1932.
Jan.1932.
Mid.Upfds
4.68d.
4.84d.
4.87d.
4.91d,
8._ 8.401014 8 0 0 8 4
6.33 840 9)4 8 6 44 9 1
5.00d.
4.91d.
5.40
5.41 840 9)4 85 0 9 1
15---- 8110104 80 0 84
541
Salsa
----------_-_
____
5.52 840 9)4 8 4 44 9 0
22-- 81401014 8 0 0 8 4
-563
5.50 840 994 8 4 0 9 0
29__.. 81i 0105i 8 1 0 8 4
5.63
Futures.
{ Quiet,
Quiet, 1 pt. Steady,
Steady,
Steady,
Firm.
Feb.
Market
unch'gd to dec. to 1 p15 to 7 pts
4 pts.
1 to 3 pta, 9 to 10 pts.
5____ 850:8104 8 I 0 8 4
5.58 8140 914 8 4 0 9 0
572
opened 2 pts. adv, advance, advance, advance,
decline.
359 9 010
advance.
12-__ s%olosi 8 1 0 9 4
8 4 090
5.85
5.93 sisialost 8 4 0 9 0
19-- 9 aioki 8 1 0 8 4
61)4
Market, {
Firm,
Quiet,
Steady, Very sedy,'tardy
5.79 940104 8 4 0 9 0
26____ 9 (41014 8 1 0 8 4
6 18
4
14 to 16 pts I to 4 pts. 2 to 3 its. II to i 4 ot.... 5 to g stay 6 Quiet,
pts. to 8 pta.
Mar.
P. M.
advance,
decline,
advance. advance.
decline.
advance.
5.73 941010H 8 4 40 9 0
01014 8 1 0 R 4
4.... 9
809
4
5.61 9 010
84 0 9 0
11- 8404101 80 a 8 3
097
Prices of futures at Liverpool for each day are given
below:
5.51 9 010
84 0 9 0
18..- 854 0103.‘ 80 0 8 3
5.95
5.15 9 0104 8 4 0 9 0
25____ 8)4010
80 08 3
585
Sat.
Mon. 1 Tues.
Apt:IIWed.
Thurs.
Fri.
I__ ski(§) 9% 81) 10 8 3
Apr. 9
4.81 9 @1014 84 0 90
6.70
4.73 RH@ 934 8 4 0 9 0
to
8____ tflog fl% 8 0 0 8 3
12.1512.3012.16' 4.0012.15 4.0)112.15 4.001 12.15 4.1)0 12.15 4.00
5.59
sx
au a ak4 a 1 0 8 4
Apr. 15.
5.00 8340104 8 4 @ 9 0
p. m. p. in. P. ta.p. in. p.m.P. m.11). m. p. ai.1 9. in. p.m. P. 01.9.
5.56
New Contract
d.
d.
d.
d. I d.
d.
d.
d.
d.
d.
d.
SHIPPING NEWS. Shipments in detail:
April
4.52 4.54 4.51 4.57 4.54 4.81 4.68 4.61 4.0 4.70 4.68
Bales. May
4.50 4.52 4.49 4.55 4.32 4.59 4.66 4.59 4.514 4.68 4.66
GALVESTON-To Bremen-Apr.6-Bockenhelm. 1.046_ -Apr.7
June
4.48 4.511 4.47, 4.53 4.50 4.36 4.63 4.58 4.57 4.65 4.63
-Nemaha, 1,700. _ _A pr. 4-Ursula Siemers. 2.556
5.302 July
4.48 4.50 4.46 4.52 4.49 4.55 4.62 4.57 4.56 4.65 4.63
-Apr. 7-01111:a. 1.505
1.505 August
To Venice
4.48 4.50 4.46 4..52 4.49 4.55 4.61 4.57 4.53 4.65 4.63
-Giulia. 2.590
-Apr. 7
2,590 September- - - To Trieste
4.49 4.511 4.46 4.52 4.49 4.55 4.61 4.57 4.57 4.64 4.62
7
-Giulia. 500
-Apr.
500 October
To Fiume
4.50 4.50 4.46 4.5'2 4.49 4.55 4.111 4.57 4.55 4.64 4.62
1.819 Novel her....
To Genoa-Apr. 9-Nlonrosa. 1.819
_
4.52 4.52 4.48 4.54 4.51 4.57 4.63 4.59 4.57 4.68 4.64
-City of Athens. 3.387
To India-Apr. 9
3.387 Decent her
4.54 4.55 4.51 4.57 4.54 4.59 4.65 4.61 4.59 4.68 4.66
To Japan-Apr 9-Heuku Meru. 700; Kurama Maru. 8.5751
January (1933)
4.56 4.56 4.52 4.58 4.55 4.61 4.67 4.113 4.61 4.70 4.67
La Plata Maru. 194_ __Apr. 11-Madras City. 610-February
4.58 4.581 4.54 4.60 4.57 4.63 4.69 4.65 4.63 4.72 4.69
Apr. 13-Sheafspear 4.398
14.477 March
4.61 4.611 4.57 4.63 4.59 4.65 4.71 4.41/ 4.116 4.74 4.72
To China-Apr. 9-Hofuku Maru. 978; Kurama Maru. 2.9251
April
4.63. 4.63 4.59 4 65 4.81 4.67 4.73 4.89 4.68 4.76 4.74
La Plata Marii 143_ _Apr. 11-Madras City. 838
4,884
-Topeka. 1.204
To Dunkirk-Apr. 12
1,204
To Oslo
-Apr. 12
-Topeka. 150
150
To Gothenburg
-Topeka. 302
-Apr. 12
302
To Copenhagen- kpr 12
-Topeka. 579
579
NEW ORLEANS
-To Dunkirk-Apr. 5
2.423
-August. 2,423
Friday Night, April 15 1932.
To Havre
-Apr. 5
-August. 3.000
3.000
FLOUR-Prices fell 10c. late last week, with trade modTo Liverpool-Apr 8
-Cripple Creek. 3.378
3.378
To Manchester
-Apr.8
-Cripple Creek, 2.974
2.974 erate. Wheat regained the 3c. loss of last Friday the next
To Rotterdam-Apr. 8-Binnendljk, 448
448 day on the bullish
To Antwerp
Government crop estimate. On the 11th
-Apr.8-Binnendijk. 250
250
To Genoa
-Apr, 19-Jolee, 1.882___Apr. 12-Mongiola. 5.607 7.489 inst. prices advanced 15c.,
accompanied by a sharp Increase
To Trieste
-Ape.9
-Jolla. 100
100 in business. On
To Venice
the 12th inst. prices advanced 5c. on all
-Apr. 9-Jolee. 375
375
To Naples
-Apr.0-Joile, 300_ _-Apr. 12-Mongtola, 200_ _ _ _
grades under the spur of a much larger trade. On the
500
To China
-Apr. 9-8tiverteak. 10,225_Apr. I2-Fernbank,
14th inst. prices again advanced 5 to 10c., but on the rise
600
10.825
To Japan-Apr.11-Fernbank,425
425 trade seemed to slacken.
To Porto Colombia
-Apr. 8-Saramacea, 300
300
To La Paz
WHEAT.
-Apr.8-Saramacca.50
-It has been purely a weather market, with too
50
To Barcelona
-Apr. 12
-Carlton,475
475 little rain in Kansas, Nebraska and Texas. And prices ad-
BREADSTUFFS
Volume 134
•
•
Financial Chronicle
2945
vanced sharply. Also crop reports have been bad from ket. It will remain so for a time. Final prices show an
1c.,
/
Kansas and Nebraska. The crop is smaller than the Govern- advance for the week of 4% to 62 mainly on drouth.
ment estimate of April 1, unless close observers are wrong. DAILY CLOSING PRICES OF BONDED WHEAT AT NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
1
/
On the 9th inst. prices advanced 22 to 2%c. on the Govern59% 605( 595(
May
61
58% 60
ment report of the previous day estimating the winter wheat July
61% 62% 61%
63
60% 62
crop at only 458,000,000 bushels on April 1. Since then it
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
is believed the yield has further decreased, owing to bad
Sat. Mon. Tues. Wed, Thurs. Fri.
conditions from drouth and dust storms in Nebraska and No.2 Red
75% 74% 75% 75%
70% 74
Kansas. The crop as estimated was 44,000,000 bushels DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
under the average private estimate and 330,000,000 under
5934 60% 603(
May
56% 59% 61
last year's crop. Export sales were stated at anywhere July
6334
6234 64
6234 64
59
from 500,000 to 1,000,000 bushels, largely Manitoba. The Sept
6514
64% 66
66
61% 85
Alberta pool was said to have sold more than 500,000 bushels DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
by way of Vancouver. Liverpool was much higher than
Sat. Mon. Tues. Wed. Thurs. Fri.
64
63% 65
6234 64 • 65
due, which was 2 to 24c. lower. It ended %d. higher. May
643's 65% 6634 6534 66% 65%
July
Topeka, Kansas, wired that a crop of 98,500,000 bushels of Oct
695( 68%
68
69
66% 68
winter wheat for this States this year—only slightly more
Season's L410 and When Made—
Season's High and When Made—
Oct. 5 1931
48%
Nov. 9 1931 May
73
than two-fifths of the record production of 239,742,000 bush- May
Oct. 5 1931
49
Nov. 7 1931 July
July
7334
els in 1931—was officially forecast on the basis of the con- September 6634
Jan. 4 1932
5534
Apr. 14 1932 September
dition of the crop on April 1. This would give the country's
INDIAN CORN has followed wheat upward to some exchief wheat producing State the smallest crop since 1925.
at a distance, for cash demand was poor and
The forecast compares with 166,185,000 bushels produced tent, but were larger from the country. On the 9th inst.
In 1930 and 148,018,000 in 1929. The condition on April 1 offerings
1
/
14c., with wheat so strong, shorts covering,
was stated as 64% of normal—the lowest since 1925. Farm prices advanced
better. The sales were 61,000
stocks of wheat on April 1 were estimated at 40,778,000 and the shipping demand were small. On the 11th inst.
offerings
bushels compared with 55,170,000 bushels on March 1 this bushels. Country % to %c. net higher. At one time May
prices closed only
year and 15,003,000 on April 1 1931.
was close to the lowest price of the season, but later it
2
1
/
On the 11th inst. prices advanced 3% to 3 c., with crop
wheat soaring. The rally from the bottom
news bad 'and acting as the major influence. Wheat, in rallied with/
c. But corn evidently needed vigorous sup2
11
fact, practically ignored early declines in stocks and bonds, prices was upward initiative of wheat to prevent sagging.
for offerings were small, and the market acted oversold. port or the
On the 12th inst. prices closed % to %c. higher under the
The East bought steadily. The big decline in the United
influence of the rise in wheat. Country offerings were
States visible supply of 4,404,000 bushels told especially
small. Shipping business was light. In Chicago the sales
as the decrease in the last three weeks is over 13,000,000 were 6,852,000 bushels; open interest, 42,275,000 bushels.
bushels. Moreover, the proposed investigation of the activiBreadstuffa concluded on page 2556.
ties of the Federal Farm Board by the United States Senate
For other tables usually given here, see page 2856.
was regarded as a bullish factor. But, after all, the damage
AGRICULTURAL DEPARTMENT'S REPORT ON
to the crop was the chief factor. The Nebraska State report put the condition at 67% against 92% a year ago and CEREALS, 8443.—The full report of the Department of
the crop there at 28,000,000 bushels against 57,000,000. Agriculture, showing the condition of the cereal crops on
here is a loss in condition of 25% and in the crop of nearly April 1, as issued on the 8th inst., will be found in an earlier
30,000,000. Kansas condition is 20% lower than a year part of this issue in the department entitled "Indications
ago. Finally the sentiment was to all appearance swing- of Business Activity."
ing to the bull side. Big professional interests bought. The
WEATHER REPORT FOR THE WEEK ENDED
outside trading tended to broaden. Germany on the 11th
Inst. failed to obtain United States wheat on long-term APRIL 13.—The general summary of the weather bulletin
credit, and it is now intended to make an endeavor to issued by the Department of Agriculture, indicating the influence of the weather for the week ended April 13,follows:
barter coal for Argentine or Danubian wheat.
marked reaction to warmer weather
Early
4c.
/
2
/
On the 12th inst. prices advanced 11 to 11 net, though over thein the week there was a ratherof the United States, but the latter
central and eastern portions
at one time heavy profit-taking sales caused a decline of part was considerably cooler, though temperature changes were not Ima general rule, there was moderate
2
/
% to 11c. But persistent bad crop news from Kansas portant. As weather extending only to the centralwarmth for the season,
Appalachian Mountain
with freezing
and Nebraska changed all that into a rally from the low distriets and farther west to the northern Ohio Valley and southeastern
2
/
of 91c. New York bought for a time, but became a seller Nebraska; there was a rather sharp freeze In western Kansas. In Gulf
temperatures ranged mostly from about 48 deg. to 50
at about 63c. for July. It closed at 64c. The speculation sections minimum
deg.. and In the Northwest around 25 deg.
Chart I shows that the mean temperatures for the week were somewhat
for a rise showed a tendency to broaden. It was still dry
in the Southwest. China, it appears, sold 10.000 tons of above normal over the greater portion of the country. They were moderately low for the season in the south-central and western Cotton Belt,
wheat and flour to Russia. That attracted attention. Stocks and also In Atlantic sections from eastern Virginia to southern New Engvalleys northward
rallied, which helped. On March 31 the Canadian stock of land. From the central weekly means were and northwestward, and In
rather generally from 2 deg.
most Pacific districts, the
wheat was 243,300.165 bushels against 280,095,391 bushels to about 6 deg, above normal.
character the first half of the week—but
Rainfall was
a year ago, or a decrease of 36,795,226 bushels. In Chicago the latter half mostly of a local cloudy, unsettled, and showery weather
had persistently
on the 12th inst. sales amounted to 59,151,000 bushels, and east of the Mississippi River, attending a aeries of sluggishly-moving
the open interest was 119,498,000 bushels. Paris cabled, "lows" over Eastern States. Chart II shows that the weekly totals of
heavy from southeastern
eastern
April 12: "George S. Milnor, President of the Grain Sta- rainfall were substantial toAtlantic Ocean and thenceMissouri andover the
northward
Arkansas eastward to the
bilization Corporation, will sail for the United States next Atlantic area. A considerable section of the latter had from I to nearly
in a few localities
Tuesday without concluding any contracts with European 4 inches of rainfall during the week. Elsewhere except light, with a large
of the North-Central States, the amounts were generally
governments for purchase of the Farm Board's surplus southwestern area having a rainless week.
Except for Interruption by wet weather In the Eastern States the latter
wheat. A proposal had been made to him in Berlin, but
week, conditions were favorable for outside work and the
he added that it had not been accepted because of Ger- part of the gardens, field crops, and truck made satisfactory advance.
planting of
many's difficulty in financing a purchase."
The seeding of spring grains progressed steadily, with much of the oat
in most sections
as Iowa and
2
/
On the 13th inst. prices declined 11 to 1%c., with indi- crop sown as far northBelt. Spring some wheat plantedwork. In general,
seeding and farm
of the Spring Wheat
cations of Milling rains in the Southwest. Bad crop reports however, are later than in an average year—some•I0 days behind In most
advanced, and
were for the time being brushed aside. The technical po- places. In the South corn planting the Cotton Belt. considerable cotton
while some potatoes
was seeded In the southern sections of
sition had been weakened by the heavy covering on the have been put In as far north as Long Island. Temperatures were mostly
the latter
recent sharp rise. The tendency, however, was towards a favorable for germination, except thatthe South. part of the week was
the East and much of
lowering of winter wheat crop estimates. But stocks were rather too cool Insituation at this time is fairly favorable. in the persistThe moisture
more or less depressed. The export business was estimated ently-dry Northwest the top soil Is mostly in satisfactory condition to facrone that are now being seeded, but the
cilitate germination of the
at nearly 1.000.000 bushels, mostly Manitoba. This had no subsoil is still unfavorably grain as a rule, and later generous rains will be
dry.
The chief bear point was the seemingly overbought required. Moisture is needed in most sections from Nebraska southward
effect.
portions of
In the
and the Gulf.
condition of the market. Some bought corn and sold wheat. to the Rio Grande Oklahoma. and especially districtswestern west, while
to the
adjoining
Nebraska. Kansas,
The Government weekly report said: "Progress of winter warm showers would be helpful In Missouri and some western Ohio Valley
in localities, between the
wheat was generally good in the Ohio Valley. with rapid districts. Moisture is ample, superabundant sections east of the MIRMSnorthern Plains and Lake region, and nearly all
recovery from freeze. In central and southwestern parts sippi River are sufficiently supplied; except in limited areas of the South,
of the belt there Is a general need of rain, especially in most notably the uplands of Florida.
The livestock situation is steadily improving, with grass greening tO
Western Kansas and Nebraska."
the northern limits of the western grazing country and much of the range
On the 14th inst. prices advanced 1% to 1%c. net, reach- affording some feed, though considerable supplemental feeding is still reare beginning to support
ing the highest point In five months owing to an increasing quired. In central sections pastures and improvement is shown livestock
in much
an far north as south-central Kansas,
number of bad crop reports from the West and Southwest. of the Southeast. West of the Rocky Mountains rain is needed in the
dry area was spreading eastward. And later the stock southern States, and there was some slight frost damage In Washington
The
generally favorable.
market rallied sharply. The quota of foreign wheat allowed and California. but, otherwise. conditions are
SMALL GRAINS.—Progress of winter wheat was generally good in the
to Italian mills was further Increased. It was said in cables Ohio Valley, with rapid recovery from the effects of the March freeze
that the German duty on wheat will probably be increased noted. In central and southwestern parts of the Winter Wheat Belt
western Kansas and Nebraska.
a general need of rain,
May 1. The Kansas crop is believed to be smaller than there is former State wheat is especially in good In the eastern half, but
In the
fair to very
further
the last Government estimate for April 1. The total winter very poor to only poor in the western where there was progressdamage by
was slow,
dryness and soil blowing. In Oklahoma and Texas
wheat crop, indeed, Is believed to be less than the Govern- due to dry soil, while in the former State high winds and soil blowing
ment estimate on that date of 458.000,000 bushels against were detrimental. In more northern parts of the belt, especially in Iowa
and Nebraska, condition
787,000.000 harvested last year. And some European crop growth is starting nicely. varies widely. but in the northern Great Plains
In the Pacific Northwest grains are doing well,
reports are none too favorable. The Government put the but dryness VMS detrimental In California. Winter cereals are improving
condition of the winter wheat crop in this country at 75.8%. in the Southeast and are looking good in eastern sections. vigorously in the
Preparations for spring-wheat seeding were pushed
It is believed to be less than that now. To-day prices de- northern States, with planting beginning in most sections. although In
too
clined % to lc., with a little rain in Kansas, Nebraska and some localities the soil is still workwet. Oat sowing has advanced to more
more than half done in some Northnorthern districts,
Texas, and the cables weak. It was purely a weather mar- Central States andwith this
about finished locally in central sections. Whiter
2946
Financial Chronicle
oats advanced satisfactorily in most Eastern States, but in much of the
central and southwestern parts of the country rain is needed.
CORN AND COTTON.—Considerable field work In the preparation for
corn planting was reported from the Ohio Valley and more eastern States,
and plowing was active In the central trans-Mississippi area where some
corn was planted as far north as extreme southern Missouri and southeastern Kansas. In the East some was put In as far north as North Carolina.
In more southern districts the early-planted corn made mostly favorable
progress, though higher temperatures would have been helpful.
Field work was active in the Cotton Belt and much ground was prepared for planting, which progressed steadily In the more southern districts. Some cotton has been planted as far north as southeastern North
Carolina and southern Arkansas, while, in Texas, planting progressed
steadily to the north-central portions of the State. In the western portion
of the belt the weather was rather unfavorable for germination because of
cool nights.
April 16 1932
ing their overhead cost. Cutters and clothing makers are
also tempted to dispose of their products at concessions by
the pressure of their financial obligations. Silk goods are
special sufferers, owing to the depression in raw silk values,
it is pointed out. Such conditions emphasize the need for
continuing careful regulation of output in this period, when
congestion of goods can be easily brought about notwithstanding comparatively low production rates. Deferred
spring buying has resulted in a shrinkage of cotton fine
goods output to between 40 to 50% of capacity, it is reported, with mills, partly •at the instigation of the banks
The Weather Bureau furnishes the following resume of which are behind them, refusing to produce'except on orders,
in many cases. Silk and rayon goods are affected very
the conditions in the different States:
Virginia.—Richmond: Near-normal temperatures and rainfall favored similarly. Such voluntary cuts in production as those just
spring work and early plantings. Most March plowing done; seeding referred to are a source of reassurance
which is perhaps
oats well started and some sprouted. Early potatoes planted and tobacco
beds started in south. Wheat, pastures, and meadows excellent. Apple not enough stressed. It is still widely hoped that belated
buds showing green; peaches in full bloom, but severely damaged by early spring buying, when it does at last get
under way, will prove
March freeze.
North Carolina.—Raleigh:Fair and rather warm first part;rain and colder substantial.
latter part. Farm work well up, but vegetation and planting a week
DOMESTIC COTTON GOODS.—The Association of Cotto 10 days late. Some corn planted in east and beginning to plant cotton
in eastern half and on southern border. Small grains good progress. Con- ton Textile Merchants initiated a new service for the
use
dition of fruit in commercial orchards satisfactory.
South Carolina.—Columbia: Intermittent showers generally beneficial of the trade this week, when, in announcing the institute's
to soil; plowing progressed rapidly. Early part of week warm, closing statistics for the month of March, a report for the whole
colder. Winter cereals improved, with oats heading in more southern quarter was also given. The March
figures, as was expart. Planting early corn, potatoes, truck and gardens progressing.
Some cotton planted in central and south. Tobacco beds in good condition. pected, proved distinctly bearish, sales having totaled only
Georgia.—Atlanta: Weather warm, with beneficial rains toward close, about 58% of production, though the
rate of the latter
though drought still prevails in southeast. Planting corn north to Atlanta
and cotton north to Macon; both crops coming up well. Tobacco and reflected in some small measure the fact that curtailment
sweet potato beds being prepared. Cereals improving. Planting spring of output has been adhered to. Shipments,
however, held
truck, peanuts and cane under way. Pears and peaches in full bloom
up well, being put at some 93% of production, and for the
In Fort Valley district.
Florida.—Jacksonville: Sunshiny and moderately warm middays bene- full quarter the figures show a statistical position -in
the
fited corn, melons, and truck, although tomatoes backward, but cool trade which compares
favorably with that of other indusnights and generally dry on uplands unfavorable. Planting corn and cotton
ad- anced. TooaCCo fair progress. Strawberries improved in north. tries. Shipments exceeded production by 4.1%; sales were
Oats poor. Citrus fair to good, but bloom late and spotted.
production; stocks on hand decreased 10.7%, while
Alabama.—Montgomery: Temperatures averaged above normal first 98.3% of
part, but below thereafter. Beneficial showers middle of week. Farm unfilled orders fell 13.6% for the quarter. The balance is,
work made good progress. Preparing cotton lands made good advanceS of course, slightly on the adverse side, but
the difference
and planting progressed rather slowly in south. Corn planting bcoming
quite general. Progress and condition of oats mostly fair to good. Plant- is small, and shows that the cotton textile trade has undering potatoes continues; coming quite generally. Truck crops and vegetables gone no appreciable change for the worse, as far as accumuimproving. Ranges and pastures progressing satisfactorily. Fruits bloomlations are concerned, since December, notwithstanding the
ing again in some places; damage from March freeze undetermined.
Mississippi.—Vicksburg: Mostly moderate rains in north and
insistent slackness of business since then. On the other
light elsewhere and more needed In many southern localities. central;
Nights
slightly cool. Progress In preparations for corn and cotton planting mostly hand, the situation as far as prices are concerned has
fairly good, but seasonally somewhat belated, with some planted In south. undergone change, and few will demur at the statement that
Progress of gardens, pastures, and truck mostly fair.
Louisiana.—New Orleans: Averaged cool, with scattered showers. Fa- such change has been for the better. Prices have been
vorable for farm work and much preparation and planting done. Cotton decidedly stabler in the interim, in spite of the ever-present
planting progressing slowly; too cool for germination. Considerable corn temptation to try to force unwanted goods
on the market
up and growing slowly; much yet to be planted; too dry for germination.
Rice. some irrigated cane, and oats made good progress. Replanted truck by making them available at concessions.
Such underand potatoes growing closly.
selling has, of course, been present, but in relatively smaller
rms.—Houston: Moderate first part of week, but cool last half, with
mostly light, scattered precipitation confined to Panhandle and eastern volume, and has been more obstinately resisted by the large
half. Progress of corn fair to good, but some damage by drying winds. body of producers, many of whom, it is pointed out, are now
Winter wheat and oats generally fair to good condition. though some deterioration locally, due to dryness. Cotton planting progressed slowly to benefiting from further internal economies which have
north-central: some up in south, but germination slow, due to dry sell. enabled them to further reduce their operating costs. With
Condition of truck and citrus fair to good. Pastures and livestock fair. reference
to the ill wind that blows somebody some good,
Oklahoma.—Oklahoma City: Favorable for field work. Light to moderate showers beneficial, but good, general rain needed In all sections. it is further observed that the bankers who have been so
Cold at close of week, with freezing In extreme northwest, but no material chary of extending credit are reinforcing
prices to a certain
damage. Corn planting advanced rapidly, extending to Kansas line;
early-planted coming to good stand in south. Progress of winter wheat extent by refusing to have anything to do with those who
and oats generally poor account scanty soil moisture, high winds, and produce superfluous goods and offer them below the market.
blowing, sandy soils; condition generally fair to good.
Arkansas.—Little Rock: Preparation of cotton land progressing rapidly, Meanwhile, in the gray goods market, somewhat better
except in some eastern localities where too wet: planting begun in many demand has been reported, by which second hands have
central and southern portions. Progress in planting corn very good: some
coming up in favored localities, Weather very favorable for wheat, oats, chiefly benefited. But the general tone is dull, and such
meadows, pastures, truck, fruit, and berries; all good to excellent in most business as is currently available places too low ell estimate
portians.
Tennessee.—Nashville; Light to heavy rains and about normal tem- on values, in many cases, to be taken seriously. Print cloths
peratures resulted in conditioning of much corn land, but little planting. 27-inch 64x60's constructions are quoted at 2%c., and 28-inch
Progress of winter wheat very good, and also winter oats, while much
ground prepared for spring oats. Tobacco beds progressing satisfactorily. 64x60's at 3c. Gray goods 39-inch 68x72's constructions are
quoted at 41 4c., and 39-inch 80x80's at 5% to 51Ac.
,
Truck coming well.
Kentucko.—Loulsville: First half of week warm and dry; favorable for
WOOLEN GOODS.—Unfavorable weather continues to
RH activities and plowing, gardening, potato planting, and oat sowing
pushed, but stopped by daily showers last half, which also cool and un- be a serious deterrent to business in
woolens and worsteds.
favorable for germination. Tobacco plants coming up later than usual.
Some oats up and wheat, rye, barley and blue grass making rapid recov- The deferred seasonal movement is also having an adverse
ery from freeze. Much reaowing of clover and lespedeza. Soil very wet.
effect on fall goods, initial orders for which are being
held back until the volume of spring replenishment is ascertainable. With public buying of clothing, notably of men's
THE DRY GOODS TRADE
wear, continuing at a very disappointing level, there is
only a minimum of replacement demand being recel ved by
N'cia York, Friday Night, April 15 1932.
The textile industry, having recently seen scattered indi- wholesalers. In the piece goods markets the belief is
cations of improvement, coincident with the short-lived reported that clearance sales will be forced with the result
appearance of seasonable weather several days ago, and that retailers will concentrate thereafter on summer goods,
having prepared with some confidence for the general bet- notably flannels and worsteds. as the most promising
terment which seemed to be impending, has had to relapse medium for profits. Another influence which is militating
into apathy again as the weather man has abandoned the against good volume in the early fall business is cited as the
sunny disposition he seemed to be assuming and gone in very slow collections, consequent upon dull retail business,
for another debauch of alternate tempestuous, wintry, or which have left many factors with depleted resources for
merely dreary moods. However, the weather has been by purchasing. Meanwhile, much machinery has been stopped,
no means the only deterrent to business at large, and tex- It Is reported, with curtailment of output increasingly gentiles in particular. The lethargy of the country's heavy in- eral. The outlook, which is naturally viewed. with less
dustries remains profound; credit, notwithstanding a cer- optimism when current business is dull, is not considered
bright. Prospects are for slow business until August and
tain amount of relief given by the Reserve System's efforts September,
to ease and expand it, remains tight; unemployment, par- to develop. it is thought, when a brisk spot demand is likely
It is remarked that the excellent values at
ticularly in the agricultural areas, is fairly rampant, and
is likely to continue to be a great irritant, especially to present obtainable in woolens and worsteds would make for
very good business in
textiles, even after the hoped-for fundamental economic though constructive normal times, but that such factors,
in effect, cannot by themselves surimprovement becomes visible. The greatly decreased buying mount
the fundamental lack of purchasing power which is
power of the country at large, attendant on the foregoing
conditions, is something which cannot be very greatly undoubtedly the basis of the present dullness.
affected by a mere change in the weather. The unsettled
FOREIGN DRY GOODS.—Linen markets are also adpolitical situation is another major factor, though there versely affected by the persistently unfavorable weather
Is a distinctly better prospect that the revenue bill, when current. A relatively good statistical position and a firm
finally enacted, will not only balance the budget, but also attitude on the part of most producers toward
show considerable modification of features adverse to busi- still in evidence, however, and events are awaitedprices are
not withness such as have a heavy representation in the current out optimism. Burlaps have been almost stagnant.
Buyers
House bill. With spring business so long deferred, there have occasionally placed orders for their scanty
is a generally greater tendency towards liquidation of goods needs, but display no interest in either afloat immediate
or future
in dry goods channels. Retailers are being pushed in this goods. Light weights are quoted at
3.30c., and heavies
direction by the difficulty they are encountering in meet- at 4.40c.
Financial Chronicle
Volume 134
ffitatt anti Txtg Pepartuxent
MUNICIPAL BOND SALES IN MARCH.
We present herewith our detailed list of the municipal bond
issues put out during the month of March, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 2764 of
the "Chronicle" of April 9. Since then several belated
March returns have been received, changing the total for
the month to $107,270,155. The number of municipalities
issuing bonds in March was 169 and the number of separate
issues 238.
Name.
Page.
Rate. Maturity. Amount. Price. Basis.
5.00
2378--Aberdeen S. D., Wash ---5
.2-20 Yrs. 4137.000 .100
6.00
20,000 100
Twp., Ohio
2378-_Adams
1933-1942
6
4.34
..Albany Co.. N.Y
2574.
434 1942-1962 700.000 102.21
2198--Allegheny Co.,Pa.(5Iss.)434 1933-1962 4,500.000 101.32 4.62
22.000
2574-Allegheny Twp.,Pa
2378__Amarillo,Tex461,000 83.60
5.24
1809_ _Auburn, N. Y
1933-1942 236,325 100.06
5.00
2002-Auburn, N. Y
32,000 100
1933-1935
5
2574-Baltimore Co. Metropolitan Dist.. Md
434 1943-1961 250,000
6,000
2378-Bandera Co. Tex
534 1932-1939
'
2002-Bannock Co.S.D. No.35,
Idaho
39,000
5.00
4,000 100
2199-Bellefontaine,Ohio
1933-1936
5
2002--Boone Co., Ill
5.16
85,000 94.12
434 1934-1948
1809-Bound Brook, N J
6.00
75,000 100
1934-1946
6
2199--Brookhaven N. Y
5.94
6
1933-1937
13,000 100.19
2378-Brownwood, Tex
90,000
5% 1939-1951
2199-Cabin Creek Magis. Dist.,
W. Va. (2 issues)
70,000 100
6.18
2575-Calhoun Co Ala
13,000 98
.Ala
1946-1955
6
2199-California State of)
434 1939-1944 1.225.000 100.65 4.41
4
1954-1989 1,000,000 94.58 4.38
2379„California State of)
4.97
2199- _Claremont I.S.D., Calif. 5
1933-1952 148,000 100.21
114,673
2379-Cleburne, Tex
534
100.000 100
2199__Coal Grove 8, D., Ohio5.61
45,000 100.90
1810.-Columbia Co., N.Y
534 1933-1947
5.22
2199__Columbus, Ohio(2 Jas.) 5X 19344943 139 159 100.14
.
24,000
5
2575-Columbus, Ga
1933-1942 600.000
5
2379_Cranston, R. I
2199-Cumberland Co., Pa_ _-4% 1937-1961 200,000 100.58 4.70
5.35
434 1932-1956 150.000 92.81
2003_ _Danville, Va
6.47
1934-1960 r41,000 95
6
1810.-Decatur, Ala
434 1933-1962 200.000 100.26 4.22
2575__Delaware Co.. Pa
2003_ _Denver (City and County
875.000
of), Colo
2003_ _Denver (City and County
1,400,000
of), Colo
20.000
2575-Dixie Con. S. D.. Ga--- __
5
12,000 100
1933-1946
2200_ _Dover, Ohio
6._00
45.000 100
1933-1955
5
2004_East Cleveland,__Ohlo
5.00
2576_ -East Paterson, N.J..... -- 1933-1952 200.000
500.000
, N. J
2004-Elizabeth
5.16
5
1934-1972 4,468.000 100.05 5. 5
2379-Elizabeth, N. J
6
5,500 100
5
1933-1942
2379_ -English, Ind
5.00
6
1937
1,401,000 100
2200-Essex County, N. J
640
26.000
2379-Farmington, Me
6.06
1933-1942 100,000 100
6
2576-Flint Mich
10,000 100
1935-1937
2576_-Fortbodge. Iowa
5
5.00
10,000
2004.-Freeport, Texas
27.000 100
2576-Frelinghuysen Twp..N.3-434 1933-1946
4-.8(71
534 1933-1962 278,000 100.38
2200--Freeport, N. Y
5.46
1933-1957 r25,000 100.44 4.95
5
2576-Geneva, N. Y
85.000 100.40 4.96
1936-1952
2576-Glassport, Pa
5
80,000 100.29 4.19
43-4 1933-1942
2576-Gloucester, Mass
26.000 100
19334638
5.00
5
2004-Gloversville. N. Y
d173.000 100
2-20 yrs.
2379--Grays Harbor Co., Wash_5
5.00
2004--Greenwich. Conn.2 iss.i 4g 1933-1954 200.000 100.06 4.64
1933-1948 200.000 100.06 4.64
2004-Greenwich, Conn 2 iss. 5
1934-1954 298.000 100
600
2380-Hackensack, N.J. 2iss. 6
4.700 100.10
5.71
1933-1937
2380--Hancock County, hio.-5
40,000 100
5.25
1936-1952
2576.-Harmony Twp. S. D.,Pa-5
150.000
1811-Homestead S. D.,Pa
5 10-30 yrs.
d2.267 100
5.00
1932-1938
5
2004--Iowa City. Iowa
2201--Jefferson Co. S. D. No.
2,300
41. Colo
1933-1936
6
2380-Jefferson Co. 8. D. No.
37.000 97.12 5.40
47. Colo
1939-1943
5
26,000 100
6.00
2576--Jefferson S. D.. So. Dalc.6
12 Yrs.
5,500.000 100
6.00
2380--Jersey City, N.J
1935
6
29,500
5
2380- Juniata County, Pa
1932-1947
2004 Kaneand Cook Counties
4.50
B. 13. No. 46, III
434 1934-1941 150.000 100
34.011
98.17
2380-Kansas City, Kan
5
128,000 100.03 4.49
1939
2576- _Kansas City. Kan
434
6.00
9,000 100
2380-Kittitas, Wash
6
2380-Klickitat Co. Sch. Diets.,
6.00
17.900 100
Wash
1937-1952
6
2577--La Crosse Co., WI'
- 1937-1941 250.000 101.02
r50,000 100
5:L6
2201--Lake County, Mont
5%
25,000
1948-1952
2577--Lake Geneva, Witt
5
2577- _Lakewood, Ohla
534 1933-1954 125,000 100.66 5.18
6.00
11,000 100
2577-Leetonia, Ohio
1933-1942
6
2380--Le Flore Co. Con. 8. D.
4.975
No. 6, Okla
4.49
1811- _Lehigh County,Pa
434 1933-1952 600,000 100.07
26.000 100.10
5.18
2005- _Lexington, Mass
534 1933-1934
6.00
1934-1966 741,000 100
2005-Linden, N. J
6
16,000 100.001 5.99
1933-1935
2005-LockPort, N.Y
6
2381__Longview Ind. S. 13.,
5.00
Texas(2 issues)
1932-1952 140,000 100
5
4.99
1932-1972 1,000.000 100.11
2577-Los Angeles, Calif
5
5.50
Loudoun County, Va_ -- _5 A 1933-1917 r35.000 100
220115,000.000 100
5.00
5
2381-Louisiana (State of)
2,000,000
1959
2201- -Louisville, Ky
434
1933-1952 315,000 100.26 5.96
6
2381--Mamaroneck, N. Y
5.99
1937-1971 175,000 100.13
6
2381-Mamaroneck, N. Y
6.00
14.000 100
1933-1936
2381- _Manhelm, N. Y
6
13,500 100.07 5.98
1933-1939
2005-Mansfleid, Ohio
6
4.75
25,000 100
2572_ _Marion County, Iowa-- _4% 1938-1940
5.19
2005- _Marion County, Ind- _ _5% 1934-1936 r84,500 100.19
1,411 100
5.00
1935-1941
2202_ _Marshalltown, Iowa
5
__ 1933-1940 r25,000
-Martin County Ind
2577
4.25
2577--Massachusetts(State of} _43i 1932-1942 1,035,500 100
4.00
1943-1961 1,565,000 100
2577-Massachusetts(State of -4
3.50
1962-1987 165,000 100
2577-Massachusetts (State of _3
1933-1952 154,000 100.35 4.70
2202 .Medford, Mass.(3 is.)-4
1933-1940 125.000 96.19 5.15
Wis
4
2005-Menasha,
1942-1947 450,000 100.65 4.93
5
2381-Mercer County,Pa
4X 1934-1943 250,000 100.04 4.74
2381--Meriden, Conn
6.00
125,000 100
1936
2578-Middlesex County, N. J-6
6,300 100.27 5.94
1933-1941
6
2005-Middletown, Ohio
54,000 100.02 4.89
N. Y
4.90 1933-1941
2578--Middletown,
24.000 100.15 5.41
1933-1935
5
2578__Middletown, N. Y
2005_ _Minneapolis, Minn.(3 is.)41 1933-1952 1,482.000 100.10 4.73
434 1933-1942 1,919,722 100.20 4.73
2578_Minneapolls, Minn
250,000
4
2005...Minnesota (State °O
1948-1950 2,500,000 102.93 4.50
4
2005„Missouri (State 1)
5.19
1933-1935 150,000 100.11
2202__Monroe County, N. Y.._5
4.50
434 1933-1942 r50,000 100
2578-Montpelier, Vi
1933-1912
6.00
22,436 100
2382-Morrow County, Ohio.. 6
'14
P
2947
Basis.
1
Paae."40" "PmPt.Nante.
. P4
11 -1952 A ,00
2382__Mount Vernon, N.Y.._ -Tit 1931w 11 1.1737un10 11101. 77
---14 000
36:000
2578-Muscatine,Iowa
434 1935-1937
2006--Nashville, Tenn
3,550,000 100
2382-_Nassau County, N. Y__-5%
1937
5.43
29,700 100.38
2202__Newark City S. D.,Ohio-5A 1933-1942
6.00
1940-1941 1,000,000 100
2578__New Mexico (State of)
---6
300.000 101.92 4.22
2006-Newton, Mass
4A 1933-1947
70.000 100.06 --- _
2382_ _Newton. Mass
% 1933-1942
4
30.000 100.06
1943-1947
2382__Newton. Mass
5.75
100
-New York, N. Y
534
2770
4.88
101.51
7
2579_ _North Braddock,Pa
96
9
:
33.500
2382__North Bend, Ore
2579--Norwalk, Ohio
1933-1955 400.030 100.11 4.44
6
50,700 100.31
2382_ _Norwood, Mass.(2 iss.)-434 1933-1952
21.000 100.03 5.99
2006_ _Nyack, N. Y
1933-1943
6
2203--Oakland, Calif
1933-1941 381.533 100.005 6.99
7
5.
18,000 99
1933-1941
2579-0Id Orchard Beach, Me 5
6.
828.000 100
6
2383.
.Oregon(State of)
1938-1942 250.000 102.65 4.60
5
2203-_Oshkosh, Wis
6.00
130.000 100
2-10 yrs.
6
1813__Paterson. N. J
4.75
2,000.000 100
454
1813-Philadelphia, Pa
130,000
1932-1935
6
2007-Phillipsburg, N.J
20,000
1933-1942
6
2007- _Piedmont, Ala
5.50
18,000 100
534
2203-Poison, Mont
2579--Port Aransas Ind, S. D.,
5.00
12,000 100
5
6.00
185.000 100
1935
6
2579--Port Chester, N.Y
5.00
30,000 100
1947
5
2203--Portland, Ore
15.000 100.05 5.49
534 1933-1947
1813- Portsmouth. Ohio
39,000 100.38 4.94
1936-1942
5
2383- Port Jervis, N. Y
5.00
9.500 100
1933-1935
2383--Port Jervis, N.Y.(2 ise.) 5
5.00
6.000 100
1933-1939
5
2383 Pringhar, Iowa
35.000
5X
2007-Princeton, Mo
00
1.05 4.99
.
193r1948
County, N.Y 5
2203__Putnam
4.60
4A 1942-1957 250.000 100
2203-Radnor Twp., Pa
2007--Ramsey County, Minn-43( 1933-1952 500,000 100.67 4.67
100,000 100.07 4.48
4% 1933-1942
1813-Reading,Pa
6.00
1934-1938 143.000 100
6
2384 Richland Co., S. C
4.76
1934-1935 2,655.000 100.11
6
2203__Rochester, N. Y
2203_ _Rochester, N.Y.(3 iss.)-434 1938-1962 2.285,000 100.11 4.75
4.75
1934-1942 1,220,000 100.11
2203--Rochester, N.Y.(4 iss.)-5
50.000 99
2384_ _Salt Lake City. Utah- -431
95,000 100.20 -5-11.5
1932-1944
1813-Scotia, N. Y.(2 issues) 6
300,000 100.30 4.96
2-20 yrs.
5
2204„Seattle, Wash
20,000 100.25 5.44
2204-Seneca Falls, N. Y No.534 1933-1942
Co. S. 13.
2384-Sheridan
5,000 100
r
Mc
soci k spec
. S. D.
2r
2384__Shoi
9
6.000
1934
No.6, N. Dak
10.000 100.50 4.81
19334937
5
1813_Shullsburg, WIP
5.25
534 1933-1652 225.000 100
2008-Somerville, Mass
4.75
40,000 100
434 19334952
2008„Somerville, Mass
6.50
2,000,000 100
1937
2204.-South Dakota (State of)-634
6.00
19334960 511.000 100
6
2384__South Orange, N.J
1934-1942 130,000 100.002 4.99
5
2008--Spokane, Wash
434 1933-1961 600.000 102.52 4.04
2580 -Springfield, Mass
37,000 100.90 5.34
5)4 1933-1946
2580 -Steubenville, Ohio
4.99
85,000 100.01
19364948
5
2008-Swissvale, Pa
1934-1955 507.000 100.79 4.92
80-Trenton, N. J
2580_ _Troy, N. Y.(2 issues)---4 X 19334952 487,000 101.52 4.57
5.68
2580_ -Trumbull County, Ohio 5% 1933-1942 100.000 100.33 4.75
50,000 100
4A 1937-1941
2008-Tyrone S. 13. Pa
6.00
1937-1938 2,787.000 100
6
.
2204...Union Co., d J
5.00
75,000 100
19374952
5
2204-Upland, Pa
47.221
2785_ _Upper Arlington, Ohio-166
100
Junction, Iowa- -5
2009.
..Valley
5.50
3.867 100
5% 19334942
5)4
2009-_Van Wert, Ohio'
70,000
534 19334950
2204- _Washington, Pa
:
1732-1971 400.000 100.18 1 88
5
2580_Waterbury, Conn
50,000 100
19324941
5
2009-Waterloo, Iowa
1932-1935 1,375,000
Co.. N.Y 6
1814__Westchester
. i
19334956 117,000 102.19 g.Zt
5
6
2385 .West Haven, Conn
725,000 100
1938
2385--West Orange, N. J
(30-4 A 1933-1956 1,900.000 100.005 4.47
2580__West Virginia (State
7
0
0
0 .005 t.f
0
64:00 0
3
9 6-1957
2580_West Virginia (State of) 434 1054_1042 100 00 100
.534
2385--Whalcom Co., Wash...
2385-Whitefish Bay S.D., No.1
180.00,000
1945-1946 200
5
Wash
0 99.17 4.86
4% 1933-1951
2204-Wichita. Kan
4.70
25,000 100.21
451 1933-1942
2386- _Wichita, Kan
41,855 100.38 5.67
551 1933-1943
2386_ _Williston Park. N. Y
4.25
100
2205-Wilmington, Del.(4 les.)-4 A 1933-1951 400,000
70,000 100
2-15 yrs.
2580_ _Wisconsin Dells S.D. is._W
years4,000 100.12 a§
15
' 5
2205__Wooden S. D . Calif
6,600
6
0
2 09-Woodruff Place, Ind
Ilk
28.000 100
..51932-1938
2580__Wyalusin5 Twp., Wig.
1934-1952 1,990,000 100.02 5.74
2205_ _Yonkers, N.Y.(4 iss.) 6
1934-1948 540.000 100.02 5.74
5
2205--Yonkers, N. Y
Total bond sales for March (169 municipalik$107,270,155
ties, covering 238 separate issues)
d Subject to call in and during the earlier years and to mature in the later
Years. k Not including $158,427,500 temporary loans. r Refunding bonds.
--The following items included in our totals firr3revious
.
from the same. We give the
-inaiiid. montgehould be elim
page number of the issue of our paper in which reasons for
these eliminations may be found.
-
Rate. Maturity. Amount.
Page.
Name.
2201__Hoboken. N. J. (Dec.)
2579 _Rittman, Ohio (Jan.)
.....marev..tr.-.....1r"."'
. 0
s B
Price46 14
4.000
We have also learned of the folliii7dditional sales for
previous months:
Rate. Maturity. Amount.
Page.
Name.
2199„Cincinnati. Ohio (2 issues,
1932-1950 4803,000
4
Dec.)
2199. Cincinnati, Ohio (8 issues,
1932-1956 1,180,000
Dec.)
4
2199.
.Cincinnati. Ohio (3 Issues,
Dec.)
4)4 1931-1955 742,500
2199-Cincinnati, Ohio(2 issues.
1932-1946 184,000
43
Dec.)
1933-1936 150.000
1810__Duluth, Minn. (Dec.
)...4
30,000
..4341936-1938
1810_ _Duluth, Minn.(Nov.?.
5,500
1936-1961
1810_ _Eddystone, Pa.(Jan. 32)5
12,500
19334942
1810_,Franklin Lakes, N. J_ _ _ _6
r35,000
1942
6
2004__Gary,Ind
15,000
1938-1945
1811-Hillsborough, Calif
5
465.000
1935
2201_ -Hoboken, N.J.(Dec.)_ _ -6
11.000
1811_ _Java, N.Y
4)4 1934-1956
14,255
1933-1935
2380__Johnson County,Iowa__ -5
24.000
1933-1940
2005-Little Falls, Minn
5
78.303
1811-Los Angeles, Calif
2.000
1812__Marion County,Ind
1933-1943
6
2383_ _Platte, S. flak.(Dec.) 5
1933-1945 r14.000
2383__Platte, S. flak.(Dec.). 6
1933-1942 r10,000
2383-Powell Co. S. D. No. 29,
Mont
r4,500
534 9 Yrs.
1814__Tecumseh Twp. S. D.
No. 7. Mich.(Dec.) 6
1933-1939
20.000
5
2580 Westmont, Pa
90.000
5
2009 Wyandotte, Mich
1932-1931
75.000
Price. Basis.
100
4.00
100
4.00
100
4.25
100
100
100
100.25
100
100
4.50
4.50
4.50
4.98
6.00
6.00
100
100
100
100
102.64
100
100
100
6.00
4.75
5.00
5.00
COO
5.00
6.00
100
5.25
100
100
100
6.00
5.00
5.00
All of the above sales (except as indicated) are for
February. These additional February issues will make the
total sales (not including temporary loans) for that month
$35,045,127.
2948
Financial Chronicle
DEBENTURES SOLD BY CANADINA MUNICIPALITIES IN
MARCH.
Page.
NIIMO.
Rate. Maturity. Amount. Price. Basis.
1814.-Alberta (Province of).- _6
1947 $5,000.000
95.25
6.50
2580--Belleville. Ont
4 H-5 1932-1961 316.547
86-86.17- -- 1814-Chicoutimi. Que
6
1-10 yrs.
170.000 96
6.90
214.86Dartmouth. N. S
20 yrs.
53
19.000
95.62
5.68
2386__Grand Forks. B. C
45.000
2386__Hull. Que.(2 issues)
6
1933-1942 426.000
2386-Henogami, Que
8
5 yrs.
20.000 95
7.20
2009-North York Two., Ont.,
.6400.000
6.25
2009-Riviere du Loup. Que...__6
1932-1961
85,000 96.50
6.83
2386-St. Colombe de SIllery.
Que
10 yrs.
225.000 95.75 6.50
2009__Saskatchewan (Prov. of)-13
51
1952
4,000.000 94.45 6.50
2580-Sombra. Ont
12,000
2580-Timmins Roman Catholic
S. C., Ont.
434 1-30 yrs.
70.000 85.56
5.89
2386__Toronto. Ont
511 1933-1962 15299.000
2009-Winnipeg, Man
1942
6
2,000.000
6.35
97.50
Total amount of debentures sold during
March
$28,087.547
ADDITIONAL CANADIAN BOND SALE FOR FEBRUARY.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
2M9Pari8h of St. Fiore, Que__5
1-34 yrs.
20.000
87
6.30
BONDS OF UNITED STATES POSSESSIONS ISSUED IN MARCH.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
2380-Hawaii, Territory of
414 1936-1960 405,000 100
4.25
NEWS ITEMS
Arkansas.
-Several Finance Bills Signed by Governor
Parnell.
-According to a dispatch from Little Rock on April
12 to the "United States Daily," Governor Harry Parnell
has approved the following legislative acts passed during
the special session of the General Assembly, several of which
are measures affecting finance:
Act No. 2 (S. 2), authorizing cities of the first and second class to condemn and acquire lands by right of eminent domain for construction of
United States veterans' hospitals, applying only to Fayetteville, Ark.,
where contract has been awarded for $1,000,000 hospital.
Act No. 4 (H. 5), to authorize building and loan associations to borrow
money up to 20% of their assets from the Reconstruction Finance Corporation.
Act No. 5 (8. 12). to authorize the State Banking Commissioner to
pledge assets of insolvent banks as security for loans from the Reconstruction Finance Corporation.
Act No. 7 (H. 7), to provide $100.000 additional appropriation to complete five-year audit and investigation of Arkansas Highway Department
during past five years.
Act No. 8(H. 17), to set aside funds of State Highway Department to
assure payment of expenses of Highway Audit Commission under provision
of Act Is.To. 166 of 1931.
Act No. 9 (S. 19), to appropriate $389,875 from Agricultural Credit
Fund to pay maturities and interest on State agricultural credit bonds for
two years authorized under Toland Act of 1931.
Act No. 10 (S. 15). to authorize receivers for insolvent building and loan
associations to pledge assets of such associations as security for loans from
Reconstruction Finance Corporation.
8. C. R. 8, to memorialize Congress to vote for immediate payment of
soldiers' adjusted compensation certificates.
April 16 1932
(c) Upon taking deeds the districts are entitled
cancellation 9!
all county taxes, city taxes and special assessments to a the "Mattoon
and similar acts where the same are based upon and under part of the levy
are a
of county taxes. and State deeds.
The result of the decision is that the irrigation districts can obtain a
cancellation of such delinquent county, city and district taxes and sell
the lands taken by tax deeds free and clear of all taxes, liens and encumbrances. The practical effect should be that the lands will be so sold and
will then be placed back upon the assessment rolls and be in a position to
pay both county and city twist and district assessments. It should revive
the large acreage of dead lands, making them a tax paying
asset of the
counties, cities and districts.
A short time ago the counties within which the above mentioned Irrigation districts are located petitioned the Supreme
these cases and this petition has been granted. Court for a rehearing of
Very truly yours.
California Districts Securities Commission.
Maine.
-Additions to List of Legal Investments for Savings
Banks.
-It was announced on April 12 by State Bank
Commissioner Annis that the following bonds had been
added to the list of investments considered legal for savings
banks:
Public Service Co. of Ind. 1st & ref"G"6s, 1952.
Indiana Electric Corp. 1st"A" 6s. 1947.
Indiana Electric Corp. 1st"B"614s. 1953.
Indiana Electric Corp. 1st"C" 5s, 1951.
Indiana Power Co. 1st & gen 714s. 1941.
Interstate Public Service Co. 1st & ref'
'B" 614s, 1949.
Interstate Public Service Co. 1st & ref"D" 5s, 1956.
Interstate Public Service Co. 1st & ref"F" 414s, 1958.
Merced Irrigation District, Ca:if.-Protective Committee
Urges Deposit of Bonds.
-The bondholders of the above
named district are being requested by the Bondholders'
Protective Committee to deposit their bonds under a protective agreement, copies of which are being mailed them,
according to an announcement made by the Committee on
April 5. The default in the payment of the bond coupons
due on Jan. 1 1932, the continuance of unsettled conditions
within the District
-V.133, p. 1952, and the almost certain
default which will occur in the payment of interest due
July 11932, have brought about a situation which, according to the Committee, calls for concerted action on the part
of the bondholders.
New York City.
-Board of Estimate Rejects 6% Discount
Plan for Early Tax Payments.
-At a meeting held on April 8
the Board of Estimate defeated the bill introduced by
Comptroller Berry on March 18 to encourage early tax
payments by raising for one year from 4% to 6% the discounts allowed on taxes for the second half of the year if
paid with the first instalment
-V. 134, p. 2197. Nine
votes, or a plurality of the 16 cast by the entire Board,
would have been required to adopt the bill. It lacked one
of the requisite quota. The New York "Times" of April 9
commented in part on the action as follows:
Berry's
to
the payment
Bond Value Tables Showing Yields up to 50%.
-One byComptroller discountbill0%encourage for the secondof taxes in advance
allowing a
of
on taxes
if
more unusual product of the present depression is a new set paid with the first Instalment was defeated yesterdayhalf of the year of
in the Board
of tables showing values of bonds yielding from 15 to 50(7;. Estimate branch of the City Charter was beaten
2 posed a nendment to the Municipal Assembly. The Comptrollers prodespite the backing of
Bond dealers and investors have long been familiar with this a large number of civic organizations after it heated controversy between
of Estimate.
type of "basis book," as it is called, usually showing yields his fellow-members of the Board Charter be RO
The till asked that the City
amended as to permit the
up to 9 or 10% only.
city to increase the discount on taxes paid in advance from 4%-the present
figure
-to
When the 1921 deflation arrived a new book promptly levy of 6% for one your only. The Comptroller said that with a tax
$534,000.000. the city already had bemi compelled to borrow
appeared carrying yields to 15%. Since even this book has $138.000,000 at51.4 %.and that thus sum would be increased to 2140.000.000
proved insufficient for current needs, "Extended High Yield by June I. As the money must be oatained, he argued, it was a matter
the taxpayers to give them the benefit of interest rather
Bond Values" has just been issued by Financial Publishing of simple justice tobankers.
than pay it to the
Co., Boston, carrying yields up to the extraordinary rate of
New York State.
-Governor Roosevelt Siyns Seven Veterans'
50%. As its introduction duly notes, "This unprecedented
-An Albany dispatch to the New York "Herald
range will cover the yields of bonds at the lowest prices Aid Bills.
Tribune" of April 14 reported as follows on the signing by
where "yield" retains any vestige of meaning."
Governor Roosevelt of seven bills passed at the recent
Boston Metropolitan District, Mass.
-Governor Signs legislative session to aid war veterans in the State:
Bill Changing Name of District.
-Governor Ely signed on
Seven leg slative measures benefitting war veterans in New York State
Governor Roosevelt's
April 12 the bill which was introduced in the Legislature on have receivedimportant measure. In signature.
The most
the opinion
his recommendation (V. 134, p. 2377) changing the name of Albany, Chairman of the legislative committee ofof Roland J. Easton, of
the Veterans of Foreign
the Metropolitan Transit District to the Boston Metropolitan Ware, was the establishment ot a $500,000 tund for direct aid to veterans
and suffering 10% disability.
District, according to news dispatches from Boston on that who are unemployedof the additional $5,000.000 employment relief approThe fund is part
iah on.
day. The change of name was made in an effort to aid prTtle
also appropriated
the district in disposing of $23,500,000 in notes, the new fecting Legislaturethe compilation to $1.500 for compilation of the laws afveterans,
be sold to veterans' organizations at
, t a n tp y.
name being considered as more likely to attract outside 251c n neco headquarters
in the Capitol were provided the Veterans of
interests.
Foreign Wars, and town boards were empowered to spend $200 annually
quarters for veterans' organizations.
California.
-Supreme Court Renders Decision on Lands for local other measures dealt with soldiers' homes and hospitals.
Three
Taken Over by Irrigation Districts.
-A decision was handed
Owensboro, Ky.-Suit Filed to Test Validity of Funding
down by the State Supreme Court on March 1 on the ques-A test suit was filed by a local taxpayer on April 8
tion of priority of tax liens as between the counties and Bonds.
irrigation districts on land contained within irrigation in the Daviess Circuit Court against the above named
districts. In effect, the decision affirms the language of the city,in order to determine the validity of an issue of $160,000
California Irrigation Districts Acts, holding that property funding bonds that was authorized recently by the Board
acquired by an irrigation district in satisfaction,of delin- of City Commissioners, according to local news reports.
as
quent assessments is State property, and. such is exempt The petition is said to ask that the city be enjoined from
from taxation. This gives irrigation districts a clear title to issuing or selling these bonds, contending that no proposition
.
acquired lands. The following letter, written on April 4 to authorize them has ever been submitted to the voters.
briefly explains the opinion of the court in this case and its An ordinance providing for their issuance and sale was
effect, and was sent to us in response to our inquiry by Har- passed on Feb. 1 by the Mayor and the City Commissioners.
mon S. Bonte, Executive Secretary of the California Dis- It is stated that the case will be carried through to the Court
of Appeals in order to have a final ruling on the matter.
tricts Securities Commission:
Commercial & Financial Chronicle, New York City, N. Y.
Royal Oak, Mich.-Bondholdere Protective Committee
Gentlemen-Replying to your letter of March 25 relative to Supreme Formed on Defaulted
City Obligations.
-The following is a
Court decisions regarding liens.
copy of a notice issued on March 15 to the holders of bonds
Glenn-Colusa. La Mesa Lemon Grove & Spring Valley, and Merced
Irrigation Districts filed petitions with their respective county supervisors and notes of this city and of the school district, announcing
under Section 3804-a of the California Political Code asking for cancellation the formation of a
Protective Committee on the defaulted
of all county taxes and State deeds on lands to which the districts had taken
title through delinquent irrigation district tax sales. A fourth case was obligations:
filed by Palo Verde Irrigation District involving city taxes in Blythe, Call
On March 1 1932. the Supreme Court of the State of California rendered
its decision and ordered the issuance of writs of mandate. The opinion
holds:
(a) That lands taken by irrigation districts by deed for unpaid assessments become lands of the State and are not subject to taxation.
(b) The fact that such lands are not "operative property" of the district has no bearing on the case.
Gentlemen:
A Bondholders' Protective Committee,
the undersigned, has
been organized to protect the owners ofconsisting ofnotes of the City of
Royal Oak, and of the School District ofbonds and of Royal Oak, Mich.
This action is made wholly necessary by the the City the two organizations
failure of
to provide payments upon the interest or prinepal of their several obligations for some time.
On Jan. 31 1932, defaults upon obligations of the city amounted to
$504,271.75, while defaults upon obligations of the school district amounted
Volume 134
Financial Chronicle
to $65.762.75. Much of these totals consist of arrearages in payment of
interest. Maturities of interest due on May 1 1931, and subsequent dates
have not been cared for by the City of Royal Oak despite the subsequent
collection of taxes levied for that purpose. The percentage of amounts due
for interest payments on direct general obligation bonds for the fiscal year
beginning June 1 1931, is relatively small, tieing only 18.8% of the city's
budget, and yet a far smaller percentage of the receipts of such taxes has
been disbursed to bondowners. A considerable amount of special assessment taxes, obtained within recent months, has not been paid upon special
assessment bonds despite the legal pledge of the city to make such payments.
It is to be hoped that the city and the school district will undertake all
possible measures to respect the claims of their creditors in order that attention may then De given to plans which will seek to offset the adverse effect
which present business conditions, the closing of local banks, and large
delinquencies in the collection of taxes have had upon the credit and the
financial structure of the city and the school district.
Please forward bonds accompanied by all unpaid coupons to either of the
depositaries by registered mail, or personal delivery, together with a letter
of transmittal which should be filled out describing the bonds deposited.
Please print or type carefully your name and address, spelling your first
name in full. A certificate of deposit will be issued on receipt of securities.
The committee desires to provide a solution for the existing financial
problems of the city which will be equitaoie to bondowners. Questions
about the deposits may be addressed to the Secretary of the committee. to
the depositaries, or to your investment dealer.
Yours very truly,
HENRY HART, Executive Vice-President, First Detroit Co.
LAWRENCE J. TOOMEY,Vice-Pres., Union Guardian Trust Co.
NORMAN H. F. McLEOD, Sec.-Treas., Parke, Davis & Co.
JOHN S. HARRIS,President. Stranahan, Harris & Co.. Inc.
HUGH J. FERRY, Treasurer, Packard Motor Car Co.
Committee.
State Apportionment of Congressional Districts
United States Supreme Court Nullifies Redistricting Legislation
in New York State, Minnesota and Missouri.
-Using the State
of Minnesota as the basis of his argument, Chief Justice
Hughes of the United States Supreme Court delivered three
decisions on April 11 in the analogous cases of Nev York,
Minnesota and Missouri, in which he ruled that legislation
passed in those three States providing for Congressional
reapportionments was illegal. It was held by the Court
that the said legislation is void because the Governors of
the three States did not approve the legislation; in New
York State, Governor Roosevelt was debarred, while the
Governors of the other two States refused to approve the
bills. The United States Supreme Court maintains that
when State legislators are performing their law-giving function the Governor is an essential part of the legislative
machinery. The decision in the New York case sustained
the contention of Governor Roosevelt and affirms the
opinion written by Benjamin N. Cardozo, who at that time
was Chief Justice of the Court of Appeals. These rulings
by Chief Justice Hughes will have the effect of changing at
least 24 contests for seats in the 73rd Congress from district
elections to elections at large. Unless special legislative
sessions are called in the three States affected to pass reapportionment measures New York's two new Representatives, Missouri's reduced delegation of 13 and Minnesota's
nine must all be selected by the entire voting body of those
States. The Supreme Court summed up as follows the
effects of its decision on the coming November elections,
according to the New York "Times" of April 12:
"There are three classes of States with respect to the number of Representatives under the present apportionment pursuant to the Act of 1929.
(1) where the number remains the same, (2) where it is increased, and
(3) where it is decreased.
"In States where the number of Representatives remains the same,
and the districts are unchanged, no question is presented; there is nothing
Inconsistent with any of the requirements of the Congress in proceeding
with the election of Representatives in such States in the same manner
as heretofore.
"Section 4 of the Act of 1911 provided that, in any case of an increase
in the number of Representatives in any State, 'such additional Representative or Representatives shall he elected by the State at large and
the other Representatives by the districts now prescribed by law, until
such State shall he redistricted.
"The Constitution itself provides in Article 1, Section 2, that 'the House
of Representatives shall be composed of members chosen every second
year by the people of the several States,' and we are of the opinion that
under this provision, In the absence of the creation Of new districts, additional Representatives allotted to a State under the present reapportionment would appropriately be elected by the State at large (New York).
Minnesota Problem* Different.
"Such a course, with the election of the other Representatives in the
existing districts until a redistricting act was passed. would present no
inconsistency with any policy declared in the Act of 1911.
'Where, as in the case of Minnesota (and Missouri). the number of
Representatives has been decreased, there is a different situation, as
existing districts are not at, all adapted to the new apportionment. It
follows that in such a case, unless and until new districts are created, all
Representatives allotted to the State must be elected by the State at large.
"That would be required, in the absence of a redistricting act, in order
to afford the representation to which the State is constitutionally entitled,
and the general provisions of the Act of 1911 cannot be regarded as intended
to have a different import.
"This conclusion disposes of all the questions properly before the Court.
Questions in relation to the application of the standards defined ii Section
3 of the Act of 1911 to a rwilairicting statute, if such a statute should
hereafter be enacted, are wholly abstract. The judgment is reversed and
the cause is remanded for further proceedings not inconsistent with this
opinion. It is so ordered."
Minnesota Contention Fails.
Collateral issues, bearing on the general functions of Legislatures and
of Federal instruments to provide a code for Congressional
the power
elections, were reviewed at length by the Chief Justice.
To support its argument that the Minnesota Legislature, in redistricting,
was not exercising a State law-making function, but was acting as a Federal
agent, the Minnesota Secretary of State, through counsel, pointed to
the fact that the words "by law" were used in the constitutional provision for Congress to fix "the times, places and manner of holding elections" and not in the clause giving authority of a similar kind to State
Legislatures.
"We think the inference is strongly to the contrary," said the high court.
"It is the nature of the function that makes the phrase 'by law' opposite.
That is the same whether it is performed by State or National Legislature and the use of the phrase places the intent of the whole provision in
a strong light.
State Constitution Dominates.
-"Prescribing regulations to govern the conduct of the citizen, under the
making and altering such rules by law, under the second
first clause, and
clause, involve action of the same inherent character.
"We find no suggestion in the Federal constitutional provision of an
attempt to endow the Legislature of the State with power to enact laws
in any manner other than that in which the Constitution of the State
r vided
has provided that laws shall be enacted.
the Governor of the State, through the veto power, shall
State policy. Article
have a part in the making of State laws is a matter ofrequires nor excludes
neither
1. Section 4, of the Federal Constitution
participation.
such
2949
When the Constitution was adopted, said Chief Justice Hughes, only
Massachusetts and New York had provided the veto power.
But succeeding events and customs have demonstrated that its grant is
not repugnant to the organic laws, including that of Minnesota. which
gives the veto power to its Governor over State law making by a legislative majority. And a reappertionment act is a State law.
West Palm Beach, Fla.
-Protective Committees Report
-An announcement was
on Approval of Refunding Plan.
made on April 11 by the committees representing the holders
of general and improvement bonds of this city, in which it
was stated that the steps necessary to place in operation the
refunding plan worked out early this year are nearing completion. The plan was submitted by the committees to
depositors under date of Feb. 3, and received the approval
-V. 134, p. 2002.
of over 9934% of the deposited bonds
After the city was informed that the plan had been ratified
by a sufficient number of bondholders, an election was held
to repeal certain parts of the city charter, in accordance with
the terms of the refunding agreement. Such repeal was necessary for carrying out the agreement, and the voters
registered approval by a majority stated to have been about
5 to 1, at a special election held on April 5. It is said that
legal measures to complete the refunding plan are now being
prepared.
BOND PROPOSALS AND NEGOTIATIONS.
-BOND
ADAMS TOWNSHIP (P. 0. Toledo), Lucas County, Ohio.
-The award on
-OFFERED.
SALE NOT CONSUMMATED
-ISSUE RE
March 1 of $20,000 6.7 fire department equipment purchase bonds at par
a
-apparently was not
to Ryan,Sutherland & Co.,of Toledo
-V.134, p. 2378
consummated, as toe issue is being re-advertised for sale at 10 a. m. on
April 27. Sealed bids should be addressed to William T. Gravies, Township
Clerk. Bonds are dated March 1 1932. Denom. $1,000. Due $2.000 on
Sept. 1 from 1933 to 1942 incl. Principal and interest (March and Sept.)
are payable at the office of the Township Clerk. A certified check for 1%
must accompany each proposal.
ALBANY PORT DISTRICT (P.O. Albany) Albany County, N. Y.
ACT CREATING DISTRICT FURTHER AMENDED.
-Governor Roosevelt has signed as Chapter 631. Laws of 1932, a bill amending further the
Act creating the district in respect to the powers and duties of the Albany
Port Commission under whose jurisdiction the District functions. Although
the bill, among other changes, provides for the private sale of District
bonds following an unsuccessful public offering, the Governor stated that
he is approving the bill "on the express understanding, as set forth in a
resolution to be passed by the Albany Port District, that they will not avail
themselves of the authority granted in the bill to make a private sale of
their securities.'
ALBION UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Albion),
Orleans County, N. Y.
-FINANCIAL STATEMENT.
-In connection
with the proposed award on April 19 of $390,000 coupon or registered school
bonds, notice and description of which appeared in
-V. 134. P. 2766 we
have received the following:
Financial Statement (As officially reported.)
Actual valuation 1931-32 (State Tax Commission)
$5.540,277
Assessed valuation 1931-32
4,820.000
Total bonded debt (incl. this issue)
x402,000
Population, 1932, estimated, 4.800.
x The $12,000 outstanding school district bonds mature serially until
1935 and before the first bonds of the present issue start to mature. The
overlapping indebtedness is that of the Village of Albion consisting of the
following:
Water bonds (Sinking funds held against payment of these $32.000) $99.000
Sewer bonds
124,000
Street improvement bonds
47.460
Total bonded debt
Less: Special assessment
Water
$270,460
$28.380
99.000 127.380
Net bonded debt
3143,080
Village bonds are being rapidly amortized so that at the beginning of
the School District maturities in 1935 the entire bonded debt of the Village,
not including water bonds, will be about $97,000. The water system for
the Village has shown a consistent annual surplus. The net outstanding
and overlapping indebtedness against this District and the Village of
Albion upon the completion of this financing will be less than 10% of the
equalized valuation established by the State Tax Commission.
ALCORN COUNTY DRAINAGE DISTRICT NO.2(P. 0. Corinth),
Miss.
-BONDS NOT SOLD.
-The $25.000 issue of 6% semi-ann. drainage
bonds offered on March 18-V. 134, p. 2198
-was not sold, according to
the Clerk of the Board of Supervisors. Dated April 1 1928. Due from
1946 to 1957.
ALLEGHANY COUNTY (P. 0. Covington), Va.-BOND SALE.
The $40.000 issue of 6% semi-ann, school bonds offered for sale on April 6
-V. 134. P. 2574
-was purchased by Ryan, Sutherland & Co. of Toledo.
paying a premium of $800, equal to 102.00, a basis of about 5.73%. Due in
20 years, optional in 10 years.
-The 1350.000
-BOND SALE.
ALLENTOWN, Lehigh County, Pa.
coupon or registered improvement bonds offered on April 11-V. 134.
-were awarded as 4s to a group composed of R. M.Snyder & Co.,
P. 2378
A. C. Wood. Jr., & Co., and Edward Lowber Stokes & Co., all of Philadelphia, at a price of 100.112. a basis of about 4.24%. Dated April 1 1932.
Due April 1 as follows: $60,000 in 1937: $75.000 in 1942: $95,000 in 1947.
and $120,000 in 1952. Public re-offering of the bonds is being made priced
at 100.50 and interest for the 1937 maturity: 1942, 101: 1947, 101.25. and
101.50 for the 1952 maturity. Legal investment for savings banks and trust
funds in Pennsylvania, New'York and other States,according to the bankers.
The city reports an assessed valuation, realty only, of $105.037,820 and a
net debt of $5,039,577. Population, 1930 Census. 92.529.
The following is a list of the bids submitted at the sale:
Premium.
BidderInt, Rate.
R. M. Snyder & Co., A. C. Wood Jr & Co., and
Edward Lowber Stokes & Co.(successful bidders)- 43j%$302.00
First National Old Colony Corp
5,575.00
43
Guaranty Company of New York
4.413.50
4A
Brown Bros. Harriman & Co
434%6,195.00
Graham,Parson & Co
434%2,730.00
Halsey,Stuart & Co.,Inc
4.413.50
4
National City Co
3.881.50
.
434%
Allentown National Bank
3.675.00
4A %
ANGOLA SCHOOL CITY, Steuhen County, Ind.
-BOND SALE.
The 180,000 5% coupon school building construction bonds offered on
April 9-V. 134. p. 2574
-were awarded to the Union Trust Co. of Indianapolis, at par plus a premium of $188, equal to a price of 100.23, a
basis of about 4.96%. Dated April 9 1932. Due semi-annually as follows:
$2.000 July 1 1933; $3,000 Jan. and July 1 from 1934 to Jan. 1 1946; 55,000
July 1 1946, and $5.000 Jan. and July 1 1947.
ANDERSON COUNTY (P. 0. Clinton), Tenn.
-BONDS AUTHORIZED.
-The County Court is reported to have voted to sell $21,000 In
road construction bonds.
ANNAPOLIS, Md.-BONDS NOT SOLD.
-W, Thomas Williams,
Secretary-Treasurer of the Metropolitan Sewerage Commission, reports
that no bids were received at an offering on April 12 of $100,000 4A%
series B sewerage bonds. Mr. Williams attributed the lack of bids to pending litigation regarding the issue. Bonds were to be dated May 1 1932
and mature May 1 1982. Denom. $1,000. Principal and interest (May
and November) payable at the Annapolls Banking & Trust Co. Chapter
104 of the Acts of the General Assembly adopted in 1931 provide for the
sale of $600,000 sewerage bonds.
2950
Financial Chronicle
ANN ARburt, Washtenaw County, Mich.
-BONDS DEFEATED.
At an election held on April 4 the proposal to issue $450,000 sewage disposal plant construction bonds
-v. 134. P. 2198
-was defeated, as a
three-fifths favorable majority vote was not obtained. The vote on the
measure was 2,070 "for" and 2,029 "against."
ATLANTIC COUNTY(P.O. Atlantic City), N. J.
-BONDSAUTHORIZED.
-The Board of Chosen Freeholders at a meeting on April 13 authorized the sale of $1,550.000 tax revenue bonds, bids for which may be received
on April 26. The county failed to receive a bid at an offering on Feb. 23
of S1,650,000 tax revenue bonds, the rate of interest for which was optional
with the bidder and limited to 6%.-V. 134, p. 1615.
BALDWIN TOWNSHIP (P. 0. Mount Oliver Station, Pittsburgh),
Allegheny County, Pa.
-BOND SALE.
-The issue of $100,000 township
bonds unsuccessfully offered as 4s or 513 on Feb. 3-V. 134, p. 1405
-is
reported to have since been purchased as Is, at par, by the State Employees
Retirement Association, Dated Feb. 1 1932. Due Feb. 1 as follows:$25,000
in 1942 and 1947, and $50,000 in 1952.
BALTIMORE, Md.-BORROWS $4,000,000.
-Local banks have agt
IM.
to loan the city $4.000,000 in anticipation of tax collections, of which
$2,000,000 will be made available immediately and the remaining $2.000,000
on April 20. Short-term notes, bearing interest at 43j%, will be issued in
consideration of the loans. The banks concerned are the Baltimore Trust
Co., First National Bank, Baltimore Commercial Bank, Mercantile Trust
Co., Maryland Trust Co., Equitable Trust Co. and the Union Trust Co.
The current borrowing 18 in addition to loans of $3,000,000 obtained by the
city recently.
April 16 1932
BRIDGEPORT, Crawford Couney, Wis.-BONDS VOTED.
-At the
regular election held on April 5 the voters approved the issuance of $15,000
In bonds for hard surfacing roads in the town.
BROOKLINE, Norfolk County, Mass.
-LOAN OFFERING.
-Sealed
bids addressed to Albert P. Briggs, Town Treasurer, will be received until
12 m.on April 18 for the purchase at discount basis of a $300,000 revenue
note issue, dated April 18 1932 and due on Nov. 2 1932.
BURLINGTON, Skagit County, Wash.
-BOND SALE.
-The two
issues of water bonds aggregating $40,000, offered for sale on April 13
-were sold as follows:
-V. 134, p. 2003
$25,000 revenue bonds to the contractors. Due from 1934 to 1953 incl.
15,000 general obligation bonds to the State of Washington. Due from
1934 to 1953 inclusive.
Denom. $500. Dated Jan. 1 1932.
CAMPBELLSPORT,Fond du Lac County, Wis.-BONDS VOTED.
At the general primary election on April 5-V. 134, p. 2199
-the voters
approved the issuance of $60,000 in water works and sewer system bonds
by a count reported to have been 229"for" to 204 "against."
CARROLL, Carroll County, Iowa.
-BOND DETAILS.
-The $3.600
issue of funding bonds that was purchased by Geo. M. Bechtel & Co. of
-was awarded as 5s, at par. Due on Nov. 1
Davenport
-V.134, p. 2767
1941.
CENTER SCHOOL TOWNSHIP (P.O. Valparaiso), Porter County,
-Nathaniel Clark, Trustee, will receive sealed
Ind.
-BOND OFFERING.
bids until 1 p.m.on April 30 for the purchase of $10,000 5% bonds.
Denom.
Due $500
15 from
BEACH CITY,Stark County,Ohio.
-BOND OFFERING.
-William H. Dated May 11932. Principal$500. interest areon June and Dec.Farmers
and
payable at the
Kanagy, Village Clerk, win receive sealed bids until 12 m. on April 30 for 1933 to 1942 incl.
the purchase of $1,200 5% street improvement bond. Dated June 1 1932. State Bank, Valparaiso.
Denom. $240. Due one bond annually on June 1 from 1933 to 1937 incl.
CHATTANOOGA, Hamilton County,Tenn.
-BOND SALE REPORT.
Interest is payable in June and Dec. Bids for the bonds to bear interest at
Bass to
a rate other than 5%,expressed in a multiple of X of 1%, will also be con- -A resolution authorizing Mayor reported sell the $200,000 in Brainerd
-is
-V. 134, p. 2767
to have been passed on final
sidered. A certified check for $25, payable to the order of the Village, sewer bonds
reading recently by the City Commission, The Mayor is said to have
must accompany each proposal.
announced that a local bank had agreed to purchase the entire issue at
BEDFORD UNION FREE SCHOOL DISTRICT NO.7(P.O. Bedford 6%, if a better bid was not received. It is stated that bids will be adHills), Westchester County, N. Y.
-BOND SALE.
-The $21,000 coupon vertised for at once on $100,000 of the issue.
or registered school bonds offered on April8-V.134,p.2574
-were awarded
-M.8. Scymczak,
CHICAGO,Cook County,IIL-WARRANT CALL.
as 5Xs, at a price of par, to the Mount Kisco National Bank SG Trust Co.
Dated May 1 1932. Due $3,000 on Nov. 1 from 1935 to 1941 incl. The City Comptroller, has announced that the follovring described tax anticipaM.& T. Trust Co., of Buffalo, bid a price of 100.119 for the bonds at 6% tion warrants, issued account of 1930 taxes, will be paid on presentation
through any bank, to the City Treasurer or the Guaranty Trust Co., New
Interest.
York, on or before April 21 after which date interest accrual will cease:
BENTON COUNTY (P. 0. Fowler), Ind.
Sinking fund for bonds and interest on bonds, Nos. F-159 to F-200, for
-BOND OFFERING.
William Small. County Treasurer, will receive sealed bids until 1.30 p.m. $10,000 each, and F-201 to F-205, for $25,000 each, dated Nov. 1 1930.
on April 30 for the purchase of $11,200 5% Gilboa Twp. highway improvePublic library, No. 248, for $5,000. dated July 31 1930. and No. 1.
ment bonds. Dated April 15 1932. Denom. $560. Due one bond each dated Aug. 6 1930, for $25,000.
six months from July 15 1933 to Jan. 15 1943. Principal and interest
Municipal tuberculosis sanitarium, Nos.9, 10 and 12, dated July 311930.
(Jan. and July 15) are payable at the office of the County Treasurer.
for $25.000 each.
Firemen's pension fund, No. 295. dated July 31 1930 for $25,000.
BE XLEY (P.O. Columbus), Franklin County, Ohio.
-According to news dispatches from
-BOND SALE.
112.000.000 WARRANTS SOLD.
-The $27.300 coupon special assessment impt, bonds offered on April 9- Chicago on April 11 the city has sold $12,000,000 corporate fund 1930 tax
V. 134, P. 2378
-were awarded as 13s to the BancOhio Securities Co. of anticipation warrants to local banks. It was further reported that the
Columbus, the only bidder, at par plus a premium of $49,
has said that bond and interest payments, due July 1,
of 100.17, a basis of about 5.96%. Dated April 11932. equal to a price City Comptroller14.000,000 will be met.
Due Oct. 1 as of approximately
follows: $3,000 from 1933 to 1940 incl., and $3,300 in 1941.
announced
Lewis E. Myers, President of the Board of Education, hasCity TreasBOLIVAR COUNTY (P. 0. Cleveland), Miss.
-BOND SALE.
the
-An
Issue of $162,000 5X% semi-annual county bonds has been purchased at that the following warrants will be paid on presentation toTrust Co., New
Stuart & Co., of Chicago, or the Guaranty
par by the Commerce Securities Co. of Memphis. Dated Jan. 16 1932. urer, Halsey
cease:
Due from April 1 1933 to 1956. These are the bonds whose legality was York, on or before April 21. after which date interest accrual will Dated
recently approved by Benjamin H. Charles of St. Louls.-V. 134. p. 2199. Educational fund, 1930, Nos. E-8 to E-11,5X %.for $25,000 each.
March 3 1930.
for
BOONE COUNTY (P. 0. Boone), lowa.-BOND OFFERING.
-Bids Building fund, 1930, Nos. B-381 to B-384, and B-408 to 13-448, 53-%,
will be received up to 2 p. m. on April 22 by M. Abrahamson, County
$5.000 each. Dated Sept. 1 1930.
Treasurer, for the purchase of a $205,000 issue of primary road bonds. Playground fund. 1930, NOR. P-252 to P-266,4%,for $1,000 each. Dated
Denom. $1,000. Dated May 11932. Due on May 1 as follows: $10,000
Dec. 11931.
in 1940; $40.000, 1941 to 1943; $30.000. 1944, and $.45.000 in 1945. Op-Louis A.
-BOND OFFERING.
tional on or after May 1 1937. Sealed bids will be received up to the hour
CHILLICOTHE, Ross County, Ohio.
of calling for open bids. The county will furnish approving opinion of nibbler, City Auditor, will receive sealed bids until 12 M.on May 3 for the
registered sanitary sewer construction
Chapman & Cutler of Chicago. Blank bonds to be furnished by pur- purchase of $119,000 53 % coupon or
chaser. Interest payable annually. A certified check for 3% of the bonds. Dated July 2 1932. Denorns. $1,000 and 3500. Due Jan. 2 as
bonds, payable to the County Treasurer, must accompany the bid.
follows: $1,500 in 1934; $5,000, 1935; $4,500, 1936; $5,000, 1937; $4,500,
1938; $5,000, 1939: 14.500. 1940,• $5,000. 1941; $4.500, 1942; $5,000, 1943;
BOSTON, Suffolk County, Mass.
-TEMPORARY LOAN.
-Laden- $4.500. 1944;$5,000, 1945:$4,500, 1946,• $5.000, 1947;$4,500, 1948;$5,000,
burg, Thalmann & Co.,and the Chemical Bank & Trust Co., both of New
1952; $5,000, 1953; $4,500, 1954:
York, jointly, purchased on April 13 a $2,000,000 loan, dated April 14 1949; $4.500, 1950; $5.000, 1951: 14.500, in 1957 and 1958. Principal and
$5,000
35,000,
1932 and due on Oct. 6 1932, payable with interest at 3.45%. This rate interest 1955; $4.500 in 1956, and payable at the City Treasurer's office.
(Jan. and July 2) will be
compares with that of 4.859I at which a loan of $2,000,000, due Oct. 4 Bids
for the bonds to bear interest at a rate other than 5X %,expressed in
1932, was sold on March 29 to Salomon Bros. & Hutzler, of
considered. A certified check for $1,200,
of 1%. will
City, at par plus a $39 premium. On March 25 the NationalNew York a multiple of X order of thealso be must accompany each proposal. (These
City,
City Co., payable to the
of New York, named a rate of 4.90% for an issue of $1,000,000, due
-V. 134„ p. 2575.)
Oct. 3 bonds were recently authorized by the City Council.
1932, and on March 16 a similar amount, also due Oct. 3 1932, was loaned
by the National Shawmut Bank and the First National Bank, both of
-The
-BONDS REOFFERED.
CLAIRTON, Allegheny County, Pa.
Boston. jointly. at a rate of 5.25%.-V. 134, p. 2574.
refunding bonds unsuccessfully offered as 4H5
Issue of $100.000 coupon
Bids received at the current sale were as follows:
-is being reoffered for award at 9 a. m.on April
on Jan. 19-V. 134. p. 705
BidderRate 3f Int. 19, to bear interest at 5%. Sealed bids should be addressed to D. J.
o.48
%
Ladenburg, Thalmann 8; Co. & Chemical Bk. & Tr. Co.
(purchers) 3.45% Patterson, City Treasurer. Bonds are dated Feb. 1 1932. Denom.
National Shavrmut Corp
$1,000. Due Feb. 1 as follows: $5,000 from 1938 to 1945 incl., and $10,000
First National Old Colony Corp
cer3.92% from 1946 to 1951 incl. Interest is payable in Feb. and Aug. Amust
Guaranty Company of New York (plus $11 premium)
3.94% tified check for $1.000, payable to the order of the City Treasurer, the
Salomon Bros. & Hutzler (plus $18 premium)
accompany each proposal. The bonds are being offered subject to
4.25%
BOSTON METROPOLITAN DISTRICT (Formerly Known as approval of the Department of Internal Affairs of Pennsylvania. The
6;
approving opinion of Burgwin, Scully . Burgwin, of Philadelphia will
Metropolitan Transit District), Mass.
-INABILITY TO SELL BONDS be furnished the successful bidder.
CAUSES TEMPORARY DEFAULT ON NOTE MATURITY
.-INTERCOUNTY SCHOOL DISTRICT NO. 58 (P. 0. Port
BSI' ON LOAN PAID.
CLALLAM
-The inability of the District Trustees to obtain
-BOND OFFERING.
the approval of the Department of Public Utilities of the State to certain Angeles), Wash.
-It is reported that sealed bids
terms of the Offer of a banking syndicate to purchase $24,000,000 43-5% will be received until 11 a. m. on April 22, by the County Treasurer, for
and 4X% bonds placed the district in the position of being unable to meet the purchase of a $20,000 issue of school bonds. Int. rate is not to exceed
an issue of $23,500,0013 2(% notes that became due on April 14 1932. 6%, payable semi-annually. Due in from 2 to 10 years. Prin. and int.
The bid of the syndicate, which was a price of 94.57 and accrued interest payable at the office of the County Treasurer, or at the fiscal agency of
for $20,855.000 4X% bonds to mature from 1940 to 1966, incl. and the State in New York. A certified check for 5% must accompany the bid.
$3,145,000 436% bonds due from 1933 to 1939, incl., with the Oion
COCHISE COUNTY SCHOOL DISTRICT NO. 18 (P. 0. Bisbee),
es
rerved by the district to call the bonds in whole or in part at a price of Ariz.
-BOND OFFERING.
-Sealed bids will be received until 2 P• in• on
105 on or after March 11940. was submitted for approval of the Utilities April 23, according to report, by W. E. Clark.
the
Department on April 13. On the same day the Department issued the purchase of a $2,000 issue of 6% semi-ann. school County Clerk, for
bonds. Denom. $100.
following statement:
Dated April 15 1932. Due $200 from 1933 to 1942 incl.
"The sole offer for the bonds proposed to be issued by the Boston MetroCOHASSET, Itasca County, Minn.
-Sealed
politan District was made to-day (Wednesday) and expired this (Wednes-BOND OFFERING.
day) afternoon. As we were unable to come to a conclusion as to the bids will be received until 8 p. m. on April 19, by F. J. Skocdopole, Village
Propriety of the interest rates and maturities of these bonds within the Recorder, for the purchase of a $33,000 Issue of refunding bonds. Interest
time stipulated by the syndicate of bankers making the offer for the bonds rate is not to exceed 6%, payable M.& S. Denom. $300. Dated March
on conditions specified by them, we have determined to take further time 12 1932. Due $3300 from March 12 1934 to 1943 incl. Prin. and int.
In the consideration of the propriety of approving the issue of bonds with payable at the First National Bank in Minneapolis. A certified check for
$150 must accompany the bid. (These are the bonds that were offered
interest and the maturities suggested by the Trustees."
Trustees of the district issued the following statement on the afternoon for sale without success on Feb. 2-V. 134, P. 1061.)
of,A
April 14:
,
Ku
-BONDS CALLED.Trustees of the Boston Metropolitan District have this day ordered It COLORADO SPRINGS, El Paso County, Colo.
is stated that
paid from funds to the credit of the district in the National Shawmut Bank National Bank in the City Treasurer is calling for payment at the First
of Boston and the Guaranty Trust Co. of New York the interest due on paving and impt. Colorado Springs, on May 1, various impt., storm sewer,
district bonds.
the outstanding notes of the Metropolitan Transit District. Interest will
COLUMBUS, Franklin County„ Ohio.
run on the outstanding notes at the rate of 6% per annum after April 14
-FUR-NOTES NOT SOLD
THER BIDS ASKED.
-Samuel J. Willis, City Clerk, reporter that no bids
1932.
"On April 11 1932 the trustees presented to the Department of Public were received at the offering on April 11 of $87,396 4X % promissory notes.
Utilities, as required by Section 10 of Chapter 383 of the Acts of 1929. a -V. 134, p. 2767. Mr. Willis states that further bids are being solicited
petition for approval of an offer by a banking syndicate adequate to pay until 7 p. m. on April 18, although the amount of notes has been reduced
the outstanding notes. This petition is still pending before that board.'
to $84,488, of which $80,000 (series 68) will be dated Feb. 15 1932 and maUpon inquiry at the office of the Chase Harris Forbes Corp., managers ture Aug. 15 1933. and $4,486 (series 69 and 70) will be dated May 1 1932
of the banloing group concerned, on Friday night (April 15), it was reported and mature on Nov. 1 1933. Bids for notes based on an int. rate other
that no word had been received in connection with the bid submitted. than 4X %, expressed in a multiple of X of 1%, will also be considered.
The syndicate includes: Chase Harris Forbes Corp., First National-Old Principal and interest will be payable at the fiscal agency of the City in
Colony Corp. City Co. of Massachusetts, Guaranty Co., Bankers Trust New York City. A certified check for 1% of the amount bid for, payable
Co.,Co.,Co.,. S. Nioseley & Co. R. L. Day & Co., Kidder, Peabody & Co., to the order of the City Treasurer, must accompany each proposal. PurBrown Bros. Harriman & Co., Shawmut Corp., Lee, Higginson & Co., chaser will be furnished with transcript of proceedings and sufficient time
Stone & Webster and Blodget, Inc., Hemphill, Noyes & Co., Paine, Webber allotted to permit of examination of same by his attorney.
& Co., Estabrook & Co., N. W. Harris & Co., First Detroit Ccrp., E. 13.
-Edward
CROGHAN, Lewis County, N. Y.
-BOND OFFERING.
Smith & Co., Jackson & Curtis, White, Weld & Co., Arthur W. Perry
Grunert, Village Clerk, will receive sealed bids until 2 p. m. on April 25
& Co., Inc., and G. M.
-P. Murphy & Co.
1932. Denorn.
(Reference to the signing of the bill authorizing the change in the title for the purchase of $50,000 coupon bonds. Dated May
$500. Due as follows: $1,000 from 1934 to 1947 incl., and $1,500 from
of the district is made in an item appearing on page 2948 of this section.)
1948 to 1971 incl. Rate of interest to be named in bid and must be the
BRAZOS COUNTY (P. 0. Bryan), Tex.
-BONDS REGISTERED.- same for all of the bonds. Prin. and int. (M. & N. 15) will be payable
An issue of $12,708.92 6% general funding, series B of 1932 bonds was at the Croghan National Bank. A certified check for 2% of the amount
registered by the State Comptroller on April 5. Denom. $1,000, one for of bonds bid for, payable to the order of the above-mentioned Clerk, must
$1.708.92. Due serially.
accompany each proposal.
Volume 134
Financial Chronicle
2951
1933
8165,000 sewer system bonds. Due April 15 as follows: $5,000 from
Financial Statement.
to 1939 incl., and $10,000 from 1940 to 1952 incl.
$1,259.010.00
Actual valuation
Due April 15 as follows: $1,000 from 1933
20,000 resurfacing road bonds.
503.604.00
Assessed valuation (40%)
to 1942 Incl., and $2,000 from 1943 to 1947 incl.
9.000.00
the bonds
Bonded debt
Each issue is dated April 15 1932. The bankers are re-offering
50,000.00
They
This Issue
investment at prices to yield 4.40% for all maturities.
The following is from report of village board. March 1 1931 to March 1 for general to be legal investment for savings banks and trust funds in
are reported
1932:
Massachusetts, Connecticut and other States.
Pennsylvania, New York,
Water Sinking Fund.
Bids received at the sale were as follows:
Premium.
Receipts
Bidder
$18,227.53
Balance on hand. March 7
$3,291.15
344.54 National City Co. (Successful bidder)
2,101.61
Interest. June 30
371.44 Singer. Deane & Scribner. Inc
Interest, Dec. 31
2,101.60
E. IL Rollins & Sons
Par
$18.943.51 Erie Fire Dept. Relief Association (For $20.000 only)
Total receipts
(officially reported)
Financial Statement
No disbursements.
$158,653,695
$18,943.51 Assessed valuation of taxable property, 1932
Balance on hand
8,303,000
Balance in Different Funds.
Total bonded debt, including this issue
1.700,013
$347.73 Water debt
Street fund
6,095057:085902
40.63 Sinking fund
Light fund
617.75 Net bo
bonded debt (about 3.85% of assessed valuation)
Hall fund
2,045.05
Population, 1930 U. S. Census. 115,967.
General fund
3.559.08
Water fund
FLORENCE TOWNSHIP(P.0.Florence), Burlington County, N.J.
18,943.51
Water sinking fund
-Charles B. Green, Township Clerk, will receive
-BOND OFFERING.
5%
sealed bids until 8 p. m.on April 20 for the purchase of $40.000Duecoupon
$25.553.75
$4.000
Total
street impt. bonds. Dated April 1 1932. Denom. $1,000.
0.) are payable at
Village Indebtedness.
on April 1 from 1933 to 1942 incl. Prin. and int.(A. Az are to be awarded
8.000.00 the First National Bank, of Florence. No more bonds
Water bonds
1,000.00 than will produce a premium of $1,000 over $40.000. A certified check for
Hall bonds
the amount of bonds bid for must accompany each proposal. De$9,000.00 2% ofof the bonds will be made at the local bank.
Total indebtedness
livery
CROGHAN COMMON SCHOOL DISTRICT NO.1 (P. 0. Croghan),
FOND DU LAC, Fond du Lac County, Wis.-BONDS DEFEATED.
-The issue ot $26,000 coupon -At the primary election held on April 5-V. 134, p. 2379
-BONDS NOT SOLD.
-the proposiLewis County, N. Y.
or registered school bonds offered at not to exceed 41i% interest on April 5 tion of issuing $75,000 in bonds was defeated. The bonds were divided as
-was not sold, as no bids were received. Dated July 1 follows: $50,000 police station site purchase, and $25,000 police station
-V. 134. p. 2575
1931. Due July 1 as follows: $1,000 from 1932 to 1942 incl., and $1,50V construction bonds.
from 1943 to 1952 incl.
FRANKLIN TOWNSHIP (P. 0. Harmony) Butler County, Pa.-The $350,000 funding bond BONDS OFFERED LOCALLY.
-BONDS VOTED.
CUMBERLAND, R. I.
-R. 0. Wright, Secretary of the -Board of
Issue submitted for consideration of the voters at an election on April 13- Supervisors, reports that no bids were received at the offering on March 22
-was unanimously approved. Subsequently, the bill of $13,000 431 or 5% coupon bonds
V. 134, p. 2767
-and that the bonds
-V. 134, p. 2200
State Legislature
providing for the issue was passed by both-branches of the
are now being offered for purchase by local investors. Due $1,000 on Nov. 1
$345,000 of the proceeds of the sale will be used to retire notes held by the from 1936 to 1948 incl.
Industrial Trust Co. of Providence.
-At the
FREMONT, Dodge County, Neb.-BONDS DEFEATED.
-NOTE
CUMBERLAND COUNTY (P. 0. Fayetteville), N. C. Branch primary election on April 5-V. 134, p. 2200
-the voters rejected the
-The $14,000 issue of notes that was purchased by the
DETAILS.
to issue $92.800 in 3% city hall bonds by a majority reported to
-was awarded as proposal about 4 to 1.
-V. 134, p. 2767
Banking & Trust Co. of Fayetteville
have been
6s at par. Due on July 21 1932.
-A
-TEMPORARY LOAN.
Scott
GARDNER, Worcester County, Mass.
DAVENPORT SCHOOL DISTRICT (P. 0. Davenport), school $50,000 tax anticipation loan, maturing on Nov. 3 1932,.was purchased
-The $50,000 issue of refunding
-BOND SALE.
County, Iowa.
-was purchased by on April 11 by the National Shawmut Bank of Boston at 6% discount basis.
bonds offered for sale on April 11-V. 134. p. 2767
of
Glaspell, Vieth & Duncan of Davenport, as 4%s, paying a premium
-BOND SALE -The $1,000 issue
GERVAIS, Marion County, Ore.
$470. equal to 100.94.
of6% coupon semi-ann. city hall bonds offered for sale on April 4-V. 134.
-was purchased by the Gervais State Bank of Gervais, paying a
-FINANCIAL STATEMENT.
p. 2576
DEAL, Monmouth County, N. J.
of about 5.74%. Dated April 1
In connection with the proposed award on April 21 of $240,000 not to exceed premium of $50, equal to 101.25, a basis1941 incl. There were no other
-V. 134, 1932. Due $500 from April 1 1934 to
6% int. impt. bonds, notice and description of which appeared in
bids received.
-we have received the following:
1). 2767
Financial Statement.
GRAND RAPIDS AND KENT TOWNSHIPS FRACTIONAL SCHOOL
$8,044,010
Assessed valuation, real property, 1932
DISTRICT NO. 3 (P. 0. East Grand Rapids), Kent County, Mich.of
413,000
debt, not including this issue
-Louts J. DeLamarter, Secretary of the Board
Bonded
BOND OFFERING.
bids until 7 p. m. on April 18 for the purchase
Winter population, 1,000; summer population, 4,500.
expense Education, will receive sealedinterest refunding bonds, divided as mellows:
The borough owns its own municipal borough hall building at an
of $500.000. of $34,000 not to exceed 6%
of $100,000. It also owns the public casino valued at upwardsowns its own $18,000, dated May 1 1932 and due $2,000 on May 1 trom 1933 to 1940 incl.
incl.
It also owns a modern fire house with complete equipment ; it other park
16,000, dated June 1 1932 and due $2,000 on June I from 1933 to 1940
both of the issues.
incineration plant. its own sewage disposal plant and also several
Bids will be considered for the purchase of either or the Grand Rapids
at
borough.
grounds in the
Principal and semi-annual interest will be payable
amount of the bid must acDES MOINES INDEPENDENT SCHOOL DISTRICT (P. 0. Des Savings Bank. A certified check for 2% of the furnish the printed bonds
-The $107,500 issue of company each proposal. The School District will
Moines), Polk County, lowa.-PRICE PAID.
Stone of Detroit.
semi-ann, school bonds that was purchased by Stifel, Nicolaus & and the legal opinion of Miller, Canfield, Paddock &
4%%
-was awarded for a premium of $1,501.
-V. 134, p. 2768
,
Co. of Chicago
DISTRICT NO. 6 (P. 0. Silver City)
GRANT COUNTY SCHOOL
equal to 101.39, a basis of about 4.55%. Dated May 1 1932. Due from
-The 322,300 issue of not to exceed 6
N. Mez.-ONDS NOT SOLD.
May 1 1938 to 1942.
-was not sold
offered on April 2-V. 134, P. 2004
bonds
-Joseph V. Baker, semi-ann. school bids received, according to the County Treasurer.
-BOND OFFERING.
DOVER, Morris County, N. J.
as there were no
Town Clerk, will receive sealed bids until 8 p. m. (daylight saving time)
-The
-BOND SALE.
GREENE COUNTY (P. 0. Bloomfield), Ind.
of $650,000 not to exceed 6% interest coupon
on April 25 for the purchase
-were awarded at par
on April 8-V. 131, p. 2576
or registered temporary sewer bonds, of which $600,000 series A will mature $8,100 bonds offered as follows:
on Juno 1 1934 and $60.000 of series B also on June 11934. Bonds will be and accrued Interest
bonds were purchased by B. T. Greene.
dated June 1 1932. Denom. $1,000. Rate of interest to be expressed in 46.300 4% Smith Twp. road impt.
months
of Bloomfield. Denom. $315. Due one bond each six
a multiple of y, of 1%. Principal and interest (June and Dec.) are payable
front July 15 1933 to Jan. 15 1943. Dated March 1 1932. Grant
Dover, or at the New York Trust Co.. New York.
at the Dover Trust Co.,
Twp. road impt. bonds were purchased by
1,800 43-i % Stafford
A certified chock for 2% of the bonds bid for, payable to the order of the
Myers, of Bloomfield. Denom. $90. Due one bond each slx
Town. must accompany each proposal. The approving opinion of Caldwell
1932.
months from July 15 1933 to Jan. 15 1943. Dated April 15
& Raymond. of New York. will be furnished time successful bidder.
-BOND OFFERING.
GREENE COUNTY (P. 0. Bloomfield), Ind.
DOWNINGTON SCHOOL DISTRICT, Chester County, Pa.
,1% coupon Lewis V. Brewer, County Treasurer, will receive sealed bids until 10 a. m.
-The $160,000 4%,4% or 43
ADDITIONAL INFORMATION.
-are dated on April 19 for the purchase of $5,600 414%. Center Twp. road improvep. 2768
school bonds scheduled for award on April 27-V. 134,
each
April 1 1932 and will mature on April 1 as follows: $3,000 from 1933 to 1939 ment bonds. Dated April 15 1932. Denom. $280. Due one bond
interest
incl.; $4,000, 1940 to 1945: $5,000, 1946 to 1950; $6.000, 1951 to 1953; six months from July 15 1933 to Jan. 15 1943. Principal and
Treasurer.
$7.000. 1954 to 1956; $8,000 from 1957 to 1959, and $9,000 from 1960 to (Jan. and July 15) are payable at the office of the County
1962 incl.
-BONDS AUTHORGREENE COUNTY (P. 0. Greenville), Tenn.
EAST BRUNSWICK TOWNSHIP (P. 0. Old Bridge), Middlesex IZED.
-The County Court is reported to have voted to issue $100,000.in
-Frank It. Smith, Township Clerk, refunding bonds to retire obligations maturing on May 1.
County, N. J.
-BOND OFFERING.
will receive sealed bids until 8 p. in. (daylight saving time) on May 5 for
-NOTES AUTHORIZED.
GREENSBORO, Guilford County, N. C.
the purchase of 360,000 6% coupon or registered temporary water bonds.
issuance of $30.000 in
Dated May 1 1932. Denorn. $1,000. Due May 1 as follows: $6,000 from The City Council is reported to have authorized the
months.
in three
1934 to 1937 incl.; $12,000 in 1938, and 46,000 from 1939 to 1912 incl. not to exceed 6% tax anticipation notes. Due
County,
Principal and interest (May and Nov.) are payable at the First National
GREENWICH TOWNSHIP (P.0. Gibbstown), Gloucester
Bank. Milltown, or at the Chase National Bank, New York. A certified N. J.
-John S. Johnson, Township Treasurer, will
-BOND OFFERING.
for 2% of the par value of the bonds bid for, payable to the order receive sealed bids until 2 p. m. on April 29 for the purchase of $110.000 4.
check
of the Township, must accompany each proposal. The approving opinion 41. 5, 53,5% or 6% coupon general improvement bonds. Dated July 1
of Caldwell & Raymond. of New York, will be furnished the successful 1932. Denom. $1.000. Due July 1 as follows: 45.000 from 1933 to 1942
and
bidder.
Incl., and $6.000 from 1943 to 1952 incl. Principal and interest (Jan. No
Paulsboro.
EASTCHESTER (P. 0. Tuckahoe), Westchester County N. Y.- July) are payable at the First National Bank dr, Trust Co., of $1,000 over
premium
BOND OFFERINO.-Arthur N. Ferris, Town Clerk, will receive sealed more bonds are to be awarded than will produce aof bonds bid for, payable
bids until 8 p. m. on April 20 for the purchase of $126,400 not to exceed $110.000. A certified chock for 2% of the amount
to the order of the Township Treasurer, must accompany each proposal.
6% int. coupon or registered bonds, divided as follows:
$101,400 series A street impt. bonds. One bond for $400, others for $LOW
-BONDS NOT SOLD -Harry H.
HAMILTON, Butler County, Ohio.
Due May 1 as follows: $1,400 in 1934, and $10.000 from 1935 to Schuster, Director of Finance, reports that all of the bids received at the
1944 incl.
-were rejected.
bonds
-V. 134, p. 2200
April 5 of $10,100 3%
25,000 series J sower bonds. Denom. $1,000. Due $1,000 May 1 from offering on comprised three issues of St. impt. and sewer bonds. dated
The offering
1933 to 1957 incl.
1 1932 and duo serially from 1933 to 1942 incl.
Each issue is dated May 11932. Rate of int. to be expressed in a multiple March
-The bonds were subsequently purchased as 5s, at a
BOND SALE.
of % of 1% and must be the same for all of the bonds. Prin. and int.
(m. & N.) are payable at the First National Bank & Trust Co.. Tuckahoe. price of par, by the Treasury investment Board.
A. certified check for 2% of the amount of bonds bid for, payable to the
-LOAN OFFERING.
HAMPDEN COUNTY (P. 0. Springfield) Mass.
order of the Town. must accompany each proposal. The approving opinion -John J. Murphy, County Treasurer, will receive sealed bids until 12 m.
of Hawkins, Delafield & Longfellow of New York will be furnished the (daylight saving time) on April 27 for the purchase at discount basis of a
bidder.
successful
$100,000 temporary loan,issued in anticipation of collection of taxes. Dated
8
EASTHAMPTON, Hampshire County, Mass.
-TEMPORARY LOAN. April 28 1932. Denoma. $25,000, $10,000 and $5,000. Payable Nov.
by the
--George F. Evans, Town Treasurer, reports that Faxon, Gade & Co. of 1932. The notes will be authenticated as to genuineness and validity
have purchased an issue of $1.00.000 revenue notes at 5.95% First National Bank, of Boston, under advice of Ropes, Gray, Boyden &
Boston,
Perkins, of Boston.
discount basis. Dated April 6 1932 and due on Dec. 1 1932.
-The
HAMPTON, Elizabeth City County, Va.-BONI) DETAILS.
-ADDITIONAL INEAST PATERSON, Bergen County, N. J.
-The issue of $200,000 coupon or registered sewer bonds two issues of bonds aggregating $129,500, that were purchased as 51-is at
FORMATION.
-were awarded to the Bank of Hampton, the First
134, p. 2768
purchased on March 25 by the Second National Bank of Paterson-V. 134, par-V.
The
-bears int. at 6% and was sold at a price of par. Dated Dec. 1 National Bank, and the Merchants National Bank, all of Hampton.
p. 2576
1931. Due Dec. 1 as follows: $8,000 from 1933 to 1942 incl. and $12,000 issues are as follows: Due from April 1 1933 to 1959.
bonds.
$85,000 school
from 1943 to 1952 incl.
Due from April 1 1933 to 1954.
- 44,500 refunding school bonds.
EAU CLAIRE, Eau Claire County, Wis.-BONDS DEFEATED.
-BOND OFFERING.
HARRISBURG, Dauphin County, Pa.
-the voters reregular election held on April 5-V. 134, p. 2576
At the
and swinuning C, W. Burtnett, Director of Finance, will receive sealed bids until 12 m.
jected the proposal to issue $355,000 in high school building
%
(standard time) on April 21 for the purchase of $175.000 434%, series
bonds.
pool
Bid20 coupon bonds, to bear interest at either 43.., 4% or
- No.to include the interest rate in his bid. Bonds are dated April 15 1932.
EMMET COUNTY (P. 0. Estherville), lowa.-BOND OFFERING.
18 der
report, until 10 a. in. on
Sealed bids will be received, according to the purchase of a $12,000April of Denoms. $1,000 and $500. Due April 15 as follows: S8.500 from 1933
issue
to 1951 incl.. and $13.500 in 1952. Principal and interest (April and
by Dorothy Klopp, County Auditor, for
Oct. 15) are payable at the office of the City Treasurer. A certified check
refunding bonds.
-The following issues of 4%% for 2% of the amount of bonds bid for, payable to the order of the City
SALE.
-BOND
ERIE, Erie County, Pa.
-were Treasurer, must accompany each proposal. Legal opinion of Townsend.
aggregating $185,000 offered on April 12-V. 134, p. 2768
bonds
plus a premium of Elliott & Munson, of Philadelphia, will be furnished the successful bidder.'
awarded to the National City Co.. of New York, at par
Bonds will be delivered on or about May 2 at the City Treasurer's office.
$3,291.15, equal to a price a 101.779. a basis of about 4.54%:
2952
Financial Chronicle
April 16 1932
Sale Is subject to approval of issue by the Department of
Internal Affairs
Other Obligations.
of Pennsylvania.
-There are
tions of the Village except for no outstanding contract or other Obligacurrent expenses. That portion of the
HASLET SCHOOL DISTRICT(P.O. Fort Worth),
Tarrant County, Street Improvement Program of 1931 to pay for which these bonds are
Tex.
-BOND ELECTION -It is reported that an election
will be held on issued has been completed and paid for In full by the Village. The balApril 23 in order to vote on the proposed issuance of $7,000
in school bonds. ance of the program has been deferred. There are no outstanding contracts or commitments of any kind In
HICKSVILLE FIRE DISTRICT (Town of Oyster
connection therewith, except certain
Bay), Nassau minor bills aggregating not more than $500.
County, N. Y.
-BOND OFFERING.
-Henry Clay Simon. Chairman of
Assessed Valuations.
the Board of Fire Conunissioners, will receive sealed
bids until 8 p. m. 1932 Real Property
on April 22 for the purchase of $80.000 not to
$18,880,900
Special Franchisee
or registered fire house bonds. Dated April exceed 6% Interest coupon
1
367.213
Personal Property
Due $8,000 on April 1 from 1933 to 1942, incl. 1932. Denoin. $1.000.
Rate
7.000
expressed in a multiple of el or 1-10th of 1% and 1111.1ift of interest to be
be the same for all
Total
of the bonds. Principal and interest (A. & 0.) will be
payable at the 1931 (Including real property, special
Long Island National Bank, Hicksville, or, at the
franchises and personal
option of the holder,
$19,255313
property)
at the National City Bank, Wall St. branch.
check for $1.500,_ payable to the order of New York City. A certified 1930 (including real property, special franchises and personal
19323 432
.
property)
each proposal. The approving opinion of the District, must accompany
Clay, Dillon & Vandowater. 1929 (including real property,
of New York. will be furnished the successful bidder.
special franchises and personal 1"9"72
property)
Financial
Tax Rifle -Fiscal year, 1932. not yet fixed;
Valuation: Assessed valuation, 1932 Statement.
19 215.642
$7,816.952 hundred; fiscal year, 1930, 31.10 per hundred:fiscal year, 1931, $1.00 per
Debt: This issue only
fiscal year, 1929. $0.90 per
80,000 hundred.
Population: 1930 Census of the Town of Oyster
Population.
Bay. 6.772.
-Federal Census of 1930. 3,435; Village
Census of 1920.
3.501;State Census of 1925, 2.519.
HILLSIDE TOWNSHIP (P.
Audit.
BOND OFFERING.-Bealed bids 0. Hillside) Bergen County, N. J.
-The accounts
addressed to the Township Clerk will be tified Public Accountan of the Village are audited semi-annually by Cerreceived until April 27 for the purchase
ts whose report is on file
Interest bonds, comprising an $822.000 of $1,438.000 not to exceed 6% where It is at all times open to public Inspection. with the Village Clerk
assessment issue and a $616.0oo
general improvement bonds. The township
LAWRENCE, Essex County, Mass.
has a similar amount of bonds
maturing on July 1 1932, and at a previous
-BOND AUTHORIZATION
-The city council has voted to petition
Nov. 15 1931 failed to receive a bid-V. offering of the current issues on SOUGHT.
authority to issue $1.250.000 note funding bondsthe State Legislature for
133, p. 3658.
cover that amount of municipal funds on deposit and $920,000 bonds to
IROQUOIS SCHOOL TOWNSHIP (P. 0. Brook),
In closed banks.
Newton County,
Ind.
-NOTES PARTLY SOLD.
LINDALE, Smith County,
-BOND ELECTION.
election
6% Issue offered on April 5 (V.-A total of $7.000 notes of the $9.000 has been ordered for April 30 Tex.
134. p. 2380) was sold at par, as follows:
to have the voters pass on-Anproposed
the
$4.500 to Philip Paulus of Rensselaer and $2,500
to John Weiss of Brook. Issuance of $45,000 in school building bonds. On the same date elections
The former amount matures on Jan. 1 1934
will be held to decide if the Flora and Center Hill
and the latter on July 11933.
date with Lindale. A part of the $45.000 bonds rural schools will consoliJOHNSTOWN, Cambria County,
would be issued for retire-BONDS AUTHORIZED.
- ment of present indebtedness.
The city council adopted an ordinance Pa.
on Apr.5 providing for the issuance
of $200,000 sewer bonds.
LONG BRANCH, Monmouth County, N. J.
Nathan P. Cranmer, Director of the Department-BONDS NOT SOLD.
KEARNY (P.O. Arlington), Hudson County,
of Revenue and Finance,
N. -BOND SALE.
- reports that no bids were received at the offering on April 12 of $393,000
Although no formal bids were received at the offering J.
on April 13 of $1,440,- 5. 5l4,5.534 or 6% coupon or registered bonds
000 coupon or registered water supply bonds
-V.
(V. 134. p. 2576), the obliga- offering included $293,000 public improvement bonds, 134. p. 2577. The
tions were purchased privately later at
due from 1934 to
6s,
Ingen & Co. of New York. Dated Dec. at a price of par. by B. J. Van 1946 Incl., and $100.000 Ocean Front Improvement bonds, due from 1934
1 1931. Due Dec. 1 as follows: to 1953 incl.
$30,000 from 1935 to 1942. incl.: $40.000. 194:3
to 1954. and $45.000 from
1955 to 1970. Incl. (These bonds are part
LORAIN, Lorain County, Ohio.
-BONDS AUTHORIZED.
-The
chased privately as Sies, at par, on Dec. 2of the issue of $1.500,000 pur- City Council recently adopted ordinances providing
by a group composed of B.
for the issuance of
Van Ingen & Co. of New York, Adams & Mueller
of Newark and Charles $102,689.43 6% special assessment bonds, divided as follows:
P. Dunning of Newark, the sale of which was not
$64,432.50 street impt. bonds. Dated May 15 1932. Due
consummated, although
Sept. 15 as
the group had made public re-offering of the bonds
follows: $6,432.50 in 1933,$6,000 from 193.1 to 1938, and $7,000
at prices to yield from
4.80 to 5%.according to maturity
from 1939 to 1942, incl.
-V. 133. p.4003.)
38,256.93 sewer construction bonds. Dated April 15 1932. Due Sept.
Financial Statement.
15 as follows: $6,256.93 in 1933 and $8,000 from 1934 to 1937,
nded indebtedness:
Inclusive.
Assessment bonds
Principal and interest (March and Sept. 15) are payable at the office of
$813,000.00
General improvement bonds
2.879.000.00
the Sinking Fund Trustees.
School bonds
2,389,500.00
Water bonds
LOS ANGELES COUNTY ACQUISTION AND IMPROVEMENT
3,822,000.00
DISTRICT
Los Angeles), Calif.
-BOND SALE.
-A
$9,903,500.03 $20,000 issue NO. 1 (P. 0. C
Floating debt:
of impt., series
bonds is reported to have been purchased
Assessment
recently by the Board of Public Works, as 7s, paying a premium of $360.55,
$400,000.00
General
equal to 101.80, a basis of about 6.807. Denom. $400. Dated Dec.
387,500.00
22
School
1931. Due $800 from Dec. 22 1936 to 1960 incl. Prin, and semi-ann. int.
50.700.00
Water
payable at the City Treasury.
3,560,000.00
LOUISVILLE, Jefferson County, Ky.-PRI
34,398.200.00
-The $2.000.000 issue of 4le% semi-ann. sower bonds thatCE PAID. purchased
Gross debt
was jointly
$14,301,700.00 by the N. W. Harris Co. of New York, and Almstedt Bros. of Louisville
Funds in hand and accounts receivable to offset debt:
-V. 134. p. 2201- was awarded at par. Dated Feb.
Sinking funds
1 1929. Due on
$1,047,501.31
Feb. 1 1959.
Unpaid assessments
640.306.74
Cash in banks
LUDLOW,Kenton County,Ky.-BONDS NOT SOLD.
96,242.26
-The 3120.000
1.784,050.31 Issue of 6% semi-ann. water works revenue bonds offered on April 7V. 134, p. 2577-was not sold as there were no bids received. Dated
$12,517,649.69 Dec. 1 1931. Due $6.000 from Dec. 1 1933 to 1952 incl.
Water debt
37,381.000.00
LUZERNE COUNTY (P. 0. Wilkes-Barre), Pa.
Tax revenue notes
-BOND SALE.
250.000.00
The $550.000 coupon funding bonds offered
7,631,000.00 -were awarded as 5s, at a price of par, on March 24-V. 134, p. 1811
to Leach Bros.,
delphia, who are making public re-offering priced to yieldInc., of Philafrom
Deducting school debt, assessment debt and other deductions 34.886,649.69 4.50%, according to maturity. Bonds are dated March 1 1932 and 4.75 to
mature
555.000 annually on Sept. 1 from 1933 to 1942. Incl. Principal and interest
allowed under New Jersey statutes, the net debt
as of
(March and September) are payable at the office of the County Treasurer.
Jan. 1 1932 was
52,792,568.66 Legality to he approved by Townsend, Elliott
(Percentage of net debt 4.20%)
& Munson, of Philadelphia.
The bonds, according to the bankers, are free of Pennsylvania personal
Assessed valuations-1930.
1931.
1932.
Land and buildings
$69.464,923 $67.431,404 $67,587.380 property tax.
Total (including utilities)
Financial
91.894.423
91,263,604
88.814,880 Assessed valuation, taxable proprety Statement.
:5
5354 000 000
5 83:95
0
Tax Collections.
Net debt. Including this issue
Municipalities In New Jersey are held responsibl for the
Net indebtedness less than 2% of assessed valuation.
collections of
all State, county, school and local taxes. That theetaxpayers in the
Population 1930 census. 444,409: 1920 census, 390,991.
town
have the resources and meet their tax obligations promptly is shown
(We are advised that 85% of the 1931 taxes have been paid and
by
they
the figures following:
do not become delinquent until May 2.
Tax Year1929.
1930.
1931.
Total levy
LYNDHURST TOWNSHIP (P. 0. Lyndhurst), Bergen
$3,130.799.00 $3,459,905.00 $3,205,783.00
County,
Uncollected end year Imre
N. J.
-BONDS OFFERING.-DomlnIc Llvelli, Township Clark,
412.855.00
466,727.00
479,263.00 receive
l'er cent
sealed bids until 8 p.m. (daylight saving time) on April 25. for wW
1:3.18%
13.48%
14.95% purchase of $89.000
the
Uncollected April 1 1932
None
103,811.79
356,938.74 Improvement bonds.not to exceed 6% interest coupon or registered general
Dated May 11932. Due May 1 as follows: $6,000
Per cent
3.00
11.13% from 1934 to
1937. Incl.. and a5,000 from 193S to 1950, incl. Rate
of
KENNETT, Dunklin County, Mo.-BONDS VOTED.
-At the regular interest to he expressed in a multiple of 34 of 1%. Principal
election on April 5 the voters approved the issuance of $20,000 in sewage (May and November)are payable at the First National Bank. and interest
Lyndhurst,or
disposal bonds by a large majority, the count being reported by the Town at the Guaranty Trust Co., New York. A certified
chock for 2% of the Par
Clerk as 463 "for" to 61 -altahltt.'
value of the bonds bid for, payable to the
accompany each proposal. The approving order of the Township, must
opinion of Caldwell & RayKOHLER, Sheboygan County, Wis.-BONDS VOTED.
-At the mond,of New York, will be furnished the
successful bidder.
general election on April 5-V. 134. p. 2576
-the voters approved the
Issuance of the $100.000 in bonds for a sewage disposal plant, and storm
MANCHESTER, Hillsboro County, N. H.
-LOAN NOT SOLD.
and sanitary sewer system bonds by a majority reported to have been F. D. McLaughlin, City Treasurer,
reports that
about 5 to I.
offering on Apr!! 1.1 of a 5200.000 temporary no bids were received at the
loan, which was to be dated
April 14 1932 and mature Dec. 14 1932.
LAFAYETTE, Lafayette Parish, La.
-BONDS NOT SOLD.
-The
3125.000 issue of 6% semi-ann. Impt. bonds offered on April 5-V. 131,
MARION COUNTY (P. 0. Indianapolis), Ind.
p. 1617
-was not sold as there were no bids received. Due from March 1
-NOTE SALE,
-The
5120.000 poor relief notes offered on April
1933 to 1957 Incl. It is stated that the bonds may be sold privately.
as fis at par to the Union Trust Co. and II (V. 134. p. 2381' were awarded
the Fletcher American National
LANSING, Ingham County, Mich.
-LOCAL SALE OF BONDS Bank. both of Indianapolis. j
ointly.
ALITHORIZED.-The City Council has authorized the sale to local investors notes are dated April 1 1932 and mature Only one bid was received. The
$60.000 on
of $102.000 4 Ye% bonds to mature in 1935. In accordance with the recent
(The county failed to receive a bid at the offeringMay and Nov. 15 1933.
on April 4 of $2130,000
suggestion of Mayor Peter F. Gray.
notes
-V. 134. p. 2202.)
-V.134. p. 2769.
LARCHMONT, Westchester County, N. Y.
-BOND SALE.
-The
$150,000 coupon or registered highway improvement bonds offered on April
11-V. 134, P. 2769
-were awarded as 53es to Halsey, Stuart & Co., Inc.
of New York, at a price of 100.534, a basis of about 5.43%. Dated April
15 1932. Due April 15 as follows:$8.000 from 1934 to 1943 Incl., and $7,000
from 1944 to 1953 Incl. Bids received at the sale were as follows:
BidderInterest Rate. Rate Bid.
Halsey, Stuart & Co. (successful bidder)100.534
Trust Co
RP
100.417
Batchelder & Co
5. 0
100.571
George B. Gibbons & Co., Inc
100.23
5.75a
LAWRENCE, Nassau
N. -FINANCIAL STATEMENT.
-In connection with the County, saleY.
on April 18 of $75.000 not to exceed 65'j, interest coupon proposed
or
description of which appeared registered street impt, bonds, notice and
In
-V. 134, p. 2577
-we have received the
following:
Financial Statement
Indebtedness,
Bonds outstanding
Bonds to be issued.
--$75,000 Street Improvement Bonds of 3574,000
1931 (this issue)
75.000
Total indebtedness (including
Bonds to be issued)
649.000
It Is expected that prior to the
date of sale temporary notes of not exceeding $20,000 will be issued to be retired
by the proceeds of the sale of
this Issue of bonds.
MASSILLON, Stark County, Ohio.
-BONDS NOT SOLD.
-The two
issues of42
45', Property owner's portion street improvement bonds aggregating $83.000 offered on April 4-V. 134. p. 2202
-wore not sold, as no bids
were received. Dated Oct. 11931. Due on Oct. 1
from 1933 to 1940. leeL
MAURY COUNTY (P. 0. Columbia),
-BOND SALE.
-A
$5,000 issue of road bonds was sold on April 4Tenn. Investors
to local
as Ss at
par. This sale represents the last block of a total
authorized issue of
$30.000, all of which have been sold locally.
MAVERICK COUNTY (P. 0. Eagle Pass), Tex.
REGISTERED.
-On April 8 a 535.000 issue of 6% impt, series -BONDS
bonds
tered by the State Comptroller. Denom. $1,000. Duo0 Jan. was regis11936.
on
MEADOW GROVE, Madison County, Neb.-BO
VOTED.At an election held on April 5 the voters are reported to NDS
approved the
Issuance of $2,500 in not to exceed 6% water bonds by ahave
majority of about
3 to 1. Due in 20 years and optional In 5 years.
MELROSE, Middlesex County
County, Mass.
--LOAN OFFERING. S.
Homer Buttrick, City Treasurer, will
sealed bids until 11 a.m. on
April 20,for the purchase at discount basis of a $3e0,000 revenue note loan.
to be dated April 21 1932 and mature SICO,C00 on Oct. 21 1932 and $200,000
on Nov. 21 1932. Demme. 325.000.$10,000 and $5,000. The First
National Bank, of Boston, will guarantee the signatures and will certify
that the notes are issued by virtue and In pursuance of an order of the
Board of Aldermen, the validity of which order has been approved by
Ropes, Gray, Boyden & Perkins. of Boston.
Volume 134
Financial Chronicle
-John J. Mooney.
-BOND SALE.
MENANDS, Albany County, N. Y. T. Trust Co.. of Buffalo. was the
that the M. It
Village Clerk, informs usoffering on April 8 of $137.000 coupon or regissuccessful bidder at the
for the bonds as 5.805. Batchelder
tered bonds, paying a price of 103 bidder. offered par plus a premium of
only other
& Co., of New York. the 5.90% interest. The award consisted of:
$589.10 for the bonds at
Nov. 1 as follows: $5,000 from
$112.000 series B at. Impt. bonds. Duefrom 1940 to 1951 Incl.
1932 to 1939 incl., and $6.000 bonds. Due $1,000 on Nov. 1
C water eunply extension
25,000 series
from 1935 to 1959 incl.
$1.000. Principal and
Each Issue is dated Nov. 1 1931. Denom. National Commercial
at the
Interest (Slay and Nov.) will be payable
Clay, Dillon & Vande& Trust Co., of Albany. Legal opinion of
Bank
Water. of New York.
Financial Statement (as of April 1 1932)
$ 42.000
General Village Debt
13.000
Local Improvement Debt (VilInge share)
210.000
debt ('lot including $25,000 now offered)
Water
115.000
including $112,000 now offered)
Street Improvement Debt (not
$380.000
Gross Debt
$210,001
Water Bonds
122.000
owners)
Street Improvement Bonds (assessed against property
2953
434% Interest storm water sewer bonds. Dated Aug. 1 1931. Denom.
$1.000. Due Aug. 1 as rollowe: $10,000 from 1934 to 1940. Incl.: $8.000
from 1941 to 1958. and $12.000 from 1959 to 1961, Incl. Prin. and int.
(Feb. and Aug.) are payable at the office of the City Treasurer. A certibidder to
fied check for $500 must accompany each proposal. Successful of
Miller,
furnish bonds and coupons: the city will furnish the legal opinion
Canfield, Paddock & Stone of Detroit. These boucle were voted at an
election on July 27 1931.
-BOND OFFERING.
MUSKOGEE COUNTY (P.0. Muskogee), Okla.
-Sealed bids will be received until 10 a. m.on May 4, by W. H. Pritchett.
County Clerk, for the purchase of a $250.000 issue of road and bridge
bonds. Due $12,000 from 1917 to 1956, and $10.000 In 1957. Said
bonds will be sold to the bidder who will pay par and accrued interest,
and who shall stipulate in his bid the lowest rate of interest said bonds
shall bear. The bonds will be sold under and in accordance with the
provisions of Senate Bill No. 87, approved March 29 1927. These bonds
are part of an authorized issue of 61.500,000 voted at an election held on
Aug. 7 1928. A certified check for 2% of the amount bid is required.
-BONDS AUTHORIZED.
NASSAU COUNTY (P. 0. Mineola), N. Y.
of Supervisors
-At a special meeting on April 14 the Board bonds. of which authorised
$1,660.000
interest
the sale of $5.000.000 not to exceed 6%
for
will ne used for the construction of Meadowbrook Hospital. $2.500.000
Northern State Parkway. $590.000 for road improvecontinuation of the
the
331.000 ments. and $250.000 to finance the construction of an addition to also
at Farmingdale. The board
$ 48.000 Nassau County Tuberculosis Sanitariumthe Chase National Bank. ooth of
Net Debt
designated the Guaranty Trust Co. and
Real Estate. Equalized Assessed Valuations, 1931. including $5.170.910 New York. and the Brooklyn Trust Co., as depositaries of county funds.
Is
$225.060 Special Franchises
125,000 The County Comptroller is Philip F. Wiedersum, and the Treasurer
Estimated increase in Valuations for 193q
A. Burnside Cheshire.
Population 1930 Census 1.522
-The
-MATURITY.
NEW BEDFORD, Bristol County, Mass.
Official Tax Collection Report
Balance uncollected $3.000,000 temporary loan subscribed for at 5.975% discount basis by
-V. 134, p. 2770-matures on Nov. 3
1 1932 Boston banks and local Institutions
as of April
Total Levy
Year
$ 225.24
$22.249.01
1932. according to John Morris. City Treasurer.
1928
250.42
27.327.51
1929
-The issue of
-BOND SALE.
1,188.88
NEW BOSTON, Scioto County, Ohio. March 21-V. 134. p. 2202
36.693.86
1930
2,598.64
$18,497 6% coupon refunding bonds offered onFirst National Bank. oo New
45,504.01
1931
at a price of par by the
has been purchased
of bond transcript. Bonds will be dated
-PROPOSED BOND ISSUES. Boston, subject to legal approval
MERIDEN, New Haven County, Conn.
follows: $2.497 in 1933. and $2,000
-Resolutions were adopted by the common council on April 4 providing March 11932. and mature on Nov. 1 as bid was received at the sale.
one
the rate of
for a public hearing on April 18 in the matter of increasing council last from 1934 to 1941 inclusive. Only
interest from 4% to 5% on 6250.000 bonds authorized by the
-BOND OFFERING.
NEW HOLLAND, Pickaway County, Ohio.
October. The bonds include $150.000 sewer trunk lines and $100,000
until 12 in. on April
Charles Kibler. Village Clerk, will receive sealed bids
water mains.
equipment purchase bonds.
29 for the purchase of $4,000 5% fire dept. bond .annually on Oct. 1
Due one
DEFEATED.
MILWAUKEE, Milwaukee County, Wis.-BONDS --the voters - Dated May 1 1932. Denom. $500.
re- from 1933 to 1940 incl. Interest is payable semi-annually in April and OctAt the regular election hold on April 5-V. 134. p. 2578
expressed
tober. Bids for the bonds to bear interest at a rate other than 5%, for 5%
the proposal to issue $200,000 in bonds for playground purposes.
jected
in a multiple of 34.of 1%, will also be considered. A certified check
-BOND SALE CON- of the amount of bonds bid for, payable to the order of the Village Treasurer,
MINNEAPOLIS, Hennepin County, Minn.
-At a meeting held on April 13 the Board of Estimate must accompany each proposal.
TEMPLATED.
bonds to
and Taxation authorized the issuance of 6250.000 in additional April 13.
of
-Sealed bids will be
-BOND OFFERING.
finance public relief, according to the Minneapolis "Journal"
NEW JERSEY (State of).
taken following advice from the relief received until about May 2 for the purchase of $21.000,000 State bonds,
The action is said to have been
first week of May.
department that it will have exhausted its funds by the May 1 and will be comprising an $18,000.000 highway construction issue and a $3,000,0133
According to the news report the bonds will be dated
scheduled for May 11. institutional building Issue.
sold at the next meeting of the Estimate Board, an issue of 61.000,000Y.
NEW ROCHELLE, Westchester County, N. or -ADDITIONAL
The Public Welfare Board had previously asked for
registered bonds
coupon
INFORMATION -The 82,007.000 534% by the Bankers Trust Co., of
V. 134, p. 2381.
headed
syndicate
-It was awarded on April 8 to a for general investment at prices to yield from
-BOND REPORT.
MINNESOTA, State of (P. 0. St. Paul).
New York, and re-offered
announced on April 12 by Julius A. Schmahl, State Treasurer, that the from 5.25 to 5%, according to maturity-V. 134. p. 2770-will be preState had decided to postpone the sale of $7.000.000 in highway bonds, roared and certified by the Continental Bank & Trust Co . of New York.
the
temporarily scheduled to be sold before May 10. pending a decision of
The successful group paid par plus a premium of $6.402 33 for the bonds.
State Supreme Court on the question of the amount which Ramsey County A group headed by the Bancamerica-Blair Corp.. of New York, bid a
The
while Halsey. Stuart
Is to be entitled to for advances on State highway construction.
premium of $9,100 for the bonds at 5.40% interest, of $20,853 for 5.75%
amount in question Is said to be between $650.000 and $700,000.
dr Co., of New York, and Associates bid a premium
-It is announced bonds.
CALLED.
-BONDS
MOBILE, Mobile County, Ala.
on May 1
-ADDITIONAL $15.000.000 BORROWED FROM
by II. O. Ziegler, City Comptroller, that he is calling for payment issued on
NEW YORK, N. Y.
paving bonds,
the following bonds: Nos. 49 to 52 of series P and 50, Issued on Nov. 1 CREDIT FUND.
-The city on April 13 borrowed an additional $15.000.000
Nov. 11922, and series U paving bonds, Nos. 49
$151.000.000 credit fund established in its behalf by the Clearing
from the
1924.
House banks of this city in January of this year. This loan augments
- the total of the credit drawn upon to $128.000.000-V. 134. p. 2382.
-BOND OFFERING.
MONONGAHELA, Washington County, Pa.
May tax collections.
Sealed bids addressed to the City Clerk will be received until April 18 for Repayment will be made from
the purchase of 3315.000 4% improvement bonds.
-TEMPORARY LOAN.
NORFOLK COUNTY (P.O. Dedham), Mass.
issue offered
-PROPOSED NOTE -The $50.000 tuberculosis hospital maintenance note National Bank on
MONROE COUNTY (P. 0. Rochester), N. Y.
of
-The issue of $700,000 not to exceed 6% interest April 12 (V. 131, p. 2770) was awarded to the Second
CANCELLED.
SALE
proposed for award on Boston at 4.27% discount basis. Dated April 12 1932 and due on April 12
(series 13) tax anticipation renewal notes originally
follows:
April 20 has been withdrawn from the market, it was reported on April 15. 1933. Bids received at the sale were as
Discount Basis.
BidderIssue was to be dated April 25 e932 and mature on Oct. 25 1932.
4.27%
Bank (successful bidder)
MONTGOMERY COUNTY (P. 0. Rockville), Md.-ADDITIONAL Second NationalCo
4.34%
F. S. Moseley &
-In connection
INFoliMA Ti ON REGARDING REJECTION OF BIDS.
4.49%
of the bids submitted at the offering on April 5 of $1,000.- Dedham National Bank
with the rejection
4.75%
was Faxon, Gade & Co
-V. 134, P. 2769-a statement
4.80%
000 5% general construction bonds
Bank
Merchants National
Issued by the Board of County Commissioners indicating that the bonds
conditions are more propitious, or
will either be reoffered when market
NORTHAMPTON COUNTY (P. 0. Easton), Pa.-TIOND SALE.
may be sold privately at a price of 99 or better, as authorized by law. The $500.000 coupon county bonds offered on April 11 (V. 134. le 2382a
The bids rejected were a price of 96 for $400.000 bonds, submitted by the were awarded as 434s to the Guaranty Company of New York and Edward
& Trust Co.,
Montgomery County National Bank, the Farmers Banking
B. Smith & Co. of Philadelphia, jointly, at par plus a premium of $9.550,
Bank of Bethesda. Silver Spring National Bank and the Takoma Park equal to a price of 101.91, a basis of about 4.34%. Dated April 15 1932.
Bank, jointly, while a price of 90.80 for $500,000 bonds was rendered by Due April 15 as follows: $125,000 in 1942. 8150,000 In 1947 and 6225.000
a syndicate composed of the Mercantile Trust Co. of Baltimore, Chase In 1952. Public re-offering of the bonds is being made at prices to yield
Harris Forbes Corp., Union Trust Co.. Baker, Watts & Co., Strother, 4.25%. They are lesral investment for savings banks and trust funds In
Brogden & Co., Maryland Trust Co.. Stein Bros. & Boyce, Mackubin, the States of New York and Pennsylvania, according to the bankers.
Goodrich & Co.. and Y. E. Booker dr Co.
Ells received at the sale were as follows:
Rate Bid.
MORRISTOWN (P. 0. Morrisville), Franquier County, Vt.-BOND
Bidder-The $44,000 5% refunding bonds offered on April 11-V. 134, P. Guaranty Co.of New York and Edward B. Smith & Co.. jointly_ _•101.91
SALE.
101.517
awarded at a price of par to the Union SaVillfTS Bank & Trust E. II. Rollins & Sons, et al
-were
2578
101.312
Co., of Morrisville. the only bidder. Duo serially from 1933 to 1947 Incl. Graham. Parsons & Co
101.143
Bankers Securities Corp., Philadelphia, et al
MORRISTOWN, Morris County, N. J.-PROPCSED SALE POST- Brown Bros. Harriman & Co., et al
100.93
-The proposed award of $472.000 temporary improvemeno an I
PONED.
•Successful bidders.
-has been Post Polloxio
water bonds. scheduled for April 22-V. 134. p. 2769
County, N. Y.
Bonds were to mature annually on April 15 from 1934 to 1937. Inclusive.
NORTH HEMPSTEAD (P. 0. Manhasset), Nassau
DisThe bonds are dated Jan. 1 1932. Coupon, in delimits. of $1,000. BOND SALE.
-The $1,073,000 coupon or registered Belgrave Sewer
Interest is payable semi-annually in January and July. One bond is due trict bonds offered on April 14 (V. 134, p. 2770) were awarded as 6s at a
Baneatnerica-Blair
each year.
price of par to a syndicate composed of Lehman Bros.,Inc.. First Detroit
& Co.,
- Corp., Estabrook & Co., George B. Gibbons (Buffalo) and Foster & Co.
-BOND OFFERING.
MOUNTAIN LAKES, Morris County, N. J.
Trust Co.
Co., the M. ez T.
Myrtle L. Hillman, Borough Clerk, will receive sealed bids until 8:15 p. m. Co., Batchelder &
11932 and will mature on April I as follows. $30,000
Bonds are
of the
on April 26 for the purchase of $185.000 5. 534, 534. 5.f4. or 6% coupon from 1937dated April
to 1971, Incl. and $23.000 In 1972. Public re-offering
or registered water bonds. Dated March 1 19:32. Denom. $1.000. $500, bonds Is being made priced to yield 5.50% on all maturities.
and $100. Due March 1 as follows: $8,000 from 19;13 to 1936 Incl.;
SOLD.
$10.000. 1937 to 19:19; $11,000. 1940 to 1948. and 612.000 in 1940 and
NORTH OLMSTED, Cuyahoga County, Ohlo.-BONDS NOT
1950. Prin. and int.(M.& S.) are payable at the Chemical Bank & Trust -The issue of $19,000 (I% series A refunding bonds offered on April 11
Co.. Now York. No more bonds are to be awarded than will produce a (V. 134, p. 2:382) was not sold, as no bids were received. Dated Jan. 1
premium of $1,000 over 6185.000. A certified check for 2% of the amount 1932, Due Oct. 1 as follows: $2.000 from 1933 to 1936, incl.; $3,000 In
of bonds bid for, payable to the order of the borough, must accompany 1937. and $2,000 from 1938 to 1941, inclusive.
of Hawkins, Delaffeld & Longeach proposal. The approving opinion successful bidder.
NOT SOLD.
NORTH TONAWANDA,Niagara County, N. Y.
fellow of Now York will be furnished the
- -No bids were received at the offering on April 11 of 6100,0006% coupon
of the issue on Dec. 15 no bids were received
(At a previous offering
to
temporary emergency relief bonds (V. 134. p. 2770). Issue wasIncl.be
V. 133. p.4191.)
-The dated May 1 1932 and mature 820.00000 May 1 from 1933 to 1937,
-BONDS VOTED.
MOUNT CLEMENS, Macomb County, Mich.
bond Issue submitted for consideration of the voters
-BOND
$30.000 improvement
NORTHUMBERLAND COUNTY (P. 0. Sunbury) Pa.
-was approved by a vote of
2382
-Oswald Kramer, County Controller. will receive sealed
at an election on April 4-V. 134. P.be the initial step in a project that OFFERING.
1.788 to 717. Sale of the bonds will to report.
bids until 10 a. in. on May 6 for the purchase of $150.000 4H e; tag-free
will ultimately cost $500,000. according
bonds. Denom. $1.000. Interest will be payable In June and December.
- Bonds will mature as follows: $10.000 from 1940 to 1951 incl.. and $5.000
-BONDS NOT SOLD.
MURRAY COUNTY (P. 0. Slayton), Minn.
issue of not to exceed 5% semi-ann. drainage refunding bonds from 1952 to 1957 incl. Bids may be for all or part of the issue. A certified
The $87.000
-was not sold as there were no bids check for 5% of the amount bid for, payable to the order of the County,
offered on April 8-V. 134. p. 2770
to 1947 incl.
must accompany each proposal. Sale of the issue is subject to approval of
received. Dated May 11932. Duo from May 1 1937
IN- same by the Department of Internal Affairs of Pennsylvania.
MUSCATINE, Muscatine County, lowa.-ADDITIONAL 43%%
of
-BONDS PARTIALLY AWARDNORWALK, Huron County, Ohio.
FORMATION. In connection with the sale of the $14,000 issue Duncan
Vieth &
-The $8.100 city's portion paving and sewer bonds offered on April
semi-ann. funding bonds that was purchased by Glaspell,Town Clerk that ED.
-we are informed by the
134, p. 2578
-V.
14 (V. 134, p. 2579) were purchased as 68 by the City
of Davenport
that a hearing of Fund at par plus a premium of $100, equal to a price ofFiremen's Pension
issued. It Is stated
101.13. a basis of
these bonds have not as yet been on April 21.
about 5.71%. Dated April 1 1932. Due $900 Oct. 1 from 1933 to 1941.
objections to the issue will be held
- inclusive.
-BOND OFFERING.
County, Mich.
MUSKEGON, Muskegon
The $32.651 6% special assessment Issue due from 1933 to 1942, incl.,
bids until 2 p.m. (EastIda L. Christiansen, City Clerk, will receive sealed $250,000 not to exceed offered at the same time, was not sold as no bids were received.
purchase of
ern standard time) on April 29 for the
s
-noyr)
2954
Financial Chronicle
April 16 1932
OAKWOOD (P. 0. No. 30 Park Ave. Oakwood,
All of the bonds to be sold will be dated
BOND OFFERIA'0.-A. C. Bergman, CitiAuditor, willDayton,) Ohio.May 11932. It is the intention
receive sealed bids of the city to receive bids
until 12 m. (Eastern standard time) on April 30 for
on
the purchase of either of the amounts as mayall three amounts of water bonds, and to sell
$63.078.65 6% bonds, divided as follows:
be determine
the city, but in no event to sell more thand to be in the best interests of
$50,000.00 street opening and extension bonds. Dated May
0 bonds. If a bid
15 1932. for the entire $1,500.000 bonds is accepted, $1,500.00water
no other
Denom. $1,000. Due $2,000 on May 15 from
bonds will be
offered for sale
incl. Interest is payable on May and Nov. 15. 1933 to 1957. the difference prior to Nov. 1 1932. Should less than $1.500,000 be sold,
between the amount awarded and $1,a00,00 will
10,839.33 series 1931-B street impt. bonds. Dated May
0
not be
1 1932. Due offered for sale also prior to Nov. 1 1932. The improvem
May 1 as follows: S1,139.33 in 1934: 81,000,
ent bonds, school
bonds and alternative issues of water bonds will
1935;
1936 to 1938; $1,000 in 1939, and 81.100 from $1,100 from principal and
be payanle as to both
1940 to 1943,
interest (May and Nov.) at
incl. Interest is payable on May and
Paterson, or, at holder's option, at the First the Second National Bank,
2,239.22 series 1931-B sanitary sewer extension Nov. 1.
National Bank, of New York.
bonds. Dated May 1 Any bidder may condition his bid on the award
to him
1932. Due May 1 as follows: $239.22 in 1934: $250 from
1935 the school and one of the water system issues, but inof the improvement,
to 1938. and $200 from 1939 to 1943, Incl. Interest
that
is payable a more favorable bid for one ot such issues for which he case if there is
on May and Nov. 1.
bids, his bid will
be rejected. A certified check for 2% of the amount
of bonds of each issue
Principal and semi-annual interest will be payable
at the office of the bid for. payable to the order of the City, must accompany each proposal.
City Treasurer. Bids for the bonds to bear interest
The successful bidder will be furnished with the
opinion of Hawkins, Dela6%. expressed in a multiple of 3;i of 1%, will also beat a rate other than field & Longfellow. of New York,
considered. A certhat the bonds are binding and legal
tified check for 1% of the amount of bonds
obligations of the City.
the City Treasurer, must accompany each bid for, payable to the order of
proposal.
PEEKSKILL, Westchester County, N. Y.
ORANGETOWN UNION FREE SCHOOL
-BONDS DEFEATED.
DISTRICT NO. 3 (P. 0. At an election held on April 12 the voters rejected
Piermont), Rockland County, N. Y.
the
-BONDS
-FURTHER $80,000 bonds, of which $50,000 was for water mains proposed issues of
BIDS ASKED.
-The issue of $60,000 5% couponNOT SOLD
and $30,000 for the
school bonds offered on construction of a fire house.
April 11(V.134, p.2203) was not sold,
for their purchase. Tenders should and additional bids are being solicited
be
PENNINGTON COUNTY (P. 0. Thief River Falls),
District Clerk, and will be received until addressed to G. Walter Finck,
-PRICE
-The $49,000 issue of ditch refunding bonds that Minn.
May 3. Dated May 1 1932. Denom. 8 p.m.(Daylight Saving Time) on PAID.
was purchased by
31.000.
1933 to 1962, incl. Bids will also be considereDue 82,000 May 1 from the State Board of Investments
-V.134, p. 2790
-was awarded as 43is at
d for the bonds to bear par. Due from July 1 1937 to 1951.
interest at a rate other than 5%.said rate
to be expressed in a multiple of
f1%,and is not to exceed 6%. Single rate to
apply to the entire issue.
PENNS GROVE, Salem County, N. J.
. and int. (May and November) will be
payable at the First National R. Cochran, Borough Clerk, will receive -BOND OFFER/NO.-William
Bank, Sparkill. A certified check
sealed bids until 7.30 p. m. on
must accompany each proposal. for 2% of the amount of bonds bid for April 19 for the purchase of $41.000 6% street Improvem
The
ent and conWood & Hoffman of New York will be approving opinion of Thomson. struction bonds. Dated June 11932. Denom.$1,000 or
multiples thereof,
furnished the successful bidder.
(Further data respecting the issue may
to suit the purchaser
be obtained from Alexander D. from 1933 to 1935 . Bonds will mature on Dec. :31 as follows: $3,000
Cornell Claim Dept., New .thisterd
incl.: $4,000 from 1936 to 1939 incl.: $5,000 In
am Casualty Co 60 John St., New and 1941, and $6,000 in
1940
York City.)
1942. Interest payable on June 30 and Dec.
31.
A certified check for 2% of the amount of the bonds,
payable to the order
of the above-mentioned Clerk, must accompany each
OREGON, State of (P. 0. Salem).
proposal.
will be received until 2 p.m. on April -BOND OFFERING.-Sealed bids
the Oregon State Highway Commissi 28 by H. B. Glaisyer, Secretary of
PENN TOWNSHIP SCHOOL DISTRICT (P. 0. Wilkinsbu
on, at the Multnomah County Court Allegheny County, Pa.
rg).,
House in Portland, for the purchase
-BONDS REOFFERED.
-The issue of 865,01.0
of an issue of $172,000 coupon or school bonds unsuccessfully
registered State highway bonds. Interest
offered as 43,is or 4%s on March 23-V. 134,
rate is not to exceed 6%. De- p. 2770
nomination of $1,000 each or such
-is being reoffered for award at 8.30 p.m. on April 29,
desire. Dated April 1 1932. Due denominations as the purchaser may bidder privileged to name one of the following interest rates: with the
on
4%, 43i,
at the office of the State Treasurer Oct. 11932. Prin. and int. payable 5, 531 or 53%. Bonds are dated April 15 1932. Denom.
, or at the office of the State's fiscal April
agent in N. Y. City. The approving
15 as follows: $3,000 from 1933 to 1951, incl., and $1,000. Due
& Dodge of Boston will be furnished. opinion of Storey, Thorndike, Palmer and 1953. Interest is to be payable on April and Oct. 15. $4,000 in 1952
Offering notice
The bonds will be printed, executed states that
and ready for delivery on May 14
the bonds are free of taxes levied pursuant to any law of the
unsold portion of a total issue of1932. These bonds are the remaining State of Pennsylvania. A certified check for $1,000, payable to
the order
$1,000,000, authorized by the State of the District Treasurer
Highway Commission pursuant to its
, must accompany each proposal. The approving
p. 2383. A certified check for 5% resolution of March 3 1932-V. 134. opinion of Moorhead & Knox, of Pittsburgh, will be
to the State Highway Conunissi of the par value of the bonds, payable bidder. Sale of the bonds is subject to approval furnished the successful
of proceedings by the
be received for all or any part on, must accompany the bid. Bids will Department of Internal Affairs of Pennsylvania.
of
under authority of Sections 44-801 these bonds. These bonds are issued
to
Oregon Code 1930. Accrued interest 44-810, incl., being Chapter VIII,
PERRY COUNTY (P. 0. New Lexington), Ohio.
-BOND SALE.
from April 1 1932 to date of delivery
of bonds will be added to the
The $25,000 bridge construction bonds offered
price to be paid in N. Y. City on amount of the successful bid. Purchase were awarded as (is to the BancOhlo Securities on April 9 (V. 134. p.2579)
Co. of Columbus, the only
date of delivery of bonds at Portland, Ore.
bidder at par plus a premium of $35, equal to a price of 100.14, a basis of
Official Financial Statement.
about 5.95%. Dated Feb. 1 1932. Due $2,500 April and Oct. 1 from
'
The assessed valuation of the State
of Oregon is $1,092,807,215.08 as 1933 to 1937, inclusive.
of Dec. 14 1931. This figure represent
s about 50% of the true valuation.
The population of the State
PHOENIX, Maricopa County, Ariz.
-BONDS NOT SOLD.
-The
gain of 21.6% since 1920. by the Federal census of 1930 was 952,691, a $146,281.89 issue of 7% annual street widening bonds offered
on April 12
The constitutional debt limit for State highway
( m134.
fr0 1 toli.
V.
as not sold as there were no bids received. Due in
bonds is 4% of the total
assessed valuation. Based on the present valuation
10 re)
23 an
,
712,288.60, compared with $29,382,250.00 par value the 4% limit is $43,State highway bonds
now outstanding. This figure will be increased
PHOENIX, Oswego County, N. Y.
-BOND OFFERING -Ruth E.
sale of this issue of $172,0N short term bonds. to $29,554,250.00 by the Ray, Village Clerk, will receive sealed bids until 8 p.m. on April 26 for
the purchase of $50,000 not to exceed 6% interest coupon or registered
The purpose of the sale of this issue of short term bonds
funds to begin the State highway construction program early is to provide water supply bonds. Dated May 1 1932. Denom. $1,000. Due $2,000
to assist in the relief of the unemployment situation. Funds in the season May 1 from 1934 to 1958, incl. Rate of interest to be expressed in a mulfor construction tiple of!i or 1-10th
purposes are derived from both motor
of 1% and must be the same for all
tax. Previously motor vehicle licensevehicle license fees and the gasoline and int. (May and Nov.) are payable at the Phoenixof the bonds. Prin.
fees were payable January 1 and
Bank. A certified
turned over to the State highway fund on March
check for 31.000. payable to the order of the village, must accompany
early construction season. Recently, however the 15 in ample time for the each proposal. The approving opinion of Clay,
changed by law to begin July 1 and this accordinglyregistration year has been of New i ork will be furnished the successful bidder. Dillon & Vandewater
delays payment of motor
vehicle license fees. For this reason
PIKE COUNTY (P. 0. Petersburg), Ind.
turned over to the State highway the major part of the collections are not
-The
for current construction purposes. fund until October 1, which is too late 87.7604% coupon Madison Twp.road construction -BOND SALE.
Therefore, It is
bonds offered
sum for the six months' period in order to advance desirable to borrow this $0 (V. 134. P. 2383) were awarded at par and accrued interest toon March
the Citithe highway construction zens State Bank of l'etersbur
program.
, the only bidder. Dated March 8 1932.
g
Due $776 July 15 1933, $383 Jan. and July 15 from
1934 to 1941. Incl..
and $776 Jan. 15 1942.
ORLEANS LEVEE DISTRICT (P. 0. New Orleans)
, La.
-CERTIFICATE AUTHORIZED.
-We quote in part as follows from the New Orleans
PINCONNING, Bay County, Mich.
"Times
-Picayune" of April 9 regarding the authorization
-BONDS
-The
by the Levee proposed $15,000 sewage disposal plant constructi DEFEATED.
Board of $4,200,000 in short-term certificates:
mitted for consideration of the voters at an election on bond issue sub"On request of A. L. Shushan, President o fthe Orleans
on April 4-V. 134,
Levee Board, the P. 2577
-was defeated by a vote of 266 to 141.
State Board of Liquidation Friday at Baton Rouge
Board to issue $4,200,000 short-term certificates atauthorized the Levee
PIQUA, Miami County, Mich.
interest
-INJUNCTION
to exceed 6% and for a period not to exceed five yearsan enable rate not HELD.
-The Court of Appeals on April 5 sustained DISMISSAL UPthe Levee
Board to meet current obligations in connection with to
the action of the
Miami Common
work
on the Pontchartrain lakefront, including the Shushan airportalready done taxpayers in theirPleas Court in dissolving an injunction granted certain
effort to enjoin the issuance of $810,000 municipal
project.
"Mr. Shushan appeared before the board with a letter stating
Hight
and power plant bonds authorized at the general
that the -Ar.
election in November 1931
board had been unable to sell 32.200,000 bonds authorized by
134, p. 2007. Further opposition to
the measure is not anticipated.
of Liquidation on March 28 1930, and $2,000,000 bonds the StateBoard according to report.
authorized by
the Liquidation Board on Nov. 6 1930.
"The short-term issue would be repaid from the previously authorized
POLK COUNTY (P. 0. Des Moines),
lowa.-BOND OFFERING.
Bids will be received by Allen Munn,
issue at any time it can be sold. Mr. Shushan explained.
April 19, tor the purchase of an issue County Treasurer, at 10 a. m. on
improvement refunding bonds. Interestof $144,000 coupon primary road
OSBORN, Greene County, Ohio.
-BOND OFFERING.
rate is
-Sumner M.& N.
S. Schauer. Village Clerk, will receive sealed bids until 12 m. on April
Denom. $1,000. Dated May 11932. not to exceed 5%. payable
Due on May 1 as follows:
for the purchase of $5,068.75 5 % improvement bonds. Dated Juno23 $35.000 in 1944; $50,000, 1945 and $59,000 in
1
1946.
1932. Due Sept. 1 as follows: $568.75 in 1933. and $500 from 1934 to at the office of the County Treasurer. Sealed bids Prin. and int. payable
will be received up to
1942 incl. Interest is payable semi-annually. Bids for the bonds to bear 10 a. m, on above date. after which open bids will
be called for. The
interest at a rate other than 5 c;;',. expressed in a multiple of 54', of 1%, County will furnish the printed bonds and the
approving opinion of Chapman & Cutler of Chicago. The bonds will
will also be considered. A certified check for $100, payable to the order
be
of the Village Treasurer, must accompany each proposal. The approv- of Chapter 241, Code of Iowa, 1931. and laws issued under the provisions
supplemental thereto. All
ing opinion of Peck, Shaffer & Williams, of Cincinnati, will be furnished bonds are registered by the County Treasurer.
A certified check for
$450, payable to the order of the County
the successful bidder.
Treasurer, must be furnished by
the bidder.
(This report supplements that given in V.
PANOLA COUNTY (P. 0. Carthage), Tex.
-BOND EXCHANGE.
134, v. 2770.)
We are informed that the $20,000 issue of 53i% public road compensation,
Official Financial Statement,
series B, bonds registered by the State Comptroller on March 23-V. 134,
Assessed Value, Taxable Value.
Taxable property 1931
-has been exchanged for an issue of old road district bonds.
P. 2579
$216.462,700
Monies and credits 1931
$54,115,675
51,536,271
PATERSON,Passaic County, N. J.
-BOND OFFERING.
-Howard L.
Bonded Debt ofPolk County Outstandi 51.536,271
ng April 1 1932.
Bristow, Clerk of the Board of Finance, will receive sealed bids until 10.30 Funding bonds
a.m. on April 21 for the purchase of $2,471.000 6% coupon or registered Bridge bonds
$764,000
389,000
bonds, as follows:
County hospital
roados
52,000
$825.000 improvement bonds. Due May 1 as follows: $40,000 from 1934 Primary
2,643,000
to 1945, incl.; $50,000 from 1946 to 1951, incl., and $45.000 in
Total bonded debt
1952.
$3,848,000
146,000 school bonds. Due May 1 as follows: $5,000 from 1934 to 1962.
Taxes Paid to County Treasurer During
Past Three Years.
incl., and $1,000 in 1963.
1929-- -88,706,768.52
1930---$8,984,726.06
1931--$8,872,304.25
Alternative bids will be received on water system bonds In the following
PUEBLO, Pueblo County, Colo.
amounts:
-BONDS CALLED.
-It is announced by Edward Redmond, City
Treasurer, that he is calling for Pay$1,500,000 bonds. Due May 1 as follows: $10.000 in 1934 and 1935: ment on April 30
the following
$15,000 from 1936 to 1943, incl.; $20,000, 1944 to 1946;$25,000. Mesa No, 1, Paving District bonds:
No. 213 to 216. $4,000.
1947 to 1950; 330,000, 1951 to 1953: $35,000. 1954 to 1956; Court & Grand, Paving
District No. 117, $1,000.
$40.000, 19.:7 and 1958; $45,000, 1959 and 1960;$50,000, 1961; East Evans
and 1962; $55,000, 1963:$50,000, 1964 and 1965; S65,000, 1966: East Eighth Ave., Paving District No. 61 & 62, $2,000.
Street,
870,000, 1967; $75,000, 1968; $80,000, 1969; $75,000, 1970 North Side, Paving Paving District No. 57 & 58, $2,000.
District No. 285 to 290, $6,000.
$90.000, 1971, rind $95,000 in
East
1,000,000 bonds. Due May 1 as follows: 1972. in 1934 and 1935;810.000 East Abriendo, Paving District No. 68, $1.000.
$5,000
Fourth Street, l'aving District No. 64 to
from 1936 to 1943. Incl.; $15,000, 1944 to 1950:820000. 1951 to Newport
66, $3,000.
1954; $25,000. 1955 to 1957; 330,000, 1958 to 1960 $35,000, MichiganPaving District No. 57, $1.000.
1961 to 1963; $40,000, 1964 and 1965: $45,000, 1966 and 1967; Fountain Paving District No. 34, $1,000.
Paving District No. 90 & 91, $2,000.
$50,000, 1968: $55,000, 1969 and 1970; 360,000, 1971. and Bruner Park
Paving District, No. 43, $1,000.
$65,000 in 1972.
500,000 bonds. Due May 1 as follows: $5,000 from 1934 to 1949, incl.; Blake Paving District No. 60. 61 & 62. $3.000.
West Street Paving District No. 21,
$10.000. 1950 to 1957: $15,000. 1958 to 1962: $20,000. 1963 to Summit Paving
$1,000.
District No. 11, $1,000.
1965: $25,000, 1966 to 1968; 330,000 in 1969 and 1970, and Grand View
Place Imp. District, No. 8, $1,000.
835.000 in 1971 and 1972.
Somerlid Paving District No. 29. 30 & 31, $3,000.
4
Financial Chronicle
Volume 134
2955
$125.000 annually on April 15 from 1934 to
Denom.
PORT ARANSAS INDEPENDENT SCHOOL DISTRICT (P. 0. Port 1932.ncl. Rate $1000. Duebe expressed in a multiple of 3i or 1-10th of 1%
ofinterest to
-The $10,200 issue 1937 i
-MATURITY.
Aransas), Nueces County, Tex.
the and must be the same for all of the bonds. Principal and interest (April and
of 5% coupon semi-ann. school bonds that was purchased at par by
certified
-is due $300 from 1933 Oct. 15) will be payable in New York City or Schenectady. A
-V. 134, p. 2579
State Department of Education
check for $10,000, payable to the order of the City must accompany each
to 1966 incl.
be turnished with the opinion of Reed.
proposal. The successful bidder will
-The $50,000 issue of Hoyt & Washburn, of New York. that the bonds are binding obligations of
-MATURITY.
PROVO, Utah County, Utah.
tax anticipation notes that was purchased by the First Security Bank of the City, for the payment of which a general ad valorem tax may be levied
Provo at 6% (V. 134. p. 2384) is due on Dec. 311932.
on all the taxable property of the City without limitation of rate or amount
-Harold P.
-LOAN OFFERING.
QUINCY, Norfolk County, Mass.
Financial Statement (April 11 1932).
$11,080.773.95
Newell, City Treasurer, will receive sealed bids until 10 a. in. on April 18 Bonded debt, not including above listed Issue
65,300.00
for the purchase at discount basis of a $400,000 temporary loan, to be Temporary loan notes
dated April 20 1932 and mature $150,000 on Jan. 20 and on Feb. 20 1933,
and $100,000 on March 20 1933. Denoms. to suit purchaser. Notes will
$11,146,073.95
National
be authenticated as to genuineness and validity by the First
Deduct
Bank, of Boston, under advice of Storey, Thorndike. Palmer & Dodge of
$677,000.00
Boston. Payable at the First National Bank, of Boston, or at the First Water bonds, included in above
114,745.01
Sinking funds, other than for water bonds
National Old Colony Corp., New York City.
Bonds other than water bonds included in above,
-BOND OFFERRANDOLPH COUNTY (P. 0. Winchester), Ind.
maturing in the yeu• 1932, tax for payment of
720.900.00
-Eva I. Willis, County Treasurer, will receive sealed bids until
ING.
which is included in 1932 levy
10 a. m. on April 20 for the purchase of $44,000 01% road construction
$1,512,645.01
bonds. Dated April 4 1932. Denom. 3550. Due $2,200 each six months
Total deductions
from July 15 1933 to Jan. 16 1943.
$9.633,428.94
Net debt
-BOND OFFERING.
ROCHESTER, Olmsted County, Minn.
equalized:
Sealed bids will be received until 7:30 p.m. on April 25 by A. F. Wright, Assessed valuation for 1932 taxes, as
197,484,435.00
Real estate
of 4Yi% improvement
City Clerk, for the purchase of a $55,000 issue
6,193,620.00
Franchises
bonds. Denom. $1,000. Dated May 11931. Due on Dec. 1 as follows:
$2,000, 1932 to 1934; $3,000, 1935 to 1950, and $1,000 in 1951. Optional
$203,678,055.00
Total
the office of the
after Dec. 1 1940. Prin. and int. (J. & D.) payable at
Population, 1925 State Census, 92.786; 1930 Federal Census, 95,652.
City Treasurer. The approving opinion of Junell, Oakley, Driscoll &
Fletcher of Minneapolis will be furnished. These bonds are part of an
•SCOTT COUNTY (P. 0. Davenport) lowa.-BOND OFFERING.issue of $180,000 voted at an election held on April 21 1931. A certified
Bids will be received until 10 a.m. on April 18, by the County Treasurer.
check for 2%,payable to the City Treasurer, must accompany the bid.
for the purchase of an $89,000 issue of refunding bonds. Denom. $1,000.
ROSENBERG INDEPENDENT SCHOOL DISTRICT (P. 0. Rosen- Dated May 1 1932. Due on May 1 1947. Prin. and int. (M. & N.) Payelection
-At the
-BONDS DEFEATED.
berg), Fort Bend County, Tex.
able at the office of the County Treasurer. Sealed bids will be received up
held on April 9-V. 134, p 2579
-the voters are reported to have rejected to the hour of calling for open bids. County will furnish the approving
the proposal to issue $25,000 in school construction bonds.
opinion of Chapman & Cutler of Chicago, and the blank bonds.
-NOTE
ST. JOSEPH SCHOOL DISTRICT, Berrien County, Mich.
-BOND OFFERING.
SHAKER HEIGHTS, Cuyahoga County, Ohio.
OFFERINO.-Matthias Weber, Secretary of the Board of Eilucation, wil -B.P. Rudolph, Director of Finance, will receive sealed bids until 12 in.
receive sealed bids until 7 p. in. on April 19 for the purchahe of $25,000
standard time) on May 5 for the purchase of $170.258.78 6%
(1932-1933) tax anticipation notes. Dated April 15 1932 and payable on (eastern
follows:
Feb. 15 1933. Bidder to name rate of interest and state whether he intends bonds, divided as
to pay the cost of legal opinion and printing of the notes. A certified check $108,606.31 municipal garage bonds. Due Oct. 1 as follows: $5,606.31
in 1933; $5,000, 1934; $6.000. 1935,• $5,000, 1936; $6,000.
for 5% of the amount hid must accompany each proposal.
1937; $5,000. 1938; $6.000, 1939; $5.000, 1940: $6.000. 1941;
-Charles G. F.
SALEM, Essex CountyMass.-LOAN OFFERING.
$5.000, 1942;$6.000, 1943;$5.000, 1944: 36.000. 1945; $5,000.
on April 18
Coker, City Treasurer, will'receive sealed bids until 11 a. in. loan, dated
1946; $6.000, 1947; $5,000. 1948: $6,000, 1919 and $5,000
for the purchase at discount basis of. $150,000 temporary purchaser.
from 1950 to 1952 incl.
April 20 1932 and payable on Nov. 3 1932. Denoms. to suit
32,226.00 sewer bonds. Due Oct. I as follows: $3,226 In 1933; $3.000,
authenticated as to
Notes, evidencing the existence of the loan, will be
1934; $4,000. 1935; $3.000, 1936; 84.000 in 1937 and 1938;
Boston, under
genuineness and validity by the First National Bank, of
$3.000. 1939:$4,000. 1940;$3,000 in 1941. and $4.000 in 1942.
advice of Storey, Thorndlke, Palmer & Dodge of Boston.
16,651.77 special asst.st. impt. bonds. Due Oct. 1 as follows: $3,651.77
-The CitY
in 1933; $.3,000 in 1934 and 1935: $4,000 in 1936, and $3,000
-BOND ELECTION.
SALEM, Marion County, Ore.
held on June 6
in 1937.
Council is reported to have authorized a special election to be
9,774.70 culvert bonds. Due Oct. 1 as follows: $774.70 in 1933, and
$22,000 In city hall bonds.
in order to vote on the issuance of
$1 000 from 1934 to 1942 incl.
-BONDS REGISTERED.
Texas.
SAN BENITO, Cameron Counry,
Each issue Is dated May 1 1932. Principal and interest (April and
Issue of 534% reOn April 8 the State Comptroller registered a $53,000
Oct.) will be payable at the office of the Director of Finance. Bids for
funding bonds. Denom. $1,000. Due serially.
the bonds to bear interest at a rate other than 6%,expressed in a multiple
i
,
Santa Ana), Orange of ; of 1%, will also be considered. A certified check for 5% of the
SAN CLEMENTE SCHOOL DISTRICT (P. 0.of5% semi-ann, school amount of bonds bid for, payable to the order of the Director of Finance,
-The $30,000 issue
-BOND SALE.
County, Calif.
-was awarded at a must accompany each proposal.
134, p. 2580
bonds scheduled for sale on April 5-V.
30 to the Anglometal meeting of the Board of Supervisors on March11932. Due from
-BOND ELECTION.
-At an
SOMERSET, Somerset County, Pa.
ondon-Paris Co. of San Francisco, at par. Dated Jan.
election to be held on April 26 the voters will pass upon a proposal calling
1937 to 1956 incl.
$100,000 sewage-disposal plant construction bonds.
for the issuance of
-C. F.
-BOND OFFERING.
SANDUSKY, Erie County, Ohio.
-LOCAL SALE OF BONDS
SOMERVILLE, Somerset County, N. J.
Breining, City Treasurer. will receive sealed bids until 12 m. on May 2 tIRGED.-In a letter sent to the borough council on April 4, Charles S.
improvement bonds.
for the purchase of $27,300 5% property portion $1,000 Due Ded. 1 Hamilton, Collector, urged that an issue of $150.000 5% bonds being
One bond for $300, others for
Dated Dec. 1 1931.
for purchase by local investors, in order to fund the existing temincl.
as follows: $3.300 in 1933, and $3,000 from 1934 to 1941 Third Principal offered indebtedness of the borough on a long-term basis.
National porary
and interest (June and December) will be payable at the
bonds to bear interest at a rate
Exchange Bank, Sandusky. Bids for the
SOUTH NORFOLK, Norfolk County, Va.-BONDS AUTHORIZED.
other than 5%,expressed in a multiple of 34 of 1%. will also be considered. -It is reported that on March 28 the Governor signed a bill authorizing
A certified check for $700. payable to the order of the city, must accompany the city to issue 8100,000 in bonds to liquidate maturing school bonds.
each proposal.
434s to the It is said the city may now proceed to sell the bonds.
(A similar issue of bonds was awarded on Sept. 28 1931 as
BancOhio Securities Co., of Columbus, at a price of 100.15, a basis of
SPRINGFIELD TOWNSHIP (P. 0. 402 Bethlehem Pike, Chestnut
-11. W. Billingsley.
-BOND OFFERING.
about 4.47%-V. 133, p. 2300.)
Hill), Allegheny County, Pa.
- Secretary of the Board of Commissioners, will receive sealed bids until
-BOND OFFERING.
Y.
SCARSDALE, Westchester County, N.
8 p. ni. on April 25 for the purchase of $42,000 4g. 434 or 434% coupon
Anson McLoud, Village Treasurer, will receive sealed bids at the office township bonds. Dated May 1 1932. Denom. $1,000. Due $21,000
New York, until 12 m. on April 19 on May 1 in 1939 and 1947. Bidder to bid on one of the aforementioned
of Thomson. Wood & Hoffman,
confor the purchase of $531,000 not to exceed 6_% interest (series 1932)
Interest rates. Interest will be payable in May and November. The
solidated water supply system impt. bonds. Dated May 11932. Denom. offering notice points out that the township assumes and agrees to pay any
1937 and 1938; $21,000 from taxes, except succession or Inheritance taxes, now or hereafter levied on the
$1,000. Due May 1 as follows: $20,000 in
1954:
1939 to 1950 incl.,• $20,000, 1951; $21,000, 1952: $22,000. 1953 and 1972 principal and interest of the bonds under any present or future law of the
$21,000, 1955: $14,000 in 1956 and 1957. and $7.000 from 1958 to Prin- Commonwealth of Pennsylvania. A certified check for 2% of the amount
34 of 1%.
incl. Rate of interest to he expressed in a multiple ofScarsdale National bid for, payable to Hugh Eble, Township Treasurer, must accompany each
cipal and interest (May and Nov.) are payable at the
being issued subject to the favorable legal opinion of
check for 2% of the amount proposal. Bonds areMunson of Philadelphia.
Dank & Trust Co.. Scarsdale. A certified
must accompany Townsend. Elliott &
,
of bonds bid for. payable to the order of the Village,Hoffman. of -New
each proposal. Legal opinion of Thomson, Wood &
SPRING LAKE HEIGHTS (P. 0. Spring Lake Beach) Monmouth
York, will be furnished the successful bidder.
-The First National Bank, of Spring Lake
-BOND SALE.
County, N. J.
West- Beach. has purchased an issue of $100,000 water system bonds at a price
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1, Clerk of par, according to report.
-George A. Marsh,
-BOND OFFERING.
chester County, N. Y.
of Thomson,
-BONDS EXCHANGE AUTHof the Board of Education, will receive sealed bids at the office the purchase
TAMPA, Hillsborough County, Fla.
Wood & Hoffman, of New York. until 12 in. on April 19 forschool bonds. ORIZED.
-It is stated that revised resolutions authorizing the city's
of $60,000 not to exceed 6% interest coupon or registered
fiscal agent to exchange up to $4,000.000 outstanding municipal bonds for
$4,000
Dated May 1 1932. Denom. $1,000. Due May 1 as follows: 1953. refunding bonds bearing 34 of 1% more interest have been adopted by the
from 1939 to 1950 Incl.; $5,000, 1951; $4.000 in 1952, and $3,000 in and Beard of Aldermen.
Principal
Rate of interest to be expressed in a multiple of 3( of 1%.
Bank &
TANGIPAHOA PARISH GRAVITY DRAINAGE DISTRICT NO. 3
interest (May and Nov. are payable at the Scarsdale Nationalof bonds
-We are now informed that at the
-BONDS VOTED.
certified check for 2% of the amount must ac- (P. 0. Amite), La.
Trust Co. Scarsdale.
to the order of the above-mentioned Clerk, with the election held on Nov.24-V.133, p.3127-the voters approved the issuance
bid for, fiayable
will be furnished
company each proposal. 'rhe successful bidder New York, that the bonds of the $60,000 not to exceed 6% drainage bonds.
opinion of Hawkins. Delafield & Longfellow, of
Education of the
-BONDS APPROVED -The
TARENTUM Allegheny County, Pa.
are direct, valid and binding obligations of the Board of
ad valorem Department of Internal Affairs of Pennsylvania has approved of 875.000
District, payable as to principal and interest from unlimited
bonds voted at the general election in November 1931,comprising a $66,000
against all taxable property therein.
taxes levied
impt. loan.
(P. 0. Schroon funding issue and a $9,000 street
SCHROON CENTRAL SCHOOL DISTRICT NO. 1 al. Jenks. Secre-A.
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT
-BOND OFFERING.
Lake), Essex County, N. Y.
p. in. on
-BOND OFFERING.
tary of the Board of Education, will receive sealed bids until 1coupon or DISTRICT NO. 1 (P. O. Fort Worth), Tex.
will be received until 10 a. M. on April 19, by W. K. Stripling,
April 19 for the purchase of $320,000 not to exceed 6% interest
Due Sealed bids the Board of Directors,for the purchase ofan issue of$1.220,000
Secretary of
registered school bonds. Dated April 1 1932. Denom. $1,000.
to
5% water, Series D bonds. Denom. $1,000. Dated Nov. 16 1931. Due
April 1 as follows: $5,000 from 1936 to 1955 incl.; $10.000 from 1956
1964 Incl.: $15,000 from 1965 to 1970 incl., and $20,000 in 1971 and 1972. on Sept. 15 as follows: $10,000, 1935 to 1937: $12,000, 1938 and 1939:
or 1-10th of I% and must $10,000. 1940;$13.000, 1941:810.000. 1942 to 1944;$16,000, 1945:817.000,
Rate of interest to be expressed in a multiple of
be the same for all of the bonds. Prin. and int.(A. & 0.) will be payable 1946; 813.000, 1947; 814.000, 1948 320,000, 1949;21,000. 1950;:20.000,
at the Emerson National Bank, Warrensburgh, or, at holder's option, at 1951; $22,000, 1952; $24,000, 1953 $25,000. 1954; 826.000, 1955; 828.000.
chock for $7,500, 1956; $29,000, 1957; $30.000, 1958 $32,000. 1959; $31,000, 1960; 535.000.
the Marine Midland Trust Co., New York. A
payable to William J. Provencher, Treasurer, must accompany each Pro- 1961: $37,000. 1962; 839.000. 1963 841.000. 1964; 842,000, 1965: S45.000.
The approving opinion of Clay, Dillon & Vandewater of New York, 1966; $47,000, 1967: $50,000, 1968; 852.000, 1969: $174,000, 1970. and
posal.
8183.000 in 1971. Bids may be submitted for bonds of par value, in
will be furnished the successful bidder.
amount of $500,000, $750,000, 81.000.000, to be average maturities of
Financial Statement.
$1,675,279 schedules designated in bid or 81.220,000. the amount of the offering. The
Valuations: Assessed valuation, 1932
2,866,978 Directors reserve the right to approve a bid for a greater number of bonds
Valuation as determined by State Tax Commission
even though the price be lower than an offer for a lesser number of bonds;
Bonded Debt: This Issue
at a price lower than a bid for a
There are $20,000 bonds outstanding which are obligations of districts also, to award a lesser number of bonds (M.& S.) payable at the
Central
greater number of bonds. Prin. and int.
in this Central School District.
Included
& Trust Co. in New York. The District will furnish the
Hanover Bank
Population. 1932 estimate, 1,350.
approving opinion of Chapman & Cutler of Chicago, without cost to the
-PROPOSED BOND purchaser. Bids must be filed on the required bidding forms. A certified
SCHENECTADY, Schenectady County, N. Y.
-The notice asking for sealed bids until April 14 for check for 3%. payable to the District, must accompany the bid.
SALE CANCELLED.
(An issue of $1,250,000 434, 434 or 5% semi-ann. water, Series D bonds
the purchase of $500,000 not to exceed 5% interest bonds, to mature from
-was rescinded,due to the fact that Governor were offered for sale without success on Nov. 17-V. 133. p. 3661.)
1933 to 1935-V. 134, p. 2771
Roosevelt has signed an amendment to Chapter 798 of the Laws of 1931
-BOND SALE.
TENNESSEE, State of (P. 0. Nashville).
-The si),permitting sale of the bonds of the proposed $500,000 to mature in from 1 to
years. The bonds will re re-offered with the maturities changed accordingly. 000,000 issue of refunding bonds scheduled to be sold on April 4 (V. 134.
ed
-Leon G. Dibble, City Comptroller, will receive p. 2384), the sale of which had been temporarily deferred (V. 134. p. 27721;
OFFERING.
BOND
was purchased on April 11 by a syndicate composed of the Chase
sealed bids until 12 M. on April 21 for the purchase of $500,000 not to Forbes Corp.; the National City Co.;the Chemical Securities Corp; Harr .
Lehman
exceed 6% interest coupon or registered general city bonds. Dated April 15
L
a
2956
Financial Chronicle
April 16 1932
Bros.; Kean, Taylor & Co.; Phelps, Fenn & Co.; R. W. Prosspri
ch & Co.;
WICHITA, Sedgwick County, Kan.
R. II. Moulton & Co.; Hannahs. Bailin & Leo; Wallace,
-BOND
Sanderson
-The $27,353.34
the Wm. It. Compton Co.: Foster & Co., and G. M. P. Murphy & Co.; Issue of 434% coupon internal impt. paving and SALE.
sewer bonds offered for
& Co., sale on April 11-V. 134,
all of New York: the First Securities Corp., and the Union
-was purchased by the Wheeler-Kellyp.
& Planters Co.. Hagny Trust Co., of Wichita 2772
both of Memphis; the Third National Co.; the Equitab
. at a price of 100.45, a basis of about
le Securities Corp; Dated April 11932. Due
4.66%•
the Commerce Unima Co., and Robinson, Webster & Gibson,
in from 1 to 10 years.
Inc., all of
Nashville. as 65 at par. Dated April 15 1932. Due
on April 15 as follows:
WINCHESTER, Middlesex County, Mass.
$4,000,000 In 1946. and $5,000.000 in 1947.
-TEMPORARY LOAN.
The 8200,00
BONDS OFFERED FOR INVESTMENT.
-The successful syndicate awarded to 0 temporary loan offered on April 11-V. 134, p. 2772
-was
the State Street Trust Co., of Boston,
re-offered the above bonds for public subscription
Coupon bonds in denom. of $1.000. registerable as priced to yield 5.75%• basis. The loan Ls dated April 14 1932 and maturesat 4.07% discount
to prin. These bonds Bids received at the sale
on Nov. 14 1932.
are offered subject to the legal approval of Thomson,
were as follows:
Wood
Bidderof N. Y. City. In connection with the award, the Funding & Hoffman
Rate Bid.
State, head by Governor Henry H. Horton, has unanimo Board of the State Street Trust Co. (successful bidder)
usly adopted Winchester Trust Co
4.07%
the following resolution defining its official position and
policy pertaining Faxon, Gade & Co.
4.10%
to the fiscal affairs and operating policies of the State:
4.24%
1. The establishing of a sound and effective sinking fund program
WINOOSKI, Chittenden County,
which
will provide a sufficient amount to retire all State
of Tennessee bonded Allard, City Clerk, will receive sealed Vt.-BOND OFFERING -Mary C.
obligations when they mature, so that the
bids until 3 p. m. on April
reduced and taxation in due time thereafter present debt burden may be purchase of $20,000 444% registered bonds, divided as follows: 23 for the
relieved
$10,000 water system extension bonds.
2. The strictly balancing of the biennial budget .
Due $2,000 May 1 from 1943 to
and operating under
1947 incl.
an accounting conttl plan so that expenditures
will not exceed actual
5,000 water system extension bonds. Due
Income.
$1,000 May 1 from 1933 to
1937 incl.
3. The adherence to an accounting system
5,000 water system extension bonds.
accordance with the law which will clearly show recently inaugurated, in
Due $1,000 May 1 from 1938 to
month
1942 incl.
Income available and expenditures against such income to month operating
so that a daily check
All of the bonds are dated May 11932,
on such income and expenditures may
Principa
ing practices where such Is necessary be available and a revision of account- Nov.) are payable at the Winooski Savings Bank l and interest(May and
to conform to this plan.
The bonds will be delivered on or about May 1 at the office
4. The providing for specific safeguards, where
of the Cliy Clerk.
they are not now present.
In the handling of the various departmental receipts
WINSTON-SALEM,Forsyth County,
and the approving as investments for sinking fund and disbursements, -The
N. C.
Board of Aldermen IP reported to have -BONDS AUTHORIZED
moneys only United
States Government. State of Tennessee and Tenness
passed an ordinance authoree county highway izing a $900,000 Issue of refunding bonds.
bonds, and the approval as security for sinking
fund
only such bonds as described above or those describe moneys on deposit
WINTHROP, Suffolk County, Mass.
d by the Depositary
Act. Chapter 104. Publin Acts of 1931.
-TEMPORARY LOAN.
Winthrop Trust Co. has purchased a
-The
$50.000
5. A policy of no capital expenditures except to
complete projects now at 5% discount basis. The issue matures on tax anticipation note issue
under way, where the completion of such projects
Nov. 15 1932.
necessary for the
is
public good and health and a policy of general governm
YONKERS, Westchester County
, N. Y.
-BONDS
and economy to be applied to all the various depsrtm ental retrenchment FERED.
ents of Government. public -Sherwood & Merrifield, Inc.. of New York. PUBLICLY OFare offering for
investment $10,000 444% bonds. due
(The official advertisement of this offering appears
on Feb. 1 1943, at a price of
on page VI of this $97.93, to yield about
issue.)
4.75% and $60,000 5% bonds, of
due Feb. 1 1945, are priced at 101.17;
which $25,000.
and 4125,030. due Feb. 1 1947, at a 310.000. due Feb. 1 1946, at 101.25.
TEXAS, STATE OF (P. 0. Austin),
-BOND
price of 101.31. the yield in each in-The
following minor issues of bonds were registered S REGISTERED.
by the State Comptroller stance being about 4.875%. Principal and interest of the bonds (April
during the week ending April 9:
and Oct.) are payable at the City
Treasurer's office. Legality has been
approved
$3,000 5% Jackson County Cons. Sch. Dist. No. 1 bonds.
Denom. $150. reports an by Dawkins, Delafield & Longfellow. of New York. The city
Due serially.
assessed valuation for 1932 of
$360.985.503 and
debt of $28,420,122. Population.
6,000 5% Loving County Cons. Sch. Dist. No. 1 bonds.
bonded
1930 census. 134.646. a net offering
Denom. $500. advertisement of the
Due serially.
The
bankers contains the following
tax collections statement:
6,000 5% Brown County Rural High School Dist. No.
3 bonds. Denom.
$300. Due serially.
Tax collections in Yonkers have been
record of the tax levy and tax collecti excellent and the following is a
ons for the past five years. UnTOLEDO,Lucas County, Ohio.
collected taxes for 1927 are included
-ADDITIONAL INFORMATION.
In the 1932 budget but still remain a
- lien against the
A. W. Payne. clerk of the city council. Informs
property.
street cleaning department notes purchased at us that the $350,000 6%
Uncollected
par and accrued Interest Year
Tax Collections
by the Toledo Trust Co.
-V. 134, p. 2580
Tax Levy
-mature on May and Nov. 1
Taxes
as of March 30 1932
1933.
% Collected
1927
$7.952.752
876.828
37.875.924
1928
99.034
9.646.109
106.852
TOMAH, Monroe County, Wis.-B
9.539.257
1929
98.893
9.749.502
108.061
-At the 1930
regular election held on April 5-V. 134. p.ONDS DEFEATED.
9.641.441
98.892
2580
10,720.029
-the voters rejected the
284.163
proposal to issue $25..000 in 4H% ann.
10.435.506
97 350
1931
municipal improvement bonds.
11.049.249
1.362.214
9.687.035
87.672
TOPEKA,Shawnee County
YORK COUNTY (P. 0. York),
-CONTEMPLATED BONDSA /2".
-We quote as follows from the, Kan.
-NOTE SA LE.
-A $50,000 issue
of nutf3s is reported to have been S. C.
Topeka
proposed sale of $.500.000 444% soldiers'"Capital" of April 13 regarding a Union
purchased on April 9 by the Central
bonus bonds:
Bank, and the Peoples Bank, both of
"1 tans for the immediate sale of
Rock Hill, at. 6%. Due on
Feb. 1 1933.
previously unproven claims were made $500.000 additional bonds to pay
The bonds will bear 444% Interest andyesterday by the State Bonus Board.
YPSILANTI, Washtanaw County,
mature in 1956.
Mich.
"The supplemental issue will bring to $31.000
-PRICE PAID.
-The
$5.000 444% storm sewer construction
bonds marketed locally-V.
sold by the State to raise money for Its soldiers' .000 the amount of bonds p. 2772-were sold at
a price of par. Dated April 1 1932. Due $1,000 134.
on a basis of Si a day for each day of service. bonus, paid to the veterans 1933 to 1937 incl.
from
Of this amount. $8,000.000
has been retired."
TREMPEALEAU SCHOOL DISTRICT NO.
1 (P. 0.Trempealeau),
Wis.-hONDS VOTED.
-At an election
reported to have approved the issuance ofhold on April 7, the voters are
$12,000 In 4% school bonds.
TUCKAHOE,Westchester County, N.Y.-CER
T/PICA
The First National Bank St Trust Co.. of Tuckahoe. purchas TES.SQ1.0.DARTMOUTH, N. S.
-LIST OF BIDS.
-The following is a list of
ed on March 2g the bids received
an Issue of 12.600 5.:1, temporary sewer certificates
of Indebtedness. Due Royal Securities at the recent sale of $19.000 54407 Impt. bands to the
on or bcfore Oct. 1 1932.
Corp., of Montreal, at a price of
34).62, a basis of about
5.88%-V. 134. p. 2386:
TYLER, Smith County, Tex.
Bidder-BONDS
-The State Royal Securiti
Discount Basis.
Comptroller registered on April 7 a $21,000 REGISTERED.
es Corp. (successful bidder)
1932 bonds. Denom. $1.000. Due serially. issue of 6% refunding, series Nova Scotia Bond Corp
95.62
95.352
G. II. Morrison
UTICA, Oneida County, N. Y.
95.11
-PONDS NOT St- .Q.-No blda Sterling Securities, Ltd
H
were received at the offering on April
J. C. Macintosh
95.05
tered bonds. aggregating S521.253.76 13 of nine IRStIPA of coupon or regis- Johnston & Ward& Co
04.08
-V.
which was optional with the biddder. was134. p. 2772. Rate of Interest, Eastern Securiti
93.84
limited to 5%.
es Co
Drury & Co
93.57
VERNON COUNTY (P. 0. Viroqua), Wis.-B
-An issue W. C. Pitfield & Co.
93.22
of 5100.000 5^3 highway bonds is reported to have OND SALE.
been purchased by the Dominion Securities Corp.
92 37
Central Republic Co. of Milwaukee. Due on May
I 1936.
Royal Bank of Canada
91.71
WARREN. Trumbull County, Ohlo.-BONDS
91.277
DELEA
two issues or 5 and 6% Improvement bonds aggregating NOT
$22.236.90 -Meted LaFrance.GE, Que.-BOND OFFERING -Reviled bids addressed to J. A.
on April 8-V. 134. p. 2345
Secretary-Treasurer, will be received
-were not sold, as no bids were received
until 4 p. m. on April 25
. for the purchase of $4,000 544%
Dated April 1 1932 and Dec. 15 1931. Due from 1933 to 1910
bonds.
Incl.
in from I to 20 years. Donoms. to suit dated .Ian. 5 1932 and due serially
WARREN SCHOOL TOWNSHIP, Marion County,
purchaser. Bonds will be payable
Incl.-BOND at Maniwaki.
SALE.
-The $51.000 5% judgment payment bonds offered on April
-were awarded at a price of par to the Fletcher Trust 9V. 134. p. 2383
LENNOX AND ADDINGTON (Counties
Co.,
of),
of Indiacapolis. the only bidder. Dated April 9 1932. Duo as follows: BOND SALE.
-The Dominion Bank of Canada. ofP. 0. Napanee, Ont.-Toronto, has purchased
an issue ot 57.5.000 6% Improvement bonds,
$2.500 July 20 1933: $2.500 Jan. and July 20 from 1934 to 1942
due serially from 1933 to 1942
incl.: Ind.. at a price
$2.500 Jan. and $3,500 .luly 20 191:1.
of 98.25, a bass of about 6.38%. Interest
is payable sem.annually.
WATERTOWN, Jefferson County, Wis.-PR/CE
PA H.
-The
$30,000 issue of 4% semi annual sewage treatment, plant bondsIthat was
LEVIS, Que.-TAX DF:LINQUENCY.-MunI
cipnl employees have rePurchased by local Investors
-V. 134, p. 2772
ceived no
-was
balm Aug. I 1932. Due $2,000 from Feb. 1 1933 to awarded at par. to collect pay during the past month because of the inability of the city to
1947 incl.
delinquent taxes which amount to 5130.03
"Monetary Times" of Toronto of April 5. Tht,re 3, according to the
WELLESLE Y, Norfolk County, MASS.
-TEMPORARY LOA.V
IA blIt $um
The Wellesley Trust Co. purchased on April II a 5100.000 tax anticipation municipal treasury to meet $21,000 in obligations becoming due In the
in April
note issue at 3.87% discount basis. The loan matures on Dec. 29 1932 and May, it was further said.
.
and was bid for by the following:
MANITOBA (Province of).
-BOND FLOTATION POSTPONED.
lit,ldm'rDiscount Basis. Prime Minister Bracken has announc
ed that
Wellesley Trust Co. (successful bidder)
lt.87% $5.000.000 bond issue will be held off the the proposed flotation of a
Webster & Atlas Corp. &plus $3.75 premium)
3.85% meet bankers advised the postponement, it market temporarily. Invest
was
State Street Trust Co
4 037 position of a Canadian municipal issue previous said, owing to slow disly announced.
Rutter & Co.
4.0:4%
NIAGARA FALLS, Ont.-BOND SALE.
W. Briggs & Co.
-The Imperial Bank of
F. S. Moseley & Co.
44..0046%% ada and the Dominion Securities Corp both of Toronto, jointly, CanWellesley National Bank
4.10% purchased an issue ot $100.721 6% Improvement bonds at a price of have
a basis of about 6.30%. Bonds mature in 1947.
97.0.
Faxon, Gade & Co.
Preston. Moss & Co.
4 :: 71
29
1i
O'BRIEN TOWNSHIP, Roman Catholic School
Massachusetts Savings Bank (for $25.000 only)
District, Ont.4.50% BOND SALE.
-Cochran, Murray & Co., of Toronto.
have
WELLSBORO, none County, Pa.
-BOND OFFERINC.-F. M. Issue of 550,000 6% school bonds at a price 0199.15, a basis of purchased an
about 6.15%•
Sheffer, Secretary of the Board of Education, will receive sealed bids Due serially from 1932 to 1946 incl.
until 7.30 p. to. on April 29 for the purchase of $14,000 4 izt % school bonds.
ORILLIA, Ont.-BOND OFFERING.
Dated May 1 1932. Denim). $500. Due 81.000 on Nov. I from 1938 to Treasur
-Carrie M. Johnston, Town
er, will receive sealed bids until 12 M. on
1948 incl. Prin. and int. (M & N.) are payable
April 25 for the purchase
Bank, Welisboro. Delivery of the bonds will be at the First National or 84,1005% sewer extension bonds, due In from 1 to :10 years, and
made 30 days after 5% curb
31.825
approval of the proceedings in connection therewith by the Department semi-an and gutter bonds, due in from 1 to 15 4 e vs. Interest Is payable
nually. The offering notice states that the bonds
of Internal Affairs of Pennsylvania.
are guaranteed by
Slmcoe County.
WEST LAFAYETTE, Coshocton County, Ohio.
-BONDS
ST. LAMBERT, Que.-VOTE ON BOND
SOLD.
-The issue of $7,500 6% fire department equipment purchase NOT David M. Currie,
AUTHORIZATION.
bonds
City Secretary, has
offered on March 31-V. 134. p. 2204
-was not sold, as no bids were re- held shortly at which the voters will announced that an election will be
ceived. Dated April 11932. Due
pass
$500 April and Oct. 1 from 1933 to 1939 the issuance of bonds to fund the floating upon a by-law providing for
incl., and $500 April 1 1940.
debt and pay off municipal
bank loans.
WETHERSFIELD TOWNSHIP (P. 0.
Niles), Trumbull County,
Ohio.
-BOND SALE.
SOMBRA, Ont.-ADDITIONAL INFORMATION.
-The issue of $125.000 bridge construction bonds
-The Issue o
offered on March 28-V. 1:14,
512.000
p. 2009
-has been purchased as 6s, at a -bears water works construction bonds sold locally at par
price of par, by the
interest at 5% and Is due in from 1 to 10 years. -V.134. p. 2580
Dated April 1 1932. Provident Savings Bank & Trust Co., of Cincinnati.
Due as follows: $4,000 April and Oct. 1
from 1933 to
1944 incl.: $4,000 April.
WENTWORTH COUNTY (P. 0. Hamilton),
Ont.-BOND SALE.
Oct. 1 in 1946 and 1947. and $5.000 Oct. 1 1945, and $5,000 April and The issue of $30.815 5% improvement bonds
Legalty to ho approved by Squire, Sanders
unsucces
Dempsey. of Cleveland.
&
Oct. 27-V. 133, p. 2963
-has since been sold privately sfully offered on
at a price of par.
Due In from 1 to 10 years.
CANADA, its Provinces and Municipalities.
soLn.-The
@FedFRASER